This agreement is a legal contract between FxEthos (“FxEthos”) and the Customer who has filled in the online account Opening form (“Customer”). This agreement along with the AML Policy, Risk Disclosure statement and the Terms of Business, Trading Policies & Procedures document would govern the entire relationship between the Customer and FxEthos right from the opening of the account with FxEthos with regard to speculation in the forex market. This agreement has to be fully read and understood by the Customer as this will cover all the trading activity performed by the Customer with FxEthos.
The period of this agreement would become effective from the day that the Customer chooses to open his account with FxEthos and would continue till the day that either the Customer of FxEthos chooses to terminate it.
FxEthos would rely on the truth and accuracy of the information present by the Customer in their account opening form submitted to FxEthos and the Customer consents to FxEthos using and relying this information to its full capacity while dealing with the Customer. The information presented will continue to be held as the truth by FxEthos unless otherwise notified by the Customer during the agreement period.
The Customer understands and accepts the fact that forex is not traded on a regulated exchange and hence there might be circumstances when the liquidation of a position may not be possible due to decreased volume in the market or adverse market conditions. FxEthos has made every effort to deal with some of the best clearing houses in the forex industry but still liquidity and perfect market conditions cannot be guaranteed.
The customer agrees and acknowledges that his/her funds will be deposited for safe-keeping in the solicitor's trust account administered by the firm. The customer understands that while the funds are deposited and kept under the firm's segregated foreign currency account in the name of Ethos Capital Limited (ECL) they remain the customer's funds but maybe deposited to and deducted from that account under the authority of this agreement at any time by (ECL) with respect to the losses/profit as a result of the trading positions that the client executes. The firm is hereby irrevocably authorized to act on the debit/credit instructions of (ECL) with regard to the funds and shall bear no responsibility whatsoever as to the outcomes of those instructions for the client.
It is understood that unless the Customer authorizes another party to trade on his behalf and this has been approved by FxEthos, all transactions on the Customer account will be taken as made by the Customer himself and the Customer will be expected to fulfill all his obligations as far as each transaction on the account is concerned.
In cases when a Customer representative is to operate an account, this information has to be provided to FxEthos and approved by FxEthos before the rep can start operating the account. The reps can then pass instructions to FxEthos and operate the account as per norms agreed between the Customer and FxEthos.
Any market recommendation made by FxEthos or any party associated with FxEthos are based on the judgement of the related personnel and may or may not be consistent with the positions held in the market by FxEthos or its employees. Also, the accuracy of such recommendations is not guaranteed by FxEthos though every effort would be made by the company to provide the best recommendations possible under the prevailing market conditions. Any market recommendation is left to the choice of the Customer as far as execution of the same is concerned and FxEthos takes no responsibility for any result made possible by the recommendation. Customer agrees that he/she is solely responsible for his actions borne out of a recommendation.
The funds on the trading account will be segregated by FxEthos and the Customer will not be entitled to any interest for the funds held by FxEthos. FxEthos will not be obliged to pay any interest to the Customer.
The Customer agrees that if there is no change in the trading account balance of the Customer (apart from the changes due to charges, interest etc.) for a period of 5 years and FxEthos is unable to trace the Customer despite its best efforts, then FxEthos may release any funds that are held within the segregated account.
Reconciliation and reporting of trades will be done on a daily basis or on a more frequent basis by FxEthos as may be deemed by it. The Customer is expected to carefully review the reports of his trading account posted online and on MT4 and raise any issues in any of them within 24 hours. All execution and trading reports would be deemed as final if objections are not raised within 24 hours. The Customer can make his request through email or by telephone.
The Customer is not entitled to ask nor is FxEthos obliged to provide any kind of investment advice or any opinion on any specific transaction.
The Customer understands that FxEthos may establish new rules or alter existing ones related to margin requirements, mark ups, rollover, leverage, stop losses, limits, minimum account size or such financial agreement from time to time. It is the Customer’s responsibility to keep him/her aware of any changes in any of the policies by going through all the documents and its changes that govern the duration of the agreement between him/her and FxEthos before he undertakes any trading activity.
13. Once the agreement is established and FxEthos begins to provide services to the Customer in the buying and selling of currency in the forex market and also provides other services as deemed fit by FxEthos, the Customer agrees to the following:
It is the Customer’s responsibility to keep his trading passwords secret to ensure that any third party does not get hold of the same. FxEthos is authorized to provide the agreed services to the Customer in the forex market and other related market according to the agreed instructions through a counter party or a bank or similar participants unless Customer instructs to the contrary in writing. FxEthos would execute all instructions received electronically that are identified with the account number and password of the Customer and also through oral or written instructions received from the Customer or from persons that FxEthos, in its sole discretion, believes have been authorized by the Customer. If the account is a joint account, then the instructions will be executed by FxEthos from either owner and FxEthos does not entitle itself to any further inquiry or liability in such cases from the Customer in relation to the authority.
All the transactions covered by the agreement are subject to the laws, by-laws, rules and regulations of the counter party institution or market where it is executed. If there is any conflict between any section of this agreement and a specific rule or law or there are changes in the rules and laws that have not been reflected in this agreement, then it is understood that the rule or law would supersede that section of this agreement while all other sections not affected by the rule or law would continue to be enforced as per this agreement.
Unless specifically instructed in writing by the Customer, FxEthos can deliver or rollover or offset any position of the Customer in the forex market and the Customer’s account will be charged for the same.
Customer shall provide to and maintain with FxEthos the margins amount as required by FxEthos. The margin requirements may be less than or more than what is required by the counter party but FxEthos has the full discretion to charge its margin requirements as necessary. Customer has to transfer the required additional margin money immediately through wire transfer as designated by FxEthos, in its sole discretion, designates in order to avoid margin calls on the Customer account. FxEthos may at any time proceed to liquidate Customer’s account and any failure by FxEthos to enforce its rights hereunder shall not be deemed a waiver by FxEthos to enforce its rights thereafter. FxEthos retains the right to limit the amount and/or total number of open positions which customer may acquire or maintain at FxEthos, and to increase margin requirements in advance of earnings or other news or events, with or without notice, either before such events or retroactively or at any other time that it deems at its sole discretion. FxEthos will attempt to execute all orders which it may, in its sole discretion, choose to accept in accordance with the oral or written or computer instructions of Customer’s. FxEthos reserves the right to refuse to accept any order. However, FxEthos shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions beyond the control of FxEthos including, without limitation, loss or damage resulting, directly or indirectly, from any delays or inaccuracies in the transmission of orders and/or information due to a breakdown in or failure of any transmission or communication facilities. In the event that Customer directs FxEthos to sell any margin, collateral, contract or other property and FxEthos is unable to deliver such margin, collateral, contract or other property to a purchaser because Customer fails to deliver it to FxEthos, FxEthos may borrow or purchase any margin, collateral, contract or property necessary to make such delivery, and Customer hereby agrees to guarantee and hold FxEthos harmless against any liability, claim, loss, damage, cost or expense, including attorneys’ fees that FxEthos may sustain.
All funds, securities, currencies, and other property of Customer which FxEthos or its affiliates may at any time be carrying for Customer (either individually, jointly with other, or as a guarantor of the account of any other person,) or which may at any time be in its possession or control or carried on its books for any purpose, including safekeeping, are to be held by FxEthos as security and subject to a general lien and right of set-off for liabilities of Customer to FxEthos whether or not FxEthos has made advances in connection with such securities, commodities, currencies or other property, and irrespective of the number of accounts Customer may have with FxEthos. FxEthos may in its discretion, at any time and from time to time, without notice to Customer, apply and/or transfer any or all funds or other property of Customer between any of Customer’s accounts. Customer hereby also grants to FxEthos the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other Customers, to itself as broker or to others, any securities or other property of Customer held by FxEthos as margin or security. FxEthos shall at no time be required to deliver to Customer the identical property delivered to or purchased by FxEthos for any account of Customer. This authorization shall apply to all accounts carried by FxEthos for Customer and shall remain in full force until all accounts are fully paid for by Customer or notice of revocation is sent by FxEthos from its home office. Any failure by FxEthos to enforce its rights hereunder shall not be deemed a future waiver of such rights by FxEthos.
FxEthos 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 FxEthos deems necessary or desirable to evidence or to protect FxEthos’ interest with respect to any collateral. In the event that the collateral deemed acceptable to FxEthos is at any time insufficient to satisfy Customer’s indebtedness or other obligations to FxEthos, including obligations to provide margin in accordance with section 4 above, Customer shall promptly pay upon demand the entire amount of such deficit.
In case of death of Customer, bankruptcy, insufficient margin as determined by FxEthos, failure to provide information as requested by FxEthos as per the agreement or any other such circumstances, FxEthos has full rights to take any of the following actions, as deemed fit. This includes liquidation of the account or other funds held by the Customer with FxEthos, sell or purchase any currency contract held by the Customer with FxEthos, cancel any or all outstanding orders. These actions can be taken without any demand for additional margin and without prior notice to the Customer or their representatives or their heirs, executors, trustees or assigns. Prior demand or notice does not remove the right of FxEthos to initiate any of the above actions. As part of this, FxEthos may choose to initiate a new position in the market as a form of hedge, in its sole discretion, against the Customer position to protect its assets. Any such positions are done at the sole discretion of FxEthos. Customer, at such times, may be entitled to fulfill the deficit balance that might arise and the Customer would be liable to make the payment for the same. Customer shall be liable at all times to pay this deficit balance upon demand by FxEthos. Customer would be liable to pay the deficit balance along with any other liability along with interest, attorney fees, charges, witness fees and any other expenses that may be incurred.
Customer is entitled to pay brokerage fees, charges, commissions and any other fees and charges that FxEthos specifies in its fee structure at that time. These charges may also include any additional withdrawal and deposit charges, check fees and other fees. FxEthos has the right to change its fee structure without notice and these fees can include statement charges, order cancellation charges, transfer charges or any other charges that FxEthos is likely to incur during the provision of its services to its Customer.
Trading reports, statements, notices and all other types of communication will be posted online in the website and BackOffice and will also be provided through electronic communication as per the addresses provided by the Customer from time to time.
FxEthos will not be responsible for delays in the transmission of orders due to a breakdown or failure of transmission or communication facilities, electrical power outage or for any other cause beyond FxEthos’ control or anticipation.
In addition, it is expected that the orders must be placed allowing sufficient time to execute and to calculate necessary margin requirements. FxEthos does not warrant that the trading platform or any services provided will be available without interruption or will be error free and such trading platform and services are being provided "AS IS" without any representation or warranty of any kind whatsoever except as otherwise set forth herein. FxEthos shall not be liable for losses arising from the default of any agent or any other party used by FxEthos under this agreement. FxEthos will not be liable for any losses or damages suffered or incurred by Customer relating to or as a result of Customer's use of FxEthos's trading platform or services.
Under no circumstances shall FxEthos be liable for any direct, indirect, punitive, incidental, special, or consequential damages that result from the use of, or inability to use, FxEthos' trading platform or services including but not limited to lost profits, loss of business, trading loss, loss of data or use of data, any unauthorized access to, alteration, theft or destruction of Customer's computers, computer systems, data files, programs or information, or costs of procurement of substitute goods or services, or for any direct or indirect, special or consequential damages however caused and under any theory of liability and whether or not FxEthos has been advised of the possibility of such damage.
The Customer agrees that the terms in this section represent a reasonable allocation of risk but is an essential part of the agreement. This limitation applies whether the alleged liability is based on contract, tort, negligence, strict liability, or any other basis, even if FxEthos has been advised of the possibility of such damage. FxEthos has no liability or duty of indemnification related to unusable data, lost or corrupt Customer transactions or data, by whatever means and in whatever form. FxEthos disclaims any and all liability resulting from or related to any breach of Internet security or disruption, distortions or delays of Customer's connections to the internet, due to any reason. As forex is not a exchange traded market and so it is quite likely that the prices and quotes at FxEthos might be different from what the other brokers and market makers quote.
Should a quoting or execution error occur, which may include, but are not limited to, a mistype of a quote, a quote that is not representative of fair market prices, an erroneous price quote from a dealer or erroneous price quote due to failure of hardware, software or communication lines or systems or inaccurate external data feeds provided by third-party vendors, FxEthos will not be liable for the resulting errors in account balances. Internet, connectivity delays, and price feed errors sometimes create a situation where the prices displayed do not accurately reflect market rates. The concept of arbitrage and "scalping", or taking advantage of these Internet delays, cannot exist in an OTC market where the client is buying or selling directly from the market maker. FxEthos does not permit the practice of arbitrage on FxEthos' platform. FxEthos strictly forbids any form of manipulation of its prices, execution, and platform. FxEthos reserves the right to investigate and review any account FxEthos suspects of manipulation and withhold funds suspected of being derived from such activity. The foregoing list is not meant to be exhaustive and in the event of a quoting or execution error, arbitrage strategy or manipulation, FxEthos reserves the right to make the necessary corrections or adjustments on the account involved. Any dispute arising from such quoting or execution errors or prohibited activities will be resolved by FxEthos in its sole and absolute discretion.
If the Customer issues an instruction to FxEthos to enter into a forex transaction, any profit or loss generated from such a transaction will be entirely for the Customer’s account and at his own risk. FxEthos is entitled, without prior notice to the Customer, to make any currency conversions which FxEthos considers necessary or desirable for the purposes of complying with its obligations or exercising its rights under the Operative Agreements or any Transaction. Any such conversion shall be effected by FxEthos in such manner and at such rates as FxEthos may in its discretion determine, having regards to the prevailing rates for freely convertible currencies.
Customer agrees and accepts that any kind of investments made in leveraged markets and any kind of speculative trades taken involve a high degree of risk and hence has to be undertaken only by those persons who can assume that risk of loss in their margin deposit. Customer accepts that he is willing and capable of assuming the financial and other kinds of risk associated with forex trading and as FxEthos carried his trading account, does not hold FxEthos responsible for any losses that are incurred through the recommendations of the company or its employees. Customer agrees that he/she hasn’t received any kind of assurance from FxEthos on the profitability of forex and other kinds of trading and has not entered into this agreement in consideration of any such guarantees.
The Customer represents and warrants to FxEthos, and agrees that each such representation and warranty is deemed repeated each time the Customer gives an Instruction or Request by reference to the circumstances prevailing at such time, that: a) the information provided by the Customer to FxEthos in the account opening form and the Operative Agreements and at any time thereafter is true, accurate and complete in all material respects; (b) the Customer has read and fully understood the terms of the Operative Agreements including the Risk Disclosure
Notice; (c) the Customer is duly authorized to enter into the Operative Agreements, to give Instructions and Requests and to perform its obligations thereunder;(d) the Customer acts as principal;(e) the Customer is an individual who has completed an account opening Form or, if the Customer is a company, the person who has completed corporate account opening Form on the Customer’s behalf is duly authorized to do so; and (f) all actions performed under the Operative Agreements will not violate the AMLCFTA Act, or any law, ordinance, charter, by-law or rule applicable to the Customer or to the jurisdiction in which the Customer is resident, or any agreement by which the Customer is bound or by which any of the Customer’s assets are affected. In addition to all other rights and remedies available to it, FxEthos has the right to render any position voidable or to close out any or all positions at the current Quotes at any time, at its absolute discretion, if the Customer breaches the above.
The Customer agrees that the financial information disclosed to FxEthos in his/her application represents his financial condition accurately and that he/she has considered the financial condition very closely and also the risks involved and has recognized that the risk capital is the amount of money which the Customer is willing to risk and the loss of the same would not alter the lifestyle of the Customer in any way. The Customer also agrees to inform FxEthos immediately if the loss of any margin or capital would place his/her current lifestyle at high risk.
Customer recognizes and understands that the Customer does not have any agreement with FxEthos or any of its employees to guarantee profits or limit the losses in his/her account. Customer understands that he/she has to authorize each and every transaction made in his trader account unless he/she has authorized a third party to trade on his behalf, in writing to FxEthos. Any disputed transaction should be brought to the notice of FxEthos within the period as stipulated in the agreement and the Customer also agrees that he would not hold FxEthos responsible for the Customer’s failure to notify FxEthos of the same.
Each of the tenants in the joint account has the authority to trade the account according to the prevailing laws and rules and according to the agreed terms and conditions, to receive or withdraw money from the account, to receive all or any correspondence about the account from FxEthos and to execute agreements and deal with FxEthos fully. FxEthos may also request all the tenants of the account to act jointly under specific circumstances. If any tenant of the account is deceased, FxEthos needs to be notified of the same along with a death certificate and all expenses due at the date of notification would be charged to the account and until that time, FxEthos would assume that each tenant has equal share to the joint account.
If a Customer’s account has been introduced to FxEthos by an Introducing Broker, it is understood and accepted by the Customer that the Introducing Broker would be compensated by FxEthos for doing the same. Such compensation can be on a per trade basis or any other basis as deemed fit by FxEthos.
FxEthos agrees to not sell or share information about any Customer or prospective Customer except to any employee or any company or agency as required in the ordinary course of business which might include FxEthos’ relationship with banks and credit agencies and as specified in FxEthos’ Privacy statement. FxEthos may also disclose such information to federal and state regulatory authorities about the Customer’s transaction is response to a request or a court order regarding the same. FxEthos may also sell the statistical information without revealing the identity of the Customer
This Agreement shall be governed by, and construed in accordance with respect to any proceedings, the Customer irrevocably:
Where the Operative Agreements are issued in a language other than English, the English language version shall take precedence in the event of any conflict.
The Customer may terminate this Agreement with immediate effect by giving written Notice to FxEthos. Any such termination will not affect any obligation which has already been incurred by either the Customer or FxEthos in respect of any Open Position or any legal rights or obligations which may already have arisen under the Operative Agreements or any Transactions and deposit/withdrawal operations made thereunder. Upon termination of this Agreement, FxEthos will be entitled without prior notice to the Customer to cease to grant the Customer access to the Trading Platform.
Upon termination of this Agreement, all amounts payable by the Customer to FxEthos will become immediately due and payable including (but without limitation) fees, charges and commissions, dealing expenses and any expenses incurred for transferring the Customer funds and any losses that are incurred in closing transactions or settling any obligations.
All copyright, trademark, trade secret and other intellectual property rights and proprietary rights to the FxEthos website in its totality, its contents and any related materials (“FxEthos IP”) shall remain at all times the sole and exclusive property of FxEthos and Customers shall have no right or interest in the FxEthos IP except for the right to access and use the FxEthos IP as specified herein. Customer acknowledges that the FxEthos IP is confidential and has been developed through the expenditure of substantial skill, time, effort and money. The Customer will protect the confidentiality of the FxEthos IP and not allow website access to any third party. Customer will not publish, distribute, or otherwise make FxEthos liable to third parties any information derived from or relating to the FxEthos IP. Customer will not copy, modify, de-compile, reverse engineer, or make derivative works of the FxEthos IP or in the manner in which it operates.
Ethos Capital Limited