Note: The English version of this agreement is the governing version and shall prevail whenever there is any discrepancy between the English version and the other versions. This client agreement, together with any Schedule(s), and accompanying documents, as amended from time to time, (this “Agreement”) sets out the terms of the contract between you and us. Please read it carefully and let us know as soon as possible if there is anything which you do not understand.
MFSA Rules or any other rules of a relevant regulatory authority; and all other applicable laws, rules and regulations as in force from time to time. “ASSOCIATE” means an undertaking in the same group as us, a representative whom we or an undertaking in the same group as us appoint, or any other person with whom we have a relationship that might reasonably be expected to give rise to a community of interest between us and them. “BASE CURRENCY” means US Dollars. “BUSINESS DAY” means a day which is not a Saturday or a Sunday and upon which banks are open for business in US. “CLIENT MONEY RULES” means the rules specified in Standard License Conditions 2.86-2.93 of the Investment Services Rules issued by MFSA and the Investment Services Act (Control of Assets) Regulations – Legal Notice 24 of 1998 as amended and the Directives and Circulars issued pursuant these Rules and Regulations, as amended from time to time by MFSA. “CONTRACT FOR DIFFERENCES” or “CFD” means the financial instrument specified in paragraph of the Second Schedule of the Investment Services Act. “CREDIT SUPPORT PROVIDER” means any person who has entered into any guarantee, pledge, hypothecation, agreement, margin or security agreement in our favor in respect of your obligations under this Agreement. “ELECTRONIC SERVICES” means a service provided by us, for example an Internet trading service offering clients access to information and trading facilities, via an internet service, a WAP service and/or an electronic order routing system. “EVENT OF DEFAULT” means any of the events of default as listed in Clause 14.1 to Clause 14.9 of Clause 14 (Events of Default)” of this Agreement. “EXECUTION” means the completion of clients’ orders on the company’s trading platform, where the company acts as a Principal to clients’ transactions. “MFSA” is an abbreviation for “US Financial Services Authority”. “MFSA RULES” means the Investment Services Act (Chapter 370 of the Laws of US), the Prevention of Money Laundering Act (Chapter 373 of the Laws of US), the US Financial Services Act (Chapter 330 of the Laws of US), the Prevention of Financial Markets Abuse Act (Chapter 476 of the Laws of US), the Directives, Circulars and all other regulations issued pursuant to these Laws and all guidance notes, administrative notices, newsletters and rules published by the US Financial Services Authority. fxdailytradeONLINE TRADING SYSTEM” means the internet-based trading system available at our Website that allows you to provide us with instructions. fxdailytradeTRADING DESK” means the trading desk operated by us at our premises the Headquarters of P24O Limited in US. “OTC” means ‘over the counter’ and refers to transactions conducted otherwise than on an exchange. “SECURED OBLIGATIONS” means the net obligation owed by you to us after the application of set-off under clause 12 (Margining Arrangements) in the paragraph entitled (Set-off on default). “SYSTEM” means all computer hardware and software, equipment, network facilities and other resources and facilities needed to enable you to use an Electronic Service. “TRANSACTION” means any transaction subject to this Agreement and includes a CFD, spot or forward contract of any kind, or other derivative contract in relation to any commodity, financial instrument (including any security), currency, interest rate, index or any combination thereof and any other transaction or financial instrument for which we are authorized under our Investment Services license from time to time which we both agree shall be a Transaction.
SCOPE OF THIS AGREEMENT This Agreement sets out the basis on which we will provide services to you. This Agreement governs each Transaction entered into or outstanding between us on or after the execution of this Agreement. COMMENCEMENT This Agreement supersedes any previous agreement between you and us on the same subject matter and takes effect when you indicate your acceptance via our website. This Agreement shall apply to all Transactions contemplated under this Agreement.
INFORMATION ABOUT US We, P24O Ltd. (fxdailytrade”), are authorized and regulated by the US Financial Services Authority (“MFSA”). Our index.phped office is in 168, St. Christopher Street, Valletta, US. MFSA’s office is situated at Notabile Road, Attard, BKR3000, US. P24O is a market maker for CFD and Spot FX Contracts. P24O owns and operates websites, trading platforms and brand names as indicated in its website (http://www.nsbroker.com). P24O operates through these websites which allow online trading. LANGUAGE This Agreement is supplied to you in English and we will continue to communicate with you in English for the duration of this Agreement. However, where possible, we will communicate with you in other languages in addition to English. COMMUNICATION WITH US You may communicate with us in writing (including fax), by email or other electronic means, or orally (including by telephone). The language of communication shall be English, and you will receive documents and other information from us in English. However, where appropriate and for your convenience, we will endeavor to communicate with you in other languages. Our website contains further details about us and our services, and other information relevant to this Agreement. In the event of any conflict between the terms of this Agreement and our website this Agreement will prevail. CAPACITY We act as principal and not as agent on your behalf and you enter this Agreement as principal and not as agent (or trustee) on behalf of someone else. We shall treat you as a retail client for the purposes of the MFSA Rules and the Applicable Regulations. You have the right to request a different client categorization. However, if you do request such different categorization and we agree to such categorization, you will lose the protection afforded by certain MFSA Rules and the Applicable Regulations. This may include, but is not limited to: the requirement for us to act in accordance with your best interests; our obligation to provide appropriate information to you before providing the services; the restriction on the payment or receipt by us of any inducements; our obligation to achieve best execution in respect of your orders; the requirement to implement procedures and arrangements which provide for the prompt, fair and expeditious execution of your orders; our obligation to ensure that all information we provide to you is fair, clear and not misleading; and the requirement that you receive from us adequate reports on the services provided to you. GENERAL INTERPRETATION A reference in this Agreement to a “clause” or “Schedule” shall be construed as a reference to, respectively, a clause or Schedule of this Agreement, unless the context requires otherwise. References in this Agreement to any statute or statutory instrument or Applicable Regulations include any modification, amendment, extension or re-enactment thereof. A reference in this Agreement to “document” shall be construed to include any electronic document. The masculine includes the feminine and the neuter and the singular includes the plural and vice versa as the context admits or requires. Words and phrases defined in the MFSA’s Rules and the Applicable Regulations have the same meaning in this Agreement unless expressly defined in this Agreement. SCHEDULES The clauses contained in the attached Schedule (as amended from time to time) shall apply. We may from time to time send to you further Schedules in respect of Transactions. In the event of any conflict between the clauses of any Schedule and this Agreement, the clauses of the Schedule shall prevail. The fact that a clause is specifically included in a Schedule in respect of one Transaction shall not preclude a similar clause being expressed or implied in relation to any other Transaction. You acknowledge having read, understood and agreed to the Schedules to this Agreement. HEADINGS Headings are for ease of reference only and do not form part of this Agreement.
SUBJECT TO APPLICABLE REGULATIONS This Agreement and all Transactions are subject to Applicable Regulations so that: nothing in this Agreement shall exclude or restrict any obligation which we have to you under Applicable Regulations; we may take or omit to take any action we consider necessary to ensure compliance with any Applicable Regulations; all Applicable Regulations and whatever we do or fail to do in order to comply with them will be binding on you; and such actions that we take or fail to take for the purpose of compliance with any Applicable Regulations shall not render us or any of our directors, officers, employees or agents liable. ACTION BY REGULATORY BODY If a regulatory body takes any action which affects a Transaction, then we may take any action which we, in our reasonable discretion, consider desirable to correspond with such action or to mitigate any loss incurred as a result of such action. Any such action shall be binding on you. If a regulatory body makes an enquiry in respect of any of your Transactions, you agree to co-operate with us and to promptly supply information requested in connection with the enquiry.
CHARGES AND/OR COMMISSIONS You shall pay our charges and/or commissions as agreed with you from time to time, any fees or other charges imposed by a clearing organization and interest on any amount due to us at the rates then charged by us (and which are available on request). Any alteration to charges and/or commissions will be notified to you before the time of the change. ADDITIONAL COSTS You should be aware of the possibility that other taxes or costs may exist that are not paid through or imposed by us. PAYMENTS All payments to us under this Agreement shall be made in such currency as we may from time to time specify to the bank account designated by us for such purposes. All such payments shall be made by you without any deduction or withholding. REMUNERATION AND SHARING OF CHARGES We may share charges and/or commissions with an Associate or other third party in connection with Transactions carried out on your behalf. Details of such remuneration or sharing arrangements are available to you upon request. We may also pay fees and commissions to persons who introduce business to us. If you require more information on the fees and commissions that we pay to business introducers, let us know and we will provide you with further information.
You have a right to cancel this Agreement for a period of fourteen days commencing on the date on which this Agreement is concluded or the date on which you receive this Agreement (whichever is later) (the “Cancellation Period”). Should you wish to cancel this Agreement within the Cancellation Period, you should send notice in writing to the following address: P24O Limited, 168, St. Christopher Street, US or electronically to the following email address: [email protected] . Cancelling this Agreement within the Cancellation Period will not cancel any Transaction entered into by you during the Cancellation Period. If you fail to cancel this Agreement within the Cancellation Period you will be bound by its terms but you may terminate this Agreement in accordance with clause 17 (Termination without Default).
EXECUTION ONLY We deal on an execution-only basis and do not advise on the merits of particular Transactions, or their taxation consequences. OWN JUDGEMENT AND SUITABILITY In asking us to enter into any Transaction, you represent that you have been solely responsible for making your own independent appraisal and investigations into the risks of the Transaction. You represent that you have sufficient knowledge, market sophistication, professional advice and experience to make your own evaluation of the merits and risks of any Transaction and that you have read and accepted the Risk Disclosure Statement for Transactions in Foreign Exchange and Derivatives (including Contracts for Differences) and guidelines in relation to the financial instruments and the markets which are available in our websites. We give you no warranty as to the suitability of the products traded under this Agreement and assume no fiduciary duty in our relations with you. INCIDENTAL INFORMATION AND INVESTMENT RESEARCH Where we do provide generic trading recommendations, market commentary or other information: this is incidental to your dealing relationship with us. It is provided solely to enable you to make your own investment decisions and does not amount to advice; if the document contains a restriction on the person or category of persons for whom that document is intended or to whom it is distributed, you agree that you will not pass it on to any such person or category of persons; we give no representation, warranty or guarantee as to the accuracy or completeness of such information or as to the tax consequences of any Transaction; where information is in the form of a document containing a restriction on the person or category of persons for whom that document is intended or to whom it is distributed, you agree that you will not pass it on contrary to that restriction; you accept that prior to dispatch, we may have acted upon it ourselves or made use of the information on which it is based. We do not make representations as to the time of receipt by you and cannot guarantee that you will receive such information at the same time as other clients. Any published research reports or recommendations may appear in one or more screen information service. Please refer to our Conflicts of Interest Policy for further information on how we manage conflicts which would affect the impartiality of investment research we provide to you.
DOCUMENTS Before you can place an Order with P24O, you must read and accept this Agreement, including the Risk Disclosure Statement for Transactions in Foreign Exchange and Derivatives (including Contracts for Differences), the Trading Policies and Procedures as listed in the next succeeeding clause entitled ‘Trading Policies and Procedures’, and all applicable addenda, you must deposit sufficient clear funds in your Account and your Customer Registration Form and all accompanying documents must be approved by P24O. Upon the approval of your registration, you will be notified by e-mail. P24O may, in its sole discretion, request that in addition to online acceptance of this Agreement, Customer must complete and submit any signed documents so required by P24O, including but not limited to this Agreement and Risk Disclosure Statement for Transactions in Foreign Exchange and Derivatives (including Contracts for Differences). CURRENCY OF ACCOUNTS You will be able to open your trading Account(s) in USD/EUR/GBP/CAD/JPY or any currency that may be offered by P24O. Account(s) balances will be calculated and reported to you in the currency in which Account(s) are maintained. ACCOUNT OPENING The minimum initial account opening amount is USD300 or currency equivalent in EUR or GBP. A first demand bank guarantee from an approved bank will also be accepted. P24O will activate the account upon receipt of the funds and vetting of the appropriate account opening and due diligence documentation. P24O will not pay interest on account balances. JOINT ACCOUNTS In addition to the conditions listed in the next succeeding clause in the paragraph entitled ‘Authority’ with regards to joint Account holders, the following additional conditions apply. Where your trading Account held with P24O, is jointly owned by two or more beneficiaries: Each joint Account holder will be jointly and severally liable for all obligations to P24O arising in respect of your joint trading Account. Each of you is separately responsible for complying with the terms of this Agreement. If there is a dispute between you which we know about, we may insist that both or all of you authorize written instructions to us. Where you provide personal and financial information relating to other joint Account holders for the purpose of opening or administering your trading Account you confirm that you have their consent or are otherwise entitled to provide this information to us and for us to use it in accordance with this Agreement. Any of you may request closure and the redirection of balances, unless there are circumstances that require us to obtain authorization from all of you. Each of you will be given sole access to the funds initially deposited by you in your joint trading Account. Should you wish to withdraw these funds from your trading Account, you will be required to complete and sign a withdrawal form, upon receipt of the completed and signed withdrawal form you will be granted permission by P24O to withdraw funds up to the amount you initially deposited, provided that the conditions for withdrawals stipulated in clause 9 are satisfied. P24O will credit the amount withdrawn in the same bank account from where it was originally debited. In the case of withdrawal of profits, if any of you wish to withdraw profits from the joint trading Account, you will be required to complete and sign a withdrawal form, provided that the conditions for withdrawals stipulated in clause 9 are satisfied. Upon receipt of the completed and signed withdrawal form you will be granted permission by P24O to withdraw any profits from the joint trading Account. P24O will credit the amount of profits withdrawn in the same bank account from where it was originally debited. In order for this Agreement to be valid and binding it is required that all joint Account holders sign the Agreement and in case you and/or any of the Account holders wish to terminate this Agreement and close the joint trading Account held with the Company, the written consent of all Account holders shall be obtained in accordance with the provisions of clause 17 of this Agreement
PLACING OF INSTRUCTIONS You may give us instructions in electronic form through the P24O Online Trading System or orally by telephone to the P24O Trading Desk; unless we tell you that instructions can only be given in a particular way. If you give instructions by telephone, your conversation will be recorded. If any instructions are received by us by telephone, computer or other medium we may ask you to confirm such instructions in writing. We shall be authorized to follow instructions notwithstanding your failure to confirm them in writing. In this Agreement “instructions” and “orders” have the same meaning. TYPES OF ORDERS ACCEPTED Some of the types of Orders P24O accepts include, but are not limited to: Good till Cancelled (“GTC”) – An Order (other than a Market Order), that by its terms is effective until filled or cancelled by Customer. GTC Orders do not automatically cancel at the end of the Business Day on which they are placed. Limit – An Order (other than a Market Order) to buy or sell the identified market at a specified price. A Limit Order to buy generally will be executed when the Ask Price equals or falls below the Bid Price that you specify in the Limit Order. A Limit Order to sell generally will be executed when the Bid Price equals or exceeds the Ask Price that you specify in the Limit Order. Market – An Order to buy or sell the identified market at the current market price that P24O provides either via the Online Trading System or over the telephone through one of the dealers. An Order to buy is executed at the current market Ask Price and an Order to sell is executed at the current market Bid Price. One Cancels the Other (“OCO”) – An Order that is linked to another Order. If one of the Orders is executed, the other will be automatically cancelled. Stop Loss – A Stop Loss Order is an instruction to buy or sell a market at a price which is worse than the opening price of an open position (or worse than the prevailing price when applying the Stop Loss Order to an already open position). It can be used to help protect against losses. Please note that because of market gapping, the best available price that may be achieved could be materially different to the price set on the Stop Loss Order and as such, Stop Loss Orders are not guaranteed to take effect at the price for which they are set. Trailing Stop – A Trailing Stop is the same as a Stop Loss Order with the only difference being that, instead of setting a price at which the Order is activated, the Trailing Stop Order is activated at a fixed distance from the market price. For example, if Customer has purchased a long open position and the market Ask Price increases, the Trailing Stop price will also increase and will trail behind the market Ask Price at the fixed distance set by Customer. If the market Ask Price then decreases, the Trailing Stop price will remain fixed at its last position and if the market Ask Price reaches the Trailing Stop price, the Order will be executed. Please note that because of market gapping, the best available price that may be achieved could be materially different to the price set on the Trailing Stop Order and as such, Trailing Stop Orders are not guaranteed to take effect at the fixed distance for which they are set. Following submission of an Order, it is your sole responsibility to remain available for Order and Fill confirmations, and other communications regarding your Account until all open Orders are completed. Thereafter, you must monitor your Account frequently when you have Open Positions in the Account. Your Order shall be valid in accordance with the type and time of the given Order, as specified. If the time of validity or expiration date/time of the order is not specified, it shall be valid for an indefinite period. Kindly note that any specific instructions from you may prevent us from taking the steps that P24O has designed and implemented in its execution policy as explained below to obtain the best possible result for the execution of your order/s in respect of the elements covered by your instructions. TERMS OF ACCEPTANCE FOR ORDERS It is your sole responsibility to clearly indicate the terms of an Order when entered, whether it is a Market Order, Limit Order, Stop Loss Order or any other type of Order, including the relevant price and lot size. You acknowledge and agree that, despite our best efforts, the price at which execution occurs may be materially different to the price specified in your Order. This may result from sudden price movements in the underlying assets that are beyond our control. P24O shall have no liability for failure to execute Orders. P24O shall have the right, but not the obligation, to reject any Order in whole or in part prior to execution, or to cancel any Order, where your Account contains Margin that is insufficient to support the entire Order or where such Order is illegal or otherwise improper. EXECUTION POLICY Please refer to our Best Execution Policy for full details of P24O’s order execution and allocation policies. Clients shall be notified by email of any material change to P24O’s order execution arrangements or execution policy. AUTHORITY We shall be entitled to act for you upon instructions given or purporting to be given by you or any person authorized on your behalf without further enquiry as to the genuineness, authority or identity of the person giving or purporting to give such instructions provided such instruction is accompanied by your correct Account number and password. If your Account is a joint account, you agree that we are authorized to act on the instructions of any one person in whose name the Account is held, without further inquiry. We shall have no responsibility for further inquiry into such apparent authority and no liability for the consequences of any actions taken or failed to be taken by us in reliance on any such instructions or on the apparent authority of any such persons. CANCELLATION/WITHDRAWAL OF INSTRUCTIONS Non-Market Orders may be cancelled via the P24O Online Trading System but we can only cancel your instructions if you explicitly request so, provided that we have not acted up to the time of your request upon those instructions. Executed instructions may only be withdrawn or amended by you with our consent. P24O shall have no liability for any claims, losses, damages, costs or expenses, including legal fees, arising directly or indirectly out of the failure of such Order to be cancelled. RIGHT NOT TO ACCEPT ORDERS Non-Market Orders may be cancelled via the P24O Online Trading System but we can only cancel your instructions if you explicitly request so, provided that we have not acted up to the time of your request upon those instructions. Executed instructions may only be withdrawn or amended by you with our consent. P24O shall have no liability for any claims, losses, damages, costs or expenses, including legal fees, arising directly or indirectly out of the failure of such Order to be cancelled. CONTROL OF ORDERS PRIOR TO EXECUTION We have the right (but not the obligation) to set limits and/or parameters to control your ability to place orders at our absolute discretion. Such limits and/or parameters may be amended, increased, decreased, removed or added to by us at our absolute discretion and may include (without limitation): controls over maximum order amounts and maximum order sizes; controls over our total exposure to you; controls over prices at which orders may be submitted (to include (without limitation) controls over orders which are at a price which differs greatly from the market price at the time the order is submitted to the order book); controls over the Electronic Services (to include (without limitation) any verification procedures to ensure that any particular order or orders has come from you); or any other limits, parameters or controls which we may be required to implement in accordance with Applicable Regulations. EXECUTION OF ORDERS We shall use our reasonable endeavors to execute any order promptly, but in accepting your orders we do not represent or warrant that it will be possible to execute such order or that execution will be possible according to your instructions. If we encounter any material difficulty relevant to the proper carrying out of an order on your behalf we shall notify you promptly. CONFIRMATIONS At the end of each trading day, confirmations for all Transactions that we have executed on your behalf on that trading day will be available via your online Account on our Website in the Open Positions window and Deal Blotter in the dealing console, which is updated online as each Transaction is executed. Confirmation of execution and statements of your Account(s), in the absence of manifest error, shall be deemed correct, conclusive and binding upon you if not objected to immediately by email if Orders were placed through P24O’s Online Trading System or by telephone to the P24O Trading Desk, within five Business Days of making such confirmations available to you via our Website or we notify you of an error in the confirmation within the same period. In cases where the prevailing market represents prices different from the prices posted by P24O, P24O will attempt, on a best efforts basis and in good faith, to execute Market Orders on or close to the prevailing market prices. This may or may not adversely affect Customer’s Realized and Unrealized Gains and Losses. CANCELLATION OF TRADES We have the right to reject an order or to cancel a trade if we have evidence on: fraud/illegal actions that led to the transaction; orders placed based on manipulated prices as a result of system errors or system malfunctions; arbitrage trading on prices offered by our platforms as a result of systems errors; and coordinated transactions by related parties in order to take advantage of systems errors and delays on systems updates. DISABLING AND CANCELLING DEPOSITS We have the right not to accept funds deposited by you and/or to cancel your deposits in the following circumstances: If you fail to provide P24O with any documents it requests from you either for client identification purposes or for any other reason; If P24O suspects or has concerns that the submitted documents may be false or fake; If P24O suspects you are involved in illegal or fraudulent activity; If P24O is informed that your credit or debit card (or any other payment method used) has been lost or stolen; Where P24O considers that there is a chargeback risk; and when you deposit $15.000 or more or if you make over 10 separate deposits to your trading Accounts and P24O is unable to verify your credit or debit card details or is unable to verify any other payment method used. In case of cancelled deposits, and if there is not a confiscation of your funds by a supervisory authority on the grounds of money laundering suspicion or for any other legal infringement, your funds will be returned to your bank account. PERFORMANCE AND SETTLEMENT You will promptly deliver any instructions, money, or documents deliverable by you under a Transaction in accordance with that Transaction as modified by any instructions given by us. POSITION LIMITS We may require you to limit the number of open positions which you may have with us at any time and we may in our sole discretion close out any one or more Transactions in order to ensure that such position limits are maintained. TRAILING STOP FUNCTIONALITY IN CASE THAT MT5 TERMINAL IS CLOSED In the event that the MetaTrader5 or DXTrade client terminal is closed, Trailing Stop will not work. This happens as the Trailing Stop works on the client terminal side and in this respect, if the client terminal is closed, only Stop Loss that was placed by Trailing Stop before the closing of the terminal can trigger. WITHDRAWALS Without prejudice and subject to the terms of this Agreement, all Applicable Regulations and all conditions attaching to any relevant payments made to you under a bonus or rebate scheme operated by us, monies may be withdrawn by you from your Account on 24 hours written notice to us, provided that such monies are not being utilized for margin purposes or have otherwise become owing to us. Payments from your Account require a withdrawal request form signed by all required Account holders and submitted in writing to us. If you request a withdrawal of monies from your Account and we cannot comply with it without closing some part of your open positions, we will not comply with the request until you have closed sufficient positions to allow you to make the withdrawal. Withdrawals will only be made on request by you, by bank transfer to an account in your name or by bankers draft payable to you personally or such other method as we, in our absolute discretion, may determine. ACCOUNT CLOSING You may close your account at any time by sending a written request to P24O. Subject to what is provided in the previous paragraph in regard to Withdrawals, funds will be transferred, in most cases, within 48 hours or receiving the request. Funds will be only transferred to a bank account in your name. No third party transfers will be made. SWAP FREE ACCOUNTS Any activity which is deemed as likely to cause P24O or which has caused P24O to suffer any unreasonable cost, expense, loss or prejudice, such as but not limited to a swap free account holder (“Islamic Account”) opening of positions and keeping such positions open for a prolonged period of time (resulting in P24O incurring costs with its counter-parties or internally), may result in account closure or the customer being charged for such costs, expenses or loss, as the case may be. In such latter case, P24O shall be entitled to deduct such amounts from the customer’s balance subject to prior notification. NEGATIVE BALANCE PROTECTION MECHANISM ON CFD TRADING ACCOUNTS In cases of market movements which result in a negative balance in a client’s CFD Trading Account, P24O Limited will execute one of the following mechanisms: It will adjust the account balance to zero, thereby ensuring that the Client will not have to fund any negative balance and/or lose more money beyond the amount that the Client had allocated initially for CFD trading; It will open a new trading account with a zero balance and close off the old account, without the client having to fund any negative balance and/or lose more money beyond the amount that the Client had allocated initially for CFD trading; The negative balance protection outlined above is designed to counteract the occurrence of exceptional circumstances with the aim of providing client protection in case of extreme market events.