TERMS AND CONDITIONS
IT IS THE CUSTOMER’S RESPONSIBILITY TO FIND OUT ALL NECESSARY INFORMATION ABOUT CURRENCY TRADING AND OLYMPUSFX’S TERMS AND CONDITIONS AND MAKE SURE THAT ALL RISKS AND ARRANGEMENTS ARE DISCUSSED AND CLEARLY UNDERSTOOD PRIOR TO ANY TRADING ACTIVITY.
In consideration of OLYMPUSFX agreeing to carry one or more accounts of the undersigned ("Customer") and providing services to Customer in connection with the purchase and sale of currency in Over-the-Counter Foreign Currency markets (hereinafter referred to as “FOREX”), and the receipt of such other services and products as OLYMPUSFX may, in its sole discretion, determine to offer from time to time in the future and which may be purchased or sold by or through OLYMPUSFX for Customer’s accounts(s), Customer agrees as follows:
1. TERMS AND HEADINGS
The term “OLYMPUSFX” shall be deemed to include OLYMPUSFX, their subsidiaries, their successors and assigns; the term "Customer" shall mean the party (or parties) executing the Agreement; and the term "Agreement" shall include all other agreements and authorizations executed by Customer in connection with the maintenance of Customer’s account with OLYMPUSFX regardless of when executed. The paragraph headings in this Agreement are inserted for convenience of reference only and are not deemed to limit the applicability or affect the meaning of any of its provisions.
2. AUTHORIZATION TO TRADE
OLYMPUSFX is authorized to purchase and sell FOREX for Customer’s account(s) with a counter party bank or sophisticated institutions or participants in accordance with Customer’s oral or written or computer instructions, subject to the terms of this Agreement and all annexes hereto. Unless instructed by Client to the contrary in writing, OLYMPUSFX is authorized to execute all orders with such banking institutions, counter party, bank, or sophisticated institutional participants as OLYMPUSFX deems appropriate. Customer is obligated to keep passwords secret and solely responsible to ensure that third parties do not obtain access to the password or OLYMPUSFX's trading facilities. Customer agrees to be conclusively responsible for any instruction received electronically that is identified with Customer’s password and account number and for any electronic, oral and written instruction (including, but limited to, any order) to OLYMPUSFX from persons OLYMPUSFX, in its sole judgment, believes are apparently authorized by Customer. If Customer’s account is titled as a joint account, OLYMPUSFX is authorized to act on the instructions of any one owner, without further inquiry, with regard to trading in the account and the disposition of any and all assets in the account. OLYMPUSFX shall have no responsibility for further inquiry into such apparent authority and no liability for the consequences of any actions taken or failed to be taken by OLYMPUSFX in reliance on any such instructions or on the apparent authority of any such persons.
3. GOVERNMENTAL COUNTER PARTY INSTITUTION AND INTERBANKING SYSTEM RULES
All transactions under this Agreement shall be subject to the constitution, by-laws, rules, regulations, customs, usage, rulings and interpretations of the counter party institution or other interbank market (and its clearing organization, if any) where executed and to all applicable laws and regulations. If any statute shall hereafter be enacted or any rule or regulation shall hereafter be adopted by any governmental authority, or a contract market or clearing organization which shall be binding upon OLYMPUSFX and shall affect in any manner or be inconsistent with any of the provisions hereof, the affected provisions of this Agreement shall be deemed modified or superseded, as the case may be by the applicable provisions of such statute, rule or regulation, and all other provisions of this Agreement and provisions so modified shall in all respects continue in full force and effect. Customer acknowledges that all transactions under this Agreement are subject to the aforementioned regulatory requirements and Customer shall not thereby be given any independent legal or contractual rights with respect to such requirements.
4. MARGINS AND DEPOSIT REQUIREMENTS
Customer shall provide to and maintain with OLYMPUSFX margin in such amounts and in such forms as OLYMPUSFX, in its sole discretion, may require. Such margin requirements may be greater or less than margins required by a counter party bank. OLYMPUSFX may change margin requirements at any time. Customer agrees to deposit by immediate wire transfer, or other payment method acceptable to OLYMPUSFX, such additional margin when and as required by OLYMPUSFX and will promptly meet all margin calls in such mode of transmission as OLYMPUSFX in its sole discretion designates. OLYMPUSFX may at any time proceed to liquidate Customer’s account and any failure by OLYMPUSFX to enforce its rights hereunder shall not be deemed a waiver by OLYMPUSFX to enforce its rights thereafter. OLYMPUSFX retains the right to limit the amount and/or total number of open positions which Customer may acquire or maintain at OLYMPUSFX, and to increase margin requirements in advance of earnings or other news or events, with or without notice, either before such events or retroactively or at any other time that it deems at its sole discretion. OLYMPUSFX will attempt to execute all orders which it may, in its sole discretion, choose to accept in accordance with the oral or written or computer instructions of Customer’s. OLYMPUSFX reserves the right to refuse to accept any order. However, OLYMPUSFX shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions beyond the control of OLYMPUSFX including, without limitation, loss or damage resulting, directly or indirectly, from any delays or inaccuracies in the transmission of orders and/or information due to a breakdown in or failure of any transmission or communication facilities. In the event that Customer directs OLYMPUSFX to sell any margin, collateral, contract or other property and OLYMPUSFX is unable to deliver such margin, collateral, contract or other property to a purchaser because Customer fails to deliver it to OLYMPUSFX, OLYMPUSFX may borrow or purchase any margin, collateral, contract or property necessary to make such delivery, and Customer hereby agrees to guarantee and hold OLYMPUSFX harmless against any liability, claim, loss, damage, cost or expense, including attorneys’ fees that OLYMPUSFX may sustain.
5. ROLLOVERS AND DELIVERY
In the absence of contrary instructions from Customer, OLYMPUSFX is authorized, at OLYMPUSFX’s absolute discretion, to deliver, rollover or offset all or any portion of the Currency positions in the FOREX account(s) for Customer’s Account(s) and at Customer’s risk. Customer’s account(s) shall be charged any applicable commissions and /or interest, upon the rollover or offset of a Currency position.
6. COLLATERAL AND LENDING AGREEMENT
All funds, securities, currencies, and other property of Customer which OLYMPUSFX or its affiliates may at any time be carrying for Customer (either individually, jointly with other, or as a guarantor of the account of any other person,) or which may at any time be in its possession or control or carried on its books for any purpose, including safekeeping, are to be held by OLYMPUSFX as security and subject to a general lien and right of set-off for liabilities of Customer to OLYMPUSFX whether or not OLYMPUSFX has made advances in connection with such securities, commodities, currencies or other property, and irrespective of the number of accounts Customer may have with OLYMPUSFX. OLYMPUSFX may in its discretion, at any time and from time to time, without notice to Customer, apply and/or transfer any or all funds or other property of Customer between any of Customer’s accounts. Customer hereby also grants to OLYMPUSFX the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other Customers, to itself as broker or to others, any securities or other property of Customer held by OLYMPUSFX as margin or security. OLYMPUSFX shall at no time be required to deliver to Customer the identical property delivered to or purchased by OLYMPUSFX for any account of Customer. This authorization shall apply to all accounts carried by OLYMPUSFX for Customer and shall remain in full force until all accounts are fully paid for by Customer or notice of revocation is sent by OLYMPUSFX from its home office. Any failure by OLYMPUSFX to enforce its rights hereunder shall not be deemed a future waiver of such rights by OLYMPUSFX. OLYMPUSFX is irrevocably appointed as attorney in-fact for Customer and is authorized, without notice to Customer, to execute and deliver any documents, give any notice and to take any actions on behalf of Customer, including the execution, delivery and filing of financing statements, that OLYMPUSFX deems necessary or desirable to evidence or to protect OLYMPUSFX’s interest with respect to any collateral. In the event that the collateral deemed acceptable to OLYMPUSFX is at any time insufficient to satisfy Customer’s indebtedness or other obligations to OLYMPUSFX, including obligations to provide margin in accordance with section 4 above, Customer shall promptly pay upon demand the entire amount of such deficit.
7. LIQUIDATION OF ACCOUNTS AND PAYMENT OF DEFICIT BALANCES
In the event of (a) the death or judicial declaration of incompetence of Customer; (b) the filing of a petition in bankruptcy, or a petition for the appointment of a receiver, or the institution of any insolvency or similar proceeding by or against Customer; (c) the filing of an attachment against any of Customer’s accounts carried by OLYMPUSFX, (d) insufficient margin, or OLYMPUSFX's determination that any collateral deposited to protect one or more accounts of Customer is inadequate, regardless of current market quotations, to secure the account; (e) Customer’s failure to provide us with any
information requested pursuant to this agreement; or (f) any other circumstances or developments that we deem appropriate for its protection, and in OLYMPUSFX's sole discretion, it may take one or more, or any portion of, the following actions: (a) satisfy any obligation Customer may have to us, either directly or by way of guaranty of surety ship, out of any of Customer’s funds or property in OLYMPUSFX's custody or control; (b) sell any or purchase any or all Currency contracts, securities held or carried for Customer; and (c) cancel any or all outstanding orders or contracts, or any other commitments made on behalf of Customer. Any of the above actions may be taken without demand for margin or additional margin, without prior notice of sale or purchase or other notice to Customer, Customer’s personal representatives, heirs, executors, administrators, trustees, legatees or assigns and regardless of whether the ownership interest shall be solely Customer’s or held jointly with others. Prior demand or notice of sale or purchase shall not be considered a waiver of OLYMPUSFX's right to sell or buy at any time in the future without demand or notice as provided above. In liquidation of Customer’s long or short positions, OLYMPUSFX may, in its sole discretion, offset in the same settlement or it may initiate new long or short positions in order to establish a hedge which in OLYMPUSFX’s sole judgment may be advisable to protect or reduce existing positions in Customer’s account. Any sales or purchases hereunder may be made according to OLYMPUSFX’s judgment and at its discretion with any interbank or other exchange market where such business is then usually transacted or at a public auction or private sale, and OLYMPUSFX may purchase the whole or any part thereof free from any right of redemption. Customer shall at all times be liable for the payment of any deficit balance of Customer upon demand by OLYMPUSFX and in all cases, Customer shall be liable for any deficiency remaining in Customer’s account(s) in the event of the liquidation thereof in whole or in part by OLYMPUSFX or by Customer. In the event the proceeds realized pursuant to this authorization are insufficient for the payment of all liabilities of Customer due to OLYMPUSFX, Customer shall promptly pay upon demand, the deficit and all unpaid liabilities, together with interest thereon equal to three (3) percentage points above the then prevailing prime rate at OLYMPUSFX’s principal bank or the maximum interest rate allowed by law, whichever is lower, and all costs of collection, including attorney’s fees, witness fees, travel expenses and the like. In the event OLYMPUSFX incurs expenses other than for the collection of deficits, with respect to any of the account(s) of Customer, Customer agrees to pay such expenses.
Customer shall pay such brokerage fees, commissions’ interest payments and special service and all other fees arising out of OLYMPUSFX providing services hereunder in accordance with the OLYMPUSFX fee schedule then in effect. We may charge for incidental banking-related fees such as wire charges for deposits/withdrawals and returned check fees. OLYMPUSFX reserves the right to change its fee structure at any time without notice. Fees may include such things as statement charges, order cancellation charges, account transfer charges, telephone order charges or fees imposed by any interbank agency, bank, contract, market or other regulatory or self-regulatory organization arising out of OLYMPUSFX's provision of services hereunder. Customer may incur additional fees for the purchase of optional, value added services we offer.
9. STATEMENT AND CONFIRMATION
Reports of the confirmation of orders and statements of accounts for Customer shall be deemed correct and shall be conclusive and binding upon Customer if not objected to within two business days of posting online by OLYMPUSFX. Margin calls shall be conclusive and binding. Failure to object shall be deemed ratification of all actions taken by OLYMPUSFX or OLYMPUSFX’s agents prior to Customer’s receipt of said reports.
Reports, statements, notices and any other communications will be posted online and may be transmitted to such address as Customer may from time to time designate in a written or electronic communication to OLYMPUSFX.
11. OLYMPUSFX RESPONSIBILITIES
OLYMPUSFX will not be responsible for delays in the transmission of orders due to a breakdown or failure of transmission or communication facilities, electrical power outage or for any other cause beyond OLYMPUSFX’s control or anticipation. In addition, orders must be placed allowing sufficient time to execute and to calculate necessary margin requirements. OLYMPUSFX does not warrant that OLYMPUSFX's trading platform or any services provided will be available without interruption or will be error free and such trading platform and services are being provided "AS IS" without any representation or warranty of any kind whatsoever except as otherwise set forth herein. OLYMPUSFX shall not be liable for losses arising from the default of any agent or any other party used by OLYMPUSFX under this agreement. OLYMPUSFX will not be liable for any losses or damages suffered or incurred by Customer relating to or as a result of Customer's use of OLYMPUSFX's trading platform or services. Under no circumstances shall OLYMPUSFX be liable for any direct, indirect, punitive, incidental, special, or consequential damages that result from the use of, or inability to use, OLYMPUSFX's trading platform or services including but not limited to lost profits, loss of business, trading loss, loss of data or use of data, any unauthorized access to, alteration, theft or destruction of Customer's computers, computer systems, data files, programs or information, or costs of procurement of substitute goods or services, or for any direct or indirect, special or consequential damages however caused and under any theory of liability and whether or not OLYMPUSFX has been advised of the possibility of such damage. Customer agrees that the terms in this Section 11 represent a reasonable allocation of risk, that this section is an essential element of this Agreement and that in its absence; the economic terms of this Agreement would be substantially different. This limitation applies whether the alleged liability is based on contract, tort, negligence, strict liability, or any other basis, even if OLYMPUSFX has been advised of the possibility of such damage. OLYMPUSFX has no liability or duty of indemnification related to unusable data, lost or corrupt. Customer transactions or data, by whatever means, in whatever form. This limitation of liability additionally eliminates any duty or liability on the part of OLYMPUSFX related to unusable date, lost or corrupt Customer transactions or data, resulting in part or in whole from third-party software or networking goods or services or from internet related problems or from actions or events outside of OLYMPUSFX's control. OLYMPUSFX disclaims any and all liability resulting from or related to any breach of Internet security or disruption, distortions or delays of Customer's connections to the internet, due to any reason. As FOREX is not an exchange traded market, prices at which OLYMPUSFX deals at or quotes may or may not be similar to prices at which other OTC market makers deal at or quote. Should a quoting or execution error occur, which may include, but are not limited to, a mistype of a quote, a quote that is not representative of fair market prices, an erroneous price quote from a dealer or erroneous price quote due to failure of hardware, software or communication lines or systems or inaccurate external data feeds provided by third-party vendors, OLYMPUSFX will not be liable for the resulting errors in account balances. Internet, connectivity delays, and price feed errors sometimes create a situation where the prices displayed do not accurately reflect market rates. The concept of arbitrage and "scalping", or taking advantage of these Internet delays, cannot exist in an OTC market where the client is buying or selling directly from the market maker. OLYMPUSFX does not permit the practice of arbitrage on OLYMPUSFX's platform. OLYMPUSFX strictly forbids any form of manipulation of its prices, execution, and platform. OLYMPUSFX reserves the right to investigate and review any account OLYMPUSFX suspects of manipulation and withhold funds suspected of being derived from such activity. The foregoing list is not meant to be exhaustive and in the event of a quoting or execution error, arbitrage strategy or manipulation, OLYMPUSFX reserves the right to make the necessary corrections or adjustments on the account involved. Any dispute arising from such quoting or execution errors or prohibited activities will be resolved by OLYMPUSFX in its sole and absolute discretion.
12. CURRENCY FLUCTUATION RISK
If Customer directs OLYMPUSFX to enter into any foreign currency exchange transaction: (a) any profit or loss arising as a result of a fluctuation in the exchange rate affecting such currency will be entirely for Customer’s account and risk; (b) all initial and subsequent deposits for margin purposes shall be made in U.S. dollars, in such amounts as OLYMPUSFX may in its sole discretion require; and (c) OLYMPUSFX is authorized to convert funds in Customer’s account for margin into and from such foreign currency at a rate of exchange determined by OLYMPUSFX in its sole discretion on the basis of the then prevailing money market rates.
13. RISK ACKNOWLEDGMENT
Customer acknowledges that investments in leveraged and non-leveraged transactions are speculative, involves a high degree of risk, and is appropriate only for persons who can assume risk of loss of their entire margin deposit. Customer understands that because of the low margin normally required in FOREX trading, price changes in FOREX may result in significant losses. Customer warrants that Customer is willing and able, financially and otherwise, to assume the risk of FOREX trading, and in consideration of OLYMPUSFX’s carrying his/her account(s),Customer agrees not to hold OLYMPUSFX responsible for losses incurred through following its trading recommendations or suggestions or those of its employees, agents or representatives. Customer recognizes that guarantees of profit or freedom from loss are impossible of performance in FOREX trading. Customer acknowledges that Customer has received no such guarantees from OLYMPUSFX or from any of his/her representatives or any introducing agent or other entity with whom Customer is conducting his/her OLYMPUSFX account and has not entered into this agreement in consideration of or in reliance upon any such guarantees or similar representations.
14. TRADING RECOMMENDATIONS
(a) Customer acknowledges that (i) any market recommendations and information communicated to Customer by OLYMPUSFX or by any person within the company, does not constitute an offer to sell or the solicitation of an offer to buy any FOREX contract, (ii) such recommendation and information, although based upon information obtained from sources believed by OLYMPUSFX to be reliable, may be based solely on a broker’s opinion and that such information may be incomplete and may be unverified, and (iii) OLYMPUSFX makes no representation, warranty or guarantee as to, and shall not be responsible for, the accuracy or completeness of any information or trading recommendation furnished to Customer. Customer acknowledges that OLYMPUSFX and/or its officers, directors, affiliates, associates, stockholders or representatives may have a position in or may intend to buy or sell currencies, which are the subject of market recommendations furnished to Customer, and that the market position of OLYMPUSFX or any such officer, director, affiliate, associate, stockholder or representative may not be consistent with the recommendations furnished to Customer by OLYMPUSFX. Customer acknowledges that OLYMPUSFX makes no representations concerning the tax implications or treatment of contracts; and, (b) Customer further acknowledges that should Customer grant trading authority or control over Customer’s account to a third party ("Trading Agent"), whether on a discretionary or non-discretionary basis, OLYMPUSFX shall in no way be responsible for reviewing Customer’s choice of such Trading Agent nor making any recommendations with respect thereto. Customer understands that OLYMPUSFX makes no warranties nor representations concerning the Trading Agent, that OLYMPUSFX shall not be responsible for any loss to Customer occasioned by the actions of the Trading Agent and that OLYMPUSFX does not, by implication or otherwise, endorse or approve of the operating methods of the Trading Agent. If Customer gives Trading Agent authority to exercise any of its rights over Customer’s account(s), Customer understands that Customer does so at Customer’s own risk.
15. CUSTOMER REPRESENTATIONS AND WARRANTIES
Customer represents and warrants that: (a). if Customer is a natural person, Customer is of sound mind, legal age and legal competence.(b). if Customer is not a natural person, (i) Customer is duly organized and validly existing under the applicable laws of the jurisdiction of its organization; (ii) execution and delivery of this Agreement and all Contracts and other transactions contemplated hereunder and performance of all obligations contemplated under this Agreement and all other transactions contemplated hereunder have been duly authorized by Customer; and (iii) each person executing and delivering this Agreement and all other transactions contemplated hereunder on behalf of the Customer performing the obligations contemplated under this Agreement and all other transactions contemplated hereunder on behalf of Customer, has been duly authorized by Customer to do so. (c) No person other than Customer has or will have an interest in Customer’s account(s) and Customer has not granted and will not grant a security interest in Customer’s account with OLYMPUSFX(other than the security interest granted to OLYMPUSFX hereunder) to any person without OLYMPUSFX’s prior written consent. Customer has full beneficial ownership of all collateral and will not grant any security interest in any collateral to any person (other than the security interest granted to OLYMPUSFX hereunder) without OLYMPUSFX’s prior written consent; and, (d) Customer hereby warrants that regardless of any subsequent determination to the contrary, Customers suitable to trade FOREX and is a sophisticated institution and/or institutional participant; and, (e) Customer is not now an employee of any exchange, any corporation in which any exchange owns a majority of the capital stock, any member of any exchange and/or firm registered on any exchange, or any bank, trust, or insurance company, and in the event that Customer becomes so employed, Customer will promptly notify us, at OLYMPUSFX's home office, in writing, of such employment; and, (f) Customer will execute and deliver all documents, give all notices, make all filings and take such other actions as OLYMPUSFX, in its sole discretion, deems necessary or desirable to evidence or perfect any security interest in favor of OLYMPUSFX or to protect OLYMPUSFX’s interests with respect to any Collateral; and, (g) Customer has read and understands the provisions contained in this Agreement, including, without limitation, OLYMPUSFX’s Risk Disclosure Statement and Privacy Statement; and (h) Customer will review this Agreement each time it is amended; and (i) Customer will not affect any transaction in Customer’s account unless Customer understands this Agreement, and Customer agrees that in effecting any transaction it is deemed to represent that it has read and understands this Agreement as in effect at the time of such transaction; and (j) Customer agrees to, and shall at all times comply with all applicable laws, statutes and regulations and Customer hereby declares that the execution and delivery by Customer of this Agreement and all other transactions contemplated hereunder, and performance of all of Customer’s obligations contemplated under this Agreement and any other transaction contemplated hereunder, will not violate any statute, rule, regulation, ordinance, charter, by-law or policy applicable to Customer. You may not use your personal account with us for any illegal activity.
16. DISCLOSURE OF FINANCIAL INFORMATION
The Customer represents and warrants that the financial information disclosed to us in his/its Application is an accurate representation of the Customer’s current financial condition. The Customer represents and warrants that the Customer has very carefully considered the portion of the Customer’s assets which the Customer considers to be risk capital. The Customer recognizes that risk capital is the amount of money the Customer is willing to put at risk and the lost of it would not, in any way, change the Customer’s lifestyle. The Customer agrees to immediately inform us if the Customer’s financial condition change in such a way to reduce the Customer’s net worth, liquid assets and/or risk capital.
17. NO GUARANTEES
Customer acknowledges that Customer has no separate agreement with Customer’s broker or any OLYMPUSFX employee or agent regarding the trading in Customer’s OLYMPUSFX account, including any agreement to guarantee profits or limit losses in Customer’s account. Customer understands that Customer must authorize every transaction prior to its execution unless Customer has delegated discretion to another party by signing OLYMPUSFX’s limited trading authorization, and any disputed transactions must be brought to the attention of OLYMPUSFX’s Compliance Officer pursuant to the notice requirements of this Customer Agreement. Customer agrees to indemnify and hold OLYMPUSFX
harmless form all damages or liability resulting from Customer’s failure to immediately notify OLYMPUSFX’s Compliance Officer of any of the occurrences referred to herein. All notices required under this section shall be sent to OLYMPUSFX at its home office.
18. DISCLOSURE OF CUSTOMER INFORMATION
OLYMPUSFX will not share or sell information regarding customers and/or prospective customers, except to its employees, agents, partners, and associates as required in the ordinary course of business, including, but not limited to, OLYMPUSFX's banking or credit relationships, or to other persons as disclosed in OLYMPUSFX's Privacy Statement. OLYMPUSFX may also disclose to federal or state regulatory agencies and law enforcement authorities’ information regarding Customer and Customer’s transactions in response to a request for such information or in response to a court order or subpoena. OLYMPUSFX will share or sell statistical information without disclosing Customer's identity.
19. GOVERNING LAW AND JURISDICTION
This Agreement, the rights and obligations of the parties hereto, and any judicial or administrative action or proceeding arising directly or indirectly hereunder or in connection with the transactions contemplated hereby, whether brought by Customer or by us, shall be governed by, construed and enforced in all respects by the laws of Mauritius and shall be held, at the sole discretion of OLYMPUSFX, within Mauritius, exclusively. Customer consents and submits to, and waives any objection that it may have to such venue, and further agrees to waive any right that it may have to transfer or change the venue or any such action or proceeding. Customer consents and submits to the jurisdiction of any appropriate court located within Mauritius in any action or proceeding arising directly or indirectly hereunder, whether brought by Customer or OLYMPUSFX.
20. BINDING EFFECT
This Agreement shall be continuous and shall cover, individually and collectively, all accounts of Customer at any time opened or reopened with OLYMPUSFX irrespective of any change or changes at any time in the personnel of OLYMPUSFX or its successors, assigns, or affiliates. This Agreement including all authorizations, shall inure to the benefit of OLYMPUSFX and its successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon Customer and/or the estate, executor, trustees, administrators, legal representatives, successors and assigns of Customer. Customer hereby ratifies all transactions with OLYMPUSFX affected prior to the date of this Agreement, and agrees that the rights and obligations of Customer in respect thereto shall be governed by the terms of this Agreement.
This Agreement shall continue in effect until termination, and may be terminated by Customer at any time upon three days prior written notice when Customer has no open Currency position(s) and no liabilities held by or owed to OLYMPUSFX upon the actual receipt by OLYMPUSFX at its home office of written notice of termination, or at any time whatsoever by OLYMPUSFX upon the transmittal of
written notice of termination to Customer; provided, that such termination shall not affect any transactions previously entered into and shall not relieve either party of any obligations set out in this agreement nor shall it relieve Customer of any obligations arising out of any deficit balance.
22. INTELLECTUAL PROPERTY AND CONFIDENTIALITY
All copyright, trademark, trade secret and other intellectual property rights and proprietary rights to the OLYMPUSFX website in its totality, its contents and any related materials (“OLYMPUSFX IP”) shall remain at all times the sole and exclusive property of OLYMPUSFX and Customers shall have no right or interest in the OLYMPUSFX IP except for the right to access and use the OLYMPUSFX IP as specified herein. Customer acknowledges that the OLYMPUSFX IP is confidential and has been developed through the expenditure of substantial skill, time, effort and money. The Customer will protect the confidentiality of the OLYMPUSFX IP and not allow website access to any third party. Customer will not publish, distribute, or otherwise make OLYMPUSFX liable to third parties any information derived from or relating to the OLYMPUSFX IP. Customer will not copy, modify, de-compile, reverse engineer, or make derivative works of the OLYMPUSFX IP or in the manner in which it operates.
Customer agrees to indemnify and hold OLYMPUSFX, its affiliates, employees, agents, successors and assigns harmless from and against any and all liabilities, losses, damages, costs and expenses, including attorney’s fees, incurred by OLYMPUSFX arising out of Customer’s failure to fully and timely perform Customer’s obligations herein or should any of Customer's representations and warranties fail to be true and correct. Customer also agrees to pay OLYMPUSFX promptly all damages, costs and expenses, including attorney’s fees, incurred in the enforcement of any of the provisions of this Agreement and any other agreements between us and Customer. In addition to any limitations of liability specified elsewhere in this Agreement, OLYMPUSFX shall not be held liable and is released from all claims and losses incurred in such regard if the claim or loss was caused or contributed to by (a) Customer’s conduct: the actions or omission to act on the part of Customer, (b) Forged Signature: forged or unauthorized signatures on any document or communication in connection with Customer's account or this Agreement, (c)Malfunctions: system malfunction, equipment failure (whether Customer's equipment or OLYMPUSFX's equipment),system interruption or system unavailability, (d) Delay: delays, failure or errors in implementing any instruction, or (e) Information: inaccurate or incomplete instructions received by OLYMPUSFX from Customer.
Customer agrees and acknowledges that all conversations regarding Customer’s account(s) between Customer and OLYMPUSFX personnel may be electronically recorded with or without the use of an automatic tone warning device. Customer further agrees to the use of such recordings and transcripts thereof as evidence by either party in connection with any dispute or proceeding that may arise involving Customer or OLYMPUSFX. Customer understands that OLYMPUSFX destroys such
recordings at regular intervals in accordance with OLYMPUSFX’s established business procedures and Customer hereby consents to such destruction.
25. NO WAIVER OR AMENDMENT
No provision of this Agreement may be waived or amended unless the waiver or amendment is in writing and signed by both Customer and an authorized officer of OLYMPUSFX. No waiver or amendment of this Agreement may be implied from any course of dealing between the parties or from any failure by OLYMPUSFX or failure of OLYMPUSFX's agents to assert its rights under this Agreement on any occasion or series of occasions. No oral agreements or instructions to the contrary shall be recognized or enforceable. This instrument and the attachments hereto embody the entire agreement of the parties, superseding any and all prior written and oral agreements and there are no other terms, conditions or obligations other than those contained herein.
26. LEGAL RESTRICTIONS
Without limiting the foregoing, Customer understands that laws regarding financial contracts vary throughout the world, and it is Customer's obligation alone to ensure that Customer fully complies with any law, regulation or directive, relevant to Customer's country of residency with regards to the use of the Web site. For avoidance of doubt, the ability to access to OLYMPUSFX's Web site does not necessarily mean that OLYMPUSFX's services, and/or Customer’s activities through it, are legal under the laws, regulations or directives relevant to Customer’s country of residency. This Web site does not constitute, and may not be used for the purposes of, an offer or solicitation to anyone in any jurisdiction in which such offer or solicitation is not authorized, or to any person to whom it is unlawful to make such an offer or solicitation. Access to this Web site, and the offering of financial contracts via this site, may be restricted in certain jurisdictions, and, accordingly, users accessing this site are required to inform themselves of, and to observe, such restrictions.
By acceptance of this Agreement, Customer hereby declares that the moneys invested in Customer's account with OLYMPUSFX do not originate from drug trafficking, abduction, or any other criminal activity.
28. TAX COLLECTION
Customer knows, understands and agrees that, in general, OLYMPUSFX does not collect tax for any authority in any form or manner. Without limiting the foregoing, it is Customer's obligation alone to calculate and pay all taxes applicable to you in Customer's country of residence, or otherwise arising as a result of Customer's trading activity from the use of the OLYMPUSFX's services. Without derogating from Customer's sole and entire responsibility to perform tax payments, Customer agrees that OLYMPUSFX may deduct tax, as may be required by the applicable law, but is not obligated to do so, from the results of the activity with OLYMPUSFX. Customer is aware that amounts that may be withdrawn by Customer from Customer’s account are "gross amounts", from which the OLYMPUSFX may deduct such taxes, and that Customer shall have no claim towards OLYMPUSFX with regard to such deductions.
29. ACCOUNT PROCEDURES - IDENTIFICATION
Customer acknowledges that applicable laws require financial institutions to obtain, verify, and record information identifying each person who opens an account and, accordingly, Customer has provided OLYMPUSFX with certain identifying information and documents. Customer confirms that Customer has provided true, accurate, current and complete information during the registration process, and that Customer has not impersonated any person or entity, or misrepresented any affiliation with another person, entity or association, used false headers or otherwise concealed Customer's identity from OLYMPUSFX for any purpose.
30. THIRD PARTY ADVISOR DUE DILLIGENCE
If Customer’s account is associated with a third party trading advisor, Customer recognizes that foreign currency trading advisory may include false advertising and misleading information. Customer acknowledges that it has had the opportunity to conduct any necessary due diligence regarding their third party trading advisor, including but not limited to: (a) reviewing a disclosure document that, at the minimum, provides: the Agent's biography, outlines the investment methodology, discloses the fees charged by the Agent, and discloses the risks associated with the investment methodology examining references from another client; or (b) having his/her attorney or accountant verify the accuracy of any performance record provided to Client, and review any contractual agreement to be executed by and between Client and the third party trading advisor. Client recognizes the foregoing, and confirms that he/she has: (a) not been guaranteed any rate of return from the foreign broker prior to making this investment; (b) not been coerced or pressured into making this investment; and (c) may lose the entirety of the investment due to the speculative nature of foreign exchange trading.
OLYMPUSFX RISK DISCLOSURE STATEMENT
You should carefully read all the account documents and risk disclosure statements of OLYMPUSFX. You should understand that trading futures, options and/or foreign exchange carries a substantial risk of loss. Given the leverage involved, these losses can be quite large and occur quite rapidly, potentially exceeding the funds you have deposited in your account or have earmarked as risk capital. You should disregard any suggestions from any source whatsoever that the foregoing risks can be limited, minimized or eliminated.
You agree to immediately report any statements to the contrary made to you by OLYMPUSFX personnel, Introducing Brokers or Trading Advisors who may be directing the trading activity in your account. The trading of currencies or derivatives like options on currencies involves an extremely high degree of risk of loss and is inappropriate for many individuals. Some studies have shown that more than eighty percent of investors who trade in options ultimately lose money. You could lose all or part of the money you deposit in the currency trading account. If you meet any of the criteria set forth above, or if you have pursued only conservative forms of investment in the past, you may wish to study the risks of loss involved in currency trading further before you deem it an appropriate vehicle for you, or you may decide it is entirely inappropriate and never trade.
You should therefore seriously consider whether foreign exchange trading is appropriate for you, especially in light of your own particular circumstances. If you decide to trade foreign exchange anyway, be advised that many industry advisors believe that no more than 20% of your net worth should be placed at risk. If at any time your losses exceed 20% of your net worth, you should cease trading immediately. OLYMPUSFX assumes no responsibility for monitoring your deposit(s), losses or net worth. OLYMPUSFX will not refuse to accept your account if your decision to trade is made with full appreciation of the risk of loss. We require, therefore, that you indicate to us, by signing and returning the enclosed copy of this Supplemental Risk Disclosure letter, that you are fully aware of the substantial risk of loss in trading and accept full responsibility for your decision to trade in the foreign exchange markets.
I understand that aggressive trading, and especially day trading, is an extremely high‐risk strategy. I understand that such trading generates substantial commission charges to my account. I understand that due to such active trading, the commission charges relative to the funds deposited in my account may exceed what is considered normal or prudent in currency trading. I understand that such commission charges will increase my risk of loss and can account for all or part of my trading losses.
I acknowledge these additional risks and agree to such an aggressive or day trading strategy. I further acknowledge that I am in control of, and responsible for, all trades executed in my account, and I agree to review my account and any open market positions daily and report any discrepancy immediately.
OLYMPUSFX TERMS OF BUSINESS, TRADING POLICIES AND PROCEDURES
These OLYMPUSFX (further referred to as “Company”) Terms of Business, Trading Policies and rocedures (“Terms”) supplement constitute a part of your Customer Agreement. It is your responsibility as customer to carefully read these Terms, and to inform Company of any questions or objections which you may have, before entering each and every trade order. In entering your trading orders with Company, you affirm and warrant your thorough understanding and acceptance of these Terms, as they are set forth here and as may be amended from time to time by Company.
These Terms govern basic aspects of interaction between the Company and Customer with respect to opening and closing Customer positions, as well as of placement, cancellation and modification of Customer orders executed by means of OLYMPUSFX MetaTrader 4 online trading platform (MT4) in the context of providing Customer with online dealing services by Company.
These Terms should be treated as a handbook describing general concepts of conducting transactions via MT4 and dialogues between Customer and Company’s employees responsible for handling Customer trades (“Dealer.”) These Terms may not describe or reflect any up-to-date modifications of MT4. Customer accepts these terms without warranties, express or implied, including but not limited to the implied warranties of completeness, timeliness or freedom from errors.
The following is a brief overview of key points explored further in these Terms. Please ensure you review this entire document prior to opening a LIVE account. To open a LIVE customer trading account it is required to: Navigate to the “Open Live Account” section of the Company’s website, complete online application, and include all KYC documentation (i.e. Identification & Proof of Residence.)
Upon completion of the application, Customer will then receive an “Account Pending” email. The Customer’s account will then be approved, declined, or a request for more information will be sent. If approved, Customer will receive an email including instructions on account funding options. The Company makes best effort but makes no guarantees that accounts will be approved within 24 business hours provided that all proper KYC documentation is remitted at time or registration.
To fund, the Customer will be required to deposit USD 250 (or an equivalent of this sum in an alternate currency in which the Company accepts) to the Company’s account via various funding options found in the Customers Member’s Area. The minimum to open an Account is USD 250 (or equivalent.) The Company reserves the right to change or modify the minimum deposit needed without prior notification to the Customer. Upon receipt of funds, Customer will be sent confirmation along with live platform credentials.
1.2 Currency Pairs:
A list of available currency pairs, CFD’s, and bullion available for trading can be found on the Company’s MT4 trading platform. The Company reserves a right to add/remove currency pairs, CFD’s, and bullion to its trading environment without prior notification on the Company’s official website and/or on the MT4 trading platform.
A list of available CFD’s can be found on the Company’s MT4 trading platform. The Company reserves the right to add/remove CFD’s to its trading environment without prior notification on the Company’s official website and/or the MT4 trading platform.
1.4 Base Units (Contract Sizes):
The minimum lot size for an account is 1,000 base units. On the MT4 trading platform, 0.01 is equivalent to 1,000 base units, 0.1 is equivalent to 10,000 base units, and 1.0 is equivalent to 100,000 base units. The standard contract size for gold is 100 oz, and silver is 5000 oz. The minimum contract size for gold is 1 oz, and silver is 50 oz. The minimum contract size for all CFD trading is 0.01 (1,000 base units.)
We STRONGLY encourage the Customer to familiarize his or herself with the contract sizes and other trading related activities via a demo account, which is available to all Customers. All currency pairs require USD100,000 of capital to control 1.0 lot, USD10,000 of capital to control 0.1 lot, and USD1,000 to control 0.01 lot. Capital requirements for CFD’s & Bullion can be found on company’s website. Please note that OLYMPUSFX reserves the right to change these required amounts without prior notification to the Customer.
1.5 Leverage Ranges:
A range of leverages is available for trading from 1:1 to 500:1. By default the account leverage is set to 100:1, which can later be changed. The Customer has a right to perform margin-trading orders, and set the leverage by himself or herself, depending on the customer deposit, lot size, and order volume. The Customer has a right to request a change in leverage in accordance with Company’s policies (all orders must be closed prior to leverage change).
The Company reserves the right to grant or deny any requested changes from the Customer. Maximum leverage for an account is 500:1. All the necessary currency trading-related information regarding spreads, swaps, margin requirements, etc is located at the Company’s official website and/or on the MT4 trading platform.
All the necessary CFD trading-related information regarding spreads, swaps, trade sessions, margin requirements, etc is located at the Company’s official website and/or MT4 trading platform. Please note that Bullion & CFD’s are not impacted by change of leverage, as they are all set to one standard margin requirement. Please view our website for further information on this.
1.6 Margin Calls & Margin Requirements (including Weekend Open Positions)
The Company has instituted a Margin Call Policy to protect Customers from losing more money than they have available in their accounts, and to protect the Company. Margin calls are executed when a Customer’s account has less equity available than required to maintain his or her open positions.
The Company’s margin calls are activated in real-time on an automatic basis, and occur when a Customer’s Equity (Liquidation Value) reaches a level that is equivalent to 30% of Used (Open) Margin. This 30% is known as the Maintenance Level. Via the Company’s MT4 trading platform, positions are closed prior to the market having a chance to move further against the client’s trades. For example, a Customer with USD1000 opens an account and opens (5) 10,000 Unit Lots (50,000 units) of Usd/Chf using 100:1 (1%) Leverage. As a result, 1% of 50,000 or USD500 will be set aside as Used Margin, and the Customer will have USD500 remaining as Usable Margin. If the direction of the Usd/Chf moves opposite the Customer’s position, and their Equity (Liquidation Value) reaches USD150 from the original USD1000 deposit, this would breach the 30% maintenance level.
As a result, the position will be automatically closed in order to protect the client from losing any more of their remaining balance, and possibly falling into negative territory. The Company may, at the discretion of its dealers, close any or all open positions in a Customer’s account in the event that a Customer’s account falls below the minimum required equity.
Generally, when there are 2 or more open positions the Company reserves a right to close the position(s) first with the highest floating loss on a highly volatile market when the Equity reaches 30% of Used or Open Margin. The largest positions are closed prior to the smaller positions; however the Company may at its discretion first close only the positions that carry the most risk. Even though our MT4 trading platform keeps track of used and free margin, it’s the Customer’s responsibility to keep track of these account balances at all times. In addition, two other safeguards are in place to protect both the Customer and the Company alike.
The first of these safeguards are once the Equity reaches 100% of Used Margin, the Customer will only be able to enter orders to hedge his/her current position(s.) The second of these safeguards is that once the Equity reaches 50% of Used Margin, the Customer will not be able to enter any new positions, only the ability to exit current position(s.)
Weekend Open Positions Margin Requirements
The currency market is closed beginning Friday, 5:00 PM New York Time and reopens Sunday, 5:00 PM New York Time. Bullion & CFD’s may open and close at varying times, please refer to the Company’s official website for more information on open and close time. There is a possibility that the price of certain currency pairs, metals or CFD’s may fluctuate greatly from the time the market closes and when it opens.
This time of zero liquidity presents a risk to both The Company & The Customer. As a result, The Company reserves the right but has no obligation to protect itself and the Customer in the following way: Prior to the market closing on Friday, if it is evident that a 100 pip (or less) increase or decrease in price over the weekend on certain open positions will force the Customer’s account into a negative equity;
The Company reserves the right to hedge certain positions in Customer account. For example, if a Customer’s account maintains an open position of one standard contract of EUR/USD whereas a pip equals USD10, and has USD400 in equity; a 41 pip move against the customer would result in the account being negative. In this situation, the Company would reserve the right to hedge the position in the Customer’s account if the Customer decides to hold this position into the weekend.
1.7 Types of Trading Methods Allowed
Generally speaking, the Company allows all types of trading methods, styles and MetaQuotes Expert Advisors. The Company does reserve the right, however, to close any account it deems is engaging in unethical or questionable trading styles including, but not limited to latency arbitrage and the act of “flooding” of our servers with an excessive amount of pending orders, without notice. The Company will usually (but is not obligated to always) attempt to initially express its concern to Customer or associated parties via email or telephone in the form of a formal warning.
If the Customer or associated party does not modify trading style within 1 hour following the warning, Company may be forced to liquidate all open positions, close account, and return all proceeds to Customer according to Company account closing procedures. Please view section 1.11 for some important notes on types of trading and how they ultimately affect execution of trade.
1.8 Deposits & Withdrawals
The Company currently accepts deposits and withdrawals via bank wire transfer, credit/debit cards, pre-paid debit card and local transfer. The Company reserves the right to add additional methods of funding or withdrawal in the future. These methods of funding and withdrawal along with all associated terms will be available on the Company’s website. All withdrawal requests MUST be made via the Company’s website. In compliance with AML regulations, all withdrawals will be returned via the same method and same account in which the account was funded.
The company will make best of efforts but make no guarantees to process withdrawals within 48 business hours from the time the withdrawal was received. From the time the withdrawal is processed, Customer should allow up to 2 to 5 full business days to receive funds depending on the method of withdrawal requested. Please note as the Company must rely on 3rd party institutions, namely banks, for account processing, the time of receipt for both deposits and withdrawals may vary from quoted time above. All withdrawal methods and terms will be available on the Company’s website.
1.9 Deletion of Unfunded Accounts
The Company reserves the right to delete a Customer account if it remains unfunded for a period of 60 consecutive days.
1.10 Spreads & Liquidity
The Company currently offers 3 different spread options to its Customers. The Company reserves the right to add to the spread options or delete without prior notice to Customer. The Customer has the ability to register for a demo or live account. Certain conditions may apply and are noted on the Company’s website.
1.11 Trade Execution
The Company believes it offers the most competitive liquidity and trade execution available to the Customer. With that said, however, the Company makes absolutely no representation or guarantee that requotes and/or slippage will NOT occur in the Customer’s trading account.
a) The execution of preset Stop orders (i.e. stop loss, buy stop or sell stop) is guaranteed. The price, at which the execution occurs, however is NOT guaranteed. At times, during volatile markets or periods of low liquidity, the customer may receive a price different than what was preset as the Stop order.
b) The execution of preset Limit orders (i.e. take profit, buy limit, sell limit) is NOT guaranteed. During volatility or periods of low liquidity, there may not be enough liquidity in the market to execute certain Limit orders. Please note this may also be the case when trying to execute multiple standard lots if a certain price is only available for a very small amount of time. This is a simple case of supply and demand, meaning, demand for execution outweighs the supply or liquidity at that given time. Smaller sized orders generally, but not always, have a higher probability of becoming executed than larger orders (i.e. over 1.0 lot size) during these times.
c) Further information on trade execution is detailed in section 6.8 of this document.
Trading immediately before, during, or immediately after economic news releases or news releases of any type should be treated as an extremely risky type of trading. The reason being is that liquidity before, during, and after news releases is very low, and may result in inconsistency in trade execution compared to less volatile times in the market. This is a simple case of supply and demand, meaning, demand for execution outweighs the supply or liquidity at that given time. Please note this also refers to pending orders placed around current present prices prior to news events. The customer assumes 100% that he or she may incur a high degree of slippage during these volatile times in the market, and the Company assumes absolutely no responsibility for slippage incurred by Customer in a specific transaction.
Straddle trading refers to placing pending orders on either side of the market, in order to receive a trade entry when the price of the market fluctuates one way or the other. For example if the current market price is at 10, the Customer would place a buy at 11 and a sell at 9, causing an execution if the market hit either price. Please note that during volatile market movement, these transactions may execute with a degree of slippage. The custome