TRADER AGREEMENT
In
consideration of WealthTrade FX, LTD agreeing to carry one or more
accounts of the undersigned ("Trader" or "Client")
and providing services to Trader in connection with the purchase and
sale of cash currencies (including financial instruments) and any
similar instruments (collectively referred to as "OTCFX"),
which may be purchased or sold by or through WealthTrade FX, LTD for
Trader's accounts(s), Trader agrees as follows:
1.
AUTHORIZATION TO TRADE. WealthTrade FX, LTD is authorized to purchase
and sell OTCFX for Trader's account(s) with a counter party bank or
sophisticated institutions or participants in accordance with
Trader's oral or written or computer instructions. Unless instructed
by Trader to the contrary in writing, WealthTrade FX, LTD is
authorized to execute all orders with such banking institutions,
counter party, bank, or sophisticated institutional participants as
WealthTrade FX, LTD deems appropriate. WealthTrade FX, LTD shall be
entitled to rely upon any oral or written communication or
instructions received from Trader, including Trader's officers,
partners, principals or employees, so long as WealthTrade FX, LTD
does not have actual knowledge of the lack of authority of any such
person ("Authorized Persons"). Trader agrees that such
Authorized Persons are authorized on its behalf to furnish
WealthTrade FX, LTD all data, information, instructions and
authorizations required by WealthTrade FX, LTD to perform its
services under this Client Agreement.
Trader authorizes
WealthTrade FX, LTD to rely and act upon any instruction,
authorization, data or information, which appear to be given by an
Authorized Person to WealthTrade FX, LTD by any means, including
instructions transmitted by electronic means or otherwise, and the
production of a facsimile of a document purporting to bear the
authorization of Trader. Trader therefore agrees that: (i)
WealthTrade FX, LTD is authorized to act upon instructions without
enquiring as to the validity of the instructions and to consider the
instructions of like force and effect as written orders made by the
Authorized Persons; (ii) Nothing in this section and no verification
or attempted verification of any instruction or signatures at any
time made by WealthTrade FX, LTD will obligate WealthTrade FX, LTD to
verify the validity of the instructions or the signatures in any
particular case; and (iii) Trader will bear the risk of all
unauthorized instructions, by any of its representatives, employees,
or agents, and where WealthTrade FX, LTD has acted in good faith and
without negligence, Trader will indemnify WealthTrade FX, LTD against
and save WealthTrade FX, LTD harmless from all losses, costs, fees,
damages, expenses, claims, suits, demands and liabilities whatsoever
that WealthTrade FX, LTD may suffer or incur or that may be brought
against WealthTrade FX, LTD, in any way relating to or arising out of
WealthTrade FX, LTD acting upon, delaying in acting upon or refusing
to act upon any instruction or information provided to WealthTrade
FX, LTD by Trader, including improper, unauthorized or fraudulent
instructions given by any of Trader's employees, agents or
representatives, even if such instructions were not in fact made with
Trader's authority.
2. GOVERNMENTAL, COUNTERPARTY INSTITUTION
AND INTERBANKING SYSTEM RULES. All transactions under this Client
Agreement shall be subject to the constitution, by-laws, rules,
regulations, customs, usage, rulings and interpretations of the
counterparty institution or other interbank market (and its clearing
organization, if any) where executed and to all applicable Federal
and State laws and regulations. If any statute shall hereafter be
enacted or any rule or regulation shall hereafter be adopted which
shall be binding upon WealthTrade FX, LTD and shall affect in any
manner or be inconsistent with any of the provisions hereof, the
affected provisions of this Client Agreement shall be deemed modified
or superseded, as the case may be by the applicable provisions of
such statute, rule or regulation, and all other provisions of this
Client Agreement and provisions so modified shall in all respects
continue in full force and effect. Trader acknowledges that all
transactions under this Client Agreement are subject to the
aforementioned regulatory requirements and Trader shall not thereby
be given any independent legal or contractual rights with respect to
such requirements.
3. MARGINS AND DEPOSIT REQUIREMENTS. Trader
shall provide to and maintain with WealthTrade FX, LTD margin in such
amounts and in such forms as WealthTrade FX, LTD, in its sole
discretion, may require. Trader is aware and acknowledges that the
requirements for margin vary, and may be changed from time to time,
at WealthTrade FX, LTD's sole discretion, based upon account size,
volume traded, and market conditions. Such margin requirements may be
greater or less than margins required by a counterparty bank.
WealthTrade FX, LTD may change margin requirements at any time.
Trader agrees to deposit by immediate wire transfer such additional
margin when and as required by WealthTrade FX, LTD and will promptly
meet all margin calls in such mode of transmission as WealthTrade FX,
LTD in its sole discretion designates. WealthTrade FX, LTD may at any
time proceed to liquidate Trader's account in accordance with
paragraph 7 below and any failure by WealthTrade FX, LTD to enforce
its rights hereunder shall not be deemed a waiver by WealthTrade FX,
LTD to enforce its rights thereafter. No previous margin requirement
by WealthTrade FX, LTD shall preclude WealthTrade FX, LTD from
increasing that requirement without prior notice. WealthTrade FX, LTD
retains the right to limit the amount and/or total number of open
positions that Trader may acquire or maintain at WealthTrade FX, LTD.
WealthTrade FX, LTD will attempt to execute all orders, which it may,
in its sole discretion, choose to accept in accordance with the oral,
written, or computer instructions of Trader's. WealthTrade FX, LTD
reserves the right to refuse to accept any order or guarantee a
market in which to offset. WealthTrade FX, LTD shall not be
responsible for any loss or damage caused, directly or indirectly, by
any events, actions or omissions beyond the control of WealthTrade
FX, LTD 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.
4.
PRIVACY POLICY. WealthTrade FX, LTD respects each individual's right
to privacy. We value our relationship with you, and we take pride in
maintaining loyalty and respect with each individual client by
providing you with security. The provisions of this notice apply to
former Clients as well as our current Clients.
a. Personal
Information. When you apply for or maintain a live account with
WealthTrade FX, LTD, we collect personal information about you for
business purposes, such as evaluating your financial needs,
processing your requests and transactions, informing you about
products and services that may be of interest to you, and providing
customer service. Such information may include: Application
Information - Information you provide to us on applications and other
forms, such as your name, address, birth date, social security
number, occupation, assets, and income. Transaction Information -
Information about your transactions with us and with our affiliates
as well as information about our communications with you (Examples
include your account balances, trading activity, your inquiries and
our responses). Verification Information - Information necessary to
verify your identity such as a passport or driver's license (Examples
also include background information about you we receive from public
records or from other entities not affiliated with WealthTrade FX,
LTD). The USA Patriot Act requires us to collect information and take
actions necessary to verify your identity.
b. About Cookies.
Cookies are small files containing information that a Web site uses
to track its visitors. WealthTrade FX, LTD may set and access
WealthTrade FX, LTD cookies on your computer, enabling us to learn
which advertisements and promotions bring users to our website.
WealthTrade FX, LTD or any of its divisions may use cookies in
connection with WealthTrade FX, LTD's products and services and to
track your activities on our websites. Such information that we
collect and share would be anonymous and not personally
identifiable.
c. Security Technology. WealthTrade FX, LTD uses
Secure Socket Layer (SSL) encryption technology in order to protect
certain information that you submit. This type of technology protects
you from having your information intercepted by anyone other than
WealthTrade FX, LTD while it is being transmitted to us. We work hard
to ensure that our websites are secure and that they meet industry
standards. We also use other safeguards such as firewalls,
authentication systems (e.g., passwords and personal identification
numbers) and access control mechanisms to control unauthorized access
to systems and data.
d. Sharing Information with our
Affiliates. We may share personal information described above with
our affiliates for business purposes, such as, but not limited to,
servicing Client accounts and informing Clients about new products
and services, or to aid in the trading activity of the company, its
affiliates, or employees, and as permitted by applicable law. Our
affiliates may include companies controlled or owned by us as well as
companies that have an ownership interest in our company. The
information we share with affiliates may include any of the
information described above, such as your name, address, trading and
account information. Our affiliates maintain the privacy of your
information to the same extent WealthTrade FX, LTD does in accordance
with this Policy.
e. Sharing Information with Third Parties.
WealthTrade FX, LTD does not disclose your personal information to
third parties, except as described in this Policy. Third party
disclosures may include sharing such information with non-affiliated
companies that perform support services for your account or
facilitate your transactions with WealthTrade FX, LTD, including
those that provide professional, legal, or accounting advice to
WealthTrade FX, LTD. Non-affiliated companies that assist WealthTrade
FX, LTD in providing services to you are required to maintain the
confidentiality of such information to the extent they receive it and
to use your personal information only in the course of providing such
services and only for the purposes that WealthTrade FX, LTD dictates.
Additionally, in order to comply with the Commodity Futures Trading
Commission (“CFTC”) regulations, WealthTrade FX, LTD is
obligated to regularly transmit copies of all account statements of
any Client who is a related person of a Retail Forex Counterparty, as
defined in Section 5.18 of the to the CFTC Regulation of Off-Exchange
Retail Foreign Exchange Transactions and Intermediaries, to the
related Retail Forex Counterparty. A related person when used in
reference to a Retail Forex Counterparty means any general partner,
officer, director, owner of more than ten percent of the equity
interest, associated person or employee of the Retail Forex
Counterparty, and any relative or spouse of any of the foregoing
persons, or any relative of such spouse, who shares the same home as
any of the foregoing persons. Furthermore, we may also disclose your
personal information to third parties to fulfill your instructions or
pursuant to your express consent. We want you to know that
WealthTrade FX, LTD will not sell your personal information.
f.
Regulatory Disclosure. Under limited circumstances, WealthTrade FX,
LTD may disclose your personal information to third parties as
permitted by, or to comply with, applicable laws and regulations. For
example, we may disclose personal information to cooperate with
regulatory authorities and law enforcement agencies to comply with
subpoenas or other official requests, and as necessary to protect our
rights or property. Except as described in this privacy policy, we
will not use your personal information for any other purpose unless
we describe how such information will be used at the time you
disclose it to us or we obtain your permission.
g. Opt Out.
You are not required to supply any of the personal information that
we may request. However, failure to do so may result in our being
unable to open or maintain your account or to provide services to
you. While we make every effort to ensure that all information we
hold about you is accurate, complete and up to date, you can help us
considerably in this regard by promptly notifying us if there are any
changes to your personal information. If you do not wish to have your
personal information disclosed to our affiliates or other third
parties as described in this Policy, please contact us via e-mail at:
compliance@wealthtradefx.com
or send your request to: WealthTrade FX, LTD LLC Attention: Privacy
Officer, WealthTrade FX Ltd,
Trident Chambers,
Capital City Building,
PO Box 1388
Victoria,
Mahé,
Seychelles. Please be
advised that if we receive such instruction we will not be able to
service your account and must close any open and funded accounts that
you have.
5. SETTLEMENT DATE AND ROLLOVERS. All Spot currency
positions will be posted to Trader's account in U.S. Dollars or other
mutually agreed upon currency on the trade date and settled within 48
hours. The resulting position will automatically rollover for an
additional 48 hour period unless (i) Trader gives satisfactory
instructions for further delivery of the foreign currency subject to
WealthTrade FX, LTD's usual and customary charges and re-delivery
fees; or (ii) a Trader enters an order which is accepted by
WealthTrade FX, LTD in its sole discretion to offset the Spot
currency position. Trader, by noon of the business day before the
settlement date of the Spot currency position, shall provide
WealthTrade FX, LTD with acceptable re-delivery or offset
instructions. In the absence of timely and adequate instructions from
Trader, WealthTrade FX, LTD is authorized, at WealthTrade FX, LTD's
absolute discretion, to rollover the Currency positions in the OTCFX
account(s) for Trader's Account(s) and at Trader's risk. A position
may be credited or debited interest charges until the position is
closed.
6. COLLATERAL AND LENDING AGREEMENT. All funds,
currencies, and other property of Trader which WealthTrade FX, LTD or
its affiliates may at any time be carrying for Trader (either
individually, jointly with another, 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 WealthTrade FX, LTD as security and
subject to a general lien and right of set-off for liabilities of
Trader to WealthTrade FX, LTD whether or not WealthTrade FX, LTD has
made advances in connection with such funds, currencies or other
property, and irrespective of the number of accounts Trader may have
with WealthTrade FX, LTD. WealthTrade FX, LTD may in its discretion,
at any time and from time to time, without notice to Trader, apply
and/or transfer any or all funds, currencies or other property of
Trader between any of Trader's accounts. Trader hereby also grants to
WealthTrade FX, LTD the right to pledge, re-pledge, hypothecate,
invest or loan, either separately or with the property of other
Traders, to itself as broker or to others, any securities or other
property of Trader held by WealthTrade FX, LTD as margin or security.
WealthTrade FX, LTD shall at no time be required to deliver to Trader
the identical property delivered to or purchased by WealthTrade FX,
LTD for any account of Trader. The purpose of the Lending Agreement
is to allow WealthTrade FX, LTD to use the currencies, property,
depository receipts as collateral.
7. LIQUIDATION OF ACCOUNTS.
In the event of (a) the death or judicial declaration of incompetence
of Trader; (b) the filing of a petition in bankruptcy, or a petition
for the appointment of a receiver, or the institution of any
insolvency or similar proceeding by or against Trader; (c) the filing
of an attachment against any of Trader's accounts carried by
WealthTrade FX, LTD, (d) insufficient margin, or WealthTrade FX,
LTD's determination that any collateral deposited to protect one or
more accounts of Trader is inadequate, regardless of current market
quotations, to secure the account; (e) Trader's failure to provide
WealthTrade FX, LTD any information requested pursuant to this Client
Agreement; or (f) any other circumstances or developments that
WealthTrade FX, LTD deems appropriate for its protection, and in
WealthTrade FX, LTD's sole discretion, it may take one or more, or
any portion of, the following actions: (1) satisfy any obligation
Trader may have to WealthTrade FX, LTD, either directly or by way of
guaranty of suretyship, out of any of Trader's funds or property in
its custody or control; (2) sell any or purchase any or all Spot
currency positions held or carried for Trader; and (3) cancel any or
all outstanding orders, or any other commitments made on behalf of
Trader. 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 Trader, Trader's personal representatives, heirs,
executors, administrators, trustees, legatees or assigns and
regardless of whether the ownership interest shall be solely Trader's
or held jointly with others. In liquidation of Trader's long or short
positions, WealthTrade FX, LTD may, in its sole discretion, offset in
the same settlement or it may initiate new long or short positions in
order to establish a spread or straddle which in WealthTrade FX,
LTD's sole judgment may be advisable to protect or reduce existing
positions in Trader's account. Any sales or purchases hereunder may
be made according to WealthTrade FX, LTD's judgment and at its
discretion with any interbank or other exchange market where such
business is then usually transacted or at a public auction or private
sale, and WealthTrade FX, LTD may purchase the whole or any part
thereof free from any right of redemption. Trader will not be
responsible for debit balances directly resulting from trading
activity.
8. SETTLEMENT DATE OFFSET INSTRUCTIONS. WealthTrade
FX, LTD in its sole and absolute direction may accept or reject
orders to offset current Spot currency positions of Trader.
WealthTrade FX, LTD reserves the right to refuse to accept any order
or guarantee a market in which to offset. Offset arrangements on Spot
currency positions arriving at settlement date must be negotiated and
accepted by WealthTrade FX, LTD at least one (1) business day prior
to the settlement date or rollover.
9. CHARGES. Trader shall
pay such brokerage, commission and special service and all other
charges (including, without limitation, markups and markdowns,
statement charges, idle account charges, order cancellation charges,
account transfer charges or other charges), fees (including, without
limitation, fees imposed by any interbank agency, bank, contract
markets or other regulatory or self-regulatory organizations) arising
out of WealthTrade FX, LTD providing services hereunder. If Trader
uses WealthTrade FX, LTD’s “Active Trader”
platform, Trader consents to pay a commission charge at a rate of
fifty ($50) USD per million base currency traded, per side.
WealthTrade FX, LTD may change its commission, charges, and/or fees
without notice. Trader agrees to be liable to WealthTrade FX, LTD for
interest on amounts due from Trader to WealthTrade FX, LTD at an
interest rate equal to three (3) percentage points above the then
prevailing prime rate at WealthTrade FX, LTD principal bank or the
maximum interest rate allowed by law, whichever is lower. All such
charges shall be paid by Trader as they are incurred, or as
WealthTrade FX, LTD in its sole and absolute discretion, may
determine, and Trader hereby authorizes WealthTrade FX, LTD to
withdraw the amount of any such charges from Trader’s
accounts(s). Trader agrees to pay a transfer fee, to be designated by
WealthTrade FX, LTD in the event Trader instructs WealthTrade FX, LTD
to transfer open positions, moneys, and/or property of Trader’s
account to another institution. If there are no transactions on your
account for at least one (1) year, and your account balance is $50 or
less, you will be subject to a dormant account administrative fee
(the "Fee"). The Fee will be equal to the lesser of $50 or
the remaining balance in your account. Upon assessment of the Fee,
your account will automatically be closed.
10. STATEMENTS AND
CONFIRMATION. Reports of the confirmation of orders and statements of
accounts for Trader shall be deemed correct and shall be conclusive
and binding upon Trader if not objected to immediately upon receipt
and confirmed in writing within (1) day after transmittal to Trader
by posting on the Internet, or otherwise. Margin calls shall be
conclusive and binding unless objected to immediately in writing. In
lieu of sending trade confirmation via postal mail, WealthTrade FX,
LTD will provide Trader Internet access to view his account at any
time with an online login. Written objections on Trader's part shall
be directed to WealthTrade FX, LTD at its home office located at the
most recent address as indicated on the WealthTrade FX, LTD website,
and shall be deemed received only if actually delivered or mailed by
registered mail, return receipt requested. Failure to object shall be
deemed ratification of all actions taken by WealthTrade FX, LTD or
WealthTrade FX, LTD's agents prior to Trader's receipt of said
reports. Trader's failure to receive a trade confirmation shall not
relieve Trader of the obligation to object as set out herein. Once an
order or trade has been placed, and confirmation has been delivered,
it is the sole responsibly of Trader to keep track of the account's
orders and positions.
11. COMMUNICATIONS. Reports, statements,
notices and any other communications may be transmitted to Trader via
the email address on Trader's application, WealthTrade FX, LTD
Trading Station Platform, or to such other email address as Trader
may from time to time designate in writing to WealthTrade FX, LTD.
All communications so sent, whether by mail, email, telegraph
messenger or otherwise, shall be deemed transmitted by WealthTrade
FX, LTD when electronically submitted or deposited in the United
States mail, or when received by a transmitting agent, and deemed
delivered to Trader personally, whether actually received by Trader
or not.
12. WealthTrade FX, LTD RESPONSIBILITIES. WealthTrade
FX, LTD 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
WealthTrade FX, LTD’s control or anticipation. WealthTrade FX,
LTD shall only be liable for its actions directly attributable to
negligence, willful default or fraud on the part of WealthTrade FX,
LTD. WealthTrade FX, LTD shall not be liable for losses arising from
the default of any agent or any other party used by WealthTrade FX,
LTD under this Client Agreement.
13. CURRENCY FLUCTUATION
RISK. If Trader directs WealthTrade FX, LTD to enter into any
currency transaction: (a) any profit or loss arising as a result of a
fluctuation in the exchange rate affecting such currency will be
entirely for Trader's account and risk; (b) all initial and
subsequent deposits for margin purposes shall be made in U.S.
dollars, in such amounts as WealthTrade FX, LTD may in its sole
discretion require; and (c) WealthTrade FX, LTD is authorized to
convert funds in Trader's account for margin into and from such
foreign currency at a rate of exchange determined by WealthTrade FX,
LTD in its sole discretion on the basis of the then prevailing money
market rates.
14. RISK ACKNOWLEDGMENT. Trader acknowledges
that investments in leveraged and non-leveraged transactions are
speculative, involves a high degree of risk, and is appropriate only
for persons who can assume risk of loss in excess of their margin
deposit. Trader understands that because of the low margin normally
required in OTCFX trading, price changes in OTCFX may result in
significant losses that may substantially exceed Trader’s
investment and margin deposit. Trader warrants that Trader is willing
and able, financially and otherwise, to assume the risk of OTCFX
trading, and in consideration of WealthTrade FX, LTD’s carrying
his/her account(s), Trader agrees not to hold WealthTrade FX, LTD
responsible for losses incurred through following its trading
recommendations or suggestions or those of its employees, agents or
representatives. Trader recognizes that guarantees of profit or
freedom from loss are impossible of performance in OTCFX trading.
Trader acknowledges that Trader has received no such guarantees from
WealthTrade FX, LTD or from any of its representatives or any
referring broker or other entity with whom Trader is conducting
his/her WealthTrade FX, LTD account and has not entered into this
Client Agreement in consideration of or in reliance upon any such
guarantees or similar representations.
15. TRADING
RECOMMENDATIONS. (a) Trader acknowledges that (i) any market
recommendations and information communicated to Trader by WealthTrade
FX, LTD or by any person within the company, does not constitute an
offer to sell or the solicitation of an offer to buy any OTCFX
position, (ii) such recommendation and information, although based
upon information obtained from sources believed by WealthTrade FX,
LTD to be reliable, may be based solely on an opinion and that such
information may be incomplete and may be unverified, and (iii)
WealthTrade FX, LTD makes no representation, warranty or guarantee as
to, and shall not be responsible for, the accuracy or completeness of
any information or trading recommendation furnished to Trader. Trader
acknowledges that WealthTrade FX, LTD and/or its officers, directors,
affiliates, associates, stockholders or representatives may have a
position in or may intend to buy or sell currencies, which are the
subject of market recommendations furnished to Trader, and that the
market position of WealthTrade FX, LTD or any such officer, director,
affiliate, associate, stockholder or representative may not be
consistent with the recommendations furnished to Trader by
WealthTrade FX, LTD. Trader acknowledges that WealthTrade FX, LTD
makes no representations concerning the tax implications or treatment
of trading Forex; and, (b) Trader further acknowledges that should
Trader grant trading authority or control over Trader's account to a
third party ("Trading Agent"), whether on a discretionary
or non-discretionary basis, WealthTrade FX, LTD shall in no way be
responsible for reviewing Trader's choice of such Trading Agent nor
making any recommendations with respect thereto. Trader understands
that WealthTrade FX, LTD makes no warranties nor representations
concerning the Trading Agent, that WealthTrade FX, LTD shall not be
responsible for any loss to Trader occasioned by the actions of the
Trading Agent and that WealthTrade FX, LTD does not, by implication
or otherwise, endorse or approve of the operating methods of the
Trading Agent. If Trader gives Trading Agent authority to exercise
any of its rights over Trader's account(s), Trader understands that
Trader does so at Trader's own risk.
16. TRADER
REPRESENTATIONS AND WARRANTIES. Trader represents and warrants that:
(a) Trader is of sound mind, legal age and legal competence; and, (b)
No person other than Trader has or will have an interest in Trader’s
account(s); and, (c) Trader hereby warrants that regardless of any
subsequent determination to the contrary, Trader is suitable to trade
OTCFX; and (d) Trader is not now an employee of any exchange, any
corporation in which any exchange owns a majority of the capital
stock, any member of any exchange and/or firm registered on any
exchange, or any bank, trust, or insurance company that trades the
same instruments as those offered by WealthTrade FX, LTD, and in the
event that Trader becomes so employed, Trader will promptly notify
WealthTrade FX, LTD at its home office in writing of such employment;
and, (e) All the information provided in the information portion of
this Client Agreement is true, correct and complete as of the date
hereof and Trader will notify WealthTrade FX, LTD promptly of any
changes in such information; and (f) Trader will not enter into any
Trade for the purposes of arbitrage, scalping or to exploit any
temporal and/or minor inaccuracy in any exchange rate.
17.
DISCLOSURE OF FINANCIAL INFORMATION. The Trader represents and
warrants that the financial information disclosed to WealthTrade FX,
LTD in this document is an accurate representation of the Trader's
current financial condition. The Trader represents and warrants that
in determining the Trader's Net Worth, Assets and Liabilities were
carefully calculated then Liabilities were subtracted from Assets to
determine the value that the Trader has included in the financial
information as Net Worth. The Trader represents and warrants that in
determining the value of Assets, the Trader included cash and/or cash
equivalents, U.S. Government and Marketable securities, real estate
owned (excluding primary residence), the cash value of life insurance
and other valuable Assets. The Trader represents and warrants that in
determining the value of Liabilities, the Trader included notes
payable to banks (secured and unsecured), notes payable to relatives,
real estate mortgages payable (excluding primary residence) and other
debts. The Trader represents and warrants that in determining the
Trader's Liquid Assets the Trader included only those Assets that can
be quickly (within one day's time) converted to Cash. The Trader
represents and warrants that the Trader has very carefully considered
the portion of the Trader's assets which the Trader considers to be
Risk Capital. The Trader recognizes that Risk Capital is the amount
of money the Trader is willing to put at risk and if lost would not,
in any way, change the Trader's lifestyle. The Trader agrees to
immediately inform WealthTrade FX, LTD if the Trader's financial
condition changes in such a way to reduce the Trader's Net Worth,
Liquid Assets and/or Risk Capital.
18. NO GUARANTEES. Trader
acknowledges that Trader has no separate agreement with Trader’s
broker or any WealthTrade FX, LTD employee or agent regarding the
trading in Trader’s WealthTrade FX, LTD account, including any
agreement to guarantee profits or limit losses in Trader’s
account. Trader understands that Trader is under an obligation to
notify WealthTrade FX, LTD’s Compliance Officer immediately in
writing as to any agreement of this type. Further, Trader understands
that any representations made by anyone concerning Trader’s
account that differ from any statements Trader receives from
WealthTrade FX, LTD must be brought to the attention of WealthTrade
FX, LTD’s Compliance Officer immediately in writing. Trader
understands that Trader must authorize every transaction prior to its
execution unless Trader has delegated discretion to another party by
signing WealthTrade FX, LTD’s limited power of attorney (LPOA),
and any disputed transactions must be brought to the attention of
WealthTrade FX, LTD’s Compliance Officer pursuant to the notice
requirements of this Client Agreement. Trader agrees to indemnify and
hold WealthTrade FX, LTD harmless from all damages or liability
resulting from Trader’s failure to immediately notify
WealthTrade FX, LTD’s Compliance Officer of any of the
occurrences referred to herein. All notices required under this
section shall be sent to WealthTrade FX, LTD at its home office.
19.
CREDIT. Trader authorizes WealthTrade FX, LTD or agents acting on
behalf of WealthTrade FX, LTD to investigate Trader's credit standing
and in connection therewith to contact such banks, financial
institutions and credit agencies as WealthTrade FX, LTD shall deem
appropriate to verify information regarding Trader. Trader further
authorizes WealthTrade FX, LTD to investigate Trader's current and
past investment activity, and in connection therewith, to contact
such futures commission merchants, exchanges, broker/dealers, banks,
and compliance data centers as WealthTrade FX, LTD shall deem
appropriate. Upon reasonable request made in writing by Trader to
WealthTrade FX, LTD, Trader shall be allowed to review any records
maintained by WealthTrade FX, LTD relating to Trader's credit
standing. Trader shall also be allowed, at Trader's sole cost and
expense, to copy such records.
20. JOINT ACCOUNTS. (a) If this
account is held by more than one (1) person, all of the joint holders
are jointly and severally liable to WealthTrade FX, LTD for any and
all obligations arising out of transactions in the account and agree
to be bound by all terms and conditions of this Client Agreement
signed by each party. WealthTrade FX, LTD is authorized to accept
instructions and to send confirmations to any one of the joint
owners, and the Client hereby further appoints any and all of said
joint owners as Client’s agent for receipt of confirmations and
hereby waives any right to receive confirmations otherwise. Any one
or more of the joint owners shall have full authority for the account
and risk in the name of the joint account.
(b) If this account
is a joint account, in the event of the death of any of the Client's,
the survivor(s) shall immediately give WealthTrade FX, LTD written
notice thereof, and WealthTrade FX, LTD, before or after receiving
such notice, may take such action, institute such proceedings,
require such papers, retain such portion of the account, and restrict
transactions in the account as WealthTrade FX, LTD may deem advisable
to protect WealthTrade FX, LTD against any tax, liability, penalty,
or loss under any present or future laws or otherwise. The estate(s)
of any of the Clients who shall have died shall be liable, and the
survivor(s) shall continue to be liable, to WealthTrade FX, LTD for
any debit balance or loss in the account in any way resulting from
the completion of transactions initiated prior to the receipt by
WealthTrade FX, LTD of the written notice of the death of the
decedent, or incurred in the liquidation of the account, or the
adjustment of the interests of the respective parties.
(c) If
this account is held by tenants in common, then, in the event that
the account is closed or upon receipt of a certified document
evidencing death or legal incapacity of any tenant, the account shall
be divided in equal shares unless WealthTrade FX, LTD is otherwise
notified, in writing, signed by all joint owners of the amounts to be
distributed to the individual joint owners.
(d) If this
account is held by the parties as joint tenants with rights of
survivorship, then, upon receipt of a certified document evidencing
death or legal incapacity of one of the parties, the remaining party
or parties shall continue this account in their name as sole or joint
owners with all the terms and conditions of said account continuing
in full force and effect.
21. NO WAIVER. No provision of this
Client Agreement may be waived unless the waiver is in writing and
signed by both Trader and an authorized officer of WealthTrade FX,
LTD. No waiver of this Client Agreement may be implied from any
course of dealing between the parties or from any failure by
WealthTrade FX, LTD or its agents to assert its rights under this
Client Agreement on any occasion or series of occasions.
22.
GOVERNING LAW AND JURISDICTION. This Client Agreement, and the rights
and obligations of the parties hereto, shall be governed by,
construed and enforced in all respects by the laws of the Republic of Seychelles, where WealthTradeFX, LTD’s principal order execution
facilities are located, and without regard to laws that would
otherwise apply under applicable choice of law principles.
23.
BINDING EFFECT. This Client Agreement shall be continuous and shall
cover, individually and collectively, all accounts of Trader at any
time opened or reopened with WealthTrade FX, LTD irrespective of any
change or changes at any time in the personnel of WealthTrade FX, LTD
or its successors, assigns, or affiliates. This Client Agreement
including all authorizations, shall inure to the benefit of
WealthTrade FX, LTD and its successors and assigns, whether by
merger, consolidation or otherwise, and shall be binding upon Trader
and/or the estate, executor, trustees, administrators, legal
representatives, successors and assigns of Trader. Trader hereby
ratifies all transactions with WealthTrade FX, LTD affected prior to
the date of this Client Agreement, and agrees that the rights and
obligations of Trader in respect thereto shall be governed by the
terms of this Client Agreement.
24. TERMINATION. This Client
Agreement shall continue in effect until termination, and may be
terminated by Trader at any time when Trader has no open Spot
currency position(s) and no liabilities held by or owed to
WealthTrade FX, LTD upon the actual receipt by WealthTrade FX, LTD at
its home office of written notice of termination, or at any time
whatsoever by WealthTrade FX, LTD upon the transmittal of written
notice of termination to Trader; provided, that such termination
shall not affect any transactions previously entered into and shall
not relieve either party of any obligations set out in this Client
Agreement nor shall it relieve Trader of any obligations arising out
of any deficit balance.
25. ACCOUNT TRANSFER AND ASSIGNMENT.
Trader authorizes WealthTrade FX, LTD to transfer and assign Trader’s
account and this Client Agreement to another futures commission
merchant or an affiliate thereof or any other legal entity. Trader
may not transfer or assign this Client Agreement without WealthTrade
FX, LTD’s prior written consent, any purported assignment by
Trader is null, void, and ineffective, and WealthTrade FX, LTD need
not recognize the purported assignment by Trader.
26.
INDEMNIFICATION. Trader agrees to indemnify and hold WealthTrade FX,
LTD, its affiliates, employees, agents, successors and assigns
harmless from and against any and all liabilities, losses, damages,
costs and expenses, including attorney’s fees, incurred by
WealthTrade FX, LTD arising out of Trader’s failure to fully
and timely perform Trader’s agreements herein or should any of
the representations and warranties fail to be true and correct.
Trader also agrees to pay promptly to WealthTrade FX, LTD all
damages, costs and expenses, including attorney’s fees,
incurred by WealthTrade FX, LTD in the enforcement of any of the
provisions of this Client Agreement and any other agreements between
WealthTrade FX, LTD and Trader. Furthermore, WealthTrade FX, LTD
shall NOT be held liable and is released from all claims and losses
incurred in such regard if (and to the extent that) the claim or loss
was caused or contributed to by (a) Trader’s Conduct: The
actions or omission to act on the part of Trader or Authorized
Persons (b) Forged Signature: Forged or unauthorized signatures on
any document in connection with the Trader’s account or this
Client Agreement; (c) Malfunctions: System malfunction, equipment
failure (whether Trader’s or WealthTradeFX, LTD’s
equipment), system interruption or system unavailability; (d) Delay:
Delays, failure or errors in implementing any instruction; and (e)
Information: Inaccurate or incomplete instructions received by
WealthTradeFX, LTD from Trader. Additionally, Trader agrees to
indemnify and hold WealthTradeFX, LTD, its affiliates, employees,
agents, successors and assigns harmless from and against all
liabilities, losses, damages, costs and expenses, including attorneys
fees resulting from use of programmable trading systems, whether
built by Trader himself or by any third party and executed on or
using the WealthTrade FX, LTD Trading Station or any other trading
platform offered by WealthTrade FX, LTD.
27. CROSS TRADE
CONSENT. The undersigned hereby acknowledges and agrees that a
situation may arise whereby an officer, director, affiliate,
associate, employee, bank, bank employee or dealer associated with
WealthTrade FX, LTD, or WealthTrade FX, LTD itself, may be the
opposing principal or broker for a trade entered for the
undersigned's account. The undersigned hereby consents to any such
transaction, subject to the limitations and conditions, if any,
contained in the Rules or Regulations of any bank, institution,
exchange or board of trade upon which such buy or sell orders are
executed, and subject to the limitations and conditions, if any,
contained in any applicable Regulations of the Commodity Futures
Trading Commission, National Futures Association, United States
Federal Reserve or other regulatory agency.
28. TERMS AND
HEADINGS. The term “WealthTrade FX, LTD” shall be deemed
to include WealthTrade FX, LTD, its divisions, its successors and
assigns; the term “home office” is WealthTrade FX, LTD,
LLC, WealthTrade FX Ltd
Trident Chambers,
Capital City Building,
PO Box 1388,
Victoria,
Mahé,
Seychelles; the term “Trader” shall mean the party (or parties)
executing the Client Agreement; and the term “Client Agreement”
shall include all other agreements and authorizations executed by
Trader in connection with the maintenance of Trader’s account
with WealthTrade FX, LTD regardless of when executed. The paragraph
headings in this Client Agreement are inserted for convenience of
reference only and are not deemed to limit the applicability or
affect the meaning of any of its provisions.
29. ACCEPTANCE.
This Client Agreement shall not be deemed to be accepted by
WealthTrade FX, LTD nor become a binding contract between Trader and
WealthTrade FX, LTD until approved by WealthTrade FX, LTD home
office.
30. CONSENT TO JURISDICTION AND VENUE. Trader, in
order to induce WealthTrade FX, LTD to accept this Client Agreement,
and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, hereby agrees to the
following: (a) Any judicial, administrative action or proceeding,
including but, not limited to, arbitration (as provided for in the
section “Arbitration Agreement” below) arising directly
or indirectly hereunder or in connection with the transactions
contemplated hereby, whether brought by Trader or WealthTrade FX,
LTD, shall be held, at the sole discretion of WealthTrade FX, LTD
within Republic of Seychelles exclusively. Trader
consents and submits to, and waives any and all objections Trader may
have to such venue, and further agrees to waive and forego any right
Trader may have to transfer or change the venue of any action or
proceeding encompassed hereby; and, (b) Trader consents and submits
to the jurisdiction of any local, state or federal court located
within Republic of Seychelles in any action or proceeding
arising directly or indirectly hereunder or in connection with the
transaction hereby, whether brought by Trader or WealthTrade FX,
LTD.
31. RECORDINGS. Trader agrees and acknowledges that all
conversations regarding Trader's account(s) between Trader and
WealthTrade FX, LTD personnel may be electronically recorded with or
without the use of an automatic tone-warning device. Trader further
agrees to the use of such recordings and transcripts thereof as
evidence by either party in connection with any dispute or proceeding
that may arise involving Trader or WealthTrade FX, LTD. Trader
understands that WealthTrade FX, LTD destroys such recordings at
regular intervals in accordance with WealthTrade FX, LTD's
established business procedures and Trader hereby consents to such
destruction.
32. MODIFICATIONS TO THE CLIENT AGREEMENT.
WealthTrade FX, LTD reserves the right to change the terms and
conditions of this Client Agreement from time to time, and at any
time, with or without notice to Trader, by posting such changes on
the www.WealthTrade FX, LTD.com website. Trader is responsible for
regularly reviewing these terms and conditions for any modifications
and agrees to be bound by same. Trader may not amend this Client
Agreement unless such amendment is in writing and signed by both
Trader and an authorized officer of WealthTrade FX, LTD. No oral
agreements or instructions to the contrary shall be recognized or
enforceable. This instrument and the attachments hereto embody the
entire agreement of the parties, superseding any and all prior
written and oral agreements and there are no other terms, conditions
or obligations other than those contained herein.
33. ERISA
PENSION PLAN PROVISION. Where Client is a plan covered by ERISA (as
defined below), Client acknowledges and understands that WealthTrade
FX, LTD is only providing services hereunder and is not a plan
fiduciary as defined in section 3(21) of the Employee Retirement
Security Act of 1974 (“ERISA”), and any rules or
regulations promulgated there under. WealthTrade FX, LTD has no
discretionary authority or control with respect to Client’s
purchase or sale of foreign currency and that the furnishing of
market recommendations and information by WealthTrade FX, LTD is
solely for Client’s convenience and does not constitute the
exercise of such authority or control; and there is no agreement,
arrangement, or understanding between Client and WealthTrade FX, LTD
that WealthTrade FX, LTD’s recommendations will serve as the
primary basis for investment decisions with respect to the assets of
Client or that WealthTrade FX, LTD will render individualized
investment advice to Client based on the particular needs of Client.
Client further represents that it has full power and authority
pursuant to governing agreements and otherwise to enter into this
agreement and to engage in transactions in foreign currency of the
kind contemplated herein.
34. SOFTWARE. Trader, in order to
induce WealthTrade FX, LTD to accept this Client Agreement,
acknowledges and agrees that WealthTrade FX, LTD makes no warranty
whatsoever that any software (the “Software”) downloaded
onto Trader’s computer equipment will be compatible with, or
operate without interruption on, Trader’s computer equipment,
nor does WealthTrade FX, LTD warrant that the Software is or will be
uninterrupted, error free or available at all times. You further
understand and agree that your download and/or use of the Software
will expose you to risks associated with the download and/or use of
software that may not be compatible with your computer equipment. You
hereby agree to accept such risks, including, but not limited to,
failure of or damage to, hardware, software, communication lines or
systems, and/or other computer equipment. WealthTrade FX, LTD
expressly disclaims any liability with respect to the foregoing, and
you agree to fully indemnify, defend and hold harmless WealthTrade
FX, LTD from any and all damages, liabilities, losses, costs and
expenses that may arise therefrom.
FX AGREEMENT
· All
client accounts are a sub-account of one major WealthTrade FX, LTD
account.
· All client accounts will have trades
executed via WealthTrade FX, LTD accounts and trading lines.
· All
client accounts will have margin requirements established by the
WealthTrade FX, LTD dealing desk.
· The automated
WealthTrade FX, LTD trading system will distribute profits and losses
accordingly to all client accounts.
· WealthTrade FX,
LTD may establish rules and provisions for client accounts, including
but not limited to minimum account size, investment time period,
commissions and incentive fees, or any other financial
arrangements.
· It is the client's responsibility to
find out all necessary information about WealthTrade FX, LTD and
ensure that all arrangements are discussed and clearly understood
prior to any trading activity.
· It is the client's
responsibility to find out all necessary information about a Trading
Agent prior to any trading activity, if the account is to be traded
by someone other than himself.
· All clients should be
aware that guaranteeing any return is illegal. In addition,
WealthTrade FX, LTD is not responsible for any claims or assurances
made by WealthTrade FX, LTD, its employees and/or
associates.
· Certified or Cashier's Checks made
payable to WealthTrade FX, LTD.
· Mailing
Address: Please see Website for address information.
· Wire
Transfers: Please see Website for wire instructions.
· Please
reference your name on all checks, wire transfers, and
correspondence.