Client Services Agreement

2. Scope Application

2.1 This Agreement (and any amendments to this Agreement) supersedes any previous agreement between the Company and the Client on the same subject matter and takes effect between the Company and the Client.

2.2 This Agreement sets out the basis on which the Company agrees to provide its Services subject to Applicable Regulations.

2.3 This Agreement is provided to assist the Client in making an informed decision about the Company, its services, and the risks of the Financial Instruments.

2.4 This Agreement should be read in its entirety in deciding whether:
a) to buy, sell or to continue to hold any Financial Instrument; and/or
b) to be provided with the Services.

3. Provision of Services
3.1 The Company shall carry on business as dealing in securities, whether acting as principal or agent, by performing the below:

a) Makes or offers to make an agreement with another legal person to enter into or offer to enter into an agreement, for or with a view  to acquiring, disposing of, subscribing for or underwriting securities or in any way that effects or causes to affect a securities transaction.
b) Without limiting the generality of the above point, causes any sale or disposition of or other dealing or any solicitation in respect of securities for valuable consideration, whether the terms of payment be on margin, instalment or otherwise or any attempt to do any of the foregoing.
c) Participates as a securities dealer in any transaction in a security occurring upon a securities exchange.
d) Receives as a securities dealer an order to buy or sell a security which is executed.
e) Manages a portfolio of securities for another Company on terms under which the first mentioned Company may hold property of the other.

3.2 The services of paragraph 3.1 shall involve transactions in Financial Instruments not admitted to trading in Regulated Markets and are Over the Counter (“OTC”) traded instruments such as CFDs or any other financial instruments or commodities.
By accepting this Agreement, the Client acknowledges, and agrees he has given express prior consent to the execution of orders by the Company outside a Regulated Market.

3.3 The Client acknowledges that the services of paragraph 3.1 do not constitute the provision of investment advice.

4. Account opening process

4.1 Before opening a new account, the Company provides to the Client via the Website or through email or in person with the required information regarding the Company as well as the applicable terms and conditions. After logging on the website of the Company, the Client will complete and/or receive the application package which consists of the following:
a) account application form,
b) relevant information/documents of the client,
c) Pro-forma agreement (Client Services Agreement).

4.2 The Company is obligated by the Applicable Regulations to perform KYC and Due diligence procedures in order to verify the identity of each person who registers online via the Company’s Website. For this purpose, the Company will collect information about the Client such as name, surname, address, telephone number, email, nationality, date of birth and other details.

4.3 When the Company receives the Client’s completed online application form, it may use the information to conduct any further enquiries about the Client as the Company determines under the circumstances and its internal policies and procedures. The Company also carries out additional checks or periodic reviews. The Client will need to co-operate with the Company and supply the information requested promptly. The Company relies on the information that it is provided by the Client in the online application form or otherwise as being correct and not misleading at all times, unless you notify us otherwise in writing. In particular, the Client must notify the Company as soon as possible in writing if any of the details provided to us in his application form or if his circumstances have subsequently changed.

4.4 The Company will assess the information received by the Client during the Account Opening Procedure in order to determine whether the Client is eligible or not in investing and/or operating a trading account with the Company.

5. Acknowledgement of Risks
5.1 Contracts for difference, options, futures, swaps, forward rate agreements and many other derivatives (including most put options) are leveraged products and involve a high level of risk. It is possible for the Client to lose all his capital invested. Therefore, these products may not be appropriate or suitable for everyone and the Client should ensure that he understands the risks involved. The Client will not be required to cover losses exceeding his invested capital as the Company applies a negative balance protection policy. If the Client considers that he is not properly able to understand the investment risks involved, he should seek independent advice.

5.2 The Client unreservedly acknowledges and accepts that, regardless of any information, which may be offered by the Company, the value of any investment in Financial Instruments may increase or decrease and there is a substantial risk that the investment may become of no value. In the case of Financial Instruments which are contracts for differences or other contractually based derivatives the entire amount of margin deposit may be lost.

5.3 The Client acknowledges that the Company has not solicited, or in any other way recommended his/her participation in trading with the Company pursuant to any particular trading system, and that the Client has made inquiries and conducted research sufficient to make an informed investment decision.

5.4 The Client unreservedly acknowledges and accepts that he runs a great risk of incurring losses and damages as a result of purchasing and/or selling any Financial Instrument and the Client accepts and declares that he is willing to undertake this risk.

5.5 The Client acknowledges and accepts that the Company does not and shall not provide any investment advice. Where applicable, any general views expressed to the Client by the Company (whether orally or in writing) on economic climate, markets, investment strategies or investments, trading suggestions, research or other such information are not to be viewed as investment advice or recommendations by the Company and shall not give rise to any advisory relationship. Each decision by the Client to enter into a Contract for Difference or any other trading product offered by the Company is an independent decision by the Client. The Company is not acting as an advisor to or serving as a fiduciary of the Client and the Company specifically disclaims any such duties.

5.6 When the Client makes a decision to trade in any Financial Instrument, the Client should consider the risks inherent in such Financial Instrument and in any strategies related thereto. The Client’s risk assessment should include a consideration of various risks such as credit risk, market risk, liquidity risk, interest rate risk, foreign exchange risk, business, operational and insolvency risk and the risks of “over-the-counter” (as opposed to on-exchange) trading.

5.7 The preceding paragraphs does not constitute investment advice based on the Client’s personal circumstances, nor is it a recommendation to use any of the services or invest in any Financial Instrument. Where the Client is unclear as to the meaning
of any of the above disclosures or warnings, the Client is strongly recommended to seek independent legal or financial advice.

5.8 The Client acknowledges and accepts that there may be risks other than those mentioned in this section 5. The Client also acknowledges and accepts that he has read and accepted the “Risk Disclosure” document, which is available on the Company’s website.

6. Electronic Systems and Trading
6.1 The Company shall provide the Client with Access Codes for entering into Transactions or dealings with or through the Company. Such Access Codes can be used to access the Electronic Systems. Any such dealings shall be carried out on the basis set out in this paragraph and on the basis of any additional agreement which the Company may enter into with the Client to regulate such activity.

6.2 The Client acknowledges and accepts that the Company has the right to restrict any access to its Electronic Systems where it deems appropriate, for the smooth operation of its Electronic Systems as well as to protect other client’s interest and its own. The Client will only be entitled to access the Electronic Systems and enter into dealings for its own use on a non-exclusive, non-transferable basis.

6.3 All rights and interests and all intellectual property rights (including, without limitation, all trademarks and trade names in or relating to the Company) are owned by the Company or the Company’s suppliers or licensors and will remain the Company’s property or that of the Company’s suppliers or licensors at all times. The Client will have no right or interest in those intellectual property rights other than the right to access the Electronic Systems. The Client shall not copy, license, sell, transfer, make available the Electronic Systems or information on the Electronic Systems to any other person. The Client shall not remove or alter any copyright notice, or other proprietary or restrictive notice contained in the Electronic Systems.

6.4 The Client shall take all necessary precautions to ensure the confidentiality of all information, including, but not limited to, the Access Codes to the Electronic Systems, Transaction activities, account balances, as well as all other information and all orders. The Client shall be solely responsible for all orders and the accuracy of all information sent via the internet using its Access Codes. The Client acknowledges that the Company bears no responsibility in the case that the Access Codes are used in an unauthorized manner by any third party, except where unauthorized use is the result of the Company’ default. The Client is strongly advised not to use any public computer to login with his Access Codes. The Client should always logout from the Electronic Systems. The Client shall ensure that no computer viruses, worms or similar items are introduced through the Electronic Systems to the Company’s computer systems and networks. The Client will be responsible for the installation
and proper use of any virus detection software which the Company may require.

6.5 The Client undertakes to notify the Company immediately if it comes to his attention that the Client’s Electronic System Access Codes are being used unauthorized.

6.6 To the extent permitted by Applicable Regulations, the Company shall not be liable for:
a) any loss, expense, cost or liability (including consequential loss) suffered or incurred by the Client as a result of instructions being given, or any other communication being made via the internet or other electronic media; the Client shall be solely responsible for all orders, and for the accuracy of all information, sent via such electronic media; and
b) any loss or damage that may be caused to any equipment or software due to any viruses, defects or malfunctions in connection with the access to, or use of, the Electronic Systems.

6.7 If the Client wants to use a third party software application to provide trading signals or advice or other trading assistance (an “Expert Advisor”) or uses MetaTrader Hosting, a hosting environment allowing for real-time access to the Client’s Company Account, the Company and its third party suppliers or licensors make no warranties or representations of any kind, whether expressed or implied for the service it is providing. The Company and its third party suppliers or licensors also disclaim any warranty of merchantability or fitness for any particular purpose and will not be responsible for any damages that may be suffered by the Client, including loss of funds, data, non-deliveries or service interruptions by any cause or errors or omissions by the Client. The Client’s use of any information obtained by way of an Expert Advisor used in conjunction with MetaTrader Hosting or otherwise is at the Client’s own risk, and the Company and its third party suppliers specifically disclaim any responsibility for the accuracy or quality of information obtained through its services. Connection speed represents the speed of an end-to-end connection. The Company and its third party suppliers or licensors do not represent or guarantee the speed or availability of end-to-end connections. The Company and its third party suppliers or licensors shall not be subject to any damages or liability for any errors, omissions or delays therein including unavailability. The licensed products and all components thereof are provided on an “as is” basis and are separate and distinct from the services provided under this Agreement. Where the Company believes that a Client is using additional functionalities /plug-ins where it affects the reliability and/or smooth and/or orderly operation of the Electronic Systems the Company has the right to suspend or terminate the Client’s Account.

6.8 The Company makes every effort to deliver high quality products. However, we do not guarantee that our products are free from defects. Our software is provided “as is” and the Client uses the web platform at his own risk. The Company makes no warranties as to performance, fitness for a particular purpose, or any other warranties whether expressed or implied. No oral or written communication from or information provided by the Company shall create a warranty. Under no circumstances shall the Company be liable for direct, indirect, special, incidental, or consequential damages resulting from the use, misuse, or inability to use this software, even if the Company has been advised of the possibility of such damages.

7. Client Instructions and Orders
7.1 The Client understands and confirms that all orders received by the Company from the Client are orders for execution outside a Regulated Market.

7.2 The Client understands and acknowledges that the Company will enter into transactions with the client either as principal (counterparty) or an agent. The Company will be the contractual counterparty to the Client.

7.3 The Client can open and close a position via the Electronic Systems or by placing orders with the Company’s Dealing Desk and can add or modify orders by placing “buy limit”, “buy stop”, “sell limit”, “sell stop”, “stop loss” and/or “take profit” orders on any Financial Instrument.

7.4 The Company shall record telephone conversations, without any prior warning (unless required to give prior warning by Applicable Regulations), to ensure that the material terms of a transaction and/or order placed by the Client and/or any other material information relating to a Transaction are properly recorded. Such records shall be the property of the Company and shall be accepted by the Client as evidence of his orders or instructions. The Company may use recordings and/or transcripts thereof for any purpose which it deems desirable.

7.5 The Company reserves the right at its own discretion, without the Client’s consent, due to risk management policies to transfer the Client’s execution to agency model accounts when the Client’s trading strategy, exposes the Company to greater risk than the Company can tolerate.

7.6 The Company may in its sole discretion reject any order from the Client but will notify the Client of any such rejection, without giving any reasons, promptly following receipt of the Client’s instructions. The Company may cancel any instructions
previously given by the Client provided that the Company has not acted on the Client’s instructions. Without prejudice to the generality of the foregoing the Client acknowledges that the Company may reject orders and/or instructions by the Client
when they are not clear when the Client seeks to open a position, close a position or modify or withdraw an order.

7.7 If any Financial Instrument Reference Asset which is a security becomes subject to possible adjustments as a result of any of the events set out in paragraph 7.8 (referred to as “Corporate Event”), the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity of the corresponding transaction (and also the level or size of the corresponding orders). This action is made in order to (i) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event, and/or (ii) replicate the effect of the Corporate Event upon someone with an interest in the relevant underlying Reference Asset security, to be effective from the date determined by the Company.

7.8 The events to which paragraph 7.7 refers to are any of the following, by the declaration of the issuer of a security:
a) a subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of bonus shares to existing shareholders, capitalization or share split or reverse share split or similar event;
b) a distribution to existing holders of the shares or additional shares, other share capital or securities, granting the right to payment of dividends and/or proceeds from the liquidation of the issuer equally proportionate to such payments to holders of the underlying shares, securities, or warrants granting the right to receive or purchase shares for less than the current market price per share;
c) any other event regarding shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of shares;
d) any event analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of any security not based on shares;
e) any event that is caused by a merger offer made regarding the Company of the underlying asset;
f) earnings announcements.

7.9 If any Financial Instrument Reference Asset which is a security becomes subject to a specific risk resulting in a predicted fall in value, the Company reserves the right to restrict short selling or even withdraw the specific Financial Instrument from the Trading Platform.

7.10 Determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or the level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment
via its internal mail or email as soon as is reasonably practicable.

7.11 In the case where the Client has any open positions on the ex-dividend day for any of the Financial Instrument Reference Assets, the Company has the right to close such positions at the last price of the previous trading day and open the equivalent volume of the underlying Financial Instrument at the first available price on the ex-dividend day. In this case, the Company will inform the Client via its internal mail or email of the said adjustment and no Client consent will be required. In the case where the Company’s Risk Management believes the Client is deliberately attempting to take advantage of the fact that shares in a particular Spot Index going ex-dividend, the Company reserves the right to apply a dividend adjustment. In the case of short positions, the dividend adjustment will be debited from the clients’ account where dividend adjustment will be equal to Index Dividend declared x position size in Lots.

7.12 Considering the levels of volatility affecting both price and volume, the Company is constantly seeking to provide client orders with the best execution reasonably possible under the prevailing market conditions. Client’s orders (Buy/Sell, Buy Limit, Buy Stop, Sell Limit, Sell Stop, Stop Loss and/or Take Profit) are executed at the requested/declared price. However, during periods of volatile market conditions, during news announcements, on opening gaps (trading session starts), or on possible gaps where the underlying instrument has been suspended or restricted on a particular market, Buy/Sell Stop and Stop Loss orders may not be filled at requested/declared price but instead at the next best available price. In such case, Take Profit orders below/above Buy Stop/Sell Stop orders or Stop Loss orders above/below Buy Stop/Sell Stop orders during activation will be removed. The same execution policy applies when a trading strategy is deemed as abusive, because it is aiming towards potential riskless profit or another strategy deemed by the Company to be abusive. Accordingly, placing a Stop Loss order will not necessarily limit the Client’s losses at the intended amount.

7.13 The Client acknowledges that orders shall be executed at the bid and ask prices that are offered by the Company, which are an aggregation of prices from third party liquidity and/or price feed providers. Due to the high volatility of the market as well as the internet connectivity between the Client terminal and the Company’ server, the prices requested by the Client and the current market price may change in the period between the Client placing his order with the Company the time the order is executed. The Client acknowledges that in the case of any communication or technical failure which results in the quotation of off- market prices on the quotes feed (i.e. price errors or anomalies, abnormal spreads, prices that freeze/stop updating or price spikes), the Company reserves the right not to execute an order or, in cases in which the order was executed, to change the opening and/or closing price of a particular order or to cancel the said executed order, and the Company will not be held liable for any losses incurred by the Client.

7.14 The Company shall not be liable for any delays, inaccuracies or other errors in the transmission of any order, instruction or information from the Client to the Company due to any cause beyond the reasonable control of the Company. Delays can be caused by various reasons depending on the current market conditions (e.g. high market volatility) as well as a slow/weak internet connection (e.g. between the Client’s terminal and the Company’ server).

7.15 The client acknowledges that in the case of any delay and/or disruption or outage in relation to the Electronic Systems or any electronic communication (including the internet, the Trading Platform or electricity), if the Client wishes to place an order he must send an email to the Dealing Desk of the Company at trading@t4trade.com. Any email communication must come from the Client’s registered email address with the Company, and instructions sent by the Client via email will only be considered received and will only then constitute a valid instruction and/or binding Contract between the Company and the Client once such instruction has been recorded as executed and confirmed by the Company. The Client’s mere communication of an instruction does not constitute a binding Contract between the Company and the Client. The Company will only execute the order within the Company’s trading hours as listed in the terminal of the Trading Platform and may change from time to time.

7.16 The Client acknowledges and accepts that the Company reserves the right to refuse any email instruction if the Company’s personnel is not satisfied of the Client’s identity, or if the Client fails to provide clear instructions. The Client acknowledges that any instructions shall be treated on a first come, first served basis and the Company bears no responsibility for possible delays in placing the instruction with the Dealing Desk.

7.17 “Manifest Error” means a manifest or obvious misquote by the Company, or any market, liquidity provider or official price source on which the Company has relied in connection with any Transaction, having regard to the current market conditions at the time an order is placed as the Company may reasonably determine. When determining whether a situation amounts to a Manifest Error, the Company may take into account any information in its possession, including information concerning all relevant market conditions and any error in, or lack of clarity of, any information source or announcement. The Company will, when making a determination as to whether a situation amounts to a Manifest Error, act fairly towards the Client but the fact that the Client may have entered into, or refrained from entering into, a corresponding financial commitment, contract or Transaction in reliance on an order placed with the Company (or that the Client has suffered or may suffer any loss) will not be taken into account by the Company in determining whether there has been a Manifest Error.

7.18 In respect of any Manifest Error, the Company may (but will not be obliged to):
a) amend the details of each affected Transaction to reflect what the Company may reasonably determine to be the correct or fair terms of such Transaction absent such Manifest Error; or
b) declare any or all affected Transactions void, in which case all such Transactions will be deemed not to have been entered into.

7.19 The Company will not be liable to the Client for any loss (including any loss of profits, income or opportunity) the Client or any other person may suffer or incur as a result of or in connection with any Manifest Error (including any Manifest Error by the Company) or the Company’s decision to maintain, amend or declare void any affected Transaction, except to the extent that such Manifest Error resulted from the Company’s own willful default or fraud, as determined by a competent court in a final, non-appealable judgment.

7.20 Considering the volume of the Client’s order and the current market conditions, the Company shall have the right to execute part of an order only.

7.21 The Company has the right at its discretion to increase or decrease Spreads of Financial Instruments depending on the current market conditions and the size of the Client’s order.

7.22 The Swap rate is mainly dependent on the level of interest rates as well as the Company’s fee for having an open position overnight. The Company has the discretion to change the level of the Swap rate on each Financial Instrument at any given time and the Client acknowledges that he will be informed by the Company’s Website. The Client further acknowledges that he is responsible for reviewing the contracts specifications located on the Company’s Website for being updated on the level of Swap rate prior to placing any order with the Company. Furthermore, the Company reserves the right to change the level of Swap rates where there is suspicion of abuse without prior informing the Client.

7.23 The Company reserves the right, as its discretion, to increase the Swap rate for any Client beyond the levels displayed on the Website, in the instance where the Client holds a position for a period of 10 calendar days or more, or in the instance where the client is overexposed, to reflect the increased cost of tier swap pricing when rolling positions.

7.24 The Company reserves the right to disable and/or enable swap free trading for Client’s trading account and/or reverse any cumulative profits derived from the said trading at any given time and/or retrospectively charge the waived swap fee. This can occur at times where there is suspicion of swap abuse aiming at generating riskless profit where the Client abuses the Company’s trading conditions/systems or where the Client’s trading strategy imposes a threat to the Company’s trading facility or where the Company deems necessary in order to protect the smooth operation of its trading facility. The Client further acknowledges that swap free applies for 30 calendar days on Major Pairs and 10 calendar days for every other instrument. Therefore, swap free accounts holding a position open on Major Pairs for more than 30 calendar days and/or on other Instruments for more than 10 calendar days, will be credited or debited swap accordingly. . Note that a storage amount may apply instead for swap free account equivalent to the swap rates. In such case, the storage amount will be credited/debited in the form of deposit/withdrawal from the account equity.

7.25 Internet, connectivity delays, and price feed errors sometimes create a situation where there is price latency on the Electronic Systems such that there is a disparity between the Company quoted prices and current market prices for short periods. Client expressly acknowledges and agrees that it shall not execute Transactions with the Company that rely on price latency arbitrage opportunities either by using additional functionalities/plug-ins (i.e. Expert Adviser, etc.) or by any other means. If the Client acts in contravention of this clause the Company reserves the right to (i) make corrections or adjustments to the relevant Transaction execution prices to reflect what would have occurred had there been no price latency arbitrage; and/or (ii) cancel all the relevant Transactions; and/or (iii) terminate without notice the Client’s Account with the Company; and/or (iv) charge an administration fee equal to 10% of the deposited funds, with the maximum charge set at $200 or deposit currency equivalent.

7.26 Any strategy that consists of a combination of full or partial hedge between a long position in a spot asset and a short position in the futures for that asset or vice versa, aiming towards a cash and carry or reverse cash and carry arbitrage is deemed as abusive and therefore any trading benefits/profits generated as a result will be reversed.

8. Expiry Transactions

8.1 For certain Financial Instrument Transactions an expiry date may apply (an “Expiry Transaction”). The details of these dates are available in the Contracts Specification on the Company’s website. The Client acknowledges and agrees that the Company will have the right to close any Transaction in its sole and absolute discretion without notice if the Reference Asset is a derivative Financial Instrument which may settle on expiry by a delivery other than in cash, a reasonable period prior to the expiry date as determined in the sole and absolute discretion of the Company. The Company will not be subject to any obligation to roll over a position in such a derivative Financial Instrument.

8.2 The price of an Expiry Transaction will be (a) the last traded price at or prior to the close or the applicable official closing quotation or value in the relevant Reference Asset as reported by the relevant exchange or market, errors and omissions excluded; plus, or, as the case may be, minus (b) any Spread that the Company applies when such an Expiry Transaction is closed. Details of the Spread that the Company applies when a particular Expiry Transaction is closed are available on request.