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1. Home
2. Terms and Conditions
TERMS AND CONDITION
PART I – OPENING PROVISIONS
1 PARTIES TO THIS CUSTOMER AGREEMENT
1.1 This Customer Agreement is made between Zeal Capital Market (Seychelles)
Limited, company number: 8422618-1; Security Dealer Number: SD027 with
registered address of Suite C, Orion Mall, Palm Street, Victoria, Mahe,
Seychelles. who is the holder of the trade name ZFX.COM (hereinafter “the
Company” or “We” or “Us”) and the persons who has completed the Application Form
and whose application we have accepted.
2 EFFECT OF THE AGREEMENT
2.1 This Customer Agreement takes effect when you accept it online on our
website and when we confirm to you in writing and/or by electronic means that
your Account has been opened and we have accepted you as our Client.
2.2 By continuing to place orders with us, you agree to continue to be bound by
this Customer Agreement, which supersedes all other Agreements and terms of
business which may previously have been in place between us.
2.3 We shall not be required and may be unable to accept you as a Client until
all “Know Your Client” and Anti-Money Laundering documentation we require has
been received by us. Until we have received all such documentation, properly
completed by you, your account will not be enabled for trading.
2.4 Please be aware that we do not accept citizens from certain countries. US
citizens or US residents are strictly not accepted as clients due to US
Securities and Exchange Commission (“SEC”) rules.
3 SCOPE OF SERVICES
3.1 From the date on which your Account is activated we will:
(a) Receive and transmit orders for you in Financial Instruments,
(b) Provide foreign currency services provided they are associated with the
provision of the Investment Service of Section 3.1 (a) herein,
(c) Provide for safekeeping and administration of financial instruments for the
account of Clients, including custodianship and related services such as cash or
collateral management,
(d) Investment research and financial analysis or other forms of general
recommendations relating to transactions in Financial Instruments.
3.2 You acknowledge that our Services do not include the provision of investment
advice. Any investment information as may be announced by the Company to you
does not constitute investment advice but merely aims to assist you in
investment decision-making. It is also understood and accepted that we shall
bear absolutely no responsibility, regardless of the circumstances, for any such
investment strategy, transaction, investment or information.
3.3 We will not advise you about the merits of a particular Transaction and you
alone will make trading and other decisions based on your own judgment for which
you may wish to seek independent advice before entering into. In asking us to
enter into any Transaction, you represent that you have been solely responsible
for making your own independent appraisal and investigation into the risks of
the Transaction. You represent that you have sufficient knowledge, market
sophistication, professional advice and experience to make your own evaluation
of the merits and risks of any Transaction.
3.4 We obtain information about your knowledge and experience in the investment
field so that we can assess whether the service or product envisaged is
appropriate for you. We shall assume that information about your knowledge and
experience is accurate and we shall bear no responsibility if such information
is inaccurate or changes without informing us and as a result we will not be
able to assess the appropriateness and suitability of our services for you. If
you fail to provide sufficient information in this regard (or fail to provide
any information), we will not be able to assess whether you have the necessary
knowledge and experience to understand the risks involved. If you still wish us
to proceed on your behalf, we may do so, but we shall not be able to determine
whether trading in CFDs is appropriate for you. Consequently, we strongly advise
you to provide us with any requested information which we believe to be
necessary for the purpose of enabling us to assess the appropriateness of our
products for you.
3.5 We may periodically, and with our absolute discretion, withdraw all or any
part of the Services temporarily or permanently.
4 CLIENT CONSENTS
4.1 You agree and understand that you will not be entitled to delivery of, or be
required to deliver, the Underlying of the Financial Instrument, nor ownership
thereof or any other interest therein.
4.2 You agree and understand that no interest shall be due on the money we hold
in your Account.
4.3 You agree and understand that we will affect any Transactions with you as an
agent. Thus, we will be transmitting your Orders for execution to another
broker(s), and such broker(s) may be transmitting the orders received by us to
other liquidity providers. These broker(s) are not necessarily operating in a
regulated market. We are receiving set prices for the Financial Instruments you
can trade on our platform and have no means of amending or requoting them.
4.4 You agree and understand that CFDs trading is not done in a regulated
market.
4.5 You solemnly declare that you have carefully read and fully understood the
entire text of the Customer Agreement herein with which you fully and
unreservedly agree.
4.6 You solemnly declare that you have read, understood found satisfactory and
accept as an integral part of this Customer Agreement the following
information provided on our Website:
a) Risk Disclosures, and
b) Order Execution Policy
4.7 You specifically consent to the provision of the information of Section 4.6
by means of our Website.
4.8 You confirm that you have regular access to the internet and consent to us
providing you with information, including, but not limited to, information about
amendments to our Customer Agreement, costs, fees, policies and information
about the nature and risks of investments by posting such information on our
Website.
4.9 You acknowledge that a variation which is made to reflect a change of law
may, if necessary, take effect immediately and without prior notice. We may vary
this Customer Agreement at any time and it remains solely your responsibility to
stay informed about any changes. The latest version of our Customer Agreement
is available for access on our Website.
4.10 Your trading account must be established for trading purposes only. The
Company is not a bank, nor does it keep deposits as a bank. We keep deposits
only to maintain margins supporting the trading account and trading activities.
4.11 The company maintains a zero-tolerance policy for abusive trading
strategies, fraudulent activities, manipulation or any other scams. Such
activities include, but are not limited to, misuse of deposited and promotional
or bonus funds, swap arbitrage, bonus arbitrage, cash-backs, internal or
external hedging, the use of any automated trading system and/or software
(“trading robots”, “expert advisors”, etc.). If we deem there to be any of such
activities, we reserve the right to annul and cancel any or all your past
Transactions and debit all generated profits
5 RISK WARNING
5.1 You unreservedly acknowledge and accept that:
a) You run a great risk of incurring losses and damages as a result of trading
in CFDs and/or Financial Instruments and accept and declare that you are willing
to undertake this risk. The damages may include the loss of all your money as
well as any additional commissions and other expenses,
b) CFDs and/or Financial Instruments carry a high degree of risk. The gearing or
leverage obtainable in CFDs and/or Financial Instruments trading means that a
small deposit or down payment can lead to large losses as well as gains. It also
means that a relatively small movement can lead to a proportionately larger
movement in the value of your investment and this can work against you as well
as for you. CFDs and/or Financial Instruments Transactions have a contingent
liability and you should be aware of the implications of this, in particular,
the margining requirements,
c) When trading in CFDs and/or Financial Instruments, you are trading on the
outcome of the price of an Underlying Asset and that trading does not occur on a
regulated market, but over-the-counter (OTC),
d) Before deciding to trade on margin you should carefully consider your
investment objectives, level of experience, and risk appetite,
e) You have chosen the particular type of service and Financial Instrument,
taking your total financial circumstances into consideration, which you consider
reasonable under such circumstances, and
f) There are risks associated with the use of online deal execution and trading
systems including, but not limited to, software and hardware failure and
internet disconnection. The Company is not responsible for such losses or
failures.
5.2 The Company shall not be responsible for any loss arising from any
investment based on any recommendation, forecast or other information provided.
Any opinions, news, research, analyses, prices, or other information contained
on this Website are provided as general market commentary, and do not constitute
investment advice. The Company will not accept liability for any loss or damage,
including without limitation to, any loss of profit, which may arise directly or
indirectly from use of or reliance on such information.
5.3 The contents of any report provided should not be construed as an express or
implied promise, as a guarantee or implication that Clients will profit from the
strategies herein, or as a guarantee that losses in connection therewith can, or
will be limited.
5.4 Trades in accordance with the recommendations in an analysis, especially
leveraged investments can be very speculative and may result in profits, as well
as losses, especially if the conditions mentioned in the analysis do not occur
as anticipated.
5.5 In case of any fault in pricing process, typing errors, entering errors and
quoting errors through the electronic trading system and/or phone, the Company
has full right to make any necessary modifications to the investor’s trading
account in which the mistake took place.
5.6 If you do not understand the risks involved in trading foreign exchange or
leveraged Financial Instruments, please do not trade.
6 LIABILITY
6.1 You agree that we shall not be liable for any consequential, indirect,
incidental or special loss (including loss of profits and trading losses) that
result from your use of the Services even if you have advised us of the
possibility of such loss. Consequential loss includes pure economic loss, loss
of profit, loss of business and likely loss whether direct or indirect.
6.2 Other than through our negligence or willful default, we will not be held
liable for any losses, damages or claims that result directly or indirectly from
any person obtaining any access data that we have issued to you prior to you
reporting to us the misuse of your access data.
6.3 We will not be held liable to you for any losses, damages or claims which
result directly or indirectly from any research which you rely upon in making an
Order, whether published by us or not.
6.4 We will not be held liable to you for any losses, damages or claims, which
result directly or indirectly from a delay transmitting any Order.
6.5 We will not be held liable to you for any losses, damages or claims, which
result directly or indirectly from any changes in the rates of tax.
6.6 We will not be liable for any losses, damages or claims which result
directly or indirectly if we fail to receive any documents sent in respect of
your Account or any funds held on your behalf, or if you fail to receive any
such documentation which we may forward to you.
6.7 Nothing in this Customer Agreement shall be taken to restrict or exclude any
duty or liability which we may owe you.
6.8 You agree to indemnify us against any loss, liability, cost, claim, action,
demand or expense incurred or made against us in connection with the proper
performance of your obligations under this Customer Agreement, except where that
loss, liability, cost, claim, action, demand or expense arises from our
negligence, fraud or willful default or that of our employees.
6.9 Our failure to seek redress for violations, or to insist upon strict
performance, of any condition or provision of this Customer Agreement or our
failure to exercise any right or remedy to which we are entitled under this
Customer Agreement, shall not constitute an implied waiver thereof.
PART II – FUNDS
7 CLIENT MONEY
7.1 All amounts handed over by the Client to the Company or which the Company
holds on behalf of the Client, for the provision of Investment Services, shall
be held in the name of the Client and/or in the name of the Company on behalf of
the Client in an account. All Client Funds deposited for the provision of
Investment Services, shall
7.2 We may hold your money and the money of other Clients in the same clients’
bank account (omnibus account). In this case, we are able to identify your money
through our back office and accounting system.
7.3 We may receive or pass on clients’ money to any of our affiliated companies
or a third party (e.g. a bank, a market, merchant, e-wallet, intermediate
broker, OTC counterparty or clearing house) to hold or control in order to
affect a Transaction through or with that person or to satisfy your obligation
to provide collateral (e.g. initial margin requirement) in respect of a
Transaction. We have no responsibility for any acts or omissions of any third
party to whom we pass money received from you. The third party to whom we pass
money may hold it in an omnibus account and it may not be possible to separate
it from our money, or the third party’s money. In the event of the insolvency or
any other analogous proceedings in relation to that third party, we will only
have an unsecured claim against the third party on behalf of you and our other
Clients, and you may be exposed to the risk that the money received by us from
the third party is insufficient to satisfy the claims of you and all other
Clients with claims in respect of the relevant account. The Company accepts no
responsibility for any funds not deposited directly into the Company’s bank
accounts, for losses (directly or as a result of) due to delays and/or failures
to deposit or remit funds through affiliated and/or third parties.
7.4 We shall not pay interest on Client money that is credited or deposited into
the segregated Client Account(s) by the Company, and we may place your money in
overnight deposits. You hereby consent that we are permitted to keep any
interest accrued. We may deposit your money with a depository which may apply a
security interest, lien, or right of set-off to the funds.
7.5 We may hold your Client money on your behalf outside our home jurisdiction.
The legal regime applying to any such bank or person may be different. In the
event of the insolvency or any other analogous proceedings in relation to that
bank or person, your money may be treated differently from the treatment which
would apply if the money was held with a bank in an account in our home
jurisdiction. We will not be liable for the insolvency, acts or omissions of any
third party referred to in this clause.
7.6 We may deposit your money with a depository who may have a security
interest, lien or right of set-off in relation to that money.
7.7 Upon signing or acceptance of the Customer Agreement, you hereby authorise
the Company to process any deposits and withdrawals from the “Client Funds” Bank
Account on behalf of the Company including, and without prejudice to, the
generality of the above, withdrawals for the settlement of all transactions
undertaken under the Customer Agreement, and all amounts which are payable by or
on behalf of the Client to the Company or any other person.
7.8 Unless otherwise agreed to in writing between the Company and the Client,
the Company may, at its discretion, from time to time and without the Client’s
authorisation, set-off any amounts held on behalf of the Client and/or to the
credit of the Client against the Client’s obligation to the Company or its
Broker(s). Unless otherwise agreed to in writing by the Company and the Client,
this Agreement shall not give rise to rights of any credit facilities.
8A. FUNDING AND WITHDRAWALS OF THE CLIENT’S ACCOUNT
8.1 You may fund your Account by credit or debit card, wire transfers or SEPA
transfers, e-wallets or other similar methods of money transfer acceptable by
the Company or any of its affiliated companies from time to time in its absolute
discretion. We do not guarantee that all the transfer methods are available to
be used in your country. Transfers to fund your account can only be initiated by
you either 1) through the trading platform or 2) through the assistance of a
telephone representative, subject to your express consent.
8.2 The minimum initial deposit required to start trading is described in the
‘Accounts’ section of our Website. At our discretion, we can allow you to start
trading if you have transferred fewer funds than the minimum initial deposit. We
reserve the right to refuse cash deposits and/or access to trading accounts due
to said cash deposits.
8.3 You may request to withdraw funds deposited from your account as per the
procedure described in the withdrawals section of the website, subject to
delivering to us the required documents. If your withdrawal request is made to
us without meeting all requirements, the Company reserves absolute discretion to
withhold this withdrawal request until all legal requirements are met. The
Company does not charge any fees for transferring withdrawal funds to you, but
any expenses incurred by the bank, credit card company, payment processor, or
e-wallet for transferring the withdrawn funds shall be passed to you; please
refer to the relevant section on our website. The maximum amount that can be
transferred to your initial deposit facility is equal to the initial deposit
made. Profits made can only be transferred to your bank account.
8.4 The Client may withdraw funds deposited to his/her Account and/or profit
gained through trading transactions from his/her Accounts only to the relevant
account or card that was used to fund the Account (such account to be called
“Originating Account/Card”). Transfers (withdrawals) of funds to accounts or
cards other than the
Originating Account/Card may be permitted at the Company’s sole discretion and
provided the Company is satisfied that there is a reasonable justification for
transmitting the funds to a different account. The minimum withdrawal amount is
USD 25, unless otherwise stated.
8.5 The Client is fully responsible for the payment details given to the Company
and the Company accepts no responsibility for the Client’s funds, if the details
provided by the Client are incorrect. If a withdrawal request is made to a bank
account, the Client has 10 working days from the date of the withdrawal request
to provide his bank details. If ten days have passed without obtaining
sufficient and appropriate information, the funds will be returned to his
trading account and a new withdrawal request must be submitted.
8.6 The Company will process withdrawals of Client funds only when the identity
of the Client is verified by valid “Know Your Client” and Anti-Money Laundering
documentation.
8.7A We shall make any payments due to you in such a manner as we deem
appropriate in the circumstances and maintain a zero-tolerance policy for any
violations of these Terms and Conditions such as, but not limited to, any
fraudulent credit/debit card use, credit/debit card chargebacks, or other
processor chargebacks (regardless of when the transaction or chargeback
occurred), in which case all accounts will be immediately and irrevocably
terminated. Any open trades associated with the account will be immediately
closed and future trades will be refused as per provision 13.1.q of the Terms
and Conditions. You acknowledge that we are not required to provide you notice
before closing your trades and/or account but may choose to do so.
8.7B In cases of suspected “Friendly Fraud” such as an unwarranted chargeback
claim against a legitimate transaction, you acknowledge that, in addition to the
rights mentioned in provision 8.7A, the Company also reserves the right to:
a) Immediately, irrevocably, and indefinitely ban you – and all third parties
you have authorised to act on your behalf – from using our services. We reserve
the right to implement bans on:
i. All IP addresses used to access or otherwise associated with your account;
ii. Your own and your authorised third parties’ registered postal and billing
addresses transmitted during the account verification process;
iii. Your own and your authorised third parties’ names and last names, and all
other identification details as they appear on the identification documents
submitted during the account verification process;
iv. Any other identifying elements we may find appropriate and effective.
All bans will be final and non-negotiable and may include any of the following
actions:
b) Recover the chargeback amount(s) from your account’s remaining balance;
c) Seize the total sum of profits from your account’s remaining balance;
d) Seize any given bonuses from your account’s remaining balance;
e) Notify all relevant credit issuers and credit rating institutions;
f) Pursue criminal proceedings against you for credit card fraud;
g) Initiate civil proceedings against you for redress, compensation, and
recovery of any and all incurred losses and damages, including damages to
reputation, directly or indirectly related to fraudulent chargebacks. 8.7C
Provided that we find provision
8.7.C to be adequately satisfied, any positive balance left in your account will
be refunded to the point of origin of the funds. You acknowledge that we are not
required to provide you notice before proceeding with the refund, but may choose
to do so.
8B PROMOTIONS AND INCENTIVES
8.8 Open trades of Clients who have not logged in for more than 1 week and/or
never deposited any funds will be closed automatically each weekend and the
funds will be debited from their account. The Company accepts no liability or
responsibility for the financial outcome resulting from the automatic closing of
such open positions.
8.9 The Company, from time to time, and at our sole discretion, may offer
several types of promotions and/or incentives through which Clients can earn
specified rewards upon reaching or by completing pre-defined targets.
“Promotions” are schemes which the Company runs repeatedly with the same or
similar mechanisms whilst “incentives” (or competitions) are specific one-off
schemes (for example, but not limited to, Christmas gifts) usually open to
Clients only subject to invitation and respective confirmations. Clients who
have not deposited any funds cannot be entitled to any bonus, or to any
withdrawal bonuses and/or any other similar incentives which may be available
under any promotion or incentive offered by the Company.
8.10 Joining promotions will be subject to specific conditions, as listed below,
in Section 8.12. However, the conditions applicable for the specific one-off
incentives are/will be issued in the incentive announcement. When joining
promotions and/or incentives, all other terms of this Agreement apply unless
expressly and specifically excluded. Conditions apply for the duration of the
promotion/incentive only and may be subject to change without any notice.
8.11 Any suspected breach, violation, or abuse of this Agreement and/or the
specific conditions may lead, without prejudice, to any other right we may have
under this Agreement or Regulations, to the immediate cancellation, withdrawal
and debit of all bonuses.
8.12 Promotions and incentives are subject to availability and might not be
offered to all clients. By participating in promotions and incentives you
continue to accept our Terms and Conditions. We reserve the right to change
promotions and/or incentives, conditions, withdraw, or annul any scheme without
prior notice.
8.13 Promotions:
Deposit Bonus
(a) Subject to the deposit method, bonuses receive instant or managers’ approval
and will be visible in your bonus wallet only once approved.
(b) Some bonus promotions might include a time window for which new deposits are
eligible to receive a bonus and shall accordingly be announced in the terms of
the respective promotion. In case no specific time window is stipulated, all
deposit requests must be received within the first 24 hours of the first deposit
under the respective bonus promotion in order to be eligible for a bonus.
(c) The respective bonus promotion shall indicate the bonus to be granted with
each approved deposit. In case no specific terms are issued, the bonus shall be
30%.
(d) The required trading volume is based on the cumulative bonus amount and
updated each time a bonus is issued.
(e) When the bonus is approved, it will be automatically credited to your
account balance and can be withdrawn immediately.
(f) Bonus funds cannot be used for trading until they are added to your account
balance.
(g) Deposited funds (excluding the bonus) can be withdrawn at any time.
(h) The Company reserves the right to amend and/or cancel the conditions of its
bonus promotions at any time and it shall be the responsibility of the Client to
stay informed accordingly. By continuing to participate in bonus promotions, you
agree to their Terms and Conditions.
9 MARGINS AND COLLATERAL PAYMENT
9.1 During the lifetime of any Financial Instrument, we, in our absolute
discretion, reserve the right to review and adjust the percentage of funding
required or the rates at which interest is calculated on such Financial
Instrument, with or without notice to you, especially in, but not limited to,
volatile market conditions. Positions that are open overnight may be adjusted to
reflect the cost of carrying the position over. Details of such adjustments are
available on our Website.
9.2 Where we affect or arrange a Transaction involving a CFD you should note
that, depending upon the nature of the Transaction, you may be liable to make
further payments when the Transaction fails to be completed or upon the earlier
of the transaction settlement or closing out of your position. You will be
required to make further variable payments by way of margin against the purchase
price of the Financial Instrument, instead of paying (or receiving) the whole
purchase (or sale) price immediately. The movement in the market price of your
investment will affect the amount of margin payment you will be required to
make. We will monitor your margin requirements on a daily basis and we will
inform you as soon as it is reasonably practicable of the amount of any margin
payment required under this clause.
9.3 You agree to pay us on demand such sums by way of margin as are required
from time to time or as we may in our discretion reasonably require for the
purpose of protecting ourselves against loss or risk of loss on present, future
or contemplated transactions under this Customer Agreement. At our discretion we
have the right to change margin requirements at any time, such changes would
apply to open positions and new positions. For example, the Company has the
right to increase margins on the customers trading account before the market
close going into weekends and around bank holidays. The Company also has the
right to review and increase margins during volatile market conditions and key
economic events. We will endeavour to communicate margin changes on our Company
website. It is the Client’s responsibility to understand the margin
calculations and requirements to maintain positions.
9.4 Unless otherwise agreed, margin must be paid in cash. Cash margin is paid to
us as an outright transfer of funds and you will not retain any interest in it.
Cash margin received by us will be recorded by us as a cash repayment obligation
owed by us to you.
9.5 In addition and without prejudice to any rights to which we may be entitled
under this Customer Agreement, we shall have a general lien on all funds held by
us or our Nominees on your behalf until your obligations are met.
9.6 We shall have the right, in addition to any other rights we may have under
this Customer Agreement, or under the law in general, to close, cancel and or
limit the size of your open positions (new or gross) and to refuse to establish
new positions. Situations where we may exercise such right include, but are not
limited to, where:
a) We consider that there are abnormal trading conditions,
b) We consider there to have been abusive trading strategies transmitted to us,
or
c) Your account has reached Stop Out level. 9.7 At margin levels of less than
30% of your equity, we have a discretionary right to begin closing positions
immediately and without notice. Individual Stop Out levels are set at 30% and we
reserve the right to close all or any of your Open Positions below Stop Out
level immediately and without notice solely in our discretion. The provisions of
this paragraph are applicable to all Clients.
9.7 At margin levels of less than 30% of your equity, we have a discretionary
right to begin closing positions immediately and without notice. Individual Stop
Out levels are set at 30% and we reserve the right to close all or any of your
Open Positions below Stop Out level immediately and without notice solely in our
discretion. The provisions of this paragraph are applicable to all Clients.
9.8 It is in the Company’s discretion to close any open deals after an
inactivity period of 90 days of such deals. Hedging positions may incur an
administration fee of 0.1% of the complete volume (deal plus hedge position) in
US-Dollars per day and we retain the right to close any hedged positions after
21 days without any further notice.
9.9 We shall be entitled to retain monies which are required to cover adverse
positions, initial margin, variation margin, any uncleared funds, realized
losses and any and all other amounts payable to us under this Customer
Agreement.
9.10 Whenever we conduct currency conversions, we will do so at such reasonable
rate of exchange as we shall select
PART III – Order Execution
10.1 ZFX is obliged to act in our clients’ best interests and, other than in
certain circumstances described below, where we execute or arrange the execution
of orders, we are required to take all reasonable steps to obtain the best
possible result for our clients (known as delivering ‘’best execution’’) and to
establish and implement an order execution policy and related procedures to
allow us to do so. We have internal policies and procedures governing how we
will act when we execute orders for our clients. We continually strive to
provide the best possible level of service to all of our clients. Consequently,
our policies and procedures are under constant review and may be revised at any
time without prior notice.
10.2 We deal with clients as principal and not as agent. This means that we are
the execution venue and so clients transact directly with us and not on an
exchange or another external market. Trades that clients undertake with us are
non transferable, which means that if a client opens a position with us, they
must close the position with us.
10.3 We apply the following execution factors:
(a) The Price – While we always aim to act in the best interest of our clients
we cannot guarantee that the price at which we permit clients to execute a trade
will be better than elsewhere. Prices on Contract for Difference (CFD) products
are sourced from independent third party providers who supply liquidity to the
OTC market.
(b) The Cost – We add a mark-up to the prices from our liquidity providers and
publish the ‘’markedup’’ prices that include our income. We will base the
closing price of the relevant currency for the purposes of margin requirements
and anybalance credits/debits.
(c) Speed and Likelihood of Execution – Trades may be executed on our platform
or by telephone or other forms of communication. Screen and telephone trades are
subject to liquidity and market conditions and so we cannot guarantee that a
client’s trade will be open or closed instantaneously. The speed and likelihood
of execution is also subject to software, hardware and telecom/data line use and
we cannot guarantee that this will not be free of interruption of suspension.
(d) Quantity – We set the minimum and maximum quantity that clients may place on
a trade. This is influenced by market conditions and firm policy and changes
from time to time. Price and cost are the predominant Execution Factors used by
ZFX.
10.4 When arranging a transaction or executing a client order, we will take into
account the following criteria for determining the relative importance of the
execution
factors referred to above:
(a) The characteristics of the client including the categorisation of the
client;
(b) The characteristics of the client order; and
(c) The characteristics of the financial instruments that are the subject of
that order.
10.5 Subject to market conditions a client order will be executed at our price
or very close to our price. The price clients receive at execution is not
guaranteed as the market may widen, become very volatile or even gap. There is
no guarantee that a client’s order will be executed.
10.6 We are under no obligation to honour and may cancel client order under the
circumstance which we reasonably believe that any form of market abuse,
regulatory breach, or the client order was transacted at an incorrect price may
have taken place.
10.7 If clients have any particular requirements as to how we act when dealing
with them, then they must let us know and we will do our best to accommodate
them. However, clients should be aware that where they give us specific
instructions that are incompatible with our normal order execution policies and
procedures, their specific instructions will take precedence.
10.8 This may result in a different outcome that would have been achieved had
our normal policies and procedures been followed and, we will not be required to
deliver best execution in respect of the aspects of a client order which are
covered by their specific instructions.
10.9 Our normal policies and procedures take account of the costs that we would
incur in transacting business. Transactions may be subject to additional
charges. Where this applies, we will notify clients of the applicable charges
before their order is executed.
10.10 When executing orders OTC financial derivative products, we will take
all reasonable steps to achieve the best possible outcome taking into account
our Order Execution Policy and any specific instructions received from our
clients.
10.11 To achieve the best possible result, we will take a number of factors into
account, including price, costs, speed of execution, likelihood of execution and
settlement, size, nature of the order or any other factors relevant to the
execution of that order.
10.12 We will use our own commercial experience and judgment in determining the
relative importance of these factors, however, we have rated prices as the most
important factor for obtaining the best possible result.
10.13 We will review this policy at regular intervals and will monitor and
review external pricing sources.
10.14 We will give clients 14 days written notice where we make any change to
this policy and the client disclosure relating to this policy on our website.
11 REFUSAL TO TRANSMIT ORDERS
11.1 Without prejudice to any other provisions herein, you agree and understand
that we have the right, at any time, without giving any notice and/or
explanation, to refuse, at our discretion, to transmit any Order for execution,
and that you have no right to claim any damages, specific performance or
compensation whatsoever from us, in any of the following cases but not limited
to:a) Whenever we deem that the transmission of the Order for execution affects
or may affect in any manner the reliability or smooth operation of the Trading
System;b) Whenever there are no available cleared funds deposited in your
Account to pay all the charges and required margin relating to the said Order;c)
There is absence of essential detail of the Order;d) It is impossible to proceed
with an Order regarding the size or price;e) Your Order has more than one
interpretation or is unclear;f) It is impossible for the Order to be executed
due to condition of the market, customs, or a trading volume;g) We received from
you the notice on cancellation of the contract;h) Forwarding of the notice on
termination of the Customer Agreement by us to you;i) If any doubt arises as to
the genuineness of the Order;j) Where we suspect that you are engaged in money
laundering activities or terrorist financing;k) In consequence of lawful claims
or requirements of corresponding organized trading platforms, affiliates as well
as in consequence of lawful claims of third parties;l) Where the legality of the
Order is under doubt;m) In consequence of request of a court order;n) In the
circumstances mentioned in Section 9 and Section 21;o) Where the Order is placed
in a manner and form not compliant with our normal operations of business, orp)
When the underlying market is closed and the Company does not receive liquidity
from its execution venues;q) If your account is under investigation or has been
terminated according to provision 8.7;r) If your account is, or we suspect it to
be, in breach of the Terms and Conditions
12 ASSURANCES, GUARANTEES
12.1 By agreeing to be bound by this Customer Agreement, and on each occasion
that you place an Order, you state, affirm, warrant and guarantee the
following:a) You are placing the Order and entering into the Transaction as
principal, (that is on your own behalf and not for any third person), unless you
have submitted a document and/or Powers of Attorney enabling you to act as
representative and/or trustee of any third person and relevant identification
documents for such third party. b) You are entering into the terms of this
Customer Agreement and each Transaction does not breach, conflict with or
constitute a default under any law, regulation, rule, judgment, contract or
other instrument binding on you or any of your funds or assets. c) You are not
subject to any restrictions on placing the Order or entering into the
Transaction related to the Order. d) You have taken such advice in respect to
the Transaction related to the Order and have not relied on any representation
or information provided by us in reaching your decision to enter into the
Transaction. e) You are duly authorised to and have obtained all necessary
power, authorizations and approval to enter into this Customer Agreement and to
sign and give Orders and to otherwise perform your obligations under this
Customer Agreement. f) All the information disclosed otherwise is true and
accurate and that you undertake to inform us in writing should there be any
changes to the information provided. g) The documents submitted to us are valid
and authentic and to the best of your knowledge and belief, the information
provided in the application form and any other documentation supplied in
connection with the application is correct, complete and not misleading and you
will inform us if any changes to such details or information. h) Your funds are
not in any direct or indirect way the proceeds of any illegal activity or used
or intended to be used for terrorist financing. i) You are over 18 years old and
of sound mind, having no legal or other obstacle prohibiting you from entering
into this Customer Agreement. j) You have provided us with your investment
objectives which are relevant to our Services for example whether there are any
restrictions on the markets or instruments in which any Transactions will be
sent for execution for you, depending on your nationality or religion.
13 THIRD PARTY AUTHORISATION TO TRADE
13.1 You have the right to authorise a third person (“Authorised Party”) to give
instructions and/or Orders to us provided you have notified us in writing of
exercising such a right and that this person is approved by the Company,
fulfilling all of our specifications for this arrangement.
13.2 Unless we receive a written notification from you for the termination of
the Authorised Party’s authorisation, we will continue accepting instructions
and/or orders given by the Authorised Party on your behalf and you will
recognize such Orders as valid and committing to you.
13.3 The written notification for the termination of the authorisation to a
third party has to be received by us with at least 5 days’ notice prior the
termination date.
13.4 MAMM ACCOUNTS
13.4.1 If for MAMM account management you authorise a third party to act on your
behalf as an agent or otherwise, then such a party may instruct us and send
requests concerning any Transaction, or proposed Transaction, or any other
matter on your behalf to which we shall be bound.
13.4.2 You authorise us to rely and act on any request, instruction, or other
communication received by us which purports to have been given by you or on your
behalf without further enquiry on the part of the Company as to the
authenticity, genuineness, authority or identity of the person giving or
purporting to make such a request, instruction, or other communication.
13.4.3 You will be responsible for, and will be bound by, all obligations
entered into or assumed by us on your behalf as a consequence of or in
connection to such requests, instructions, or other communications.
13.4.4 Further to clause 10.3, if you have expressly authorised a third party to
act on your behalf, references to ‘Client’ or ‘you’ throughout the Agreement
shall also include references to your authorised third party delegate.
PART IV – GENERAL PROVISIONS
14 LEGAL PROVISIONS
14.1 Notwithstanding any other provision of this Customer Agreement, in
providing Services to you we shall be entitled to take any action we consider
necessary in our absolute discretion to ensure compliance with the relevant
market rules and or practices and all other applicable laws.
14.2 We are authorised to disclose information related to you and/or your
Transactions as required by law and/or where we believe it is desirable for the
proper handling of your Account.
14.3 Under internal policies, we will keep Client records for at least 7 years
after termination of the Customer Agreement.
14.4 Should any part of this Customer Agreement be held by any court of
competent jurisdiction to be unenforceable, illegal, or contradict any rule,
that part will be deemed to have been excluded from this Customer Agreement from
the beginning. This Customer Agreement will be interpreted and enforced as
though the provision had never been included and the legality or enforceability
of the remaining provisions of the Customer Agreement or the legality, validity
or enforceability of this provision in accordance with the law and/ or
regulation of any other jurisdiction, shall not be affected.
15 INTRODUCTION OF CLIENTS
15.1 Some Clients may have been introduced to the Company by a Business
Introducer (also known as an Introducing Broker). In such case and by accepting
this Customer Agreement, the Client acknowledges that:
a) The Business Introducer is not a representative of the Company nor is it
authorised to provide any guarantees or any promises with respect to the Company
or its services,
b) The Company shall not be held liable for any type of agreement that may exist
between the Client and the Business Introducer or for any additional costs that
might result from this agreement, and
c) Based on a written agreement with the Company, the Company may pay a fee
other type of financial compensation to the Business Introducer as defined in
Section 18 (Inducements).
16 INDUCEMENTS (PAYMENTS TO/FROM THIRD PARTIES)
The Company may pay and/or receive fees or commission to or from third-parties
provided that these benefits are designed to enhance the quality of the service
offered to the Client and not impair compliance with the Company’s duty to act
in the best interests of the Client.
16.1 The Company may pay a fee or commission to Business Introducers, Referring
Agents, or other third parties based on a written agreement. This compensation
is related to the frequency or volume of transactions and/or other parameters.
16.2 The Company may receive fees or commission as well as other types of
compensation from third parties based on a written agreement. The Company may
receive fees or commissions from the counterparty through which it executes
transactions. This fee or commission is related to the frequency or volume of
transactions executed and/or other parameters.
16.3 The Company has the obligation and undertakes to disclose further details
regarding compensation upon the Client’s request.
17 COMMUNICATION AND NOTICES
17.1 We may provide you with access to third party trading recommendations,
market commentary or other information. Where we do so:
a) If this is incidental to your trading relationship with us. It is provided
solely to enable you to make your own investment decisions and does not amount
to investment advice.
b) If the document contains a restriction on the person or category of persons
for whom that document is intended or to whom it is distributed, you agree that
you will not pass it on to any such person or category of persons.
c) We give no representation, warranty or guarantee as to the accuracy of
completeness of such information or as to the tax consequences of any
Transaction, and
d) You accept that prior to dispatch, we may have acted upon it ourselves to
make use of the information on which it is based. We do not make representations
as to the time of receipt by you and cannot guarantee that you will receive such
information at the same time as other clients. Any published research reports or
recommendations may appear in 1 or more screen information service.
17.2 Market commentary is subject to change and may be withdrawn at any time
without notice.
18 COMPLAINTS
18.1 Although the customer is entering into an agreement with Zeal Capital
Market (Seychelles) Ltd, Suite C, Orion Mall, Palm Street, Victoria, Mahe,
Seychelles. license number SD027, Enquiries may be addressed to us in 2 ways:
through the ‘Contact Us’ section found on our website or by sending us an email
as described in Section 18.2 below. Enquiries are handled, in the first
instance, by the Customer Support Department within 72 hours of receiving the
complaint. If you receive a response from Customer Support but believe that your
case is unresolved, you may contact the Compliance Department, which is an
independent department within our Company, to submit your complaint. We have
formal procedures for handling complaints fairly and promptly, aiming to solve
any complaint in a reasonable and objective manner without escalating the matter
further.
18.2 Any complaint must be submitted within 5 days of the incident, either
through the Contact Us section or by email to complaints.CS@ZFX.COM.com and must
include:
a) Client’s full name
b) Client’s username, c) Email and telephone number, d) Clear description of the
complaint including deal ID’s, and
e) Supporting evidence to the complaint in question (i.e. screenshots)
18.3 For verification reasons, all complaints must be sent from the same
Client’s email address on file. If the complaint is received later than 5 days
after the event occurred, then it will be at the Company’s discretion to accept
the complaint or not.
18.4 All complaints must be made in English in a legible and comprehensive
manner containing the information stipulated in Section 18.2. Complaints that do
not contain this information and/or contain abusive language will not be
processed.
18.5 We will attempt to resolve any complaints within 5 business days. If your
complaint requires further investigation and we cannot resolve it within 5
working days, we will issue our holding response within 4 weeks of receiving the
complaint. When a holding response is sent, it will indicate when we will make
further contact (which should be within 8 weeks of receipt of the complaint).
18.6 In case the Client requests any additional data and/or information with
regards to his/her complaint, the Company shall release such information if and
when available and no later than 90 days after the Client’s request. The Client
shall complete a form provided by the Company for such requests. If the form is
not correctly completed, the Company will not be able to provide any additional
data and/or information.
18.7 Any conflicts regarding pricing will be solved by checking the actual
prices in the market at the specific time at which the incident occurred.
Investors should review their account statement and are responsible for
reporting any mistakes found on the account within 48 hours after the issue of
the statement.
18.8 Without detracting from the provisions of Section 18.1 above, it is
expressly stipulated that no complaints will be investigated with respect to:
a) A transaction or a pending order or any modification to the foregoing not
accepted, rejected, deleted or reverted in accordance with the provisions of
this Customer Agreement,
b) Any trading or account management issue due to error in communications either
on the side of the Client, the Company, or both,
c) Any issues due to unavailability of the trading facilities for maintenance
and/or other technical works conducted in accordance with this Customer
Agreement and/or ‘error’ messages returned by the platform,
d) Any transactions made with funds generated by the Client as profit from
transactions that were subsequently cancelled by the Company, e) Any issues
resulting from the failure of the Trading Platform software/hardware in case no
records on the server log-file exist to prove the Client sent instructions, or
f) Any differences in the prices and/or quotes provided by the Company for the
respective Financial Instrument and any of the foregoing provided for any other
Financial Instrument (including, but not limited to, the underlying asset)
and/or provided for the same and/or similar financial instrument by any other
company (whether the Company’s affiliate or otherwise); an erroneous price quote
and/or a spike in the Company’s price feed; any lost and/or unrealized profits
or any non-financial losses.
g) Bans, account terminations, seizures of funds, bonuses, profits, or refusal
of services, refusal of orders or any other action or inaction by ZFX.COM in
relation to situations falling under provision 8.7.
18.9 The Company’s records of the Client’s Trading Account, including, but not
limited to, the server log files, shall be the absolute and indisputable proof
in respect to any complaint. Without limiting generality of the foregoing, in
case of a discrepancy between the trading logs on the server side and trading
logs on the Client’s side, the log files on the server side shall take
precedence. If the server log-file has not recorded the relevant information to
which the Client refers, the complaint based on this reference may not be
considered.
18.10 The Client acknowledges that the Company may, at its sole discretion,
prevent the Client from making any changes to the Order(s) in question during
the time the respective Complaint under review.
18.11 If a decision to address the incident referred to in the Client’s
complaint has been made by the Company, the Company may, at its sole and
absolute discretion, choose either of the following methods:
a) Open and/or close a Transaction and/or pending Order in question,
b) Satisfy (fully or partially) Client’s request as stated in the complaint; or
c) Otherwise address the issue using methods, generally accepted in common
market practice.
18.12 Unless expressly set forth by an applicable law, the Company’s decision
with respect to a complaint shall be final and binding and shall not be subject
to any appeal.
18.13 If a situation arises which is not expressly covered by a term of this
Customer Agreement, the Company and the Client agree to try to resolve the
matter on the basis of good faith and fairness and by taking action which is
consistent with general market practice.
18.14 In the case where a settlement is reached for a complaint, the Client
agrees in writing to waive any rights to past or present claims against the
Company and to withdraw any negative postings, announcements, filings or other
publications which could have a negative effect on the Company by signing a
Settlement Agreement. Failure of the Client to any of the provisions contained
herein, or failure of the Client to sign the Settlement Agreement will result in
a legal filing from the Company against the Client. Bonuses pending through
promotions and/or incentives will be debited if the Client fails to sign the
agreed Settlement Agreement.
18.15 We reserve our rights to proceed with legal actions where complaints are
based on false or misleading information, evidence in support of the complaint
has not been submitted in the initial claim or deliberately been withheld or any
non-disclosure of information in favour of your claim. Submitting such false or
misleading information is a serious offence and if as a result of this, the
Company suffers reputable damages in any form whatsoever, we shall initiate
legal action filing for compensation
PART V – CLOSING PROVISIONS
19 COMMUNICATION
19.1 You accept and understand that our official language is English and you
should always read and refer to the main Website for all information and
disclosures about the Company and its activities. Translation or information
provided in languages other than English on our local Websites is for
informational purposes only and do not bind us or have any legal effect
whatsoever; we have no responsibility or liability regarding the correctness of
the information therein. The English version of all information takes
precedence.
19.2 Unless the contrary is specifically provided, any notices, instructions,
authorisations, requests, general enquiries or other communications and messages
to be given by you to us under this Customer Agreement shall be in English and
in writing and shall be sent to us at the contact details specified in Section
1.3. If your communication is sent by post, it must be posted by registered mail
or a commercial courier service.
19.3 We reserve the right to specify any other method of communication with
you.
19.4 We may monitor and/or record any electronic communications between us
(including telephone calls, emails, text messages and instant messages), without
the use of a tone or other warning, in order to provide verification of
instructions and maintain the quality of our service, for training purposes and
to check compliance with this Customer Agreement, our internal policies and
procedures and applicable regulations. You accept that our records of our
communications will be admissible as evidence of any instruction or
communication given or received by you and that these records belong to us.
19.5 Our phone lines are open during the hours of 9:00 and 22:00 (GMT+8) on
business days. If we need to contact you urgently regarding your Account, we may
contact you outside of these hours. You may use the online chat service for any
enquires with our Customer Service desk outside of our official working hours.
19.6 Notices will be emailed to you at the email address which is registered on
your Account or sent by postal mail at the last address that you provided to us.
It is your responsibility to ensure that you provide accurate and up-to-date
contact information.
19.7 Notices shall be considered delivered: if sent by facsimile, upon receipt
by the sender of a transmission report from its facsimile machine confirming
receipt of the message by recipient’s facsimile machine, or if delivered via
commercial courier service, at the date of signing of the document on receipt of
such notice and shall take effect only when actually received by the recipient,
provided they do not violate and are not contrary to any term of this Customer
Agreement. All notices issued by first class post shall be deemed to be received
7 business days after the date they were sent. Notices issued by airmail shall
be deemed to be received 7 business days after the date of their dispatch.
20 CHARGES AND TAXES
20.1 You acknowledge you understand that we derive our revenue as a fixed share
of the spread regardless of whether you profit or lose deals from the
counterparty through which we execute transactions. This fee/commission is
related to the frequency/volume of transactions executed and/or other
parameters. However, and as a safeguard for best execution, the Company shall
not structure or charge their commissions in such a way as to unfairly
discriminate between execution venues should more than one execution venue be
available. For further details please refer to Section 11.23 and 18. Account
maintenance fees are listed in Section 13.10. Since overnight commissions depend
on several market parameters (such as, but not limited to, the financial
instrument in question, interest rate, market volatility, etc.) the incurred fee
may change. Please refer to the “Overnight Commission” page in our website for
examples (https://www.ZFX.COM.com/en/contract-specifications).
20.2 You agree to pay our charges and applicable taxes (if any) at the rates and
times set out on our Website. We may vary our charges periodically and publish
them on our Website. It will remain solely your responsibility to review the
relevant sections of our Website and stay informed about any changes in our
charges.
20.3 We may share dealing charges (commissions) with third parties, or receive
compensation from them in respect to transactions carried out on your behalf.
20.4 You undertake to pay all stamp expenses relating to the Customer Agreement
and any documentation which may be required for becoming our Client or the
carrying out of the transactions under the Customer Agreement.
20.5 You shall be solely responsible for all filings, tax returns and reports on
any Transactions which should be made to any relevant authority, whether
governmental or otherwise and for payment of all taxes (including but not
limited to any transfer or value added taxes), arising out of or in connection
with any Transaction.
20.6 Commissions for deposit and/or withdrawal of funds may be amended by us
from time to time. It will remain solely your responsibility to review the
relevant sections of our Website and stay informed about any changes in our
charges. You will also be held liable for any charges made by any third party
provider involved in the transfer process.
21 INFORMATION, CONFIDENTIALITY, DATA PROTECTION AND PRIVACY POLICY
21.1 By visiting our website and using our services your agreement to this
Policy is implied.
21.2 We are bound by the data protection principles contained in the Data
Protection
Act 2018 and the Privacy and Electronic Communications (EC Directive)
Regulations 2003
21.3 This Policy will be reviewed periodically to take account of changes to our
operations or practices and, further, to make sure it remains appropriate to any
changes in law, technology and the business environment.
21.4 You should check this page from time to time to ensure that you are happy
with any changes. Any information held will be governed by our most current
Policy
21.5 We may collect and process the following data about you:19
* Information that you provide by filling in forms on our Website, including
information provided when registering to open an Account, using our Website,
subscribing to our services or posting material
* If you contact us or respond to surveys, we may keep a record of that
correspondence
* Details of any orders or transactions (historic or otherwise) that you have
carried out through our Website
* Details of your visits to our Website including, but not limited to, traffic
data, location data, weblogs and other communication data, whether this is
required for our own billing purposes or otherwise and the resources that you
access
* Information about your computer, including IP address, operating system and
browser type, for system administration and to report aggregate information
to our advertisers. This data does not identify any individual
21.6 When you use our Website, we will use cookies to distinguish you from other
users of our Website. This helps us to provide you with a more relevant and
effective experience when you browse our Website, including presenting websites
according to your needs or preferences and allows us to improve the site
generally.
21.7 We use information held about you in the following ways:
* to ensure that the content in our website is presented to you in the most
effective manner;
* to provide you with products and services that you request from us or, where
you have consented to be contacted, for products and services that we feel
may be of interest to you;
* managing and administering the products and services provided to you;
* keeping you updated as a client in relation to changes to our services and
relevant matters;
* to carry out our obligations arising from any contracts entered into between
you and us
21.8 We may also use your data, or permit selected third parties to use your
data, to provide you with information about goods and services which may be of
interest to you and we or they may contact you about these by email.
21.9 Who we disclose the information to:
* Any member of our group of companies who provide financial and other
services
* Potential successors in title to our business third party consultants,
contractors or other service providers who may access your personal
information when providing services (including but not limited to IT support
services) to us;
* introducing brokers with whom we have a mutual relationship (any of whom may
be within or outside the European Economic Area);
* any organisation or person acting on your behalf to whom you request us to
provide information, including your financial advisor, broker, solicitor or
accountant;
* third parties where it is necessary to process a transaction or provide
services you have requested;
* to a Trade Repository or similar;
* credit providers, courts, tribunals and regulatory authorities in response to
legal and regulatory requests, as agreed or authorised by law;
* auditors or contractors or other advisers auditing, assisting with or
advising on any of our business purposes, in any jurisdiction where we
operate;
* at your request or with your consent
22 FORCE MAJEURE
22.1 Except as expressly provided in this Customer Agreement, we will not be
held liable or have any responsibility for any type of loss or damage arising
out of any failure, interruption, or delay in performing our obligations under
this Customer Agreement where such failure, interruption or delay is due to:
a) Government actions, the outbreak of war or hostilities, the threat of war,
acts of terrorism, national emergency, riot, civil disturbance, sabotage,
requisition, or any other international calamity or political crisis;
b) Act of God, earthquake, hurricane, typhoon, flood, fire, epidemic or other
natural disaster;
c) Labour disputes not including disputes involving our workforce;
d) Suspension of trading on a market, or the fixing of minimum or maximum prices
for trading on a market, a regulatory ban on the activities of any party (unless
we have caused that ban), decisions of state authorities, governing bodies of
self-regulating organizations, decisions of governing bodies of organized
trading platforms;
e) A financial services moratorium having been declared by appropriate
regulatory authorities or any other acts or regulations of any regulatory,
governmental, or supranational body or authority;
f) Breakdown, failure or malfunction of any electronic equipment, network and
communication lines (not due to the bad faith or willful default of ourselves),
hacker attacks and other illegal actions against our server and Online Trading
System; or
g) Any event, act or circumstances not reasonably within our control and the
effect of that event(s) is such that we are not in a position to take any
reasonable action to cure the default.
22.2 In the event of a force majeure, the affected Party must notify the other
Party of the circumstances and of the events beyond its reasonable control
within 3 business days.
22.3 In the event of a force majeure, we may suspend, freeze, or close your
positions.
23 TERM AND TERMINATION
23.1 This Customer Agreement shall be valid for an indefinite time period until
its termination as per the provisions of Section 23 stated herein.
23.2 We may terminate this Customer Agreement immediately upon the occurrence
of any of the events set out below:
a) You fail to comply with any requirement relating to the transfer of an open
investment position,
b) You do not have the authority to transact business with us or to do so in the
manner in which you customarily conduct business with us,
c) If you become deceased, declared absent or become of unsound mind,
d) Such termination is required by any competent regulatory authority or body,
e) You violate any provision of the Customer Agreement, and in our opinion, the
Customer Agreement cannot be implemented,
f) If you fail to make any payment or fail to perform any other act required by
the Customer Agreement,
g) We receive reliable information that an adverse material change in your
financial condition has occurred or that you may be unable to perform your
obligations under the Customer Agreement or you do not give to us adequate
assurance of your ability to perform your obligations within 24 hours after
receipt of the relevant request from us,
h) If an application is filed in respect to you for any action pursuant to any
bankruptcy acts or any equivalent act, including those of another country, which
are applicable to you or if a partnership, to one or more of the partners, or a
company, a trustee, administrative receiver or similar officer is appointed,
i) If an Order is made or a resolution is passed for your winding-up or
administration (other than for the purposes of amalgamation or reconstruction),
j) If any distress, execution or other process is levied against any property
that you own and is not removed, discharged or paid within 7 days,
k) If any security created by any mortgage or charge becomes enforceable against
you and the mortgagee or chargee (i.e. lender) takes steps to enforce the
security or charge,
l) If any indebtedness of you or any of your subsidiaries becomes immediately
due and payable, or capable of being declared so due and payable, prior to its
stated maturity by reason of your default (or any of your subsidiaries) or you
(or any of your subsidiaries) fail to discharge any indebtedness on its due
date.
m) You convene a meeting for the purpose of making or proposing or entering into
any arrangement or composition for the benefit of your creditors,
n) If any of the representations or warranties given by you are/or become
untrue,
o) In cases of material violation by you of the requirements established by any
legislation,
p) If scalping or any other unauthorised trading activity is performed on the
Online Trading System, whether automated or manual. In this case, all of the
unauthorised Transactions will be voided and cancelled, or
q) If you are classified as a Politically Exposed Person (PEP) or fail to
provide adequate documentation with regards to the Know-Your-Client and
Anti-Money-Laundering regulations which the Company is required to follow.
r) The Company maintains a strict policy of limiting accounts to 1 per person,
family, household address, email address, telephone number, same payment account
details (e.g. debit or credit card, Neteller, etc) and shared computer, e.g. in
a public library or workplace. Duplicate registrations by the same Client are
strictly forbidden and all Transactions performed by all duplicate accounts will
be voided and cancelled and all profits generated will be debited.
s) The company maintains a zero-tolerance policy for abusive trading strategies,
fraudulent activities, manipulation, chargebacks or any other scams. Such
activities include, but are not limited to, misuse of deposited and
promotional/bonus funds, swap arbitrage, bonus arbitrage, cash-backs, internal
or external hedging, the use of any automated trading system and/or software
(“trading robots,” “expert advisors,” etc.). If we deem there to be any such
activities in relation to the Client’s trading account, we reserve the right to
annul and cancel any or all of your past Transactions and debit all generated
profits.
t) Accounts meeting all of the following criteria will be closed:
(i) Following account opening, no trades have been placed within a 6 months
period.
(ii) No financial transactions were made during this period, including direct
deposits as well as direct withdrawals.
(iii) The account has no open position at the time of account closure.
(iv) The client has not logged in for 6 consecutive months, this condition
covers the usage of MT4 and mobile applications.
u) Demo accounts may be terminated if it had been inactive for 30 consecutive
days immediately prior to the date of termination.
23.3 This Customer Agreement may be terminated by either the Client or the
Company at any time by sending a written notice. As a result of the termination
of this Customer Agreement, the Client’s Account will be closed.
23.4 Your termination of this Customer Agreement will not affect any obligation
or liability that you may then have to us, including any liability or short
position you may have resulting from or in connection with transactions
initiated prior to the termination. Subject to Section 24 herein, we will
complete Transactions which are in progress at termination as soon as reasonably
possible.
23.5 If any of the incidents described in Section 23.2 occurs, then we may at
our sole discretion at any time and without notice to you, take any 1 or more of
the following actions:
a) Terminate this Customer Agreement;
b) On your behalf and in your name, suspend, freeze or close out all or any of
your open investment positions;
c) Convert any currency;
d) Apply any of your cash and the proceeds of any Transaction in satisfaction of
the amount owed to the Company, including amounts due in respect of settlement,
fees, commissions and/or interest;
e) Keep such Client’s funds as necessary in order to close positions which have
already been opened and/or pay any pending obligations you have, including, but
not limited to, the payment of any amount which you owe to the Company under the
Customer Agreement; or
f) Close your Account;
g) Void or cancel any or all your past Transactions and debit all generated
profits.
23.6 We reserve the right to combine any accounts opened in your name, to
consolidate the balances in such accounts and to set off those balances.
23.7 If there is a balance in your favour, we will (after withholding such
amounts that we in our sole discretion consider appropriate in respect of future
liabilities) pay such balance to you as soon as reasonably possible and supply
you with a statement showing how that balance was calculated and, where
appropriate, instruct any Nominee or/and any custodian to also pay any
applicable amounts. Such funds shall be delivered in accordance to your
instructions, but we have the right to refuse the transfer of your funds to a
third party.
24 APPLICABLE GOVERNING LAW AND JURISDICTION
24.1 If a settlement is not reached by the means described in Section 18 of this
Customer Agreement, all disputes resulting from or in connection with the
Customer Agreement shall be finally settled in an arbitration court in
Seychelles.
24.2 This Customer Agreement and all transactions between the Client and the
Company are governed by international commercial law and/or industry practice.
24.3 We shall be entitled to take or omit to take any measures which we consider
desirable in view of compliance with the laws and regulations in force at the
time. Any such measures which may be taken and all the laws and regulations in
force shall be binding on you.
25 THIRD PARTIES
25.1 We may at any time transfer, assign, or replace any of our rights, benefits
or obligations under this Customer Agreement subject to providing notification
to you.
25.2 Your rights and obligations under this Customer Agreement are personal to
you and may not be transferred, assigned or replaced.
25.3 You hereby acknowledge and confirm that ZFX.COM is engaging an independent
third party or payment service provider for payment collection. You acknowledge
and confirm your understanding that the third party is acting on your
instructions to transfer the funds on your behalf to the payment service
provider with no liabilities, obligations, or warranties. You agree and confirm
that you have no right to claim any transferred funds from the third party or
payment service provider in any way, under any title or under any
circumstances.
25.4 You understand that any third party or payment service provider will
facilitate your transfer and that you were not offered any form of financial
services from them. You understand you should not use the third party/payment
service provider or its affiliates as a financial service vehicle, but as a
trusted service provider to facilitate payment only. You confirm that you have
no further and future claims against the third party or payment service provider
after the settlement of your funds has been made.
25.5 You are fully aware that investment information which may be announced by
us to you periodically or on a regular basis is not necessarily the result of
investment research conducted by us. Where such investment research is
outsourced from our operations, we shall undertake every effort as to monitor
the level and standard of diligence to which such research is undertaken but
cannot guarantee that the provider is subject to control by the government or
any regulatory authority equal in standard and/or scope to the one we adhere to.
Facts, opinions and any further findings or omissions thereof do not represent
the views of the Company and we cannot be held liable for any losses, damages or
claims which result directly or indirectly from any third-party research which
you rely on in making an investment decision.
25.6 You are fully aware that when you assign rights to third parties (for
example money managers, trading robots, signal providers, etc.) we shall only
provide our Services to you as described in Section 3 and your assignment of
services to third parties shall be solely your responsibility. Any facts,
opinions, findings, services or omissions thereof do not represent the views and
services of the Company and we cannot be held liable for any losses, damages or
claims which result directly or indirectly from any third-party assignments.
26 REFUND POLICY
26.1 The Client has the right to close his/her account at any time he/she wishes
to. The Company will approve the account closure if:
a. No active investments are placed.
b. There are no investigations underway associated with any of the terms of the
current Terms of Services.
26.2 If there are no charges applied to the account, the Company has to close
the account by the Client’s demand.
26.3 If the account of the Client has been suspended due to the violation of the
current Terms of Services or due to any other abuse detected by the Client, the
refund is not provided under any circumstances.
26.4 The Company does not have to provide any refund in case the loss was caused
due to any reason either foreseen or unforeseen.
26.5 A refund request can be made in cases in which the account had been
deposited into, but no orders were executed by the client.
26.6 In this case, the same method of payment used for the deposit will be used
for the refund. The refund will be for the full amount, unless other
arrangements have been made.
26.7 Processing of refund requests can take up to one week.
26.8 All other requests will be treated as WITHDRAWALS and will be processed
using those methods, terms and procedures.
PART VI – DEFINITIONS AND INTERPRETATIONS
In this Customer Agreement, the following words shall have the corresponding
meanings:
ACCESS CODES: YOUR LOGIN AND PASSWORD GIVEN TO YOU BY US IN ORDER TO HAVE ACCESS
ON OUR TRADING SYSTEM OR WEBSITE (WHERE APPLICABLE).
ACCESS DATA: YOUR ACCESS CODES, YOUR ACCOUNT NUMBER AND ANY INFORMATION REQUIRED
TO PLACE ORDERS WITH US IN ANY WAY.
Account: Any transaction account which is opened for you on our records to allow
you trade in Financial Instruments as defined below.
Applicable Regulations: (a) The rules of the relevant market; and (b) all other
applicable laws, rules and regulations which are in force in any jurisdiction.
Application Form: The application form completed by you to apply for our
Services (through which we will obtain any necessary information for your
identification, due diligence and your categorisation in accordance with the
laws).
Balance: The total sum of your Account after the last transaction made within
any period of time.
Base currency: The first currency in the currency pair.
Bonus Terms: The conditions as advertised in marketing campaigns that must be
fulfilled in order to receive the bonus incentive and in accordance with Section
8 of this Customer Agreement to qualify for a payout of such incentive.
Business Day: Any day, other than a Saturday or a Sunday, or the 25th of
December, or the 1st of January.
CFD: A spot and/or forward Contract for Difference on the following
underlying assets: Currencies (Spot FOREX), Metals, Commodities, Futures,
Options, Forwards, Stocks, Indices.
Customer Agreement: This Agreement between the Company and the Client which also
includes the following documents on our Website: (a) Costs and Fees, (b)
Contract Specifications, (c) General Risk Disclosure.
Client Money Rules: The rules relating to Client money as defined by our
Regulator.
Contract Specifications: Each lot size or each type of Underlying Asset in a
Financial Instrument, as well as all necessary trading information concerning
spreads, swaps, margin requirements etc., as determined by the Company on our
Website.
Currency of the Account: The currency that you choose when opening an Account
with us or that you request to convert into after the Account is opened.
Currency Pair: Consists of 2 currencies (the Quote Currency and the Base
Currency) and shows how much of the Quote currency is needed to purchase 1 unit
of the Base Currency.
Debit Card Issuer: The Company shall act as an agent when enabling the Client to
enter into business terms with the issuer of the Debit Card.
Financial Instrument(s): CFDs, NDFs and Rolling Spot.
Floating Spread: A floating spread is a constantly changing value between the
ask and bid prices. Floating spreads vary throughout the day, depending on
market volatility and available liquidity.
Liquidity Providers: The Company shall act as agent of the Client (principal)
when receiving and transmitting Orders. The Company will transmit your Orders
for execution to another broker(s), and such broker(s) may transmit the orders
received by us to other liquidity providers. These broker(s) may not necessarily
operate in a regulated market.
Leverage: A ratio in respect of a Transaction size and initial margin. A 200:1
ratio means that in order to open a position, the initial margin is 200 times
less than the transaction size.
Login Details: Your login and password given to you by us in order to access our
Online Trading System or website (where applicable).
Margin: The necessary guaranteed funds to open positions or to maintain open
positions, as determined in the Contract Specifications for each underlying
asset in a financial instrument.
NDFs: Non-Deliverable Forwards. This has the same meaning as CFDs.
Nominee: Any company that we may appoint our Nominee as a member of our group
whose principal function is to hold funds acquired by our Clients.
Trading System: Any software used by us which includes the aggregate of our
computer devices, software, databases, telecommunication hardware, a trading
platform, making it possible for you to obtain information of markets in
real-time, make technical analysis on the markets, enter into transactions,
place, modify, or delete orders, receive notices from us and keep records of
transactions.
Open Position: A deal of purchase or sale not yet covered by the opposite sale/
purchase of the contract.
Order: An instruction by you to us in Financial Instruments, which are available
for transaction on our Trading Platform.
Overnight Commissions: The fee added or deducted for holding a position open
overnight.
Parties: The parties to this Customer Agreement – the Client (you) and the
Company (us).
Pending order: Order to buy or sell a financial instrument at a price different
from the market price.
Quote: The information of the currency price for a specific Underlying Asset of
a Financial Instrument, in the form of bid and ask prices.
Quote Currency: The second currency in the currency pair.
Rolling Spot: Has the same meaning as CFDs.
Rules: Laws, articles, regulations, directives, procedures and customs which are
in force.
Scalping: The opening and closing of a position within seconds. We have a
1-minute minimum time interval between opening and closing trades.
Services: The services provided by us under this Customer Agreement as specified
in Section 3.
Slippage: This term refers to the difference between the expected price and the
price at which the trade is actually executed.
Spread: The difference between the ask and the bid prices of an underlying asset
in a financial instrument at that same moment.
Stop Loss: An offer to close a transaction at a price determined in advance by
the Client which, in the case of a transaction that is opened by offering to buy
a specific number of a certain instrument, is lower than the opening transaction
price, and in the case of a transaction that is opened by offering to sell a
specific number of a certain instrument, is higher than the opening transaction
price.
Stop Out: Situation when we execute the right to close all your open positions
at current market price or the last available price and your equity divided by
balance falls below the stop out level specified for your account type.
Swap Rates: The rate of the fixed portion of a swap, at which the swap will
occur for one of the parties entering into a financial instrument.
Take Profit: An offer to close a transaction at a price determined in advance by
the Client which, in the case of a transaction that is opened by offering to buy
a specific number of a certain instrument, is higher than the opening
transaction price, and in the case of a transaction that is opened by offering
to sell a specific number of a certain instrument, is lower than the opening
transaction price.
Transaction: Any dealing in a financial instrument.
Underlying Asset: Forward and/or futures contracts on Currencies (Spot FOREX),
Metal, Commodities, Futures, Options, Forwards, Stocks, Indices.
We (our, us): The Company. ZFX.COM is a globally-operated brand and includes any
of our affiliated companies.
Website: www.ZFX.com or any other Website of the Company’s trade names, which we
may notify you about.
You: The Client(s) who is (are) the holder(s) of the Account.
Your Information: Any information that we receive from you or otherwise obtain
which relates to you, your Account or our provision or your use of the
Services.
*Last updated on November 27, 2019
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ZFX, Zeal, and the multi-coloured “Z” are trading names, service marks or
trademarks of Zeal Holdings Limited and may be used exclusively by its
affiliated entities with permission. Zeal Holdings Limited operates through the
following subsidiaries:
Zeal Capital Market (Seychelles) Limited is a financial institution specializing
in providing multi-asset trading services including currencies (foreign
exchange, forex or FX), commodities, indices and shares to institutional and
retail investors, and is mainly compensated for its broking services through
bid/ask price differences (spread) and/or commissions.
Zeal Capital Market (Seychelles) Limited is regulated as a Securities Dealer by
the Financial Services Authority of Seychelles, license number: SD027. Its
principal office is at: Office 1, Unit 3, 1st Floor, Dekk Complex, Plaisance,
Mahe, Seychelles.
Zeal Capital Market (UK) Limited is authorised for specific activities and
product types including dealing in investments as agent, dealing in investments
as principal, arranging (Bringing about) deals in investments and making
arrangements with a view to transactions in investments by the Financial Conduct
Authority, FCA Registration Number (FRN): 768451. Its principal office is at:
No. 1 Royal Exchange, London, EC3V 3DG, United Kingdom
This website: www.zfx.com is operated by Zeal Capital Market (Seychelles)
Limited.
© 2023 Zeal Capital Market (Seychelles) Limited. All rights reserved.
* Risk Disclosure
* Cookie Policy
* Order Execution Policy
* Privacy Policy
* Website usage rules
* Terms and Conditions
* AML Policy
Risk Warning: Contracts for Difference (CFDs) are complex instruments and come
with a high risk of losing money rapidly due to leverage. You may be required to
make further deposits in order to meet your margin requirements. You should
consider whether you understand how CFDs work and whether you can afford to take
the risk. The historical financial performance of any underlying instrument is
no guarantee or indicator of future performance. Trading financial derivatives
may not be suitable for all investors. Please ensure that you fully understand
the risks involved, and seek independent advice if necessary.
NOTICE 公告
×
Zeal Capital Market (Seychelles) Limited is part of Zeal Group, which does not
accept or offer any products to Hong Kong residents or public. Moreover, while
the Zeal Capital Market (Seychelles) Limited is regulated and licensed in other
jurisdictions and operates under strict regulations of those other
jurisdictions, it does not offer any of its products to the Hong Kong public.
Zeal Capital Market（塞舌尔）有限公司及其全球分支機構不接受也不向香港居民或公眾提供任何產品。Zeal Capital
Market（塞舌尔）有限公司及其全球分支機構不接受也不向香港居民或公眾提供任何產品在其他司法管轄區域接受監管並獲得牌照，在其嚴格的監管之下經營，集團對香港公眾不提供任何產品。
Zeal Capital
Market（塞舌尔）有限公司及其全球分支機構不接受也不向香港居民或公眾提供任何產品及其全球分支机构不接受也不向香港居民或公众提供任何产品。Zeal
Capital
Market（塞舌尔）有限公司及其全球分支機構不接受也不向香港居民或公眾提供任何產品在其他司法管辖区域接受监管并获得牌照，在其严格的监管之下经营，集团对香港公众不提供任何产品。