RETAIL CLIENT AGREEMENT
Note: The English version of this agreement is the governing version and shall prevail whenever there is any discrepancy between the English version and the other versions.
This client agreement, together with any Schedule(s), and accompanying documents, as amended from time to time, (this "Agreement") sets out the terms of the contract between you and us. Please read it carefully and let us know as soon as possible if there is anything which you do not understand.
In this Agreement:
"Account" means the account you hold with us and designated with a particular account number.
"Applicable Regulations" means:
"Associate" means an undertaking in the same group as us, a representative whom we or an undertaking in the same group as us appoint, or any other person with whom we have a relationship that might reasonably be expected to give rise to a community of interest between us and them.
"Business Day" means a day which is not a Saturday or a Sunday and upon which banks are open for business in Cyprus.
"Client Money Rules" means the relevant rules relating to client money specified in the Commission Delegated Regulation (EU) 2017/565, paragraph 17(h)(9) of the Investment Services and Activities and Regulated Markets Law of 2017 L.87(I)/2017 and the relevant Directives and Circulars issued by CySEC, as these may be amended from time to time.
"Contract for Difference" or "CFD" means the financial instrument specified in paragraph (9) of Part III of the First Appendix of the Investment Services and Activities and Regulated Markets Law of 2017 L.87(I)/2017.
"Credit Support Provider" means any person/party who has entered into any guarantee, hypothecation, agreement, margin or security agreement in our favour in respect of the obligations under this Agreement.
"CYSEC" is an abbreviation for "Cyprus Securities and Exchange Commission", which is situated at 27 Diagorou Street, CY-1097, Nicosia.
"CYSEC Rules" means the Investment Services and Activities and Regulated Markets Law of 2017 L.87(I)/2017, the Prevention and Suppression of Money Laundering Activities Law, the Directives, Circulars and all other regulations issued pursuant to these Laws, and all guidance notes, administrative notices, newsletters and rules published by the Cyprus Securities and Exchange Commission.
"Electronic Services" means a service provided by us, for example an Internet trading service offering clients access to information and trading facilities, via an internet service, a WAP service and/or an electronic order routing system.
"Event of Default" means any of the events of default as listed in Clause 15 (Events of Default).
"Execution" means the completion of clients' orders on Coverdeal Holdings Limited trading platform.
"FX Contract" means a contract between Coverdeal Holdings Limited and its Client to exchange two currencies at an agreed exchange rate "OTC" means 'over the counter' and refers to transactions conducted otherwise than on an exchange.
"Coverdeal Holdings Limited Online Trading System" means the internet-based trading system available on our website that allows you to provide us with instructions.
"Secured Obligations" means the net obligation owed by you to us after the application of set-off under clause 13 (Margining Arrangements) as stated in the paragraph titled "Set-off on default".
"Coverdeal Holdings Limited RT & Execution Department" means the Reception, Transmission and Execution of Orders Department operated by us at our premises, the Headquarters of Coverdeal Holdings Limited.
"System" means all computer hardware and software, equipment, network facilities and other resources and facilities needed to enable you to use an Electronic Service.
"Transaction" means any transaction subject to this Agreement and includes a CFD, or forward contract of any kind, future, option or other derivative contract in relation to any commodity, financial instrument (including any security), currency, interest rate, index or any combination thereof and any other transaction or financial instrument for which we are authorised under our Cypriot Investment Firm ("CIF") license from time to time which we both agree shall be a Transaction.
"US Reportable Person" means in accordance to FATCA: a) a US citizen (including dual citizen) b) a US resident alien for tax purposes c) a domestic partnership d) a domestic corporation e) any estate other than a foreign estate f) any trust if: • a court within the United States is able to exercise primary supervision over the administration of the trust • one or more United States persons have the authority to control all substantial decisions of the trust • any other person that is not a foreign person.
This Agreement sets out the basis on which we will provide investment and ancillary services to you. This Agreement governs each Transaction entered into or outstanding between us on or after the execution of this Agreement.
This Agreement supersedes any previous agreement between you and us on the same subject matter and takes effect when you indicate your acceptance via our website. This Agreement shall apply to all Transactions contemplated under this Agreement.
We, COVERDEAL HOLDINGS LIMITED ("Company"), are authorised and regulated by the Cyprus Securities and Exchange Commission ("CYSEC") with license number 231/14. Company's registered address is at Stylianou,6, 2nd floor, office 202, 2003, Nicosia, Cyprus and Head Office is at Kristelina Tower 12 Arch. Makarios III Avenue Office 201, 2nd Floor, Mesa Geitonia 4000 Limassol, Cyprus. Our contact details are set out in Clause 20 (Miscellaneous) under the heading titled "Notices". The Company is authorised and regulated by CySEC in regards to the provision of the following investment and ancillary services:
This Agreement is supplied to you in English and we will continue to communicate with you in English for the duration of this Agreement. However, where possible, we will communicate with you in other languages in addition to English.
You may communicate with us in writing, by email or other electronic means, or orally (including by telephone). The language of communication shall be English, and you will receive documents and other information from us in English. However, where appropriate and for your convenience, we will endeavour to communicate with you in other languages. Our websites Globtrex and CoverdealFX contain further details about us and our services, and other information relevant to this Agreement. In the event of any conflict between the terms of this Agreement and our website this Agreement will prevail. By accepting and agreeing to the Terms and Conditions of this Agreement, the Client agrees to the provision of information through electronic means such as the Company's website or the verified email of the Client, due to the nature of the relationship established between the Company and the Client. The provision of information by means of electronic communication is treated as appropriate since the client has regular access to the internet. The provision by the Client of an e-mail address for the purposes of carrying on of that business is considered as sufficient evidence. Through the following terms and conditions, the Client is provided with the specific addresses where core information is accessible. The Company will ensure that the website will always be kept up to date.
We shall treat you as a retail client for the purposes of the CYSEC Rules and the Applicable Regulations. By entering into this Agreement, you acknowledge, agree and accept that you have read and understood our Clients Categorization Policy. You have the right to request a different client categorisation. However, if you do request such different categorisation and we agree to such categorisation, the protection afforded by certain CYSEC Rules and the other Applicable Regulations may be reduced. Categorization as a retail client offers greater protection. Retail clients are entitled to more detailed information under Applicable Regulations. The Company cannot enter into title transfer financial collateral arrangements with retail clients. Remuneration practices which could provide an incentive to the Company's staff to recommend a particular financial instrument to a retail client when the Company could offer a different financial instrument which would better meet that client's needs are also prohibited. In the case of professional clients and eligible counterparties, the Company may agree to provide more limited information as provided by Applicable Regulations.
The Company's services and products traded are only available to individuals who are at least 18 years old (and at least the legal age in your jurisdiction). You represent and warrant that if you are an individual, you are at least 18 years old and of legal age in your jurisdiction to form a binding contract, and that all registration information you submit is accurate and truthful. The Company reserves the right to ask for proof of age from you and your account may be suspended until satisfactory proof of age is provided. The Company may, in its sole discretion, refuse to offer its products and services to any person or entity and change its eligibility criteria at any time.
We do not accept and/or do not offer our services to US Reportable Persons and without limiting the foregoing, as a regulated Cyprus Investment Firm, required to comply based on the Intergovernmental Agreement between Cyprus and the United States, the company has taken all reasonable steps to be considered in compliance with FATCA. You acknowledge and accept that Coverdeal Holdings Limited, is required to disclose information in relation to any US reportable persons to the relevant authorities, as per the reporting requirements of FATCA.
A reference in this Agreement to a "clause" or "Schedule" shall be construed as a reference to, respectively, a clause or Schedule of this Agreement, unless the context requires otherwise. References in this Agreement to any statute or statutory instrument or Applicable Regulations include any modification, amendment, extension or re-enactment thereof. A reference in this Agreement to "document" shall be construed to include any electronic document. The masculine includes the feminine and the neuter and the singular includes the plural and vice versa as the context admits or requires. Words and phrases defined in the CYSEC's Rules and the Applicable Regulations have the same meaning in this Agreement unless expressly defined in this Agreement.
The clauses contained in the attached Schedule (as amended from time to time) shall apply. We may from time to time send to you further Schedules in respect of Transactions. In the event of any conflict between the clauses of any Schedule and this Agreement, the clauses of the Schedule shall prevail. The fact that a clause is specifically included in a Schedule in respect of one Transaction shall not preclude a similar clause being expressed or implied in relation to any other Transaction. You acknowledge having read, understood and agreed to the Schedules to this Agreement.
Headings are for ease of reference only and do not form part of this Agreement.
This Agreement and all Transactions are subject to Applicable Regulations so that:
If a regulatory body takes any action which affects a Transaction, then we may take any action which we, in our reasonable discretion, consider desirable to correspond with such action or to mitigate any loss incurred as a result of such action. Any such action shall be binding on you. If a regulatory body makes an enquiry in respect of any of your Transactions, you agree to co-operate with us and to promptly supply information requested in connection with the enquiry.
You shall pay our charges as agreed with you from time to time, any fees or other charges imposed by a clearing organization and interest on any amount due to us at the rates charged by us (and which are available on request). As per negative balance protection requirements any fees, charges or interest arise per account, never exceeds your available funds in the specific account; a negative balance in one account may NOT be settled with the positive balance in another account. A copy of our current charges and interest rates is published on our Costs and Charges. Any alteration to charges and rates will be notified to you before the time of the change. We will inform you ex-ante and ex-post about the costs and associated charges related to trading with the Company as provided by Applicable Regulations.
We have made available to you our Risk Disclaimer by entering into this Agreement, you acknowledge, agree and accept that you have read and understood the risk related to Contracts for Difference. Whilst we offer Negative Balance Protection and you can never lose more than the funds deposited in your trading account with us, a negative balance in one account may NOT be settled with the positive balance in another account. You run the risk of potentially losing all such funds and any accumulated profits from your trading account with us.
You should be aware of the possibility that other taxes or costs may exist that are not paid through or imposed by us.
All payments to us under this Agreement shall be made in such currency as we may from time to time specify, to the bank account designated by us for such purposes. All such payments shall be made by you without any deduction or withholding.
A daily financing charge may apply to each FX/CFD open position at the closing of the Company's trading day as regard to that FX/CFD. If such financing charge is applicable, it will either be requested to be paid by Client directly to the Company or it will be paid by the Company to Client, depending on the type of FX/CFD and the nature of the position Client holds. The method of calculation of the financing charge varies according to the type of FX/CFD to which it applies. Moreover, the amount of the financing charge will vary as it is linked to current interest rates (such as LIBOR). The financing charge will be credited or debited (as appropriate) to Client's account on the next trading day following the day to which it relates. The Company reserves the right to change the method of calculating the financing charge, the financing rates and/or the types of FX/CFDs to which the financing charge applies. For certain types of FX/CFDs, a commission is payable by Client to open and close FX/CFD positions. Such commission payable will be debited from Client's account at the same time as the Company opens or closes the relevant FX/CFD. Changes in our swap interest rates and calculations shall be at our own discretion and without notice. Clients need to always check our website for the then current rates charged at Product Specifications. Rates may change quickly due to market conditions (changes in interest rates, volatility, liquidity etc.) and due to various risk related matters that are at the firm's sole discretion.
|INSTRUMENT NAME||Hong Kong- Establishment Day 01/07/2019||USA - Independence Dayl 03/07/2019||USA - Independence Dayl 04/07/2019||USA - Independence Day Czech Republic - St Cyril and St Methodius Day05/07/2019|
|XAGUSD||NORMAL||Normal||Early close at 16:55 GMT||Normal|
|XAUUSD||NORMAL||Normal||Early close at 16:55 GMT||Normal|
|Copper||NORMAL||Normal||Early close at 16:55 GMT||Normal|
|Platinum||NORMAL||Normal||Early close at 16:55 GMT||Normal|
|UKOil (Spot UK Brent Oil)||NORMAL||Normal||Early close at 15:40 GMT||Normal|
|USOil (Spot US Crude Oil)||NORMAL||Normal||Early close at 15:40 GMT||Normal|
|Natural Gas||NORMAL||Normal||Early close at 16:55 GMT||Normal|
|Wheat||NORMAL||Early close at 17:00 GMT||CLOSED||Late opening at 13:35 GMT|
|Corn||NORMAL||Early close at 17:00 GMT||CLOSED||Late opening at 13:35 GMT|
|Soybeans||NORMAL||Early close at 17:00 GMT||CLOSED||Late opening at 13:35 GMT|
|Rice||NORMAL||Early close at 17:00 GMT||CLOSED||Late opening at 13:35 GMT|
|JPN225 (Japan25 Cash Index)||NORMAL||Early close at 17:10 GMT||Early close at 16:55 GMT||Normal|
|US100 (Nasdaq 100 Cash index)||NORMAL||Early close at 17:10 GMT||Early close at 16:55 GMT||Normal|
|US30 (DowJones 30 Cash Index)||NORMAL||Early close at 17:10 GMT||Early close at 16:55 GMT||Normal|
|US500 (S&P 500 Cash Index)||NORMAL||Early close at 17:10 GMT||Early close at 16:55 GMT||Normal|
|Dollar Index||NORMAL||Early close at 17:10 GMT||Early close at 16:55 GMT||Normal|
|US shares||NORMAL||Early close at 16:55 GMT||CLOSED||Normal|
|CEZ, Moneta, Komercni||NORMAL||NORMAL||NORMAL||CLOSED|
Rollover during change of contract for 1 lot Buy on Coffee, average spread is 10 pips and Swap is -1.829 point
|Platform Name||Actual Expiration date||Roll over date|
You have a right to cancel this Agreement within a period of fourteen (14) days commencing on the date on which this Agreement is concluded or the date on which you receive this Agreement (whichever is later) (the "Cancellation Period"). Should you wish to cancel this Agreement within the Cancellation Period, you should send notice in writing or electronically to the addresses found in contact us section of our website. Cancelling this Agreement within the Cancellation Period will not cancel any Transaction entered into by you during the Cancellation Period. If you fail to cancel this Agreement within the Cancellation Period, you will be bound by its terms but you may terminate this Agreement in accordance with Clause 18 (Termination Without Default).
We deal on an execution only basis and do not advise on the merits of particular Transactions, or their taxation consequences.
In providing the Services of Reception and Transmission and Execution of Client Orders, the Company is obliged under Applicable Regulations to seek information from you regarding your knowledge and experience in the investment field relevant to the specific type of service or financial instrument offered or demanded, your financial situation with a focus on your ability to bear losses, risk tolerance and objective and needs so as to enable the Company to assess whether the service or financial instrument is appropriate for you. Where you elect not to provide the information regarding your knowledge and experience, or where you provide insufficient information regarding your knowledge and experience, the Company will not be able to determine whether the service or Financial Instrument is appropriate for you. The Company is entitled, at its sole discretion, to request additional information regarding you and/or to request an update of the data notified by you, whenever it deems necessary. The Company shall assume that information about your knowledge and experience provided from you to the Company is accurate and complete and the Company shall have no responsibility to you if such information is incomplete or misleading or changes or becomes inaccurate and the Company will be deemed to have performed its obligations under Applicable Regulations, unless you have informed the Company of such changes.
Without prejudice to our foregoing obligations, in asking us to enter into any Transaction, you represent that you have been solely responsible for making your own independent appraisal and investigations into the risks of the Transaction. You represent that you have sufficient knowledge, market sophistication, professional advice and experience to make your own evaluation of the merits and risks of any Transaction and that you have read and accepted the Risk Disclosure Statement and guidelines in relation to the financial instruments and the markets which are available in our websites. We assume no fiduciary duty in our relations with you.
Where we do provide generic trading information, market commentary or other information:
The Company is obliged, under the relevant rules and regulations, to ensure that it is in a position to identify and responsibly manage and control and, where necessary, disclose the conflicts of interest arising in relation to its business and to reduce the risk of the Client's disadvantage and reduce the risk of legal liability, regulatory censure or damage to the Company's commercial interests and reputation and to ensure that it complies with legislative requirements and the departmental and general procedures which are set by the Company's Internal Procedures Manual. Please refer to our conflicts of interest policy for further information on how we manage conflicts which would affect the impartiality of investment research we provide to you. Upon request, we will provide you with any further details in that regard.
Before you can place an order with the Company, you must read and accept this Agreement, including the risk disclosure statement, the trading policies and procedures as listed in Clause 9 below, and all applicable addenda, you must deposit sufficient clear funds in your account and your client registration form and all accompanying documents must be approved by the Company. Upon the approval of your registration, you will be notified by e-mail. The Company may, in its sole discretion, request that in addition to online acceptance of this Agreement, Client must complete and submit any signed documents so required by the Company, including but not limited to this Agreement and the Risk Disclosure Statement.
You will be able to open your trading Account(s) in USD/EUR/CZK/PLN or any other currency that may be offered by the Company from time to time. Account(s) balances will be calculated and reported to you in the currency in which Account(s) are maintained.
We are required to have an order execution policy and to provide our clients with appropriate information in relation to our handling, allocation and execution of your orders. Please refer to our Order Handling, Allocation and Execution Policy which constitutes an integral part of this services contract
You may give us instructions in electronic form through the Coverdeal Holdings Limited Online Trading System. If any instructions are received by us by telephone, computer or other medium we may ask you to confirm such instructions in writing. We shall be authorised to follow instructions notwithstanding your failure to confirm them in writing. In this Agreement "instructions" and "orders".
Please refer to our Order Handling, Allocation and Execution Policy for more detail on types of orders currently accepted by Coverdeal Holdings Ltd. Some of the types of orders the Company accepts include, but are not limited to:
Following submission of an order, it is your sole responsibility to remain available for order and fill confirmations, and other communications regarding your Account until all open orders are completed. Thereafter, you must monitor your Account frequently when you have open positions in the Account.
Your order shall be valid in accordance with the type and time of the given order, as specified. If the time of validity or expiration date/time of the order is not specified, it shall be valid for an indefinite period.
It is your sole responsibility to clearly indicate the terms of an order when entered, whether it is a market order, limit order, stop loss order or any other type of order, including the relevant price and lot size. You acknowledge and agree that, despite our best efforts, the price at which execution occurs may be materially different to the price specified in your order. This may result from sudden price movements in the underlying products that are beyond our control. The Company shall have no liability for failure to execute orders. The Company shall have the right, but not the obligation, to reject any order in whole or in part prior to execution, or to cancel any order, where your Account contains margin that is insufficient to support the entire order or where such order is illegal or otherwise improper.
We shall be entitled to act for you upon instructions given or purporting to be given by you or any person authorised on your behalf without further enquiry as to the genuineness, authority or identity of the person giving or purporting to give such instructions provided such instruction is accompanied by your correct Account number and password. If your Account is a joint account, you agree that we are authorized to act on the instructions of any one person in whose name the Account is held, without further inquiry. We 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 us in reliance on any such instructions or on the apparent authority of any such persons.
Non-market orders may be cancelled via the Coverdeal Holdings Limited Online Trading System but we can only cancel your instructions if you explicitly request so, provided that we have not acted up to the time of your request upon those instructions. Executed instructions may only be withdrawn or amended by you with our consent. The Company shall have no liability for any claims, losses, damages, costs or expenses, including legal fees, arising directly or indirectly out of the failure of such order to be cancelled.
We may, but shall not be obliged to, accept instructions to enter into a Transaction. If we decline to enter into a proposed Transaction, we shall not be obliged to give a reason but we shall promptly notify you accordingly.
Control of orders prior to execution
We have the right (but not the obligation) to set limits and/or parameters to control your ability to place orders at our absolute discretion. Such limits and/or parameters may be amended, increased, decreased, removed or added to by us at our absolute discretion and may include (without limitation):
Clients must be aware that CFD transactions carry a high degree of risk. The amount of initial margin may be small relative to the value of the foreign currency so that transactions are 'leveraged' or 'geared'. A relatively small market movement may have a proportionately larger impact on the funds that the Client has deposited or will have to deposit. This may work against as well as for the client. The Company exclusively reserves the right to widen its variable spreads, adjust leverage, change its rollover rates and/or increase the margin requirements without notice under certain market conditions including, but not limited to, when the Reception, Transmission and Execution of Orders Department is closed, around fundamental announcements, as a result of changes in credit markets and/or at times of extreme market volatility. In such circumstances, the Client agrees to indemnify the Company for any and all losses that may occur due the widening of spreads and the adjustment of leverage. As per negative balance protection requirements any fees, charges or interest arise per account, never exceeds client's available funds in the specific account, a negative balance in one account may NOT be settled with the positive balance in another account.
We shall use our reasonable endeavours to execute any order promptly, but in accepting your orders we do not represent or warrant that it will be possible to execute such order or that execution will be possible according to your instructions. If we encounter any material difficulty relevant to the proper carrying out of an order on your behalf, we shall notify you promptly.
At the end of each trading day, confirmations for all Transactions that we have executed on your behalf on that trading day will be available via your online Account on our website, which is updated online as each Transaction is executed.
Such notification will include the information provided in Applicable Regulations other than the following information which is common to all Orders
Furthermore, the Company shall supply you, on request, with information about the status of your order.
Confirmation of execution and statements of your Account(s), in the absence of manifest error, shall be deemed correct, conclusive and binding upon you if not objected to immediately by email if orders were placed through Coverdeal Holdings Limited's Online Trading System or by telephone to the Coverdeal Holdings Limited Reception, Transmission and Execution of Orders Department, within five Business Days of making such confirmations available to you via our website or we notify you of an error in the confirmation within the same period.
In cases where the prevailing market represents prices different from the prices posted by the Company, the Company will attempt, on a best efforts basis and in good faith, to execute market orders on or close to the prevailing market prices. This may or may not adversely affect client's realized and unrealized gains and losses
The Company's objective is to provide the most efficient trading liquidity available in the form of streaming, tradable prices for most of the financial instruments we offer on the trading platform. As a result of the highly automated nature of the delivery of these streaming, tradable prices, you acknowledge and accept that price misquotations are likely to occur from time to time.
Should you execute trading strategies with the objective of exploiting such misquotation(s) or act in bad faith (commonly known as 'sniping') or lag trade, the Company shall consider this as unacceptable behaviour. Should the Company determine, at its sole discretion and in good faith, that you or any representative of yours trading on your behalf is taking advantage, benefitting, attempting to take advantage or to benefit of such misquotation(s) or that you are committing any other improper or abusive trading act such as for example:
No employee and/or former employee who currently works or used to work on a full time or part time basis for the Company or any of its related entities shall, during the term of the employee and/or former employee's service to the Company or any of its related entities and after termination of service become a client of any brand of the Company (either directly or indirectly, alone or with partners, associates, affiliates or any other third party) without the Company's prior written approval. Should the Company consider that the employee and/or former employee is trading with any brand of the Company without the Company's prior written approval personally and/or via a third party we shall consider all the trading to be abusive and/or improper trading. In such circumstances the employee and/or former employee's trading account(s) and all open positions shall be closed immediately and any funds held within the account shall be confiscated.
No business associate or former business associate of the Company or any of its related entities shall, during the period of the agreement between the associate/former business associate and the Company and after termination of such agreement, become a client of any brand of the Company (either directly or indirectly, alone or with partners, associates, affiliates or any other third party) without the Company's prior written approval. Should the Company consider that the associate/former business associate is trading with any brand of the Company without the Company's prior written approval personally and/or via a third party we shall consider all the trading to be abusive and/or improper trading. In such circumstances the relevant associate/former business associate's trading account(s) and all open positions shall be closed immediately and any funds held within the account shall be confiscated.
We have the right not to accept funds deposited by you and/or to cancel your deposits in the following circumstances:
In case of cancelled deposits, and if there is not a confiscation of your funds by a supervisory authority on the grounds of money laundering suspicion or for any other legal infringement, your funds will be returned to the bank account that have been initially received.
You will promptly deliver any instructions, money, or documents deliverable by you under a Transaction in accordance with that Transaction as modified by any instructions given by us.
We may require you to limit the number of open positions which you may have with us at any time and we may in our sole discretion close out any one or more Transactions in order to ensure that such position limits are maintained.
Without prejudice and subject to the terms of this Agreement, all Applicable Regulations, monies may be withdrawn by you from your Account provided that such monies are not being utilised for margin purposes or have otherwise become owing to us, once your withdrawal request is approved your withdrawal request will be processed by us and sent to the same bank, credit card or other source for execution on the same day that the request to withdraw was made, or the next working day if the client's request is received outside of normal trading hours and if all supporting documentation (proof of identification, proof of residence, proof of payment and/or credit card copy) relating to the client's account are provided. (Note: Some banks and credit card companies may take time to process payments especially in currencies where a correspondent bank is involved in the transaction). The funds will be returned to the bank account/credit card/other source from which the funds were debited.
If you request a withdrawal of monies from your Account and we cannot comply with it without closing some part of your open positions, we will not comply with the request until you have closed sufficient positions to allow you to make the withdrawal. In order to process your withdrawal request please ensure that the funds remaining on your account following your withdrawal will be at least equal to the used margin supporting the open positions. Withdrawals will only be made on request by you, by bank transfer to an account in your name or such other method as we, in our absolute discretion, may determine. In compliance with international anti-money laundering regulations, Coverdeal Holding Ltd. is allowed to transfer funds only to a bank account or a credit card bearing your name which was used for your initial deposit. The credit card copies should be provided upon registration and approved by Coverdeal Holding Ltd. compliance department.
The Client acknowledges and confirms that any trading account(s), held at the Company by a Client where the Client has:
within a calendar month, shall be classified by the Company as an Inactive Account ("Inactive Account"). Where the Client has and continues to:
the account shall be classified by the Company as an Active Account (" Active Account")
The Client further acknowledges and confirms that such Inactive Accounts will be subject to a monthly charge of $15, relating to the maintenance/administration of such Inactive Accounts. The Client further agrees that any Inactive Accounts, holding zero balance/equity, shall be turned to Dormant (" Dormant Account"). For re-activation of Dormant Accounts, the Client must contact the Company and inform us of the Client's wish to reactivate the Dormant Account. The Client's Dormant Account will then be reactivated (subject to, if required, up-to-date Know Your Client documentation provided to the Company by Client) and become an Active Account. However, where the Client has not done the following with the Active Account:
within a calendar month and more, then this account will once again become a Dormant Account.
The Company will, depending on the Transaction and on whether it should be reported under Applicable Regulations, report the Transactions to the competent authority as provided by Applicable Regulations as quickly as possible and no later than the close of the following Business Day.
CFDs are leveraged products which have a high level of risk and may result in the loss of all of the client's invested capital. However, Coverdeal Holdings Ltd operates a 'negative balance protection', in accordance to CySEC requirements, which means that the client cannot lose more than the invested capital.
These clauses apply to your use of any Electronic Services.
Once you have gone through the security procedures associated with an Electronic Service provided by us, you will get access to such service, unless agreed otherwise or stated on our website. All references to the Company's hours of trading are in Greenwich Mean Time ("GMT") using 24-hour format. Our Electronic Services will normally be available continuously from 22:00 GMT Sunday until 22:00 GMT Friday (winter time), every week, excluding public holidays where the Forex market does not operate and cases where the market is closed due to illiquidity in the financial instruments. Please consult our website for more details on operating times for each financial instrument. We reserve the right to suspend or modify the operating hours on our own discretion and on such event our website will be updated without delay in order to inform you accordingly. In this respect the operating hours, as indicated on the websites operated by our company and to which you have trading rights are the applicable. We may change our security procedures at any time and we will inform you of any new procedures that apply to you as soon as possible.
To enter an online order, you must access the Markets window, then click on "BUY/SELL" for the relevant market. A new window will appear in which you enter the price and lot size. The order is filled shortly after you hit the OK button provided you have sufficient funds in your Account. Orders may fail for several reasons including changing dealer prices, insufficient margin, unspecified lot size or unanticipated technical difficulties.
To use one-click trading, you must go to the "Settings" menu and choose "View and Edit". You should check the "One-Click Trading" box. To enter an online order with one-click trading, you must access the Markets window and enter the price and lot size. The order is filled shortly after you click the BUY/SELL button provided you have sufficient funds in your Account. Orders may fail for several reasons including changing dealer prices, insufficient margin, unspecified lot size or unanticipated technical difficulties. One-Click Trading can also be used when closing positions. Restrictions on services provided
There may be restrictions on the number of Transactions that you can enter into on any one day and also in terms of the total value of those Transactions when using an Electronic Service. Please refer to our website for details of the limits imposed upon Transactions carried out through our Electronic Services.
You will be responsible for providing the System (hardware equipment) to enable you to use an Electronic Service (trading platform).
You will be responsible for the installation and proper use of any virus detection/scanning program we require from time to time.
In the event that you receive any data, information or software via an Electronic Service other than that which you are entitled to receive pursuant to this Agreement, you will immediately notify us and will not use, in any way whatsoever, such data, information or software.
When using an Electronic Service, you must:
In the event you become aware of a material defect, malfunction or virus in the System or in an Electronic Service, you will immediately notify us of such defect, malfunction or virus and cease all use of such Electronic Service until you have received permission from us to resume use.
All rights in patents, copyrights, design rights, trade marks and any other intellectual property rights (whether registered or unregistered) relating to the Electronic Services remain vested in us or our licensors. You will not copy, interfere with, tamper with, alter, amend or modify the Electronic Services or any part or parts thereof unless expressly permitted by us in writing, reverse compile or disassemble the Electronic Services, nor purport to do any of the same or permit any of the same to be done, except in so far as such acts are expressly permitted by law. Any copies of the Electronic Services made in accordance with law are subject to the terms and conditions of this Agreement. You shall ensure that all the licensors trademarks and copyright and restricted rights notices are reproduced on these copies. You shall maintain an up-to-date written record of the number of copies of the Electronic Services made by you. If we so request, you shall as soon as reasonably practical, provide to us a statement of the number and whereabouts of copies of the Electronic Services.
Without prejudice to any other terms of this Agreement, relating to the limitation of liability and provision of indemnities, the following clauses shall apply to our Electronic Services.
We shall have no liability to you for damage which you may suffer as a result of transmission errors, technical faults, malfunctions, illegal intervention in network equipment, network overloads, malicious blocking of access by third parties, internet malfunctions, interruptions or other deficiencies on the part of internet service providers. You acknowledge that access to Electronic Services may be limited or unavailable due to such system errors, and that we reserve the right upon notice to suspend access to Electronic Services for this reason.
Neither we nor any third party software provider accepts any liability in respect of any delays, inaccuracies, errors or omissions in any data provided to you in connection with an Electronic Service.
We do not accept any liability in respect of any delays, inaccuracies or errors in prices quoted to you if these delays, inaccuracies or errors are caused by third party service providers with which we may collaborate. We shall not be obliged to execute any instruction which has been identified that is based on errors caused by delays of the system to update prices provided by the system price feeder or the third party service providers. We do not accept any liability towards executed trades that have been based and have been the result of delays as described above.
We shall have no liability to you (whether in contract or in tort, including negligence) in the event that any viruses, worms, software bombs or similar items are introduced into the System via an Electronic Service or any software provided by us to you in order to enable you to use the Electronic Service, provided that we have taken reasonable steps to prevent any such introduction.
You will ensure that no computer viruses, worms, software bombs or similar items are introduced into our computer system or network and will indemnify us on demand for any loss that we suffer arising as a result of any such introduction.
We shall not be liable for any loss, liability or cost whatsoever arising from any unauthorised use of the Electronic Service. You shall on demand indemnify, protect and hold us harmless from and against all losses, liabilities, judgements, suits, actions, proceedings, claims, damages and costs resulting from or arising out of any act or omission by any person using an Electronic Service by using your designated passwords, whether or not you authorised such use.
We shall not be liable for any act taken by or on the instruction of an exchange, clearing house or regulatory body.
We may suspend or permanently withdraw an Electronic Service, by giving you 24 hours written notice.
We have the right, unilaterally and with immediate effect, to suspend or withdraw permanently your ability to use any Electronic Service, or any part thereof, without notice, where we consider it necessary or advisable to do so, for example due to your non-compliance with the Applicable Regulations, breach of any provisions of this Agreement, on the occurrence of an Event of Default, network problems, failure of power supply, for maintenance, or to protect you when there has been a breach of security. In addition, the use of an Electronic Service may be terminated automatically, upon the termination (for whatever reason) of:
In the event of a termination of the use of an Electronic Service for any reason, upon request by us, you shall, at our option, return to us or destroy all hardware, software and documentation we have provided you in connection with such Electronic Service and any copies thereof.
We treat money received from you or held by us on your behalf in accordance with the requirements of the Client Money Rules.
You, the client, acknowledge and confirm that no interest will be received on the balance of your account.
Overseas banks, intermediate broker, settlement agent or OTC counterparty
We will endeavour to hold client money on your behalf within Cyprus and the European Union, however we may also hold your money outside the European Union. The legal and regulatory regime applying to any such bank or person will be different from the legal and regulatory regime in Cyprus and the European Union and in the event of the insolvency or any other analogous proceedings in relation to that bank or person, your money may be treated differently from the treatment which would apply if the money was held with a bank in an account in Cyprus and the European Union. We will not be liable for the insolvency, acts or omissions of any third party referred to in this clause.
The Company may hold Clients' funds in omnibus accounts with third party financial and credit institutions. Hence, the Client is warned that there is a risk of loss emanating from the use of omnibus accounts in financial or credit institutions. Omnibus accounts may also hold other types of risks including legal, haircut risk, liquidation risk, third party risk and others.
The following steps have been taken by the Company in order to ensure the protection of Clients' financial instruments or funds:
You agree that we may cease to treat your money as client money if there has been no movement on your balance for six years. We shall write to you at your last known address informing you of our intention of no longer treating your balance as client money and giving you 28 days to make a claim.
You agree that we shall not be liable for any default of any counterparty, bank, custodian or other entity which holds money on your behalf or with or through whom transactions are conducted.
The Company shall not conclude title transfer financial collateral arrangements with any Client who is a retail client for the purpose of securing or covering present or future, actual or contingent or prospective obligations of such Client.
The Company shall not grant security interests, liens or rights of set-off over client money enabling a third party to dispose of the Client's money in order to recover debts that do not relate to the Client or provision of services to the Client, unless this is required by applicable law in a third country jurisdiction in which the client money may be held. If the Company will enter into such an agreement, it will amend this Client Agreement accordingly to reflect this.
The Company provides to the Client access to an online system on which the Client can obtain information in relation to the Client money that the Company holds on behalf of the Client, as provided by Applicable Regulations.
The Company will not be liable for loss suffered by you in connection to your funds held by us, unless such loss directly arises from our gross negligence, wilful default or fraud.
Where we effect or arrange a Transaction, you should note that, depending upon the nature of the Transaction, you may be liable to make further payments when the Transaction fails to be completed or upon the earlier settlement or closing out of your position. You may be required to make further variable payments by way of margin against the purchase price of the investment, instead of paying (or receiving) the whole purchase (or sale) price immediately. The movement in the market price of your investment will affect the amount of margin payment you will be required to make. We will monitor your margin requirements on a daily basis and we will inform you as soon as it is reasonably practicable of the amount of any margin payment required under this clause.
You agree to pay us on demand such sums by way of margin as are required from time to time as we may in our discretion reasonably require for the purpose of protecting ourselves against loss or risk of loss on present, future or contemplated Transactions under this Agreement.
Please note that in the event that you fail to meet a margin call, we may immediately close out the position.
Margin must be paid in cash in currency acceptable by us, as requested from time to time by the Company. Cash Margin paid to us is held as client money in accordance with the requirements of the Client Money Rules. Margin deposits shall be made by wire transfer, credit card, e-wallet or by such other means as the Company may direct.
If there is an Event of Default or this Agreement terminates, we shall set-off the balance of cash margin owed by us to you against your obligations (as reasonably valued by us). The net amount, if any, payable between us following such set-off, shall take into account the Liquidation Amount payable under Clause 16 (Netting).
You agree to execute such further documents and to take such further steps as we may reasonably require to perfect our security interest over and obtain legal title to the Secured Obligations.
You undertake neither to create nor to have outstanding any security interest whatsoever over, nor to agree to assign or transfer, any of the cash margin transferred to us, except a lien routinely imposed on all securities in a clearing system in which such securities may be held.
In addition, and without prejudice to any rights to which we may be entitled under this Agreement or any Applicable Regulations, we shall have a general lien on all cash held by us or our Associates or our nominees on your behalf until the satisfaction of the Secured Obligations.
You represent and warrant to us on the date this Agreement comes into effect and as of the date of each Transaction that:
You covenant to us:
The following shall constitute Events of Default:
On the occurrence of an Event of Default, we may exercise our rights under this clause, except that in the case of the occurrence of any Event of Default specified in Clause 15.2 or Clause 15.3 of the definition of Events of Default (each a "Bankruptcy Default"), the automatic termination provision of this clause shall apply.
Subject to the following sub-clause, at any time following the occurrence of an Event of Default, we may, by notice to you, specify a date (the "Liquidation Date") for the termination and liquidation of Transactions in accordance with this clause.
The date of the occurrence of any Bankruptcy Default shall automatically constitute a Liquidation Date, without the need for any notice by us and the provisions of the following sub-clause shall then apply.
Upon the occurrence of a Liquidation Date:
a)neither of us shall be obliged to make any further payments or deliveries under any Transactions which would, but for this clause, have fallen due for performance on or after the Liquidation Date and such obligations shall be satisfied by settlement (whether by payment, set-off or otherwise) of the Liquidation Amount (as defined below);
b)we shall (on, or as soon as reasonably practicable after, the Liquidation Date) determine (discounting if appropriate), in respect of each Transaction the total cost, loss or, as the case may be, gain, in each case expressed in the Base Currency specified by us in writing or, failing any such specification, the lawful currency of the United States (and, if appropriate, including any loss of bargain, cost of funding or, without duplication, cost, loss or, as the case may be, gain as a result of the termination, liquidation, obtaining, performing or re-establishing of any hedge or related trading position) as a result of the termination, pursuant to this Agreement, of each payment or delivery which would otherwise have been required to be made under such Transaction (assuming satisfaction of each applicable condition precedent and having due regard, if appropriate, to such market quotations published on, or official settlement prices set by the relevant exchange as may be available on, or immediately preceding, the date of calculation); and
c)we shall treat each cost or loss to us, determined as above, as a positive amount and each gain by us, so determined, as a negative amount and aggregate all of such amounts to produce a single, net positive or negative amount, denominated in the Base Currency (the "Liquidation Amount").
If the Liquidation Amount determined pursuant to this clause is a positive amount, you shall pay it to us and if it is a negative amount, we shall pay it to you. We shall notify you of the Liquidation Amount, and by whom it is payable, immediately after the calculation of such amount.
Where termination and liquidation occurs in accordance with this clause, we shall also be entitled, at our discretion, to terminate and liquidate, in accordance with the provisions of this clause, any other transactions entered into between us which are then outstanding.
The Liquidation Amount shall be paid in the Base Currency by the close of business on the Business Day following the completion of the termination and liquidation under this clause (converted as required by applicable law into any other currency, any costs of such conversion to be borne by you, and (if applicable) deducted from any payment to you). Any Liquidation Amount not paid on the due date shall be treated as an unpaid such amount and bear interest, at the average rate at which overnight deposits in the currency of such payment are offered by major banks in the London interbank market as of 11.00 am (London time) (or, if no such rate is available, at such reasonable rate as we may select) plus one (1%) per annum for each day for which such amount remains unpaid.
For the purposes of any calculation hereunder, we may convert amounts denominated in any other currency into the Base Currency at such rate prevailing at the time of the calculation as we shall reasonably select.
Unless a Liquidation Date has occurred or has been effectively set, we shall not be obliged to make any payment or delivery scheduled to be made by us under a Transaction for as long as an Event of Default or any event which may become (with the passage of time, the giving of notice, the making of any determination hereunder, or any combination thereof) an Event of Default with respect to you has occurred and is continuing.
Our rights under this clause shall be in addition to, and not in limitation or exclusion of, any other rights which we may have (whether by agreement, operation of law or otherwise).
This clause applies to each Transaction entered into or outstanding between us on or after the date this Agreement takes effect.
This Agreement, the particular terms applicable to each Transaction entered into under this Agreement, and all amendments to any of them shall together constitute a single agreement between us. We both acknowledge that all Transactions entered into on or after the date this Agreement takes effect are entered into in reliance upon the fact that the Agreement and all such terms constitute a single agreement between us.
On an Event of Default or at any time after we have determined, in our absolute discretion, that you have not performed (or we reasonably believe that you will not be able or willing in the future to perform) any of your obligations to us, in addition to any rights under the Clause 16 (Netting) we shall be entitled, without prior notice to you:
Unless required by Applicable Regulations, either party may terminate this Agreement (and the relationship between us) by giving ten (10) days written notice of termination to the other. We may terminate this Agreement immediately if you fail to observe or perform any provision of this Agreement or in the event of your insolvency.
Termination shall not affect then outstanding rights and obligations and Transactions which shall continue to be governed by this Agreement and the particular clauses agreed between us in relation to such Transactions until all obligations have been fully performed.
Neither we nor our directors, officers, employees, or agents shall be liable for any losses, damages, costs or expenses, whether arising out of negligence, breach of contract, misrepresentation or otherwise, incurred or suffered by you under this Agreement (including any Transaction or where we have declined to enter into a proposed Transaction) unless such loss is a reasonably foreseeable consequence or arises directly from our or their respective gross negligence, wilful default or fraud. In no circumstance, shall we have liability for losses suffered by you or any third party for any special or consequential damage, loss of profits, loss of goodwill or loss of business opportunity arising under or in connection with this Agreement, whether arising out of negligence, breach of contract, misrepresentation or otherwise. Nothing in this Agreement will limit our liability for death or personal injury resulting from our negligence.
Without limitation, we do not accept liability for any adverse tax implications of any Transaction whatsoever.
Market orders are executed at the bid/ask prices offered through us. Pending orders (stop loss, limit (take profit), entry limit (to buy or to sell), entry stop (to buy or to sell) are executed at the then market price requested by you and offered through us. We reserve the right, at our full discretion, not to execute the order, or to change the quoted price of the Transaction, or to offer you a new quote, in case of technical failure of the trading platform or in case of extraordinary or abnormal fluctuations of the price of the financial instrument as offered in the market. In the event we offer you a new quote you have the right to either accept it or refuse it and thus cancel the execution of the Transaction.
Without limitation, we do not accept any liability by reason of any delay or change in market conditions before any particular Transaction is affected.
We shall not be liable to you for any partial or non-performance of our obligations hereunder by reason of any cause beyond our reasonable control, including without limitation any breakdown, delay, malfunction or failure of transmission, communication or computer facilities, industrial action, act of terrorism, act of God, acts and regulations of any governmental or supra national bodies or authorities or the failure by the relevant intermediate broker or agent, agent or principal of our custodian, sub-custodian, dealer, exchange, clearing house or regulatory or self-regulatory organisation, for any reason, to perform its obligations. Nothing in this Agreement will exclude or restrict any duty or liability we may have to you under Applicable Regulations, which may not be excluded or restricted thereunder.
You will be responsible for all orders entered on your behalf via an Electronic Service and you will be fully liable to us for the settlement of any Transaction arising from it.
You acknowledge that you have not relied on or been induced to enter into this Agreement by a representation other than those expressly set out in this Agreement. We will not be liable to you (in equity, contract or tort) for a representation that is not set out in this Agreement and that is not fraudulent.
You shall pay to us such sums as we may from time to time require in or towards satisfaction of any available balance on any of your accounts with us and, on a full indemnity basis, any losses, liabilities, costs or expenses (including legal fees), taxes, imposts and levies which we may incur or be subjected to with respect to any of your accounts or any Transaction or as a result of any misrepresentation by you or any violation by you of your obligations under this Agreement (including any Transaction) or by the enforcement of our rights.
We have the right to amend the terms of this Agreement. If we make any material change to this Agreement, we will give at least ten (10) business days' written notice to you. Such amendment will become effective on the date specified in the notice. Unless otherwise agreed, an amendment will not affect any outstanding order or Transaction or any legal rights or obligations which may already have arisen.
Unless otherwise agreed, all notices, instructions and other communications to be given by us under this Agreement shall be given to the address or fax number provided by you to us. Likewise, all notices, instructions and other communications to be given by you under this Agreement shall be given to us in writing at the address below:
Name: Coverdeal Holdings Ltd.
Address: Kristelina Tower, 12 Arch. Makarios III Avenue, Office 201, 2nd Floor,Mesa Geitonia 4000 Limassol, Cyprus
Telephone No: 357 25 635 040 Fax No: 357 25 635 240
Email Address: firstname.lastname@example.org
You will notify us of any change of your address for the receipt of notices, instructions and other communications immediately.
Subject to Applicable Regulations, any communication between us using electronic signatures and any communications via our website and/or Electronic Services shall be binding as if they were in writing. Orders or instructions given to you via e-mail or other electronic means will constitute evidence of the orders or instructions given.
We will record telephone conversations between us without use of a warning tone as provided by Applicable Regulations as well as to ensure that the material terms of the Transaction, and any other material information relating to the Transaction is promptly and accurately recorded. We will also record our communications with you as well as internal communications which relate to your affairs and/or Transactions. Such records will be our sole property and accepted by you as evidence of the orders or instructions given. A copy of such recordings and communications as well as internal communications which relate will be available on request by you for a period of five years and where requested by CySEC for a period of up to seven years.
Our records, unless shown to be wrong, will be evidence of your dealings with us in connection with our services. You will not object to the admission of our records as evidence in any legal proceedings because such records are not originals, are not in writing nor are they documents produced by a computer. You will not rely on us to comply with your record keeping obligations, although records may be made available to you on request at our absolute discretion.
You agree to keep adequate records in accordance with Applicable Regulations to demonstrate the nature of orders submitted and the time at which such orders are submitted. You can access your statements online at any time via our trading platform. You may request to receive your statement monthly or quarterly via email, by providing such a request to the support department.
We participate in the Investor Compensation Fund for clients of Investment Firms regulated in the Republic of Cyprus. You will be entitled to compensation under the Investor Compensation Fund where we are unable to meet our duties and obligations arising from your claim. Any compensation provided to you by the Investor Compensation Fund shall not exceed twenty thousand Euros (20,000), applies to your aggregate claims against us.
We are obliged to put in place internal procedures for handling complaints fairly and promptly. You may submit a complaint to us, for example by letter, telephone, email, or in person at the contact details set out in clause 20 (Miscellaneous). We will send you a written acknowledgement of your complaint promptly following receipt, enclosing details of our complaints procedures, including when and how you may be able to refer your complaint to the Cyprus Securities Exchange Commission ("CYSEC") which is the relevant regulatory body. Please contact us if you would like further details regarding our complaints procedures. Note that you may have the right to make a complaint to the Financial Ombudsman of Cyprus as provided by Applicable Regulations. Also, your right to take legal action remains unaffected by the existence or use of any complaints procedures referred to above.
This Agreement shall be for the benefit of and binding upon us both and our respective successors and assigns. You shall not assign, charge or otherwise transfer or purport to assign, charge or otherwise transfer your rights or obligations under this Agreement or any interest in this Agreement, without our prior written consent, and any purported assignment, charge or transfer in violation of this clause shall be void. You agree that we may without further notice to you and subject to Applicable Regulations, transfer by whatever means we consider appropriate all or any of our rights, benefits, obligations, risks and/or interests under this Agreement to any person who may enter into a contract with us in connection with such transfer and you agree that we may transfer to such person all information which we hold about you.
Time shall be of the essence in respect of all obligations of yours under this Agreement (including any Transaction).
The rights and remedies provided under this Agreement are cumulative and not exclusive of those provided by law. We shall be under no obligation to exercise any right or remedy either at all or in a manner or at a time beneficial to you. No failure by us to exercise or delay by us in exercising any of our rights under this Agreement (including any Transaction) or otherwise shall operate as a waiver of those or any other rights or remedies. No single or partial exercise of a right or remedy shall prevent further exercise of that right or remedy or the exercise of another right or remedy.
Without prejudice to any other rights to which we may be entitled, we may at any time and without notice to you set off any amount (whether actual or contingent, present or future) owed by you to us against any amount (whether actual or contingent, present or future) owed by us to you. For these purposes, we may ascribe a commercially reasonable value to any amount which is contingent or which for any other reason is unascertained.
If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Agreement nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired.
This Agreement shall be governed by and construed in accordance with Cyprus law.
Each of the parties irrevocably:
You irrevocably waive to the fullest extent permitted by applicable law, with respect to yourself and your revenue and assets (irrespective of their use or intended use) all immunity on the grounds of sovereignty or other similar grounds from suit; jurisdiction of any courts; relief by way of injunction, order for specific performance or for recovery of property; attachment of assets (whether before or after judgment); and execution or enforcement of any judgment to which you or your revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agree that you will not claim any immunity in any Proceedings. You consent generally in respect of any Proceedings to the giving of any relief or the issue of any process in connection with such Proceedings, including, without limitation, the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such Proceedings.
If you are situated outside Cyprus, process by which any Proceedings in Cyprus are begun may be served on you by being delivered to the address in Cyprus nominated by you for this purpose. This does not affect our right to serve process in another manner permitted by law.
Your personal data - General Data Protection Regulation
You or your company representative's provide voluntarily your or your company representatives' personal data when you:
You are aware that collecting and processing your personal data is necessary for the commencement, execution of a business relationship and the performance of our contractual obligations. You are aware that the Company is obligated to collect such personal data in order to comply with the current Laws and Anti Money Laundering requirements.
If you are a corporate client you provide personal data relating to your company directors, employees, or any other person on the basis that:
With respect to European Economic Area residents you have following legal rights under GDPR in relation to the data that we hold about you:
We have designated a Data Protection Oﬃcer ("DPO") to enhance and promote compliance with privacy and data protection principles. To exercise any of your rights, or if you have any other questions about our use of your personal data, please send us an email to email@example.com or firstname.lastname@example.org
If you wish to make a complaint about how your personal data is being processed by us or how your complaint has been handled, you have the right to submit a complaint directly to the supervisory authority. In Cyprus the supervisory authority is the Office of the Commissioner for Personal Data Protection, address: 1 Iasonos str., 1082 Nicosia, 1682 Nicosia ; tel: +357 22818456, Email email@example.com
By accepting and agreeing to the Terms and Conditions of this Agreement, the Client agrees that he was warned by the Company that:
Taking into consideration that virtual currencies are not appropriate for all investors and therefore, investors should not trade in such products if they don't have the necessary knowledge and expertise in this specific product. In addition, clients should always be fully aware and understand the specific characteristics and risks related to these products, in order for the Company to allow to them the trading in cryptocurrencies.
The offering investment services in relation to Cryptocurrencies will be provided to Retail and Professional Clients, classified as such in accordance with the Company's Client Categorisation Policy. In accordance with the results of the assessment of appropriateness that is undertaken by each potential client, adequate risk warnings will be disseminated regarding the risks involved in the trading of complex products, including CFDs on Cryptocurrencies. Additional risk warnings will be disseminated to clients regarding the lack of regulation over virtual currencies, instability and volatility of the price as well as that sharp movements in their price may occur.
For the purposes of mitigating the risks associated to the sudden movements in the price fluctuations of virtual currencies, the leverage available to clients interested in training of CFDs on virtual currencies is limited at the level 2:1. Additionally, as per the provisions of Circular C168, the Company has ensured negative balance protection for its clients, factor that reducing the respective risk.
The risks related with the money laundering and terrorism financing as a result of the anonymity of cryptocurrencies, is considered as fully mitigated since no actual payments in any cryptocurrencies will be accepted by the Company for deposit or withdrawal purposes.
Taking into consideration that virtual currencies are not appropriate for all investors and therefore, investors should not trade in such products if they don't have the necessary knowledge and expertise in this specific product. In addition, clients should always be fully aware and understand the specific characteristics and risks related to these products, in order for the Company to allow to them the trading in cryptocurrencies.
The Head of Reception and Transmission Department has the obligation to closely monitor the developments on Bitcoins, Litecoin and Ethereum and in general of Cryptocurrencies so as to ensure that timely updating of the respective policy, if deemed required, in collaboration with the Compliance Officer.
The Company will provide investment services in relation to Virtual Currencies which have the following characteristics:
However, it is noted that there will be no limitation with regards to the duration of the trade as continuous spot pricing is available.