Collection of Personal InformationWe collect information required to open an account, to transact business effectively and to safeguard your assets and your privacy. To do this, we gather information to help us assess your needs and preferences. The information we collect directly from you includes information required to communicate with you, including your name, mailing address, telephone number, e-mail address. We also collect birth date and your location information.
Usage of Personal InformationWe use personal information only as appropriate to provide you quality service and security. For example, we may use the information collected from you to verify your identity and contact information. We may also use this information to establish and set up your trading account, issue an account number and a secure password, maintain your account activity, and contact you with account information. This information helps us improve our services to you, inform you about additional products, services or promotions that may be of interest to you.
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Our Affiliates and PartnersWe may share information with affiliates if the information is required to provide the product or service you have requested or to provide you the opportunity to participate in the products or services our affiliates offer. We may also forge partnerships and alliances, which may include joint marketing agreements, with other companies who offer high-quality products and services that might be of value to our clients. In order to ensure that these products and services meet your needs and are delivered in a manner that is useful and relevant, we may share some information with partners, affiliates and alliances. This allows them to better understand the offers that are most relevant and useful. The use of your personal information is limited to the purposes identified in our relationship with the partner or affiliate.
Non-Affiliated Third PartiesWe do not sell, license, lease or otherwise disclose your personal information to any third party for any reason, except as described below. We reserve the right to disclose your personal information to third parties where required by law to regulatory, law enforcement or other government authorities. We may also disclose your information as necessary to credit reporting or collection agencies, or when necessary to protect our rights or property. To help us improve our services to you, we may engage another business to help us to carry out certain internal functions such as account processing, fulfillment, client service, client satisfaction surveys or other data collection activities relevant to our business. We may also provide a party with client information from our database to help us to analyze and identify client needs and notify clients of product and service offerings. Use of the information shared is strictly limited to the performance of the task we request and for no other purpose. All third parties with which we share personal information are required to protect personal information in a manner similar to the way we protect personal information.
Opting Out of Disclosures of Non-Public Personal InformationYou may direct us not to disclose non-public personal information to certain non-affiliated third parties. To opt out of sharing non-public personal information with non-affiliated third parties, please contact a client service representative. An opt out election made by one account owner of a joint account is applicable to all account owners of the joint account. An opt-out election must be made for each separate account you hold with us.
CommunicationsUnless otherwise indicated for a particular service, any communications or material of any kind that you e-mail or otherwise transmit through the services, including information, data, questions, comments or suggestions will be treated as non-proprietary and non-confidential. By accepting this Agreement you grant a license to us to use your Communications in any way we think fit, either on the website or elsewhere, with no liability or obligation to you. We are free to use any idea, concept, know-how or technique or information contained in your Communications for any purpose including, but not limited to, developing and marketing products. We are entitled, but not obligated, to review or retain your Communications. We may monitor your Communications to evaluate the quality of service you receive, your compliance with this Agreement, the security of the Web site, or for other reasons. You agree that such monitoring activities will not entitle you to any cause of action or other right with respect to the manner in which we monitor your Communications. In no event we will be liable for any costs, damages, expenses or any other liabilities incurred by you as a result of our monitoring activities.
Changes to This Privacy StatementFrom time to time, we may update this Privacy Statement. In the event we materially change this Privacy Statement, the revised Privacy Statement will promptly be posted to the websites and we will post a notice on our websites informing you of such changes. You agree to accept posting of a revised Privacy Statement electronically on the website as actual notice to you. Any dispute over our Privacy Statement is subject to this notice and our Customer Agreement. We encourage you to periodically check back and review this policy so that you always will know what information we collect, how we use it, and to whom we disclose it. If you have any questions that this statement does not address, please contact a Client Services representative.
Definitions of terms
The following terms shall have the following meanings:
“Account” shall mean the trading account opened by the Client with the Company.
“Agreement” between the Client and the Company, shall mean the Business Terms and any additional documents expressed to be part of the Business Terms accepted by the Client.
“Authorized Person” shall mean a person authorized by the Client to give instructions on the Client’s account to the Company.
“Base Currency” shall mean the main currency of the Client’s Account. “Business Day” shall mean any banking day in the Republic of Cyprus.
“CFD” shall mean a Financial Contract for Difference on spot Forex, stocks, equity indexes, precious metals or any other commodities available for trading.
“Client” shall mean any natural or legal person to whom the Company provides investment and/or ancillary services.
“Contract” shall mean a trade, purchase or sale of currencies or Financial Instruments in the market.
“Dormant” shall mean a trader's account which had no client-initiated activity for the past 180 days.
“Equity” shall mean the value of Financial Instruments in the trading account plus the unrealized profits or minus the unrealized losses.
“Financial Instrument” shall mean Foreign Exchange and the Contract for Difference.
“FX” or “Forex” shall mean Foreign Exchange, sale and purchase of currencies against each other.
“Introducing Broker” shall mean any financial institution or advisor or legal or natural person obtaining remuneration from the Company and/or Clients for introducing Clients to the Company and/or transmitting Client’s orders to the Company for execution.
“Margin” shall mean the necessary guarantee funds requested to open a position.
“Margin call” shall mean the forced closing, at current prices, by the Company of Client’s open positions when equity falls below the minimum required margin.
“Margin level” shall mean the amount of Equity as percentage to the current market value of the securities held as margin.
“MiFID” shall mean the Markets in Financial Instruments Directive 2004/39/EC of 21 April 2004.
“Power of Attorney” shall mean the power to authorize a third party to act on behalf of the Client in all the business relationships with the Company.
“Spread” shall mean the difference between the bid and the ask price of a Financial Instrument at the same moment.
“Trading Platform” shall mean any information software and hardware complex used by the Company for the purpose of providing services to the Client in accordance with this agreement.
“Trading Terminal” shall mean the Client part of the Trading Platform, enabling the Client to communicate with the Company and or Transmit orders to the Company.
“Transaction” shall mean any type of transaction performed in the Client’s account including but not limited to purchase and sale transactions involving Financial Instruments, deposits, withdrawal.
Provision of services
The Investment Services to be provided by the Company to the Client are:
1 Execution of Orders on Behalf of Clients.
The Ancillary Services to be provided by the Company to the Client are:
1 Safekeeping and administration of financial instruments, including custodianship and related services
2 Granting credits or loans to one or more financial instruments, where the firm granting the credit or loan is involved in the transaction
3 Foreign exchange services where these are connected to the provision of investment services.
4 Ιnvestment research and financial analysis or other forms
In relation to:
5 Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash.
6 Financial Contracts for Differences.
7 The Company lists on its website the Transactions that the Client can conclude with the Company and the Financial Instruments that the Client can buy or sell. The Company reserves the right to amend the Transactions and the Financial Instruments concerned without prior notice.
The Services provided by the Company do not include the provision of Investment Advice.
Any discussions that might be carried on between the Client and the Company’s employees or any information provided by the Company will not give rise to any advisory relationship, nor do they constitute Company recommendations.
Any investment information or materials displayed on the website of the Company does not constitute investment advice and has no regard to specific investment objectives, financial situations or particular needs of the Client. The Client acknowledges that this information is provided to assist him in his investment decision and the Company does not bear any responsibility for the Transactions carried out by the Client.
The Client is solely responsible for any investment strategy, Transaction or investment.
Trading in Financial Instruments is regulated by the Investment Services and Activities and Regulated Markets Law of 2007 (Law 144(I)/2007) as subsequently amended as well as Cyprus Securities and Exchange Commission relevant directives.
Automatic Leverage Reduction
Foreign Exchange and CFDs are margin products and the transactions related to them will be done on margin. The Client declares that they have read, understood and accepted the Risk Disclosure document available on the website of the Company. The following Leverage limitations are enabled on the Company's servers:
1:1000 Leverage Limitations:
If the Account Equity is greater than or equal to 2500 units of currency (example USD2,500, SGD2,500, etc.), the leverage of the Account will automatically reduce to 1:500.
1:500 Leverage Limitations:
If the Account Equity is greater than or equal to 25000 units of currency (example USD25,000, SGD25,000, etc.), the leverage of the Account will automatically reduce to 1:400.
The Client thus accepts, acknowledges and understands that the automatic reduction of leverage in the Account could result in the Account Equity falling below the updated margin requirements, which could result in a Margin Call. Client is therefore strongly advised to maintain appropriate amount of margin in their Account(s) at all times in the event of an automatic reduction of Account leverage.
The Company may also add to or change its Leverage Limitations at any time without prior notice.
Foreign Exchange and CFDs are margin products and the transactions related to them will be done on margin. This means that the Client must supply a specified initial margin (deposit), on agreement, of the overall contract value. The Client declares that he has read, understood and accepted the Risk Disclosure document available on the website of the Company.
If the Account Equity falls below the margin requirement, the trading platform will trigger an order to close all open positions. When positions have been over-leveraged or trading losses are incurred to the point that insufficient equity exists to maintain current open positions, a margin call will result, and open positions must be liquidated.
The margin call process is entirely electronic and there is no discretion on the Company’s part as to the order in which trades are closed.
It is strongly advised that Clients maintain the appropriate amount of margin in their Accounts at all times. Margin requirements may be changed based on account size, simultaneous open positions, trading style, market conditions, and at the discretion of the Company.
The Client thus accepts, acknowledges and understands that:
1 The Company does not check whether the Transactions of this nature are appropriate to his financial situation;
2 The Company sets freely the amount of margins, the assets that may be used as collateral and the extent of any collateral such assets may provide;
3 All the Client’s assets are therefore blocked and pledged in this connection;
4 The Company may also change its rates of initial margin and/or notional trading requirements at any time without prior notice, which may result in a change to the margin the Client is required to maintain;
5 Taking into consideration the low margin normally demanded for these Transactions, price variations in the underlying asset may result in major losses, which could significantly exceed the investment and margin deposit committed by the Client;
6 The Client may be required to provide a margin at very short notice to avoid the risk of having his positions closed and realizing a total loss;
7 If the Client fails to comply with a request for additional funds within the time prescribed, the position(s) may be liquidated at a loss and the Client will be liable for any resulting deficit;
8 In certain cases, price changes may be so drastic that the Client’s positions may be closed without any period allowed for him to restore his margin; The Company provides the Client with online access to enable the Client to monitor his margin requirement at all times;
9 The margin calls are made by the Company directly through the online trading platform only and the Client has the possibility to see on his account the existing assets and margins.