Collection of Personal Information
The Company shall request information from the Client which is necessary for the Client to open personal account. Providing such information is a necessary condition which allows the Company to protect the Client's interests and the Client to execute transactions using personal account without being concerned about the asset security. The Company shall be entitled to collect information which may contribute to improving its understanding of the Client's needs and preferences.
All information necessary for communication between the Client and the Company is collected directly from clients.
Use of Personal Information
The Company uses clients' personal information for the purpose of providing the Client with safe, quality service.
Personal and contact information received from the Client shall be used to check contact details and verify the Client's identity. The Company shall also use personal information to create accounts, open and modify trading accounts, issue activation codes and access passwords. Client contact information helps the Company improve its services and promptly inform the client about the Company's additional products, opportunities and promotions.
Branches and Partners
At the Client's request, the Company may provide information about services offered by the Company's branches and partners. For the purpose of providing more high-quality services, the Company may carry out affiliate relations or conclude marketing agreements with other companies. In order to provide the Client with full, well-timed and qualitative service, the Company may exchange information with its partners and branches. The use of the Client's personal information shall be limited in this case.
Disclosure of Client Information to Third Parties
The Company may not disclose Client personal information except in the cases described below.
The Company shall reserve the right to disclose personal information to a third party if required by law enforcement agencies or other state authorities. The Company shall be entitled to disclose the Client's information as necessary to tax or credit authorities or in the cases when it is necessary for the purpose of protecting the Company's rights and property.
The Company may use a client's personal information only for the purpose of improving the quality of its services.
The Company may involve other organizations in administration of website and the collection and analysis of statistical data. Such organizations may establish and use their own Cookies on behalf of the Company, and such Cookies shall not contain personal information.
During registration the Client receives a letter via e-mail which confirms his/her/its registration. The Company may send information about changes and new promotions to its clients via e-mail or receive e-mails with questions and requests from its clients, and such information shall not be deemed confidential.
The Company shall be entitled to return, save or delete correspondence with the Client at its absolute discretion.
The Company shall be entitled to follow up on internal messages from clients for the purpose of improving the quality of its services.
Term and Conditions
This is a legal contract between AXISCAPITAL CORP LIMITED herein after known as ("AXISCAPITAL") its successors and assigns, and the party/parties (the "Customer") executing this document. In connection with opening an account with AXISCAPITAL to speculate and/or purchase and/or sell foreign exchange in the international Over-the-Counter Foreign Currency markets (herein after referred to as “OTC”), and the receipt of such other services and products as AXISCAPITAL may, in its sole discretion, determine to offer from time to time in the future, Customer acknowledges that it has been advised and understands the following factors concerning trading in OTC, in addition to those contained in the Risk Disclosure Statement which has been provided to Customer. We trade off-exchange Forex transactions.
OTC is not traded on a regulated exchange. There are no guarantees to the credit worthiness of the counter party of your currency position. Also, there may be certain cases in which trading liquidity decreases, causing trading in a certain currency(ies) to cease, thereby preventing the liquidation of an adverse position which may result in a substantial financial loss.
Trading in OTC is suitable only for those sophisticated institutions or sophisticated participants financially able to withstand losses which may equal the value of margins or deposits. OTC accounts are not available through AXISCAPITAL to non-sophisticated participants.
The market recommendations of AXISCAPITAL are based solely on the judgment of AXISCAPITAL’s personnel. These market recommendations may or may not be consistent with the market position or intentions of AXISCAPITAL, its affiliates, and/or employees. The market recommendations of AXISCAPITAL are based upon information believed to be reliable, but AXISCAPITAL cannot and does not guarantee the accuracy or completeness there of or represent that following such recommendations will eliminate the risk inherent in trading currency. Any market recommendations of, or information provided by, AXISCAPITAL do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any OTC transaction. Customer understands and hereby agrees that Customer is capable of, and solely responsible for, assessing the merits and risks of any trade it may enter into with AXISCAPITAL.
Customer understands that AXISCAPITAL does not permit its Customer Representatives to either exercise discretion or manage an OTC account. If Customer’s account is not being traded with Customer’s authorization, Customer must notify AXISCAPITAL immediately.
AXISCAPITAL’s margin policies and/or the policies of those banks/clearing houses through which trades are executed may require that additional funds be provided to properly margin Customer’s account and Customer is obligated to immediately meet such margin requirements. Failure to meet margin calls may result in the liquidation of any open positions with a resultant loss. AXISCAPITAL reserves the right to refuse to accept any order.
Customer understands that all accounts that it has with AXISCAPITAL are non segregated and that AXISCAPITAL will treat these accounts as such.
Customer understands that it must carefully review the reports relating to Customer’s trading posted online by AXISCAPITAL. Pursuant to the Customer Agreement, all reports of execution will be deemed final unless customer objects within two business days of being posted. All statements of account will be deemed final unless Customer objects to such statements within two business days of being posted. Objections may be made initially by email or by telephone, but must be confirmed thereafter in writing.
Customer understands that AXISCAPITAL may establish rules and provisions for client accounts, including and not limited to minimum account size, investment time period, commissions and fees, leverage size per instrument, mark ups, rules relating to stop losses and limits, rules relating to rollovers, rules relating to margin calls, or any other financial arrangement, and that such rules and provisions may be changed by AXISCAPITAL from time to time.
The Customer has read and understands the Customer’s obligations and rights under this Customer Account Letter and the following Customer Agreement and agrees and acknowledges that this Customer Account Letter and the following Customer Agreement will control the Customer’s relationship with AXISCAPITAL. The Customer agrees that Customer is fully responsible for making all final decisions as to transactions effected for Customer’s account. Customer has considered the foregoing factors and in view of Customer’s present and anticipated financial resources, Customer is willing and able to assume the substantial financial risks of OTC trading.
IT IS THE
CUSTOMER’S RESPONSIBILITY TO FIND OUT ALL NECESSARY INFORMATION ABOUT CURRENCY
TRADING AND AXISCAPITAL TERMS AND CONDITIONS AND MAKE SURE THAT ALL RISKS AND
ARRANGEMENTS ARE DISCUSSED AND CLEARLY UNDERSTOOD PRIOR TO ANY TRADING
In consideration of AXISCAPITAL agreeing to carry one or more accounts of the undersigned ("Customer") and providing services to Customer in connection with the purchase and sale of currency in Over-the-Counter Foreign Currency markets (hereinafter referred to as “OTC”), and the receipt of such other services and products as AXISCAPITAL may, in its sole discretion, determine to offer from time to time in the future and which may be purchased or sold by or through AXISCAPITAL for customer’s accounts(s), Customer agrees as follows:
1. TERMS AND HEADINGS
The term “AXISCAPITAL” shall be deemed to include AXISCAPITAL CORP LIMITED, their subsidiaries, their successors and assigns; the term "Customer" shall mean the party (or parties) executing the Agreement; and the term "Agreement" shall include all other agreements and authorizations executed by Customer in connection with the maintenance of Customer’s account with AXISCAPITAL regardless of when executed. The paragraph headings in this Agreement are inserted for convenience of reference only and are not deemed to limit the applicability or affect the meaning of any of its provisions.
2. AUTHORIZATION TO TRADE
AXISCAPITAL is authorized to purchase and sell OTC for Customer’s account(s) in accordance with Customer’s oral or written or computer instructions, subject to the terms of this Agreement and all annexes hereto. Customer is obligated to keep passwords secret and solely responsible to ensure that third parties do not obtain access to the password or AXISCAPITAL's trading facilities. Customer agrees to be conclusively responsible for any instruction received electronically that is identified with Customer’s password and account number and for any electronic, oral and written instruction (including, but limited to, any order) to AXISCAPITAL from persons AXISCAPITAL, in its sole judgment, believes are apparently authorized by Customer. If Customer’s account is titled as a joint account, AXISCAPITAL is authorized to act on the instructions of any one owner, without further inquiry, with regard to trading in the account and the disposition of any and all assets in the account. AXISCAPITAL shall have no responsibility for further inquiry into such apparent authority and no liability for the consequences of any actions taken or failed to be taken by AXISCAPITAL in reliance on any such instructions or on the apparent authority of any such persons.
1. The trading account must using own name and no compounding amount to other account.
2. The account trading can compounding amount and must invest with the name of account and not the new account.
3. Compounding amount between account and another account are not allowed.
3. GOVERNMENTAL COUNTER PARTY INSTITUTION AND INTERBANKING SYSTEM RULES
All transactions under this Agreement shall be subject to the constitution, by-laws, rules, regulations, customs, usage, rulings and interpretations of the counter party institution or other interbank market (and its clearing organization, if any) where executed and to all applicable laws and regulations. If any statute shall hereafter be enacted or any rule or regulation shall hereafter be adopted by any governmental authority, or a contract market or clearing organization which shall be binding upon AXISCAPITAL and shall affect in any manner or be inconsistent with any of the provisions hereof, the affected provisions of this Agreement shall be deemed modified or superseded, as the case may be by the applicable provisions of such statute, rule or regulation, and all other provisions of this Agreement and provisions so modified shall in all respects continue in full force and effect. Customer acknowledges that all transactions under this Agreement are subject to the aforementioned regulatory requirements and Customer shall not thereby be given any independent legal or contractual rights with respect to such requirements.
4. MARGINS AND DEPOSIT REQUIREMENTS
Customer shall provide to and maintain with AXISCAPITAL margin in such amounts and in such forms as AXISCAPITAL, in its sole discretion, may require. Such margin requirements may be greater or less than margins required by a counter party bank. AXISCAPITAL may change margin requirements at any time. Customer agrees to deposit by immediate wire transfer, or other payment method acceptable to AXISCAPITAL, such additional margin when and as required by AXISCAPITAL and will promptly meet all margin calls in such mode of transmission as AXISCAPITAL in its sole discretion designates. AXISCAPITAL may at any time proceed to liquidate Customer’s account and any failure by AXISCAPITAL to enforce its rights hereunder shall not be deemed a waiver by AXISCAPITAL to enforce its rights thereafter.
AXISCAPITAL retains the right to limit the amount and/or total number of open positions which Customer may acquire or maintain at AXISCAPITAL, and to increase margin requirements in advance of earnings or other news or events, with or without notice, either before such events or retroactively or at any other time that it deems at its sole discretion. AXISCAPITAL will attempt to execute all orders which it may, in its sole discretion, choose to accept in accordance with the oral or written or computer instructions of Customer’s. AXISCAPITAL reserves the right to refuse to accept any order.
However, AXISCAPITAL shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions beyond the control of AXISCAPITAL including, without limitation, loss or damage resulting, directly or indirectly, from any delays or inaccuracies in the transmission of orders and/or information due to a breakdown in or failure of any transmission or communication facilities. In the event that Customer directs AXISCAPITAL to sell any margin, collateral, contract or other property and AXISCAPITAL is unable to deliver such margin, collateral, contract or other property to a purchaser because Customer fails to deliver it to AXISCAPITAL, AXISCAPITAL may borrow or purchase any margin, collateral, contract or property necessary to make such delivery, and Customer hereby agrees to guarantee and hold AXISCAPITAL harmless against any liability, claim, loss, damage, cost or expense, including attorneys’ fees that AXISCAPITAL may sustain.
5. ROLLOVERS AND DELIVERY
With respect to purchases or sales of Currencies through an OTC account, Customer shall instruct AXISCAPITAL whether to deliver, offset or rollover the Currency position.
AXISCAPITAL is authorized, at AXISCAPITAL’s absolute discretion, to deliver, rollover or offset all or any portion of the Currency positions in the OTC account(s) for Customer’s Account(s) and at Customer’s risk. Customer’s account(s) shall be charged commissions and /or interest, upon the rollover or offset of a Currency position.
6. COLLATERAL AND LENDING AGREEMENT
All funds, securities, currencies, and other property of Customer which AXISCAPITAL or its affiliates may at any time be carrying for Customer (either individually, jointly with other, or as a guarantor of the account of any other person,) or which may at any time be in its possession or control or carried on its books for any purpose, including safekeeping, are to be held by AXISCAPITAL as security and subject to a general lien and right of set-off for liabilities of Customer to AXISCAPITAL whether or not AXISCAPITAL has made advances in connection with such securities, commodities, currencies or other property, and irrespective of the number of accounts Customer may have with AXISCAPITAL. AXISCAPITAL may in its discretion, at any time and from time to time, without notice to Customer, apply and/or transfer any or all funds or other property of Customer between any of Customer’s accounts. Customer hereby also grants to AXISCAPITAL the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other Customers, to itself as broker or to others, any securities or other property of Customer held by AXISCAPITAL as margin or security.
AXISCAPITAL shall at no time be required to deliver to Customer the identical property delivered to or purchased by AXISCAPITAL for any account of Customer. This authorization shall apply to all accounts carried by AXISCAPITAL for Customer and shall remain in full force until all accounts are fully paid for by Customer or notice of revocation is sent by AXISCAPITAL from its home office. Any failure by AXISCAPITAL to enforce its rights hereunder shall not be deemed a future waiver of such rights by AXISCAPITAL. AXISCAPITAL is irrevocably appointed as attorney in-fact for Customer and is authorized, without notice to Customer, to execute and deliver any documents, give any notice and to take any actions on behalf of Customer, including the execution, delivery and filing of financing statements, that AXISCAPITAL deems necessary or desirable to evidence or to protect AXISCAPITAL’s interest with respect to any collateral.
In the event that the collateral deemed acceptable to AXISCAPITAL is at any time insufficient to satisfy Customer’s indebtedness or other obligations to AXISCAPITAL, including obligations to provide margin in accordance with section 4 above, Customer shall promptly pay upon demand the entire amount of such deficit.
7. LIQUIDATION OF ACCOUNTS AND PAYMENT OF DEFICIT BALANCES
In the event of :
1. the death or judicial declaration of incompetence of Customer;
2. the filing of a petition in bankruptcy, or a petition for the appointment of a receiver, or the institution of any insolvency or similar proceeding by or against Customer;
3. the filing of an attachment against any of Customer’s accounts carried by AXISCAPITAL,
4. insufficient margin, or AXISCAPITAL's determination that any collateral deposited to protect one or more accounts of Customer is inadequate, regardless of current market quotations, to secure the account;
5. Customer’s failure to provide us with any information requested pursuant to this agreement; or
6. any other circumstances or developments that we deem appropriate for its protection, and in AXISCAPITAL's sole discretion, it may take one or more, or any portion of, the following actions:
o satisfy any obligation Customer may have to us, either directly or by way of guaranty of suretyship, out of any of Customer’s funds or property in AXISCAPITAL's custody or control;
o sell any or purchase any or all Currency contracts, securities held or carried for Customer; and
o cancel any or all outstanding orders or contracts, or any other commitments made on behalf of Customer.
Any of the above actions may be taken without demand for margin or additional margin, without prior notice of sale or purchase or other notice to Customer, Customer’s personal representatives, heirs, executors, administrators, trustees, legatees or assigns and regardless of whether the ownership interest shall be solely Customer’s or held jointly with others. Prior demand or notice of sale or purchase shall not be considered a waiver of AXISCAPITAL's right to sell or buy at any time in the future without demand or notice as provided above. In liquidation of Customer’s long or short positions, AXISCAPITAL may, in its sole discretion, offset in the same settlement or it may initiate new long or short positions in order to establish a hedge which in AXISCAPITAL’s sole judgment may be advisable to protect or reduce existing positions in Customer’s account.
Any sales or
purchases hereunder may be made according to AXISCAPITAL’s judgment and at its
discretion with any interbank or other exchange market where such business is
then usually transacted or at a public auction or private sale, and AXISCAPITAL
may purchase the whole or any part thereof free from any right of redemption.
Customer shall at all times be liable for the payment of any deficit balance of
Customer upon demand by AXISCAPITAL and in all cases, Customer shall be liable
for any deficiency remaining in Customer’s account(s) in the event of the
liquidation thereof in whole or in part by AXISCAPITAL or by Customer.
In the event the proceeds realized pursuant to this authorization are insufficient for the payment of all liabilities of Customer due to AXISCAPITAL, Customer shall promptly pay upon demand, the deficit and all unpaid liabilities, together with interest thereon equal to three (3) percentage points above the then prevailing prime rate at AXISCAPITAL’s principal bank or the maximum interest rate allowed by law, whichever is lower, and all costs of collection, including attorney’s fees, witness fees, travel expenses and the like. In the event AXISCAPITAL incurs expenses other than for the collection of deficits, with respect to any of the account(s) of Customer, Customer agrees to pay such expenses.
shall pay such brokerage fees, commissions’ interest payments and special
service and all other fees arising out of AXISCAPITAL providing services
hereunder in accordance with the AXISCAPITAL fee schedule then in
effect. We may charge for incidental banking-related fees such as wire
charges for deposits/withdrawals and returned check fees.
AXISCAPITAL reserves the right to change its fee structure at any time without notice. Fees may include such things as statement charges, order cancellation charges, account transfer charges, telephone order charges or fees imposed by any interbank agency, bank, contract, market or other regulatory or self-regulatory organization arising out of AXISCAPITAL's provision of services hereunder. Customer may incur additional fees for the purchase of optional, value added services we offer. We are compensated through the difference between the buy and sell price
9. STATEMENT AND CONFIRMATION
Reports of the confirmation of orders and statements of accounts for Customer posted online by AXISCAPITAL shall be deemed correct and shall be conclusive and binding upon Customer if not objected to within two business days of the posting online.
Reports, statements, notices and any other communications will be posted online and may be transmitted to such address as Customer may from time to time designate in a written or electronic communication to AXISCAPITAL.
11. AXISCAPITAL RESPONSIBILITIES
AXISCAPITAL will not be responsible for delays in the transmission of orders due to a breakdown or failure of transmission or communication facilities, electrical power outage or for any other cause beyond AXISCAPITAL’s control or anticipation. In addition, orders must be places allowing sufficient time to execute and to calculate necessary margin requirements. AXISCAPITAL does not warrant that AXISCAPITAL's trading platform or any services provided will be available without interruption or will be error free and such trading platform and services are being provided "AS IS" without any representation or warranty of any kind whatsoever except as otherwise set forth herein.
AXISCAPITAL shall not be liable for losses arising from the default of any agent or any other party used by AXISCAPITAL under this agreement. AXISCAPITAL will not be liable for any losses or damages suffered or incurred by Customer relating to or as a result of Customer's use of AXISCAPITAL's trading platform or services. Under no circumstances shall AXISCAPITAL be liable for any direct, indirect, punitive, incidental, special, or consequential damages that result from the use of, or inability to use, AXISCAPITAL's trading platform or services including but not limited to lost profits, loss of business, trading loss, loss of data or use of data, any unauthorized access to, alteration, theft or destruction of Customer's computers, computer systems, data files, programs or information, or costs of procurement of substitute goods or services, or for any direct or indirect, special or consequential damages however caused and under any theory of liability and whether or not AXISCAPITAL has been advised of the possibility of such damage. Customer agrees that the terms in this Section 11 represent a reasonable allocation of risk, that this section is an essential element of this Agreement and that in its absence; the economic terms of this Agreement would be substantially different. This limitation applies whether the alleged liability is based on contract, tort, negligence, strict liability, or any other basis, even if AXISCAPITAL has been advised of the possibility of such damage.
AXISCAPITAL has no liability or duty of indemnification related to unusable data, lost or corrupt Customer transactions or data, by whatever means, in whatever form. This limitation of liability additionally eliminates any duty or liability on the part of AXISCAPITAL related to unusable date, lost or corrupt Customer transactions or data, resulting in part or in whole from third-party software or networking goods or services or from internet related problems or from actions or events outside of AXISCAPITAL's control. AXISCAPITAL disclaims any and all liability resulting from or related to any breach of Internet security or disruption, distortions or delays of Customer's connections to the internet, due to any reason. As OTC is not an exchange traded market, prices at which AXISCAPITAL deals at or quotes may or may not be similar to prices at which other OTC market makers deal at or quote. Should a quoting or execution error occur, which may include, but are not limited to, a mistype of a quote, a quote that is not representative of fair market prices, an erroneous price quote from a dealer or erroneous price quote due to failure of hardware, software or communication lines or systems or inaccurate external data feeds provided by third-party vendors, AXISCAPITAL will not be liable for the resulting errors in account balances. Internet, connectivity delays, and price feed errors sometimes create a situation where the prices displayed do not accurately reflect market rates. The concept of arbitrage and "scalping", or taking advantage of these Internet delays, cannot exist in an OTC market where the client is buying or selling directly from the market maker.
AXISCAPITAL does not permit the practice of arbitrage on AXISCAPITAL's platform. AXISCAPITAL strictly forbids any form of manipulation of its prices, execution, and platform. AXISCAPITAL reserves the right to investigate and review any account AXISCAPITAL suspects of manipulation and withhold funds suspected of being derived from such activity. The foregoing list is not meant to be exhaustive and in the event of a quoting or execution error, arbitrage strategy or manipulation, AXISCAPITAL reserves the right to make the necessary corrections or adjustments on the account involved. Any dispute arising from such quoting or execution errors or prohibited activities will be resolved by AXISCAPITAL in its sole and absolute discretion.
12. CURRENCY FLUCTUATION RISK
If Customer directs AXISCAPITAL to enter into any foreign currency exchange transaction: (a) any profit or loss arising as a result of a fluctuation in the exchange rate affecting such currency will be entirely for Customer’s account and risk; (b) all initial and subsequent deposits for margin purposes shall be made in U.S. dollars, in such amounts as AXISCAPITAL may in its sole discretion require; and (c) AXISCAPITAL is authorized to convert funds in Customer’s account for margin into and from such foreign currency at a rate of exchange determined by AXISCAPITAL in its sole discretion on the basis of the then prevailing money market rates.
13. RISK ACKNOWLEDGMENT
Customer acknowledges that investment in leveraged and non-leveraged transactions are speculative, involves a high degree of risk, and is appropriate only for persons who can assume risk of loss of their entire margin deposit. Customer understands that because of the low margin normally required in OTC trading, price changes in OTC may result in significant losses. Customer warrants that Customer is willing and able, financially and otherwise, to assume the risk of OTC trading, and in consideration of AXISCAPITAL’s carrying his/her account(s), Customer agrees not to hold AXISCAPITAL responsible for losses incurred through following its trading recommendations or suggestions or those of its employees, agents or representatives. Customer recognizes that guarantees of profit or freedom from loss are impossible of performance in OTC trading.
Customer acknowledges that Customer has received no such guarantees from AXISCAPITAL or from any of its representatives or any introducing agent or other entity with whom Customer is conducting his/her AXISCAPITAL account and has not entered into this agreement in consideration of or in reliance upon any such guarantees or similar representations. The high degree of leverage that is obtainable in the trading of off-exchange foreign currency transactions can work against you as well as for you. Leverage can lead to large losses as well as gains. During times of extreme volatility it can be difficult or impossible to execute orders
14. TRADING RECOMMENDATIONS
Customer acknowledges that
any market recommendations and information communicated to Customer by AXISCAPITAL or by any person within the company, does not constitute an offer to sell or the solicitation of an offer to buy any OTC contract,
such recommendation and information, although based upon information obtained from sources believed by AXISCAPITAL to be reliable, may be based solely on a broker’s opinion and that such information may be incomplete and may be unverified, and
AXISCAPITAL makes no representation, warranty or guarantee as to, and shall not be responsible for, the accuracy or completeness of any information or trading recommendation furnished to Customer. Customer acknowledges that AXISCAPITAL and/or its officers, directors, affiliates, associates, stockholders or representatives may have a position in or may intend to buy or sell currencies, which are the subject of market recommendations furnished to Customer, and that the market position of AXISCAPITAL or any such officer, director, affiliate, associate, stockholder or representative may not be consistent with the recommendations furnished to Customer by AXISCAPITAL. Customer acknowledges that AXISCAPITAL makes no representations concerning the tax implications or treatment of contracts; and,
Customer further acknowledges that should Customer grant trading authority or control over Customer’s account to a third party ("Trading Agent"), whether on a discretionary or non-discretionary basis, AXISCAPITAL shall in no way be responsible for reviewing Customer’s choice of such Trading Agent nor making any recommendations with respect thereto. Customer understands that AXISCAPITAL makes no warranties nor representations concerning the Trading Agent, that AXISCAPITAL shall not be responsible for any loss to Customer occasioned by the actions of the Trading Agent and that AXISCAPITAL does not, by implication or otherwise, endorse or approve of the operating methods of the Trading Agent. If Customer gives Trading Agent authority to exercise any of its rights over Customer’s account(s), Customer understands that Customer does so at Customer’s own risk.
15. CUSTOMER REPRESENTATIONS AND WARRANTIES
Customer represents and warrants that:
if Customer is a natural person, Customer is of sound mind, legal age and legal competence.
if Customer is not a natural person,
Customer is duly organized and validly existing under the applicable laws of the jurisdiction of its organization;
execution and delivery of this Agreement and all Contracts and other transactions contemplated hereunder and performance of all obligations contemplated under this Agreement and all other transactions contemplated hereunder have been duly authorized by Customer; and
each person executing and delivering this Agreement and all other transactions contemplated hereunder on behalf of the Customer performing the obligations contemplated under this Agreement and all other transactions contemplated hereunder on behalf of Customer, has been duly authorized by Customer to do so.
No person other than Customer has or will have an interest in Customer’s account(s) and Customer has not granted and will not grant a security interest in Customer’s account with AXISCAPITAL (other than the security interest granted to AXISCAPITAL hereunder) to any person without AXISCAPITAL’s prior written consent. Customer has full beneficial ownership of all collateral and will not grant any security interest in any collateral to any person (other than the security interest granted to AXISCAPITAL hereunder) without AXISCAPITAL’s prior written consent; and,
Customer hereby warrants that regardless of any subsequent determination to the contrary, Customer is suitable to trade OTC and is a sophisticated institution and/or institutional participant; and,
Customer is not now an employee of any exchange, any corporation in which any exchange owns a majority of the capital stock, any member of any exchange and/or firm registered on any exchange, or any bank, trust, or insurance company, and in the event that Customer becomes so employed, Customer will promptly notify us, at AXISCAPITAL's home office, in writing, of such employment; and,
Customer will execute and deliver all documents, give all notices, make all filings and take such other actions as AXISCAPITAL, in its sole discretion, deems necessary or desirable to evidence or perfect any security interest in favor of AXISCAPITAL or to protect AXISCAPITAL’s interests with respect to any Collateral; and,
Customer has read and understands the provisions contained in this Agreement, including, without limitation, AXISCAPITAL’s Risk Disclosure Statement and Privacy Statement; and
Customer will review this Agreement each time it is amended; and
Customer will not affect any transaction in Customer’s account unless Customer understands this Agreement, and Customer agrees that in effecting any transaction it is deemed to represent that it has read and understands this Agreement as in effect at the time of such transaction; and
Customer agrees to, and shall at all times comply with all applicable laws, statutes and regulations and Customer hereby declares that the execution and delivery by Customer of this Agreement and all other transactions contemplated hereunder, and performance of all of Customer’s obligations contemplated under this Agreement and any other transaction contemplated hereunder, will not violate any statute, rule, regulation, ordinance, charter, by-law or policy applicable to Customer . You may not use your personal account with us for any illegal activity.
16. ISLAMIC ACCOUNTS
It is clarified that an Islamic account (account which is not charged with premiums and/or rollovers and/or interest) is a benefit given solely for religious reasons to a person who is Islamic and cannot receive or pay interest due to his religion. It is strictly forbidden to abuse this benefit in any manner whatsoever or to use it in any manner except as foresaid. AXISCAPITAL reserves the right to cancel the aforesaid benefit at any time and take any actions necessary such as cancelling client transactions, adjusting client account balances etc, which might be required in AXISCAPITAL's absolute discretion due to abuse of this benefit.
17. DISCLOSURE OF FINANCIAL INFORMATION
The Customer represents and warrants that the financial information disclosed to us in his/its Application is an accurate representation of the Customer’s current financial condition. The Customer represents and warrants that the Customer has very carefully considered the portion of the Customer’s assets which the Customer considers to be risk capital. The Customer recognizes that risk capital is the amount of money the Customer is willing to put at risk and the lost of it would not, in any way, change the Customer’s lifestyle. The Customer agrees to immediately inform us if the Customer’s financial condition changes in such a way to reduce the Customer’s net worth, liquid assets and/or risk capital.
18. NO GUARANTEES
Customer acknowledges that Customer has no separate agreement with Customer’s broker or any AXISCAPITAL employee or agent regarding the trading in Customer’s AXISCAPITAL account, including any agreement to guarantee profits or limit losses in Customer’s account. Customer understands that Customer must authorize every transaction prior to its execution unless Customer has delegated discretion to another party by signing AXISCAPITAL’s limited trading authorization, and any disputed transactions must be brought to the attention of AXISCAPITAL’s Compliance Officer pursuant to the notice requirements of this Customer Agreement. Customer agrees to indemnify and hold AXISCAPITAL harmless form all damages or liability resulting from Customer’s failure to immediately notify AXISCAPITAL’s Compliance Officer of any of the occurrences referred to herein. All notices required under this section shall be sent to AXISCAPITAL at its home office.
19. JOINT ACCOUNTS
Each tenant has authority: a) to trade for the account subject to any applicable laws and the AXISCAPITAL terms and conditions specified herein, b) to receive all correspondence and documents in respect to the account, c) to receive or withdraw money from the account, d) to execute agreements relating to the account, and e) to deal with AXISCAPITAL fully. AXISCAPITAL has the authority to require joint action by the parties of the account in matters of the account. AXISCAPITAL has possession over the security of the account individually or jointly. If a death occurs to one or more of the tenants, AXISCAPITAL shall be notified in writing and shown proof of a death certificate. All expenses due at the date of notification shall be charged to the account. Up to the time valid written notification is provided to AXISCAPITAL, each tenant is presumed to have equal share in the joint account.
20. INTRODUCING BROKERS
If Customer’s account has been introduced to AXISCAPITAL by an Introducing Broker (“Agency”), Customer understands and acknowledges that AXISCAPITAL may compensate Agency for introducing Customer to AXISCAPITAL and that such compensation may be on a per trade or other basis. The following is an allocation of responsibilities for each entity. It is intended to be a general disclosure and not a definitive enumeration of each and every responsibility and is subject to change and reallocation of responsibilities between AXISCAPITAL and the Agency.
21. DISCLOSURE OF CUSTOMER INFORMATION
AXISCAPITAL will not share or sell information regarding customers and/or prospective customers, except to its employees, agents, partners, and associates as required in the ordinary course of business, including, but not limited to, AXISCAPITAL's banking or credit relationships, or to other persons as disclosed in AXISCAPITAL's Privacy Statement. AXISCAPITAL may also disclose to federal or state regulatory agencies and law enforcement authorities’ information regarding Customer and Customer’s transactions in response to a request for such information or in response to a court order or subpoena. AXISCAPITAL will share or sell statistical information without disclosing Customer's identity.
22. GOVERNING LAW AND JURISDICTION
This Agreement, the rights and obligations of the parties hereto, and any judicial or administrative action or proceeding arising directly or indirectly hereunder or in connection with the transactions contemplated hereby shall be governed by, construed and enforced in all respects by the laws of England and shall be held within the venue determined by AXISCAPITAL, at its sole discretion. Customer consents and submits to, and waives any objection that it may have to such venue, and further agrees to waive any right that it may have to transfer or change the venue or any such action or proceeding. Customer consents and submits to the jurisdiction of any appropriate court in any action or proceeding arising directly or indirectly hereunder, whether brought by Customer or AXISCAPITAL. Customer further consents that any claim arising directly or indirectly hereunder or in connection with the transactions contemplated hereby if initiated by Customer will be brought by it and resolved exclusively in the competent courts located within UK.
23. BINDING EFFECT
This Agreement shall be continuous and shall cover, individually and collectively, all accounts of Customer at any time opened or reopened with AXISCAPITAL irrespective of any change or changes at any time in the personnel of AXISCAPITAL or its successors, assigns, or affiliates. This Agreement including all authorizations, shall inure to the benefit of AXISCAPITAL and its successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon Customer and/or the estate, executor, trustees, administrators, legal representatives, successors and assigns of Customer. Customer hereby ratifies all transactions with AXISCAPITAL effected prior to the date of this Agreement, and agrees that the rights and obligations of Customer in respect thereto shall be governed by the terms of this Agreement.
This Agreement shall continue in effect until termination, and may be terminated by Customer at any time upon three days prior written notice when Customer has no open Currency position(s) and no liabilities held by or owed to AXISCAPITAL upon the actual receipt by AXISCAPITAL at its home office of written notice of termination, or at any time whatsoever by AXISCAPITAL upon the transmittal of written notice of termination to Customer; provided, that such termination shall not affect any transactions previously entered into and shall not relieve either party of any obligations set out in this agreement nor shall it relieve Customer of any obligations arising out of any deficit balance.
25. INTELLECTUAL PROPERTY AND CONFIDENTIALITY
All copyright, trademark, trade secret and other intellectual property rights and proprietary rights to the AXISCAPITAL website in its totality, its contents and any related materials (“AXISCAPITAL IP”) shall remain at all times the sole and exclusive property of AXISCAPITAL and Customers shall have no right or interest in the AXISCAPITAL IP except for the right to access and use the AXISCAPITAL IP as specified herein. Customer acknowledges that the AXISCAPITAL IP is confidential and has been developed through the expenditure of substantial skill, time, effort and money. The Customer will protect the confidentiality of the AXISCAPITAL IP and not allow website access to any third party. Customer will not publish, distribute, or otherwise make available to third parties any information derived from or relating to the AXISCAPITAL IP. Customer will not copy, modify, de-compile, reverse engineer, or make derivative works of the AXISCAPITAL IP or in the manner in which it operates.
Customer agrees to indemnify and hold AXISCAPITAL, its affiliates, employees, agents, successors and assigns harmless from and against any and all liabilities, losses, damages, costs and expenses, including attorney’s fees, incurred by AXISCAPITAL arising out of Customer’s failure to fully and timely perform Customer’s obligations herein or should any of Customer's representations and warranties fail to be true and correct. Customer also agrees to pay AXISCAPITAL promptly all damages, costs and expenses, including attorney’s fees, incurred in the enforcement of any of the provisions of this Agreement and any other agreements between us and Customer. In addition to any limitations of liability specified elsewhere in this Agreement, AXISCAPITAL shall not be held liable and is released from all claims and losses incurred in such regard if the claim or loss was caused or contributed to by
Customer's conduct: the actions or omission to act on the part of Customer,
Forged Signature: forged or unauthorized signatures on any document or communication in connection with Customer's account or this Agreement,
Malfunctions: system malfunction, equipment failure (whether Customer's equipment or AXISCAPITAL's equipment), system interruption or system unavailability,
Delay: delays, failure or errors in implementing any instruction, or
Information: inaccurate or incomplete instructions received by AXISCAPITAL from Customer.
Customer agrees and acknowledges that all conversations regarding Customer’s account(s) between Customer and AXISCAPITAL personnel may be electronically recorded with or without the use of an automatic tone warning device. Customer further agrees to the use of such recordings and transcripts thereof as evidence by either party in connection with any dispute or proceeding that may arise involving Customer or AXISCAPITAL. Customer understands that AXISCAPITAL destroys such recordings at regular intervals in accordance with AXISCAPITAL’s established business procedures and Customer hereby consents to such destruction.
28. WAIVER AMENDMENT
understands, acknowledges and agrees that AXISCAPITAL may amend or change this
Agreement at any time. AXISCAPITAL will provide notice to Customer of any such
amendment or change by posting the amendment or change to the Website or by
sending an e-mail message to Customer. Customer agrees to be bound by the terms
of such amendment or change on the earlier of: (x) ten (10) days after
AXISCAPITAL has posted notice of such amendment or change to the Website; or
(y) on the date of the entry of any order other than a liquidating order. In
the event that Customer objects to any such change or amendment, Customer
agrees to liquidate Customer’s open positions and instruct AXISCAPITAL
regarding the disposition of all assets in Customer’s account within ten (10)
business days after notice of the amendment or change has been posted to the
No waiver or amendment of this Agreement may be implied from any course of dealing between the parties or from any failure by AXISCAPITAL or failure of AXISCAPITAL's agents to assert its rights under this Agreement on any occasion or series of occasions. No oral agreements or instructions to the contrary shall be recognized or enforceable. This instrument and the attachments hereto embody the entire agreement of the parties, superseding any and all prior written and oral agreements and there are no other terms, conditions or obligations other than those contained herein.
29. CUSTOMER HEREBY CONSENTS TO RECEIVE ACCOUNT STATEMENTS AND TRADE CONFIRMATIONS ONLINE. AXISCAPITAL WILL PROVIDE CUSTOMER WITH PASSWORD-PROTECTED ACCESS TO ONLINE REPORTS. CUSTOMER WILL BE ABLE TO GENERATE DAILY, MONTHLY AND ANNUAL ACCOUNT STATEMENTS DETAILING TRANSACTION ACTIVITY, PROFIT AND LOSS STATEMENTS, OPEN POSITIONS, MARGIN BALANCES, ACCOUNT CREDITS AND DEBITS, ETC. HARD COPIES OF MONTHLY CUSTOMER STATEMENTS ARE AXISCAPITALILABLE UPON REQUEST ONLY AND MAY INCUR AN ADDITIONAL CHARGE. STATEMENTS ARE DEEMED RECEIVED WHEN MADE AXISCAPITALILABLE TO CUSTOMER BY AXISCAPITAL, REGARDLESS OF WHETHER CUSTOMER ACTUALLY ACCESSED THE STATEMENT. CUSTOMER IS RESPONSIBLE FOR ALERTING AXISCAPITAL TO ANY CHANGE IN THEIR E-MAIL ADDRESS. THIS CONSENT SHALL BE EFFECTIVE UNTIL REVOKED BY CUSTOMER IN WRITING AND RECEIVED BY AXISCAPITAL ACCORDING TO SECTION 10 OF THIS CUSTOMER AGREEMENT.
30. LEGAL RESTRICTIONS
limiting the foregoing, Customer understands that laws regarding financial
contracts vary throughout the world, and it is Customer's obligation alone to
ensure that Customer fully complies with any law, regulation or directive,
relevant to Customer's country of residency with regards to the use of the Web
site. For avoidance of doubt, the ability to access to AXISCAPITAL's Web site
does not necessarily mean that AXISCAPITAL's services, and/or Customer's
activities through it, are legal under the laws, regulations or directives
relevant to Customer's country of residency.
This Web site does not constitute, and may not be used for the purposes of, an offer or solicitation to anyone in any jurisdiction in which such offer or solicitation is not authorized, or to any person to whom it is unlawful to make such an offer or solicitation. Access to this Web site, and the offering of financial contracts via this site, may be restricted in certain jurisdictions, and, accordingly, users accessing this site are required to inform themselves of, and to observe, such restrictions.
By acceptance of this Agreement, Customer hereby declares that the moneys invested in Customer's account with AXISCAPITAL do not originate from drug trafficking, abduction, or any other criminal activity.
32. TAX COLLECTION
knows, understands and agrees that, in general, AXISCAPITAL does not collect
tax for any authority in any form or manner. Without limiting the
foregoing, it is Customer's obligation alone to calculate and pay all taxes
applicable to you in Customer's country of residence, or otherwise arising as a
result of Customer's trading activity from the use of the AXISCAPITAL's
Without derogating from Customer's sole and entire responsibility to perform tax payments, Customer agrees that AXISCAPITAL may deduct tax, as may be required by the applicable law, but is not obligated to do so, from the results of the activity with AXISCAPITAL. Customer is aware that amounts that may be withdrawn by Customer from Customer's account are "gross amounts", from which the AXISCAPITAL may deduct such taxes, and that Customer shall have no claim towards AXISCAPITAL with regard to such deductions.
33. ACCOUNT PROCEDURES – IDENTIFICATION
Customer acknowledges that applicable laws require financial institutions to obtain, verify, and record information identifying each person who opens an account and, accordingly, Customer has provided AXISCAPITAL with certain identifying information and documents. Customer confirms that Customer has provided true, accurate, current and complete information during the registration process, and that Customer has not impersonated any person or entity, or misrepresented any affiliation with another person, entity or association, used false headers or otherwise concealed Customer's identity from AXISCAPITAL for any purpose.
34. WITHDRAWAL AND DEPOSIT PROCEDURES
Customer further acknowledges and accepts AXISCAPITAL's procedures with respect to withdrawals and deposits to accounts as set forth below:
Withdrawal orders: The provision of documentation as may be required from time to time by AML regulations, credit card companies and AXISCAPITAL, is a prerequisite, prior to the execution of a withdrawal order.
Credit card deposits may be, according to credit card companies' regulations, returned to the same credit card when a withdrawal is performed. A withdrawal to a bank account where initial deposits have been performed by credit cards will be executed back to credit card or to the bank account at AXISCAPITAL's discretion. Withdrawals to bank account may take a longer time period, due to additional security procedures.
Credit Card Deposits Variance: When choosing an account base currency other than USD, Customer's credit card may be debited sums which due to exchange rates and credit card companies’ fees, may slightly vary from the initial sum that has been deposited by Customer in the account base currency. Customer hereby accepts that such variations may occur and hereby affirms that Customer shall not seek to object or charge this back.
When depositing by a Bank Transfer, as required by anti money-laundering regulations, Customer is required to use only one bank account, which is in Customer's country of residence and in Customer's name. An authentic SWIFT confirmation, showing the origin of the funds, must be sent to AXISCAPITAL. Failure to submit such SWIFT may result in the return of the deposited amount, hence preventing the deposit of such pending amounts to Customer's account. Any withdrawal of funds, from Customer's AXISCAPITAL account to a bank account, can only be refunded to the same bank account that the funds were originally received from.
Alternative payment methods (internet payment vendors; money transfer services; etc.): when depositing funds using a facility other than credit cards and/or banks, you agree to, and acknowledge being bound by, the regulations and rules of such service, including, but not limited to, fees and other restrictions. AXISCAPITAL, at its sole discretion, may execute withdrawals to a facility other than the facility used for the original deposit, in accordance with anti money-laundering regulations.
Withdrawal procedures :
- Account without Protected Fund
- The amount is no limit and can be withdrawn any amount.
- If the trading is floating, the position must be hedged before requesting for the withdrawal.
Account with Protected Fund
- No limit on withdrawal amount, however the withdrawal amount shall not less than their protected fund programme. The amount in this scenario is to be more than the value of funds invested.
- If the trading is floating, the position must be hedged before requesting for the withdrawal.
- Withdrawal is calculated by the profit exceeding the losses and not less than value of protected funds.
35. REFUND ON PROTECTED FUND
a. Calculation of the return of deposits before maturity is as follows:
- First 6 months: 75% of total deposits
- More than 6 month less than a year: 50% of total deposits
- More than 1 year less than 6 months: 25% of total deposits
- More than 1 and half year: None
b. Total deposits are returned is dependent on the value of trading account and trading account is required to be valued equal to or greater than the value of the original deposit.
c. Upon expiry of the protected fund, the value of the deposit will be returned depends on the current total value of trading account. If the total value of trading account is zero means that there is no return on investment.
36. CUSTOMER HEREBY CERTIFIES, UNDER PENALTY OF PERJURY, THAT (1) THE INFORMATION PROVIDED ON THE CUSTOMER APPLICATION IS CUSTOMER’S CORRECT AND (2) THE OWNERSHIP, OR BENEFICIARY, OF CUSTOMER’S ACCOUNT IS NOT SUBJECT TO BACKUP WITHHOLDING UNDER SECTION 3406(A)(1)(C) OF THE INTERNAL REVENUE CODE.
36. CONSENT TO ELECTRONIC SIGNITURE
By electronically signing AXISCAPITAL's account agreement and related documents, Customer acknowledges receipt of the Commodity Futures Trading Commission's required risk disclosures and other documents contained as part of AXISCAPITAL's electronic account package and Customer agrees to be bound by their terms and conditions. In addition, by signing AXISCAPITAL's account agreement and related documents, Customer is consenting to AXISCAPITAL maintaining and Customer receiving electronic records of Customer's trades and accounts.
37. CONTRACTS FOR DIFFERENCE (CFDs):
All of the
general terms and conditions previously detailed above in items 1 to 37 shall
apply to trading of CFDs by Customer to the extent they are not contrary to the
following specific CFD terms and conditions. A daily financing charge may
apply to each CFD open position at the closing of AXISCAPITAL’s trading day as
regard to that CFD.
If such financing charge is applicable, it will either be requested to be paid by you directly to us or it will be paid by us to you, depending on the type of CFD and the nature of the position you hold. The method of calculation of the financing charge varies according to the type of CFD to which it applies. Moreover, the amount of the financing charge will vary as it is linked to current interest rates (such as LIBOR). The financing charge will be credited or debited (as appropriate) to your account on the next trading day following the day to which it relates.
AXISCAPITAL RESERVES THE RIGHT TO CHANGE THE METHOD OF CALCULATING THE FINANCING CHARGE, THE FINANCING RATES AND/OR THE TYPES OF CFDs TO WHICH THE FINANCING CHARGE APPLIES
For certain types of CFDs, a commission is payable by you to open and close CFD positions. Such commission payable will be debited from your account at the same time as we open or close the relevant CFD.
AXISCAPITAL RESERVES THE RIGHT TO VARY THE METHOD OF CALCULATION OF THE COMMISSION, THE COMMISSION RATES AND/OR THE TYPES OF CFDS TO WHICH THE COMMISSION APPLIES BY PRIOR NOTICE ON THE AXISCAPITAL WEBSITE. IN ADDITION, YOU ARE LIABLE FOR ALL TAXES APPLICABLE TO YOU WITH RESPECT TO CFD TRANSACTIONS AND WE URGE YOU TO SEEK EXPERT TAX ADVICE AS REGULATIONS MAY DIFFER DEPENDING ON JURISDICTION. WE OFFER NO ADVICE WITH REGARD TO CFD TAXATION AND SHALL NOT BE LIABLE FOR ANY TAX RELATED CONSEQUENCES BORNE BY YOU.
The profits occurring on closed CFD positions will be credited to your balance and similarly the losses settled on closed CFD positions will be debited from your balance. Unrealized profits or losses, such as profit or losses on open positions, won’t be credited or debited on your balance. Nevertheless, such unrealized profits and losses will be taken into account in order to determine the margin and thus to decide whether or not you will be entitled to purchase a CFD and, if yes, in what amount.
38. ENTIRE AGREEMENT
This Agreement together with the Customer Account Application embodies the entire agreement between AXISCAPITAL and the Customer, superseding any and all prior written and oral agreements.
CUSTOMER ACKNOWLEDGES HAVING RECEIVED, READ AND UNDERSTOOD THE FOREGOING CUSTOMER ACCOUNT LETTER AND CUSTOMER AGREEMENT AND HEREBY AGREES TO BE BOUND BY ALL OF THE TERMS AND CONDITIONS HEREOF.