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Problem 4XP changes contract rules without telling to clients
- Thread starter Sashaphotoit
- Start date
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- Tags
- 4xp.com
I am having an issue with a company
Sashaphotoit
Private, 1st Class
- Messages
- 48
Here the Terms and Conditions on 4xP's website which link (to see original page) is below this post:
Terms and Conditions - Client Agreement:
Classic Account
ECN Account
Binary Options Account
Classic Account
4XP Client Agreement - Classic Account (Version 11.1)
This Client agreement is entered by and between Forex Place Ltd., a Company incorporated in the Territory of the British Virgin Islands (the "Company") and the person or legal entity that has applied to open a trading account at the Company's trading platform (the "Client"), according to the terms and conditions detailed herein.
1. Introduction
1.1 This agreement, along with the Company's Risk Disclosure Document, as well as any legally binding document entered into between the Company and the Client, all as amended from time to time (together: the "Agreement"), set out the terms upon which the Company will deal with the Client in respect to placing and executing foreign exchange rates and other financial instruments transactions orders, on the Company's trading platform ("Forex Trading"), and any other service made available by the Company to the Client.
2. Opening of the Trading Account
2.1 The Company will open an account for the Client (the "Trading Account") as soon as reasonably practicable after: (i) the Company has received confirmation that the Client has agreed to enter into this Agreement (such confirmation can be made by checking the "I AGREE" button or link on the Company's Website (the "Website")), followed by a completed application form (if applicable) and all other information on the Client required by the Company to be provided. The Client confirms that all information provided by it is full, accurate and complete. If there is a change in relation to any of the information provided by the Client, the Client must notify the Company immediately of any such change.
2.2 The Trading Account will be activated by the Company as soon as the Company has identified the funds credited by the Client to the Trading Account. However, if the Company opens a Trading Account and funds are credited to it before the Company is satisfied that all requirements in relation to the opening of such Trading Account under Applicable Regulations , have been complied with, then either: (i) the Company need not activate the Trading Account and in such circumstances no trading shall be permitted in relation to a Trading Account; or (ii) the Company may activate the Trading Account and permit trading in relation to the Trading Account subject to such limitations, and to the satisfaction of such further requirements in relation to the opening of such Trading Account under Applicable Regulations as the Company may impose (for example, in relation to the provision of further information on the identity of the Client). In the event that a Trading Account is activated but any such requirements are not complied with, the Company may freeze the Trading Account by closing out all existing positions and no further trading shall be permitted in relation to the Trading Account. Where a Trading Account is not activated or is frozen, no funds held by the Company in respect of that Trading Account may be transferred back or to any other person until the Company is satisfied that all Applicable Regulations have been complied with.
2.3 In relation to any Transaction entered into pursuant to the Agreement the Company may act, according to the Company's sole discretion as principal or as agent on the Client's behalf. Therefor the Company may act as the counter party to the Clients Trading activity. The Client confirms that it acts as principal and not as agent or trustee on behalf of someone else. Accordingly, the Client agrees that it shall be directly and fully responsible for performing the obligations of the Client under this Agreement, including in respect of each Transaction made by or on behalf of the Client. The Company shall not accept any other person as an indirect client in respect of this Agreement and shall accept no obligation to any such person unless otherwise specifically agreed in writing.
2.4 Usage of the Trading Platform provided by the Company is by limited license given by the company to the client. The license is personal, non-transferable and is subject to this Agreement. The Client may not transfer, assign, and enable other to make any use of the license, and/or give the Clients access codes to the Trading Account to anyone. Any action taken in contradiction to these terms and any damage caused to the client, the company and any third party will be under the client's sole responsibility.
2.5 The Client hereby represents and warrants that his engagement with the Company in to this Agreement and his use of the Company's services are in full compliance with the law applicable to the Client.
3. Funds
3.1 The Client may transfer funds to the Company with different methods of payment as permitted by the Company from time to time and in any currency (acceptable by the Company), and such funds will be converted and managed in the Trading Platform in US Dollars or Euro, as applicable, according to an exchange rate determined by the Company's according to the known rates at the Market.
3.2 When making a bank transfer, the Client must send the Company an authentic SWIFT confirmation, stating full bank account details and proof that the bank account is registered under its name. Non-delivery of the SWIFT confirmation or the details not conforming to the Client's details registered at the Company may result in the funds not being credited to the Client's Trading Account and the return of the funds transferred to the Company.
3.3 When making a funds transfer to the Company by cheque or any other method permitted by the Company in accordance with Applicable Regulations, the Client will be required to identify itself according to the Company's regulations and any Applicable Regulations. The Company does not accept transfers of cash. The Client is required to provide such further full and true information and sign any document required by the Company to enable proper operation of the Trading Account.
3.4 Whenever the Client transfers funds to the Company, those funds belong to the Company and will be treated by it as its own for the purpose of securing or covering the Client's present, future, actual, contingent or prospective obligations, subject only to any contractual obligation of the Company to pay or return money to the Client according to the terms of this Agreement. The Client will not have a proprietary claim over money transferred to the Company, and the Company can deal with it in its own right. In determining the amount of collateral and the amount of the Company's obligations to pay or return money to the Client, the Company may apply such methodology (including judgments as to the future movement of markets and values), as the Company considers appropriate, consistent with Applicable Regulation.
3.5 The Funds deposited with the Company by the Client, together with any Profit or other Benefits the Client may be entitled to according to a specific agreement with the Company, shall be used as security to any Transaction, including Trading Losses, Commission and any other Fee or debt owed by the Client to the Company, which will be automatically deducted from the Client's equity in the Trading Account. The Client's Funds shall not accumulate any interest or any other benefits (except for rollover/swap calculation, as defined below). Trading in CFD's, binary options or other trading methods that relate to a reference security shall not grant the Client any right to dividends, voting, allocations or any other Benefits, but may be subject to adjustments according to financial events which affect the reference security, such as distribution of dividends, splits etc.
3.6 Repayment of any funds by the Company to the Client will be in the same currency and to the same account/credit card from which the funds were originally transferred, unless the Company has decided, by its own discretion, to return the funds to a different account of the Client.
3.7 The Client declares that all funds that it transfers to the Company do not derive from any criminal or other illegal activity and without any violation of any applicable anti money laundering laws and regulations.
3.8 The Client will have no claim against the Company and will not hold the Company responsible for any delay and/or differences originating from a credit company's rates calculation and/or commission and/or any other debit, including credit companies' identification regulations and any other demand. In addition, the Client will have no claim against the Company and will not hold the Company responsible for any delay and/or differences and/or any commission etc. originating from banking system.
3.9 If the Client gives an instruction to withdraw funds from the Trading Account, the Company shall pay the specified amount (less any transfer charges, if applicable) within ten (10) Business Days once a duly instruction has been accepted and at the moment of payment, the Client's margin requirements have been met. The Company may cancel the Client withdrawal order, if, according to the Company's discretion, the remaining funds (after the withdrawal) shall not be sufficient to secure open Position(s) in the Trading Account.
3.10 The Company shall debit the Client's Trading Account for all payment charges. If the Client has the obligation to pay any amount to the Company which exceeds the amount held in the Client's Trading Account, the Client shall immediately pay such amount upon Company's request.
3.11 The Company shall not provide physical delivery in relation to any Transaction. As mentioned above, Profit or loss is credited to or debited to or from the Trading Account (as applicable) once the Transaction is closed.
4. Fees & Charges
4.1 The Company does not charge brokerage fees or commissions for executing trades (not including ECN's trading accounts). The Company derives revenue from the spread on Transactions (i.e. the difference between buy/sell prices quotes offered by the Trading Platform to the Client). It is the Client's responsibility to decide whether or not it wishes to trade at such prices.
4.2 The Company charges a fee for transfers of funds standing to the credit of a Trading Account from the Company to the Client at its prevailing transfer rate, currently equivalent to USD 35 USD per transfer, and this amount will be a deducted from the Client's Trading Account.
4.3 The Company may levy an additional charge(s) on transfers of funds to be credited to a Trading Account made by debit card or credit card.
4.4 The Company may introduce additional fees and charges, and may change any existing fees and charges, at any time by giving the Client not less than 10 Business Days' notice of such changes.
5. Trading
5.1 The Trading Platform supplied by the Company enables trading in foreign exchange rates of different currencies, commodities, CFD's and any other financial instruments made available by the company (all hereof: "Financial Instruments"). The Trading Platform displays Indicative Quotes of exchange rates of different financial instruments pairs, based on different financial information systems, as the most updated exchange rates in the international Forex markets. For determining the exchange rates for different time periods, the platform is making mathematical calculations according to known and accepted Forex markets formulas. It is acknowledged by both Parties that due to different calculation methods and other circumstances, different trading platform and/or markets may display different price quotes.
5.2 The Company's Trading Services are available during regular Forex Trading hours, Monday-Friday. A Trade is ended in any of these events: (A) the Client closes the Transaction; (B) The Transaction meets with stop loss, take profit or other predefined criteria set by the Client or the Company under this Agreement (see clause 6 for further information on order types); (C) the Transaction expires according to the expiration time set by the Client or the Company, if applicable; (D) The Client does not have sufficient funds in their Trading Account to hold that Transaction open.
5.3 The Company does warrant that trading in the Trading Account will be available at all times.
5.4 Placing orders - Orders may be submitted to the Company by the Company's electronic Trading Platform via the internet, telephone, unless the Company informs the Client that a particular order can only be given in a particular way. If any order is received by the Company by telephone, computer or other way, the Company may ask the Client to confirm such order in writing. The Company shall be under no obligation to act upon such order until such confirmation is received. Orders for the simultaneous sale and purchase of a financial instrument on behalf of the same beneficial owner may not be given under this Agreement (one shall cancel another).
5.5 The Client authorizes the Company to rely and act on any order, request, instruction or other communication given or made (or purporting to be given or made) by the Client or any person authorized on the Client's behalf, without further enquiry on the part of the Company as to the authenticity, genuineness authority or identity of the person giving or purporting to give such order, request, instruction or other communication. The Client will be responsible for and will be bound by all obligations entered into or assumed by the Company on behalf of the Client in consequence of or in connection with such orders, requests, instructions or other communication.
5.6 Cancellation/withdrawal of orders by the Client- If the Client requests cancellation of any order, the Company can only cancel such order if the Company has not acted upon such order, or if otherwise agreed by the Company.
5.7 The Company has the right, but not the obligation, to set, at its absolute discretion, limits and/or parameters to control the Client's ability to place orders or to restrict the terms on which a Transaction may be made. Such limits and/or parameters may be amended, increased, decreased, removed or added to by the Company and may include (without limitation): (i) controls over maximum order amounts and maximum order sizes; (ii) controls over total exposure of the Company to the Client; (iii) controls over prices at which orders may be submitted (including, (without limitation, controls over orders which are at a price which differs greatly from the market price at the time the order is submitted to the Company's order book); (iv) controls over any electronic services provided by the Company to the Client (including ,without limitation, any verification procedures to ensure that any particular order or orders has come from the Client); or (v) any other limits, parameters or controls which the Company may be required to implement in accordance with Applicable Regulations. The Company may in addition require the Client to limit the number of open Transactions which the Client may have with the Company at any time. The Company shall notify the Client of the limits and restrictions applicable prior to Client placing an order.
5.8 The company does not allow actions or non-actions based on arbitrage calculations based on different systems or platforms in the Forex markets.
5.9 The company is entitled, by its own discretion, to cancel any trade that has been executed due or in connection with an error, system malfunction, breach of the Agreement by Client, etc. The company's record will serve as decisive evidence to the correct exchange rates in the world markets and the wrong rate quote given to the client, and the company is entitled to correct or cancel any trade based on the correct exchange rates.
5.10 Trade Reporting- Client can see his open trades ("positions") and guarantee funds situation at any time by accessing his account in the company's platform and viewing past trade's reports generated by the company.
5.11 Promotional Offers and Benefits – the Company may, from time to time and upon a specific agreement with Client, credit benefits or bonus amounts to a Trading Account and a Client will be entitled to use such amounts to make trades and satisfy any margin requirements under this Agreement, but will not belong to the Client and will could be withdrawn from the Trading Account, unless specifically agreed with Company.
6. EA Applications
6.1 The Company's trading platform enables the Client to activate 'Automated Trading Services', also known as "Expert Advisers" or "EA" (the "Application"), in the Client's Trading Account.
6.2 To the request of the Client, Company shall install the Application in his Trading Account. The Company reserves the right to refuse to install or enable the activation of any certain Application without stating any cause.
6.3 When requesting the Company to install or to enable an Application in his Account, The Client acknowledges and understands the special risks involved in EA Trading. Some of them, but not all, are detailed below.
6.4 The Client acknowledges that once the Application is enabled, it will attempt to follow the relevant financial markets and give trading orders automatically, according to a computerized algorithm. This algorithm will initiate buy and sell instructions, usually based on the parameters entered into it in advance, such as timing, price and leverage. These instructions are forwarded for execution without further discretion or human intervention, and without the supervision of the Company. The basic operation of the algorithm variables may change from time to time, including the leverage ratio, currency pairs, or other assets, the types of algorithms and different analyzes etc.
6.5 The Client understands and agrees, that the Client may be prevented from giving orders in the Account, and that his access shall be restricted to view-only, while trading orders shall be transferred by the Application only.
6.6 The Client hereby authorizes the Company to pay to the Application operator the fees as requested by the Application operator. The Company shall not have responsibility to investigate or inquire the Application operator's payment request(s). The Client further understands and acknowledges that the spread between buy/sale price quotes offered by the Company may increase, and/or other commissions may be collected in the Account, due to the operation of the Application and making payment to the Application operator.
6.7 The Application may be upgraded or updated from time to time. These upgrades or updates may cause temporary or permanent cessation of the Application.
6.8 The Company shall enable the operation of Application as a complementary service only, and the Company does not warrant, in any way, that the Application would satisfy and /or meet the expectation of the Client or that the supply, installation and operation of the Application will be uninterrupted and/or error-free. All risks relating to the implementation and performance apply to the Client. It is further clarified that the Application and its use through the Internet connection is "AS IS" and "as available", and the Company hereby disclaims specifically any warranty, express or implied, including without limitation, warranties of satisfactory quality and fitness for a particular purpose, with respect to the Application and/or use of it. The Company shall NOT be liable, in any way, for any Application failure, and will NOT be liable for any claim or demand with respect to the Application, including but not limited to, trading losses, breach of contract by the Application provider, tort (including negligence and breach of statutory duty) or otherwise, for any direct, indirect, special or consequential loss, loss of profits, revenue, contracts or other damage.
6.9 The Client is aware that the Application does not constitute investment portfolio management and /or investment advice by the applicable law.
6.10 The Application, if installed on the Company's or third party's servers, may execute orders even if the Client's computer is shut down or the Trading Platform Client's Interface is not operating. The Application, if installed on the Client's computer, will not execute stop (or other) orders if Client's computer is shut down or the Trading Platform Client's Interface is not operating.
6.11 The Company reserves the right to remove the Application from the account at any time.
7. Tangible Gifts
7.1 From time to time, the Company may issue benefits to its Client, in form of Tangible Gifts.
7.2 A Client, that the Company has agreed to entitle, in writing, a Tangible Gift, shall have to perform a trading volume of 300 Lots in order to receive the Tangible Gift. For the purpose of this section 6, One 'Lot' equals $100,000.
7.3 If the Client wishes to withdraw funds from his Trading Account, or to close his Trading Account, before the required trading volume has been performed in full, then the Company shall deduct USD 1,000 from the Trading Account for the value of the Tangible Gift and Company's expenses.
7.4 The Client shall be entitled to the Tangible Gifts under this section, only if his deposits to Trading Account were made by Bank (wire) transfer(s) and not by any other method of payment.
8. Bonus Policy
8.1 From time to time, the Company may issue benefits to its Client, in the form of "Bonuses" or "Credits", credited to the Client's Trading Account. The Bonus allocation shall be described in the Trading Account as 'Credit' or 'Bonus'.
8.2 The Company offers different Bonus schemes, from time to time, which different in the size of the Bonus in relation to the initial deposit made to the Trading Account. The current Bonuses schemes are:
(a) A Bonus of up to (including) 25% of the initial deposit.
(b) A Bonus of more than 25% of the initial deposit.
8.3 The Bonus shall become a part of the deposit for securing Trading results, but shall not be available for withdrawal, unless an accumulated trading volume in the account, calculated in 'Lots', following the Bonus grant is, at least, the Bonus granted divided by Five (5) (the "Required Volume").
8.4 Clients cannot withdraw funds from their account under any bonus scheme in case 75% of Required Volume has not been completed.
8.5 Subject to section 8.4 above, In Bonus scheme (a), if the Client has asked to withdraw funds from his Trading Account, before the full Required Volume has been achieved, then the Credit shall be forfeited.
8.6 Subject to section 8.4 above, In Bonus scheme (b), if the Client has asked to withdraw funds from his Trading Account, before the full Required Volume has been achieved, then the Credit and any trading profits in the Trading Account shall be forfeited (the Client shall be entitled to withdraw his initial deposit funds (as present in the Trading Account, i.e. minus trading loses, commission(s) and any other loss or expense).
Clarifying Examples:
(a) If the Client initial deposit was $1,000 and the Bonus size was 10% (less than 25%), the Company shall credit the Trading Account with $100 as 'Credit' and the Required Volume shall be 20 Lots (=100/5). If the Client wishes to withdraw funds from the Trading Account before 20 Lots were performed, then the Bonus shall be forfeited.
(b) If the Client initial deposit was $1,000 and the Bonus size was 30% (more than 25%), the Company shall credit the Trading Account with $300 as 'Credit' and the Required Volume shall be 60 Lots (=300/5). If the Client wishes to withdraw funds from the Trading Account before 60 Lots were performed, then the Bonus and any trading profits shall be forfeited.
8.7 In case the Client has more than one Trading Account with the Company, then the Bonuses in the different Trading Accounts shall be treated as one, and any withdrawal from an individual Trading Account will mean a forfeiture of the Bonus(s) in all the Trading Accounts.
8.8 The Bonus may also be forfeited in case the Company suspects any act of fraud or breach of the Company's Terms and Conditions.
8.9 The Company may change the terms of the Bonus policy at any time. Prior notice will be given to the Clients via e-mail and by posting on the Company's website.
For the purpose of sections 7 and 8, One 'Lot' equals 100,000 base currency.
9. Orders types
9.1 Limit Order - A Limit Order is an instruction to trade at a level that becomes more favorable to the Client. A Limit Order can be used to open or close a position. Each Limit Order has a specified price limit set by the Client (but subject to the Company's agreement). A Limit Order will be triggered if the Company's bid price (in the case a sell order) or ask price (in the case of a buy order) moves in the Client's favor to a point where the Client's order can be executed. Once the limit level is triggered, the Company will seek to execute the order at that price. If the Company cannot do so (e.g. because in attempting to execute the order, the price becomes less favorable to the Client), the limit order will remain operational, waiting for the price to move again in the Client's favor, such that it is triggered again.
9.2 Stop Order– A Stop Order is generally placed to provide some risk protection, for example, in the event of the Client's position moving into loss. A Stop Order can also be used to either open or close a position. Each Stop Order has a specific stop level, set by you (but subject to the Company's agreement). The Stop Order will be triggered only if a transaction takes place on the Company's trading platform at that stop level. Once the Stop Order is triggered, the Company will seek to execute the order at a level that is the same as the stop level (although it may be at a less favorable level). The Company does not guarantee: (a) entry stops (b) stop orders based on hedged trades (two trades in opposite directions both with stop losses in either the same currency or similarly related/correlated currencies), that are an artificial way to create an entry stop (c) slippage trades or market cease of trading (d) instruments other than currencies and/or instruments that do not have 24 hour trading such as CFD's, indices, oil and some other currencies and instruments, during holidays, weekends, news announcements, special events and/or crises may trade through a gap in the market.
9.3 Other orders explanations – Such as OCO'S (One Cancels the other), ID's (If Done) Trailing Stops etc., and more information, can be found on the Company's website.
9.4 Rollovers or Swaps- a Trade is automatically renewed ('rolled over') at night, to the next business day, without the need for the Client's intervention. Such rollovers are accommodated with interest debits or credits to the Trader's Trading Account, based on the interest rate differentials applicable to each currency and taking into account the Company's own costs, depending on whether the position is long or short on the high interest rate currency, i.e. if you buy a currency pair where the base currency has a higher interest rate than the quote currency, then you'll receive interest, and vice versa.
9.5 Margin call - In the event that the client fails or is expected to fail to meet the amounts required to secure his open trades, the Company may demand that the client shall deposit such sums as required ('margin call'). In case the Client fails to meet such margin call, the Company may close out the Client's position(s) ('stop out'). The Client acknowledges and agrees that this may result in a Transaction being closed out at a less favorable time or rate than might otherwise be the case and the Company shall not have any liability to the Client as a result of it closing out any Transaction in such circumstances. In case that the Client has deposited funds within 30 days from 'stop out', than any special contractual terms with the Client shall be reserved.
10. Privacy and Data Protection
10.1 Due to the nature of the Company's business and relations with the Client, The Company shall hold some personal client information. All data collected, whether it is on paper or on a computer is safeguarded in order to maintain the Client Privacy.
10.2 The Company shall be permitted to use and/or disclose the Client Information (a) For internal use, including with affiliated entities; (b) As permitted or required by law; (c) For protection against or prevent actual or potential fraud or unauthorized transactions or behavior (d) For computerized supervision of Client's use of the services, review and/or supervision and/or development and/or maintenance of the quality of services; (e) to protect the Company's rights or obligation to observe any applicable law.
10.3 The Client hereby grants the Company his/her permission to make use of his/her user details in order to provide updates and/or information and/or promotion or marketing purposes through the Clients e-mail address or other contact information. Cancellation of this consent shall be performed by providing written notice to the Company, and shall apply to new publications that have not been sent.
10.4 The Client agrees that the Company may record all conversations with the Client and monitor (and maintain a record of) all emails sent by or to the Company. All such records are the Company's property and can be used by the Company, amongst other things, in the case of a dispute between the Company and the Client.
10.5 Affiliation- the Company may share commissions and charges with its associates, introducing brokers or other third parties or receive remuneration from them in respect of contracts entered into by the Company. Such affiliates of the Company may be disclosed with Clients information.
10.6 The Company's Trading Platform, Website or other services may require and use of 'Cookies'.
11. Advice, Information and Tax
11.1 The Company does not advise its clients in regard to the expected profitability of any trading action or non-action, and any tax or other consequences. The Client represents that it has been solely responsible for making its own independent appraisal and investigations into the risks of the Transaction. The Client represents that it has sufficient knowledge, market sophistication and experience to make its own evaluation of the merits and risks of any Transaction. The Client acknowledges that he has read and understood the Risk Disclosure Document which sets out the nature and risks of Transactions to which this Agreement relates.
11.2 Where the Company does provide market commentary or other information: (a) this is incidental to the Client's relationship with the Company. (b) It is provided solely to enable the Client to make its own investment decisions; (c) that the information, at the time it has been received by Client, is still updated.
11.3 The Company shall not be responsible for the consequences of the Client acting upon such trading recommendations, market commentary or other information.
11.4 The Client acknowledges that the Company shall not, in the absence of its fraud, willful default or gross negligence, be liable for any losses, costs, expenses or damages suffered by the Client arising from any inaccuracy or mistake in any information given to the Client.
11.5 The Company is under no obligation to assess the appropriateness of any Transaction for a Client under the Applicable Regulations, to assess whether or not the Client has the necessary knowledge and experience to understand the nature of and risks associated with the Transactions. All risks related to the above are under the sole responsibility of the Client.
11.6 Trader's Tax Allocations- Any tax applying on the Client and/or results from the Client's trading activity, including trading profits and/or trading losses and/or any charges and/or deductions made from the Client's Deposit or Client's Equity, shall be under the Client's full and sole responsibility. The Client shall personally report and pay any personal, federal, state and local tax liability he is obligated to, if applied. The Company serves as a mediator only and does not collect deduct, pay or withhold tax from the Client. The Company's reserve the right, if ordered by an official entity, to deduct tax from the Client and deliver it to the proper tax authority as ordered by the official entity.
12. Account Balances
12.1 Account balances and statements are displayed within the trading platform made available to the Client by the Company. Common terms definitions can be found on the Company's Website.
13. Closing an account and cancellation of the agreement
13.1 Either party may terminate this Agreement by giving 10 (Ten) days written notice of termination to the other. Either party may terminate this Agreement immediately in any case of any breach of this Agreement or event of Default by the other Party. Upon terminating notice of this Agreement, Client shall be under the obligation to close all open positions, otherwise, the notice shall become void, or the Company shall have the right to close all open positions without assuming any responsibility.
13.2 Upon termination, all amounts payable by the Either Party to the other Party will become immediately due.
13.3 Termination shall not affect any outstanding rights and obligations according to the applicable law and the provisions of this this Agreement.
14. Indemnities and Limitations of Liability
14.1 THE SERVICES OF THE COMPANY ARE PROVIDED "AS IS" AND "AS AVAILABLE", AND COMPANY MAKES NO WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR PARTICULAR PURPOSE. THE COMPANY DOES NOT WARRANT THAT COMPANY WEBSITE(S), SERVERS, OR E- MAIL COMMUNICATION ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. THE COMPANY WILL NOT BE LIABLE FOR ANY DAMAGES OF ANY KIND ARISING FROM THE USE OF TRADING PLATFORM OR WEBSITE(S), INCLUDING, BUT NOT LIMITED TO DIRECT, INDIRECT, INCIDENTAL, PUNITIVE, AND CONSEQUENTIAL DAMAGES.
14.2 Client acknowledges and agrees that the Trading Platform follows the relevant market, whether the Client is in front of his computer or not, and whether the Clients computer is switched on or not, and will exercises the order left by the Client if applicable.
14.3 The Client shall, upon first demand by the Company, compensate the Company from and against all liabilities, damages, losses and costs (including reasonable legal costs), duties, taxes, charges, commissions or other expenses incurred by the Company.
14.4 The Company shall have the right to set-off any amount owed by the Company to the Client, against any debt or other obligation of the Client towards the Company. In any event of Default of Client (voluntary or involuntary insolvency procedures against the Client) all debts, future debts and other obligations of the Client towards the Company shall become immediately due.
15. General Provisions
15.1 The Company has the right to amend the Agreement without obtaining any prior consent from the Client. If the Company makes any material change to the Agreement, it will give at least 10 (Ten) Business Days' notice of such change to the Client. Such amendment will become effective on the date specified in the notice. Unless otherwise agreed, an amendment will not affect any outstanding order or Transaction or any legal rights or obligations which may already have arisen.
15.2 Partial invalidity- If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Agreement nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired.
15.3 Joint account- If the account is a joint account (on the name of more than one entity), then each of the entities in the account shall be authorized to represent the other entities towards the Company, with no requirement of any prior notice or approval from the other entities. Each of the entities in the account agrees that any notice or instruction given by the Company to any of the entities shall be considered as given to all the entities. In case of contradiction between instructions given to the Company by different entities, then the last instruction received by the Company will prevail.
15.4 Language, Notices and Complaints - All communications between the Company and the Client will be in English or in any Language, suitable both to the Client and the Company.
15.5 Unless otherwise agreed, all notices, instructions and other communications to be given by the Company shall be given to the address or fax number provided by the Client, or via e-mail or other electronic means, details of which are provided by the Client to the Company. Any complaint shall be directed to the Company's client services department, who will investigate the complaint and make every effort to resolve it. Such a complaint should be made to: customersupport@4xp.com
15.6 Governing Law- These Terms and any relationship between the Company and the Client shall be governed by law applicable in Belize and subject to the exclusive jurisdiction of Belize courts. The Company shall have the right, in order to collect funds owed to the Company by Client or to protect the Company's rights such as good-name, intellectual property, privacy etc., to immediately bring legal proceedings against Client, in the Client's residency and according to the Client's residency applicable law.
15.7 No Right to Assign- No rights under this Agreement shall be assignable nor any duties assumed by another party except to/by an affiliate of The Company. Upon assignment to an Affiliate of the Company, the terms of this Agreement may be amended to fit any applicable regulation effective upon the assignee, and Client hereby consent in advance to such regulatory modifications to this Agreement. This Agreement shall be binding upon and inure to the benefit of the successors heirs of the Client.
15.8 Dormant Trading- If the Client will not perform any trading activity or his trading activity will be in very low volume, for the time period defined by the Company, or if the Trader does hold minimum funds in his account, defined by the Company, the Company may charge the account with Dormant Trading commission, at a rate to be determined by the Company from time to time, close any open trade and/or the Client access to the Account and/or terminate this Agreement.
We wish you successful trading!
Terms and Conditions - Client Agreement:
Classic Account
ECN Account
Binary Options Account
Classic Account
4XP Client Agreement - Classic Account (Version 11.1)
This Client agreement is entered by and between Forex Place Ltd., a Company incorporated in the Territory of the British Virgin Islands (the "Company") and the person or legal entity that has applied to open a trading account at the Company's trading platform (the "Client"), according to the terms and conditions detailed herein.
1. Introduction
1.1 This agreement, along with the Company's Risk Disclosure Document, as well as any legally binding document entered into between the Company and the Client, all as amended from time to time (together: the "Agreement"), set out the terms upon which the Company will deal with the Client in respect to placing and executing foreign exchange rates and other financial instruments transactions orders, on the Company's trading platform ("Forex Trading"), and any other service made available by the Company to the Client.
2. Opening of the Trading Account
2.1 The Company will open an account for the Client (the "Trading Account") as soon as reasonably practicable after: (i) the Company has received confirmation that the Client has agreed to enter into this Agreement (such confirmation can be made by checking the "I AGREE" button or link on the Company's Website (the "Website")), followed by a completed application form (if applicable) and all other information on the Client required by the Company to be provided. The Client confirms that all information provided by it is full, accurate and complete. If there is a change in relation to any of the information provided by the Client, the Client must notify the Company immediately of any such change.
2.2 The Trading Account will be activated by the Company as soon as the Company has identified the funds credited by the Client to the Trading Account. However, if the Company opens a Trading Account and funds are credited to it before the Company is satisfied that all requirements in relation to the opening of such Trading Account under Applicable Regulations , have been complied with, then either: (i) the Company need not activate the Trading Account and in such circumstances no trading shall be permitted in relation to a Trading Account; or (ii) the Company may activate the Trading Account and permit trading in relation to the Trading Account subject to such limitations, and to the satisfaction of such further requirements in relation to the opening of such Trading Account under Applicable Regulations as the Company may impose (for example, in relation to the provision of further information on the identity of the Client). In the event that a Trading Account is activated but any such requirements are not complied with, the Company may freeze the Trading Account by closing out all existing positions and no further trading shall be permitted in relation to the Trading Account. Where a Trading Account is not activated or is frozen, no funds held by the Company in respect of that Trading Account may be transferred back or to any other person until the Company is satisfied that all Applicable Regulations have been complied with.
2.3 In relation to any Transaction entered into pursuant to the Agreement the Company may act, according to the Company's sole discretion as principal or as agent on the Client's behalf. Therefor the Company may act as the counter party to the Clients Trading activity. The Client confirms that it acts as principal and not as agent or trustee on behalf of someone else. Accordingly, the Client agrees that it shall be directly and fully responsible for performing the obligations of the Client under this Agreement, including in respect of each Transaction made by or on behalf of the Client. The Company shall not accept any other person as an indirect client in respect of this Agreement and shall accept no obligation to any such person unless otherwise specifically agreed in writing.
2.4 Usage of the Trading Platform provided by the Company is by limited license given by the company to the client. The license is personal, non-transferable and is subject to this Agreement. The Client may not transfer, assign, and enable other to make any use of the license, and/or give the Clients access codes to the Trading Account to anyone. Any action taken in contradiction to these terms and any damage caused to the client, the company and any third party will be under the client's sole responsibility.
2.5 The Client hereby represents and warrants that his engagement with the Company in to this Agreement and his use of the Company's services are in full compliance with the law applicable to the Client.
3. Funds
3.1 The Client may transfer funds to the Company with different methods of payment as permitted by the Company from time to time and in any currency (acceptable by the Company), and such funds will be converted and managed in the Trading Platform in US Dollars or Euro, as applicable, according to an exchange rate determined by the Company's according to the known rates at the Market.
3.2 When making a bank transfer, the Client must send the Company an authentic SWIFT confirmation, stating full bank account details and proof that the bank account is registered under its name. Non-delivery of the SWIFT confirmation or the details not conforming to the Client's details registered at the Company may result in the funds not being credited to the Client's Trading Account and the return of the funds transferred to the Company.
3.3 When making a funds transfer to the Company by cheque or any other method permitted by the Company in accordance with Applicable Regulations, the Client will be required to identify itself according to the Company's regulations and any Applicable Regulations. The Company does not accept transfers of cash. The Client is required to provide such further full and true information and sign any document required by the Company to enable proper operation of the Trading Account.
3.4 Whenever the Client transfers funds to the Company, those funds belong to the Company and will be treated by it as its own for the purpose of securing or covering the Client's present, future, actual, contingent or prospective obligations, subject only to any contractual obligation of the Company to pay or return money to the Client according to the terms of this Agreement. The Client will not have a proprietary claim over money transferred to the Company, and the Company can deal with it in its own right. In determining the amount of collateral and the amount of the Company's obligations to pay or return money to the Client, the Company may apply such methodology (including judgments as to the future movement of markets and values), as the Company considers appropriate, consistent with Applicable Regulation.
3.5 The Funds deposited with the Company by the Client, together with any Profit or other Benefits the Client may be entitled to according to a specific agreement with the Company, shall be used as security to any Transaction, including Trading Losses, Commission and any other Fee or debt owed by the Client to the Company, which will be automatically deducted from the Client's equity in the Trading Account. The Client's Funds shall not accumulate any interest or any other benefits (except for rollover/swap calculation, as defined below). Trading in CFD's, binary options or other trading methods that relate to a reference security shall not grant the Client any right to dividends, voting, allocations or any other Benefits, but may be subject to adjustments according to financial events which affect the reference security, such as distribution of dividends, splits etc.
3.6 Repayment of any funds by the Company to the Client will be in the same currency and to the same account/credit card from which the funds were originally transferred, unless the Company has decided, by its own discretion, to return the funds to a different account of the Client.
3.7 The Client declares that all funds that it transfers to the Company do not derive from any criminal or other illegal activity and without any violation of any applicable anti money laundering laws and regulations.
3.8 The Client will have no claim against the Company and will not hold the Company responsible for any delay and/or differences originating from a credit company's rates calculation and/or commission and/or any other debit, including credit companies' identification regulations and any other demand. In addition, the Client will have no claim against the Company and will not hold the Company responsible for any delay and/or differences and/or any commission etc. originating from banking system.
3.9 If the Client gives an instruction to withdraw funds from the Trading Account, the Company shall pay the specified amount (less any transfer charges, if applicable) within ten (10) Business Days once a duly instruction has been accepted and at the moment of payment, the Client's margin requirements have been met. The Company may cancel the Client withdrawal order, if, according to the Company's discretion, the remaining funds (after the withdrawal) shall not be sufficient to secure open Position(s) in the Trading Account.
3.10 The Company shall debit the Client's Trading Account for all payment charges. If the Client has the obligation to pay any amount to the Company which exceeds the amount held in the Client's Trading Account, the Client shall immediately pay such amount upon Company's request.
3.11 The Company shall not provide physical delivery in relation to any Transaction. As mentioned above, Profit or loss is credited to or debited to or from the Trading Account (as applicable) once the Transaction is closed.
4. Fees & Charges
4.1 The Company does not charge brokerage fees or commissions for executing trades (not including ECN's trading accounts). The Company derives revenue from the spread on Transactions (i.e. the difference between buy/sell prices quotes offered by the Trading Platform to the Client). It is the Client's responsibility to decide whether or not it wishes to trade at such prices.
4.2 The Company charges a fee for transfers of funds standing to the credit of a Trading Account from the Company to the Client at its prevailing transfer rate, currently equivalent to USD 35 USD per transfer, and this amount will be a deducted from the Client's Trading Account.
4.3 The Company may levy an additional charge(s) on transfers of funds to be credited to a Trading Account made by debit card or credit card.
4.4 The Company may introduce additional fees and charges, and may change any existing fees and charges, at any time by giving the Client not less than 10 Business Days' notice of such changes.
5. Trading
5.1 The Trading Platform supplied by the Company enables trading in foreign exchange rates of different currencies, commodities, CFD's and any other financial instruments made available by the company (all hereof: "Financial Instruments"). The Trading Platform displays Indicative Quotes of exchange rates of different financial instruments pairs, based on different financial information systems, as the most updated exchange rates in the international Forex markets. For determining the exchange rates for different time periods, the platform is making mathematical calculations according to known and accepted Forex markets formulas. It is acknowledged by both Parties that due to different calculation methods and other circumstances, different trading platform and/or markets may display different price quotes.
5.2 The Company's Trading Services are available during regular Forex Trading hours, Monday-Friday. A Trade is ended in any of these events: (A) the Client closes the Transaction; (B) The Transaction meets with stop loss, take profit or other predefined criteria set by the Client or the Company under this Agreement (see clause 6 for further information on order types); (C) the Transaction expires according to the expiration time set by the Client or the Company, if applicable; (D) The Client does not have sufficient funds in their Trading Account to hold that Transaction open.
5.3 The Company does warrant that trading in the Trading Account will be available at all times.
5.4 Placing orders - Orders may be submitted to the Company by the Company's electronic Trading Platform via the internet, telephone, unless the Company informs the Client that a particular order can only be given in a particular way. If any order is received by the Company by telephone, computer or other way, the Company may ask the Client to confirm such order in writing. The Company shall be under no obligation to act upon such order until such confirmation is received. Orders for the simultaneous sale and purchase of a financial instrument on behalf of the same beneficial owner may not be given under this Agreement (one shall cancel another).
5.5 The Client authorizes the Company to rely and act on any order, request, instruction or other communication given or made (or purporting to be given or made) by the Client or any person authorized on the Client's behalf, without further enquiry on the part of the Company as to the authenticity, genuineness authority or identity of the person giving or purporting to give such order, request, instruction or other communication. The Client will be responsible for and will be bound by all obligations entered into or assumed by the Company on behalf of the Client in consequence of or in connection with such orders, requests, instructions or other communication.
5.6 Cancellation/withdrawal of orders by the Client- If the Client requests cancellation of any order, the Company can only cancel such order if the Company has not acted upon such order, or if otherwise agreed by the Company.
5.7 The Company has the right, but not the obligation, to set, at its absolute discretion, limits and/or parameters to control the Client's ability to place orders or to restrict the terms on which a Transaction may be made. Such limits and/or parameters may be amended, increased, decreased, removed or added to by the Company and may include (without limitation): (i) controls over maximum order amounts and maximum order sizes; (ii) controls over total exposure of the Company to the Client; (iii) controls over prices at which orders may be submitted (including, (without limitation, controls over orders which are at a price which differs greatly from the market price at the time the order is submitted to the Company's order book); (iv) controls over any electronic services provided by the Company to the Client (including ,without limitation, any verification procedures to ensure that any particular order or orders has come from the Client); or (v) any other limits, parameters or controls which the Company may be required to implement in accordance with Applicable Regulations. The Company may in addition require the Client to limit the number of open Transactions which the Client may have with the Company at any time. The Company shall notify the Client of the limits and restrictions applicable prior to Client placing an order.
5.8 The company does not allow actions or non-actions based on arbitrage calculations based on different systems or platforms in the Forex markets.
5.9 The company is entitled, by its own discretion, to cancel any trade that has been executed due or in connection with an error, system malfunction, breach of the Agreement by Client, etc. The company's record will serve as decisive evidence to the correct exchange rates in the world markets and the wrong rate quote given to the client, and the company is entitled to correct or cancel any trade based on the correct exchange rates.
5.10 Trade Reporting- Client can see his open trades ("positions") and guarantee funds situation at any time by accessing his account in the company's platform and viewing past trade's reports generated by the company.
5.11 Promotional Offers and Benefits – the Company may, from time to time and upon a specific agreement with Client, credit benefits or bonus amounts to a Trading Account and a Client will be entitled to use such amounts to make trades and satisfy any margin requirements under this Agreement, but will not belong to the Client and will could be withdrawn from the Trading Account, unless specifically agreed with Company.
6. EA Applications
6.1 The Company's trading platform enables the Client to activate 'Automated Trading Services', also known as "Expert Advisers" or "EA" (the "Application"), in the Client's Trading Account.
6.2 To the request of the Client, Company shall install the Application in his Trading Account. The Company reserves the right to refuse to install or enable the activation of any certain Application without stating any cause.
6.3 When requesting the Company to install or to enable an Application in his Account, The Client acknowledges and understands the special risks involved in EA Trading. Some of them, but not all, are detailed below.
6.4 The Client acknowledges that once the Application is enabled, it will attempt to follow the relevant financial markets and give trading orders automatically, according to a computerized algorithm. This algorithm will initiate buy and sell instructions, usually based on the parameters entered into it in advance, such as timing, price and leverage. These instructions are forwarded for execution without further discretion or human intervention, and without the supervision of the Company. The basic operation of the algorithm variables may change from time to time, including the leverage ratio, currency pairs, or other assets, the types of algorithms and different analyzes etc.
6.5 The Client understands and agrees, that the Client may be prevented from giving orders in the Account, and that his access shall be restricted to view-only, while trading orders shall be transferred by the Application only.
6.6 The Client hereby authorizes the Company to pay to the Application operator the fees as requested by the Application operator. The Company shall not have responsibility to investigate or inquire the Application operator's payment request(s). The Client further understands and acknowledges that the spread between buy/sale price quotes offered by the Company may increase, and/or other commissions may be collected in the Account, due to the operation of the Application and making payment to the Application operator.
6.7 The Application may be upgraded or updated from time to time. These upgrades or updates may cause temporary or permanent cessation of the Application.
6.8 The Company shall enable the operation of Application as a complementary service only, and the Company does not warrant, in any way, that the Application would satisfy and /or meet the expectation of the Client or that the supply, installation and operation of the Application will be uninterrupted and/or error-free. All risks relating to the implementation and performance apply to the Client. It is further clarified that the Application and its use through the Internet connection is "AS IS" and "as available", and the Company hereby disclaims specifically any warranty, express or implied, including without limitation, warranties of satisfactory quality and fitness for a particular purpose, with respect to the Application and/or use of it. The Company shall NOT be liable, in any way, for any Application failure, and will NOT be liable for any claim or demand with respect to the Application, including but not limited to, trading losses, breach of contract by the Application provider, tort (including negligence and breach of statutory duty) or otherwise, for any direct, indirect, special or consequential loss, loss of profits, revenue, contracts or other damage.
6.9 The Client is aware that the Application does not constitute investment portfolio management and /or investment advice by the applicable law.
6.10 The Application, if installed on the Company's or third party's servers, may execute orders even if the Client's computer is shut down or the Trading Platform Client's Interface is not operating. The Application, if installed on the Client's computer, will not execute stop (or other) orders if Client's computer is shut down or the Trading Platform Client's Interface is not operating.
6.11 The Company reserves the right to remove the Application from the account at any time.
7. Tangible Gifts
7.1 From time to time, the Company may issue benefits to its Client, in form of Tangible Gifts.
7.2 A Client, that the Company has agreed to entitle, in writing, a Tangible Gift, shall have to perform a trading volume of 300 Lots in order to receive the Tangible Gift. For the purpose of this section 6, One 'Lot' equals $100,000.
7.3 If the Client wishes to withdraw funds from his Trading Account, or to close his Trading Account, before the required trading volume has been performed in full, then the Company shall deduct USD 1,000 from the Trading Account for the value of the Tangible Gift and Company's expenses.
7.4 The Client shall be entitled to the Tangible Gifts under this section, only if his deposits to Trading Account were made by Bank (wire) transfer(s) and not by any other method of payment.
8. Bonus Policy
8.1 From time to time, the Company may issue benefits to its Client, in the form of "Bonuses" or "Credits", credited to the Client's Trading Account. The Bonus allocation shall be described in the Trading Account as 'Credit' or 'Bonus'.
8.2 The Company offers different Bonus schemes, from time to time, which different in the size of the Bonus in relation to the initial deposit made to the Trading Account. The current Bonuses schemes are:
(a) A Bonus of up to (including) 25% of the initial deposit.
(b) A Bonus of more than 25% of the initial deposit.
8.3 The Bonus shall become a part of the deposit for securing Trading results, but shall not be available for withdrawal, unless an accumulated trading volume in the account, calculated in 'Lots', following the Bonus grant is, at least, the Bonus granted divided by Five (5) (the "Required Volume").
8.4 Clients cannot withdraw funds from their account under any bonus scheme in case 75% of Required Volume has not been completed.
8.5 Subject to section 8.4 above, In Bonus scheme (a), if the Client has asked to withdraw funds from his Trading Account, before the full Required Volume has been achieved, then the Credit shall be forfeited.
8.6 Subject to section 8.4 above, In Bonus scheme (b), if the Client has asked to withdraw funds from his Trading Account, before the full Required Volume has been achieved, then the Credit and any trading profits in the Trading Account shall be forfeited (the Client shall be entitled to withdraw his initial deposit funds (as present in the Trading Account, i.e. minus trading loses, commission(s) and any other loss or expense).
Clarifying Examples:
(a) If the Client initial deposit was $1,000 and the Bonus size was 10% (less than 25%), the Company shall credit the Trading Account with $100 as 'Credit' and the Required Volume shall be 20 Lots (=100/5). If the Client wishes to withdraw funds from the Trading Account before 20 Lots were performed, then the Bonus shall be forfeited.
(b) If the Client initial deposit was $1,000 and the Bonus size was 30% (more than 25%), the Company shall credit the Trading Account with $300 as 'Credit' and the Required Volume shall be 60 Lots (=300/5). If the Client wishes to withdraw funds from the Trading Account before 60 Lots were performed, then the Bonus and any trading profits shall be forfeited.
8.7 In case the Client has more than one Trading Account with the Company, then the Bonuses in the different Trading Accounts shall be treated as one, and any withdrawal from an individual Trading Account will mean a forfeiture of the Bonus(s) in all the Trading Accounts.
8.8 The Bonus may also be forfeited in case the Company suspects any act of fraud or breach of the Company's Terms and Conditions.
8.9 The Company may change the terms of the Bonus policy at any time. Prior notice will be given to the Clients via e-mail and by posting on the Company's website.
For the purpose of sections 7 and 8, One 'Lot' equals 100,000 base currency.
9. Orders types
9.1 Limit Order - A Limit Order is an instruction to trade at a level that becomes more favorable to the Client. A Limit Order can be used to open or close a position. Each Limit Order has a specified price limit set by the Client (but subject to the Company's agreement). A Limit Order will be triggered if the Company's bid price (in the case a sell order) or ask price (in the case of a buy order) moves in the Client's favor to a point where the Client's order can be executed. Once the limit level is triggered, the Company will seek to execute the order at that price. If the Company cannot do so (e.g. because in attempting to execute the order, the price becomes less favorable to the Client), the limit order will remain operational, waiting for the price to move again in the Client's favor, such that it is triggered again.
9.2 Stop Order– A Stop Order is generally placed to provide some risk protection, for example, in the event of the Client's position moving into loss. A Stop Order can also be used to either open or close a position. Each Stop Order has a specific stop level, set by you (but subject to the Company's agreement). The Stop Order will be triggered only if a transaction takes place on the Company's trading platform at that stop level. Once the Stop Order is triggered, the Company will seek to execute the order at a level that is the same as the stop level (although it may be at a less favorable level). The Company does not guarantee: (a) entry stops (b) stop orders based on hedged trades (two trades in opposite directions both with stop losses in either the same currency or similarly related/correlated currencies), that are an artificial way to create an entry stop (c) slippage trades or market cease of trading (d) instruments other than currencies and/or instruments that do not have 24 hour trading such as CFD's, indices, oil and some other currencies and instruments, during holidays, weekends, news announcements, special events and/or crises may trade through a gap in the market.
9.3 Other orders explanations – Such as OCO'S (One Cancels the other), ID's (If Done) Trailing Stops etc., and more information, can be found on the Company's website.
9.4 Rollovers or Swaps- a Trade is automatically renewed ('rolled over') at night, to the next business day, without the need for the Client's intervention. Such rollovers are accommodated with interest debits or credits to the Trader's Trading Account, based on the interest rate differentials applicable to each currency and taking into account the Company's own costs, depending on whether the position is long or short on the high interest rate currency, i.e. if you buy a currency pair where the base currency has a higher interest rate than the quote currency, then you'll receive interest, and vice versa.
9.5 Margin call - In the event that the client fails or is expected to fail to meet the amounts required to secure his open trades, the Company may demand that the client shall deposit such sums as required ('margin call'). In case the Client fails to meet such margin call, the Company may close out the Client's position(s) ('stop out'). The Client acknowledges and agrees that this may result in a Transaction being closed out at a less favorable time or rate than might otherwise be the case and the Company shall not have any liability to the Client as a result of it closing out any Transaction in such circumstances. In case that the Client has deposited funds within 30 days from 'stop out', than any special contractual terms with the Client shall be reserved.
10. Privacy and Data Protection
10.1 Due to the nature of the Company's business and relations with the Client, The Company shall hold some personal client information. All data collected, whether it is on paper or on a computer is safeguarded in order to maintain the Client Privacy.
10.2 The Company shall be permitted to use and/or disclose the Client Information (a) For internal use, including with affiliated entities; (b) As permitted or required by law; (c) For protection against or prevent actual or potential fraud or unauthorized transactions or behavior (d) For computerized supervision of Client's use of the services, review and/or supervision and/or development and/or maintenance of the quality of services; (e) to protect the Company's rights or obligation to observe any applicable law.
10.3 The Client hereby grants the Company his/her permission to make use of his/her user details in order to provide updates and/or information and/or promotion or marketing purposes through the Clients e-mail address or other contact information. Cancellation of this consent shall be performed by providing written notice to the Company, and shall apply to new publications that have not been sent.
10.4 The Client agrees that the Company may record all conversations with the Client and monitor (and maintain a record of) all emails sent by or to the Company. All such records are the Company's property and can be used by the Company, amongst other things, in the case of a dispute between the Company and the Client.
10.5 Affiliation- the Company may share commissions and charges with its associates, introducing brokers or other third parties or receive remuneration from them in respect of contracts entered into by the Company. Such affiliates of the Company may be disclosed with Clients information.
10.6 The Company's Trading Platform, Website or other services may require and use of 'Cookies'.
11. Advice, Information and Tax
11.1 The Company does not advise its clients in regard to the expected profitability of any trading action or non-action, and any tax or other consequences. The Client represents that it has been solely responsible for making its own independent appraisal and investigations into the risks of the Transaction. The Client represents that it has sufficient knowledge, market sophistication and experience to make its own evaluation of the merits and risks of any Transaction. The Client acknowledges that he has read and understood the Risk Disclosure Document which sets out the nature and risks of Transactions to which this Agreement relates.
11.2 Where the Company does provide market commentary or other information: (a) this is incidental to the Client's relationship with the Company. (b) It is provided solely to enable the Client to make its own investment decisions; (c) that the information, at the time it has been received by Client, is still updated.
11.3 The Company shall not be responsible for the consequences of the Client acting upon such trading recommendations, market commentary or other information.
11.4 The Client acknowledges that the Company shall not, in the absence of its fraud, willful default or gross negligence, be liable for any losses, costs, expenses or damages suffered by the Client arising from any inaccuracy or mistake in any information given to the Client.
11.5 The Company is under no obligation to assess the appropriateness of any Transaction for a Client under the Applicable Regulations, to assess whether or not the Client has the necessary knowledge and experience to understand the nature of and risks associated with the Transactions. All risks related to the above are under the sole responsibility of the Client.
11.6 Trader's Tax Allocations- Any tax applying on the Client and/or results from the Client's trading activity, including trading profits and/or trading losses and/or any charges and/or deductions made from the Client's Deposit or Client's Equity, shall be under the Client's full and sole responsibility. The Client shall personally report and pay any personal, federal, state and local tax liability he is obligated to, if applied. The Company serves as a mediator only and does not collect deduct, pay or withhold tax from the Client. The Company's reserve the right, if ordered by an official entity, to deduct tax from the Client and deliver it to the proper tax authority as ordered by the official entity.
12. Account Balances
12.1 Account balances and statements are displayed within the trading platform made available to the Client by the Company. Common terms definitions can be found on the Company's Website.
13. Closing an account and cancellation of the agreement
13.1 Either party may terminate this Agreement by giving 10 (Ten) days written notice of termination to the other. Either party may terminate this Agreement immediately in any case of any breach of this Agreement or event of Default by the other Party. Upon terminating notice of this Agreement, Client shall be under the obligation to close all open positions, otherwise, the notice shall become void, or the Company shall have the right to close all open positions without assuming any responsibility.
13.2 Upon termination, all amounts payable by the Either Party to the other Party will become immediately due.
13.3 Termination shall not affect any outstanding rights and obligations according to the applicable law and the provisions of this this Agreement.
14. Indemnities and Limitations of Liability
14.1 THE SERVICES OF THE COMPANY ARE PROVIDED "AS IS" AND "AS AVAILABLE", AND COMPANY MAKES NO WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR PARTICULAR PURPOSE. THE COMPANY DOES NOT WARRANT THAT COMPANY WEBSITE(S), SERVERS, OR E- MAIL COMMUNICATION ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. THE COMPANY WILL NOT BE LIABLE FOR ANY DAMAGES OF ANY KIND ARISING FROM THE USE OF TRADING PLATFORM OR WEBSITE(S), INCLUDING, BUT NOT LIMITED TO DIRECT, INDIRECT, INCIDENTAL, PUNITIVE, AND CONSEQUENTIAL DAMAGES.
14.2 Client acknowledges and agrees that the Trading Platform follows the relevant market, whether the Client is in front of his computer or not, and whether the Clients computer is switched on or not, and will exercises the order left by the Client if applicable.
14.3 The Client shall, upon first demand by the Company, compensate the Company from and against all liabilities, damages, losses and costs (including reasonable legal costs), duties, taxes, charges, commissions or other expenses incurred by the Company.
14.4 The Company shall have the right to set-off any amount owed by the Company to the Client, against any debt or other obligation of the Client towards the Company. In any event of Default of Client (voluntary or involuntary insolvency procedures against the Client) all debts, future debts and other obligations of the Client towards the Company shall become immediately due.
15. General Provisions
15.1 The Company has the right to amend the Agreement without obtaining any prior consent from the Client. If the Company makes any material change to the Agreement, it will give at least 10 (Ten) Business Days' notice of such change to the Client. Such amendment will become effective on the date specified in the notice. Unless otherwise agreed, an amendment will not affect any outstanding order or Transaction or any legal rights or obligations which may already have arisen.
15.2 Partial invalidity- If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Agreement nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired.
15.3 Joint account- If the account is a joint account (on the name of more than one entity), then each of the entities in the account shall be authorized to represent the other entities towards the Company, with no requirement of any prior notice or approval from the other entities. Each of the entities in the account agrees that any notice or instruction given by the Company to any of the entities shall be considered as given to all the entities. In case of contradiction between instructions given to the Company by different entities, then the last instruction received by the Company will prevail.
15.4 Language, Notices and Complaints - All communications between the Company and the Client will be in English or in any Language, suitable both to the Client and the Company.
15.5 Unless otherwise agreed, all notices, instructions and other communications to be given by the Company shall be given to the address or fax number provided by the Client, or via e-mail or other electronic means, details of which are provided by the Client to the Company. Any complaint shall be directed to the Company's client services department, who will investigate the complaint and make every effort to resolve it. Such a complaint should be made to: customersupport@4xp.com
15.6 Governing Law- These Terms and any relationship between the Company and the Client shall be governed by law applicable in Belize and subject to the exclusive jurisdiction of Belize courts. The Company shall have the right, in order to collect funds owed to the Company by Client or to protect the Company's rights such as good-name, intellectual property, privacy etc., to immediately bring legal proceedings against Client, in the Client's residency and according to the Client's residency applicable law.
15.7 No Right to Assign- No rights under this Agreement shall be assignable nor any duties assumed by another party except to/by an affiliate of The Company. Upon assignment to an Affiliate of the Company, the terms of this Agreement may be amended to fit any applicable regulation effective upon the assignee, and Client hereby consent in advance to such regulatory modifications to this Agreement. This Agreement shall be binding upon and inure to the benefit of the successors heirs of the Client.
15.8 Dormant Trading- If the Client will not perform any trading activity or his trading activity will be in very low volume, for the time period defined by the Company, or if the Trader does hold minimum funds in his account, defined by the Company, the Company may charge the account with Dormant Trading commission, at a rate to be determined by the Company from time to time, close any open trade and/or the Client access to the Account and/or terminate this Agreement.
We wish you successful trading!
Sashaphotoit
Private, 1st Class
- Messages
- 48
Here the link of 4xP's Terms and Conditions: 4XP Online Forex Trading and Investments Online Trading Platform
Sashaphotoit
Private, 1st Class
- Messages
- 48
I sent them the link to answer here since already around 1 week but I just received answer (I posted here in previous posts) on my e-mail. What should I do? Just wait?
Sashaphotoit
Private, 1st Class
- Messages
- 48
You mean what I think or what? I don't understand the question.
Sashaphotoit
Private, 1st Class
- Messages
- 48
Ok, I already posted them up here. All the terms and conditions of my account are already posted. There is no rule about minimum 3 minutes to wait before closing the trade which was told me on last telephone call with Mark Owen who told this is the rule if client wants that the lots are counted for the bonus.
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