Terms & Conditions
PART I – OPENING PROVISIONS
1 Parties to This Customer Agreement
1.1 This Customer Agreement is made between GFT who is the holder of the trade name GFT (hereinafter “the Company” or “We” or “Us”) and the persons who has completed the Application Form and whose application we have accepted.
2 Effect of the Agreement
2.1 This Customer Agreement takes effect when you accept it online on our website and when we confirm to you in writing and/or by electronic means that your Account has been opened and we have accepted you as our Client.
2.2 By continuing to place orders with us, you agree to continue to be bound by this Customer Agreement, which supersedes all other Agreements and terms of business which may previously have been in place between us.
2.3 We shall not be required and may be unable to accept you as a Client until all “Know Your Client” and Anti-Money Laundering documentation we require has been received by us. Until we have received all such documentation, properly completed by you, your account will not be enabled for trading.
2.4 Please be aware that we do not accept citizens from certain countries. US citizens or US residents are strictly not accepted as clients due to US Securities and Exchange Commission (“SEC”) rules.
3 Scope of Services
3.1 From the date on which your Account is activated we will:
(a) Receive and transmit orders for you in Financial Instruments,
(b) Provide foreign currency services provided they are associated with the provision of the Investment Service of Section 3.1 (a) herein,
(c) Provide for safekeeping and administration of financial instruments for the account of Clients, including custodianship and related services, such as cash or collateral management,
(d) Investment research and financial analysis or other forms of general recommendations relating to transactions in Financial Instruments.
3.2 You acknowledge that our Services do not include the provision of investment advice. Any investment information as may be announced by the Company to you does not constitute investment advice, but merely aims to assist you in investment decision-making. It is also understood and accepted that we shall bear absolutely no responsibility, regardless of the circumstances, for any such investment strategy, transaction, investment or information.
3.3 We will not advise you about the merits of a particular Transaction and you alone will make trading and other decisions based on your own judgment for which you may wish to seek independent advice before entering into. In asking us to enter into any Transaction, you represent that you have been solely responsible for making your own independent appraisal and investigation 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.
3.4 We obtain information about your knowledge and experience in the investment field so that we can assess whether the service or product envisaged is appropriate for you. We shall assume that information about your knowledge and experience is accurate and we shall bear no responsibility if such information is inaccurate or changes without informing us and as a result we will not be able to assess the appropriateness and suitability of our services for you. If you fail to provide sufficient information in this regard (or fail to provide any information), we will not be able to assess whether you have the necessary knowledge and experience to understand the risks involved. If you still wish us to proceed on your behalf, we may do so, but we shall not be able to determine whether trading in CFDs is appropriate for you. Consequently, we strongly advise you to provide us with any requested information which we believe to be necessary for the purpose of enabling us to assess the appropriateness of our products for you.
3.5 The Company may offer the Client a free subscription for receiving trading signals in which case the Client’s contact details shall be automatically forwarded to Signals unless otherwise instructed by the Client. Signals shall only be forwarded the Client’s telephone number for receiving trading alerts by phone and the plug-in on the trading platform shall be enabled. Therefore, any signals received cannot constitute personal recommendations. Signals shall be deemed to be general recommendations or market research only, not taking into account the suitability for each individual Client.
3.6 We may periodically, and with our absolute discretion, withdraw all or any part of the Services temporarily or permanently.
4 Client Consents
4.1 You agree and understand that you will not be entitled to delivery of, or be required to deliver, the Underlying of the Financial Instrument, nor ownership thereof or any other interest therein.
4.2 You agree and understand that no interest shall be due on the money we hold in your Account.
4.3 You agree and understand that we will affect any Transactions with you as an agent. Thus, we will be transmitting your Orders for execution to another broker(s), and such broker(s) may be transmitting the orders received by us to other liquidity providers. These broker(s) are not necessarily operating in a regulated market. We are receiving set prices for the Financial Instruments you can trade on our platform and have no means of amending or requoting them.
4.4 You agree and understand that CFDs trading is not done in a regulated market.
4.5 You solemnly declare that you have carefully read and fully understood the entire text of the Customer Agreement herein with which you fully and unreservedly agree.
4.6 You solemnly declare that you have read, understood found satisfactory and accept as an integral part of this Customer Agreement the following information provided on our Website:
a) Risk Warnings and Risk Disclosures, and
b) Trading Conditions
4.7 You specifically consent to the provision of the information of Section 4.6 by means of our Website.
4.8 You confirm that you have regular access to the internet and consent to us providing you with information, including, but not limited to, information about amendments to our Customer Agreement, costs, fees, policies and information about the nature and risks of investments by posting such information on our Website.
4.9 You acknowledge that a variation which is made to reflect a change of law may, if necessary, take effect immediately and without prior notice. We may vary this Customer Agreement at any time and it remains solely your responsibility to stay informed about any changes. The latest version of our Customer Agreement is available for access on our Website.
4.10 Your trading account must be established for trading purposes only. The Company is not a bank, nor does it keep deposits as a bank. We keep deposits only to maintain margins supporting the trading account and trading activities.
4.11 The company maintains a zero-tolerance policy for abusive trading strategies, fraudulent activities, manipulation or any other scams. Such activities include, but are not limited to, misuse of deposited and promotional or bonus funds, swap arbitrage, bonus arbitrage, cash-backs, internal or external hedging, the use of any automated trading system and/or software (“trading robots”, “expert advisors”, etc.). If we deem there to be any of such activities, we reserve the right to annul and cancel any or all your past Transactions and debit all generated profits.
5 Risk Warning
5.1 You unreservedly acknowledge and accept that:
a) You run a great risk of incurring losses and damages as a result of trading in CFDs and/or Financial Instruments and accept and declare that you are willing to undertake this risk. The damages may include the loss of all your money as well as any additional commissions and other expenses,
b) CFDs and/or Financial Instruments carry a high degree of risk. The gearing or leverage obtainable in CFDs and/or Financial Instruments trading means that a small deposit or down payment can lead to large losses as well as gains. It also means that a relatively small movement can lead to a proportionately larger movement in the value of your investment and this can work against you as well as for you. CFDs and/or Financial Instruments Transactions have a contingent liability and you should be aware of the implications of this, in particular, the margining requirements,
c) When trading in CFDs and/or Financial Instruments, you are trading on the outcome of the price of an Underlying Asset and that trading does not occur on a regulated market, but over-the-counter (OTC),
d) Before deciding to trade on margin you should carefully consider your investment objectives, level of experience, and risk appetite,
e) You have chosen the particular type of service and Financial Instrument, taking your total financial circumstances into consideration, which you consider reasonable under such circumstances, and
f) There are risks associated with the use of online deal execution and trading systems including, but not limited to, software and hardware failure and internet disconnection. The Company is not responsible for such losses or failures.
5.2 The Company shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information provided. Any opinions, news, research, analyses, prices, or other information contained on this Website are provided as general market commentary, and do not constitute investment advice. The Company will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
5.3 The contents of any report provided should not be construed as an express or implied promise, as a guarantee or implication that Clients will profit from the strategies herein, or as a guarantee that losses in connection therewith can, or will be limited.
5.4 Trades in accordance with the recommendations in an analysis, especially leveraged investments can be very speculative and may result in profits, as well as losses, especially if the conditions mentioned in the analysis do not occur as anticipated.
5.5 In case of any fault in pricing process, typing errors, entering errors and quoting errors through the electronic trading system and/or phone, the Company has full right to make any necessary modifications to the investor’s trading account in which the mistake took place.
5.6 If you do not understand the risks involved in trading foreign exchange or leveraged Financial Instruments, please do not trade.
6.1 You agree that we shall not be liable for any consequential, indirect, incidental or special loss (including loss of profits and trading losses) that result from your use of the Services even if you have advised us of the possibility of such loss. Consequential loss includes pure economic loss, loss of profit, loss of business and likely loss whether direct or indirect.
6.2 Other than through our negligence or willful default, we will not be held liable for any losses, damages or claims that result directly or indirectly from any person obtaining any access data that we have issued to you prior to you reporting to us the misuse of your access data.
6.3 We will not be held liable to you for any losses, damages or claims which result directly or indirectly from any research which you rely upon in making an Order, whether published by us or not.
6.4 We will not be held liable to you for any losses, damages or claims, which result directly or indirectly from a delay transmitting any Order.
6.5 We will not be held liable to you for any losses, damages or claims, which result directly or indirectly from any changes in the rates of tax.
6.6 We will not be liable for any losses, damages or claims which result directly or indirectly if we fail to receive any documents sent in respect of your Account or any funds held on your behalf, or if you fail to receive any such documentation which we may forward to you.
6.7 Nothing in this Customer Agreement shall be taken to restrict or exclude any duty or liability which we may owe you.
6.8 You agree to indemnify us against any loss, liability, cost, claim, action, demand or expense incurred or made against us in connection with the proper performance of your obligations under this Customer Agreement, except where that loss, liability, cost, claim, action, demand or expense arises from our negligence, fraud or willful default or that of our employees.
6.9 Our failure to seek redress for violations, or to insist upon strict performance of any condition or provision of this Customer Agreement or our failure to exercise any right or remedy to which we are entitled under this Customer Agreement, shall not constitute an implied waiver thereof.
PART II – FUNDS
7 Client Money
7.1 All amounts handed over by the Client to the Company or which the Company holds on behalf of the Client, for the provision of Investment Services, shall be held in the name of the Client and/or in the name of the Company on behalf of the Client in an account. All Client Funds deposited for the provision of Investment Services, shall be held in a segregated account(s) (omnibus account) under the name “Client Account” together with money of other Clients. All amounts handed over by the Client to the Company or which the Company holds on behalf of the Client, for the provision of Investment Services, shall be held in the name of the Client and/or in the name of the Company on behalf of the Client in an account. This means that your funds will be segregated from our own money and cannot be used in the course of our business.
7.2 We may hold your money and the money of other Clients in the same clients’ bank account (omnibus account). In this case, we are able to identify your money through our back office and accounting system.
7.3 We may receive or pass on clients’ money to any of our affiliated companies or a third party (e.g. a bank, a market, merchant, e-wallet, intermediate broker, OTC counterparty or clearing house) to hold or control in order to affect a Transaction through or with that person or to satisfy your obligation to provide collateral (e.g. initial margin requirement) in respect of a Transaction. We have no responsibility for any acts or omissions of any third party to whom we pass money received from you. The third party to whom we pass money may hold it in an omnibus account and it may not be possible to separate it from our money, or the third party’s money. In the event of the insolvency or any other analogous proceedings in relation to that third party, we will only have an unsecured claim against the third party on behalf of you and our other Clients, and you may be exposed to the risk that the money received by us from the third party is insufficient to satisfy the claims of you and all other Clients with claims in respect of the relevant account. The Company accepts no responsibility for any funds not deposited directly into the Company’s bank accounts, for losses (directly or as a result of) due to delays and/or failures to deposit or remit funds through affiliated and/or third parties.
7.4 We shall not pay interest on Client money that is credited or deposited into the segregated Client Account(s) by the Company, and we may place your money in overnight deposits. You hereby consent that we are permitted to keep any interest accrued. We may deposit your money with a depository which may apply a security interest, lien, or right of set-off to the funds.
7.5 We may hold your Client money on your behalf outside our home jurisdiction. The legal regime applying to any such bank or person may be different. 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 our home jurisdiction. We will not be liable for the insolvency, acts or omissions of any third party referred to in this clause.
7.6 The Company may deposit the Client’s money at a deposit that may have a claim right up to 25,000 E, bond or right of compensation in relation to that money, in the event that the company goes bankrupt, but the company does not take the responsibility in case of loss by the customer.
7.7 Upon signing or acceptance of the Customer Agreement, you hereby authorize the Company to process any deposits and withdrawals from the “Client Funds” Bank Account on behalf of the Company including, and without prejudice to, the generality of the above, withdrawals for the settlement of all transactions undertaken under the Customer Agreement, and all amounts which are payable by or on behalf of the Client to the Company or any other person.
7.8 Unless otherwise agreed to in writing between the Company and the Client, the Company may, at its discretion, from time to time and without the Client’s authorization, set-off any amounts held on behalf of the Client and/or to the credit of the Client against the Client’s obligation to the Company or its Broker(s). Unless otherwise agreed to in writing by the Company and the Client, this Agreement shall not give rise to rights of any credit facilities.
8A Funding and Withdrawals of the Client’s Account
8.1 You may fund your Account by credit or debit card, wire transfers or SEPA transfers, e-wallets or other similar methods of money transfer acceptable by the Company or any of its affiliated companies from time to time in its absolute discretion. We do not guarantee that all the transfer methods are available to be used in your country. Transfers to fund your account can only be initiated by you either 1) through the trading platform or 2) through the assistance of a telephone representative, subject to your express consent.
8.2 The minimum initial deposit required to start trading is described in the ‘Accounts’ section of our Website. At our discretion, we can allow you to start trading if you have transferred fewer funds than the minimum initial deposit. We reserve the right to refuse cash deposits and/or access to trading accounts due to said cash deposits.
8.3 You may request to withdraw funds deposited from your account as per the procedure described in the withdrawals section of the website, subject to delivering to us the required documents. If your withdrawal request is made to us without meeting all requirements, the Company reserves absolute discretion to withhold this withdrawal request until all legal requirements are met. The Company does not charge any fees for transferring withdrawal funds to you, but any expenses incurred by the bank, credit card company, payment processor, or e-wallet for transferring the withdrawn funds shall be passed to you; please refer to the relevant section on our website. The maximum amount that can be transferred to your initial deposit facility is equal to the initial deposit made. Profits made can only be transferred to your bank account.
8.4 The Client may withdraw funds deposited to his/her Account and/or profit gained through trading transactions from his/her Accounts only to the relevant account or card that was used to fund the Account (such account to be called “Originating Account/Card”). Transfers (withdrawals) of funds to accounts or cards other than the Originating Account/Card may be permitted at the Company’s sole discretion and provided the Company is satisfied that there is a reasonable justification for transmitting the funds to a different account.
8.5 The Client is fully responsible for the payment details given to the Company and the Company accepts no responsibility for the Client’s funds, if the details provided by the Client are incorrect. If a withdrawal request is made to a bank account, the Client has 1 month from the date of the withdrawal request to provide personal bank details. If 1 month has passed without obtaining sufficient and appropriate information, the funds will be returned to the Client’s trading account and a new withdrawal request must be submitted.
8.6 The Company will process withdrawals of Client funds only when the identity of the Client is verified by valid “Know Your Client” and Anti-Money Laundering documentation.
8.7A We shall make any payments due to you in such a manner as we deem appropriate in the circumstances and maintain a zero-tolerance policy for any violations of these Terms and Conditions such as, but not limited to, any fraudulent credit/debit card use, credit/debit card chargebacks, or other processor chargebacks (regardless of when the transaction or chargeback occurred), in which case all accounts will be immediately and irrevocably terminated.
Any open trades associated with the account will be immediately closed and future trades will be refused as per provision 13.1.q of the Terms and Conditions.
You acknowledge that we are not required to provide you notice before closing your trades and/or account but may choose to do so.
8.7B In cases of suspected “Friendly Fraud” such as an unwarranted chargeback claim against a legitimate transaction, you acknowledge that, in addition to the rights mentioned in provision 8.7A, the Company also reserves the right to:
a) Immediately, irrevocably, and indefinitely ban you – and all third parties you have authorized to act on your behalf – from using our services. We reserve the right to implement bans on:
All IP addresses used to access or otherwise associated with your account;
Your own and your authorized third parties’ registered postal and billing addresses transmitted during the account verification process;
iii. Your own and your authorized third parties’ names and last names, and all other identification details as they appear on the identification documents submitted during the account verification process;
Any other identifying elements we may find appropriate and effective.
All bans will be final and non-negotiable and may include any of the following actions:
b) Recover the chargeback amount(s) from your account’s remaining balance;
c) Seize the total sum of profits from your account’s remaining balance;
d) Seize any given bonuses from your account’s remaining balance;
e) Notify all relevant credit issuers and credit rating institutions;
f) Pursue criminal proceedings against you for credit card fraud;
g) Initiate civil proceedings against you for redress, compensation, and recovery of any and all incurred losses and damages, including damages to reputation, directly or indirectly related to fraudulent chargebacks.
8.7C Provided that we find provision 8.7.B to be adequately satisfied, any positive balance left in your account will be refunded to the point of origin of the funds. You acknowledge that we are not required to provide you notice before proceeding with the refund, but may choose to do so.
8B Promotions and Incentives
8.8 Open trades of Clients who have not logged in for more than 1 week and/or never deposited any funds will be closed automatically each weekend and the funds will be debited from their account. The Company accepts no liability or responsibility for the financial outcome resulting from the automatic closing of such open positions.
8.9 The Company, from time to time, and at our sole discretion, may offer several types of promotions and/or incentives through which Clients can earn specified rewards upon reaching or by completing pre-defined targets. “Promotions” are schemes which the Company runs repeatedly with the same or similar mechanisms whilst “incentives” (or competitions) are specific one-off schemes (for example, but not limited to, Christmas gifts) usually open to Clients only subject to invitation and respective confirmations. Clients who have not deposited any funds cannot be entitled to any bonus, or to any withdrawal bonuses and/or any other similar incentives which may be available under any promotion or incentive offered by the Company.
8.10 Joining promotions will be subject to specific conditions as listed below in Section 8.12. However, the conditions applicable for the specific one-off incentives are/will be issued in the incentive announcement. When joining promotions and/or incentives, all other terms of this Agreement apply unless expressly and specifically excluded. Conditions apply for the duration of the promotion/incentive only and may be subject to change without any notice.
8.11 Any suspected breach, violation, or abuse of this Agreement and/or the specific conditions may lead, without prejudice to any other right we may have under this Agreement or Regulations, to the immediate cancellation, withdrawal, and debit of all bonuses.
8.12 Promotions and incentives are subject to availability and might not be offered to all clients. By participating in promotions and incentives, you continue to accept our Terms and Conditions. We reserve the right to change promotions and/or incentives, conditions, withdraw or annul any scheme without prior notice.
(a) Subject to the deposit method, bonuses receive instant or managers’ approval and will be visible in your bonus wallet only once approved.
(b) Some bonus promotions might include a time window for which new deposits are eligible to receive a bonus and shall accordingly be announced in the terms of the respective promotion. In case no specific time window is stipulated, all deposit requests must be received within the first 24 hours of the first deposit under the respective bonus promotion in order to be eligible for a bonus.
(c) The respective bonus promotion shall indicate the bonus to be granted with each approved deposit. In case no specific terms are issued, the bonus shall be 50%.
(d) The required trading volume is based on the cumulative bonus amount and updated each time a bonus is issued.
(e) Your bonus will be automatically credited to your account (in form of credit) balance.
For deposits starting from EUR 1000 – EUR 2000 the bonus for the client will be 50%.
For deposits starting from EUR 2000 – EUR 10.000 the bonus for the client will be 100%.
For deposits starting from EUR 10.000 – EUR 50.000 the bonus for the client will be 125%.
For deposits that will be more than EUR 50.000 the bonus will be 150%.
(f) When the bonus is approved, it will be automatically credited to your account balance and can be withdrawn immediately.
(g) Bonus funds cannot be used for trading until they are added to your account balance.
(h) Deposited funds (excluding the bonus) can be withdrawn at any time.
(i) The Company reserves the right to amend and/or cancel the conditions of its bonus promotions at any time and it shall be the responsibility of the Client to stay informed accordingly. By continuing to participate in bonus promotions, you agree to their Terms and Conditions.
Refer-a-Friend Terms and Conditions
This promotion is only available to existing GFT Traders (the “Referrer”), upon manager approval, and valid only once for each unique referral (“New Account Referral”). A New Account Referral is defined as a trader who is currently NOT a GFT customer. Traders who have accounts, or have had accounts with GFT at any time during the past 12 months, will not count as New Account Referrals.
2. Referrer will register New Account Holders’ personal contact details with GFT , subject to their explicit consent, in order to mark a New Account Holder as a referred client.
3. The Referrer will be awarded with the following amounts:
EUR 100 if the New Account Referral makes an initial deposit between EUR 500 to EUR 1,000
b. 15% bonus from the New Account Referral’s deposit if the initial deposit is between EUR 1,000 to EUR 10,000. This is valid on the New Account Referral’s first deposit only.
The bonus will be credited directly to the Referrer’s account and will be subject to EUR 1 million of trading volume for each EUR 100 bonus to become withdrawable. Immediately withdrawable deposits do not qualify for this bonus.
GFT reserves the right to terminate all transactions related to this offer at any time without giving prior notice. Any hedging trades in a single account or across multiple accounts will be cancelled as per the standard Terms and Conditions.
This offer can only be combined with the Bonus, whereby bonuses requirements will be accounted for, before Refer-a-Friend requirements.
The Referrer confirms that New Account Holders have agreed to disclose personal contact information such as, but not limited to name, email address, and/or telephone numbers to GFT for the purpose of being contacted for trading in Financial Instruments.
New Account Holders’ contact details will be added to GFT 's database for the purpose of sending marketing materials and general financial information. The New Account Holder can be removed from the marketing email list as per his/her own request by using the “unsubscribe” buttons in the emails.
GFT's general Terms and Conditions apply.
9 Margins and Collateral Payment
9.1 During the lifetime of any Financial Instrument, we, in our absolute discretion, reserve the right to review and adjust the percentage of funding required or the rates at which interest is calculated on such Financial Instrument, with or without notice to you, especially in, but not limited to, volatile market conditions. Positions that are open overnight may be adjusted to reflect the cost of carrying the position over. Details of such adjustments are available on our Website.
9.2 Where we affect or arrange a Transaction involving a CFD 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 of the transaction settlement or closing out of your position. You will be required to make further variable payments by way of margin against the purchase price of the Financial Instrument, 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.
9.3 You agree to pay us on demand such sums by way of margin as are required from time to time or 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 Customer Agreement.
9.4 Unless otherwise agreed, margin must be paid in cash. Cash margin is paid to us as an outright transfer of funds and you will not retain any interest in it. Cash margin received by us will be recorded by us as a cash repayment obligation owed by us to you.
9.5 In addition and without prejudice to any rights to which we may be entitled under this Customer Agreement, we shall have a general lien on all funds held by us or our Nominees on your behalf until your obligations are met.
9.6 We shall have the right, in addition to any other rights we may have under this Customer Agreement, or under the law in general, to close, cancel and or limit the size of your open positions (new or gross) and to refuse to establish new positions. Situations where we may exercise such right include, but are not limited to, where:
a) We consider that there are abnormal trading conditions,
b) We consider there to have been abusive trading strategies transmitted to us, or
c) Your account has reached Stop Out level.
9.7 At margin levels of less than 25% of your equity, we have a discretionary right to begin closing positions immediately and without notice. Individual Stop Out levels are set at 25% and we reserve the right to close all or any of your Open Positions below Stop Out level immediately and without notice solely in our discretion. The provisions of this paragraph are applicable to all Clients.
9.8 For deals entered using the MT4 online trading platform, we have a discretionary right to issue margin calls when the margin level is below 50%. Deals will be closed automatically and without any further notice when the margin level falls below 20%.
9.9 It is in the Company’s discretion to close any open deals after an inactivity period of 90 days of such deals. Hedging positions may incur an administration fee of 0.1% of the complete volume (deal plus hedge position) in US-Dollars per day and we retain the right to close any hedged positions after 21 days without any further notice.
9.10 We shall be entitled to retain monies which are required to cover adverse positions, initial margin, variation margin, any uncleared funds, realized losses and any and all other amounts payable to us under this Customer Agreement.
9.11 Whenever we conduct currency conversions, we will do so at such reasonable rate of exchange as we shall select.
PART III – TRADING
10 Online Trading System Access at MT4 desktop platform, mobile and tablet.
10.1 When your account is enabled for trading, you are entitled to use your Login Details within our Online Trading System in order to be able to transmit orders for the purchase or sale of Financial Instruments through us through your compatible personal computer connected to the internet on our Online Trading System.
10.2 You will not proceed and avoid proceeding in any action that could likely allow the irregular or unauthorised access or use of our Online Trading System. You accept and understand that we reserve the right, at our discretion, to terminate or limit your access to our Online Trading System or part of if we suspect that you allow such use of our Online Trading System.
10.3 When using our Website and/or Online Trading System you will not, whether by act or omission, do anything that will or may violate the integrity of our computer system or cause such system to malfunction. You are solely responsible for providing and maintaining the equipment necessary to access and use our Website and/or Online Trading System.
10.4 You acknowledge that the internet may be subject to events which may affect your access to our Website and/or Online Trading System including, but not limited to, interruptions or transmission blackouts. We are not responsible for any damages or losses resulting from such events which are beyond our control or for any other losses, costs, liabilities, or expenses (including, but not limited to, loss of profit) which may result from your inability to access our Website and/or Online Trading System or delay or failure in sending Orders.
10.5 We are not an Internet Service Provider and cannot be responsible for not fulfilling any obligations under this Customer Agreement because of internet connection failures or public electricity network failures or hacker attacks.
10.6 We shall not be held responsible in the case of delays or other errors caused during the transmission of orders and/or messages via computer. We shall not be held responsible for information received via computer or for any loss which you may incur in case this information is inaccurate.
10.7 You are permitted to store, display, analyse, modify, reformat and/or print the information made available to you through the Website and/or Online Trading System. You are not permitted to publish, transmit, or otherwise reproduce that information, in whole or in part, in any format to any third party without our express written consent. You must not alter, obscure or remove any copyright, trademark or any other notices that are provided in connection with the information. You represent and warrant that you will not use the Website and/or Online Trading System in contradiction to this Customer Agreement, that you will use the Website and/or Online Trading System only for the benefit of your Account and not on behalf of any other person, and that, with the exception of a web browser and other applications specifically approved by us, you will not use (or allow another person to use) any software, programmer, application or other device, directly or indirectly, to access or obtain information through the Website and/or Online Trading System or automate the process of accessing or obtaining such information.
10.8 Our operation time for trading begins at 17:05 Sunday and concludes at 16:59 Friday New York time (EST) which is equivalent to 00:05 to 23:59 server time, Monday to Friday, except the 25th of December, the 31st of December, and the 1st of January. During Daylight Savings Time, our operation and server time is adjusted according to New York time (EST). Be informed that we reserve the right to change our trading hours at any time without prior notice.
10.9 You agree to keep secret and not to disclose any Login Details to any person other than an individual who has been expressly authorized to act on your behalf according to Section 16.
10.10 You should not write down your Login Details. If you receive a written notification of your Login Details, you must destroy the notification immediately.
10.11 You agree to notify us immediately if you know or suspect that your Login Details have or may have been disclosed to any unauthorized person. We will then take steps to prevent any further use of such Login Details and will issue you with replacement Login Details. You will be unable to place any Orders until you receive the replacement information.
10.12 You agree that you will cooperate with any investigation we may conduct into any misuse or suspected misuse of your Login Details.
10.13 You accept that you will be held liable for all orders given through and under your Login Details and any such orders received by us will be considered as received by you. In cases where a third person is assigned as an authorized representative to act on your behalf, you will be responsible for all orders given through and under your representative’s Login Details.
10.14 You acknowledge that we bear no responsibility if unauthorized third persons have access to information, including electronic addresses, electronic communication and personal data, when the above are transmitted between us or any other party, using the internet or other network communication facilities, post, telephone, or any other electronic means.
10.15 We may offer third party authentication services such as Twitter and/or Facebook for registration. While subscribing or registering for our service, you must provide accurate information and should not in any case try to deceive us, impersonate other persons and/or entities. Using third party authentication remains your sole responsibility and we cannot guarantee the data protection enforcement of such third parties. We may or may not choose to verify any or all of the information provided by you during registration or later for security purposes.
11 CFDs: Trading Procedures & Orders
11.1 You or those persons you have notified to us in writing as authorized to give instructions and Orders on your Account may place Orders either via our Online Trading System or via phone, in the way specified in Section 11.2.
11.2 You can place new Orders via our Online Trading System by using your Login Details. You can give instructions to liquidate your existing positions or to delete/modify pending orders via phone by using your name, username or user ID. Orders are accepted at our sole discretion and we reserve the right to refuse e accepting any Order. For accepted Orders, we will use commercially reasonable efforts when transmitting all Orders for execution to the venues indicated under Section 12.
11.3 In case of an Order received by us in any means other than through the online Trading System, the order will be transmitted by us to the Online Trading System (if possible) and processed as if it was received through the Online Trading System.
11.4 We will be entitled to rely and act on any Order without any further enquiry, and we will consider any Orders to be binding upon you where such Order has been placed using your Login Details in accordance with Section 11.2.
11.5 We shall receive and transmit all Orders given by you strictly in accordance with their terms. We will have no responsibility for checking the accuracy of any Order. Any Order that you give to us constitutes an irrevocable instruction to us to proceed with the Transaction on your behalf.
11.6 Any Order shall be conclusively deemed to be a valid Order from you to us if we believe it to be genuine. You are responsible for any loss, claim or expense incurred by us for following or attempting to follow any of your Orders.
11.7 We will not be obliged to check or have regard to any assumption made or expressed by you as to the effect of any trade on your existing or overall positions with us. We need have no regard to your comments that any trade you place is a trade to close all or part of an open position. We will treat all trades as a buy or a sell regardless of whether the trade has the effect of opening a new position or closing an existing one. It is your responsibility to be aware of your positions at all times, including expiry dates.
11.8 If you give us an Order which puts you in breach of any of this Customer Agreement, we may in our absolute discretion fill such an Order to the extent we deem appropriate and you will not have any right to cancel any resultant partially filled Order. You will be held liable for the breach of this Customer Agreement and remain liable for the settlement of the resultant Transaction in accordance with the terms of this Customer Agreement.
11.9 You may give only the following orders of trading character using our Online Trading Systems:
a) OPEN – to open a position as market or limit order,
b) CLOSE – to close an open position as market or limit order, or
c) To add, remove, edit orders for Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop;
11.10 Any other Orders not mentioned in Section 11.9 are unavailable and are automatically rejected. Limit orders are often filled at the requested price. If the price requested is not available in the market, the order will be filled as a market order. If the requested price of a Stop Loss or Take Profit is reached at the open of the trading session, the order will become a market order.
11.11 All open spot positions will be rolled over to the next business day at the close of business in the underlying relevant Market, subject to our rights to close the open spot position.
11.12 Subject to this Customer Agreement and as amended from time to time, we may allow our Clients, at our sole discretion, to specify a closing price for “Stop Loss” or “Take Profit” orders. Upon our acceptance of such order, you hereby authorize us to close the respective order subject to the terms specified in the order without any further notice from us to you. Any confirmed positions cannot be cancelled or changed.
11.13 You have no right to change or remove Stop Loss, Take Profit, and Limit Orders if the price has reached the relevant level.
11.14 Orders can be transmitted for execution, changed or removed only within the operating (trading) time and if they are not executed, they shall remain effective through the next trading session.
11.15 Your Order shall be valid in accordance with the type and time of the given Order, as specified. Each deal will expire after 90 days at 23:59 or on the contract expiration day, whichever occurs first..
11.16 Orders: Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop are transmitted for execution at the price declared by the Client on the first market price touch. The Company reserves the right not to transmit the Order; or to change the opening (closing) price of the transaction in case of the technical failure of the trading platform, as well as in case of other technical failures.
11.17 Under certain trading conditions it may be impossible to transmit Orders (Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop) at the declared price. In this case the Company has the right to transmit the Order for execution or change the opening (closing) price of the transaction at a first market price. This may occur, for example, 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 or during the starting moments of the trading session. In the case of such an event, the Order will be executed at the next best price. As a result, placing such Order will not necessarily limit your losses/take your profits to the fully intended amounts because market conditions may make it impossible to execute such an Order at the stipulated price. It should be noted that the price at which a trade is executed at may vary significantly from the original requested price during abnormal market conditions. ‘Slippage’ is a normal market practice and a regular feature of the foreign exchange market under certain conditions such as, but not limited to, illiquidity and volatility due to news announcements, economic events and market openings. Therefore, trading according to news cannot be guaranteed. Please refer to our Risk Disclosure Policy and website for further details about Slippage.
11.18 We may establish cut-off times for instructions or Orders which may be earlier than the times established by the particular market and/or clearing house involved in any Transaction. You shall have no claims against us arising out of the fact that an Order was not placed by you before of our cut-off time.
11.19 We have the right to change the contract specifications, including leverage and spreads, at any time depending on the market situation. You agree to check the full specifications of the CFD before placing any Order. We have the right to allow a change to your trading Account leverage or spreads at our discretion.
11.20 The level of Swap Rates varies in size and change depending on the level of interest rates. We reserve the right to change the level of Swap Rates and credit your account accordingly. From Friday to Monday, swaps are calculated once. From Wednesday to Thursday, swaps are calculated in triple size.
11.21 Our spreads are based on market rates received by us from execution broker(s) and/or liquidity providers and are pre-determined according your account status. Spreads and/or the minimum deal size may be changed at our discretion without your prior consent and/or without informing you in writing.
11.22 The Client accepts that the transmitted orders shall be solely executed by the Company’s execution broker(s) and/or liquidity providers which may change from time to time and may be based in jurisdictions not covered under regulations. For any orders placed with the Company, the Company shall act as an agent and not as a principal on the Client’s behalf (Reception and Transmission on Orders).
11.23 You acknowledge that we derive our revenue as a fixed share of the spread, regardless of whether you win or lose deals. Therefore, in case the fair market price reduces our commission in a specific transaction, it may occur that the transaction will not be executed by our liquidity providers. In the event of such, a new price quote will be sent to you for consideration.
11.24 For MT4 users, we operate under a First-In-First-Out no hedge basis structure, meaning opened deals involving the same Underlying Asset must be closed out before another deal with the same Underlying Asset is opened in the opposite direction. Hedged positions shall be closed or cancelled at the discretion of the Company, without prior notification to the Client.
12 Best Execution Policy
12.1 The Company follows a strict reception and transmission of orders execution policy and as such we shall ensure each time when carrying out Clients’ order, or acting on behalf of Clients that the following criteria shall be taken into account as applicable:
(a) The characteristics of the Client including the classification of the Client as Retail;
(b) The characteristics of the Client’s Order;
(c) The characteristics of Financial Instruments that are the subject of the Order;
(d) The characteristics of the execution venues to which the Order can be directed.
12.2 The Company shall take all reasonable steps to obtain the best possible result for a Client considering price, costs, speed, likelihood of execution and settlement, size nature or any other consideration relevant to the execution of the order. Nevertheless, whenever there is a specific instruction from the Client, the Company shall execute the order following the specific instruction as applicable.
12.3 Where the Company shall carry out an Order on behalf of a Retail Client, the best possible result shall be determined in terms of the total consideration, representing the price of the Financial Instrument and the costs related to carry out that Order, which shall include all expenses incurred by the Client directly related to the execution of the Order, including execution venue fees, clearing and settlement fees and any other fees paid to third parties involved in the execution of the Order.
12.4 For the purposes of delivering best execution where there is more than one competing venue to carry out an Order for a Financial Instrument, in order to assess and compare the results for the Client that would be achieved by executing the Order on each of the execution venues listed in the Company’s Order Execution Policy that is capable of executing that Order, the Company’s own commissions and costs for executing the Order on each of the eligible execution venues shall be taken into account in that assessment.
12.5 Finally, as a safeguard for best execution, the Company shall not structure or charge their commissions in such a way as to discriminate unfairly between execution venues.
13 Refusal to Transmit Orders
13.1 Without prejudice to any other provisions herein, you agree and understand that we have the right, at any time, without giving any notice and/or explanation, to refuse, at our discretion, to transmit any Order for execution, and that you have no right to claim any damages, specific performance or compensation whatsoever from us, in any of the following cases but not limited to:
a) Whenever we deem that the transmission of the Order for execution affects or may affect in any manner the reliability or smooth operation of the Online Trading System;
b) Whenever there are no available cleared funds deposited in your Account to pay all the charges and required margin relating to the said Order;
c) There is absence of essential detail of the Order;
d) It is impossible to proceed with an Order regarding the size or price;
e) Your Order has more than one interpretation or is unclear;
f) It is impossible for the Order to be executed due to condition of the market, customs, or a trading volume;
g) We received from you the notice on cancellation of the contract;
h) Forwarding of the notice on termination of the Customer Agreement by us to you;
i) If any doubt arises as to the genuineness of the Order;
j) Where we suspect that you are engaged in money laundering activities or terrorist financing;
k) In consequence of lawful claims or requirements of corresponding organized trading platforms, affiliates as well as in consequence of lawful claims of third parties;
l) Where the legality of the Order is under doubt;
m) In consequence of request of a court order;
n) In the circumstances mentioned in Section 9 and Section 21;
o) Where the Order is placed in a manner and form not compliant with our normal operations of business, or
p) When the underlying market is closed and the Company does not receive liquidity from its execution venues;
q) If your account is under investigation or has been terminated according to provision 8.7;
r) If your account is, or we suspect it to be, in breach of the Terms and Conditions.
14 Confirmations and Client Reporting
14.1 We reserve the right, at our discretion, to confirm in any manner the instruction and/or Orders and/or communications sent through the Online Trading System. You accept the risk of misinterpretation and/or mistakes in the instructions and/or Orders sent by you, regardless of how they have been caused, including technical and/or mechanical damage.
14.2 Information on Order(s) status, Accounts status, Trade Confirmations and messaging facility between us and you may be available via, but not limited to, our Online Trading System.
14.3 Any notice or other communication to be provided by us under the Customer Agreement, including trade recaps, Account Statements and Trade Confirmations, will be sent to you either in electronic form by email to the CFD Customer Agreement email address which we will have on record on you or provided via our Online Trading System. You are obliged to provide us with e-mail and mailing addresses for this purpose. We are not responsible for any delay, alteration, re-direction or any other modification the message may undergo after transmission from us.
14.4 It is your responsibility to inform us of any change to your email address (or any other relevant personal information), the non-receipt of a Confirmation, or whether any Confirmations are incorrect before settlement.
14.5 We will send to you, in the method specified above in Section 14.3, a Trade Confirmation in respect of each executed Order. Such documents shall, in the absence of manifest error, be deemed conclusive unless you notify us in writing to the contrary within 48 hours of receipt of the said Trade Confirmation. In the event that you believe that we have entered into a Contract on your behalf, which should have produced a Trade Confirmation, but you have not received such Confirmation, you must inform us immediately but no later than 48 hours when you ought to have received such Confirmation. In the absence of such information the Contract may at our absolute discretion be deemed non-existent.
14.6 A statement of Account is available to you through the personal access login of the Trading Platform. Any confirmation or proof for any act or statement of account or certification issued by us in relation to any transaction or other matter shall be final and binding on you, unless you have any objection in relation to such statement of account or certification and the said objection is filed in writing and received by us within five (5) business days from the issuance of any statement of account or certification.
14.7 We may provide you with reports for the requested date of your account balance. Such Reports can be provided within 5 (Five) business days from the date of receipt of the request and will be subject to a standard minimum fee.
14.8 If we hold your funds we shall send to you, upon your request, a statement of those funds.
14.9 We will provide you with online access to your Account via our Trading System by using your Login Details. This will give you access to information in order to manage your account and reporting. Therefore, we may not provide you with periodic and/or annual statements as this information can be access through your online access.
14.10 The Company reserves the right to charge a fixed account maintenance fee of EUR 50 every 3 months for inactive accounts (no movements within the last 3 months), assuming the account has the available funds. If the account is funded with less than EUR 50 and has been inactive for the said period, the Company reserves the right to charge a lower amount to cover administrative expenses and inform the Client of the pending account’s closure within the next 10 business days after this notification. In case of account closure, this Agreement will be suspended and/or your account will be archived.
15 Assurances, Guarantees
15.1 By agreeing to be bound by this Customer Agreement, and on each occasion that you place an Order, you state, affirm, warrant and guarantee the following:
a) You are placing the Order and entering into the Transaction as principal, (that is on your own behalf and not for any third person), unless you have submitted a document and/or Powers of Attorney enabling you to act as representative and/or trustee of any third person and relevant identification documents for such third party.
b) You are entering into the terms of this Customer Agreement and each Transaction does not breach, conflict with or constitute a default under any law, regulation, rule, judgment, contract or other instrument binding on you or any of your funds or assets.
c) You are not subject to any restrictions on placing the Order or entering into the Transaction related to the Order.
d) You have taken such advice in respect to the Transaction related to the Order and have not relied on any representation or information provided by us in reaching your decision to enter into the Transaction.
e) You are duly authorised to and have obtained all necessary power, authorizations and approval to enter into this Customer Agreement and to sign and give Orders and to otherwise perform your obligations under this Customer Agreement.
f) All the information disclosed otherwise is true and accurate and that you undertake to inform us in writing should there be any changes to the information provided.
g) The documents submitted to us are valid and authentic and to the best of your knowledge and belief, the information provided in the application form and any other documentation supplied in connection with the application is correct, complete and not misleading and you will inform us if any changes to such details or information.
h) Your funds are not in any direct or indirect way the proceeds of any illegal activity or used or intended to be used for terrorist financing.
i) You are over 18 years old and of sound mind, having no legal or other obstacle prohibiting you from entering into this Customer Agreement.
j) You have provided us with your investment objectives which are relevant to our Services, for example, whether there are any restrictions on the markets or instruments in which any Transactions will be sent for execution for you, depending on your nationality or religion.
16 Third Party Authorization to Trade
16.1 You have the right to authorize a third person (“Authorized Party”) to give instructions and/or Orders to us provided you have notified us in writing of exercising such a right and that this person is approved by the Company, fulfilling all of our specifications for this arrangement.
16.2 Unless we receive a written notification from you for the termination of the Authorised Party’s authorization, we will continue accepting instructions and/or orders given by the Authorized Party on your behalf and you will recognize such Orders as valid and committing to you.
16.3 The written notification for the termination of the authorisation to a third party has to be received by us with at least 5 days’ notice prior the termination date.
PART IV – GENERAL PROVISONS
17 Legal Provisions
17.1 Notwithstanding any other provision of this Customer Agreement, in providing Services to you we shall be entitled to take any action we consider necessary in our absolute discretion to ensure compliance with the relevant market rules and or practices and all other applicable laws.
17.2 We are authorized to disclose information related to you and/or your Transactions as required by law and/or where we believe it is desirable for the proper handling of your Account.
17.3 Under internal policies, we will keep Client records for at least 5 years after termination of the Customer Agreement.
17.4 Should any part of this Customer Agreement be held by any court of competent jurisdiction to be unenforceable, illegal, or contradict any rule, that part will be deemed to have been excluded from this Customer Agreement from the beginning. This Customer Agreement will be interpreted and enforced as though the provision had never been included and the legality or enforceability of the remaining provisions of the Customer Agreement or the legality, validity or enforceability of this provision in accordance with the law and/ or regulation of any other jurisdiction, shall not be affected.
18 Introduction of Clients
18.1 Some Clients may have been introduced to the Company by a Business Introducer (also known as an Introducing Broker). In such case and by accepting this Customer Agreement, the Client acknowledges that:
a) The Business Introducer is not a representative of the Company nor is it authorised to provide any guarantees or any promises with respect to the Company or its services,
b) The Company shall not be held liable for any type of agreement that may exist between the Client and the Business Introducer or for any additional costs that might result from this agreement, and
c) Based on a written agreement with the Company, the Company may pay a fee other type of financial compensation to the Business Introducer as defined in Section 19 (Inducements).
19 Inducements (Payments to/from Third Parties)
The Company may pay and/or receive fees or commissions to or from third-parties provided that these benefits are designed to enhance the quality of the service offered to the Client and not impair compliance with the Company’s duty to act in the best interests of the Client.
19.1 The Company may pay a fee or commission to Business Introducers, Referring Agents, or other third parties based on a written agreement. This compensation is related to the frequency or volume of transactions and/or other parameters.
19.2 The Company may receive fees or commission as well as other types of compensation from third parties based on a written agreement. The Company may receive fees or commissions from the counterparty through which it executes transactions. This fee or commission is related to the frequency or volume of transactions executed and/or other parameters.
19.3 The Company has the obligation and undertakes to disclose further details regarding compensation upon the Client’s request.
20 Communication and Notices
20.1 We may provide you with access to third party trading recommendations, market commentary or other information. Where we do so:
a) If this is incidental to your trading relationship with us. It is provided solely to enable you to make your own investment decisions and does not amount to investment advice;
b) If the document contains a restriction on the person or category of persons for whom that document is intended or to whom it is distributed, you agree that you will not pass it on to any such person or category of persons;
c) We give no representation, warranty or guarantee as to the accuracy of completeness of such information or as to the tax consequences of any Transaction, and
d) You accept that prior to dispatch, we may have acted upon it ourselves to make use of the information on which it is based. We do not make representations as to the time of receipt by you and cannot guarantee that you will receive such information at the same time as other clients. Any published research reports or recommendations may appear in 1 or more screen information service.
20.2 Market commentary is subject to change and may be withdrawn at any time without notice.
21.1 Although the customer is entering into an agreement with GFT. Enquiries may be addressed to us in 2 ways: through the ‘Contact Us’ section found on our website or by sending us an email as described in Section 21.2 below. In the ‘Contact Us’ section there is a dropdown menu labeled ‘Reason for contacting us’ and the Client can select ‘dispute’ from the list of options. Enquiries are handled, in the first instance, by the Customer Support Department within 72 hours of receiving the complaint. If you receive a response from Customer Support but believe that your case is unresolved, you may contact the Compliance Department, which is an independent department within our Company, to submit your complaint. We have formal procedures for handling complaints fairly and promptly, aiming to solve any complaint in a reasonable and objective manner without escalating the matter further.
21.2 Any complaint must be submitted within 5 days of the incident, either through the Contact Us section or by email to firstname.lastname@example.org and must include:
a) Client’s full name
b) Client’s username
c) Email and telephone number
d) Clear description of the complaint including deal ID’s, and
e) Supporting evidence to the complaint in question (i.e. screenshots)
21.3 For verification reasons, all complaints must be sent from the same Client’s email address on file. If the complaint is received later than 5 days after the event occurred, then it will be at the Company’s discretion to accept the complaint or not.
21.4 All complaints must be made in English in a legible and comprehensive manner containing the information stipulated in Section 21.2. Complaints that do not contain this information and/or contain abusive language will not be processed.
21.5 We will attempt to resolve any complaints within 5 business days. If your complaint requires further investigation and we cannot resolve it within 5 working days, we will issue our holding response within 4 weeks of receiving the complaint. When a holding response is sent, it will indicate when we will make further contact (which should be within 8 weeks of receipt of the complaint).
21.6 In case the Client requests any additional data and/or information with regards to his/her complaint, the Company shall release such information if and when available and no later than 90 days after the Client’s request. The Client shall complete a form provided by the Company for such requests. If the form is not correctly completed, the Company will not be able to provide any additional data and/or information.
21.7 Any conflicts regarding pricing will be solved by checking the actual prices in the market at the specific time at which the incident occurred. Investors should review their account statement and are responsible for reporting any mistakes found on the account within 48 hours after the issue of the statement.
21.8 Without detracting from the provisions of Section 21.1 above, it is expressly stipulated that no complaints will be investigated with respect to:
a) A transaction or a pending order or any modification to the foregoing not accepted, rejected, deleted or reverted in accordance with the provisions of this Customer Agreement,
b) Any trading or account management issue due to error in communications either on the side of the Client, the Company, or both,
c) Any issues due to unavailability of the trading facilities for maintenance and/or other technical works conducted in accordance with this Customer Agreement and/or ‘error’ messages returned by the platform,
d) Any transactions made with funds generated by the Client as profit from transactions that were subsequently cancelled by the Company,
e) Any issues resulting from the failure of the Trading Platform software/hardware in case no records on the server log-file exist to prove the Client sent instructions, or
f) Any differences in the prices and/or quotes provided by the Company for the respective Financial Instrument and any of the foregoing provided for any other Financial Instrument (including, but not limited to, the underlying asset) and/or provided for the same and/or similar financial instrument by any other company (whether the Company’s affiliate or otherwise); an erroneous price quote and/or a spike in the Company’s price feed; any lost and/or unrealized profits or any non-financial losses.
g) Bans, account terminations, seizures of funds, bonuses, profits, or refusal of services, refusal of orders or any other action or inaction by GFT in relation to situations falling under provision 8.7.
21.9 The Client acknowledges that the Company may, at its sole discretion, prevent the Client from making any changes to the Order(s) in question during the time the respective Complaint is under review.
21.10 The Client acknowledges that the Company may, at its sole discretion, prevent the Client from making any changes to the Order(s) in question during the time the respective Complaint is being reviewed.
21.11 If a decision to address the incident referred to in the Client’s complaint has been made by the Company, the Company may, at its sole and absolute discretion, choose either of the following methods:
a) Open and/or close a Transaction and/or pending Order in question;
b) Satisfy (fully or partially) Client’s request as stated in the complaint; or
c) Otherwise address the issue using methods, generally accepted in common market practice.
21.12 Unless expressly set forth by an applicable law, the Company’s decision with respect to a complaint shall be final and binding and shall not be subject to any appeal.
21.13 If a situation arises which is not expressly covered by a term of this Customer Agreement, the Company and the Client agree to try to resolve the matter on the basis of good faith and fairness and by taking action which is consistent with general market practice.
21.14 In the case where a settlement is reached for a complaint, the Client agrees in writing to waive any rights to past or present claims against the Company and to withdraw any negative postings, announcements, filings or other publications which could have a negative effect on the Company by signing a Settlement Agreement. Failure of the Client to any of the provisions contained herein, or failure of the Client to sign the Settlement Agreement will result in a legal filing from the Company against the Client. Bonuses pending through promotions and/or incentives will be debited if the Client fails to sign the agreed Settlement Agreement.
21.15 We reserve our rights to proceed with legal actions where complaints are based on false or misleading information, evidence in support of the complaint has not been submitted in the initial claim or deliberately been withheld or any non-disclosure of information in favour of your claim. Submitting such false or misleading information is a serious offence and if as a result of this, the Company suffers reputable damages in any form whatsoever, we shall initiate legal action filing for compensation.
PART V – CLOSING PROVISIONS
22.1 You accept and understand that our official language is English and you should always read and refer to the main Website for all information and disclosures about the Company and its activities. Translation or information provided in languages other than English on our local Websites is for informational purposes only and do not bind us or have any legal effect whatsoever; we have no responsibility or liability regarding the correctness of the information therein. The English version of all information takes precedence.
22.2 Unless the contrary is specifically provided, any notices, instructions, authorizations, requests, general enquiries or other communications and messages to be given by you to us under this Customer Agreement shall be in English and in writing and shall be sent to us at the contact details specified in Section 1.3. If your communication is sent by post, it must be posted by registered mail or a commercial courier service.
22.3 We reserve the right to specify any other method of communication with you.
22.4 We may monitor and/or record any electronic communications between us (including telephone calls, emails, text messages and instant messages), without the use of a tone or other warning, in order to provide verification of instructions and maintain the quality of our service, for training purposes and to check compliance with this Customer Agreement, our internal policies and procedures and applicable regulations. You accept that our records of our communications will be admissible as evidence of any instruction or communication given or received by you and that these records belong to us.
22.5 Our phone lines are open during the hours of 9:00 and 17:00 (CET) on business days. If we need to contact you urgently regarding your Account, we may contact you outside of these hours. You may use the online chat service for any enquires with our Customer Service desk outside of our official working hours.
22.6 Notices will be emailed to you at the email address which is registered on your Account or sent by postal mail at the last address that you provided to us through the Online Trading System. It is your responsibility to ensure that you provide accurate and up-to-date contact information.
22.7 Notices shall be considered delivered: if sent by facsimile, upon receipt by the sender of a transmission report from its facsimile machine confirming receipt of the message by recipient’s facsimile machine, or if delivered via commercial courier service, at the date of signing of the document on receipt of such notice and shall take effect only when actually received by the recipient, provided they do not violate and are not contrary to any term of this Customer Agreement. All notices issued by first class post shall be deemed to be received 7 business days after the date they were sent. Notices issued by airmail shall be deemed to be received 7 business days after the date of their dispatch.
23 Charges and Taxes
23.1 You acknowledge you understand that we derive our revenue as a fixed share of the spread regardless of whether you profit or lose deals from the counterparty through which we execute transactions. This fee/commission is related to the frequency/volume of transactions executed and/or other parameters. However, and as a safeguard for best execution, the Company shall not structure or charge their commissions in such a way as to unfairly discriminate between execution venues should more than one execution venue be available. For further details please refer to Section 11.23 and 19. Account maintenance fees are listed in Section 14.10. Since rollover fees depend on several market parameters (such as, but not limited to, the financial instrument in question, market volatility, etc.) the incurred fee may change. Please refer to the “Trading Conditions” sections of our website for examples. The Company does not charge any fees for transferring the funds to you, but any expenses incurred by the bank, credit card company, payment processor or e-wallet service for transferring the funds shall be passed to you. For further details, please refer to Section 8.
23.2 You agree to pay our charges and applicable taxes (if any) at the rates and times set out on our Website. We may vary our charges periodically and publish them on our Website. It will remain solely your responsibility to review the relevant sections of our Website and stay informed about any changes in our charges.
23.3 We may share dealing charges (commissions) with third parties, or receive compensation from them in respect to transactions carried out on your behalf.
23.4 You undertake to pay all stamp expenses relating to the Customer Agreement and any documentation which may be required for becoming our Client or the carrying out of the transactions under the Customer Agreement.
23.5 You shall be solely responsible for all filings, tax returns and reports on any Transactions which should be made to any relevant authority, whether governmental or otherwise and for payment of all taxes (including but not limited to any transfer or value added taxes), arising out of or in connection with any Transaction.
23.6 Commissions for deposit and/or withdrawal of funds may be amended by us from time to time. It will remain solely your responsibility to review the relevant sections of our Website and stay informed about any changes in our charges. You will also be held liable for any charges made by any third party provider involved in the transfer process.
24.1 You agree to provide us with information that we periodically request in order to enable us to comply with applicable rules to provide our Services. Where you provide us with information, you are responsible for ensuring that it is correct and must promptly inform us in writing of any change.
24.2 We will treat your Information as confidential and will not disclose it to any person without your prior written consent or as described in Section 25.4 except for those members of our personnel and the personnel of affiliated companies who require information thereof for the performance of their duties under this Customer Agreement, or where disclosure is made necessary pursuant to a court decision or when disclosure of certain types of such information is required under the legislation and to our consultants, lawyers, auditors, provided that in each case the relevant professional shall be informed about the confidential nature of such information and commit to the confidentiality herein obligations as well. In addition, we will in particular abide by the Processing of Personal Data (Protection of the Individual) Law of 2001, and any other applicable data protection laws and regulations in respect to the personal data comprised in your Information, if you are a natural person.
24.3 We may collect your information directly from you (in your completed Application Form or otherwise) or from other persons including, for example, credit reference agencies, fraud prevention agencies and the providers of public registers.
24.4 We may use your information in order to provide, administer, tailor and improve the Services, and our general business (including communicating with you and facilitating your use of the Website and/or our telephone trading facilities); to carry out credit, anti-money laundering and fraud prevention checks; to exercise and/or defend our legal rights; and to comply with all applicable rules and the requests of enforcement authorities in any jurisdiction. You acknowledge that we may also need to transfer your information to countries outside of our home jurisdiction.
24.5 You agree that we may contact you by telephone, email or post to tell you about products or services offered by the Company in which may be of interest to you. Should you no longer wish to receive such communications from the Company, please contact us.
24.6 The obligations to safeguard the confidentiality and not to disclose information do not apply to information that; is in public domain or is made public not due to the Parties’ actions (or failure to act); or is in legal possession of one of the Parties and was not subject to an obligation of confidence or non-disclosure at the moment of its receipt by such Party.
25 Force Majeure
25.1 Except as expressly provided in this Customer Agreement, we will not be held liable or have any responsibility for any type of loss or damage arising out of any failure, interruption, or delay in performing our obligations under this Customer Agreement where such failure, interruption or delay is due to:
a) Government actions, the outbreak of war or hostilities, the threat of war, acts of terrorism, national emergency, riot, civil disturbance, sabotage, requisition, or any other international calamity or political crisis;
b) Act of God, earthquake, hurricane, typhoon, flood, fire, epidemic or other natural disaster;
c) Labour disputes not including disputes involving our workforce;
d) Suspension of trading on a market, or the fixing of minimum or maximum prices for trading on a market, a regulatory ban on the activities of any party (unless we have caused that ban), decisions of state authorities, governing bodies of self-regulating organizations, decisions of governing bodies of organized trading platforms;
e) A financial services moratorium having been declared by appropriate regulatory authorities or any other acts or regulations of any regulatory, governmental, or supranational body or authority;
f) Breakdown, failure or malfunction of any electronic equipment, network and communication lines (not due to the bad faith or willful default of ourselves), hacker attacks and other illegal actions against our server and Online Trading System; or
g) Any event, act or circumstances not reasonably within our control and the effect of that event(s) is such that we are not in a position to take any reasonable action to cure the default.
25.2 In the event of a force majeure, the affected Party must notify the other Party of the circumstances and of the events beyond its reasonable control within 3 business days.
25.3 In the event of a force majeure, we may suspend, freeze, or close your positions.
26 Term and Termination
26.1 This Customer Agreement shall be valid for an indefinite time period until its termination as per the provisions of Section 26 stated herein.
26.2 We may terminate this Customer Agreement immediately upon the occurrence of any of the events set out below:
a) You fail to comply with any requirement relating to the transfer of an open investment position;
b) You do not have the authority to transact business with us or to do so in the manner in which you customarily conduct business with us;
c) If you become deceased, declared absent or become of unsound mind;
d) Such termination is required by any competent regulatory authority or body;
e) You violate any provision of the Customer Agreement, and in our opinion, the Customer Agreement cannot be implemented;
f) If you fail to make any payment or fail to perform any other act required by the Customer Agreement;
g) We receive reliable information that an adverse material change in your financial condition has occurred or that you may be unable to perform your obligations under the Customer Agreement or you do not give to us adequate assurance of your ability to perform your obligations within 24 hours after receipt of the relevant request from us;
h) If an application is filed in respect to you for any action pursuant to any bankruptcy acts or any equivalent act, including those of another country which are applicable to you, or if a partnership, to one or more of the partners, or a company, a trustee, administrative receiver or similar officer is appointed;
i) If an Order is made or a resolution is passed for your winding-up or administration (other than for the purposes of amalgamation or reconstruction);
j) If any distress, execution or other process is levied against any property that you own and is not removed, discharged or paid within 7 days;
k) If any security created by any mortgage or charge becomes enforceable against you and the mortgagee or charge (ie. lender) takes steps to enforce the security or charge;
l) If any indebtedness of you or any of your subsidiaries becomes immediately due and payable, or capable of being declared so due and payable, prior to its stated maturity by reason of your default (or any of your subsidiaries) or you (or any of your subsidiaries) fail to discharge any indebtedness on its due date;
m) You convene a meeting for the purpose of making or proposing or entering into any arrangement or composition for the benefit of your creditors;
n) If any of the representations or warranties given by you are/or become untrue;
o) In cases of material violation by you of the requirements established by any legislation;
p) If scalping or any other unauthorized trading activity is performed on the Online Trading System, whether automated or manual. In this case, all of the unauthorized Transactions will be voided and cancelled; or
q) If you are classified as a Politically Exposed Person (PEP) or fail to provide adequate documentation with regards to the “Know Your Client” and Anti-Money Laundering regulations which the Company is required to follow;
r) The Company maintains a strict policy of limiting accounts to 1 per person, family, household address, email address, telephone number, same payment account details (e.g. debit or credit card, Neteller, etc) and shared computer, e.g. in a public library or workplace. Duplicate registrations by the same Client are strictly forbidden and all Transactions performed by all duplicate accounts will be voided and cancelled and all profits generated will be debited;
s) The company maintains a zero-tolerance policy for abusive trading strategies, fraudulent activities, manipulation, or any other scams. Such activities include, but are not limited to, misuse of deposited and promotional/bonus funds, swap arbitrage, bonus arbitrage, cashbacks, internal or external hedging, the use of any automated trading system and/or software (“trading robots,” “expert advisors,” etc.). If we deem there to be any such activities in relation to the Client’s trading account, we reserve the right to void and cancel any or all of your past Transactions and debit all generated profits.
26.3 This Customer Agreement may be terminated by either the Client or the Company at any time by sending a written notice. As a result of the termination of this Customer Agreement, the Client’s Account will be closed.
26.4 Your termination of this Customer Agreement will not affect any obligation or liability that you may then have to us, including any liability or short position you may have resulting from or in connection with transactions initiated prior to the termination. Subject to Section 27 herein, we will complete Transactions which are in progress at termination as soon as reasonably possible.
26.5 If any of the incidents described in Section 26.2 occurs, then we may at our sole discretion at any time and without notice to you, take any 1 or more of the following actions:
a) Terminate this Customer Agreement;
b) On your behalf and in your name, suspend, freeze or close out all or any of your open investment positions;
c) Convert any currency;
d) Apply any of your cash and the proceeds of any Transaction in satisfaction of the amount owed to the Company, including amounts due in respect of settlement, fees, commissions and/or interest;
e) Keep such Client’s funds as necessary in order to close positions which have already been opened and/or pay any pending obligations you have, including, but not limited to, the payment of any amount which you owe to the Company under the Customer Agreement; or
f) Close your Account;
g) Void or cancel any or all your past Transactions and debit all generated profits.
26.6 We reserve the right to combine any accounts opened in your name, to consolidate the balances in such accounts and to set off those balances.
26.7 If there is a balance in your favor, we will (after withholding such amounts that we in our sole discretion consider appropriate in respect of future liabilities) pay such balance to you as soon as reasonably possible and supply you with a statement showing how that balance was calculated and, where appropriate, instruct any Nominee or/and any custodian to also pay any applicable amounts. Such funds shall be delivered in accordance to your instructions, but we have the right to refuse the transfer of your funds to a third party.
26.8 The Company reserves the right to change your user group to the Alpha Trader User Group if your account balance has been adjusted by the Company’s negative balance protection policy, or the Company has any reasonable suspicion indicating that you may abuse the negative balance protection policy.
27 Applicable Governing Law and Jurisdiction
27.1 If a settlement is not reached by the means described in Section 21 of this Customer Agreement, all disputes resulting from or in connection with the Customer Agreement shall be finally settled in an arbitration court in the Australia.
27.2 This Customer Agreement and all transactions between the Client and the Company are governed by international commercial law and/or industry practice.
27.3 We shall be entitled to take or omit to take any measures which we consider desirable in view of compliance with the laws and regulations in force at the time. Any such measures which may be taken and all the laws and regulations in force shall be binding on you.
28 Third Parties
28.1 We may at any time transfer, assign, or replace any of our rights, benefits or obligations under this Customer Agreement subject to providing notification to you.
28.2 Your rights and obligations under this Customer Agreement are personal to you and may not be transferred, assigned or replaced.
28.3 You are fully aware that the Company merely acts as an agent in the service described under GFT Debit Card, enabling the Client to enter into direct business terms with the Debit Card Issuer. Once the Client follows the link embedded on the Company’s Website and accepts the business terms of the Debit Card Issuer, the debit card services will be provided from a secure server hosted by the Debit Card Issuer and may not be subject to control by the Company or any government regulation equal in standard and/or scope to the one the Company adheres to.
28.4 You hereby acknowledge and confirm that GFT is engaging an independent third party or payment service provider for payment collection. You acknowledge and confirm your understanding that the third party is acting on your instructions to transfer the funds on your behalf to the payment service provider with no liabilities, obligations, or warranties. You agree and confirm that you have no right to claim any transferred funds from the third party or payment service provider in any way, under any title or under any circumstances.
28.5 You understand that any third party or payment service provider will facilitate your transfer and that you were not offered any form of financial services from them. You understand you should not use the third party/payment service provider or its affiliates as a financial service vehicle, but as a trusted service provider to facilitate payment only. You confirm that you have no further and future claims against the third party or payment service provider after the settlement of your funds has been made.
28.6 You are fully aware that investment information which may be announced by us to you periodically or on a regular basis is not necessarily the result of investment research conducted by us. Where such investment research is outsourced from our operations, we shall undertake every effort as to monitor the level and standard of diligence to which such research is undertaken but cannot guarantee that the provider is subject to control by the government or any regulatory authority equal in standard and/or scope to the one we adhere to. Facts, opinions and any further findings or omissions thereof do not represent the views of the Company and we cannot be held liable for any losses, damages or claims which result directly or indirectly from any third-party research which you rely on in making an investment decision.
28.7 You are fully aware that when you assign rights to third parties (for example money managers, trading robots, signal providers, etc.) we shall only provide our Services to you as described in Section 3 and your assignment of services to third parties shall be solely your responsibility. Any facts, opinions, findings, services or omissions thereof do not represent the views and services of the Company and we cannot be held liable for any losses, damages or claims which result directly or indirectly from any third-party assignments.
PART VI – DEFINITIONS AND INTERPRETATIONS
In this Customer Agreement the following words shall have the corresponding meanings:
Access Codes: Your login and password given to you by us in order to have access on our Online Trading System or Website (where applicable).
Access Data: Your Access Codes, Login Details, your Account number, and any information required to place Orders with us in any way.
Account: Any transaction account which is opened for you on our records to allow you trade in Financial Instruments as defined below.
Applicable Regulations: (a) The rules of the relevant market; and (b) all other applicable laws, rules and regulations which are in force in any jurisdiction.
Application Form: The application form completed by you to apply for our Services (through which we will obtain any necessary information for your identification, due diligence, and your categorization in accordance with the laws).
Autochartist Limited: The Company shall act as an agent when enabling the Client to enter into business terms with Autochartist Limited.
Balance: The total sum of your Account after the last transaction made within any period of time.
Base Currency: The first currency in the currency pair.
Bonus Terms: The conditions as advertised in marketing campaigns that must be fulfilled in order to receive the bonus incentive and in accordance with Section 8 of this Customer Agreement to qualify for a payout of such incentive.
Business Day: Any day, other than a Saturday or a Sunday, or the 25th of December, or the 1st of January.
CFDs: A spot and/or forward Contract for Difference on the following underlying assets: Currencies (Spot FOREX), Metals, Commodities, Futures, Options, Forwards, Stocks, Indices.
Customer Agreement: This Agreement between the Company and the Client, which also includes the following documents on our Website: (a) Costs and Fees, (b) Contract Specifications, (c) General Risk Disclosure.
Client Money Rules: The rules relating to Client money as defined by our Regulator.
Contract Specifications: Each lot size or each type of Underlying Asset in a Financial Instrument, as well as all necessary trading information concerning spreads, swaps, margin requirements etc., as determined by the Company on our Website.
Currency of the Account: The currency that you choose when opening an Account with us or that you request to convert into after the Account is opened.
Currency Pair: Consists of 2 currencies (the Quote Currency and the Base Currency) and shows how much of the Quote currency is needed to purchase 1 unit of the Base Currency.
Debit Card Issuer: The Company shall act as an agent when enabling the Client to enter into business terms with the issuer of the Debit Card. Currently, Clients can enter into business terms with Payoneer Payment Solutions Ltd, who is licenced by MasterCard.
Financial Instrument(s): CFDs, NDFs, and Rolling Spot.
Liquidity Providers: The Company shall act as agent of the Client (principal) when receiving and transmitting orders. The Company will transmit your Orders for execution to another broker(s), and such broker(s) may transmit the orders received by us to other liquidity providers. These broker(s) may not necessarily operate in a regulated market.
Leverage: A ratio in respect of Transaction size and initial margin. 200:1 ratio means that in order to open a position, the initial margin is 200 times less than the Transactions size.
Login Details: Your login and password given to you by us in order to access our Online Trading System or Website (where applicable).
Margin: The necessary guaranteed funds to open positions or to maintain open positions, as determined in the Contract Specifications for each Underlying Asset in a Financial Instrument.
NDFs: Non-Deliverable Forwards. This has the same meaning as CFDs.
Nominee: Any company that we may appoint as our Nominee as a member of our group, whose principal function is to hold funds acquired by our Clients.
Online Trading System: Any software used by us which includes the aggregate of our computer devices, software, databases, telecommunication hardware, a trading platform, making it possible for you to obtain information of markets in real time, make technical analysis on the markets, enter into Transactions, place, modify, or delete Orders, receive notices from us and keep records of Transactions.
Open Position: A deal of purchase or sale not yet covered by the opposite sale/ purchase of the contract.
Order: An instruction by you to us in Financial Instruments available for Transactions on our Trading Platform.
Parties: The parties to this Customer Agreement – the Client (you) and the Company (us).
Pending order: Order to buy or sell a Financial Instrument at a price different from the market price.
Quote: The information of the currency price for a specific Underlying Asset of a Financial Instrument, in the form of bid and ask prices.
Quote Currency: The second currency in the currency pair.
Rolling Spot: Has the same meaning as CFDs.
Rules: Laws, articles, regulations, directives, procedures, and customs which are in force.
Scalping: The opening and closing of a position within seconds. We have a 1-minute minimum time interval between opening and closing trades.
Services: The services provided by us under this Customer Agreement as specified in Section 3.
Slippage: This term refers to the difference between the expected price and the price at which the trade is actually executed.
Spread: The difference between the ask and the bid prices of an underlying asset in a financial instrument at that same moment.
Stop Loss: An offer to close a transaction at a price determined in advance by the Client which, in the case of a transaction that is opened by offering to buy a specific number of a certain instrument, is lower than the opening transaction price, and in the case of a transaction that is opened by offering to sell a specific number of a certain instrument, is higher than the opening transaction price.
Stop Out: Situation when we execute the right to close all your open positions at current market price or the last available price and your equity divided by balance falls below the stop out level specified for your account type.
Swap or Rollover: The interest added or deducted for holding a position open overnight.
Swap Rates: The rate of the fixed portion of a swap, at which the swap will occur for one of the parties entering into a Financial Instrument.
Take Profit: An offer to close a transaction at a price determined in advance by the Client which, in the case of a transaction that is opened by offering to buy a specific number of a certain instrument, is higher than the opening transaction price, and in the case of a transaction that is opened by offering to sell a specific number of a certain instrument, is lower than the opening transaction price.
Trade Confirmation: A message sent to you by us confirming the execution of your Order.
Trading Signals: The Company shall act as an agent when enabling the Client to enter into business terms with iSignals GmbH.
Transaction: Any dealing in a Financial Instrument.
Underlying Asset: Forward and/or futures contracts on Currencies (Spot FOREX), Metal, Commodities, Futures, Options, Forwards, Stocks, Indices.
We (our, us): The Company. GFT is a globally-operated brand and includes any of our affiliated companies.
Website: //web.goldfxtrading.com or any other Website of the Company’s trade names, which we may notify you about.
You: The Client(s) who is (are) the holder(s) of the Account.
Your Information: Any information that we receive from you or otherwise obtain which relates to you, your Account or our provision or your use of the Services.
*Last updated on September, 2017.
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