a Cyprus Investment Firm registered with the Cyprus Registrar of Companies
under registration number HE394425 authorized and regulated by the Cyprus
Securities and Exchange Commission (hereafter the “CySEC”), under
authorization number xxx/xx
(operating under the trading name “Errante” henceforth “us”, “our”,
“we”, “Company” or “Errante”). Our registered office is
situated at 30, Karpenisiou street, 1077 Nicosia, Cyprus and the Head Office at
67, Spyrou Kyprianou Street, Office 101, 4042 Limassol, Cyprus. Errante will
provide its investment services strictly under the terms and conditions defined
throughout this Agreement. This Agreement is made between yourself, as our
Client (hereinafter referred to as “you” or “your” or the “Client”)
and the Company and may hereinafter be referred to individually, as “Party”
and, collectively, as the “Parties”.
relationship between the Client and the Company shall be governed by this
Agreement. As this Agreement is a distance contract, it is amongst others,
governed by the Distance Marketing of Consumer Financial Services Law
N24(I)/2004, implementing the EU Directive 2002/65/EC, under which signing the
Agreement is not required and the Agreement has the same rights and liabilities
as a duly signed contract.
For client protection
and satisfaction, you should take time to carefully read this Agreement as well
as any other policies, additional documents and information available to you
via our website prior to opening a trading account with us. By default, you
must read, agree and accept all the terms and conditions set out below, and any
additional documents incorporated herein by reference before you establish a
Business relationship with us (without modifications).
IF YOU HAVE
OBJECTIONS TO ANY OF THESE TERMS AND CONDITIONS, OR ANY PART THEREOF, AND/OR IF
YOU DO NOT AGREE TO BE BOUND BY THESE TERMS AND CONDITIONS, OR ANY PART
THEREOF, DO NOT ACCESS AND/OR USE OUR ONLINE TRADING FACILITY IN ANY WAY AND
INFORM US IN WRITING IMMEDIATELY.
By accepting this
Agreement, the Client confirms and acknowledges that the Company reserves the
right to amend, alter, modify, delete or add to any of the provisions of these
Terms and Conditions at any time, in accordance with the Terms hereof. When
these Terms and Conditions are modified (hereinafter referred to as “Changes”)
we will post such Changes on our Online Trading Facility and/or otherwise
notify you of such Changes. Each such notification shall be deemed as
sufficient notice and it is your duty to consult and/or to check regularly this
Agreement on our Online Trading Facility regarding any such Changes. Therefore,
you should review these pages from time to time so as to ensure that you will
be aware of any such Changes. All amended terms shall be effective five (5)
calendar days after their initial posting on our Online Trading Facility, or as
of the first time that you access and/or use our Online Trading Facility after
such amendments were made, whichever is sooner. Your continued use of our
Online Trading Facility after the publication of any Changes shall be considered
as your agreement to such modified Terms and Conditions and shall be governed
by those Terms and Conditions, as modified. If you do not wish to be bound by
those Changes, you should cease to access and/or use our Online Trading
Facility and inform us in writing, immediately.
Your access and use
of our Online Trading Facility constitute your acceptance of these Terms and
Conditions and any other legal notices and statements contained on or in our
Online Trading Facility. Your access and use of or Online Trading Facility is
governed by the version of these Terms and Conditions that is in effect on the
date on which our Online Trading Facility is accessed and/or used by you.
Please feel free to contact our customer support team for any clarifications before
you continue to access and/or use our Online Trading Facility.
2. COMMUNICATION WITH
You expressly agree
to communicate with us, via Electronic messaging, website posts, email,
telephone, telefax or otherwise, to the extent permitted by Applicable Laws
and/or Regulations. The communication being made via electronic media or
otherwise in order to place Orders, transactions, other notice or additional
documentation in relation herein, to the extent permitted by the Applicable
Laws and/or Regulations, to be treated as Confidential, and satisfying any
The main language of
communication shall be English, and you will receive documents and other
information from us in English. However, where appropriate and for your
convenience, we will endeavor to communicate with you in other languages. By
accepting and agreeing to the Terms and Conditions of this Agreement, you
accept the following terms and conditions, and Additional documentation such as
policies included on our website of the Company.
The Company is free
to use any ideas, concepts, know-how or techniques or information contained in
your communications for any purpose including, but not limited to, developing
and marketing products. The Company monitors your communications to evaluate
the quality of service you receive, your compliance with this Agreement, the
security of the website, or for other reasons. You agree that such monitoring
activities will not entitle you to any cause of action or other right with
respect to the way the Company monitors your communications.
The contents of our
website and any communication that you may receive from us, via Electronic
messaging, website posts, email, telephone, telefax or otherwise, and any
articles forming our website, in particular, are general information and
educational purposes only and do not amount to investment advice or unsolicited
financial marketing to you. You are advised to read our “Risk Disclosure
Statement” on our website, before opening a trading account and accessing
and/or using our online trading services.
You acknowledge your
understanding that you have the right to withdraw your consent to our Online
trading services and signature of documents at any time by providing us with
written notice. The Company reserves the right to terminate or restrict the
Client login access to our website if you refuse to consent or/ revoke consent
at any given time before or/ after establishing a business relationship with
available and reserved only for individuals or legal entities that have
established a legally binding contract under the laws applicable in their
country of residence. Without limiting the below-mentioned terms, our Services
are not available to people aged under the age of 18 or who have not attained
the legal age (“Minors”). To avoid any doubt, we disclaim any liability for
unauthorized use by Minors of our Services in any manner or another.
Without limiting the
above-mentioned provisions, our Services are not available in areas where their
use is illegal, and the Company reserves the right to refuse and/ or cancel
access to its Services to anyone at its sole convenience.
For the avoidance of
doubt, the ability to access our website does not necessarily mean that our
services, and/ or your activities through it, are legal under the laws,
regulations or directives relevant to your country of residence.
You hereby expressly
acknowledge and agree that by (1) downloading, completing and submitting to us
documentation and form available on our website and/or clicking on the
appropriate consent boxes or/ similar buttons and/or (2) using or/ accessing
or/ continuous use or/ access of our website, you are entering into a legally
binding contract with us, and you fully agree to abide by and to be bound by
all the Terms and Conditions set out in this Agreement, as such may apply to
4. DEFINITIONS –
For the purpose of
this Agreement, when used in this Agreement, unless the context otherwise
requires, capitalized words and expressions shall have the meanings assigned to
them in the defined terms that are set forth in bold hereinafter, under the
heading “Definitions” and throughout this Agreement:
4.1 “Access Codes” means the User ID
and password of the Client, which are required to access and use the platform.
4.2 “Agreement” means the
provision of these Terms and Conditions for the Services provided by the
Company, inclusive of all of its annexes, appendices, attachments, schedules,
and amendments, as the same may be in for from time to time and modified from
time to time.
Laws and/or Regulations” means CySEC Legislation,
Directives, Circulars or other Regulations issued by CySEC and govern the
operations of Cyprus Investment Firms, Markets in Financial Instruments
Directive II (MiFID II), Anti-money laundering (AML Law) and all other
applicable laws and rules in force and as amended from time to time.
4.4 “Balance” means the sum
held on behalf of the Client on its Client Account within any period of
4.5 “Business Day” means a day
which is not a Saturday or a Sunday or a public holiday in Cyprus or any other
holiday to be announced by the Company on its website.
4.7 “Client” or
“you”, “your” and in general terms, including each instance, without limit to a
“Natural person” or/ “Legal person”: (1) who register a trading account with
us, (2) who enters or/ has entered into our online trading platform and/or (3)
who has submitted to us all corporate account opening application form(s)
including identifiable documentation required by applicable laws and
4.8 “Client Account” means the
personal trading account allocated to the Client, under a unique account number
maintained with the Company. In this Agreement, unless the context otherwise
requires, account also means the trading account or Errante account registered
with us, which consists of all personal transactions, open positions or/
orders, account balances and deposits/withdrawals of client money.
4.9 “Client Funds” means money
that is paid or/ deposited into the Errante trading account and held for the
Client in segregated client accounts or in segregated accounts with another
authorized firm which may be our affiliate.
4.10 “Contract For
Differences or CFD” means a derivative Contract
involves the exchange of the difference in the value of a particular currency,
commodity, share, crypto or index between the time at which a contract is
opened and the time at which it is closed. Gains or losses are made based on
how the underlying instruments’ prices change relative to the price at the
initiation of the contract.
4.11 “CRS” is an
abbreviation for Common Reporting Standard.
4.13 “CySEC” means the
Cyprus Securities and Exchange Commission.
4.14 “Execution” means the
execution of Clients’ orders on the Company’s trading platform, where the
Company acts as an Agent to Clients’ transactions.
4.15 “EMIR” is an
abbreviation for European Market Infrastructure Regulation.
4.16 “FATCA” is an
abbreviation for Foreign Account Tax Compliance Act.
4.17 “FFI” is an
abbreviation for Foreign Financial Institution.
international financial markets in which financial instruments exchange rates
are determined in multi-party trade.
4.19 “Financial Instruments” means any of
the financial instruments offered by the Company and which are defined as such
under applicable Law or Regulation. According to the Company’s license, these
swaps, forward rate agreements and any other derivative contracts relating to
securities, currencies, interest rates or yields, or other derivative
instruments, financial indices or financial measures which may be settled by
any payment method other than in cash;
swaps, forward rate agreements and any other derivative contracts relating to
commodities that must be settled by any payment method other than in cash at
the option of one of the parties (otherwise than by reason of a default or
other termination event);
swaps, and any other derivative contract relating to commodities that can be
physically settled provided that they are traded on a regulated market and/ or
swaps, forwards and any other derivative contracts relating to commodities that
can be physically settled not otherwise mentioned in point (vi.) above and not
being for commercial purposes, which have the characteristics of other
derivative financial instruments, having regard to whether, inter alia, they
are cleared and settled through recognized clearing houses or are subject to
regular margin calls;
instruments for the transfer of credit risk;
swaps, forward rate agreements, and any other derivative contracts relating to
climatic variables, freight rates, emission allowances or inflation rates or
other official economic statistics that must be settled by any payment method
other than in cash at the option of one of the parties (otherwise than by
reason of a default or other termination event), as well as any other
derivative contract relating to assets, rights, obligations, indices, and
measures not otherwise mentioned in this Part, which have the characteristics of
other derivative financial instruments, having regard to whether, inter alia,
they are traded on a regulated market or an MTF, are cleared and settled
through recognized clearing houses or are subject to regular margin
Margin” means any payment or settlement for the purpose of opening a
CFD position, excluding commission, transaction fees, and any other related
4.21 “Leverage” means the ratio
in respect of transaction size and initial margin. Retail clients are subject
to trade with the maximum leverage of 30:1 to 2:1 depending on the underlying
asset of the CFD, and 500:1 for retail clients which elect to be treated as
4.22 “MTF” means the
Multilateral Trading Facility.
4.23 “Margin” means the
amount of cash that a Client is required to deposit with the Company in order
to enter Transactions/ Contracts.
4.24 “Margin Close
the percentage of the margin required for retail client account to hold open
CFD positions. A Margin Level of up to 50% (equivalent to 200% of the Client’s
‘Usage’) is required at which the Company will automatically close one or more
positions at market prices where the stop out level is reached. By applying a
close-out rule at 50% margin call (equivalent to 200% of the Client’s ‘Usage’),
limits the risk of any substantial loss by a retail client when the sum of
funds in the trading CFD account and the unrealized net profits of all open
CFDs connected to the Client.
4.25 “Margin Level” means the
percentage ratio (%) of the amount of equity to margin used and is shown on the
trading platform and calculated as follows: margin used/account balance* 200%
stop out (equivalent, account balance/margin used* 50% stop
4.26 “MiFIR” is an
abbreviation for Markets in Financial Instrument Regulation.
Balance Protection” means the limits of a retail
client’s aggregate liability for all CFDs connected to a CFD trading account
with the Company to the funds held in that CFD trading account (i.e. in rare
situations such as stop-out or/ extreme volatile market conditions).
4.28 “Office or
Operating Hours” means between 09:00 to 18:00 GMT+2 (GMT +3 during summertime)
on Business day(s), and the client can contact us until 22:00 GMT for
4.29 “Order” means the
request/ instruction given by the Client to the Company to Open or Close a
Position in the Client’s Account.
that the Clients’ funds are pooled with monies (or funds) belonging to other
Clients in a segregated account which is kept separate from the Company’s
Exposed Persons” means a natural person who is or who has been
entrusted with prominent public functions in the Republic of Cyprus or in
another country (internationally), an immediate close relative of such person
as well as a person known to be a close associate of such persons as further
defined in the applicable laws and regulations.
a professional client within the scope and the purposes stated in our “Client Categorization
Policy” following the implementation of the Markets in Financial Instruments
Directive (MiFID II) in the European Union and in accordance with the
Investment Services and Activities and Regulated Markets Law of 2017 (Law
87(I)/2017), as amended from time to time.
4.33 “Retail Client” means a retail
client within the scope and the purposes stated in our “Client categorization
Policy” following the implementation of the Markets in Financial Instruments
Directive (MiFID II) in the European Union and in accordance with the
Investment Services and Activities and Regulated Markets Law of 2017 (Law
87(I)/2017), as amended from time to time.
4.34 “Reporting” means a formal
record of the financial activities, transactional statements and position of a
person or/ entity, as required under applicable CySEC Rules, and/or other Law
4.35 “Services” means the
reception, transmission of orders in relation to one or more financial
instruments; the execution of orders on behalf of clients and dealing on own
accounts; as well as all the other services and ancillary services that we may
provide in accordance with the terms of our license and in connection with the
clients trading with us;
4.36 “Stop Order” means an order
to buy and sell a CFD once the price of the CFD reaches a specified price,
known as the ‘Stop Price’.
4.37 “Slippage” means the
difference between the requested/expected price of a trade and the executed
the account held with a banking institution for the purpose of holding Client
monies (or funds). This account is held in trust with Clients as beneficiaries
and kept separate from the Company’s own funds.
4.39 “Spread” means the
difference between Ask and/or Bid of an underlying asset in a CFD trade at that
4.40 “Swap or
the interest added or deducted for holding a position open overnight.
4.41 “Transaction” means any type
of transaction subject to this Agreement effected in the Client’s trading
account(s) including but not limited to Deposit, Withdrawal, Open Trades, Close
Trades and any other transaction of any financial instrument.
size” means the
notional monetary size of the trade shown as the amount/unit on the trading
4.43 “US Reportable
accordance to FATCA, a US Reportable person is:
a US citizen (including dual citizens)
a US resident alien for tax purposes
a domestic partnership
a domestic corporation
any estate other than a foreign estate
any trust if:
a court within the
United States is able to exercise primary supervision over the administration
of the trust
one or more United
States persons have the authority to control all substantial decisions of the
any other person that
is not a foreign person
Please note that the
Company does not accept Clients that are US Reportable Persons.
In this Agreement,
all the words that denote only the singular number will also comprise the
plural, wherever the aforementioned definitions apply and vice versa and the
words that denote natural persons will comprise legal persons and vice versa.
Words denoting any gender include all genders and whenever reference is made to
the terms “Paragraphs”, “Clauses”, “Sections” and “Appendices” it concerns
paragraphs, sections, and appendices of this Agreement.
The headings of the
Sections are only used for facilitating the reference and they do not affect
their interpretation. References to any law or regulation will be considered to
comprise references to that law or regulation as this can be altered or
replaced from time to time or, similarly, to be extended, re-enacted or
5. PROVISION OF
5.1 The following
are the investment services which the Company is authorized to provide in
accordance with its license authorization and are governed by this Agreement:
transmission of orders in relation to one or more financial instruments.
Execution of orders
on behalf of Clients.
Dealing on Own
In addition, the
Company will provide you with the following ancillary services:
administration of financial instruments for the account of Clients, including
custodianship and related services such as cash/collateral management.
Granting credits or
loans to an investor to allow the investor to execute a transaction in one or
more financial instruments, where the firm granting the credit or loan is
involved in the transaction.
services where are connected to the provision of investment services.
The Company provides
services related to ‘Financial Contracts for Differences’ related to
Commodities, Forex, Shares, Indices, and other Derivatives.
It shall be clarified
and noted that the Company deals on an execution-only basis and does not advise
on the merits of particular transactions, their legal or tax consequences or
Where we issue
technical or other market analysis or marketing content, this is not directed
and does not have regard to the investment objectives or specific circumstances
of the Client. This analysis or content should not be construed as any form of
investment advice or recommendation.
5.2 You assume all
responsibility in relation to any investment strategy, transaction or
investment, tax costs, and any consequences brought by from any transaction
that you perform, and the Company shall not be held responsible nor you shall
rely on the Company for the aforementioned.
Where the Company
provides general trading recommendations, market commentary or other
information in its newsletters and/ or website:
a) This is incidental
to your dealing relationship with the Company. It is provided solely to enable
you to make own investment decisions and does not result in investment advice;
b) If the document
contains a restriction on the person or category of persons for whom that
document is intended or to whom it is distributed, you agree that you will not
pass it on to any such person or category of persons;
c) The Company gives
no representation, warranty or guarantee as to the accuracy or completeness of
such information or as to the tax consequences of any transaction;
d) You accept prior
to its dispatch; the Company may have made use of the information on which it
is based. The Company does not make representations as to the time of receipt
by you and cannot guarantee that you will receive such information at the same
time as other Clients. Any published research reports may appear in one or more
screen information service(s).
5.3 The Company’s
operating hours are from 00:00 GMT+2 Monday to 23:59 GMT+2 on Friday, excluding
holidays which will be announced through the Company’s website. The Company
reserves the right to suspend or modify the operating hours on its own
discretion and on such event its website will be updated without delay in order
for you to be informed accordingly.
“Please note that
trading hours are subject to change based on available liquidity. Should the
underlying market close ahead of time or the liquidity be deficient, we may
delay market opening or disable trading for the affected instruments”
6. MEETING THE NEEDS OF INVESTORS
The Company provides
its clients or potential clients with the appropriate information via the “Key
Information Documents” (“KIDs”) which introduces overview information on the
Contracts for Differences (“CFDs”), core features of our financial products and
risks it entails, made available on our website.
By entering this
Agreement, you acknowledge, agree and accept that you have and understand the
risks related to Contract for Difference (“CFDs”). Whilst we provide negative
balance protection limits to a Retail client’s aggregate liability for all
CFDs, it ensures the maximum losses from trading CFDs, including all related
costs, are limited to the total funds that are in the account. This means that
your losses cannot exceed your equity.
Company also offers margin close-out protection rule set at 50% to ensure a
Retail client’s margin is not eroded close to zero (0); provided the maximum
leverage level of 30:1 and 2:1 that differ according to the volatility of the
underlying asset; initial margin protection; and standardized risk warning. You
understand and accept that the risk of loss associated with the corresponding
potential benefits for trading CFDs, is reasonably understandable considering
the specific nature of the financial contract.
You can read more
information available throughout the ‘Leverage policy’ on our website.
7. ACCOUNT OPENING
INFORMATION AND REQUIREMENT
7.1 We are obliged
by law to confirm and verify the identity of each person and/or legal entity
who register an Account with us. The Company reserves the right to make assessment
required to determine the extent to which the service or/ product is suitable
to the Client’s needs and/or appropriate to the Client’s level of knowledge and
experience. We have adopted an ‘Appropriateness test’ which shall apply to all
clients who shall complete and satisfy this requirement during the registration
process before being provided investment services unless you classified as
‘Professional or/ Eligible Party’.
7.2 You acknowledge
that we shall obtain, verify and record information identifying each individual
client who registers a trading account with us as per applicable laws and
regulations. Upon registration process or at any given period thereafter and in
the events before commencing your trading activities, we shall require you to
provide personally identifiable information and documentation to complete the
registration process, before you can make a deposit and start trading.
7.3 It is hereby
agreed that the Client may suffer any applicable transfer/bank charges in case
that the Client’s funds are refunded and/or withdrawn from the Client’s trading
account to the Client source of funding, should the Client fail and/or
otherwise, to provide the Company with the requested identifiable information
and/or documentation required for the verification of the Clients.
7.4 You agree that
during the initial registration period and onward, you will not impersonate any
person or/ entity, misrepresent any affiliation with another person, entity,
institution or/ association, use a false identity or/ otherwise conceal your
7.5 When you
register for the aforementioned Services, you will be requested to provide
certain personal information, as part of the account registration and opening
procedure that will allow us to identify and categorize you according to the
“Client Categorization Policy” of the Company. Each Client is entitled to have
one (1) trading account. Where a Client creates more than one (1) account under
multiple email addresses, the Company reserves all rights to close all trades
on the one (1) account and immediately return funds (deposit) to the client
In such an event, the
Company will investigate whether the Client had been acting in accordance with
our Order Execution Policy and general Terms and Conditions, or whether it was
an act to exploit any deficiencies for the purpose of riskless or/and
Where there are no
indications that the Client wasn’t acting in good faith, the Company will
communicate with the Client in order to make the transition of orders from one
account to the other with minimal to zero losses for the Client.
7.6 You further
acknowledge your willingness to share with the Company certain private
information which it uses for the purpose of confirming your identity and categorizing
you according to the “Client Categorization Policy”. This information is
collected in line with our stringent verification procedures which are used to
deter international money laundering operations and to ensure the security and
safety of our clients’ trading activity throughout and is subject to the
If you are
registering as a legal entity, you hereby declare that you have the authority
to bind that entity to this Agreement. The Company will treat with care the information
you entrust to the Company, in accordance with the disclosures it provides
7.7 By registering
with the Company, you confirm and agree that you consent to the use of all or
part of the information you supply concerning your trading account, the
transactions you undertake through it and the interactions which you perform
with the Company on behalf of the Company. All interactions you undertake with
the Company will be stored by the Company for the purposes of record-keeping,
as required by the Law and may be employed by the Company in cases where
disputes arise between you and the Company or on request by CySEC or any other
8. CLIENT CATEGORIZATION
The Company shall categorize
its Clients as Retail Clients or Professional Clients and certain Professional
clients may be further categorized as Eligible counterparty. The above-mentioned
Client categorization has a different level of regulatory investor protection
afforded to them. You are required to seek independent investment advice, for
such categorization by the Company does not constitute individual advice and/or
recommendation that the financial product we offer is suitable for you.
By accepting this
Agreement, the Client accepts the application of such a method. The Company
will inform the Client of his categorization as a Retail client or Professional
client or, as the case may be Eligible Counterparty according to Applicable
Regulations. The Client has the right to request different categorizations.
The Company shall
have the right to review the Client categorization, according to applicable
Regulations and inform the Client in the event of a change affects you. The
Client has the right to request a different client categorization as outlined
in our Client Categorization Policy, available on our website.
8.1 Request for
The Company shall
treat you as a Retail client unless the Company shall classify or re-categorize
you as a Professional client determined by the information completed during the
onboarding process of the Client through completion of the Appropriateness test
on our website.
If you wish to be
re-categorized you must inform the Company in writing, clearly stating the
request to be treated as a Professional client (and thus may lose certain
protections and investor compensation rights). The final decision of the change
in categorization, however, lies in the absolute discretion of the
Client is bound by the method of categorization as this method is explained
thoroughly the ‘Client Categorization Policy’, made available on our
9. SUITABILITY AND
investment services and/or ancillary activities in relation to the financial
instrument, the Company is obligated under the applicable Regulations to
collect information from client or potential client regarding his knowledge and
experience to understand the risks associated with trading leveraged products,
enabling the Company to assess whether the investment service or financial
instrument is appropriate for the Client. The Company encourages clients or
potential clients to provide all required information in order to assess their
suitability to take investment decisions and the appropriateness of the
financial instruments they wish to invest with us.
The Company shall
further warn Clients who failed the Appropriateness test, and we reserve the
right to refuse to provide any of our services to any person, who, at our
discretion, is not suitable to receive such services.
agree and accept that both Experienced and Less Experienced Retail clients are
categories represented under the Company’s ‘Client Categorization Policy’,
in accordance with the applicable laws and regulations.
We acknowledge and
agree that in all events you will be entitled to the protections available and
afforded under the applicable laws and regulations as a Retail Client.
10. GUARANTEES ON
BEHALF OF THE CLIENT
10.1 You state,
confirm and guarantee that any funds handed to the Company for trading
purposes, belong exclusively to you and are free of any lien, charge, pledge or
any other burdens. Further, whatever funds handed over to the Company by you
are not in any manner whatsoever directly or indirectly proceeds of any illegal
act or omission or product of any criminal activity.
10.2 You act for
yourself and not as a representative or a trustee of any third person, unless
you have produced, to the satisfaction of the Company, a document and/ or
powers of attorney enabling you to act as representative and/ or trustee of any
10.3 You understand
and agree that in the event that the Company has such proofs that are adequate
to indicate that certain amounts, as classified above, received by you are
proceeds from illegal acts or products of any criminal activity and/ or
belonging to a third party, the Company reserves the right to refund these
amounts to the sender, either this being you or a beneficial owner of a legal
Furthermore, you also
agree and understand that the Company may reverse any transactions performed in
your Trading Account and may terminate this agreement. The Company reserves the
right to take any legal action against you to cover and indemnify itself upon
such an event and may claim any damages caused to the Company by you as a
result of such an event.
10.4 You understand
and accept that all transactions in relation to trade in any of the financial
instruments, will be performed only through the Trading Platforms provided by
the Company and the financial instruments are not transferable to any other
Trading Platform whatsoever.
10.5 You guarantee
the authenticity and validity of any document handed over to the Company. You
understand and accept that the Company is unable to provide you with any legal
advice or assurances in respect of your use of the Services and the Company
makes no representations whatsoever as to the legality of the Services in your
10.6 You act as
principal and sole beneficial owner in entering this Agreement and each
transaction. In the event you wish to open more than one account with us either
as an individual client (natural person) or as the beneficial owner of a
Corporate client (legal entity), you are required to disclose to us such
information with immediate effect, during the account opening procedure and
provide us with all information and/or documents regarding the natural person
and/or legal entity. We reserve the right and are entitled at any time and open
our sole discretion to decline offering our services to such natural person(s)
and/or legal entity(s);
10.7 If you are a
natural person, you represent and warrant to us on the date of this Agreement
comes into effect and the date of each transaction that:
a) You are of legal
age for the purpose of entering this Agreement which is legally binding on you
in accordance with the applicable laws and regulations, and
b) You are at least
18 years of age (i.e. adult) and of legal age in your jurisdiction to form a
binding contract, and all information you submit to us is true and correct for
the purposes of this Agreement.
10.8 If you are a
legal entity, you represent and warrant to us on the date of this Agreement
comes into effect and of the date of each transaction that:
a) You are duly
incorporated and validly existing under the applicable laws of the jurisdiction
in which you are constituted;
b) Each natural
person executing and delivering this Agreement on your behalf, entering all
transactions and performance of all obligations contemplated under this
Agreement has been duly authorized by you;
c) You have submitted
all necessary authority, powers, consents, and/or authorizations as well as
taken all necessary action to enable you to lawfully conclude and perform this
Agreement and each transaction;
11.1 Use of Trading
Platform, Access Codes, and Safety
1) The Company shall
provide you with Access Codes for gaining online access to the Company’s
website and/ or trading platforms, thereby being able to place orders for any
Financial Instrument available from the Company and entering into transactions
with the Company. Further, you will be able to trade on the Company’s Trading
Platforms with and through the Company with the use of a personal computer,
smartphone or any other similar device that is connected to the internet. In this
respect, you understand that the Company can, at its absolute discretion,
terminate your access to the Company’s systems in order to protect both the
Company’s and your interests and to ensure the systems’ effectiveness and
You agree that you
will keep the Access Codes in a safe place chosen in your discretion and will
not reveal them to any other person. You will not proceed and avoid proceeding
in any action that could probably allow the irregular or unauthorized access or
use of the Trading Platforms.
2) You agree not to
attempt to abuse the Trading Platforms in an attempt to make illegal profits or
to attempt to profit by taking advantage of the server latency or applying
practices such as price manipulation, lag trading, time manipulation.
3) You are
responsible for all acts or omissions that occur within the website using your
registration information. If you believe that someone has used or is using your
registration information, username or password to access any Service without
your authorization, you should notify the Company immediately. You must make
every effort possible to keep the Access Codes secret and known only to you and
you will be liable for any Orders received by the Company through your trading
Account under your Access Codes. Further, any Orders received by the Company
will be considered as received from you. In cases where a third person is
assigned as an authorized representative to act on behalf of you, you will be
responsible for all Orders given through and under the representative’s Account
4) Trading under more
than one (1) account, that has been created under multiple email addresses by
the same client is not permissible by the Company. Similarly, we may limit the
number of trading accounts maintained by any person or within a single
household, at our sole discretion. You agree that the Company without notice to
you take such action to protect our own position by closing trades on the one
(1) account and immediately return funds (deposit) to the client source
5) You are
responsible to monitor your Account and to notify the Company immediately if it
comes to your attention that your Access Codes are lost or being used by an
unauthorized third party. Also, you agree to immediately notify the Company
should you become aware of any failure by you to receive a message indicating
the reception and/or execution of an Order, the accurate confirmation of an
execution, any information for your Account balances, orders or transactions
history as well as in case you receive confirmation of an Order that you did
6) You acknowledge
that the Company may choose not to take action based on Orders transmitted to
the Company using electronic means other than those Orders transmitted to the
Company using the predetermined electronic means such as the Trading Platform,
and the Company shall have no liability towards the Client for failing to take
action based on such Orders.
7) You agree to use
software programs developed by third parties including but not limited to the
generality of those mentioned above, browser software that supports Data Security
Protocols compatible with the protocols used by the Company. Moreover, you
agree to follow the access procedure (Login) of the Company that supports such
8) The Company shall
not be held responsible in the event of unauthorized access from third persons
to information including, but not limited to, electronic addresses and/ or
personal data, through the exchange of these data between you and the Company
and/or any other party using the Internet or other network or electronic means
9) The Company is not
responsible for any power cuts or failures that prevent the use of the system
and/or the Trading Platform and cannot be responsible for not fulfilling any
obligations under this Agreement because of network connection or electricity failures.
The Company further reserves the right to ask you to give instructions
regarding your transactions by other means that it deems appropriate.
10) The Company shall
have no liability for any potential damage you may suffer as a result of
transmission errors, technical faults, malfunctions, illegal intervention in
network equipment, network overloads, viruses, system errors, delays in
execution, malicious blocking of access by third parties, internet
malfunctions, interruptions or other deficiencies on the part of internet
service providers. You acknowledge that access to electronic systems/online
trading platforms may be limited or unavailable due to such system errors and
that the Company reserves its right upon notifying you to suspend access to electronic
systems/online trading platforms for this reason.
11) The Company has
the right, unilaterally and with immediate effect, to suspend or withdraw
permanently your ability to use any Electronic Service, or any part thereof,
without notice, where the Company consider it necessary or advisable to do so,
for example, due to your non-compliance with the Applicable Regulations, breach
of any provision of this Agreement, on the occurrence of an Event of Default,
network problems, failure of power supply, for maintenance, or to protect you
when there has been a breach of security.
In addition, the use
of the service may be terminated automatically, upon the termination (for
whatever reason) of any license granted to the Company which relates to the
particular service; or this Agreement. The use of the service may be terminated
immediately if the service is withdrawn by any market or the Company is
required to withdraw the facility to comply with Applicable Regulations.
The Company shall, at
all times perform its Reporting obligations (i.e. Transaction Reporting) and
exercise discretions under the below Reporting requirements with reasonable
care, provided the Company shall not do or cause to be doing anything in
contrary or/ otherwise prevented from doing under any applicable Laws, Rules or
The Company shall
also provide the Client with additional information and disclosures so as to
ensure adequate protection of the Client’s interests. Such disclosures will
disclosures on costs
ex-ante information on transactional costs that the Client may need in order to
choose the most appropriate account type;
quality of execution, the Company discloses on its website information on the
execution quality scorecard on a quarterly basis, for all types of accounts,
based on the actual performance data, statistics will include all valid market
and pending/limit order requests received via the trading platforms, excluding
trader orders received by voice or in writing;
execution venues, the Company will inform the Client, on an annual basis about
the available information in relation to the top five execution venues used by
the Company, by placing relevant disclosure at the Company’s website. Such information
will be published to comply with the applicable conditions set out in the
applicable Technical Regulatory Standard Reports;
where a Retail Client
account includes positions in leveraged financial instruments or contingent
liability transactions, the Company will inform the retail client, where the
initial value of each instrument depreciates by 10% and thereafter at multiples
of 10%, no later than the end of the business day in which the threshold is
exceeded or, in a case where the threshold is exceeded on a non-business day,
the close of the next business day.
The Company reserves
the right to take any action as we consider necessary, at our sole and absolute
discretion to ensure our Reporting obligations are compliance with CySEC Rules
or any applicable Laws and Regulations, and such actions shall be binding on
you and shall not render us or any of our Affiliates liable.
You agree to contact
the Company for additional information and/ or clarifications prior to agreeing
to these terms.
Without limiting the
foregoing, the Company, a regulated Cyprus Investment Firm, is required to
comply based on the Intergovernmental Agreement between Cyprus and the United
States and has taken all reasonable steps to be considered in compliance with FATCA.
You acknowledge and accept that the Company, is required to disclose
information in relation to any US reportable persons to the relevant
authorities, as per the reporting requirements of FATCA.
The CRS is an
international model agreement between competent Tax authorities between
participating jurisdiction on automatic exchange of financial account
In reference to the
improvement of the international tax compliance with the common reporting
standard (CRS) for the automatic exchange of financial account information
developed by the Global Forum of the Organization for Economic Co-Operation and
Development (OECD), the Republic of Cyprus has signed the Multilateral
Competent Authority Agreement for the automatic exchange of financial
information of financial accounts.
Company to comply with the common reporting standard (CRS), in the cases where
your tax residence is located outside Cyprus, the Company may be legally
obliged to pass on the information and other financial information with respect
to your financial accounts to Cyprus tax authorities and they may exchange this
information with tax authorities of another jurisdiction or jurisdictions
pursuant to intergovernmental agreements to exchange financial account
The Client shall be
responsible to provide accurate information for the CRS purposes and the
company shall not be held liable if any misleading and/or false information
will be reported to the tax authorities of another jurisdiction or jurisdictions
pursuant to intergovernmental agreements to exchange financial account
Without prejudice to
the provisions of this Agreement or/ any Additional agreement between the
Company and the Client, the Client accepts and consent to disclosure of
information to the extent required or permitted under provisions of EMIR in
compliance with CySEC Rules, and any applicable Laws and Regulation that
mandate reporting obligation, record-keeping of transactions and relevant trade
data, as suggested by the Regulator or/ Authorities.
disclosures made by the Company without limitation, the disclosure of trade,
trader information and/or any information to the Trade Repository (“TR”) in
accordance with the applicable Laws, Directive and/or Regulations. The Client
further consents and accepts that, for purposes of complying with regulatory
reporting obligations, the Company may use Third Party Service Provider or/
Software to transfer the required trade information into a Trade Repository
(regulated by government
provisions of this Agreement, where the Company is required by CySEC Rules or/
any other applicable Laws and Regulation to report your Transactions to the
CySEC or the competent regulatory authority, the Client may be requested to
provide the Company with an Identification card number or/ equivalent national
client information which we may require, and/or the Legal Entity Identifier
(“LEI number”) for Corporate Clients.
Through one or more
of its Services, the Company makes available to you a wide range of financial
information that is generated internally, from agents, suppliers or partners
(“Third Party Providers”). This includes, but is not limited to financial
market data, quotes and news, analyst opinions and research reports, graphs and
data (“Financial Information”).
information provided on the Company’s website is not intentional investment
advice. The Company, its Affiliate companies, and its Third-Party Providers do
not warrant the accuracy, timeliness, completeness or correct sequencing of the
financial information or the results of your use of this financial information.
The financial information may quickly become unreliable for various reasons,
including, for instance, changes in market conditions or economic
It is your
responsibility to verify the reliability of the information on the Company’s
website and its suitability for your needs. We exclude all liability for any
claim, damage or loss of any kind caused by information contained in or
referenced to by the website.
14. ORDERS –
INSTRUCTIONS AND BASIS OF DEALINGS
14.1 Reception and
Execution of Transactions
You can place an
Order via the Company’s trading platform. Once your instructions or Orders are
received by the Company, they cannot be revoked, except with the Company’s
written consent which may be given at the Company’s sole and absolute
You place your market
request at the prices you see on your terminal/ platform and the execution
process is initiated. Due to the high volatility of the market as well as the
internet connectivity between the client terminal and the server, the prices
requested by the client and the current market price may change, during this
You have the right to
use a Power of Attorney to authorize a third person (representative) to act on
behalf of you in all business relationships with the Company. The Power of
Attorney should be provided to the Company accompanied by all identification
documents of the representative. If there is no expiry date, the Power of
Attorney will be considered valid until the written termination by you.
The Company uses its
reasonable endeavors to execute any order promptly, but in accepting your
orders the Company does not represent or warrant that it will be possible to
execute such order or that execution will be possible according to your
instructions. In case the Company encounters any material difficulty in carrying
out an order on your behalf, for example in case the market is closed and/ or
due to illiquidity in financial instruments and other market conditions, the
Company shall promptly notify you.
Orders can be placed,
executed, changed or removed only within the operating (trading) time and shall
remain effective through the next trading session. Your Order shall be valid
and in accordance with the type and time of the given Order, as specified. If
the time of validity of the Order is not specified, it shall be valid for an
The Company shall
record telephone conversations, without any prior warning (unless required to
do so by Applicable Regulations), to ensure that the material terms of a
transaction and/ or order placed by the client and/ or any other material
information relating to a transaction are properly recorded. Such records will
be the Company’s property and will be accepted by you as evidence of your
orders or instructions.
If any underlying asset of the financial instrument becomes subject to a
specific risk resulting in a predicted fall in value, the Company reserves the
right to withdraw the specific financial instrument from the Company’s trading
determined and stated otherwise, the Company may limit the number of
transactions that you can enter into on any one day and also in terms of the
total value of those transactions. You acknowledge that some markets place
restrictions on the types of orders that can be directly transmitted to their
electronic trading systems. These types of orders are sometimes described as
synthetic orders. The transmission of synthetic orders to the market is
dependent upon the accurate and timely receipt of prices or quotes from the
relevant market or market data provider.
Without limiting the
foregoing, by using our services you understand and acknowledge that failure to
provide your information and documentation within the required time-frame or
provide inaccurate, incomplete or otherwise misleading information for verifying
your identity we reserve the right to restrict transaction order(s), block
access to the services (including closing all open positions) and/or terminate
your account if such information is not provided. You should note that any
applicable charges may be instantly deducted from your Trading Account(s).
You acknowledge that a market may cancel a synthetic order when upgrading its
systems, trading screens may drop the record of such an order, and you enter
such orders at your own risk. You shall refer to the Company’s website for
details of the restrictions/ limits imposed on transactions performed through
its electronic systems and/ or online trading platforms.
14.2 Execution Policy
The Company takes all
reasonable steps to obtain the best possible results for its Clients. The
Company’s Order Execution Policy sets out a general overview of how orders are
executed as well as several other factors that can affect the execution of a
financial instrument. You acknowledge and accept that you have read and understood
the “Order Execution Policy”, which was provided to you during the registration
process and which is uploaded on the Company’s website.
You agree that the
Company may execute an order on your behalf outside a regulated market and/ or
multilateral trading facility and that the Company’s Order Execution Policy
will not apply when you place a specific instruction.
The Company is the
sole execution venue and the sole counterparty to the Clients’ trades as well
as any execution of orders, on the contrary, we use multiple third-party
liquidity providers authorized within the EU/EEA to enhance the likelihood of
execution across instruments we offer. We reserve the right to register with
and/or change from any of the third-party liquidity providers at our own
discretion. In particular, we collaborate with:
ICC Intercertus Capital Ltd (“Inflyx”),
incorporated in Cyprus under registration number ΗΕ 346662, licensed and
supervised by CySEC under license number 301/16;
Broctagon Prime Ltd (“Broctagon”), incorporated
in Cyprus under registration number ΗΕ 360194, licensed and supervised by CySEC
under license number 320/17.
Our Execution Policy
shall be applicable to all Transactions and Contracts entered into by and
between the Client and the Company, to the extent that it does not impose
and/or does not seek to impose any obligations on us that we would not
otherwise have, but for the CySEC as a supervisory authority.
14.3 Leverage Policy
The Company shall
provide you with price quotes (bid and offer prices) in relation to financial
instruments offered through our Trading Platforms or our Dealing Department
where expressly agreed so. Each price quote shall be available to be used in
facilitating the Client’s Transaction or/Contract with a principal amount not
to exceed a maximum leverage amount, decided by us in accordance with our
“Leverage Policy”. You acknowledge that the prices and maximum Leverage
provided by the Company may differ from price and Leverage provided to other
clients and may be adjusted or withdrawn by us at any time.
You are required to
read and acknowledge that you understand our Leverage Policy and other
additional documentation (such as Client categorization) or/ information, made
available to all our clients on our website.
We are restricted to
executing Transaction or/ Contracts in financial instruments offered via our
Online Trading Platform, at the prices quoted therein on our website or
otherwise communicated to you upon request.
for all transactions that have been executed in your Trading Account on a
trading day will be available via your online account through the online
trading platform as soon as the transaction is executed. It is your
responsibility to notify the Company if any confirmations are incorrect.
Confirmations shall, in the absence of manifest error, be conclusive and
binding on you, unless you place your objection in writing within 14 (fourteen)
Business Days. You may request to receive the account statement monthly or
quarterly via email, by providing such a request to the Company, but the
Company is not obliged to provide you with the paper account statement. The
Account statement may be provided at the expense of the Client.
15.2 If there is any
manifest error in the statement or information provided made by us, we, acting
reasonably and in good faith, void any transaction or decline to accept any
orders and/or reserve the effect of any transaction or amend any trade so that
the relevant trade is affected as if the error did not incur.
15.3 You have the
right to authorize a third person to give instructions and/or Orders to the
Company or to handle any other matters related to this Agreement, provided that
you have notified the Company in writing that such a right shall be exercised
by a third party and that this person is approved by the Company and fulfills
all of Company’s conditions to allow this.
15.4 In case that
you have authorized a third person as mentioned above, it is agreed that in the
event that you wish to terminate the authorization, it is your full
responsibility to notify the Company of such decision in writing. In any other
case, the Company will assume that the authorization is still ongoing and will
continue accepting instructions and/or Orders given by the authorized person on
behalf of you.
16.1 In respect of
any transactions, the Company shall quote prices at which it is prepared to
deal with you. Save where we exercise any of its rights:
to close out a
a transaction closes
It is your
responsibility to decide whether or not you wish to deal at the price quoted by
the Company. The Company’s prices are determined by the Company in the manner
set out in the enclosed terms.
16.2 Each price shall
be effective and may be used in a dealing instruction prior to the earlier of
its expiration time and the time, if any, at which it is otherwise withdrawn by
the Company. A price may not be used in a dealing instruction after such time.
Each price shall be available for use in a dealing instruction for a
transaction with a principal amount not to exceed a maximum determined by the
16.3 You acknowledge
that these prices and maximum amounts may differ from prices and maximum
amounts provided to other clients of the Company and may be withdrawn or
changed without notice. The Company may in its sole discretion and without
prior notice to you immediately cease the provision of prices in some or all
currency pairs and for some or all value dates at any time.
the Company quotes a price, market conditions may move between the Company’s
sending of the quote and the time your order is executed. Such movement may be
either in your favor or against it. Prices that may be quoted and/ or traded upon,
from time to time, by other market makers or third parties shall not apply to
trades between the Company and you. For example, in times of high volatility
(i.e. major news announcements, central bankers’ speeches, etc.) as well as low
liquidity in the market, your orders may not be executed at declared prices but
instead on the next best available prices.
17. REFUSAL TO
The Company has the
right, at any time and for any reason and without giving any notice and/ or
explanation, to refuse, at its discretion, to execute any Order, including
without limitation in the following cases:
If you fail to
provide to the Company with any documents requested from you either for Client
identification purposes or for any other reason.
If the Company suspects
or has concerns that the submitted documents may be false or fake.
If you do not have
the required funds deposited in your Account.
If the Company is
informed that your credit or debit card (or any other payment method used) has
been lost or stolen.
If the Company
considers that there is a chargeback risk.
If the Company has
adequate reasons to suspect that the execution of an Order is part of an
attempt to manipulate the market, trading on inside information, relates to
money laundering activities or if it can potentially affect in any manner the
reliability, efficiency, or smooth operation of the Trading Platform.
If you do not have
sufficient available funds deposited with the Company or in your bank account
to pay the purchase price of an Order along with the respective charges and
commissions necessary to carry out the transaction in the Trading Platform. In
the event that the Company does refuse to execute an order, such refusal will
not affect any obligation which you may have towards the Company or any right
which the Company may have against you or your assets.
If the order is a
result of the use of inside confidential information (insider trading).
It is understood that
any refusal by the Company to execute any order shall not affect any obligation
which you may have towards the Company or any right which the Company may have
against you or your assets.
You declare that you
shall not knowingly give any Order or instruction to the Company that might
instigate the Company taking action in accordance with the paragraph above.
18. CANCELLATION OF
The Company reserves
the right to cancel a transaction if it has adequate reasons/ evidence to
believe that one of the following has incurred:
/unauthorized activities/ illegal actions led to the transaction;
Orders placed on
prices that have been displayed as a result of system errors or systems
malfunctions either of those of the Company or of its third-party service
The Company has not
acted upon your instructions.
The transaction has
been performed in violation of the provisions of this Agreement.
In the event that,
you involve us, directly or indirectly in any type of fraud, the Company shall
reserve the Right, without prejudice to any other rights we may have under this
Agreement, to reverse all previous Transactions and/or Contracts that would
place the Client and the Company at a Risk exposure.
19. SETTLEMENT OF
The Company shall
proceed to a settlement of all transactions upon execution of such transactions.
The acquisition of a financial contract is completed when the financial
contract has been customized, the premium (or the margin, as the case may be)
has been calculated and payment has been verified.
You agree to be fully
and personally liable for the due settlement of every transaction entered into
under your account with the company.
20. CLIENTS FUNDS OR
20.1 Safeguarding of
Client funds or money
We cooperate with
various banks, credit institutions and/or payment service providers which are
regulated within an account in the Republic of Cyprus, the European Union (EU)
and/or European Economic Areas (EEA). For more information about the complete
list of the providers that we cooperate with us are available on our website.
You acknowledge that
funds that belong to you may be used for trading purposes and kept in an
account with any bank or credit institutions, and the Company may notify you
from time to time regarding any changes regarding such arrangements. The legal
and regulatory regime applying to any such banks or credit institutions may
differ from the legal and regulatory regime in the Republic of Cyprus and the
European Union (EU), and in the event of the insolvency or any other analogous
events in relation to that bank or credit institutions or financial
institutions, your funds may be treated differently from the treatment which
would apply if the funds were held with banks or credit institutions in an
account in the Republic of Cyprus and the European Union (EU)/ European
Economic Areas (EEA).
Without foregoing the
above, all funds and/or assets (including collateral by that we mean
securities, investments or financial instrument, or acceptable to us in lieu of
cash) held by us on behalf of the Client for the provision of our services,
will be held in one or more accounts opened with the central bank or reputable
credit institutions or bank within European Economic Area (EEA), or any
electronic payment service providers/processors (PSPs) or a qualifying money
market fund approved by us and will be segregated and held separately from the
Company’s own fund as required by the applicable Laws and Regulations. You
accept that such Client funds will be subject to the laws of that territory
and therefore your rights differ accordingly.
By accepting this
Agreement, you expressly consent that we may maintain your funds in an omnibus
account separated from Company’s money. This means that all Clients’ Funds are
treated as belonging to our clients and under no circumstance we will use those
funds to meet any of our obligations, at any time, An omnibus account means
that your funds will be pooled with funds belonging to other clients in a
Segregated Account. On the contrary, in the event of default, a Client has no
right to claim against a specific sum in a specific account in the event of
insolvency or default of the credit institution. Clients’ claims may be made
against the monies held in the segregated account according to the Laws of that
jurisdiction. In this respect, the relevant Deposit Guarantee Scheme(s) (or the
equivalent) at national levels may be enforceable without consideration of the
ultimate beneficial owners of the omnibus account.
In the event of
insolvency, Clients’ funds will be excluded from the assets available to our
creditors. We reserve all rights not to be held liable with the latter where
complexity and/or safety offered by third parties referred to herein and
includes any event where the Client holds with us a minimum balance of Client
funds this requirement is not applicable. Where we are or become unable to meet
the above obligations and you have been categorized as a Retail client you are
entitled to compensation from the Investor Compensation Fund (ICF). This Scheme
protects a proportion of the Client funds that are held with any credit
institution or bank or third party referred to in this paragraph. You are
kindly requested to read more information through our website.
The Company will
exercise all due skill, care and diligence in the selection, appointment and
periodic review of the credit institutions, banks and the qualifying market
fund for the holding and safekeeping of Clients’ funds.
It is commonly
understood that any amount payable by the Company to you, shall be paid
directly to you to a bank account the beneficial owner of which is you. Fund
transfer requests are processed by the Company within the time period specified
on the Company’s official website and the time needed for crediting into your
personal account will depend on your bank account provider.
The Company retains a
right of set-off and may, at its discretion, from time to time and without your
authorization, set-off any amounts held on behalf and/or to the credit of you
against your obligation to the Company. Unless otherwise agreed in writing by
the Company and you, this Agreement shall not give rise to the rights of credit
The Company will
perform reconciliation of funds on a regular basis and in line with our
internal policies and procedures, in order to comply with the applicable Laws.
20.2 Withdrawal and
Deposit of Funds
You have the right to
withdraw the funds which are not used for margin covering, free from any
obligations from your Account without closing the said Account, subject
to any applicable restrictions regarding its operation, and any other right or
limitation on such withdrawal. We reserve the right to decline a Client’s
withdrawal request where such instruction is intended to manipulate the
Negative Balance Protection policy of the Company.
The Company reserves
the right to decline a withdrawal or deposit request if the request is not in
accordance with certain conditions mentioned in this Agreement or delay the
processing of the request if not satisfied with the full documentation
provided. More information on our accepted payment methods can be found on our website.
The Company covers
most payment processing fees. There are rare occasions when fees may occur when
depositing to or withdrawing from your Errante account. These are set and
applied by your payment provider or bank, not Errante.
Third parties may add
cards – When transactions are processed through foreign (non-local) acquirers.
bank wire – When transferring funds from your bank account to Errante, and vice
– When the deposit is in a currency that the selected payment method does not
You are fully
responsible for the payment details that you provided to the Company and the
Company accepts no responsibility if you have provided false or inaccurate bank
details. You may be requested to provide proof of ownership of the account or
of the card to which the funds are being transferred on withdrawal or closure
of the account request.
You agree that any
amounts sent by you to an account in the Company’s name, under its bank or
merchant accounts, will be deposited to your trading account at the value date
of the payment received and for the gross amount received in the bank or at the
payment processor. In order for the Company to accept any deposits by you, the
identification of the sender must be verified and ensure that the person
depositing the funds is you. If these conditions are not met, the Company
reserves the right to refund the net amount deposited via the method used by
The Company reserves
the right to decline a withdrawal with a specific payment method and to suggest
another payment method where you need to complete a new withdrawal request. In
the event that the Company is not fully satisfied with the documentation
provided in relation to a withdrawal request, the Company can request
additional documentation and if the request is not satisfied, the Company can
reverse the withdrawal request and deposit the funds back to your trading
The Company shall
ensure that all withdrawals, either in part or in full of the funds you deposit
with us are sent to the same source where the funds came from. Where we are
unable to do so, for some reason, and subject to restrictions under the
applicable Regulations, we shall return the funds as requested in part or fill
to another verified source, net of any transfer fees, charges or other
deductions incurred by the Company.
In the event we are
not satisfied as to the above and decline an incoming transaction, we reserve
the right to return the funds to the sender, net off any transfer fees or
charges which we may incur. We will send back refunds to the same source
from where the funds were received. The Company may deviate from this policy
provided we have been satisfied that this will not be contrary to any of our
policies and applicable Laws.
When a withdrawal
request is submitted, the Company will process the withdrawal within one
working business day. The withdrawal applications which have not been received
during business operating hours and/or on during business days will be dealt
with in the next business day. When your withdrawal application is approved, it
may take time for the banks and/ or payment processors to process the payment,
in these cases, the Company shall not be held liable for such delays. You
should be aware, however, that the actual time for processing may vary between
time of any past deposits is not indicative and cannot guarantee that any
subsequent deposits would be processed in a similar timeframe.
You agree that the
Company or the banks or payment service providers (PSPs) or credit institution
that we collaborate with may introduce limits on the total amount of money that
can be accepted or transferred by or to us or them at any given time or on an
aggregated limit basis. Where the Company sets a deposit limit, based on market
circumstances, you will be notified of the same in advance, either through
email notification, the trading platform or/and other communication means under
the terms of this Agreement. By accepting the terms of this Agreement, we
shall have no liability to you where you are unable to deposit any amount to
your account due to the deposit limits and you waive any claims that you may
have against us in any jurisdiction, to the extent permissible by law, as a
result of you being unable to deposit any amount to your account with us.
In the event that any
amount received in the bank accounts or payment providers in the name of the
Company are reversed by the provider at any time and for any reason, the
Company will immediately reverse the affected deposit from your trading account
and further reserves the right to reverse any other type of transactions
effected after the date of the affected deposit. It is understood that these
actions may result in a negative balance in all or any of your trading
You agree to waive
any of your rights to receive any interest earned on the funds held in the Bank
Account where your funds are kept.
20.3 Declining of Client’s
The Company has the
right not to accept funds deposited by you and/or to cancel your deposits and
remit your funds back to you in the circumstances that include but are not
limited to the following:
a client fails to
provide us with documents and/or information which we require from you either
for client identification or for any other regulatory reason, including with
respect to verifying the source of wealth;
we have reason to
suspect your involvement in illegal or fraudulent activity or engage in abusive
we have been informed
of a lost or stolen credit or debit card or any other payment method;
we have reason to
believe the documents and information provided to us are misleading, false or
we are unable to
identify you as the original remitter of the funds; or
we are unable to
return funds to the same source payment; and/or
we decline to do so
in order, in our own discretion, to comply with the applicable laws and
20.4 Withdrawal and
It is within your
terms that any specific bank fees or direct payment processing fees incurred in
the transfer of funds on your withdrawal request will be borne by the Company,
other transfer fees, corresponding fees or fees which are charged outside the
process of the Company shall be borne by you, the Client.
We are not involved
with and nor have any control over these additional fees. We, therefore, advise
you to check with your payment solution provider if any additional fees may
apply on their side.
requests from any of the client’s account(s) during the same calendar month
will result in a charge per withdrawal which is made available on our website.
The Company reserves the right to change, from time to time, any of the charges
applicable to clients without prior written notice to the latter, unless
otherwise agreed in this Agreement.
You hereby authorize
us to debit or credit your Errante Account with the transfer/bank charges
relating to facilitating a refund or withdrawal as a result of failure to
provide us with identifiable information and documentation within the
designated time-frame as defined under section 6 of this Agreement.
Any amounts sent by
you to an account or merchant account in the Company’s name will be deposited
to your trading account at the value date of the payment received and for the
gross amount received in the bank or at the payment processor.
The Company reserves
the right to impose withdrawal limits on your withdrawal requests at any time.
These limits are
based on the free margin within a trading account and any other pending
instructions to the Company at the point in time when the withdrawal request
was submitted. When a withdrawal or refund is performed, the Company shall only
process such requests to accounts held in the account holders name and reserves
the right (but shall under no circumstances be obliged) to send the funds to
the same sender from, and by the same payment through which such funds were
initially received by us. Should you wish to receive the funds in another
method, the Company shall request sufficient proof and details of the new
account details in order to process with a withdrawal request.
22. VERIFICATION OF
If you make a
payment/ deposit, the Company, without prejudice to any other provision of this
Agreement, use or best efforts to credit your Account with the gross amount of
such payment within the one (1) business day following receipt of the deposit,
if the Company is satisfied that you are the sender of the funds.
You shall be
requested to submit additional documentation as required by applicable
“Anti-Money Laundering (AML) Legislation” and/or equivalent Regulations
applicable to us.
23. CASH PAYMENT
The Company shall not
accept payments by cash and/or cheque.
24. CREDIT/DEBIT CARD
You can deposit or
withdraw funds to/from your Account with us easily by credit or/ debit card,
and the transaction process is electronically carried out online. The Company
reserves the right to require that you register with us your credit or/ debit
card information and submit documentation as required by applicable rules and
regulations. The credit/debit card must be connected to your personal
information which is already identified and verified by us (i.e. mailing
address used upon your registration and your full name must match credit/debit
The Company takes
extra measures to protect its clients and has various systems, control tools
for protection against credit card fraud and so as to comply with all
applicable Laws and Regulations. The measures to identify and/or prevent credit
card fraud may include, but limited to, under certain instances such as
authentication for processing of transactions, limits on amounts allowed to
deposit/withdraw per transaction, per client and registered email address
within a certain timeframe.
It is a serious
criminal offense to provide false or inaccurate information whilst registering
your credit/debit card with us. We shall endeavor to resolve any dispute
arising from fraudulent activity in our sole and absolute discretion, that
decision shall be final and binding on all parties involved.
The Company uses ‘3-D
Secure (3DS)’ electronic software designated as an additional authentication
and serves as a security layer for online transactions as well as payment cards
issued to clients under the name issued and verified by the Client’s bank. In
particular, we will use the 3DS as an enhanced measure to mitigate fraudulent
transactions and/or third-party payments.
determined and stated, we may impose limits and restrictions on the deposit, as
we consider fit pursuant to applicable Laws and Regulations. You may contact
our Customer Support Team if you wish to increase your credit/deposit limit
and/or read more information on the Account Types limits available on our website.
If you request a
chargeback (by mistake or/ intentionally) with your credit card for any deposit
you made in your Account with us, the Company reserves the right to charge your
Account for research fee (to cover investigative costs to prove that you made
the deposit), upon receiving the chargeback by our merchant service provider,
and closure of investigations, we shall proceed to charge this amount to your Errante
We do not allow
credit card fraud or fraudulent activities, and without exception, these
instances shall be prosecuted through criminal proceedings under the applicable
Laws, Rules and/or under the relevant jurisdiction.
You may deposit funds
into your Client Account at any time, and such deposits shall be accepted by
the Payment methods available on our website and need to be done from an
account in your name, as initially identified and verified by us. The Company
will not accept third-party or/ anonymous payments under any
27. INACTIVE AND
27.1 You acknowledge
and confirm that any trading account held with the Company in which you have
not logged for a period greater than six (6) months, shall be considered by the
Company as an Inactive Account.
means that a Client has not deposited funds into his Account and/or has not
logged into his Account for a period of at least 6 months. You can request to
re-activate your Account at any time.
27.3 You further
acknowledge and confirm that we may impose a minimum fee, the exact fee
will be based on the currency denomination of the Client account that will be
considered inactive. You may find the relevant information about the applicable
fees through our website.
27.4 You further
agree that any inactive accounts, having zero balance/equity, shall be
considered as Dormant Accounts. Provided that the account has been open
throughout a period of five (5) years and during that period no trades, deposits
or transactions have been carried out in relation to the account by or on the instruction
of the client.
Prior to the decision
to consider the client’s account to be treated as a Dormant account, the
Company may take all reasonable steps to ensure the clients satisfies the
conditions set out by its competent supervisory authority.
For the reactivation
of an Inactive and/ or Dormant Account, you must contact the Company. The
Inactive and/ or Dormant Account will then be reactivated subject to if
required, up-to-date client identification documentation to be provided to the
28. COSTS AND CHARGES
28.1 You shall pay
the Company’s commissions, swaps, spreads, costs and associated charges as
agreed with you, and any applicable fees imposed by clearing entities and
interest on any amount due to us at the rates then charged by us. We disclose
all current typical commissions, charges and other costs on our website. The
spread will vary according to market conditions, liquidity, and trade size. You
may be notified about any alteration to our commissions, prices, or charges. We
may notify you on or after the event.
28.2 It is your
responsibility to ask for further clarification should you require so. Any
applicable charges are directly deducted from your Account. You may find the
comprehensive tables with all costs and associated charges regarding investment
services, ancillary as set out on our website: General fees and charges.
expressly applicable by law, the Company shall not impose on its clients any of
the following fees and charges: (a) incomplete application fee; (b) performance
fee; (c) maintenance fee and (d) VAT charges on any of the transactions.
28.4 The associated
costs and charges may not all be represented in monetary value but may be displayed
in other units such as swaps, spread, or roll-over which can vary
depending on the instrument and market conditions.
28.5 The Company
shall have the right to amend from time to time its costs, fees, charges, commissions,
financing fees, swaps, and roll-over charges, found on the Company’s website: Account Types. Such changes shall
be displayed on the website and/or the platform while the Client is responsible
to check for updates regularly. In the absence of a force majeure event and
unless otherwise agreed in this Agreement, we shall be providing you with
advance notice on our website.
28.6 You acknowledge
that our commissions, spreads, charges, and other costs disclosed to you when
opening trade and/or on our website and/or platforms are not guaranteed by us
and represent an estimation only based on market conditions at the time that
the trade has been opened.
28.7 You further
understand and acknowledge that the commissions, prices, spreads, rolls over
fees and/or credits charged may vary and there may be instances when market
conditions cause spreads to widen beyond the typical spreads displayed on our
website. We may vary commissions, charges and other costs from time to time and
such changes in commissions, charges, and other costs are displayed on our
28.8 The Company
shall not be liable for any loss incurred by the Clients as a result of any
graph in inconsistency or misinterpretation on the trading platform.
28.9 We reserve the
right to void any transaction containing or based on any ‘manifest error’ or a
price, or series of prices, which are subsequently determined to be
unrepresentative of the actual market value of an asset or/product. Without
fraud or default action by us, we will not be liable to you for any loss,
claim, demand, costs or expenses following any ‘manifest error’ or such
erroneous quote. ‘Manifest error” refers to any error that we reasonably
believe to be evident or obvious, including without limitation, any offers to
execute transactions for exaggerated volumes or at manifestly incorrect market
price, quotes or prices at a clear loss.
28.10 Subject to the
above paragraphs 19 and 23, Clients are fully responsible for the payment
details that are provided to us and we accept no responsibility for the
Client’s funds where the Client’s details provided are incorrect. In addition,
the Company accepts no responsibility for any funds not deposited directly into
28.11 You acknowledge
and agree that we may make payments to third-parties that assist initiate,
conclude or maintain a business relationship between us or our clients (or
28.12 In compliance with
the applicable laws and regulations or rules of any supervisory authority, we
are under no obligation to disclose to or account to you for any profits,
benefits, commissions or other remuneration made or received by us by any
reason of transaction or investment.
28.13 Quotes and
Where appropriate, we
may provide quotes via the trading platform, email notifications and/or over the
recorded telephone. Our quotes are strictly indicative as well as current as at
the time provided or shown on our trading platform or/ website and are provided
for informational purposes. These quotes do not constitute an offer by us to
buy or sell any product or instrument at that price. All quotes are subject to
volatility and market fluctuations.
You understand and
acknowledge that we are under no obligation to ensure that the quotes provided
are within any specific percentage of the underlying asset price. Where the
underlying market or exchange is closed, quotes provided by us will reflect
what we believe to be the current bid and ask the price of the relevant
underlying asset price at that time. You acknowledge that quotes may be set by
us in our absolute discretion.
We reserve the right
in our opinion to determine a Force majeure events that will include, but not
limited to, the following: (a) any act, occurrence or event (including act of
terrorism, war, strike, natural calamities, etc.) that prevents us from
maintaining an orderly market in one or more of the instruments we offer on our
trading platform; (b) occurrence of an excusive movement in level of any
transaction or/ exchange or/ our anticipation of the occurrence of such
movements; (c) any failure of transmission; (d) closure or/ suspicion of any
exchange or government sequestration, abandonment or failure of any instrument
on which we offer; (e) failure of any relevant financial institution
intermediate broker or liquidity provider, agent or principal of ours,
custodian, sub-custodian, supplier, exchange, dealer, clearinghouse or
regulatory or self-regulatory corporations, for any reason, to perform its
from the above paragraph, where we determine that a Force majeure event exists,
we may without notice and at any time, acting reasonably, take one or more of
the following steps: (a) alter your margin requirements which may require you
to provide additional margin; (b) close all or any of your open transactions at
such closing prices as we reasonably believe to be appropriate; (c) suspend or
modify the application of all or part of these Terms and Conditions to the
extent that the Force Majeure Event makes it impossible or impracticable for us
to comply thereto, or (d) adjust the trading hours for a particular
transaction; or (e) revoke all open transactions in affected instruments we
You understand and
agree that we will not be liable in any way to you or to any other persons in
the event of a Force majeure event, nor for our actions mentioned herein, where
we decide to take such action. Any parties to this agreement shall be released
of all responsibilities for partial or full non-fulfillment, as well as for
improper fulfillment of the obligations under these Terms and Conditions if
such non-fulfillment or breach was a result of a Force Majeure Event, which
occurred after the services were terminated.
recognize and understand that you are solely responsible for your Tax
liabilities on profits and/or gains made on a trading account registered with
us. The Company is not liable to calculation, account or deduct these amounts
from the client’s trading account. It is solely your obligation to manage,
calculate and pay all taxes related to the income you derive from your trading
activities on or through our services.
In case of any value-added
tax or any other tax obligations that arise in relation to a transaction
performed on behalf of you or any other action performed under this agreement
for you, the amount incurred is fully payable by you and in this respect, you
must pay the Company immediately when so requested and the Company is fully
entitled to debit the account of you with the outstanding amount to be settled
(excluding taxes payable by the Company in relation to Company’s income or
We shall not provide
you any advice on any tax issues related to any of our services. You are
advised to consult with an independent financial advisor, auditor or legal
counsel with respect to any tax implications of our services and/or your income
derived from your trading activities on or through our services.
The Company shall
receive and/or charge for inducements, including fees related to Affiliates,
tied agents, intermediaries, referring agents or other third parties on a
written agreement. The manner in which these fees, charges and/or commission
are calculated shall be disclosed in the respective agreements. The Company has
the obligations and undertakes to disclose to the Client, upon his/her request,
further details regarding the amount of fees, charges, commission or any other
remuneration paid by the Company to any third parties.
29. COMPANY LIABILITY
It shall be noted
that the Company and any entity related to the Company, will perform
transactions in good faith and with proper due diligence but shall not be held
liable for any omission, deliberate omission or fraud by any person, firm or
company from whom the Company receives instructions for the execution of the
Orders and/or from which transactions are carried out on behalf of you,
including where this would be the result of negligence, deliberate omission or
fraud on the part of the Company.
The Company will not
be held liable for any lost opportunities by you that have resulted in either
losses or reduction (or increase) in the value of your financial instruments.
In case the Company
incurs any claims, losses, damage, liability or expenses that arise throughout
the provision of the Services and all related operations that are performed as
a means for these Services to be performed to you as these are agreed in this
Agreement or in relation to the potential disposal of your financial
instruments, you are fully liable for these losses/ expenses/ liabilities/
claims whereas the Company bears absolutely no responsibility and it is,
therefore, your responsibility to indemnify the Company for the aforementioned.
The Company shall not
be held liable for any damage caused to you as a result of any omission,
negligence, deliberate omission or fraud by the bank where the Company’s bank
account is maintained.
The Company shall not
be held liable for the loss of financial instruments and funds of you in cases
where your assets are kept by a third party such as a bank, or for an act,
which was carried out based on inaccurate information at its disposal prior to
being informed by you, of any change in the said information.
The Company makes
every effort to ensure that the Banks and institutions to which your funds and/
or financial instruments are deposited are of good standing and reputation.
However, the Company shall not be held liable in the event of a loss resulting
from deterioration of the financial standing of a bank or institution, or for
an event such as liquidation, receivership or any other event that causes the
Bank or institution of a failure and therefore leads to a loss of all or part
of the funds deposited.
The Company being a
member of the Investors Compensation Fund (the “ICF”) provides
covered clients with the security of receiving compensation from the ICF
member, for any claims arising from the malfunction on behalf of the Company or
if the Company fails to fulfill its obligations regardless of whether that
obligation arises from a breach of applicable law or regulations, the Agreement
or from any wrongdoing by the Company.
By accepting the
Agreement, you have read, understood and accepted the information under the
title “Investor Compensation Fund” as this information is loaded onto the
Company’s main website public and available for all Clients. If you have been categorized
as a Professional Client or Eligible Counterparty, you will not be entitled to
bring a claim to the Investor Compensation Fund, where we are unable to meet
any obligations to you, which arise in relation to the provision of investment
and ancillary services.
Payments under the
Investor Compensation Fund in respect of the covered services are subject to a
maximum payment to any investor of EUR 20,000.00 and the said amount applies to
the total amount of claims of an investor toward the company, irrespective of
the number of accounts, currency, and place of provision of the service.
Without prejudice to
any other terms of this Agreement, the Company will not be liable to you for
any partial or non-performance of its obligations hereunder by reason of any
cause beyond reasonable control of the Company, including without limitation
any breakdown, delay, malfunction, viruses, unauthorized use, and/or for any
act taken by or on the instruction of a Market, or act of terrorism, act of
God, regulations of any governmental or supranational bodies or authorities or
the failure by the transmission, communication or computer facilities,
industrial action, the relevant intermediate broker or agent, agent or
principal of the Company’s custodian, sub-custodian, dealer, Market, clearing
house or regulatory or self-regulatory organization, for any reason, to perform
29.2 Limitation of
Neither the Company
nor its directors, officers, employees, or agents shall be liable for any
losses, damages, costs or expenses, whether arising out of negligence, breach
of contract, misrepresentation or otherwise, incurred or suffered by you under
this Agreement (including any transaction or where the Company has declined to
enter into a proposed transaction).
In no circumstances
shall the Company shall have liability for losses suffered by you or any third
party for any special or consequential damages, loss of profits, loss of
goodwill or loss of business opportunity arising under or in connection with
this Agreement, whether arising out of negligence, breach of contract,
misrepresentation or otherwise.
You shall pay to the
Company such sums as it may from time to time require in or towards
satisfaction of any debit balance on any of your accounts with the Company and,
on a full indemnity basis, any losses, liabilities, costs or expenses
(including legal fees), taxes, imposts and levies which the Company may incur
or be subjected to with respect to any of your accounts or any transaction or
any matching transaction on a Market or with an intermediate broker or as a
result of any misrepresentation by you or any violation by you of your
obligations under this Agreement (including any transaction) or by the
enforcement of the Company’s rights.
You acknowledge that
you have not relied upon or been induced to enter into this Agreement by a
representation other than those expressly set out in this Agreement. The
Company will not be liable to you for a representation that is not set out in
this Agreement and that is not fraudulent.
30. DURATION OF THE
AGREEMENT AND AMENDMENT THEREOF
This Agreement shall
be valid for an indefinite time/ period until its termination from either the
Company or you or both. This Agreement is considered valid only when the Client
will do his/ her first deposit with the Company.
The Agreement may be
amended in the following cases:
Unilaterally by the
Company if such amendment is necessary following an amendment of the law or if
CySEC or any other regulatory authority issues decisions or binding directives
which affect the Agreement. In any such case, the Company shall notify the Client
of the said amendment either in writing or per electronic mail or through its
main webpage and your consent shall not be required for any such amendment.
In cases where the
amendment of the Agreement is not required by any change in the legal
framework, the Company shall notify you of the relevant amendment through its
main webpage and/ or via email. If objections arise, you may terminate the
Agreement within 14 (fourteen) days from the notification by sending a
registered letter and on the condition that all pending transactions on behalf
of you shall be completed. Upon expiry of the above deadline without the Client
having raised any objection, it shall be considered that you consent and/or
accepts the content of the amendment.
31. IMPROPER OR
ABUSIVE TRADING AND/ OR UNAUTHORIZED ACTIVITIES
objective is to provide the most efficient trading liquidity available in the
form of streaming, tradable prices for most of the financial instruments we
offer on the trading platform. As a result of the highly automated nature of
the delivery of these streaming, tradable prices, Clients acknowledge and
accept that price misquotations are likely to occur from time to time.
31.1 Abusive Trading
Should the Clients
execute trading strategies with the objective of exploiting such
misquotation(s) or act in bad faith (commonly known as ‘sniping’) the Company
shall consider this as unacceptable behavior. Should the Company determine, at
its sole discretion and in good faith, that any of the Clients and/ or any of
his/ her representative trading on his/ her behalf is taking advantage,
benefitting, attempting to take advantage or benefit of such misquotation(s) or
that any Client is committing any other improper or abusive trading activities
such as for example:
orders placed based
on manipulated prices as a result of system errors or system malfunctions;
arbitrage trading on
prices offered by our platforms as a result of systems errors;
actions that led to the transaction;
transactions by related parties in order to take advantage of systems errors
and delays on systems updates.
In the event that,
you perform, directly or indirectly Abusive Trading, the Company shall reserve
the Right, without prejudice to any other rights we may have under this
Agreement, to reverse all previous Transactions and/or Contracts that have been
considered as a result of Abusive Trading.
Clients agree and
acknowledge that they will not use our products and services for any Unauthorized
Activity. “Unauthorized Activity” means any act, including but not limited to
money laundering, arbitrage, or trading on off-market quotes or any other
activity involving the purchase of the Financial Products on one market for
immediate resale on another market in order to profit from a price discrepancy
or pricing error.
In such events and
where we reasonably believe that any transaction involves an unauthorized and/
or abusive activity, the Company will have and retain the right to:
adjust the offered
payouts available to such Clients; and/ or
access to streaming, instantly tradable quotes, including providing manual
quotation only; and/ or
obtain from Clients’
accounts any historic trading profits that they have gained through such abuse
of liquidity as determined by the Company at any time during our trading
relationship; and/ or
reject any order or
to cancel a trade; and/ or
cancel or reserve any
transaction; and/ or
terminate our trading
relationship with immediate effect.
The Company has and
will continue to develop any tools necessary to identify fraudulent and/ or
unlawful access and use of our Online Trading Facility.
31.3 Prohibited and
Unlawful Trading Techniques
The concept of using
trading strategies aimed at exploiting errors in prices and/or concluding
trades at off-market prices and/or by taking advantages of internet delays,
commonly known as ‘arbitrage’, ‘sniping’ or ‘scalping’ (hereinafter
collectively referred to as “Arbitrage”), cannot exist in an OTC market where
the Client is buying or selling directly from the Principal.
The Company reserves
the right, not to permit the abusive exploitation of Arbitrage on its Online
Trading Facility and/ or in connection with its services.
31.4 Changes in
The Company shall
have no obligation to contact you to advise upon appropriate action in light of
changes in Market Conditions or otherwise. Clients agree and acknowledge that
trading in Contract for Differences (CFDs) which are traded off-exchange or
Over-The-Counter (OTC) Market are highly speculative and volatile and that,
following execution of any transaction, Clients are solely responsible for
making and maintaining contact with us and for monitoring open positions and
ensuring that any further instructions are given on a timely basis.
32. CONTRACTS FOR
DIFFERENCE (CFDs) TRADING TERMS
32.1 Overnight Swaps
A daily financing
charge may apply to each Forex, CFDs, open position at the closing of the
Company’s trading day related to that Forex, CFD and other derivatives. If such
financing charge is applicable, it will either be requested to be paid by a
client directly to the Company or it will be paid by the Company to the client,
depending on the type of CFD and the nature of the position the client holds.
The method of calculation of the financing charge varies according to the type
of CFD to which it applies. The financing charge will be credited or debited
(as appropriate) to the client’s account on the next trading day following the
day to which it relates.
The Company reserves
the right to change the method of calculating the financing charge, the
financing rates and/or the types of CFDs to which the financing charge applies.
For certain types of CFDs, a commission is payable by a client to open and
close CFD positions. Such commission payable will be debited from the Client’s
account at the same time as the Company opens or closes the relevant CFD.
Changes in our swap interest rates and calculations shall be at our own
discretion and without notice. Clients need to always check information for the
current rates charged. Information concerning the swap rates for each
Instrument is displayed on the trading platform. Rates may change quickly due
to market conditions (changes in interest rates, volatility, liquidity, etc)
and due to various risk related matters that are at the firm’s sole discretion.
a client, you acknowledge that when leaving a position on a CFD overnight, a
premium may be either debited or credited to your account balance. Information
concerning the swap rates for each Instrument is available on the Trading
Platform and on our website.
Transactions and Rollover
Trading CFDs are
linked to the market price of a certain base asset, including the market price
of future contracts. A few days prior to the expiration date of the base asset
to which the CFD linked, the base asset shall be replaced with another asset,
and the quotation of the CFD shall change accordingly.
Instruments on our platform that are based on Futures Contracts, we may, in our
sole and absolute discretion, set an Expiry Date and time for a specific
Instrument. Information concerning the expiration date for each Instrument is
displayed on the Website.
If you do not close
an open transaction with respect to an Instrument which has an Expiry Date,
prior to such Expiry Date, the transaction shall automatically rollover and
balance adjustments will be reflected on Client’s Trading account
according to the type of transaction as well as the price difference between
the two contracts.
Actions regarding CFDs on Shares / Indices
32.3.1 While trading
CFDs on Shares and Indices, please consider that the Company may apply
reasonable measures in order to reflect the Corporate Actions of the underlying
assets. This can include but is not limited to: Splits / Reverse Splits,
Dividends Payments, Rights Issues, Mergers or Acquisitions, etc.
32.3.2 Please also
note that it is the Client’s sole responsibility to be aware if an upcoming
corporate event is approaching that may affect the underlying securities. The Company
might charge the costs associated with the underline corporate actions,
depending on Clients’ position direction (Buy/Sell), without notice as this has
been applied directly by our Liquidity Providers to the Company.
32.3.3 In relation to
a dividend adjustment to be applied to the Client’s account, the Client must
hold an open trade at the close of the trading session on the Business Day
before the ex-dividend date.
32.4 Types of Orders
Orders may be placed
as market orders to buy or sell as soon as possible at the price obtainable in
the market, or on selected products as limit stop orders to trade when the
price reaches a predefined level. Limit orders to buy and stop orders to sell
must be placed below the current market price, and limit orders to sell and
stop orders to buy must be placed above the current market price. If the bid
price for sell orders or ask price for buy orders is reached, the order will be
filled as soon as possible at the price obtainable in the market. Limit and
stop orders are executed consistent with the Company’s Order Execution Policy
and are not guaranteed executable at the specified price or amount unless
explicitly stated by the Company for the specific order.
Practices in the Financial Instruments
You are warned that
Slippage may occur when trading in financial instruments. This is the situation
when at the time that an Order is presented for execution, the specific price
showed to the Client may not be available; therefore, the Order will be
executed close to or a number of pips away from the Client’s requested price.
So, Slippage is the difference between the expected price of an Order and the
price the Order is actually executed at. If the execution price is better than
the price requested by the Client, this is referred to as positive slippage. If
the executed price is worse than the price requested by the Client, this is
referred to as negative slippage.
A Slippage is a
normal element when trading in financial instruments. Slippage often occurs
during periods of illiquidity or higher volatility (for example due to news
announcements, economic events, and market openings and other factors) making
an Order at a specific price impossible to execute. Your Orders may not be
executed at declared prices. Slippage may appear in all types of accounts we
offer. It is noted that Slippage can occur also during Stop loss orders, Limit
orders, and other types of Orders.
We do not guarantee
the execution of your Pending Orders at the price specified. Limit Orders can
be filled at either requested or better price, while Stop Orders can be filled
at worse, requested or better price. The resulting Slippage is always subject
to market conditions at the time of the execution and the Company has no power
of controlling the executed price.
32.5.2 General terms
The Client hereby
acknowledges and agrees that the Company may, in its sole discretion, add,
remove or suspend from the Platform, any financial instruments, on any type of
Underlying Asset or Market, from time to time in the event of a stock
transformation event (for example as the result of a takeover, share
consolidation/ split, merger, spin-off, nationalization, de-listing, etc.) or
if no Client Positions are held in a particular financial instruments at that
Additionally, in the
event we are no longer able to continue to provide an instrument in its
existing format, we reserve the right, in our sole discretion, to amend the
content or terms of an instrument including its expiry date, trading hours or
any other parameters in the instrument details tab by providing you with
The Client benefits
on Takeovers and Transformations (including events such as share
consolidations/ splits, mergers, takeovers, spinoffs, MBOs, de-listings, etc.).
Depending on the circumstances of each event, our policy is to close out any
client open Positions at the market price immediately prior to the event taking
As a result of such
an event, if any Instrument becomes subject to an adjustment as the result of a
takeover or transformation action we shall determine the appropriate
adjustments to be made to the contract price or contract quantity as we
consider appropriate to account for the diluting or concentrating effect of the
action. Such adjustment shall represent the economic equivalent of the rights
and obligations of us and you immediately prior to the action.
and acceptance of orders
The Company may but
shall not be obliged to accept instructions to enter a transaction. If we
decline to enter into a proposed transaction, we shall not be obliged to give a
reason, but we shall notify you accordingly. In a few cases such as
technological or/ other system failures or/ in the case of force majeure events
or at times where sharp movements in the market make it difficult to determine
relevant market price, we may not be able to provide a price for a market.
We reserve the right
to refuse to execute your order if we reasonably believe that in executing your
order we will not be able to comply with our obligations under the applicable
laws and regulations, where you do not have sufficient funds or margin for the
relevant transaction, where the relevant trade would result in a breach of any
trading limits set by us in pursuant of our risk management policy.
32.5.5 Minimum and
maximum trade sizes
The Company reserves
the right but not the obligation to set limits and parameters to control your
ability to place orders at our absolute discretion. We may at any time require you
to limit the number of open positions that you may have with us. Such trading
limits may be amended, increased, decreased, removed or added by us at our
absolute discretion and may include: controls over our total exposure, controls
over maximum order amount and order sizes, any other limits, parameters or
controls which we may be required to implement with applicable laws and
33.1 Without Notice
You have the right to
terminate the Agreement by giving the Company at least 14 (fourteen) days
written notice, specifying the date of termination in such, on the condition
that in the case of such termination, all Client’s open positions shall be
closed by the date of termination without derogating all the provision
aforementioned therein, including all outstanding fees, charges, commissions,
penalties and/or dealing expenses incurred by terminating this Agreement; and
any losses and expenses realized in closing any transactions or settling
payments or concluding outstanding obligations incurred by us on your
The Company may
terminate this Agreement by giving you within 14 (fourteen) days written
notice, specifying the date of termination therein.
The Company may
terminate this Agreement immediately without giving any notice in the following
Death of the Client;
In case of a decision
of bankruptcy or winding up of you is taken through a meeting or through the
submission of an application for the aforementioned;
required by any competent regulatory authority or body;
You violate any
provision of this Agreement and in the Company’s opinion this Agreement cannot
You violate any law
or regulation to which you are subject, including but not limited to, laws and
regulations relating to exchange control and registration requirements;
You involve the
Company directly or indirectly in any type of fraud;
An Event of Default
as defined in Section 31.3 of this Agreement occurs.
The termination of
the Agreement shall not, in any case, affect the rights which have arisen,
existing commitments or any contractual provision which was intended to remain
in force after the termination and in the case of termination, you shall pay:
Any pending fee of
the Company and any other amount payable to the Company;
Any charge and
additional expenses incurred or to be incurred by the Company as a result of
the termination of the Agreement;
Any damages which
arose during the arrangement or settlement of pending obligations.
Failure to provide us
with personal identifiable documentation and information within the time frame
in which the verification of the identity of a client, not exceeding fourteen
(14) days from the initial contract.
In case of breach by
you of this agreement, the Company reserves the right to reverse all previous
transactions which place the Company’s interests and/or all of any of its
Clients’ interests at risk before terminating the Agreement.
33.3 Events of Default
The following shall
constitute “Events of Default” on the occurrence of which the Company shall be
authorized to exercise its rights in accordance with the paragraph below:
The failure of you to
observe or perform any other provision of this Agreement and such failure
continues for one (1) business Day after notice of non-performance has been
provided to you by the Company.
The commencement by a
third party of procedures seeking your bankruptcy (in case of a natural person)
or your insolvency or other similar voluntary cases of liquidation (in case of
legal person) under the applicable laws or any other similar proceedings which
are analogous to those pre-mentioned in relation to you.
You take advantage of
delays occurred in the prices and places Orders at outdated prices, trades at
off-market prices and/ or outside operating hours and performs any other action
that constitutes improper trading.
You die or become of
unsound mind (if a natural person).
Conflict of interest arises and cannot be managed by the Company;
Any representation or
warranty made or given or deemed made or given by you under this Agreement
proves to have been false or misleading in any material respect as at the time
it was made or given or deemed made or given.
Any other situation
where the Company reasonably considers it necessary or desirable for its own
protection or any action is taken, or event occurs which the Company considers
that might have a material adverse effect upon your ability to perform any of
its obligations under this Agreement.
On the occurrence of
an Event of Default the Company shall be entitled to take, in its absolute
discretion, any of the following actions at any time and without giving prior
notice to you:
instead of returning
to your investments equivalent to those credited to your account, to pay you
the fair market value of such investments at the time the Company exercises
such right, and/ or
to sell such of your
investments as are in the Company’s possession or in the possession of any
nominee or third party appointed under or pursuant to this Agreement, in each
case as the Company may in its absolute discretion select or and upon such
terms as the Company may in its absolute discretion think fit (without being
responsible for any loss or diminution in price) in order to realize funds
sufficient to cover any amount due by you hereunder, and/ or
to close out, replace
or reverse any transaction, buy, sell, borrow or lend or enter into any other
transactions or take, or refrain from taking such other action at such time or
times and in such manner as, at the Company’s sole discretion, the Company
consider necessary or appropriate to cover, reduce or eliminate its loss or
liability under or in respect of any of your contracts, positions or
commitments, and/ or
to treat any or all
transactions then outstanding as having been repudiated by the Client, in which
event the Company’s obligations under such transaction or transactions shall
thereupon be canceled and terminated.
34. ACKNOWLEDGMENT OF
34.1 It shall be
noted that due to market conditions and fluctuations, the value of financial
instruments may increase or decrease, or may even be reduced to zero.
Regardless of the information, the Company may provide to you, you agree and
acknowledges the possibility of these cases occurring.
You are aware and
acknowledge that there is a great risk of incurring losses and damages as a
result of the investment activity (purchase and/or sale of financial
instruments) through the Company and the Company’s Trading Platform and accepts
that you are willing to undertake this risk upon entering into this business
You declare that you
have read, understood and unreservedly accepted the following:
Information on the
previous performance of a financial instrument does not guarantee its current
and/ or future performance. Historical data are not and should not be
considered as reflective of the future returns of any financial instruments.
In cases of financial
instruments traded in currencies other than the currency of your country of
residence, you are running the risk of a change in the exchange rate that will
decrease the value and price of the financial instruments and affect their
You must be aware
that you are running the risk of losing all of your funds invested and must
only purchase financial instruments if you are willing to do so if happened.
Further, all expenses and commissions incurred will be payable by you.
You are aware that
any open positions may be automatically closed if you fail to provide the
Company with documentation within the required time period.
34.2 The maximum
loss that may be incurred by any client is the amount of money paid by them to
the Company including rolling fees for day trade deals.
34.3 Each financial
contract purchased by a Client via the Company’s website is an individual
Agreement made between the client and the Company and is not transferable,
negotiable or assignable to or with any third party.
The Company does not
have any obligation to disclose to you any information or take into
consideration any information either when making any decision or when it
proceeds to any act on behalf of you unless otherwise agreed and stated in this
Agreement and where this is imposed by the relevant Laws and Regulations and
directives in force.
The Company will
never disclose any private or otherwise confidential information in regard to
our Clients and former Clients to third parties without the express written
consent of our Clients, except in such specific cases in which disclosure is a
requirement under law or is otherwise necessary in order to perform
verification analysis on the Client’s identity for the purposes of safeguarding
their account and securing their personal information.
Unless the contrary
is specifically provided, any notice, instructions, authorizations, requests or
other communications to be given to the Company by you under the Agreement
shall be in writing and shall be sent to the Company’s mailing address as
indicated in the Company’s website or to any other address which the Company
may from time to time specify to you for this purpose and shall take effect
only when actually received by the Company, provided they do not violate and
are not contrary to any term of this Agreement.
You hereby consent to
your account information and trade confirmations being available online instead
of having such information delivered to you by mail or email. You will be able to
access account information through the trading platform using your Account
credentials. We publish all of your account activity, so you are able to
download such a report from your account.
This Agreement covers
any form of communication between the Company and you including email,
telephone, fax and any other means of communication we agree.
Any orders or
instructions you provide us with via email or any other electronic means will
constitute evidence of the orders or instructions given.
You further acknowledge
that the Company may record telephone conversations between you and the Company
without the use of a warning tone to ensure that the material terms of the
transaction and any other material information relating to the transaction are
promptly and accurately recorded. Such records will be the Company’s sole
property and accepted by you as evidence of the Orders or instructions given.
It is the
responsibility of the client to ensure that any communication with us with
regards to any matter, you should do so on time as the Company cannot accept
any liability for any loss that arises as a result of undeliverable or delayed
communication sent to us by you.
34.3 Disclosure of
We do not disclose
our Client’s information (whether active or/ inactive) to any non-affiliated
third-parties other than in the following:
Regulatory or/ Lawful
Disclosure: We may disclose personal information of
our Clients to third-parties as permitted by or required to comply with
applicable Laws and/or Regulations in the jurisdiction of which you are a
permanent resident or/ citizen and/or jurisdictions where the Company may be
lawfully required to do so. Within the context of our licensed services,
we may share your data with the state regulators of the Republic of Cyprus
(Cyprus Securities and Exchange Commission and Central Bank of Cyprus) in
order to be able to fully perform its supervisory functions and takes steps to
ensure the controlled companies compliance with obligations under the Law which
provides for the provision of investment services, the exercise of investment
activities, the operation of regulated markets and other related matters
(87(I)/2017), Regulation (EU) No. 600/2014, Directive 2014/57/EC and Regulation
(EU) No. 596/2014.
Third Parties: We do not disclose
personal information of our Clients to our Affiliates and/or third parties. Any
disclosure made by us to third parties shall result from support services for
your Account or to facilitate your transactions or contracts with us (such
parties include companies related to Errante, payment providers, legal,
professional or accounting advice).
Affiliates: We may disclose personal information of our Clients to
our Affiliate companies in order to provide you with the relevant
Other Disclosures: By consenting
to the terms of this Agreement, you have consented to the disclosure of the
data or where disclosure is necessary to achieve the purpose(s) for which it
was collected, processed and stored such data, and that the data may also be
disclosed in some circumstances where we have reason to believe that doing so
is necessary to identify, contact or bring legal action against anyone
damaging, injuring, or interfering with our rights, property, users, or anyone else
who could be harmed by such activities, or otherwise where necessary for the
establishment, exercise or defense of legal claims. For more information,
36. PERSONAL DATA
The Company will
collect, process and store all personal data of its Clients, and where you are
a corporate entity, shall include personal data of any of your directors,
employees or offers, subject to the general provisions of the Processing of
Personal Data (Protection of Individuals) Law 125(I)/2018 and other
We collect, process
and store information about our Clients, including, without limitation to
personal information on identity, trading history, financial information,
payment information, repayment information, and transaction information in
order for the Company to comply with its legal obligations and the anti-money
For this purpose, we
may share or transfer Clients’ personal data to payment service providers
(PSPs) whose card or/ payment method the Client selected for payment in order
for the said providers to process the payment (e.g. Zotapay, Skrill, etc). Data
transfer is performed to fulfill the contractual relationship and the provision
of investment and/or ancillary services.
The use of service
providers and disclosure of your data to companies and/or third parties in this
Agreement might imply a transfer of your data to third countries, which may not
fall within the ambit of the GDPR. In this event, we require that all
recipients of your data provide appropriate safeguards to protect your data
when it is transferred to internationally, through the adherence to standard contractual clauses adopted by the
EU Commission (cf. the GDPR article 46(2)) for data transfers between the EU
and outside the EU/ EEA Countries (i.e. Non-EU or Third Countries), and the
binding corporate rules adopted by the EU Commission (cf. GDPR article
Within the Company,
access to your personal data is given to those officers who require such access
to perform the Company’s contractual and legal obligations. Access is given to the
third party, service providers and agents under a service agreement with the
Company for these and other regulatory purposes. The Service providers and
agents appointed by the Company are required to observe the instructions and authorization
provided in relation to the processing of personal data of its
We store all personal
data necessary and mandated by law for a period of five (5) years after the termination
of the Client’s relationship with the Company. If the purpose of the storage
ceases to apply or storage period mandated by law expires, the personal data
are archived or erased pursuant to regulatory provisions.
By accepting this
Agreement, you understand and consent that you have read and accepted the terms
mentioned in detail in the Company’s main website available to all
The Company has set
out the procedures that need to be followed in the event that a Client wants to
lodge a complaint about the product or the distribution and sale of the product
or the conduct of the Company, pursuant to our “Complaint Handling Policy”, available on our
The Client may
subsequently submit the complaint accompanied by the completed Complaint Form
to the Compliance Department either by sending an email to firstname.lastname@example.org or/ by post at 67,
Spyrou Kyprianou, Office 101, 4042 Limassol, Cyprus.
The Company will send
you a written acknowledgment promptly and without undue delay following receipt
of any complaint(s), and include when and how you may be able to refer your
complaint to the Financial Ombudsman of the Republic of Cyprus and/or inform
38. CONFLICT OF
Regulations, the Company is required to have arrangements in place to manage
conflicts of interest between the Company and its Clients and between other
Clients. The Company will make all reasonable efforts to avoid conflicts of
interest. Where such conflicts cannot be avoided the Company shall ensure that
you are treated fairly and at the highest level of integrity and that their
interests are protected at all times. We reserve the right to give you notice
of termination in accordance with the provisions of Section 33 of this
Agreement (Termination), and more information regarding the identified conflict
of interest shall be provided to you upon request.
You acknowledge and
accept that you have read and accepted the “Conflicts of Interest Policy”,
which was provided to you during the registration process and made available on
We are required, to
ensure that the manufacturing and distribution of financial instruments do not
subsist to the detriment of the clients, as per the requirements of the
applicable Laws and Regulations. We shall be considered as both manufacturer
and distributor at certain circumstances.
The Company shall
adopt and maintain effective product governance policy and procedures that
regulate the entire product lifecycle and ensure that the manufacturing/
distribution of financial instruments comply under the relevant Laws and/or
Regulations, in a way it is considered appropriate and proportionate to our
For each financial
instrument in its product assortment, the Company shall assess whether it falls
under the manufacturer or distributor category.
40. THIRD-PARTY AND
You acknowledge that
the website (“www.errante.eu”) might include
general information, news, commentaries, quotes and other information related
to financial markets and/or advertising.
provided by the Company does not constitute investment research or advice. All
news, commentaries, quotes and other information related to financial markets
published by the Company are strictly of promotional/marketing nature. Your
consent to receive such material may be revoked at any time by following the
Within the scope of
this Agreement, the Company will not be liable for the content of any
third-party websites or omissions or the actions of their proprietors nor for
the contents of Third-party advertisements or activities on those
Any hyperlinks to
other websites are provided for general information purposes only, and the use
of such links by Clients or potential client remains at own risk.
Our website is
applicable local legislation and regulations, as amended from time to
You acknowledge that
no representations were made to you by or on behalf of the Company which has in
any way incited or persuaded you to enter into the Agreement.
on our website (“www.errante.eu”) belong to the Company or of third parties
which have authorized the Company of its use on the website or Service. It is prohibited
to alter, advertise, publish, sell, distribute or make any commercial use of
the copyrighted material, whether in whole or in part, except with a signed
prior acknowledgment from the Company.
otherwise, all content, including but without limitation to the marketing plan,
information, questions and answers, emails and commentaries (hereinafter “Information”)
provided to the Company shall not constitute a confidential or proprietary
right of the Clients. By accepting the terms of this Agreement, you have
granted authorization to the Company to use your information (except for
personal identification), at the sole discretion of the Company without
additional consent and/or the need for compensation due to such use.
You shall refrain
from providing or uploading content that is illegal or harmful or inappropriate
to other Clients, and prohibited action which might revoke the license of the
In case any provision
of the Agreement is or becomes, at any time, illegal void or non-enforceable in
any respect, in accordance with a law and/ or regulation of any jurisdiction,
the legality, validity or enforceability of the remaining provisions of the
Agreement or the legality, validity or enforceability of this provision in
accordance with the law and/ or regulation of any other jurisdiction, shall not
All transactions on behalf
of you shall be subject to the laws which govern the establishment and
operation, the regulations, arrangements, directives, circulars, and customs
(jointly hereinafter called the “Laws and Regulations”) of CySEC, the Central
Bank of Cyprus and any other authorities which govern the operation of the
Investment Firms (as defined in such Laws and Regulations), as they are amended
or modified from time to time.
The Company shall be
entitled to take or omit to take any measures which it considers desirable in
view of compliance with the Laws and Regulations in force at the time. Any such
measures as may be taken and all the Laws and Regulations in force shall be
binding for you and shall not render us or any of our directors, officers or
You shall take all
reasonably necessary measures (including, without prejudice to the generality
of the above, the execution of all necessary documents) so that the Company may
duly fulfill its obligations under the Agreement.
The location of
detailed information regarding the execution and conditions for the investment
transactions in financial instruments conducted by the Company and other
information regarding the activity of the Company are accessible and addressed
to any natural persons and legal entities via the Company’s website.
41.3 No Waiver
No failure by either
party to this Agreement herein at any time to give notice of any breach by the
other party to, or to require compliance with, any condition or provision of
this Agreement shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time. The failure of any
party hereto to exercise any right, power or remedy provided under this
Agreement or otherwise under the applicable Laws and/ Regulations, or to insist
upon compliance by any other party hereto with such party’s obligations
hereunder, and any custom or practice of the parties in conflict with the terms
hereof, shall not constitute a waiver by such party of such party’s right to
exercise any such or other rights, power or remedy or to demand such
41.4 Customer Due
Diligence (CDD) and Know Your Customer (KYC)
The Company may not
or/ may be unable to accept the client as its client, and hence open a Client
Account for him or/ accept any money from him or/ allow him to initiate trading
activities until the client properly or fully completes and submits the Account
opening questionnaire along with all lawfully required identification
documents, and all internal company checks in accordance to the applicable Laws
We need to receive
the identification documents that include but are not limited to:
Valid passport or
National ID Card issued by Government Authority;
Recent proof of
address in the form of a Utility bill or Bank statement;
By accepting our
Terms and Conditions, you acknowledge and agree that you are required by law to
provide us with personal identifiable information and documents within fourteen
(14) days as of the effective date of this Agreement. We reserve all rights to
terminate the business relationship, block access to our services and refund
any available balances through the original method of payment in your name.
We retain the right,
during the business relationship with the client, to request at any time any
other documents and/or information from the client that the Company considers
necessary, as part of the Company’s ongoing monitoring of the Clients’
activities and/or to update the Client’s information.
The Company also
reserves the right to impose additional documents and/or specific due diligence
requirements to accept clients residing in certain countries as required under
the applicable laws, regulations and/or jurisdiction.
Laundering, Sanctions, and Financial Crime Prevention
It is the obligation
of the Company and its affiliates to prohibit and actively pursue the
prevention of money laundering as well as any activities that facilitate
money laundering or terrorist financing or criminal activities.
The Company reserves
the right to terminate this Agreement with immediate effect, to decline to
execute any pending orders and freeze or block your account access and any
Where we have a
reason to believe that you are in breach of the AML laws and regulations;
Where you refuse to
provide us either at the account opening stage or any subsequent stage that we
determine at our discretion information or documents about you are required for
the purposes of this Agreement, including updated proof of identity or
residence in accordance to the applicable laws;
Where any of your
information or documents becomes untrue or misleading. We may report and disclose
any information to any authority which we consider necessary for the purpose of
our compliance with the applicable laws and regulations concerning money
laundering, sanctions, corruption, and terrorist financing, and may act in
accordance with their instructions with respect to you, your account, your
transactions and any information which we have about you.
Where you or any
ultimate beneficial owner or persons for whom you might act hereunder is a
politically exposed person (PEP), adequate disclosure of this fact must be made
to us and, if during the term of this Agreement, you or any ultimate beneficial
owner or persons for whom you might act hereunder becomes a politically exposed
person (PEP), you will notify us of such fact immediately.
If you or your
associate (including an individual or entity) or any ultimate beneficial owner
or persons for whom you might act hereunder is subject to any sanctions, you
will notify us of such fact immediately.
41.6 Unauthorized use
of your account
Your account, your password,
your user ID and access code that shall be assigned to you, shall only be used
by yourself or any authorized persons of yours appointed for the purpose of
You are solely
responsible for all and any loss resulting from unauthorized use of your
account, including loss suffered as a result of stolen or lost user ID or
password or other security information.
If you believe that
your account is being used without your permission or consent, you should
immediately contact our Customer Support Team through live chat or contact us
page. If we receive your notification outside our operating hours, the account
will be blocked as soon as reasonably possible.
We may, but shall not
be obliged to notify you of any activity which we believe is carried out
through your account without your authorization and where reasonably suspend
this to be the case, we may, at our own discretion, suspend access to your
account until you confirm all trading activities carried out through your
account is authorized by you.
41.7 Your Authorized
persons of the Client must solely act on behalf of the client in accordance
with the terms of this Agreement.
We reserve the right
to decline to approve the proposed authorized person, to suspend, to terminate
and/or withdraw our consent to such authorized persons trading through your
It is your sole
responsibility to monitor the activities of any authorized persons whom you
allow to trade through your account with us and ensure that all activities are
in accordance with your authorization.
agreed in writing and/or upon receipt of your instruction to terminate authorization,
you are solely responsible for any losses suffered by you as a result of the
trading activities of the authorized persons, with respect to any orders placed
or trades carried out in the event where such persons exceeded your authority
or acted fraudulently.
The Company shall
conduct regular technical maintenance to ensure the continuous proper
functioning of our trading platforms, systems as well as improve the provision
of our services in accordance with the terms of this Agreement.
technical maintenance may be necessitated as a result of technical errors,
technical bugs, error fixes, and/or malfunctions, we reserve the right to
conduct such urgent maintenance at any time. We shall endeavor to provide you
with prior notice of such maintenance within a reasonable time.
However, we reserve
the right to extend and/or adjust the maintenance hours at our discretion, in
such event we shall notify you of such extended or adjusted maintenance hours
by publishing a notice on our website or notification via email to you or via
other means of communication permitted in this Agreement.
however, you shall not be able to access our online trading platforms during
the maintenance hours. You agree that it is your responsibility to keep
yourself informed on the maintenance hours that may be applicable during the business
day by visiting our website.
You do acknowledge
and waive any claims you may have against us as a result of our electronic
trading platform being unavailable during the normal trading hours due to the
non-regular technical maintenance.
determined and stated otherwise, this Agreement and its terms and conditions
shall apply to parties to it, whether directly and/or indirectly.
Any translation for
this Agreement or any other policies and/ or any other content included in the
official website of the Company is done for a local requirement or for your
The provisions of the
Terms and Conditions and/ or any other policies and/ or any other content
included in the official website of the Company expressed in the English
language shall prevail over the provisions of any other translation of the same
documents in whichever language the potential translation might be. You must
keep in mind that the English version of this document will serve for legal
The Company reserves
the right to change the terms and conditions of this Agreement at any time with
or without notice by posting such changes on the www.errante.eu website. You are
responsible for regularly reviewing the terms of this Agreement for any
modifications, amendments and agree to be bound by the same.
42. APPLICABLE LAW,
This Agreement and
all transactional relations between you and the Company are governed by the
Laws of the Republic of Cyprus and the competent court for the settlement of
any dispute which may arise between them shall be the District Court of the
district in which the Company’s headquarters are located.
Vogliamo sentire il tuo parere. Supporto di qualità disponibile 24/24, 5/7
Notely Trading Limited è una società di investimento autorizzata e regolamentata dalla Cyprus Securities and Exchange Commission (CySec) con licenza numero 383/20, numero di registrazione HE394425 e con sede legale al 30 Karpenisiou, 1077 Nicosia, Cipro. La Società è disciplinata dalla Direttiva sui mercati degli strumenti finanziari (MiFID II) dell’Unione Europea.
Il sito web (www.errante.eu) è gestito da Notely Trading Ltd.
I CFD sono strumenti complessi e comportano un alto rischio di perdita rapida di denaro a causa della leva finanziaria. Il 63,15% dei conti degli investitori al dettaglio perdono denaro quando negoziano CFD con questo fornitore. Dovresti considerare: se hai capito come funzionano i CFD e se puoi permetterti di correre l’alto rischio di perdita del tuo denaro. Leggi la nostra Informativa sui rischi.
Il marchio Errante è autorizzato e regolato in altre giurisdizioni:
Errante Securities (Seychelles) Ltd (https://errante.com/) è regolata dalla Seychelles Financial Services Authority (FSA) sotto il numero di licenza SD038.
Errante è un Trademark di proprietà di un entity del Gruppo Errante. Tutti gli altri marchi che appaiono su questo sito web sono di proprietà dei rispettivi proprietari.
Restrizioni regionali: Non forniamo i nostri servizi ai residenti di alcune giurisdizioni come USA, Siria, Giappone, Corea del Nord, Iraq, Belgio, Canada ed Emirati Arabi (UAE)
I CFD sono strumenti complessi e comportano un alto rischio di perdere denaro rapidamente a causa della leva finanziaria. Il 63,15% dei conti di investitori al dettaglio perde denaro quando fa trading di CFD. Dovresti considerare se comprendi come funzionano i CFD e se puoi permetterti di correre il rischio elevato di perdere i tuoi soldi. Informativa sul rischio.
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