Terms and Conditions
Account Opening Agreement
- IBF Markets Hub Ltd (hereinafter referred to as the ‘Company’), is incorporated under the laws of Saint Vincent and the Grenadines with Registration 26136 BC 2021 having its registered office at Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, Saint Vincent and the Grenadines. The Company is authorised as a Business Company under the Business Companies (Amendment and Consolidation) Act, Chapter 149 of the Revised Laws of Saint Vincent and Grenadines, 2009 (herein the “Law”).
The Company is part of the IBF Markets Group which consists of:
(a) IBF Markets Hub Ltd with registered address Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont Kingstown, St. Vincent and the Grenadines.
(b) IBF Markets Hub Ltd is incorporated in the United Kingdom with the Company number 13066155.
- The Account Opening Agreement (herein the “Agreement”) sets out the terms and conditions for the provision of investment services under the Business Companies (Amendment and Consolidation) Act, Chapter 149 of the Revised Laws of Saint Vincent and Grenadines, 2009, by IBF Markets Hub Ltd (herein the “Company”) to the Clients.
- The objects of the Company are all subject matters not forbidden by Business Companies (Amendment and Consolidation) Act, Chapter 149 of the Revised Laws of Saint Vincent and the Grenadines, 2009, in particular but not exclusively all commercial, financial, lending, borrowing, trading, service activities and the participation in other enterprises as well as to provide brokerage, training and managed account services in currencies, commodities, indexes, CFDs and leveraged financial instruments.
Definitions and Interpretations
- Terms stated below shall have the following meanings and may be used in the singular or plural as appropriate. “Account” means a personalised account of the Client with the Company. The Client is allowed to have only multiple account with the Company; “Account Detailed Report” shall mean a statement of the Clients securities portfolio, open positions, margin requirements, cash deposit etc. at a specific point in time; “Ask Price” means the price at which the Company is willing to sell a CFD. “Archived” means a trading account with no financial or trading activity and no pending orders for a set period of 60 (sixty) days as per Clause 14 of the Agreement. “Authorised Person” means a person authorised by the Client under a power of attorney to give instructions to the Company in relation to the Account; “Balance” means the sum of the Client Account after the last completed order and deposit/withdrawal operation made within any period of time. “Best Execution Policy” means the Company’s prevailing policy available at the Company’s website regarding best execution when executing Client orders; “Bid Price” means the price at which the Company is willing to buy a CFD; “Business Day” means any day on which banks are open for business in the Saint Vincent and the Grenadines; “Business Introducer” means a person with whom the Company has entered into a contract with for introducing Clients to the Company. “CFD Contract or CFD” means a contract which is a contact of difference by reference to fluctuations in the price of the relevant Underlying Asset; “Client” means a natural or legal person, accepted by the Company as its Client to whom services will be provided by the Company under the Terms; “Collateral” means any securities or other assets deposited with the Company “Company” means IBF Markets Hub Ltd is incorporated in St. Vincent & the Grenadine as an International Broker Company with the registration number 26136 BC 2021. “Company’s Website” means www.ibfmarkets.com or any other website that may be the Company’s website from time to time. “Contract” means any contract, whether oral or written, for the purchase or sale of any commodity, security, currency or other financial instruments or property, including any derivative contracts such as options, futures, CFDs or other transactions related thereto, entered into by the Company and the Client; “Counterparties” shall mean banks and/ or brokers through whom the Company may cover its transactions with Clients; “Cryptocurrency” is a medium of exchange currencies that uses cryptography to secure the exchange of digital information and control the creation of new units i.e. digital money. Cryptocurrencies provide a viable method of issuing tracking ownership of unique digital representations of value, such as money. Cryptocurrency is a form of digital currency created and held electronically. Cryptocurrency is decentralised, so no single institution or country controls it, and it is not subject to transaction fees or external regulation. “Dormant” means an Account which has been dormant i.e. no financial or trading activity within a set period of 6 (six) months as per Clause 16 of the Agreement. “Durable Medium” means any instrument which enables the Client to store information in a way accessible for future reference for a period of time adequate for purposes of the information and which allows the unchanged reproduction of the information stored; “Equity” equals (Balance + Floating Profit & Loss + Swap). “Event of Default” shall have the meaning given to this term in Clause 28; “FATCA” is the Foreign Account Tax Compliance Act which requires for foreign financial institutions to report on the foreign assets held by their U.S. account holders. “Floating Profit/ Loss” shall mean the unrealised profit (loss) of open positions at current prices of the Underlying Assets, “Free Margin” means the funds not used as guarantee to open positions, calculated as: Free Margin=Equity-Margin. “Margin” means the necessary guarantee funds to open positions and maintain Open Positions, as determined in the Spreads and Conditions Schedule; “Margin Call” when the Margin posted in the margin account is below the minimum margin requirement, the Company issues a Margin Call and in this case the Client will have to either increase the Margin that he/ she has deposited, or to close out his/ her position(s). If the Client does not do any of the aforementioned, the Company shall have the right to close the positions of the Client. “Margin Level” means the percentage of Equity to Margin ratio. It is calculated as: Margin Level = (Equity/Necessary Margin) x 100 “Market Maker” means a dealer in securities or other assets who undertakes to buy or sell at specified prices at all time “Market Rules” means the rules, regulations, customs and practices from time to time of any exchange, clearing house or other organisation or market involved in the conclusion, execution or settlement of a Contract any exercise by any such exchange, clearing house or other organisation or market of any power or authority conferred on it; “Open Positions” means any position/ transaction that has not been closed. For example, an open long position not covered by the opposite short position and vice versa. “Orders” means any trading transactions executed on the Company’s trading platforms by the Client. “OTC” shall mean any Contract concerning a commodity, security, currency or other financial instrument or property, including any option, future, or CFD which is not traded on a regulated stock or commodity exchange but “over the counter”; “Partial Approval” means the status of a Client who is allowed to deposit and trade before provides the required KYC documentation to the Company for his/her account to be Approved; “Principal” means the individual person or the legal entity which is a party to a transaction; “Rebates” refers to the percentage of the actual spread or commission charged to the account, depending on the account type and/or if assigned under an Affiliate; “Security” means any securities or other assets deposited with the Company; “Services” means the services to be provided by the Company to the Client construed by these Terms. Services is inclusive of any dealing, order routing, advisory or other services which the Company provides from time to time to the Client by remote access via the Internet and which are subject to these Terms; “Spread” means the difference between the Ask Price and the Bid Price “Spreads and Conditions Schedule” means the schedule of spreads, charges, margin, interest and other rates which at any time may be applicable to the Services as determined by the Company on a current basis. The Spreads and Conditions Schedule is available on the Company’s Website and may be supplied to the Client on demand. “Swap” shall mean the funds withdrawn or added to the Client’s Account from rolling over (transfer) of an open position to the next day. “Terms” mean these Terms of business governing all the actions that relate to the execution of your trades. “Trade Confirmation” means a notification from the Company’s trading platform to the Client confirming the Client’s entry into a Contract; “Trading Account” is an account opened by the Client under the Company for the sole purpose of trading. The Client can open up to 5 (five) trading accounts under the Company. The Trading Account is distinct from the Account of the Client held with the Company. “Trading Platform” means any online trading platform made available to the Client by the Company for placing orders, requesting quotes for trades, receiving price information and market related news as well as having a real-time revaluation of the open positions, through the Internet; “Underlying Asset” means underlying asset is the financial instrument (e.g. stock, futures, commodity, currency, index) on which a derivative's price is based. “In writing or written” means inclusive of electronic form.
- If there is any conflict between this Agreement and relevant Market Rules, the Market Rules shall prevail.
- Any reference in these Terms to a person shall include bodies’ corporate, unincorporated associations, partnerships and individuals.
- Any reference in these Terms to any enactment shall include references to any statutory modification or re-enactment thereof or to any regulation or order made under such enactment (or under such a modification or re-enactment).
- Any headings and notes used in these Terms are intended exclusively for convenience and shall not affect the content and interpretation of these Terms.
Scope of the Account Opening Agreement
- The objects of the Company are all subject matters not forbidden by Business Companies (Amendment and Consolidation) Act, Chapter 149 of the Revised Laws of Saint Vincent and Grenadines, 2009, in particular but not exclusively all commercial, financial, lending, borrowing, trading, service activities and the participation in other enterprises as well as to provide brokerage, training and managed account services in currencies, commodities, indexes, CFDs and leveraged financial instruments.
- The Company reserves the right, at its discretion, at any time to withdraw the whole or any part of the Services on a temporary or permanent basis and the Client agrees that the Company will have no obligation to inform the Client of the reason.
- The Agreement is non-negotiable and overrides any other agreements, arrangements, express or implied statements made by IBF Markets unless the Company, in its sole discretion, determines that the context requires otherwise.
- Under the provisions of the Business Companies (Amendment and Consolidation) Act of 2007, the Electronic Evidence Act of 2004 and the Electronic Transactions Act of 2007, a distance contract is legally binding upon the contractors without the requirement of a signature. The Client hereby acknowledges that this Agreement and all of the terms and conditions thereof are legally binding upon him and breach of any of the terms and conditions of this Agreement shall give rise to possible legal actions, should out- of-court settlement does not prove of a sufficient settlement method of any matter arising out of or in connection with any term or condition of this Agreement.
The Client hereby acknowledges and agrees that:
(a) By completing and submitting the online Account Opening Agreement and clicking on the “I Accept” button or similar buttons or links as may be designated by the Company on the Company’s Main Website(s) shows his approval of this Agreement;
(b) By continuing to access or use the Company’s Main Website(s).
Client Acceptance Policy
- The Prospective Client acknowledges and understands that the Company is not obliged and/or required under any applicable laws or regulations to accept any Prospective Client as its Client. The Company has the right to decline and/or refuse to accept a Prospective Client as its Client, if it reasonably believes that the Prospective Client might pose a risk to the Company and/or if accepting such a Prospective Client shall be against the Company’s Client Acceptance Policy. It should be noted that the Company is under no obligation to provide any reason for not accepting a Prospective Client as its Client.
- The Prospective Client must fill in and submit the online Account Opening Application Form found on the Company’s website and provide to the Company all the required identification documentation. The Company shall then send a notice of acceptance to the Prospective Client confirming that he has been successfully accepted as a Client of the Company.
- The Client acknowledges and understands that the Company has the right to refuse to activate an account and/or shall not accept any money from any Prospective Client until all documentation requested has been provided to the Company, which has been properly and fully completed by the Prospective Client. The Prospective Client shall not yet be considered as a Client of the Company if all internal Company checks, including without limitation to anti- money laundering checks and the appropriateness tests have not been duly satisfied. The Client acknowledges and understands that the Company may request additional due diligence documents for further clarification.
- The Company has the right to request for additional documentation and/or information from the Client at any time throughout the term of this Agreement and/or the business relationship with the Client. Should the Client not provide such additional documentation and/or information the Company may at its own discretion terminate its business relationship with the Client in accordance with Clause 36 of the Agreement.
- The Company has the right to close any Account opened by a Prospective Client which has not been approved by the Company and which has been pending for approval for a set period of 3 (three) months.
- Clients that are categorised as Partially Approved can deposit and trade before they provide the required KYC documentation to the Company for their account to be Approved.
Limits for Partially Approved Clients will be in place and showed in the Client’s portal in regard to:
(a) maximum deposit amount;
(b) specific payment methods for deposit;
(c) number of trading accounts;
(f) and other features offered by the Company.
- Partially Approved Clients, are not entitled to withdraw any amount until they provide their KYC documents and their account to be Approved by the Company.
Commencement of the Account Opening Agreement
- The Commencement Date of the Agreement shall be the date the Prospective Client receives the notice that he has been accepted as a Client of the Company and which contains the trading account number and login details.
- The Parties are entering into this Agreement as principal to principal. For the avoidance of any doubt, in relation to individual Orders for CFD transactions the Company shall not execute such Orders against its Client as a principal to principal, but shall transmit or arrange for the execution of such Orders acting in behalf of its Client with a third party liquidity provider.
- The Client is acting as a principal and not as agent or representative or trustee or custodian on behalf of someone else. The Client may act on behalf of someone else only if the Company specifically consents to this in writing and provided all the documents required by the Company for this purpose are received.
- Even if the Client identifies a legal or natural person (‘The third party’) who is responsible for acting on the Client’s behalf, through a power of attorney, the Company is not accepting the third party as a Client, unless specifically agreed otherwise. As a result, no information shall be disclosed to the third party in relation to the Client and/ or the Clients trading activity. However, the third party can give instructions to the company on the Client’s behalf.
Assurances and Guarantees The Client assures and guarantees that:
- The funds deposited with the Company, belong to the Client and are free of any lien, charge, pledge or other impediment
- The funds are not direct or indirect proceeds of any illegal act or omission or product of any illegal activity and
- Acts for himself/ herself and is not a representative or trustee of a third person, unless he/ she produces to the satisfaction of the Company document(s) to the contrary.
- The Client guarantees the authenticity and validity of any document sent to the Company during the account opening process and the life of the account.
Under these Terms, the Client may enter into transactions with the Company in the following financial instruments:
(a) CFD on currencies, equities, precious metals, financial indices, future contracts and any other trading tools.
(b) Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, or other derivative instruments, financial indices or financial measures which may be settled physically or in cash.
(c) Options, futures, swaps, forward rate agreements and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise than by reason of a default or other termination event)
(d) Options, futures, swaps, and other derivative contract relating to commodities that can be physically settled provided that they are traded on a regulated market and/ or an MTF.
(e) Options, futures, swaps, forwards and any other derivative contracts relating to commodities that can be physically settled not otherwise mentioned in point
(f) above and not being for commercial purposes, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are cleared and settled through recognised clearing houses or are subject to regular margin calls.
(g) Options, futures, swaps, forward rate agreements and any other derivative contracts relating to climatic variables, freight rates, emission allowances or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise that by reason of a default or other termination event), as well as any other derivative contracts relating to assess, rights, obligations, indices and measures not otherwise mentioned in this Section, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are cleared and settled through recognised clearing houses or are subject to regular margin calls.
(h) Such other investments instruments agreed upon with the Company and allowed under the Company’s Saint Vincent and the Grenadines Investment Firm License.
- Orders may be placed as market Orders to buy or sell as soon as possible at the price obtainable in the market, or on selected products as limit and stop Orders to trade when the price reaches a predefined level. Limit Orders to buy and stop orders to sell must be placed below the current market price, and limit Orders to sell and stop Orders to buy must be placed above the current market price. If the bid price for sell Orders or ask price for buy Orders is reached, the Order will be filled as soon as possible at the price obtainable in the market. Limit and stop Orders are executed consistent with the Company’s Best Execution Policy and are not guaranteed executable at the specified price or amount, unless explicitly stated by the Company for the specific Order.
- The Client will, unless otherwise agreed in writing, enter into Contracts as Principal with the Company. If the Client acts on behalf of a Principal, whether or not the Client identifies that Principal to the Company, the Company shall not be obliged to accept the said Principal as the Client, and consequently shall be entitled to accept the Client as Principal in relation to the Contract.
The Prospective Client hereby acknowledges and agrees that any of the following actions show his approval of the Agreement:
(a) Completing and submitting the online Account Opening Agreement and clicking on the “I Accept” button or similar buttons or links as may be designated by the Company on the Company’s Main Website(s); and/or
(b) Continuing to access or use the Company’s Main Website.
- Under these Terms, the Client may enter into transactions with the Company in the following financial instruments:
- The Client may give the Company oral or written instructions (which shall include instructions provided via the internet or by email as described below). The Company shall acknowledge the reception of the instructions orally or in writing, as appropriate.
- The Client shall notify the Company of the identity of any persons authorised to give instructions to the Company on behalf of the Client. Any such notice shall be in writing and shall set out the names and specimen signatures of the person or persons to be authorised. Any such authority may be revoked by notice in writing by the Client but shall only be effective upon written confirmation by the Company of the Company’s receipt of notice of revocation. The Company shall not be liable for any loss, direct or indirect, resulting from the Client’s failure to notify it of such revocation.
- The Company shall be entitled to act upon the oral or written instructions to any person so authorised or any person who appears to the Company to be an Authorised Person, notwithstanding that the person is not, in fact, so authorised.
- Once an instruction has been given by or on behalf of the Client, it cannot be rescinded, withdrawn or amended without the Company’s express consent. The Company may at its absolute discretion refuse any dealing instruction given by or on behalf of the Client without giving any reason or being liable for any loss occasioned thereby.
- The Client shall promptly give any instructions to the Company, which the Company may require of the Client. If the Client does not provide such instructions promptly, the Company may, in its absolute discretion, take such steps at the Client’s cost, as the Company considers appropriate for its own protection or for protection of the Client. This provision is similarly applicable in situations when the Company is unable to obtain contact of with the Client.
- The Company shall not be liable for any loss, expense, cost or liability suffered or incurred by the Client as a result of instructions being given, or any other communications being made, via the Internet. The Client will be solely responsible for all orders, and for the accuracy of all information, sent via the Internet using the Client’s name or personal identification number. The Company will not execute an order until it has confirmed the order to the Client and transmission of an order shall not give rise to a binding Contract between the third party liquidity provider and the Client.
- If the Company does not receive instructions from the Client to settle any open Contracts by the close of the Business Day, the Company is hereby authorised (but not obliged) to transfer all said Contracts to the next business date traded (Rollover).
- The Company may (but shall not in any circumstances be obliged) require confirmation in such form as the Company may reasonably request if an instruction appears to the Company that such confirmation is necessary or desirable; or such instruction is to close an Account or remit money due to the Client.
- In general, the Company shall act according to instructions as soon as practically possible and shall, as far as trading instructions are concerned, act in accordance with the Company’s Best Execution Policy. If, after instructions are received, the Company believes that it is not reasonably practicable to act upon such instructions within a reasonable time, the Company may defer acting upon those instructions until it is, in the Company’s reasonable opinion, practicable to do so or notify the Client that the Company is refusing to act upon such instructions. The Company shall not be liable for any losses resulting from such deferral or refusal.
- The Company is, in accordance with its Best Execution Policy, entitled to aggregate the Client’s orders with the bank’s own orders, orders of any of the Company’s associates and/ or persons connected with the Company including employees and other Clients. Furthermore, the Company may split the Client’s orders when executing these. The orders will only be aggregated or split if the Company reasonably believes it to be in the best interest of the Client. On some occasions, aggregation and split of the Client’s order may result in the Client obtaining a less favourable price than if the Client’s orders had been executed respectively separately or mutually.
- The Client agrees that the Company may record all telephone conversations, internet conversations (chat), and meetings between the Client and the Company and use such recordings, or transcripts from such recordings, as evidence in any dispute or anticipated dispute between the parties. However, technical reasons may prevent the Company from recording a conversation, and recordings or transcripts made by the Company will be destroyed in accordance with the Company’s normal practice. Consequently, the Client should not rely on such recordings to be available.
Recording of Telephone Calls
- The content of any telephone call (‘The telephone record’) between the Client and the company may be recorded and saves as a magnetic or electronic record. The Client agrees that the company has the right to use the telephone records as it deems necessary, including but not limited to instances when a dispute arises between the Client and the company.
- All instructions received from the Client during a telephone call, in relation to trading financial instruments shall be conclusive and binding.
- The company may provide copies of such recordings of telephone calls to a regulatory authority of a competent authority without informing the Client.
- All amounts handed over by the Client to the Company, for the provision of Investment Services as in Clause 9 above, shall be held in an omnibus account named as Client Account together with money of other Clients, but not with company money, and/ or in the name of the Company on behalf of the Client in an account with an authorised credit institution or a bank or any electronic payment providers/processors which the Company shall specify from time to time (“the ‘Bank Account”) and separately from any accounts used to hold funds belonging to the Company. The Company will not be liable for any failure or insolvency of any bank or third party; however, applicable investor compensation or deposit protection schemes may protect a proportion of Client Funds with any bank or third party.
Unless the Client notifies the Company in writing or otherwise, the Company may allow a third party, such as an exchange, a clearing house or an intermediate broker to hold all control Client Funds where the Company transfers the Client Funds
(a) for the purposes of a transaction for the Client through or with that person; or
(b) to meet Clients obligations to provide collateral for a transaction (e.g. an initial margin requirement for a derivative transaction).
- The Client authorises the Company to make any deposits and withdrawals from the Client’s Account on his/ her behalf including, without prejudice to the generality of the above, withdrawals for the settlement of all transactions undertaken under the Terms and all amounts which are payable by or on behalf of the Client to the Company or any other person.
- Unless the Parties otherwise agree, in writing, any amount payable by the Company to the Client, shall be paid directly to the Client.
- The Company may at its discretion from time to time and without Client’s authorisation set off any amounts held on Client’s behalf against the Client’s obligation to the Company The Client has the right to withdraw the funds which are not used for margin covering, free from any obligations (Free Margin) from his/ her Account without closing the said Account.
- Money transfer request (withdrawal from Trading Account) is processed within three Business Days after receiving from the Client transfer request instructions. Then the transferring amount reduces the balance of the Client's Trading Account when the transfer request process is concluded. The Company reserves the right to decline a withdrawal request if the request is not in accordance with Clause 12.9 below, or delay the processing of the request if not satisfied on full documentation of the Client.
- The Client agrees to pay any incurred bank transfer fees when withdrawing funds from the Client’s Account to his/ her designated bank account. The Client is fully responsible for payments details, given to and the Company and the Company accepts no responsibility for the Client’s funds, if the details given by the Client are wrong. It is also understood that the Company accepts no responsibility for any funds not deposited directly into the Company ’s bank accounts.
- The Client agrees that any amounts sent by the Client or on the Client’s behalf in the bank account of the Company will be deposited to the Client’s Account at the value date of the payment received and net of any charges/ fees charged by the bank account providers or any other intermediary involved in such transaction process. The Company must be satisfied that the sender is the Client or an authorised representative of the Client before making any amount available to the Client’s Account, otherwise the Company reserves the right to refund/ send back the net amount received to the remitter by the same method as received.
- Withdrawals should be made using the same method used by the Client to fund his/ her Account and to the same remitter. The Company reserves the right to decline a withdrawal with specific payment method and suggest another payment method where the Client needs to proceed with a new withdrawal request, or request further documentation while processing the withdrawal request. If the Company is not satisfied with any documentation provided by the Client will reverse the withdrawal transaction and deposit the amount back to the Client’s Account. More details on the circumstances which the Company might cancel a withdrawal request can be found on “Withdrawal Conditions” which is accessible via the Company’s website.
- The Client agrees to waive any of his rights to receive any interest earned in the money held in the Bank Accounts and consents that the Company will benefit for such an interest earned to cover registration/ general expenses/ charges/ fees and interest related to the administration and maintenance of the bank accounts. Such expenses will not be passed over to the Clients what so ever. However, the Company may at its discretion pay interest at a rate and basis of calculation as it determines.
- The client acknowledges that card and payment processing will be processed by IBF Markets Hub Ltd through FX-EGDE TRADING VENUE
Company’s Spreads and Conditions
- By accepting the Terms, the Client has read, understood and accepted the information under the Spreads and Conditions Schedule available on the Company’s Website, in which all related spreads, charges, margin, interest and other rates are explained. The Company reserves the right to amend at discretion all such spreads, charges, margin, swaps and other rates and proper information on such amendments will be available on the Company’s Website which the Client must review during the period the Client is dealing with the Company and especially before and after placing any orders to the Company.
The Company is entitled, but shall not in any circumstances be obliged, to convert:
(a) any realised gains, losses, option premiums, commissions, interest charges and brokerage fees which arise in a currency other than the Client’s base currency (i.e. the currency in which the Client’s Account is denominated) to the Client’s base currency;
(b) any cash currency deposit to another cash currency deposit for the purpose of purchasing an asset de–nominated in a currency other than the Client’s base currency;
(c) any monies held by the Company for the Client into such other currency as the Company considers necessary or desirable to cover the Client’s obligations and liabilities in that currency.
- Whenever the Company conducts currency conversions, the Company will do so at such reasonable rate of exchange as the Company selects. The Company shall be entitled to add a mark–up to the exchange rates. The prevailing mark–up is defined in the Spreads and Conditions Schedule.
- In addition, the Client shall be obliged to pay all applicable VAT and other taxes and all other fees incurred by the Company in connection with any Contract and/ or in connection with maintaining the Client relationship.
- The Company may share commissions and charges with its associates, Business Introducers or other third parties or receive remuneration from them in respect of Contracts entered into by the Company. Details of any such remuneration or sharing arrangement will not be set out on the relevant Trade Confirmations. The Company (or any associate) may benefit from commission, mark–up, mark–down or any other remuneration where it acts for the Counterparty to a Contract.
- The Company will upon reasonable request and to the extent possible disclose to the Client the amount of commission, mark–up, mark–down or any other remuneration paid by the Company to any Business Introducer or other third party.
- In respect of any transactions to be effected OTC, the Company shall be entitled to quote prices at which the third party liquidity provider is prepared to trade with the Client. Save where the Company exercises any rights it may have under the Terms to close a Contract, it is the Client’s responsibility to decide whether or not it wishes to enter into a Contract at such prices.
- The Company may share Trading Rebate with its Clients, at its sole discretion and upon request of the Client. Trading Rebate is the percentage of the spread which is calculated based on the volume of trading transactions performed by the Clients and are applied to the Client’s trading account(s). The Clients can be informed on which of their trading accounts are subject to Trading Rebates through them at my IBF Wallet.
- Withdrawals should be made using the same method used by the client to fund their account and to the same remitter. The company reserves the right to decline a withdrawal with specific payment method and suggest another payment method.
- A Client can change the leverage within his IBF Client Portal of each trading account. For changing leverage, the Client needs to send a request at firstname.lastname@example.org. The Company has the option at its own discretion to disable this option.
- A Client has no restrictions to increase the leverage.
A Client is allowed to decrease the leverage in the following cases:
(a) If margin is zero;
(b) If margin is more than zero and the margin level is more than 100%.
- 14.1 An Account will be considered as a Dormant Account, if there is no financial (deposit/withdrawal) or trading activity (opening /closing orders) in the Account for a set period of 6 (six) months. Pending orders that have been cancelled and shall not considered as orders for the determination of the trading activities.
Margin Deposits, Collateral and Payment
The Client shall pay to the Company on demand:
(a) Such sums of money by way of deposits or as initial or variation Margin as the Company may from time to time require;
(b) Such sums of money as may from time to time be due to the Company under a Contract and such sums as may be required in or towards clearance of any debit balance on any Account;
(c) Such sums of money as the Company may from time to time require as security for the Client’s obligations to the third party liquidity provider; and
(d) Any amount necessary for maintaining a positive balance in any and all Accounts.
- With the prior written consent of the Company on each occasion, the Client may deposit Security with the Company or provide the Company with a guarantee or indemnity from a person and in a form acceptable to the Company instead of cash for the purpose of complying with its obligations. The Client is made specifically aware that the Company at its reasonable discretion may determine the value by which Security shall be registered and consequently contribute to the Company’s demand towards the Client and the Company may continuously change such value of Security without prior notice to the Client.
- The Client shall promptly deliver any money or property deliverable by it under a Contract in accordance with the Terms of that Contract and with any instructions given by the Company for the purpose of enabling the Company to perform its obligations under any corresponding Contract entered into between the Company and a third party.
- If the Client fails to provide any Margin, deposit or other payable amount in accordance with the Terms in respect of any transaction, the Company may close out any open Contract without prior notice to the Client and apply any proceeds thereof to payment of any amounts due.
- In the event that a negative balance occurs in the Client’s Trading Account due to Stop Out, the Company will make a relevant adjustment of the full negative amount so as to the Client not to suffer the loss.
- The Company reserves the right to return the funds deposited by the Client, to the Client at any time with or without reasons.
- In the event funds are incorrectly placed into your account and/ or withdrawn by you, the Company reserves the right to retrieve these funds either directly from the account in question or via any other accounts held by the account holder with the Company. In the event that there are open trades within the account the Company will contact the Client via email and inform the Client of the actions to remedy the situation and that any trades must be closed. Failure of the Client to comply could result in insufficient funds in the account to hold the positions that are open and could ultimately lead to the stopping out of the open positions. The Company will not be held liable for such events resulting in any loss direct or indirect to the Client.
- The Client shall pay to the Company on demand:
Account Reporting and Trade Confirmation
- The Company will make available to the Client a Trade Confirmation in respect of any transaction or Contract entered into by the third party liquidity provider with or for the Client and in respect of any open position closed by the Company for the Client. Trade Confirmations will normally be available instantly following the execution of the transaction through the Trading Platform.
- An Account Detailed Report is available to the Client through the Trading Platform. The Account Detailed Report will normally be updated periodically during the Company’s opening hours. By accepting the Terms, the Client agrees not to receive any Trade Confirmations or Account Detailed Reports in printed form from the Company other than upon specific request.
- The Client must verify the contents of each document received from the Company. Such documents shall, in absence of manifest error, be conclusive unless the Client notifies the Company in writing to the contrary within three (3) Business Days of receiving such document.
- The Client is obliged to verify the contents of each document, including documents sent in electronic form from the Company. Such documents shall, in the absence of manifest error, be deemed conclusive unless the Client notifies the Company in writing to the contrary within (3) Business Days after having received such document. In the event that the Client believes to have entered into a transaction or Contract, which should have produced a Trade Confirmation or otherwise a posting on the Client’s Account, but the Client has not received such confirmation, the Client must inform the Company immediately when the Client ought to have received such confirmation. In the absence of such information the transaction or Contract may at the Company’s reasonable discretion be deemed non–existent.
- All Account Detailed Reports, Trade Confirmations and Account Balances denominated in Nairi are marked-to-marked and carried on the Company’s book and the Trading Platform at the most recent posted Nairi rate, obtained from a third party bank or trusted information source. Customers with Account Balances denominated in Nairi must note carefully that Nairi is not currently convertible into other national currencies, nor may Nairi exposures be legally or easily hedged against risk of loss of value of Nairi-based holdings against holdings of other currencies and assets. The posted official rates are static, change little over time, and may bear little relationship to black market rates of exchange or the value of the Nairi on a purchasing power parity basis vis-à-vis the international goods, services and investments they may buy. For this reason, the third party liquidity provider has been directed by the Company to provide a separate Account Balance calculated on a notional U.S. dollar basis to give the customer a better idea of the performance of his security trading on an absolute basis irrespective of the published Nairi rate. The customer, and not the Company or the third party liquidity provider, accepts all risk of exchange rate losses between Nairi and other currencies and currency based assets arising from the Account activity, despite the fact that such losses may not be apparent to the Customer on the basis of published static rates for non-convertible Nairi. The Client represents and warrants that its transactions with the Company and/or the third party liquidity provider shall at no time have any purpose, intention, or effect of circumventing the monetary or other laws of the Republic of Nairobi or any other jurisdiction, and the Client shall at all relevant times remain in full compliance with all relevant law and regulation.
- Communications may be made to the Client at such address, telephone, facsimile or email address notified from time to time to the Company for this purpose.
- Unless otherwise agreed in writing, all communications shall be made in the English language and shall be served by sending them by prepaid first-class post, email or facsimile transmission or by delivering it by hand to the address for the time being of the addressee. Translation or information provided in languages other than English is for informational purposes only and do not bind the Company or have any legal effect whatsoever, the Company having no responsibility or liability regarding the correctness of the information therein.
Any notice/ communication sent to the Client by:
(a) post shall be deemed to have been served, in the case of service in Saint Vincent and the Grenadines 48 hours after dispatch and, in the case of service outside Saint Vincent and the Grenadines, seven (7) days after dispatch.
(b) facsimile shall be deemed to have been served at the time of receipt of a positive transmission notice by the sender.
(c) email shall be deemed to have been served when received at the destination site or the address advised by recipient to the sender to be its email address.
In proving service, it will be sufficient to prove,
(a) in the case or a letter, that it was properly stamped, addressed and placed in the post,
(b) in the case of a facsimile transmission, that it was fully dispatched to a current or facsimile number of the addressee and,
(c) in the case of email, that the sender has received a valid message confirmation delivery.
- The Client shall ensure that at all times the Company will be able to communicate with the Client or his appointed representative by telephone, facsimile or email.
- Communications may be made to the Company at the address and telephone number notified to the Client for this purpose and shall be considered to have been duly made only upon their actual receipt by the Company.
- The Client may alter his/ her communication details by written notice to the Company.
- The Company may from time to time communicate with the Client by any of the means of communication mentioned in Clause 19.1 for providing any kind of information including but not limited to information on any new feature on its platform, for any updates on the Company’s website, for the provision of information on new products and/or new promotions and bonuses schemes and/or anything that in the Company’s opinion might be of interest and assistance to its Clients. The Client consents and agrees to receive any of the information which the Company wishes to make available to the Client.
Conflicts of Interest
- The Company, its associates or other persons or companies connected with the Company may have an interest, relationship or arrangement that is material in relation to any transaction or Contract affected or advice provided by the Company, under the Terms. By accepting these Terms and the Company’s Conflict of Interest Policy (which distinctly describes the general character and/ or background of any conflict of interest) the Client agrees that the Company may transact such business without prior reference to any potential specific conflict of interest.
- The Company may pay and/or receive fees/commission to/from third-parties, provided that these benefits are designed to enhance the quality of the offers services to the Client and they not impair compliance with the Company’s duty to act in the best interests of the Client.
The Client further acknowledges and understands that:
(a) the Company’s relationship with him will be governed by the Terms and conditions of this Agreement and the Terms of Business available at the Company’s website as amended from time to time;
(b) that any market recommendation and any information communicated by the Company does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell a Contract and that such recommendation and information, although based upon information from sources believed by the Company to be reliable, may be based solely on a vendor’s opinion (such as a third-party market analysis provider) and that such information may be incomplete and may be unverified and unverifiable. The Company makes no representation, warranty or guarantee as to, and shall not be responsible for, the accuracy or completeness of any information or trading recommendation furnished to the Client;
(c) the Company reserves the right to change the specification of a Trading Account and publish any changes made to a specific trading account type on the relevant page of its Website;
(d) that the Company’s official language is the English Language.
(e) The Services and/or any marketing communication as regards the same are only provided via the Company’s website and/or Trading Platform(s) and/or official social networking channels as per the provisions of the Agreement, thus, only these methods shall be used for communicating and receiving the Services offered by the Company. The Company shall not be liable for any loss, expense, cost or liability of any kind of nature incurred by the Client in case he has communicated and/or conducted any type of business with any natural or legal entity claiming to act on the Company’s behalf in respect of the Services offered by the Company (i.e. imposters, fraudsters etc.).
The Client acknowledges, recognises and understands that trading and investments in leveraged as well as non–leveraged Contracts is:
(a) highly speculative;
(b) may involve an extreme degree of risk; and
(c) is appropriate only for persons who, if they trade on margin, can assume risk of loss in excess of their margin deposit. An example of a leveraged product is a CFD on Forex with a leverage of higher than 1:1, Clients may choose a leverage of 1:1 which makes the Contract non-leveraged.
The Client acknowledges, recognizes and understands that:
(a) because of the low margin normally required in margined transactions, price changes in the underlying asset may result in significant losses, which losses may substantially exceed the Client’s investment and margin deposit;
(b) certain market conditions may make it difficult or impossible to execute orders at a stipulated price;
(c) when the Client directs the Company to enter into any transaction, any profit or loss arising as a result of a fluctuation in the value of the asset or the underlying asset will be entirely for the Client’s account and risk;
(d) the Company will never provide any trading advice to the Client. Therefore, the Client agrees not to hold the Company responsible for losses incurred as a consequence of following the Company’s recommendations or suggestions or those of its employees, associates or representatives, unless the Company has exercised gross negligence in connection herewith;
(e) the Company shall not conduct any continuous monitoring of the transactions already entered into by the Client. Thus, the Company cannot be held responsible for the transactions developing differently from what the Client might have presupposed and/ or to the disadvantage of the Client;
(f) guarantees of profit or freedom from loss are impossible in investment trading;
(g) he/ she has received no such guarantees or similar representations from the Company, from a Business Introducer, or representatives hereof or any other entity with whom the Client is conducting a Company account.
(h) the Company shall not provide any advice to the Client on any tax issues related to any Services. The Client is advised to obtain individual independent counsel from its financial advisor, auditor or legal counsel with respect to tax implications of the respective Services.
(i) the Company shall not conduct any continuous monitoring of the transactions already entered by the Client. Thus, the Company cannot be held responsible for the transactions especially positions closure from Margin and or Free Margin adjustments from Liquidity Providers due to risks.
(j) The Client further acknowledges, recognises and understands that many Contracts will be effected subject and in accordance with Market Rules. In particular, the Client acknowledges that Market Rules usually contain far-reaching powers in an emergency or otherwise undesirable situation and agrees that if any exchange or clearing house takes any action which affects a contract then the Company may take any action which it, in its discretion, considers desirable in the interests of the customer and/ or the Company. The Company shall not be liable for any loss suffered by the Client as a result of the acts or omissions of any exchange or clearing house or any action reasonably taken by the Company as a result of such acts or omission unless the Company has exercised gross negligence in connection hereby.
(k) The Company offers various trading account types, the specifications of which are available on the Company’s website. The Company reserves the right to change the specification of the Trading Account and publish any changes made to a specific trading account type on the relevant page of its.
(l) Trading on CFDs in cryptocurrencies is not appropriate for all Clients. The Client hereby acknowledges and understands that in order to be able to trade with cryptocurrencies he must possess the necessary knowledge and expertise and understand the specific characteristics and risks related to these products;
(m) Trading on CFDs in cryptocurrencies involves a high risk of losing all the invested capital as cryptocurrencies values can fluctuate and may result in significant loss over a short period of time.
- The Client acknowledges, recognises and understands that trading and investments in leveraged as well as non–leveraged Contracts is:
Representations and Warranties
The Client represents and warrants that:
(a) He does not have any legal disability with respect to, and is not subject to any law or regulation which prevents its performance of the Terms or any transaction contemplated by the Terms;
(b) He has obtained all necessary consents and has the authority to operate to according the Agreement (and if the Client is a company, it is properly empowered and has obtained necessary corporate or other authority pursuant to its constitutional and organisational documents);
(c) sums, investments or other assets supplied by the Client for any purpose, subject to the Agreement, at all times be free from any charge, lien, pledge or encumbrance and shall be beneficially owned by the Client;
(d) He is in compliance with all laws to which it is subject including, without limitation, all tax laws and regulations, exchange control requirements and registration requirements; and
(e) the information provided by the Client to the Company is complete, accurate and under no circumstances is misleading and the documents handed over by the Client are valid and authentic;
(f) the Client has read and fully understood the terms of the Agreement;
(g) the Client is acting as a principal and not as agent or representative or trustee or custodian on behalf of someone else. The Client may act on behalf of someone else only if the Company specifically consents to this in writing and provided all the documents required by the Company for this purpose are received;
(h) the Client is the individual who has completed the Account Opening Application Form or, if the Client is a company, the person who has completed Account Opening Application Form on the Client’s behalf is duly authorised to do so;
(i) all actions performed under the Agreement will not violate any law or rule applicable to the Client or to the jurisdiction in which the Client is resident, or any agreement by which the Client is bound or by which any of the Client’s assets or funds are affected;
(j) the Client funds are not in any direct or indirect way the proceeds of any illegal activity or used or intended to be used for terrorist financing;
(k) the Client has chosen the particular type of service and financial instrument, taking his total financial circumstances into consideration which he considers reasonable under such circumstances;
(l) there are no restrictions on the markets or financial instruments in which any Transactions will be sent for execution, depending on the Client’s nationality or religion.
- The Client represents and warrants that the above representations and warranties shall be applied for any future instructions and/or transactions provided by the Client for the duration of his business relationship with the Company.
- The Client represents and warrants that:
Indemnity and Limit of Liability
The Client shall indemnify the Company and keep the Company indemnified at all times against all losses, expenses, costs and liabilities of any kind or nature which may be suffered or incurred by the Company:
(a) As a direct or indirect result of any failure of the Client to perform any of his obligations under this Agreement; and/or
(b) In relation to any instruction given to the Company by an authorised representative of the Client; and/or
(c) In relation to any instruction, which appears to the Company to be given by an authorised representative of the Client; and/or
(d) Where the Client and/or the authorised representative of the Client and/or any person which appears to the Company to be an authorised representative of the Company, has provided false and/or misleading information for any transaction.
- This Indemnity shall survive the termination of this Agreement.
The Company shall not be liable for:
(a) any loss, expense, cost or liability of any kind or nature suffered or incurred by the Client unless such loss, expense, cost or liability of any kind or nature is suffered or incurred as a result of the Company’s gross negligence and/or fraud on behalf of the Company and/or the intended failure of the Company’s obligations under this Agreement; and/or
(b) any acts or omissions of an authorised representative or a person which appears to the Company to be an authorised representative of the Client which provides the Company with false and/or misleading information of the Client’s instructions unless such acts or omissions were the result of the Company’s gross negligence and/or fraud on behalf of the Company; and/or
(c) any loss of opportunity that results in reduction in the values of the Client’s transactions, regardless of the cause of such reduction, except to the extent that the reduction occurred as a direct consequence of the Company’s deliberate actions or omissions.
(d) any loss caused by actions of the Company, within the limits of realisation of its rights, stipulated in these Terms;
(e) any loss or expense incurred by the Client in connection with any error and/or failure and/or delay in the operation of the Trading Platform.
- The Client shall indemnify the Company and keep the Company indemnified at all times against all losses, expenses, costs and liabilities of any kind or nature which may be suffered or incurred by the Company:
The Client is not allowed to enter into any form of prohibited trading i.e. certain trading techniques commonly known as "arbitrage trading", "picking / sniping" or the use of “Expert Advisors”; and/or follow an abusive trading strategy i.e. any trading activity which is aiming towards potential riskless profit by opening opposite orders, during periods of volatile market conditions, during news announcements, on opening gaps (trading sessions starts), or on possible gaps where the underlying instrument has been suspended or restricted on a particular market, between same or different trading accounts. The Client agrees and acknowledges that if the Company considers that the Client has been acting in any of the manners described above; the Company may at its sole discretion and without prior notice to the Client, take one or more, or any portion of, the following actions:
(a) close the Client's account;
(b) suspend the Client's account for an indefinite period of time;
(c) carry out an investigation on the Client's account for an indefinite period of time;
(d) charge a penalty fee to the Client in the same or greater amount of money that resulted from the Client using such techniques; or
(e) close the account, confiscate any profits that arose from prohibited trading techniques and return the original deposit(s) to the account holder. If profits arising out of Prohibited Trading were already withdrawn, profits can be confiscated from the Client’s related accounts in order to make up for the difference.
- The Client is not allowed to enter into any form of prohibited trading i.e. certain trading techniques commonly known as "arbitrage trading", "picking / sniping" or the use of “Expert Advisors”; and/or follow an abusive trading strategy i.e. any trading activity which is aiming towards potential riskless profit by opening opposite orders, during periods of volatile market conditions, during news announcements, on opening gaps (trading sessions starts), or on possible gaps where the underlying instrument has been suspended or restricted on a particular market, between same or different trading accounts. The Client agrees and acknowledges that if the Company considers that the Client has been acting in any of the manners described above; the Company may at its sole discretion and without prior notice to the Client, take one or more, or any portion of, the following actions:
Event of Default
Each of the following constitutes an ‘Event of Default’:
(a) The Client has failed to make any payment to the Company in accordance with the terms and conditions under the Agreement;
(b) The Client has failed to perform any of his obligations to the Company under the Agreement;
(c) If the Client is a natural person, his death or incapacity;
(d) The initiation of proceedings for bankruptcy (in case of a natural person) or the winding up (in case of a legal entity) by a third party or the appointment of an administrator or receiver in respect of the Clients’ assets (either a natural or legal person);
(e) Where the Client has entered into any arrangements and/or compositions with his Creditors;
(f) If the Clients becomes unable to pay any of his debts due and payable to the Company;
(g) Where any representation and/or warranty made by the Client to the Company under this Agreement becomes untrue;
In an Event of Default, the Company has the right to either:
(a) Immediately demand any amount due and terminate the Agreement without prior notice to the Client; and/or
(b) Close or partly close all or any of your open trades at a closing level based on the market price at the time of closure; and/or
(c) Close all or any of the Accounts of the Client held with the Company of whatever nature and refuse to enter into further dealings with the Client; and/or
(d) Cancel any of its obligations to continue providing any of its Services to the Client without prior notice.
- Each of the following constitutes an ‘Event of Default’:
- The Company reserves the right to amend these Terms at any time by written notice to the Client. Such changes will become effective on the date specified in the notice, which will be at least one week after the Client is notified by a message posted on the ‘Company News’ section within www.ibfmarkets.com by email or any other appropriate means. Information Disclosure
- The Company shall maintain all information received by the Client confidential. The Client acknowledges that such information shall be disclosed to the Company’s employees, affiliates, consultants and advisors who are required to know such information for the purpose of this Agreement and/or to any parties either in the Republic of Saint Vincent and the Grenadines or outside of it to facilitate the transfer of funds from the Client’s credit card and who shall maintain that the confidentiality of such information. The Client acknowledges and agrees that the Company may disclose such information relating to the Client as may be required by any law, rule or regulatory authority, including any applicable Market Rules, without prior notice to the Client.
Force Majeure Event
- The Company shall not be liable to the Client for any failure, hindrance or delay in performing its obligations under these Terms where such failure, hindrance or delay arises directly or indirectly from circumstances beyond its reasonable control. Such force majeure events shall include without limitation any technical difficulties such as telecommunications failures or disruptions, non–availability of the Company’s Website e.g. due to maintenance downtime, declared or imminent war, revolt, civil unrest, catastrophes of nature, statutory provisions, measures taken by authorities, strikes, lock–outs, boycotts, or blockades, notwithstanding that the Company is a party to the conflict and including cases where only part of the Company’s functions are affected by such events.
- The Company, in its reasonable opinion, determines that a force majeure even occurred; under such circumstances the Company shall take all reasonable steps in order to inform the Client.
- A force majeure even is an event or circumstance, including but not limited to any natural, technological, political, governmental, social, economic or similar event or circumstance that occurred after a transaction in a financial instrument occurred and such event or circumstance has not been anticipated at the date of entering into the transaction. In addition to the above, a force majeure event may include instances of illegitimate actions against the Company’s servers that maybe outside the control of with the Client or the Company.
If the Company determines that a force majeure event occurred, without prejudice to any other rights of the Client under the account opening agreement, the company may:
(a) Increase margin requirements and/ or
(b) increase spreads and/ or
(c) decrease leverage and/ or (Leverage is a ratio of amount used in a transaction to the required deposit)
(d) close out, in good faith, any open positions at a price that the Company considers reasonable and/ or
(e) request amendments to any closed positions and/ or
(f) suspend the provision of the Services to the Client and/ or
(g) amend any of the content of the Agreement on the basis that it is impossible for the company to comply with it.
(h) suspend or modify the application of any or all terms of the Agreement to the extent that the Force Majeure Event makes it impossible or impractical for the Company to comply with them and /or
(i) take or omit to take all such other actions as the Company deems to be reasonably appropriate in the circumstances with regard to the position of the Company, the Client and other Clients.
- This Agreement shall come into force on the Commencement Date of this Agreement and shall remain in full force and effect until it is terminated by either Party in accordance with Clause 36 of this Agreement.
- The Client relationship shall remain in force until terminated.
- Either party has the right to terminate cooperation immediately by giving written notice to the other. Termination will not affect any accrued rights. The Company will provide the notice to the Client either by phone or email (or both).
- The Company may terminate this Agreement with immediate effect without notice in an event of Default of the Client.
- In case the Client involves the Company directly or indirectly in any type of fraud, the Company reserves the right to reverse all previous transactions which place the Company’s interest and/ or any of its Clients interest at risk before terminating cooperation with the respective Client. The Company will use its best judgment to determine the existence of fraud.
- Termination by any 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 Agreement or any Transactions and deposit/ withdrawal operations made there under.
Upon termination of this Agreement, all amounts payable by the Client to the Company will become immediately due and payable including (without limitation):
(a) all outstanding Costs and any other amounts payable to the Company;
(b) any dealing expenses incurred by terminating the Agreement and charges incurred for transferring the Client’s investments to another investment firm;
(c) any losses and expenses realised in closing out any Transactions or settling or concluding outstanding obligations incurred by the Company on the Client’s behalf;
(d) any charges and additional expenses incurred or to be incurred by the Company as a result of the termination of the Agreement;
(e) any damages which arose during the arrangement or settlement of pending obligations.
Once notice of termination of this Agreement is sent or upon termination (when a notice is not required) the following will apply:
(a) the Client will have an obligation close all his open positions. If he fails to do so, upon termination, the Company will close any open positions;
(b) the Company will be entitled to cease to grant the Client access to the Platform or may limit the functionalities the Client is allowed to use on the Platform;
(c) the Company will be entitled to refuse to open new positions for the Client;
(d) the Company will be entitled to refuse to the Client to withdraw money from the Client Account and the Company reserves the right to keep Client’s funds as necessary to close positions which have already been opened and/ or pay any pending obligations of the Client under the Agreement.
(a) the Company reserves the right to combine any Client Accounts of the Client, to consolidate the Balances in such Client Accounts and to set off those Balances;
(b) the Company reserves the right to close the Client Account(s);
(c) the Company reserves the right to convert any currency;
(d) the Company may close out all or any of the Client’s Open Positions at current Quotes;
(e) if there is Balance in the Client’s favour, the Company will (after withholding such amounts that in the Company’s absolute discretion considers appropriate in respect of future liabilities) pay such Balance to the Client as soon as reasonably practicable and supply him with a statement showing how that Balance was arrived at and, where appropriate, instruct any Nominee and/ or any Custodian to also pay any applicable amounts. Such funds shall be delivered in accordance to the Client’s Instructions to the Client.
- This Agreement as well as any additional agreement hereto (both present and future) are made in English language. Any other language translation is provided as a convenience only. In the case of any inconsistency or discrepancy between original English texts and their translation into any other language, as the case may be, original versions of English shall prevail.
Governing Law and Jurisdiction
- These Terms shall be governed by and construed in accordance with the Laws of the Saint Vincent and the Grenadines.