Terms and Conditions
The security of our client’s funds is a key element of the GlobalFXm philosophy, alongside unmatched trading conditions and customer support.
Broker is involved in the operation of online systems which enable the performance of transaction related to the exchange rates of a variety of currencies in the international currency markets, financial instruments, derivatives and commodities, by the use of various platforms and brands ( hereinafter Broker ). This agreement applies to the Internet website of the company ( hereinafter “The site”) and Broker systems inclusive ( as defined henceforth) and the electronic content and software included in the site’ which provides you information, in real-time, about the exchange rate of international currencies’ financial instruments, derivatives and commodities and about Broker systems (as defined henceforth) for the performance of trading transactions on foreign currencies, financial instruments, derivatives and commodities ( henceforth “The Services”) and over any feature, content and/or services which Broker may add or provide you in the future. Broker is providing its services directly to its customers and/or by means of third parties authorized by it from time, to time to provide such services.
This agreement is intended to encompass the relationship between the company and the customer, in relation to the trading activity of the customer through the company, and among others to organize the issues and points which the company is required to fulfill in connection with this activity, according to law. The customer must carefully read the entire agreement, obtain al explanations and clarifications to his requests and to his full satisfaction, to understand and agree to its entire content and the implications thereof, prior to signing it.
The customer hereby states that all the details, information, the documents and documentation he provided to the company today are true, complete, and precise and updated. The customer is obligated to inform the company in writing of any change which will occur in the details supplied by him to the company. The customer declares that any copy of a document supplied by him to the company whether by mail, fax or other electronic means, is a genuine copy of the original document.
The preamble to this agreement and all the addendums are inseparable part of this agreement.
The following terms in this agreement will have the significance written next to them, unless it was otherwise stated in this agreement:
“System” means an electronic system programmed to enable trading in services over the internet, including Broker platforms as defined above.
“Rates” mean the exchange rates of foreign currencies and/or rates or prices of financial instruments, derivatives and commodities which the system offers and is based on indicative rates which the various financial systems provide, as the ongoing rates which are updated in the financial markets.
“Markets” mean the international financial markets in which are set the exchange rates of currencies, under free trade, prices of financial instruments, derivatives and commodities, and other markets in which different financial assets are traded.
“Business Day” means one calendar day which starts at 00:00 and end at 23:59, according to the local clock.
“Transaction” means buying/selling of a financial asset and/or commodity in consideration of quantity or set price, or buying/selling or exchange of one currency against another, in a particular business day.
“Closure” means the reverse transaction intended to close an open position (the sale of a financial asset that was bought earlier or vice versa) in the amount identical to that outplayed in the original transaction on the same business day.
“Contract” means obligation to buy/ sell financial asset and/or commodity in a predetermined price.
“Rolling transaction” is a change of day in the value of the transaction which was opened for two business days from the day of its execution.
“Collateral” means the sums you deposited with Broker after the deduction of losses and with the addition of gains derived from the transactions and after the deduction of withdrawals.
“Stop loss” means the rate in which a transaction will be executed, contrary to existing position, which was found to be under loss in comparison to the market rates.
“Limit” means the rate in which a transaction will be executed, contrary to an existing; position which is found to be in a gain, compared to the market. “Trading Week”, means the period in which transactions are executable through the system, which starts on the Sunday of each week at 22:00 GMT (Greenwich Time) and ends on Friday at 22:00 (Greenwich Time) of the same week.
“Trading hours for financial asset and/or commodity” – a table advertised on the company’s website detailing the trading hours and breaks during each day of the week.
2.Suitability of the customer and his competency to enter into agreements
The Broker services are available and therefore the use only of people and/or organizations which are authorized to enter into obligation agreements under the laws of the country of their residence. In addition the services are not available to users who are less than 18 years of age or in any other manner under the legal age (henceforth “Minors”). These services are also not available to people who are not judicially fit or not authorized to sign obligating agreements under the laws of the country of their residence. If you are a minor or judicially unfit, you can’t use this service. In order to remove any doubt, Broker will not be responsible, in any shape or form, for any unauthorized use of its services by minors or those who are judicially unfit. It is the responsibility of the customer who uses the company services, to check and verify that this does not contradict any law or rule which he is subject to. In addition the customer must comply with any legal obligation he is subject to, or will be subject to in the future, as a result of this affiliation with the company and the use of its services. Furthermore, the services are available for use by people who have sufficient experience and knowledge in financial matters, to be able to assess the advantages and risks in the acquisition of financial contracts and the execution of transactions and who do it without the reliance on information included in the site. To remove any doubt Broker is not obligated to verify and/or check whether you have the knowledge and/or sufficient experience as mentioned above, and will not be responsible for any damage and/or loss which was caused to you as a result of information and/or insufficient experience. In addition it is made clear that Broker is not responsible for the accuracy of the information published by it on the site and/or any other media and any mention or publication of any information item must be regarded as unsubstantiated in regard to conducting the activity and risks by you. We emphasize to you that you must verify that all the information you need was checked by you through applying to external information sources, to your satisfaction, prior to any activity on your behalf within the company.
The use of the website and/or the system is according to a limited license given to the customer personally and exclusively. It is not transferable and is subject to the provisions of this agreement. It is prohibited to transfer and/or to guide and/or to allow another to make use of the license and/or to act in the customer’s account. Moreover, it is prohibited to provide the user name and password to the website to another person beside the customer. Any action or any damage, caused to the customer’s account, the company and/or other customers by the breach of this Agreement will be the customer’s responsibility alone.
All the transactions, including deposits and withdrawals of funds are the customer’s responsibility. More ever, all the equipment required to the customer as an end-user for proper activity in the system is the customer’s responsibility, including protecting the user name and password.
3. Customer’s account
Following the customer registration to the company services, the customer will be requested to provide personal identification information. The purpose of this procedure, among others, is to assist the authorities to fight the financing of terror organizations and money launderings. The customer must verify that the information provided to the company contains complete and precise data, and is not pretending to be another person and/or another legal entity. The customer will be required to present identification documents. Not providing the required documents will prevent the customer from being registries as the company’s client. In case the customer had been registries as incorporation and/or business entity, this agreement will constitute a declaration that the customer holds the authority to make this business connection. With the signing of this agreement by the customer, Broker or any agent on its behalf will open an account under the customer’s name in the trading system. The account and other relevant data will be according to the information supplied to the company by the customer. The customer must verify that the information provided to the company contains complete and precise data. It is emphasized that providing erroneous information might be considered a violation of the law and will result in the immediate freeze of the account or it deletion. The customer is aware that Broker will open a trading account for him only after the deposit of a minimal sum, which was set by the company, from time to time, according to its exclusive discretion. The account ant its personal details will be according to the information provided by the customer. With the consent of the customer to all the conditions of this agreement, the customer authorized Broker or a qualified agent on its behalf, to perform for him orders and activities according to the customer’s instructions or according to instruction given by the customers authorized agents in writing and/or verbally, and all under the powers given to Broker under this agreement. In order to remove any doubt, the execution of any transaction in the accounts is subject to the deposit of the collateral. Broker will not permit the execution of any transaction without the said deposit and/or if the deposit is not sufficient for the said transaction and the execution in this case will be subject to the company policy from time to time. To remove any doubt, if Broker will permit you to perform transaction prior to a final confirmation that collateral was deposited in your account and Broker discovers that no collateral was deposited, Broker will have the right to deduct from any profit which will be due to you from the company, the sum you were supposed to deposit in order to perform your activates in the system. Broker will hold all the funds on your behalf and will be authorized to deposit them in any financial institution. If a transaction is executed and eventually found that there is not sufficient collateral to collect the transaction, Broker retains the right to decrease the transaction and/or contact you in order to correct the collateral and / or demand from you full payment for any monetary shortage which might be caused as a result of the transaction development at any time. It is emphasized that this right by Broker does not constitute an obligation and/or any responsibility to decrease a transaction of any kind and you will have no right to claim anything as per losses which occur due to it not being decreased, or if it was decreased. To remove any doubt, it is hereby made clear that Broker has the right, under its sole discretion and with an advance notice to the customer, to change, from time to time, the conditions which apply to the use of the system and the collateral sum required to execute transactions by you. After the account is opened Broker will issue you a personal ID code (hereinafter “Access Code”) for your exclusive use in activating your account over the Internet. You are irrevocably hereby obligated to guard this access code, not to transfer it to another entity and waive any claims against Broker in connection with an unauthorized use of the access code.
According to generally acceptable AML rules and regulations, withdrawals must be performed only through the same bank account or credit/debit card that you used to deposit the funds. Withdrawals from the Account may only be made in the same currency in which the respective deposit was made.