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TERMS & CONDITIONS
- This Agreement is entered into by 247 Exness. a private company registered under the laws of The Republic of Cyprus, with registration number HE295102, having its registered office at 6 Ioanni Stylianou, 2nd Floor, Office 202, 2003, Nicosia, Cyprus (hereinafter referred to as: the “Company”) and yourself (hereinafter referred to as: “you” or “Customer”) (In this Agreement the Company and you may be referred to collectively as the: “Parties”). The Company is authorized and regulated in Cyprus by the Cyprus Securities and Exchange Commission (hereinafter referred to as “CySEC”) and subject to CySEC rules, with Cypriot Investment Firm (hereinafter referred to as: the “CIF”) license number 216/13. The Company is authorised to provide the investment services as specified in these Terms & Conditions.
- The Company is engaged in the operation of an online system facilitating the execution of transactions of Financial Contracts (as defined hereunder) by using various platforms and OptionFair® names (hereinafter referred to as: “OptionFair”). This Agreement applies to both the Company’s Web site and OptionFair System (as defined hereunder) as well as to the electronic content and/or software currently contained on the Web site that supplies you with real time information about the prices of the Financial Contracts (as defined below) and/or the exchange rates of international currencies, as well as with the OptionFair System (as defined hereunder) for the execution of Financial Contracts (as defined below) (hereinafter referred to as: the “Service(s)”), and any other features, content or services that the Company may add in the future. The Company provides the Services directly to its customers and/or sometimes by the use of authorized local representatives. Details on Designated Representatives is available on request. In the event that the Company has a local representative, the Company may delegate to such representative any powers and/or authorities it so deems fit and necessary from time to time, in connection with the local operations of the OptionFair system at your country of residence.
- The relationship between the Customer and the Company shall be governed by this Agreement. As this Agreement is a distance contract, it is amongst others, governed by the Distance Marketing of Consumer Financial Services Law N24(I)/2004, implementing the EU Directive 2002/65/EC, under which signing the Agreement is not required and the Agreement has the same rights and liabilities as a duly signed contract. In the case where you, the Customer, wish to have a signed Agreement, the Customer should print and send 2 (two) copies to the Company, where the Company will sign and stamp the Agreements and send a copy back to the Customer.
- By accepting and agreeing to the Terms and Conditions of this Agreement, the Client agrees that the provision of information through electronic means such as the Company’s website or the verified email of the Client is deemed as appropriate, due to the nature of the relationship established between the Company and the Client. The provision of information by means of electronic communication is deemed as appropriate since the client has regular access to the internet. The provision by the Client of an e-mail address for the purposes of the carrying on of that business is considered as sufficient evidence. Through the following terms and conditions, the Client is provided with the specific addresses where core information is accessible. The Company will ensure that the website will be always kept up to date.
- During the relationship between the Company and the Customer, the Company will process personal data (which may be held electronically, on paper or otherwise) about the identification of the identity and it is recognized that this will be treat in an appropriate and lawful manner, in accordance with the Processing of Personal Data (Protection of the Individual) Law of 2001 (Law No.138 (I)/2001
). The Customer agrees to the processing of the personal data by the Company.
The following terms used in this Agreement shall have the meaning ascribed next to them, unless stated otherwise in this Agreement:
- “System” shall mean an electronic system designed to facilitate trading in Financial Contracts via the Internet using the OptionFair platform as defined above subject to all terms of this Agreement and the terms of the Trading Manual (as defined below) which conforms an integral part of the Agreement;
- “Financial Contract” or “Contract” shall mean a contract to purchase Binary Options or Digital Options, Forex, Contract For Difference, or any other financial offering that the Company may offer by the System from time to time to its customers;
- “Binary or Digital Options” shall mean an option which offers a fixed return predetermined at the onset of the Contract;
- “Forex, FX, Contract For Difference, CFD shall mean trades which do not offer a fixed predetermined return at the onset of the Contract;
- “Contract Price” shall mean the rates offered by the System and based upon “indicative” rates provided by various financial information systems as the current updated rates for contracts of the applicable nature on the financial markets;
- “Markets” shall mean the international financial, commodities, and other applicable markets, where contract rates are being fixed upon free trade, and other markets where various financial assets are traded;
- “Business Day” shall mean one calendar day beginning at 00:00 and ending at 23:59 GMT;
- “Transaction” shall mean purchase/sale of a Financial Contract for a fixed price;
- “Collateral” shall mean the initial sum deposited by you with the Company after the deduction of loses, deduction of funds withdrawn by yourself, plus profits derived from the Transactions;
- “Multilateral Trading Facility” shall mean a multilateral system operated by an Investment Firm or market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments (in the system and in accordance with its nondiscretionary rules) in a way that results in a contract;
- “Regulated Market” shall mean the multilateral system managed or operated by a market operator and which brings together or facilitates the bringing together of multiple third-party buying and/or selling interests in financial instruments (in the system and in accordance with its non-discretionary rules) in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules and/or systems, in which are authorised and functions regularly in accordance with the provisions of Law 144(I)/2007 or respective legislation of other member states that are enacted in compliance with Directive 2004/39/EC.
- Membership Eligibility
The Company’s Services are available and may be used only by individuals or companies who can form legally binding contracts under the applicable laws in their country of residence. In addition, the Services are not available to persons under the age of 18 or otherwise under legal age or who cannot execute legally binding contracts under laws of their country of residence (“Minors”). If you are a minor, you may not use this service. For the avoidance of doubt, the Company shall not be responsible for any unauthorized use of its Services by Minors in any way or manner. You shall bear sole responsibility for any decision made and/or made by you relying on the content of the site. You agree and consent to the provision of any information in electronic form through the address(es) of the website(s) operated by the Company
Without limiting the foregoing, our Services are not available where they are illegal to use, and the Company reserves the right to refuse and/or cancel Services to anyone at its own discretion.
Furthermore, it is hereby clarified that the Company is not, and shall not, be responsible in any way to the accuracy of any information published on its Web site by others, and every published or referenced item of information should be regarded as unfounded information for the purposes of managing your activity and risks. We strongly emphasize that you must ensure that all information required by you was checked and confirmed by yourself, through independent information sources to your satisfaction prior to the execution of any action by yourself on the Web site.
- Provision of Services
- The following investment services which the Company is authorized to provide in accordance with its CIF authorization are governed by this Agreement:
- Reception and transmission of orders in relation to the Financial Instruments the Company is authorised to provide.
- Execution of orders on behalf of clients
- The Company will also provide the following ancillary services:
- Safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management
- Granting credits or loans to an investor to allow him to carry out a transaction in one or more financial instruments, where the firm granting the credit or loan is involved in the transaction
- Foreign exchange services where these are connected to the provision of investment services
- Investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments
- The services of paragraph 6.1 shall involve transactions in Financial Contracts not admitted to trading in Regulated Markets or a Multilateral Trading Facility. By accepting this agreement the Customer acknowledges, and gives his express consent for executing such transactions.
- Client Categorisation
- You are categorized as a Retail Client. This categorization provides the highest level of protection compared to a Professional Client or Eligible Counterparty.
- The client is bound by the method and process of categorisation as this is defined and thoroughly explained in the “CLIENT CATEGORISATION POLICY” which can be found on the Company’s website under the title “CLIENT CATEGORISATION POLICY”. Therefore, by accepting these Terms and Conditions, the Client also accepts the provisions of the CLIENT CATEGORISATION POLICY as well as the application of the categorisation method as this is defined in the “CLIENT CATEGORISATION POLICY”.
- The Company will deal with the Client according to the rules of professional conduct based on which the Client will be treated as Retail Client, Professional Client or Eligible Counterparty in accordance with the information provided to the Company during the Account opening procedure. The Client shall inform the Company in case the Client’s personal information change.
- In the event that the Client wishes to be re-categorised the Client must inform the Company in writing, clearly stating such a wish. The final decision of the change in categorisation however lies in the absolute discretion of the Company.
- Best Execution
- The Company will take all reasonable steps to obtain the best possible results for its Clients when receiving and transmitting orders for execution in relation to financial instruments. The Company’s Order Execution Policy sets out a general overview on how orders are executed as well as several other factors that can affect the execution of a financial instrument.
- By accepting these Terms and Conditions, the Client acknowledges and accepts that he has read and understood the “Order Execution Policy” of the Company, which is uploaded on the Company’s website.
- The Company’s main execution venue as of 1st January 2017, is MarketFinancials Ltd a Company registered in Seychelles and regulated by Seychelles Financial Services Authority.
- The Account
- Upon execution of this Agreement, the Company shall set up an account in your name and ownership in the System. The account and other relevant details shall be in accordance with the information provided by you, as shall be required by the Company from time to time. You must ensure that the information provided by yourself is complete, true and accurate. It is hereby clarified that the provision of misleading information may be regarded as an offence and shall entail immediate cessation of activities in your account or its immediate closure. You acknowledge that upon the completion of your identification process by the Company, it may report you as a beneficiary in the applicable account held by the financial institution with which the Company deposits the Collateral funds, in amounts up to the credit balance recorded in your account at the System from time to time, and to that end may transfer identification details provided to it by yourself.
- By accepting all of the terms and conditions of this Agreement, you hereby authorize and empower the Company, until written notice contrary to the effect shall be received from you by the Company to carry out orders and activities in accordance with your instructions or according to instructions provided by your duly authorized agent(s) in writing and/or orally all in accordance with the powers granted to the Company under this Agreement and/or for the provision of the Services.
- To remove any doubts, the execution of any Transaction in the account is subject to the deposit of the Collateral by you. The Company shall not allow you to execute any Transaction without the said deposit and/or in the event that the Collateral is insufficient for the execution of a said Transaction, subject to the Company’s policy from time to time. For the avoidance of doubt, in the event that the Company allows you to commence trading before it receives confirmation of deposit of Collateral by you, and in effect no Collateral was deposited, the Company shall have the right to deduct from any profits gained by you the amount which should have been deposited as collateral prior to your commencement of trading. All funds shall be held by the Company on your behalf and the Company may deposit such funds with any financial institution it holds bank accounts with. In the event that a Transaction shall take place and for some reason there shall be no sufficient Collateral in your account, the Company shall have the right to decrease your exposure in the said Transaction and/or approach you to rectify such required Collateral and/or demand from you payment in full for any deficiency which has occurred by your Transaction which was not covered by sufficient Collateral. It is hereby expressly stated, that the above mentioned right of the Company, does not obligate it to decrease your exposure in any Transaction and you shall have no claims against the Company regarding your losses resulting from the decrease or non-decrease of your exposure in any particular Transaction by the Company.
- To remove any doubts, it is hereby clarified that the Company may, at its sole discretion, amend form time to time the terms governing the use of the System, the scope of its Services and the sum of the Collateral required for the execution of Transactions by you. Any amendments will be communicated to all clients via the Company’s site. However, any such change to the rules made whilst the site is in operation will not apply retrospectively and will only apply to acquisitions of financial contracts made after such change.
- Upon the opening of the account, the Company shall issue you with a confidential personal identification code (hereinafter: the “Access Code”) to be used by you to operate your account via the Internet. You hereby irrevocably undertake to safeguard the Access Code and hereby waive any and all claims against the Company relating to any unauthorized use of the Access Code.
- Acquisition of Financial Contracts through the System must be effected in accordance with the latest version of the terms and conditions presented in this site. To remove any doubts, the Company may amend, change or cancel any part of the said terms and conditions, and their effect shall be from the date such amended terms have been inserted into the site. Acquisition of a Financial Contract is completed when the Financial Contract has been customized, the premium (or the pat, as the case may be) has been calculated and payment has been verified.
- Account Opening Procedures
- You acknowledge that as part of the account opening procedure the Company shall be entitled to collect information allowing construction of an economic profile of the client.
- You acknowledge that as part of the account opening procedure the Company shall be entitled to collect information allowing the Company to assess the appropriateness of the client to trade on the Company’s systems
- The Company shall be entitled to assess clients as not appropriate to trade or require training prior to account opening
- Clients that are assessed as appropriate will be required to submit to the Company a valid identification document and a document verifying permanent address
- The Company shall also be entitled to undertake additional verification procedures including but not limited to credit checks, verification methods on the source of funds and others
- The Company hereby warrants and undertakes that:
- It has the required skills and know-how to provide the Services.
- Neither at present, nor in the future shall it provide any financial advice to you or any of its customers and no information which may be found on the Company’s Web site may be considered as financial advice for any purpose whatsoever. To remove any doubts, information given on the site, the System and/or emails or newsletters sent by the Company related to its Services or financial markets, is not intended to be used as financial or investment advice and the Company shall not accept any liability in this respect. It shall not be liable in any way whatsoever for any claims, suits, contentions, losses, expenses, damages etc. incurred by you as a result of your reliance on any information provided by the Company.
- The maximum loss that you may incur using the System, is the amount of money paid by you to the Company as Collateral and/or any sums in your Account which you used to purchase Financial Contracts.
- The Company does not provide a market amongst or between customers for investments, securities, derivatives or speculations. Each Financial Contract purchased by you via the System, is an individual agreement between yourself and the Company and is not a security, nor is it transferable, negotiable or assignable to or with any third party.
- Company’s rights regarding the operation of your account
The Company reserves the right to suspend the operation of this site or sections thereof under the following circumstances:
- when, as a result of regulatory, political, economic, military or monetary events (including unusual market volatility or illiquidity) or any circumstances outside the control, responsibility and power of the Company, the continued operation of this site or the System shall not be reasonably practicable without materially and adversely affecting and prejudicing your interests or the Company, or if, in the sole discretion of the Company, a price cannot be calculated for financial contracts; or
- when there is a breakdown in the means of communication normally employed in determining the price or value of any of the financial contracts or where the price or value of any of the financial contracts cannot be promptly or accurately ascertained; or
- when the Company has reason to suspect that the System was abused by you or that you have used some means in order to affect or manipulate the System in general or the price of a specific Contract in particular.
- Under such circumstances, other than in the case of abuse or manipulation of the System, the Company may at its sole discretion (with or without notice) close out your open financial contracts at prices it considers fair and reasonable at such a time and no claims may be entertained against the Company in connection thereto.
- In case of abuse or manipulation of the System, the Company may at its sole discretion take any measures it deems fit and appropriate under the said circumstances.
- You hereby warrant and undertake that:
- All details provided by you to the Company are true, complete and accurate and that you are an adult over the age of 18 (or the required minimum age in your country of residence) so that you may be legally bound by the terms of this Agreement.
- You shall be the sole owner and beneficiary of the account.
- You are aware and you hereby acknowledge that the Company cannot control your actions and you are required to make necessary inquiries as to the legal status of your activities and applicable local laws and regulations, as currently in force in your place of residence and abide by such laws and regulations. You understand that laws regarding Financial Contracts vary throughout the world, and it is your sole obligation to ensure that you fully comply with any laws, regulations or directives, relevant to your country of residency with regards to the use of the Web site and/or the System. For avoidance of doubt, an actual ability to access the Company’s Web site does not necessarily mean that the Services and your activities are legal under the laws, regulations or directives, relevant to your country of residence. You hereby confirm, after conducting the necessary inquiries, that there is no legal constraint which precludes you from using the System or executing Transactions as described in this Agreement. To remove any doubts, the Services are not to be used where they are illegal to use, and the Company reserves the right to refuse to provide and/or cancel Services, in whole or in part, to anyone at any time, at its own discretion without cause, including but not limited to events in which the Company learns that you are performing activities which are not regulated under the laws of your place of residence.
- All funds to be deposited by you in your account from time to time, are of legal origin, are not the proceeds of crime, including but not limited to, proceeds of drugs trafficking or dealings in other prohibited substances or proceeds of illegal arms trades, illegal gambling, prostitution, terror funds etc. To remove any doubts, monies received from you are not invested in any securities, futures, currencies, derivatives or other investments, on your behalf by the Company or anyone on its behalf. Such monies are used as collateral for your transactions in the System.
- You are aware of the risks involved in the execution of the transactions described in this Agreement and you have read and understood all the information included in the “Risk Disclosure” included in the Company’s website and is available to all customers.
- You acknowledge that you are solely responsible and personally liable for any and all actions and orders to be executed in your account, including the settlement of any Transaction, whether performed by you in person or by your agent or attorney or the Company’s employees carrying out your orders. You further agree that neither the Company nor its employees or anyone on its behalf shall be liable in any way whatsoever to the outcomes or consequences of such actions and/or orders. You are responsible for ensuring that you and you alone shall control access to your account, and that no minors are granted access to trading on the System. In any case, you remain fully liable for any and all positions traded on your account, and for any credit card transactions entered into the site for your account. You shall also indemnify the Company in respect to all costs and losses of any kind, whatsoever as may be incurred by the Company as a result, direct or indirect, of your failure to perform or settle such a transaction.
- You are aware that the Company does not provide any equipment nor is it an Internet Service Provider and therefore it shall not be liable, directly or indirectly, to any malfunction of any kind and nature whatsoever, on your end, or any other equipment not provided by the Company and/or any Internet connection malfunction and/or any computer program or software bugs and/or errors including but not limited to delays in the transmittal of your orders or the delayed receipt thereof. You shall be responsible for providing and maintaining the means by which to access the Web site, which may include without limitation a personal computer, modem and telephone or other access line. You shall be responsible for all access, service, license and subscription fees necessary to connect to the Web site and assume all charges incurred in accessing such systems. You further assume all risks associated with the use and storage of information on your personal computer or on any other computer through which you will gain access to the Web site and the services (hereinafter referred to as “computer” or “your computer”). You represent and warrant that you have implemented and plan to operate and maintain appropriate protection in relation to the security and control of access to your computer, computer viruses or other similar harmful or inappropriate materials, devices, information or data. You agree that the Company shall not be liable in any way to you in the event of failure of or damage or destruction to your computer systems, data or records or any part thereof, or for delays, losses, errors or omissions resulting from the failure or mismanagement of any telecommunications or computer equipment or software. You shall not transmit to or in any way, whether directly or indirectly, expose the Company or any of its online service providers to any computer virus or other similarly harmful or inappropriate material or device.
- You acknowledge and confirm that the Company does not represent, warrant or guarantee that: (i) you will be able to access or use the web site at times or locations of your choosing, or that the Company will have adequate capacity for the web site as a whole or in any geographic location; and (ii) the web site will provide uninterrupted and error-free service. You hereby further acknowledge and confirm that the Company shall not be responsible for an impossibility to execute orders and requirements due to failures in the operation of information systems caused by faults, of any kind whatsoever.
- You shall duly report your activities to any applicable tax or other authority, as may be required by any laws applicable to you or to your country of residence and you shall pay all applicable taxes, levies, governmental fees and charges associated with the activities of your account including required deductions at source and you forego any claim against the Company in this respect.
- You shall not abuse this site nor the System for the purpose of money laundering. The Company employs best-practice anti-money laundering procedures, which may have several effects on you. The Company reserves the right to refuse to do business with, to discontinue to do business with, and to reverse the Transactions of, customers who do not accept or adhere to these anti-money laundering processes. The anti-money laundering processes have the following effects on customers:
- You must fill into the account opening form all requested details that establish you identity.
- Winnings may only be paid to the initiator of an account and to an account under his own name and not to any third party’s account. When you maintain an account by means of telegraphic deposits, winnings are only paid to the holder of the originating bank account, and it is your onus to ensure that account number and name accompany all transfers to the Company. When you maintain an account by means of credit/debit card deposits, winnings are paid back to the same card up to the value of the collateral deposited. Additional winnings will be transferred by telegraphic means subject to the conditions described above.
- Only one account is allowed per person. No winnings may be collected on accounts opened in false names or on multiple accounts opened by the same person.
You have read this Agreement in its entirety including its appendices, and understood its content and implications, including the risk of loss of all of your Collateral, before accepting its terms.
- Improper or Abusive Trading
Should you execute trading strategies acting in bad faith, that is, you or any representative of yours trading on your behalf is committing any improper or abusive trading act such as for example:
- fraud/illegal actions that led to the transaction;
- orders placed based on manipulated prices as a result of system errors or system malfunctions;
- arbitrage trading on prices offered by our platforms as a result of systems errors; and/or
- coordinated transactions by related parties in order to take advantage of systems errors and delays on systems updates.
Then the Company will have the right to:
- adjust the price spreads available to you; and/or
- restrict your access to streaming, instantly tradable quotes, including providing manual quotation only; and/or
- obtain from your account any historic trading profits that you have gained through such abuse of liquidity as determined by us at any time during our trading relationship; and/or
- reject an order or to cancel a trade; and/or
- immediately terminate our trading relationship
- In order to be able to start using the System to execute Transactions, you shall be required to transfer moneys to an account designated by the Company, to be used as collateral for the Transactions described herein.
- Funds belonging to the Customer that will be used for trading purposes will be kept in one or more omnibus accounts with any bank or financial institution used to accept funds which the Company will specify from time to time and will be held in the Company’s name.
- It is understood that the Company may hold funds on behalf of the Client in a bank established outside the European Union. The legal and regulatory regime applying to any such bank might be different from the legal and regulatory regime in Cyprus and the European Union and in the event of the insolvency or any other analogous events in relation to that bank, Client’s funds may be treated differently from the treatment which would apply if the funds were held with a bank in an account in Cyprus and the European Union. The Company will not be liable for the insolvency, acts or omissions of any third party referred to in this clause.
- Any profits accruing from your Transactions shall be added to your account as supplementary collateral. All losses resulting your Transaction shall be deducted from your account.
- To remove any doubts, your credit balance shall bear no interest.
- Safeguarding of clients assets
- In maintaining deposits of client’s funds, the Company will exercise all due care, skill and diligence in the selection, appointment and periodic review of the credit institution, bank or money market fund where the funds are placed and the arrangement for the holding of those funds. It shall be noted that the Company will take into account the expertise and reputation of the third party as well as the legal requirements or market practices related to the holding of those financial instruments that could adversely affect clients’ rights.
- The Company will take all necessary measures in order to ensure that any clients’ financial instruments deposited with a third party are identifiable separately from the financial instruments belonging to the Company and from financial instruments belonging to that third party, by means of differently titled accounts on the books of the third party or other equivalent measures that achieve the same level of protection. Similarly, as per the legislative requirement of Paragraph 20 of the Directive DI144-2007-01, the Company, on receiving any clients’ funds, shall promptly place those funds into one or more accounts denoted as “clients’ accounts”.
- The Company will ensure where deemed necessary, the diversification of the clients’ financial instruments and funds, for example the maintenance of accounts with several third parties.
- Additional deposits, Withdrawals, and Closure of the Account
- Any withdrawal of the available Collateral, whether partial or total, including any accrued profits (but not future profits) – shall be executed by you, through a prior notice to the Company. The Company shall execute the withdrawal on the same day as the request or the next business day if the request is made outside normal business hours.
- You may transfer to your account, at any time, additional funds to be used as Collateral for Transactions. All terms of this Agreement shall apply to any additional funds so deposited.
- The Company will approve one withdrawal request per 31-day period. Additional withdrawal request will be subject to a handling fee of 30 Euro or equivalent in local currency.
- Duly Authorized Persons
- You may from time to time inform the Company of any person or persons that you have empowered or authorized to communicate with the Company on your behalf. Such information shall only be sent to the Company by a written notice, which shall include the names and identifications details of the authorized person or the persons. Such person needs to be approved by the Company and fulfill all of the Company’s conditions in relation to client identification and due dilligence. This delegation of authority could also be revoked in writing.
- Written or orally transmitted orders to execute Transaction by any such authorized representative shall bind you and the Company for all intents and purposes.
- Recording of Telephone Conversation and Record Keeping
- The Company or an authorized party on its behalf may (but is not obligated to) record every telephone conversation.
- The Company or an authorized party on its behalf shall keep copies of every written order received from you for a period to be determined by its sole discretion. Furthermore, the Company or an authorized party on its behalf shall maintain records of all your Transactions.
- Any of these records/recordings may be used by the Company for any purpose the Company sees fit, including in the resolution of conflicts which might occur between the Parties.
- It is hereby clarified that the said records/recordings are the sole property of the Company and it is under no obligation to deliver or expose such material to anyone. It is further clarified, that in any event in which the Company shall be required to deliver a copy of such or provide documentation regarding your account, including by strict instructions from the competent bodies or authorities, you shall bear the full cost of duplicating and/or copying of any record and/or documents in accordance with the then current the Company official price list for such services.
- Risks and Liability
- All the Transactions shall be carried out on your behalf and at your risk. Neither the Company nor any authorized party on its behalf shall be held liable for any loss, damage or debt incurred by you resulting directly or indirectly by actions contemplated under this Agreement. To remove any doubts, in any event, any sum to be claimed by you may not exceed your Collateral.
- You hereby declare that you understand and accept that a fundamental pre-condition to this Agreement, relates to the Company’s right to close at any time, without an advanced notice, any Transaction executed by you, in the event that your portfolio shall be of zero value or less, as calculated with respect to the fluctuations in the Financial Contracts’ prices.
- You hereby declare that you understand and accept that investment in leveraged and non-leveraged transactions are speculative, involve a high degree of risk, and are appropriate only for persons who can assume risk of loss.
- You hereby declare that you understand and accept that trading leveraged products on the Forex platform can lead to large losses… Default Forex Leverage is set at 1:50 by the Company. Clients that wish to trade at higher Leverage values may request this from the Company. An assessment will be made as to the Client’s appropriateness before such a request is approved. More details may be found detailed in the Forex section of the FAQ’s found on the Company’s website and updated periodically by the Company at its discretion.
At the end of each trading day, confirmations for all Transactions that have been executed on that trading day will be available via the Customer’s online account through the System. It is Customer’s responsibility to notify the Company if any confirmations are incorrect before settlement. Confirmations shall, in the absence of manifest error, be conclusive and binding on the Customer, unless the Customer places his/her objection in writing within Three Business Days. The Customer might request to receive the account statement monthly or quarterly via email, by providing such a request to the Company, but the Company is not obliged to provide the Client with the paper account statement. The account statement is provided at the expense of the client.
- Commissions and Charges
The following charges or commissions will be applied by the Company
- Forex Premiums: Within the Forex platform positions that are open after a certain hour, as shown in the “Open Trades”, will incur a funding premium to cover the cost of the associated funding. The Premium Time is at 00:00GMT. More details may be found detailed in the forex section of the FAQ’s found on the Company’s website.
- Forex Spread: Within the Forex platform each asset carries a spread, as defined the difference, in Pips, between the ‘Bid’ and ‘Ask’ price. This is the fee charged by the Company for the execution of the Forex trade. More details may be found detailed in the Forex section of the FAQ’s found on the Company’s website.
- Inactive Accounts are defined as those held with the Company in which you have not placed a trade and/or made a deposit for a period greater than six calendar months. Such accounts shall be subject to a monthly handling fee of 45 Euro of equivalent local currency per month. For the reactivation of an Inactive Account you must contact the Company.
- The Company reserves the right to update these commissions and charges at its discretion. Such changes will be subject to a notification to the Customer
- Transactions and Trade Characteristic
- Each Transaction shall be executed in accordance with the applicable procedures as set forth in the Order Execution Policy. For all intents and purposes the acceptance of a Transaction by you and the deposit of the Collateral to be used in such a Transaction shall be sufficient consideration.
- The acceptance of your instructions by the Company and the facilitation of execution of Financial Contracts by the Company shall be in accordance with customary practices in the international financial markets and customary practices which apply to Financial Contracts of the nature of the Contracts executed by you using the System.
- Any specific instructions from you may prevent the Company from taking the steps that it has designed and implemented in its Order Execution Policy to obtain the best possible result for the execution of those orders in respect of the elements covered by those instructions.
- Trade Cancellation
- Clients are able to cancel executed binary option trades during a three second window that follows trade execution. The following conditions apply:
The maximum amount of cancelation attempts is limited to:
Three (3) per day* for positions with trade duration** of one hour or longer.
For transactions with duration less than one hour: The lesser of three trades per day or twenty percent (20%) of all daily trades.
For short term trades: *** The lesser of three trades per day* or ten percent (10%) of all daily trades.
- *Per Day (Daily) is defined on a 24 hour window- from 00:01 GMT to 00:00 GMT.
- **Trade Duration is defined as the time interval between the execution time and close time.
- *** Short terms Positions are defined as one minute, two minute or five-minute binary options
- Trades cancelled after execution are subject to the binary execution fee as detailed in section 20.1
- Stop of Trade, Inaccurate Quotes, Force Majeure
- You understand that the trading facilities provided by the System, may be halted or suspended at any time without a prior notice due to circumstances beyond the control of the Company. In such an event, the Company or an authorized party on its behalf may close any open positions you may have (by performing a Reverse Transaction) without prior written notice being sent to you, at fair market value reflecting, as closely as possible, the applicable prices of the relevant Contracts. You hereby waive any claims of indemnification / suits / causes of action against the Company in such an event and acknowledge that such waiver is a pre-condition to the validity of this Agreement.
- The Company reserves the right, provided a prior written notice to this effect has been sent to you, to cancel any Transaction that due to a System and/or human error, whether under the control of the Company or not, has been executed at a price which at the time of the Transaction was not the indicative and/or accurate price of that said Financial Contract created by the transaction.
- Settlements and Payments
- No funds or assets shall be transferred by one party to the other with respect to any Transaction, other than settlement of your losses which shall be deducted by the Company or an authorized party on its behalf from the Collateral and payments of accrued profits made out to you by the Company or an authorized party on its behalf.
- To remove any doubts, all payments demanded by you shall be transferred to you one (1) business days following your request for payment.
- Payment by credit cards. Payments may be made to the Company by credit cards subject to the regulations of the applicable credit cards issuers.
- Trading Benefits
The following Trading Benefits may be offered by the Company to Clients in order to assist them to understand and gain expertise on the use of the trading platform. The Client’s consent is required in order for any benefit to take effect. There are no withdrawal restrictions on any benefits awarded.
- Insured Trades.
Insured Trades is a one-time benefit that will be awarded by the Company. The Company will refund to the client the balance of the invested amount in “X” number of Insured Losing Trades from the first “Y” Trades after deposit is made.
- For example: “Two In Ten Insured Trades”X = 2
Y = 10
In such an offer the company will refund two trades that have lost out of the first ten trades subject to the conditions below:
- Refund only applies in a situation where after completion of Y trades the Client has suffered trading losses;
- Refund applies to the X losing trades with the lowest investment amount;
- In the event that the total value of X lowest losing trades exceeds the total loss from Y trades, then the total loss shall be refunded;
- Out of The Money Compensation
Out of the Money Compensation is a one-time benefit that will be awarded in the event of trading losses incurred on a Client account. The Company will refund to the client balance, X percent of the trading loss incurred up to Y days following the initial deposit and acceptance of the offer up to a maximum of X percent of the initial deposit.
- For example: “10% Compensation Over Ten Days”X = 10%
Y = Ten Days
In such an offer, if after 10 days the client lost 500 Euro following a 1,000 Euro deposit then the Company will refund the Client balance with 50 Euro. This is 10% of the losses and is within the maximum limit of 10% of the initial deposit.
- Refund only applies up to Y days from acceptance of the offer in a situation where the Client has suffered trading losses.
- In the event that the total value of X multiplied by the total loss exceeds the total value of X multiplied by the initial deposit then the value of X multiplied by the initial deposit shall be refunded.
You are able to expression disaffection with the provision of investment or other services by the Company by submission of a written complaint to the Company’s complaints committee. The Company will treat all complaints in accordance with the Complaints Handling procedure maintained on the Company’s website.
- Intellectual property
- This Web site belongs to us or a third party including our licensors. This content may include names, terms and/or data which may or may not be identified with a symbol identifying it as a name, term or item in which copyright is claimed or a registered trademark is held. The lack of any such symbol All copyright, database rights, trade marks and other intellectual property rights in the content of should not, under any circumstances, be understood as meaning that the name, term or data is not the intellectual of either ourselves or a third party.
- Any third party intellectual property used by us in the content of our Web site should not be interpreted as meaning that the third party owner sponsors, endorses or is in any way affiliated with us or with our business, nor that they make any representation regarding the advisability of trading in our products.
- Except where necessary in order to view the information on this Web site on your browser, or as permitted under Republic of Cyprus law or these Terms and Conditions, no information or content on this Web site may be reproduced, adapted, uploaded to a third party, linked to, framed, performed in public, distributed or transmitted in any form by any process without our specific written consent.
- In addition to the above, you agree not to “deep-link” to the Web site, resell or permit access to the Web site to others and not to copy any materials appearing on the Web site for resale or for any other purpose to others without the prior written consent of the Company. For the avoidance of doubt, you shall be responsible and be bound by any unauthorized use of the site by you, made in breach of this section.
- You agree to use the information received from the information systems of the Company for the sole purpose of executing Transactions inside and within the Company’s Web site or System. You further agree not to use any electronic communication feature of a Service on the site for any purpose that is unlawful, tortuous, abusive, and intrusive on another’s privacy, harassing, libelous, defamatory, embarrassing, obscene, threatening or hateful.
- The license granted under this Agreement shall be terminated if the Company shall have reason to believe that any information provided by you, including your e-mail address, is no longer current or accurate, or if you fail to otherwise comply with any terms or conditions of this Agreement and all rules and guidelines for each Service. Upon such violation, you agree to cease access to the Services. You agree that the Company, at its sole discretion and with or without notice, may terminate your access to any or all Services, and remove and discard any information or content within a Service.
The license granted to you by the Company in this Agreement to use the Software, will remain in effect for so long as this Agreement or any amended agreement which replaces it from time to time, also remains in full force and effect. Ownership of the Software, Documentation and all intellectual property rights therein shall remain at all times with the Company. Any other use of the Software by any person, business, corporation, government organization or any other entity is strictly forbidden and is a violation of this Agreement.
- Proprietary Protection
The Web site, Software and Documentation contain material that is protected by international copyright, trade secrets and trademark laws, and by applicable international treaty provisions. All rights not granted to you herein are expressly reserved by the Company or its applicable licensor, suppliers or partners. You may not remove any proprietary notice of the Company from any copy of the Software or Documentation.
You may not publish, display, disclose, rent, lease, modify, loan, distribute, or create derivative works based on the Software or any part thereof. You may not reverse engineer, decompile, translate, adapt, or disassemble the Software, nor shall you attempt to create the source code from the object code for the Software. You may transfer the Software to other computers that you own, as long as you only use it on one computer at a time.
The Company may provide links to other sites that are controlled or offered by third parties. Such link to a site(s) is not an endorsement, authorization, sponsorship or affiliation with respect to such site, its owners or its providers.
- The Company cautions you to make sure you understand the risks involved in using those site(s) before retrieving, using, relying upon or purchasing anything via the Internet. Links to these web sites are provided solely for your convenience, and you agree that under no circumstances will you hold the Company liable for any loss or damage caused by use of or reliance on any content, goods or services available on other sites.
- Current and binding form
You acknowledge and agree to the fact that the Company may update and/or adjust and/or amend the terms of this Agreement from time to time according to the needs of its activity and in its sole discretion, provided however that the accurate and current binding form shall be communicated to you and published on the Company’s Web site. The binding form of this Agreement shall be in accordance with the current form in force at any applicable time.
You acknowledge that the Software contains proprietary trade secrets of the Company and you hereby agree to maintain the confidentiality of the Software using at least as great a degree of care as you use to maintain the confidentiality of your own most confidential information. You agree to reasonably communicate the terms and conditions of this Agreement to those persons employed by you who come into contact with the Software, and to use best efforts to ensure their compliance with such terms and conditions.
- Limited Warranty
ANY USE BY YOU OF THE COMPANY’S WEB SITE AND SOFTWARE IS AT YOUR OWN RISK. THE WEB SITE AND SOFTWARE ARE PROVIDED “AS IS” WITHOUT WARRANTY OR REPRESENTATION OF ANY KIND WHATSOEVER BY THE COMPANY INCLUDING BUT NOT LIMITED TO MERCHANTABILITY FOR A PARTICULAR PURPOSE. TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE COMPANY DISCLAIMS ALL WARRANTIES OF ANY KIND, BOTH EXPRESS AND IMPLIED, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY FOR A PARTICULAR PURPOSE. THE COMPANY WILL ENSURE, AS FAR AS POSSIBLE, THAT THE FUNCTIONS CONTAINED IN THE SOFTWARE WILL MEET ANY REQUIREMENTS OR NEEDS YOU MAY HAVE, OR THAT THE SOFTWARE WILL OPERATE ERROR FREE, OR IN AN UNINTERRUPTED FASHION, OR THAT ANY DEFECTS OR ERRORS IN THE SOFTWARE WILL BE CORRECTED, OR THAT THE SOFTWARE IS COMPATIBLE WITH ANY PARTICULAR PLATFORM. YOU ACKNOWLEDGE THAT GOOD DATA PROCESSING PROCEDURE DICTATES THAT ANY PROGRAM INCLUDING THE SOFTWARE MUST BE THOROUGHLY TESTED WITH NON-CRITICAL DATA BEFORE YOU RELY ON IT, AND YOU HEREBY ASSUME THE ENTIRE RISK OF USING THE SOFTWARE. THIS DISCLAIMER OF WARRANTY CONSTITUTES AN ESSENTIAL PART OF THIS LICENSE. SOME JURISDICTIONS DO NOT ALLOW THE WAIVER OR EXCLUSION OF IMPLIED WARRANTIES SO THEY MAY NOT APPLY TO YOU.
- Limitation of Liability
IN NO EVENT SHALL THE COMPANY ITS OFFICERS, DIRECTORS OR EMPLOYEES BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY INCIDENTAL OR CONSEQUENTIAL DAMAGES (INCLUDING, WITHOUT LIMITATION, INDIRECT, SPECIAL, PUNITIVE, OR EXEMPLARY DAMAGES FOR LOSS OF BUSINESS, LOSS OF PROFITS, BUSINESS INTERRUPTION, OR LOSS OF BUSINESS INFORMATION) ARISING OUT OF THE USE OF OR INABILITY TO USE THE SOFTWARE, OR FOR ANY CLAIM BY ANY OTHER PARTY, EVEN IF THE COMPANY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THE COMPANY’S AGGREGATE LIABILITY WITH RESPECT TO ITS OBLIGATIONS UNDER THIS AGREEMENT OR OTHERWISE WITH RESPECT TO THE SOFTWARE AND DOCUMENTATION SHALL NOT EXCEED THE AMOUNT OF THE FEES PAID BY YOU FOR THE USE OF THE SOFTWARE AND DOCUMENTATION. BECAUSE SOME STATES/COUNTRIES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF LIABILITY FOR CONSEQUENTIAL OR INCIDENTAL DAMAGES, THE ABOVE LIMITATION MAY NOT APPLY TO YOU.
We are not responsible for any problems or technical malfunction of telephone network or lines any, computer online systems, servers or providers, hardware, software, failure due to technical or traffic congestion problems on the Internet or on any of the site or services.
- Anti – Money Laundering
No person shall abuse this site for the purpose of money laundering. The Company is obliged to follow the requirements as set out by the European Union, relevant domestic laws and the Regulations issued by CySEC for the prevention and suppression of money laundering activities. It is thus required by Investment Firms to obtain certain verification documents from the Company’s Customers. The Company maintains policies and procedures designed to detect any risk of failure by the Company in order to comply with its obligations under the regulatory authority.
The Company may request from the Customer to inform the Company on how the money being invested have been obtained. This process may require proof of certain documentation.
The Company may use the Customer information in order to carry out credit, anti-money laundering and fraud prevention checks; to exercise and/or defend the Company’s legal rights; and to comply with applicable Regulations and the requests of regulatory and enforcement authorities in any jurisdiction.
The Company reserves the right to refuse to do any business with and to reverse the transactions of Customers in accordance with the AML requirements and policies.
- Privacy Statement
- FATCA – Foreign Account Tax Compliance Act
Without limiting the foregoing, the Company, is required to comply based on the Intergovernmental Agreement between Cyprus and the United States and has taken all reasonable steps to be considered in compliance with FATCA. The Client acknowledges and accepts that the Company, as a Foreign Financial Institution (FFI), is required to disclose information in relation to any US reportable persons to the relevant authorities, as per the reporting requirements of FATCA. The Client may contact the Company for additional information and/or clarifications prior to the signing of this Agreement.
- Termination of Agreement
- The Company may terminate this Agreement at any time by giving you notice to this effect.
- You may terminate this Agreement at any time by giving the Company a 48 hours advanced notice.
- Termination of the Agreement by any of the Parties shall require you to close all open positions by executing the required Transactions.
- As of the date of the termination notice by you, you may not execute any new Transactions, which shall open new positions in his account.
- Investor Compensation Fund
The Company being a member of the Investors Compensation Fund (the “Fund”) provides the Customer with the extra security of receiving compensation from the Fund, for any claims arising from the malfunction on behalf of the Company or if the Company fails to fulfill its obligations regardless of whether that obligation arises from a breach of applicable law or regulations, the Agreement or from any wrongdoing by the Company. By accepting the Agreement the Customer has read, understood and accepted the information under the title “INVESTOR COMPENSATION FUND” as this information is loaded on the Company’s main website public and available for all customers. Payments under the Investor Compensation Fund in respect of investments are subject to a maximum payment to any investor of EUR 20 000.
- Conflicts of Interest
- The Company is required to have arrangements in place to manage conflicts of interest between the Company and its customers and between other customers. The Company will make all reasonable efforts to avoid conflicts of interest and when they cannot be avoided the Company shall ensure that customers are treated fairly and at the highest level of integrity and that their interests are protected at all times.
- The Customer acknowledges and accepts that he has read and accepted the “Conflicts of Interest” policy of the Company, which is uploaded on the Company’s website.
- This Agreement, including all Sections listed herein, comprises the entire and exclusive agreement of the Parties with respect to the subject matter hereof and supersedes any and all prior and contemporaneous agreements, understandings, arrangements, proposals or representations whether written or oral, heretofore made between the Parties and relating to this subject matter. In the event that Customer is comprised of several entities or individuals, the terms of this Agreement shall bind all of them jointly and severally.
- All obligations under this Agreement shall be performed by and between the Parties. This Agreement does not create any rights on behalf of, or to the benefit of, any other third party not a signatory hereto.
- You may not transfer this Agreement or any of your rights or obligations hereunder to any third party.
- The Company or an authorized party on its behalf may send to you any notices and documents by post, telex, courier, e-mail or by fax, as it deems fit. Any notice to be sent by you to the Company shall be sent by certified mail or by courier. Such notice shall be effective upon its actual receipt by the Company.
- This Agreement shall be construed and enforced in accordance with, and shall be governed by Republic of Cyprus, notwithstanding any conflicts of laws principles. Each of the Parties hereby irrevocably (i) consents to any suit, legal action or proceeding with respect to this Agreement being brought exclusively in the competent courts of Republic of Cyprus (the “Courts”) and waives to the fullest extent permitted by law any objection which it may have now or hereafter to the venue of any such suit, action or proceeding in any such Courts and any claim that any such suit, action or proceeding has been brought in an inconvenient forum, (ii) acknowledges the competence of such Courts, (iii) explicitly submits to the exclusive jurisdiction of such Courts in any such suit, action or proceeding, and (iv) agrees that final judgment in any such suit, action or proceeding brought in such Courts shall be conclusive and binding upon it and may be enforced in all courts.
- Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary, and does not constitute and may not be construed as investment advice of any kind. The Company shall not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information as mention above.
- By using the services offered by the Company and by using this website the user agrees that OptionFair.com, the author and any other entities associated with the OptionFair.com shall not be held liable for any direct or indirect, consequential loss or any damages whatsoever arising from this usage, or the use of any information, signals, software, messages, manual, worksheet, instructions, alerts, directives etc and any other information contained in regard to its use and understanding.
- Use of this site and the services offered by optionfair.com are made at your own risk.
- Neither guarantee of performance, results nor any anticipated Return on investment is offered at any time.
- Past performance is no and may not be construes or relied upon as Guarantee of future results.
- By using this website you agree to assume full and exclusive responsibility liability for your research, decisions and actions.