1. INTRODUCTION
1.1. Falgofxtrade. (the “Falgofxtrade” or “Company”) is trading under the
Falgofxtrade
Market tradename and through the domain name www.falgofxtrade.com
2. ACKNOWLEDGEMENTS
2.1. The Company shall not be contractually committed with any legal or/and natural person
wishing to become Client of the Company until such time that the Company has confirmed to such
person that it has opened an Account on his behalf and the Client has successfully initially
funded such an Account.
2.2. These Business Terms (the “Agreement”), as amended from time to time and as
they are published in the website of the Company, override any previous, current or future
representation, expressed or implied, made or to be made by Falgofxtrade and/or any of its
representatives, and shall be the only legally enforceable mean that defines the relationship
between the Client and the Company.
2.3. The Client acknowledges that he has read, fully understood and accepted the contents of
this Agreement and solely based on these contents he has willingly entered into a legally
binding agreement with the Company. For all the information about the Company and its
activities, including any other documentation referenced in this agreement, the Client should
always refer to the legal documentation posted on the website of the Company.
2.4. For all the information about the Company and its activities, including any other
documentation referenced in this agreement, the Client should always refer to the legal
documentation posted on the website of the Company.
2.5. The Client accepts and understands that the official language of the Company is the
English language.
3. DEFINITIONS OF TERMS
3.1. 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.
“Authorised Person” shall mean a person authorised by the Client to give
instructions for execution 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 Saint Vincent And The Grenadines.
“CFD” shall mean a Financial Contract for Difference on spot Forex, stocks, equity
indexes, precious metals, virtual currency 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.
“Client Bank Account” shall mean any segregated bank account maintained by the
Company for the only purpose of concentrating and holding the Client’s Money.
Clients’ deposits and withdrawals should be only directed to/be processed from the Client
Bank Account.
“Client Money” shall mean money that is paid into Falgofxtrade and is held in a
fiduciary
capacity on behalf of the Client. It is calculated as money deposited by the Client in her
Account, plus or minus any unrealised or realised profit or loss, plus or minus any amount that
is payable by the Company to the Client and vice versa.
“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 any derivative contract dealing in an underlying
asset, including Foreign Exchange and Contract for Difference.
“FX” or “Forex” shall mean Foreign Exchange, sale and purchase of
currencies against each other.
“Inactive Account” shall mean a trader’s Account which had Client-Initiated
activity and subsequently it remained inactive for a period of 90 days.
“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/interested parties to the Company.
“Leverage” shall mean the ratio in respect of Transaction size and initial Margin.
1:30 ratio means that in order to open a position, the initial Margin is thirty (30) times less
than the Transactions size. “Margin” shall mean the necessary guaranteed funds
required to open a position. This is calculated as follows:
Forex
Required Margin (in USD) = Contract Size x Leverage, where leverage 1:x is represented as 1/x
Example:
1 lot EURUSD at leverage 1:200, required margin is: 100 000 x 1/200 =500 USD
Non-Forex
Required Margin (in USD) = Contract size x market price x margin, where margin can be different
for each instrument and can be found on the instruments pages.
Example:
1 lot XAUUSD, market price 1230, Margin is 0.4 %, the required margin = 100 x1230 x 0.4/100 =
492 USD
The result is denominated in United States Dollars.
“MT4 / MT5 server time” Falgofxtrade server time is set at GMT+3 in March and GMT+2 in
November.
“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.
“Net Open Position” or “NOP” shall mean the difference between the total
open volume of longs and total open volume of shorts of an instrument on a single trading
account.
“Power of Attorney” shall mean the power to authorise 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. “Stop Out” shall mean the situation when the
Company execute the right to close all Client’s open positions at current market
price or the last available price and your equity divided by balance falls below the stop out
level specified for your account type.
“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 and withdrawals.
4. PROVISION OF SERVICES
4.1. Falgofxtrade Ltd. (the “Falgofxtrade” or “Company”) is an International
Business Company (the “IBC”) incorporated in Saint Vincent And The Grenadines
holding a Certificate of Incorporation with Number 24986 IBC 2018.
4.2. Falgofxtrade provides the investment service of Execution of Orders on Behalf of Clients.
4.3. For the provision of this investment service, the Company is authorised to provide the
ancillary services of
(i) safekeeping and administration of financial instruments, including custodianship and
related services,
(i) granting credits or loans to one or more financial instruments, where the Company granting
the credit or loan is involved in the transaction, (iii) foreign exchange services where these
are connected to the provision of investment services and (iv) investment research and financial
analysis or other forms.
4.4. The provision of the above investment and ancillary services is in connection with (i)
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 and (ii) Financial
Contracts for Differences.
4.5. You acknowledge that our services do not include the provision of Investment Advice. Any
discussions that might be carried on between the Client and Falgofxtrade’ employees or any
information provided by the company will not give rise to any advisory relationship, nor do they
constitute Company’s recommendations to Clients.
4.6. Furthermore, 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.
4.7. The Client is solely responsible for any investment strategy, Transaction or investment he
enters into.
4.8. Falgofxtrade is obliged under applicable regulations to obtain information about your knowledge
and experience in the investment field so that we can assess whether the service or product
envisaged is appropriate for you. We shall assume that information about your knowledge and
experience is accurate and shall bear no responsibility if such information is inaccurate or
there were changes without informing us and as a result we will not be able to follow our
regulatory requirements of examining the appropriateness of our products for you. If you fail to
provide sufficient information in this regard (or fail to provide any information), we will not
be able to assess whether you have the necessary knowledge and experience to understand the
risks involved. If you still wish us to proceed on your behalf, we may do so, but we shall not
be able to determine whether trading in CFDs is appropriate for you. Consequently, we strongly
advise you to provide us with any requested information which we believe to be necessary for the
purpose of enabling us to assess the appropriateness of our products for you.
4.9. The Company may offer the Client a free or paid subscription for receiving trading signals
and/or copy trading services from various vendors, in which case the Client’s contact
details shall be automatically forwarded to these vendors unless otherwise instructed by the
Client. Vendors shall only be forwarded the Client’s telephone number for receiving
trading alerts by phone and/or automatic signals or copy trades on the trading platform shall be
enabled, therefore any signals received cannot constitute personal recommendations. Signals
issued by the vendors shall be deemed to be market research only; not taking into account the
suitability for each individual Client. By accepting to receive the vendors’ services, the
Client agrees and consents to the terms and conditions of the vendor as can be found on their
respective website. It is understood and accepted that the Company shall bear absolutely no
responsibility regardless of the circumstances for any such vendors’ failings thereof
and/or any losses that took place or might take place in the future as a result of using the
mentioned services. By continuing to receive the services of these vendors you continue to agree
to their terms and conditions. In case a Client wants to opt-out of these services the Company
has to be informed in writing.
4.10. The Company may offer a Prepaid MasterCard. You are fully aware that Falgofxtrade merely acts
as an agent in the service described under Falgofxtrade Prepaid MasterCard, enabling the Client to
enter into direct business terms with the MasterCard Issuer. Once the Client follows the link
embedded on the Company’s website and accepts the business terms of the MasterCard Issuer,
the prepaid MasterCard services will be provided from a secured server hosted by the MasterCard
Issuer and may not be subject to control by the Company or any government regulation equal in
standard and/or scope to the one we adhere to.
4.11. Falgofxtrade may, from time to time in its absolute discretion,
withdraw the whole or any part of any of its services on a temporary or permanent basis.
5. LEVERAGE
5.1. Leverage obtainable in CFDs trading means that a small deposit or down payment can lead to
large losses as well as gains. It also means that a relatively small movement in the markets can
result to a proportionately larger movement in the value of your investment and this can work
against you as well as for you. CFD Transactions have an inherent risk and you should be aware
of what the implications of this are.
5.2. Leverage restrictions may apply on certain products or jurisdictions as it is imposed by
the relevant industry practices or regulatory requirements accordingly. In addition, it should
be noted that the Company will continuously monitor the Leverage applied to Clients’
positions and reserves the right to amend the Account’s Leverage depending on the
Clients’ trade volume and trading patterns.
5.3. The Client thus accepts, acknowledges and understands that the automatic reduction of
Leverage in her Account could result in the Account Equity falling below the updated Margin
requirements, which could result in a Margin Call or Stop Out. The Client is therefore strongly
advised to maintain appropriate amount of Margin in his Account(s) at all times in the event of
an automatic reduction of the Account’s Leverage.
5.4. The Company may also add to or change its Leverage
Limitations at any time without prior notice to be given to Clients.
6. MARGIN TRADING
6.1. 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, on agreement, of the overall
Contract value.
6.2. If the Account Equity falls below the Margin requirement, the Trading Platform will trigger
an order to close allopen positions. When positions have been over-leveraged or trading losses
are incurred to the point that insufficient Equity exists to maintain the current open
positions, a Margin Call will result, and open positions will need to be liquidated.
6.3. The Margin Call process is entirely electronic and there is no discretion applied from the
Company as to the order in which open trades will be closed.
6.4. It is strongly advised that Clients maintain the appropriate amount of Margin in their
Accounts at all times. Margin requirements may vary based on Account size, simultaneous open
positions, trading style, market conditions and the discretion of the Company.
6.5. The Client thus accepts, acknowledges and understands
that:
• The Company does not check whether the Transactions of this nature are
appropriate to his
financial situation;
• Before deciding to trade on Margin he should carefully consider his
investment objectives, level of experience and risk appetite;
• The Company sets freely the amount of Margin, the assets that may be
used as collateral and the extent of any collateral such assets may provide;
• All the Client’s assets are therefore blocked and pledged in this
connection;
• 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;
• 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;
• 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;
• 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;
• 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;
• Falgofxtrade is not responsible to notify the Client when there is a Margin
Call on his Account;
• 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.
7. RISK WARNING
7.1. The Client unreservedly accepts, acknowledges and
understands that CFDs trading:
• is highly speculative;
• carry a high level of financial risk, as they are subject to excessive
price fluctuations which may cause substantial losses;
• in the case of CFDs with underlying asset a virtual currency, there
might be sudden changes in prices of certain instruments. This can happen during economic events
or market announcements or geopolitical events, news, or even due to adverse media or fake news.
Gaps can occur when markets open or close or even during normal trading hours. If the market is
closed when these factors occur, the opening price of the underlying asset can be substantially
different from the closing price, giving you no opportunity to close your trade in-between.
Pricing gaps can result in losses. Therefore, CFDs on virtual currencies may be subject to large
price fluctuations and in some instances, due to the early stages of their lifecycle, they may
lose entire value.
• the losses may include all of the Client’s investment and also
any additional commissions and other expenses;
• is only suitable for persons who are able to cope with the associated
risks by bearing the financial losses;
• the Company does not guarantee the capital of the Client’s
Account or its value at any time or any money invested in any Financial Instrument;
7.2. When trading in CFDs, the Client is trading on the outcome of the price
of an Underlying Asset and that trading does not occur on a regulated market but
over-the-counter (OTC). The Client accepts that Falgofxtrade is the only execution venue, which is a
non-regulated market.
7.3. Since virtual currencies are trading on various exchanges worldwide
(non-centralized), and since we derive our pricing from certain exchanges, our pricing might be
significantly different than prices from other exchanges. You should understand the above, and
maintain your account balance accordingly, knowing that our prices can be different from prices
observed elsewhere.
7.4. Falgofxtrade shall not be responsible for any loss arising from any
investment
based on any recommendation, forecast or other information provided. Any opinions, news,
research, analyses, prices, or other information contained on this Website are provided as
general market commentary, and do not constitute investment advice. The Company will not accept
liability for any loss or damage, including without limitation to, any loss of profit, which may
arise directly or indirectly from use of or reliance on such information.
7.5. The contents of any report provided should not be construed as an
expressed or implied promise, as a guarantee or implication that Clients will profit from the
strategies herein, or as a guarantee that losses in connection therewith can, or will be
limited.
8. CLIENT’S ACCOUNT
8.1. The Client shall open an Account with the Company to be able to trade in CFDs offered by
the Company.
8.2. The Client does not intend to use her Account for
payment of transactions to third parties.
8.3. The Client understands that no physical delivery of a CFD’s underlying asset that he
has traded through his Account shall occur. All CFD contracts can only be settled in cash. The
prices of these instruments are derived from the underlying assets or currency pairs related to
these CFDs, but in no way you are acquiring any right for delivery of the underlying
asset/currency. Moreover, engaging in trading CFDs with underlying asset a virtual currency
pair, and due to high volatile nature of these pairs, you might be exposed to higher risks than
trading the assets themselves or trading other CFDs with other underlying assets.
8.4. In order to open an Account, a Client needs to fill out the Falgofxtrade online
application form,
which can be found in the Company’s website. At the end of this form, the following
documents must be uploaded:
• Identification document (Passport or ID card). For an identification
document to be considered valid needs to CLEARLY INDICATE photograph, signature, personal
details, issue and expiry date place and date of issue, and serial number; and
• Proof of address (utility bill, current local authority tax bill, etc).
For a proof of address to be considered valid, it needs to be dated within the last 6 months.
8.5. If the Client is unable to upload these documents, the documents can be
sent via email following the submission of the online application form. In the event that the
Client cannot send the necessary documents by email, the Company will accept them by fax or
post, however, email still remains the preferred method. In certain circumstances the Company
can accept a deposit in a total amount of 10.000 USD/EUR/GBP/ SGD or 30.000 PLN while the
Account is still pending. The Client has 21 calendar days to provide the required documents
(referred in paragraph 8.4). In the event that the above documentation is not provided in the
said period the funds will be send back to the source of funding. The Client will not be able to
enter into any transaction of trading nature and his MT4 will be placed in a read-only mode
until his KYC documentation is provided to the Company and his trading account is approved.
8.6. Falgofxtrade offers its Clients “negative balance protection”.
This means that traders cannot lose more than the overall size of their investment. In this
respect, Falgofxtrade will bear the costs associated with settling the negative Account balances to
NIL. However, it should be noted that the Company reserves the right to unilaterally lift this
protection and recover the negative balance from the future deposits of Clients who are
repeatedly employing high risk trading strategies i.e. overleveraging, with a result their
account to close negative in more than one time.
8.7. If the Client has opened more than one Account, the Company shall be
authorised to consider and treat these different Accounts as a single unit. Among other rights
that the Company has in the way of handling these Accounts, is the transferring of funds between
Accounts to cover possible negative balances, of any of these Accounts, without this affecting
in any way the right of the Company to terminate the Account or close all Client’s open
positions.
8.8. Any funds received in a currency for which the Client does not hold a
sub-Account shall be converted by the Company into the Client’s Account Base Currency. The
conversion will be made at the exchange rate prevailing on the day and at the time when the
relevant funds are at the disposal of the back- office department of the Company. Upon request,
the Client may open a sub-Account in any other of the Base Currencies offered by the Company.
8.9. The Company permits each Client to open up 1 VIP Black account per user
or a maximum of five (5) Accounts for the VIP, Standard or Signature account, to accommodate the
Client’s needs for the below possible scenarios:
• segregate different trading strategies;
• use/benefit from different Account types offered by the Company; and
• maintain Accounts in different Base Currencies.
8.10. Should a Client wish to have more than five (5) Accounts with the Company, it is at the
Company’s discretion to allow for this, provided a valid and clear reason as to why more
Accounts are needed is provided by the Client.
9. MULTIPLE ACCOUNT HOLDERS
9.1. If an Account is jointly held by more than one person, each person individually shall have
the authority: (i) to trade for the Account in accordance with the Client Agreement; (ii)
to receive all correspondence and documents in respect of the Account; (iii) to receive or
withdraw money from the Account; (iv) to execute agreements relating to the Account; and (v) to
deal with the Company on an individual basis with respect to all aspects pertaining to the
Account. Without prejudice to any other provision of this Agreement, we shall be entitled (but
under no circumstances be obliged), however, at our sole discretion, to require joint action by
all Account holders in certain Account matters, without being obliged to provide any explanation
or justification.
9.2. Furthermore, in those circumstances: (i) the liabilities of each person shall be joint and
several; (ii) we may act upon instructions received from any of the persons who is, or appears
to the Company to be an Account Holder, without further inquiry with regard to all transactions
in any way related to the Account, including without limitation, the placement of Orders and
entering into of Transactions and/or Contracts via our Trading Platform, and the disposition of
any or all of the assets on the Account; we shall have no responsibility or obligation for
further inquiry into such apparent authority, and shall bear no liability for the consequences
of any acts or omissions made in reliance upon any such instructions; (iii) any notice and other
message presented by us to any one persons who are or appear to the Company to be participating
to the Account shall be deemed to have been presented to all the participants; and
(iv) if any of the Account Holders defaults it shall be deemed to have occurred in respect of
all the Account Holders.
9.3. In the event of the death of an Account Holder, the surviving Account Holder(s) shall
immediately give us written notice thereof, and provide us with proof of a death certificate and
we may, before or after receiving such notice, at our sole discretion, take such proceedings,
require such papers and inheritance or estate tax waivers, retain such portion and/or restrict
transactions in the Account as we may deem advisable and/or desirable, to protect us against any
tax, liability, penalty or loss, under any present or future laws or otherwise.
9.4. In the event of the death of an Account Holder, the estate of the deceased Account holder
and the surviving Account Holders(s) shall continue to be liable, jointly and severally, to us
for any obligations incurred prior to our receipt off written notice of the death of the Account
Holder, and/or for any costs incurred by the Company, including any reasonable attorney fees, in
the liquidation of the Account or adjustment of the interests of the Account Holders.
10. CLIENT’S CONSENTS
10.1. The Client confirms that is familiar with the way financial markets work and with the
Transactions he wishes to undertake. Any decision to buy or sell should be taken by the Client
alone and should be based on his own assessment of his financial situation and his investment
objectives.
10.2. The Client is responsible to familiarize himself with the Trading Platform, its features
and the orders that are capable of being carried out. The Client will himself monitor his
position on his Account and he is solely responsible for the current specifications in force
relevant to his Account, including but not limited to leverage, margin, base currency, etc.
10.3. In the case of CFDs with underlying assets virtual currencies, due to leverage and
volatility, your positions and account status can change rapidly. It is your responsibility that
at all times you monitor your account, margin level and profit/loss, and act as needed to
protect your equity.
10.4. All client should ensure to pay nothing less than half or total of their customers
trader's commission before withdrawal will be approved to them.
11. INTEREST
11.1. The funds credited to the Client’s Account with the Company shall not
bear interest.
11.2. By accepting this Agreement the Client gives his expressed consent and waives any of his
rights to receive any interest that might be earned on his funds held on the segregated bank
accounts of the Company.
12. FEES, COSTS AND CHARGES
12.1. The Client undertakes to pay the Company the commissions and fees stated on the website of
the Company under the Trading Conditions. The commissions and fees might be different for the
Client introduced by an Introducing Broker because of the clients jurisdiction. You copy
trading fee is to paid to an escrow wallet for the trader, also note that it will be paid
independently depending on the negotiations made with your trader but standard percentage is
20%.
12.2. The Company cannot debit the Client’s Account with any value added tax, or any other
tax, contribution or charge which may be payable as a result of any Transaction which concerns
the Client. These charges include, but are not limited to, settlement and exchange fees,
regulatory levies or legal fees.
12.3. The Company is not responsible for paying Client’s tax obligations in relation to
possible income tax or similar taxes imposed on him by his jurisdiction on profits and/or for
trading in Financial Instruments. 12.4. The Company is also entitled to debit the
Client’s Account for extraordinary expenses resulting from the Agreement between the
Client and the Company. Examples of extraordinary expenses, include but is not limited to
Transaction confirmations, Account statements in hardcopy in situations where the information
provided electronically is not sufficient, courier and postal charges, dispatch of reminders in
the case of non- execution by the Client, charges in relation to requests from the authorities.
These charges might be in the form of fixed amounts or in the form of hourly rates or a
combination of both.
12.5. Fees might also be applicable for the withdrawals and the online card payment as
stipulated on the respective pages of the Company’s website or anywhere else in this
Agreement.The Company may change its commissions, spreads and financing fees from time to time
without providing prior notice to the Client. In addition, in cases that we suspect that our
deposit and withdrawal fees policy is abused (in a way in which the funding of the account is
not intended for trading purposes or the client is trading below the trading norm which is
periodically determined by the Company) by Clients, we have the right at our discretion, to
claim retrospectively any fees not passed to the Client as of the time.
13. INTRODUCTION OF CLIENTS FROM INTRODUCING BROKER
13.1. The Client may have been recommended to the Company by an Introducing Broker.
13.2. Falgofxtrade shall not be liable for any type of agreement that may exist between the Client
and the Introducing Broker or for any additional costs that might result as an outcome of this
agreement.
13.3. Based on a separate agreement between the Company and the Introducing Broker, the Company
may pay a fee or a retrocession to the Introducing Broker as defined in Section
“Inducements (payments to/ from third parties)” of this Agreement.
13.4. The Client acknowledges the fact that the Introducing Broker is not a representative of
the Company nor he is authorised to provide any guarantees or any promises with respect to the
Company or its services. Any acts, claims and representations made by the Introducing Broker, do
not bound in any way the Company.
14. INDUCEMENTS
(PAYMENTS TO/FROM THIRD PARTIES)
14.1. The Company, further to the fees and charges paid/provided to/by the Client or other
person on behalf of the Client, as stated within this Agreement, may pay and/or receive
fees/commission to/from third- parties, provided that these benefits are designed to enhance the
quality of the offered service to the Client and not impair compliance with the Company’s
duty to act in the best interests of the Client.
14.2. The Company may pay fee/commission to Introducing Brokers, referring agents, or other
third parties based on a written agreement. This fee/commission is related to the
frequency/volume of Transactions
performed by the referred Client through the Company and/or other parameters. The Company has
the
obligation and undertakes to disclose to the Client, upon his request, further details regarding
the amount of fees/commission or any other remuneration paid by the Company to Introducing
Brokers, referring agents, or other third parties.
14.3. The Company may also receive fees/commission as well as other remuneration from third
parties based on a written agreement. The Company receives fees/commission from the
counterparties through which it executes Transactions. This fee/commission is related to the
frequency/volume of Transactions executed through the counterparty and/or other parameters. The
Company has the obligation and undertakes to disclose to the Client, upon his request, further
details regarding the amount of fees/commission or any other remuneration received by the
Company from third parties.
15. CONFLICTS OF INTEREST
15.1. The Client accepts that a conflict of interest may arise when the interest of Falgofxtrade
competes or interfere, or appear to compete or interfere, with the Client’s interests
under this Agreement. More specifically, the Client accepts that:
• The Company may establish business, including but not limited to trading relationships,
with other issuers of financial instruments and the Company may have financial interest in such
instruments; • The Company may pay commission – or any other related fee – to a
third party as a result of introducing the Client.
15.2. The Company takes adequate steps to properly identify and resolve conflicts of
interest.
15.3. The Conflicts of Interest Policy, available on the website of the Company, aims to ensure
that the Company’s Clients are treated fairly and at the highest level of integrity and
that their interests are protected at all times.
16. COMMUNICATION BETWEEN THE CLIENT AND THE COMPANY–
CLIENT’SORDERS
16.1. All notices and communications supplied by the Company in conformity with this Agreement,
including
Account statements and Transaction confirmations, may, at the Company’s discretion, be
sent to the Client by e-mail or made available in the Client’s Account on the Trading
Platform.
16.2. All notices/information provided by the Company or received from the Clients should be in
English. Translation or information provided in languages other than English in our website is
for informational purposes only and do not bind us or have any legal effect whatsoever; we have
no responsibility or liability regarding the correctness of the information therein.
16.3. Such notices/communications shall be deemed to have been received by the Client and
transmitted in the proper manner once the Company has placed them on the Platform or sent them
by e- mail. The Company shall not be liable for any delay, modification, re-routing or any other
modification that the message might undergo after being sent by the Company.
16.4. The Company shall accept the following communication methods used by the Client to
contact and transmit instructions to the Company:
• orders placed in the Trading Terminal of the Client;
• orders placed in writing and duly signed;
• orders placed by telephone; and
• orders placed by live “chat”. 16.5. The Client is
given the option to place with the Company the following Orders for execution:
• The Client places a “Market Order” which is an Order
instantly executed against a price that the Company has provided. The Client may attach to a
Market Order a Stop Loss and/or Take Profit. Stop Loss is an Order to limit Client’s loss,
whereas Take Profit is an Order to limit Client’s profit.
• The Client places a “Pending Order“, which is an Order to
be executed at a later time at the price that the Client specifies. The Company will monitor the
Pending Order and when the price provided by the Company reaches the price specified by the
Client, the Order will be executed at that price. The following types of Pending Orders are
available: Buy Limit, Buy Stop, Sell Limit and Sell Stop. The Client may attach to any Pending
Order a Stop Loss and/or Take Profit.
• The Company will cancel any Orders that remain non executed for three
months from the date the Order was placed.
16.6. The Client will have the right to change the communication method he
uses with the Company at any time and the Company shall not make any checks in relation to this,
and accepts these two communication methods.
16.7. The Client confirms that he is aware of the risks associated with using
these communication methods, in particular the risks that could result from a fault or a
misunderstanding at the time instructions are transmitted. The Client declares that he assumes
responsibility for all consequences that could result there from.
16.8. The Company shall not incur any liability by refusing to carry out
orders given by a person whose identity has not in its opinion been sufficiently verified.
16.9. The Client shall be responsible for all orders and for the accuracy of
all information sent via Internet following the use of the Client’s name, his password or
any other personal identification method set up to identify the Client, regardless of who the
actual user is. Any person who identifies himself in accordance with the Client’s
identification methods shall be considered as being authorised to use the Company’s
services. The Company shall consider such orders or communications as having been authorised and
issued by the Client. It is the Client’s responsibility to keep passwords confidential and
to prevent unauthorised use of his passwords and his Trading Terminals.
16.10. For the orders placed in writing, the Company will verify the
Client’s signature with the sample signatures lodged with the Company. The Company shall
not be liable for any fraud and/or lack of identification that it has not been discovered.
16.11. Prior to any transfer order, the Company may request an original
written confirmation duly signed by the Client.
16.12. For orders placed by telephone, the Company will verify the
Client’s identity and then transmit the order. The Company has the right not to transmit
the order if the actions of the Client are not clear and do not include all the required data.
16.13. Orders received by the Company in any means other than through the
Trading Platform, will be transmitted by the Company to the Trading Platform and processed in
the same way as though it was received through the Trading Platform.
16.14. Any order sent by the Client via the Trading Platform shall only be
considered as having been received, and shall not constitute a valid instruction and/or a
Contract between the Company and the Client, until the instruction has been registered as
executed by the Company and confirmed to the Client by means of a Transaction confirmation.
16.15. The Company bears no responsibility for delays or errors occurring
during the transmission of orders or other communication messages via computer, for the accuracy
of information received via computer or for any loss that may be incurred by the Client as a
result of the inaccuracy of this information.
16.16. The Client has the right to use a Power of Attorney to authorise a
third person (representative) to act on behalf of the Client in all business relationships with
the Company as defined in this Agreement. The Power of Attorney should be provided to the
Company, accompanied by all the requested identification documents of the representative. If
there is no expiry date, the Power of Attorney will be considered valid until revoked by a
written termination by the Client.
16.17. The Company has the right to refuse to transmit a Client’s order
for execution without giving any notice and/or explanation to the Client. Among, but not limited
to, the cases that the Company is entitled to do so are the following:
• If the Client does not have the required funds deposited in the
Company’s Client Account;
• If the order violates the smooth operation of the Trading Platform;
• If the order aims at manipulating the market of the specific Financial
Instrument;
• If the order is a result of the use of inside confidential information
(insider trading); and
• If the order aims to legalise the proceeds from illegal acts or
activities (i.e. money laundering).
16.18. The Client needs to be aware that the Company will refuse to accept or
it may cancel any orders placed and/or executed via the Trading Terminal without any notice if
it comes to its attention that the logic behind those orders is to abuse the whole system (i.e.
use of specific expert advisors to generate volume by opening and closing positions at the same
price) in order this way to gain unfairly benefits for the Client and which is beyond the
traditional scope of fair trading.
16.19. The Company, at its own discretion and without notice, might impose on
an account or instrument basis a limit on the Net Open Position. The company has the right to
reject to open any new positions if the result after opening the positions would increase the
Net Open Position of a certain instrument above the limit set.
16.20. The Client understands that reports and confirmations of order
executions, cancellations or modifications may be erroneous for various reasons. Such
confirmations are also subject to change at the Company’s discretion, in which case the
Client shall be bound by the actual order execution, so long as it is consistent with the
Client’s order. In the event that the Company confirms an execution or cancellation in
error and the Client unreasonably delays in reporting such an error more than 24 hours, the
Company reserves the right to require from the Client to accept the trade, or remove the trade
from the Client’s Account, in the Company’s sole discretion.
17. TRANSFER OF FUNDS
17.1. The Client may fund his Account by credit or debit card, wire transfers or SEPA transfers,
e-wallets, payment processors or any other similar methods of money transfer acceptable by the
Company from time to time, in its absolute discretion. We do not guarantee that all the transfer
methods are available to be used in your country.
17.2. The third parties used in the process of receiving your remitted funds in our Client Bank
Accounts are disclosed in the “Deposits and Withdrawals” section in our website.
17.3. The Company shall inform the Client of the bank details of the Company’s segregated
Client Bank Account for transferring funds.
17.4. The Client must clearly specify his name and all required information, in accordance with
international regulations related to the combat against money laundering and terrorism
financing, on the payment document. It is the Company’s policy not to accept payments from
third parties to be credited to the Client’s Account.
17.5. Any amounts transferred by the Client to the Company’s Client Bank Account or
received in any other forms as specified above, will be deposited in the Client’s Account
at the value date of the received payment and net of any deduction/charges incurred by the
transferring bank. It is at the Company’s sole discretion to return back to the Client any
of the fees he incurred in effecting a deposit into his Account.
17.6. The client must at all time use an accredited wallet in a case where by withdrawal is through crypto currency. If the withdrawal is not to an accredited wallet it may result to a hold on the blockchain network and we will not be responsible for such occurrence. Customers should ensure to use a bitcoin wallet of the a network accredited and regulated with their locality only.
17.7. The Company has the right to refuse a Client’s transferred funds, including but not
limited to the following cases:
• If the funds are transferred by a third party;
• If the Company has reasonable grounds for suspecting that the person
who transferred the funds was not a duly Authorised Person; and
• If the transfer violates Cyprus legislation.
17.8. If any of the above cases occur, the Company will return the received funds
back to the remitter using the same method as they were originally received.
17.9. By signing this Agreement, the Client gives his consent and authorises the
Company to make deposits and withdrawals from the Client Bank Account on behalf of the Client,
including but not limited to, for settlement of Transactions performed by or on behalf of the
Client, for payment of all amounts due by or on behalf of the Client to the Company or any other
person.
17.10 The Client, using the Company’s relevant “Fund transfer
request”, shall provide the Company with his personal bank account details in order for
Falgofxtrade to transfer any amount payable to the Client.
It is the Company’s policy to transfer all amounts directly to the Client’s personal
bank account or card from which he had used to originally fund his Account. Funds are
transferred by the Company within three (3)
Business Days from the date they are debited from the Client’s Account. It may take up to
five
(5) Business Days for funds to be credited to the Client’s personal bank account after
initiation of the transfer from the Company’s side.
17.11. The Company has the right to suspend or cancel the Client’s instructions for
transferring funds in any, but not limited to, the following cases:
• If the Client instructs the Company to transfer the funds to a third
party;
• If the Company has reasonable grounds for suspecting that the person
who gave the transfer order was not a duly Authorised Person; and
• If the transfer violates the local laws and regulations.
18. SAFEGUARDING OF CLIENT’S MONEY
18.1. Unless otherwise agreed with you in writing, the Company will deal with any funds that we
hold on your Account in accordance with the relevant provisions of “Safeguarding the
Clients’ Money.” All amounts handed over by the Client to the Company or which the
Company holds on behalf of the Client, for the provision of Investment Services, shall be held
in the name of the Client and/or in the name of the Company on behalf of the Client in a Client
Bank Account. This means that your funds will be segregated from our own money and cannot be
used in the course of our business.
18.2. In a case of withdrawal while trades are not close, we will not be responsible for any
loss from unwarranted closure withdrawal without closure, if the system detect such
irregularities on time, it will place the account on hold. The Client is liable to upgrade their
account to the next tier before their account can continue trading or make withdrawal.
18.3. Falgofxtrade may hold your money and the money of other Clients in the same Client Bank Account (omnibus account). In this case we are able to identify your money through our back office and accounting system. 18.3. We may pass on Clients’ Money to a third party (e.g. a bank, a market maker or liquidity provider, merchant, e- wallet, intermediate broker, OTC counterparty or clearing house) to hold or control in order to effect a Transaction through or with that person or to satisfy your obligation to provide collateral (e.g. initial Margin requirement) in respect of a Transaction. We carry out annual risk assessments of all regulated third parties we work with, but have no responsibility for any acts or omissions of any regulated third party to whom we pass money received from you. The third party to whom we pass money may hold it in an omnibus account and it may not be possible to separate it from our money, or the third party’s money depending on the third party’s regulatory provisions. In the event of an insolvency or any other analogous proceedings in relation to that regulated third party, we may only have an unsecured claim against the regulated third party on behalf of you and our other Clients, and you may be exposed to the risk that the money received by us from the regulated third party is insufficient to satisfy the claims of you and all other Clients with claims in respect of the relevant account. The Company accepts no responsibility for any funds not deposited directly into the Company’s bank accounts, for losses (directly
or as a result of) due to delays and/or failures to deposit/remit funds through affiliated and/
or third parties.
18.4. As long as the Margin required on the Client’s Account for maintaining
her open Transactions with Falgofxtrade, the Client agrees that the Company has the right to
transfer ownership of this Margin from the
Client to the Company, to be maintained by the latter as security and be returned by the Company
to the Client on closing of the Client’s Transactions. In this case, the Margin will be
considered as a debt due by the Company to the Client and not as Client Money, therefore it
could be used by the Company subject to the repayment obligation.
18.5. Client Money are kept off balance sheet and cannot be used to pay back the Company’s
creditors in the unlikely event of the Company’s default. In addition, the Company will
not be liable for any failure or insolvency of any bank and/or financial institution in which
Client Money are held, however, applicable investor compensation or deposit protection schemes
may protect a proportion of the money in default.
18.6. We reserve the right to deduct any funds held in the Client's Falgofxtrade wallet for the
settling of negative balances in said Client's trading account
19. ANTI-MONEY LAUNDERING PROVISIONS
19.1. According to “The Prevention and Suppression of Money Laundering Activities
Law”, the Company is entitled to request from the Client to provide immediately any
additional information concerning the circumstances and the context of a particular Transaction.
Falgofxtrade shall have the right refuse orders or instructions received from the Client as long as
the Client has not supplied the information requested by the Company.
19.2. The Company has the right to terminate the Agreement with the Client immediately and to
prohibit the Client from withdrawing any of its assets if the explanations provided are deemed
inadequate.
20. PROHIBITED TRADING
20.1. Generally speaking, the Company allows all types of trading methods and styles. The
Company does reserve the right, however, to close, suspend or recoup any closed profit and loss
from an Account it deems is engaging in unethical or questionable trading styles including, but
not limited to, latency arbitrage, the act of “flooding” of our servers with an
excessive amount of pending orders, excessive logins, “picking” and
“sniping”, over leveraging or the use of certain automated trading systems or Expert
Advisors, without notice.
20.2. The Company will usually (but is not obligated to always) attempt to initially express its
concern to the Client or the associated parties via email or telephone in the form of a formal
warning. If the Client or the associated party does not modify its trading style within a
reasonable time period following the warning, the Company reserves the right to liquidate all or
some open positions, close, suspend or recoup any closed profit or loss from the Client’s
Account, and return any remaining proceeds to the Client in accordance with the Company’s
Account Closing Procedures or any combination thereof.
20.3. The Company reserves the right to liquidate all or some open positions, close, suspend or
recoup any closed profit or loss from Accounts who tend to trade during news or other volatile
market conditions, and return any remaining proceeds to the Client in accordance with the
Company’s Account Closing Procedures or any combination thereof. Any transaction costs
relating to the refund of the Account balance of Clients engaging in prohibited trading will be
fully transferred to the Client.
21. SWAP, CFD EXPIRATION AND SWAP-FREE ACCOUNTS
21.1. The Client will generally incur a credit or debit in his Account if holding a currency,
bullion or CFD position at the end of each trading session. You may view current swap rates on
the Company’s Trading Platform, and further information about Swap at the Company’s
website.
21.2. Once a month, certain CFDs will expire, meaning that expiration will take place one day
prior to the expiration of its underlying futures Contract at our closing bid/ask price. All
open positions will be closed, all floating profit and loss will be realised and all pending
orders will be deleted. No positions will be rolled forward into a new Contract and is at the
option of the Client to reinitiate her closed positions.
21.3. Sharia accounts, also referred to as; interest free accounts/SWAP free accounts. Are
accounts that do not pay or
earn SWAPS or interest
on any positions held
open overnight. This account type is available on request
only for any client registered under falgofxtrade.com and provide the necessary documents to provide
that they are eligible for this account. Falgofxtrade does not offer SWAPfree trading on: Spot Oils,
spot GAS, single stocks, and any FX pairs on MXN, TRY, ZAR and crypto instruments. Falgofxtrade
reserves the right to revoke an accounts SWAP free status prior notice in case of abuse.
22. CLIENT COMPLAINTS
22.1. The Client shall be required to check the content of each document, including those sent
electronically by the Company or made available to the Client on the Trading Platform. Such
documents should be regarded as authoritative. Complaints shall be addressed, in the first
instance, to the Customer Support Department in the e- mail address support@falgofxtrade.com If the
Client receives a response from the Customer Support Department but deems that the complaint
needs to be raised further, the Client should complete the Complaint Form which is publicly
available on the Client’s member area and send it to support@falgofxtrade.com
22.2. The Client must inform the Company immediately if an incorrect Transaction appears on his
Account.
22.3. Any complaint relating to the execution or non-execution of an order will be considered
only on the expressed condition that it is made in writing upon the occurrence of the events in
question and at the latest before the opening of the relevant market on the day after the
execution, that is, within a 24-hour period from the time of occurrence of the complaint. It
should be noted that the use of an expert advisor or any other program that is used to perform
technological and/or algorithmic trading, also alleviates you of any right to claim any sort of
compensation from the Company.
22.4. Once this period has expired, the Client shall no longer have any rights, of any type and
form, against the Company. 22.5. The document entitled Complaint Form, available in the
members’ area, should be used for any complaint a Client may have. The Client may complete
the Complaint Form with all the information requested and may return the form to the Company as
mentioned in the specific document.
22.6. Clients shall contribute to the Company, in handling of Client’s claims, by
providing the Company’s Support Department with all the necessary information, including,
but not limited to:
• Client’s Name and Surname (for corporate Clients - company name);
• Client’s Account login number;
• Date and time of the issue in the platform’s time zone; •
Tickets of orders and positions involved; and
• Detailed description of the issue.
22.7. The Client has the obligation to avoid any kind of offensive vocabulary, intimidation,
unsubstantiated accusations or emotional interpretation of anything related to his claim or to
the Company or its business.
23. COMPLAINT HANDLING PROCEDURE
23.1. The Company shall take decisions on Client’s complaints within five working days
from the date the complaint is considered to have been officially submitted to the relevant
department. In the event the Company is unable to conclude on the Client’s complaint
within the above period, the Company will notify the Client by telephone or by e-mail about the
extension of the investigation terms.
23.2. The Client accepts the absolute seniority of server log—file records against any
other sources, including Client terminal log—file records, in the context of handling of
her complaint.
23.3. The Company should compensate the Client in case of his complaint deemed to be fair and
accurate, by exclusively depositing the compensation amount in the Client’s Account with
the Company.
23.4. In the event the Company deems necessary to delete one or another of the Client’s
tickets, such tickets should be removed from the Client’s Trading Terminal, and the
Client’s Account balance and/or Equity should be adjusted by the summarized value of
profit/loss and rollovers related to such tickets. 23.5. In the event the Company deems
necessary to restore one or another of Client’s tickets, such tickets should be re-
established in the Client’s Trading Terminal; and the Client’s Account balance
and/or Equity should be adjusted by the summarized value of profit/loss and rollovers related to
such tickets using the current market prices prevailing for such tickets.
23.6. Clients have no right to report to the Cyprus Financial Ombudsman any disputes with the
Company in relation to CFDs with underlying asset a virtual currency.
24. REJECTED COMPLAINTS
24.1. The Company shall have the right, in its sole discretion, to decline Client claims on the
lapsing of the 24- hour period after the occurrence of the relevant incidence. The Company may
not accept claims not delivered to the Company through the designated addresses mentioned in
this Agreement.
24.2. The Company shall have the right to decline a Client’s claim or any of its
arguments if the server log-file record required for the examination of such claim or arguments
do not exist.
24.3. Falgofxtrade has the right, in its sole discretion, to decline:
• Client claims related to execution period of any requests or orders;
• Client claims related to server maintenance works, if such works were
previously announced at the company’s website not less than 48 hours before the server
downtime;
• Client claims related to differences between rates quoted by the
Company and similar rates quoted by other companies or institutions (including rates of
underlying assets), except for claims related to manifest errors in the Company’s data
feed; and
• Client claims related to delays or interruptions of service or
transmissions, or failures of performance of the server, regardless of cause, including, but not
limited to, those caused by hardware or software malfunction; governmental, exchange or other
regulatory action; war, terrorism, or the Company’s unpremeditated acts.
25. USE OF THE IT SYSTEM
25.1. Predominantly, the Client shall transmit instructions to the Company using the IT system
provided. The Company shall communicate with the Client exclusively via the IT system. It will
be the Client’s responsibility to take all necessary action to ensure that he is able to
access any communications that may be sent to him.
25.2. The Client is aware of the fact that using computers and the Internet exposes him to a
number of risks including, in particular:
• The possibility that an unauthorised third party might access his
Client’s Account;
• The possibility that the relationship between the Client and the
Company might be revealed;
• The possibility that computer viruses might infect the Client’s
computer system without the Client’s knowledge; and
• The possibility that third parties might send messages to the Client,
claiming to represent the Company.
25.3. The Client undertakes to obtain full information and acknowledges that
he is solely responsible for doing so, in respect of the risks to which he may be exposed and
any necessary security measures he ought to have taken.
25.4. The Company will not be liable for any loss suffered by the Client
resulting from the IT use, including in particular the actions of unauthorised third parties
introducing themselves as the Client or the Company, transmission errors, transmission failures,
technical faults, overloads, breakdowns (including but not limited to maintenance activities due
to the maintenance of IT systems), system downtime, malfunctions, interference, attacks (e.g.
hacking), blocked communications and networks (e.g. mail bombing) or other failures regardless
of who is responsible.
25.5. The Client will therefore take the necessary precautions to ensure the
confidentiality of all information, including, among other things, the system password, user ID,
portfolio details, Transaction activities, Account balances, as well as all other information
and all orders.
25.6. The Client undertakes to notify the Company immediately if it comes to
his attention that his system password is being used without authorisation.
25.7. The Client hereby assumes all liability arising in connection with
technical access to the Company’s services. The Client shall be responsible for acquiring,
installing and configuring the appropriate hardware and software, in order to set up his
connection with the Company’s online services. The Company shall not be liable for any
actions of the access provider and/or hardware that it has not supplied itself.
26. PERSONAL DATA PROTECTION AND CONFIDENTIALITY
26.1. The Company shall have the right, without the need to inform the Client beforehand, to
disclose any details of the Client’s Transactions or any other information, that may be
necessary for the purposes of complying with any requirements of any authority entitled to
require such a disclosure by law or with any Company obligation, to proceed with the said
disclosure to any authority.
27. RECORDING OF CONVERSATIONS
27.1. The Client acknowledges, accepts and consents the fact that the Company will record and/or
produce a written record of telephone conversations, internet based conversations (chat) and
meeting minutes between the Company and the Client.
27.2. The Client allows the Company to use these recordings or the transcripts of these
recordings as evidence in relation to the investment services offered and to disclose such
information as part of any litigation or litigation that it expects to arise between the Client
and the Company.
27.3. Falgofxtrade may provide copies of such recordings of telephone calls to a regulatory
authority
of a competent authority, without informing the Client.
27.4. Technical reasons could prevent the Company from recording a conversation and the
recordings or the transcripts produced by the Company will be destroyed in accordance with the
Company’s normal practice. Therefore, the Client must not expect that these recordings
will be available to him.
28. OUTSOURCING
28.1. The Company provides its Clients with trading services
using an internet based trading system. The
Company has outsourced the development, physical hosting, maintenance and updating of its online
Trading Platform to a foreign entity. The Company’s Clients will not have any direct
contact with this entity and the
Company will take all reasonable steps to ensure the security of all the data regarding the
identity of its Clients. The Client hereby acknowledges and accepts the fact that the Company
outsources such activities.
29. RIGHT OF SET-OFF
29.1. The Company shall have the right, at its discretion and without the Client’s
authorisation, of a “set- off” against the Client’s claims for all claims
arising out of its relationship with the Client. This right of set- off shall exist regardless
of the expiry date of any claims, the currency in which they are denominated, and their nature.
30. DORMANT, INACTIVE AND ARCHIVING POLICY
30.1. The company will charge a monthly dormancy administrative fee to any account that
has been inactive for 3 months.
30.2. The dormancy fee is charged monthly and is a fixed rate of 30USD. If the balance of
account is less than 30 USD, the full remaining balance will be deducted until the account
reaches zero.
30.3. The Company reserves the right to unilaterally amend at its discretion the dormancy
account administrative fee for closed accounts.
30.4. Dormancy fee will not be charged on crypto accounts
31. GENERAL PROVISIONS
31.1. The provision of services to the Client is subject to all applicable laws,
regulations, and other provisions or market practices to which the Company is subject to.
31.2. If any provision of this Agreement shall be found by any court or administrative body of
competent jurisdiction to be invalid or unenforceable, this shall not affect the other
provisions of this Agreement, which shall remain in full force and effect.
31.3. No party shall, without the prior consent of the other parties, assign, transfer,
charge or deal in any other manner with this Agreement or any of the rights under it.
32. AMENDMENTS
32.1. This Agreement may be amended at any time by the Company as may be applicable due to
regulatory amendments, as well as internal policies. Clients are expected to monitor and ensure
they are up to date with the latest amendments made and published in the website of the Company;
to this end the Company will ensure to have visible in its Business Terms the date of the most
recent amendments made. It is in the full discretion of the Company to communicate any such
amendments to its Business Terms with any way other than publishing these in its website.
33. TERMINATION
33.1. This Agreement will be valid until its termination as provided below.
33.2. The Company reserves the right to terminate the Agreement with the Client at any time with
immediate effect and without giving any reasons for this action. The Company shall have the
right to freely set the consequences of such termination for the Client’s positions
without incurring any liability. The Company will no longer carry out any orders for the Client
upon termination of this Agreement.
33.3. It is at the discretion of the Company to automatically terminate Trading Accounts with
NIL balances that remain Dormant for a period of more than six months without any further
notification to be given to the Clients.
33.4. On termination, Falgofxtrade will pay the Client any pending obligations owed to him by
the Company.
33.5. The Client has the right to terminate the Agreement by giving a written notice of at least
seven (7) Business Days, specifying the date of termination.
33.6. The Client is obliged to pay any pending obligations towards the Company, including but
not limited to any pending fee or amount payable to the Company, any charge or expenses incurred
or to be incurred as a result of the termination of this Agreement, as well as any other
expenses that might arise during the settlement of the pending obligations.
33.7. The Company has the right to subtract all above pending obligations from the
Client Account.
33.8. The termination of this Agreement does not influence in any way the rights,
contractual provisions, commitments, obligations and liabilities of either party.
34. FORCE MAJEURE EVENT
34.1. Except as expressly provided in this Agreement, we will not be liable or have any
responsibility for any type of loss or damage arising out of any failure, interruption, or delay
in performing our obligations under this Agreement where such failure, interruption or delay is
due to:
• Government actions, the outbreak of war or hostilities, the threat of
war, acts of terrorism, national emergency, riot, civil disturbance, sabotage, requisition, or
any other international calamity or political crisis;
• Act of God, earthquake, hurricane, typhoon, flood, fire, epidemic or
other natural disaster;
• Labor disputes not including disputes involving our workforce;
• Suspension of trading on a market, or the fixing of minimum or maximum
prices for trading on a market, a regulatory ban on the activities of any party (unless we have
caused that ban), decisions of state authorities, governing bodies of self-regulating
organizations, decisions of governing bodies of organized trading platforms;
• A financial services moratorium having been declared by appropriate
regulatory authorities or any other acts or regulations of any regulatory, governmental, or
supranational body or authority;
• Breakdown, failure or malfunction of any electronic equipment, network
and communication lines (not due to the bad faith or willful default of ourselves), hacker
attacks and other illegal actions against our server and Online Trading System; and
• Any event, act or circumstances not reasonably within our control and
the effect of that event(s) is such that we are not in a position to take any reasonable action
to cure the default.
34.2. In the event of force majeure, the affected Party must notify the other
Party of the circumstances and of the events beyond its reasonable control within 3 business
days.
34.3. In the events of force majeure we may suspend, freeze or close your
positions.
35. GOVERNING LAW AND JURISDICTION
35.1. The relationship between the parties shall be governed solely by and construed
solely in accordance with the laws of Saint Vincent And The Grenadines.
35.2. The courts of Saint Vincent And The Grenadines shall have the sole jurisdiction to hear
any litigation between the parties arising out of or in connection with this Agreement.
35.3. Nevertheless, the Company reserves the right to initiate proceedings before any competent
court or jurisdiction, including in particular the courts in the country of which the Client is
a citizen or in which he resides.
36. DECLARATION
36.1. The Client declares that he has read, understood and accepted this Agreement
in its entirety.
36.2. The Client declares that he has read, understood and accepted the document entitled Risk
Disclosure and he has understood the warnings contained in this document.
36.3. By accepting this Agreement, the Client declares that he has read, understood and accepted
all the information available on the website of the Company:
36.4. The Client declares that he consents and agrees to direct advertising through cold calling
by any means, including but not limited to, by phone, email and facsimile.
36.5. The Client declares that he is over 18 years old and/or has full capacity (in case of
legal entities) to enter and be bound by this Agreement and that he is not prohibited by the
legislation/regulations of his country of residence to enter into this Agreement.
36.6. The Client declares that all information provided in the “Account application
form” is true, accurate, complete and not misleading and that he undertakes to inform the
Company of any changes that might occur to the data/information provided in the “Account
application form”.
37. COMPANY’S CONTACT DETAILS
37.1. Clients shall communicate with the Company with the communication methods described within
this Agreement and/or at the following address:
Email: support@falgofxtrade.com