I've recently sent info to Dukascopy for an intent to open a live account. I've done a little live trading but never as a primary account holder so these finer details are new to me.
I'm looking at a jump point of 10k, and if live execution goes well, I'll bump it to 100k.
Upon reading the fine print I'm a little...bothered...at some of the clauses.
I'm hoping some of you would care to comment, or help me get a grip on just a couple of the more serious ones. If you have any other thoughts please comment.
Under Section 15 - Early Termination
15.1. Without prior notice to the Client, Dukascopy shall have the right to terminate the Agreement and/or to close out all or any part of any position and realize any other assets of the Client heldby Dukascopy, upon or at any time after the occurrence of any of the following default events:
15.1.2. if the Client dies or becomes of unsound mind; So if I die in a car crash, my wife and baby don't get the contents of my account, Dukascopy does? Hmmmmm.....
15.1.3. if the Client enters into liquidation or into an insolvency arrangement (includingan arrangement with its creditors), or if a receiveris appointed over all or part of its assets or undertaking; So if I can't make a house payment here in N. America, they can just take all my money over there in Switzerland? hmmm.....
15.1.4. if any of the representations or warranties givenby the Client are, or become, untrue; So if my personal income that I've stated in my contract lowers due to recession, lay-off etc, they can take my money? Hmmmmm....
15.1.6. if Dukascopy reasonably considers it necessary for its own protection or the protection of its associates. So with this one they can take my money at any time and just say, "We thought it best to clean you out."
Now...the way around section 15.1.2 is to add like 4 other people to the account so that if I bite the dust, they can't clear me out...still a dumb clause.
Can anyone help me understand why these clauses are fair?
Are these clauses in every broker's contract?
I welcome any comments.
I'm looking at a jump point of 10k, and if live execution goes well, I'll bump it to 100k.
Upon reading the fine print I'm a little...bothered...at some of the clauses.
I'm hoping some of you would care to comment, or help me get a grip on just a couple of the more serious ones. If you have any other thoughts please comment.
Under Section 15 - Early Termination
15.1. Without prior notice to the Client, Dukascopy shall have the right to terminate the Agreement and/or to close out all or any part of any position and realize any other assets of the Client heldby Dukascopy, upon or at any time after the occurrence of any of the following default events:
15.1.2. if the Client dies or becomes of unsound mind; So if I die in a car crash, my wife and baby don't get the contents of my account, Dukascopy does? Hmmmmm.....
15.1.3. if the Client enters into liquidation or into an insolvency arrangement (includingan arrangement with its creditors), or if a receiveris appointed over all or part of its assets or undertaking; So if I can't make a house payment here in N. America, they can just take all my money over there in Switzerland? hmmm.....
15.1.4. if any of the representations or warranties givenby the Client are, or become, untrue; So if my personal income that I've stated in my contract lowers due to recession, lay-off etc, they can take my money? Hmmmmm....
15.1.6. if Dukascopy reasonably considers it necessary for its own protection or the protection of its associates. So with this one they can take my money at any time and just say, "We thought it best to clean you out."
Now...the way around section 15.1.2 is to add like 4 other people to the account so that if I bite the dust, they can't clear me out...still a dumb clause.
Can anyone help me understand why these clauses are fair?
Are these clauses in every broker's contract?
I welcome any comments.