About CFI Markets Ltd
Identification data: CFI Markets Ltd
Contact details: Telephone: +35724400270
Fax Number: +35724400271
E-mail address: firstname.lastname@example.org
Authorisation: Cyprus Securities and Exchange Commission http://www.cysec.gov.cy
Address of supervisory authority: 27 Diagorou Street, 1097, Nicosia, Cyprus
Telephone: + 357 22 506 600
Fax: + 357 22 754671
CFI Markets Ltd (hereafter the “Company”) is an Investment Firm incorporated and registered under the laws of the Republic of Cyprus, with registration number HE 303814. The Company is authorised and regulated by the Cyprus Securities and Exchange Commission (hereafter the “CySEC”) under the licence number 179/12. The Company is authorised to provide the investment services specified in these Trading Terms and Conditions (hereafter the “Agreement”).
According to the provisions of the Investment Services and Activities and Regulated Markets Law of 2007 in Cyprus (hereinafter, the “Law”), CFI Markets Ltd is authorised by CySEC to offer the following investment services to its Clients:
The Reception and Transmission and/or Execution of Orders on an own-account basis in relation to transactions having as an object one or more of the following financial instruments: Forex Currency pairs, Metals and CFDs.
CySEC also determines which of a range of investment services the CIF may provide, having ensured that the CIF has sufficient initial financial resources for the proposed activities; the persons directing the business have sufficient professional integrity and experience and the holders of shares or other participation in the CIF are suitable persons of good repute.
The domain name www.cfimarkets.com (hereafter the “Main Website”) is owned by the Company. The Company reserves the right to register and/or operate other websites mainly for promotional and marketing purposes in languages other than English.
This website contains information and services that are freely available and accessible to all users and other information and services that are only available to those users who have registered with us as Clients and have been given access codes to our in-house trading system. These Terms & Conditions govern the general use of this website; specific terms & conditions may apply in relation to the purchase of financial products through this website. Such additional terms & conditions will be made available during the relevant purchase process.
For information about the terms used in this web-site please refer to Definitions and Interpretation under General Terms and Conditions
The Company reserves the right to change content, products and services, (including eligibility for particular features, products and/or services, including changing any of the Terms & Conditions displayed here) or add additional services without notice.
In case of any such change, it is stated that this fact will not affect the terms applying to any financial product the client have bought through this website unless those terms provide otherwise. We will give the client reasonable notice of any change by indicating it on this website.
In order to achieve the highest level of cooperation between the Client and the Company, the Company hereby clearly stated that it is the client’s responsibility to have suitable computer equipment and software to access this website and that for all telephone calls, internet service provider and other costs incurred in accessing and using this website.
The client is only permitted to use this website and the services available through it for his/her own personal, non-commercial purposes, and he/she may not in any way re-sell any of these services or make these services available to any third party.
The client must not establish a link to any pages of this website without the Company’s prior written consent.
The client agrees that he/she will provide us with full and accurate details if he/she registers on this website and will promptly notify us if those details change at any time. We may stop the provision of any services to the client through this website if we discover that the details we have been given are inaccurate or incomplete.
4. Trading Products and Services
Are there any credit requirements before dealing?
Before entering into a transaction, CFI Markets Ltd will assess the client’s financial position to determine whether his/her situation satisfies our normal credit requirements in line with the balance, equity, margin, free margin, call margin and other data provided through the MetaTrader 4 Platform.
This assessment is to determine the client’s creditworthiness: we do not consider the suitability of this product for the Client as part of this process. If the application is successful, the client may need to complete and sign the Company’s letter of consent.
4.1 Deposit and custody of client’s financial instruments and sums of money.
4.1.1 General measures to protect client’s rights
Individual clients’ financial instruments held by the Company as a part of its provision of investment services constitute capital that is separate from CFI Markets Ltd capital or that of other clients.
Appropriate accounting records relating to the financial instruments and money held by the Company on behalf of clients are created and held separately. These records related to each Account Holder may be recreated at any given time.
4.1.2 Segregation of Client Funds
All clients funds are kept in special clients’ accounts held with banks segregated from the Company’s funds and cannot be used for any other purpose. Specific procedures and strict measures are in place to ensure the distinction from Company’s funds as well as the accuracy of records and daily reconciliation.
4.1.3 Sub-deposit of clients’ financial instruments
CFI Markets Ltd may deposit financial instruments that are part of the Account Holder’s assets with other intermediaries (“custodian deposits”) with which it has stipulated agreements for the deposit of financial instruments. Agreements stipulated with custodian service providers may include the option of sub-depositing financial instruments with third-party custodians in the Republic of Cyprus or other countries.
The custody regulations, which forms an integral part of the account-opening documentation, contains more details on the option to sub-deposit financial instruments.
4.1.4 Investment Services
CFI Markets Ltd provides the following investment and ancillary services:
a) Reception and Transmission of orders in relation to one or more Financial Instruments
b) Execution of orders on behalf of Clients
c) Dealing on own account
4.1.5 Ancillary Services
Apart from the above, the Company provides to its clients a big variety of ancillary services as listed below:
a) Safekeeping and administration of Financial Instruments for the account of Clients, including custodianship and related services such as cash/collateral management
b) Granting credits or loans to an investor to allow him to carry out a transaction in one or more Financial Instruments, where the firm granting the credit or loan is involved in the transaction
c) Foreign exchange services where these are connected to the provision of investment services
d) Investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments
4.1.6 Financial Instruments
CFI Markets Ltd offers the above investment services, as applicable, regarding:
a) Transferable securities
b) Money-market instruments
c) Units in collective investment undertakings
d) Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash
e) Options, futures, swaps, forward rate agreements and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise than by reason of a default or other termination event)
f) Options, futures, swaps, and other derivative contract relating to commodities that can be physically settled provided that they are traded on a regulated market and/or an MTF (Multilateral Trading Facility)
g) Options, futures, swaps, forwards and any other derivative contracts relating to commodities, that can be physically settled not otherwise mentioned in point (f) above and not being for commercial purposes, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are cleared and settled through recognized clearing houses or are subject to regular margin calls
h) Derivative instruments for the transfer of credit risk
i) Financial contracts for differences (for differences in relation to MiFID instruments, currencies, interest rates or other financial indices)
j) Options, futures, swaps, forward rate agreements and any other derivative contracts relating to climatic variables, freight rates, emission allowances or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise that by reason of a default or other termination event), as well as any other derivative contracts relating to assess, rights, obligations, indices and measures not otherwise mentioned in this Section, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are cleared and settled through recognized clearing houses or are subject to regular margin calls.
The Company shall not in any way engage in spot currency contracts or in the spot forex market, as regards delivery of currency. As per the definition of Spot Contract, under Commission Regulation (EC) No. 1287/2006, Article 38, paragraph 2, a spot contract means a contract for the sale of a commodity, asset or right, under the terms of which delivery is scheduled to be made within the longer of the following periods:
(i) two trading days;
(ii) the period generally accepted in the market for that commodity, asset or right as the standard delivery period.
However, a contract is not a spot contract if, irrespective of its explicit terms, there is an understanding between the parties to the contract that delivery of the underlying is to be postponed and not to be performed within the period mentioned above.
4.1.7 Complex Financial Instruments
The following shall be considered as complex financial instruments for the purposes of the Assessment of Appropriateness;
a) Transferable securities where these give the right to acquire or sell any other transferable securities or giving rise to a cash settlement determined by reference to securities, currencies, interest rates or yields, commodities or other indices or measures
b) Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash
c) Options, futures, swaps, forward rate agreements and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise than by reason of a default or other termination event)
d) Options, futures, swaps, and other derivative contract relating to commodities that can be physically settled provided that they are traded on a regulated market and/or an MTF ( Multilateral Trading Facility)
e) Options, futures, swaps, forwards and any other derivative contracts relating to commodities, that can be physically settled not otherwise mentioned in point (d) above and not being for commercial purposes, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are cleared and settled through recognized clearing houses or are subject to regular margin calls
f) Derivative instruments for the transfer of credit risk. Credit risk is the risk associated with a loss or potential loss from counterparties failing to fulfil their financial obligations. Generally, credit risk can be derived from the following areas:
a) Cash and cash equivalents
b) Debt securities
g) Financial contracts for differences (for differences in relation to MiFID instruments, currencies, interest rates or other financial indices)
h) Options, futures, swaps, forward rate agreements and any other derivative contracts relating to climatic variables, freight rates, emission allowances or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise that by reason of a default or other termination event), as well as any other derivative contracts relating to assess, rights, obligations, indices and measures not otherwise mentioned in this Section, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are cleared and settled through recognized clearing houses or are subject to regular margin calls.
4.1.8 General information on the order execution strategy
In order to provide an increasingly greater level of quality and efficiency in the services it offers to its clients, the Company implements all reasonable mechanisms and measures in executing an order to obtain the best possible result for the client (the “ best execution principle”).
When executing orders on behalf of private clients, and in same cases, for professional clients, CFI Markets Ltd determines the best possible result in terms of the total fee, which represent the price of the financial instrument and execution costs, including all expenses incurred by the Account Holder that are directly related to the execution of the order (execution system fee, clearing and settlement fees and any other fees paid to third parties involved in the execution of the order). However, if other execution factors are instrumental in delivering the best possible result, e.g. the timing or quality of service, they will be given precedence over the immediate price and cost factors.
In this regard, CFI Markets Ltd has a specific policy (the “Execution Policy”), which defines the strategy for executing trading orders relating to clients’ financial instruments. This applies each time the Client receives and transmits a client’s order and/or executes orders on behalf of an Account Holder. The Execution Policy is not applied however when clients or their representatives go directly to third-party brokers, subject to the Company’s authorization. For more information about the Execution Policy, kindly click here. (http://www.cfimarkets.com/en/pages/91/order-execution-policy)
5. Executing orders for financial instruments
5.1 Collecting information
The Account Holder should be aware that CFI Markets Ltd can request specific information concerning his/her personal knowledge of financial instruments, investment experience, financial situation and investment objectives, for the purpose of assessing the appropriateness or suitability of a specific investment based on the result of the analysis of said information.
The Account Holder is required to inform the Company of any change brought to his/her personal knowledge of financial instruments, investment experience, financial situation, investment objectives, and more generally, any change that could have an impact on the Company’s assessment of whether the investment services and products requested or offered are appropriate and suitable. If the Account Holder does not inform the Company of any such changes, then the Company cannot be held liable for any damages the Account Holder may suffer as a result.
5.2 Assessing the appropriateness and suitability of investment products and services
CFI Markets Ltd can assess whether a specific investment product or service that it offers is appropriate, by requesting the Account Holder to provide any information is considered as necessary, in its exclusive judgment. The purpose of requesting such information is to determine whether the product or service offered meets the Account Holder’s investment objectives and that the Account Holder has the necessary experience and knowledge to understand the risks involved in the financial industry.
If the Account Holder is classified as Retail, Professional or Eligible Counter-Party or he/she uses an external financial advisor, CFI Markets Ltd shall assume that he/she has necessary experience and knowledge to understand the risks of any investment product or service requested or offered. For more information please refer to the section on Client Categorisation.
As regards to the investment services provided after Account Holder’s request that only includes the execution and/or receipt and transmission of the Account Holder’s instructions relating to uncomplicated financial instruments, the Company shall not assess whether the financial instrument is appropriate for the Account.
The Company uses external professional sources of information and financial instrument classification to define whether or not a financial instrument should be defined as complicated or uncomplicated. The Company cannot guarantee the reliability and completeness of such information and, as a result, does not assume any liability for damages that the Account Holder could incur as a result of incorrect of incomplete information or classifications provided by these external sources.
5.3 Executing orders
CFI Markets Ltd can assess whether a specific investment product or service offered is appropriate, by requesting the Account Holder to provide any information which is considered necessary, in its exclusive judgment, to determine whether the product or service offered by the Company meets the Account Holder’s investment objectives and to determine whether the Account Holder has the necessary experience and knowledge to understand the risk involved in the financial industry.
If the Account Holder is classified as Retail, Professional or Eligible Counter-Party or if he/she uses an external financial advisor, CFI Markets Ltd shall assume that he/she has necessary experience and knowledge to understand the risk of any investment product or service requested and/ or offered by the Company. For more information please refer to the section on Client Categorization (http://www.cfimarkets.com/en/pages/88/client-categorization).
It is hereby clearly stated that the Company shall not assess whether the financial instrument is appropriate for a case, if the investment services provided after the Account Holder’s request only includes the execution and/or receipt and transmission of the Account Holder’s instructions relating to uncomplicated financial instruments.
CFI Markets Ltd uses external professional sources of information and financial instrument classification to define whether or not a financial instrument should be defined as complicated or uncomplicated. CFI Markets Ltd cannot guarantee though the reliability and completeness of such information and, as a result, does not assume any liability for damages that the Account Holder could incur as a result of incorrect and/or incomplete information and/or classifications provided by these external sources.
5.3.1 Execution Venues
"Execution Venues" are the locations (with or without a physical presence) such as regulated markets, multilateral trading facilities, systematic internalizes, market makers, liquidity providers or any other entity that facilitates trading of Financial Instruments. For the purpose of transmitting orders for execution, the Company acts as an agent on behalf of the Client. In that respect, the Company might disclose the client details to the execution venue in case of disputes related to trading issues. A list of some of the Execution Venues and intermediaries (third party brokers) used by the Company for the execution of client orders in respect to each class of financial instruments can be found below:
Swiss quote Bank SA, Swiss quote Group is Switzerland's leading provider of online financial and trading services. Listed on the Swiss Market Exchange (SIX Swiss Exchange, symbol: SQN) since May 29, 2000, the Swiss quote Group has its headquarters in Gland (VD) and offices in Zürich, Bern, Dubai, Malta, London and Hong Kong, IDE CHE-102.383.586.
Swiss quote holds a banking license and is submitted to the supervision of the Swiss Financial Market Supervisory Authority (FINMA). Swiss quote Bank also is a member of the Swiss Bankers Association. As Switzerland's principal online bank, Swiss quote manages accounts in CHF, EUR and USD (and in virtually all other currencies on request), pays interest on CHF and foreign-currency accounts, acts as custodian for all types of securities, advances secured loans, advises on the investment of liquid funds in term deposits and money-market investment funds, keeps banking correspondence in safe custody and offers a choice of three credit cards. It operates a three-level access identification system. Swiss quote offers simple, rapid, electronic dealing in CFD derivatives, funds, options, warrants and bonds in the following markets: SIX Europe, Bern, Nasal, NYSE, NYSE ARCA, Amex, German Markets (Extra, Euwax, Frankfurt, Stuttgart, Munich, Berlin-Bremen, Dusseldorf, Hamburg, Hannover), Euronext (Paris, Amsterdam, Brussels), Canada (Toronto and TSX Venture), and Scandinavian Markets (Stockholm, Helsinki, Oslo, Copenhagen), London - not forgetting the foreign-exchange market and off-exchange trading (outside stock-exchange dealing hours) in derivative products.
In addition to Swissquote Bank SA, CFI Markets deals with Credit Financier Invest s.a.l. which is one of the leaders in financial services based in Beirut – Lebanon, founded by a team with an experience that dates back to the 1950s, the company is specialized in Online Trading services (Forex, CFDs, CFD derivatives, Futures, Options), Trading Desk services (Offline Trading), Investment Advisory, Portfolio Management and other financial services.
Credit Financier Invest is registered at the Register of Commerce (Beirut) under number 1019238. Credit Financier Invest is regulated by the Central Bank of Lebanon (Banque Du Liban) under number 40 on BDL’s list of regulated Financial Institutions.
The company currently has an international portfolio of clients that appreciate the company’s excellent financial services. Based in Beirut, Lebanon and targeting the World, Credit Financier Invest is a Financial Institution providing 24 hour trading services to investors in Forex (FX - Foreign Exchange), equities, futures and commodities.
CFI Markets Ltd is an Investment Firm incorporated under the Laws of the Republic of Cyprus, regulated by the Cyprus Securities and Exchange Commission under N. 179/12 and registered in FCA under N. 602588. Based on its licence, CFI Markets can be providing to its valued clients the below services:
5.4 General information on the main risk involved in securities trading
Buying and selling financial instruments offers opportunities to make profits, but also entails exposure to various types of risk that could translate into financial losses for the Account Holder. In order to understand the different types of financial instruments, and to recognize and minimize the related risks, it is first necessary to learn their basic characteristics. It is also important to realize that there are inherent risks in all types of investment. Depending on the type of financial instrument, there may be more risks than those described in this section, with a resulting increase in the general level of risk assumed by the investor.
Specific risks connected to traditional investment instruments (e.g. stocks, bonds, investment funds, etc) and those connected to non –traditional instruments (e.g. options, futures, alternative instrument, etc) are not dealt with in detail here.
These Terms of Conduct do not cover the tax or legal consequences of executing transactions in financial instruments. We therefore recommend that you seek specialist professional advice of these issues before making an investment.
The contents of this website are not intended to describe all risks connected to individual financial instruments in a detailed and comprehensive manner. It seeks to provide sufficient basic information and to make clients aware of the issues. Clients are welcome to contact CFI Markets Ltd for further details if they have any question or are interested in specific financial instruments or related risks.
The Client should consider carefully whether trading in the financial instruments of CFI Markets Ltd is suitable for him/her in the light of his/her circumstances and financial resources. In considering whether to engage in this form of trading, the Client should be aware of the following:
a) It is emphasized that for many members of the public dealings in CFI Markets Ltd will not be suitable.
b) The Client should not engage in any dealings directly or indirectly in CFI Markets Ltd unless he/she knows and understands the features and risks involved in them.
5.5 When it comes to online funding, the client should be aware of the below:
Since the Company is performing the necessary due diligence according to any transactions and/or deposits and/or withdrawals, the client acknowledges the risk involved in internet transactions and/or in any electronic means transactions. Therefore, the Company shall not be liable and/or responsible for any claims and/or loses and/or damages and/or costs which may occur, since payback ratio is not applicable.
The Company shall not be liable for any delays or other errors caused during the transmission of the Client’s order.. The delay can be caused by various reasons depending on the current market conditions as well as having a slow / weak internet connection between the Client’s terminal or any other trading platform offered by the Company and the Company’s server.
5.6 Price Fluctuations
The Client acknowledges and accepts that, regardless of any information which may be offered by CFI Markets Ltd, the value of investments may fluctuate downwards or upwards and it is even probable that the investment may become of no value. This is owed to the margining system applicable to such trades, which generally involves a comparatively modest deposit or margin in terms of the overall contract value, so that a relatively small movement in the underlying market can have a disproportionately dramatic effect on the Client’s trades and portfolio. If the underlying market movement is in the Client’s favor, the Client may achieve a good profit, but might lose all the Capital invested within CFI Markets Ltd. The financial instruments available for trading with CFI Markets Ltd are non-deliverable transactions giving an opportunity to make profit on changes in currency rates, commodity, stock market indices or share prices called the underlying instrument. If the underlying instrument movement is in the Client’s favor, the Client may achieve a good profit, but might lose all the Capital invested within CFI Markets Ltd. So, the Client must not enter into CFI Markets Ltd unless he/she is willing to undertake the risks of losing all the money which he/she has invested and also be liable additional commissions and other expenses incurred.
5.6 a Gearing and Leverage
Investing through CFI Markets Ltd entails the use of “gearing” or “leverage”. In considering whether to engage in this form of investment, the Client should be aware that the high degree of leverage that is obtainable in Foreign Exchange Trading can work against him/her as well as for him/her.
The use of leverage can lead to losses more than the invested Capital as well as gains. So, the Client should unreservedly acknowledge and accept that he/she runs the risk of incurring losses and damages as a result of the dealing in some Financial Instruments and accepts and declares that he/she is willing to undertake this risk.
CFI Markets has the right to apply what is the best interest to the company and/or to client and to adjust the account leverage without prior notice in the client account.
In compliance with the regulatory requirements of Polish Financial Supervision Authority (KNF), the maximum leverage for clients from Poland is 1:100
The standard leverage that CFI Markets Ltd offers to its valued clients is by default 1:50. If a Client wishes to be provided with a higher leverage, then he/she should fill and sign the Leverage Change Request Form. Retail Clients are entitled to ask for a higher leverage only if the appropriateness assessment test allows them to do so, based on their experience in the Forex market.
5.7 Price Volatility
CFI Markets Ltd deals in derivative securities, where their price is derived from the price of the underlying instrument in which the security refers to. Derivative securities / Markets can be highly volatile. The prices of the security and the underlying instrument and Indices may fluctuate rapidly and over wide ranges and may reflect unforeseeable events or changes in conditions, none of which can be controlled by the Client or the CFI Markets Ltd. Under certain market conditions it can be impossible for a Clients order to be executed at declared price.
The prices of CFI Markets Ltd will be influenced by, amongst other things, changing supply and demand relationships, governmental, agricultural, and commercial and trade programs and policies, national and international political and economic events and the prevailing psychological characteristics of the relevant market place. Therefore Stop Loss order cannot guarantee the limit of loss.
The Company’s Transactions have a contingent liability, and the Client should be aware of the implications of this in particular the margining requirements of CFI Markets Ltd.
The Client may be called upon to deposit substantial additional margin, at short notice, to maintain his/her investment. If the Client does not provide such additional funds within the time required, his/her investment position may be closed at a loss and he/she will be liable for any resulting deficit. The Company has the discretionary right to start closing positions starting from the one with biggest loss when margin decreases lower than the Margin Call level, and automatically close all positions at Market Prices if Stop Out level is reached.
We would like to draw the clients’ attention to the fact that CFI Markets Ltd reserves the right to further increase/decrease the margin requirements at its discretion at any time if such is considered necessary. Such will be decided upon the internal criteria set by the Company. CFI Markets Ltd will always follow an efficient approach in order to protect its clients’ interests and to act according the best execution policy. The clients will be informed via newsletters, emails, phone calls, Mt4 pop ups or any other means about the changes and can at any time request further information.
5.9 Reduced Demand for the Underlying Instrument
Some of the Company’s underlying instruments may not become immediately liquid as a result of reduced demand for the underlying instrument and the Client may not be able to obtain the information on the value of these or the extent of the associated risks.
Reliability on Previous Performance Information of the previous performance of the CFI Markets Ltd portfolio does not guarantee its current and/or future performance as well as a performance of the underlying instrument. The use of the historical data does not constitute safe forecast as to the corresponding future performance of the Company’s portfolio and underlying instrument to which that information refers.
5.10 Over the Counter Transactions
Transactions made through CFI Markets Ltd are not undertaken on a recognized exchange, rather they are undertaken through the Company’s Trading Platform whereby execution is effected via CFI Markets Ltd or other financial institutions. Accordingly, the Company may expose the Client to greater risks than the regulated exchange transactions. The terms and conditions and trading rules are established solely by the counterparty which may be CFI Markets Ltd or some financial institution to be disclosed to the Client.
The Client may be obliged to close an open position of any given Company’s product during the opening hours of the Company’s Trading Platform. Transactions are not to be undertaken on a recognized or designated investment exchange and, accordingly, they may expose the Client to greater risks than the exchange transactions. The terms and conditions and trading rules may be established solely by the counterparty. The Client may only be able to close an open position of any given contract during the opening hours of the trading platform.
The Client may also have to close any position with the same counterparty with whom it was originally entered into. In regard to transactions with the Company, the Company uses a Trading Platform for transactions which do not fall into the definition of a recognized exchange as this is not a Multilateral Trading Facility.
5.11 Key Benefits Protection
CFI Markets Ltd provides its clients with protection against unfavorable foreign exchange movements between the time the clients enter into a transaction with CFI Markets Ltd. This can assist the clients in managing their foreign currency exposures. The clients exchange the uncertainty of exchange rate fluctuations for the certainty of an agreed cash flow.
CFI Markets Ltd offers a wide range of currencies, Metals and CFD’s.
For further details kindly refer to http://www.cfimarkets.com/en/pages/99/account-types.
5.13 Managing Risk
Where exchange restrictions do not allow physical delivery of currency, the Company provides a means of negating foreign exchange risk.
5.14 Key Risks Opportunity loss
The client will forego any benefit of a favorable exchange rate movement between the time he/she enters into a transaction and the maturity date.
5.15 Variation / Early termination
Cancellations or a new execution order from the client whether by telephone, fax or email or adjustments may result in an additional cost to the client.
5.16 Cooling off period
There is no cooling off period.
5.17 Counterparty and operational risk
As is the case with most financial Markets products we enter into, CFI Markets Ltd has performance obligations under any transaction.
Our ability to fulfill our obligations is linked to our financial wellbeing and to the effectiveness of our internal systems, processes and procedures. The first type of risk (our financial wellbeing) is commonly referred to as credit or counterparty risk. Credit risk is the risk associated with a loss or potential loss from counterparties failing to fulfil their financial obligations.
The second type of risk (the effectiveness of our internal systems, processes and procedures) is commonly referred to as operational risk. Operational risk is the risk of loss resulting from inadequate risk can be derived from employee errors and system failures or failed internal.
The client must make his/her own assessment of our ability to meet our obligations. However, as a regulated Cyprus Investment Firm we are subject to prudential regulation which is intended to reduce the risk of us failing to perform our obligations.
5.18 What about confirmations?
The commercial terms of a particular CFI Markets Ltd service or transaction will be agreed at the time of dealing. This may occur over the phone or electronically. Once we reach an agreement, both the client and the Company are bound by the terms of the agreement.
6. General Terms and Conditions of Trading
These General Terms and Conditions apply to the provision of investment services by CFI Markets Ltd (also referred to as “the Company”) to the Client. The Company forms part of the group CFI Markets Ltd.
6.1 Definitions and Interpretation
In these General Terms and Conditions, unless the context specifically states otherwise, the following expressions have the following meanings:
Means the username and password provided by CFI Markets Ltd to the Client to enable the Client to have access to the online Trading Platform of the Company.
Means a trading account opened by the Client with CFI Markets Ltd as a vehicle for carrying out transactions
Means a periodic report of Transactions made by the Client or by the Company on the Client’s behalf on a trading account held with the Company in the name of the Client.
Means any agreement between the Company or the Company and the Client any and all of which are deemed to be subject to these Terms and Conditions except where it is specifically stated otherwise in any such agreement
Means any Law which contains provisions which affect the subject-matter of the service(s) provided by the Company to the Client and which governs the relationship between the Company and the Client.
Means monetary funds or Securities.
Means the sum whether positive or negative of the Account after the last transaction made in any given period.
Means the monetary unit in which the balance of the Account, commission fees and payments are calculated and expressed.
Means a day (excluding Saturdays and Sundays) on which banks are generally open in the Republic of Cyprus for the transaction of normal banking business.
Means Cyprus Investment Firm, a corporate entity established in the Republic of Cyprus and authorized to offer investment services and regulated by the Cyprus Securities and Exchange Commission (CySEC).
Means any individual, firm or corporate body (which expression shall, where the context so admits, include its successors and assigns which carries out business with the Company.
Means the individual account or set of accounts which relate to the particular Client having been created by the Company for the Client for the purposes of receiving Client deposits and for trading.
Means monetary funds or Securities of the Client designated for carrying out the Client’s instructions to the Company and/or acquired during the course of trading the Client’s monetary funds or Securities, and additionally any Securities acquired by the Company for the Client for the Client and on the instructions of the Client.
Means all or any originals or copies of Client identification and due diligence documents, Client contracts or agreements, forms, declarations; a daily list of all Transactions and Orders for execution transmitted by the Client and a daily list of all Transactions and Orders executed on behalf of the Client; details of business relationship(s) with the Client; documents for the recording of Transactions and Orders in accounting records; Account Statements; Trade Confirmations; Cancelled Orders; Appointments of Authorized Persons; communication exchanged with the Client and the Company; generally all information relating to the Client and the accounts and transactions of the Client whether held in electronic form or other form
Means Contract for Difference, a complex financial product that allows clients to speculate on the movement of an asset price without having to physically own the underlying assets.
Means any means of transmission of correspondence including by telephone, facsimile, letter or e-mail or via the internet or by text message.
By accepting and agreeing to the Terms and Conditions of this Agreement, the Client agrees that the provision of information through electronic means such as the Company’s website or the verified email of the Client, due to the nature of the relationship established between the Company and the Client. The provision of information by means of electronic communication is treated as appropriate since the client has regular access to the internet. The provision by the Client of an e-mail address for the purposes of the carrying on of that business is considered as sufficient evidence. Through the following terms and conditions, the Client is provided with the specific addresses where core information is accessible. The Company will ensure that the website will be always kept up to date.
Means information including each Lot size and all other trading information required for spreads, swaps, margin requirements, costs and charges.
Means the Cyprus Securities and Exchange Commission. A body which regulates Cyprus Investment Firms in the Republic of Cyprus in accordance with the regulations for Cyprus Investment Firms and the Applicable Law
Means funds deposited by the Client with the Company
Means part of the Client’s account including Open Positions which are tied to the balance of the account and floating (Profit/Loss position) according to the following formula: Balance plus Profit plus Charges.
Means Forex trading and all financial instruments which are regulated by CySEC and for which a licence is required in order to offer trading services by the Cyprus Investment Firm (CIF).
Means unrealized profit relating to Open Positions at current price of the loss underlying currencies or commodities available for trading
Means funds not used as part of the guarantee in relation to Open Positions calculated as follows: Free Margin = Equity – Margin
Means the Law which is deemed to be the Applicable Law being the Law which is considered most suitable for the business relationship between the Company and the Client and the services provided by the Company. The Governing Law for these Terms and Conditions is the Law of the Republic of Cyprus and by extension any and all applicable European Union directives
Means highly confidential information which has not been published and which is not available to the public or to any person except those few persons whose business it is to know it and which if disclosed to any other person could have an impact on pricing of a Transaction.
Means the investment services which the Company is currently licensed to offer:- (1) Reception and transmission of Orders in relation to one or more financial instruments and (2) Execution of Orders on behalf of Clients; and which may be amended or added to from time to time by CySec.
Means a unit of measurement referring to the transaction amount.
Means taking a small deposit and using it as a lever to borrow and gain access to a larger quantity of assets.
Means the necessary guarantee in relation to Open Positions, as determined by the Contract Specification.
Means when the Margin posted in the margin account is below the minimum margin requirement, the Company will issue a Margin Call in which event the Client will be required to increase the Margin s/he has deposited with the Company or close out her/his position. If the Client does neither the Company has the right to sell assets and securities to meet the Margin Call.
Means the ratio of Equity to Margin.
Means Gold and Silver.
Means a Non-Deliverable Forward Transaction and is an agreement between the Client and the Company which protects the Client against unfavorable exchange rate movements. It is a cash-settled transaction meaning that there is no exchange of currencies at maturity as there is with a typical foreign-exchange transaction. A contract rate is agreed in advance, together with the fixing rate and fixing date. The contract rate and fixing rate are used to calculate the amount payable on the nominated maturity date.
Means a sale or purchase transaction not (yet) covered by the opposite purchase or sale contract.
Means the request by the Client to the Company to transmit or execute a transaction.
Means the money that the client has deposited in his/her account for trading.
Means financial services provided through the financial markets.
Means the difference between the purchase price and the sale price of the NDF at a given moment in time; the difference between the Bid price and Ask price.
Means a message from the Company to the Client confirming the execution of the Client’s Order.
Means software through which Clients can open, manage and close market positions.
Scalping is a trading style specializing in taking profits on small price changes, generally soon after a trade has been entered and has become profitable. It requires a trader to have a strict exit strategy because one large loss could eliminate the many small gains that the trader has worked to obtain.
Means CFI Markets Ltd whose registered office is at Gregori Afxentiou 10, Livadiotis Court 5, 5th floor, 6023, Larnaca, Cyprus is authorised and regulated by the Cyprus Securities and Exchange Commission (“CySEC”) under N. 179/12. The Company is a private limited Cyprus Financial Services Company registered under the Company Law Cap. 113 of the Laws of the Republic of Cyprus with registration number HE 303814.
6.2 Investment Services
CFI Markets Ltd is licensed to provide the following Investment Services such as the Reception and Transmission and/or Execution of Orders on an own-account basis in relation to transactions having as an object one or more of the following financial instruments: Forex Currency pairs, Metals and CFDs.
The Client hereby acknowledges that the provision of Investments Services does not include or intend to include the provision of investment advice. Any investment information communicated by the Company to the Client from time to time does not constitute investment advice but is intended simply to provide illustrative information to support investment decision-making made by the Client. CFI Markets Ltd does not assume any responsibility for offering advice on making investments.
6.3 Client Categorization
Each client is categorized by the Company as a “retail client” or a “professional client”.
Certain professional clients may be further categorized as “eligible counterparties”.
Categorization is made on the basis of objective criteria. Please note that different rules and different levels of protection apply to clients depending on their category. CFI Markets Ltd will notify each client of his or her category. A client may be placed in different categories for particular investment services or transactions or types of transactions or products.
For further information, kindly click here (http://www.cfimarkets.com/en/pages/88/client-categorization)
6.3.2 Private Clients
These clients generally have less experience and knowledge of investments and require a higher level of protection. All clients not specifically classified as either “professional” or “eligible counterparty” or who are not specifically excluded from a given classification (“no declaration”) will be classified as “private” clients. Typically private clients have a greater degree of protection compared to other types of client.
6.3.3 Professional Clients
These clients possess the experience, knowledge and expertise necessary to make their own fully-informed investment decisions and to properly assess the risk that they assume in consequence. In view of their considerable experience and expertise in the area of investment, the degree of protection offered is reduced.
Specifically, the Company is not required to provide detailed information on the Company itself and its activities, or the risks inherent in investing in financial instruments; neither is it required to implement specific measures to assess the appropriateness and/or suitability of orders on financial instruments executed on behalf of professional clients
A professional client will usually fit the following criteria:
a) Entities which are required to be authorized or regulated to operate in financial markets. The list below should be understood as including all authorized entities carrying out the characteristic activities of the entities mentioned: entities authorized by an EU Member State under the Directive 2004/39/EC, entities authorized or regulated by a Member State without reference to the above Directive, and entities authorized or regulated by a non-Member State:
• Credit Institutions;
• Investment Firms;
• Other Authorized or regulated financial institutions;
• Insurance Companies;
• Collective Investment Schemes and management companies of such schemes;
• Pension funds and management companies of such funds;
• Commodities and commodity derivatives dealers;
• Other Institutional Investors (such as Portfolio Investment Companies).
b) Large undertakings meeting two of the following size requirements on a company basis:
• Balance sheet total: EUR 20,000,000
• Net turnover: EUR 40,000,000
• Own funds: EUR 2,000,000
b) National and regional governments, public bodies that manage public debt, international and supranational institutions and other similar international organizations
c) Other institutional investors whose main activity is to invest in financial instruments, including entities dedicated to the securitization of assets or other financing transactions.
d) Clients who may be treated as professionals on request, following approval by CFI Markets Ltd (please see additional information below under ‘Opt-up for retail clients’).
The entities mentioned above from (i) to (iv) are considered to be professionals in relation to all investment services and activities and financial instruments. The clients mentioned in (v) may be treated as professionals generally or in respect of a particular investment service or transaction, or type of transaction or product.
6.3.4 Eligible Counterparty
Eligible Counterpart means any of the following entities: Cyprus Investment Firm / Greek Investment Firm, other investment firms, credit institutions, insurance companies, UCITS and their management companies, Portfolio Investment Companies, pension funds and their management companies and other financial institutions authorized by an EU Member State or regulated under European Community legislation or the national law of an EU Member State, undertakings exempted from the application of the Investment Services and Activities and Regulated Markets Law 144(I) of 2007 in accordance with paragraphs (k) and (l) of subsection (2) of section 3, national governments and their corresponding offices, including public bodies that deal with public debt, central banks and supranational organizations.
A client who has been categorized as a professional client may, at any time, apply to the Company to be treated as a retail client (and hence benefit from the higher level of protection of retail clients). Likewise, an eligible counterparty may, at any time, apply to the Company to be treated as a professional client or as a retail client. If the Company accepts such request, the client shall enter into a written agreement with the Company.
The agreement will specify the particular services or transactions, or the types of products or transactions to which the opt-down applies.
184.108.40.206 Opt-up for retail clients
A client who has been categorized as a retail client by the Company may ask the Company in writing to be treated as a professional client (and hence may lose certain protection and investor compensation rights), either generally or in respect of a particular investment service or transaction, or type of transaction or product. The Company may, at its discretion, decide not to take into consideration such treatment.
If the Company agrees to take into consideration such request, it will upon receipt of such request assess whether the client meets the objective opt-up criteria. The Company will further assess the expertise, experience and knowledge of the client and any other element that it deems appropriate. In the course of the above assessment, as a minimum, two of the following criteria should be satisfied:
a) the client has carried out transactions, of significant size, on the relevant market at an average frequency of 10 (ten) per quarter over the previous four quarters,
b) the size of the client's financial instrument portfolio, defined as including cash deposits and financial instruments exceeds EUR 500 000,
c) the client works or has worked in the financial sector for at least one year in a professional position, which requires knowledge of the transactions or services envisaged.
The Company will notify the client if and when it agrees to re-categorize the client as a professional client.
220.127.116.11 Opt-up for professional clients
Clients that have been categorized as professional clients and that meet the opt-up conditions may, with their express consent, be treated as eligible counterparties either for all services for which such opt-up is permitted by law or in respect of a particular investment service or transaction, or type of transaction or product.
6.3.6 Changes to professional client / eligible counterparty categorization
Professional clients and eligible counterparties are responsible for keeping the Company informed of any change which could affect their categorization as professional clients or eligible counterparties. If the Company becomes aware that a professional client/eligible counterparty no longer fulfils the initial criteria that made such legal person eligible for a professional client/eligible counterparty treatment, it may take appropriate action, including re-categorizing the client as a professional client or a retail client. These then form a sub-group of professional clients have the highest level of experience, knowledge and expertise in investments. These clients therefore require the lowest level of protection for services connected with the execution of order on behalf of clients and/or trading on their own account and/or the receipt and transmission of orders. Examples of “eligible counterparties”, are the Company, insurance companies, pension funds and banking foundation. The Company does not offer any particular degree of protection of this category, with the exception of its strategy to manage potential conflicts of interest, which is applicable to all clients.
6.3.7 Retail Clients
“Retail Client” is a client who is not a professional client or an eligible counterparty.
18.104.22.168 Clients with No declaration (Unclassified clients)
Clients that do not fall under any of the above categories. The Company cannot offer any specific protection to these clients, with the exception of its strategy to manage potential conflicts of interest, which is applicable to all clients. The Company classifies clients that have granted an administrative power of attorney to a recognized external asset manager as “no declaration” clients. In these cases, the Company may offer, but has no obligation to do so, the same degree of protection as it offers to retail clients.
The various degrees of protection for the different categories are determined by the Company and may be changed at any time without advance notice to the Account Holder.
In the case of two persons being the Client, unless otherwise agreed in writing by the Company, the term “Client” hereunder shall refer to each person jointly and/or severally, and the obligations and liabilities of each such person under this Agreement shall be joint and/or several.
Furthermore, any notice or communication addressed and sent by the Company to any one person constituting the Client shall be deemed to have been addressed and sent to all the persons constituting the Client and where any such person shall have received or is deemed to have received any such notice or communication, all the persons constituting the Client shall be deemed to have received the same.
No person constituting the Client shall be discharged, nor shall his/her liability be affected by, any discharge, release, time, indulgence, concession, waiver or consent at any time given or effected in relation to any other person constituting the Client.
Additionally, any Investment held by the Company or the Custodian for the account of such persons is and will be beneficially owned by such persons as joint tenants with right of survivorship. Subject to the Applicable Laws, on the death of any of such person, the Company or the Custodian will hold the Investment then held by it for the account of such persons, for the account of the survivor (without prejudice to any right the Company / Custodian may have arising out of any lien, right of set-off, counter-claim or otherwise).
The Client is eligible to request an auditing process and or request a clarification for his auditing trades within a maximum of 2 working days. If the said time frame is exceeded the dealing or brokerage department are entitled to decline the client complaint or not to proceed accordingly.
POLITICALLY EXPOSED PERSON
The meaning ‘Politically Exposed Persons’ includes the following natural persons who are or have been entrusted with prominent public functions’ in Cyprus or abroad:
(a) heads of State, heads of government, ministers and deputy or assistant ministers;
(b) members of parliaments;
(c) members of supreme courts, of constitutional courts or of other high-level judicial bodies whose decisions are not subject to further appeal, except in exceptional circumstances;
(d) members of courts of auditors or of the boards of central banks;
(e) ambassadors, chargés d'affaires and high-ranking officers in the armed forces;
(f) members of the administrative, management or supervisory bodies of State-owned enterprises.
None of the categories set out above should be understood as covering middle ranking or more junior officials.
Further, where a person has ceased to be entrusted with a prominent public function within the meaning of the above definition for a period of at least one year, such persons shall not be considered a Politically Exposed Person.
IMMEDIATE FAMILY OR CLOSE ASSOCIATES
Politically Exposed Persons are also the immediate family members of such persons as set out under Definition 1, which means:
(a) the spouse or the person with which cohabit for at least one year;
(b) the children and their spouses or the persons with which cohabit for at least one year;
(c) the parents.
Politically exposed persons are also persons known to be close associates of such persons as set out under Definition 1, which means:
(a) Any natural person who is known to have joint beneficial ownership of legal entities or legal arrangements, or any other close business relations, with a person referred to in Definition 1;
(b) Any natural person who has sole beneficial ownership of a legal entity or legal arrangement which is known to have been set up for the benefit de facto of the person referred to in Definition 1.
Applications in joint names are limited only to Investments that are to be settled by cash and only two persons are allowed to be joint holders of such Investments.
6.6 Joint Name Holdings:
The types of joint name holdings are as follows:
• where both parties are 18 years old and above, the Company will only act on an instruction given jointly by both parties; and
• where one party is below 18 years (i.e. a minor), the Company will only act on an instruction given by the other Client (namely, the parent/guardian); and
b) joint-alternate (both parties must be 18 years old and above), the Company can act on the instructions of either party subject to these terms and conditions
6.6.1 Default Instructions
Unless the Client otherwise specifies in the Application Form for the purchase of the relevant Investment, the Company shall be entitled to treat the Investment as being held on a joint-alternate basis.
In respect of funds registered in joint names of a parent/guardian with a minor, or after the minor’s 18thbirthday, the parent/guardian may request that the fund be transferred to the minor’s name. In the event of the death of the parent/guardian, no instructions may be accepted until the minor reaches 18 years of age. The Company shall be entitled but not obliged to act solely on the instructions of the aforesaid parent/guardian of the minor until the minor reaches 18 years of age. The Company shall not be liable for any demand, claim, suit and action whatsoever by the beneficiaries, executors and/or administrators of the estate of the deceased parent/guardian.
7. Client Accounts and Safe-keeping
Client accounts are treated as follows:
7.1 All amounts handled by the Company on behalf of the Client are held in the name of the Client and/or in the name of the Company acting on behalf of the Client in an account held with such Bank as the Company shall from time to time specify (“the Bank Account”).
The client is aware that the Company receives interest on the clients’ bank accounts. The amount classified as interest received cannot be claimed back by the client.
7.2 By accepting these Terms and Conditions, the Client authorizes the Company to make deposits and withdrawals from the Bank Account on the Client’s behalf including withdrawals for the settlement of all transactions undertaken in accordance with any agreement and these Terms and Conditions and all amounts which are payable by or on behalf of the Client to the Company or to any other third person connected with the settlement of one or more transactions.
7.3 The Company shall provide the Client with Custody Services in respect of the Client’s Assets in accordance with these Terms and Conditions and the Appendix hereto (“Terms and Conditions of Custody Service”) both of which can also found on the Company’s web-site at www.cfimarkets.com and which forms an integral part of these Terms and Conditions and are included by reference.
7.4 Custody Services include safe-keeping of the Client’s Assets, the maintenance of proper accounting records and evidence of rights to and the transfer of rights to Securities by means of the opening and maintenance of the Client’s Accounts and the carrying out of operations with such Accounts as well as subsidiary Custody Services as stipulated in these Terms and Conditions.
7.5 The Client’s Assets shall be held on the Accounts with the Company in accordance with the provisions of any agreement between the Company and the Client, these Terms and Conditions and the Applicable Law (Governing Law).
7.6 The Company may from time to time set-off any amounts held on behalf of the Client against the Client’s obligations to the Company and/or amalgamate any accounts of the Client with the Company. Unless otherwise agreed in writing by the Company and the Client, such arrangement shall not give rise to rights or credit facilities.
7.7 When providing Custody Services, the Company undertakes to keep and maintain at all times a record of the Client’s Assets separate to the assets of other clients’ and those of the Company.
7.8 The Company provides Custody Services for the purpose of safe-keeping of the Client’s Assets, recording the Client’s rights over the Assets, data in relation to exercising of the rights over Client’s Assets and also for the purpose of settlement of transactions involving the Client’s Asset executed by the Company based on the Order(s) of the Client.
7.9 The Client’s Assets shall be held on the Account(s) with the Company according to these Terms and Conditions, any subsequent agreement between the Company and the Client which shall be deemed subordinate to these Terms and Conditions and the Applicable Law (Governing Law).
7.10 The Company shall not use Client’s money in its custody for its own account and shall not use any Securities of the Client in its possession for its own account unless the Client has specifically consented in writing to such measure and only in such cases and under such terms which the competent supervisory authority shall define by official publication, as set out in EC Directive 144/2007/01 concerning the authorization and operating conditions of Cypriot Investment Firms (CIFs).
8. Electronic Trading
Trading by electronic means is provided to clients subject to the following terms:
8.1 By agreeing to these Terms and Conditions, the Client is entitled to apply for access codes in order to use the Company’s electronic Trading Platform for the transmission of Orders for the purchase or sale of Financial Instruments through the Company, using any compatible personal computer of the Client and via an internet connection. The Client acknowledges and understands that the Company reserves the right, at its discretion, to revoke the Client’s access to the Company’s electronic systems or part of them at any time.
8.2 The Client agrees and undertakes to keep any Access Codes given to the Client by the Company in a safe place and not to reveal them to any other person. The Client agrees to accept responsibility for any damage resulting from irregular or unauthorized access or use of the Electronic System by third parties who have obtained the Access Codes of the Client through the negligence or otherwise of the Client.
8.3 The Client will be liable for all Orders given through and under her/his Access Codes and any such Orders received by the Company will be considered as received by the Client. In cases where a third person is assigned as an authorized representative to act on behalf of the Client, the Client will be responsible for all Orders given using such representative’s Access Codes.
8.4 The Client undertakes to notify the Company immediately it comes to her/his attention that her/his Access Codes are being used by any unauthorized person. The Client acknowledges that the Company shall bear no responsibility in the event that unauthorized third persons have access to information, including electronic addresses, electronic communication and personal data, when the above are transmitted between the Client and the Company or any other party, using the internet or other network communication facilities, telephone, or any other electronic means and such unauthorized access has not been brought to the attention of the Company by the Client.
8.5 The Client acknowledges and agrees that in using the trading system of the Company the Client will also use software programs developed by third parties including but not limited to, browser software that supports Data Security Protocols compatible with protocols used by the Company. In using the Trading Platform of the Company the Client is consenting to the use of such third party programs and protocols. The Client agrees to follow the access procedure (Login) stipulated by the Company for the electronic Trading Platform that supports such third-party protocols.
8.6 The Company is not an Internet Service Provider and cannot be responsible for failure to fulfill any obligation or carry out any Transaction which the Company is prevented from doing as a result of any Internet connection failure. In the event of such communication/Internet service outage, and where the Client wishes to execute a position, then she/he must give a verbal instruction to the Company’s telephone operators. All calls to the Company are recorded for security purposes.
8.7 The Company reserves the right to decline any verbal instruction in cases where the telephone call recording system of the Company is not operational or in cases where the Company is not satisfied as to the identity of the caller or in cases where the transaction under discussion is complex or unusual or otherwise out of the normal course of dealings for the Client.
8.8 The client confirms that any scalping triggered from a price slippage, freezing in our internal online systems, misprinting tickets from third parties acting as liquidity providers, news traders or others is strictly forbidden. Consequently CFI Markets Ltd has the full right to reverse the transactions executed without the need to any instructions or approval of the client and the client will be fully responsible of any loss affected.
8.9 The Client acknowledges that in the case of any electronic communication that can cause a delay and/or disruption, including internet or trading platform or electricity, and the Client wishes to execute his/her order then, they must call the Dealing Desk on +357 24400270 and place their verbal instruction.
By accepting these Terms and Conditions the Client declares that she/he has read, understood and accepted all the information provided under the section marked “RISK DISCLOSURE” displayed on the Company’s main website at www.cfimarkets.com which is a public web-site and available to all Clients and which forms an integral part of these General Terms and Conditions and is incorporated by reference.
9. Orders and Instructions
Orders and instructions are given by and accepted from Clients subject to the following conditions:
9.1 Provided that Company is satisfied as to the Client’s identity and the clarity of the instructions for any given transaction, in certain circumstances and at the discretion of the Company instructions might be accepted from certain Clients by telephone. The Company reserves the right, at its discretion, to confirm in any manner any instructions or communications transmitted through the Communication System. The Client hereby accepts the risk of misinterpretation or error in the transmission of instructions or orders sent through the Communication System. This includes any technical fault, mechanical damage, transmission error, duplication, failure of transmission or any other communication problem may arise. For the security of the Client, it is recommended that all transactions are confirmed in writing and in full by the Client whenever given orally or by text message in the first instance. The Company does not accept any responsibility for any transactions which are not carried out due to a lack of proper reception or were incomplete. Similarly the Company accepts no responsibility for effecting transactions in accordance with the instructions with which the Company considers them given and where not subsequently confirmed in writing by the Client prior to the execution of the transaction.
9.2 The Client has the right to authorize a third party to give instructions and/or Orders to the Company on behalf on the Client and/or to handle any other matters related to the Account of the Client. In this case it is hereby clearly stated that the Client has to notify the Company in writing of her/his intention to exercise such a right, subject to the Company’s approval after receiving a suitable indemnity from the client.
Unless and until the Company receives written notification from the Client of the termination of any third party’s authorization, the Company will continue accepting instructions and/or Orders given by such third party as given on behalf of the Client and the Client is obliged to accept such instructions and/or Orders as executed as if same were made by him/herself.
Notice of the termination of the above - mentioned authorization to a third party must be received in writing by the Company with no less than one business days’ notice to enable the Company the necessary time to implement such termination. The Company will not be responsible for late or failed delivery of any such notice or where notice is not given in writing. For the purposes of this section the phrase ‘in writing’ shall be deemed to include by letter, by facsimile or by email and shall exclude text message.
Only in exceptional circumstances and at its absolute discretion will the Company allow the Client to revoke or amend an instruction and/or Order. The Company has the right to proceed to a partial execution of the Client’s Orders where insufficient time is available to rectify or recall the Order.
9.3 A transaction (opening or closing of a position) is executed at the Bid/Ask prices offered to the Client. The transaction is executed at the prices shown on the Client’s personal computer or other media access window to the Company’s Trading Platform. Due to the high volatility of the markets during the confirmation process, the price may change during such process in which event the Company has the right to offer the Client the new price. In the event the Company offers the Client a new price, the Client can either accept the new price and execute the transaction or refuse the new price, thereby cancelling the execution of the transaction.
9.4 The Client may only give Orders of a trading character, namely: opening a position, closing a position, editing orders for Stop Loss, Take Profit, Buy Limit, Buy on stop, Sell on stop, Sell limit, checking on a tick by tick basis her/his current balance and deleting pending orders as required.
Once confirmed, an open or close position cannot be cancelled and/or altered. Orders can only be placed, executed, altered or deleted during the trading time.
9.5 The Company reserves the right to change the opening/closing price (rate) and/or the size and/or the number of the related transaction (and/or the level and size of any Sell Limit, Buy Limit, Sell Stop, Buy Stop Order) in the event that any underlying asset of the NDF becomes subject to possible adjustment.
9.6 The Company reserves the right not to execute an Order, or to change the opening and/or closing price of the transaction in the event of technical failure of the Trading Platform, and/or any failure of and/or damage and/or any technical problem with the financial tools quotes feed and/or in the event of any other technical failure affecting trading.
9.7 In events of Force Majeure, including but not limited to earthquake, tsumani, hurricane, other extreme weather conditions, civil commotion or riot or warfare, cyber attacks or other interference affecting the server of the Company and in the event of any suspension of trade in the financial markets affecting Financial Instruments of the Company, the Company may suspend and/or close Client positions and request the revision of pending transactions.
9.8 All prices shown on the trading platform of the Company are determined at the Company’s discretion. Any reference by the Client to prices reported by/carried on other trading or information systems does not affect the price levels quoted by the Company.
9.9 Trading operations using additional functions of the Client’s trading terminal such as Trailing Stop or Expert Advisor are executed entirely at the Client’s responsibility, since such depend directly on the Client’s trading terminal and are not under the direct control of the Company
9.10 The minimum volume of a Transaction is 0.01 lot. The possible choice of leverage rate ranges from 0 to 500 and is set at the discretion of the Company. At opening of a Client Trading Account, the Leverage rate is set at 1:100 by default and where applicable is taken into consideration depending on the type of Trading Platform. It is hereby clearly stated that when a client holds more than 100RL (only one hundred round lots) on each sub account, the Company has the full right to review the number of lots and set a limit with further conditions in case such is deemed necessary.
The Client may change the leverage of the Trading Account by applying in written to the Company. If a new rate is approved by the Company, the Company nevertheless reserves the right to allow the Leverage rate of a Client’s Trading Account from time to time at its discretion. For any further information, kindly click here (http://www.cfimarkets.com/dbpics/pages/file/6_Leverage%20Change%20Request1%20.pdf)
10. Refusal to execute orders
10.1 The Client acknowledges and agrees that the Company has the right, without prior notice and/or providing any explanation, to refuse to execute any Order any order on the Client’s behalf, the Client having no right to claim any damages, whether for specific performance or otherwise or compensation whatsoever from the Company, in any of the following cases:
a) The Company received a notice of cancellation of the Order from the Client.
b) Where any doubt arises as to the validity of the Order.
c) In the absence of essential details relating to the Order.
d) The Order of the Client is unclear.
e) It is impossible to execute the Order due to market conditions or reasons of Force Majeure.
f) Where the legality of the Order is doubtful.
g) The Company receives notice from the Client of the termination of the agreement existing between them.
h) In consequence of lawful claims or requirements of correspondent organized trading platforms, Affiliates of the Parties as well as in consequence of lawful claims of third parties.
i) In the Event of Default by the Client.
j) The Company considers that the Client may be in possession of Insider Information.
k) In consequence of request of regulatory or supervisory authorities of the Republic of Cyprus or a court order.
10.2 In the event any Order either to open or close a position in relation to any Financial Instrument, has been accepted and/or executed in error by the Company, the Company will make every effort to restore the Client’s Account to the original position. Any losses or charges incurred from any such error on the part of the Company. In the event that any profit derives from the error of the Company such profit shall at the discretion of the Company be for the benefit of the Company.
10.3 The Company reserves the right to reject any Order it deems impossible to execute or where the Financial Instrument(s) does not match the Client’s profile. In such cases the Company shall take all reasonable efforts to inform the Client by facsimile or email as soon as practicable.
10.4 It is understood that any refusal by the Company to execute any Order shall not affect any obligation which the Client may have towards the Company or any right which the Company may have against the Client or his/her assets.
11. Trade confirmations and account statements
11.1 Information on the status of Orders, trade confirmations and messaging facility between the Company and the Client is available through the Company dealing room at the following contact co-ordinates:
11.2 Any notice and/or other communication to be given by the Company under these Terms and Conditions, including Account Statements and Trade Confirmations, may be sent to the Client at the Company’s option in electronic form by e-mail or in hard copy by post. The Client is obliged to provide the Company with e-mail and mailing addresses in the general questionnaire for this purpose. Delivery of communication by e-mail is considered effected at the time of sent by the Company. Provided the address to which the email or item of post is the same as the one that has been provided by the Client, the Company is not responsible for any delay, alteration, re-direction or any other modification the email or postal item may undergo after transmitted or posted by the Company. Communication sent by post is considered delivered after 5 (five) business days of consigning to the postal services and proof of postage shall be considered as sufficient to confirm subsequent delivery.
11.3 A monthly statement of Account will be automatically generated from the Company’s system to the Client’s email for each month in which transactions have been effected. In the event there are no transactions in any given month no statement will be generated.
11.4 At the Client’s request the Company will provide a status Report on the balance of the Client’s Account as at any given date and if requested, the preceding transactions prior to such date. Such Reports can be provided in electronic form or as a hard copy within Five Business Days from the date of receipt by the Company of the request from the Client and are subject to an administration fee.
12. Conflict of interest
The Company acknowledges that it shall execute the Orders on behalf of the Client and take all necessary measures in order to anticipate or solve any conflicts of interest between the Company from a side and its related persons/Clients and on the other side.
Any notice, instruction, authorization, request or any other communication to be sent to the Company by the Client under these Terms and Conditions should be in English language and in writing and should be sent to the Company to the contact address given in original using a commercial courier service if urgent or registered post if non-urgent;
Head Office address: 501, Livadhotis Court 5, 10, Gregori Afxentiou Avenue, Larnaca 6023, Cyprus
Telephone/Facsimile + 357 24 400 270
CYSEC registration number: 179/12
Regulated by the Cyprus Securities and Exchange Commission
Registered as a limited liability company in the Republic of Cyprus under registration number HE 303814
14. Monitoring of telephone calls
The Client acknowledges and agrees that all conversations between the Client and the Company may be recorded on magnetic, electronic and/or other media. Such recordings shall remain the property of the Company and the Client consents to their use as evidence in any dispute or to resolve any potential matter of dispute.
15. Funding of the Client Account and withdrawals
15.1 The Client may contribute funds to his/her Account using a credit card or debit card, wire transfer, or PayPal or other similar methods of money-transfer accepted by the Company. For more details please refer to the instructions carried on the main website http://www.cfimarkets.com/en/pages/87/fund-your-account
15.2 The Client may only withdraw funds deposited on his/her Client Account and/or any profit achieved through trading transactions from any of his/her Client Accounts using the same mechanism from which funds were credited to the Client Account. For more details please click here: http://www.cfimarkets.com/en/pages/3/transfer---withdrawal-
15.3 The Client has the right to withdraw any funds which are not used/required for margin covering.
15.4 Money transfer requires 5 (five) banking days after receiving the transfer request instructions from the Client. The amount being transferred will be deducted from the balance of the Client’s sub-account for value the date the transfer request was received by the Company.
15.5 All bank and any other administrative charges for transfers from the Client’s Account to the Client will be borne by the Client.
15.6 The Company takes no responsibility for the transfer of funds in the event that the banking or other co-ordinates of the Client are found to be incomplete or incorrect. Furthermore the Company accepts no responsibility for any funds not deposited directly into the Company’s bank accounts.
15.7 The minimum deposit accepted by the company is $100 (Only one hundred Dollars) for USD Trading Account and EUR100 (Only one hundred EUR) for EUR Trading Account.
15.8 The Company has the right to refuse a Client’s transferred funds in any of the following cases (this list is not exhaustive):
a) If the funds are transferred by a third party
b) If the Company has reasonable grounds for suspecting that the person who transferred the funds was not a duly authorised person
c) If the transfer violates Cyprus legislation.
15.9 The Company hereby informs the client that the request for transfer and/or withdrawal of funds or Financial Instruments shall be submitted by the Client in writing or electronically and shall include the following essential details:
(a) Client name/code/ID or other designation of the Client
(b) the name or other designation of any person acting on behalf of the Client
(c) Client signature (for written requests) and authorization (for electronic requests)
(d) any other details, conditions or particular Client instructions
(e) the date of the request
15.10 The Client acknowledges that in case where a Client’s Bank Account is freezed for any given period and/or for any given reason the Company assumes no responsibility and Client’s funds will also be freezed.
15.11 Clients have the right to request additional details on the transaction for any inducements.
16. Confidential information, back-up and records
16.1 The Company and the Client shall undertake at all times (both during the trading relationship between the two and after its termination) to keep confidential any information which came to both parties knowledge due to the above mentioned trading relationship. It is hereby clearly agreed that none of the parties will use (other than strictly for the purposes of trading) without the prior written consent of the other to any third party (other than its professional and financial advisors, banks, auditors) any Confidential Information, unless this information meats the below criteria:
a) This information was a public knowledge or already known to the disclosing party at the time of disclosure; or
b) This information subsequently becomes a public knowledge other than by breach of these terms and conditions; or
c) This information subsequently comes lawfully into the possession of the receiving party from a third party.
16.2 Either party may disclose such information whenever such disclosure becomes necessary because of a Court order or when disclosure of certain types of such confidential information is required by the Regulatory or Supervisory Authorities of Cyprus Investment Firms or under Cyprus or EU law.
16.3 It is hereby clearly stated that the Company will collect and handle any personal data of the Client in accordance with the provisions of relevant Laws and Regulations for the protection of Personal Data. Furthermore, the Company undertakes to keep Client Records for not less than five years after termination of the contractual arrangement between the two parties.
All data held on electronic media is saved to removable hard disk once every 24 hours and such hard disk is stored in a secure fire-proof place off-site.
17. Company’s fees and tax obligations of Client
17.1 The Company is allowed to receive a commission fee from the Client for its Services given, as mentioned in the contract as well as compensation for its expenses. The Company reserves the right to change the size, the amounts and the percentage rates of its fees. In case when this happens the Client will be informed accordingly in advance.
17.2 The Client shall pay to the Company any amount which he/she owes, immediately when so requested and the Company is entitled to debit the account of the Client. Moreover, the Client understands and agrees that the Company does not collect tax on behalf of any authority in any form or manner. It is the Customer’s obligation alone to calculate and pay all taxes applicable to him/her in his/her country of residence, or otherwise arising as a result of his/her trading activity from the use of the Company's Services.
17.3 The Client agrees that the Company may deduct tax, as may be required by the applicable law. Kindly note that this is not obligated. From the results of the activity with CFI Markets Ltd, the Client is aware that amount(s) that might be withdrawn by the Company from the Client account are "gross amounts", from which the Company may deduct such taxes. The client shall have no claim towards the Company with regard to such deductions.
18. Limitation of Liability
18.1 In the event of proven damages the liability of the Company, its officers, employees, or agents is limited to the amount of money that the Client has transferred or deposited in his/her Account with the Company.
18.2 Under no circumstances shall CFI Markets Ltd, its employees, directors, or officers be liable for lost profits.
18.3 The Company shall not be held liable for the loss of financial instruments and funds of the Client, including the cases where the Client’s assets are kept by a third party such as a bank.
18.4 The Company treats all its clients with high protection. As being a member of the Investor Compensation Fund (ICF) in case the Company becomes insolvent or ceases trading, our clients may be eligible to receive compensation. The actual level of compensation received will depend on the basis of the claim. Such claim may arise from legislation, these Terms and Conditions or from wrongdoing. For more information about the ICF click here. (http://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=eacae7e7-421c-46e1-88d0-631233327d5e)
By accepting these General Terms and Conditions the Client has read and understood and accepted the information under the title “INVESTOR COMPENSATION FUND” as displayed on the Company’s main website which is available to the general public and which forms an integral part of these General Terms and Conditions.
The Client acknowledges and agrees that the official business language of the Company is English and that full information about the services provided by the Company is displayed on the website of the Company.
20. Company’s web-site
20.1 These General Terms and Conditions and other information regarding the services provided by the Company are available to the public at www.cfimarkets.com. Clients are requested to check the website periodically for any kind of updates.
Please note that the Company reserves the right to register and operate other websites for marketing and promotional purposes in any language other the English language and that these will not affect these Terms and Conditions.
21. Applicable law, jurisdiction and supervisory authority
21.1 This Agreement and all relations between the Client and the Company are governed by the Laws of the Republic of Cyprus.
21.2 All transactions on behalf of the Client are subject to the regulations, arrangements, directives and circulars of the Cyprus Securities and Exchange Commission (CySEC) and any other public authority which governs the operation of Cyprus Investment Firms, as from time to time amended.
21.3 It is hereby clearly stated and agreed that the Cypriot courts shall have jurisdiction over any litigation arising out of the interpretation and execution of this agreement.
22. Third party’s obligation
The Company may, at any time or from time to time, assign and/or transfer to any legal or natural person any of its rights and/or obligations under these Terms and Conditions.
23. Force Majeure
23.1 The Company will not be held liable to the Client or to any other person in an event of force majeure, or of any act of Government or legal authority, or failure of or damage or destruction to its computer systems, data or records or any part thereof, or for delays, losses, errors or omissions resulting from any failure of telecommunications or computer equipment or software beyond the control of the Company.
23.2 In the event of persisting natural calamity or armed conflict affecting communication and/or transactions both the Client and the Company will be held harmless in the event of partial, improper or non-fulfillment of any obligation covered by these Terms and Conditions.
23.3 Any party affected by either of the above events of force majeure shall notify the other as soon as practicable and take all reasonable steps to minimize any negative effects of the aforementioned circumstances.
24. Client declarations and warranties
24.1 The Client states, affirms and guarantees that whatever funds transmitted by him/her to the Company, these funds belong exclusively to him/her and under no circumstances are indirect or direct proceeds of any illegal act or omission or the product of any criminal activity.
24.2 The Client declares that he/she acts for himself/herself and not as a representative and/or trustee of any third party, except where he/she has provided to the satisfaction of the Company an original document and/or power of attorney authorizing him/her to act as legal representative and/or trustee of any third party or parties.
24.3 The Client guarantees the authenticity and validity of any document delivered by the Client to the Company whether signed or otherwise.
24.4 The Client declares that he/she is over 18 years of age and that the purpose and reason for using the services of the Company is strictly for carrying out transactions in Financial Instruments.
25. Joint Accounts
Reference in these General Terms and Conditions to the term ‘Client’ will be construed as reference to one or more joint account holders if present. Any notice given to one of the persons which comprise the Client shall be deemed to have been given to all the persons who form the Client. Any Order given by one of the persons who form the Client shall be deemed to have been given by all the persons who form the Client.
It is hereby clearly stated that the joint account will be opened as “or”. In this respect the Company can accept deposits and/or withdrawals and/or any request related to trading transactions jointly and/or separately from one and/or both of the undersigned signatories.
26. Risk disclosure
Trading foreign exchange and other securities on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Not only the invested capital may be lost, but also it should be mentioned that there is a possibility of losing more than the invested capital. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
The Company shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information provided. Any opinions, news, research, analyses, prices, or other information contained on this website are provided as general market commentary, and do not constitute investment advice. The Company will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The contents of any report provided should not be construed as an express or implied promise, as a guarantee or implication that clients will profit from the strategies herein, or as a guarantee that losses in connection therewith can, or will be limited.
Internet Trading Risks
There are risks associated with utilizing an Internet-based deal execution trading system including, but not limited to, the failure of hardware, software, and Internet connection. Since the Company does not control signal power, its reception or routing via Internet, configuration of your equipment or reliability of its connection, we cannot be liable for communication failures, distortions or delays when trading via the Internet. The Company employs backup systems and contingency plans to minimize the possibility of system failure, and trading via telephone is available.
Accuracy of Information
The content on this website is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. CFI Markets Ltd has taken reasonable measures to ensure the accuracy of the information on the website. However, CFI Markets Ltd does not guarantee the accuracy of the information, and will not accept liability for any loss or damage which may arise directly or indirectly from the content or your inability to access the website, for any delay in or failure of the transmission or the receipt of any instruction or notifications sent through this website.
This site is not intended for distribution, or use by, any person in any country where such distribution or use would be contrary to local law or regulation. None of the services or investments referred to in this website are available to persons residing in any country where the provision of such services or investments would be contrary to local law or regulation. It is the responsibility of visitors to this website to ascertain the terms of and comply with any local law or regulation to which they are subject. The trading platform provides sophisticated order entry and tracking of orders. CFI Markets Ltd will make best efforts to fill your trade at the price requested. Trading on-line, no matter how convenient or efficient does not necessarily reduce risks associated with currency trading. All quotes and trades are subject to the terms and conditions of the Legal Information accessible through this website.
The Client agrees to indemnify and hold harmless the Company in respect of any loss, damage, liability, cost or expense that it may suffer or incur by any reason of the Client failing to discharge its obligations under or acting in breach of any of the Terms and Conditions or as a result of any breach of any applicable laws or regulations which govern the activities of the Company.
28. Duration of agreement
28.1 These General Term and Conditions shall apply in full and the Client is deemed to have entered into an agreement with the Company subject to these General Terms and Conditions upon the earlier of the Client completing the general questionnaire and the first credit to the Client’s account with the Company, provided that the Company has given written confirmation to the Client that his/her application to become a client has been accepted.
28.2 These General Terms and Conditions remain valid for the duration of the relationship between the Client and the Company notwithstanding any amendments which the Company may from time to time effect and which will become valid and binding from the date of their publication on the website of the Company.
28.3 Any amendment to the laws of the Republic of Cyprus or the regulations of CySec which affect these Terms and Conditions will be communicated to the Client by the Company in writing and/or on the website of the Company and shall be deemed valid once published.
28.4 The Client has the right to terminate his/her agreement within 15 (fifteen) days of receipt by the Company of notice from the Client to this effect and subject to the condition that all pending transactions relating to the Client are closed.
29.1 The Client has the right to terminate his/her agreement with the Company by giving the Company at least 15 (fifteen) days written notice of such termination and provided that all transactions affecting the Clients Account are concluded. In the event that notice of termination is received at a time when the Client has open positions such termination will be deemed to take place once such positions have closed and a final account statement is available.
29.2 The Company has the right to terminate this Agreement without notice in the following cases:
a) Notice of Death of the Client
b) An issuance of an application, order, resolution or other announcements in relation to bankruptcy or winding up proceedings that involve the Client.
c) The Client is in violation of any provision of these Terms and Conditions or any other agreement.
d) Upon instructions of a regulatory body.
e) The Client involving the Company in any type of fraud
30. Terms and Conditions for Custody Services
The following terms and conditions apply to Custody Services provided by CFI Markets Ltd (“the Company”) as an ancillary service to those services covered by the General Terms and Conditions for Trading in Financial Instruments.
CFI Markets Ltd (hereafter the “Company”) is an Investment Firm incorporated and registered under the laws of the Republic of Cyprus, with registration number HE 303814. The Company is authorised and regulated by the Cyprus Securities and Exchange Commission (hereafter the “CySEC”) under the licence number 179/12. The Company is authorised to provide the investment services specified in these Custom Terms and Conditions (hereafter the “Agreement”).
These custody terms and conditions form an integral part of the General Terms and Conditions and by signing the Client agrees to all applicable terms and conditions.
30.1 Terms and Definitions
All complete list of definitions and interpretation of terms can be found in General Terms and Conditions.
In these custody terms and conditions the following terms have the following meanings:
Account Statement / Account Report
Refers to a periodic statement, displaying a summary of all debit/credit activities, execution trades and open position trades on the Account for the period between specific start and end dates.
Means a person who has agreed to act as an intermediary for or to carry out other services on behalf of the Client.
Laws and regulations
Means any regulation, rule, policy or practice in dealings with any applicable financial market or exchange, and extends to those of the clearing entity, if any, of any exchange, in which arena transactions are executed by the Company or its Agents and includes by reference any law legislation, order, regulation or rule affecting or relating to the rights, privileges and obligations of the Client in relation to the carrying out of transactions and any charter or any other operating rules relating to the ownership or holding of Securities, including the rules of any Register maintained or controlled with respect to such Securities, and any reference to law or legislation shall be deemed to include prevailing law and future enactments thereof after the date of signing any agreement with the Company.
Refers to organizations dealing with, administrating and registering rights over Securities and opening and managing Accounts in accordance with the provisions of the Applicable Law. Such organizations can in addition fulfill the functions of Custodians.
An individual over 18 (eighteen) years of age as evidenced by an identity card or passport who has been duly authorized by law or by Power of Attorney granted by the Client to operate on his/her behalf. Only the Authorized Person, as legal representative of the Client may operate on behalf of such Party including giving and accepting Orders for Transactions.
An account opened by the Company for the client transaction via the internal systems of the company for purposes of record keeping and safekeeping of Client’s money.
Securities and portfolios funds of the Client.
Extract from the Register
A document/legal document issued by the Registrar verifying the ownership of the securities recorded in the Register.
Client’s instructions under the General Terms and Conditions should be carried out online.
A legal entity responsible for the issuance and distribution of Securities to Titleholders.
A legal person – which includes a private individual including the attorney, executor, agent or trustee of such private individual or a recognized legal entity such as a partnership or corporation, a joint venture, association, branch or agency.
A person having rights to Securities either registered in his/her name or through other means of proprietary rights.
30.2 Custody Services
Custody services provided by the Company to its Clients are as follows:
30.2.1 The Company undertakes to provide the Client with safe-keeping services in respect of the Client’s Assets as set out herein
30.2.2 Provisions of Applicable Law shall not have effect with standing any contrary provision set out in this agreement or elsewhere.
30.2.3 While Client Assets may be kept in an account with the assets of other clients the Company shall keep a separate record of each client’s assets under a separate account number, customer ID and access code and those of the Company in accordance with the General Terms and Conditions and as provided for by the Applicable Law.
30.3 Clients’ Accounts
30.3.1 Accounts for the Client’s will be opened by the Company and maintained separately to other accounts; such Account will show relationships with Authorized organizations for safekeeping and record keeping of the Client’s Assets and Client’s rights over such Assets.
30.3.2 The Account will keep an accurate record of all dealings made by or on behalf of the Client with Company.
30.3.3 The Company undertakes to open an Account for the Client within two business days of receipt of all required documentation and will provide the client with a personal Account number and as needed Access Codes for the Trading Platform of the Company. All such accounts are governed in accordance with the General Terms and Conditions and the Applicable Law(s).
30.3.4 Client Trading Accounts are opened and maintained as follows:-
a) The Company will open an account with a bank and/or a Custodian and/or an Authorized Person at the option of the Company, for the purposes of safekeeping and record keeping of Client funds
b) The Client agrees that record-keeping of his/her funds and/or Securities will be separate to those funds and/or Securities of other clients and that each client shall have a distinct account number, customer ID and access code. Such separate records will be applied by the Company using the same Account opened by the Company with a bank and/or with a Custodian or an Authorized entity.
c) The Company’s own monetary funds and Client’s monetary funds must be kept separately by the Company
d) The Company may hold Client’s funds outside the European Economic Area. Client’s monetary funds may be treated differently to a similar amount of funds held with a bank in an account in Cyprus. The Company will not be liable in any way for any act or omissions by a non EEA bank or other financial institution or by the bankruptcy any such third party institution.
e) Unless otherwise agreed in advance between the Company and the Client, the Company can place monetary funds received from the Client in a qualifying money market fund.
f) The Company shall act on instructions given by duly authorized third parties acting on behalf of the Client and the Client hereby indemnifies the Company from any damage or cost incurred by such third party and the Client undertakes to cover any losses or claims incurred on his/her behalf by any such third party. The Company may authorize financial funds received from the Client to a third party to hold or control in order to effect a Transaction through or with that person or to satisfy Client’s requirement to provide collateral in respect of a Transaction. The Company has no responsibility whatsoever for any acts or omissions of any third party to whom the Company passes money received from the Client. In the event of the bankruptcy or any other related proceedings in relation to that third party, the Company will only have an unsecured claim against the third party on behalf of the Client and other the Company clients, and the Client will be exposed to the risk that the money received by the Company from the third party is inadequate to satisfy the claims of the Client and all other clients with claims in respect of the relevant account.
The Client is eligible to request an auditing process and or request a clarification for his auditing trades within a maximum of 2 working days. If the said time frame is exceeded the dealing or brokerage department are entitled to decline the client complaint or not to proceed accordingly.
30.3.5 All reports, extracts, and other similar documents provided by the Company to the Client emanating from the Accounts of the Client under the General Terms and Conditions are prepared on the basis of information obtained from the internal Books of the Company containing details of transactions involving Client’s Assets as same are managed in accordance with the General Terms and Conditions and the Law.
30.3.6 Transfer instructions given by the Client in connection with his/her Assets are at the risk and expense of the Client
30.3.7 In its Internal Books, the Company must classify that the given Assets belong to the Client.
30.3.8 The Company undertakes to carry out all necessary due diligence prior to registration of the Client’s assets with the Register or Authorized Organisation and to maintain proper record keeping.
30.3.9 Notwithstanding the presence of trustees or attorneys or agents the Client is deemed the ultimate beneficial owner of his/her accounts,
30.3.10 Without prejudice to any other conditions stated in the terms and conditions the Client has the right at any time to demand the Company withdraw all/or part of his/her current equities/funds from the Client’s Account, and the Company is obliged to effect such withdrawal within the shortest period of time possible and in any event not longer than five working days from receipt of the written instruction of the Client.
30.4.1 Despite anything to the contrary herein, settlement and payment for all financial Instruments traded received or transferred for the account of the Client and delivery held for the account of the Client may be effected in line with market or other conditions in which the transaction is made, including, without limitation, delivering securities before payment and paying for securities before delivery.
30.4.2 The Company will settle all transactions undertaken by or on behalf of the Client -such obligation to settle transactions being conditional upon the receipt by the Company of all necessary documents needed for the opening of a Client Account.
30.4.3 The Company shall be under no obligation to carry out, maintain or perfect any transaction for a Client despite clear instructions, in the event that account-opening documentation is missing or incomplete.
30.4.4 The Company also has the right to reverse any transaction where the Client has failed to provide account-opening documents or has failed to deposit funds or where Securities are returned.
30.5 Delivery of Securities to Custodians
30.5.1 The Company will not be liable for the actions of any third party custodians i.e. banks, clearing houses and/or any other financial institutions where such actions affect the Client or his/her Account.
30.5.2 At the request of the Client the Company will provide details of the staff members carrying out work in relation to the Client’s Account.
30.5.3 Any transfer of all or part of the Company’s obligations under these terms and conditions as Custodians shall require that the Company with all due diligence make all necessary arrangements for registering the Client’s Securities in the Custodian’s name as the Nominee in the Register or with an Authorized organization to ensure appropriate record keeping under the Law.
30.6.1 Any dealing concerning the Client’s Assets shall be made in the form prescribed by the terms and conditions of custody and the Client shall provide the Company with the necessary acknowledgement that he/she has read and understood the terms and conditions.
30.6.2 The Client will be responsible for judgment of typical risk for a specific way of transferring the orders, if any command from the Client appears partial, unclear, ambiguous and/or conflicting to other Instructions, the Company may, at its own preference and bearing no responsibilities, reject to operate according to such Instructions until such incompleteness, ambiguity or contradictions are eliminated.
30.6.3 The Company has a right to refuse to execute an order if it contradicts the Applicable Law and the Company will have a right, in receipt of a written approval of the Client, to amend the Instruction in line with the Applicable Law.
30.6.4 The Company has the right to demand but is not compelled to ask to be provided with certificates and other necessary legal documents in order to receive proof of source of funds associated with the Client’s Assets.
30.7 Fees and charges for services
30.7.1 The Company is allowed to receive a commission/spread fee from the Client for Services given as mentioned in the contract as well as compensation for any expenses. The Company reserves the right to change the amounts and the percentage rates of its fees and the Client will be informed accordingly in advance.
30.7.2 The Client shall pay the Company, immediately when so requested and the Company is entitled to debit the account of the Client. Moreover, the Client understands and agrees that CFI Markets does not collect tax on behalf of any authority in any form or manner. It is the Customer’s obligation alone to calculate and pay all taxes applicable to him/her in his/her country of residence, or otherwise arising as a result of trading activity from the use of the Company's Services.
30.7.3 The Client agrees that the Company may deduct tax, as may be required by the applicable law, but is not obligated to do so, from the results of the activity with CFI Markets. The Client is aware that amounts that may be withdrawn by the Company from the Client account are "gross amounts", from which the Company may deduct such taxes, and that you shall have no claim towards the Company with regard to such deductions.
30.7.4 On execution date of each transaction the Company will record in the Accounts of the Client the transaction closing amount together with any fees and charges including but not limited to administration fees and postal charges.
30.7.5 The Client agrees to recompense the Company all expenses, charges, taxes, stamps and any collection charges or fees including all legal costs paid by the Company on behalf of the Client.
30.7.6 The Client hereby confirms and agrees that the Company may deduct any fees, costs or charges from the Client Account held with the Company.
30.7.7 Reference to Paragraph 5 of Directive DI144-2007-02, the Company should at all time act honestly, fairly and professionally in accordance with the best interest of its clients, hence all inducements and/ or costs and/ or charges that directly and/or indirectly are being charged to the clients‘ account(s) should be clearly mentioned in the client statement of account.
In case the Client gives no instructions to the Company, the Company may undertake such action as it may in writing have offered to take in the absence of such instructions. Where a Client has given no instructions the Company will notify the Client or his/her attorney or agent or legal representative as the case may be in writing setting out what action(s) the Company proposes to take and in the absence of any response to the contrary within two working of sending such written notice the Company shall proceed in carrying out the proposed course of action.
30.9 Scope of Liability
30.9.1 The Company will act with all due diligence in carrying out Client’s instructions in line with these terms and conditions and in handling Client’s funds.
30.9.2 The Company shall involve every custodian to which the Company delegates its duties to take proper care in performing its duties in line with the general terms and conditions and maintain the Client's portfolio and assets with the same care as the Company applies to their own funds.
30.9.3 The Company shall only carry out transactions on behalf of Clients in circumstances where it has authority to do so.
30.9.4 Where the Company has been given legal responsibility for the deduction and withdrawal of taxes, the Company shall provide the Client with all relevant receipts.
30.9.5 Neither the Company nor any Custodian will be responsible for insuring the Client's Assets in relation to any risk connected to possession and/or management of the Assets.
30.9.6 The Company will only be liable to the Client for expenses, losses or damage in case same are caused by deliberate non-performance of the responsibilities of the Company.
30.9.7 The Company will only be responsible for non-performance of any of its proven obligations resulting from actions or inactions of its employees only in relation to direct losses to the Client's Assets/portfolio and such liability will be limited to the market value of the Assets.
30.9.8 The Company will not be legally responsible for any charges, expenses or losses resulting from the depositing or crediting of funds to the Client's Account where the Company has carried out its duties in accordance with the General Terms and Conditions and such deposits or credits are subsequently discovered to be returned unpaid due to lack of funds, void or counterfeit For the avoidance of doubt the Company will bear no responsibility towards the Client for any charges, expenses and losses suffered by the Client emanating from common risks of investing.
30.9.9 The Company will not be liable for the safety of the Client’s Assets in the event of bankruptcy of counter-parties, custodians, custody and clearing institutions or banks, where the holding of accounts with such institutions was necessary for the performance of Client Orders.
30.10 Investor Compensation Fund (ICF)
CFI Markets Ltd is a member of the Investor Compensation Fund (ICF) for clients of Cyprus Investment Firms (CIFs). The Company is required to comply with the Markets in Financial Instruments Directive (MiFID) in the European Union and in the provisions of the Investment Services and Activities and Regulated Markets Law of 2007 (EC Law 144(I)/2007). The main purpose of the ICF is to protect the claims of clients against Cyprus Investment Firms in cases where the CIF has insufficient liquidity to meet such claims itself.
30.10.1 The ICF is bound to return to those clients all or part of funds owed to them or funds which belong to them but are held by the Company in the context of providing investment services to the said clients. Please note that the compensation amount payable is limited – see below
30.10.2 Similarly the ICF is bound to return to such clients any financial instruments which legally belong to them and which the Company involved holds, manages or keeps on the client’s account.
30.10.3 The ICF does not cover professional investors but only retail clients of the Company.
The total compensation payable to any retail Client of the Company which is a member of the ICF may not exceed €20.000, irrespective of the number of accounts held, the currency in which held and place of offering the investment service.
30.11 Rights and obligations of the Company
The Company is liable as follows:
30.11.1 The Company is fully responsible for the Client Account-opening procedure and for maintaining an adequate paper trail of records for opening and operating such Account and recording transfers of any payments involving the Client’s funds as directed by the Client.
30.11.2. The Company must provide the Client with such information as is available on the corporate activities of the Issuers and, upon written request of the Client, to provide the Client with a power of attorney and/or any other legal document permitting the Client to participate in voting or carry out any act accordingly to Applicable Law.
30.11.3 The Company has the right without referral to the Client for approval, to take any action acceptable or permitted under these terms and conditions except in circumstances where the Company has an interest in any transaction or a conflict of duty or interest or may be in possession of information relevant to any transaction contemplated which might materially adversely affect the outcome of the transaction from the Client’s perspective.
30.11.4 The Company is under the obligation to comply with the Instructions of the Client in relation to all administrative duties and those directly connected with the sale, exchange, replacement, purchase, transfer and other dealings involving the Assets of the Client.
30.11.5 The Company has the right to use the services of third parties for the fulfillment of the obligations of the Company in accordance with the General Terms and Conditions.
In the event that the Company becomes aware of a matter of dispute and/or conflict of interest in relation to a Client, the Company will disclose such matter to the Client prior to assuming responsibility for handling investment business for that Client or, if the Company does not consider that disclosure is a suitable means to handle the matter, the Company may choose not to proceed with the transaction or matter giving rise to the conflict.
For any enquiries regarding conflicts of interest please don’t hesitate to direct your questions to our Sales Representatives by calling us at +357 24 400270 or by sending us an email at email@example.com
The Company may from time to time add to or otherwise amend any of its Policies and Procedures whenever it finds this proper and once displayed on the web-site of the Company shall be considered published.
31. Financial benefit paid to third parties that introducing clients to the Company
According to Section 5 of the Directive for the professional competence of investment firms (DI144-2007-02 of 2012 & DI144-2007-02(A) of 2013), the Company shall act honestly, fairly and professionally in accordance with the best interest of a client if, in relation to the provision of an investment or ancillary service to the client, it pays or is paid any fee or commission, or provides or is provided with any non-monetary benefit, other than the following:
(a) a fee, commission or non-monetary benefit paid or provided to or by the client or other person on behalf of the client;
(b) a fee, commission or non-monetary benefit paid or provided to or by a third party or a person acting on behalf of a third party, where the following conditions are satisfied: the existence, nature and amount of the fee, commission or benefit, or, where the amount cannot be ascertained, the method of calculating that amount, must be clearly disclosed to the client, in a manner that is comprehensive, accurate and understandable, prior to the provision of the relevant investment or ancillary service; It is provided that the IF may, disclose the essential terms of the arrangements relating to the fees, commissions or non-monetary benefits in summary form, provided that it undertakes to disclose further details at the request of the client and provided that it honors that undertaking.
(c) the payment of the fee or commission, or the provision of the non-monetary benefit must be designed to enhance the quality of the relevant service to the client and not impair compliance with the IF's duty to act in the best interests of the client;
CFI Markets Ltd operates a lucrative reward system for our Partners. The fee or Commission are calculated automatically for all Business Finders and affiliates according to the total trading volume of the Clients. The Calculation is discussed separately depending on the partnership request sent from the Business Finders and affiliates, with an Appendix signed from both parties.
The information displayed on our website is directed at persons who are or intend to be clients and is not to be regarded as an offer to buy or sell, or the solicitation of an offer to buy or sell securities or investments in any jurisdiction.
CFI Markets Ltd do not offer investment advice or make any recommendations regarding investments. We only promote the products and services of the Company.
If you require more information about the Company, please click here (http://www.cfimarkets.com/en/pages/36/contact-us). Alternatively, if the client wishes to obtain personal advice as to whether any investment is suitable for his/her needs he/she should consult an independent financial adviser.
32.2 Client Categorization Policy
The Company is obliged under Applicable Regulations to obtain information on the Client’s knowledge and experience in the investment field and such information, inter alia, will help the Company categorize Clients in relation to Investment and Ancillary services offered to them.
Under Applicable Regulations, Clients will be categorized either as Retail, Professional or Eligible Counter-Party depending on the information provided when completing the Application Form. The Client is responsible for notifying the Company if his/ her personal circumstances change.
The Client has the right to request a different Categorization thus to increase or decrease the level of regulatory protection afforded. If a Client wishes a re-classification, he/ she needs to send a written request to the Company which shall review his/ her request and notify him/ her of the status.
It is understood that the Company has the right to review the Client Categorization and change his/her category if this is deemed necessary subject to Applicable Regulations.
Please also refer to Client Categorization section under General Terms and Conditions.
At CFI Markets Ltd, Clients trading accounts are classified as below:
A Client who makes any deposit and/or transaction for less than 3 (three) consecutive months is considered as active client.
A Client who didn’t make any deposit and/or transaction for 3 (three) consecutive months is considered as inactive client.
A Client with zero balance who did not make any trade for 2 (two) years or a client with any balance who did not trade for more than 5 (five) years is considered as dormant client.
A Client can request via letter and/or email and/or by any other means accepted by the Company to close his/her trading account. When such occurs, then his/her trading balance should be transferred to the client’s Bank account or PSP, as per the client’s instructions and a confirmation of closing account should be followed.
Client won’t receive a notification email once his categorisation will change, such classification are considered internally.
In case the client does not do any transaction in his trading account from January to November, he/she will be charged an inactive account fee of $100 (only one hundred dollars), in December of every year. The said fee will never exceed the balance of the account.
32.3 General information on the strategy to manage conflicts of interest
A conflict of interest arises when, in the course of providing investment or ancillary services or investment activities, the interests of the investor could be damaged to the advantage of the Company, its managers, employees, agents working with CFI Markets Ltd or to the advantage of another client.
The procedure adopted by the Company to manage conflicts of interest is based on the following key principles:
Duty to act honestly and fairly: in providing investment and/or ancillary services, CFI Markets Ltd shall act with propriety, fairness and professionalism, to serve the interests of its clients to the best of its abilities;
Duty of identification: CFI Markets Ltd identifies the circumstances which give rise or could give rise to a conflict of interest that could seriously damage the interests of one or more clients;
Duty of organization: CFI Markets Ltd specifies procedures to be followed and organizational measures to be adopted for managing individual conflicts.
Any prices and other information on this website are solely to enable the client to make his/her own investment decisions and do not constitute personal recommendations or advice. We sometimes use data from third party suppliers. Such organizations may interpret data differently to CFI Markets Ltd. This occasionally leads to inconsistencies between third party and CFI Markets Ltd data. Please be aware of this when comparing information on these pages.
Past performance is not a guide to future performance. The value of your investment will depend on the performance of each transaction and will vary from day to day in line with the equity available. The client may not get back the amount of your original investment.
Details of the latest estimated yields and prices for all products can be found in the Prices section of the Trading Platform we use (MetaTrader 4) or can be obtained by contacting us.
Whilst the Company uses every reasonable effort to ensure that the information contained on this website is current and accurate at the date of publication, no warranties are given, whether express or implied, as to the reliability, accuracy or completeness of the information.
No liability is assumed for any use, or misuse, of the information presented on this website.
CFI Markets Ltd takes all reasonable steps to ensure the security of the website and the client’s personal information. However, the nature of the internet is such that we cannot give an absolute guarantee of security.
As the client is probably aware, internet email cannot be guaranteed and is not secure. We recommend that the client does send any confidential information to us by email. If the client chooses to send any confidential information then he/she does so at his/her own risk. Instructions sent by the client via email, and to this website, are processed exclusively at the client’s risk.
Whilst CFI Markets Ltd uses every reasonable effort to maintain the availability of this website we cannot guarantee this. This website may also change from time to time and we cannot guarantee the continuation of the services offered through it.
This website may contain, or be linked to, advice or statements from third parties. CFI Markets Ltd makes no representation as to the accuracy, completeness, timeliness or suitability of such information and we have not, and will not, review or update such information and caution the client that any use made of such information is at the client’s own risk. Some of the information contained on this website may also have been prepared or provided by third parties and may not have been verified by us. CFI Markets Ltd hereby excludes any liability arising out of any preparation or provision of such information for this website and makes no warranty as to the accuracy, suitability or completeness of any such information.
The links we provide from this website to other websites are provided for information only. We do not assume any responsibility or liability with respect to any website accessed via our website. We do not monitor or review any of the websites accessible through these links. Once you have used these links to leave this website you should note that we do not have any control over that other website. We therefore cannot be responsible for the protection and privacy of any information that you provide whilst visiting such websites and such websites are not governed by these Terms & Conditions. The client should exercise caution and look at the privacy statement applicable to the website in question.
The presence of any advert on this website is not an endorsement of the goods, services or website advertised.
We may, at any time, assign any or all of our rights or obligations under these Terms & Conditions to any suitable group or party, or to any person which takes over from us all, or substantially all, of the business, which operates this website or provides the services available through it. We shall notify the client of any such assignment, and with effect from the date of such notice or such later date as is specified by us, save to the extent otherwise specified by us in the relevant notice:
(a) all rights to enforce the client’s obligations under these Terms & Conditions shall pass to our assignee; and
(b) our assignee shall perform all of our obligations under these Terms & Conditions, and you shall release us therefrom.
Any rights granted to the client and obligations incurred by the client under these Terms & Conditions are personal to the client and may not be transferred to any third party. We may, at any time, sub-contract the performance of all or any of our obligations under these Terms & Conditions. If we do not exercise any right or remedy which we have under these Terms & Conditions this does not mean we have waived our right to it or any other right or remedy of ours.
If any term or provision of these Terms & Conditions shall be unlawful, void or for any reason unenforceable, then that provision shall be deemed severable and shall not affect the validity and enforceability of the remaining terms or provisions, but such term or provision will be deemed modified to the extent necessary to render such term or provision enforceable.
Complaints sent by clients to the CFI Markets Ltd registered office address are centralized within the Compliance Department and processed by the relevant internal units (Legal & Compliance). Any complaints by clients or potential clients may be addressed to CFI Markets Ltd.
Complaints must contain as a minimum:
The contents of this web-site are governed by Cyprus law and you agree to submit to the exclusive jurisdiction of the Cyprus courts.
33. Trial Account Terms and Conditions
By choosing the trial account function available through the Company’s website, the client agrees to the following terms and conditions:
CFI Markets Ltd provides the trial account “as is”. There are no warranties, guaranties or representations as to merchantability, fitness for a particular purpose or other warranties, conditions, guaranties or representations, whether express or implied, in Law or in fact, oral or in writing, except as expressly stated in this Agreement. Under no circumstances will CFI Markets Ltd be liable for any indirect, incidental, special, punitive or consequential damages (including, without limitation, loss of revenue, loss of profits, or loss of data), even if the Company was advised of the likelihood of such loss or damage and regardless of the cause of action under which those damages are sought. CFI Markets Ltd will have no liability for any loss the client incurs due to the failure or malfunction of any computer hardware or software or transmission device or service utilized unless such failure or malfunction directly results from the Company’s gross negligence or wilful misconduct.
The trial account function and any related software is provided for the client’s personal, non-commercial use only. The client may not reproduce, display, modify, re-distribute or commercially exploit the trial account function or any related software without prior written approval of the Company. The Company and its third party information providers reserve all rights to proprietary information and intellection property associated with the trial account function and any related software, including without limitation any patents, trademarks, copyrights, and service marks.
All information submitted to or collected by the Company through or in connection with the client’s use of the trial account function, including all registration data, clickstream data, and hypothetical trading data, will be the property of the Company. It is hereby clearly stated that the Company will be free to use it in accordance with the Company’s business practices. CFI Markets Ltd will be free to use such information without restriction if such information is aggregated with other data or otherwise processed such that it cannot be attributed to or associated with the client.
Nothing in the trial account function should be construed as an offer to buy or sell any product or financial instrument or enter into any transaction. The trial account function is provided for informational purposes only and without regard to any person’s investment objectives, financial situation, or investment experience. Products, transactions, features, and systems depicted in the trial account function are available only where and as permitted by applicable laws, and the Company and its affiliates may not make them available to the client or in his/her location. The trial account function does not constitute financial, investment, trading, or other advice or recommendation.
The trial account function is made available by the Company at no charge to the client. Although the trial account function simulates trading and trading results, it does not reflect actual trades. All “gains” and “losses” are hypothetical (notional) and do not reflect results of actual trading. The results of actual trading may be substantially different. The trial account function does not take into account the client;s financial situation or trading experience, or the appropriateness of any transaction or strategy for you. The client may enter into actual trades only if he/she applies and is approved to do by the Company.
The Company may terminate the client’s access to the trial account function at any time and without notice in its sole discretion, and may modify any portion of the trial account function at any time and without notice.
34. Hedging Feature
The Metatrader 4 system allows the feature of hedging; i.e. opening opposite direction positions on same pairs/trading instruments. The client understands that while having an opposite position on a same pair/trading instrument off sets the exposure on that pair/instrument and fixes the floating profit/loss on the part hedged at the moment it is hedged, the client will still have an exposure on some pairs if his floating profit/loss is in one currency and his account is denominated in another. Accordingly, and in such cases, his floating profit/loss will increase/decrease relevant to the fluctuation of the net floating profit/loss base currency amount vs the currency in which the account is denominated. For example, when hedged positions are opened in usd/jpy and the account is denominated in USD, his account equity will be subject to fluctuation according to the usd/jpy rate fluctuation on the floating profit/loss amount.
CFI Markets will have the option at its discretion to close hedged positions as defined in this paragraph that remain hedged for over a period of two weeks or at any time at its choice if clients equity (balance plus floating result) will approach zero level.
35.1 Foreign Account Tax Compliance Act “FATCA”:
In compliance with the Foreign Account Tax Compliance Act “ FATCA”, concerning the application of tax regulations and Laws on every physical person residing outside the United States of America and therefore binding the banking and financial foreign institutions outside the United States of America to declare any accounts they have in the name of any of: The holder of the American nationality; Holder of Green card; Residing in the united states in a permanent way or for a period not less than 183 days provided that is calculated according to the American tax law; Companies registered in the United States of America; Companies registered outside the United States of America where the above mentioned possess 10% of its capital and more.
In order to enable CFI Markets Ltd to abide and comply with this Law, the Client hereby authorize CFI Markets Ltd to submit the requested declaration to the competent American authorities concerning all the accounts opened in his/her name at CFI Markets Ltd, whether separately and/or jointly with any person, basic and/or numbered, and that in case he/she holds the American nationality or obtain it later, and/or he/she is holder of a green card currently and/or he/she will be in the future, whether resident in a permanent way in the United States of America or stayed there for a period not less than 183 days provided that is calculated according to American Tax Law and/or he/she received any revenues originated from the United States of America.
At CFI Markets Ltd, we do not accept Clients holders of American nationalities and residency, in that respect Client should acknowledges that he/she is not a U.S Citizen or any of the following apply to him/her:
a) Born, Resident or Citizen in the United States
b) Born outside the United States of a US parent or Holder of Green Card or Applied for American Citizenship
c) Holder of Dual Citizenship, of which one is the United States
d) Visited the United States during the last 5 years
e) Have a U.S. mailing or residential address (including a U.S post office box)
f) Pay U.S. Annual Income
g) Has abandoned a U.S Citizenship
h) He/She is an American Native
i) Have Financial/Economic interests in the U.S.
j) A family member is a holder of an American Citizenship
k) Resided in the U.S
Client should confirm that have carefully read and understood this acknowledgement and he/she has no relation to the United States of America in any way and he/she exempts CFI Markets Ltd from the obligation of banking secrecy for what was mentioned above and you remove any responsibility on CFI Markets Ltd in this regard. Furthermore, if he/she obtains in the future the American nationality or the green card or in case any of the said conditions was provided, Client is kindly requested to immediately inform CFI Markets Ltd accordingly.
35.2 Common Reporting Standard Requirements “CRS”:
The Cyprus Government signed on 29 October 2014, the Multilateral Competent Authority Agreement for the automatic exchange of financial account information developed by the OECD, known as Common Reporting Standard (CRS). As of December 2015, 103 jurisdictions (including Cyprus) have adopted CRS. A full list of the participating jurisdictions can be found here. Further information regarding the above mentioned Agreement and the CRS can be found at the OECD official website. In addition, kindly refer to the EU Directive 2014/107/EU which is the European Directive regarding the ‘mandatory automatic exchange of information in the field of taxation’.
From1st January 2016, all local Financial Institutions (including CIFs), will need to comply with the requirements of the CRS and contact customers to collect certain information. Specifically, the collection of information will affect:
a) holders of new accounts opened on or after 1st January 2016; and
b) certain holders of pre-existing accounts, i.e. accounts which were in existence on 31 December 2015.
This information will consist, among other, of their jurisdiction(s) of tax residence and respective Tax Identification Number (TIN).
In this respect, please note that the following shall be taken into consideration:
a) For every account opened on or after 1st January 2016, all relevant information regarding CRS should be in place. The Financial Institutions shall request to provide the Company with a self-certification form which will determine their residence(s) for tax purposes and provide their tax identification number(s);
b) At CFI Markets Ltd, all the below mentioned information are requested through the online questionnaire which the clients need to fulfill.
c) The information which are mandatory to be requested are as follows:
The Client should held fully responsible regarding the information provided in relation to his tax residency, TIN and permanent address. Furthermore, if the Client obtains in the future any update in regards to his CRS status, Client is kindly requested to immediately inform CFI Markets Ltd accordingly. CFI Markets Ltd will be responsible only on the information provided from the client himself.
Fx & CFDs trading involves a high level of risk