This Customer Agreement (“Agreement”) is entered into by and between FX Primary Ltd. (“FX Primary”), a corporation organized under the laws of St Vincent and the Grenadines. , its successors and assigns, and the undersigned individual or individuals (as applicable, “Customer”) that wants to open a Customer Account (“Account”) with FX Primary.
In consideration of FX Primary’s agreement to carry one or more Accounts of Customer and provide services to Customer in connection with the purchase and sale of over-the-counter margin based trading contracts, Customer agrees as follows:
1.1 AUTHORIZATION TO TRADE.
Subject to the terms and conditions of this Agreement and acceptance of Customer’s application to open an Account with FX Primary, Customer hereby authorizes FX Primary to maintain one or more Accounts in Customer’s name and engage in transactions for Customer’s Account in accordance with oral, written or electronic instructions by Customer and its officers, partners, principals, employees or other agents (“Representatives”).
Customer will bear the risk of all unauthorized instructions by its Representatives and will indemnify and hold FX Primary harmless from all claims, liabilities, losses, damages, fees, costs and expenses relating to or arising from FX Primary’s reliance on such instructions, including any improper, unauthorized or fraudulent instructions by the Representatives, except in cases of gross negligence or willful misconduct by FX Primary.
Unless expressly stated otherwise in writing, all transactions entered into between FX Primary and Customer shall be governed by the terms of this Agreement, as amended from time to time (including, without limitation, FX Primary’s Risk Disclosures and Trading Policies and Procedures).
2.1 ACCOUNT APPROVALS AND MAINTENANCE.
FX Primary may reject Customer’s application or close Customer’s Account for any reason, at FX Primary’s sole and absolute discretion. FX Primary may require Customer to provide FX Primary with additional information or documentation in order for FX Primary to continue carrying Customer’s Account.
Customer acknowledges that FX Primary may, at any time in its sole and absolute discretion, restrict trading, disbursements or transfers. FX Primary may amend, change, revise, add or modify the Agreement at any time. The most current Agreement will be posted to FX Primary’s Web site https://fxprimary.com. Customer understands that this Agreement cannot be modified by any verbal statements or written amendments that Customer seeks to make to the Agreement without written acceptance from the General Counsel of FX Primary.
Restricted Territory: We restrict and reserve the right to restrict future access to all or some parts of the Website and/or Services in respect of certain jurisdictions. You fully understand and agree that we are not liable if the country of your location or residence becomes restricted or blocked. Restricted Territories include, but are not limited to, individuals residing in:
Bahamas, Botswana, Burma(Myanmar), Cambodia, Democratic Republic of Congo, Cuba, Ethiopia, Ghana, Iran, Iraq, Japan, Lebanon, Libya, Malta, North Korea, Pakistan, Panama, Republic of the Congo, Somalia, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Vietnam, Yemen, Zimbabwe.
Customer acknowledges and agrees that Accounts are segregated in the FX Primary’s books and records only, and Customer’s funds are not FDIC-insured and are deposited with a liquidity provider selected by FX Primary in its sole discretion.
2.2 JOINT ACCOUNT OWNERS.
If this Account is held by more than one (1) person, all of the joint holders agree to be jointly and severally liable for the obligations assumed in this Agreement.
If this Account is held in trust, joint ownership, or partnership, the undersigned hereby agrees to indemnify, defend and hold harmless FX Primary for any losses resulting from a breach of any fiduciary duty of the undersigned to the other holders and beneficiaries of this Account.
Further, any one or more of the joint owners shall have full authority for the Account and risk of the Account owners, to buy, sell, and trade in transactions of off-exchange products, to deposit with and withdraw from FX Primary, currencies, securities, negotiable instruments, and other property, including withdrawals to or for the individual use or Account of the party directing the sale or of any other party, to receive and acquiesce in the correctness of notices, confirmations, requests, demands and all other forms of communications, and to settle, compromise, adjust, and give releases with respect to any and all claims, demands, disputes, and controversies.
Upon death or legal incapacity of any of the undersigned, FX Primary is authorized to take such action in regard to the Account, as FX Primary may deem advisable to protect itself against any liability, penalty or loss.
Customer agrees to notify FX Primary immediately upon the death or legal incapacity of any joint owner. FX Primary may terminate this Agreement by written notice to any one of the joint owners.
2.3 MARGINS AND DEPOSIT REQUIREMENTS.
Customer shall provide and maintain margin in such amounts and in such forms as FX Primary, in its sole discretion, may require.
Customer agrees to deposit by immediate wire transfer such additional margin when and as required by FX Primary, and will immediately meet all Margin Calls in such mode of transmission as FX Primary shall, in its sole discretion, designate.
FX Primary may change margin requirements at any time without prior notice. FX Primary retains the right to limit the amount and/or the total number of open positions that Customer may acquire or maintain at FX Primary. FX Primary reserves the right to close any Customer positions at any time that it deems necessary. FX Primary shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions including but not limited to loss or damage resulting, directly or indirectly, from any delays or inaccuracies in the transmission of orders and/or information due to a breakdown in or failure of any transmission or communication facilities.
For example, in volatile market conditions, a margin call may be delayed resulting in the possibility of a negative usable margin; a margin call may occur even if positions are hedged, in the jurisdictions where hedging is permitted by law, due to rate volatility or daily interest charges or credits.
FX Primary may, in its sole discretion and without notice to Customer, offset Customer’s open positions, roll over Customer’s open positions into the next settlement time period, or make or receive delivery on behalf of Customer upon any terms and by any methods deemed reasonable by FX Primary, in its sole discretion.
Terms and/or methods for delivering, offsetting, or rolling over Customer’s open positions may differ on a customer-by-customer basis, at FX Primary’s sole discretion.
Any positions held in Customer’s Account at 5 PM EST may be rolled over to the next settlement date and the Account may be debited or credited for the interest differential for the rollover period.
2.5 SETTLEMENT DATE OFFSET INSTRUCTIONS.
Offset instructions on positions open prior to settlement arriving at settlement date must be given to FX Primary at least one to three business days prior to the settlement or value day. Alternatively, sufficient funds to take delivery or the necessary delivery documents must be in the possession of FX Primary within the same period described above.
If neither instructions, funds nor documents are received, FX Primary may without notice, either offset Customer’s position or roll Customer’s positions into the next settlement time period or make or receive delivery on behalf of Customer upon such terms and by such methods deemed reasonable by FX Primary in its sole discretion.
2.6 LIQUIDATION OF ACCOUNTS.
In the event of:
death or judicial declaration of incompetence of Customer or, in the case of a legal entity, its dissolution or liquidation;
filing of a petition in bankruptcy, or a petition for the appointment of a receiver, or the institution of any insolvency or similar proceeding by or against Customer;
filing of an attachment against any of Customer’s Accounts carried by FX Primary;
insufficient margin, or FX Primary’s determination that any collateral deposited to protect one or more Accounts of Customer is inadequate, regardless of current market quotations, to secure the Account;
Customer’s failure to provide FX Primary any information requested pursuant to this Agreement; or
any other circumstances or developments that FX Primary deems appropriate for its protection, and in FX Primary’s sole discretion, it may take one or more, or any portion of, the following actions:
sell any or purchase any or all contracts, securities or other property held or carried for Customer; and
cancel any or all outstanding orders or contracts, or any other commitments made with Customer. Any of the above actions may be taken without demand for margin or additional margin, without prior notice of sale or purchase or other notice to Customer, Customer’s personal or appointed representatives, heirs, executors, administrators, trustees, legatees or assigns and regardless of whether the ownership interest shall be solely Customer’s or held jointly with others.
2.7 MANAGED ACCOUNTS.
With regard to managed Accounts, a money manager (“Money Manager”) is a person or entity authorized to make decisions with respect to an Account on behalf of the Account’s beneficial owners, including a trustee, custodian, conservator, guardian, executor, administrator, attorney in fact, or investment advisor or other person to whom Customer has granted trading authority over an Account.
Customer understands and agrees that FX Primary may, but is not required to, review any action or inaction by a Money Manager with respect to an Account and is not responsible for determining whether a Money Manager’s action or inaction satisfies the standard of care applicable to such Money Manager’s handling of the Account.
Customer further understands and agrees that FX Primary is not responsible for determining the validity of a person’s or entity’s status or capacity to serve as a Money Manager.
Customer agrees to hold FX Primary and its officers, directors, employees, agents and affiliates harmless from any liability, claim, or expense, including attorneys’ fees and disbursements, as incurred, for the actions or non-actions of Customer’s Money Manager.
3 CUSTOMER REPRESENTATIONS
3.1 GENERAL REPRESENTATIONS AND WARRANTIES.
Customer represents and warrants that:
Customer is of sound mind, legal age and legal competence;
Customer (if not a natural person) is duly organized and validly existing under the applicable laws of the jurisdiction of its organization;
Execution and delivery of this Agreement and all transactions contemplated hereunder have been duly authorized by Customer and will not violate any statute, rule, regulation, ordinance, charter, by-law or policy applicable to Customer;
Each person executing and delivering this Agreement has been duly authorized by Customer to do so;
No person other than the Customer has or will have an interest in Customer’s Account;
Regardless of any subsequent determination to the contrary, Customer is suitable to trade over-the-counter products;
Customer is not now an employee of any exchange, any corporation in which any exchange owns a majority of the capital stock, any member of any exchange and/or firm registered on any exchange, or any bank, trust, or insurance company that trades the same instruments as those offered by FX Primary, and in the event that Customer becomes so employed, Customer will promptly notify FX Primary via email of such employment;
A customer has read and understands the Risk Disclosure Statement, Arbitration Agreement and Trading Policies contained in this Agreement;
The customer has conducted simulated trading using the demo trading platform for a period that has allowed the Customer to develop a full understanding of the trading platform;
All information provided by Customer to FX Primary, including information regarding Customer’s trading experience and investment sophistication, is true, correct and complete, and Customer will notify FX Primary promptly of any changes in such information.
Customer cannot engage in transactions for purposes of arbitrage or exploitation of temporary inaccuracies or technical discrepancies.
3.2 DISCLOSURE OF FINANCIAL INFORMATION.
Customer represents and warrants that the financial information disclosed to FX Primary in the Application is an accurate representation of the Customer’s current financial condition.
Customer represents and warrants that in determining Customer’s Net Worth, Gross Income, Total Assets and Liabilities were carefully calculated.
Customer represents and warrants that in determining the value of Total Assets, the Customer included cash and/or cash equivalents, U.S. Government and Marketable securities, real estate owned (excluding primary residence), the cash value of life insurance and other valuable Assets.
Customer represents and warrants that in determining the value of Liabilities, Customer included notes payable to banks (secured and unsecured), notes payable to relatives, real estate mortgages payable (excluding primary residence) and other debts.
Customer represents and warrants that Customer has very carefully considered the portion of Customer’s Total Assets which Customer considers to be Risk Capital. Customer recognizes that Risk Capital is the amount of money Customer is willing to put at risk and if lost would not, in any way, change Customer’s lifestyle.
Customer agrees to immediately inform FX Primary if the Customer’s financial condition changes in such a way as to reduce Customer’s Net Worth and/or Risk Capital.
Customer authorizes FX Primary or agents acting on behalf of FX Primary to investigate Customer’s credit standing and in connection therewith to contact such banks, financial institutions and credit agencies as FX Primary shall deem appropriate to verify information regarding Customer.
Customer further authorizes FX Primary to investigate Customer’s current and past investment activity, and in connection therewith, to contact such futures commission merchants, exchanges, broker/dealers, banks, compliance data centres, and any other financial and investment institution as FX Primary shall deem appropriate.
Upon reasonable request made in writing by Customer to FX Primary, Customer shall be allowed to review any records maintained by FX Primary relating to Customer’s credit standing.
Customer shall also be allowed, at Customer’s sole cost and expense, to copy such records. Customer acknowledges that Customer’s credit score may be impacted when FX Primary accesses Customer’s credit file.
Customer also acknowledges that FX Primary may provide information (e.g. negative Account information of unsecured debts) regarding Customer’s performance under this Agreement to these agencies.
4 ORDER MANAGEMENT
4.1 CANCELLATION AND MODIFICATION REQUESTS.
Customer acknowledges that it may not be possible to cancel or modify an order.
Customer understands and agrees that, if an order cannot be cancelled or modified, Customer is bound by any execution of the original order.
FX Primary is not liable to Customer if FX Primary is unable to cancel or modify an order.
Customer further acknowledges that attempts to modify or cancel and replace an order can result in an over the execution of the order or the execution of duplicate orders, that FX Primary’s systems do not prevent over the execution on duplicate orders from occurring, and that Customer shall be responsible for all such executions.
Customer agrees not to assume that any order has been executed or cancelled until Customer has received confirmation from FX Primary with regard to order execution.
Customer is responsible for knowing the status of Customer‘s pending orders before entering additional orders.
Customer agrees to contact FX Primary in the event Customer is unclear on the status of an order.
Customer agrees to regularly review Customer’s online Account Statement to confirm the status of Customer’s orders.
4.2 STATEMENTS AND CONFIRMATION.
Reports of the confirmation of orders and statements of Accounts for Customer shall be deemed correct and shall be conclusive and binding upon Customer if not objected to immediately upon receipt and confirmed in writing within one (1) business day after the execution of the Customer’s order.
FX Primary will provide Customer access to view Customer’s Account at any time with an online login via the Internet. FX Primary will not provide trade confirmation via postal mail.
Written objections on Customer’s part shall be directed to FX Primary at its address located at: FX Primary Ltd, Beachmont Business Centre, Suite 65, Kingstown, St. Vincent and the Grenadines and shall be deemed received only if actually sent via email or delivered or mailed by registered mail, return receipt requested.
Failure to object shall be deemed ratification of all actions taken by FX Primary or its agents prior to Customer’s receipt of said reports.
Customer’s failure to receive a trade confirmation shall not relieve Customer of the obligation to object as set out herein.
Customer shall pay such charges (including, without limitation, mark-ups and markdowns, statement charges, idle Account charges, order cancellation charges, Account transfer charges, introducing broker and Money Manager fees, or other charges) arising out of FX Primary providing services hereunder. FX Primary may change its charges without notice.
All such charges shall be paid by Customer as they are incurred, or as FX Primary in its sole and absolute discretion may determine, and Customer hereby authorizes FX Primary to withdraw the amount of any such charges from Customer’s Account(s).
4.4 DEPOSITS AND WITHDRAWALS.
FX Primary shall neither receive nor disburse Customer’s funds in cash currency or cash equivalents.
All transactions between Customer and FX Primary shall be performed by wire, Automatic Clearing House (“ACH”) or other method in which the identities of both the sending and receiving parties can be verified by FX Primary and which FX Primary, in its sole discretion, shall deem appropriate.
FX Primary shall perform deposit/withdrawal transactions only between Customer’s FX Primary Account and another Account which is held in Customer’s name or of which Customer clearly demonstrates ownership to FX Primary.
In order to prevent money laundering, fraud, and other unauthorized activity, FX Primary may limit Customer’s withdrawal options.
FX Primary Ltd customers can withdraw their funds and benefits whenever they need to. To request a partial or complete withdrawal of funds from your account, click on “Withdrawal request” in your FX Primary Portal.
Please consider that we take 2-5 business days to process your withdrawal request. Corresponding withdrawals will take up to 2-3 business days to reach your credit card or bank account.
Feel free to contact our Customer support specialist if you have any questions. According to generally acceptable AML rules and regulations, withdrawals must be performed only through the same bank account or credit/debit card that you used to deposit the funds.
Furthermore, when it comes to withdrawals, Client may be required to present additional information and documents.
4.5 FX Primary’S RESPONSIBILITIES.
FX Primary will not be responsible for delays in the transmission of orders due to a breakdown or failure of transmission or communication facilities, electrical power outage or for any other cause beyond FX Primary’s control or anticipation.
FX Primary shall not be liable for losses arising from the default of any agent or any other party used by FX Primary under this agreement.
4.6 CURRENCY FLUCTUATION RISK.
If Customer directs FX Primary to enter into any transaction:
any profit or loss arising as a result of a fluctuation in the rates affecting such a transaction will be entirely for Customer’s Account and risk;
all initial and subsequent deposits for margin purposes shall be made in USD, or another currency which FX Primary may choose to accept, in such amounts as FX Primary may in its sole discretion require, with subsequent deposits being in the same currency as the initial deposit; and
FX Primary is authorized to convert funds in Customer’s Account for margin into and from such foreign currency at a rate of exchange determined by FX Primary in its sole discretion on the basis of then prevailing money market rates.
4.7 CROSS TRADE CONSENT.
Customer hereby acknowledges and agrees that FX Primary may act as the counterparty to Customer for any trade entered for the undersigned’s Account.
The undersigned hereby consents to any such transaction, subject to the limitations and conditions, if any, contained in the Rules or Regulations of any bank, institution, exchange or board of trade upon which such buy or sell orders are executed, and subject to the limitations and conditions, if any, contained in any applicable regulations of any globally recognized regulatory agency.
5.1 GENERAL COMMUNICATIONS.
Reports, statements, notices and any other communications shall be transmitted to Customer electronically by posting to Customer’s online Account or via email to the email address on Customer’s application, or to such other email address as Customer may from time to time designate to FX Primary.
5.2 EMAIL AND ELECTRONIC COMMUNICATIONS.
All emails sent to and from FX Primary are subject to monitoring, review or disclosure to someone other than Customer or Customer’s intended recipient. Customer acknowledges that there may be delays in email being received by Customer’s intended recipient.
Customer agrees to hold FX Primary harmless for any delay in email delivery regardless of whether the delay was caused by FX Primary or a third party. Email sent to and from a FX Primary address may be retained by FX Primary’s corporate email system.
Customer agrees not to use email to transmit orders to purchase or sell over-the-counter products and further agrees that FX Primary is not liable for any actions taken or any omissions to act as a result of any email message Customer sends to FX Primary.
Electronic communications with FX Primary via our Web site, wireless device or touchtone service are also subject to monitoring, review by or disclosure to someone other than the recipient and such communications may be retained by FX Primary.
6 THIRD PARTIES
6.1 NO SEPARATE AGREEMENTS.
Customer acknowledges that Customer has no separate agreement with Customer’s broker or any FX Primary employee or agent regarding the trading in Customer’s Account, including any agreement to guarantee profits or limit losses in Customer’s Account.
Customer understands that Customer is under an obligation to notify FX Primary Compliance Department immediately in writing as to any agreement of this type.
Further, Customer understands that any representations made by anyone concerning Customer’s Account that differ from any statements Customer receives from FX Primary must be brought to the attention of FX Primary’s Compliance Department immediately in writing.
Customer understands that Customer must authorize every transaction prior to its execution unless Customer has delegated discretion to another party by signing FX Primary’s limited power of attorney (“LPOA”).
Any disputed transactions must be brought to the attention of FX Primary’s Compliance Department pursuant to the notice requirements of this Agreement.
Customer agrees to indemnify and hold FX Primary harmless from all damages or liability resulting from Customer’s failure to notify FX Primary’s Compliance Department within one (1) business day of any of the occurrences referred to herein. All notices required under this section shall be sent to FX Primary at its address.
6.2 REVENUE SHARING DISCLOSURE.
Customer acknowledges that FX Primary may enter into revenue sharing arrangements with or retain the services any other third party vendors in connection with technology support, back office and operational support functions relating to Customer’s Accounts.
FX Primary reserves the right to enter into such compensation or revenue sharing arrangements any other third party vendors based on volume traded, bid/offer pricing or other outside commission or revenue sharing models.
7.1 ANTI-MONEY LAUNDERING PROCEDURES.
Customer agrees to and acknowledges that FX Primary may conduct the following procedures at the time of the opening and throughout the existence of the Account:
7.2 VERIFICATION PROCESSES:
In accordance with anti-money laundering and combating the funding of terrorism standards, FX Primary may require to identify and verify the person who signs up. When a customer opens an account, FX Primary is required to collect information such as – but not limited to – name and surname, date of birth and residential address. The customer agrees that FX Primary reserves the right to close the account at its sole discretion if we come across any problem with the verification checks.
E-mail verification: After the person completed the sign-up form will be asked to verify his/her email address via an activation link. If this step is not completed, the access to the account will be denied.
2-factor authentication: After the customer completed the sign up form in order to access to the account he needs to enable Two-factor authentication (2FA) on his account. It is an extra layer on your FX Primary account to protect your account and data from unauthorized access attempts.
Identity verification checks: In order to complete the identity verification, FX Primary may make use of third party providers to confirm any information that the person registers.FX Primary may verify the customer’s information by requiring Customer to provide official identification documents and a proof of address or additional documents which you will be advised of at the time. Corporate clients will be required to submit additional documentation such as (not limited to) certificates of incorporation and articles of association.
At any given time, whilst the customer has an account open with us we may decide to carry out further verification checks (which may include requests for additional documents or information) to satisfy routine security checks.
If we are not able to verify the person’s registered details, if the customer is not able to or deny to provide the requested document/s and/or information, FX Primary has the right to suspend the account, return any remaining balance up to the amount of the original deposits.
FX Primary may monitor the trading activity in Accounts to investigate or identify potential money laundering.
7.4 SECURITY AND CONFIDENTIALITY.
Customer agrees and acknowledges that Customer is the exclusive owner and solely responsible, jointly and severally if applicable, for the confidentiality and protection of Customer’s Account number(s) and password(s) that allow Customer to place online orders and access FX Primary’s electronic trading systems.
Customer further agrees that Customer will be fully responsible for all activities including brokerage transactions that arise from the use of Customer’s Account number(s) and password(s).
Customer agrees to indemnify and hold FX Primary harmless from: if any other person utilizing Customer’s confidential information provides instructions to FX Primary that may be contrary to Customer’s instructions.
Customer will immediately notify FX Primary in writing or by email of any loss, theft or unauthorized use of Customer’s Account number and/or passwords.
7.5 INTELLECTUAL PROPERTY AND CONFIDENTIALITY.
All copyright, trademark, trade secret and other intellectual property rights in the FX Primary Trading Platform (“Trading Platform”) shall remain at all times the sole and exclusive property of FX Primary and/or its 3rd party service providers and Customers shall have no right or interest in the Trading Platform except for the right to access and use the Trading Platform as specified herein.
Customer acknowledges that the Trading Platform is confidential and has been developed through the expenditure of substantial skill, time, effort and money.
Customer will protect the confidentiality of FX Primary and/or its 3rd party service providers by allowing access to the Trading Platform only by its employees and agents on a need to access basis.
Customer will not publish, distribute, or otherwise make information available to third parties any information derived from or relating to the Trading Platform.
Customer will not copy, modify, decompile, reverse engineer, and make derivative works of the Trading Platform or in the manner in which it operates.
7.6 NO ADVICE AND NO RECOMMENDATIONS.
Customer acknowledges that FX Primary does not and will not give investment, legal or tax advice or make trading recommendations. Customer acknowledges that FX Primary makes no representations concerning the tax implications or treatment of contracts.
Customer agrees that Customer is a self-directed investor and all orders entered are unsolicited and based on Customer’s own investment decision or the investment decision of Customer’s duly authorized representative.
Customer agrees that neither FX Primary nor any of its employees may be Customer’s duly authorized representative and that Customer will neither solicit nor rely upon FX Primary or any of its employees for any such advice.
Customer understands that Customer is solely responsible for all orders entered, including but not limited to trade qualifiers, the number of trades entered, the suitability of any trade(s), investment strategies and risks associated with each trade, and will not hold FX Primary or any of its employees liable for those investment decisions.
Customer further understands that FX Primary does not and will not review the appropriateness or suitability of any transactions implemented or investment strategies employed in Customer’s Account.
Customer hereby agrees to hold FX Primary and its officers, directors, employees, agents and affiliates harmless from any liability, financial or otherwise, or expense (including attorneys’ fees and disbursements), as incurred, as a result of any losses or damages Customer may suffer with respect to any such decisions, instructions, transactions or strategies employed in Customer’s Account by Customer or Customer’s duly authorized representative, or as a result of any breach by Customer of any of the covenants, representations, acknowledgments or warranties herein.
7.7 TRADING RECOMMENDATIONS
Customer acknowledges that:
Any market recommendations and information communicated to Customer by FX Primary or by any person within the company, does not constitute an offer to sell or the solicitation of an offer to buy any contract Such recommendation and information, although based upon information obtained from sources believed by FX Primary to be reliable, may be based solely on a broker’s opinion and that such information may be incomplete and may be unverified; and FX Primary makes no representations, warranties or guarantees as to, and shall not be responsible for, the accuracy or completeness of any such information or trading recommendation furnished to Customer.
Customer acknowledges that FX Primary and/or its officers, directors, affiliates, associates, stockholders or representatives may have a position in or may intend to buy or sell, which are the subject of market recommendations furnished to Customer, and that the market position of FX Primary or any such officer, director, affiliate, associate, stockholder or representative may not be consistent with the recommendations furnished to Customer by FX Primary.
7.8 RISK ACKNOWLEDGMENT.
Customer acknowledges that investments in leveraged transactions are speculative, involve a high degree of risk, and are appropriate only for persons who can assume risk of loss of their margin deposit.
Customer understands that because of the low margin normally required in trading over-the-counter contracts, price changes in contracts may result in the loss of Customer’s margin deposit.
Customer warrants that Customer is willing and able, financially and otherwise, to assume the risk of trading, and in consideration of FX Primary’s carrying his/her Account(s), Customer agrees not to hold FX Primary responsible for losses incurred through following its trading recommendations or suggestions or those of its employees, agents or representatives.
Customer recognizes that guarantees of profit or freedom from loss are impossible in trading.
Customer acknowledges that Customer has received no such guarantees from FX Primary or from any of its representatives or any introducing agent or other entity with whom Customer is conducting his/her FX Primary Account and has not entered into this agreement in consideration of or in reliance upon any such guarantees or similar representations.
Customer agrees and acknowledges that all conversations regarding Customer’s Account(s) between Customer and FX Primary personnel may be electronically recorded with or without the use of an automatic tone warning device.
Customer further agrees to the use of such recordings and transcripts thereof as evidence by either party in connection with any dispute or proceeding that may arise involving Customer or FX Primary.
Customer understands that FX Primary destroys such recordings at regular intervals in accordance with FX Primary’s established business procedures and Customer hereby consents to such destruction.
7.10 SECURITY AGREEMENT.
All monies, securities, negotiable instruments, contracts and/or other property on deposit with FX Primary or its affiliates, in Customer’s Account, for any purpose, including safekeeping, are hereby pledged with FX Primary and shall be subject to a security interest in FX Primary’s favor for the discharge of all Customer’s obligations to FX Primary, irrespective of the number of Accounts Customer has with FX Primary.
Customer also grants FX Primary the right to use the above described properties and any Account credit to offset against any of Customer’s obligations to FX Primary including, but not limited to, transfers for the purpose of margining, or for application to negative balance Accounts not promptly paid, as well as delivery costs and charges.
7.11 USE OF MONIES.
Customer hereby also grants to FX Primary the right to pledge, repledge, hypothecate, invest or loan, either separately or with the property of other customers, to itself or to others, any funds, securities, currencies, and foreign currency or off-exchange transactions of Customer held by FX Primary as margin or security. FX Primary shall at no time be required to deliver to Customer the identical property delivered to or purchased by FX Primary for any Account of Customer.
7.12 TECHNOLOGY AND COMMUNICATIONS ISSUES.
FX Primary and/or its 3rd party service providers provide trading technology for Customer’s use in connection with transactions made by Customer with FX Primary. Such trading technology includes, but is not limited to, the Trading Platform, web applications, application program interfaces, software, software code, programs, protocols and displays (collectively “Technology”) for trading, analysing trades and markets, and constructing automated trading systems.
FX Primary provides the Technology “as is,” without any warranties of merchantability, fitness for a particular purpose, or other express or implied warranties.
FX Primary will not be responsible for the operation or performance of any automated trading system developed with Technology or for any malfunctions of Technology or for any delays or interruptions in transmission of orders due to breakdown, excessive call volume or failure of transmission or communication equipment on the Internet or otherwise, including, but not limited to, communications problems, computer software or hardware breakdowns, malfunctioning errors, any and all problems or glitches associated with computer problems or any other technical cause or causes.
7.13 FOREIGN ACCOUNTS.
Customers not residing in the United States (”Foreign Accounts”) may be asked to comply with requests for special information by FX Primary as required by any governmental unit or regulatory agency.
This includes, but is not limited to, special calls for information. In the event of a special call for information, FX Primary or its agent shall be required to obtain the information set forth by any governmental unit or regulatory agency requesting information. In addition, failure to respond to a special call may cause transactions to be prohibited (other than offsetting trades) for Customer.
Foreign Accounts must copy and forward an official form of picture identification and must provide a bank reference before Customer is approved for trading.
8.1 BINDING EFFECT.
This Agreement shall be continuous and shall cover, individually and collectively, all Accounts of Customer at any time opened or reopened with FX Primary irrespective of any change or changes at any time in the personnel of FX Primary or its successors, assigns, or affiliates.
This Agreement including all authorizations shall inure to the benefit of FX Primary and its successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon Customer and/or the estate, executor, trustees, administrators, legal representatives, successors and assigns of Customer.
Customer hereby ratifies all transactions with FX Primary affected prior to the date of this Agreement and agrees that the rights and obligations of Customer in respect thereto shall be governed by the terms of this Agreement.
This Agreement shall continue in effect until termination, and may be terminated by Customer at any time when Customer has no open position(s) and no liabilities held by or owed to FX Primary upon the actual receipt by FX Primary of written notice of termination via email, or at any time whatsoever by FX Primary upon the transmittal of written notice of termination to Customer; provided, that such termination shall not relieve either party of any obligations set out in this Agreement nor shall it relieve Customer of any obligations arising out of prior transactions entered into in connection with this Agreement.
This Agreement shall not be deemed to be accepted by FX Primary nor become a binding contract between Customer and FX Primary until Customer’s information is verified and approved by FX Primary.
Customer agrees to indemnify and hold FX Primary, its affiliates, employees, agents, successors and assigns harmless from and against any and all liabilities, losses, damages, costs and expenses, including attorney’s fees, incurred by FX Primary arising out of Customer’s failure to fully and timely perform Customer’s responsibilities herein or should any of the representations and warranties fail to be true and correct.
The customer also agrees to pay promptly to FX Primary all damages, costs and expenses, including attorney’s fees, incurred by FX Primary in the enforcement of any of the provisions of this Agreement and any other agreements between FX Primary and Customer.
8.5 FORCE MAJEURE.
FX Primary shall not be liable to Customer for any claims, losses, damages, costs or expenses, including attorneys’ fees, caused, directly or indirectly, by any events, actions or omissions, including, without limitation, claims, losses, damages, costs or expenses, including attorneys’ fees, resulting from civil unrest, war, insurrection, international intervention, governmental action (including, without limitation, exchange controls, forfeitures, nationalizations, devaluations), natural disasters, acts of God, market conditions, inability to communicate with any relevant person or any delay, disruption, failure or malfunction of any transmission or communication system or computer facility, whether belonging to FX Primary, Customer, any market, or any settlement or clearing system.
8.6 TERMS AND HEADINGS.
The term “FX Primary” shall be deemed to include FX Primary, its affiliates, divisions, successors and assigns; the term “Customer” shall mean the party (or parties) executing the Agreement; and the term “Agreement” shall include all other agreements and authorizations executed by Customer in connection with the maintenance of Customer’s Account with FX Primary regardless of when executed.
The paragraph headings in this Agreement are inserted for convenience of reference only and are not deemed to limit the applicability or affect the meaning of any of its provisions.
8.7 GOVERNING LAW AND JURISDICTION.
This Agreement, and the rights and obligations of the parties hereto, shall be governed by, construed and enforced in all respects by the laws of the St Vincent and the Grenadines without regard to choice of law principles.
8.8 USE OF FX Primary’S WEBSITES.
Web sites refer to FX Primary’s Web site (https://fxprimary.com and additional Web sites that FX Primary may register). The Web sites provide Customer with content and information. The content on the Web sites is provided as a convenience but may be inaccurate or outdated.
Customer agrees at all times to rely upon Customer’s transaction confirmations and statements as the official records of Customer’s Account.
Information is not related specifically to an Account. Information is financial or investment information provided by third parties to FX Primary that FX Primary provides to Customer, which includes market data, news, research, financial analysis, commentary, or tools.
The information on the Web sites is provided from sources believed to be reliable but cannot be guaranteed.
The information provided on our Web sites is not customized for Customer and Customer understands that the information provided to Customer is not a recommendation to Customer about the suitability of a purchase and/or sale of any trading product.
FX Primary may without notice to Customer change, revise, modify, add, upgrade, remove or discontinue any part of FX Primary’s Web sites. The Web sites may include hyperlinks to third-party web sites.
FX Primary is not responsible for the information or content provided by such third-party web sites.
8.9 MARKET DATA, NEWS AND OTHER INFORMATION.
Customer agrees that the market data, news and other information available to Customer through our Web site is for Customer’s personal use and that Customer will not retransmit or republish this information in any form without the written consent of FX Primary.
8.10 NO WAIVER OR AMENDMENT.
No provision of this Agreement may be waived or amended unless the waiver or amendment is in writing and signed by both Customer and an authorized officer of FX Primary.
No waiver or amendment of this Agreement may be implied from any course of trading between the parties or from any failure by FX Primary or its agents to assert its rights under this Agreement on any occasion or series of occasions.
No oral agreements or instructions to the contrary shall be recognized as enforceable.
This instrument and the attachments hereto embody the entire agreement of the parties, superseding any and all prior written and oral agreements and there are no other terms, conditions or obligations other than those contained herein.
This Agreement, any attachments thereto, and the terms and conditions contained in statements and confirmations contain the entire agreement between the parties with respect to the subject matter hereof.
If any provision or condition of this Agreement shall be held to be invalid or unenforceable by any court, or regulatory or self-regulating agency or body, such provision shall be deemed modified, or, if necessary, rescinded in order to comply with the relevant court, or regulatory or self-regulatory agency or body.
The validity of the remaining provisions and conditions shall not be affected thereby, and this Agreement shall be carried out as if such invalid or unenforceable provision or condition was not contained herein.
8.12 ACCOUNT TRANSFER AND ASSIGNMENT.
Customer authorizes FX Primary to transfer and assign Customer’s Account to a futures commission merchant or another legal entity. Customer may not transfer or assign this Agreement without FX Primary’s prior written consent. Any purported assignment by the Customer in violation of this provision is null, void and unenforceable.
Trading in margined account involves a high degree of risk including the risk of loss of the Customer’s entire Risk Capital deposited with FX Primary. Losses, in some cases, have the potential to extend beyond the Customer’s Account Value.
In consideration of FX Primary agreeing to enter into contracts with its Customer(s) for this Account, FX Primary requires all the undersigned Customer(s) to analyse their financial objectives, financial status, investment constraints and tax situation to determine whether trading is suitable. In addition, we require our Customers to carefully read and acknowledge the FX Primary Risk Disclosure Statement that outlines without limitation the risks associated with trading a margined account through FX Primary. By signing this Agreement the Customer understands and agrees that:
OTC Margined Trading involves a high amount of risk and is highly speculative. Customer(s) agrees that they are in full understanding and willing to assume the legal, economic, and other risks associated with the trading a margined account, and are willing and able to assume the loss of their entire Risk Capital, defined as those funds, that if lost, would not change your lifestyle or your family’s lifestyle. As such, they further agree that margined trading is not suitable for Retirement Funds. FX Primary encourages Customers to closely manage outstanding open positions and to use prudent money management precautions such as, but not limited to, Stop Loss Orders.
Excessive leverage available with Margined accounts can lead to quick losses. Customer(s) agrees that using a high degree of leverage, defined as the use of a small amount of capital to control a larger amount of an Open Position, can result in large losses due to a price change(s) of open contract(s) with FX Primary.
FX Primary provides leverage on most trading products for most customers of 100:1 or more. With 100:1 leverage the Customer has the potential to control $1,000,000 position with $10,000 in an Account. FX Primary encourages its Customers to use only that portion of leverage that the Customer is most comfortable with and to use money management precautions such as, but not limited to, Stop Loss Orders for the purpose of limiting risk. FX Primary reserves, at its sole discretion, the right to reduce or increase the amount of leverage given on any trading product at any time and without notice.
Trading experience periods of liquidity risk. Customer acknowledges that Liquidity Risk, resulting from decreased liquidity, is usually due to unanticipated changes in economic and/or political conditions. Customer also acknowledges that Liquidity Risk can affect the general market in that all participants experience the same lack of buyers and/or sellers.
The Customer also understands that liquidity risk can be FX Primary specific due to changes in liquidity available to FX Primary from a FX Primary Custodian of funds interbank liquidity providers due to a perception that the risks of the market segment have increased. When liquidity decreases, Customers can expect, at the minimum, to have wider bid to ask spreads as the supply of available bid/ask prices, outstrips the demand.
Decreases in liquidity can also result in “Fast Market” conditions where the price of a trading product moves sharply higher or lower or in a volatile up/down pattern without trading in an ordinary step-like fashion. In some instances, there may exist the possibility that a trading bid and/or ask price for a trading product or products are not available (a situation where there is no liquidity).
Although there may be instances when the aggregate OTC market enters a “Fast Market” situation or periods where liquidity is in short or no supply, it is important to note that prices, bid/ask spreads and liquidity will reflect the prevailing interbank market liquidity for FX Primary. FX Primary can Liquidate Positions of the Customer that do not have adequate margin: Because of the leverage available with OTC Margined Trading and the potential for extreme volatility, FX Primary Custodian of funds reserves the sole discretionary right to liquidate Customer’s Account(s) should the Margin in the Account not be sufficient to cover the potential risk of loss. Should the Customer’s Account value go below the free of programming bugs that can cause trading, position keeping or any other required functionality of the Trading Platform and other relevant software applications associated with FX Primary including but limited to clearing and escrow Account software, from becoming inoperable or without errors?
There is a Communication Risk that the Customer assumes. Although FX Primary will have qualified representatives available on the telephone during business hours to accept and execute Customer Market Orders, there exists the risk that the Customer will not be able to contact or make contact with the FX Primary representative due to but not limited to, communication malfunction, an overabundance of telephone orders, or any other malfunction or negligence.
The Customer acknowledges and agrees that they will hold harmless FX Primary for any loss or missed trading opportunity resulting from any communication problems the Customer may encounter.
FX Primary does not take responsibility for Money Managers. Should a Customer grant a Money Manager trading discretionary trading authority or control over a Customer’s Account, the Customer acknowledges that FX Primary does not take any responsibility for any action done by that Third Party on the Customer’s behalf.
The Customer grants Money Manager trading authority for the Customer’s Account at its sole, and full risk. FX Primary reserves the right to correct any transactions executed on misquoting errors: In the case when a quoting error occurs that results in a Customer transaction done at an off-market price, FX Primary reserves the sole discretionary right to make the necessary corrections and adjustments to the Customer’s Account whether it be in the favour of the Customer or not in the Customer’s favour.
Any change will be reported to the Customer either verbally or via an electronic method such as but not limited to email.
All Market Recommendations made by FX Primary or any representative of FX Primary are for informational purposes only. Any decision by the Customer to buy or sell is an independent decision by the Customer. Market recommendations made by FX Primary or a representative of FX Primary do not constitute an offer to sell or buy from FX Primary or from any other source that may provide straight-through processing prices to the Customer.
FX Primary and its employees are not investment advisor(s) and have no fiduciary duty to Customer and therefore are not liable for any losses incurred by the Customer as a result of information or any recommendations made by FX Primary or representative of FX Primary. The customer is at Risk if FX Primary should go out of business.
There is no guarantee that FX Primary as a business will be profitable. Consequently, there exists a credit risk that FX Primary may be subject to losses, which could, in turn, jeopardize the capital that the Customers have in their Accounts. Customer acknowledges that in the event of insolvency, the Customer can only look to FX Primary for performance and return of all Collateral and Margin that the Customer may have at FX Primary.
FX Primary may decide to exit the Business. There is no guarantee that FX Primary Custodian of funds may decide that they do not want to continue to participate. As a result, the Customer agrees and acknowledges that FX Primary may liquidate all Customer positions, and return margined funds to the Customer at the sole discretion of FX Primary, at any time and for any reason. FX Primary Customers do not hold FX Primary liable for any loss as a result of the liquidation of the Customers position either on an actual basis or as a result of missed profit opportunities.
Customers are responsible for any reporting errors. Any reporting and confirmation errors of omission, and/or errors in the details of transactions including but not limited to the price contracts were executed, the product traded, the market direction (i.e., ”buy” or “sell”) of order, the type of order and/or any errors in fees, charges or credits to the Customer’s Account including but not limited to charges for executing a transaction, wiring funds, rolling over position, and sweeping balances into the home currency, require that the customer notifies FX Primary immediately upon discovery for review.
Risks from trades done over the telephone. FX Primary will only accept Market Orders for trades done over the telephone. Telephone trades are considered executed when the FX Primary representative says, “done” and relays the complete transaction details. Any given price by a FX Primary representative over the telephone prior to execution is considered indicative. FX Primary reserves the right to change the indicative price given over the phone if the actual trading price is different due to market conditions, misquote or volatility.
FX Primary is not responsible for Customer telephone orders if the Customer cannot be heard or understood by the FX Primary representative due to, without limitation, accent, speech defect, faulty connection, or excessive background noise at the Customers location or at FX Primary. To better ensure execution, FX Primary requires that Customers communicate in English when giving orders. FX Primary cannot guarantee that telephone orders given in a foreign language will be executed. For best results and fast execution, the following procedure will be used:
The Customer will first be asked by the FX Primary representative the following Account Information:
The Customer’s FX Primary User Name, Account Number and/or other identifying feature. Only after the FX Primary representative confirms the Customer’s identity, the Customer should relay the following order information:
The execution direction to Buy or Sell, the number of lots, and the desired trading product.
The FX Primary representative will then repeat the order information for the Customer to confirm. For example, the FX Primary Representative may say the following, “Buy 2 lots of EUR vs USD at the Market. Confirmed?” By saying, “Yes” the order will be executed at the Market and the details immediately given to the Customer after execution. The FX Primary representative will enter the transaction into the Customer’s Account. The details and effects of the transaction will be reflected in the Customer’s Online Reports. FX Primary does not warrant that trades done over the telephone will be done at prices that mirror the prices displayed electronically at that time over the Trading Platform. FX Primary reserves the right to charge a commission for trades done over the telephone.
Should FX Primary charge a commission for telephone trades, it will be reported on the FX Primary Website and be reflected as a line item debit in your FX Primary Account Reports? All trades and charges done via the phone are final. FX Primary reserves the right to tape all telephone calls without knowledge of the Customer.
FX Primary is not responsible or liable if the tapes of the telephone calls are erased or never recorded because of error, omission or any reason. FX Primary is also not liable should User Name and Account information be obtained knowingly or unknowingly by a Third Party and as a result, trades done in the name of the Customer without his or her knowledge or authorization.
Risks from trades done using chat communication devices. FX Primary may utilize an electronic conversational application or other similar chat application for the communication and execution of some market orders.
Trades are done using chat applications or the telephone should only be done if the Customer cannot execute using the Trading Platform. Although currently not planned, FX Primary reserves the right to charge a commission for trades done over chat applications. Should FX Primary charge a commission for chat application trades, it will be reported on the FX Primary Website and be reflected as a line item debit in your FX Primary Account Reports. All trades and charges done via chat applications are final.
Neither FX Primary nor third-party chats application provider is responsible or liable if the electronic logs of the electronic conversations are erased or never recorded because of error, omission or any reason. FX Primary is also not liable should User Name, Password and Account information be obtained knowingly or unknowingly by a Third Party and as a result, trades done in the name of the Customer without his or her knowledge or authorization.
FX Primary has limited liability. The Customer agrees and acknowledges that FX Primary shall not be liable to the Customer for any claims, losses, damages, costs or expenses, including attorneys’ fees caused directly or indirectly by any events, actions or omissions, without limitation, claims, losses, damages, costs and expenses, including attorney’s fees, resulting from civil unrest, war, insurrection, international intervention, governmental action) including, without limits, exchange controls, forfeitures, devaluations and nationalizations), natural disasters, acts of God, market conditions, communication problems or any delay, disruption, failure of any transmission or communication system or computer hardware or software application whether supplied and belonging to FX Primary or from a third party vendor that the Customer and FX Primary relies on to conduct execution and reporting services.
L) Effect of “Leverage” or “Gearing”. Margin accounts and contracts carry a high degree of risk. The amount of initial margin is small relative to the value of the contract so that transactions are “leveraged” or “geared”. A relatively small market movement may have a proportionately larger impact on the funds’ Customer has deposited or will have to deposit. This may work against Customer as well as for Customer. Customer may sustain a total loss of initial margin funds and any additional funds deposited with the firm to maintain Customer’s position.
Risk-reducing orders or strategies. Placing contingent orders, such as “stop-loss” or “limit” orders, particularly in volatile market conditions, will not necessarily limit Customer’s losses to the intended amounts, since market conditions may make it impossible to execute such orders. Strategies using combinations of positions, such as “spread” and “straddle” positions may be as risky as taking simple “long” or “short” positions.
Before Customer begins to trade, Customer should obtain a clear understanding of all charges for which Customer may be liable. These charges will affect Customer’s net profit (if any) or increase Customer’s loss.
Electronic trading. Trading on an electronic trading system may differ not only from trading in an open outcry market but also from trading on other electronic trading systems. If Customer undertakes transactions on an electronic trading system, Customer will be exposed to risks associated with the system including any failure of hardware and software. The result of any system failure may be that Customer’s order is either not executed according to Customer’s instructions or not executed at all. Since FX Primary does not control signal power, its reception or routing via Internet, the configuration of Customer’s equipment or reliability of its connection, FX Primary cannot be responsible for communication failures, distortions or delays when trading online (via the Internet). In no event shall FX Primary be liable for speculative or expectancy damages for potential future lost profits.
Limitation of liability. Customer accepts any trading system provided by FX Primary “as is,” and without warranties, express or implied, including, but not limited to, the implied warranties of merchantability or fitness for a particular use, purpose or application; timeliness; freedom from interruption; or any implied warranties arising from trade usage, course of trading or course of performance.
Under no circumstances shall FX Primary be liable for any punitive, indirect, incidental, special or consequential loss or damages, including loss of business, profits or goodwill. FX Primary shall not be liable to Customer by reason of delays or interruptions of service or transmissions, or failures of performance of FX Primary’s or its affiliate systems, regardless of cause, including, but not limited to, those caused by hardware or software malfunction; regulatory action; acts of God; war, terrorism, or our intentional acts.
Customer recognizes that there may be delays or interruptions in the use of our system, including, for example, those caused intentionally by FX Primary for purposes of servicing the system. FX Primary does not guarantee that alternative trading arrangements will be available at a particular time and FX Primary will not be held liable for delays in entering an order.
FX Primary’s margin policies require that Customer’s Account be properly margined at all times. Failure to meet margin requirements may result in the liquidation of any open positions with a resultant loss. FX Primary reserves the right to liquidate all positions without notice if an Account falls below Customer’s minimum margin requirement, in accordance with FX Primary’s margin call policy.
Quoting errors. Should quoting errors occur, which may include, but are not limited to, a mistype of a quote by FX Primary, a quote which is not representative of fair market prices, an erroneous price quote from a FX Primary employee, such as but not limited to a wrong big figure quote or an erroneous quote due to failure of hardware, software or communication lines or systems and/or inaccurate external data feeds provided by third-party vendors, FX Primary will not be liable for the resulting errors in Account balances.
The foregoing list is not meant to be exhaustive and in the event of a quoting error, FX Primary reserves the right to make the necessary corrections or adjustments on the Account involved. Any dispute arising from such quoting errors will be resolved in accordance with required regulations if such regulations exist. In the event of a system error where interest is not charged or credited as scheduled, FX Primary reserves the right to apply the missed interest to the Account at any time.
Third-Party Authority. In the event that Customer grants trading authority or control over Customer’s Account to a third-party trading advisor, such as a Money Manager, whether on a discretionary or non discretionary basis, FX Primary shall in no way be responsible for reviewing Customer’s choice of such trading advisor, or for making any recommendations with respect thereto.
FX Primary makes no representations or warranties concerning any trading advisor; FX Primary shall not be responsible for any loss to Customer occasioned by the actions of the trading advisor; and FX Primary does not, by implication or otherwise, endorse or approve of the operating methods of any trading advisor. If Customer gives a Money Manager authority to exercise any rights over Customer’s Account, Customer does so at Customer’s own risk. Customer should regularly review the activity in Customer’s Account to ensure that Customer approves of the transactions placed on Customer’s behalf by Customer’s Money Manager.
Disclosure Regarding Bankruptcy Protections. The transactions Customer is entering into with FX Primary are not traded on an exchange. Therefore, Customer’s funds may not receive the same protections as funds used to margin or guarantee exchange-traded futures, which may receive a priority in bankruptcy.
Since that same priority has not been given to funds used for trading, if FX Primary becomes insolvent and Customer has a claim for amounts deposited or profits earned on transactions with FX Primary, Customer’s claim may not receive a priority. without a priority, the customer is a general creditor and customer’s claim will be paid, along with the claims of other general creditors, from any monies still available after priority claims are paid. Even customer funds that FX Primary keeps separate from its own operating funds may not be safe from the claims of other general and priority creditors.
Volatile Market Conditions. Trading at times of extraordinarily volatile market conditions, e.g. key news announcements may expose the Customer to additional risks, including the risk that the Customer may not get the price him or her requests. FX Primary cannot and does not guarantee its prices in times of extraordinary market volatility.
Simulated Conditions. Simulated conditions may differ from real conditions. Therefore, Customers who trade on demo Accounts should not necessarily expect the same results from live trading.
Referring Parties. IF YOU WERE REFERRED TO FX Primary BY AN INTRODUCING BROKER, REFERRING PARTY OR THIRD PARTY ADVISOR (EACH, AN “IB”), PLEASE BE ADVISED THAT FX Primary AND YOUR IB ARE WHOLLY SEPARATE AND INDEPENDENT FROM ONE ANOTHER AND THERE EXISTS NO JOINT VENTURE OR PARTNERSHIP RELATIONSHIP BETWEEN THE PARTIES. Additionally, NEITHER IB NOR ANY OTHER EMPLOYEE OR AGENT OF IB IS AN AGENT OR EMPLOYEE OF FX Primary.
FX Primary does not control, and cannot endorse or vouch for the accuracy or completeness of any information or advice Customer may have received or may receive in the future from Customer’s IB or from any other person not employed by FX Primary regarding trading or the risks involved in such trading.
FX Primary provides risk disclosure information to all new Customers when they open Accounts. Customer should read that information carefully, and should not rely on any information to the contrary from any other source.
Customer acknowledges that no promises have been made by FX Primary or any individual associated with FX Primary regarding future profits or losses in Customer’s Account. Customer understands that trading is very risky and that many people lose money trading.
If an IB or any other third party provides Customer with information or advice regarding trading, FX Primary shall in no way be responsible for any loss to Customer resulting from Customer’s use of such information or advice.
To the extent Customer has previously been led to believe or believes that utilizing any third party trading system, course, program, research or recommendations provided by IB or any other third party will result in trading profits, Customer hereby acknowledges, agrees and understands that all trading, including trading done pursuant to a system, course, program, research or recommendations of IB or another third party involves a substantial risk of loss. In addition, Customer hereby acknowledges, agrees and understands that the use of a trading system, course, program, research or recommendations of IB or another third party will not necessarily result in profits, or will avoid losses or limit losses.
Because the risk factor is high in trading, only genuine risk capital should be used. If Customer does not have capital which the Customer can afford to lose, Customer should not trade.
Customer understands and acknowledges that FX Primary may compensate Customer’s IB for introducing Customer to FX Primary and that such compensation may be on a per-trade basis or another basis.
Customer understands and agrees that if Customer’s Account with FX Primary is introduced by an IB, that IB shall have limited access to information regarding Customer’s FX Primary Account, but the IB shall not have the right to enter into any trades on Customer’s FX Primary Account unless authorized by Customer under a power of attorney between Customer and IB granting such IB the right to trade on Customer’s Account.
Customer understands and acknowledges that Customer may have only one IB, a party that originally referred Customer to FX Primary.
Customer may terminate Customer’s relationship with an IB by providing written notice to FX Primary. Customer understands and acknowledges that Customer cannot be considered the client of any other IB. Should you have any questions regarding the risks of trading, please contact your Account representative.
Information Collected by FX Primary. The categories of non-public personal information which FX Primary shall collect include:
information provided by the customer when opening an Account, or process a transaction, such as name, address, assets, bank information, prior trading experience, etc.;
information used to verify the identity of the customer, including copies of government-issued identification materials such as passports, drivers licenses, and credit reports;
Information resulting from transactions between the customer and FX Primary or an affiliate of FX Primary, such as withdrawal and deposit forms;
Information derived from customer’s navigation and usage of FX Primary’s website and online platforms, including Account trading statements.
Information Disclosed by FX Primary and To Whom FX Primary Discloses the Information. FX Primary does not share non-public personal information about our clients or former customers to anyone, except as permitted by law. For example, FX Primary may provide information to non-affiliated third parties, as permitted by law, in providing financial services to you.
This includes a consumer reporting agency that prepares your credit report. Furthermore, FX Primary may provide information, as permitted by law, to the government or regulatory agencies and to comply with a legal summons, court order, subpoena or a similar legal process, audit or investigation. We may also disclose your non-public personal information if you authorize such disclosure. Confidentiality and Security Procedures.
Only those personnel for whom the information is necessary to complete a given transaction shall possess the authority to access the information. FX Primary, its personnel, and its affiliates shall strictly adhere to security practices and procedures to ensure the confidentiality of its customers’ information. FX Primary maintains numerous safeguards that comply with regulations to guard your non-public personal information.
FX Primary will continue to protect the privacy of former customers’ non-public personal information in the same manner as when they were customers. Unlike continuing customers, however, former customers will not receive annual privacy notices.
CONSENTS AND FURTHER AGREEMENTS
CONSENT TO ELECTRONIC TRANSMISSION OF CONFIRMATIONS & ACCOUNT STATEMENTS.
Customer hereby consents to have Customer’s Account information and trade confirmations available on the Internet, in lieu of having such information delivered to Customer via mail or email, as specified in paragraphs labelled “Statements and Confirmations” and “Communications” of the Customer Agreement. Authorization To Transfer Funds.
Customer hereby agrees that FX Primary may, at any time and from time to time, in the sole discretion of FX Primary, apply and transfer from any of Customer’s Accounts with FX Primary to any of Customer’s other accounts, whether held at FX Primary or other approved financial institutions, any of the Contracts, currencies, securities or other property of Customer held either individually or jointly with others to another account.
Agreement To Use Collateral. Customer authorizes FX Primary to sell, pledge, rehypothecate, assign, invest, commingle and otherwise use any Collateral held by FX Primary, including, but not limited to, using the Contracts as collateral for a loan to FX Primary, and, further trading with the Collateral, as provided in the Customer Agreement (including, but not limited to Paragraph 6 thereof).
Where Customer’s Account consists of more than one Account, this authorization shall apply to all of Customer’s Accounts with FX Primary.
This Agreement to Use Collateral shall remain in effect so long as Customer’s Account with FX Primary remains open or Customer has any obligations of any kind to FX Primary, under the Customer Agreement. Social Security / Tax ID Certification.
Customer hereby certifies, under penalty of perjury, that (1) the number provided on the Customer Application is Customer’s correct Social Security or Taxpayer Identification Number and (2) the ownership, or beneficiary, of Customer’s Account, is not subject to backup withholding under Section 3406(a)(1)(C) of the Internal Revenue Code.
Any dispute, claim or controversy between Customer, on one hand, and FX Primary and/or its officers, directors, agents or employees, on the other hand, arising out of or relating to the Customer Agreement, Customer’s Account with FX Primary or any other trading between Customer and FX Primary shall be resolved by binding arbitration. The forum of the arbitration may be American Arbitration Association (“AAA”), within the United States of America (“USA”), in accordance with the AAA arbitration rules in effect at the time such arbitration is commenced, or another appropriate arbitration forum within the United States.
If the forum of arbitration is outside of the USA, any dispute between the Customer and FX Primary shall be resolved in the international division of AAA, the International Centre for Dispute Resolution (“ICDR”), in accordance with the International Arbitration Rules in effect at the time such arbitration is commenced.
The award in such arbitration proceeding shall be final and binding and may be entered in any court having jurisdiction thereof. The arbitration shall be held unless the forum is not reasonably convenient for the Customer, at which time an alternate forum shall be determined by the arbitrator. Customer and FX Primary agree to take all steps and execute all documents necessary for the implementation of arbitration proceedings.
All statutes of limitations applicable to any dispute apply to any arbitration between Customer and FX Primary. The provisions of this Arbitration Agreement shall survive termination, amendment or expiration of Customer’s Account relationship or the governing FX Primary Customer Agreement or any other relationship between Customer and FX Primary. Either Customer or FX Primary may require the submission of the dispute to binding arbitration at any reasonable time, notwithstanding that a lawsuit or other proceeding has been commenced.
Neither Customer nor FX Primary shall be entitled to join or consolidate disputes by or against others in any arbitration, or to include in any arbitration any dispute as a representative or member of a class, or to act in any arbitration in the interest of the general public or of a private attorney general.
Except as may be required by law, neither a party nor an arbitrator may disclose the existence, content, or result of any arbitration hereunder without the prior written consent of both parties.
TRADING RULES AND PROCEDURES
The following Trading Rules and Regulations will outline procedures and policies regarding trading and setting up an Account with FX Primary. All Customers are required to read, understand and adhere to these rules and regulations. FX Primary reserves the right to change any rules or regulations at its sole discretion and at any time.
The FX Primary normal trading week begins at 19:00 (7:00 PM EST) on Sunday and ends at 16:00 (4:00 PM EST) on Friday (time are subject to change.)
FX Primary will announce and display on a best efforts basis a holiday schedule on the https://fxprimary.com website when trading will not take place. In the event of a holiday, FX Primary will on a best efforts basis pre-announce the start-up time when trading will resume in advance and display the information on the https://fxprimary.com website.
FX Primary reserves the right at its sole discretion to conduct special technical maintenance times when trading electronically may not be available.
Deposit and Account Information:
Deposits can be made via a wire transfer. Funds are not available for trading until they clear at the bank and posted to the Customer’s trading Account.
All bank fees such as wire transfer fees into and out of the Account will be debited to the Customer’s trading Account as they occur.
In instances where the Customer is closing an Account with instructions to wire the remaining balances, the wire transfer fee will be deducted from the Final Account Balance forwarded to the Customer.
All deposits are accepted in U.S. Dollars only unless otherwise agreed. Customers from foreign countries have the option to convert the foreign currency into US Dollars before wiring to FX Primary clearing bank, or wire foreign currencies to our clearing bank at which point our clearing bank will convert the balances into US Dollars at their current conversion rate for that currency.
A minimum deposit of $10 is required to open an Account with FX Primary.
Under NO CIRCUMSTANCES will FX Primary accept payment or deposit into an Account by a person or entity other than the person or entity whose name appears on the Account.
Under NO CIRCUMSTANCES will FX Primary make payment to a person or entity other than person or entity whose name appears on the Account.
Under NO CIRCUMSTANCES will FX Primary transfer funds from one Account with FX Primary to another Account at FX Primary with different Account Authorization information.
Telephone Orders. FX Primary has qualified staff that can execute customer’s trade orders over the telephone. Telephone execution is intended for those circumstances when trading via the Trading Platform is not available due to technical problems on the Customer’s internet or in situations when the Customer has no other connectivity option. This option can only be executed on the provision that the technical problems are not related to a general FX Primary server problem. The following steps should be used to transact via the telephone:
The FX Primary representative will ask for the Customer’s User Name and Account Number and confirm that each match and confirm the identity of the Customer;
Once confirmed, FX Primary will ask for the Customer’s Order. (i.e. “What is your Order?”)
The Customer should provide the desired Order Type, Trade Action, Number of Lots, Trading Product and Price (if not a Market Order).
Liquidation level: FX Primary reserves the right to automatically liquidate the position and the Customer will be responsible for all losses as a result of the liquidation. FX Primary reserves the right to change the Liquidation Level at its sole discretion.
Prices from FX Primary are independent of prices found elsewhere. Customers acknowledge that the prices reported by FX Primary for buying and selling are independent and can differ from the prices displayed elsewhere or from other liquidity providers in the interbank changes in liquidity from interbank to FX Primary, an unbalanced position or exposure at FX Primary, or differing expectations of price movements. FX Primary expects that in most cases the prices provided to its Customers will be in line with the general interbank market but does not warrant or imply that this will always be the case.
Rollover rates for open positions are determined by FX Primary and are independent of prices found elsewhere in the Interbank market. Customer acknowledges that when applicable, all existing Open Positions that remain open over the end of business day for FX Primary, defined as 5:00 PM EST/EDT, are automatically rolled over to the next available Spot Settlement Date at a net debit or credit to the Customer(s) Account as determined by spot interest rates determined solely by FX Primary. Rollover debits and credits are also influenced by the number of days that the position has to be rolled. For positions that need to be rolled from a spot settlement date from Friday to Monday, the debit or credit will reflect rollover from Friday to Monday or three business days.
For rollovers from Monday to Tuesday, Tuesday to Wednesday, Wednesday to Thursday and Thursday to Friday, the rollover debit or credit is for only one business day. If there is a holiday and FX Primary is closed, the rollover would take into consideration the holiday. For example, if Tuesday is a holiday, rollovers from Monday will be for two (2) business days (i.e. from Monday to Wednesday).
Since rollover debits and credits are determined by the respective short-term spot interest, a large spread can cause a large debt or credit rollover amount. This spread can result but is not limited to, countries tightening of credit conditions in order to dissuade speculators from shorting one trading product versus another. FX Primary reserves the right to change the credits or debits at its sole discretion if the original amounts are in wrong due to an error or omission.
Sweep rates for balances other than USD are determined by FX Primary and may be independent of prices found elsewhere in the Interbank market. Profits that are calculated in a foreign currency are “swept” into dollars when the open positions are closed and the Profit and Loss realized. There is No Guarantee of Profit from Trading with FX Primary: Customer acknowledges that neither FX Primary nor any of it is representative’s guarantees to the Customer that they will profit from trading. Customer further acknowledges that they could sustain the loss of their entire Risk Capital deposited in their Account and are financially able to withstand any losses incurred.
There is No Guarantee that FX Primary will be able to execute stop-loss orders, limit orders or OCO Orders at the Customer Entered Price. Customer acknowledges and agrees that there may be market, liquidity or other conditions that will prevent FX Primary from executing Customers specific Stop Loss Orders, Limit Orders or OCO Orders at the Customer designated price. In some cases, the orders will be executed at prices that are less favourable to the price entered and desired by the Customer. The Customer acknowledges and agrees that they are still responsible for trades executed at levels different from their orders and that FX Primary is not liable for failure to do so.
There is technology risk inherent in trading online or via a software application. Although FX Primary has invested a lot of resources developing, testing, configuring and integrating the Trading Platform and other relevant software and hardware, the Customer acknowledges and agrees that FX Primary does not guarantee that the Customer will be able to successfully execute transaction, monitor their positions, or perform other essential tasks of FX Primary while using the public Internet and other technology from FX Primary or from third-party vendors known or not known for which FX Primary may rely on. FX Primary cannot control, without limitation, the routing, Internet connectivity, reliability of customer or FX Primary equipment, network connections or any other technology hardware malfunction caused by FX Primary hardware, hardware and connectivity that makes up the public Internet, or hardware at the Customers location.
Nor does FX Primary guarantee, although all effort has been made to the contrary, that the Trading Platform and Associated Back Office and Broker Software Interfaces nor any other code or application including but not limited to the interface with FX Primary liquidity provider(s) or the interface with the escrow Account institution or other technology application that would come under the heading software, are error free and would not lead to communications problems, computer software or hardware breakdowns, malfunctioning errors, and any and all problems or glitches associated with computer problems or any other technical cause or causes .
Customer acknowledges and agrees that FX Primary provides Trading Platform and Associated Back Office and Broker Software Interfaces “as is,” without any warranties of merchantability, fitness for a particular purpose, or other express or implied warranties.
Trades Done Using chat applications. FX Primary may incorporate the use of an electronic conversational application or other chat-like the program. Such an application will be used by FX Primary to give Customers another way to communicate order details to the FX Primary Trading Desk.
Source of Funds. The Customer confirms to have sufficient funds and risk capital available for immediate transfer to support a margin based brokerage account with FX Primary, for over-the-counter and/or off-exchange trading products. The Customer understands the high degree of risk associated with trading and waives FX Primary of any and all liability. The Customer understands that these funds act as a protection for any of their own customers who may take trading positions that result in loss, negative balance or margin call.
KYC (Know Your Customer) Policy. Know your customer policies have become increasingly important worldwide lately, especially among banks and other financial institutions, in order to prevent identity theft, money laundering, financial fraud and terrorist activity. FX Primary Ltd holds a zero tolerance fraud policy and is taking all measures possible to prevent it. Any fraudulent activity will be documented and all related accounts to it will be immediately closed. All funds in these accounts will be forfeited.
FX Primary Ltd aims to ensure the integrity of any sensitive data it obtains, such as your account information and the transactions you make, using a variety of security measures and fraud controls. Securing your electronic transactions requires us to be provided with certain data from you, including your preferred deposit method.
When you deposit funds we will require the following documents: A copy of your valid passport with the signature page Copies of your credit cards used to make the deposit (the Front side with only the 4 last digits visible, backside with the CVV covered). A copy of a recent utility bill in your name and address Signed purchase history of your online transactions If you have any questions please don’t hesitate to contact our customer support: firstname.lastname@example.org
When do I need to provide these documents? We highly appreciate you taking the time to provide us with all the necessary documents as soon as you can, in order to avoid any delays in processing your transactions.
We require the receipt of all the necessary documents prior to making any cash transactions to your benefit. Some circumstances may require us to request these documents before allowing any other activities in your account, such as deposits or trades.
Please note that if we will not receive the required documents on file, your pending withdrawals will be cancelled and credited back to your trading account. We will notify you of such an event via our system.
How can I send you these documents?
Please scan your documents, or take a high-quality digital camera picture, save the images as jpegs, then upload them in your FX Primary portal. How do I know my documents are safe with you? FX Primary Ltd holds the security of documentation at the highest priority and treats all documents it receives with utmost respect and confidentiality. All files we obtain are fully protected using the highest level possible of encryption at every step of the review process.
We thank you for your cooperation in helping us make FX Primary Ltd a safer place to trade.
FX Primary Ltd does not tolerate money laundering and supports the fight against money launderers. FX Primary Ltd follows the guidelines set by the UK’s Joint Money Laundering Steering Group. The UK is a full member of the Financial Action Task Force (FATF), the intergovernmental body whose purpose is to combat money laundering and terrorist financing. FX Primary Ltd now has policies in place to deter people from laundering money. These policies include:
Ensuring clients have a valid proof of identification
Maintaining records of identification information
Determining that clients are not known or suspected terrorists by checking their names against lists of known or suspected terrorists
Informing clients that the information they provide may be used to verify their identity
Closely following clients’ money transactions
Not accepting cash, money orders, third-party transactions, exchange houses transfers or Western Union transfers.
Money laundering occurs when funds from an illegal/criminal activity are moved through the financial system in such a way as to make it appear that the funds have come from legitimate sources.
Money Laundering usually follows three stages: Firstly, cash or cash equivalents are placed into the financial system Secondly, money is transferred or moved to other accounts (e.g. futures accounts) through a series of financial transactions designed to obscure the origin of the money (e.g. executing trades with little or no financial risk or transferring account balances to other accounts).
Finally, the funds are re-introduced into the economy so that the funds appear to have come from legitimate sources (e.g. closing a futures account and transferring the funds to a bank account). Trading accounts are one vehicle that can be used to launder illicit funds or to hide the true owner of the funds. In particular, a trading account can be used to execute financial transactions that help obscure the origins of the funds.
FX Primary Ltd directs funds withdrawals back to the original source of remittance, as a preventative measure. International Anti-Money Laundering requires financial services institutions to be aware of potential money laundering abuses that could occur in a customer account and implement a compliance program to deter, detect and report potentially suspicious activity.
These guidelines have been implemented to protect FX Primary Ltd and its clients. For questions/comments regarding these guidelines, please contact us at email@example.com Legal Restrictions. without limiting the undermentioned provisions, you understand that laws regarding financial contracts vary throughout the world, and it is your responsibility to make sure you properly comply with any law, regulation or guideline in your country of residence regarding the use of the Site.
To avoid any doubt, the ability to access our Site does not necessarily mean that our Services and/or your activities through the Site are legal under the laws, regulations or directives relevant to your country of residence
The Customer will be charged a $10 inactivity fee or equivalent in the alternative currency if they have not traded within the last 6 Months
The customer also hereby confirms that these funds are free of any liens or debts, are clean and non-criminal in origin and do not originate from the United States of America or any country on the Office of Foreign Assets Control (OFAC) List. As such, Customer agrees to comply with any request to provide additional documentation that is requested by FX Primary and its representatives.
Pricing errors & off-market quotes
There is the possibility that pricing errors, non-market based price quotes, off-market quotes, omissions or misquotes (referred hereafter as “Material Errors”) may occur in the pricing that we provide for trading.
A Material Error may include the date, time, incorrect price, or any error and/or lack of clarity of any information regarding a trade.
For any trades based on Material Errors, we reserve the right to do any of below things (or a combination of them), without your consent:
amend the terms and conditions of the trade to reflect what we consider to have been a reasonable and fair price at the time when the trade was entered into, had there been no Material Error occurring (i.e. the market price),
apply an equity adjustment to your Account, if the value of the adjustment reflects what we consider to have been the reasonable and fair price at the when time the trade was entered into, had there been no Material Error occurring (i.e. the market price). We will provide you with a record of the adjustment as soon as possible post adjustment,
Close-Out your trade by buying or selling an offsetting trade at prevailing market rates,
require you to repay us any money we have paid you regarding the trade,
void the trade from the outset, or
not take any action to amend or void the trade.
We will exercise our rights under the above Pricing errors & off-market quotes clauses ((i) to (vi)), fairly and in good faith, and as soon as possible after we become aware of the occurrence of the Material Error. Where possible, we will advise you before we take any action under above clauses. If, however, this is not possible, we will advise you as soon as possible afterwards.
We are not liable to you for any loss, Cost, claim, demand or expense that you incur or suffer (including loss of profits or indirect or consequential losses), arising from or connected with a Material Error, including where the Material Error arises from an information service that we rely on.
We are dedicated to providing a fair and consistent service to everyone. We believe that everyone who contacts us has the right to be heard and understood, and also respected.
We believe that our staff have the same rights, and we must provide a safe working environment for our staff. We must also ensure the efficient and effective operation of our business, so that we can provide a good service to everyone who is using our business.
We may decide to restrict access to our service where we consider someone’s actions or behaviour are likely to have a negative effect on our staff or our work.
This policy sets out the kinds of actions and behaviour that may have a negative effect, and what we will do in these circumstances. This policy applies to everyone who interacts or communicates with us, including clients, potential clients, affiliates, and users of our means of communication – email, chat, and telephone.
We recognise that some people may have difficulties in expressing themselves or communicating clearly, especially when anxious or upset. We also understand that some people may find it difficult to identify what impact their behaviour might have on other people.
All our staff have the right not to be subjected to aggressive, offensive, or abusive actions, language or behaviour, regardless of the circumstances. This means any actions or behaviour that could cause staff to feel intimidated, threatened or offended. These include, but are not limited to – threats, physical violence, personal verbal abuse, derogatory remarks, and rudeness, whether made to the member of staff directly or elsewhere. Deliberately provocative or inflammatory statements and unsubstantiated allegations can also amount to abusive actions or behaviour.
Violence can be defined in various ways – it also includes behaviour or language, whether oral or written, that may cause staff to feel afraid, threatened or abused.
If someone makes unreasonable demands on us or our staff, or is unreasonably persistent, that may have an impact on our ability to review the person’s complaint, or the complaints of other people who are using the services. Some examples include the following: requesting responses within an unreasonable timescale; insisting on speaking to or corresponding with a particular member of staff, frequent phone calls, emails, or online chats; repeatedly changing the substance of the complaint or raising unrelated concerns.
Examples of unreasonable persistence include: continual refusal to accept that a decision has been made in relation to a complaint; insisting that we answer questions when we have done so or explained why we will not; persistent refusal to accept explanations relating to what we can or can’t do; sending emails to multiple members of staff; or repeatedly trying to revisit a case through our internal processes, once those processes have come to an end.
When we consider that a person’s actions or behaviour are likely to have a negative effect, we will tell them why and we will give them the opportunity to modify their actions or behaviour. If the actions or behaviour continue, we will take steps to prevent or minimise the negative effects. Wherever possible, we will continue with our review of the person’s complaint. We will try to ensure that any action we take is the minimum required to protect our staff and to ensure that they can work effectively.
Our staff may either place a caller on hold or end the telephone call if the caller is aggressive, offensive or abusive, or is making unreasonable demands. The same approach will be used for online chats. Staff are accountable for their actions and are required to log all instances of when calls have been terminated, noting the reason(s) for ending the call. All telephone calls and online chats are recorded for service and training purposes.
It may be necessary to apply restrictions to someone’s contact with us. A decision to do this may be taken by any of our managers. Some of the options that we may consider are:
Read and file future emails and chat correspondence but acknowledge or respond to it only if the person is raising new information or making a new complaint,
Requesting a person to transfer any funds they own from their account, and subsequently close their account with us. Once the closure of the account has occurred, to restrict or block future contact from a person.
We will record any incidents which lead us to take action under this policy, and what action we have taken to address the issue.
Report the matter to the Police or appropriate governing body, or take legal action. In such cases, we may not give the person prior warning of taking that action.
Anyone who is unhappy with a decision we have made under this policy may submit a complaint to our email. We will consider it in line with our client policies in place at the given time.