Terms and Conditions
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.
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 Financika's web sites and systems including but not limited to unauthorized entry into Financika'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 Financika and/or its affiliates.
Copyright and Trademarks
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 Financika unless otherwise indicated.
Financika, LTD and the Financika are trademarks and service marks of Financika and are used and/or registered throughout the world. Financika, Ltd and their subsidiaries also claim rights in certain other trademarks and service marks contained in these web pages.
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 Financika 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. Financika 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. Financika 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”. Financika 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 Financika 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 Financika, or representatives thereof, are advised of the possibility of such damages, losses, or expenses.
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 Financika promotional offer during the promotion period.
4. Financika, 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.
CUSTOMER TRADING AGREEMENT:
This Client Trading Agreement("Agreement") is between Sharp Trading Ltd. and its affiliates, operator of the brand name Financika (hereinafter: "Financika") 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 limited to the Risk Disclosure and Declaration of Beneficial Ownership.
1. General Rules
1.1. Services. Client may enter into transactions with Financika, in connection with spot and forward foreign currency contracts, foreign currencies swap transactions, and such other transactions as Financika may from time to time make available (the “Services”).
1.2. Margin. The Services may involve margined transactions, requiring Client to deposit cash to secure its obligations under this Agreement (“Security Margin”).
1.3. Direct Relationship. Unless otherwise agreed in writing, Financika and Client each enter into this Agreement as principal and Financika will not accept an undisclosed/unapproved principal acting through Client. With regard to such a principal, Client agrees to provide Financika with its identity, personal information, and other information that Financika may seek.
1.4. No Recommendation or Solicitation. Financika 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 Financika should be construed in this manner.
1.5. Errors. Quotations provided by Financika, via third parties or otherwise, may be incorrect for any reason. Following a transaction involving such quotation errors, Financika 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.
1.6. 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 Financika's control. Financika 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.
1.7. Minimum Duration of Trade. Any transaction closed within 120 seconds from opening time shall be regarded as “Scalping”. Financika shall reserve the right to cancel such transactions without prior notice.
1.8. Trading Indices. The Client hereby acknowledge that he is aware that in the case of Contract for Difference (CFD) trade, Financika shall open its trading within 5 minutes of the opening of the relevant market. Financika reserves the right not to accept any trade of such instrument during the first 5 minutes of the trading day. Financika reserves its right to cancel any trade, in its own discretion, of such instrument made during the first 5 minutes of the trading day.
2. Client Instructions and Order Execution
2.1. Client may provide oral or written instructions to Financika to place an order. Written instructions may be given by letter, fax, the Financika website, cellular or other electronic means of communication. Oral instructions may be given in person or by telephone, but Financika 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 Financika's express consent. Financika shall not be obligated to confirm instructions.
2.2. Financika may request new instructions from Client, which shall provide them promptly.
2.3. Client shall advise Financika 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 Financika.
2.4. 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 Financika and Client until Financika accepts or acts upon it.
2.5. If Financika does not receive instructions from Client to settle open positions by the close of a given business day, Financika is authorized (but not obligated) to leave the same positions open overnight.
2.6. In case of open positions left overnight, as described in section 2.5 above, the Client will be charged with a Financing Fee of 0.015% of its trading account current exposure on 00:00 GMT regardless of any interest rates differences.
2.7. Financika shall not be liable, and Client shall defend, indemnify, and hold harmless Financika, 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 Financika 's request; remedial measures by Financika in its absolute discretion upon such failure; Financika 's actions on instructions transmitted via the Internet using Client’s name or personal identification code or from an individual who appears mistakenly to Financika to be an authorized person; or Financika 's refusal for any reason or no reason to act upon instructions.
2.8. Withdrawal Instructions- The Client may withdraw all or part of the funds deposited with Financika upon the fulfillment of the following accumulative conditions:
2.8.1. It has provided all compliance or any other required documents to Financika.
2.8.2. It has completed and signed the designated Financika “Withdrawal Request Form”, providing all the necessary information stated in the form.
2.8.3. It does not hold any open positions in the Client’s trading account with Financika.
2.8.4. It had sent the completed “Withdrawal Request Form” to the Financika Client support via fax or e mail.
2.9. Financika shall execute the Client’s withdrawal within 96 working hours once all the above conditions are met and upon approval of such by the Financika 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. Financika shall not be liable for any fund transfer delay caused by such 3rd party.
2.10. 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. Financika 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.
2.11. 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.
2.12. 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 Financika trading account. In addition, Financika may require further documentation regarding the origin of funds and/or the beneficial owner.
2.13. The Client is informed that for any orders placed with the Company for the financial instruments offered by the Company, the Company acts as an Agent and not as a Principal on the Client‘s behalf. The sole Execution Venue for the execution of the Client‘s orders is Naxex Belize Ltd Ltd, an Investment Firm registered under the Belizean International Financial Services Commission (IFSC).
2.14.Complaints - Based on an operational agreement with Financika (Sharp Trading) Ltd., Cubbon Services Ltd. is responsible for complaints where End-Users have deposited money through Cubbon Services Ltd. Our customer service is always available for any request, complaint or inquiry you may have at : Customer.Service@bforex.com. We have put in place formal procedures for handling complaints fairly and promptly, and each such filed inquiry shall be thoroughly investigated and addressed in a fair manner.
3. Client Representations
The Client hereby represents that:
3.1. it has read and understood, and agrees to the terms and conditions of this Agreement;
3.2. 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 Financika and incur additional losses;
3.3. money, investments or other assets supplied by the Client to the Company, fully belong to the Client and are, at all times, free of any charge, lien, pledge or encumbrance and are not proceeds of any illegal act or omission or product of any criminal activity;
3.4. the Client is not under any legal disability with respect to, and is not subject to any law or regulation which prevents its performance according to this Agreement;
3.5 the Client acts for himself or if not, the Client warrants and represents that it has obtained all necessary consents and authorizations to operate according to this Agreement and produces, to the Company’s satisfaction, the document(s) indicating such consents and authorizations;
3.6 should the Client be a legal entity, then the Client warrants and represents that it has obtained all necessary corporate consents and authorizations as per the entity’s constitutional and organizations documents and produces, to the Company’s satisfaction, the document(s) indicating such consents and authorizations;
3.7 the Client is in compliance with all laws and regulations to which it is subject including, but not limited to, laws and regulations relating to tax matters, exchange control and registration requirements;
3.8 any information provided by the Client is complete accurate and not misleading in any material respect;
3.9 any document handed to the Company by the Client is valid and authentic.
3.10 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;
3.11 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;
3.12 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;
4. Margin Requirements
4.1. The Client shall remit to Financika such amounts of money as required by Financika, in a currency acceptable to Financika, to cover Client's Security Margin and any account debit balance.
4.2. Financika 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 Financika to enforce payment of outstanding Security Margins prior to entering into the transaction.
4.3. Financika may use any money received from the Client in order to satisfy Financika obligations related to such Client to any third party and Financika shall not be obliged to account to the Client for any resulting income received by Financika.
4.4. 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 Financika for the purpose of enabling Financika to perform its obligations under such contract.
4.5. Financika may (but shall not be obligated to) convert into another currency at an exchange rate acceptable to Financika any Client monies held by it as Financika considers necessary or desirable to satisfy Client’s obligations and liabilities.
4.6. If the Client fails to satisfy a required Security Margin or other sum due under this Agreement, Financika may close out any or all open positions without prior notice and apply any proceeds thereof to payment of any amounts due to Financika. Financika reserves the right to return funds deposited by Client at any time with or without reason.
5. Spread rates, Margin and Leverage
5.1. Financika 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 Financika. Financika reserves the right to offer different spread rates in accordance with the size of the Client's Security Margin and/or positions.
5.2. 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 Financika website.
5.3. 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.
5.4. 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.
5.5. 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.
6. Right of Pledge, Lien, Set-Off and Retention
Financika shall, at any time and without prejudice to any other rights Financika 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 Financika claims arising from Services relating to Client, irrespective of the maturity dates of such claims or of the currencies in which they are denominated, Financika 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 Financika, or any guarantee or indemnity given to or owed Financika by Client.
Without prior notice to, or receipt of further authority from the Client, Financika 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:
7.1. Client fails to make any payment due under this Agreement promptly;
7.2. 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;
7.3. Client maintains parallel accounts for the purpose of arbitraging Financika promotions or policies, in Financika's sole discretion;
7.4. Client dies, is declared absent or becomes of unsound mind;
7.5. 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;
7.6. 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 Financika;
7.7. Financika or the Client is requested to close out a position or any part of a position by any governmental or regulatory agency or authority;
7.8. Financika considers it necessary for its own protection;
7.9. The Client acknowledges Financika's right to close out all or any part of any open position of the Client held by Financika should a negative result of these positions lead to surpass the required Security Margin.
7.10. 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.
8. Internet and electronic trading
Financika 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 Financika, Client, any market, or any settlement or clearing system.
9. Amendments to the Agreement
The Company reserves the right to amend this Agreement at any time by posting on the Company website.
The Agreement will be interpreted in accordance with the law of the Republic of Vanuatu. For any disputes arising under this Agreement, the Parties hereby submit to the exclusive jurisdiction of the courts sitting in the Republic of Vanuatu.
11.1 Communications Recording: The Client understands and accepts that all communications and/or conversations between the Client and the Company may be recorded for future reference and can be used by the Company as evidence in case of dispute.
11.2 Marketing and Promotions: The Company reserves the right to register and operate other domains (websites) for marketing and promotional purposes to specific countries which contain information and disclosures to clients, and prospective clients, in any language other the English language.
11.3 Entire Agreement: This Agreement between the Client and the Company represents the single and entire Agreement and completely supersedes any prior representations, negotiations, obligations, reports, or advertisement of information related to the provision of the Services
Clearing services are provided by Cubbon Services Ltd., 16 Pergamou Street, 4006 Limassol, Cyprus.