Terms and Conditions
Client Agreement
1. AGREED AND OR ACCEPT BY CLICK
1.1. The following describes the terms on which, Precise Forex offers clients access to our services available under the domain and sub-domains of www.PreciseForex.com (the "Site" or “Website”).
1.2. By clicking "I Agree" and or "I Accept" Client agrees to the terms and conditions of this Agreement, and any documents incorporated by reference.
1.3. Client further agrees that this Client Agreement forms a legally binding contract between the Client and the offices of Precise Forex, and that this Agreement constitutes a "writing signed by You" under any applicable law or regulation.
1.4. This Agreement is subject to change by Precise Forex, without prior notice (unless prior notice is required by law), by posting of the revised Agreement on the Web site.
1.5. Precise Forex will provide notice to Client of any such amendment or change by posting the amendment or change to the Website or by sending an e-mail message to Client.
1.6. Client agrees to be bound by the terms of such amendment or change on the earlier of: (i) ten (10) days after Precise Forex has posted notice of such amendment or change to the Website; or (ii) on the date of the entry of any order other than a liquidating order.
1.7. In the event that Client objects to any such change or amendment, Client agrees to liquidate Client’s open positions and instruct Precise Forex regarding the disposition of all assets in Client’s account within ten (10) business days after notice of the amendment or change has been posted to the Website.
1.8. If Client has any questions regarding this Agreement he/she may contact immediately the Customer Support department of Precise Forex.
1.9. The margin call level is stopped out at between 10% - 25% of the client's equity depending on account type.
2. TERMS AND HEADINGS
2.1. The term “Precise Forex” refers to Precise Forex Limited, company No. 3815137 - Supervised by the New Zealand Financial Services Commission (FSC), its subsidiaries, its successors and assigns; the term "Client" shall mean the party (or parties) executing the Agreement; and the term "Agreement" shall include all other agreements and authorizations executed by Client in connection with the maintenance of Client’s account with Precise Forex regardless of when executed.
2.2. The paragraph headings in this Agreement are inserted for convenience of reference only and are not deemed to limit the applicability or affect the meaning of any of its provisions.
3. LIMITED LICENSE
3.1. Precise Forex grants you a non - exclusive, non - transferable and limited personal license to access and use the Web site (the "license"). This license is conditioned on your continued compliance with the terms and conditions of this Agreement.
3.2. The license will terminate if Precise Forex believes that any information provided by you, including your e-mail address, is no longer current or accurate, or if you fail to otherwise comply with any term or condition of this Agreement and all rules and guidelines for each service.
4. OBLIGATION OF PRECISE FOREX & AUTHORIZATION TO TRADE
4.1. Precise Forex shall provide you with access to trading transactions and quotes through the reserve in a twenty four hour mode of operation starting Sunday 22:00 GMT to Friday 21:00 GMT, except on official holidays in the USA and Europe, through the operators of Precise Forex.
4.2. Precise Forex shall provide the following online reports.
4.3. Open Positions: report presenting the account's open transactions.
4.4. Account Statement: Report presenting the account's balance and statement at a given point of time.
4.5. Precise Forex is authorized to purchase and sell the Forex market for Client’s account(s) in accordance with Client’s oral or written or computer instructions, subject to the terms of this Agreement and all annexes hereto.
4.6. Client is obligated to keep passwords secret and solely responsible to ensure that third parties do not obtain access to the password or Precise Forex 's trading facilities.
4.7. Client agrees to be conclusively responsible for any instruction received electronically that is identified with Client’s password and account number and for any electronic, oral and written instruction (including, but limited to, any order) to Precise Forex from entities that Precise Forex, in its sole judgment, believes are apparently authorized by Client (see appendix A).
4.8. Precise Forex shall have no responsibility for further inquiry into such apparent authority and no liability for the consequences of any actions taken or failed to be taken by Precise Forex in reliance on any such instructions or on the apparent authority of any such persons.
4.9. Precise Forex is not obligated to quote or open deals during the publishing of major financial data or the out coming of global foreign exchange information.
5. GOVERNMENTAL COUNTER PARTY INSTITUTION & INTER-BANKING SYSTEM RULES
5.1. All transactions under this Agreement shall be subject to the constitution, by-laws, rules, regulations, customs, usage, rulings and interpretations of the counter party institution or other interbank market (and its clearing organization, if any) where executed and to all applicable laws and regulations.
5.2. If any statute shall hereafter be enacted or any rule or regulation shall hereafter be adopted by any governmental authority, or a contract market or clearing organization which shall be binding upon Precise Forex and shall affect in any manner or be inconsistent with any of the provisions hereof, the affected provisions of this Agreement shall be deemed modified or superseded, as the case may be by the applicable provisions of such statute, rule or regulation, and all other provisions of this Agreement and provisions so modified shall in all respects continue in full force and effect.
6. GUARANTEES AND DEPOSIT REQUIREMENTS
6.1. Client shall provide to and maintain with Precise Forex guarantees in such amounts and in such forms as Precise Forex, in its sole discretion, may require.
6.2. Precise Forex may change its requirements at any time.
6.3. Client agrees to deposit by immediate wire transfer, or other payment method acceptable to Precise Forex, such additional guarantees when and as required by Precise Forex and will promptly meet all guarantees calls in such mode of transmission as Precise Forex in its sole discretion designates.
6.4. Precise Forex may at any time proceed to liquidate Client’s account and any failure by Precise Forex to enforce its rights hereunder shall not be deemed a waiver by Precise Forex to enforce its rights thereafter.
6.5. Precise Forex retains the right to limit the amount and/or total number of open positions which Client may acquire or maintain at Precise Forex, and to increase guarantees requirements in advance of earnings or other news or events, with or without notice, either before such events or retroactively or at any other time that it deems at its sole discretion.
6.6. Precise Forex will attempt to execute all orders which it may, in its sole discretion, choose to accept in accordance with the oral or written or computer instructions of Client’s.
6.7. Precise Forex reserves the right to refuse to accept any order.
6.8. Precise Forex shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions beyond the control of Precise Forex including, without limitation, loss or damage resulting, directly or indirectly, from any delays or inaccuracies in the transmission of orders and/or information due to a breakdown in or failure of any transmission or communication facilities.
6.9. Client will indemnify and hold harmless Precise Forex and its affiliates and their respective directors, officers, shareholders, members, partners, agents and employees (each, an “Indemnified Party”), from any losses, expenses, claims or proceedings (collectively, “Losses”): (i) related to or arising out of: (A) the contents of oral or written information (or any omission therein of a material fact) provided by Precise Forex, its employees or its other agents, which information either Precise Forex provides to any third party to an actual or proposed Transaction, or (B) any other action or failure to act by Precise Forex, its employees or its other agents or by any Indemnified Party in accordance with Precise Forex’s request or with the Precise Forex’s consent; or (ii) otherwise related to or arising out of the Agreement or any actual or proposed Transaction.
6.10. In the event that Client directs Precise Forex to sell any margin, collateral, contract or other property and Precise Forex is unable to deliver such margin, collateral, contract or other property to a purchaser because Client fails to deliver it to Precise Forex, Precise Forex may borrow or purchase any guarantees, collateral, contract or property necessary to make such delivery, and Client hereby agrees to guarantee and hold Precise Forex harmless against any liability, claim, loss, damage, cost or expense, including attorneys’ fees that Precise Forex may sustain.
7. COLLATERAL AND LENDING AGREEMENT
7.1. All funds, securities, currencies, and other property of Client which Precise Forex or its affiliates may at any time be carrying for Client (either individually, jointly with other, or as a guarantor of the account of any other person,) or which may at any time be in its possession or control or carried on its books for any purpose, including safekeeping, are to be held by Precise Forex as security and subject to a general lien and right of set-off for liabilities of Client to Precise Forex whether or not Precise Forex has made advances in connection with such securities, commodities, currencies or other property, and irrespective of the number of accounts Client may have with Precise Forex.
7.2. Client hereby also grants to Precise Forex the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other Clients, to itself as broker or to others, any securities or other property of Client held by Precise Forex as margin or security.
7.3. This authorization shall apply to all accounts carried by Precise Forex for Client and shall remain in full force until all accounts are fully paid for by Client or notice of revocation is sent by Precise Forex from its home office.
8. LIQUIDATION OF ACCOUNTS AND PAYMENT OF DEFICIT BALANCES
8.1. In the event of:
8.1.1. the death or judicial declaration of incompetence of Client;
8.1.2. The filing of a petition in bankruptcy, or a petition for the appointment of a receiver, or the institution of any insolvency or similar proceeding by or against Client;
8.1.3. The filing of an attachment against any of Client’s accounts carried by Precise Forex,
8.1.4. insufficient margin/guarantee, or Precise Forex 's determination that any collateral deposited to protect one or more accounts of Client is inadequate, regardless of current market quotations, to secure the account;
8.1.5. Client’s failure to provide us with any information requested pursuant to this agreement; or
8.1.6. any other circumstances or developments that we deem appropriate for its protection, and in Precise Forex's sole discretion, it may take one or more, or any portion of, the following actions: (a) satisfy any obligation Client may have to us, either directly or by way of guaranty of surety ship, out of any of Client’s funds or property in Precise Forex 's custody or control; (b) sell any or purchase any or all Currency contracts, securities held or carried for Client; and (c) cancel any or all outstanding orders or contracts, or any other commitments made on behalf of Client.
9. CHARGES
9.1. Client shall pay such brokerage fees, commissions, interest payments and special service and all other fees arising out of Precise Forex providing services hereunder in accordance with the Precise Forex fee schedule then in effect.
9.2. Precise Forex reserves the right to change its fee structure at any time without notice
10. STATEMENTS AND CONFIRMATION
10.1. Reports of the confirmation of orders and statements of accounts for Client shall be deemed correct and shall be conclusive and binding upon Client if not objected to within three business days of posting online by Precise Forex.
11. COMMUNICATIONS
11.1. Reports, statements, notices and any other communications will be posted online and may be transmitted to such address as Client may from time to time designate in a written or electronic communication to Precise Forex.
12. PRECISE FOREX RESPONSIBILITIES
12.1. Precise Forex will not be responsible for delays in the transmission of orders due to a breakdown or failure of transmission or communication facilities, electrical power outage or for any other cause beyond Precise Forex's control or anticipation.
12.2. In addition, orders must be places allowing sufficient time to execute and to calculate necessary guarantees requirements.
12.3. Client should be aware that there are risks associated with utilizing an Internet-based deal execution trading system including, but not limited to, the failure of hardware, software, and Internet connection.
12.4. Since Precise Forex does not control signal power, its reception or routing via Internet, configuration of your equipment or reliability of its connection, we cannot be responsible for communication failures, distortions or delays when trading via the Internet, Precise Forex shall not be liable for losses arising from the default of any agent or any other party used by Precise Forex under this agreement.
12.5. Under no circumstances shall Precise Forex be liable for any direct, indirect, punitive, incidental, special, or consequential damages that result from the use of, or inability to use, Precise Forex trading platform or services including but not limited to lost profits, loss of business, trading loss, loss of data or use of data, any unauthorized access to, alteration, theft or destruction of Client's computers, computer systems, data files, programs or information, or costs of procurement of substitute goods or services, or for any direct or indirect, special or consequential damages however caused and under any theory of liability and whether or not Precise Forex has been advised of the possibility of such damage.
12.6. Client agrees that the terms in Section 12.5.above - represent a reasonable allocation of risk, that this section is an essential element of this Agreement and that in its absence; the economic terms of this Agreement would be substantially different.
12.7. This limitation applies whether the alleged liability is based on contract, tort, negligence, strict liability, or any other basis, even if Precise Forex has been advised of the possibility of such damage.
12.8. Precise Forex has no liability or duty of indemnification related to unusable data, lost or corrupt Client transactions or data, by whatever means, in whatever form.
12.9. This limitation of liability additionally eliminates any duty or liability on the part of Precise Forex related to unusable date, lost or corrupt Client transactions or data, resulting in part or in whole from third-party software or networking goods or services or from internet related problems or from actions or events outside of Precise Forex's control.
12.10. Precise Forex disclaims any and all liability resulting from or related to any breach of Internet security or disruption, distortions or delays of Client's connections to the internet, due to any reason.
12.11. As the Forex Market is not an exchange traded market, prices at which Precise Forex deals at or quotes may or may not be similar to prices at which other the Forex Market makers deal at or quote.
12.12. Should a quoting or execution error occur, which may include, but are not limited to, a mistype of a quote, a quote that is not representative of fair market prices, an erroneous price quote from a dealer or erroneous price quote due to failure of hardware, software or communication lines or systems or inaccurate external data feeds provided by third-party vendors, Precise Forex will not be liable for the resulting errors in account balances.
12.13. Internet, connectivity delays, and price feed errors sometimes create a situation where the prices displayed do not accurately reflect market rates.
12.14. Precise Forex will not be responsible for deals opened by client not according to the above trading rules.
13. CURRENCY FLUCTUATION RISK
13.1. If Client directs Precise Forex to enter into any foreign currency exchange transaction:
13.2. any profit or loss arising as a result of a fluctuation in the exchange rate affecting such currency will be entirely for Client’s account and risk;
13.3. all initial and subsequent deposits for Guarantees purposes shall be made in U.S. dollars, in such amounts as Precise Forex may in its sole discretion require; and
13.4. Precise Forex is authorized to convert funds in Client’s account for Guarantees into and from such foreign currency at a rate of exchange determined by Precise Forex in its sole discretion on the basis of the then prevailing money market rates.
14. RISK ACKNOWLEDGMENT
14.1. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors.
14.2. The high degree of leverage can work against you as well as for you.
14.3. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
14.4. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore should only be undertaken with risk capital - funds that are not necessary to the survival or well-being of the user.
14.5. Client acknowledges that Client has received no such guarantees from Precise Forex or from any of its representatives or any introducing agent or other entity with whom Client is conducting his/her Precise Forex account and has not entered into this agreement in consideration of or in reliance upon any such guarantees or similar representations.
15. TRADING RECOMMENDATIONS
15.1. Client acknowledges that;
15.1.1. any market recommendations and information communicated to Client by Precise Forex or by any person within the offices of Precise Forex, does not constitute an offer to sell or the solicitation of an offer to buy any the Forex Market contract,
15.1.2. such recommendation and information, although based upon information obtained from sources believed by Precise Forex to be reliable, may be based solely on a broker’s opinion and that such information may be incomplete and may be unverified, and (iii) Precise Forex makes no representation, warranty or guarantee as to, and shall not be responsible for, the accuracy or completeness of any information or trading recommendation furnished to Client.
15.2. Client acknowledges that Precise Forex and/or its officers, directors, affiliates, associates, stockholders or representatives may have a position in or may intend to buy or sell currencies, which are the subject of market recommendations furnished to Client, and that the market position of Precise Forex or any such officer, director, affiliate, associate, stockholder or representative may not be consistent with the recommendations furnished to Client by Precise Forex.
15.3. Client acknowledges that Precise Forex makes no representations concerning the tax implications or treatment of contracts; and, 15.5.Client further acknowledges that should Client grant trading authority or control over Client’s account to a third party ("Trading Agent"), whether on a discretionary or non-discretionary basis, Precise Forex shall in no way be responsible for reviewing Client’s choice of such Trading Agent nor making any recommendations with respect thereto.
15.4. If Client gives Trading Agent authority to exercise any of its rights over Client’s account(s), Client understands that Client does so at Client’s own risk.
16. CLIENT REPRESENTATIONS AND WARRANTIES
16.1. Client represents and warrants that:
16.1.1. If Client is a natural person, Client is of sound mind, legal age and legal competence.
16.1.2. if Client is not a natural person, (i) Client is duly organized and validly existing under the applicable laws of the jurisdiction of its organization; (ii) execution and delivery of this Agreement and all Contracts and other transactions contemplated hereunder and performance of all obligations contemplated under this Agreement and all other transactions contemplated hereunder have been duly authorized by Client; and (iii) each person executing and delivering this Agreement and all other transactions contemplated hereunder on behalf of Client performing the obligations contemplated under this Agreement and all other transactions contemplated hereunder on behalf of Client, has been duly authorized by Client to do so.
16.1.3. No person other than Client has or will have an interest in Client’s account(s) and Client has not granted and will not grant a security interest in Client’s account with Precise Forex (other than the security interest granted to Precise Forex hereunder) to any person without Precise Forex’s prior written consent.
16.1.4. Client has full beneficial ownership of all collateral and will not grant any security interest in any collateral to any person (other than the security interest granted to Precise Forex hereunder) without Precise Forex’s prior written consent; and,
16.1.5. Client hereby warrants that regardless of any subsequent determination to the contrary, Client is suitable to trade THE FOREX MARKET and is a sophisticated institution and/or institutional participant; and,
16.1.6. Client is not now an employee of any exchange, any corporation in which any exchange owns a majority of the capital stock, any member of any exchange and/or firm registered on any exchange, or any bank, trust, or insurance company, and in the event that Client becomes so employed, Client will promptly notify us, at Precise Forex's home office, in writing, of such employment; and,
16.1.7. Client will execute and deliver all documents, give all notices, make all filings and take such other actions as Precise Forex, in its sole discretion, deems necessary or desirable to evidence or perfect any security interest in favor of Precise Forex or to protect Precise Forex’s interests with respect to any Collateral; and,
16.1.8. Client has read and understands the provisions contained in this Agreement, including, without limitation, Precise Forex’s Risk Disclosure Statement; and,
16.1.9. Client will review this Agreement each time it is amended; and,
16.1.10. Client will not affect any transaction in Client’s account unless Client understands this Agreement, and Client agrees that in effecting any transaction it is deemed to represent that it has read and understands this Agreement as in effect at the time of such transaction; and,
16.1.11. Client agrees to, and shall at all times comply with all applicable laws, statutes and regulations and Client hereby declares that the execution and delivery by Client of this Agreement and all other transactions contemplated hereunder, and performance of all of Client’s obligations contemplated under this Agreement and any other transaction contemplated hereunder, will not violate any statute, rule, regulation, ordinance, charter, by-law or policy applicable to Client.
16.1.12. CLIENT MAY NOT USE HIS/HER PERSONAL ACCOUNT WITH Precise Forex FOR ANY ILLEGAL ACTIVITY.
16.1.13. Client will not use trading robots, expert advisors, or other computer program that are not provided by Precise Forex.
16.1.14. All trading will be in good faith and under the forex practice.
16.1.15. Hedging, scalping and arbitrage deals are prohibited and the company saves the right to cancel these deals, except in the cases and the types of accounts where the offices of Precise Forex allows it.
16.1.16. Scalping defined as a trade that was opened and closed prior or within 90 seconds of its opening time.
16.1.17. Hedging means an opposite trade to an existing trade with the same trade volume that was opened to gain profit from deal terms
16.1.18. arbitrage means a trade that was opened or closed in an off market price.
17. DISCLOSURE OF FINANCIAL INFORMATION
17.1. Client represents and warrants that the financial information disclosed to us in his/her Application is an accurate representation of Client’s current financial condition.
17.2. Client represents and warrants that he/she has very carefully considered the portion of the Client’s assets which the Client considers to be risk capital.
17.3. Client recognizes that risk capital is the amount of money he/she is willing to put at risk and the loss of it would not, in any way, change the Client’s lifestyle.
17.4. Client agrees to immediately inform us if the Client’s financial condition changes in such a way to reduce the Client are net worth, liquid assets and/or risk capital.
18. INTRODUCING BROKERS
18.1. If Client’s account has been introduced to Precise Forex by an Introducing Broker (“IB”), Client understands and acknowledges that Precise Forex may compensate Introducing Broker for introducing Client to Precise Forex and that such compensation may be on a per trade or other basis.
19. DISCLOSURE OF CLIENT INFORMATION
19.1. Precise Forex will not share or sell information regarding Clients and/or prospective Clients, except to its employees, agents, partners, and associates as required in the ordinary course of business, including, but not limited to, Precise Forex's banking or credit relationships.
19.2. Precise Forex may also disclose to federal or state regulatory agencies and law enforcement authorities’ information regarding Client and Client’s transactions in response to a request for such information or in response to a court order or subpoena.
19.3. Precise Forex will share or sell statistical information without disclosing Client's identity.
20. GOVERNING LAW AND JURISDICTION
20.1. This Agreement, the rights and obligations of the parties hereto, and any judicial or administrative action or proceeding arising directly or indirectly hereunder or in connection with the transactions contemplated hereby, whether brought by Client or by Precise Forex, shall be governed by, construed and enforced in all respects by the laws of the New Zealand.
20.2. Client hereby consents and submits to the exclusive jurisdiction of any appropriate court located within the New Zealand, in any action or proceeding arising directly or indirectly hereunder, whether brought by Client or Precise Forex, and each party irrevocably submits to the jurisdiction of such courts.
21. TERMINATION
21.1. This Agreement shall continue in effect until termination, and may be terminated by Client at any time upon three days prior written notice when Client has no open Currency position(s) and no liabilities held by or owed to Precise Forex upon the actual receipt by Precise Forex at its home office of written notice of termination, or at any time whatsoever by Precise Forex upon the transmittal of written notice of termination to Client; provided, that such termination shall not affect any transactions previously entered into and shall not relieve either party of any obligations set out in this agreement nor shall it relieve Client of any obligations arising out of any deficit balance.
22. INTELLECTUAL PROPERTY AND CONFIDENTIALITY
22.1. All copyright, trademark, trade secret and other intellectual property rights and proprietary rights to the Precise Forex website in its totality, its contents and any related materials (“Precise Forex IP”) shall remain at all times the sole and exclusive property of Precise Forex and Clients shall have no right or interest in the Precise Forex IP except for the right to access and use the Precise Forex IP as specified herein.
22.2. Client acknowledges that the Precise Forex IP is confidential and has been developed through the expenditure of substantial skill, time, effort and money.
22.3. Client will protect the confidentiality of the Precise Forex IP and not allow website access to any third party.
23. RECORDINGS
23.1. Client agrees and acknowledges that all conversations regarding Client’s account(s) between Client and Precise Forex personnel may be electronically recorded with or without the use of an automatic tone warning device.
23.2. Client further agrees to the use of such recordings and transcripts thereof as evidence by either party in connection with any dispute or proceeding that may arise involving Client or Precise Forex.
23.3. Client understands that Precise Forex destroys such recordings at regular intervals in accordance with Precise Forex’s established business procedures and Client hereby consents to such destruction.
24. LEGAL RESTRICTIONS
24.1. Without limiting the foregoing, Client understands that laws regarding financial contracts vary throughout the world, and it is Client's obligation alone to ensure that Client fully complies with any law, regulation or directive, relevant to Client's country of residency with regards to the use of the Web site.
24.2. For avoidance of doubt, the ability to access to Precise Forex's Web site does not necessarily mean that Precise Forex's services, and/or Client's activities through it, are legal under the laws, regulations or directives relevant to Client's country of residency.
24.3. This Web site does not constitute, and may not be used for the purposes of, an offer or solicitation to anyone in any jurisdiction in which such offer or solicitation is not authorized, or to any person to whom it is unlawful to make such an offer or solicitation.
24.4. Access to this Web site, and the offering of financial contracts via this site, may be restricted in certain jurisdictions, and, accordingly, users accessing this site are required to inform themselves of, and to observe, such restrictions.
24.5. ACCORDINGLY: Precise Forex services are not available to residents of USA since the local law does not allow persons not authorized by the local Securities Commission to carry on the business of dealing in futures contracts.
24.6. IF YOU ARE A US, PLEASE DO NOT USE OUR WEB SITE.
25. DECLARATION
25.1. By acceptance of this Agreement, Client hereby declares that the moneys invested in Client's account with Precise Forex do not originate from drug trafficking, abduction, or any other criminal activity.
26. TAX COLLECTION
26.1. Client knows, understands and agrees that, in general, Precise Forex does not collect tax for any authority in any form or manner.
26.2. Without derogating from Client's sole and entire responsibility to perform tax payments, Client agrees that Precise Forex may deduct tax, as may be required by the applicable law, but is not obligated to do so, from the results of the activity with Precise Forex.
27. ACCOUNT PROCEDURES – IDENTIFICATION
27.1. Client acknowledges that applicable laws require financial institutions to obtain, verify, and record information identifying each person who opens an account and, accordingly, Client has provided Precise Forex with certain identifying information and documents.
27.2. Client confirms that Client has provided true, accurate, current and complete information during the registration process, and that Client has not impersonated any person or entity, or misrepresented any affiliation with another person, entity or association, used false headers or otherwise concealed Client's identity from Precise Forex for any purpose.
28. WITHDRAWAL AND DEPOSIT PROCEDURES
28.1. Client further acknowledges and accepts Precise Forex's procedures with respect to withdrawals and deposits to accounts as set forth below:
28.2. Withdrawal orders:
28.2.1. The provision of documentation as may be required from time to time by AML (Anti Money Laundering) regulations, credit card companies and Precise Forex, is a prerequisite, prior to the execution of a withdrawal order.
28.2.2. Credit card deposits may be, according to credit card companies' regulations, returned to the same credit card when a withdrawal is performed.
28.2.3. A withdrawal to a bank account where initial deposits have been performed by credit cards will be executed back to credit card or to the bank account at Precise Forex's discretion.
28.2.4. Withdrawals to bank account may take a longer time period, due to additional security procedures.
28.3. Credit Card Deposits Variance:
28.3.1. When choosing an account base currency other than USD, Client's credit card may be debited sums which due to exchange rates and credit card companies’ fees, may slightly vary from the initial sum that has been deposited by Client in the account base currency.
28.3.2. Client hereby accepts that such variations may occur and hereby affirms that Client shall not seek to object or charge this back.
28.3.3. When depositing by a Bank Transfer, as required by anti money-laundering regulations, Client is required to use only one bank account, which is in Client's country of residence and in Client's name.
28.3.4. An authentic SWIFT confirmation, showing the origin of the funds, must be sent to Precise Forex.
28.3.5. Failure to submit such SWIFT may result in the return of the deposited amount, hence preventing the deposit of such pending amounts to Client's account.
28.4. Any withdrawal of funds, from Client's Precise Forex account to a bank account, can only be refunded to the same bank account that the funds were originally received from.
28.5. Alternative payment methods (internet payment vendors; money transfer services; etc.):
28.5.1. When depositing funds using a facility other than credit cards and/or banks, you agree to, and acknowledge being bound by, the regulations and rules of such service, including, but not limited to, fees and other restrictions.
28.5.2. Precise Forex, at its sole discretion, may execute withdrawals to a facility other than the facility used for the original deposit, in accordance with anti money-laundering regulations.
28.5.3. Precise Forex can cancel trades that were done in arbitrage, statistic or regular, if a client opened a trade and or closed a trade NOT in a market price.
28.5.4. If a trade was made with Precise Forex and it was revealed that a counter trade was made in another company in the intention to ZERO OUT ONE account and DOUBLE THE OTHER for earning the BONUS, it can be canceled without notice at Precise Forex sole discretion.
28.5.5. For avoidance of doubt, Precise Forex is not responsible for any loss and or claim caused to the client due to trades made in an arbitrage or any other illegitimate or fraud conditions of any kind.
28.6. Accounts that hold $100,000 and over must trade for a period of at least 3 months before withdrawals can be requested.
28.7. Withdrawal fees: $15 for transfers via credit card, $30 for bank wire transfers.
28.8. Withdrawal fees: $15 for transfers via credit card, $30 for bank wire transfers.
29. THE AGREEMENT ON THE WELCOME BONUS RECEIPT:
29.1. Every client has a right to receive the Fixed Welcome Bonus in the amount of a certain percentage of his first deposit in USD (stated by his account manager) to his/her trading account.
The bonus can only be credited for the funds in fact present on the account at the moment of considering the application for a bonus
29.2. Client confirms that he/she receives the Fixed Welcome Bonus not for members of his/her family or friends but for himself/herself.
29.3. The Fixed Welcome Bonus can be withdrawn only after BUY or SELL deals are completed. The total volume of the deals must be equal to X*0.20 Trading lots, where X=the amount of bonus in USD.
29.4. For getting the Fixed Welcome Bonus it is necessary to pass the procedure of identification by sending the high-quality scanned copy of your ID card. Acceptable forms of identification include:
29.4.1. Official, government-issued passport identification, ID card, Official, state-issued international passport or Driver's License, Copy of credit card used in order to deposit. Utility bill maximum 6 months old.
29.4.2. Your ID information must consist of Latin characters. In restrained terms company reserves the right to request additional documents at company's own discretion.
29.5. The company can cancel the Fixed Welcome Bonus in case of revealing unscrupulous usage of the bonus surcharge system.
29.6. If the deposit was withdrawn right after the Fixed Welcome Bonus receipt, the company reserves the right to cancel the Fixed Welcome Bonus for this trading account.
29.7. The Company reserves the right to cancel the Fixed bonus without prior warning, so we strongly recommend not to use bonus funds in calculation of profit in your trading strategy. The Company is not responsible for any consequences of bonus cancellation, including Stop Out, because bonus is the ownership of the Company until trader works it out by opening deals of total volume specified in the item 3 of the present Agreement.
29.8. Client has a right to question company's decision within 10 days by e-mail: [email protected]
30. AUTOMATED TRADING
30.1. By using Automatic Electronic Trading service ("Service") Provided by Precise Forex or any third party ("Third Party") as detailed below, Client agrees to the following terms:
30.1.1. The Client account shall be subscribed to the Service by Precise Forex, including the installation of the Service Computer Application ("Application") on Client account and/or Client computer, as applicable.
30.1.2. The Client shall be charged by Precise Forex with the Software Transmission Fee ("STF") as set forth below:
a) XXXX- 2 pips on every transaction (Buy or Sell).
b) XXXX- 0 (Zero) pips.
c) XXXX– 0 (Zero) pips.
30.2. The Client understand that the Spread between Buy/Sell quotes may be wider than the customary spread at Precise Forex for regular retail Accounts due to STF Collection. The Fees detailed above shall consist an offer valid for 30 days following the date herein ("Offer Period"). Following the end of the Offer Period, Precise Forex may offer the Services at a different STF and/or any other Fees. STF and any other Fee may change due to third party change of fees and Precise Forex shall inform the Client in written notice within 30 days prior to the Fees change in his Account.
30.3. Precise Forex in its sole discretion, reserves the right to update and upgrade the Application. Such upgrades or updates may cause temporary or permanent cease of the Application and the Client waives any claim against Precise Forex relating to the temporary and/or permanent cease of the Application as stated above.
30.4. The Client acknowledge and agree that all rights, titles and interests in and to the Application, including associated intellectual property rights (including without limitation, copyrights, trade secrets, trademarks, etc.) related to the Application are and shall remain with Precise Forex or Third Party owner. The Client shall not modify, translate, reverse engineer, decompile, disassemble or create derivative works based on the Application, and shall not transfer, assign, rent, or allow the use of the Application by any third party without Precise Forex prior written consent.
30.5. PRECISE FOREX IS AN EXECUTION SERVICE ONLY AND DOES NOT WARRANT THAT THE APPLICATION WILL MEET THE CLIENT REQUIREMENTS OR THAT THE SUPPLY, INSTALLATION AND OPERATION OF THE APPLICATION WILL BE UNINTERRUPTED OR ERROR FREE. THE ENTIRE RISK AS TO THE QUALITY AND PERFORMANCE OF THE APPLICATION IS WITH THE CLIENT. THE APPLICATION AND THE USE OF THE APPLICATION THROUGH AN INTERNET CONNCTION ARE PROVIDED BY PRECISE FOREX ON AN "AS IS" "AS AVAILABLE" BASIS, AND PRECISE FOREX EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF SATISFACTORY QUALITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO THE APPLICATION OR ANY USE THEREOF.
30.6. IN NO EVENT SHALL PRECISE FOREX AND PRECISE FOREX DIRECTORS, OFFICERS, EMPLOYEES, CONTRACTORS AND AGENTS BE LIABLE FOR LOST PROFITS, LOST SALES, LOST BUSINESS, LOST OPPORTUNITY, LOST INFORMATION, LOST OR WASTED TIME OR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES (HOWEVER ARISING, INCLUDING NEGLIGENCE) ARISING OUT OF, OR WITH RESPECT TO THE APPLICATION AND THE INSTALLMENT OR USE THEREOF.
30.7. To the extent that the Application contains any software provided by any third parties, such third party’s software shall be subject to the terms set forth in this Agreement as if the Third Party is Precise Forex itself, and any other agreements attached or applicable to such software.
30.8. The Client also fully aware of the risk of loss involved in trading in the foreign exchange market and especially in electronic trading and automatic electronic trading, which includes, inter alia, Precise Forex cannot guarantee that the Application shall always be in connection with the Trading Platform, brokers or other required third parties, nor can Precise Forex guarantee that the Application shall be without disruptions, delays or other communication-related flaws. Due to the fact that Trading systems and the Application are based, amongst others, on networks for the exchange of information and the Internet, the commerce or any part thereof may be ceased and/or disrupted and etc., without prior notice or for reasons which are not under Precise Forex's control. Precise Forex will not be liable for any such disruptions, delays or other omissions experienced when using Application and Client shall have no claim, demand or right for indemnification in such an event, with respect to any damage claims that were caused due to the cessation of commerce and/or due to transactions performed or not performed.
30.9. The Client understand that the Application installed on his Computer may work only when his Computer is switched on and the Application is working and connected to the Client Account. The Client further understand that if the Application is working remotely from his computer, it shall also work when his computer is turned off and/or when the Trading Platform is not running on his computer or connected to his account.