This Agreement sets forth the terms and conditions governing your trading account which you (hereafter called “Customer”) will open with RSG Finance Ltd. (hereafter called the “Company”) for the purposes of engaging in trading transactions in the CFD market.
RSG Finance Ltd is registered in Saint Vincent and the Grenadines under registration number 25143 IBC 2018. The registered office for RSG Finance Ltd is Suite 305, Griffith Corporate Centre, Kingstown, Saint Vincent and the Grenadines.
This Agreement includes the following annexes:
- Terms of Business;
- Risk Disclosure Statement;
- Trading Rules;
forming an integral part hereof. Customer shall accept each annexe separately. Any references to the terms and conditions hereof shall include provisions contained herein, in annexes hereto, and in other rules, regulations and schedules established by Company for the purposes of cooperation with Customer. The Company may, in its sole discretion, modify or amend this Customer Agreement and annexes from time to time. All references to the terms and conditions of this Customer Agreement include the terms and conditions contained in this Customer Agreement and annexes hereto.
This Customer Agreement incorporates the Account Application Form (hereinafter “the Application”) which must be submitted to the Company together with this Customer Agreement. The Company shall rely on the information provided in the Application, and the Customer shall supply such information and guarantee that all such information is true, correct and accurate. The Customer shall undertake to inform the Company forthwith about any material changes in the supplied information.
PLEASE READ ALL OF THE MATERIAL CAREFULLY BEFORE YOU SIGN THE APPLICATION. YOU ALSO MUST SIGN THE ACKNOWLEDGEMENT PAGES WHERE INDICATED. TO OPEN A TRADING ACCOUNT THE COMPANY MUST RECEIVE ALL APPLICABLE COMPLETED AND SIGNED PAGES.
2. Definitions and Common Trading Terms
Definitions and common trading terms may be shown in bold or italics type the first time they are used in this Customer Agreement. The exact meanings of the defined terms used in this Customer Agreement are set out in Terms of Business (”Glossary of Terms”).
3. Scope of Customer Agreement
All Transactions and all Agreements entered into between Company and the Customer shall be governed by the terms of this Customer Agreement. Terms of any additional written statements of Company’s trading regulations or Company additional schedules which may from time to time be set forth or amended by the Company and which shall thereupon constitute an integral term of this Customer Agreement, except to the extent (if any) that Company shall agree or notify the Customer in writing that other or additional terms apply. Additionally, all transactions under this Customer Agreement shall be subject to the constitution, by-laws, rules, regulations, customs, usage, rulings and interpretations of the counterparty institution or other Interbank Market (and its clearing organization, if any) where such transactions are executed and to all applicable laws and regulations. If any statute shall hereafter be enacted or a rule or regulation shall hereafter be adopted which shall be binding upon Company and shall affect it in any manner or be inconsistent with any of the provisions hereof, the affected provision of this Customer Agreement shall be deemed modified or superseded, as the case may be by the applicable provisions of such statute, rule or regulation, and all other provisions of this Customer Agreement and provisions so modified shall in all respects continue in full force and effect. Customer acknowledges that all transactions under this Customer Agreement are subject to the aforementioned requirements and Customer shall not thereby be given any independent legal or contractual rights with respect to such requirements.
CFDs are not eligible for sale in certain jurisdictions or countries. All Agreements are not directed to any jurisdiction or country where its publication, availability or distribution would be contrary to local laws or regulations, including the United States of America. The Agreements do not constitute any offer, invitation or solicitation to buy or sell CFDs. The Agreements are not intended to constitute the sole basis for the evaluation of the Client’s decision to trade in CFDs.
Any proposals for, additions to, or modifications of this Customer Agreement, absent written agreement by an authorized person employed by Company to the contrary, are void and shall have no effect.
4. Services Rendered
Subject to the terms and conditions of this Customer Agreement, the Application accepted by the Company, the Company will maintain one or more trade accounts opened in Customer’s name, and make transactions with Customer in the CFD market. Unless expressly stated otherwise in a written agreement between the Parties, all transactions entered into between the Company and Customer shall be governed by the terms of this Customer Agreement, including the annexes hereto, as may be amended from time to time and any other rules, regulations and schedules established by the Company.
This Customer Agreement refers and extends to a potential dealing relationship between the Customer and Company in OTC non-deliverable Foreign Exchange (Currencies) on a Spot Settlement Basis as is commonly dealt in the international Interbank Market, and all other provisions of this Customer Agreement notwithstanding, the Customer agrees, understands and warrants that the dealing relationship between the Customer and the Company hereunder shall not extend at any time to the dealing, trading, brokering of or advice related to any exchange-listed, or off-exchange regulated commodity futures or options contract. Wherever the term(s) ”Currencies,” ”Foreign Exchange,” ”Foreign Currencies,” or ”Foreign Currency”, ”Indices”, ”Options”, ”Futures” are used in this Customer Agreement, Risk Disclosure Statement and/or Trading Rules or any annexes or exhibits the terms include transactions in the change in the price of OTC non-deliverable precious metals on a Spot Settlement Basis as they are commonly dealt in the International Interbank Market.
Subject to the terms and conditions of this Customer Agreement, the full completion of the Account Setup Requirements and acceptance of Customer’s Application to open a Trading Account with Company, Company will open and maintain Trading Account(s) in Customer’s name for the purpose of engaging in cash-settled transactions with and for Customer in CFD on a spot settlement basis including but not limited futures, options and other quotations that the Company may determine at its sole discretion, and provide such other services and products as Company may, in its sole discretion, determine to offer in the future. Unless expressly stated otherwise in writing, all Contracts and other transactions entered into between Company and Customer shall be governed by the terms of this Customer Agreement, including the Risk Disclosure Statement and Company Trading Rules, to the extent annexed hereto, and as amended from time to time.
The Company is not an investment advisor and does not give any trading or market recommendations, advice or instructions in its communications, including its online daily market analysis updates, which shall not be deemed to trading or market recommendations, advice or consultations on investments of any kind whatsoever.
The Customer shall not be entitled to ask the Company to provide investment advice or to make any statements of opinion to encourage the Customer to make any particular Transaction. The Company shall not provide physical delivery in relation to any Transaction. Profit or loss in the Currency of the Trading Account is deposited in/withdrawn from the Trading Account once the Transaction is closed.
The Company may from time to time and at its discretion provide information and recommendations in newsletters which it may post on its Website or provide to subscribers via its Website or otherwise. It will not be responsible for such information and recommendations and gives no representation, warranty or guarantee as to the accuracy, correctness or completeness, suitability or effect or consequences upon the Customer of such information and recommendations. It is provided solely to assist the Customer to make the Customer’s own investment decisions and does not amount to investment advice or unsolicited financial promotions to the Customer.
The Company reserves the right, at its discretion, at any time to refuse to provide the Services to the Customer and the Customer agrees that the Company will have no obligation to inform the Customer of the reasons.
The Customer Agreement will commence on the date on which the Customer receives notice from the Company as soon as the Company has received Account Application Form and other required information and documents from the Customer via e-mail or through the Trading Platform. The Customer warrants that before filling and providing the Company with Application Form has read, understood and unconditionally accepted this Customer Agreement including all annexes hereto. The Customer Agreement will continue unless or until terminated by either party in accordance with this Customer Agreement.
6. Trading Account
The Customer hereby instructs the Company to establish the Trading Account on Company’s books in the name of the Customer. The Customer acknowledges and accepts that the Trading Account will be maintained in U.S. Dollars or any other currency in accordance with the account type based on the terms provided by the Company unless otherwise agreed between parties in writing.
The Customer represents, warrants and undertakes that the Customer is acting for the Customer’s sole benefit and not for or on behalf of any other person or entity and all Transactions are and will be carried out for the sole benefit of the Customer.
The Customer is the only person or entity authorized or permitted to enter into transactions for the account. If the Customer appoints an agent, the Customer hereby acknowledges and agrees that he shall be solely responsible for all acts and/or omissions of the agent, and neither the Company nor any of its affiliates nor the officers, directors, managers, agents or employees of the Company or any Company’s affiliate shall be a liability to the Customer for any such actions or omissions, whether or not within the scope of the agent’s authorization.
If the Customer is more than one person, all such persons shall be jointly and severally liable for all obligations of the Customer under this Customer Agreement. In such event (unless otherwise agreed in writing between the Customer and the Company) the sole person or entity authorized to enter into or close out Transactions for the Trading Account is the first of such persons mentioned.
The Company shall not be obliged but has the right from time to time at its sole discretion to pay interest to the Customer on any funds that the Company holds. The Customer waives all rights to interest.
7. Conflicts of Interest
The Customer acknowledges that the Company and its Associated Companies provide a diverse range of financial services to a broad range of customers and counterparties and circumstances may arise in which the Company, the Company’s Associated Companies may have a material interest in a Bet with or for the Customer or where a conflict of interest may arise between your interests and those of other customers or counterparties or of ourselves.
The Company will take all reasonable steps to identify conflicts of interests between ourselves, the Company’s Associated Companies and Company’s customers, or between one customer and another, that arise in the course of providing our investment service. The following are examples of such material interests and conflicts of interests:
a. The Company may effect or arrange for the effecting of a Bet with you or on your behalf in connection with which the Company, the Company’s Associated Companies may have other direct or indirect material interests;
b. The Company may execute hedging transactions prior to (i.e. in anticipation of) or following receipt from you of a request, or information concerning a contemplated request, to open or close a Bet in order to manage the Company’s risk in relation to Bet(s) you are entering into or contemplating, all of which may impact on the price you pay or receive in relation to such Bet(s) and any profits generated by such hedging may be retained by the Company or an Associated Company without reference to you;
c. The Company may match your Bet with that of another customer by acting on its behalf as well as yours;
d. The Company may pay to and accept from third parties (and not be liable to account to you) benefits, commissions or remunerations which are paid or received as a result of Bets conducted by you;
e. The Company may make a market in Bets, which you enter into under this Customer Agreement;
f. The Company may deal in the Underlying Market to which your Bets relate as principal for own account or that of someone else;
g. The Company may give investment advice or provide other services to another customer about or concerning the Underlying Market in relation to which you enter into a Bet;
The Company is not under an obligation to disclose that the Company, the Company’s Associated Companies have a material interest in a particular Bet with or for you, or that in a particular circumstance a conflict of interest exists, provided the Company has managed such conflicts in accordance with internal policy. Where the Company does not consider that the arrangements under Company’s internal policy are sufficient to manage any particular conflict, the Company will inform you of the nature of the conflict so that you can decide how to proceed. The Company is not under any obligation to account to you for any profit, commission or remuneration made or received from or by reason of Bets or circumstances in which the Company, the Company’s Associated Companies or a have a material interest or where in particular circumstances a conflict of interest may exist.
The Customer acknowledges that the Customer is aware of the possibility that the conflicts disclosed in this Customer Agreement will arise and consent to us acting notwithstanding such conflict.
8. Representations and Warranties
As of the date hereof, the date of each Contract and other transaction in Customer’s Trading Account and any date on which Company’s Risk Disclosure Statement or Trading Rules are revised, updated or amended, Customer represents and warrants the following to the Company and agrees to the following for the benefit of the Company.
Customer is of sound mind, legal age and legal competence. Customer (if not a natural person) is duly organized and validly existing under the applicable laws of the jurisdiction of its organization.
Execution and delivery of this Customer Agreement and all Agreements and other transactions contemplated hereunder and performance of all obligations contemplated under this Customer Agreement and all Agreements and other transactions contemplated hereunder have been duly authorized by Customer.
Each person executing and delivering this Customer Agreement and all Agreements and other transactions contemplated hereunder on behalf of Customer performing the obligations contemplated under this Customer Agreement and any agreement and other transaction contemplated hereunder on behalf of Customer has been duly authorized by Customer to do so.
Execution and delivery by Customer of this Customer Agreement and all agreements and other transactions contemplated hereunder, and performance of all of Customer’s obligations contemplated under this Customer Agreement and any agreement and other transaction contemplated hereunder, will not violate any statute, rule, regulation, ordinance, charter, by-law or policy applicable to Customer.
The customer has full beneficial ownership of Customer’s Trading Account. The customer has not granted and will not grant a security interest in Customer’s Trading Account with Company (other than the security interest granted to the Company hereunder) to any person without Company prior written consent. The customer has full beneficial ownership of all Collateral as further defined below and will not grant any security interest in any Collateral to any person (other than the security interest granted to Company hereunder) without the prior written consent of the Company.
Customer will execute and deliver all documents, give all notices, make all filings and take such other actions, as Company, in its sole discretion, deems necessary or desirable to evidence or perfect any security interest in favour of Company or to protect Company’s interests with respect to any Collateral.
The customer has read and understands the Risk Disclosure Statement contained in this Customer Agreement. Customer will review Company’s risk disclosures, including, without limitation, Risk Disclosure Statement, each time they are amended. Customer will not affect any opening transaction in Customer’s Trading Account unless Customer understands Company revised risk disclosures, and Customer agrees that in effecting any opening transaction it is deemed to represent that it has read and understands Company revised risk disclosures as in effect at the time of such opening transaction.
The customer has read and understands the Trading Rules contained in this Customer Agreement. Customer will review Trading Rules each time they are amended. Customer will not affect any opening transaction in Customer’s Trading Account unless Customer understands revised Trading Rules, and Customer agrees that in effecting any opening transaction it is deemed to represent that it has read and understands revised Trading Rules as in effect at the time of such opening transaction.
Customer acknowledges that Customer has conducted simulated trading using the Company’s Trading Platform or such other platform as Company shall make available for a period that has allowed the Customer to develop a full understanding of the Company’s Internet Trading Platform or such other platforms as the Company shall make available for online trading of CFD real-time trading.
All information provided by Customer to the Company, including information regarding Customer’s trading experience and investment sophistication, is true, correct and complete, and Customer will notify Company in writing promptly of any changes in such information.
The Customer represents and warrants that in determining the Customer’s liquid assets the Customer included only those Assets that can be immediately (within one day’s time) converted to Cash. The Customer represents and warrants that the Customer has very carefully considered the portion of the Customer’s assets which the Customer considers to be risk capital. The Customer recognizes that risk capital is the amount of money the Customer is willing to put at risk. The Customer agrees to immediately inform the Company in writing if the Customer’s financial condition changes in such a way to reduce the Customer’s Net Worth, Liquid Assets and/or Risk Capital.
Customer further represents that it has full power and authority pursuant to governing agreements and otherwise to enter into this Customer Agreement and to engage in transactions in foreign currency of the kind contemplated herein.
The customer has not been given any warranties whatever as to the success of trading transactions in the CFD market by Company or any of its representatives or other authorized agents, if any, and has not entered into this Customer Agreement relying on, and/or being confident in obtaining said warranties or similar representations.
Customer acknowledges that it is Customer’s obligation to immediately notify the Company in writing if there is a change in Customer’s electronic mail address, or other location to which the electronic records may be provided. Customer acknowledges that it is Customer’s obligation to notify the Company in writing of the address or other location to which paper records may be provided, if necessary.
Conditions for trading transactions (currency pairs, indices, commodities, options, futures and other trading instruments; spreads, lot amounts, security requirements and other parameters) shall be established by the Company.
Conditions for trading transactions established by the Company are contained in the Trading Rules and/or schedules posted to Company’s official websites and/or otherwise brought to Customer’s attention. Company shall notify Customer of Company’s changes in conditions for trading transactions amid smooth market by means of early placement of changes on the Company’s official websites and/or otherwise.
Customer authorizes Company to purchase and sell physically settled and cash-settled CFDs on a spot basis for Customer’s Trading Account in accordance with Customer’s instructions received through the Company’s Online Trading System or via telephone to the Company’s Trading Desk, subject to the terms of this Customer Agreement, including the annexes hereto and the Application, including any applicable addenda thereto.
Customer agrees to be conclusively responsible for any instruction received electronically that is identified with Customer’s password and Trading Account number and for any electronic, oral and written instruction (including, but not limited to, any Order) to Company, in its sole judgment, believes are apparently authorized by Customer. If Customer’s Account is titled as a joint account, the Company is authorized to act on the instructions of any one owner, without further inquiry, with regard to trading in the Trading Account and the disposition of any and all assets in the Trading Account. The Company shall have no responsibility for further inquiry into such apparent authority and no liability for the consequences of any actions taken or failed to be taken by Company in reliance on any such instructions or on the apparent authority of any such persons.
The Company will make available, by posting on the Company’s Online Trading System or by telephoning the Company’s Trading Desk, Bid Prices and Ask Prices at which Company is prepared to enter CFDs with Customer. Each Bid Price or Ask Price shall be for a Spot Contract with a specified Value Date and shall specify each Eligible Foreign Currency or tradable U.S. Dollar-based currency pairs involved where applicable. The company expects that these prices will be reasonably related to the bid prices and ask prices available in the market at that time for similar transactions, but a number of factors, such as communication system delays, high volume or volatility can result in deviations between prices quoted by the Company and other sources.
When the Customer requests a market quotation from the Company, it may differ from the current price quoted by other sources, depending on the market condition. The Company expects that such quotations will adequately reflect current ask and bid prices in the market for similar transactions; however, a number of factors, such as communication system delays, high volumes or volatility, may result in deviations between prices quoted by the Company and other sources. The Company does not give any guarantee that its quotations will represent current ask and bid prices prevailing in the market but the Company makes every reasonable effort to represent the best ask and bid prices.
The Company makes no warranty, express or implied that Bid Prices and Ask Prices represent prevailing bid prices and ask prices; however, the Company makes every reasonable effort to represent such prices. In addition, these Bid and/or Ask Prices may reflect additional pips added to the Bid and/or Ask price that may result in an increase of the dealable spread available for the Customer’s Trading Account as well as a per trade or per lot commission and/or fees.
The company normally quotes bid prices (at which the Customer can offer to sell) and offer prices (at which the Customer can offer to buy) for each Transaction. The difference between the lower, bid, price and the higher, offer, price is the ”Spread.” For some Transactions, spreads may change frequently. In any event, the Company has the right to vary its spreads at any time in its absolute discretion without notice. Prices quoted by Company are set by Company in its absolute discretion. The Customer may only offer to enter into a Transaction at the price currently quoted by Company. A price may change or cease to be valid at any time after it has been quoted and before the Customer’s offer to enter into a Transaction is accepted. In the case of the difference between the market current quotation and the Company’s spot price, the Company may offer a new spot price and the Customer is obliged to accept the transaction or refuse from such acceptance.
The Company will attempt to execute all Orders that it may, in its sole discretion, accept from Customer in accordance with Customer’s instructions received through the Company’s Online Trading System or via telephone to the Company’s Trading Desk. In cases where the prevailing market represents prices different from the prices Company has posted on Company’s screen, Company will attempt, on a best efforts basis, to execute trades on or close to the prevailing market prices. These prevailing market prices will be the prices, which are ultimately reflected in the Customer Statements. This may or may not adversely affect customer realized and unrealized gains and losses. All Contracts made and entered into by the Company hereunder will be entered into by the Company as principal. Customer acknowledges, understands and agrees that Company is not acting as a broker, intermediary, agent, and advisor or in any fiduciary capacity.
Customer acknowledges, understands and agrees that all non-market orders such as Limit Orders, Stop/Loss Orders, One Cancels the Other Orders, Day Only Orders, and Good till Cancelled Orders, are accepted by Company and undertaken on a “best-efforts basis” in accordance with the relevant provisions of the Trading Rules, as amended from time to time.
The Company or its affiliates may, at a future date, establish a trade matching system or determine to route Customer’s orders to a trade matching system operated by third parties. In that event, Company, and/or any one or more of its affiliates, shall have the right (but not the obligation), in the sole discretion of Company or any such affiliate, to act for its own account, and as a counter party or as a broker to Company customers, in the making of markets and the purchase and sale of CFDs via any medium, including without limitation, over any trade matching network in use by Company customers and/or the general public.
As the Company does not control signal power, data transmission and receipt via Internet, or configuration of the Customer’s computer equipment and reliability of its connection, the Company cannot be held responsible for any data communication failure, distortion or delay when the Customer trades on-line (via Internet). Trading through the Company’s trading system may differ from trading by telephone or through other electronic trading systems. When the Customer makes transactions through the electronic trading system, the Customer is exposed to the risks inherent in the system, such as the failure of equipment, software, or Internet connection, and the Customer’s personal computer security. The Company shall have no responsibility for delays in the transmission of orders due to disruption, failure or malfunction of communications facilities and to any reasons beyond its control and shall not be liable for any claims, losses, damages, costs or expenses, including attorneys’ fees, to any person or entity arising other than as a direct result of Company’s gross negligence. Any disputes arising out of such quoting errors shall be settled by negotiations.
Any transactions entered into and made with the Company shall be concluded with the Company as a market maker except for the Company’s external market transactions. The Customer acknowledges, understands and agrees that the Company shall not act as a broker, intermediary, agent, and advisor or in any fiduciary capacity. The Customer acknowledges, understands and agrees that the Company reserves the right to refuse to accept any order; all orders shall be executed in compliance with the Trading Rules; the Company may cancel any erroneous transaction resulting from mistaken (nonmarket) quotation, transmission errors, illegal network interventions, internet failures, interruptions or any other reasons.
The Customer acknowledges that he understands and fully and solely assumes the risks involved in providing telephone instructions, including the risks of the possible misunderstanding of the Customer’s instructions, impostures and/or false identification of the Customer on the phone.
The Company shall in its discretion keep a record of all transactions made by the Customer. The records of the Company shall be final and binding upon the Customer in any disputes, including legal proceedings, and shall serve as the best evidence.
The customer knows and does not object that the Company may, at its sole discretion and option, record telephone conversations with Customer; such recordings will be confidential and may be used exclusively as evidence, should disputes and conflicts arise.
The customer knows and does not object that the Company may, at its sole discretion and option, archive and save any correspondence with Customer, including electronic correspondence; such recordings will be confidential and may be used exclusively as evidence, should disputes and conflicts arise.
The Customer acknowledges that he understands and fully and solely assumes the risks involved in providing telephone instructions, including the risks of a possible misunderstanding of the Customer’s instructions, impostures and/or false identification of the Customer on the phone.
Customer acknowledges and agrees that all conversations between Customer and Company personnel, including but not limited to principals, agents, employees or associates, may at the sole option and discretion of Company, be recorded electronically with or without the use of an audible, automatic warning tone. Customer further agrees to the use of such recordings and transcripts thereof as evidence by either Party in connection with any dispute or proceeding that may arise involving Customer or Company. Customer understands that Company destroys such recordings at regular intervals in accordance with Company established business procedures and at its sole discretion, and Customer.
9.4. Limits and Margin
The Company reserves the right to limit the number of Open Positions that Customer may enter or maintain in Customer’s Trading Account. Company reserves the right, in its sole discretion, to refuse to accept any Order opening a new position or increasing an Open Position.
The Company reserves the sole discretionary right to limit the number of Open Positions which Customer may enter, acquire or maintain with the Company, to refuse acceptance of any Order entered by Customer or to alter its dealing relationship with the Customer to include or exclude use of any electronic trading network or other trade execution method in any manner and to any extent.
Customer shall provide to and maintain with the Company Margin in such amounts and in such forms, and within such limits as the Company, in its sole discretion, may from time to time require. Margin requirements, including Initial (Opening) Margin and Maintenance Margin requirements, are at Company’s discretion. The Company may change Margin requirements at any time without prior notice.
CUSTOMER AGREES TO MAINTAIN SUFFICIENT MARGIN IN CUSTOMER’S TRADING ACCOUNT WITHOUT NOTICE FROM THE COMPANY.
Such first Initial (Opening) Margin may be made by bank transfer or credit card payment or such other method as may be agreed between the Company and the Customer. Such first deposit together with subsequent Margin made by the Customer from time to time and any profits and losses from existing open and closed Transactions, credits and debits from daily rollovers, and charges from commissions, if applicable, shall serve as the guarantee for the performance of Transactions in the Trading Account. Please note the Company will not accept any third party payments made in respect of funding your account. Similarly, the Company will not pay out any funds from your account to any third party. If the Customer fails to provide any Margin, deposit or other sum due in respect of any transaction Company may close all Open Positions without prior notice and in such case, any sums referred to therein which are not denominated in the Currency of the Trading Account shall be treated as if they were denominated in the Currency of the Trading Account by converting them into the Currency of the Trading Account at the relevant exchange rate for spot dealings in the CFD market.
It is the Customer’s responsibility to notify the Company as soon as the Customer believes that the Customer will be unable to meet a Margin payment when due.
In the event that Customer directs the Company to sell any Margin, Collateral, Contract or other property and the Company is unable to deliver such Margin, Collateral, Contract or other property to a purchaser because Customer fails to deliver it to the Company, the Company may borrow or purchase any Margin, Collateral, Contract or property necessary to make such delivery, and Customer hereby agrees to guarantee and hold the Company harmless against any liability, claim, loss, damage, cost or expense, including attorneys’ fees that the Company may sustain.
The Company is not obliged to make Margin Calls for the Customer. The Company is not liable to the Customer for any failure by the Company to contact or attempt to contact the Customer.
The amounts payable under the Operative Agreements are automatically converted by the Company into the Currency of the Trading Account at the relevant exchange rate for spot dealings in the CFD market. If the aggregate amount payable under the Operative Agreements by the Customer equals the aggregate amount payable under the Operative Agreements by the Company, then the obligations to make payment of any such amount will be automatically satisfied and discharged.
If the aggregate amount payable under the Operative Agreements by one party exceeds the aggregate amount payable under the Operative Agreements by the other party, then the party with the larger aggregate amount shall pay the excess to the other party and all obligations to make payment will be automatically satisfied and discharged.
The Customer obligations to pay any due amount shall include all commissions, charges and other costs determined by the Company.
9.6. Transfer of Funds
All transfers of funds shall be made at the Customer’s expense. The customer knows and accepts the condition that in case of funds withdrawal from Trading Account the Company will deduct from Customer’s funds the amounts required to cover Company’s expenses related to the funds transfer.
The Customer agrees that the Company shall charge a commission for each bank transfer to cover the transfer costs.
Transfers to any third parties shall NOT be permitted. All other transfers must be in the name of the holder of the account.
Customer agrees hereby that Company may at any time, in the sole judgment of the Company, apply and transfer from Customer’s account to any of Customer’s other accounts held with the Company or an affiliate of the Company or other approved financial institution or its associates any of the money, currencies or other property of Customer held either individually or jointly with others to another regulated account of the same said Customer.
Basic settlement currencies for monetary relations between the Company and Customer shall be U.S. Dollars. Settlements in other currencies shall be made exclusively at the sole discretion of the Company. Customer understands that if it is necessary to convert currencies for the purposes of monetary relations between Company and Customer, such actions will be made by Company at Customer’s expense by deducting from Customer’s funds the amounts required to cover Company’s expenses related to such conversion.
10. Risk Acknowledgements
CUSTOMER ACKNOWLEDGES AND UNDERSTANDS THAT TRADING AND INVESTMENT IN LEVERAGED CFD CONTRACTS IS HIGHLY SPECULATIVE, INVOLVES AN EXTREME DEGREE OF RISK, AND IS GENERALLY APPROPRIATE ONLY FOR PERSONS WHO CAN ASSUME RISK OF LOSS IN EXCESS OF THEIR MARGIN DEPOSIT.
Customer understands that because of the low margin / high leverage normally available in CFD trading, price changes in CFD may result in significant losses. Such losses may substantially exceed Customer’s investment and Margin deposit. By Customer directing Company to enter into any leveraged CFD Contract, any profit or loss arising as a result of a fluctuation in the exchange rate affecting such Currency will be entirely for the Customer’s account and risk, all initial and subsequent deposits for Margin purposes shall be made in U.S. Dollars or in other currency in accordance with the type of Trading Account and its currency, in such amounts as Company may in its sole discretion require; and Company is authorized to convert funds in Customer’s account for Margin into and from such account currency at a rate of exchange determined by Company in its sole discretion on the basis of the then prevailing money market rates. Customer warrants that the Customer is willing and able, financially and otherwise, to assume the risk of leveraged CFD trading. In consideration of Company carrying his/her Account(s), Customer agrees not to hold Company responsible for losses incurred through following its trading recommendations or suggestions or those of its employees, agents or representatives. Customer recognizes that guarantees of profit or freedom from loss cannot be given and it is impossible to predict performance in leveraged CFD trading. Customer acknowledges that Customer has received no such guarantees from Company or from any of its representatives or any Introducing Broker or other entity with whom Customer is conducting his/her Company account a