Terms and Conditions

  1. INTRODUCTION

    1. The Service Agreement is legally binding between the Customer and the Company whereby the Customer Agreement forms the basis on which the Company provides investment and ancillary services to the Customer.

    2. The Service Agreement lays out the framework of the Service Agreement and the nature of the investment services provided by the Company. They cannot be negotiated, or be overruled by, any prior agreements or arrangements made between the Company and the Customer.

    3. The Service Agreement governs the relationship between the Company and the Customer and provides the necessary information to the Customer prior to making a decision in regards to the Company and its services.

    4. Since this agreement is made between parties who are geographically remote, it is governed by the Distance Marketing of Consumer Financial Services Law N.242 (I)/2004, which applies to the EU Directive 2002/65/EC, and according to this directive the Customer Agreement is not required to be signed by either the Customer or the Company or both parties, in order to be legally binding.

    5. The Customer acknowledges that he/she has read, understood and accepted the Customer Agreement, the Customer Categorisation document, the Investor Compensation Fund document, the Risk Disclosure document, the Services document, the Conflict of Interest policy, the Best Execution Policy and Customer Agreement, as amended from time to time, in addition to any information contained within the Company’s website, including but not limited to the information contained within the ‘Legal Information’ and the ‘Legal Documentation’ sections (together, the ‘Service Agreement’).

  2. COMMENCEMENT

    1. The Customer Agreement is not required to be signed by either the Customer or the Company to be legally bound by it; and the Customer has no right of cancellation on the basis that it is a Distance contract.

    2. The Service Agreement will commence on the date on which the Customer receives such notice from the Company via email and not until all documentation required has been duly completed by the Customer and received by the Company.

  3. RISK ACKNOWLEDGEMENT

    1. Any financial instrument which is a leveraged product such as CFDs on Forex, precious metals, futures, shares or any other commodities bears significant risk and the Customer might lose a fraction or all the capital which he/she invested. The Customer understands that when trading CFDs he/she is trading on the outcome of the price of an underlying asset and that trading does not occur in a Regulated Market but Over-The-Counter (OTC). Consequently, the Customer acknowledges the risks involved in the transactions of such instruments.

    2. The Customer understands and accepts that the value of an investment in any type of financial instrument may change upwards or downwards or may result in nil value.

    3. The Customer understands all the risks involved and therefore accepts the Risk Acknowledgement and Disclosure Policy which is a necessary document in the registration process.

  4. ANTI – MONEY LAUNDERING PROVISIONS

    1. The Company is legally obliged by the European Union regulation and by local authorities to take all necessary action for the prevention and suppression of money laundering activities. The Customer shall understand from the above that the Company shall request and obtain certain verification documents from the Customer to be legally compliant.

    2. In the case where the Customer fails to provide the Company with the necessary information with regards to the above, the Company reserves the right not to execute orders on behalf of the Customer. Any delays that might arise with regards to the verification of the Customer’s documents are not the responsibility of the Company.

  5. CUSTOMER ACCOUNT OPENING PROCEDURE

    1. After each prospective Customer fills in and submits an Application Form together with all the required documentation requested by the Company, the Company will perform all internal controls (e.g. anti-money laundering and customer appropriateness tests) and will send to the prospective Customer a notice informing him/her whether or not he/she has been accepted as the Company’s Customer. The Agreement will take effect and begin on the date on which the Customer receives notification from the Company that he/she has been accepted as the Company’s Customer and that a Customer Account has been created for him/her. The Company is not required to accept any person as its Customer until all the necessary documentation has been fully completed by such person and received by the Company, and all internal Company controls have been completed.

  6. CUSTOMER CATEGORISATION

    1. The Company will treat the Customer as a ‘Retail Client’, as per the terms defined under the Markets in Financial Instruments Directive (MiFID) (EU Directive 2004/39/EC), and as amended from time to time. The Customer’s categorisation will be determined by the Company based on the information that the Customer provides when completing the application form. The responsibility thus lies with the Customer to notify the Company in writing, of any change to his/ her personal circumstances.

    2. The Company may review the Customer’s categorisation from time to time to determine if re-categorisation is necessary; in accordance with regulatory requirements.

    3. The Customer accepts that when categorising the Customer and dealing with him/her, the Company will rely on the accuracy, completeness and correctness of the information provided by the Customer in his Application Form and the Customer has the responsibility to immediately notify the Company in the event of information changes at any time thereafter.

    4. The Company shall provide different levels of regulatory protection to each Customer category and therefore to Customers within each category. In particular, Retail Customers are provided with the highest level of regulatory protection.

  7. PERSONAL DATA AND CONFIDENTIALITY

    1. The Company may collect Customer information directly from the Customer (from the completed application form or otherwise) or from other persons including, for example, credit reference agencies, fraud prevention agencies and the providers of public registers.

    2. The Company will use, store, process and handle personal information provided by the Customer (in case of a natural person) in connection with the provision of the services of the Company and in accordance with the Processing of Personal Data (Protection of the Individual) Law of 2001.

    3. The Company will treat as confidential any Customer information it holds and this information will be used solely in connection with the provision of the services of the Company. Information already made public, or previously held by the Company without the obligation of confidentiality will not be regarded as such.

    4. The Company has the right to disclose Customer information including recordings and documents of a private nature in the following circumstances:

  8. AMENDMENT AND TERMINATION OF THE SERVICE AGREEMENT

    1. Unless stated differently elsewhere in this Agreement, the Company shall have the right to modify the terms of the Service Agreement at any time by giving the Customer at least five working days written notice prior to such modifications. Any such modifications will become effective on the date specified in the notice. The Customer acknowledges that a variation which is made to reflect a change of law or regulation may, if necessary, take effect immediately.

    2. The Customer and the Company shall each have the right to terminate this Agreement with immediate effect by giving at least five working days written notice to the other party.

    3. Termination by either party will not affect any obligation which has already been incurred by either party in respect of any open position or any legal rights or obligations which may already have arisen under the Service Agreement or any transactions and deposit/withdrawal operations made there under.

    4. Upon termination of this Agreement, all amounts payable by the Customer to the Company will become immediately due and payable including (and not limited to):

    5. all outstanding costs, fees and any other amounts payable to the Company;

    6. the necessary funds to close open positions in the Customer’s account;

    7. any dealing expenses incurred by terminating the Service Agreement and charges incurred for transferring the Customer’s investments to another investment firm;

    8. any losses and expenses realised in closing out any transactions or settling or concluding outstanding obligations incurred by the Company on the Customer’s behalf;

  9. SERVICES

    1. The Company provides investment and ancillary services to the Customer as published by CySEC online at http://www.cysec.gov.cy.

    2. The Company offers, on an execution-only basis, a number of financial instruments to the Customer; the contract specifications of which are found online at the Company’s website. The Company is entitled to execute an instruction received by the Customer even if such transaction is not suitable for the Customer.

  10. CAPACITY

    1. The Customer acts as a principal and not as an agent on behalf of any third party. The Customer, unless otherwise agreed, will be treated according to article 4.1. The Customer will be fully and directly responsible for performing his/ her obligations.

    2. The Company will continue to accept instructions or requests given by such person on the Customer’s behalf as described in 6.2 above, until written notification is received from the Customer for the termination of such authorisation. This written notification should be received by the Company at least five (5) business days prior to the termination date.

    3. The Customer authorises the Company to rely and act on any instruction or request received from the Customer, given by the Customer or on behalf of the Customer without the need on the Company’s part for confirming the authenticity of the instruction or the identity of the person giving such request or instruction.

    4. Until the Company receives written notice of the death or mental incapacity of the Customer, the Company will have no responsibility or liability in respect of the actions or omissions or fraud of the authorised third party (appointed as in 6.2. above). Upon receiving such notice, the Company will stop accepting any instructions or requests from the authorised party.

    5. Any person, natural or legal, that is identified as responsible for acting on behalf of a Customer through the means of a Power of Attorney may give instructions and requests to the Company on behalf of that Customer.

  11. CUSTOMER MONEY

    1. The Company, when holding Customer’s funds, shall take every possible action to ensure that the Customer’s funds are safeguarded. Such funds will be held in designated bank accounts of the Customer.

    2. The Company shall keep separate accounting records of the Customer’s and its own funds and shall be able to promptly distinguish funds held for different Customers of the Company.

    3. The Customer accepts to clearly denote all the required information on any payment document (funds deposit/withdrawal/transfer) to comply with the international regulations against fraud and money laundering. The Company shall not accept any payment made by a third party on behalf of the Customer.

    4. Any amount of funds transferred by the Customer from his/her bank account will be deposited to his/her Customer account at the value date of the payment receipt and the amount will be net of any charges from the Customer’s bank.

    5. The Company reserves the right to refuse a transfer of funds on behalf of the Customer in the following cases:

      • If the Company has reasonable suspicion that the person transferring the funds is not duly authorised;

      • If the funds are not transferred directly from the Customer and a third party is involved;

      • If the transfer is in violation of the Cypriot legislation.

    6. In any of the cases mentioned in paragraph 10.5, the Company shall return any received funds to the sender, using the same method that they were received, and the Customer will be charged with the resulting bank charges.

    7. The Customer shall be entitled to withdraw from his/her account any funds that are not used to cover margins and other obligations.

    8. The Customer authorizes the Company, by accepting the Service Agreement, to perform deposits and withdrawals from the Customer’s bank account on his/her behalf and any other transactions for the payment of all amounts due by the Customer.

    9. Customer funds ‘the Funds’ held on the Trading Account will be deposited in an institution ‘the Institution’ specified by the Company on the Customer’s behalf. The Funds will be segregated by the Company and held in accordance with applicable regulations in a segregated account. The Company may hold the Funds of different Customers in the same account as per the applicable regulations.

    10. The Customer has the right to withdraw any part of the Funds equal to the free margin available in the trading account. Such a request may take up to three (3) business days to be processed; The Company reserves the right to request additional information to safeguard a legitimate Customer request. The Company may decline such a request if it deems that the request may not be legitimate.

    11. The Company is not obliged to pay interest to the Customer on the Funds deposited.

    12. The Customer accepts that the Funds will be deposited in the trading account on the value date received by the Institution, net of any transfer fees or other charges incurred.

    13. The Company is covered by the Investors Compensation Fund (ICF), whereby the Customer may be entitled to compensation from the ICF if the Company cannot meet its obligations; as explained in the Investors Compensation Fund document.

    14. The Customer has the right to withdraw any part of the Funds available using a specific transfer method. The Company has the right to decline and has the right to suggest an alternative method of transfer.

    15. If the Customer’s trading account is inactive for a calendar year, the Company reserves the right to charge an account maintenance fee in order to keep the trading account open. The Company may close the account, charge a relevant fee and notify the Customer accordingly.

  12. DEPOSITS

    1. We reserve the right to impose deposit limits and deposit fees in our system(s), at any time.

    2. You agree that any funds transmitted to our bank accounts by you or, where permitted, on your behalf, will be deposited into your Account with us at the value date of when the received by us and net of any charges/fees charged by the bank account providers, our payment service providers and/or any other intermediary involved in such transaction process.

  13. REFUNDS AND WITHDRAWALS

    1. We reserve the right to impose withdrawal limits and withdrawal fees in our systems, at any time.

    2. When a withdrawal or refund is performed, we reserve the right (but shall under no circumstances be obliged) to remit the funds to the same remitter from, and by the same payment method through which such funds were initially received by us. In that connection, we reserve the right, at our sole discretion, (a) to decline withdrawals via certain specific payment methods; (b) to require another payment method as the one indicated in any withdrawal request, in which instance a new withdrawal request may have to be submitted; and/or (c) to require that further documentation be submitted, as required by applicable “Anti-Money Laundering (“AML”) & Know Your Customer (“KYC”) Legislation” and/or any other similar rules and regulations applicable to us, before proceeding with any withdrawal request.

  14. DEPOSITS BY CREDIT/DEBIT CARD

    1. You can deposit funds to your Account with us quickly and easily by credit or debit card. The entire transaction is processed electronically - online.

    2. Before you can use your credit card, we reserve the right, but shall under no circumstances be obliged, to require that you register it with us. As the case may be, the credit card registration process will be clearly explained on the Credit Card Deposit screen displayed on our Online Trading Facility. Upon submitting your credit card registration, you may be required to submit documentation as required by applicable “Anti-Money Laundering (“AML”) & Know Your Customer (“KYC”) Legislation” and/or any other similar rules and regulations applicable to us. Once your credit card has been successfully registered, you can start depositing funds into your Account by credit card.

    3. Registering and using your debit card is the same as using a credit card. The debit card must be associated with either Visa or

  15. CHARGEBACKS

    1. If you place a chargeback with your credit card company (on purpose or by mistake) for any deposit you made in your Account with us, we reserve the right to charge a “USD 150, research fee” to your Account upon receiving the chargeback by our merchant provider to cover our investigative expenses to prove that you did make the deposit, and you hereby authorize us to charge this amount to your credit card.

    2. We do not tolerate credit card fraud, and all fraud, without exception, will be prosecuted through criminal proceedings in your local jurisdiction to the fullest extent of the law. In addition, we will pursue civil legal action in your local jurisdiction seeking any loss of income related to the fraud, including business, legal fees, research costs, employee down time and loss of revenues.

    3. We employ advanced risk modelling to detect fraudulent transaction clues across our Services. Fraudulent transactions are immediately cancelled after being detected. Any active Orders associated with the same fraudulent credit card will also be cancelled immediately. We also actively leverage external, cross-industry resources -- such as worldwide fraud blacklists – to prevent fraudulent users from accessing our Online Trading Facility in the first place.

    4. We consider credit card charge backs to be fraudulent if you make no reasonable effort to work with us to resolve any problems with your deposit. All frivolous chargebacks not only cost our employees time away from our usual and customary matters of conducting normal business, but also cost us money, therefore:

      a. when we detect questionable activity related to a deposit that is being made in an Account, we will mark the deposit with a “customer review in progress” status and perform fraud detection checks on the deposit to reduce your exposure to risk; during this time, you won“t be able to access your Account.

      b. In general, we complete reviews within four (4) to six (6) hours; certain deposits posing a higher potential risk may require more time, however, as our Compliance Department performs even more extensive fraud detection checks. We may also contact you directly as a backup precaution. If we determine that a deposit is high-risk or doesn“t comply with our Fraud & Security Policies, the deposit will immediately be cancelled and the funds will immediately be refunded to the credit card from which the deposit was initially made. Furthermore, in such instances, we reserve the right, at our sole discretion, to close any and all of your Account(s) with us immediately. Any active Orders associated with the same fraudulent credit card and/or Account will also be cancelled immediately.

      c. You agree that if you choose to do business with us and you file a charge back with your credit card company, but you do not win the charge back argument, you agree to pay us, in addition to the “USD 150,- research fee mentioned above, a “USD 150,- administrative processing fee” for our time responding to the matter. You hereby authorize us to charge this amount to your credit card. If this charge is rejected, we will pursue legal action to recoup losses for our time associated with responding to the charge back in addition to any other fees explained above. You agree to reimburse us or any Representative we may appoint for any legal expenses your actions may make us incur.

      d. In addition, we will attempt to recover fraudulently disputed charges plus additional costs via a third-party collection agency and your account will be reported to all credit bureaus as a delinquent collection account. This may severely damage your credit rating for at least the next seven (7) years. At this point, we will no longer accept a settlement of your debt and will only accept payment in full. In addition to this, we will file a report with your local police department, and pursue all fraudulent activities through your local jurisdiction for prosecution to the fullest extent of the law. Furthermore, in such instances, we reserve the right, at our sole discretion, to take all action as we see fit, including, without limitation, completely blocking access to our Online Trading Facility, blocking and/or revoking your Access Codes and/or terminating your Account. Under these circumstances, we reserve the right to seize any profits and/or revenues generated directly or indirectly by exercising any such prohibit trading activity and we shall be entitled to inform any Interested third parties of your breach of this clause; any active Orders associated with the same fraudulent credit card and/or Account will also be cancelled immediately; we have, and will continue to develop any tools necessary to identify credit/debit card fraud; any dispute arising from such fraudulent activity will be resolved by us in our sole and absolute discretion, in the manner we deem to be the fairest to all concerned; that decision shall be final and/or binding on all participants; no correspondence will be entered into.

    5. We take fraud very seriously. We log IP strings on all deposits made in our accounts - any orders coming back as a chargeback due to fraudulent activities will be diligently. We take fraud very seriously. We log IP strings on all deposits made in our accounts - any orders coming back as a chargeback due to fraudulent activities will be diligently

  16. CHARGES AND OTHER COSTS

    1. The provision of Services is subject to the payment of costs, fees, commissions and charges to the Company, which are set out in the Contract Specifications or on the Company’s website. In addition to costs, other commissions and charges may be due by the Customer directly to third parties. The Customer is obliged to pay all such costs.

    2. Certain types of costs may appear as a percentage of the value of the financial instrument, therefore the Customer has the responsibility to understand how costs are calculated.

    3. When providing a Service to a Customer, the Company may pay or receive fees, commissions or other non-monetary benefits from third parties or introducing brokers as far as permitted by the Applicable Regulations. To the extent required by law, the Company will provide information on such benefits to the Customer on request.

    4. The Customer agrees to pay all expenses relating to this Agreement and any documentation which may be required for the carrying out of Transactions.

    5. Any applicable charges will be instantly deducted from his/ her trading account.

    6. Any charges including commissions and other costs will be paid by the Customer; the details of which will be displayed on the Company’s website.

    7. Details of any tax obligations which the Company is required to pay on the Customer’s behalf will be stated to the Customer. The Customer is also accountable for other taxes which are not collected by the Company and the Customer should seek independent expert advice if he/she is in any doubt as to whether he may incur any further tax liabilities. Tax laws are subject to change from time to time.

    8. The Customer is solely responsible for all filings, tax returns and reports on any transactions which should be made to any relevant authority, whether governmental or otherwise, and for payment of all taxes (including but not limited to any transfer or value added taxes), arising out of or in connection with any Transaction.

    9. The Company may change its costs periodically. The Company will send a notification to the Customer informing him/her of any changes, before they come into effect. The Company will provide the Customer with at least two business days’ notice of such modifications except where such modification is based on a change in interest rates or tax treatment or it is otherwise impractical for the Company to do so.

    10. Swaps are calculated on the basis of the interbank market price.

    11. All CFDs traded with the Company relate to open-ended margined products that require funding on a daily basis.

  17. LIABILITY

    1. In cases where the Company provides information, recommendations, news, information relating to transactions, market commentary or research to the Customer (or in newsletters which it may post on its website or provide to subscribers via its website or otherwise), the Company shall not be liable for any losses, costs, expenses or damages suffered by the Customer arising from any inaccuracy or mistake in any such information given. Subject to the right of the Company to void or close any transaction in the specific circumstances set out in the Agreement, any transaction following such inaccuracy or mistake shall nonetheless remain valid and binding in all respects on both the Company and the Customer.

    2. The Company shall not be held liable for any loss or damage or expense incurred by the Customer in relation to, or directly or indirectly arising from but not limited to:

      • any error or failure in the operation of the company’s online trading system;

      • any delay caused by the Customer terminal;

  18. ASSURANCES AND GUARANTEES

    1. The Customer guarantees the validity and authenticity of any documentation sent to the Company during the account opening process and during the life of the trading account.

    2. The Customer assures and guarantees; that the Funds belong to the Customer and are free of any pledge, charge, lien or other encumbrance; that the Funds are not the direct or indirect proceeds of any illegal act or omission or product of any criminal activity; and that the Customer acts for himself/ herself and is not a representative or trustee of a third person unless satisfactory documentation to the contrary is provided.

  19. AMENDMENT AND TERMINATION OF THE SERVICE AGREEMENT

    1. The Company has the right to amend the terms of the Service Agreement and shall notify the Customer accordingly. Such amendments will become effective on the specified date and will apply to any positions opened and any orders placed prior to such date.

    2. The Customer and the Company may terminate this Agreement with immediate effect by giving written notice to the respective counter party.

    3. The Customer will be liable to pay any amount that is due to the Company, any expenses that are incurred by the Company as a result of the termination of the Service Agreement and any damage that has arisen because of an arrangement or settlement.

    4. Any such termination will not affect any obligation already incurred by either the Company or the Customer in respect to the Service Agreement, any Open position or any Transactions and deposit/ withdrawal operations made there under.

    5. The Company will immediately transfer to the Customer any amount available in his/ her trading account less any outstanding amount that is due to the Company by the Customer.

  20. CONFIDENTIALITY AND PERSONAL DATA

    1. Any personal Customer data is kept by the Company in accordance with the Processing of Personal Data (Protection of the Individual) Law of 2001, its amendment (Law No. 37(I)/2003) and the Regulation of Electronic Communications.

    2. The Customer accepts and consents that the Company may disclose some or all of the Customer’s data on an anonymous and aggregated basis for business development reasons.

    3. None of the Customer’s confidential information will be disclosed to a third party unless required to do so by the regulatory authority of a competent jurisdiction.

  21. RECORDING OF TELEPHONE CALLS

    1. Telephone communication between the Company and the Customer may be recorded. All recordings are the property of the Company and may be used in instances including, but not limited to dispute, and shall be conclusive and binding evidence.

    2. The Company may provide copies of such recordings of telephone calls to the regulatory authority of a competent authority without informing the Customer.

    3. Instructions or requests received over the phone will be equally binding as written instructions.

  22. CONSENT TO DIRECT CONTACT

  23. MARKET MAKING

    1. You are specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, we may act as a ‘Market Maker’, i.e., we may take the risk of holding a certain number of Supported Financial Instruments in order to facilitate trading in these Financial Instruments by displaying/quoting ‘bid’ and ‘ask’ prices (‘buy’ and ‘sell’ quotations) for such Supported Financial Instruments on our Online Trading Facility and filling Orders received in respect to such Supported Financial Instruments from our own inventory or seeking an Offsetting Order.

    2. In order for us to provide Price Quotes with the swiftness normally associated with speculative trading, we may have to rely on available price or available information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in, or suspension of an Underlying Instrument or asset or errors in feeds from information providers or in Price Quotes from our counterparties. In these circumstances, provided that we have acted in good faith when providing the relevant Price Quote to you, we may cancel the relevant Transaction and/or Contract with you, but shall do so within reasonable time and shall provide you with a full explanation for the reason of such cancellation.

    3. Following execution of any position with you, we may, at our reasonable discretion, subsequently offset each such position with you with another client position or with a position with one of our counterparties, or we may decide to retain a proprietary position in the Market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in us offsetting client positions at prices different – sometimes significantly different – from the Price Quotes provided to you, resulting in trading profits or losses for us. This in turn can raise the possibility of you incurring, what may be seen as, an implied cost (i.e., the difference between the price at which you traded with us and the price at which we subsequently traded with our counterparties and/or other clients), due to any profits realised by us as a result of the Market Making function. Please also note, however, that the Market Making function may involve significant costs to us, if the market moves against us in comparison to the price at which we traded with you.

    4. You accept that, in such Markets where we act as Market Maker, we may hold positions that are contrary to your positions and/or the positions of certain other of our clients, resulting in potential conflicts of interest between us, and any such other of our clients.

    5. In Markets, where we act as a Market Maker, you accept that we have no obligation to quote prices to you and/or any of our other clients, at any time in any given Market,nor shall we have an obligation to provide such Price Quotes to you and/or any of our other clients with a specific maximum spread.

  24. CONFLICT OF INTEREST

    1. The Company is required by Law to take all reasonable steps to detect and avoid conflicts of interest. The Company is committed to act honestly, fairly and in the best interests of its Customers. The document ‘Conflicts of Interest Policy’ provides a summary of the policy.

    2. The Customer accepts that a conflict of interest may arise when the interest of the Company competes or interferes with the Customer’s interests under the Service Agreement. By way of example, the Customer accepts that:

  25. GOVERNING LAW AND JURISDICTION

    1. The Service Agreement is governed by the laws of the Republic of Cyprus.

    2. The Customer agrees not to claim that such proceedings have been brought in an inconvenient forum or that such court does not have jurisdiction over the Customer.

    3. Notwithstanding any other provision in this Agreement, in providing Services to the Customer the Company shall be entitled to take any action it considers necessary, in its absolute discretion, to ensure compliance with the relevant market rules and or practices and all other applicable laws.

    4. All transactions on behalf of the Customer shall be subject to the applicable regulations and any other public authorities which govern the operation of the Cyprus Investment Firms, as they are amended or modified from time to time. The Company shall be entitled to take (or omit to take) any measures which it considers desirable in view of compliance with the Applicable Regulations in force at the time. Any such measures that may be taken and the Applicable Regulations in force shall be binding on the Customer.

    5. Any proceedings and their settlement involving the Customer and the Company will take place in the competent courts of the Republic of Cyprus.

  26. REPRESENTATIONS AND WARRANTIES

    1. The Customer accepts that the Company will take all reasonable steps to ensure compliance with applicable rules and regulations which will be binding upon the Customer.

    2. The Customer declares that he/ she is over eighteen (18) years of age in the case of a person, or has full capacity in the case of a legal person.

    3. The Customer declares that he/ she has read and fully understood the terms of the Service Agreement including the Risk Acknowledgement and Disclosure document.

    4. The Customer accepts that the Company maintains the right to revoke at any time, without prior written notice, any Power of Attorney documents governing his/ her relationship with his/ her authorised representative.

    5. The Customer declares that all information provided by the Customer to the Company is accurate, true and complete in all material matters.

  27. FORCE MAJEURE

    1. A Force Majeure event includes without limitation any natural, political, governmental, economic, social, technological acts that may be outside the control of the Company, which prevent the Company from maintaining an orderly operation of business.

    2. The Company may, in its reasonable opinion, determine that a force majeure event occurred, in which case the Company will take all reasonable steps to inform the Customer.

      A Force Majeure Event includes without limitation one or more of the following:

      • Government actions, the outbreak of war or hostilities, the threat of war, acts of terrorism, national emergency, riot, civil disturbance, sabotage, requisition, or any other international calamity, economic or political crisis;

      • Act of God, earthquake, tsunami, hurricane, typhoon, accident, storm, flood, fire, epidemic or other natural disaster;

  28. DEFAULT

    1. When an Event of Default occurs the Company may, without prior written Notice, take measures such as:

      a. Close any or all of the Customer’s Trading Accounts;

      b. Close out all or any of the Customer’s Open Positions at current Quotes;

  29. ELECTRONIC TRADING

    1. Upon commencement of the Service Agreement, the Customer shall download and install the Company’s trading platform software, which is available on the website of the Company, and receive the access codes which will enable the Customer to log in and enter into transactions with the Company

    2. The Customer is responsible for any instructions/transactions received/entered through the trading platform, either from the Customer directly or through an authorized representative.

  30. CUSTOMER INSTRUCTIONS AND ORDERS

    1. The Customer shall provide instructions to the Company through the trading platform or other electronic means determined in the Customer Agreement. Also, the Customer accepts that the Company has the right to partially carry out his/her instructions.

    2. The Customer acknowledges that the Company enters into transactions with the Customer as the principal counterparty and not as an agent despite the fact that the Company may transmit orders to liquidity providers/brokers for execution.

    3. The Customer shall be able to take new positions or close existing positions through the trading platform of the Company and place orders on any type of financial instrument.

    4. The Customer shall be able to instruct the Company about either an instantly executed order and/or a pending order. A pending order instruction may be one the following (for further information regarding the execution of the below mentioned orders, please read the “Order Execution and Best Interest Policy”):

      • Buy Limit: Shall be an order to buy any type of financial instrument at a specified price which is lower than the current market price.

      • Sell Limit: Shall be an order to sell any type of financial instrument at a specified price which is higher than the current market price.

      • Buy Stop: Shall be an order to buy any type of financial instrument where the price of the order is set above the current market price.

      • Sell Stop: Shall be an order to sell any type of financial instrument where the price of the order is set lower than the current market price

    5. The Customer’s orders are executed at the Bid and Ask prices of the available current market prices that the Company offers through its liquidity providers. For instant execution orders the Customer places his order based on the current prices displayed in his/her terminal and the execution process is triggered. The Customer acknowledges and accepts that the requested price of a market request may change due to high volatility of the market or low connectivity between the Company server and the Customer terminal. Moreover, in the case of any communication and/or technical error that affects the quoted prices, the Company reserves the right not to execute an order.

    6. The Customer acknowledges that the Company will keep records of all telephone transactions, without any prior written consent, in order to ensure that all relevant information being transmitted via telephone is properly recorded. The records kept are the Company’s property and may be used by the Company where appropriate, as evidence of the Customer’s transaction.

  31. REFUSAL TO EXECUTE ORDERS

    1. The Customer accepts that the Company reserves the right to refuse the provision of any investment and ancillary service, at any time, including but not limited to the execution of instructions for trading any type of financial instrument of the Company, without prior notice to the Customer. The circumstances under which the Company shall proceed to the above actions are as follows:

      • If the Customer has insufficient funds in his/her account;

  32. DORMANT ACCOUNT POLICY

    1. In the event that there are no transactions (trading/withdrawals/deposits) in the Customer Account for a set period of at least twelve (12) months

  33. PROHIBITED TRADING TECHNIQUES

    1. You shall be solely responsible for providing and maintaining the means by which to access and use our Online Trading Facility, which may include, but shall not be limited to, a personal computer, modem and telephone or other access line. You shall be responsible for all access and service fees necessary to connect to our Online Trading Facility and you shall assume all charges incurred in accessing such systems. You further assume all risks associated with the use and storage of information on your personal computer(s) or on any other computer(s) through which you will gain access to, and/or make use of our Online Trading Facility.

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