Client Accounts, Deposits and Withdrawals. The Company shall open one or more Client Account(s) for the Client to allow him to place Orders in particular Financial Instruments. It is understood that the types of the different Client Accounts offered by the Company and the characteristics of such Client Accounts can be found on the Company’s Website and are subject to change at the Company’s discretion and according to this Agreement. The Client Account shall be activated upon the Client depositing the minimum initial deposit, as determined and amended by the Company in its discretion from time to time. The minimum initial deposit may vary according to the type of Client Account offered to the Client and can be found on the Company’s Website. The Client may deposit funds into the Client Account at any time during the course of this Agreement. Deposits will be made via the methods and in the currencies accepted by the Company from time to time. The detailed information about deposit options is shown on the Company’s Website. The Company will promptly place any Client money it receives into one or more segregated account(s) (denoted as ‘clients’ accounts’) with reliable financial institutions (within or outside Cyprus or the EEA) such as a credit institution or a bank in a third country. It is understood that the Company may keep merchant accounts in its name with payment services providers used to settle payment transactions of its Clients. However, for the avoidance of doubt, it is noted that such merchant accounts are not used for safekeeping of Client money but only to effect settlements of payment transactions. The Company shall have the right to request the Client at any time any documentation to confirm the source of funds deposited into the Client Account. The Company shall have the right to reject a deposit of the Client and/or block the Client Account in any of the following cases: a) if the Company is not duly satisfied as to the legality of the source of funds; b) if the Client fails to provide the Company with any relevant documents it requests from the Client for client identification purposes or for any other reason; c) if the Company reasonably suspects or has concerns that the submitted documents may be false or fake; d) if the Company reasonably suspects that the Client is involved in illegal or fraudulent activity; e) if the Company is informed that the credit or debit card (or any other payment method used by the Client) has been lost or stolen; f) where the Company reasonably considers that there is a chargeback risk or any other reason; or g) when the Client deposits $10,000 or more (in one or more separate deposits) and the Company is unable to verify the source; h) when the acquiring bank, issuer bank or any third party processor or payment service provider rejected the transaction. If the funds sent by the Client are not deposited in the Client Account when they were supposed to, the Client shall notify the Company and request from the Company to make a banking investigation of the transfer. The Client agrees that any charges of the investigation shall be paid by the Client and deducted from his Client Account or paid directly to the bank performing the investigation. The Client understands and agrees that in order to perform the investigation the Client shall have to provide the Company with the requested documents and certificates. The Client may withdraw funds from its Client Account at any time. The Company shall make withdrawals of Client funds upon the Company receiving a relevant request from the Client through the Platform(s) or email or in any other method accepted by the Company from time to time. Upon the Company receiving an instruction from the Client to withdraw funds from the Client Account, after the Client completed the withdrawal process, if the following requirements are met: a) the withdrawal instruction includes all required information and identification details of the Client as may be required by the Company; b) the instruction is to make a transfer to the originating account (whether that is a bank account, a payment system account etc.) from which the money was originally deposited in the Client Account or, at the Client’s request, to a bank account belonging to the Client; c) the account where the transfer is to be made belongs to the Client; d) at the moment of payment, the Client’s Balance exceeds the amount specified in the withdrawal instruction including all payment charges; e) there is no Force Majeure event prohibiting the Company from effecting the withdrawal; f) the Client does not have any Open Positions or, in the case of any Open Positions, the remaining Balance in the Client Account shall be at least double the necessary Maintenance Margin required to keep the positions open; It is agreed and understood that the Company follows the following procedures for processing withdrawal requests: a) Once a registered and fully KYC verified Client requests withdrawal of funds these are approved and processed in the same day if the request was done within working hours or the following business days if the request was received outside working hours; b) In case the verification of a Client has not been completed during the designated timeframe of 15 days, his/her funds are immediately returned in the same bank account from which they originated, or by other means as the Company considers necessary, regardless if the Client has requested or not the return of his/her funds. It is agreed and understood that the Company will not accept third party or anonymous payments in the Client Account and will not make, under no circumstances, withdrawals to any other third party or anonymous account. The Company reserves the right to reasonably decline a withdrawal request of the Client asking for a specific transfer method and the Company has the right to suggest an alternative. All payment and transfer charges of third parties will be borne by the Client and the Company shall debit the relevant Client Account with these charges. The Client may send the request for internal transfer of funds to another Client Account held by him with the Company. Internal transfers shall be subject to the Company’s policy from time to time. Mistakes made by the Company during transfer of funds shall be refunded to the Client. It is understood that should the Client provide wrong instructions for a transfer, the Company may be unable to correct the mistake and the Client may have to suffer the loss. It is further understood that the Company shall not be liable for any mistakes of third party payment service providers. In the event that the Client deposits money in a different currency of the Currency of the Client Account, then the Company shall convert the sum deposited into the currency of the Client Account. The Company shall do this at reasonable market rate and/or rate of exchange and/or bank that it considers appropriate. The Company shall be entitled to charge the Client for currency conversion or retain a xxxx-up from the exchange rates for arranging such conversion as the Company may from time to time specify to the Client and publish on the Platform and/or the Website. The Company shall be entitled to charge to the Client and obtain from the Client Account or from the deposited amount the expenses incurred with regard to currency conversions for the Client, including commissions to banks, money transfer fees and commissions to intermediaries. Depending on the currency used to deposit money in the Client Account, the Company may charge an amount in the form of a percentage (as a fixed spread) of the amount deposited. In the event of currency fluctuations, the Company will have no liability for any losses or damages incurred on the Client.
Appears in 3 contracts
Samples: Client Agreement, Client Agreement, Client Agreement
Client Accounts, Deposits and Withdrawals. The Company shall open one or more Client Account(s) for the Client to allow him to place Orders in particular Financial Instruments. It is understood that the types of the different Client Accounts offered by the Company and the characteristics of such Client Accounts can be found on the Company’s Website and are subject to change at the Company’s discretion and according to this Agreement. The Client Account shall be activated upon the Client depositing the minimum initial deposit, as determined and amended by the Company in its discretion from time to time. The minimum initial deposit may vary according to the type of Client Account offered to the Client and can be found on the Company’s Website. The Client may deposit funds into the Client Account at any time during the course of this Agreement. Deposits will be made via the methods and in the currencies accepted by the Company from time to time. The detailed information about deposit options is shown on the Company’s Website. The Company will promptly place any Client money it receives into one or more segregated account(s) (denoted as ‘clients’ accounts’) with reliable financial institutions (within or outside Cyprus or the EEA) such as a credit institution or a bank in a third country. It is understood that the Company may keep merchant accounts in its name with payment services providers used to settle payment transactions of its Clients. However, for the avoidance of doubt, it is noted that such merchant accounts are not used for safekeeping of Client money but only to effect settlements of payment transactions. The Company shall have the right to request the Client at any time any documentation to confirm the source of funds deposited into the Client Account. The Company shall have the right to reject a deposit of the Client and/or block the Client Account in any of the following cases:
a) if the Company is not duly satisfied as to the legality of the source of funds;
b) if the Client fails to provide the Company with any relevant documents it requests from the Client for client identification purposes or for any other reason;
c) if the Company reasonably suspects or has concerns that the submitted documents may be false or fake;
d) if the Company reasonably suspects that the Client is involved in illegal or fraudulent activity;
e) if the Company is informed that the credit or debit card (or any other payment method used by the Client) has been lost or stolen;
f) where the Company reasonably considers that there is a chargeback risk or any other reason; or
g) when the Client deposits $10,000 or more (in one or more separate deposits) and the Company is unable to verify the source;
h) when the acquiring bank, issuer bank or any third party processor or payment service provider rejected the transaction. If the funds sent by the Client are not deposited in the Client Account when they were supposed to, the Client shall notify the Company and request from the Company to make a banking investigation of the transfer. The Client agrees that any charges of the investigation shall be paid by the Client and deducted from his Client Account or paid directly to the bank performing the investigation. The Client understands and agrees that in order to perform the investigation the Client shall have to provide the Company with the requested documents and certificates. The Client may withdraw funds from its Client Account at any time. The Company shall make withdrawals of Client funds upon the Company receiving a relevant request from the Client through the Platform(s) or email or in any other method accepted by the Company from time to time. Upon the Company receiving an instruction from the Client to withdraw funds from the Client Account, after the Client completed the withdrawal process, if the following requirements are met:
a) the withdrawal instruction includes all required information and identification details of the Client as may be required by the Company;
b) the instruction is to make a transfer to the originating account (whether that is a bank account, a payment system account etc.) from which the money was originally deposited in the Client Account or, at the Client’s request, to a bank account belonging to the Client;
c) the account where the transfer is to be made belongs to the Client;
d) at the moment of payment, the Client’s Balance exceeds the amount specified in the withdrawal instruction including all payment charges;
e) there is no Force Majeure event prohibiting the Company from effecting the withdrawal;
f) the Client does not have any Open Positions or, in the case of any Open Positions, the remaining Balance in the Client Account shall be at least double the necessary Maintenance Margin required to keep the positions open; It is agreed and understood that the Company follows the following procedures for processing withdrawal requests:
a) Once a registered and fully KYC verified Client requests withdrawal of funds these are approved and processed in the same day if the request was done within working hours or the following business days if the request was received outside working hours;
b) In case the verification of a Client has not been completed during the designated timeframe of 15 days, his/her funds are immediately returned in the same bank account from which they originated, or by other means as the Company considers necessary, regardless if the Client has requested or not the return of his/her funds. It is agreed and understood that the Company will not accept third party or anonymous payments in the Client Account and will not make, under no circumstances, withdrawals to any other third party or anonymous account. The Company reserves the right to reasonably decline a withdrawal request of the Client asking for a specific transfer method and the Company has the right to suggest an alternative. All payment and transfer charges of third parties will be borne by the Client and the Company shall debit the relevant Client Account with these charges. The Client may send the request for internal transfer of funds to another Client Account held by him with the Company. Internal transfers shall be subject to the Company’s policy from time to time. Mistakes made by the Company during transfer of funds shall be refunded to the Client. It is understood that should the Client provide wrong instructions for a transfer, the Company may be unable to correct the mistake and the Client may have to suffer the loss. It is further understood that the Company shall not be liable for any mistakes of third party payment service providers. In the event that the Client deposits money in a different currency of the Currency of the Client Account, then the Company shall convert the sum deposited into the currency of the Client Account. The Company shall do this at reasonable market rate and/or rate of exchange and/or bank that it considers appropriate. The Company shall be entitled to charge the Client for currency conversion or retain a xxxxmark-up from the exchange rates for arranging such conversion as the Company may from time to time specify to the Client and publish on the Platform and/or the Website. The Company shall be entitled to charge to the Client and obtain from the Client Account or from the deposited amount the expenses incurred with regard to currency conversions for the Client, including commissions to banks, money transfer fees and commissions to intermediaries. Depending on the currency used to deposit money in the Client Account, the Company may charge an amount in the form of a percentage (as a fixed spread) of the amount deposited. In the event of currency fluctuations, the Company will have no liability for any losses or damages incurred on the Client. Instructions may be given in electronic form through the Soho Markets Global Limited Online Trading System. Instructions received from your side by telephone, computer or other medium we may ask you to confirm such instructions in writing. We shall be authorized to follow instructions notwithstanding your failure to confirm them in writing. In this Agreement “instructions” and “orders” have the same meaning. Some of the types of orders the Company accepts include, but are not limited to:
a) Good till Cancelled (“GTC”) - An order (other than a market order), that by its terms is effective until filled or cancelled by Client. GTC Orders are not automatically canceled at the end of the Business Day on which they are placed.
b) Limit - An order (other than a market order) to buy or sell the identified market at a specified price. A limit order to buy generally will be executed when the ask price equals or falls below the bid price that you specify in the limit order. A limit order to sell generally will be executed when the bid price equals or exceeds the ask price that you specify in the limit order.
c) Market- An order to buy or sell the identified market at the current market price that the Company provides via the Online Trading System. An order to buy is executed at the current market ask price and an order to sell is executed at the current market bid price.
d) One Cancels the Other (“OCO”) - An order that is linked to another order. If one of the orders is executed, the other will be automatically cancelled.
e) Stop Loss - A stop loss order is an instruction to buy or sell a market at a price which is worse than the opening price of an open position (or worse than the prevailing price when applying the stop loss order to an already open position). It can be used to help protect against losses. Please note that because of market gapping, the best available price that may be achieved could be materially different to the price set on the stop loss order and as such, stop loss orders are not guaranteed to take effect at the price for which they are set.
f) Trailing Stop - A trailing stop is the same as a stop loss order with the only difference being that, instead of setting a price at which the order is activated, the trailing stop order is activated at a fixed distance from the market price. For example, if Client has purchased a long open position and the market ask price increases, the trailing stop price will also increase and will trail behind the market ask price at the fixed distance set by Client. If the market ask price then decreases, the trailing stop price will remain fixed at its last position and if the market ask price reaches the trailing stop price, the order will be executed. Please note that because of market gapping, the best available price that may be achieved could be materially different to the price set on the trailing stop order and as such, trailing stop orders are not guaranteed to take effect at the fixed distance for which they are set. Following submission of an order, it is your sole responsibility to remain available for order and fill confirmations, and other communications regarding your Account until all open orders are completed. Thereafter, you must monitor your Account frequently when you have open positions in the Account. Your order shall be valid in accordance with the type and time of the given order, as specified. If the time of validity or expiration date/time of the order is not specified, it shall be valid for an indefinite period.
Appears in 2 contracts
Samples: Client Agreement, Client Agreement
Client Accounts, Deposits and Withdrawals. The Company shall open one or more Client Account(s) for the Client to allow him to place Orders in particular Financial Instruments. It is understood that the types of the different Client Accounts offered by the Company and the characteristics of such Client Accounts can be found on the Company’s Website and are subject to change at the Company’s discretion and according to this Agreement. The Client Account shall be activated upon the Client depositing the minimum initial deposit, as determined and amended by the Company in its discretion from time to time. The minimum initial deposit may vary according to the type of Client Account offered to the Client and can be found on the Company’s Website. The Client may deposit funds into the Client Account at any time during the course of this Agreement. Deposits will be made via the methods and in the currencies accepted by the Company from time to time. The detailed information about deposit options is shown on the Company’s Website. The Company will promptly place any Client money it receives into one or more segregated account(s) (denoted as ‘clients’ accounts’) with reliable financial institutions (within or outside Cyprus or the EEA) such as a credit institution or a bank in a third country. It is understood that the Company may keep merchant accounts in its name with payment services providers used to settle payment transactions of its Clients. However, for the avoidance of doubt, it is noted that such merchant accounts are not used for safekeeping of Client money but only to effect settlements of payment transactions. The Company shall have the right to request the Client at any time any documentation to confirm the source of funds deposited into the Client Account. The Company shall have the right to reject a deposit of the Client and/or block the Client Account in any of the following cases:
a) if the Company is not duly satisfied as to the legality of the source of funds;
b) if the Client fails to provide the Company with any relevant documents it requests from the Client for client identification purposes or for any other reason;
c) if the Company reasonably suspects or has concerns that the submitted documents may be false or fake;
d) if the Company reasonably suspects that the Client is involved in illegal or fraudulent activity;
e) if the Company is informed that the credit or debit card (or any other payment method used by the Client) has been lost or stolen;
f) where the Company reasonably considers that there is a chargeback risk or any other reason; or
g) when the Client deposits $10,000 or more (in one or more separate deposits) and the Company is unable to verify the source;
h) when the acquiring bank, issuer bank or any third party processor or payment service provider rejected the transaction. If the funds sent by the Client are not deposited in the Client Account when they were supposed to, the Client shall notify the Company and request from the Company to make a banking investigation of the transfer. The Client agrees that any charges of the investigation shall be paid by the Client and deducted from his Client Account or paid directly to the bank performing the investigation. The Client understands and agrees that in order to perform the investigation the Client shall have to provide the Company with the requested documents and certificates. The Client may withdraw funds from its Client Account at any time. The Company shall make withdrawals of Client funds upon the Company receiving a relevant request from the Client through the Platform(s) or email or in any other method accepted by the Company from time to time. Upon the Company receiving an instruction from the Client to withdraw funds from the Client Account, after the Client completed the withdrawal process, if the following requirements are met:
a) the withdrawal instruction includes all required information and identification details of the Client as may be required by the Company;
b) the instruction is to make a transfer to the originating account (whether that is a bank account, a payment system account etc.) from which the money was originally deposited in the Client Account or, at the Client’s request, to a bank account belonging to the Client;
c) the account where the transfer is to be made belongs to the Client;
d) at the moment of payment, the Client’s Balance exceeds the amount specified in the withdrawal instruction including all payment charges;
e) there is no Force Majeure event prohibiting the Company from effecting the withdrawal;
f) the Client does not have any Open Positions or, in the case of any Open Positions, the remaining Balance in the Client Account shall be at least double the necessary Maintenance Margin required to keep the positions open; It is agreed and understood that the Company follows the following procedures for processing withdrawal requests:
a) Once a registered and fully KYC verified Client requests withdrawal of funds these are approved and processed in the same day if the request was done within working hours or the following business days if the request was received outside working hours;
b) In case the verification of a Client has not been completed during the designated timeframe of 15 days, his/her funds are immediately returned in the same bank account from which they originated, or by other means as the Company considers necessary, regardless if the Client has requested or not the return of his/her funds. It is agreed and understood that the Company will not accept third party or anonymous payments in the Client Account and will not make, under no circumstances, withdrawals to any other third party or anonymous account. The Company reserves the right to reasonably decline a withdrawal request of the Client asking for a specific transfer method and the Company has the right to suggest an alternative. All payment and transfer charges of third parties will be borne by the Client and the Company shall debit the relevant Client Account with these charges. The Client may send the request for internal transfer of funds to another Client Account held by him with the Company. Internal transfers shall be subject to the Company’s policy from time to time. Mistakes made by the Company during transfer of funds shall be refunded to the Client. It is understood that should the Client provide wrong instructions for a transfer, the Company may be unable to correct the mistake and the Client may have to suffer the loss. It is further understood that the Company shall not be liable for any mistakes of third party payment service providers. In the event that the Client deposits money in a different currency of the Currency of the Client Account, then the Company shall convert the sum deposited into the currency of the Client Account. The Company shall do this at reasonable market rate and/or rate of exchange and/or bank that it considers appropriate. The Company shall be entitled to charge the Client for currency conversion or retain a xxxxmark-up from the exchange rates for arranging such conversion as the Company may from time to time specify to the Client and publish on the Platform and/or the Website. The Company shall be entitled to charge to the Client and obtain from the Client Account or from the deposited amount the expenses incurred with regard to currency conversions for the Client, including commissions to banks, money transfer fees and commissions to intermediaries. Depending on the currency used to deposit money in the Client Account, the Company may charge an amount in the form of a percentage (as a fixed spread) of the amount deposited. In the event of currency fluctuations, the Company will have no liability for any losses or damages incurred on the Client.
Appears in 1 contract
Samples: Client Agreement
Client Accounts, Deposits and Withdrawals. The Company shall open one or more Client Account(s) for the Client to allow him to place Orders in particular Financial Instruments. It is understood that the types of the different Client Accounts offered by the Company and the characteristics of such Client Accounts can be found on the Company’s Website and are subject to change at the Company’s discretion and according to this Agreement. The Client Account shall be activated upon the Client depositing the minimum initial deposit, as determined and amended by the Company in its discretion from time to time. The minimum initial deposit may vary according to the type of Client Account offered to the Client and can be found on the Company’s Website. The Client may deposit funds into the Client Account at any time during the course of this Agreement. Deposits will be made via the methods and in the currencies accepted by the Company from time to time. The detailed information about deposit options is shown on the Company’s Website. The Company will promptly place any Client money it receives into one or more segregated account(s) (denoted as ‘clients’ accounts’) with reliable financial institutions (within or outside Cyprus or the EEA) such as a credit institution or a bank in a third country. It is understood that the Company may keep merchant accounts in its name with payment services providers used to settle payment transactions of its Clients. However, for the avoidance of doubt, it is noted that such merchant accounts are not used for safekeeping of Client money but only to effect settlements of payment transactions. The Company shall have the right to request the Client at any time any documentation to confirm the source of funds deposited into the Client Account. The Company shall have the right to reject a deposit of the Client and/or block the Client Account in any of the following cases:
a) if the Company is not duly satisfied as to the legality of the source of funds;
b) if the Client fails to provide the Company with any relevant documents it requests from the Client for client identification purposes or for any other reason;
c) if the Company reasonably suspects or has concerns that the submitted documents may be false or fake;
d) if the Company reasonably suspects that the Client is involved in illegal or fraudulent activity;
e) if the Company is informed that the credit or debit card (or any other payment method used by the Client) has been lost or stolen;
f) where the Company reasonably considers that there is a chargeback risk or any other reason; or
g) when the Client deposits $10,000 or more (in one or more separate deposits) and the Company is unable to verify the source;
h) when the acquiring bank, issuer bank or any third party processor or payment service provider rejected the transaction. If the funds sent by the Client are not deposited in the Client Account when they were supposed to, the Client shall notify the Company and request from the Company to make a banking investigation of the transfer. The Client agrees that any charges of the investigation shall be paid by the Client and deducted from his Client Account or paid directly to the bank performing the investigation. The Client understands and agrees that in order to perform the investigation the Client shall have to provide the Company with the requested documents and certificates. The Client may withdraw funds from its Client Account at any time. The Company shall make withdrawals of Client funds upon the Company receiving a relevant request from the Client through the Platform(s) or email or in any other method accepted by the Company from time to time. Upon the Company receiving an instruction from the Client to withdraw funds from the Client Account, after the Client completed the withdrawal process, if the following requirements are met:
a) the withdrawal instruction includes all required information and identification details of the Client as may be required by the Company;
b) the instruction is to make a transfer to the originating account (whether that is a bank account, a payment system account etc.) from which the money was originally deposited in the Client Account or, at the Client’s request, to a bank account belonging to the Client;
c) the account where the transfer is to be made belongs to the Client;
d) at the moment of payment, the Client’s Balance exceeds the amount specified in the withdrawal instruction including all payment charges;
e) there is no Force Majeure event prohibiting the Company from effecting the withdrawal;
f) the Client does not have any Open Positions or, in the case of any Open Positions, the remaining Balance in the Client Account shall be at least double the necessary Maintenance Margin required to keep the positions open; It is agreed and understood that the Company follows the following procedures for processing withdrawal requests:
a) Once a registered and fully KYC verified Client requests withdrawal of funds these are approved and processed in the same day if the request was done within working hours or the following business days if the request was received outside working hours;
b) In case the verification of a Client has not been completed during the designated timeframe of 15 days, his/her funds are immediately returned in the same bank account from which they originated, or by other means as the Company considers necessary, regardless if the Client has requested or not the return of his/her funds. It is agreed and understood that the Company will not accept third party or anonymous payments in the Client Account and will not make, under no circumstances, withdrawals to any other third party or anonymous account. The Company reserves the right to reasonably decline a withdrawal request of the Client asking for a specific transfer method and the Company has the right to suggest an alternative. All payment and transfer charges of third parties will be borne by the Client and the Company shall debit the relevant Client Account with these charges. The Client may send the request for internal transfer of funds to another Client Account held by him with the Company. Internal transfers shall be subject to the Company’s policy from time to time. Mistakes made by the Company during transfer of funds shall be refunded to the Client. It is understood that should the Client provide wrong instructions for a transfer, the Company may be unable to correct the mistake and the Client may have to suffer the loss. It is further understood that the Company shall not be liable for any mistakes of third party payment service providers. In the event that the Client deposits money in a different currency of the Currency of the Client Account, then the Company shall convert the sum deposited into the currency of the Client Account. The Company shall do this at reasonable market rate and/or rate of exchange and/or bank that it considers appropriate. The Company shall be entitled to charge the Client for currency conversion or retain a xxxxmark-up from the exchange rates for arranging such conversion as the Company may from time to time specify to the Client and publish on the Platform and/or the Website. The Company shall be entitled to charge to the Client and obtain from the Client Account or from the deposited amount the expenses incurred with regard to currency conversions for the Client, including commissions to banks, money transfer fees and commissions to intermediaries. Depending on the currency used to deposit money in the Client Account, the Company may charge an amount in the form of a percentage (as a fixed spread) of the amount deposited. In the event of currency fluctuations, the Company will have no liability for any losses or damages incurred on the Client.
Appears in 1 contract
Samples: Client Agreement
Client Accounts, Deposits and Withdrawals. 18.1. The Company shall open one or more Client Account(s) for the Client to allow him to place Orders in particular Financial Instruments.
18.2. It is understood that the types of the different Client Accounts offered by the Company and the characteristics of such Client Accounts can be found on the Company’s Website and are subject to change at the Company’s discretion and according to this Agreementparagraph 25 hereunder.
18.3. The Client Account shall be activated upon the Client depositing the minimum initial deposit, as determined and amended by the Company in its discretion from time to time. The minimum initial deposit may vary according to the type of Client Account offered to the Client and can be found on the Company’s Website.
18.4. The Client may deposit funds into the Client Account at any time during the course of this Agreement. Deposits will be made via the methods and in the currencies accepted by the Company from time to time. The detailed information about deposit options is shown on the Company’s Website. The Company will promptly place any Client money it receives into one or more segregated account(s) (denoted as ‘clients’ accounts’) with reliable financial institutions (within or outside Cyprus or the EEA) such as a credit institution or a bank in a third country. It is understood that the Company may keep merchant accounts in its name with payment services providers used to settle payment transactions of its Clients. However, for the avoidance of doubt, it is noted that such merchant accounts are not used for safekeeping of Client money but only to effect settlements of payment transactions.
18.5. The Company shall have the right to request the Client at any time any documentation to confirm the source of funds deposited into the Client Account. The Company shall have the right to reject a deposit of the Client and/or block the Client Account in any of the following cases:
(a) if the Company is not duly satisfied as to the legality of the source of funds;
(b) if the Client fails to provide the Company with any relevant documents it requests from the Client for client identification purposes or for any other reason;
(c) if the Company reasonably suspects or has concerns that the submitted documents may be false or fake;
(d) if the Company reasonably suspects that the Client is involved in illegal or fraudulent activity;
(e) if the Company is informed that the credit or debit card (or any other payment method used by the Client) has been lost or stolen;
(f) where the Company reasonably considers that there is a chargeback risk or any other reason; or
(g) when the Client deposits $10,000 or more (in one or more separate deposits) and the Company is unable to verify the source;
(h) when the acquiring bank, issuer bank or any third party processor or payment service provider rejected the transaction.
18.6. If the funds sent by the Client are not deposited in the Client Account when they were supposed to, the Client shall notify the Company and request from the Company to make a banking investigation of the transfer. The Client agrees that any charges of the investigation shall be paid by the Client and deducted from his Client Account or paid directly to the bank performing the investigation. The Client understands and agrees that in order to perform the investigation the Client shall have to provide the Company with the requested documents and certificates.
18.7. The Client may withdraw funds from its Client Account at any time. The Company shall make withdrawals of Client funds upon the Company receiving a relevant request from the Client through the Platform(s) or email or in any other method accepted by the Company from time to time.
18.8. Upon the Company receiving an instruction from the Client to withdraw funds from the Client Account, after the Client completed the withdrawal process, if the following requirements are met:
(a) the withdrawal instruction includes all required information and identification details of the Client as may be required by the Company;
(b) the instruction is to make a transfer to the originating account (whether that is a bank account, a payment system account etc.) from which the money was originally deposited in the Client Account or, at the Client’s request, to a bank account belonging to the Client;
(c) the account where the transfer is to be made belongs to the Client;
(d) at the moment of payment, the Client’s Balance exceeds the amount specified in the withdrawal instruction including all payment charges;amount
(e) there is no Force Majeure event prohibiting the Company from effecting the withdrawal;
(f) the Client does not have any Open Positions or, in the case of any Open Positions, the remaining Balance in the Client Account shall be at least double the necessary Maintenance Margin required to keep the positions open; It is agreed and understood that the Company follows the following procedures for processing withdrawal requests:
a) Once a registered and fully KYC verified Client requests withdrawal of funds these are approved and processed in the same day if the request was done within working hours or the following business days if the request was received outside working hours;
b) In case the verification of a Client has not been completed during the designated timeframe of 15 days, his/her funds are immediately returned in the same bank account from which they originated, or by other means as the Company considers necessary, regardless if the Client has requested or not the return of his/her funds. It is agreed and understood that the Company will not accept third party or anonymous payments in the Client Account and will not make, under no circumstances, withdrawals to any other third party or anonymous account. The Company reserves the right to reasonably decline a withdrawal request of the Client asking for a specific transfer method and the Company has the right to suggest an alternative. All payment and transfer charges of third parties will be borne by the Client and the Company shall debit the relevant Client Account with these charges. The Client may send the request for internal transfer of funds to another Client Account held by him with the Company. Internal transfers shall be subject to the Company’s policy from time to time. Mistakes made by the Company during transfer of funds shall be refunded to the Client. It is understood that should the Client provide wrong instructions for a transfer, the Company may be unable to correct the mistake and the Client may have to suffer the loss. It is further understood that the Company shall not be liable for any mistakes of third party payment service providers. In the event that the Client deposits money in a different currency of the Currency of the Client Account, then the Company shall convert the sum deposited into the currency of the Client Account. The Company shall do this at reasonable market rate and/or rate of exchange and/or bank that it considers appropriate. The Company shall be entitled to charge the Client for currency conversion or retain a xxxx-up from the exchange rates for arranging such conversion as the Company may from time to time specify to the Client and publish on the Platform and/or the Website. The Company shall be entitled to charge to the Client and obtain from the Client Account or from the deposited amount the expenses incurred with regard to currency conversions for the Client, including commissions to banks, money transfer fees and commissions to intermediaries. Depending on the currency used to deposit money in the Client Account, the Company may charge an amount in the form of a percentage (as a fixed spread) of the amount deposited. In the event of currency fluctuations, the Company will have no liability for any losses or damages incurred on the Client.
Appears in 1 contract
Samples: Client Agreement
Client Accounts, Deposits and Withdrawals. The Company shall open one or more Client Account(s) for the Client to allow him to place Orders in particular Financial Instruments. It is understood that the types of the different Client Accounts offered by the Company and the characteristics of such Client Accounts can be found on the Company’s Website and are subject to change at the Company’s discretion and according to this Agreement. The Client Account shall be activated upon the Client depositing the minimum initial deposit, as determined and amended by the Company in its discretion from time to time. The minimum initial deposit may vary according to the type of Client Account offered to the Client and can be found on the Company’s Website. The Client may deposit funds into the Client Account at any time during the course of this Agreement. Deposits will be made via the methods and in the currencies accepted by the Company from time to time. The detailed information about deposit options is shown on the Company’s Website. The Company will promptly place any Client money it receives into one or more segregated account(s) (denoted as ‘clients’ accounts’) with reliable financial institutions (within or outside Cyprus or the EEA) such as a credit institution or a bank in a third country. It is understood that the Company may keep merchant accounts in its name with payment services providers used to settle payment transactions of its Clients. However, for the avoidance of doubt, it is noted that such merchant accounts are not used for safekeeping of Client money but only to effect settlements of payment transactions. The Company shall have the right to request the Client at any time any documentation to confirm the source of funds deposited into the Client Account. The Company shall have the right to reject a deposit of the Client and/or block the Client Account in any of the following cases:
a) if the Company is not duly satisfied as to the legality of the source of funds;
b) if the Client fails to provide the Company with any relevant documents it requests from the Client for client identification purposes or for any other reason;
c) if the Company reasonably suspects or has concerns that the submitted documents may be false or fake;
d) if the Company reasonably suspects that the Client is involved in illegal or fraudulent activity;
e) if the Company is informed that the credit or debit card (or any other payment method used by the Client) has been lost or stolen;
f) where the Company reasonably considers that there is a chargeback risk or any other reason; or
g) when the Client deposits $10,000 or more (in one or more separate deposits) and the Company is unable to verify the source;
h) when the acquiring bank, issuer bank or any third party processor or payment service provider rejected the transaction. If the funds sent by the Client are not deposited in the Client Account when they were supposed to, the Client shall notify the Company and request from the Company to make a banking investigation of the transfer. The Client agrees that any charges of the investigation shall be paid by the Client and deducted from his Client Account or paid directly to the bank performing the investigation. The Client understands and agrees that in order to perform the investigation the Client shall have to provide the Company with the requested documents and certificates. The Client may withdraw funds from its Client Account at any time. The Company shall make withdrawals of Client funds upon the Company receiving a relevant request from the Client through the Platform(s) or email or in any other method accepted by the Company from time to time. Upon the Company receiving an instruction from the Client to withdraw funds from the Client Account, after the Client completed the withdrawal process, if the following requirements are met:
a) the withdrawal instruction includes all required information and identification details of the Client as may be required by the Company;
b) the instruction is to make a transfer to the originating account (whether that is a bank account, a payment system account etc.) from which the money was originally deposited in the Client Account or, at the Client’s request, to a bank account belonging to the Client;
c) the account where the transfer is to be made belongs to the Client;
d) at the moment of payment, the Client’s Balance exceeds the amount specified in the withdrawal instruction including all payment charges;
e) there is no Force Majeure event prohibiting the Company from effecting the withdrawal;
f) the Client does not have any Open Positions or, in the case of any Open Positions, the remaining Balance in the Client Account shall be at least double the necessary Maintenance Margin required to keep the positions open; It is agreed and understood that the Company follows the following procedures for processing withdrawal requests:
a) Once a registered and fully KYC verified Client requests withdrawal of funds these are approved and processed in the same day if the request was done within working hours or the following business days if the request was received outside working hours;
b) In case the verification of a Client has not been completed during the designated timeframe of 15 days, his/her funds are immediately returned in the same bank account from which they originated, or by other means as the Company considers necessary, regardless if the Client has requested or not the return of his/her funds. It is agreed and understood that the Company will not accept third party or anonymous payments in the Client Account and will not make, under no circumstances, withdrawals to any other third party or anonymous account. The Company reserves the right to reasonably decline a withdrawal request of the Client asking for a specific transfer method and the Company has the right to suggest an alternative. All payment and transfer charges of third parties will be borne by the Client and the Company shall debit the relevant Client Account with these charges. The Client may send the request for internal transfer of funds to another Client Account held by him with the Company. Internal transfers shall be subject to the Company’s policy from time to time. Mistakes made by the Company during transfer of funds shall be refunded to the Client. It is understood that should the Client provide wrong instructions for a transfer, the Company may be unable to correct the mistake and the Client may have to suffer the loss. It is further understood that the Company shall not be liable for any mistakes of third party payment service providers. In the event that the Client deposits money in a different currency of the Currency of the Client Account, then the Company shall convert the sum deposited into the currency of the Client Account. The Company shall do this at reasonable market rate and/or rate of exchange and/or bank that it considers appropriate. The Company shall be entitled to charge the Client for currency conversion or retain a xxxxmark-up from the exchange rates for arranging such conversion as the Company may from time to time specify to the Client and publish on the Platform and/or the Website. The Company shall be entitled to charge to the Client and obtain from the Client Account or from the deposited amount the expenses incurred with regard to currency conversions for the Client, including commissions to banks, money transfer fees and commissions to intermediaries. Depending on the currency used to deposit money in the Client Account, the Company may charge an amount in the form of a percentage (as a fixed spread) of the amount deposited. In the event of currency fluctuations, the Company will have no liability for any losses or damages incurred on the Client. Instructions may be given in electronic form through the Vstar Limited Online Trading System. Instructions received from your side by telephone, computer or other medium we may ask you to confirm such instructions in writing. We shall be authorized to follow instructions notwithstanding your failure to confirm them in writing. In this Agreement “instructions” and “orders” have the same meaning. Some of the types of orders the Company accepts include, but are not limited to:
a) Good till Cancelled (“GTC”) - An order (other than a market order), that by its terms is effective until filled or cancelled by Client. GTC Orders are not automatically canceled at the end of the Business Day on which they are placed.
b) Limit - An order (other than a market order) to buy or sell the identified market at a specified price. A limit order to buy generally will be executed when the ask price equals or falls below the bid price that you specify in the limit order. A limit order to sell generally will be executed when the bid price equals or exceeds the ask price that you specify in the limit order.
c) Market- An order to buy or sell the identified market at the current market price that the Company provides via the Online Trading System. An order to buy is executed at the current market ask price and an order to sell is executed at the current market bid price.
d) One Cancels the Other (“OCO”) - An order that is linked to another order. If one of the orders is executed, the other will be automatically cancelled.
e) Stop Loss - A stop loss order is an instruction to buy or sell a market at a price which is worse than the opening price of an open position (or worse than the prevailing price when applying the stop loss order to an already open position). It can be used to help protect against losses. Please note that because of market gapping, the best available price that may be achieved could be materially different to the price set on the stop loss order and as such, stop loss orders are not guaranteed to take effect at the price for which they are set.
f) Trailing Stop - A trailing stop is the same as a stop loss order with the only difference being that, instead of setting a price at which the order is activated, the trailing stop order is activated at a fixed distance from the market price. For example, if Client has purchased a long open position and the market ask price increases, the trailing stop price will also increase and will trail behind the market ask price at the fixed distance set by Client. If the market ask price then decreases, the trailing stop price will remain fixed at its last position and if the market ask price reaches the trailing stop price, the order will be executed. Please note that because of market gapping, the best available price that may be achieved could be materially different to the price set on the trailing stop order and as such, trailing stop orders are not guaranteed to take effect at the fixed distance for which they are set. Following submission of an order, it is your sole responsibility to remain available for order and fill confirmations, and other communications regarding your Account until all open orders are completed. Thereafter, you must monitor your Account frequently when you have open positions in the Account. Your order shall be valid in accordance with the type and time of the given order, as specified. If the time of validity or expiration date/time of the order is not specified, it shall be valid for an indefinite period.
Appears in 1 contract
Samples: Client Agreement
