Terms and Conditions
This is our standard T&C since we began in 2012. Your complete T&C is in your dashboard upon registering with us.
1. Money Laundering is the process by which individuals attempt to conceal the origin and ownership of proceeds of illegal activity. Generally, money laundering involves any financial transaction:
1.1 Using funds derived from criminal activity; or
1.2 Conducted to facilitate or conceal criminal activity.
2. Money laundering activity is highly regulated by global and international legislation therefor any Company is strongly advised to implement AML Code of Practice, to avoid legal procedures and sanctions in the future.
3. The risk of Money Laundering by criminal elements through the company is the exploitation of the deposit/withdraws procedures made available by the Company, and the opportunity to present to law enforcement and tax entities that the source of the funds coming from the Company, is profit made in the Forex Markets.
4. For example - If the Company would allow a deposit of one entity to be credited to another entity's trading account, then the entity that owns the trading account can withdraw those funds to its own bank account, and report them as profits. This will disconnect the flow of funds from the depositing entity to the withdrawing entity. Criminal elements may use that option to transfer funds undetected by law enforcement agencies and conceal the true origin of the funds. The same applies to transfer of credit between accounts belong to different entities etc.
5. To avoid such abuse of the Company, the rule of thumb is not to allow the transfer of funds between different entities. For that, the Company must implement KYC ("know Your Client") procedures.
1. The customers of the Company are subdivided in two categories:
1. Private Customers (natural persons) residents of any country.
2. Corporate Customers (legal entities) residents of any country.
2. If the customer is a private person (natural person) the following documents must be collected:
1. Full name details.
2. ID number, and/or passport number (original or certified copies).
3. Proof of residency– Copy of utility bill.
4. Swift confirmation of the bank transfer. The information of the bank account showed on the SWIFT must be identical to (a) and (b) above. Otherwise, the deposit must be returned to the same bank account it came from, immediately, without crediting the trading account.
3. Withdrawals must be made to the same bank account the money was deposited from (to prevent money transfer between different entities' bank accounts, through the Company), and in the same currency (to prevent currency changes through the Company).
4. If the original account is no longer available, funds may be transferred to a different account of the same entity (you will need to get a copy of a check or other instrument proving the new account ownership), in the same currency and into the same country the original deposit was made from.
5. If the customer is a corporation (legal entity) the following documents must be collected:
1. All statutory documents (Certificate of incorporation, memorandum and articles of association), and amendments to them (original or certified copies).
2. Details on the shareholders, directors and ultimate beneficial owners (same details as those for natural persons described below).
3. Powers of attorney for the persons carrying out interaction with the Company on behalf of the Customer (issuing orders, signing documents for opening the account and other procedures).
4. Swift confirmation of the bank transfer. The information of the bank account showed on the SWIFT must be identical to (a) and (b) above. Otherwise, the deposit must be returned to the same bank account it came from, immediately, without crediting the trading account.
6. Withdrawals must be made to the same bank account the money was deposited from (to prevent money transfer between different entities' bank accounts, through the Company), and in the same currency (to prevent currency changes through the Company).
7. If the original account is no longer available, funds may be transferred to a different account of the same entity (you will need to get a copy of a check or other instrument proving the new account ownership), in the same currency and into the same country the original deposit was made from.
1. One can NOT deposit from a company he owns - to his personal trading account, and vise versa.
2. One cannot get deposits from his brother/mother/other relative bank account; unless that relative joins the trading account (signs the trader agreement).
3. Cash deposits to the Company's account by traders are forbidden. If such a deposit did occur, then in case of a withdrawal request, the trader will need to supply bank account details of the person who made the cash deposit, with a written proof of the account details (check, credit card etc.).
4. Do not credit a trading account before the deposit was complete (i.e. the required business days (usually three) have passed following the deposit). Do not credit the trading account based on future payments or checks.
5. A client cannot transfer funds between trading accounts not under his own name.
For all client registrations on or after February 1, 2014, the agreement below applies. For any and all clients registered prior to February 1, 2014, you must request for your account to be migrated to CTFC, Limited trading as Caesar Trade.
This Client Agreement is entered by and between CTFC Limited incorporated in New Zealand, whose principal place of business address is at 181 Willis St, Te Aro, 6011, New Zealand (the "Company"), and the person or legal entity that has applied to open a trading account at the Company's trading platform (the "Client"), according to the terms and conditions detailed herein.
This agreement, along with the Company's Risk Disclosure Document, as well as any legally binding document entered into between the Company and the Client, all as amended from time to time (together: the "Agreement"), set out the terms upon which the Company will deal with the Client in respect to placing and executing foreign exchange rates and other financial instruments transactions orders, on the Company's trading platform ("Forex Trading"), and any other service made available by the Company to the Client.
2. The Trading Account
2.1 The Company will open an account for the Client (the "Trading Account”) as soon as reasonably practicable after the Company has received confirmation that the Client has agreed to enter into this Agreement, together with a completed application form (if applicable) and all other information on the Client required by the Company to be provided. The Client confirms that all information provided by it is full, accurate and complete. If there is a change in relation to any of the information provided by the Client, the Client must notify the Company immediately of any such change.
2.2 The Trading Account will be activated by the Company as soon as the Company has identified the funds credited by the Client to the Trading Account. However, if the Company opens a Trading Account and funds are credited to it before the Company is satisfied that all requirements in relation to the opening of such Trading Account under Applicable Regulations , have been complied with, then either: (i) the Company need not activate the Trading Account and in such circumstances no trading shall be permitted in relation to a Trading Account; or (ii) the Company may activate the Trading Account and permit trading in relation to the Trading Account subject to such limitations, and to the satisfaction of such further requirements in relation to the opening of such Trading Account under Applicable Regulations as the Company may impose (for example, in relation to the provision of further information on the identity of the Client). In the event that a Trading Account is activated but any such requirements are not complied with, the Company may freeze the Trading Account by closing out all existing positions and no further trading shall be permitted in relation to the Trading Account. Where a Trading Account is not activated or is frozen, no funds held by the Company in respect of that Trading Account may be transferred back or to any other person until the Company is satisfied that all Applicable Regulations have been complied with.
2.3 In relation to any Transaction entered into pursuant to the Agreement the Company may act, according to the Company's sole discretion as principal or as agent on the Client’s behalf. Therefor the Company may act as the counter party to the Clients Trading activity. The Client confirms that it acts as principal and not as agent or trustee on behalf of someone else. Accordingly, the Client agrees that it shall be directly and fully responsible for performing the obligations of the Client under this Agreement, including in respect of each Transaction made by or on behalf of the Client. The Company shall not accept any other person as an indirect client in respect of this Agreement and shall accept no obligation to any such person unless otherwise specifically agreed in writing.
2.4 Usage of the Trading Platform provided by the Company is by limited license given by the company to the client. The license is personal, non transferable and is subject to this Agreement. The Client may not transfer, assign, and enable other to make any use of the license, and/or give the Clients access codes to the Trading Account to anyone. Any action taken in contradiction to these terms and any damage caused to the client, the company and any third party will be under the client's sole responsibility.
2.5 The Client hereby represents and warrants that his engagement with the Company in to this Agreement and his use of the Company's services are in full compliance with the law applicable to the Client.
3.1 The Client may transfer funds to the Company with different methods of payment as permitted by the Company from time to time and in any currency (acceptable by the Company), and such funds will be converted and managed in the Trading Platform in US Dollars, according to an exchange rate determined by the Company's according to the known rates at the Market.
3.2 When making a bank transfer, the Client is required to make use of one bank account, present in its country of residence and registered under its name. The Client must send the Company an authentic SWIFT confirmation, stating full bank account details. Non-delivery of the SWIFT confirmation or the details not conforming to the Client's details registered at the Company may result in the funds not being credited to the Client’s Trading Account and the return of the funds transferred to the Company.
3.3 When making a funds transfer to the Company by cheque or any other method permitted by the Company in accordance with Applicable Regulations, the Client will be required to identify itself according to the Company’s regulations and any Applicable Regulations. The Company does not accept transfers of cash. The Client is required to provide such further full and true information and sign any document required by the Company to enable proper operation of the Trading Account.
3.4 Whenever the Client transfers funds to the Company, those funds belong to the Company and will be treated by it as its own for the purpose of securing or covering the Client's present, future, actual, contingent or prospective obligations, subject only to any contractual obligation of the Company to pay or return money to the Client according to the terms of this Agreement. The Client will not have a proprietary claim over money transferred to the Company, and the Company can deal with it in its own right. In determining the amount of collateral and the amount of the Company's obligations to pay or return money to the Client, the Company may apply such methodology (including judgments as to the future movement of markets and values), as the Company considers appropriate, consistent with Applicable Regulation.
3.5 The Funds deposited with the Company by the Client, together with any Profit or other Benefits the Client may be entitled to according to a specific agreement with the Company, shall be used as security to any Transaction, including Trading Losses, Commission and any other Fee or debt owed by the Client to the Company, which will be automatically deducted from the Client's equity in the Trading Account. The Client's Funds shall not bear any interest or any other benefits (except for rollover/swap calculation, as defined below). Trading in CFD's, binary options or other trading methods that relate to a reference security shall not grant the Client any right to dividends, voting, allocations or any other Benefits, but may be subject to adjustments according to financial events which affect the reference security, such as distribution of dividends, splits etc.
3.6 Repayment of any funds by the Company to the Client will be in the same currency and to the same account/credit card from which the funds were originally transferred, unless the Company has decided, by its own discretion, to return the funds to a different account of the Client.
3.7 The Client declares that all funds that it transfers to the Company do not derive from any criminal or other illegal activity and without any violation of any applicable anti money laundering laws and regulations.
3.8 The Client will have no claim against the Company and will not hold the Company responsible for any delay and/or differences originating from a credit company's rates calculation and/or commission and/or any other debit, including credit companies’ identification regulations and any other demand. In addition, the Client will have no claim against the Company and will not hold the Company responsible for any delay and/or differences and/or any commission etc. originating from banking system.
3.9 If the Client gives an instruction to withdraw funds from the Trading Account, the Company shall pay the specified amount (less any transfer charges, if applicable) within two Business Days once a duly instruction has been accepted and at the moment of payment, the Client’s margin requirements have been met. The Company may cancel the Client withdrawal order, if, according to the Company's discretion, the remaining funds (after the withdrawal) shall not be sufficient to secure open Position(s) in the Trading Account.
3.10 The Company shall debit the Client’s Trading Account for all payment charges. If the Client has the obligation to pay any amount to the Company which exceeds the amount held in the Client’s Trading Account, the Client shall immediately pay such amount upon Company's request.
3.11 The Company shall not provide physical delivery in relation to any Transaction. As mentioned above, Profit or loss is credited to or debited to or from the Trading Account (as applicable) once the Transaction is closed.
4. Fees & Charges
4.1 The Company does not charge brokerage fees or commissions for executing trades. The Company derives revenue from the spread on Transactions (i.e. the difference between buy/sell prices quotes offered by the Trading Platform to the Client). It is the Client’s responsibility to decide whether or not it wishes to trade at such prices.
4.2 The Company charges a fee for transfers of funds standing to the credit of a Trading Account from the Company to the Client at its prevailing transfer rate, currently equivalent to USD _____ per transfer, and this amount will be a deducted from the Client’s Trading Account.
4.3 The Company may levy an additional charge(s) on transfers of funds to be credited to a Trading Account made by debit card or credit card.
4.4 The Company may introduce additional fees and charges, and may change any existing fees and charges, at any time by giving the Client not less than 10 Business Days notice of such changes.
5.1 The Trading Platform supplied by the Company enables trading in foreign exchange rates of different currencies, commodities, CFD's and any other financial instruments made available by the company (all hereof: "Financial Instruments").
5.2 The Trading Platform displays Indicative Quotes of exchange rates of different financial instruments pairs, based on different financial information systems, as the most updated exchange rates in the international Forex markets. For determining the exchange rates for different time periods, the platform is making mathematical calculations according to known and accepted Forex markets formulas. It is acknowledged by both Parties that due to different calculation methods and other circumstances, different trading platform and/or markets may display different price quotes.
5.3 The Company's Trading Services are available during regular Forex Trading hours, Monday-Friday. Transactions are automatically renewed (“rolled over”) every night at 22:00 GMT from the day the Transaction is opened until the Transaction is closed.
5.4 A Transaction is closed in any of these events: (A) the Client closes the Transaction; (B) The Transaction meets with stop loss, take profit or other predefined criteria set by the Client or the Company under this Agreement (see clause 6 for further information on order types); (C) the Transaction expires according to the expiration time set by the Client or the Company, if applicable; (D) The Client does not have sufficient funds in their Trading Account to hold that Transaction open.
5.5 The Company does warrant that trading in the Trading Account will be available at all times.
5.6 Placing orders - Orders may be submitted to the Company by the Company's electronic Trading Platform via the internet, or by Email, fax or telephone, unless the Company informs the Client that particular orders can only be given in a particular way. If any order is received by the Company by telephone, computer or other way, the Company may ask the Client to confirm such order in writing. The Company shall be under no obligation to act upon such order until such confirmation is received. Orders for the simultaneous sale and purchase of a financial instrument on behalf of the same beneficial owner may not be given under this Agreement (one shall cancel another).
5.7 The Client authorises the Company to rely and act on any order, request, instruction or other communication given or made (or purporting to be given or made) by the Client or any person authorised on the Client's 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 give such order, request, instruction or other communication.
5.8 The Client will be responsible for and will be bound by all obligations entered into or assumed by the Company on behalf of the Client in consequence of or in connection with such orders, requests, instructions or other communication.
5.9 Cancellation/withdrawal of orders by the Client - If the Client requests cancellation of any order, the Company can only cancel such order if the Company has not acted upon such order, or if otherwise agreed by the Company.
5.10 The Company has the right, but not the obligation, to set, at its absolute discretion, limits and/or parameters to control the Client's ability to place orders or to restrict the terms on which a Transaction may be made. Such limits and/or parameters may be amended, increased, decreased, removed or added to by the Company and may include (without limitation): (i) controls over maximum order amounts and maximum order sizes; (ii) controls over total exposure of the Company to the Client; (iii) controls over prices at which orders may be submitted (including, (without limitation, controls over orders which are at a price which differs greatly from the market price at the time the order is submitted to the Company’s order book); (iv) controls over any electronic services provided by the Company to the Client (including ,without limitation, any verification procedures to ensure that any particular order or orders has come from the Client); or (v) any other limits, parameters or controls which the Company may be required to implement in accordance with Applicable Regulations. The Company may in addition require the Client to limit the number of open Transactions which the Client may have with the Company at any time. The Company shall notify the Client of the limits and restrictions applicable prior to Client placing an order.
5.11 The company does not allow actions or non-actions based on arbitrage calculations based on different systems or platforms in the Forex markets.
5.12 The company is entitled, by its own discretion, to cancel any trade that has been executed due or in connection with an error, system malfunction, breach of the Agreement by Client, etc. The company's record will serve as decisive evidence to the correct exchange rates in the world markets and the wrong rate quote given to the client, and the company is entitled to correct or cancel any trade based on the correct exchange rates.
5.13 Trade Reporting - Client can see his open trades ("positions") and guarantee funds situation at any time by accessing his account in the company's platform and viewing past trade's reports generated by the company.
5.14 Promotional Offers and Benefits – the Company may, from time to time and upon a specific agreement with Client, credit benefits or bonus amounts to a Trading Account and a Client will be entitled to use such amounts to make trades and satisfy any margin requirements under this Agreement, but will not belong to the Client and will could be withdrawn from the Trading Account, unless specifically agreed with Company.
6. Orders types
6.1 Limit Order - a Limit Order is an instruction to trade at a level that becomes more favourable to the Client. A Limit Order can be used to open or close a position. Each Limit Order has a specified price limit set by the Client (but subject to the Company’s agreement). A Limit Order will be triggered if the Company’s bid price (in the case a sell order) or ask price (in the case of a buy order) moves in the Client’s favour to a point where the Client’s order can be executed. Once the limit level is triggered, the Company will seek to execute the order at that price. If the Company cannot do so (e.g. because in attempting to execute the order, the price becomes less favourable to the Client), the limit order will remain operational, waiting for the price to move again in the Client’s favour, such that it is triggered again.
6.2 Stop Order - a Stop Order is generally placed to provide some risk protection, for example, in the event of the Client’s position moving into loss. A Stop Order can also be used to either open or close a position. Each Stop Order has a specific stop level, set by you (but subject to the Company’s agreement). The Stop Order will be triggered only if a transaction takes place on the Company’s trading platform at that stop level. Once the Stop Order is triggered, the Company will seek to execute the order at a level that is the same as the stop level (although it may be at a less favourable level).
6.3 Other orders explanations – Such as OCO'S (One Cancels the other), ID's (If Done) Trailing Stops etc., and more information, can be found on the Company's website.
6.4 Rollovers or Swaps - a Trade is automatically renewed ('rolled over') at night, to the next business day, without the need for the Client's intervention. Such rollovers are accommodated with interest debits or credits to the Trader's Trading Account, based on the interest rate differentials applicable to each currency and taking into account the Company’s own costs, depending on whether the position is long or short on the high interest rate currency.
6.5 Margin call - In the event that the client fails or is expected to fail to meet the amounts required to secure his open trades, the Company may demand that the client shall deposit such sums as required ('margin call'). In case the Client fails to meet such margin call, the Company may close out the Client's position(s). The Client acknowledges and agrees that this may result in a Transaction being closed out at a less favourable time or rate than might otherwise be the case and the Company shall not have any liability to the Client as a result of it closing out any Transaction in such circumstances.
7. Privacy and Data Protection
7.1 Due to the nature of the Company's business and relations with the Client, The Company shall hold some personal client information. All data collected, whether it is on paper or on a computer is safeguarded in order to maintain the Client Privacy.
7.2 The Company shall be permitted to use and/or disclose the Client Information (a) For internal use, including with affiliated entities; (b) As permitted or required by law; (c) For protection against or prevent actual or potential fraud or unauthorized transactions or behaviour (d) For computerized supervision of Client's use of the services, review and/or supervision and/or development and/or maintenance of the quality of services; (e) to protect the Company's rights or obligation to observe any applicable law.
7.3 The Client hereby grants the Company his/her permission to make use of his/her user details in order to provide updates and/or information and/or promotion or marketing purposes through the Clients e-mail address or other contact information. Cancellation of this consent shall be performed by providing written notice to the Company, and shall apply to new publications that have not been sent.
7.4 The Client agrees that the Company may record all conversations with the Client and monitor (and maintain a record of) all emails sent by or to the Company. All such records are the Company’s property and can be used by the Company, amongst other things, in the case of a dispute between the Company and the Client.
7.5 Affiliation- the Company may share commissions and charges with its associates, introducing brokers or other third parties or receive remuneration from them in respect of contracts entered into by the Company. Such affiliates of the Company may be disclosed with Clients information.
7.6 The Company's Trading Platform, Website or other services may require and use of 'Cookies'.
8. Advice, Information and Tax
8.1 The Company does not advise its clients in regard to the expected profitability of any trading action or non-action, and any tax or other consequences. The Client represents that it has been solely responsible for making its own independent appraisal and investigations into the risks of the Transaction. The Client represents that it has sufficient knowledge, market sophistication and experience to make its own evaluation of the merits and risks of any Transaction. The Client acknowledges that he has read and understood the Risk Disclosure Document which sets out the nature and risks of Transactions to which this Agreement relates.
8.2 Where the Company does provide market commentary or other information: (a) this is incidental to the Client’s relationship with the Company. (b) It is provided solely to enable the Client to make its own investment decisions; (c) that the information, at the time it has been received by Client, is still updated.
8.3 The Company shall not be responsible for the consequences of the Client acting upon such trading recommendations, market commentary or other information.
8.4 The Client acknowledges that the Company shall not, in the absence of its fraud, wilful default or gross negligence, be liable for any losses, costs, expenses or damages suffered by the Client arising from any inaccuracy or mistake in any information given to the Client.
8.5 The Company is under NO an obligation to assess the appropriateness of any Transaction for a Client under the Applicable Regulations, to assess whether or not the Client has the necessary knowledge and experience to understand the nature of and risks associated with the Transactions. All risks related to the above are under the sole responsibility of the Client.
8.6 Trader's Tax Allocations - Any tax applying on the Client and/or results from the Client's trading activity, including trading profits and/or trading losses and/or any charges and/or deductions made from the Client's Deposit or Client's Equity, shall be under the Client's full and sole responsibility. The Client shall personally report and pay any personal, federal, state and local tax liability he is obligated to, if applied. The Company serves as a mediator only and does not collect deduct, pay or withhold tax from the Client. The Company's reserve the right, if ordered by an official entity, to deduct tax from the Client and deliver it to the proper tax authority as ordered by the official entity.
8.7 Account Balances - Account balances and statements are displayed within the trading platform made available to the Client by the Company. Common terms definitions can be found on the Company's Website.
9. Closing an account and cancellation of the agreement
9.1 Either party may terminate this Agreement by giving ten days written notice of termination to the other. Either party may terminate this Agreement immediately in any case of any breach of this Agreement or event of Default by the other Party. Upon terminating notice of this Agreement, Client shall be under the obligation to close all open positions, otherwise, the notice shall become void, or the Company shall have the right to close all open positions without assuming any responsibility.
9.2 Upon termination, all amounts payable by the Either Party