We Are Osprey Ltd
Osprey Ltd terms and conditions
1.1 AUTHORIZATION TO TRADE.
- Subject to the terms and conditions of this Agreement and acceptance of Customer’s application to open an Account with Osprey Ltd, Customer hereby authorizes Osprey Ltd to maintain one or more Accounts in Customer’s name and engage in transactions for Customer’s Account in accordance with oral, written or electronic instructions by Customer and its officers, partners, principals, employees or other agents (“Representatives”).
- Customer will bear the risk of all unauthorized instructions by its Representatives and will indemnify and hold Osprey Ltd harmless from all claims, liabilities, losses, damages, fees, costs, and expenses relating to or arising from Osprey Ltd’s reliance on such instructions, including any improper, unauthorized or fraudulent instructions by the Representatives, except in cases of gross negligence or willful misconduct by Osprey Ltd.
- Unless expressly stated otherwise in writing, all transactions entered into between Osprey Ltd and Customer shall be governed by the terms of this Agreement, as amended from time to time (including, without limitation, Osprey Ltd’s Risk Disclosures and Trading Policies and Procedures).
2.1 ACCOUNT APPROVALS AND MAINTENANCE.
- Osprey Ltd may reject the Customer’s application or close Customer’s Account for any reason, at Osprey Ltd’s sole and absolute discretion. Osprey Ltd may require the Customer to provide Osprey Ltd with additional information or documentation in order for Osprey Ltd to continue carrying Customer’s Account.
- Customer acknowledges that Osprey Ltd may, at any time in its sole and absolute discretion, restrict trading, disbursements or transfers. Osprey Ltd may amend, change, revise, add or modify the Agreement at any time. The most current Agreement will be posted to Osprey Ltd’s Web site https://ospreyfx.com/. Customer understands that this Agreement cannot be modified by any verbal statements or written amendments that Customer seeks to make to the Agreement without written acceptance from the General Counsel of Osprey Ltd.
- Restricted Territory: We restrict and reserve the right to restrict future access to all or some parts of the Website and/or Services in respect of certain jurisdictions. You fully understand and agree that we are not liable if the country of your location or residence becomes restricted or blocked. Restricted Territories include, but are not limited to, individuals residing in:
Afghanistan, Botswana, Burma(Myanmar), Democratic Republic of Congo(DPRK), Crimea, Cuba, Ethiopia, Iran, Iraq, Japan, Libya, North Korea, Pakistan, Republic of the Congo, Russian Federation, Somalia, Spain, Sudan, Syria, Trinidad and Tobago, Tunisia, Yemen, Zimbabwe.
- Customer acknowledges and agrees that Accounts are segregated in the Osprey Ltd’s books and records only, and Customer’s funds are not FDIC-insured and are deposited with a liquidity provider selected by Osprey Ltd in its sole discretion.
2.2 JOINT ACCOUNT OWNERS.
- If this Account is held by more than one (1) person, all of the joint holders agree to be jointly and severally liable for the obligations assumed in this Agreement.
- If this Account is held in trust, joint ownership, or partnership, the undersigned hereby agrees to indemnify, defend and hold harmless Osprey Ltd for any losses resulting from a breach of any fiduciary duty of the undersigned to the other holders and beneficiaries of this Account.
- Further, any one or more of the joint owners shall have full authority for the Account and risk of the Account owners, to buy, sell, and trade in transactions of off-exchange products, to deposit with and withdraw from Osprey Ltd, currencies, securities, negotiable instruments, and other property, including withdrawals to or for the individual use or Account of the party directing the sale or of any other party, to receive and acquiesce in the correctness of notices, confirmations, requests, demands and all other forms of communications, and to settle, compromise, adjust and give releases with respect to any and all claims, demands, disputes, and controversies.
- Upon death or legal incapacity of any of the undersigned, Osprey Ltd is authorized to take such action in regard to the Account, as Osprey Ltd may deem advisable to protect itself against any liability, penalty or loss.
- Customer agrees to notify Osprey Ltd immediately upon the death or legal incapacity of any joint owner. Osprey Ltd may terminate this Agreement by written notice to any one of the joint owners.
2.3 MARGINS AND DEPOSIT REQUIREMENTS.
- Customer shall provide and maintain margin in such amounts and in such forms as Osprey Ltd, in its sole discretion, may require.
- Customer agrees to deposit by immediate wire transfer such additional margin when and as required by Osprey Ltd, and will immediately meet all Margin Calls in such mode of transmission as Osprey Ltd shall, in its sole discretion, designate.
- Osprey Ltd may change margin requirements at any time without prior notice. Osprey Ltd retains the right to limit the amount and/or a total number of open positions that Customer may acquire or maintain at Osprey Ltd. Osprey Ltd reserves the right to close any Customer positions at any time that it deems necessary. Osprey Ltd shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions including but not limited to 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.
- For example, in volatile market conditions, a margin call may be delayed resulting in the possibility of a negative usable margin; a margin call may occur even if positions are hedged, in the jurisdictions where hedging is permitted by law, due to rate volatility or daily interest charges or credits.
- Osprey Ltd may, in its sole discretion and without notice to Customer, offset Customer’s open positions, rollover 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 Osprey Ltd, in its sole discretion.
- Terms and/or methods for delivering, offsetting, or rolling over Customer’ open positions may differ on a customer-by-customer basis, at Osprey Ltd’s sole discretion.
- Any positions held in the Customer’s Account at 5 PM EST may be rolled over to the next settlement date and the Account may be debited or credited for the interest differential for the rollover period.
2.5 SETTLEMENT DATE OFFSET INSTRUCTIONS.
- Offset instructions on positions open prior to settlement arriving at settlement date must be given to Osprey Ltd at least one to three business days prior to the settlement or value day. Alternatively, sufficient funds to take delivery or the necessary delivery documents must be in the possession of Osprey Ltd within the same period described above.
- If neither instructions, funds nor documents are received, Osprey Ltd may without notice, either offset Customer’s position or roll Customer’s positions into the next settlement time period or make or receive delivery on behalf of Customer upon such terms and by such methods deemed reasonable by Osprey Ltd in its sole discretion.
2.6 LIQUIDATION OF ACCOUNTS.
In the event of:
- death or judicial declaration of incompetence of Customer or, in the case of a legal entity, its dissolution or liquidation;
- 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 Customer;
- filing of an attachment against any of Customer’s Accounts carried by Osprey Ltd;
- insufficient margin or Osprey Ltd’s determination that any collateral deposited to protect one or more Accounts of Customer is inadequate, regardless of current market quotations, to secure the Account;
- Customer’s failure to provide Osprey Ltd any information requested pursuant to this Agreement; or
- any other circumstances or developments that Osprey Ltd deems appropriate for its protection, and in Osprey Ltd’s sole discretion, it may take one or more, or any portion of, the following actions:
- sell any or purchase any or all contracts, securities or other property held or carried for Customer; and
- cancel any or all outstanding orders or contracts, or any other commitments made with 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 personal or appointed representatives, heirs, executors, administrators, trustees, legatees or assigns and regardless of whether the ownership interest shall be solely Customer’s or held jointly with others.
2.7 MANAGED ACCOUNTS.
- With regard to managed Accounts, a money manager (“Money Manager”) is a person or entity authorized to make decisions with respect to an Account on behalf of the Account’s beneficial owners, including a trustee, custodian, conservator, guardian, executor, administrator, attorney in fact, or investment advisor or other person to whom Customer has granted trading authority over an Account.
- Customer understands and agrees that Osprey Ltd may, but is not required to, review any action or inaction by a Money Manager with respect to an Account and is not responsible for determining whether a Money Manager’s action or inaction satisfies the standard of care applicable to such Money Manager’s handling of the Account.
- Customer further understands and agrees that Osprey Ltd is not responsible for determining the validity of a person’s or entity’s status or capacity to serve as a Money Manager.
- Customer agrees to hold Osprey Ltd and its officers, directors, employees, agents and affiliates harmless from any liability, claim, or expense, including attorneys’ fees and disbursements, as incurred, for the actions or non-actions of Customer’s Money Manager.
2.8 CLOSED LOOP POLICY
Osprey Ltd uses a closed-loop policy entailing that when a Customer deposits funds via one method, the Customer will then need to withdraw the funds via the same method. When the amount of funds deposited equals the number of funds withdrawn, the profit remaining can then be withdrawn using any payment method Customer so wishes.
For example, if a Customer deposits $100 via ‘PayRedeem’, the Customer will need to withdraw $100 via the same method, i.e. ‘PayRedeem’. This applies to all payment methods.
3 CUSTOMER REPRESENTATIONS
3.1 GENERAL REPRESENTATIONS AND WARRANTIES.
Customer represents and warrants that:
- Customer is of sound mind, legal age and legal competence;
- Customer (if not a natural person) is duly organized and validly existing under the applicable laws of the jurisdiction of its organization;
- Execution and delivery of this Agreement and all transactions contemplated hereunder have been duly authorized by Customer and will not violate any statute, rule, regulation, ordinance, charter, by-law or policy applicable to Customer;
- Each person executing and delivering this Agreement has been duly authorized by Customer to do so;
- No person other than the Customer has or will have an interest in Customer’s Account;
- Regardless of any subsequent determination to the contrary, Customer is suitable to trade over-the-counter products;
- Customer 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 Osprey Ltd, and in the event that Customer becomes so employed, Customer will promptly notify Osprey Ltd via email of such employment;
- The customer has read and understands the Risk Disclosure Statement, Arbitration Agreement, and Trading Policies contained in this Agreement;
- The customer has conducted simulated trading using the demo trading platform for a period that has allowed the Customer to develop a full understanding of the trading platform;
- All information provided by Customer to Osprey Ltd, including information regarding Customer’s trading experience and investment sophistication, is true, correct, and complete, and Customer will notify Osprey Ltd promptly of any changes in such information.
- Customers cannot engage in transactions for purposes of arbitrage or exploitation of temporary inaccuracies or technical discrepancies.
3.2 DISCLOSURE OF FINANCIAL INFORMATION.
- Customer represents and warrants that the financial information disclosed to Osprey Ltd in the Application is an accurate representation of the Customer’s current financial condition.
- Customer represents and warrants that in determining Customer’s Net Worth, Gross Income, Total Assets and Liabilities were carefully calculated.
- Customer represents and warrants that in determining the value of Total Assets, the Customer 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.
- Customer represents and warrants that in determining the value of Liabilities, Customer included notes payable to banks (secured and unsecured), notes payable to relatives, real estate mortgages payable (excluding primary residence) and other debts.
- Customer represents and warrants that Customer has very carefully considered the portion of Customer’s Total Assets which Customer considers to be Risk Capital. Customer recognizes that Risk Capital is the amount of money Customer is willing to put at risk and if lost would not, in any way, change Customer’s lifestyle.
- Customer agrees to immediately inform Osprey Ltd if the Customer’s financial condition changes in such a way as to reduce Customer’s Net Worth and/or Risk Capital.
- Customer authorizes Osprey Ltd or agents acting on behalf of Osprey Ltd to investigate Customer’s credit standing and in connection therewith to contact such banks, financial institutions and credit agencies as Osprey Ltd shall deem appropriate to verify information regarding Customer.
- Customer further authorizes Osprey Ltd to investigate Customer’s current and past investment activity, and in connection therewith, to contact such futures commission merchants, exchanges, broker/dealers, banks, compliance data centres, and any other financial and investment institution as Osprey Ltd shall deem appropriate.
- Upon reasonable request made in writing by Customer to Osprey Ltd, Customer shall be allowed to review any records maintained by Osprey Ltd relating to Customer’s credit standing.
- Customer shall also be allowed, at the Customer’s sole cost and expense, to copy such records. The Customer acknowledges that the Customer’s credit score may be impacted when Osprey Ltd accesses the Customer’s credit file.
- Customer also acknowledges that Osprey Ltd may provide information (e.g. negative Account information of unsecured debts) regarding Customer’s performance under this Agreement to these agencies.
4 ORDER MANAGEMENT
4.1 CANCELLATION AND MODIFICATION REQUESTS.
- Customer acknowledges that it may not be possible to cancel or modify an order.
- Customer understands and agrees that, if an order cannot be cancelled or modified, Customer is bound by any execution of the original order.
- Osprey Ltd is not liable to Customer if Osprey Ltd is unable to cancel or modify an order.
- Customer further acknowledges that attempts to modify or cancel and replace an order can result in an over the execution of the order or the execution of duplicate orders, that Osprey Ltd’s systems do not prevent over the execution on duplicate orders from occurring, and that Customer shall be responsible for all such executions.
- Customer agrees not to assume that any order has been executed or cancelled until Customer has received confirmation from Osprey Ltd with regard to order execution. Customer is responsible for knowing the status of Customer‘s pending orders before entering additional orders.
- Customer agrees to contact Osprey Ltd in the event Customer is unclear on the status of an order.
- Customer agrees to regularly review Customer’s online Account Statement to confirm the status of Customer’s orders.
4.2 STATEMENTS AND CONFIRMATION.
- Reports of the confirmation of orders and statements of Accounts for Customer shall be deemed correct and shall be conclusive and binding upon Customer if not objected to immediately upon receipt and confirmed in writing within one (1) business day after the execution of the Customer’s order.
- Osprey Ltd will provide Customer access to view Customer’s Account at any time with an online login via the Internet. Osprey Ltd will not provide trade confirmation via postal mail.
- Customer’s objections must be addressed in written to Osprey Ltd at its registered address located at Beachmont Business Centre, Suite 4, Kingstown, PO Box 1510,St Vincent and the Grenadines, K001.
- Failure to object shall be deemed ratification of all actions taken by Osprey Ltd or its agents prior to Customer’s receipt of said reports.
- Customer’s failure to receive a trade confirmation shall not relieve Customer of the obligation to object as set out herein.
- Customer shall pay such charges (including, without limitation, mark-ups and markdowns, statement charges, idle Account charges, order cancellation charges, Account transfer charges, introducing broker and Money Manager fees, or other charges) arising out of Osprey Ltd providing services hereunder. Osprey Ltd may change its charges without notice.
- All such charges shall be paid by Customer as they are incurred, or as Osprey Ltd in its sole and absolute discretion may determine, and Customer hereby authorizes Osprey Ltd to withdraw the amount of any such charges from Customer’s Account(s).
4.4 DEPOSITS AND WITHDRAWALS.
- Osprey Ltd shall neither receive nor disburse Customer’s funds in cash currency or cash equivalents.
- All transactions between Customer and Osprey Ltd shall be performed by wire, Automatic Clearing House (“ACH”) or another method in which the identities of both the sending and receiving parties can be verified by Osprey Ltd and which Osprey Ltd, in its sole discretion, shall deem appropriate.
- Osprey Ltd shall perform deposit/withdrawal transactions only between Customer’s Osprey Ltd Account and another Account which is held in Customer’s name or of which Customer clearly demonstrates ownership to Osprey Ltd.
- In order to prevent money laundering, fraud, and other unauthorized activity, Osprey Ltd may limit Customer’s withdrawal options.
- Osprey Ltd customers can withdraw their funds and benefits whenever they need to provided they successfully complete the Identity Verification process outlined in Section 7.2 of these Terms and Conditions. To request a partial or complete withdrawal of funds from your account, click on “Withdrawal request” in your Osprey Ltd Portal.
- Please consider that we take 2-5 business days to process your withdrawal request. Corresponding withdrawals will take up to 2-3 business days to reach your credit card or bank account.
- Feel free to contact our Customer support specialist if you have any questions. According to generally acceptable AML rules and regulations, withdrawals must be performed only through the same bank account or credit/debit card that you used to deposit the funds.
- Furthermore, when it comes to withdrawals, the Client may be required to present additional information and documents.
4.5 Osprey Ltd’S RESPONSIBILITIES.
- Osprey 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 Osprey Ltd’s control or anticipation.
- Osprey Ltd shall not be liable for losses arising from the default of any agent or any other party used by Osprey Ltd under this agreement.
4.6 Osprey Ltd’s RIGHTS.
- If the Company’s website or platform encounters possible errors, the Customer is forbidden from taking advantage of such unexpected glitches. Moreover, the Customer is also to avoid taking advantage of any flaws or incompleteness in the Company’s website and Services. Taking such an advantage would unjustly and positively affect the amounts in the Customer accounts, even though such an advantage was not due to them.
If the Customer’s account has been credited with funds, which where unduly credited to him because of an error, glitch or a flaw in the Company’s Website and Services (e.g. double payout), the Customer is to notify the Company once he becomes aware.
The Company reserves the right to seek reimbursements not just from the Customer, but also from any trading account and the Customer’s wallet under his name in order to amend such irregularities.
When the Company seeks the above reimbursements, it does not require the approval or the consent of the Customer to access the trading accounts and wallet. However, the Company is to inform the Customer about such irregularities and the procedure which will be applied to make the necessary amendments. The communication will be sent to the Customer’s email address which was shared with the Company when the account was opened. In addition, reimbursements can be obtained from the Customer by deducting the acquired amounts from future payments owed to the Customer or by any other lawful means.
4.7 CURRENCY FLUCTUATION RISK.
- If Customer directs Osprey Ltd to enter into any transaction:(a) any profit or loss arising as a result of a fluctuation in the rates affecting such a transaction will be entirely for Customer’s Account and risk;(b) all initial and subsequent deposits for margin purposes shall be made in USD, or another currency which Osprey Ltd may choose to accept, in such amounts as Osprey Ltd may in its sole discretion require, with subsequent deposits being in the same currency as the initial deposit; and(c) Osprey Ltd is authorized to convert funds in Customer’s Account for margin into and from such foreign currency at a rate of exchange determined by Osprey Ltd in its sole discretion on the basis of then prevailing money market rates.
4.8 CROSS TRADE CONSENT.
- Customer hereby acknowledges and agrees that Osprey Ltd may act as the counterparty to Customer for any 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 any globally recognized regulatory agency.
5.1 GENERAL COMMUNICATIONS.
Reports, statements, notices and any other communications shall be transmitted to Customer electronically by posting to Customer’s online Account or via email to the email address on Customer’s application, or to such other email address as Customer may from time to time designate to Osprey Ltd.
5.2 EMAIL AND ELECTRONIC COMMUNICATIONS.
- All emails sent to and from Osprey Ltd are subject to monitoring, review or disclosure to someone other than Customer or Customer’s intended recipient. Customer acknowledges that there may be delays in the email being received by Customer’s intended recipient.
- Customer agrees to hold Osprey Ltd harmless for any delay in email delivery regardless of whether the delay was caused by Osprey Ltd or a third party. Email sent to and from an Osprey Ltd address may be retained by Osprey Ltd’s corporate email system.
- Customer agrees not to use email to transmit orders to purchase or sell over-the-counter products and further agrees that Osprey Ltd is not liable for any actions taken or any omissions to act as a result of any email message Customer sends to Osprey Ltd.
- Electronic communications with Osprey Ltd via our Web site, wireless device or touchtone service are also subject to monitoring, review by or disclosure to someone other than the recipient and such communications may be retained by Osprey Ltd.
6 THIRD PARTIES
6.1 NO SEPARATE AGREEMENTS.
- Customer acknowledges that Customer has no separate agreement with Customer’s broker or any Osprey Ltd employee or agent regarding the trading in Customer’s Account, including any agreement to guarantee profits or limit losses in Customer’s Account.
- Customer understands that Customer is under an obligation to notify Osprey Ltd Compliance Department immediately in writing as to any agreement of this type.
- Further, Customer understands that any representations made by anyone concerning Customer’s Account that differs from any statements Customer receives from Osprey Ltd must be brought to the attention of Osprey Ltd’s Compliance Department immediately in writing.
- Customer understands that Customer must authorize every transaction prior to its execution unless Customer has delegated discretion to another party by signing Osprey Ltd’s limited power of attorney (“LPOA”).
- Any disputed transactions must be brought to the attention of Osprey Ltd’s Compliance Department pursuant to the notice requirements of this Agreement.
- Customer agrees to indemnify and hold Osprey Ltd harmless from all damages or liability resulting from Customer’s failure to notify Osprey Ltd’s Compliance Department within one (1) business day of any of the occurrences referred to herein. All notices required under this section shall be sent to Osprey Ltd at its address.
6.2 REVENUE SHARING DISCLOSURE.
- Customer acknowledges that Osprey Ltd may enter into revenue-sharing arrangements with or retain the services any other third party vendors in connection with technical support, back-office, and operational support functions relating to Customer’s Accounts.
- Osprey Ltd reserves the right to enter into such compensation or revenue sharing arrangements any other third party vendors based on the volume traded, bid/offer pricing or other outside commission or revenue sharing models.
7.1 ANTI-MONEY LAUNDERING PROCEDURES.
Customer agrees to and acknowledges that Osprey Ltd may conduct the following procedures at the time of the opening and throughout the existence of the Account:
7.2 CUSTOMER IDENTIFICATION AND VERIFICATION PROCESSES:
Osprey Ltd will identify and verify the person who signs up for its services. The customer acknowledges and agrees that he/she is required to provide correct and accurate identification information and this information will be verified by Osprey Ltd.
In order to complete the identity verification, Osprey Ltd may make use of third-party providers to confirm any information that the person registers.
The customer agrees that Osprey Ltd reserves the right to close the account at its sole discretion if any issues arise during the verification checks.
At any given time, whilst the customer maintains an open account, Osprey Ltd may, at its discretion, decide to carry out further verification checks (which may include requests for additional documents or information) to satisfy routine security checks. If Osprey Ltd is not able to verify the person’s registered details, if the customer is not able to or denies to provide the requested document/s and/or information, Osprey Ltd has the right to suspend the account, return any remaining balance up to the amount of the original deposits.
Osprey Ltd may monitor the trading activity in Accounts to investigate or identify potential money laundering.
7.4 SECURITY AND CONFIDENTIALITY.
- Customer agrees and acknowledges that Customer is the exclusive owner and solely responsible, jointly and severally if applicable, for the confidentiality and protection of Customer’s Account number(s) and password(s) that allow Customer to place online orders and access Osprey Ltd’s electronic trading systems.
- Customer further agrees that Customer will be fully responsible for all activities including brokerage transactions that arise from the use of Customer’s Account number(s) and password(s).
- Customer agrees to indemnify and hold Osprey Ltd harmless if any other person utilizing Customer’s confidential information provides instructions to Osprey Ltd that may be contrary to Customer’s instructions.
- Customer accepts that Customer is solely responsible, jointly and severally if applicable, for all live trades on the trader account/s if the accounts have been reported as lost, stolen, or being used by an unauthorized person.
- Customer will immediately notify Osprey Ltd in writing or by email of any loss, theft or unauthorized use of Customer’s Account number and/or passwords.
- Osprey Ltd will suspend the Customer’s account on positive identification of the Customer. Live trades cannot be closed by Osprey Ltd and Osprey Ltd will ensure that the Customer has access to his account/s without any unnecessary delay.
- The Customer is requested to use the chat facility in order to expedite this identification process and ensure that a copy of the Customer’s identification document/s or passport is on hand in order to positively identify the Customer as the account holder.
7.5 INTELLECTUAL PROPERTY AND CONFIDENTIALITY.
- All copyright, trademark, trade secret, and other intellectual property rights in the Osprey Ltd Trading Platform (“Trading Platform”) shall remain at all times the sole and exclusive property of Osprey Ltd and/or its 3rd party service providers and Customers shall have no right or interest in the Trading Platform except for the right to access and use the Trading Platform as specified herein.
- Customer acknowledges that the Trading Platform is confidential and has been developed through the expenditure of substantial skill, time, effort and money.
- Customer will protect the confidentiality of Osprey Ltd and/or its 3rd party service providers by allowing access to the Trading Platform 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 Platform.
- Customer will not copy, modify, decompile, reverse engineer, and make derivative works of the Trading Platform or in the manner in which it operates.
7.6 NO ADVICE AND NO RECOMMENDATIONS.
- Customer acknowledges that Osprey Ltd does not and will not give investment, legal or tax advice or make trading recommendations. Customer acknowledges that Osprey Ltd makes no representations concerning the tax implications or treatment of contracts.
- Customer agrees that Customer is a self-directed investor and all orders entered are unsolicited and based on Customer’s own investment decision or the investment decision of Customer’s duly authorized representative.
- Customer agrees that neither Osprey Ltd nor any of its employees may be Customer’s duly authorized representative and that Customer will neither solicit nor rely upon Osprey Ltd or any of its employees for any such advice.
- Customer understands that Customer is solely responsible for all orders entered, including but not limited to trade qualifiers, the number of trades entered, the suitability of any trade(s), investment strategies and risks associated with each trade, and will not hold Osprey Ltd or any of its employees liable for those investment decisions.
- Customer further understands that Osprey Ltd does not and will not review the appropriateness or suitability of any transactions implemented or investment strategies employed in Customer’s Account.
- Customer hereby agrees to hold Osprey Ltd and its officers, directors, employees, agents, and affiliates harmless from any liability, financial or otherwise, or expense (including attorneys’ fees and disbursements), as incurred, as a result of any losses or damages Customer may suffer with respect to any such decisions, instructions, transactions or strategies employed in Customer’s Account by Customer or Customer’s duly authorized representative, or as a result of any breach by Customer of any of the covenants, representations, acknowledgments or warranties herein.
7.7 TRADING RECOMMENDATIONS
The Customer acknowledges that:
- Any market recommendations and information communicated to Customer by Osprey Ltd or by any person within the company, does not constitute an offer to sell or the solicitation of an offer to buy any contract such recommendation and information, although based upon information obtained from sources believed by Osprey Ltd to be reliable, may be based solely on a broker’s opinion and that such information may be incomplete and may be unverified; and Osprey Ltd makes no representations, warranties or guarantees as to, and shall not be responsible for, the accuracy or completeness of any such information or trading recommendation furnished to Customer.
- Customer acknowledges that Osprey Ltd and/or its officers, directors, affiliates, associates, stockholders or representatives may have a position in or may intend to buy or sell, which are the subject of market recommendations furnished to Customer, and that the market position of Osprey Ltd or any such officer, director, affiliate, associate, stockholder or representative may not be consistent with the recommendations furnished to Customer by Osprey Ltd.
7.8 RISK ACKNOWLEDGMENT.
- Customer acknowledges that investments in leveraged transactions are speculative, involve a high degree of risk, and are appropriate only for persons who can assume the risk of loss of their margin deposit.
- Customer understands that because of the low margin normally required in trading over-the-counter contracts, price changes in contracts may result in the loss of Customer’s margin deposit.
- Customer warrants that Customer is willing and able, financially and otherwise, to assume the risk of trading, and in consideration of Osprey Ltd’s carrying his/her Account(s), Customer agrees not to hold Osprey Ltd responsible for losses incurred through following its trading recommendations or suggestions or those of its employees, agents or representatives.
- Customer recognizes that guarantees of profit or freedom from loss are impossible in trading.
- Customer acknowledges that Customer has received no such guarantees from Osprey Ltd or from any of its representatives or any introducing agent or other entity with whom Customer is conducting his/her Osprey Ltd Account and has not entered into this agreement in consideration of or in reliance upon any such guarantees or similar representations.
- Customer agrees and acknowledges that all conversations regarding Customer’s Account(s) between Customer and Osprey Ltd personnel may be electronically recorded 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 proceeding that may arise involving Customer or Osprey Ltd.
- Customer understands that Osprey Ltd destroys such recordings at regular intervals in accordance with Osprey Ltd’s established business procedures and Customer hereby consents to such destruction.
7.10 SECURITY AGREEMENT.
- All monies, securities, negotiable instruments, contracts, and/or other property on deposit with Osprey Ltd or its affiliates, in Customer’s Account, for any purpose, including safekeeping, are hereby pledged with Osprey Ltd and shall be subject to a security interest in Osprey Ltd’s favor for the discharge of all Customer’s obligations to Osprey Ltd, irrespective of the number of Accounts Customer has with Osprey Ltd.
- Customer also grants Osprey Ltd the right to use the above-described properties and any Account credit to offset against any of Customer’s obligations to Osprey Ltd including, but not limited to, transfers for the purpose of margining, or for application to negative balance Accounts not promptly paid, as well as delivery costs and charges.
7.11 USE OF MONIES.
Customer hereby also grants to Osprey Ltd the right to pledge, repledge, hypothecate, invest or loan, either separately or with the property of other customers, to itself or to others, any funds, securities, currencies, and the foreign currency or off-exchange transactions of Customer held by Osprey Ltd as margin or security. Osprey Ltd shall at no time be required to deliver to Customer the identical property delivered to or purchased by Osprey Ltd for any Account of Customer.
7.12 TECHNOLOGY AND COMMUNICATIONS ISSUES.
- Osprey Ltd and/or its 3rd party service providers provide trading technology for Customer’s use in connection with transactions made by Customer with Osprey Ltd. Such trading technology includes, but is not limited to, the Trading Platform, web applications, application program interfaces, software, software code, programs, protocols and displays (collectively “Technology”) for trading, analyzing trades and markets and constructing automated trading systems.
- Osprey Ltd provides the Technology “as is,” without any warranties of merchantability, fitness for a particular purpose, or other express or implied warranties.
- Osprey Ltd will not be responsible for the operation or performance of any automated trading system developed with Technology or for any malfunctions of Technology or for any delays or interruptions in transmission of orders due to breakdown, excessive call volume, or failure of transmission or communication equipment on the Internet or otherwise, including, but not limited to, communications problems, computer software or hardware breakdowns, malfunctioning errors, any and all problems or glitches associated with computer problems or any other technical cause or causes.
7.13 FOREIGN ACCOUNTS.
- Customers not residing in the United States (”Foreign Accounts”) may be asked to comply with requests for special information by Osprey Ltd as required by any governmental unit or regulatory agency.
- This includes, but is not limited to, special calls for information. In the event of a special call for information, Osprey Ltd or its agent shall be required to obtain the information set forth by any governmental unit or regulatory agency requesting information. In addition, failure to respond to a special call may cause transactions to be prohibited (other than offsetting trades) for Customer.
- Foreign Accounts must copy and forward an official form of picture identification and must provide a bank reference before Customer is approved for trading.
8.1 BINDING EFFECT.
- This Agreement shall be continuous and shall cover, individually and collectively, all Accounts of Customer at any time opened or reopened with Osprey Ltd irrespective of any change or changes at any time in the personnel of Osprey Ltd or its successors, assigns, or affiliates.
- This Agreement including all authorizations shall inure to the benefit of Osprey Ltd and its successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon Customer and/or the estate, executor, trustees, administrators, legal representatives, successors and assigns of Customer.
- Customer hereby ratifies all transactions with Osprey Ltd affected prior to the date of this Agreement and agrees that the rights and obligations of Customer in respect thereto shall be governed by the terms of this Agreement.
This Agreement shall continue in effect until termination, and may be terminated by Customer at any time when Customer has no open position(s) and no liabilities held by or owed to Osprey Ltd upon the actual receipt by Osprey Ltd of written notice of termination via email, or at any time whatsoever by Osprey Ltd upon the transmittal of written notice of termination to Customer; provided, that such termination shall not relieve either party of any obligations set out in this Agreement nor shall it relieve Customer of any obligations arising out of prior transactions entered into in connection with this Agreement.
- Customer agrees to indemnify and hold Osprey 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 Osprey Ltd arising out of Customer’s failure to fully and timely perform Customer’s responsibilities herein or should any of the representations and warranties fail to be true and correct.
- The customer also agrees to pay promptly to Osprey Ltd all damages, costs and expenses, including attorney’s fees, incurred by Osprey Ltd in the enforcement of any of the provisions of this Agreement and any other agreements between Osprey Ltd and Customer.
8.4 FORCE MAJEURE.
Osprey Ltd 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 Osprey Ltd, Customer, any market, or any settlement or clearing system.
8.5 TERMS AND HEADINGS.
- The term “Osprey Ltd” shall be deemed to include Osprey Ltd, its affiliates, divisions, successors and assigns; the term “Customer” shall mean the party (or parties) executing the Agreement, and the term “Agreement” shall include all other agreements and authorizations executed by Customer in connection with the maintenance of Customer’s Account with Osprey Ltd regardless of when executed.
- The paragraph headings in this 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.
8.6 GOVERNING LAW AND JURISDICTION.
This Agreement, and the rights and obligations of the parties hereto, shall be governed by, construed, and enforced in accordance with the laws of Saint Vincent and the Grenadines, without regard to the choice of law principles.
8.7 USE OF OSPREY LTD’S WEBSITES.
- Web sites refer to Osprey Ltd’s Web site (https://ospreyfx.com/and additional Web sites that Osprey Ltd may register). The Web sites provide Customer with content and information. The content on the Web sites is provided as a convenience but may be inaccurate or outdated.
- Customer agrees at all times to rely upon Customer’s transaction confirmations and statements as the official records of Customer’s Account. Information is not related specifically to an Account.
- Information is financial or investment information provided by third parties to Osprey Ltd that Osprey Ltd provides to Customer, which includes market data, news, research, financial analysis, commentary, or tools.
- The information on the Web sites is provided from sources believed to be reliable but cannot be guaranteed. The information provided on our Web sites is not customized for Customer and Customer understands that the information provided to Customer is not a recommendation to Customer about the suitability of purchase and/or sale of any trading product.
- Osprey Ltd may without notice to Customer change, revise, modify, add, upgrade, remove or discontinue any part of Osprey Ltd’s Web sites. The Web sites may include hyperlinks to third-party websites.
- Osprey Ltd is not responsible for the information or content provided by such third-party web sites.
8.8 MARKET DATA, NEWS AND OTHER INFORMATION.
Customer agrees that the market data, news and other information available to Customer through our Web site is for Customer’s personal use and that Customer will not retransmit or republish this information in any form without the written consent of Osprey Ltd.
8.9 NO WAIVER OR AMENDMENT.
- No provision of this Agreement may be waived or amended unless the waiver or amendment is in writing and signed by both Customer and an authorized officer of Osprey Ltd.
- No waiver or amendment of this Agreement may be implied from any course of trading between the parties or from any failure by Osprey Ltd 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 as 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.
- This Agreement, any attachments thereto, and the terms and conditions contained in statements and confirmations contain the entire agreement between the parties with respect to the subject matter hereof.
- If any provision or condition of this Agreement shall be held to be invalid or unenforceable by any court, or regulatory or self-regulating agency or body, such provision shall be deemed modified, or, if necessary, rescinded in order to comply with the relevant court, or regulatory or self-regulatory agency or body.
- The validity of the remaining provisions and conditions shall not be affected thereby, and this Agreement shall be carried out as if such invalid or unenforceable provision or condition was not contained herein.
8.11 ACCOUNT TRANSFER AND ASSIGNMENT.
Customer authorizes Osprey Ltd to transfer and assign Customer’s Account to a futures commission merchant or another legal entity. Customer may not transfer or assign this Agreement without Osprey Ltd’s prior written consent. Any purported assignment by the Customer in violation of this provision is null, void and unenforceable.
9 RISK DISCLOSURE STATEMENT
Trading in a margined account involves a high degree of risk including the risk of loss of the Customer’s entire Risk Capital deposited with Osprey Ltd. Losses, in some cases, have the potential to extend beyond the Customer’s Account Value.
In consideration of Osprey Ltd agreeing to enter into contracts with its Customer(s) for this Account, Osprey Ltd requires all the undersigned Customer(s) to analyze their financial objectives, financial status, investment constraints, and tax situation to determine whether trading is suitable. In addition, we require our Customers to carefully read and acknowledge the Osprey Ltd Risk Disclosure Statement that outlines without limitation the risks associated with trading a margined account through Osprey Ltd.
By signing this Agreement the Customer understands and agrees that:
- OTC Margined Trading involves a high amount of risk and is highly speculative. Customer(s) agrees that they are in full understanding and willing to assume the legal, economic, and other risks associated with the trading of a margined account, and are willing and able to assume the loss of their entire Risk Capital, defined as those funds, that if lost, would not change your lifestyle or your family’s lifestyle. As such, they further agree that margined trading is not suitable for Retirement Funds. Osprey Ltd encourages Customers to closely manage outstanding open positions and to use prudent money management precautions such as, but not limited to, Stop Loss Orders.
- Excessive leverage available with Margined accounts can lead to quick losses. Customer(s) agrees that using a high degree of leverage, defined as the use of a small amount of capital to control a larger amount of an Open Position, can result in large losses due to a price change(s) of open contract(s) with Osprey Ltd. Osprey Ltd provides leverage on most trading products for most customers of 100:1 or more. With 100:1 leverage the Customer has the potential to control $1,000,000 position with $10,000 in an Account. Osprey Ltd encourages its Customers to use only that portion of leverage that the Customer is most comfortable with and to use money management precautions such as, but not limited to, Stop Loss Orders for the purpose of limiting risk. Osprey Ltd reserves, at its sole discretion, the right to reduce or increase the amount of leverage given on any trading product at any time and without notice.
- Trading experiences periods of liquidity risk. Customer acknowledges that Liquidity Risk, resulting from decreased liquidity, is usually due to unanticipated changes in economic and/or political conditions. Customer also acknowledges that Liquidity Risk can affect the general market in that all participants experience the same lack of buyers and/or sellers. The Customer also understands that liquidity risk can be Osprey Ltd specific due to changes in liquidity available to Osprey Ltd from an Osprey Ltd Custodian of funds interbank liquidity providers due to a perception that the risks of the market segment have increased. When liquidity decreases, Customers can expect, at the minimum, to have wider bid to ask spreads as the supply of available bid/ask prices, outstrips the demand. Decreases in liquidity can also result in “Fast Market” conditions where the price of a trading product moves sharply higher or lower or in a volatile up/down pattern without trading in an ordinary step-like fashion. In some instances, there may exist the possibility that a trading bid and/or ask price for a trading product or products are not available (a situation where there is no liquidity). Although there may be instances when the aggregate OTC market enters a “Fast Market” situation or periods where liquidity is in short or no supply, it is important to note that prices, bid/ask spreads and liquidity will reflect the prevailing interbank market liquidity for Osprey Ltd. Osprey Ltd can Liquidate Positions of the Customer that do not have adequate margin: Because of the leverage available with OTC Margined Trading and the potential for extreme volatility, Osprey Ltd Custodian of funds reserves the sole discretionary right to liquidate Customer’s Account(s) should the Margin in the Account not be sufficient to cover the potential risk of loss. Should the Customer’s Account value go below the free of programming bugs that can cause trading, position keeping or any other required functionality of the Trading Platform and other relevant software applications associated with Osprey Ltd including but limited to clearing and escrow Account software, from becoming inoperable or without errors?
- The Customer acknowledges and agrees that they will hold harmless Osprey Ltd for any loss or missed trading opportunity resulting from any communication problems the Customer may encounter.
- Osprey Ltd does not take responsibility for Money Managers. Should a Customer grant a Money Manager trading discretionary trading authority or control over a Customer’s Account, the Customer acknowledges that Osprey Ltd does not take any responsibility for any action done by that Third Party on the Customer’s behalf. The Customer grants Money Manager trading authority for the Customer’s Account at it sole, and full risk. Osprey Ltd reserves the right to correct any transactions executed on misquoting errors: In the case when a quoting error occurs that results in a Customer transaction done at an off-market price, Osprey Ltd reserves the sole discretionary right to make the necessary corrections and adjustments to the Customer’s Account whether it be in the favour of the Customer or not in the Customer’s favour. Any change will be reported to the Customer either verbally or via an electronic method such as but not limited to email.
- All Market Recommendations made by Osprey Ltd or any representative of Osprey Ltd are for informational purposes only. Any decision by the Customer to buy or sell is an independent decision by the Customer. Market recommendations made by Osprey Ltd or a representative of Osprey Ltd do not constitute an offer to sell or buy from Osprey Ltd or from any other source that may provide straight-through processing prices to the Customer. Osprey Ltd and its employees are not investment advisor(s) and have no fiduciary duty to Customer and therefore are not liable for any losses incurred by the Customer as a result of information or any recommendations made by Osprey Ltd or representative of Osprey Ltd. The customer is at Risk if Osprey Ltd should go out of business. There is no guarantee that Osprey Ltd as a business will be profitable. Consequently, there exists a credit risk that Osprey Ltd may be subject to losses, which could, in turn, jeopardize the capital that the Customers have in their Accounts. Customer acknowledges that in the event of insolvency, the Customer can only look to Osprey Ltd for performance and return of all Collateral and Margin that the Customer may have at Osprey Ltd.
- Osprey Ltd may decide to exit the Business. There is no guarantee that Osprey Ltd Custodian of funds may decide that they do not want to continue to participate. As a result, the Customer agrees and acknowledges that Osprey Ltd may liquidate all Customer positions, and return margined funds to the Customer at the sole discretion of Osprey Ltd, at any time and for any reason. Osprey Ltd Customers do not hold Osprey Ltd liable for any loss as a result of the liquidation of the Customers position either on an actual basis or as a result of missed profit opportunities.
- Customers are responsible for any reporting errors. Any reporting and confirmation errors of omission, and/or errors in the details of transactions including but not limited to the price contracts were executed, the product traded, the market direction (i.e., ”buy” or “sell”) of order, the type of order and/or any errors in fees, charges or credits to the Customer’s Account including but not limited to charges for executing a transaction, wiring funds, rolling over position, and sweeping balances into the home currency, requires that the customer notifies Osprey Ltd immediately upon discovery for review.
- Neither Osprey Ltd nor a third-party chat application provider is responsible or liable if the electronic logs of the electronic conversations are erased or never recorded because of error, omission, or any reason. Osprey Ltd is also not liable should User Name, Password, and Account information be obtained knowingly or unknowingly by a Third Party and as a result, trades done in the name of the Customer without his or her knowledge or authorization.
- Osprey Ltd has limited liability. The Customer agrees and acknowledges that Osprey Ltd shall not be liable to the Customer for any claims, losses, damages, costs or expenses, including attorneys’ fees caused directly or indirectly by any events, actions or omissions, without limitation, claims, losses, damages, costs, and expenses, including attorney’s fees, resulting from civil unrest, war, insurrection, international intervention, governmental action) including, without limits, exchange controls, forfeitures, devaluations, and nationalizations), natural disasters, acts of God, market conditions, communication problems or any delay, disruption, failure of any transmission or communication system or computer hardware or software application whether supplied and belonging to Osprey Ltd or from a third-party vendor that the Customer and Osprey Ltd relies on to conduct execution and reporting services.
- Effect of “Leverage” or “Gearing”. Margin accounts and contracts carry a high degree of risk. The amount of initial margin is small relative to the value of the contract so that transactions are “leveraged” or “geared”. A relatively small market movement may have a proportionately larger impact on the fund’s Customer has deposited or will have to deposit. This may work against Customer as well as for Customer. Customer may sustain a total loss of initial margin funds and any additional funds deposited with the firm to maintain Customer’s position.
- Risk-reducing orders or strategies. Placing contingent orders, such as “stop-loss” or “limit” orders, particularly in volatile market conditions, will not necessarily limit Customer’s losses to the intended amounts, since market conditions may make it impossible to execute such orders. Strategies using combinations of positions, such as “spread” and “straddle” positions may be as risky as taking simple “long” or “short” positions.
- Before Customer begins to trade, Customer should obtain a clear understanding of all charges for which Customer may be liable. These charges will affect Customer’s net profit (if any) or increase Customer’s loss.
- Electronic trading. Trading on an electronic trading system may differ not only from trading in an open outcry market but also from trading on other electronic trading systems. If Customer undertakes transactions on an electronic trading system, Customer will be exposed to risks associated with the system including any failure of hardware and software. The result of any system failure may be that Customer’s order is either not executed according to Customer’s instructions or not executed at all. Since Osprey Ltd does not control signal power, it’s a reception or routing via Internet, a configuration of Customer’s equipment or reliability of its connection, Osprey Ltd cannot be responsible for communication failures, distortions or delays when trading online (via the Internet). In no event shall Osprey Ltd be liable for speculative or expectancy damages for potential future lost profits.
- Limitation of liability. Customer accepts any trading system provided by Osprey Ltd “as is,” and without warranties, express or implied, including, but not limited to, the implied warranties of merchantability or fitness for a particular use, purpose or application; timeliness; freedom from interruption; or any implied warranties arising from trade usage, course of trading or course of performance. Under no circumstances shall Osprey Ltd be liable for any punitive, indirect, incidental, special, or consequential loss or damages, including loss of business, profits, or goodwill. Osprey Ltd shall not be liable to Customer by reason of delays or interruptions of service or transmissions, or failures of performance of Osprey Ltd’s or its affiliate systems, regardless of cause, including, but not limited to, those caused by hardware or software malfunction; regulatory action; acts of God; war, terrorism, or our intentional acts. The customer recognizes that there may be delays or interruptions in the use of our system, including, for example, those caused intentionally by Osprey Ltd for purposes of servicing the system. Osprey Ltd does not guarantee that alternative trading arrangements will be available at a particular time and Osprey Ltd will not be held liable for delays in entering an order.
- Osprey Ltd’s margin policies require that Customer’s Account be properly margined at all times. Failure to meet margin requirements may result in the liquidation of any open positions with a resultant loss. Osprey Ltd reserves the right to liquidate all positions without notice if an Account falls below Customer’s minimum margin requirement, in accordance with Osprey Ltd’s margin call policy.
- Quoting errors. Should quoting errors occur, which may include, but are not limited to, a mistype of a quote by Osprey Ltd, a quote which is not representative of fair market prices, an erroneous price quote from an Osprey Ltd employee, such as but not limited to a wrong big figure quote or an erroneous quote due to failure of hardware, software or communication lines or systems and/or inaccurate external data feeds provided by third-party vendors, Osprey Ltd will not be liable for the resulting errors in Account balances. The foregoing list is not meant to be exhaustive and in the event of a quoting error, Osprey Ltd reserves the right to make the necessary corrections or adjustments on the Account involved. Any dispute arising from such quoting errors will be resolved in accordance with required regulations if such regulations exist. In the event of a system error where interest is not charged or credited as scheduled, Osprey Ltd reserves the right to apply the missed interest to the Account at any time.
- Third-Party Authority. In the event that Customer grants trading authority or control over Customer’s Account to a third-party trading advisor, such as a Money Manager, whether on a discretionary or non-discretionary basis, Osprey Ltd shall in no way be responsible for reviewing Customer’s choice of such trading advisor, or for making any recommendations with respect thereto. Osprey Ltd makes no representations or warranties concerning any trading advisor; Osprey Ltd shall not be responsible for any loss to Customer occasioned by the actions of the trading advisor; and Osprey Ltd does not, by implication or otherwise, endorse or approve of the operating methods of any trading advisor. If Customer gives a Money Manager authority to exercise any rights over Customer’s Account, Customer does so at Customer’s own risk. Customer should regularly review the activity in Customer’s Account to ensure that Customer approves of the transactions placed on Customer’s behalf by Customer’s Money Manager.
- Disclosure Regarding Bankruptcy Protections. The transactions Customer is entering into with Osprey Ltd are not traded on an exchange. Therefore, Customer’s funds may not receive the same protections as funds used to margin trade, which may receive a priority in bankruptcy.Since that same priority has not been given to funds used for trading, if Osprey Ltd becomes insolvent and Customer has a claim for amounts deposited or profits earned on transactions with Osprey Ltd, Customer’s claim may not receive a priority. without a priority, the customer is a general creditor and customer’s claim will be paid, along with the claims of other general creditors, from any monies still available after priority claims are paid. Even customer funds that Osprey Ltd keeps separate from its own operating funds may not be safe from the claims of other general and priority creditors.
- Volatile Market Conditions. Trading at times of extraordinarily volatile market conditions, e.g. key news announcements may expose the Customer to additional risks, including the risk that the Customer may not get the price him or her requests. Osprey Ltd cannot and does not guarantee its prices in times of extraordinary market volatility.
- Simulated Conditions. Simulated conditions may differ from real conditions. Therefore, Customers who trade on demo Accounts should not necessarily expect the same results from live trading.
- Referring Parties. IF YOU WERE REFERRED TO Osprey Ltd BY AN INTRODUCING BROKER, REFERRING PARTY OR THIRD PARTY ADVISOR (EACH, AN “IB”), PLEASE BE ADVISED THAT Osprey Ltd AND YOUR IB ARE WHOLLY SEPARATE AND INDEPENDENT FROM ONE ANOTHER AND THERE EXISTS NO JOINT VENTURE OR PARTNERSHIP RELATIONSHIP BETWEEN THE PARTIES. Additionally, NEITHER IB NOR ANY OTHER EMPLOYEE OR AGENT OF IB IS AN AGENT OR EMPLOYEE OF Osprey Ltd.
- 1) Osprey Ltd does not control, and cannot endorse or vouch for the accuracy or completeness of any information or advice Customer may have received or may receive in the future from Customer’s IB or from any other person not employed by Osprey Ltd regarding trading or the risks involved in such trading.
- 2) Osprey Ltd provides risk disclosure information to all new Customers when they open Accounts. Customer should read that information carefully, and should not rely on any information to the contrary from any other source.
- 3) Customer acknowledges that no promises have been made by Osprey Ltd or any individual associated with Osprey Ltd regarding future profits or losses in Customer’s Account. Customer understands that trading is very risky and that many people lose money trading.
- 4) If an IB or any other third party provides Customer with information or advice regarding trading, Osprey Ltd shall in no way be responsible for any loss to Customer resulting from Customer’s use of such information or advice.
- 5) To the extent Customer has previously been led to believe or believes that utilizing any third party trading system, course, program, research or recommendations provided by IB or any other third party will result in trading profits, Customer hereby acknowledges, agrees and understands that all trading, including trading done pursuant to a system, course, program, research or recommendations of IB or another third party involves a substantial risk of loss. In addition, Customer hereby acknowledges, agrees and understands that the use of a trading system, course, program, research or recommendations of IB or another third party will not necessarily result in profits, or will avoid losses or limit losses.
- 6) Because the risk factor is high in trading, only genuine risk capital should be used. If Customer does not have capital which the Customer can afford to lose, Customer should not trade.
- 7) Customer understands and acknowledges that Osprey Ltd may compensate Customer’s IB for introducing Customer to Osprey Ltd and that such compensation may be on a per-trade basis or other bases.
- 8) Customer understands and agrees that if Customer’s Account with Osprey Ltd is introduced by an IB, that IB shall have limited access to information regarding Customer’s Osprey Ltd Account, but the IB shall not have the right to enter into any trades on Customer’s Osprey Ltd Account unless authorized by Customer under a power of attorney between Customer and IB granting such IB the right to trade on Customer’s Account.
- 9) Customer understands and acknowledges that Customer may have only one IB, a party that originally referred Customer to Osprey Ltd.
- 10) Customer may terminate Customer’s relationship with an IB by providing written notice to Osprey Ltd. Customer understands and acknowledges that Customer cannot be considered the client of any other IB. Should you have any questions regarding the risks of trading, please contact your Account representative.
Information Collected by Osprey Ltd. The categories of non-public personal information which Osprey Ltd shall collect include:
- information provided by the customer when opening an Account, or to process a transaction, such as name, address, assets, bank information, prior trading experience, etc.;
- information used to verify the identity of the customer, including copies of government-issued identification materials such as passports, drivers licenses, and credit reports;
- Information resulting from transactions between the customer and Osprey Ltd or an affiliate of Osprey Ltd, such as withdrawal and deposit forms;
- Information derived from customer’s navigation and usage of Osprey Ltd’s website and online platforms, including Account trading statements.
- Information Disclosed by Osprey Ltd and To Whom Osprey Ltd Discloses the Information. Osprey Ltd does not share non-public personal information about our clients or former customers to anyone, except as permitted by law. For example, Osprey Ltd may provide information to non-affiliated third parties, as permitted by law, in providing financial services to you. This includes a consumer reporting agency that prepares your credit report. Furthermore, Osprey Ltd may provide information, as permitted by law, to the government or regulatory agencies and to comply with a legal summons, court order, subpoena or a similar legal process, audit or investigation. We may also disclose your non-public personal information if you authorize such disclosure.
Confidentiality and Security Procedures.
- Using your personal information:
- As well as checking your identity, the personal information we hold may be used for: considering any of your applications; carrying out risk assessments; performing our obligations under any contract we have with you; administering our relationship with you including resolving queries or issues; establishing and managing your account; reviewing your ongoing needs; providing you with the information, products and services that you request from us; investigating any complaint you may make; providing evidence in any dispute or anticipated dispute between you and us; enhancing our customer service and products; undertaking product development and analysis; and detecting or preventing fraud or other crimes.
- Where you have consented to receive updates from us, we may contact you from time to time by post, email, telephone, SMS or other electronic messaging services
- Only those personnel for whom the information is necessary to complete a given transaction shall possess the authority to access the information. Osprey Ltd, its personnel, and its affiliates shall strictly adhere to security practices and procedures to ensure the confidentiality of its customers’ information. Osprey Ltd maintains numerous safeguards that comply with regulations to guard your non-public personal information.
- Osprey Ltd will continue to protect the privacy of former customers’ non-public personal information in the same manner as when they were customers. Unlike continuing customers, however, former customers will not receive annual privacy notices.
CONSENTS AND FURTHER AGREEMENTS
CONSENT TO ELECTRONIC TRANSMISSION OF CONFIRMATIONS & ACCOUNT STATEMENTS.
- Customer hereby consents to have Customer’s Account information and trade confirmations available on the Internet, in lieu of having such information delivered to Customer via mail or email, as specified in paragraphs labelled “Statements and Confirmations” and “Communications” of the Customer Agreement. Authorization To Transfer Funds.
- Customer hereby agrees that Osprey Ltd may, at any time and from time to time, in the sole discretion of Osprey Ltd, apply and transfer from any of Customer’s Accounts with Osprey Ltd to any of Customer’s other accounts, whether held at Osprey Ltd 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.
- Agreement To Use Collateral. Customer authorizes Osprey Ltd to sell, pledge, rehypothecate, assign, invest, commingle and otherwise use any Collateral held by Osprey Ltd, including, but not limited to, using the Contracts as collateral for a loan to Osprey Ltd, and, further trading 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 Osprey Ltd.
- This Agreement to Use Collateral shall remain in effect so long as Customer’s Account with Osprey Ltd remains open or Customer has any obligations of any kind to Osprey Ltd, under the Customer Agreement. Social Security / Tax ID Certification.
- Customer hereby certifies, under penalty of perjury, that (1) the number provided on the Customer Application is Customer’s correct Social Security or Taxpayer Identification Number and (2) the ownership, or beneficiary, of Customer’s Account, is not subject to backup withholding under Section 3406(a)(1)(C) of the Internal Revenue Code.
- Any dispute, claim or controversy between Customer, on one hand, and Osprey Ltd and/or its officers, directors, agents or employees, on the other hand, arising out of or relating to the Customer Agreement, Customer’s Account with Osprey Ltd or any other trading between Customer and Osprey Ltd shall be resolved by binding arbitration. The forum of the arbitration may be American Arbitration Association (“AAA”), within the United States of America (“USA”), in accordance with the AAA arbitration rules in effect at the time such arbitration is commenced, or another appropriate arbitration forum within the United States.
- If the forum of arbitration is outside of the USA, any dispute between the Customer and Osprey Ltd shall be resolved in the international division of AAA, the International Centre for Dispute Resolution (“ICDR”), in accordance with the International Arbitration Rules in effect at the time such arbitration is commenced.
- The award in such arbitration proceeding shall be final and binding and may be entered in any court having jurisdiction thereof. The arbitration shall be held unless the forum is not reasonably convenient for the Customer, at which time an alternate forum shall be determined by the arbitrator. Customer and Osprey Ltd agree to take all steps and execute all documents necessary for the implementation of arbitration proceedings.
- All statutes of limitations applicable to any dispute apply to any arbitration between Customer and Osprey Ltd. The provisions of this Arbitration Agreement shall survive termination, amendment or expiration of Customer’s Account relationship or the governing Osprey Ltd Customer Agreement or any other relationship between Customer and Osprey Ltd. Either Customer or Osprey Ltd may require the submission of the dispute to binding arbitration at any reasonable time, notwithstanding that a lawsuit or other proceeding has been commenced.
- Neither Customer nor Osprey Ltd shall be entitled to join or consolidate disputes by or against others in any arbitration, or to include in any arbitration any dispute as a representative or member of a class, or to act in any arbitration in the interest of the general public or of a private attorney general.
- Except as may be required by law, neither a party nor an arbitrator may disclose the existence, content, or result of any arbitration hereunder without the prior written consent of both parties.
TRADING RULES AND PROCEDURES
The following Trading Rules and Regulations will outline procedures and policies regarding trading and setting up an Account with Osprey Ltd. All Customers are required to read, understand and adhere to these rules and regulations. Osprey Ltd reserves the right to change any rules or regulations at its sole discretion and at any time.
- The Osprey Ltd normal trading week begins at 19:00 (7:00 PM EST) on Sunday and ends at 16:00 (4:00 PM EST) on Friday (times are subject to change.)
- Osprey Ltd will announce and display on a best efforts basis a holiday schedule on the https://ospreyfx.com/website when trading will not take place.
- In the event of a holiday, Osprey Ltd will on a best efforts basis pre-announce the start-up time when trading will resume in advance and display the information on the https://ospreyfx.com/
- Osprey Ltd reserves the right at its sole discretion to conduct special technical maintenance times when trading electronically may not be available.
Deposit and Account Information:
- Deposits can be made via a wire transfer. Funds are not available for trading until they clear at the bank and posted to the Customer’s trading Account.
- All bank fees such as wire transfer fees into and out of the Account will be debited to the Customer’s trading Account as they occur.
- In instances where the Customer is closing an Account with instructions to wire the remaining balances, the wire transfer fee will be deducted from the Final Account Balance forwarded to the Customer.
- All deposits are accepted in U.S. Dollars only unless otherwise agreed. Customers from foreign countries have the option to convert the foreign currency into US Dollars before wiring to Osprey Ltd clearing bank, or wire foreign currencies to our clearing bank at which point our clearing bank will convert the balances into US Dollars at their current conversion rate for that currency.
- A minimum deposit of $10 is required to open an Account with Osprey Ltd.
- Under NO CIRCUMSTANCES will Osprey Ltd accept payment or deposit into an Account by a person or entity other than the person or entity whose name appears on the Account.
- Under NO CIRCUMSTANCES will Osprey Ltd make payment to a person or entity other than person or entity whose name appears on the Account.
- Under NO CIRCUMSTANCES will Osprey Ltd transfer funds from one Account with Osprey Ltd to another Account at Osprey Ltd with different Account Authorization information.
- Liquidation level: Osprey Ltd reserves the right to automatically liquidate the position and the Customer will be responsible for all losses as a result of the liquidation. Osprey Ltd reserves the right to change the Liquidation Level at its sole discretion.
- Prices from Osprey Ltd are independent of prices found elsewhere. Customers acknowledge that the prices reported by Osprey Ltd for buying and selling are independent and can differ from the prices displayed elsewhere or from other liquidity providers in the interbank changes in liquidity from interbank to Osprey Ltd, an unbalanced position or exposure at Osprey Ltd, or differing expectations of price movements. Osprey Ltd expects that in most cases the prices provided to its Customers will be in line with the general interbank market but does not warrant or imply that this will always be the case.
- Rollover rates for open positions are determined by Osprey Ltd and are independent of prices found elsewhere in the Interbank market. The Customer acknowledges that when applicable, all existing Open Positions that remain open over the end of the business day for Osprey Ltd, defined as 5:00 PM EST/EDT, are automatically rolled over to the next available Spot Settlement Date at a net debit or credit to the Customer(s) Account as determined by spot interest rates determined solely by Osprey Ltd. Rollover debits and credits are also influenced by the number of days that the position has to be rolled. For positions that need to be rolled from a spot settlement date from Friday to Monday, the debit or credit will reflect rollover from Friday to Monday or three business days. For rollovers from Monday to Tuesday, Tuesday to Wednesday, Wednesday to Thursday and Thursday to Friday, the rollover debit or credit is for only one business day. If there is a holiday and Osprey Ltd is closed, the rollover would take into consideration the holiday. For example, if Tuesday is a holiday, rollovers from Monday will be for two (2) business days (i.e. from Monday to Wednesday). Since rollover debits and credits are determined by the respective short-term spot interest, a large spread can cause a large debt or credit rollover amount. This spread can result but is not limited to, countries tightening of credit conditions in order to dissuade speculators from shorting one trading product versus another. Osprey Ltd reserves the right to change the credits or debits at its sole discretion if the original amounts are in wrong due to an error or omission.
- Sweep rates for balances other than USD are determined by Osprey Ltd and may be independent of prices found elsewhere in the Interbank market. Profits that are calculated in a foreign currency are “swept” into dollars when the open positions are closed and the Profit and Loss are realized. There is No Guarantee of Profit from Trading with Osprey Ltd: Customer acknowledges that neither Osprey Ltd nor any of its representative’s guarantees to the Customer that they will profit from trading. Customer further acknowledges that they could sustain the loss of their entire Risk Capital deposited in their Account and are financially able to withstand any losses incurred.
- There is No Guarantee that Osprey Ltd will be able to execute stop-loss orders, limit orders or OCO Orders at the Customer Entered Price. Customer acknowledges and agrees that there may be market, liquidity or other conditions that will prevent Osprey Ltd from executing Customers specific Stop Loss Orders, Limit Orders or OCO Orders at the Customer designated price. In some cases, the orders will be executed at prices that are less favourable to the price entered and desired by the Customer. The Customer acknowledges and agrees that they are still responsible for trades executed at levels different from their orders and that Osprey Ltd is not liable for failure to do so.
- There is a technology risk inherent in trading online or via a software application. Although Osprey Ltd has invested a lot of resources developing, testing, configuring, and integrating the Trading Platform and other relevant software and hardware, the Customer acknowledges and agrees that Osprey Ltd does not guarantee that the Customer will be able to successfully execute transactions, monitor their positions, or perform other essential tasks of Osprey Ltd while using the public Internet and other technology from Osprey Ltd or from third-party vendors known or not known for which Osprey Ltd may rely on. Osprey Ltd cannot control, without limitation, the routing, Internet connectivity, reliability of customer or Osprey Ltd equipment, network connections or any other technology hardware malfunction caused by Osprey Ltd hardware, hardware, and connectivity that makes up the public Internet, or hardware at the Customers location. Nor does Osprey Ltd guarantee, although all effort has been made to the contrary, that the Trading Platform and Associated Back Office and Broker Software Interfaces nor any other code or application including but not limited to the interface with Osprey Ltd liquidity provider(s) or the interface with the escrow Account institution or other technology application that would come under the heading software, are error-free and would not lead to communications problems, computer software or hardware breakdowns, malfunctioning errors, and any and all problems or glitches associated with computer problems or any other technical cause or causes. Customer acknowledges and agrees that Osprey Ltd provides Trading Platform and Associated Back Office and Broker Software Interfaces “as is,” without any warranties of merchantability, fitness for a particular purpose, or other express or implied warranties.
- Trades Done Using chat applications. Osprey Ltd may incorporate the use of an electronic conversational application or other chat-like programs. Such an application will be used by Osprey Ltd to give Customers another way to communicate order details to the Osprey Ltd Trading Desk.
- Source of Funds. The Customer confirms to have sufficient funds and risk capital available for immediate transfer to support a margin-based brokerage account with Osprey Ltd, for over-the-counter and/or off-exchange trading products. The Customer understands the high degree of risk associated with trading and waives Osprey Ltd of any and all liability. The Customer understands that these funds act as a protection for any of their own customers who may take trading positions that result in loss, negative balance or margin call.
- KYC (Know Your Customer) Policy. Know your customer policies have become increasingly important worldwide lately, especially among banks and other financial institutions, in order to prevent identity theft, money laundering, financial fraud and terrorist activity. Osprey Ltd holds a zero-tolerance fraud policy and is taking all measures possible to prevent it. Any fraudulent activity will be documented and all related accounts to it will be immediately closed. All funds in these accounts will be forfeited.
Osprey Ltd aims to ensure the integrity of any sensitive data it obtains, such as your account information and the transactions you make, using a variety of security measures and fraud controls. Securing your electronic transactions requires us to be provided with certain data from you, including your preferred deposit method.
If you deposit an amount exceeding a specific threshold, initiate withdrawals, and it has been over 30 (thirty) consecutive calendar days since your account was opened, you will be required to undergo the customer verification process. During this process, you will be asked to furnish Osprey Ltd. with a set of documents, including, but not limited to, a copy of your valid passport featuring the signature page and a real-time selfie photo.
Osprey Ltd. Reserves the right to request additional information and documents for the verification process at its discretion.
Some circumstances may require us to request these documents before allowing any other activities in your account, such as deposits above a certain threshold or withdrawals.
Please note that if we will not receive the required documents on file, your pending withdrawals will be cancelled and credited back to your trading account. We will notify you of such an event via our system.
How can I send you these documents? Please scan your documents, or take a high-quality digital camera picture, save the images as jpegs, then upload them in your Osprey Ltd portal.
How do I know my documents are safe with you?
Osprey Ltd holds the security of documentation at the highest priority and treats all documents it receives with utmost respect and confidentiality. All files we obtain are fully protected using the highest level of possible encryption at every step of the review process.
We thank you for your cooperation in helping us make Osprey Ltd a safer place to trade.
Osprey Ltd does not tolerate money laundering and supports the fight against money launderers. Osprey Ltd follows the guidelines set by the UK’s Joint Money Laundering Steering Group. The UK is a full member of the Financial Action Task Force (FATF), the intergovernmental body whose purpose is to combat money laundering and terrorist financing. Osprey Ltd now has policies in place to deter people from laundering money. These policies include:
- Ensuring clients have valid proof of identification
- Maintaining records of identification information
- Determining that clients are not known or suspected terrorists by checking their names against lists of known or suspected terrorists
- Informing clients that the information they provide may be used to verify their identity
- Closely following clients’ money transactions
- Not accepting cash, money orders, third-party transactions, exchange houses transfers or Western Union transfers.
Money laundering occurs when funds from an illegal/criminal activity are moved through the financial system in such a way as to make it appear that the funds have come from legitimate sources.
Money Laundering usually follows three stages:
- Firstly, cash or cash equivalents are placed into the financial system
- Secondly, money is transferred or moved to other accounts (e.g. futures accounts) through a series of financial transactions designed to obscure the origin of the money (e.g. executing trades with little or no financial risk or transferring account balances to other accounts)
- Finally, the funds are re-introduced into the economy so that the funds appear to have come from legitimate sources (e.g. closing a futures account and transferring the funds to a bank account).
Trading accounts are one vehicle that can be used to launder illicit funds or to hide the true owner of the funds. In particular, a trading account can be used to execute financial transactions that help obscure the origins of the funds.
Osprey Ltd directs funds withdrawals back to the original source of remittance, as a preventative measure. International Anti-Money Laundering requires financial services institutions to be aware of potential money laundering abuses that could occur in a customer account and implement a compliance program to deter, detect and report potentially suspicious activity.
These guidelines have been implemented to protect Osprey Ltd and its clients.
For questions/comments regarding these guidelines, please contact us at [email protected]
Legal Restrictions. without limiting the undermentioned provisions, you understand that laws regarding financial contracts vary throughout the world, and it is your responsibility to make sure you properly comply with any law, regulation or guideline in your country of residence regarding the use of the Site. To avoid any doubt, the ability to access our Site does not necessarily mean that our Services and/or your activities through the Site are legal under the laws, regulations or directives relevant to your country of residence
The Company classifies a User Account as inactive if there is no trading or no open positions in the trading platform for at least 90 (ninety) consecutive days.
Upon 90 (ninety) consecutive days of inactivity, the Customer will be notified via email. A notice sent by email will be deemed to have been received at the time shown in a delivery confirmation report generated by the Company’s email system which indicates that the delivery of the email to the Customer’s email address has been completed. The inactivity fee takes effect if the Customer does not withdraw their account balance or start trading within 7 (seven) calendar days from the email notification.
Once the inactivity conditions are met, Inactive Account is charged with a monthly fee equivalent to 10 (ten) USD/GBP/EUR/CND/AUD respectively in the wallet currency, within the first week (7 days) of the month
The fee will be charged from the Customer’s wallet.
If the wallet balance is not sufficient, the customer hereby authorizes OspreyFX to conduct internal transfer(s) from the customer’s Trading Account(s).
The customer also hereby confirms that the funds on the wallet and on the User Account are free of any liens or debts.
Inactive accounts will be deemed Active whenever the customer resumes trading and inactivity fees will cease to be charged.
Pricing errors & off-market quotes
There is the possibility that pricing errors, non-market-based price quotes, off-market quotes, omissions or misquotes (referred hereafter as “Material Errors”) may occur in the pricing that we provide for trading.
A Material Error may include the date, time, incorrect price, or any error and/or lack of clarity of any information regarding a trade.
For any trades based on Material Errors, we reserve the right to do any of the below things (or a combination of them), without your consent:
- amend the terms and conditions of the trade to reflect what we consider to have been a reasonable and fair price at the time when the trade was entered into, had there been no Material Error occurring (i.e. the market price),
- apply an equity adjustment to your Account, if the value of the adjustment reflects what we consider to have been the reasonable and fair price at the when the time the trade was entered into, had there been no Material Error occurring (i.e. the market price). We will provide you with a record of the adjustment as soon as possible post adjustment,
- Close-Out your trade by buying or selling an offsetting trade at prevailing market rates,
- require you to repay us any money we have paid you regarding the trade,
- void the trade from the outset, or
- not take any action to amend or void the trade.
We will exercise our rights under the above Pricing errors & off-market quotes clauses ((i) to (vi)), fairly and in good faith, and as soon as possible after we become aware of the occurrence of the Material Error. Where possible, we will advise you before we take any action under above clauses. If, however, this is not possible, we will advise you as soon as possible afterwards.
We are not liable to you for any loss, cost, claim, demand or expense that you incur or suffer (including loss of profits or indirect or consequential losses), arising from or connected with a Material Error, including where the Material Error arises from an information service that we rely on.
We are dedicated to providing a fair and consistent service to everyone. We believe that everyone who contacts us has the right to be heard and understood, and also respected.
We believe that our staff have the same rights, and we must provide a safe working environment for our staff. We must also ensure the efficient and effective operation of our business, so that we can provide a good service to everyone who is using our business.
We may decide to restrict access to our service where we consider someone’s actions or behaviour are likely to have a negative effect on our staff or our work.
This policy sets out the kinds of actions and behaviour that may have a negative effect, and what we will do in these circumstances. This policy applies to everyone who interacts or communicates with us, including clients, potential clients, affiliates, and users of our means of communication – email, chat, and telephone.
We recognize that some people may have difficulties in expressing themselves or communicating clearly, especially when anxious or upset. We also understand that some people may find it difficult to identify what impact their behaviour might have on other people.
All our staff have the right not to be subjected to aggressive, offensive, or abusive actions, language or behaviour, regardless of the circumstances. This means any actions or behaviour that could cause staff to feel intimidated, threatened or offended. These include, but are not limited to – threats, physical violence, personal verbal abuse, derogatory remarks, and rudeness, whether made to the member of staff directly or elsewhere. Deliberately provocative or inflammatory statements and unsubstantiated allegations can also amount to abusive actions or behaviour.
Violence can be defined in various ways – it also includes behaviour or language, whether oral or written, that may cause staff to feel afraid, threatened, or abused.
If someone makes unreasonable demands on us or our staff or is unreasonably persistent, that may have an impact on our ability to review the person’s complaint or the complaints of other people who are using the services. Some examples include the following: requesting responses within an unreasonable timescale; insisting on speaking to or corresponding with a particular member of staff, frequent phone calls, emails, or online chats; repeatedly changing the substance of the complaint or raising unrelated concerns.
Examples of unreasonable persistence include: continual refusal to accept that a decision has been made in relation to a complaint; insisting that we answer questions when we have done so or explained why we will not; persistent refusal to accept explanations relating to what we can or can’t do; sending emails to multiple members of staff; or repeatedly trying to revisit a case through our internal processes, once those processes have come to an end.
When we consider that a person’s actions or behaviour are likely to have a negative effect, we will tell them why and we will give them the opportunity to modify their actions or behaviour. If the actions or behaviour continue, we will take steps to prevent or minimise the negative effects. Wherever possible, we will continue with our review of the person’s complaint. We will try to ensure that any action we take is the minimum required to protect our staff and to ensure that they can work effectively.
Our staff may either place a caller on hold or end the telephone call if the caller is aggressive, offensive or abusive, or is making unreasonable demands. The same approach will be used for online chats. Staff are accountable for their actions and are required to log all instances of when calls have been terminated, noting the reason(s) for ending the call. All telephone calls and online chats are recorded for service and training purposes.
It may be necessary to apply restrictions to someone’s contact with us. A decision to do this may be taken by any of our managers. Some of the options that we may consider are:
- Read and file future emails and chat correspondence but acknowledge or respond to it only if the person is raising new information or making a new complaint,
- Requesting a person to transfer any funds they own from their account, and subsequently close their account with us. Once the closure of the account has occurred, to restrict or block future contact from a person.
We will record any incidents which lead us to take action under this policy, and what action we have taken to address the issue.
Report the matter to the Police or appropriate governing body, or take legal action. In such cases, we may not give the person prior warning of taking that action.
Anyone who is unhappy with a decision we have made under this policy may submit a complaint to our email. We will consider it in line with our client policies in place at the given time.
The Islamic (Swap-free) account (hereinafter Swap-free account) is provided by us (hereinafter We, Us, Our as appropriate) and subject to the following terms and conditions (Terms and Conditions).
- Terms and Conditions are a supplement to the existing client agreement and govern additional terms and conditions applicable to the Swap-free account.
For the purpose of the agreement, definitions and expressions shall have the meaning assigned to them in the general terms of business.
- Islamic Accounts, also known as swap-free accounts, offer trading in compliance with the Sharia Law, as they imply no swap or rollover interest on overnight positions. A swap-free account designed for clients who want to trade without interest.
We do not provide any warranty that the Swap-free accounts comply with the requirements of any faith or set of beliefs.
- Swap-Free accounts do not pay or earn swap or interest on any trades. Standard spreads, commissions, and other standard terms of our accounts apply.
- We may, at our discretion:
- update specific charges relating to Swap-free accounts on its website from time to time, as the case arises
- apply, without prior notice, additional commission fees with respect to ex-dividend payments for CFDs on indices, single shares and ETFs for trades carried during ex-dividend days.
- Swap-free accounts are to be used in good faith, and clients may not use the Swap-free account to make profits from swaps or not paying swaps. They should also note that they may not request the payment of any swap amounts that have been lost as a result of converting their live trading account(s) into one or more Swap-free accounts for the period during which their live trading account(s) has/have been converted into one or more Swap-free accounts.
- We reserve the right to revoke a Swap-free account status without having to provide reasoning for this. If we detect that a Swap-free Account is being abused by taking advantage of not paying swaps, in the form of, but not limited to: fraud, manipulation, cash-back arbitrage, carry trades, or other forms of deceitful or fraudulent activity with the usage of a Swap-free account, then we reserve the right to take immediate action in the form of:
- revoking the Swap-free account status to all live trading accounts that are under suspicion of exploitation,
- termination and closure of the client agreement.
- We advise that we reserve the right to cancel the Swap-free account status granted to any live account at any time without being obliged to provide any explanation or justification.