The website www.global-trade.io, in the registered address xxxx, xxxxxx, P.O Box xxxx, xxxx
Terms in this Agreement can be found on Global Trade website www.global-trade.io. If you agree to these Terms and Conditions, and wish to use the Services provided by Global Trade, please click on the “I Agree” button. This Agreement together with all additional rules, policies and disclaimers published on the website www.global-trade.io or otherwise notified to you will constitute a binding agreement between you and the Company and this Agreement constitutes a “written signed by you” under any applicable law or regulation. This Agreement is subject to change by the Company without prior notice, by posting of the revised Contests Agreement on the Company’s website. Note that any violation of this Agreement may result in termination of your Account with the Company.
2. Services Provided
Subject to the terms and conditions of this Agreement and acceptance of Customer’s application to open an Account with Global Trade, Global Trade will maintain one account in Customer’s name and will effect cash settled transactions with and for Customer in the international Over-the-Counter Foreign Currency (foreign exchange) and CFD markets on a spot basis, and organize electronic trading competitions among its customers, and provide such other services and products as Global Trade may, in its sole discretion, determine from time to time in the future. Unless expressly stated otherwise in writing, all Contracts and other transactions entered into between Global Trade and Customer shall be governed by the terms of this Customer Agreement, as amended from time to time (including, without limitation, Global Trade Trading Policies and Procedures).
3.Represantations And Warranties
As of the date hereof, the date of each Contract and other transaction in Customer’s Account and any date on which Global Trade Risk Disclosure Statement or Trading Policies and Procedures are revised, updated or amended, Customer represents and warrants to Global Trade and agrees for the benefit of Global Trade that:
- If Customer is a natural person, Customer is of sound mind, legal age (18 years old) and legal competence.
- If Customer is not a natural person, (i) Customer is duly organized and validly existing under the applicable laws of the jurisdiction of its organization, (ii) execution and delivery of this Agreement and all Contracts and other transactions contemplated hereunder and performance of all obligations contemplated under this Agreement and all Contracts and other transactions contemplated hereunder have been duly authorized by Customer, and (iii) each person executing and delivering this Agreement and all Contracts and other transactions contemplated hereunder on behalf of Customer performing the obligations contemplated under this Agreement and any Contract and other transaction contemplated hereunder on behalf of Customer, has been duly authorized by Customer to do so.
- Execution and delivery by Customer of this Agreement and all Contracts and other transactions contemplated hereunder, and performance of all of Customer’s obligations contemplated under this Agreement and any Contract and other transaction contemplated hereunder, will not violate any statute, rule, regulation, ordinance, charter, by-law or policy applicable to Customer.
- Customer has full beneficial ownership of Customer’s Account. Customer has not granted and will not grant a security interest in Customer’s Account with Global Trade (other than the security interest granted to Global Trade hereunder) to any person without Global Trade prior written consent. Customer has full beneficial ownership of all collateral and will not grant any security interest in any Collateral to any person (other than the security interest granted to Global Trade hereunder) without Global Trade prior written consent.
- Customer will execute and deliver all documents, give all notices, make all filings and take such other actions as Global Trade, in its sole discretion, deems necessary or desirable to evidence or perfect any security interest in favor of Global Trade or to protect Global Trade interests with respect to any Collateral.
- Customer has read and understands the provisions contained in this Agreement, including, without limitation, Global Trade Risk Disclosure Statement and Trading Policies and Procedures, Customer will review the Agreement each time it is amended. Customer will not affect any Opening Transaction in Customer’s Account unless Customer understands Global Trade revised Agreement, and Customer agrees that in effecting any Opening Transaction it is deemed to represent that it has read and understands Global Trade revised Agreement as in effect at the time of such Opening Transaction.
- Customer has either: (x) effected foreign currency and spot metal transactions with Global Trade or with other foreign currency dealers for at least six (6) months or (y) Customer agrees to trade on Demo Trading System available to him/her on the website, and acknowledges that Global Trade may, in its sole discretion, decline to permit any real trades to be effected in Customer’s Account until Customer has, in Global Trade sole judgment, satisfactorily traded on the Demo Trading System.
- Customer agrees to comply with all applicable law. You may not use your personal account with Global Trade for any illegal activity.
- All information provided by Customer to Global Trade, including information regarding Customer’s trading experience and investment sophistication, is true, correct and complete, and Customer will notify Global Trade promptly of any changes in such information.
Customer authorizes Global Trade to purchase and sell physically settled and cash settled Foreign Exchange Contracts and other Contracts for Difference (CFDs) on a spot basis for Customer’s Account in accordance with Customer’s
instructions received through the Global Trade Online Trading System or via telephone to the Global Trade Trading Desk, subject to the terms of this Agreement, including the Annexes hereto and the Customer Account Application, including any
applicable addenda thereto.
Customer agrees to be conclusively responsible for any instruction received electronically that is identified with Customer’s password and Account number and for any electronic, oral and written instruction (including, but not limited to, any Order) to Global Trade from persons Global Trade, in its sole judgment, believes are apparently authorized by Customer. If Customer’s Account is titled as a joint account, Global Trade is authorized to act on the instructions of any one owner, without further inquiry, with regard to trading in the Account and the disposition of any and all assets in the Account.
Global Trade shall have no responsibility for further inquiry into such apparent authority and no liability for the consequences of any actions taken or failed to be taken by Global Trade in reliance on any such instructions or on the apparent authority of any such persons.
- Pricing Information. Global Trade will make available, by posting on the Global Trade Online Trading System or by telephoning the Global Trade Trading Desk, Bid Prices and Ask Prices at which Global Trade is prepared to enter Foreign Currency Contracts, and any other contracts for difference (CFDs) with Customer. Each Bid Price or Ask Price shall be for a Spot Contract with a specified Value Date and shall specify each Eligible Foreign Currency or tradable U.S. dollar-based currency pairs involved where applicable. Global Trade expects that these prices will be reasonably related to the bid prices and ask prices available in the market at that time for similar transactions, but a number of factors, such as communication system delays, high volume or volatility can result in deviations between prices quoted by Global Trade and other sources. Global Trade makes no warranty, express or implied, that Bid Prices and Ask Prices represent prevailing bid prices and ask prices. In addition, these Bid and/ or Ask Prices may reflect, at the direction of any Introducing Broker, additional pips added to the BID and/or ASK price that may result in an increase of the dealable spread available for the Customer’s account as well as a per trade or per lot commission and/or fees. See Section 11-Charges.
- Order Execution. Global Trade will attempt to execute all Orders that it may, in its sole discretion, accept from Customer in accordance with Customer’s instructions received through the Global Trade Online Trading System or via telephone to the Global Trade Trading Desk. In cases where the prevailing market represents prices different from the prices Global Trade has posted on our screen, Global Trade will attempt, on a best efforts basis, to execute trades on or close to the prevailing market prices. This may or may not adversely affect customer realized and unrealized gains and losses. All Contracts made and entered into by Global Trade hereunder will be entered into by Global Trade as principal. Customer acknowledges, understands and agrees that Global Trade is not acting as a broker, intermediary, agent, and advisor or in any fiduciary capacity. Notwithstanding the provisions of this Paragraph, Customer acknowledges, understands and agrees that all non-market orders such as Limit Orders, Stop/Loss Orders, One Cancels the Other Orders, Day Only Orders, and Good till Cancelled Orders, are accepted by Global Trade and undertaken on a “best-efforts basis” in accordance with the relevant provisions of the Trading Policies and Procedures, as amended from time to time
- Transmission. Global Trade shall have no responsibility for delays in the transmission of orders due to disruption, failure or malfunction of communications facilities and shall not be liable for any claims, losses, damages, costs or expenses, including attorneys’ fees, to any person or entity arising other than as a direct result of Global Trade’s gross negligence.
- Position & Trading Limits. Global Trade reserves the right to limit the number of Open Positions that Customer may enter or maintain in Customer’s Account. Global Trade reserves the right, in its sole discretion, to refuse to accept any Order opening a new position or increasing an Open Position.
5. Margin Requirements
Customer shall provide to and maintain with Global Trade Margin in such amounts, in cash or other such forms, and within such limits as Global Trade, in its sole discretion, may from time to time require. Customer’s Account will be under the control of Global Trade may change Margin requirements at any time, without prior notice to Customer, and may call for additional Margin (“Margin Call”) at (x) any time Customer’s Margin Balance falls below Global Trade’s Minimum Margin Requirement as applied to that Account, and (y) any time Global Trade, in its sole discretion, believes that it is prudent to do so. Global Trade may at any time liquidate Customer’s Account in accordance with Paragraph 8. Global Trade may withdraw funds from the Customer’s account without notice: (x) to ensure that Posted Margin equals or exceeds Required Margin, and (y) to satisfy any payment obligation to Global Trade, including commissions, fees and charges in respect of Customer’s Account.
6. Security Agreement
In order to secure any indebtedness or other obligations at any time owing from Customer to Global Trade, including, without limitation, (i) indebtedness or other obligations under any Account, Contract or other transaction with Global Trade, or (ii) any indebtedness or other obligations resulting from any guarantee by Customer of any Account, Contract or other transaction with Global Trade, Customer hereby assigns, pledges and grants to Global Trade a security interest in and right of setoff against: (i) all of Customer’s Accounts with Global Trade, (ii) all Contracts, cash, securities and other property in Customer’s Account at Global Trade or delivered or otherwise provided by Customer to secure its indebtedness or other obligations to Global Trade or in Global Trade’s possession or control for any purpose (including safekeeping), and (iii) all products and proceeds of the foregoing (collectively, (i), (ii) and (iii) are referred to as “Collateral”). At any time, in Global Trade’s sole discretion and without prior demand or notice, Global Trade may apply any or all cash (or sell or buy in any such Contracts, securities or other property and apply the proceeds there from) to any such indebtedness or other obligations, notwithstanding that such indebtedness or other obligations arise in an Account other than the Account in which the cash, Contracts, securities or other property were held or Global Trade. Global Trade shall have the right to sell, pledge, rehypothecate, assign, invest, commingle and otherwise use any Collateral it holds (including, but not limited to, using the Contracts as collateral for a loan to Global Trade) free from any claim or right of any nature whatsoever of the Customer, including any equity or right of redemption by the Customer and to register any Collateral in the name of Global Trade, its custodian or a nominee for either. Any failure by Global Trade to enforce its rights hereunder shall not be deemed a future waiver of such rights by Global Trade. Global Trade is irrevocably appointed as attorney-in-fact for Customer and is authorized, without notice to Customer, to execute and deliver any documents, give any notice and to take any actions on behalf of Customer, including the execution, delivery and filing of financing statements, that Global Trade deems necessary or desirable to evidence or to protect Global Trade’s interest with respect to any Collateral. In the event that the Collateral deemed acceptable to Global Trade (“Eligible Collateral”) is at any time insufficient to satisfy Customer’s indebtedness or other obligations to Global Trade, including obligations to provide Margin in accordance with Paragraph 5 hereof, Customer shall promptly pay upon demand the entire amount of such deficit.
7. Settlement Date – Rollovers – Delivery
In cases where transactions are executed for physical delivery, instructions on the settlement of Open Positions must be given to Global Trade at least two (2) Business Days prior to the Value Date. In the absence of instructions from Customer directing Global Trade to deliver, offset, or roll over Open Positions, Global Trade is authorized, in Global Trade’s sole discretion, to deliver, roll over or offset all or any portion of the Open Positions in Customer’s account at Customer’s risk. Delivery of Foreign Currency shall be made to the bank specified by the purchaser in a major city in the country in which the Foreign Currency is the legal tender. Unless otherwise agreed by Global Trade and Customer in writing, the Foreign Currency shall be deliverable by wire transfer. Global Trade may require payment of amounts due from Customer to Global Trade prior to 12:30 GMT on any day prior to payment of amounts due and payable by Global Trade to Customer on that day. Global Trade and Customer shall exchange, make use of, and periodically update and confirm any standing payment instructions. Sufficient funds to take delivery or the necessary delivery documents must be in the possession of Global Trade If instructions, funds and documents are not received by Global Trade by the specified time, Global Trade may, in its sole discretion and without notice to Customer, offset Customer’s Open Positions, roll over Customer’s Open Positions into the next settlement time period, or make or receive delivery on behalf of Customer upon any terms and by any methods deemed reasonable by Global Trade, in its sole discretion. Terms and/or methods for delivering, offsetting, or rolling over Customers’ Open Positions may differ on a Customer-by-Customer basis relative to the current balance in the Customer’s account.
8. Liquidation Of Accounts And Deficit Balances
In the event of: (a) an Event of Default; (b) insufficient Margin, or Global Trade’s determination that any Collateral deposited to protect Customer’s account is inadequate, regardless of current market quotations, to secure Customer’s account; or (c) any other circumstances or developments that Global Trade, in its sole discretion, deems appropriate for its protection, Global Trade may, in its sole discretion, take one or more, or any portion, of the following actions: (1) satisfy any obligation Customer may have to Global Trade (either directly or by way of guarantee or suretyship) out of any of Customer’s funds or property in the custody or control Global Trade, (2) sell or purchase any or all Contracts and any securities or other property held or carried for Customer, and (3) cancel any or all outstanding Orders or Contracts or other transactions or commitments made by or on behalf of Customer. Any of the above actions may be taken without demand for Margin or additional Margin, without prior notice of sale or purchase or other notice to Customer, Customer’s legal representatives, heirs, executor, administrator, trustee, legatee, successors or assigns and regardless of whether the ownership interest is held individually or jointly with others. Any prior demand or notice of sale or purchase shall not be considered a waiver of Global Trade right to sell or buy at any time in the future without demand or notice as provided above. In liquidation of Customer’s Long Positions and Short Positions, Global Trade may, in its sole discretion, offset in the same settlement or it may initiate new Long Positions or Short Positions in order to establish a spread or straddle that in Global Trade sole judgment may be advisable to protect or reduce existing positions in Customer’s account. Any sales or purchases may be made according to Global Trade judgment and in its sole discretion in any interbank, Over-the-Counter or other exchange market where such business is then usually transacted or at a public auction or private sale, and Global Trade may purchase the whole or any part thereof free from any right of redemption. Customer shall only be liable for the payment of any deficit balance in Customer’s account upon demand by Global Trade where such deficits are the result of a mark to market after a weekend or holiday. In such cases, Customer shall be liable for any deficiency remaining in Customer’s account in the event of the liquidation thereof in whole or in part by Global Trade or by Customer. In the event the proceeds realized pursuant to liquidation are insufficient for the payment of all liabilities of Customer due to Global Trade, Customer shall promptly pay upon demand the entire amount of any such deficit, together with all other deficits and all unpaid liabilities of Customer, including, but not limited to, all costs of enforcement and collection, such as, but not limited to, attorneys’ fees, witness fees and travel expenses, interest on any such deficit and liabilities at a rate equal to three (3) percentage points above the then prevailing prime rate at Global Trade principal bank or the maximum interest rate allowed by law, whichever is lower. In the event Global Trade incurs expenses other than for the collection of deficits, with respect to Customer’s account, Customer agrees to pay such expenses.
At this time Global Trade charges no brokerage fees. Global Trade is compensated for its services through the bid/ask spread and/or commissions. Global Trade may charge for incidental banking related fees such as wire charges for deposits/withdrawals and returned check fees. Global Trade reserves the right to change its fee structure at any time without notice. When Global Trade organizes trading competitions among its customers, Global Trade may charge fees to participants to such trading competitions. Fees do not currently but may in the future include such things as statement charges, order cancellation charges, account transfer charges, telephone order charges or fees imposed by any interbank agency, bank, contract, market or other regulatory or self-regulatory organization arising out of Global Trade provision of services hereunder. Customer may incur additional fees for the purchase of optional, value added services offered by Global Trade. Additional commission or spread markups may be applied to clients’ accounts that are introduced by Introducing Brokers or Money Managers.
10. Refunds And Withdrawals
We reserve the right to impose withdrawal limits and withdrawal fees in our systems, at any time.
Upon submitting a withdrawal request you may be required to submit documentation as required by applicable “Anti-Money Laundering (“AML”) & Know Your Customer (“KYC”) Legislation” and/or any other similar rules and regulations applicable to us. When a withdrawal or refund is performed, we reserve the right (but shall under no circumstances be obliged) to remit the funds to the same remitter from, and by the same payment method through which such funds were initially received by us. In that connection, we reserve the right, at our sole discretion, (a) to decline withdrawals via certain specific payment methods, (b) to require another payment method as the one indicated in any withdrawal request, in which instance a new withdrawal request may have to be submitted, and/or (c) to require that further documentation be submitted, as required by applicable “Anti-Money Laundering (“AML”) & Know Your Customer (“KYC”) Legislation” and/or any other similar rules and regulations applicable to us, before proceeding with any withdrawal request.
If we are unable to remit the funds, or any partial amount thereof, to the same remitter from, and by the same payment method through which such funds were initially received by us, we reserve the right (but shall under no circumstances be obliged) to transmit the funds selected by us, at our sole discretion, in any currency we deem fit (regardless of the currency in which the initial deposit was made). Under these circumstances, we shall not be responsible for any transfer fees or charges charged by the receiver and/or for any currency exchange rates resulting from the payment of such amount.
Withdrawal requests that are accepted and approved by us in accordance with the terms of this Agreement are, in principle, processed within one Business Days following the receipt of the transfer request instructions. The amount to be transferred reduces the balance of the relevant account from which such transfer is to be made, when the transfer request process is concluded. We reserve the right (a) to decline a withdrawal request if the request is not in accordance with the provisions of this Section, or (b) to delay the processing of the request if we are not satisfied with the ancillary documentation submitted with the withdrawal request.
You agree, when we so request, to pay any bank transfer fees incurred when you are withdrawing funds from your account or when funds are refunded by us to your designated bank account. You are solely responsible for the payments details you are providing us with and we do not accept any responsibility for your funds, if the payment details you have provided to us are incorrect or incomplete. It is also understood that we do not accept any responsibility for any funds that are not directly deposited into our bank accounts.
11. Complaint Handling Procedures
As part of our commitment to providing the best possible service to our clients, we uphold effective and transparent procedures for prompt complaint handling for existing and potential retail clients, we maintain records of
complaints and measures taken for complaint resolution, in line with Applicable Laws, Rules and/or Regulations.
We will attempt to deal with your complaint in a prompt and efficient manner. We will follow the procedures outlined below to ensure that your complaint is resolved within a period of thirty (30) business days (where possible). Some complaints can be resolved more quickly depending on the facts and the nature of the complaint. If the complaint is more complex and takes longer than thirty (30) business days to resolve, we will communicate the reasons for the delay.
Any complaint or dispute or difference whatsoever between us, must be dealt in accordance with the Complaint Handling Procedures set forth herein and you agree that we shall have the right to resolve any complaint or dispute or difference whatsoever between us in accordance with the Complaint Handling Procedures set forth herein.
How to make a complaint
- Clients who wish to file a complaint must do so in writing and address it to our Complaints Officer, at any time, via email, along with attachments of the documentation as outlined below. All complaints will be handled by the Complaints Officer who will independently and impartially investigate and handle the complaints, according to the procedures set forth herein. All complaints shall be treated fairly, consistently, promptly and with confidentiality.
- The following information and documentation should, wherever possible, be obtained and recorded and provided to the Complaints Officer as part of your complaint, in order to ensure that the complaint is expedited in the most efficient and fair manner: (a) Account Number/User ID, (b) Full name of client, (c) Contact details and address for client, (h) Details of the complaint (including time and date the matter leading to the complaint occurred, the representative(s) involved in the complaint, (i) Nature of the complaint, (j) Remedies sought, (k) Attach any documentation or other material that may assist in the resolution of the complaint (including an initial written response to the allegations by the representative(s) involved).
- Upon receipt of a complaint, written acknowledgment will be sent to you via email within five (5) business days from the date the complaint was received. This will confirm that we are taking the necessary action needed to resolve the complaint, and will also provide an approximate timescale required in order to do so.
- Once we have completed the complaint’s investigation, we will inform you again of the resolution of the complaint via email and provide you a summary outcome of our investigation. Where appropriate, it may also include a final offer of redress. Such email will be marked clearly as the final response.
- We will attempt to send the final response within thirty (30) business days of receiving your complaint, or ten (10) business days after your acceptance or rejection of any offer of redress (where applicable), whichever comes first. This may not always be possible as sometimes the complexity of the complaint may require more time to investigate fully. We will always abide by regulatory guidelines in relation to a complaint and as such, we will always ensure that complainants are kept informed about their complaint and our activities in response to their complaint.
Monitoring of complaints
We keep detailed records on individual complaints and we maintain an internal register of complaints where all relevant information and progress of each complaint is kept.
12. Introducing Brokers
If Customer’s account has been introduced to Global Trade by an Introducing Broker (“IB”), Customer understands and acknowledges that Global Trade may compensate Introducing Broker for introducing Customer to Global Trade and that such compensation may be on a per trade or other basis. The following is an allocation of responsibilities for each entity. It is intended to be a general disclosure and not a definitive enumeration of each and every responsibility. The Introducing Broker shall have the following responsibilities with respect to Customer’s account:
- Contacting, soliciting and/or communicating with Customer regarding investment opportunities and objectives.
- Complying with all laws, rules and regulations applicable to any arrangement or understanding that IB and Customer may have.
- Determining any commissions and fees, whether on a per trade basis or other basis, to be charged for Customer’s transactions, in addition to Global Trade standard commissions and fees. As the clearing firm for Customer’s account, Global Trade shall have responsibility for performing the following services:
- Opening, approving and servicing Customer’s account(s), including obtaining and verifying new account information as required by law and regulation.
- Maintaining account records on Customer’s behalf.
- Accepting and executing transactions in Customer’s account(s).
- Determining margin, rolling over of open positions, liquidating under-margin positions, and supervising rehypothecation of any funds in Customer’s account(s).
- Debiting from Customer’s account any commissions or fees owed to IB or other third party.
- Preparing and transmitting to Customer monthly or, if appropriate, quarterly account statements electronically.
- Responding to inquiries or complaints regarding Customer’s account.
13. US Citizens And Residents
According to CFTC regulation regarding FX trading, Global Trade doesn’t open accounts to US citizens and residents.
14. Trade Confirmations
Trades executed online will be confirmed online at the time of the trade and trades entered into by telephone will be confirmed verbally and online by 21:30 GMT on the day of execution. Reports of the confirmation of orders and statements of accounts for Customer shall be deemed correct and shall be conclusive and binding upon Customer the sooner of: (x) two (2) Business Days after transmittal to Customer by posted mail or (y) immediately with respect to Orders confirmed via the Global Trade Online Trading System. Customer may object to confirmations and statements by telephone within the time frames identified above, but any such objection must be confirmed by e-mail in writing within two (2) Business Days thereafter to Global Trade, (which confirmation shall be deemed received only if actually delivered or mailed by registered mail, return receipt requested to Global Trade at such address). Failure to object shall be deemed ratification by Customer of all actions taken by Global Trade or Global Trade agents prior to Customer’s receipt of such reports. Customer’s failure to receive a trade confirmation shall not relieve Customer of the obligation to object as set out herein. Customer agrees to immediately call to Global Trade attention any oral information that Customer has reason to believe is inconsistent with Customer’s own information. Customer understands, acknowledges and agrees that errors, whether resulting in a profit or loss to Customer, shall be corrected, and Customer’s account will be credited or debited in such manner and extent as to place Customer’s account in the same position in which it would have been had the error not occurred.
Reports, statements, notices and any other communications from Global Trade may be transmitted to Customer by placement on Global Trade Website, or (y) mail, or other delivery service to Customer’s current address as reflected on Global Trade records. Customer shall notify Global Trade immediately of any change in Customer’s address by email or by mail or other delivery service to Global Trade. All communications sent by Global Trade shall be deemed effective when deposited by Global Trade in the mail or with another delivery service, or when received by a transmitting agent (such as an Internet service provider) for transmission to Customer,whether actually received by Customer or not. All communications sent by Customer shall not be deemed effective until accepted by Global Trade.
16. Global Trade Responsibilities
Global Trade shall not be liable to Customer for any claims, losses, damages, costs or expenses, including attorneys’ fees, caused, directly or indirectly, by any events, actions or omissions, including, without limitation, claims, losses, damages, costs or expenses, including attorneys’ fees, resulting from civil unrest, war, insurrection, international intervention, governmental action (including, without limitation, exchange controls, forfeitures, nationalizations, devaluations), natural disasters, acts of God, market conditions, inability to communicate with any relevant person or any delay, disruption, failure or malfunction of any transmission or communication system or computer facility, whether belonging to Global Trade, Customer, any market, or any settlement or clearing system.
17. Intellectual Property And Confidentiality
All copyright, trademark, trade secret and other intellectual property rights in the Global Trade Online Trading System (“Trading System”) shall remain at all times the sole and exclusive property of Global Trade and/or its 3rd party service providers and Customers shall have no right or interest in the Trading System(s) except for the right to access and use the Trading System(s) as specified herein. Customer acknowledges that the Trading System(s) are confidential and have been developed through the expenditure of substantial skill, time, effort and money. The Customer will protect the confidentiality of Global Trade and/or its 3rd party service providers by allowing access to the Trading System(s) only by its employees and agents on a need to access basis. Customer will not publish, distribute, or otherwise make information available to third parties any information derived from or relating to the Trading System(s). Customer will not copy, modify, de-compile, reverse engineer, and make derivative works of the Trading System(s) or in the manner in which it operates.
Customer agrees to indemnify and hold Global Trade, its affiliates, employees, agents, successors and assigns harmless from and against any and all liabilities, claims, losses, damages, costs and expenses, including attorneys’ fees, incurred by Global Trade arising out of: (i) Customer’s failure to fully and timely perform its obligations hereunder and (ii) any of Customer’s representations and warranties made that may at any time be untrue or incorrect. Customer also agrees to pay promptly to Global Trade any and all claims, losses, damages, costs and expenses, including attorneys’ fees, incurred by Global Trade in the enforcement of any of the provisions of this Agreement, any Contracts and other transactions hereunder, and any other agreements between Global Trade and Customer and the collection of any amounts due hereunder and there under.
19. Disclosure Of Customer Information
20. Joint Accounts And/Or Trust Accounts
If more than one natural person executes this Agreement as Customer, all such natural persons agree to be jointly and severally liable for the obligations assumed in this Agreement. If this Agreement is executed by a trust, unincorporated association, partnership, custodian or other fiduciary, such Customer hereby agrees to indemnify, defend, save and hold free and harmless Global Trade for any liabilities, claims, losses, damages costs and expenses, including attorneys’ fees, resulting directly or indirectly from breach of any fiduciary or similar duty or obligation or any allegation thereof, including attorneys’ fees.
Customer understands, acknowledges and agrees that Global Trade may amend or change this agreement at any time. Global Trade will provide notice to Customer of any such amendment or change by posting the amendment or change to the website or by sending an e-mail message to Customer. Customer agrees to be bound by the terms of such amendment or change on the earlier of: (x) ten (10) days after Global Trade has posted notice of such amendment or change to the Corporate website; or (y) on the date of the entry of any Order other than a Liquidating Order. In the event that Customer objects to any such change or amendment, Customer agrees to liquidate Customer’s Open Positions and instruct Global Trade regarding the disposition of all assets in Customer’s account within ten (10) business days after notice of the amendment or change has been posted to the Corporate website. No waiver or amendment of this Agreement may be implied from any course of dealing between the parties or from any failure by Global Trade or its agents to assert its rights under this Agreement on any occasion or series of occasions. No oral agreements or instructions to the contrary shall be recognized or enforceable.
This Agreement shall continue and be in effect until termination by Customer or Global Trade. Customer may terminate this Agreement if: (i) Customer has no open Foreign Currency or CFD positions and no liabilities held by or owed to Global Trade and (ii) Customer has provided three (3) days’ written notice to Global Trade by email Global Trade, and (iii) Global Trade has accepted the notice as provided in Section 14 hereof. Global Trade may, in its sole discretion, terminate this Agreement at any time, effective as of the close of business on the day notice is sent to Customer. Termination by either party shall not affect any Contracts or other transactions previously entered into and shall not relieve either party of any obligations set out in this Agreement, nor shall it relieve Customer of any obligations arising out of any deficit balance.
23. Entire Agreement
This Agreement together with the Customer Account Application embodies the entire agreement between Global Trade and the Customer superseding any and all prior written and oral agreements.
Customer acknowledges and agrees that any and all conversations between Customer and Global Trade principals, agents, employees or associates, including Global Trade Trading Desk and customer service and operations desks may, at the option and in the sole discretion of Global Trade, be recorded electronically with or without the use of an automatic tone warning device. Customer further agrees to the use of such recordings and transcripts thereof as evidence by either party in connection with any dispute or preceding that may arise involving Customer or Global Trade.
25. Binding Effect
This Agreement shall be continuous and shall cover, individually and collectively, all accounts of Customer at any time opened or reopened with Global Trade, irrespective of any change or changes at any time in the personnel of Global Trade or its successors, assigns, or affiliates. This Agreement, including all authorizations, shall inure to the benefit of Global Trade and its successors and assigns, whether by merger, consolidation, or otherwise and shall be binding upon Customer and/or the personal representatives, heirs, executor, administrator, trustee, legatees, legal representative, successors and assigns of Customer.
26. Authorization To Transfer Funds
Customer hereby agrees that Global Trade may at any time and from time to time, in the sole discretion of Global Trade, apply and transfer from any of Customer’s accounts with Global Trade to any of Customer’s other accounts, whether held at Global Trade or other approved financial institutions, any of the Contracts, currencies, securities or other property of Customer held either individually or jointly with others to another account.
Consent to Electronic Transmission of Account Statements
Agreement to Use Collateral Authorization to Transfer Funds
Customer hereby consents to receive account statements (monthly and daily statements) online. Global Trade will provide Customer with password – protected access to online reports. Customer will be able to generate daily, monthly and annual account statements detailing transaction activity, profit and loss statements, open positions, margin balances, account credits and debits, etc. Statements are deemed received when made available to Customer by Global Trade, regardless of whether Customer actually accessed the statement. Customer is responsible for alerting Global Trade to any change in his/her email address. This consent shall be effective until revoked by Customer in writing and received by Global Trade according to paragraph 15 of this Customer Agreement. Customer hereby agrees that Global Trade may, at any time and from time to time, in the sole discretion of Global Trade, apply and transfer from any of Customer’s accounts with Global Trade to any of Customer’s other accounts, whether held at Global Trade or other approved financial institutions, any of the Contracts, currencies, securities or other property of Customer held either individually or jointly with others to another account. Customer authorizes Global Trade to sell, pledge, rehypothecate, assign, invest, commingle and otherwise use any Collateral held by Global Trade, including, but not limited to, using the Contracts as collateral for a loan to Global Trade, and, further dealing with the Collateral, as provided in the Customer Agreement (including, but not limited to Paragraph 6 thereof). Where Customer’s account consists of more than one account, this authorization shall apply to all of Customer’s accounts with Global Trade. This Agreement to Use Collateral shall remain in effect so long as Customer’s account with Global Trade remains open or Customer has any obligations of any kind to Global Trade, under the Customer Agreement.