This agreement sets forth the terms and conditions governing your Account at obofx.com. In consideration of OBOFX agreeing to carry one or more accounts of the undersigned (hereinafter referred to as the “customer”) and to provide services to Client in connection with the purchase and sale of currencies of every nature and kind foreign exchange contracts and any similar instruments (collectively referred to as “Forex Contracts”), which may be purchased or sold by or through OBOFX for Client’s accounts(s), Client agrees as follows:
- REPRESENTATIONS AND WARRANTIES:
As of the date hereof, the date of each Contract and other transaction in Customer’s Account and any date on which OBOFX’s Risk Disclosure Statement or Trading Policies and Procedures are revised, updated or amended, Customer represents and warrants to obofx.com and agrees for the benefit of obofx.com that:
- Customer will execute and deliver all documents, give all notices, make all filings and take such other actions as obofx.com, in its sole discretion, deems necessary or desirable to evidence or perfect any security interest in favor of obofx.com or to protect OBOFX’s interests with respect to any Collateral.
- The Client should acknowledge that he runs a great risk of incurring losses and damages as a result of the purchase and/or sale of any Financial Instrument and accepts that he is willing to undertake this risk.
- Customer has read and understands the provisions contained in this Agreement, including, without limitation, OBOFX’s Risk Disclosure Statement and Trading Policies and Procedures, customer will review the Agreement each time it is amended. Customer will not affect any Opening Transaction in Customer’s Account unless Customer understands obofx.com’s revised Agreement, and Customer agrees that in effecting any Opening Transaction it is deemed to represent that it has read and understands obofx.com’s revised Agreement as in effect at the time of such Opening Transaction.
- Customer agrees to comply with all applicable law. You may not use your personal account with OBOFX for any illegal activity.
- All information provided by Customer to OBOFX, including information regarding Customer’s trading experience and investment sophistication, is true, correct and complete, and Customer will notify obofx.com promptly of any changes in such information.
- AUTHORIZATION TO TRADE
OBOFX is hereby authorized to purchase and sell Forex Contracts for Client’s account(s) in accordance with Client’s oral, Cross Currency Contracts on a spot basis for Customer’s Account in accordance with Customer’s instructions received through the OBOFX MetaTrader Online Trading System or via telephone to the OBOFX Trading Desk. Customer agrees to be conclusively responsible for any instruction received electronically that is identified with Customer’s password and Account number and for any electronic, oral and written instruction (including, but limited to, any Order) to obofx.com from persons obofx.com, in its sole judgment, believes are apparently authorized by Customer.
- obofx.com will make available, by posting on the OBOFX MetaTrader Online Trading System or by telephoning the obofx.com Trading Desk, Bid Prices and Ask Prices at which obofx.com is prepared to enter Foreign Currency Contracts or Cross Currency Contracts with Customer. OBOFX expects that these prices will be reasonably related to the bid prices and ask prices available in the market at that time for similar transactions, but a number of factors, such as communication system delays, high volume or volatility can result in deviations between prices quoted by OBOFX and other sources. OBOFX makes no warranty, express or implied, that Bid Prices and Ask Prices represent prevailing bid prices and ask prices.
- OBOFX will attempt to execute all Orders that it may, in its sole discretion, accept from Customer in accordance with Customer’s instructions received through the OBOFX MetaTrader Online Trading System or via telephone to the OBOFX Trading Desk
- OBOFX retains the right to limit the amount and/or total number of open positions that Client may acquire or maintain at OBOFX. OBOFX reserves the right to refuse to accept any order. OBOFX shall have no responsibility for delays in the transmission of orders due to disruption, failure or malfunction of communications facilities and shall not be liable for any claims, losses, damages, costs or expenses.
- MARGIN AND DEPOSIT REQUIREMENTS
- SETTLEMENT DATE AND ROLLOVERS.
- LIQUIDATION OF ACCOUNTS AND PAYMENT OF DEFICIT BALANCES
- SETTLEMENT DATE OFFSET INSTRUCTIONS
- MONTHLY STATEMENTS AND CONFIRMATIONS
- OBOFX RESPONSIBILITIES
- SCALPING RULES (REVISED 2014)
- REBATE (REVISED 2014)
- DECEITFUL OR FRAUDULENCE ACTIVITY
- CURRENCY FLUCTUATION RISK
- CURRENCY ACKNOWLEDGEMENT
- DISCLOSURE OF FINANCIAL INFORMATION
- NO GUARANTEES
- NO WAIVER OR AMENDMENT
- INDEMNITY AND LIMITATION OF LIABILITY
- BINDING EFFECT
Customer shall deposit with OBOFX or margin in such amounts that OBOFX may require. Customer agrees to deposit by immediate wire transfer such additional margin when and as required by OBOFX and will promptly meet all margin calls by such methods as OBOFX in its sole discretion designates. OBOFX may change Margin requirements at any time, without prior notice to Customer, and may call for additional Margin (“Margin Call”) at any time Customer’s Margin Balance falls below OBOFX’s Minimum Margin Requirement. Margin calls are conclusive and binding unless objected to immediately in writing.
In the absence of contrary instructions from Client, OBOFX is authorized, in its absolute discretion, to rollover or offset all or any portion of the positions in Client’s Account(s) at Client’s risk in advance of settlement dates. A position carried forward may be credited or debited interest charges until the position is closed.
In the event of: (a) the death or judicial declaration of incompetence of Client, (b) the filing of a petition in bankruptcy, or a petition for the appointment of a receiver, or the institution of any insolvency or similar proceeding by or against Client, (c) insufficient margin, (d) Client’s failure to provide OBOFX any information requested pursuant to this agreement, or (e) any other circumstances or developments that OBOFX deems appropriate for its protection. OBOFX may, take one or more, or any portion, of the following actions: (1) satisfy any obligation Customer may have to OBOFX out of any of Customer’s funds; (2) sell or purchase any or all Forex Contracts, securities or property held or carried for Client; and (3) cancel any or all outstanding Orders or Contracts or other transactions or commitments made by or on behalf of Customer. Any of the above actions may be taken without demand for margin or additional margin, without prior notice of sale or purchase or other notice to Client, Customer’s legal representatives, heirs, executor, administrator, trustee, legatee, successors or assigns and regardless of whether the ownership interest is held individually or jointly with others. In liquidation of Customer’s Long Positions and Short Positions, obofx.com may, in its sole discretion, offset in the same settlement or it may initiate new Long Positions or Short Positions in order to establish a spread or straddle that in OBOFX’s sole judgment may be advisable to protect or reduce existing positions in Customer’s Account. Any sales or purchases hereunder may be made at OBOFX’s discretion with any inter-bank or other market where such business is then usually transacted or at a public auction or private sale, and OBOFX may purchase the whole or any part thereof free from any right of redemption. Client shall at all times be liable for the payment of any deficit balance in Client’s account(s) upon demand by OBOFX and in all cases, Client shall be liable for any deficiency remaining in Client’s account(s) in the event of the liquidation thereof in whole or in part by OBOFX or by Client. In the event the proceeds realized pursuant to this authorization are insufficient for the payment of all obligations and liabilities of Client owed to OBOFX, Client shall promptly pay upon demand, the deficit together with interest thereon at a rate equal to three points above the then prevailing prime rate at OBOFX’s principal bank or the maximum interest rate allowed by law, whichever is lower. Client agrees to pay and shall be liable for all reasonable costs and expenses of collection, including but not limited to, attorney’s fees, witness fees and travel expenses. In the event OBOFX incurs expenses other than for the collection of deficits, with respect to any of Client’s account(s), Client agrees to pay such expenses.
Offset instructions on Forex positions must be given to OBOFX at least one (1) business day prior to the settlement or value day. Alternatively, sufficient funds to take delivery or the necessary delivery documents must be in the possession of OBOFX within at least one (1) business day prior to the settlement. If the settlement instructions, funds or settlement documents are not received, OBOFX may without notice, either offset Client’s position or roll Client’s position into the next settlement time period or make or receive delivery on behalf of Client upon such terms and by such methods deemed reasonable by OBOFX in its sole discretion.
Client shall pay such brokerage, commission and special service and all incidental banking-related fees such as wire charges for deposits/withdrawals and returned check fees and inactivity fees. All such charges shall be paid by Client as incurred and deducted from Client’s account
Transaction confirmations of orders and monthly statements of account for Client shall be deemed correct and shall be conclusive and binding upon Client if not objected to immediately upon receipt and confirmed in writing within (1) business day after transmittal to Client by e-mail, internet access or otherwise. Written objections on Client’s part must be sent by e-mail to [email protected]
Client hereby authorizes OBOFX to transmit to Client all transaction confirmations and monthly statements of account activity, funds and positions by facsimile transmission, e-mail, internet access or otherwise to such e-mail address as Client designates on the client application, or as Client designates from time to time in writing addressed to OBOFX. This authorization shall be perpetual, unless changed or revoked in writing by Client and addressed to OBOFX.
OBOFX 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 OBOFX’s control or anticipation. OBOFX shall only be liable for its actions directly attributable to negligence, willful default or fraud on the part of OBOFX. OBOFX shall not be liable for losses arising from the default of any agent or any other party used by OBOFX under this agreement.
Scalping technique less than Five minutes is prohibited, all posts are require to be held at least five minutes or longer. Penalty may cause profits and rebates to be forfeited.
Rebate is a compensation from company to IB. An IB need to fulfill all the requirements before applying for an IB account. The company reserves the right to give or not to give rebates to any IB without any prior notice or reason before or even after creation of IB account. Rebate may not exceed 50% of the total deposit in an account. Mis-use of rebate incentive by any client or IB may result in the termination of IB account.
Any indication or suspicion of fraud, manipulation, cash-back arbitrage, or other forms of deceitful or fraudulent activity in an Eligible Client’s live Mini or Standard Account(s) with OBOFX or otherwise related or connected to any OBOFX Bonus / Promotion will nullify all previously credited bonuses of the Eligible Client’s live Mini or Standard Accounts with OBOFX and/or any and all transactions carried and/or profits or losses garnered therein. In these circumstances, OBOFX reserves the right, at its sole discretion to close/suspension (temporarily or permanently) all such Eligible Client’s live Mini or Standard Accounts with OBOFX, cancel all orders and annul all profits of such participant. In these circumstances, OBOFX shall not be liable for any consequences of the bonus cancelation, including, but not limited to, order(s) closure by StopOut.
If client directs OBOFX to enter into any currency transaction: (a) any profit or loss arising as a result of a fluctuation in the exchange rate affecting such currency will be entirely for client’s account and risk; (b) all initial and subsequent deposits for margin purposes shall be made in U.S. dollars, in such amounts as OBOFX may in its sole discretion require; and (c) OBOFX is authorized to convert funds in Trader’s account for margin into and from such foreign currency at a rate of exchange determined by OBOFX in its sole discretion on the basis of the then prevailing money market rates.
Client acknowledges that investments in leveraged and non-leveraged transactions are speculative, involve a high degree of risk, and are appropriate only for persons who can assume risk of loss in excess of their margin deposit to carry Forex positions and may result in significant losses that substantially exceed Client’s investment and margin deposit. Client represents and warrants to OBOFX that Client is willing and able, financially and otherwise, to assume the risk of trading in Forex transactions, and in consideration of OBOFX’s carrying his/her account(s), Client agrees not to hold OBOFX responsible for losses incurred through trading. Client acknowledges that Client has received no such guarantees from OBOFX or from any of its introducing or referring agents or other entities with whom Client is conducting his/her OBOFX account and has not entered into this Agreement in consideration of or in reliance upon any such guarantees or similar.
The client represents and warrants that the financial information disclosed to OBOFX in this document is an accurate representation of the client’s current financial condition. Client has very carefully considered the portion of the Client’s assets which the Client considers to be risk capital available for investment in Forex Contracts.
Client acknowledges that Client has no separate agreement with OBOFX or any OBOFX employee or agent regarding the trading in Client’s OBOFX account, including any agreement to guarantee profits or limit losses in Client’s account.
No provision of this Agreement may be waived or amended unless the waiver or amendment is in writing and signed by both Client and an authorized officer of OBOFX. No waiver or amendment of this Agreement may be implied from any course of dealing between the parties or from any failure by OBOFX or its agents to assert its rights under this Agreement on any occasion or series of occasions.
The Client hereby agrees to indemnify against all losses, expenses, costs (including legal costs), and liabilities whatsoever which arise, directly or indirectly, as a result of OBOFX’s proper performance of its obligations, or the enforcement of its rights pursuant to these Conditions, or by reason of any breach by the Client of this Agreement. These indemnities shall be in addition to any other right, indemnity or claim which OBOFX may have under this Agreement or the general law and shall not be affected by any variation or limitation of this Agreement. These indemnities shall survive termination of this Agreement.
This Agreement shall continue and be in effect until termination by client or OBOFX. Customer may terminate this Agreement if: (a) client has no open Foreign Currency positions and no liability held by or owed to OBOFX and (b) client has provided three (3) days written notice to OBOFX by e-mail. Termination by either party shall not affect any contracts or other transaction previously entered into.
This Agreement shall be continuous and shall cover, individually and collectively, all accounts of Client at any time opened or reopened with OBOFX irrespective of any change at any time in the personnel of OBOFX or its successors, affiliates or assigns. This Agreement including all authorizations, shall inure to the benefit of OBOFX and its successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon Client and/or the estate, executor, trustees, administrators, legal representatives, successors and assigns of Client. Client hereby ratifies all transactions with OBOFX affected prior to the date of this Agreement, and agrees that the rights and obligations of Client in respect thereto shall be governed by the terms of this Agreement.
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