3. Client Representations
The Client hereby represents that:
- done3.1. it has read and understood, and agrees to the terms and conditions of this Agreement;
- done3.2. it understands the high degree of risk associated with foreign currency trading subject to unknown market movements and other factors which can give rise to losses exceeding the Client’s original Security Margin, and that it can afford to lose the sums that it remits to 70Trades and incur additional losses;
- done3.3. it does not have any legal disability with respect to, and is not subject to any law or regulation which prevents its performance of, this Agreement or any contract contemplated by this Agreement;
- done3.4. it has obtained all necessary consents and has the authority to enter into this Agreement (and if the Client is a corporation or similar entity, it is properly empowered and has obtained necessary authority pursuant to its organizational charter); The Client is informed that for any orders placed with the Company for the financial instruments offered by the Company, the Company acts as an Agent and not as a Principal on the Client‘s behalf.
- done3.5. subject to this Agreement, all sums remitted to satisfy the Security Margin are and shall at all times remain free from any charge, lien, pledge or encumbrance;
- done3.6. it is in compliance with all laws to which it is subject including, without limitation, all tax laws and regulations, exchange control requirements and registration requirements;
- done3.7. the information provided by it to 70Trades is complete, accurate and not misleading;
- done3.8. the foreign exchange market is unregulated and as such, it understands that will not benefit from any statutory or other compensation scheme in respect of the Services;
4. Margin Requirements
- done4.1. The Client shall remit to 70Trades such amounts of money as required by 70Trades, in a currency acceptable to 70Trades, to cover Client's Security Margin and any account debit balance.
- done4.2. 70Trades will have no obligation to ensure Security Margin requirements have been satisfied by the Client before effecting an order and the Client’s payment obligations will not be diminished by any failure by 70Trades to enforce payment of outstanding Security Margins prior to entering into the transaction.
- done4.3. 70Trades may use any money received from the Client in order to satisfy 70Trades obligations related to such Client to any third party and 70Trades shall not be obliged to account to the Client for any resulting income received by 70Trades.
- done4.4. The Client shall promptly deliver any money payable by it under a third-party contract in accordance with both the terms of that contract and with any instructions given by 70Trades for the purpose of enabling 70Trades to perform its obligations under such contract.
- done4.5. 70Trades may (but shall not be obligated to) convert into another currency at an exchange rate acceptable to 70Trades any Client monies held by it as 70Trades considers necessary or desirable to satisfy Client’s obligations and liabilities.
- done4.6. If the Client fails to satisfy a required Security Margin or other sum due under this Agreement, 70Trades may close out any or all open positions without prior notice and apply any proceeds thereof to payment of any amounts due to 70Trades. 70Trades reserves the right to return funds deposited by Client at any time with or without reason.
5. Spread rates, Margin and Leverage
- done5.1. 70Trades reserves the right to modify Security Margin requirements in line with the size of the Client's deposit, size of transactions, market conditions characterized by particular volatility or lack of liquidity, or other factors determined by 70Trades. 70Trades reserves the right to offer different spread rates in accordance with the size of the Client's Security Margin and/or positions.
- done5.2. Client is wholly responsible for verifying the activity of its accounts, as well its Security Margin requirement. Such requirements are available upon request or on the 70Trades website.
- done5.3. The 1 (one) standard lot size is the measurement unit specified for each Financial Instrument traded in the Electronic Trading Platform. The Company reserves the right to change the Contract Specifications at any time depending on the market situation. The Client agrees to check the full specification of the Financial Instrument before placing any order. A possible choice of a maximum leverage rate, according always to the account type, ranges from 1:50 up to 1:300 depending on the type of the account and at the discretion of the Company, all provided that in no event shall the exposure in a single account exceed 30 Million US dollars. At opening of a Client trading account, the leverage rate is predetermined according to the type of account chosen by the Client. The Client may request for a lower leverage to be applied to their trading account by contacting the Company.
- done5.4. The Company reserves the right to change the Client‘s trading account leverage at its discretion, either for a limited time period or on a permanent basis, by publication on the company website and/or written notice sent by mail.
- done5.5. In case of absence of any trading activity within three (3) months of the Client‘s account, the Company reserves the right to charge a quarterly fixed payment of 100 US dollars in order to maintain the account assuming that the Client Account has the available funds. If the Client account is funded by less than 100 US dollars and has been inactive for a period of three (3) months, the Company reserves the right to charge a lower amount to cover administrative expenses and close down the account.
6. Right of Pledge, Lien, Set-Off and Retention
6.1. 70Trades shall, at any time and without prejudice to any other rights 70Trades may have, be entitled to combine or consolidate separate Client accounts, offset against each other the balances of any Client accounts (regardless of designation or currency of the account) or offset each balance individually. For any 70Trades claims arising from Services relating to Client, irrespective of the maturity dates of such claims or of the currencies in which they are denominated, 70Trades shall have a right of lien and pledge, and a right of retention, on all assets or security held in Client’s name or otherwise deposited with 70Trades, or any guarantee or indemnity given to or owed70Trades by Client.
- 7.1. Without prior notice to, or receipt of further authority from the Client, 70Trades shall have the right to close out all or any part of any position or account of Client, upon or at any time after the occurrence of any of the following events:
- done7.1.1. Client fails to make any payment due under this Agreement promptly;
- done7.1.2. Client fails to observe or perform in whole or in part any of the provisions of this Agreement or commits a breach of this Agreement;
- done7.1.3. Client maintains parallel accounts for the purpose of arbitraging 70Trades promotions or policies, in 70Trades' sole discretion;
- done7.1.4. Client dies, is declared absent or becomes of unsound mind;
- done7.1.5. A bankruptcy petition is filed in respect of the Client or, if a partnership, in respect of one or more of its partners or, if a company, any steps are taken or proceedings initiated or protection sought under any applicable bankruptcy reorganization or insolvency law by it in respect of itself or against it including, without limitation, the taking of any steps for the appointment of a receiver, trustee, administrator or similar officer to be appointed over its undertaking or assets or any part of them;
- done7.1.6. Client performs a credit card chargeback. In this case, any Client accounts will be frozen and all positions will be closed at the end of the trading day in a manner prescribed by 70Trades;
- done7.1.7. 70Trades or the Client is requested to close out a position or any part of a position by any governmental or regulatory agency or authority;
- done7.1.8. 70Trades considers it necessary for its own protection;
- done7.1.9. The Client acknowledges 70Trades’s right to close out all or any part of any open position of the Client held by 70Trades should a negative result of these positions lead to surpass the required Security Margin.
- done7.1.10. Client who engages or suspected in what is deemed, illegitimate, unlawful, unethical system abuse, system arbitrage, quotation arbitrage or any other trade that may be deemed at one point or another as a violation of trading standards be it based on the amount of time the transaction was opened or by virtue of the fact that the trade was opened inadvertently at an incorrect price, time, or instrument.
8. Force Majeure
8.1. Acts beyond our Control. 70Trades are not liable for any loss or damage that the Client may suffer because of any: act of God; power cut; trade or labour dispute, act, failure or omission of any government or authority; obstruction or failure of telecommunication services; or any other delay or failure caused by a third party or otherwise outside of 70Trades control. In such an event, 70Trades reserve the right to cancel or suspend 70Trades services without incurring any liability.
8.2. Failure of Equipment. 70Trades are not liable for the failure of any equipment or software howsoever caused, wherever located or administered, or whether under 70Trades direct control or not, that may prevent the operation of the Services, impede the placing, amending or cancellation of trades or that prevent the Client from being able to contact 70Trades or use the Trading Platform. the Client acknowledge that there may be delays in processing an order or instruction to amend or cancel a trade and that the Client remain liable for the original Trade until any relevant amendment or cancellation is received and processed.
9. Tape recording of Conversation
9.1. The Client acknowledges that 70Trades may record all telephone conversations between the Parties. Such recordings or transcripts thereof shall remain the property of 70Trades and Client consents to their use as evidence by 70Trades in any dispute or anticipated dispute between the Parties under this Agreement. Any such recordings or transcripts made by 70Trades may be destroyed by it in accordance with its usual practice.
10.1. 70Trades reserve the right to make changes to the Platform, to the Website and to all guides and policies included on the Trading Platform or the Website, including this Agreement at any time. The Client will be subject to the guides, policies, conditions and agreements in force at the time that the Client access the Trading Platform, place an order and/or enter into a trade. It is therefore the Client responsibility to check the guides, policies and this Agreement from time to time to ensure that the Client agree with them, and the Client’s continued use of the Services will be deemed to be the Client acceptance of any changes 70Trades may make.
Deposit by means of Credit Card is limited to a minimum amount of 300 USD.
Withdrawal by means of Bank Transfer is limited to a minimum amount of 50 USD.
Terms and Conditions of Use of NetDania’s Chart tools
All Services (software, data and news) provided by NetDania and third party data and news providers (the “Services”) on (the website address) is owned by or licensed to NetDania and its affiliates and any user is permitted to store, manipulate, analyze, reformat, print and display the software, data and news only for such user’s personal use. In no event shall any user publish, retransmit, redistribute, communicate, disseminate or otherwise reproduce any software, data and news in any format to anyone, and no user shall use any part of the Services in any connection with any business or commercial enterprise, including, without limitation, any securities, investment, accounting, banking, legal or media business or enterprise. By using the Services, the User hereby:
(i) Agrees that NetDania, the Information Providers, the data Sources and/or any other party shall have no liability for the accuracy or completeness of the software, data or news or for delays, interruptions, or omissions therein;
(ii) Agrees not to use or permit anyone to use the software, data or new for any unlawful purpose;
(iii) Agrees that no intellectual property rights in the software, data or news are transferred to any person or legal entity.
(iv) Agrees that the software, data, news and any information obtained or derived therefrom shall be used solely by the User in the normal course of the User’s business.
(v) Agrees that the User may not: communicate or disseminate the software, data, news or any information obtained or derived therefrom to any other party, including any of the User’s subsidiaries or branch offices by any means whatsoever. This restriction shall include, without limitation, copying any part of the software, data, news or any information obtained or derived therefrom electronically or otherwise and distributing or disseminating any part of the software, data, news or any information obtained or derived therefrom via any network; or use the software, data or news in any way that may infringe any proprietary interest of NetDania or any third party.
(vi) Agrees that neither party excludes or limits liability for death or personal injury to any person caused by its negligence.
(vii) Agrees that notwithstanding any other provision of this Contract, the User acknowledges that where the Services include any information and/or data obtained or derived from any of the Sources, such Sources accept no liability whatsoever for such data or information.
(viii) Agrees that its arrangement with The Client for receipt of the software, data and news is subject to termination in the event that this Contract between The Client and NetDania is terminated for any reason;
(ix) Agrees, where applicable, to make application to and receive written approval for receipt of the data and news from each and every Source prior to commencing receipt of the data and news and agrees to comply with any conditions, restrictions or limitations imposed by any of the Sources, including paying all such fees or charges as such Sources may impose either directly or through NetDania or The Client; and
(x) Acknowledges that the Sources, described in the preceding paragraph, may have the right to terminate provision of the data and news to the User with or without notice and that neither any such Source, NetDania, nor any third party shall have any liabilities in connection therewith.
(xi) Acknowledges that prior to the execution of a security trade the User is expressly advised to consult with the User’s broker or other financial representative to verify pricing information.
(xii)Acknowledges that neither NetDania, its affiliates, its employees, the Sources or its third party licensors or any other party make any express or implied warranties (including, without limitation, any warranty or merchantability or fitness for a particular purpose or use) regarding the Services. The Services are provided to the users “as is”. Neither NetDania, its employees, its affiliates, its Sources or its third party licensors, nor any other party will be liable to any user or anyone else for interruption, inaccuracy, error or omission, regardless of cause, in the Services or for any damages (whether direct or indirect, consequential, punitive or exemplary) resulting therefrom.
Closure of position
While a Client has any open positions on the ex-dividend day for any of the Financial Instruments, the Company reserves the right to proceed with the closure of such positions at the last price of the previous trading day and open the equivalent volume of the underlying security at first available price after the market movement, on the ex-dividend day. In this case, the Company has to inform the Client by releasing an announcement on the Company’s website about the possibility of such actions not later than the closing of the trading session prior to the ex-dividend day.
The Company reserves the right, at its sole discretion; to disable the Client from opening any new positions on the ex-dividend day or prior to the ex-dividend day. In case of any unjustified profit, generated from ex- dividend activity, the Company reserves the right and without giving a prior notice to the client to re-adjust the profit (i.e. remove the profit).
Orders: Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop on Financial Instruments are executed at the declared by the Client price on the first current price touch. The Company reserves the right not to execute the Order, or to change or to revert the opening (closing) price of the transaction in case of the technical failure of the trading platform, reflected financial tools quotes feed, and also in case of other technical failures.
Under certain trading conditions it may be impossible to execute orders (Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, and Sell Stop) on any Financial Instrument at the declared price. In this case, the Company reserved the right, at its sole discretion, to execute the order or change the opening (closing) price of the transaction at a first available price.
Events that might cause the above mentioned actions on behalf of the Company are considered to be the following, (the list is NOT exhausting):
i. At times of rapid price movement if the price rises or falls in one trading session to such an extent that under the rules of the relevant exchange, trading is suspended or restricted.
ii. In the trading session start moments which has as a result, placing a Stop—Loss Order will not necessarily limit the client’s losses to the intended amounts, because market conditions may make it impossible to execute such an order at the stipulated price.
Clearing services are provided by Wanakena Ltd, Agias Zonis 4, Palatino Building, Flat/Office 202, 3027 Limassol, Cyprus.