1 Terms of use - Introduction
1.1 These Terms of use
(Terms) are the terms and conditions that apply to your use of the
services provided or made available by FXPIG™, which hereunto refers to the FXPIG™ Group
of Companies and, in particular, it refers to Prime Intermarket Group Asia
Pacific, otherwise known as FXPIG™ (VU), unless stated otherwise. FXPIG™ may, at anytime,
and at it's sole discretion, decide to add or remove individual entities from said group
of companies. FXPIG™ may also, at anytime, and at it's sole discretion, transfer some or
all of it's activities and/or underlying services between companies within the FXPIG™
Group of Companies. You will be deemed to accept any related changes as to which company
is providing services to you as a client of FXPIG™ within one calendar week after you
have been duly notified as per clause 45.1 which you can find toward the end of this
document.
1.2 If you do not accept these Terms, then you cannot use the FXPIG™
Services.
1.3 If you use the FXPIG™ Services, then you accept these Terms, and you
also accept these Terms if you have made an application to become a Client. You agree
that these Terms form a valid and binding deed between you and FXPIG™.
1.4 In
consideration for the payment of all fees and costs which are payable by you in
accordance with the Fee Schedule, FXPIG™ agrees to provide the FXPIG™ Services to you in
accordance with these Terms.
1.5 Subject to any specific provision of these
Terms, the version of the Terms published on the FXPIG™ website on any date is the
version of the Terms which apply to your use of the FXPIG™ Services on that
date.
1.6 FXPIG™ may vary these Terms at any time by providing 2 Business Days'
notice on its website, or by notifying you directly. Accordingly, you must check the
website and your Portal for any variation each time you use the FXPIG™ Services. If you
use the FXPIG™ Services after the notice period has elapsed, then you agree to these
Terms as varied. If you do not accept these Terms as varied, then you cannot use the
FXPIG™ Services.
1.7 You agree that different provisions of the Terms may relate
to different aspects of the FXPIG™ Services. Accordingly, if any provision of this
document conflicts with either information published by FXPIG™ on its website from time
to time, or statements in the nature of disclaimers or warnings published by FXPIG™ on
its website from time to time, or documents published on or downloadable from the
website from time to time which govern your use of the FXPIG™ Services, then those
specific provisions of the Terms will prevail to the extent of any inconsistency in
respect of the relevant aspect of the FXPIG™ Services.
1.8 Capitalized words in
these Terms are defined in the clause 2 dictionary.
2.
Dictionary
Unless expressed or implied to the contrary, the
following words have the meaning set out below in these
Terms:
AML means anti-money laundering and counter-terrorism
financing legislation in Republic of Vanuatu Anti-Money Laundering and
Counter-Terrorism Financing Act No. 13
of 2014 (VU)
Applicable Law means applicable law in
Republic of Vanuatu, as the context requires.
Base Currency
means the base currency selected by a Client (or nominated by FXPIG™ if the Client does
not select a base currency) to apply to that Client's Trading Account. Base Currency may
also be referred to as a Client’s “native currency”.
Business
Day means Monday to Friday excluding public holidays in Republic of
Vanuatu.
Cash Balance means the amount cash a Client has
deposited into their FXPIG™ Trading Account, less any withdrawals made by the Client, and
net of any realized gains and/or losses from closed-out contracts or
trades.
Claims includes actions, proceedings, suits, causes of
action, arbitrations, verdicts and judgments either at law or in equity or arising under
a statute, debts, dues, demands, claims of any nature, costs and
expenses.
Client means a client of FXPIG™, being a Client
Applicant whose application to be a client of FXPIG™ has been
accepted.
Client Applicant means any person who is in the
process of inquiring or applying to be a client of FXPIG™.
Client
Associates means:
(a) any person associated with a Client or Client
Applicant who is a 'Relative' or 'Related Company’ as those terms are defined in the
Companies Act No. 25 of 2102 (VU); and
(b) any person dealing with FXPIG™ on
behalf of a Client or Client Applicant, including as contemplated by clause
3.5.
Client Content means any information, statement, data or
representation communicated by you in relation to the FXPIG™ Services, whether
communicated to FXPIG™ or any third party, including:
(a) through the FXPIG™
Community;
(b) as part of an application to become a Client; or
(c) in
telephone or email conversations with us.
Client NAV means the
Client's net asset value position at any time represented by:
(a) the balance of
the Client's Cash Balance (excluding any 'Disputed Amount' as that term is defined in
clause 8.3.4); and
(b) the Client's exposure under each open contract or
trade.
Fee Schedule means the fee schedule as published by FXPIG™
on the Website from time to time (and which may be incorporated in the Financial
Services Guide) which:
(a) sets out the fees and costs and other amounts, and
payment conditions, for which you are liable when using the FXPIG™ Services;
(b)
may describe the transaction pricing spread which applies to each contract or trade you
enter into using the FXPIG™ Services; and
(c) may describe FXPIG™'s Margin Amount
requirements of Clients.
Insolvency Event means, in relation to
a party, any of the following events:
(a) the party assigns any of its property
for the benefit of creditors or any class of them;
(b) the party's interest in or
under these Terms or in the subject matter of these Terms becomes attached or taken in
execution or under any legal process;
(c) an encumbrance takes any step towards
taking possession or takes possession of any assets of the party or exercises any power
of sale;
(d) the party ceases, suspends or threatens to cease or suspend the
conduct of a majority of its business, or disposes of or threatens to dispose of its
assets, except for the purposes of a solvent reconstruction or amalgamation previously
approved by FXPIG™;
(e) any security interest becomes enforceable or is enforced
against the party;
(f) a distress, attachment or other execution is levied or
enforced against the party in excess of USD$1,000.00 (or the equivalent in another
currency);
(g) the party has a judgment or order given against it in an amount
exceeding USD$1,000 (or the equivalent in another currency) and that judgment or order
is not satisfied or quashed or stayed within 20 Business Days after being
given;
(h) the party takes any step to obtain protection or is granted protection
from its creditors under any applicable legislation;
(i) a resolution is passed
by the party to appoint an administrator or an administrator of the party is
appointed;
(j) an order is made that the party be wound up;
(k) an order is
made appointing a liquidator or a provisional liquidator of the party;
(l) the
party resolves to wind itself up or otherwise dissolve itself, or gives notice of its
intention to do so, except for the purposes of a solvent reconstruction or amalgamation
previously approved by FXPIG™, or is otherwise wound up or dissolved;
(m) an order
is made or a resolution is passed for the party to enter into any arrangement,
compromise or composition with, or assignment for the benefit of, its creditors or any
class of them, except for the purposes of a solvent reconstruction or amalgamation
previously approved by FXPIG™;
(n) the party is, or states that it is, or under
applicable legislation is taken to be, unable to pay its debts (other than as a result
of a failure to pay a debt or claim the subject of a dispute in good faith) or stops or
suspends or threatens to stop or suspend payment of all or a class of its
debts;
(o) a receiver, receiver and manager, administrator, controller or similar
officer of any of the assets or the whole or any part of the undertaking of the party is
appointed;
(p) the party is or makes a statement from which it may be reasonably
deduced by the other party that the party is the subject of an event described
in Companies (insolvency and Receivership) Act No. 13
of 2013 (VU);
(q) any event that is analogous or having a substantially
similar effect to any of the events specified in this definition; or
(r) the
party, being an individual, commits an act of bankruptcy or becomes
insolvent.
Intellectual Property means all Intellectual Property
Rights (whether or not registered including all applications and the right to apply for
registration) which are owned by or licensed to FXPIG™ including, without
limitation:
(a) any trade marks, service marks, trade names, domain names, brands
and company names, trade secrets and copyright works, URL's, drawings, discoveries,
inventions, improvements, technical data, formulae, computer programs, software,
know-how, logos, symbols and similar industrial or intellectual property
rights;
(b) all patents, patent applications, registered designs and unregistered
design rights;
(c) all client lists and other client related information
generated by FXPIG™; and
(d) all confidential information of
FXPIG™.
Intellectual Property Rights means all and any patents,
patent applications, trade marks, service marks, trade names, domain names, registered
designs, unregistered design rights, copyrights, know how, trade secrets and rights in
confidential information, URLs and all and any other intellectual property rights,
whether registered or unregistered, and including all applications and rights to apply
for any of the same.
Legal disability includes that you are not of
sound mind, are less than 18 years of age, or have any form of guardian or administrator
appointed in respect of your estate or personal
affairs.
Liabilities include all liabilities (whether actual,
contingent or prospective), losses, damages, costs and expenses of whatever
description.
Loss means loss or damage however caused whether
based in tort, contract or otherwise and includes without limitation any direct,
indirect, special or consequential loss or damage, loss of profits, loss of production,
loss or corruption of data, loss of sales opportunity or business reputation, direct or
indirect labor costs and overhead expense and damage to property, personal injury and
death.
FXPIG™ means Prime Intermarket Group Asia Pacific Ltd;
'we', 'our' or 'us' is also taken to
be a reference to FXPIG™. Where relevant, FXPIG™ also includes reference to those service
providers to FXPIG™ with whom you deal in relation to the Services and, or alternatively,
to our officers, employees and agents.
FXPIG™ Bank Accounts means
such operational banking accounts of FXPIG™ as it has from time to time which
are:
(e) held in the name of and/or for the benefit of FXPIG™; and
(f) each
of which relate to a separate base currency to reflect those Base Currencies selected by
Clients.
FXPIG™ Community means that aspect of the FXPIG™ Services
by which FXPIG™ allows its Clients to participate through the Website with FXPIG™ and
other Clients, including through or by:
(g) blogs and Client forums;
(h)
providing status updates;
(i) providing various analytical tools (such as market
data, exchange rates, news, headlines and graphs), links to other websites, newsletters
and third parties’ information; and
(j) providing features which enable Clients
to search, interact with, follow, feature, rank and copy other
Clients.
FXPIG™ Content means any information, statements, data
and representations made by or on behalf of FXPIG™ including analytical tools such as
market data, exchange rates, news, headlines, graphs, links to other websites,
newsletters and third parties’ information.
FXPIG™ Account means
your Trading Account on the FXPIG™ Platform that you access with your login details and
from which you conduct, monitor, and manage your FX trading
activities.
FXPIG™ Portal means the FXPIG™ web-browser based
client portal and applications that are provided by FXPIG™.
FXPIG™ Privacy
Policy means FXPIG™'s privacy policy, in the form which FXPIG™ publishes on
the Website from time to time.
FXPIG™ Services means all products and
services FXPIG™ provides or makes available from time to time relating to:
(a)
making the Website available for use;
(b) products and services which FXPIG™
provides or makes available to Client Applicants;
(c) products and services which
FXPIG™ provides or makes available to Clients;
(d) correspondence with FXPIG™
relating to the above; and
(e) other dealings which you have with FXPIG™ relating
to the above including data collection and storage, privacy and website
content.
MT4 means the software known as “MetaTrader 4” as
licensed to FXPIG™ (NZ) by Metaquotes Software Corp.
cTrader
means the software known as “FXPIG™ cTrader” as licensed to FXPIG™ (VU) by Spotware
Systems Ltd.
MT4 Account means your Trading Account on the MT4
Platform that you access with your login details and from which you conduct, monitor,
and manage your FX trading activities.
cTrader Account means
your Trading Account on the FXPIG™ cTrader Platform that you access with your login
details and from which you conduct, monitor, and manage your FX trading
activities.
cTrader Platform means the “FXPIG™ cTrader”
web-browser based FX trading applications that are provided by FXPIG™.
FIX
Account means your FIX Enabled Trading Account accessible via the standard
FIX 4.4 protocol, using the FXPIG™ MT4 Platform as it’s front end GUI, that you access
with your login details and FIX connection protocols and from which you conduct,
monitor, and manage your FX trading activities.
Margin Amount
means the amount which, in respect of every trade or contract you enter into, FXPIG™
requires in addition to the contract or trade price, in order to cover the exposure
which, you have on trades or contracts which are open at any time, as advised by FXPIG™
at any time.
Margin Reserve means the aggregate of all Margin
Amounts required to cover the exposure which you have on trades or contracts which are
open at any time, as advised by FXPIG™ at any time.
Portal means
the online FXPIG™ Platform to which FXPIG™ provides you access with your username and
password and which sets out the balance of your Trading Account, your Margin Reserve,
your open contracts and trades and, to the extent determined by FXPIG™, your past trades,
and your profit and other Client Content of yours provided through the FXPIG™
Community.
Prohibited Territory means any jurisdiction, in
addition to those stated in clause 17.1, to which FXPIG™ determines it does not wish to
or cannot by law provide any or all of the FXPIG™ Services.
Provider
Contracts means the contracts which we have with third parties who provide
services to FXPIG™ which relate to the FXPIG™ Services.
Terms
means all the terms and conditions which apply to your use of the FXPIG™ Services,
including this document as varied from time to time, all information published by FXPIG™
on the website from time to time, all statements in the nature of disclaimers or
warnings published by FXPIG™ on its website from time to time, all documents published on
or downloadable from the website from time to time which govern your use of the FXPIG™
Services and which may include the Provider Contracts.
Trading
Account means the Client's cTrader Account and/or MT4 Account, as the
context requires, which holds the Client’s Cash Balance, in the Client’s selected Base
Currency.
Website means the website from which FXPIG™ makes the
FXPIG™ Services available, being FXPIG.com, whether accessed via computer, phone, tablet
device or other mobile device, and including any mobile device application offered by
FXPIG™.
You means the Client, Client Applicant or visitor to the
website, as the case may be. Where relevant, it includes all your Client Associates.
3. Client Application and registration
3.1 FXPIG™ retains the
discretion to accept or reject any person's application to become a Client and need not
give its reasons for doing so.
3.2 You agree that you will provide us with all
information which we request from you for the purposes of assessing any application you
make to become a Client, including any documents which support or verify that
information.
3.3 You agree that all data, statements, information or
representations you provide or make to FXPIG™, whether express or implied, are entirely
true, complete and correct in every particular. You agree that:
3.3.1 if any such
data, statement, information or representation was true, complete and correct when
provided or made prior to you being a Client, but changes in any way prior to you
becoming a Client, then you will notify FXPIG™ immediately;
3.3.2 if you become
aware that FXPIG™ has misinterpreted or misconstrued any data, statement, information or
representation you provided or made, then you will immediately notify FXPIG™ of the true
and correct position.
3.4 You agree that if you apply to be, and are registered
as, a single Client, then you cannot apply to be, or be registered as, more than one
Client including through the use of any person acting as agent or trustee for you or by
making your financial resources available directly or indirectly to any other Client or
Client Applicant. For this reason, you agree to disclose any relationship which you have
with any Client Associate where that Client Associate is a Client or Client
Applicant.
3.5 You agree and warrant that all persons dealing with FXPIG™ on your
behalf are duly authorized to do so: you agree and warrant that they are authorized to
bind you to these Terms and that all relevant corporate or other authorization necessary
to bind you to these Terms has been taken. Each person dealing with FXPIG™ on behalf of a
Client or Client Applicant personally agrees and warrants to FXPIG™ that these agreements
and warranties are true and correct.
3.6 You agree that FXPIG™ may:
3.6.1
require evidence of the appointment (and the continuing validity of that appointment) of
any representative or power of attorney authorized by you; and
3.6.2 elect to
dismiss and/or reject any transactions performed by such representative or
attorney.
3.7 You agree that FXPIG™ may require you at any time to provide
additional information to personally identify you.
3.8 FXPIG™ agrees that it will
deal with all information which you supply, and which is capable of identifying you, in
accordance with the FXPIG™ Privacy Policy.
3.9 You acknowledge and agree that:
3.9.1 you are solely responsible for keeping
your user name and password confidential and secure, and that you will do so at all
times;
3.9.2 you must notify FXPIG™ immediately if the confidentiality or security
of your user name or password is compromised;
3.9.3 you indemnify FXPIG™ in
respect of any Claim or Loss which may arise in consequence of any such compromise and
release FXPIG™ in respect of any Claim or Loss the Client may suffer or incur;
and
3.9.4 FXPIG™ is entitled to accept any instructions in respect of your Trading
Account where those instructions follow the provision by that person of your username
and password.
4. Client representations, warranties and
acknowledgements
4.1 You acknowledge and agree that:
4.1.1 In
addition to our rights under clause 8.3, from time to time you may be requested to
provide us with certain documents to verify the details of the credit card used by you
to deposit monies to your Trading Account. Subject to our satisfaction from the above
documentation checks, you may or may not be permitted to deposit further monies by
recurring credit card or other means of payment; and
4.1.2 FXPIG™ may elect to
provide you with documentation, information and communications in languages other than
English: if FXPIG™ does that, then you acknowledge and confirm that FXPIG™’s official
language is English, and in the event of any discrepancy or inconsistency between any
document, information or communication in another language, the English document,
information or communication prevails.
4.2 You agree to comply in all respects
with the terms and conditions of the Provider Contracts and that you will not, by any
act or omission, cause FXPIG™ to breach its obligations under those contracts.
5. Your Trading Accounts
5.1 You represent, warrant and agree
that all the details that you gave us when opening a Trading Account and making a
deposit are true, accurate, complete and match the name on the payment card and/or
payment accounts in which you intend to deposit or receive monies from your
account.
6. Payment, fees and trading limits
FXPIG™ reserves the right to:
6.1 impose and vary limits on the amount
which may be deposited into or maintained in a Trading Account;
6.2 impose and
vary fees and costs which it may recover from or charge to Clients, as set out in the
Fee Schedule; and
6.3 impose and vary volume limits on contracts and trades which
are or may be made using the FXPIG™ Services.
7. Payments
generally
7.1 You may deposit funds into your Trading Account at any
time. Deposits will only be accepted by a payment method (e.g., bank account, credit
cards, e-wallets, etc.) in the same name as yours. Under no circumstances will FXPIG™
accept any payments from a third party.
7.2 If FXPIG™ is not satisfied that you
are the sender of the funds, it reserves the right to reject the funds and return them
to the remitter net of any transfer fees or other charges. You may be required to submit
additional documentation as required by AML and any other similar regulations applicable
to us.
7.3 If you make a deposit into your Trading Account using a credit card,
then you acknowledge and agree that:
7.3.1 you may only use the amount of that
deposit to enter into a contract or trade once payment has cleared;
7.3.2 if
FXPIG™ receives any notice of any issues in respect of the relevant credit card then,
until the issue is resolved to FXPIG™'s satisfaction:
(a) you may not withdraw the
amount of any deposit received from that credit card (Disputed Amount),
nor use any part of such amount to enter into any contract or trade;
(b) FXPIG™
will not take any Disputed Amount into account in its calculation of a Client's NAV, and
FXPIG™ may exercise any of its rights under these Terms which arise out of or relate to
the Disputed Amount, including closing out any of your open contracts or
trades.
7.33 "Alchemy Prime Ltd", located at 13 Layden Street, London E17LE,
is the payment agent for FXPIG™ for Credit Cards. Both Alchemy Prime Ltd and
FXPIG™ are part of the same group of companies under common ownership.
7.4
FXPIG™ will not pay you interest on any funds held by us on your behalf: you waive any
entitlement to interest on moneys you deposit with us.
7.5 If you instruct FXPIG™
to withdraw funds from your Trading Account, then we will reduce your Trading Account
balance by the amount of the withdrawal immediately, and will process the specified
request within 3 Business Days once we accept your instruction and provided that the
following requirements are met:
7.5.1 the instruction includes all necessary
information;
7.5.2 the instruction is to make a payment through a payment method in your name (e.g.
bank account, credit card, e-wallet, etc); and
7.5.3 you have provided full
identification documents to support your instruction.
7.6 If we accept any
payments to be made by a debit card, credit card or any other payment method that may
charge processing fees, we reserve the right to levy a transfer charge on you. You also
indemnify FXPIG™ in respect of any Loss or Claim it may suffer or incur if any such
payment is cancelled or rejected.
7.7 If you make a payment to your Trading
Account, FXPIG™ will credit it with the amount of that payment less any relevant fee or
charge (determined in accordance with the Fee Schedule), if FXPIG™ is satisfied that you
(and no third party) sent the funds. Credit in your Trading Account will be denominated
only in your Base Currency.
7.8 Payments sent to any one of FXPIG™'s Bank accounts
or accounts held by FXPIG™ with third-party Payment Service Providers (PSP) will be
credited on receipt of cleared funds. FXPIG™ can not be held liable if payments remitted
to such accounts are not received or otherwise not credited to us no matter if the cause
is technical in nature, due to some compliance related issues, or if it involves fraud
on part of the bank or PSP where the funds were sent. FXPIG™ will always act in the best
interest of it's clients, and look to assit you in locating and reversing any such
payments, however, it is your responsibility, as the remitter of the payment in
question, to do whatever is necessary to recover your funds from either the bank or PSP
where they were remitted.
7.9 We reserve the right, without prior notice to you,
to make any currency conversions which we consider necessary or desirable for the
purposes of complying with our obligations or exercising our rights under these Terms or
in respect of any transaction. We may effect these conversions in such manner and at
such rates as we see fit, having regard to the prevailing rates for freely convertible
currencies.
7.10 You acknowledge and agree that you bear all foreign currency
exchange risk arising from any contract or trade or from the compliance by us with our
obligations or the exercise by us of our rights under these Terms.
7.11 If a
Client and its Client Associates have more than one Trading Account, then we reserve the
right to treat all such Trading Accounts as if they were under one account (of such of
those Clients as FXPIG™ determines) and to limit the number of Trading Accounts
maintained by a Client and its Client Associates.
7.12 When a withdrawal is
performed, FXPIG™ reserves the right to refund Clients via any of the payment methods a
Client used when it initially funded its Trading Account. FXPIG™ makes all withdrawal
payments to the Client and not to any third party.
7.13 FXPIG™ reserves the right
to impose withdrawal limits and withdrawal fees in its system.
7.14 Where
possible, FXPIG™ pays withdrawal amounts through the original payment method that you
used to deposit the money, subject to the terms of our Provider Contracts. If we are
unable to send any or all of the funds back to you using the original payment method,
then we reserve the right to pay the amount through an alternative payment method
indicated by you in your Base Currency (regardless of the currency in which the deposit
was made). FXPIG™ is not responsible for any transfer fees or charges charged by the
receiver and/or any currency exchange rates resulting from the payment of such amount in
your Base Currency.
7.15 Upon submitting a withdrawal request, FXPIG™ may at its
discretion require you to submit documentation as required by AML.
8. Dormant Trading Accounts
8.1 In the event that your Trading
Account is not accessed for a period of at least twelve months, we will regard your
account to be dormant.
8.2 FXPIG™ may close any dormant Trading Account and store
the remaining balance until the client claims it.
9. No manual
instructions
You acknowledge and agree that:
9.1 FXPIG™ does
not represent or warrant that the FXPIG™ Services include the capacity to take or execute
instructions or orders manually or over the phone;
9.2 If at any time FXPIG™
elects to make that facility available, then it may withdraw it at any time;
and
9.3 All such instructions or orders must be made, and will be processed,
through the electronic online FXPIG™ Portal, FXPIG™ cTrader Platform or MT4 Platform which
forms part of the FXPIG™ Services.
10. Accountability for financial
transactions
10.1 By using FXPIG™ Services, you agree to be fully,
solely and personally liable for each contract or trade and/or credit card transaction
made using the FXPIG™ Services through your Trading Account.
10.2 You acknowledge
and agree that you are fully, solely and personally liable for, and will indemnify FXPIG™
in respect of, all fees, costs and Losses, including trading losses, associated with
each contract or trade you enter into, and that your liability is unaffected by any
Margin Amount FXPIG™ may hold in respect of contracts or trade.
10.3 You must make
sure that you are the only person with access to your Trading Account at all times and
that no minors have access to your Trading Account.
10.4 You acknowledge and
agree that we are not liable for:
10.4.1 Any unauthorized real money transactions
associated with your Trading Account; or
10.4.2 Any unauthorized real money
transactions conducted by minors in respect of your Trading Account.
10.5 If you
do not settle a contract or trade performed through your Trading Account, you are liable
to FXPIG™ and you must indemnify us in the amount necessary to cover any Loss or Claim
associated with the transaction.
10.6 If a contract or trade is entered to
acquire or sell currency or metal at a price that does not reflect the market price
(such as an event where a technical error
a bug or defect has caused a malfunction that has affected the price of the
transaction), we may terminate and cancel any such contract or trade. We will notify you
of our decision to cancel the contract or trade and explain our reasons to
you.
10.7 You agree to inform us of any such malfunction should you experience
such a malfunction whilst trading on our system.
11. Margin
Amount
11.1 When you instruct FXPIG™ in respect of a contract or
trade, then FXPIG™ may transfer the Margin Amount from your Cash Balance within your
Trading Account to the Margin Reserve. If the amount in your Cash Balance is
insufficient to meet the required Margin Amount and/or Margin Reserve, then FXPIG™ may
reject, cancel or terminate your requested contract or trade.
11.2 You
acknowledge and agree that FXPIG™ may establish automated processes by which amounts are
transferred or appropriated to or from your Cash Balance and Margin Reserve to maintain
the required Margin Amounts.
11.3 FXPIG™ may pledge, appropriate or use some or
all of the Margin Amounts comprised within the Margin Reserve as its own collateral in
respect of any trade or contract or arrangement that FXPIG™ enters or has entered into
with a third party or counterparty which relates in any way to the trade or contract
that you have entered into with FXPIG™ as allowed under Applicable Law.
11.4 If
your Client NAV holds 50% or less of the required Margin Reserve at any time then FXPIG™
may close all or some contracts or trades which are open on your Trading Account as it
sees fit, at market rates and to the extent it deems necessary.
11.5 FXPIG™ asks
that you always have sufficient funds in your Cash Balance and Margin Reserve to cover
any Liabilities or Losses you might incur.
12. Change of payment
arrangements
You acknowledge and agree that if you change any of
your Trading Account details, including any associated credit card or bank account
details, then FXPIG™ will require information from you to verify those changes, to
satisfy its obligations under AML.
13. License from FXPIG™ to Client
13.1 FXPIG™ grants each Client a
personal license that is non-transferable, non- exclusive and fully revocable to use the
FXPIG™ Services (including the use of the
website and any associated downloadable software), subject in all instances to the
provisions of these Terms.
14. Intellectual Property -
General
14.1 You acknowledge that all Intellectual Property of FXPIG™
associated with the FXPIG™ Services is the sole property of FXPIG™.
14.2 You agree
that:
14.2.1 you will not use our downloadable software in a manner that is
beyond the scope of the limited license granted under clause 14, nor in any manner not
absolutely required to enable you to use the FXPIG™ Services;
14.2.2 nothing
contained on the Website may be construed as granting, by implication or otherwise, any
license or right to use our Intellectual Property without our written
permission.
14.3 Except as expressly provided by these Terms, you may not without
our prior written permission, alter, modify, reproduce, distribute or commercially
exploit our Intellectual Property.
15. Copyright
15.1
Copyright in the Website (including text, graphics, logos, icons, sound recordings and
software), and in any way relating to the FXPIG™ Services, is owned or licensed by us.
Other than for the purposes of, and subject to the conditions prescribed under, the
Copyright Act 1999 (VU) and similar legislation which applies in your location,
and except as expressly authorized by these Terms, you may not in any form or by any
means without our prior written permission:
15.1.1 adapt, reproduce, store,
distribute, print, display, perform, publish or create derivative works from any part of
the Website or any other copyright material; or
15.1.2 commercialize any
information, products or services obtained from any part of the Website or other
copyright material.
16. Trade marks
16.1 Except where
otherwise specified, any word or device to which is attached the ™ or ® symbol is a
registered trade mark.
16.2 If you use any of our trade marks in reference to our
activities, products or services, you must include a statement attributing that trade
mark to us. You must not use any of our trademarks:
16.2.1 in or as the whole or
part of your own trademarks;
16.2.2 in connection with activities, products or services which are not
ours;
16.2.3 in a manner which may be confusing, misleading or deceptive;
or
16.2.4 in a manner that disparages us or the FXPIG™ Services (including the
Website).
17. Restrictions on availability of FXPIG™ Services
17.1 You
cannot use the FXPIG™ Services if:
17.1.1 you are a resident of the United States
of America or any other Prohibited Territory as defined by the current OFAC Sanctions
List;
17.1.2 you are less than 18 years old;
17.1.3 you are under a legal
disability; or
17.1.4 you have suffered an Insolvency Event.
17.2 From
when you first access the FXPIG™ Services, and at all times thereafter, you represent and
warrant that you are not prevented from using the FXPIG™ Services on any of the grounds
stated in clause 17.1.
17.3 In the event of your death, FXPIG™ agrees only to deal
with your legal personal representative on being satisfied that he or she has been duly
appointed to administer your estate.
17.4 Without limiting any other provision of
these Terms, and because of the nature and the global availability of the world wide web
through which FXPIG™ Services are displayed, you agree that you are responsible for
ensuring any use you make of the FXPIG™ Services is legal in your own jurisdiction. You
represent and warrant that you have verified and determined that your use of the FXPIG™
Services does not violate any laws of your jurisdiction and you indemnify FXPIG™ in
respect of your use of the FXPIG™ Services.
18. Suspension and Termination
of FXPIG™ Services
18.1 FXPIG™ may suspend access to or terminate
access to the FXPIG™ Services if you breach these Terms, including on the basis that you
do not provide information to FXPIG™ which FXPIG™ requested from you.
18.2 FXPIG™
may suspend access to the FXPIG™ Services if it suspects that you have breached or intend
to breach these Terms for such time as it considers appropriate (acting reasonably)
while it investigates all circumstances concerning your compliance or non-compliance
with these Terms.
19. Linked web sites
19.1 The Website may contain links to other
websites (Linked Websites). Those links are provided for convenience
only and may not remain current or bemaintained.
19.2 We are not responsible for
the content or privacy practices associated with Linked Websites.
19.3 Our links
with Linked Websites should not be construed as an endorsement, approval or
recommendation by us of the owners or operators of those Linked Websites, or of any
information, graphics, materials, products or services referred to or contained on those
Linked Websites, unless and to the extent stipulated to the contrary.
20.
Client Content and Personal Data
20.1 You acknowledge and agree that
your Client Content, other than information which is capable of identifying you (not
including any online pseudonym youuse):
20.1.1 is non-confidential and
non-proprietary information; and
20.1.2 is licensed by you to FXPIG™ to use in its
discretion, and that license is non-exclusive, irrevocable, transferable,
sub-licensable, royalty-free and worldwide, to use, copy, duplicate store, present
and/or publish without any attribution or royalties or other compensation to
you.
20.2 You acknowledge and agree that your Client Content is stored by us,
including with third parties in some cases on remote servers which are not controlled by
us.
20.3 You acknowledge and agree that telephone conversations, email/chat
communications with us may be recorded and maintained by us. Any recordings are the sole
property of FXPIG™ and will be accepted by you as conclusive evidence of their content as
recorded by us.
20.4 By entering into these Terms, you consent to the
transmission of your personal data (i.e., your personally identifiable information and
your payment details) to other companies in the FXPIG™ group and to external companies to
help us to process and/or analyse it as part of the provision of the FXPIG™ Services to
you. Such personal data may also be used for marketing purposes, or to conduct market
research for us or other companies in our group that may use the personal data to bring
to your attention products and services that may be of interest to you and also to
assist in the efficient provision of the FXPIG™ Services.
21. Client
Content and third party content
21.1 Any Client Content or other
third party content placed on the Website reflects solely and exclusively the views, and
are the responsibility of, those who post such content: you acknowledge and agree that
they do not represent FXPIG™'s views.
21.2 You acknowledge and agree that you are
solely responsible for your Client Content, including your responsibility as to its
legality, reliability, appropriateness, originality and copyright.
21.3 You will
not post any Client Content which contains viruses or other computer codes, files or
programs which are designed to limit or destroy the functionality of, or spy or track,
other computer software or hardware or its processes.
21.4 You release FXPIG™
from, and indemnify FXPIG™ in respect of, any Loss or Claim which may arise or relate to
your use or reliance upon Client Content or any other third party content.
21.5
Concerning your Client Content, and any other person's Client Content,you acknowledge
and agree that we:
21.5.1 do not undertake to review or monitor Client
Content;
21.5.2 do not in any manner endorse, support, sanction, encourage,
verify or agree with any Client Content;
21.5.3 may review, monitor, revise
and/or remove any Client Content;
21.5.4 may report to government authorities any
Content which may be considered or signal illegal activity, or which may be required by
such authorities;
21.5.5 when requested, may cooperate with government
authorities in any investigation of alleged illegal activity;and
21.5.6 may
maintain records of all Client Content.
22. FXPIG™ Content
22.1 You acknowledge and agree
that:
22.1.1 we do not endorse, represent, warrant, guarantee or sponsor the
accuracy, correctness, timeliness, completeness or suitability of FXPIG™ Content, whether
provided as part of the FXPIG™ Community or generally as part of the FXPIG™
Services;
22.1.2 no FXPIG™ Content is intended to constitute, or should be
construed as, a solicitation or any offer to buy an interest in any security or
financial product and is not financial advice or a recommendation or promotion of any
transaction, other financial product, investment manager, or trading or investment
strategy;
22.1.3 you may use the FXPIG™ Content as you see fit, but you
acknowledge and agree that you are solely responsible for how you use it; and
22.1.4 FXPIG™ does not, by providing the FXPIG™ Content or any other aspect of
the FXPIG™ Services, provide any advice that is personal to you and FXPIG™ refers you to
the general financial advice warning in clauses 27.1 and 27.2.
22.2 You agree not
to enable deep linking or any other form of redistribution or reuse of the FXPIG™ Content
to any other person.
22.3 You release FXPIG™ from, and indemnify FXPIG™ in respect
of, any Loss or Claim which may arise or relate to your use or reliance upon
FXPIG™Content.
23. Withdrawal and variation of FXPIG™
Content
You acknowledge and agree that FXPIG™:
23.1 is not
obligated to continue to provide the FXPIG™ Content or FXPIG™ Community to
you;
23.2 is not obliged to update the FXPIG™ Content; and
23.3 is not
liable to you for the termination, interruption, delay or inaccuracy of any FXPIG™
Content.
24. Availability of the FXPIG™ Community
FXPIG™
may make the FXPIG™ Community available to you, subject to theseTerms.
25.
Participation in the FXPIG™ Community
25.1 You agree as follows
concerning the FXPIG™ Community and, to the extent relevant, the FXPIG™ Services
generally:
25.1.1 you acknowledge that your Client Content is and will be treated
by us as non-confidential and non-proprietary and we may use such material without
restriction;
25.1.2 you assign all copyright which subsists in your Client
Content to us;
25.1.3 you will not post or transmit any material or information
which is offensive, defamatory, obscene, unlawful, vulgar, harmful, threatening,
discriminatory, abusive, harassing or ethnically objectionable;
25.1.4 you agree
not to disrupt the flow of dialogue or otherwise act in a manner which negatively
affects or disparages FXPIG™ or other Clients in the FXPIG™ Community;
25.1.5 you
agree not to impersonate any other person;
25.1.6 you agree to provide current,
accurate and up-to-date information about yourself as required under these
Terms;
25.1.7 you agree not to post or transmit any unsolicited advertising, commercial,
competitive or promotional materials;
25.1.8 any material which you post may be
removed by us from the FXPIG™ Community without notice at any time;
25.1.9 you
will not post or transmit any Client Content in which the copyright is owned by another
person or entity and you warrant that all material posted is your original work and not
sourced from any third party and any such Client Content will not violate the privacy
rights, publicity rights, copyright, contract rights or any other rights of any
person;
25.1.10 you accept that any Client Content may be posted in the FXPIG™
Community for any other Client to read;
25.1.11 FXPIG™ Content is provided in good
faith;
25.1.12 we do not warrant that we will respond to questions or comments
submitted by you on the FXPIG™ Community;
25.1.13 if you download any material
from the Website, you acknowledge that we are not liable to you for any Loss, however
caused, arising from the downloading or subsequent use of the downloaded
material;
25.1.14 you may not adapt, reproduce, store, distribute, transmit,
print, display, publish or create derivative works from any downloaded material.
In
addition, you may not commercialize any information, products or services from the
downloaded material;
25.1.15 you will not make any statement as to your
eligibility to provide financial product advice or any other financial service or other
service which may require a license or registration in any jurisdiction;
25.1.16
you will not collect or solicit any other person's Client Content (including account
details) by any method including automated means such as harvesting bots, robots,
spiders, or scrapers;
25.1.17 you will not engage in unlawful multi-level
marketing, such as a pyramid scheme, using the FXPIG™ Community or through the FXPIG™
Services; and
25.1.18 you will not do anything that could disable, overburden, or
impair the proper working of the FXPIG™ Services.
26. No advice
26.1 You acknowledge that FXPIG™ does not provide any advice, including financial product
advice, which takes into account your objectives, financial situation or
needs.
26.2 Any financial advice on the Website or provided by FXPIG™ including
through the FXPIG™ Content, the FXPIG™ Community, or otherwise through providing the FXPIG™
Services, is general only. In relation to this, you acknowledge and
agreethat:
26.2.1 the advice is general and is prepared without taking into
account your objectives, financial situation or needs;
26.2.2 because of that,
you should, before acting on any general advice, consider the appropriateness of the
general advice, having regard to your objectives, financial situation and needs; and
27. General Risk Statement
You acknowledge and agree
that:
27.1 you use the FXPIG™ Services at your own risk;
27.2 you alone
bear the loss of any money you have invested;
27.3 trading in currencies and
metals is inherently risky, including as a result of the unpredictable and volatile
nature of currency and metals valuations and prices. Trading in FX Contracts is suitable
for those sophisticated institutions and individual participants financially able to
withstand losses which may SUBSTANTIALLY EXCEED THE VALUE OF MARGIN OR
DEPOSITS;and
27.4 use of FXPIG™ Services can never be considered a
safe investment, and carries with it a high risk of loss.
28.
Restrictions on Financial Transactions
28.1 By using the FXPIG™
Services, you declare that all the funds that you use and invest through the FXPIG™
Services do not originate in any way from drug trafficking, abduction, terrorist
activity or any other criminal activity that is unlawful or could be considered unlawful
in any jurisdiction.
28.2 If we terminate, suspend or block your use of the FXPIG™
Services as a consequence of a breach or suspected breach of this clause, then you
acknowledge and agree that:
28.2.1 FXPIG™ is under no obligation to refund any
funds that may be in your Trading Account until directed by a relevant regulatory
authority. In those circumstances we may also prevent you from accessing any of the
FXPIG™ Services; and
28.2.2 FXPIG™ may inform the relevant authorities, other
online service providers and banks, credit card companies, electronic payment providers
or other financial institutions of your identity and of any suspected unlawful,
fraudulent or improper activity and you will cooperate fully with us to investigate any
such activity.
29. Additional Risk Disclosures
29.1 You
acknowledge and agree that:
29.1.1 FXPIG™ reserves the right to close part, or
all, of a Client's open positions, in order to facilitate the charge of any fees, costs
or amounts due by you. Notwithstanding, you remain liable to pay, in accordance with our
Fee Schedule, all fees, costs, Losses (including trading losses and trading losses that
result in a negative balance, whereas the negative balance is also due to be repaid to
FXPIG™) and other amounts to FXPIG™ even if you have had full loss, or more, of all
margins deposited by you;
29.1.2 FXPIG™ does not guarantee any order. Placing
stops, regardless of the entry or closing designation, does not guarantee that the trade
will be filled at the order price. All entry stops and stops will be filled, upon
activation, at the first/best available market price that may or may not match the
requested order price;
29.1.3 In the event liquidity providers are unable to
provide liquidity to us, your order may experience delays in execution or you may not be
able to place
orders entirely. The size of the order may also impede the speed at
which the order is executed. You acknowledge and agree that it is only necessary to
enter any order once and that multiple entries for the same order may inadvertently open
unwanted positions;
29.1.4 While trading through the FXPIG™ Services, you may
encounter system errors that result from hardware and/or software failures. The result
of any system failure may be that your order is either not executed according to your
instructions, executed with Trading Account balance errors and discrepancies, or not
executed at all. FXPIG™ will not be liable for, and you release FXPIG™ in respect of, any
Claim or Loss associated with the resulting errors in Trading Account balances. FXPIG™
may make the necessary corrections or adjustments on the Trading Account
involved;
29.1.5 Concerning margin based contracts or trades:
(a) the high
level of leverage possible when conducting those transactions with respect to foreign
currencies is because it is only necessary to pay relatively modest margins or
guarantees in relation to the scope of the contract; and
(b) accordingly, even a
slight fluctuation of the market could mean substantial gains when these fluctuations
are in your favour, but could also mean considerable losses if the fluctuations are to
your detriment;
29.1.6 We do not guarantee that a contract or trade you enter
into will generate a return for you;
29.1.7 At any time, market conditions might
render the execution of an order, or of a limit on an order (either stop loss or take
profit), at a stipulated price impossible, including on the basis of market illiquidity.
Accordingly, even though the extent of the losses could be subjected to an agreed-upon
limit, the risk of incurring losses could be higher, and that loss could occur in a
relatively short period of time;
29.1.8 Since FXPIG™ does not require you to
deposit an additional guarantee with us, FXPIG™ may close the outstanding balances
without your consent in accordance with these Terms;
29.1.9 In volatile market conditions, foreign currencies may fluctuate rapidly to
reflect unforeseeable events that cannot be controlled either by us or by
you;
29.1.10 There is a distinction between indicative prices which are displayed
on charts and dealable prices which are displayed on the Website;
29.1.11
Indicative quotes only give an indication of where the market is; and
29.1.12
Because the foreign exchange and derivatives products markets are decentralized, without
a single central exchange where all transactions are conducted, each market maker may
quote slightly different prices. Accordingly, any prices displayed on any chart made
available by us or by a third party will only reflect "indicative" prices and not
necessarily actual "dealing" prices at which trades can be executed.
29.2 The
risk information presented here and elsewhere in these Terms does not reflect all of the
risks as well as other important aspects intrinsic to foreign currency and metals
transactions. Accordingly, before starting to trade, you agree to seek appropriate
financial, legal and/or taxation advice.
29.3 There are a series of inherent
risks with the use of the mobile trading technology such as the duplication of order
instructions, latency in the prices provided, and other issues that are a result of
mobile connectivity. Any prices displayed on a mobile platform are solely an indication
of the executable rates and may not reflect the actual executed price of the
order.
29.4 To the extent that your use of the FXPIG™ Services relies upon using a
public communication network, we will not be liable for any Claim or Loss you suffer or
incur in consequence of a delay in price quotation or an inability to trade caused by
the availability of transmission quality of that network, software or hardware problems,
or any other problems outside our direct control, which include but are not limited to
the strength of the mobile signal, latency, or any other issues that may arise between
you and any internet service provider, phone service provider, or any other service
provider.
29.5 You acknowledge and agree that some of the features available on
our Website or on the FXPIG™ Community may not be available on any mobile device
application we offer.
30. Risks Associated with the FXPIG™ Community and
social trading
30.1 You acknowledge and agree that there are risks
specific to the FXPIG™ Community, and the trading features which it contains – referred
to in this clause as Social Trading Features.
30.2 You
acknowledge and agree that:
30.2.1 FXPIG™ provides Social Trading Features for
information purposes only; and
30.2.2 If you make investment decisions in
reliance on information which is available on the Website, or as a result of the use of
the Social Trading Features, then you do so at your own risk, and you release and
indemnify FXPIG™ in respect of any such use of the Social Trading Features.
30.3
Concerning any process by which you use the FXPIG™ Services to copy another Client's
position, you acknowledge and agree that:
30.3.1 the copied position will be
copied with the same proportional amounts and with the same leverage, to the maximum
extent possible;
30.3.2 all such positions will be closed automatically if and
when closed by the copied Client and/or if the copied Client's positions were
automatically closed by us, for whatsoever reason, without providing any further notice
and without any action on your part;
30.3.3 you acknowledge and agree that you
may bear the loss of the entire investment you made in such a copied trade and you are
fully responsible for any Loss or Claim you may suffer or incur as a result of our
automatic execution of instructions generated as a result of using any of the Social
Trading Features;
30.3.4 If you place additional trades in your Trading Account
or you modify or cancel an order generated by a Social Trading Feature, you may achieve
a materially different result than the Client that you copied.
30.4 Any past
performance of our Clients indicated on the Website is not indicative of future results
and should be considered as hypothetical performance results.
30.5 You
acknowledge and agree that historical performance is not a guarantee or reliable
indicator of future performance. When reviewing the Client Content, portfolio, financial
performance information, opinions or advice of another Client, you should not assume
that the Client is unbiased, independent or qualified to provide financial product
advice or provide any other financial service. FXPIG™ does not endorse, support,
sanction, encourage, verify or agree with any Client position you may copy.
30.6
Any hypothetical performance results indicated on the Website have many inherent
limitations. No representation or guarantee is being made that any Client or Trading
Account will or is likely to achieve profits or losses similar to those shown and may
not take into account fees, spreads and/or trading commissions that may be charged. The
actual percentage gains/ losses which Clients' experience will vary depending on many
factors, including but not limited to:
30.6.1 starting Trading Account balances
(deposits and withdrawals);
30.6.2 market behavior;
30.6.3 your Trading
Account settings; and
30.6.4 the performance of the copied Client,
and, accordingly, actual percentage
gains/losses experienced by Clients may be materially different from the percentage
gains/ losses as presented on the Website.
30.7 You acknowledge that there are
frequently sharp differences between hypothetical performance results and the actual
results subsequently achieved by any particular trading program.
30.8 You
acknowledge and agree that:
30.8.1 hypothetical performance results are generally
prepared with the benefit of hindsight; and
30.8.2 hypothetical trading does not
involve financial risk, and no hypothetical trading performance can completely or
accurately account for the impact of financial risk in actual trading. You acknowledge
that the ability to withstand losses or to adhere to a particular trading program in
spite of trading losses, are material points which can also adversely affect actual
trading results.
31. Indemnification and limitation of liability 33.1
Indemnity
33.1 Indemnity
33.1.1 To the full
extent permissible by applicable law:
(a) FXPIG™ makes no, and hereby disclaims
all, representations or warranties of any kind, express or implied, as to the
availability, operation and use of the FXPIG™ Services, including but not limited to
warranties of performance, functionality, merchantability, fitness for a particular
purpose, title, non-infringement, and implied warranties arising from course of dealing
or course of performance; and
(b) You release and indemnify FXPIG™ in respect of
any Claim or Loss which may arise in consequence of your use of the FXPIG™ Services,
including in consequence of any breach of these Terms by you.
33.1.2 The above
indemnity:
(a) extends to Claims incurred or suffered by FXPIG™'s officers,
employees, agents or sub-contractors; and
(b) extends to and includes all Losses
incurred in defending and/or settling any Claims, including legal costs on a full
indemnity (solicitor/own-client) basis.
33.2 Limitation of
liability
33.2.1 Nothing in these Terms is to be read as excluding,
restricting or modifying the application of any legislation which by law cannot be
excluded, restricted or modified.
33.2.2 Any representation, warranty, condition
or undertaking which (but for this clause) would be implied in this document by law, is
excluded to the fullest extent permitted by law.
33.2.3 FXPIG™ is not liable to
you for any Claims (arising in contract, tort, statute or otherwise, or as a result of a
force majeure) which may arise in consequence of, or in connection with, your use of the
FXPIG™ Services and these Terms.
33.2.4 You indemnify and hold harmless FXPIG™ for
all Claims (arising under contract, tort, statute or otherwise, or as a result of force
majeure), which may be made against FXPIG™ or arise as a consequence of, or in connection
with, your use of the FXPIG™ Services and theseTerms.
33.2.5 Notwithstanding any
other provision of these Terms and to the fullest extent permitted by law, FXPIG™ will
not be liable to you for consequential, indirect or special losses or damages of any
kind (including, without limitation, loss of profit, loss or corruption of data,
business interruption or indirect costs) suffered by you as a result of any act or
omission whatsoever of FXPIG™, its officers, employees, agents or
sub-contractors.
33.2.6 Where FXPIG™ elects to make good any Loss suffered by you,
or is obliged by law to do so, then the maximum amount that will be made good for any
reason is the lesser of:
(a) the actual sum of money that you deposited net of
the sum of money that you withdrew in your Trading Account for the purpose of trading
that may have been the basis for any accumulated liability that you incur;
and
(b) to the extent that the Loss is attributable to any act or omission on the
part of our third parties under our Provider Contracts, to the amount which we recover
from that service provider.
32. Set-off
If you have any
liability to FXPIG™ under these Terms, then FXPIG™ may set-off that liability against any
liability we have to you.
33. Technical Requirements to use the FXPIG™ Services
35.1.1 You
acknowledge and agree that:
(a) you must provide and maintain adequate technical
equipment and resources on which you install our software and access the FXPIG™
Services; and
(b) you are solely liable for the integrity and proper storage of
any data associated with the FXPIG™ Services.
35.1.2 You represent and warrant to
us that you have installed and implemented appropriate means of protection relating to
the security and integrity of your technical equipment and resources and that you have
taken appropriate action to protect them from computer viruses or other similar harmful
or inappropriate materials, devices, information or data.
35.1.3 You acknowledge
and agree that we are not liable to you, and you indemnify us in respect of:
(a)
any event by which your technical equipment and resources fail, are damaged or
destroyed, or by which your records and data are deleted, changed or
corrupted;
(b) any delays or Loss you suffer as a result of the configuration,
use, performance or management of your technical equipment and resources; and
(c)
any wrongful transmissions of computer virus or other similarly harmful or inappropriate
material or device to our system from your personal computer.
34.
Technical Problems and Difficulties
34.1 You acknowledge and agree
that the use of the internet can at times be unreliable and at times you may experience
trouble connecting.
34.2 You acknowledge and agree that we are not liable to you,
and you indemnify us in respect of and delays or Loss arising in consequence of, any
technical problems, system failures and malfunctions, communication line failures,
equipment or software failures or malfunctions, system access issues, system capacity
issues, high internet traffic demand, security breaches and unauthorized access, and
other similar computer problems and defects.
34.3 You acknowledge and agree that
we provide no representation, warranty or guarantee or that:
34.3.1 you will be
able to access or use the FXPIG™ Services at all times and from any location;
or
34.3.2 the FXPIG™ Services will be uninterrupted and error-free at all
times.
35. Disconnection Policy
If you are suddenly
disconnected from the FXPIG™ Services whilst actively trading online, we will keep your
positions open until you can re-establish yourconnection or trading ceases.
36. Circumvention & Reverse Engineering
You must not access
or attempt to gain access, reverse engineer or otherwise circumvent any security
measures that we have applied in respect of the FXPIG™ Services.
37.
Artificial Intelligence Software
You must not use any software which
applies any kind of artificial intelligence analysis of our system relating to the FXPIG™
Services.
38. Abusive trading technique
38.1 You
acknowledge that internet connectivity delays and price feed errors sometimes create a
situation where the prices displayed on the Website will not actually reflect the market
rates.
38.2 You must not seek to, in any way, take advantage of any arbitrage
caused by internet delays.
38.3 FXPIG™ may revoke any contract or trade that
relies on price latency arbitrage opportunities, and may make necessary corrections or
adjustments on the Trading Account involved.
38.4 If any of your Trading Accounts
rely on arbitrage strategies then FXPIG™ may intervene in respect of that Trading Account
including by making transactions on that Trading Account subject to FXPIG™
approval.
38.5 You acknowledge and agree FXPIG™ may resolve any dispute arising
from such quoting or execution errors and its resolution will be
final.
39. Measures in respect of Prohibited Trading
Techniques
If you breach this clause, then FXPIG™ may:
39.1
terminate, or suspend access to, the provision of the FXPIG™ Services to you including by
blocking access to your Trading Accounts;
39.2 notify relevant third parties;
and
39.3 take such other take action as we see fit, including seizing all profits
and revenues generated directly or indirectly from such technique in any affected Client
accounts.
39.4 You acknowledge and agree that a conflict of interests may arise when the interest
of FXPIG™ and its associates competes or may appear to compete with your interests under
these Terms.
39.5 You acknowledge and agree that:
39.5.1 we may assign or
transfer the execution of your orders to another member of the FXPIG™ group of
companies;
39.5.2 we may execute at the same time, orders by different Clients
that are opposite to one another;
39.5.3 we may establish business, including
without limitation, trading relationships with other issuers of financial products and
we may have a financial interest in such products;
39.5.4 in addition to entering
into contracts and trades with Clients, FXPIG™ will enter into contracts, trades and
arrangements with third parties and counterparties, including to manage its position,
exposure and risk related to all its Clients' open contracts or trades, and in this
context there may be inherent conflicts of interest; and
39.5.5 we may compensate
and/or share our revenues from your activity with our associates and/or other similar
parties performing marketing activities on our behalf. You hereby further acknowledge
that we also may compensate other Clients who you have elected to follow and/or copy.
40. VAT
40.1 In this clause:
40.1.1 words and expressions
that are not defined in these Terms but which have a defined meaning in the VAT Law
have the same meaning as in the VAT Law; and
40.1.2 VAT Law has the meaning
given to that term in the Value Added Tax Act 2006 (VU)
40.2
Except as otherwise provided by this clause, all consideration payable under these Terms
in relation to any supply is exclusive of VAT.
40.3 If VAT is payable
in respect of any supply made by a supplier under these Terms (VAT Amount), the
recipient will pay to the supplier an amount equal to the VAT Amount payable on the
supply.
40.4 Subject to clause 42.5, the recipient will pay the VAT Amount
at the same time and in the same manner as the consideration for the supply is to be
provided under these Terms.
40.5 The supplier must provide a tax invoice to the
recipient before the supplier will be entitled to payment of the VAT Amount under
clause42.6.
40.6 If these Terms require a party to reimburse an expense or
outgoing of another party, the amount to be paid or reimbursed by the first party will
be the sum of:
40.6.1 the amount of the expense or outgoing less any input tax
credits in respect of the expense or outgoing to which the other party is entitled;
and
40.6.2 if the payment or reimbursement is subject to VAT, an amount
equal to that VAT.
40.7 If a change or an adjustment event occurs in
relation to a taxable supply under these Terms:
40.7.1 the supplier must provide
an adjustment, credit or debit note to the recipient within 7 days of becoming aware of
the adjustment; and
40.7.2 any payment necessary to give effect to the adjustment
must be made within 7 days after the date of receipt of the adjustment, credit or debit
note.
41. Taxation
41.1 You acknowledge and agree
that:
41.1.1 we do not collect any taxes for any government authority in any form
or manner;
41.1.2 it is your own responsibility to calculate and pay all taxes
applicable in your country of residence arising as a result of your trading activity
using the FXPIG™ Services; and
41.1.3 notwithstanding the above, and without
derogating in any way from your sole, exclusive and personal obligation to pay taxes in
your local jurisdiction, you unequivocally agree that we may deduct any taxes if we are
required to do so by law, and in that event, you release and indemnify FXPIG™ in respect
of any Claim or Loss which may arise in consequence of FXPIG™ acting in that way.
42. Termination
42.1 We reserve the right to terminate these
Terms and all your Trading Accounts and registration (including your username and
password) in the following cases:
42.1.1 if for any reason we decide to
discontinue to provide the FXPIG™ Services, by providing at least a 5 Business Days'
notice;
42.1.2 if we believe that you have breached these Terms, immediately
without notice;
42.1.3 if your use of the FXPIG™ Services has been in any way improper or breaches the
spirit of these Terms immediately without notice;
42.1.4 an Insolvency Event
happens in relation to you immediately without notice; or
42.1.5 the death of the
Client, immediately without notice.
42.2 You may terminate these Terms and your
Trading Account and registration (including your username and password) at any time by
serving a written notice on FXPIG™.
In that case, FXPIG™ will terminate your Trading
Account and registration within 5 Business Days, provided that you remain responsible
for any activity on your Trading Account between serving your notice and the termination
of your Trading Account by us.
42.3 If these Terms are terminated for any reason
due to suspected misconduct on your part, then FXPIG™ reserves the right to withhold any
funds in the Trading Account until the matter is resolved. Any decision made by FXPIG™
regarding the matter will be final.
43. General
43.1
These Terms contain the entire understanding between the parties as to the subject
matter contained in it: they operate as a deed binding upon the parties. All previous
agreements, representations, warranties, explanations and commitments, expressed or
implied, affecting this subject matter are superseded by this document and have no
effect.
43.2 Any reference to discretion on the part of FXPIG™ in these Terms is
to be read as, unless stated expressly to the contrary, a reference to FXPIG™'s sole,
absolute and unfettered discretion.
43.3 A single or partial exercise or waiver
of a right relating to these Terms does not prevent any other exercise of that right or
the exercise of any other right.
43.4 No party will be liable for any loss or
expenses incurred by another party caused or contributed to by the waiver, exercise,
attempted exercise, failure to exercise or delay in the exercise of a right.
43.5
A Client must not:
43.5.1 sell, transfer, novate, delegate, assign, license;
or
43.5.2 mortgage, charge or otherwise encumber,
any right or obligation
under these Terms to any person without the prior written consent of FXPIG™.
43.6 Nothing in these Terms will be construed or deemed to constitute a partnership,
joint venture or employee, employer or representative relationship between any of the
parties.
43.7 Each indemnity in these Terms is a continuing obligation, separate
and independent from the other obligations of the parties and survives termination of
theseTerms.
43.8 It is not necessary for a party to incur expense or make payment
before enforcing a right of indemnity conferred by these Terms.
43.9 In the
interpretation of these Terms, no rule of construction applies to the disadvantage of
the party preparing this document on the basis that it prepared or put forward this
document or any part of it.
44. Force majeure
46.1.1 To
the extent that any of the events of the force majeure specified in this clause cause a
delay in the availability of the FXPIG™ Services, or the ability of FXPIG™ to provide the
FXPIG™ Services in full, FXPIG™ will notify you as soon as practicable
concerning:
(a) the nature and extent of the event causing the delay;
(b)
the nature and extent of the delay; and
(c) as far as possible, the likely
duration of the delay.
46.1.2 This clause relates to the following events of
force majeure:
(a) loss or damage by fire, storm, tempest, explosion, lightning,
earthquake or other act of God or civil commotion or other similar cause;
(b)
war, terrorism, revolution, insurrection, riot or invasion;
(c) any other matter,
cause or thing beyond the reasonable control of FXPIG™;
(d) weather sufficiently
inclement to prevent FXPIG™ from proceeding with any of its obligations;
(e) any
prohibition or embargo imposed by any Act of Parliament or rule, regulation or
order;
(f) the delay of any authority in giving any necessary approval or permit,
beyond the control of FXPIG™;
(g) any combination of workmen disputes between
employers and employees or strikes or a strike or lockout affecting any of the trades
employed by FXPIG™ in performing its obligations under these Terms;
(h) any
temporary or permanent unavailability of any required material or service caused by
circumstances beyond the control of FXPIG™; or
(i) any proceedings taken or
threatened by or any disputes with adjacent or neighboring occupiers.
46.1.3 We
will use reasonable endeavors to avoid any unnecessary interruption to the FXPIG™ Service
under these Terms in consequence of any force majeure event.
45.
Notices
45.1 A notice or other communication required or permitted,
under these Terms, to be served on a person must be in writing and may be served:
45.1.1 personally on the person;
45.1.2 by email to the person's current email
address for service; or
45.1.3 to the Client by notice posted on the Client's
Portal.
45.2 Additionally, FXPIG™ reserves the right to communicate with you by
telephone, facsimile, email, through the Portal, post, newsletters issued by us and/or
any other means of communication, whether such communication is personally addressed to
you or generally addressed to all Clients. You acknowledge and agree that we may
communicate in this way, and any information or notice provided in that way will be
deemed to have been received by you and/or any transaction so executed will be deemed
final and binding on your part.
45.3 The particulars for service of FXPIG™ are
those set out on the website from time to time.
45.4 The particulars for service
of a Client or Client Applicant are those set out on the relevant application form, as
updated by the Client or Client Applicant by notice to FXPIG™ in accordance with these
Terms.
45.5 Additionally, if the person to be served is a company, the notice or
other communication may be served on it at the company’s registered office.
45.6
Subject to clause 47.2, a notice or other communication is deemed served:
45.6.1
if served personally or left at the person’s address, upon service;
45.6.2 if
served by email, subject to clause 47.6.4, at the time the email containing the notice
left the sender's email system, unless the sender receives notification that the email
containing the notice was not received by the recipient;
45.6.3 if served by
notice posted on the Portal, at the time that notice was posted; and
45.6.4 if
received after 5.00pm in the place of receipt or on a day which is not a Business Day,
at 9.00am on the next Business Day.
46.
Interpretation
46.1 These Terms are governed by and are to be
construed in accordance with the laws Republic of Vanuatu, as the context requires.
Each party irrevocably and unconditionally submits to the non-exclusive jurisdiction of
the courts of Port Vila and the Republic of Vanuatu and waives
any right to object to proceedings being brought in those courts.
46.2 In these
Terms, a reference to:
46.2.1 a person includes a firm, partnership, joint
venture, association, corporation or other corporate body;
46.2.2 a person
includes the legal personal representatives, successors and permitted assigns of that
person; and
46.2.3 any body which no longer exists or has been reconstituted,
renamed, replaced or whose powers or functions have been removed or transferred to
another body or agency, is a reference to the body which most closely serves the
purposes or objects of the first-mentioned body.
46.3 If a party consists of more
than one person, these Terms bind them jointly and each of them severally.
46.4
In these Terms, a reference to a statute includes regulations under it and
consolidations, amendments, re-enactments or replacements of any of them.
46.5 In
these Terms:
46.5.1 a reference to this or other document includes the document
as varied or replaced regardless of any change in the identity of the
parties;
46.5.2 a reference to a clause, schedule, appendix or annexure is a
reference to a clause, schedule, appendix or annexure in, or to, these Terms all of
which are deemed part of these Terms;
46.5.3 a reference to writing includes all
modes of representing or reproducing words in a legible, permanent and visible
form;
46.5.4 headings and sub-headings are inserted for ease of reference only
and do not affect the interpretation of these Terms;
46.5.5 where an expression
is defined, another part of speech or grammatical form of that expression has a
corresponding meaning; and
46.5.6 where the expression including
or includes is used, it means 'including but not limited to' or
'including without limitation'.
46.6 If a provision in these Terms is held to be
illegal, invalid, void, voidable or unenforceable, that provision must be read down to
the extent necessary to ensure that it is not illegal, invalid, void, voidable or
unenforceable.
46.7 If it is not possible to read down a provision as required in
this clause, that provision is severable without affecting the validity or
enforceability of the remaining part of that provision or the other provisions in these
Terms.
46.8 In these Terms, a reference to '$' or 'dollars' is a reference to
United State dollars, unless expressly stated otherwise.
46.9 If a payment or
other act is required by these Terms to be made or done on a day which is not a Business
Day, the payment or act must be made or done on the next following Business Day.
46.10 In these Terms, a reference to:
46.10.1 the singular includes the plural
and vice versa; and
46.10.2 a gender includes the other genders.
46.11 In
these Terms, a reference to any property or assets of a person includes the legal and
beneficial interest of that person in those assets or property, whether as owner, lessee
or lessor, licensee or licensor, trustee or beneficiary or otherwise.
46.12 A
reference to a matter being to the knowledge of a person means the matter is to the best
of the knowledge and belief of the person after making proper enquiry including enquiry
which a reasonable person would be prompted to make by reason of knowledge of a
fact.
46.13 Where a party is a trustee and the party makes a covenant, agreement,
undertaking representation or warranty, it will be construed to be a covenant,
agreement, undertaking, representation or warranty made in its own capacity and as
trustee of the relevant trust.