Please read these terms and conditions carefully. By accessing this site and any pages thereof, you agree to be bound by the terms and conditions below. If you do not agree to the terms and conditions below, do not access this site, or any pages thereof.
© 2012. bforex All Rights Reserved.
Copyright in the pages and in the screens displaying the pages, and in the information and material therein and in their arrangement, is owned by bforex unless otherwise indicated.
Bforex, LTD and the bforex are trademarks and service marks of bforex and are used and/or registered throughout the world. Bforex, Ltd and their subsidiaries also claim rights in certain other trademarks and service marks contained in these web pages.
Use of information and materials
The information and materials contained in these pages, and the terms, conditions, and descriptions that appear, are subject to change. Unauthorized use of Bforex's web sites and systems including but not limited to unauthorized entry into bforex's systems, misuse of passwords, or misuse of any information posted on a site is strictly prohibited. Not all products and services are available in all geographic areas. Your eligibility for particular products and services is subject to final determination by bforex and/or its affiliates.
INFORMATION CONTAINED HEREIN has no regard to the specific investment objective, financial situation or particular needs of any specific recipient. The content herein is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any spot currency transactions, options, derivative products, futures, or other securities or related financial instruments. The content is based on information obtained from sources believed to be reliable but is not guaranteed as being accurate, nor is it a complete statement or summary of the markets of developments referred to in the content. This information should not be regarded by recipients as a substitute for the exercise of their own judgment. Any opinions expressed in this content are subject to change without notice and bforex is not under any obligation to update or keep current the information contained herein. Spot foreign currency transactions, options, derivative products and futures are not suitable for all investors, and trading in these instruments is considered risky. Past performance is not necessarily indicative of future results. Bforex accepts no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this content. No part of this content may be reproduced or distributed in any manner without the written permission of the provider via the Internet or otherwise. Bforex accepts no liability whatsoever for the actions of third parties in this respect.
The information and materials contained in this site, including text, graphics, links or other items are provided “As Is”, “As Available”. Bforex does not warrant the accuracy, adequacy or completeness of this information and materials and expressly disclaims liability for errors or omissions in this information and materials. No warranty of any kind, implied, expressed or statutory including but not limited to the warranties of non-infringement of third party rights, title, merchantability, fitness for a particular purpose and freedom from computer virus, is given in conjunction with the information and materials.
Limitation of liability
In no event will bforex be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with this site or any linked site or use thereof or inability to use by any party, or in connection with any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure, even if bforex, or representatives thereof, are advised of the possibility of such damages, losses, or expenses.
All information submitted to bforex via this site shall be deemed and remain the property of bforex and bforex shall be free to use, for any purpose, any idea, concepts, know-how or techniques contained in information a visitor to this site provides bforex through this site. bforex shall not be subject to any obligations of confidentiality regarding submitted information except as agreed by the bforex entity having the direct customer relationship or as otherwise specifically agreed or required by law. Nothing contained herein shall be construed as limiting or reducing bforex's responsibilities and obligations to customers in accordance with the bforex Privacy Notice for Clients.
The client accepts as part of the conditions, that his account will remain operational until his cancellation request with a prior notice of thirty (30) days. Likewise the client accepts that in the case that there are no registered transactions of three (3) consecutive months on his account and /or , his account shows a balance below 100 USD (a hundred dollars), the account and its balance will be considered non-operational.
This site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.
The Client accepts as part of the condition, that any promotional bonus and/or credit granted to the Client shall be granted under the following conditions:
1. Bonus may only be redeemed once all the conditions below are met accumulatively.
2. Bonus may only be redeemed once during the promotional period per customer per live account.
3. Customers may apply for only one bforex promotional offer during the promotion period.
4. bforex, in its sole discretion, will determine if a customer's deposit and trading activity are entitled to retain a promotional bonus.
5. Total refund shall not exceed the initial deposit amount.
6. Withdrawal of bonus funds is contingent upon generating 5000 times the volume of the net deposits.
7. Bonus may only be redeemed when registering with client’s real contact details.
8. To claim a bonus, customers are kindly requested to send an email to our Promotions department.
In addition to the above, certain additional conditions may apply.
Payments are made through Cubbon Services Limited, registered address Trident Centre 115 Griva Digeni Avenue 3101 Limassol Cyprus.
CUSTOMER TRADING AGREEMENT:
This Client Trading Agreement ("Agreement") is between Bforex Ltd. and its affiliates ("Bforex") and any end user (“Client”) (each a "Party" and together, the "Parties") and applies to any dealings between them. This Agreement incorporates by reference any additional appendices, including but not limited to the Risk Disclosure and Declaration of Beneficial Ownership.
Services. Client may enter into transactions with Bforex, in connection with spot and forward foreign currency contracts, foreign currencies swap transactions, and such other transactions as Bforex may from time to time make available (the “Services”).
Margin. The Services may involve margined transactions, requiring Client to deposit cash to secure its obligations under this Agreement (“Security Margin”).
Direct Relationship. Unless otherwise agreed in writing, Bforex and Client each enter into this Agreement as principal and Bforex will not accept an undisclosed/unapproved principal acting through Client. With regard to such a principal, Client agrees to provide Bforex with its identity, personal information, and other information that Bforex may seek.
No Recommendation or Solicitation. Bforex does not recommend, solicit, offer, advise, suggest, concur on the merits of, or otherwise provide any opinion whether to buy or sell any currency or to engage in any other transaction. Neither the availability of the Services nor any communication by anyone associated with Bforex should be construed in this manner.
Errors. Quotations provided by Bforex, via third parties or otherwise, may be incorrect for any reason. Following a transaction involving such quotation errors, Bforex in its discretion reserves the right to correct the affected account balance. Any dispute arising from such errors or corrections will be resolved on the basis of the fair market value of the relevant currency at the time of the error.
Market Fluctuations. Client acknowledges that the market for currency is subject to sudden changes due news events and other announcements, acts of war or terrorism, power failures, strikes or civil commotions, business trends, political developments, fluctuations in other financial and commodity markets, and other factors beyond Bforex's control. Bforex may determine in its sole discretion that an emergency or exceptional market condition exists, in which case it reserves the right to impose trading limits or special terms, cancel or suspend any transaction, or close an account.
Minimum Duration of Trade. Any transaction closed within 120 seconds from opening time shall be regarded as “Scalping”. Bforex shall reserve the right to cancel such transactions without prior notice.
Client Instructions and Order Execution
Client may provide oral or written instructions to Bforex to place an order. Written instructions may be given by letter, fax, the Bforex website, cellular or other electronic means of communication. Oral instructions may be given in person or by telephone, but Bforex may require written memorialization of such instruction. In case of an order received by the Company in any means other than through the electronic Trading Platform, the order will be transmitted by the company to the electronic Trading Platform and processed as if it was received through the electronic Trading Platform. The Client accepts the risk of misinterpretation and/or mistakes in the instructions and/or Orders sent through means other than the electronic Trading Platform, regardless of how they have been caused, including technical and/or mechanical damage. Once an instruction has been given, it cannot be rescinded, withdrawn or amended without Bforex's express consent. Bforex shall not be obligated to confirm instructions.
Bforex may request new instructions from Client, which shall provide them promptly.
Client shall advise Bforex of the identity of any persons authorized to give instructions. Such notice shall be in writing and shall set out the names and specimen signatures of the persons so authorized. Any such authority may be revoked by notice in writing by the Client but such revocation shall only be effective upon written confirmation by Bforex
The Client will be solely responsible for all orders, and for the accuracy of all information, transmitted via the Internet using Client’s name or personal identification code. Such transmission shall not give rise to a binding contract between Bforex and Client until Bforex accepts or acts upon it.
If Bforex does not receive instructions from Client to settle open positions by the close of a given business day, Bforex is authorized (but not obligated) to leave the same positions open overnight.
In case of open positions left overnight, as described in section 2.5 above, is made, the Client will be charged with a financing fee of 0.02% of its trading account current exposure on 00:00 GMT regardless of any interest rates differences.
Bforex shall not be liable, and Client shall defend, indemnify, and hold harmless Bforex, for any loss, expense, cost or liability, arising from error in instructions; instructions or other communications transmitted over the Internet; Client's failure to notify of revocation of authority; Client's failure to issue new instructions on Bforex 's request; remedial measures by Bforex in its absolute discretion upon such failure; Bforex 's actions on instructions transmitted via the Internet using Client’s name or personal identification code or from an individual who appears mistakenly to Bforex to be an authorized person; or Bforex 's refusal for any reason or no reason to act upon instructions.
Withdrawal Instructions- The Client may withdraw all or part of the funds deposited with Bforex upon the fulfillment of the following accumulative conditions:
It has provided all compliance or any other required documents to Bforex.
It has completed and signed the designated Bforex “Withdrawal Request Form”, providing all the necessary information stated in the form.
It does not hold any open positions in the Client’s trading account with Bforex.
It had sent the completed “Withdrawal Request Form” to the Bforex Client support via fax or e mail.
Bforex shall execute the Client’s withdrawal within 96 working hours once all the above conditions are met and upon approval of such by the Bforex Back Office Department. The Client acknowledges that fund transfer times may vary according to its account type, issuing bank, intermediary bank, receiving bank, destination country or any other 3rd party involved in the transfer of funds. Bforex shall not be liable for any fund transfer delay caused by such 3rd party.
The Client acknowledges that the requested transfer of funds may be charged with additional transfer fees from third parties to the transfer. The Client agrees to pay any incurred bank transfer fees when withdrawing funds from his sub-account to his designated bank account. Bforex does not charge any withdrawal fees. In addition, the Client acknowledges that in case the received funds are converted to any other currency other than US Dollars, some exchange fees may apply. The Client is fully responsible for payments details, given to the Company and the Company accepts no responsibility for the Client‘s funds, if the Client‘s given details are wrong. It is also understood that the Company accepts no responsibility for any funds not deposited directly into Company‘s bank accounts.
Should a withdrawal request had failed to meet the withdrawal accumulative conditions set out in section 2.8 above; the withdrawal request will be cancelled within 30 days of its request and the Client may re request for the withdrawal. Such withdrawal re request shall be subject to the withdrawal general terms as set out above.
The Client acknowledges that Anti Money Laundering Regulations does not allow the transfer of fund to any third party other than the beneficial owner of the Bforex trading account. In addition, Bforex may require further documentation regarding the origin of funds and/or the beneficial owner.
The Client hereby represents that:
it has read and understood, and agrees to the terms and conditions of this Agreement;
it understands the high degree of risk associated with foreign currency trading subject to unknown market movements and other factors which can give rise to losses exceeding the Client’s original Security Margin, and that it can afford to lose the sums that it remits to Bforex and incur additional losses;
it does not have any legal disability with respect to, and is not subject to any law or regulation which prevents its performance of, this Agreement or any contract contemplated by this Agreement;
it has obtained all necessary consents and has the authority to enter into this Agreement (and if the Client is a corporation or similar entity, it is properly empowered and has obtained necessary authority pursuant to its organizational charter);
subject to this Agreement, all sums remitted to satisfy the Security Margin are and shall at all times remain free from any charge, lien, pledge or encumbrance;
it is in compliance with all laws to which it is subject including, without limitation, all tax laws and regulations, exchange control requirements and registration requirements;
the information provided by it to Bforex is complete, accurate and not misleading;
the foreign exchange market is unregulated and as such, it understands that will not benefit from any statutory or other compensation scheme in respect of the Services;
The Client shall remit to Bforex such amounts of money as required by Bforex, in a currency acceptable to Bforex, to cover Client's Security Margin and any account debit balance.
Bforex will have no obligation to ensure Security Margin requirements have been satisfied by the Client before effecting an order and the Client’s payment obligations will not be diminished by any failure by Bforex to enforce payment of outstanding Security Margins prior to entering into the transaction.
Bforex may use any money received from the Client in order to satisfy Bforex obligations related to such Client to any third party and Bforex shall not be obliged to account to the Client for any resulting income received by Bforex.
The Client shall promptly deliver any money payable by it under a third-party contract in accordance with both the terms of that contract and with any instructions given by Bforex for the purpose of enabling Bforex to perform its obligations under such contract.
Bforex may (but shall not be obligated to) convert into another currency at an exchange rate acceptable to Bforex any Client monies held by it as Bforex considers necessary or desirable to satisfy Client’s obligations and liabilities.
If the Client fails to satisfy a required Security Margin or other sum due under this Agreement, Bforex may close out any or all open positions without prior notice and apply any proceeds thereof to payment of any amounts due to Bforex. Bforex reserves the right to return funds deposited by Client at any time with or without reason.
Spread rates, Margin and Leverage
Bforex reserves the right to modify Security Margin requirements in line with the size of the Client's deposit, size of transactions, market conditions characterized by particular volatility or lack of liquidity, or other factors determined by Bforex. Bforex reserves the right to offer different spread rates in accordance with the size of the Client's Security Margin and/or positions.
Client is wholly responsible for verifying the activity of its accounts, as well its Security Margin requirement. Such requirements are available upon request or on the Bforex website.
The 1 (one) standard lot size is the measurement unit specified for each Financial Instrument traded in the Electronic Trading Platform. The Company reserves the right to change the Contract Specifications at any time depending on the market situation. The Client agrees to check the full specification of the Financial Instrument before placing any order. A possible choice of a maximum leverage rate, according always to the account type, ranges from 1:50 up to 1:300 depending on the type of the account and at the discretion of the Company, all provided that in no event shall the exposure in a single account exceed 30 Million US dollars. At opening of a Client trading account, the leverage rate is predetermined according to the type of account chosen by the Client. The Client may request for a lower leverage to be applied to their trading account by contacting the Company.
The Company reserves the right to change the Client‘s trading account leverage at its discretion, either for a limited time period or on a permanent basis, by publication on the company website and/or written notice sent by mail.
In case of absence of any trading activity within three (3) months of the Client‘s account, the Company reserves the right to charge a quarterly fixed payment of 100 US dollars in order to maintain the account assuming that the Client Account has the available funds. If the Client account is funded by less than 100 US dollars and has been inactive for a period of three (3) months, the Company reserves the right to charge a lower amount to cover administrative expenses and close down the account.
Right of Pledge, Lien, Set-Off and Retention
Bforex shall, at any time and without prejudice to any other rights Bforex may have, be entitled to combine or consolidate separate Client accounts, offset against each other the balances of any Client accounts (regardless of designation or currency of the account) or offset each balance individually. For any Bforex claims arising from Services relating to Client, irrespective of the maturity dates of such claims or of the currencies in which they are denominated, Bforex shall have a right of lien and pledge, and a right of retention, on all assets or security held in Client’s name or otherwise deposited with Bforex, or any guarantee or indemnity given to or owed Bforex by Client.
Without prior notice to, or receipt of further authority from the Client, Bforex shall have the right to close out all or any part of any position or account of Client, upon or at any time after the occurrence of any of the following events:
Client fails to make any payment due under this Agreement promptly;
Client fails to observe or perform in whole or in part any of the provisions of this Agreement or commits a breach of this Agreement;
Client maintains parallel accounts for the purpose of arbitraging Bforex promotions or policies, in Bforex's sole discretion;
Client dies, is declared absent or becomes of unsound mind;
A bankruptcy petition is filed in respect of the Client or, if a partnership, in respect of one or more of its partners or, if a company, any steps are taken or proceedings initiated or protection sought under any applicable bankruptcy reorganization or insolvency law by it in respect of itself or against it including, without limitation, the taking of any steps for the appointment of a receiver, trustee, administrator or similar officer to be appointed over its undertaking or assets or any part of them;
Client performs a credit card chargeback. In this case, any Client accounts will be frozen and all positions will be closed at the end of the trading day in a manner prescribed by Bforex;
Bforex or the Client is requested to close out a position or any part of a position by any governmental or regulatory agency or authority;
Bforex considers it necessary for its own protection;
The Client acknowledges Bforex's right to close out all or any part of any open position of the Client held by Bforex should a negative result of these positions lead to surpass the required Security Margin.
Client who engages or suspected in what is deemed, illegitimate, unlawful, unethical system abuse, system arbitrage, quotation arbitrage or any other trade that may be deemed at one point or another as a violation of trading standards be it based on the amount of time the transaction was opened or by virtue of the fact that the trade was opened inadvertently at an incorrect price, time, or instrument. Bforex reserves the right not to accept any trade of an instrument during the first 5 minutes of the trading day. Bforex reserves its right to cancel any trade, in its own discretion, of such instrument made during the first 5 minutes of the trading day.
Internet and electronic trading
Bforex shall not be liable for any claims, losses, damages, costs or expenses, caused directly or indirectly, by any breakdown or failure of any transmission or communication system or computer facility, whether belonging to Bforex, Client, any market, or any settlement or clearing system.
Tape recording of Conversation
The Client acknowledges that Bforex may record all telephone conversations between the Parties. Such recordings or transcripts thereof shall remain the property of Bforex and Client consents to their use as evidence by Bforex in any dispute or anticipated dispute between the Parties under this Agreement. Any such recordings or transcripts made by Bforex may be destroyed by it in accordance with its usual practice.
Amendments to the Agreement
Bforex reserves the right to amend this Agreement at any time by posting on the Bforex website.
The Agreement will be interpreted in accordance with the law of the British Virgin Islands. For any disputes arising under this Agreement, the Parties hereby submit to the exclusive jurisdiction of the courts sitting in the British Virgin Islands. The Parties agree that the United Nations Convention on Contracts for the International Sale of Goods will not apply.
Terms and Conditions of Use of NetDania’s Chart tools
All Services (software, data and news) provided by NetDania and third party data and news providers (the “Services”) on (the website address) is owned by or licensed to NetDania and its affiliates and any user is permitted to store, manipulate, analyze, reformat, print and display the software, data and news only for such user’s personal use. In no event shall any user publish, retransmit, redistribute, communicate, disseminate or otherwise reproduce any software, data and news in any format to anyone, and no user shall use any part of the Services in any connection with any business or commercial enterprise, including, without limitation, any securities, investment, accounting, banking, legal or media business or enterprise. By using the Services, the User hereby:
(i) Agrees that NetDania, the Information Providers, the data Sources and/or any other party shall have no liability for the accuracy or completeness of the software, data or news or for delays, interruptions, or omissions therein;
(ii) Agrees not to use or permit anyone to use the software, data or news for any unlawful purpose;
(iii) Agrees that no intellectual property rights in the software, data or news are transferred to any person or legal entity.
(iv) Agrees that the software, data, news and any information obtained or derived therefrom shall be used solely by the User in the normal course of the User’s business.
(v) Agrees that the User may not: communicate or disseminate the software, data, news or any information obtained or derived therefrom to any other party, including any of the User’s subsidiaries or branch offices by any means whatsoever. This restriction shall include, without limitation, copying any part of the software, data, news or any information obtained or derived therefrom electronically or otherwise and distributing or disseminating any part of the software, data, news or any information obtained or derived therefrom via any network; or use the software, data or news in any way that may infringe any proprietary interest of NetDania or any third party.
(vi) Agrees that neither party excludes or limits liability for death or personal injury to any person caused by its negligence.
(vii) Agrees that notwithstanding any other provision of this Contract, the User acknowledges that where the Services include any information and/or data obtained or derived from any of the Sources, such Sources accept no liability whatsoever for such data or information.
(viii) Agrees that its arrangement with The Client for receipt of the software, data and news is subject to termination in the event that this Contract between The Client and NetDania is terminated for any reason;
(ix) Agrees, where applicable, to make application to and receive written approval for receipt of the data and news from each and every Source prior to commencing receipt of the data and news and agrees to comply with any conditions, restrictions or limitations imposed by any of the Sources, including paying all such fees or charges as such Sources may impose either directly or through NetDania or The Client; and
(x) Acknowledges that the Sources, described in the preceding paragraph, may have the right to terminate provision of the data and news to the User with or without notice and that neither any such Source, NetDania, nor any third party shall have any liabilities in connection therewith.
(xi) Acknowledges that prior to the execution of a security trade the User is expressly advised to consult with the User’s broker or other financial representative to verify pricing information.
(xii) Acknowledges that neither NetDania, its affiliates, its employees, the Sources or its third party licensors or any other party make any express or implied warranties (including, without limitation, any warranty or merchantability or fitness for a particular purpose or use) regarding the Services. The Services are provided to the users “as is”. Neither NetDania, its employees, its affiliates, its Sources or its third party licensors, nor any other party will be liable to any user or anyone else for interruption, inaccuracy, error or omission, regardless of cause, in the Services or for any damages (whether direct or indirect, consequential, punitive or exemplary) resulting therefrom.
*Every position opened in the Demo environment might be closed after 30 days.