Brokers Park Ltd. Client Agreement
Standard "Terms & Conditions"
This Client Agreement, as amended from time to time, will take effect from November 14 2020.
1. Scope of this Agreement
1.1 This Agreement determines the contractual relationship between the Company("we") and the Client ("you"). You should read the agreement carefully, understand and agree with the terms and conditions before you enter into a contractual relationship with us.
2. The Company
2.1 References to the term the 'Company' throughout this agreement relates to 'Brokers Park Ltd'.
2.2 The Company is incorporated in St. Vincent & Grenadines, having its Registered address at Hinds Building 10, Kingstown, St. Vincent and the Grenadines - Licence number: 25850 BC 2020.
3. Our Business
3.1 The Company is a pioneer online trading group that was founded in 2003, and has revolutionized currency, commodities, indices and options trading in over 160 countries ever since. We are pioneers in developing online trading as a consumer product, and one of the leaders in the market with customized technology and personal service tailored to all levels of knowledge and experience traders ("you"), accessible from any location. We develop easy and user friendly online trading platforms for execution-only transactions in the over-the-counter spot foreign exchange, forward foreign exchange, CFD commodities and CFD Index markets ("Financial Products") and options trading. We further provide you with real time tradable BID-ASK tradable prices by collecting and aggregating information sourced through, independent price providers, relevant exchanges and interbank participants who normally supply liquidity and information to the global FX and Futures market and distributes the real time BID-ASK tradable prices to you via our proprietary and 3rd party trading platforms.
3.2 Our proprietary platforms include:
3.3 Our non-proprietary (third party) platforms include:
3.4 We also provide you with the following services:
4. Operation of a Trading Account
4.1 Opening a Live Trading Account (Active Account) In order to be able to enter into trading transactions, you will first need to open an Active Account. There are different types of accounts you can choose to operate. You may change or upgrade your account to suit your requirements, or you can talk to one of our professional client managers. However, each client is only permitted to operate one active trading account with us.i Where a client opens more than one Active Account with us, the company reserves the right to close the additional accounts and all related open trading positions.
4.2 We reserve the right to refuse or reject a registration at our own discretion or based on regulatory restrictions imposed on us.
4.3 Active Account Security and Management: Once you open an account with us, you need to set a username and password that you can use every time you use our services. Please take any necessary actions required to keep this information away from public view and do not share it with others. You are responsible to protect this information. If you misplace or lose any of the above data or you suspect that someone else has access to them, you should notify us immediately in writing.
4.4 Segregated Accounts: We are a financial services regulated company, following transparent processes in all our relations with you. All funds we receive from you are treated as 'Clients Money' and they are kept in separate client bank accounts (segregated accounts) in a reputable banking institution of our selection. We are obliged by law to perform regular reviews and monitoring of how these accounts are maintained and operated by such banking institution.
4.5 Currency: All amounts concerned for the opening and the operation of your account will be payable in the currency that you chose upon opening your account with us.
4.6 Payment Methods: We will only accept cleared funds (funds that are available in your bank / debit /credit card account). There are three primary methods of payment that you may choose, so as to make your transactions:
5. Trader Accounts Archiving (Metatrader 5 Platform (MT5) users ONLY)
5.1 Each Sunday, we perform automatic archiving to MT4 accounts that meet ALL of the following conditions:
5.2 You may re-activate your MT4 trading account at any time, following archiving, at no charge or penalty, by contacting us.
5.3Order of Execution: The Company takes all reasonable steps and a number of factors into account, so as to obtain the best possible results for the Company’s clients, either when executing client orders or receiving and transmitting orders for execution, in relation to financial instruments.
By entering into this Client Agreement, you acknowledge that you have read and understood the “Terms & Condition” document and you furthermore consent that the Company will execute or receive and transmit an order for execution outside a regulated market or an MTF.
6. Marketing/Promotions
6.1 The Company runs certain seasonal promotions related to its products, from time to time. Each promotion is subject to its unique terms and conditions that you ought to read carefully each time before you participate. If you do not agree with part of the whole of the terms of each Promotion, you are strongly advised not to participate.
7. Termination
7.1 If you wish to close your account, you must notify us in writing. If we wish to close your account, we will also notify you in writing by giving reasonable notice, unless there are grounds where we need to terminate our contractual relationship with you earlier or even immediately without notice.
7.2 Early/Immediate Termination Grounds for early/immediate termination may include but are not limited to:
8. Unauthorised Activities
8.1 Introduction: It is not permitted to use the services of the Company for an activity that is not authorised. In using the services of the Company, you agree and acknowledge that you will not use our products and services for any Unauthorised Activity. Descriptions of unauthorised activities are listed below.
'Unauthorised Activity' means any act, including but not limited to:
8.2 Money Laundering The concealment of the origins of illegally obtained money, typically by means of money transfers involving foreign banks or legitimate businesses. Evidence that would tend to show the potential of this would include depositing and withdrawing funds without trading, providing false contact information and providing false documentation.
8.3 Arbitrage Arbitrage describes any trading result that is the outcome of actions that either eliminate the risk totally or significantly, usually abusing features provided by the Company
8.4 Hedging in bad faith Hedging is a strategy used in limiting or offsetting probability of loss from fluctuations in the prices of commodities, currencies, or securities. In effect, hedging in bad faith is the employment of various techniques but, basically taking equal and opposite positions in the same Financial Product or a Financial Product highly correlated at near the same time, indicating no interest in genuine trading. This can happen over a single account or over multiple accounts.
8.5 Use of excessive leverage Excessive leverage is the opening of a position that requires a margin that is nearly all of the free balance. This strategy significantly heightens the danger of the clients' account ending up in a sizeable negative balance.
8.6 Trading on off-market quotes It is not permitted to conduct an activity involving the purchase of Financial Products of any price other than the market price at that instant.
8.7 Churning Churning means excessive trading aiming to generate commissions. While there is no quantitative measure for churning, frequent buying and selling of securities that does little to meet the client's investment objectives may be construed as evidence of churning.
8.8 News Gap and Break Gap Trading Abuse: All products observe a break either intraday, daily or weekly. It is the norm that the last price before the break and the first price after the break to be significantly different. This difference, also known as a 'gap', means there is no market (no tradable prices) in that range. A gap can also be the outcome of news release. The Company is proud to offer a guaranteed stop loss, take profit, pending order execution and negative balance protection to protect and enhance the trading of its clients. Nonetheless, it is prohibited to use these features in bad faith. Examples where these features are used in bad faith are:
8.9 Multiple Account Operation Clients may not trade using the accounts of others or allow others to trade using their account. Evidence of this activity includes:
the Company reserves the right to close the affected accounts and all related open trading positions.
8.10 Scalping: to open and close positions on the same asset pretty quickly, within a short period of time(0-10mins).
8.11 Action: The Company reserves the right to take the appropriate action in circumstances where the terms and conditions of this agreement have been breached. The consequences of breaching one or more of the conditions, deemed as 'unauthorized activities' includes but not limited to:
9. Trade Execution(LOT) Requirement
9.1 In order to protect it's own financial stability & prevent fraud and laundering, the company requires a minimum of 3 LOTS to be executed after each financial transaction(including but not limited to deposit, withdrawal, bonusing)
9.2 If these requirements are not fullfilled has the right to postpone are decline any financial transaction(including but not limited to deposit, withdrawal & bonusing)
10. Exclusion of Liability
10.1 You must be over 18 years of age, so as to enter into a contractual relationship with us.
10.2 You are aware that our services are currently provided solely electronically. We are not liable for any system failure either from your side or ours, including but not limited to internet connection, electricity power cut, telephone communication failure, high Internet traffic demand, malicious interference / access to your system or ours, hardware error, mobile applications non-compatibility with our System, including our proprietary or third party system. We cannot guarantee that the software and / or the system that we own or we manage on behalf of a third party, is uninterrupted and error free or available at all times.
10.3 You will not transmit to or in any way, whether directly or indirectly, expose our System to any computer virus or other similarly harmful or malicious material or device.
10.4 In no event shall we be liable for lost profits or any special, incidental or consequential damages arising out of or in connection with our website, system, products and services, except as stated in this agreement.
11. Indemnity
11.1 You agree to indemnify us and hold harmless with regard to any loss, damage, liability, cost or expense that we may suffer or incur due to your acts or omissions, misrepresenting, misleading acts or breach of your obligations arising out of this contractual relationship.
11.2 Our indemnification to you or any third party concerned, in any proven circumstances, is limited to the amount of money you maintain deposited in your account with us, relating to the transaction where such liability arose.
12. Risk Warning
12.1 We are required by law to inform you that trading is risky. There are various factors, such as the international prices volatility, which is very difficult to predict. Due to such volatility, in addition to the spread that we add to all calculations and quotes, no financial contract purchased or other service offered on our Website (whether or not the payout exceeds the premium amount) may be considered as a safe trade.
12.2 Do not enter into transactions or invest funds that are above your financial abilities. Also, certain financial products are not suitable for people without the relevant knowledge and / or experience. This is why we provide you with different options in terms of products and services, depending on your abilities and knowledge. If you would still wish to open an account, we will ask you to acknowledge that you are aware of the financial risks.
13. Suspension of Services
13.1 In the unlikely event that we may need to suspend our services, on both our proprietary and third party platforms, we will terminate our relationship with you and subsequently close all open positions at payouts fair and reasonable at the time. Such payouts shall be determined by reference to the daily values published on our website that are related to the inter-bank trading data received on financial contract quotes. Further to the above information, we may impose, at our discretion, trading volume and other restrictions on your accounts.
14. Changes to this Agreement
14.1 We may, at our discretion, change any or all of the terms of this Agreement, at any time and without prior notice. If you make any transaction on or after the amendments to this Agreement have come into effect, you will be deemed to have accepted the changes.
15. Unforeseeable Events - Force Majeure
15.1 We will not be liable for any failure in performance of the terms of this Agreement if such failure is caused by certain unforeseeable events, including but not limited to acts of God, war, governmental decree, natural disasters, power failure, failure in communication lines or other network failure, judgment or legal order, strike, or other circumstances, beyond our reasonable control.
16. Communication - Call Recording
16.1 Your communication with us is by telephone, e-mail or fax. Please note that our calls are recorded so as to safeguard and protect your interests and for us to ensure the quality of our services. We may, but we are not obligated, to retain any communication with you.
17. Legal Notice
17.1 This Agreement supersedes any prior written or verbal communication or understanding. We may change the terms of this Agreement at any time. Any later version of this document shall supersede all previous versions.