Fenix Funds is a trademark of FENIX SECURITIES, LLC.
FENIX SECURITIES, LLC is authorized and regulated by the U. S. Securities and Exchange Commission (SEC) (Licence No. CIK #0001533316). Business Address: FENIX SECURITIES LLC, 14 WALL STREET, 20TH FLOOR, NEW YORK NY 10005.
FENIX SECURITIES, LLC is authorized and regulated by FINRA
(Licence No. CRD#: 159481/SEC#: 8-68988). Business Address: FENIX SECURITIES LLC, 14 WALL STREET, 20TH FLOOR, NEW YORK NY 10005.
FENIX SECURITIES, LLC is the issuer and seller of the financial products described or available on this website. Office Address: FENIX SECURITIES LLC, 14 WALL STREET, 20TH FLOOR, NEW YORK NY 10005.
1. This Agreement is concluded between:
1.1. The company Fenix Funds and an individual, who in one way or another registered a trading account with the Company (hereinafter – “Client” or “Trader”), together referred to as the “Parties”.
1.2. The Client gains access to the trading platform, which the Company provides for trading in the Forex market and Contracts for Difference(CFDs); the access is provided through the website on the domain name www.fenix-funds.pro (as well as on all subdomains of the specified domain name).
1.3. The Trader’s use of the Company’s trading services governs by this License Agreement (hereinafter referred to as “Agreement”). As a complement to this Agreement, relations between the Trader and the Company are also run by the additional rules described in such sections as “KYC Policy” and “AML Policy”, as well as in “Risk Disclosure” and “Bonus Agreement” sections.
1.3.1. The Company’s services under this Agreement are:
22.214.171.124. Opening and servicing a personal account and (a) trading account (s) of the Client.
126.96.36.199. Giving the Client access to trading platforms, which give the possibility to obtain information and quotes from the Company and conduct trading operations.
188.8.131.52. Implementation of trading and non-trading orders of the Client, which are resulted in the change of the sum of funds on the Client’s trading account.
184.108.40.206. The delivery of consulting and information services, when the Client agrees that any consultation or data received by the Client from the Company is not an inclined approval of action but is designed to acquaint only.
1.4. The Company reaffirms service delivery to the Trader, when he registered Personal Account or performed any trading or non-trading operations on the Trading Account, including crediting funds to a specific Trading Account of the Client.
- Basic provisions
2.1. The Client, through registration on the Company’s website, accepts the responsibilities under this Agreement in full. This Agreement, as well as the additional sections described in paragraph 1.3., runs relations between the Client and the Company, defining the procedure for using the Company’s trading services.
2.2. By registering on the Company’s website, the Client confirms that:
2.2.1. The Trader has provided the true information.
2.2.2. The Trader has reached the age of majority in the country of the Trader’s residence.
2.2.3. The Trader’s personal information will be updated on time.
2.2.4. Trader’s obligations in respect to third persons, as well as the current legislation of the Trader’s country of residence will be unaffected because of the use of the Company’s services.
2.3. The Company has the right in any way to change the website design or its content, the services offered, as well as the trading platform, which is available to the Client. The Company does not accept the claims for any losses suffered by the Trader in the result of such modifications.
- Legitimacy of the services provided by the Company
3.1. The Company is not responsible for the legitimacy of the Company’s services in the legal space of the country of the Trader’s residence. The Company does not provide legal advice concerning the permit or ban on using the services given to the Trader by the Company. The client pledges to check the legitimacy and availability of the legislative base before registration in the Company, or to restrict its trading activity by manipulation with the Forex platform.
3.2. The company does not act in contravention to the active legislation in the legal space of the Trader’s country of residence. The Company is not responsible for the unauthorized or illegal usage of the Company’s services by the Client. By registering on the Company’s site, the Client must respect the legislation of the country where he lives concerning trading in the Forex market and Contracts for Difference (CFDs).
- Access to the Company’s services
4.1. A person who is not yet of age in the country of his residence is impossible to become a Client. If in doubt about the Client’s age, the Company reserves the right to ask for a document that confirms the fact of reaching the age of majority by the Trader. If the document is not provided or the Company suspects that it is forged, the Company has the right to suspend the Client’s trading account and block the access to the Trading Platform.
4.2. The Company experts are entitled to verify the accuracy of the personal information provided by the Client. The audit is conducted in the form of a request for the Trader’s appropriate documents (passport or driver’s license, utility bills and / or bank statements). In such a case, the “KYC Policy” section regulates the procedure for cooperation between the Client and the Company. The Company is able to demand notarized and translated copies of the necessary documents. If the Client does not comply with the requirements to provide the requested documents on time, the Company can suspend the Client’s trading account and to block his access to the Trading platform. If the Company representatives suspect that the provided documents are fake, the Client is likely to lose the right to have access to the Trading platform and can no longer use the services provided by the Company. In that way, the Client must pay all the costs spent by the Company to maintain the trading account specified in paragraph 12.2.1.
4.2.1. It is not the responsibility of the Company to inform the Client concerning the status of the account verification.
4.3. The Company without the notification of the Client reserves the right to initiate any identity verification of the Client. This may include verification of the authenticity of the name, address, age, credit history and business activity. Third parties can be involved by the Company in order to conduct this type of inspection. If the Company suspects a fraud by the Client, the first has the right to block the Client’s Trading Account and ban the use of the Company’s Services in the future.
4.4. The Client is obliged to provide documents for checking identity before the first recharging of the trading account or not later than ten business days from the initial deposit date. If the necessary documents are not obtained by the Company on time, the Company has an indisputable right to prohibit the Trader to perform trading and non-trading operations on the account until the documents are provided and fully verified by the Company.
- Eligibility of this Agreement
5.1. In case a Client does not agree with any clause of this Agreement he should immediately cease using the Company’s Services. The Client must uninstall all software and request closure of the Trading account according to the rules for closing a trading account described in paragraph 15 of this Agreement.
5.2. The Company may renegotiate and update this Agreement in any way if there is a need. It is not the Company’s duty to notify the Client of the amendments of this Agreement or any other additional Agreements. Any changes enter into effect within a calendar week after their publication on the Company’s site. If the Client does not agree with the amendments made by the Company, he must immediately cease using the Company’s Services. In addition, the Client must cancel the Trading Account according to the rules for closing a trading account specified in paragraph 15 of this Agreement. The Company is not liable for Trader’s late acquaintance with this Agreement, as well as any other Agreements and their changes published on the Company’s website.
- Client’s trading procedure
6.1. The Client makes a request or an order, which is put on validation in the client terminal. Calculation of the floating profit / loss by position, as well as the calculation of the Stop Out level, is not performed at this time.
6.1.1. The server receives the request /order from the client’s terminal.
6.1.2. When the server gets the Client’s request or an order, the correctness of this operation is verified. Preliminary calculation of the floating profit/loss by position, calculation of the Stop Out level is not performed at this time.
6.1.3. If the Client sends a correct request/order, it is placed in the queue. The queue is formed by the time the request/order is received. When the correct request/order is in the queue, the current processing status of the request/order (“Order is accepted”) is displayed in the “Order” window of the client terminal.
6.1.4. The request/order is sent to the Company for processing if it is received in the queue before other requests/orders. The “Order” window of the client terminal displays the current processing status of the request/order (“Order is in process”).
6.1.5. The result of processing of the client’s request/order is transferred to the server.
6.1.6. The server sends the result of processing of the Client’s request/order to the Сlient terminal.
6.1.7. The Сlient terminal gets the result of processing of the Client’s request/order from the server in case the connection between the Сlient terminal and the server is constant and stable. The time of getting a result in the Client trading terminal is fixed in the Client terminal log. The server log also contains the information about the time of sending the result from the server to the Client terminal. These indicators may vary.
6.2. If the Client’s request/order is in the queue with the status “Order is accepted”, the Client can cancel the request/order. Click on the “Cancel order” button in the Client terminal to cancel the request/order.
6.3. When the Client’s request/order is under the status “Order is in process”, the Client mustn’t cancel the request/order.
6.4. Three minutes is the time set by the Company for the maximum processing of one request/order. In case the Client’s request/order is not transmitted to the Client terminal on time, then this request/order is deleted from the queue.
6.5. The Client gets quotes via the terminal. These quotes are indicative and produce data (received from the liquidity provider) on the best Ask and Bid prices available on the market.
6.6. The Company is not responsible for incorrect information got from the liquidity provider. However, the Company may act as an arbiter between the provider and the Client in case of a controversial situation.
6.7. The Company is able to initiate audit or review results of the trading orders performed by the Client. This situation is possible when there is a sigh of violation of some terms of the agreement or if trading orders are executed at the time of technical downtime from the liquidity provider and /or errors that may occur in the Client terminal.
- The procedure of processing questionable operations
7.1. The Company is able to reject the Request/Order of the Client in the following cases:
7.1.1. If the Client makes the Request/Order before he gets the first quotation on the trading platform.
7.1.2. In case the amount of Requests/Orders for Client’s open positions exceeds the frequency equivalent to ten orders for each open position.
7.1.3. If the Client does not have sufficient amount of free margin to open a position.
7.2. Depending upon the reason described in paragraph 7.1., the next messages will be in the window of the Client terminal: “Off quotes”, “Canceled by dealer”, “Insufficient funds”, “Trade is disabled”.
- Rules for opening and closing transactions, the procedure for determining the payment amount on the transaction
8.1. A trading operation for buying is conducted at the Ask price. The trading operation for the sale is carried out at the Bid price.
8.1.1. If a long position is available, then it is conducted at the Ask price. In case a short position is open, it is conducted at the Bid price.
8.1.2. If the long position (sale) is closed, it is carried out at the Bid price. The closure of the short position is conducted at the Ask price.
8.2. The process of moving open positions starts the next day at 11:59:45.
8.3. The company has the right to change the value of swaps and commissions.
8.4. The Client must pay a commission to the Company; he also must reimburse other costs in the amounts specified on the Company’s website.
8.5. The Company can change the commission and other costs without prior written notification of the Client. The Company publishes all changes concerning the size of the commission and other costs on its website.
8.6. Except in special circumstances specified in the regulatory documents, the Company is not obliged to provide the Client with information concerning income obtained as a result of commissions or other fees earned by the Company as a consequence of trading by the Client.
8.7. The Client has to contribute and maintain the initial margin and/or margin for the locked positions in the amount set out by the Company.
8.8. The initial margin and/or margin for the locked positions is fixed when the position is being opened.
8.9. The Client independently monitors the level of the necessary margin on his trading account.
8.10. The Company is not liable for Stop Out on the account, which occurred as a consequence of the late flow of funds to the Client’s account.
8.11. The order of opening a position.
8.11.1. When the Client submits an order to open a position, he has to specify the next required parameters:
220.127.116.11. The name of the instrument.
18.104.22.168. The amount of the trade.
8.11.2. When the Client intends to open a position through the Client terminal without the usage of an adviser, then he has to click the Buy or Sell button at that very moment when the Company’s stream prices are in line of his expectations.
8.11.3. In the event that the Client is eager to open a position via the Client terminal using an adviser, a deal is made at the current quote.
8.11.4. The Client makes a request in order to open a position by means of a Client terminal without using an Expert Adviser. When the Client receives the quotation (Bid/Ask), it is possible to open a position by clicking the Buy or Sell button. The Company reserves the right to withdraw the quote unless the Client sends the instruction within three seconds after getting the quote and also if the quote becomes invalid as a consequence of the market movement.
8.11.5. It is necessary to generate a request in order to open a position through a Client terminal using an Expert Adviser. If the quote offered by the Company is different from the advisor quote by no more than the maximum deviation, the adviser sends to the server an order to open the position on the quote, which was offered by the Company.
8.11.6. When a Client requests the server to open a position, it automatically verifies the status of the trading account for available margin for the open position. This leads to:
22.214.171.124. A new item is conditionally added to the list of open positions.
126.96.36.199. A new level of necessary margin is determined for the aggregate position of the Client, including a conditionally added new position at the actual prices of the market at the time of checking.
188.8.131.52 Floating profits / losses for every open position are calculated at actual market prices, a conditionally added position is an exception.
184.108.40.206 A new amount of free margin is calculated.
220.127.116.11 It is decided to open a position on the basis of the results of the calculation of the new free margin.
18.104.22.168.1.The position is open in the event that the free margin is more than zero or equal to zero, the total client position regarding the conditionally added position does not exceed a specified limit for this particular account. The corresponding entry in the server log-file is committed when the position is being open.
22.214.171.124.2. The position cannot be open if the free margin is more than zero or equal to zero, and the total Client position exceeds the specified limit for this particular type of account, bearing in mind the conditionally added position.
126.96.36.199.3. If the free margin is less than zero, the Company reserves the right not to open a position.
8.11.7. If the actual quotation on the instrument changes at that very moment when the Company processes the orders of the Client, then the Company reserves the right to propose a new price. In such a case, the “Requote” window appears. A client willing to open a position at the newly offered price has three seconds to answer “Ok”; this is the time when the quotation is relevant. In this case, the order is comes back to the server and goes through all the specified stages of verification. The Client is believed to refuse the deal if he does not accept the new price at the time of the quotation’s actuality.
8.11.8. The Client’s order to open a position is believed to be processed and the position is open after the appropriate entry appears in the server’s log-file.
8.11.9. A ticket is assigned to every opened position on the trading platform.
8.11.10. The Client understands that it takes the Company some time to perform an order.
8.11.11. The “Margin for Locked Positions” parameter is used for the locked positions; the “Initial Margin” parameter is for non-locked positions ( it is calculated by the volume weighted average price of non-locked positions);
Margin calculation algorithm: Free Margin = Balance – New Margin Floating Profit – Floating Loss.
In the event that the specified value of the maximum deviation differs from zero and the difference between the initial and the new quote proposed by the dealer is less than or equal to the set maximum deviation value, the server does not send a new quotation to the Client terminal and open the position. Thus, the opening price within the given range can be either lower or higher than the initial quote.
8.11.12. The Client accepts that the Company reserves the right to set requirements on the amount of the pledge and margin.
8.11.13. The Client ought to click the “Close” button in order to close a position via a Client terminal without using an Expert Adviser; he should act at that very moment when the Company’s streaming prices suit him.
8.11.14. When the Client intends to close a position via a Client terminal using an adviser, he should make an order to close a position at the actual quote.
8.11.15. The Client should make a request in order to close a position via a Client terminal without using an Expert Adviser. After getting the quotation (Bid/Ask), the Client willing to close the position at the proposed price has 3 seconds to press the “Close” button. This should be done while the quotation is valid. The Company reserves the right to withdraw the quote if the Client makes the Company no effective order during the time when the quotation is relevant.
8.11.16. In order to close the position by means of the Client terminal using the Expert Adviser a request should be made. If the quote, which the Company offered, is different from the adviser quote by not more than the maximum deviation value, the adviser sends an order to the server to close the position on the quote proposed by the Company.
8.11.17. When making a request or order to close any of the locked positions (two or more locked positions in the list of open positions in the trading account) there will be the option “Close By” in the “Type” dropdown list. After choosing this option one or more open positions opened in the opposite direction appear. After selecting the desired item from the list, the Close # … by # … button is activate. The Client clicks on the button in order to close locked positions of one volume or partially closes two locked positions of different volumes. In such a case, the closure of a smaller position and the symmetrical part of the larger position takes place. At the same time, a new position in the direction of the larger of the two is still open. It receives a new ticket.
8.11.18. An additional option “Multiple Close By” appears in an dropdown list ‘Type” in the event that there are two or more locked positions in the list of open positions for a trading account. This takes place when the Client makes a request/ order to close any of the positions. After the choosing the option, there is a list of all positions for this instrument; the button “Multiple Close By” is activated. Click on this button to close all locked positions for this instrument. At the same time, a new position, which is open at the same direction as a position of a larger total volume, is still open. This new position gets a new ticket.
8.11.19. The Client’s order to close the position is believed processed, and the position is closed after the appropriate entry appears in the server’s log-file.
8.11.20. The Company rejects the order to close the position until the first quote on this instrument appears in the trading platform at the time of the trade opening on the market. At the same time, the Client receives a message “Off quotes” in the Client terminal window.
8.11.21. The Company rejects the order to close the position if it is received for processing at the moment when the order in the closed position (Stop Loss or Take Profit) is in the execution queue. At the same time, the Client gets a message “Off quotes” in the client terminal window.
8.11.22. The Client understands that it takes the Company some time to execute the order.
- The procedure of processing non-trading operations
9.1. The Company considers the following actions as non-trading operations:
- Replenishment of the trading account;
- Withdrawal from the trading account;
- Any other financial operations on the trading account as well as money transfer among Client’s trading accounts.
9.1.1. The Company is obliged to open one or more trading account(s) for the Client to let him place orders in particular financial instruments.
9.2. When the Client replenishes the account with the first minimum amount, which the Company determines and changes in its discretion from time to time, his trading account is activated. The minimum initial deposit may vary according to the type of Trading Account proposed to the Client.
9.3. The Client may deposit at any time during the term of this Agreement. Deposits will be made by means of the methods and in the currencies determined by the Company. The methods of replenishment are available in the Client’s personal cabinet on the website and can be changed/added without notice of the Client at any time.
9.4. According to the Company’s policies in place and for purposes of prevention of money laundering and/or terrorist financing, the Client is obliged to provide the required data confirming the Client’s source of funds. The Company reserves the right to ask for any additional documents and/or information to confirm the source of funds as these are deposited for the Client’s Trading Account. The Company reserves the right to reject a deposit if the Company is not properly satisfied with the source of funds. In case the Client deposits by means of a new payment method which is not previously approved by the Company, the Company has the right to request the proof of the newly utilized payment method. If the Client refuses to give a proof of the payment method or ignores the request within 10 calendar days from the date of replenishment, the Company can block any trading or non-trading operations on the Client’s trading account. Moreover, the Company reserves the right to block the credited funds from the unverified source of funds until the Client submits the requested proof.
9.5. When the Client deposits, the Company credit the relevant Client Trading Account with the corresponding amount got by the Company within one to three (1-3) business day(s). This procedure takes place after the sum is transferred to the appropriate Company’s bank account designated as Clients’ Account.
9.6. If the funds transferred by the Client are not credited to the Client’s trading account on time, the Client should notify the Company and request to carry out a banking investigation of the money transfer. The Client accepts that the Client pays for any investigation and the funds are deducted from his trading account or paid directly to the bank that carries out the investigation. The Client agrees to provide the Company with the requested documents and certificates in addition to the relevant swift confirmation in order to perform the investigation.
9.7. When the Client intends to withdraw funds, he should send the request to the Company by the method accepted by the Company.
9.8. After the Company gets the Client’s order to withdraw funds from his Trading Account, the Company must consider and execute it within 10 (ten) business days, if the following requirements are fulfilled:
The withdrawal instruction consists of all required information;
The instruction is developed in order to make a transfer to the originating account (whether that is a bank account, a payment system account etc.) from which the sum was initially deposited to the Client’s Trading Account, or at the Client’s request to a bank account, which belongs to the Client;
The source of funds belongs to the Client;
At the moment of payment, the Client’s balance is more or equal to the sum mentioned in the withdrawal instruction including all payment charges;
There is no force majeure that prevents the Company from executing the Client’s withdrawal request;
There are no opened trades on the trading account.
9.9. The Client understands and accepts that he/she should provide the Company with the correct details of the Client’s bank account, which includes the bank account number and the bank account holder name (must match with the Client’s name in the provided documents). Having all relevant documents the Company is able to execute a withdrawal order by bank transfer.
9.10. In case the Client’s trading account is not checked within 10 (ten) calendar days and the Client receives a profit during that time frame, the Company has the right to block the Client’s trading account. The trading account will be blocked until the Client provides all the identification documents at the Company’s request and in accordance with the Terms and Conditions and the Company’s Policies.
9.11. The Company has the right to review no more than one withdrawal request from the Client per day irrespective of the number of trading accounts the Client has.
9.11.1. In the event that the Client intends to make more than one withdrawal per day, the Company has the right to review the only one most recent withdrawal requests; other withdrawal requests may be cancelled.
9.11.2. It is impossible to have more than three withdrawal requests reviewed at the same time. In addition, all the registered withdrawal requests should comply with the requirements described in paragraph 9.8.
9.12. The Client agrees and understands that the Company will not accept third party or anonymous payments on the Client Trading Account and is not obliged to withdraw from any other third party or anonymous account.
9.13. It is the right of the Company to decline the request to withdraw funds; the Company has the right to ask the Client to supply an appropriate method, which differs from the one used to deposit the Client’s funds.
9.14. The Client obliges to make all payments; the Company charges the relevant amount from the corresponding Client’s trading account.
9.15. The Client reserves the right to make a request for internal money transfer to another Client Trading Account in the Company. Internal transfers have to respect the Company’s policy now and then.
9.16. The Client understands that in the event that the Client supplies incorrect requests for money transfer, the Company may have no opportunity to correct the mistake and the Client may suffer losses.
9.17. The Company is able to propose free Demo Accounts to its Clients; such Demo Accounts are possible to be closed and/or deleted without notification of the Client.
- Bonus policy
10.1. The Client has to be attentive while reading the Bonus Policy before the moment he registers in the Bonus Program of the Company and accepts Bonus.
10.2. Bonuses, which the Company proposes to the Client, are not obligatory. If the Client refuses to accept bonuses, his decision has no effect on the relations between the Client and the Company.
10.3. The Company creates offers, bonuses and other means to cheer up the Clients. It is the right of the Company to choose Clients for a certain promotional offer. The Company proposes bonuses to Clients on equal terms. The Client studies all the bonus characteristics. Taking the bonus the Client agrees on the terms and conditions of the Bonus policy. The Trader respects this policy during the entire period when he makes the first trading order.
10.4. By using the Bonus the Client recognizes that he has got a certain experience in trading. Otherwise, usage of bonuses or promotional offers may have significant consequences such as profit or loss. Trading on the financial market involves the risk of loss of the awarded bonuses and Client’s own funds.
10.5. The company has the right to target the bonus program on their own: geographically and by target audiences. Depending on the Client’s residence, the conditions for awarding bonuses and taking part in the promotional offers may be different.
10.6. The Client must not transfer or sell bonuses to any third party. Bonuses are tied to a certain trading account; it is impossible to transfer them to another trading account under certain conditions.
10.7. The bonus currency corresponds to the currency of the Client’s account.
10.8. The Company determines the terms of the promotion and bonuses. Terms and conditions can be provided for all promotions. The Company is able to cancel the promotional offer if the Client has failed to comply with some terms and conditions of the User Agreement. The Company may change the validity period of the offer or bonus without prior notification of the Client.
10.9. In case when the Company suspects abuses of the Company’s offers or in any other violation of the Agreement between the Company and Client, the Company reserves the right to cancel the awarded bonuses or close the Client’s trading account.
10.10. Taking part in the bonus or promotional program involves the Client’s consent to use his name and/or photo for any marketing purposes of the Company. Getting a bonus means absence of any claims to the Company regarding a granted bonus.
10.11. Accepting a bonus by the Client means confirmation of his awareness of temporary withdrawal restrictions from the trading account until all of the requirements specified in the Bonus Policy are fulfilled.
Basic terms and definitions
11.1. The Agreement can contain terms, which are not placed in the “Glossary” section. In this case, the term is interpreted according to the text of the document. If there is no unambiguous interpretation in the text, the Trader should be guided by the term interpretation defined: primarily on the Site, and then by the prevailing (general) language in the Internet.
- Rights and obligations of the Parties
12.1. The Client reserves the right to expect to use all the Company’s services specified in paragraph 1.3. The Company is able to ask the Client to use the trading account for its intended purpose. This means execution of up to three standard lots in case of any non-trading operation on the account (depositing the account); at least 5 minutes is given to make every trading.
12.2. The Client can be asked to cover the Company’s own expenses for servicing the Client’s trading account in case the Client does not perform any trading operations on his account and (or) in case of money withdrawal without making trading operations in accordance with paragraph 12.1 of this agreement. The minimum sum charged from the Client’s account amounts to 30% from the net deposited sum by the Client, but it should not be less than 80 US dollars (80 Euros), based on the currency of the account.
12.2.1. In the event the Client does not perform any trading operations within 90 calendar days, the Company is able to charge from the Client’s account 100 US dollars (100 Euros) based on the currency of the Client’s trading account. If there is no specified amount on the account at the time when the commission should be withdrawn, the Company is able to cancel the Client’s account without the chance to replenish the balance. The Company reserves the right to retain the amount of 30 US dollars (30 Euros) based on the currency of the Client’s trading account every month; the sum is withdrawn for each month of no trading operations after the expiration of the 90-day period since the date of the last trading activity by the Client.
12.3. The Client is able to at any time fully or partially withdraw funds available on his trading account in case all the terms and conditions according to this Agreement specified in paragraph 12.1. are fulfilled.
12.3.1. There are some terms and conditions when full or partial withdrawal of funds from the Client’s Trading Account is terminated. These reasons are described in the Bonus Agreement or in clause 9.8 of the User Agreement.
12.4. The Company reserves the right to ask the Client to give the details used when replenishing the balance to transfer all funds or the part available for withdrawal; moreover, the Company may ask the Client to provide the documents that confirm the source of funds and (or) initiate the procedure of full identification of the Client.
12.5. The Client will be denied service by the Company, if there are signs of violation by the Client of his duties or the rules of the Company. The Company reserves the right to demand to cover the costs or losses arising from the Client’s fault in case of their proper justification. The Company is able to refuse to provide services to the Client without explaining the reasons; in such a case the Company loses the right to get compensation.
12.6. It is the Company’s right to terminate the service provision to the Client, block his account for up to 10 (ten) business days and check the Client’s deals for the possibility of their execution. Moreover, it is possible to act in this way when there is a need to identify possible technical failures or violations by the Client of the terms of this agreement. This procedure can be initiated in the next cases:
12.6.1. The Client intends to modify on his own the software components of the Client’s side of the Trading Platform (change binary code), scan the ports of the server side of the Trading Platform or take any malicious actions aimed at causing overload, failure or incorrect performance of the Trading Platform, as well as to use technical errors occurred on the Trading Platform or caused by the liquidity provider in order to benefit from that and gain profit. In case the Company identifies any violation described above, the Company reserves the right to refuse to provide any further services and block the Client’s account by closing all of the opened trades.
12.6.2. The Client personal information provided to the Company during the registration of the Trading Account is not reliable.
12.7. In case of disagreement that may take place during the implementation of trading activities, the Client’s duty is to write to the Company via the email address email@example.com in accordance with section 14 of this Agreement, having previously closed all open positions on his Trading Account.
12.8. It is the right of the Company to fully or partially close all Client’s open positions (contracts), in the event that the amount of floating losses is more than 90% of the amount of the initial margin required by the Company in order to ensure all open positions.
12.9. The Client has the right to make as many accounts as he needs and transfer them to third parties as they see fit; doing this, the Client accepts responsibility for the performance of third parties on his trading account.
12.10. The Client is entitled to change the passwords (access codes) in the Personal Account and the Trading Terminal now and then. The Client is liable for the safety of passwords and access codes to his trading account.
- Force Majeure
13.1. Non-fulfillment and (or) improper fulfillment of responsibilities under this Agreement is not the liability of the parties in case such non-fulfillment and (or) improper actions are caused by force majeure, which the parties could neither reasonably foresee nor prevent. Such circumstances, in particular, include: earthquakes, floods, tsunami, other natural disasters, man-made disasters, epidemics and epizootics, terrorist acts, riots, acts and actions of authorities, embargo, wars and armed conflicts, or other circumstances beyond the control of the parties usually called force majeure.
13.2. According to this Agreement, the circumstances precluding responsibility (force majeure circumstances) also mean illegal actions against the Company, its staff and / or its belongings, including hacker attacks and other illegal actions against the Company’s servers.
13.3. Moreover, in compliance with this Agreement, force majeure circumstances include termination of work, liquidation or closure of any market, absence of any event affecting quotations, the imposition of restrictions or special and non-standard conditions of trade in any market or in respect to such kind of event.
13.4. If there are circumstances that preclude responsibility (force majeure), the Company reserves the right to take one or some actions describes below without prior notification of the Client:
13.4.1. Boost margin requirements.
13.4.2. Close any or all Client’s open positions at a price, which is reasonably considered by the Company.
13.4.3. Take any other actions (or refrain from committing any actions) in relation to the Company, the Client or other Clients in case the Company rightly considers this step to be viable under the circumstances.
13.5. The party for which non-fulfillment or improper fulfillment of responsibilities under this Agreement was caused by circumstances precluding responsibility (force majeure circumstances) is obliged to give details of the event to the other party; the party has 30 calendar days from the start of their performance.
13.6. A party that does not inform the other party about the circumstances precluding obligations within a specified time frame does not have the right to consider them as circumstances precluding obligations.
- Procedure of settling disagreements
14.1. Possible disputes and disagreements, which arise at the time of the Agreement implementation, have to be resolved by the Parties by means of negotiations.
14.2. If the situation is questionable, the Client who believes his interests are violated has to file a suit to the Company.
14.3. Deadlines for claims:
14.3.1. The claim, based on the relations of the Parties concerning the performance of trading operations in the financial markets, must be submitted by the Client within 3 working days since the beginning of the dispute.
14.3.2. The claim associated with the execution of non-trading operations has to be submitted by the Client in the period of 10 calendar days since the beginning of the dispute.
14.3.3. In case the Client fails to submit the claim within the specified time period, he confirms his agreement with the actions of the Company and the absence of disputes and disagreements.
14.4. The claim sent by the Client later then it is specified will not be reviewed by the Company.
14.5. The Client has to submit the claim to the official email addresses on the Company’s official website. Claims filed in a different format (on a public Internet resource, by phone and fax or in any other way) are not accepted.
14.6. A claim contains the next information:
14.6.1. First and last name of the Client.
14.6.2. Login of the trading terminal or trading account number.
14.6.3. Description of the dispute/disagreement.
14.7. A claim based on trading in the financial market should also include such information:
14.7.1. Date and time when the questionable situation arose (according to the time of the trading platform).
14.7.2. A ticket (number) of the questionable position or pending order.
14.7.3. The name of the regulatory document and the paragraph, which the Client considers to be violated by the Company.
14.7.4. Description of the actions, which the Client wishes to be taken by the Company in order to satisfy the claim.
14.8. The Company reserves the right to reject the suit and put on hold the service provision to the Client if the suit contains:
14.8.1. Emotional exaggeration of the situation.
14.8.2. Offensive comments in relation to the Company and (or) its representatives.
14.9. The Company is able to reject the Client’s suit if the Client fails to comply with the conditions for filing and sending the suit described in Section 14 of this Agreement. Moreover, the Company reserves the right to reject the claim if a disputed order is made by means of the funds owned by the Company or profits received due to the funds belonged to the Company (bonuses, payments, fees and credit funds) or virtual funds on a demo account.
14.10. The company considers the suit and decides on the dispute as soon as possible. If there are all the necessary data to consider the suit, the period for its consideration is:
14.10.1. Three business days since receiving a complaint, in case trading operations in financial markets is a cause of complaint.
14.10.2. Twenty calendar days since receiving a complaint, if any other reasons save those specified in clause 14.10.1 are the cause for complaint.
14.11. In the event that the Company needs additional information and (or) documents from the Client to consider the claim, the claim is considered to be under review from that very moment when the Company gets all the necessary information and (or) documents from the Client.
14.12. The server log file is a principle source of information when considering a questionable situation regarding the Client’s trading operations in financial markets. The data in the server log file has an obvious priority over all other arguments when considering a complaint, as well as over the information in the log file of the Client terminal.
14.13. If the complaint is considered to be justified, the Client receives compensation on his trading account. The Company does not cover the Client’s loss, including the case when the Client has the intention to perform an action, but does not do this for some reason. The company does not cover any indirect damages and moral injury.
14.14. In the event that the Company makes a positive decision regarding the Client and his disputable situation, the Company charges compensation to the Client’s trading account within one working day.
14.15. If there is a dispute, which is not described in this Agreement and its annexes, the key decision on the suit is made by the Company based on the generally accepted market practice, the Company’s internal policy and the Company’s vision of a fair solution of the disagreement.
14.15.1. To compare quotes, it is possible to use quotes of any other market maker, which are used by the Company to carry out a comparative analysis on their basis.
14.16. In the event that the Company and the Client fail to reach an agreement through negotiations and (or) the Client disagrees with the decision made by the Company, the complaint is referred to the competent judicial authorities in accordance with the procedure set by law.
14.17. This Agreement is drafted and operates based on legal regulations of Bulgaria. For all matters not regulated by this Agreement, the Parties are guided by the valid legal rules of Bulgaria. In case all disagreements and controversies are not settled by the Parties via negotiations, they are referred to the judicial authorities of Bulgaria.
14.18. The parties accept:
14.18.1. That the judicial authorities of Bulgaria reserve the right of exclusive jurisdiction regarding this Agreement.
14.18.2. That they refuse any protest regarding the procedure of the dispute settlement (arising from this Agreement) in the judicial authorities of Bulgaria.
- Closure of the Account and Termination of the Agreement
15.1. When the Client decides to completely withdraw money from all trading accounts belonging to the Client, all accounts shall be closed.
15.2. In case the Client wants to completely close the account, he is obliged to contact the Company via the email address firstname.lastname@example.org, and provide a written notice of his intent. Such an application is under consideration at least five business days, during which it will be impossible for the Client to perform trading and non-trading operations.
15.3. It can take up to six calendar months to completely close the Client’s trading account and withdraw funds. At the same time, the Client looses the opportunity to perform any operations (trading and (or) non-trading).
15.3.1. The Client reserves the right to notify the Company in case he changes his decision by sending an appropriate email to email@example.com.
15.4. In the event that the Client fails to comply with the terms of this Agreement and (or) decides to close the Trading Account completely, as well as in cases set by the legal rules, the Company reserves the right to terminate this Agreement unilaterally on the basis of the rules for the complete closure of the account described in paragraphs 15.2., 15.3. of this Agreement. It is possible to act in such a way only if the Company notifies the Client within five working days by sending a message to the email provided by the Client. In addition, in the event that the Client has open positions at the moment of termination of the Agreement, the Company reserves the right to close them at the actual market price. The Company returns to the Client or his legal representative the remaining balance in his accounts, but no more than the amount of the net flow of funds in the Client’s accounts (the amount of all deposits, without the sum of all withdrawals made by the Client). After that procedure, the Company cancels the balance in the Client’s accounts cutting off the possibility to replenish the balance by the Client in the future.