CUSTOMER
AGREEMENT
with regard
to the terms of trading (speculative) operations with contracts for
difference (CFD)
1. THE SUBJECT
OF THE AGREEMENT
The present Customer
Agreement on the terms of trading (speculative) operations with contracts
for difference (CFDs) (hereinafter referred to as the Agreement)
is entered by and between United World Capital,
Ltd., a registered company in Cyprus
under the International Business Companies Act, 1994 (Act 24 of 1994),
registered under the number 680237, hereinafter referred to as
the Company, and any legal unit or individual, hereinafter referred
to as the Customer, and states terms and conditions of trading
(speculative) operations with contracts for difference on the international
currency exchange market FOREX and other financial markets at spot rates
of the relevant financial instruments within the context of services
provided by the Company to the Customer.
The Company
is a member of the United World Capital Group,
and is an Affiliated Partner.
The Customer
fully and unconditionally accepts the terms of the present Agreement,
when the Customer does the following:
1.2.1 The
Customer fills in the publicly available registration form, published
on the Internet at https://secure.liteforex.org/eng/, to open an account with the Company;
1.2.2 The
Customer deposits funds to his/her trading account within the thirty
calendar day period upon opening the account;
1.2.3 The
Customer provides hard copies or original documents, required by
the Company for limited or sufficient identification of the
Customer under the Anti-Money Laundering Policy;
1.2.4 The
Customer actually uses any services of the Company.
1.3. The
Company does not act as the agent on behalf of the Customer
in respect to any operation on the account; the Customer
bears direct, full, and sole responsibility with respect of any operation
on the account.
1.4. The Customer
Agreement has the following Appendixes:
(a) License Agreement
on Use of Information Provided by the Company;
(b) Privacy
Policy Notification;
(c)
Anti–Money Laundering Policy Notification;
(d)
Risk Disclosure Associated with Market Makers’ Professional Occupation;
(e) Trading
Operations Execution Regulation;
(f) Financial
Operations Execution Regulation;
(g) Regulation
on Composing and Handling Claims.
1.5. All the
aforementioned documents in Article 1.4 of the present Agreement
are an integral part of the Agreement.
Acceptance
of the Customer Agreement is the acceptance of the present
Agreement, as well as all its appendixes by the Customer.
1.6. http://www.uwcfx.com is the official Company
Web site. All the information published on the Web site reflects the
conditions currently provided by the Company. Moreover, the
Customer may consider the information with regard to the Company
published on United World Capital Group’s
site at http://www.uwcfx.com as up-to-date, complete, and reliable.
1.7. The
Company has the right to unilaterally amend the present Agreement,
herewith it shall notify the Customer
about expected modifications by one or several means described
in Section 10 of the present Agreement
no later than 5 (five) working days before these modifications take
place. Such amendments come into force on the date stated in the notification.
1.8. No article
of the present Agreement may be amended by the Customer
unilaterally. No oral agreements between the Parties
have legal force. The present Agreement
and all the public and regulatory documents,
being integral parts of the Agreement,
are the only effective and complete Agreements,
and they apply to all the accounts of the Customers
whenever opened by the Company
United World Capital Investment Group, Inc., and cancel all the
oral and written agreements, which may have been concluded between the
Parties earlier.
2. MAIN TERMS USED IN THE PRESENT AGREEMENT
2.1. The following
terminology is used in the present Agreement
if no other is stated directly by the present Agreement:
Internal
mail shall mean a built-in mail system on the Customer МТ4 terminal
for sending/receiving mail to/from employee(s) of the Company.
Recovery
fee shall mean a one-time payment charged by the Company
to the trading account of the Customer
for the paying for the recovery of a Suspended Account.
Dealer
shall mean an employee of the Company, who is authorized to process
requests and Customer instructions in connection with trading
(speculative) operations with contracts for difference (CFDs).
Trust Managing
shall mean onerous management of monetary funds or other Customer
property in order to gain profit.
Closed deal
(complete transaction) shall mean a deal, the result of which is
already reflected in the balance. The list of closed deals may be viewed
on the Customer Terminal using the “History” tab (history
of deals).
History
of deals (Statement) shall mean a list of closed deals, as well
as financial (non-trading) operations (deposit/withdrawal or transfer
of funds, commissions paid, etc.) that were made by the Customer
since the opening of the trading account.
Customer
shall mean an individual or legal unit, who uses any services of the
Company, including persons, who carry out financial or trading (speculative)
transactions.
Customer
Terminal shall refer to the MetaTrader software version, which is
currently supported by the Company that enables the Customer
to receive live financial market information (in the amount determined
by the Company), to make technical market analyses, to execute
trading transactions, to open / modify / close orders and to get messages
from the employee(s) of the Company.
Contract
for Difference (CFD) shall mean a derivative financial instrument
that reflects current quotations of the relevant basic asset (financial
instrument), such as a currency pair, security, or product unit (primary
product). Contract for difference is an instrument for trading (speculative)
operations.
Quotation
shall mean the provision of prices (quotations) for financial instruments
by the server of the Company
to the Customer terminals.
Log file
shall mean the entry of information about operations for the account
to a text file.
Margin
shall mean collateral that enables the Customer
to get a temporary monetary credit that is used to carry out transactions
during marginal trading.
Margin Deposit
shall mean a deposit that provides the credit line for carrying out
trading operations on the Customer account.
Minimum
balance shall mean the minimum margin on the Customer trading
account, with which the Customer
is still able to carry out trading transactions.
Initial
margin shall mean the margin required by the Company
to cover open positions.
Inactive
account shall mean a Customer trading account that was not
accessed during an Inactive period.
Non-trading
(financial) operation shall mean deposits made to the trading account
(or withdrawals from the trading account) of electronic currencies (title
units) or transfer of funds between trading accounts, or credit arrangements
(repayment of credit).
Regulatory
document shall mean an act that states the rights and responsibilities
of the parties.
Order
shall mean an instruction of the Customer
to the Company to open or close a position at a current market
price immediately or when a certain condition is met at a predefined
price in the future.
Abandoned
account shall mean a Customer trading account,
the balance of which does not exceed the minimum balance,
and which was not accessed during the period of inactivity.
Opened position
shall mean the result of the first part of the completed transaction.
As the result of opening a position, the Customer
must do the following: make a counter transaction of the same volume;
maintain equity not lower than 10% of the required margin.
Passive
fee shall mean a monthly fee charged by the Company
from the Inactive Customer account.
The period of inactivity shall mean a period of time, during which
the Customer did not access his/her account.
PIN-code
shall mean an alpha-numeric code, used as an additional safety measure
for identification of the Customer
for the purposes of non-trading (financial) transactions
by the Customer.
Payment
instruction shall mean a request fulfilled in Trader cabinet at https://secure.liteforex.org/eng/ for depositing funds to the trading
account or for withdrawing funds from the trading account.
Stream of
quotations shall mean a sequence of quotations for each traded financial
instrument quoted on the trading platform under the clause 4.2 of present
Agreement.
Working
hours of the Company shall mean a period of time during the working
week, in the context of which the trading terminal of the Company
allows dealing with standard currency contracts. Week-ends, holidays,
and temporary changes of internal regulation are an exception to this
regulation.
Stop out
shall mean forcible closing of the Customer’s position or positions
by the Dealer, provided that the level of funds on the trading
account of the Customer is less than or equal to 10% of the margin
required to maintain all the opened positions in correspondence with
the leverage for the given type of account. If there are several opened
positions, then the most risky positions are closed first (positions
that have a maximum floating loss). The deal forcibly closed under the
aforementioned conditions is commented as “so”, with the statement
of the level of funds in per cent from margin and in absolute value;
the funds level and collateral (margin) are indicated.
Trading
(speculative, margin) operation with a contract for difference
shall mean a deal between a trader of the Company
for the purchase or sale of a derivative financial instrument representing
a contract for difference of certain basic instruments (such as currency
pair, securities, precious metals, products, raw materials, etc.). A
conversion (speculative) operation with a contract for difference supposes
that two counter deals for the purchase and sale of the contract of
the same volume are carried out.
Trading
(financial) instrument shall mean an instrument that allows carrying
out trading (speculative) operations.
Trading
account (account) refers to a special personal account, opened by
the Customer in the Company
to register liabilities of the Company
and the Customer that originate from trading (speculative) and
non-trading (financial) operations carried out under the present
Agreement.
Transaction
shall mean the whole set of trading operations, during which funds transfer
from a base currency into a quoted currency and back.
Force-majeure
shall mean circumstances of insuperable force (from French, force
majeure), including acts of God (earthquakes, floods, fires, typhoons,
etc.) or circumstances of social life (war operations of any type, epidemic),
national and sectoral industrial strikes, prohibition acts of state
agencies (quarantines, the limitation of transportation in certain directions,
ban on trading operations with individual countries due to international
penalties, etc.), hacker attacks, suspension of work, liquidation or
closing of a market or the absence of any event, which the Company
uses as the basis for a quotation, or the introduction of limitations,
specific and non-standard trading conditions on any market, etc., as
well as other circumstances that cannot be reasonably controlled by
the parties.
Electronic
access shall mean access to the account by means of Internet, using
private Customer passwords and the Customer terminal.
Electronic
payment system shall mean the whole set of procedures and related
computer networks used to carry out financial transactions for money
transfer, represented by electronic currencies (title units) between
financial organizations.
3. THE ORDER OF OPENING AN ACCOUNT
3.1. Before
opening an account the Customer
shall familiarize him/herself with all the regulative documents of the
Company, namely with the Customer Agreement
and all the appendixes stated in the clause 1.4.
3.2. The
Customer fills in the registration form for opening an account with
the Company, which is publicly available on the Internet at: https://secure.liteforex.org/eng/
3.3. The
Customer deposits funds to his/her account within the thirty-calendar-day
period upon opening the account, otherwise the account will be blocked
and may not be recovered.
3.4. Margin
deposit on the Customer account covers the credit line for trading
(speculative) operations on financial markets.
3.5. Electronic
access to account management is granted immediately upon opening the
trading account and does not depend upon the deposit of funds to the
account.
3.6. Trading
becomes possible once the minimum required amount of money for trading
operations is deposited to the Customer’s
account with the Company (initial margin).
3.7. Opening
a trading account enables the Customer
to carry out trading operations with any instruments provided by the
Company on the day the trading account is opened.
4. TERMS
OF WORK
4.1. All work
within the trading account is carried out under the regulative documents
aforementioned in Article 1.4 of the present Agreement,
which are publicly available on the Company
Web site, at http://www.uwcfx.com.
4.2. Company
working hours, during which quotation is carried out under the
present Agreement are defined as being: around the clock
from 23:00:01 (twenty-three o’clock and one second) GMT Sunday till
21:00:00 (twenty-one o’clock sharp) GMT Friday. Non-working hours
are defined: as the period of time between from 21.00.01 (twenty-one
o’clock and one second) GMT Friday till 23.00.00 (twenty-three o’clock
sharp) GMT Sunday.
4.3. The detailed
information about the terms and conditions of trading (speculative)
operations carried out by the Company,
the present Agreement, as well as other information related to
the activities of the Company
are addressed to any legal units or individuals, and are publicly available
on the Company Web site http://www.uwcfx.com in the form of public documents.
4.4. With regards
to all trading operations, the Company
only executes instructions and does not provide services of funds trust
management, or give recommendations to the Customer.
4.5. All
Customer trading instructions and requests are executed under the
Trading Operations Execution Regulation.
4.6. The account
is managed via the Customer
MetaTrader terminal, which is publicly available on the Company
Web site. The Customer terminal is installed on a personal computer
of the Customer (PC or smart phone, depending upon the chosen terminal).
In order to receive quotations and to work with the trading account,
one needs Internet access.
4.7. The terminal
is accessed using the Trader password. The Customer
understands that each successful connection to the trading account is
considered by the Company as a direct connection of the Customer
to the trading account. Moreover, the Customer
understands that successful authorization under the Trader password
is considered by the Company
as unconditional acceptance of the fact that all the following actions
(operations) on the trading account of the Customer
will be carried out on behalf of the Customer. The Customer
is fully responsible for the security of passwords.
4.8. Trading
with the help of an electronic trading system may differ from open exchange
trading, as well as from other electronic trading systems.
4.9. The
Company enables its Customers
to receive reports about account operations. The Company
informs the Customer about the results of operations (trading,
as well as non-trading) for his/her account via a detailed report (statement)
that is sent to the e-mail address provided during registration. This
takes place daily, at 21:00 (twenty-one o’clock sharp) GMT or at 00:00
(zero o’clock) according to server time, except for week-ends. Should
inconsistencies or errors be found, the Customer
should notify the Company within 5 (five) business days.
4.10. Currency
is not actually supplied during trading (speculative) operations. Profits
(losses) of the Customer are reflected on the trading account
immediately after closing a position.
4.11. The
Customer is solely and completely responsible for the actions carried
out on his/her trading account. If the Customer
acts as a guarantor on the behalf of a third party, the Company
considers the true Customer
to be the person, in whose name the account was opened. All the
operations carried out on the aforementioned account shall be considered
as operations carried out by the owner of the account.
4.12. The
Customer and the Company
may communicate in the following ways:
(a) internal
mail via the MetaTrader trading terminal;
(b) electronic
mail messages;
(c) electronic
instant messages;
(d) by means
of posting information in the section “Corporate news” on the
Company Web site.
4.13. All messages,
whether sent via e-mail, terminal internal mail, published in the “Corporate
news” section, shall be considered received after one hour upon sending.
4.14. For funds
not used in trading, but which are allocated by the trading account
(deposit), the Company pays
credit, in the form of a set interest rate, for the given type of trading
account chosen by the Customer,
on a monthly basis. The annual interest rate is published on the
Company Web site. The Company
has the right to change the interest rate by a unilateral order without
prior notification of the Customer.
5. THE ORDER OF SETTLEMENTS
5.1. Each non-trading
(financial) operation on the account shall be carried out strictly according
to the Financial Operations Execution Regulation.
5.2. The
Customer has the right to withdraw the sum free from liabilities,
i.e. the sum, which is not used to cover margin, from his/her account
without having to close it. The Customer
understands that by withdrawing funds free from liabilities from the
account s/he decreases the amount of funds available to maintain the
necessary margin on open positions, thus, in case of strong market fluctuations,
there is a higher risk of positions being closed at stop out.
5.3. Money
transfer is performed within 3 (three) banking days of receipt of a
respective order from the Customer.
5.4. After
such an order from the Customer is received, the amount withdrawn
is deducted from the existing Customer account balance on the
day the order is received.
5.5. During
the repayment of funds, electronic payment system commissions are charged
to the Customer.
5.6. All instructions
related to the withdrawal of funds from the account shall be verified
by an additional password (Customer PIN-code). The
Customer PIN-code cannot be recovered in case of loss. The
Customer will have to open a new trading account.
6. RIGHTS AND LIABILITIES OF THE CUSTOMER
6.1. The
Customer acknowledges that he/she:
has thoroughly examined
the present Agreement and agrees with all its terms and conditions,
and the terms and conditions of its appendixes stated in Article 1.4.
of the present Agreement, which are an integral part of the latter,
before opening a trading account.
has sufficient special
knowledge, experience, and is able to trade on financial markets at
his/her own risk and his/her own account.
all the information
provided by the Customer to the Company
when opening the account or further work with the account is true, correct
and valid; the Customer immediately informs the Company
of any changes to the given information via e-mail, internal terminal
mail or any other means with message receipt notification from an employee
of the Company.
6.2. The
Customer is informed and agrees that the Company is not responsible
for actions or inactions of the Customer concerning the performance
of operations on financial markets. The Customer,
being a owner of his/her account, has the right to give instructions
exclusively related to trading or money transfer to the employees of
the Company.
6.3. The Customer
shall ensure password security and take every reasonable step to prevent
third parties from gaining access to trading devices. The Customer
is liable to the Company for any operation carried out by means
of the password or PIN-code
of the Customer, even if the operations were made by third parties
without the Customer’s consent.
6.4. The
Customer does not have the right to request investment trading advice
from the Company, or any other information that could motivate
the Customer to perform trading operations.
6.5. The
Customer acknowledges that market recommendations or information
transferred to the Customer
by the Company, or any other person inside the Company
shall not be interpreted as an offer to carry out a transaction.
6.6. The
Customer has the right to establish joint accounts, herewith, each
holder of an account has the right to:
(a) trade on
the account strictly according to the conditions stated in the present
Agreement;
(b) receive
all correspondence and documents related to the account;
(c) deposit
and withdraw funds to/from the account.
6.7. Legal
successors shall notify the Company
in writing upon the death or legal incapacity of one or more account
holders within a reasonable amount of time and attach a copy of the
relevant certificate (death certificate, certificate of legal incapacity,
disability certificate, etc.).
6.8. The
Customer shall notify the Company
in writing of his/her intention to cancel the present Agreement,
after which the account of the Customer
will be closed. In case of non-notification or untimely notification
of the Company, all the conditions of the present Agreement
remain effective until an employee of the Company receives a
letter informing her/him of the closing of the account.
6.9. The
Customer shall not violate the generally accepted norms of behavior
when communicating with employees of the Company. The Customer
acknowledges and understands that in case a Company
employee is treated with abuse, the latter has the right to cease communication
with the Customer, and
the issue, for which the Customer
addressed the employee, may either remain unresolved or only partially
resolved.
7. RIGHTS AND LIABILITIES OF THE COMPANY
7.1. The
Company only executes instructions for the Customer
regarding trading (speculative) or non-trading (financial) operations
on the account.
7.2. The
Company executes instructions for the Customer
regardless of whether the aforementioned operation is unsuitable
for the Customer.
7.3. The
Company is not responsible for any Customer losses: loss
of profit, lost opportunities (due to possible market fluctuations),
expenses or damage, in accordance with the terms of the present Agreement,
unless otherwise provided for in the Trading Operations Execution
Regulation.
7.4. The
Company, at its sole discretion, may provide information, recommendations
and advice to the Customer, but in this case it is not responsible
for any consequences or profitability of such recommendations or advice.
7.5. The
Company reserves the right to alter or modify and amend the present
Agreement after notifying the Customer accordingly, up until
5 days before the relevant modifications go into effect.
7.6. The above
mentioned rights of the Company are permanent and will remain
in full force until the Customer informs the Company in writing
of his/her wishes to close the account or terminate the Agreement.
7.7. The
Customer is personally and fully responsible for the state of his/her
trading account and agrees that this right is valid until the account
is closed.
7.8. The
Company is not a provider of communication service and for this
reason is not responsible for any failure to perform obligations as
a result of lineout; and does not compensate moral or financial damage
to the Customers in such cases.
7.9. The
Company has the right to suspend or terminate the present Agreement
immediately, upon written notification of the Customer about
this intention via e-mail (to the e-mail address provided by the
Customer during registration) no later than 5 (five) business days
before the intended suspension/ termination of the present Agreement.
The Company
reserves the right to require the Customer
to provide documents, identifying his/her person and/or proving his/her
solvency, including notarized hard (paper) copies. The list of documents
that may be required by the Company
is provided in the Anti-Money Laundering Policy.
Should any
signs characterizing a financial (non-trading) operation appear as suspicious,
the Company has the right to request the Customer to provide
a proof of lawful origin of the monetary funds.
7.10. Termination
of the present Agreement does not exempt the Company or
the Customer from those responsibilities that existed under the
present Agreement before termination, including the responsibilities
with respect to open positions and deposit/withdrawal operations of
amounts to/from the Customer’s account.
7.11. The
Company guarantees security and confidentiality of the Customer’s
personal information. The disclosure of the Customer’s
personal information is possible only in cases directly specified in
the effective legislation.
7.12. The
Company charges a Passive fee
on the Customer trading account,
which was not accessed during the Period of inactivity (Inactive
account). Herewith, if the balance of the Customer’s
trading account falls below the Minimum balance,
the Customer’s trading account shall become Suspended,
and the Customer will
lose access to it.
In order to
recover a Suspended account,
the Company deducts the Recovery fee
from the Customer's trading account. The amounts of the Passive
fee and Recovery fee, as well as the Period of inactivity
length of time depend upon the type of trading account. The relevant
information is published on the official Company
Web site.
8. FORCE-MAJEURE
8.1. The
Company is exempt from responsibility for complete or partial failure
to deliver its obligations under the present Agreement, if the
failure results from force-majeure events (circumstances of insuperable
force). The Company is not responsible for possible losses of
the Customer caused by force-majeure events, being out of the
Company’s control, and which could
not be reasonably foreseen.
8.2. The Company reserves the right, in its reasonable opinion,
to determine time and other bounds of force-majeure circumstances.
The Company
shall inform the Customer about force-majeure circumstances within
a reasonable period of time.
8.3. Due to
force-majeure, the Company reserves the right (without prejudice
to any other rights of the Company
under this Agreement) without prior written notice and at any
time take any of the following steps:
8.3.1 increase
margin requirements;
8.3.2 close
out any or all open positions at such price as the Company
considers in good faith to be appropriate;
8.3.3 suspend
or modify the application of any or all terms of this Agreement
to the extent that the force-majeure event makes it impossible or impractical
for the Company to comply with them;
8.3.4 take
or omit to take all such other actions as the Company
deems to be reasonably appropriate in the circumstances with regard
to the position of the Company,
the Customer and other Customers.
9. SETTLEMENT
OF DISPUTES
9.1. The parties
of this Agreement will take all possible measures to settle disputes
and differences amicably, through negotiation and correspondence, by
sending claim letters under the Regulation on Composing and Handling
Claims.
9.2. The
Customer’s claims arising out of the present Agreement
will be considered by the Company only if documented in writing
and submitted no later than 5 (five) calendar days from the date of
the event in question.
9.3. The time
for consideration of the Customer’s claim may not exceed fourteen
business days.
9.4. Should
disputes as to the Customer’s
account balance arise; the parties will review records of Customer
operations, using log-files on the Company
server.
9.5. In case
the decision is made in favor of the Customer, the Company
will transfer the entitlement payment to the Customer trading
account only.
9.6. Should
any dispute not be provided for in the Regulation on Composing and
Handling Claims, the final decision concerning the claim will be
settled by United World Capital Investment Group, Inc., based
on established market practice and its understanding of the principles
of equitable settlement in the matter.
10. AMENDMENTS
10.1. The
Company reserves the right to make amendments to the present
Agreement. In particular, it may take place in cases, which are
not described directly or indirectly in the current edition of the present
Agreement or if a rule of law emerges that requires a corresponding
amendment.
10.2. Amendatory
procedure:
10.2.1 Should
amendments be made, the Company
shall inform its Customers
of it by posting the relevant notice on the official Company
Web site and send a relevant message via the internal mail system.
10.2.2 Posting
the relevant notice on the Company
Web site and sending messages via internal mail are considered to be
appropriate means of Customer
notification about the amendments , whether the Customer
reads and understands a corresponding text or ignored it.
10.2.3 The
amended document becomes effective after 5 (five) full astronomical
days (120 hours) following publication of the notice on theCompany’sWeb
site, before this time the notice has an informative (voluntary) nature.
10.2.4 The
amended document immediately applies to any accounts registered after
its publication (irrespective of other accounts registered earlier,
which its holder may possess).
The amended
document applies to trading accounts that were registered before its
effective date when the document came into effect.
10.2.5 In the
case that a rule of law is introduced, which requires a corresponding
amendment to the presentAgreement,then the rule of law shall
be applied immediately after the effective date of the relevant statutory
act, whether the required amendment is made or not. Regulations of the
presentAgreementthatcontradict the newly introduced rule or law
become void once the corresponding amendments to the aforementioned
document go into effect.
11. AGREEMENT ACCEPTANCE BY THE CUSTOMER
11.1. I agree
with all the regulations (articles, sections) of the Company
public documents throughout the entire period of time that I
use Company services.
I will immediately cease using the Company’s
services in case of disagreement.
I accept all the conditions stated in the present Agreement.