Legal Documentation

Terms & Conditions

Note: The English version of this Agreement is the governing version and shall prevail whenever there is any discrepancy between the English version and the other versions.


This client agreement, together with any Schedule(s), and accompanying documents, as amended from time to time, (this “Agreement”) sets out the terms of the contract between you and us. Please read it carefully and let us know as soon as possible if there is anything which you do not understand.

1. INTERPRETATION In this Agreement:

In this Agreement:
Account” means the account you hold with us and designated with a particular account number.
Applicable Regulations” means:
a) CYSEC Rules or any other rules of a relevant regulatory authority; and
b) all other applicable laws, rules and regulations as in force from time to time.
Associate” means an undertaking in the same group as us, a representative whom we or an undertaking in the same group as us appoint, or any other person with whom we have a relationship that might reasonably be expected to give rise to a community of interest between us and them.
Assets” means the funds and financial instruments of the Client, intended for trading for the provision of Portfolio Management service, as well as funds and financial instruments received and acquired by the Company in the course of Portfolio Management in accordance with terms and conditions of this Agreement.
Business Day” means a day which is not a Saturday or a Sunday and upon which banks are open for business in Cyprus.
Client Money Rules” means the rules specified in paragraph 18(2)(j) of the Law which provides for the Provision of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and other related matters and the Directives and Circulars issued pursuant to this paragraph, as amended from time to time by CYSEC.
Contract for Differences” or “CFD” means the financial instrument specified in paragraph (9) of Part III of Third Appendix of the Law which provides for the Provision of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and other related matters.
Credit Support Provider” means any person who has entered into any guarantee, hypothecation, agreement, margin or security agreement in our favour in respect of your obligations under this Agreement.
CYSEC” is an abbreviation for “Cyprus Securities and Exchange Commission”.
CYSEC Rules” means the Law which provides for the Provision of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and other related matters, the Prevention and Suppression of Money Laundering Activities Law, the Directives, Circulars and all other regulations issued pursuant to these Laws and all guidance notes, administrative notices, newsletters and rules published by the Cyprus Securities and Exchange Commission.
Electronic Services” means a service provided by us, for example an Internet trading service offering clients access to information and trading facilities, via an internet service, a WAP service and/or an electronic order routing system.
Event of Default” means any of the events of default as listed in Clause 15 (Events of Default).
Execution” means the completion of clients’ orders on GS Sharestocks LTD’s trading platform.
OTC” means ‘over the counter’ and refers to transactions conducted otherwise than on an exchange.
Company Trading Desk” means the trading desk operated by us at our premises, the Headquarters of GS Sharestocks LTD.
“Costs” means the costs incurred by the Client, within the framework of this Agreement, which are required for carrying out the fulfilment of transactions.
Company Online Trading System” means the internet-based trading system available at our website that allows you to provide us with instructions.
Secured Obligations” means the net obligation owed by you to us after the application of set-off under clause 13 (Margining Arrangements) in the paragraph entitled (Set-off on default).
FX Contract” means a contract between GS Sharestocks LTD and its Client to exchange two currencies at an agreed exchange rate.
Services” means the investment and ancillary services that the Company is authorized to provide. These are:
Investment Services Reception and transmission of orders in relation to one or more financial instruments; Execution of Orders on Behalf of Clients; and Portfolio Management
Ancillary Services Safekeeping and administration of financial instruments, including custodianship and related services; Granting credits or loans to one or more financial instruments, where the firm granting the credit or loan is involved in the transaction; Foreign exchange services where these are connected to the provision of investment services; Investment research and financial analysis or other forms.
System” means all computer hardware and software, equipment, network facilities and other resources and facilities needed to enable you to use an Electronic Service.
Transaction” means any transaction subject to this Agreement and includes a CFD, or forward contract of any kind, future, option or other derivative contract in relation to any commodity, financial instrument (including any security), currency, interest rate, index or any combination thereof and any other transaction or financial instrument for which we are authorised under our Cypriot Investment Firm (“CIF”) licence from time to time which we both agree shall be a Transaction.
‘‘Portfolio Management’’ means managing Portfolios in accordance with mandates given by Clients on a discretionary client-by-client basis where such Portfolios include one or more financial instruments.
‘’Portfolio’’ means an aggregate of Clients’ Assets managed by the Company according to this Agreement.
”Report” or ‘Periodic Statement’’ shall mean any report of the Company provided to the Client during the course of our relationship.
“Risk Grade” is the level of risk tolerance accepted by each Client to expose his/her funds to and is completed at the Client’s Questionnaire.

2. INTRODUCTION Scope of this Agreement

This Agreement sets out the basis on which we will provide services to you. This Agreement governs each Transaction entered into or outstanding between us on or after the execution of this Agreement.

It is stated that due to the nature of our relationship this Agreement along with the other legal policies will be provided to you only electronically. Therefore you agree that the aforementioned documentation will be provided to you only electronically.

For your ease, access to this Agreement which governs our relationship as well as the legal policies, will be available with a hyperlink in the email that you will receive following the registration with our website.

This Agreement supersedes any previous agreement between you and us on the same subject matter and takes effect when you indicate your acceptance via our website. This Agreement shall apply to all Transactions contemplated under this Agreement.

3. GENERAL Information about us

We, GS Sharestocks LTD (“Company”), are authorised and regulated by the Cyprus Securities and Exchange Commission (“CYSEC”) with license number 262/14. Our office is at Chrysanthou Mylona 1, Panayides Building, 6th Floor, 3030 Limassol, Cyprus. Our contact details are set out in Clause 20 (Miscellaneous) under the heading “Notices”.
This Agreement is supplied to you in English and we will continue to communicate with you in English for the duration of this Agreement. However, where possible, we will communicate with you in other languages in addition to English.
Communication with us
You may communicate with us in writing (including fax), by email or other electronic means, or orally (including by telephone). Our contact details are set out in Clause 20 (Miscellaneous) under the heading “Notices”. The language of communication shall be English, and you will receive documents and other information from us in English. However, where appropriate and for your convenience, we will endeavor to communicate with you in other languages. Our website contains further details about us and our services, and other information relevant to this Agreement. In the event of any conflict between the terms of this Agreement and our website this Agreement will prevail.
Application and Registration Data
In order for you to register for the provision of our services, the Company will ask you to provide certain information for the establishment of your identity. Therefore, during registration via our website you shall provide us with your personal details, information for the construction of your economic profile, information for the assessment of appropriateness, information for the assessment of suitability (as applicable) as well as all the required identification documentation required by us for our internal checks and to comply with the CySEC framework.
During registration with us you agree to provide true, accurate, current and complete information as prompted by the registration process.
Identification and Verification of the Client
During registration through our website certain information will be requested to be provided in order for the Company to identify the Client prior the establishment of the business relationship. The Client shall provide the Company with information for the construction of the economic profile, information for the assessment of appropriateness, information for the assessment of suitability. The Company will ensure that the verification of the Client’s identity will take place before the establishment of the business relationship and the execution of any transactions. However, the verification of the Client’s identity may take place during the establishment of the business relationship. The Client by accepting the present agreement agrees for his/her identity to be verified within a period of 15 days from the date of the acceptance of the present Terms and Conditions (the “grace period”); provided that the Company complies with the following provisions during the grace period:

  1. The cumulative amount of deposited funds of a Client/beneficial owner should not exceed €2,000 irrespective of the number of accounts the Client holds with the Company.
  2. The Company shall accept funds coming only from a bank account (or through other means that are linked to a bank account e.g. credit card), that is in the name of the Client.
  3. The Company will make sure that the first deposit of the Client comes from an EEA account, or alternatively – if such measure is not applicable – the Company will apply a World Check on Clients.

Notifications to the Client
Upon registration, the Company will notify Clients on the process of verification at the initial registration email, and at the ‘Welcome’ section (as part of the identification/verification popup) after registration. In addition, the Company will send reminder emails and notifications to the Client once every 2-3 days (including in the 14th day), in order for the verification documents to be provided.
Lapse of the Grace Period
Upon the lapse of the grace period without verification of the Client’s identity to be completed, the Client’s account will be closed and the Client will be informed accordingly as to the reasons of the account closure via email.
The Client agrees that in case the identification documents will not be provided within the grace period, the following will apply:

  1. the account will be closed and the Client will not be able to login;
  2. the Company shall close all open positions and initiate the process of returning the funds (however the returned funds may not necessarily be with the Client immediately after lapse of the grace period, which may take more time for funds to be returned to the original source depending on various circumstances). Please refer to the Withdrawals section;
  3. all deposited funds (including any profits gained or after deduction of any losses incurred) will be returned to the Client, in the same source from which they have originated; and
  4. the Company will deduct from returned funds such costs related to the actions taken up to return (e.g. clearing commissions, commissions related to trading activities, handling fees, etc.). Please refer to the Costs, Payments and Charges section.

We shall treat you as a retail client for the purposes of the CYSEC Rules and the Applicable Regulations. You have the right to request a different client categorisation. However, if you do request such different categorisation and we agree to such categorisation, the protection afforded by certain CYSEC Rules and the other Applicable Regulations may be reduced. This may include, but is not limited to:

  1. the requirement for us to act in accordance with your best interests;
  2. our obligation to provide appropriate information to you before providing the services;
  3. the restriction on the payment or receipt by us of any inducements;
  4. our obligation to achieve best execution in respect of your orders; and
  5. the requirement to implement procedures and arrangements which provide for the prompt, fair and expeditious execution of your orders;

Legal Age and Restricted Jurisdictions
The Company’s services and products traded are only available to individuals who are at least 18 years old (and at least the legal age in your jurisdiction). You represent and warrant that if you are an individual, you are at least 18 years old and of legal age in your jurisdiction to form a binding contract, and that all registration information you submit is accurate and truthful. The Company reserves the right to ask for proof of age from you and your account may be suspended until satisfactory proof of age is provided.
The Company may, in its sole discretion, refuse to offer its products and services to any person or entity and change its eligibility criteria at any time.

You may not register an Account if you are located in any one of the following countries: United States, Israel, Argentina, Canada, Australia, Belgium, France, Nigeria, Pakistan, East Timor, Guam, Hong Kong, India, Iraq, Lebanon, Turkey, United States, Moldova, New Zealand, North Korea, Puerto Rico, Brazil, Russia, Singapore, Sudan, Syria, Ukraine, Yemen, American Samoa, Uganda, Virgin Islands US, Afghanistan, China, Japan, Laos, Libya or Iran (the “Restricted Territories”). Any Account found to be associated with a person located in a Restricted Territories, shall be terminated immediately and we reserve the right to hold all funds in such Account.

General interpretation
A reference in this Agreement to a “clause” or “Schedule” shall be construed as a reference to, respectively, a clause or Schedule of this Agreement, unless the context requires otherwise. References in this Agreement to any statute or statutory instrument or Applicable Regulations include any modification, amendment, extension or re-enactment thereof. A reference in this Agreement to “document” shall be construed to include any electronic document. The masculine includes the feminine and the neuter and the singular includes the plural and vice versa as the context admits or requires. Words and phrases defined in the CYSEC’s Rules and the Applicable Regulations have the same meaning in this Agreement unless expressly defined in this Agreement.
The clauses contained in the attached Schedule (as amended from time to time) shall apply. We may from time to time send to you further Schedules in respect of Transactions. In the event of any conflict between the clauses of any Schedule and this Agreement, the clauses of the Schedule shall prevail. The fact that a clause is specifically included in a Schedule in respect of one Transaction shall not preclude a similar clause being expressed or implied in relation to any other Transaction. You acknowledge having read, understood and agreed to the Schedules to this Agreement.
Headings are for ease of reference only and do not form part of this Agreement.

4. REGULATION Subject to Applicable Regulations

This Agreement and all Transactions are subject to Applicable Regulations so that:

  1. nothing in this Agreement shall exclude or restrict any obligation which we have to you under Applicable Regulations;
  2. we may take or omit to take any action we consider necessary to ensure compliance with any Applicable Regulations;
  3. all Applicable Regulations and whatever we do or fail to do in order to comply with them will be binding on you; and
  4. such actions that we take or fail to take for the purpose of compliance with any Applicable Regulations shall not render us or any of our directors, officers, employees or agents liable.

Action by regulatory body
If a regulatory body takes any action which affects a Transaction, then we may take any action which we, in our reasonable discretion, consider desirable to correspond with such action or to mitigate any loss incurred as a result of such action. Any such action shall be binding on you. If a regulatory body makes an enquiry in respect of any of your Transactions, you agree to co-operate with us and to promptly supply information requested in connection with the enquiry.
FATCA Requirements
Please note that does not accept clients that are US Reportable Persons.
For the purposes of this paragraph, the following definitions shall apply:
FATCA shall mean Foreign Account Tax Compliance Act.
US Reportable Persons shall mean, in accordance to FATCA and internal procedures:

  1. U.S. citizen (including dual citizenship) and/or a U.S. passport holder.
  2. entitled to lawful permanent residence in the USA (including Green Card holders).
  3. born in the USA (including legal entities incorporated in the USA).
  4. a residence or correspondence address in the U.S. (including PO Box).
  5. a U.S. resident, alien for tax purposes
  6. a domestic partnership
  7. a domestic corporation
  8. any estate other than a foreign estate
  9. any trust if:
    • a court within the United States is able to exercise primary supervision over the administration of the trust.
    • one or more United States persons have the authority to control all substantial decisions of the trust.
  10. any other person that is not a foreign person.


You shall pay our charges as agreed with you from time to time, any fees or other charges imposed by a clearing organisation and interest on any amount due to us at the rates then charged by us (and which are available on request). A copy of our current charges is published on our website. The Company may change its charges without notice. All such charges shall be paid by Customer as they are incurred, or as the Company in its sole and absolute discretion may determine, and Customer hereby authorizes the Company to withdraw the amount of any such charges from Customer’s Account(s).
Additional costs
You should be aware of the possibility that other taxes or costs may exist that are not paid through or imposed by us.
All payments to us under this Agreement shall be made in such currency as we may from time to time specify to the bank account designated by us for such purposes. All such payments shall be made by you without any deduction or withholding.
Remuneration and sharing of charges
We may share charges with partners, affiliates, business introducers and agents in connection with Transactions carried out on your behalf. Business introducers and agents are paid on the basis of the percentage of spread. Partners and affiliates get fixed fees. Details of such remuneration or sharing arrangements are available to you upon request.
Rollovers, Interest
A daily financing charge may apply to each FX/CFD open position at the closing of the Company’s trading day as regard to that FX/CFD. If such financing charge is applicable, it will either be requested to be paid by Client directly to the Company or it will be paid by the Company to Client, depending on the type of FX/CFD and the nature of the position Client holds. The method of calculation of the financing charge varies according to the type of FX/CFD to which it applies. Moreover, the amount of the financing charge will vary as it is linked to current interest rates (such as LIBOR). The financing charge will be credited or debited (as appropriate) to Client’s account on the next trading day following the day to which it relates.
The Company reserves the right to change the method of calculating the financing charge, the financing rates and/or the types of FX/CFDs to which the financing charge applies. For certain types of FX/CFDs, a commission is payable by Client to open and close FX/CFD positions. Such commission payable will be debited from Client’s account at the same time as the Company opens or closes the relevant FX/CFD. Changes in our swap interest rates and calculations shall be at our own discretion and without notice. Clients need to always check our website for the then current rates charged. Rates may change quickly due to market conditions (changes in interest rates, volatility, liquidity etc.) and due to various risk related matters that are at the firm’s sole discretion.
Fees with respect to the Portfolio Management Service
We charge a fee for our Portfolio Management services offered to you, and it is agreed at the time you sign this Agreement. This charge is consisted of an annual management fee that may range ordinarily between 0.99% and 1.5% of the equity in the portfolio, which is paid monthly, and an additional performance fee of 15% on profit (calculated after deduction of management fee), which is paid quarterly. Where client money is held in the name of the Company, the Client authorizes us to deduct those fees due without further reference to the Client.


You have a right to cancel this Agreement for a period of fourteen (14) days commencing on the date on which this Agreement is concluded or the date on which you receive this Agreement (whichever is later) (the “Cancellation Period”). Should you wish to cancel this Agreement within the Cancellation Period, you should send notice in writing or electronically to the addresses found in contact us section of our website. Cancelling this Agreement within the Cancellation Period will not cancel any Transaction entered into by you during the Cancellation Period. If you fail to cancel this Agreement within the Cancellation Period you will be bound by its terms but you may terminate this Agreement in accordance with Clause 18 (Termination without default).


Execution only
We deal on an execution only basis and do not advise on the merits of particular Transactions, or their taxation consequences.
Own judgment and suitability
Without prejudice to our foregoing obligations, in asking us to enter into any Transaction, you represent that you have been solely responsible for making your own independent appraisal and investigations 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 and that you have read and accepted the Risk Disclosure Statement and guidelines in relation to the financial instruments and the markets which are available in our websites. We give you no warranty as to the suitability of the products traded under this Agreement and assume no fiduciary duty in our relations with you.
Incidental information
Where we do provide generic trading recommendations, market commentary or other information:

  1. This is incidental to your dealing relationship with us. It is provided solely to enable you to make your own investment decisions and does not amount to advice;
  2. where information is in the form of a document containing 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;
  3. we give no representation, warranty or guarantee as to the accuracy or completeness of such information or as to the tax consequences of any Transaction;
  4. You accept that prior to dispatch, we may have acted upon it ourselves or made 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 one or more screen information service. Conflicts of interest policy

Please refer to our conflicts of interest policy for further information on how we manage conflicts which would affect the impartiality of investment research we provide to you. Upon request, we will provide you with any further details in that regard.


Before you can place an order with the Company, you must read and accept this Agreement, including the risk disclosure statement, the policies and procedures as listed in Clause 9 below, and all applicable addenda, you must deposit sufficient clear funds in your account and your client registration form and all accompanying documents must be approved by the Company. Upon the approval of your registration, you will be notified by e-mail. The Company may, in its sole discretion, request that in addition to online acceptance of this Agreement, Client must complete and submit any signed documents so required by the Company, including but not limited to this Agreement and the Risk Disclosure Statement.
Currency of Accounts
You will be able to open your trading Account(s) in USD, EUR or any currency that may be offered by the Company. Account(s) balances will be calculated and reported to you in the currency in which Account(s) are maintained.


Placing of instructions and type of platform
You may give us instructions in electronic form through the Company Online Trading System. If any instructions are received by us by telephone, computer or other medium we may ask you to confirm such instructions in writing. We shall be authorised to follow instructions notwithstanding your failure to confirm them in writing. In this Agreement “instructions” and “orders” have the same meaning.

If you trade on the “Simple” trading platform, the minimum trade you can make is that of USD 50. Such minimum trade amount can be modified according to the base currency of the trading pair.
Types of Orders Accepted
Some of the types of orders the Company accepts include, but are not limited to:

  1. Good till Cancelled (“GTC”)– An order (other than a market order), that by its terms is effective until filled or cancelled by Client. GTC Orders are not automatically cancelled at the end of the Business Day on which they are placed. Every order without an expiration will be considered as GTC.\
  2. Pending order –An order (other than a market order) to buy or sell the identified market at a specified price. A limit order to buy generally will be executed when the ask price equals or falls below the bid price that you specify in the limit order. A limit order to sell generally will be executed when the bid price equals or exceeds the ask price that you specify in the limit order.
  3. Market –An order to buy or sell the identified market at the current market price that the Company provides via the Online Trading System. An order to buy is executed at the current market ask price and an order to sell is executed at the current market bid price.
  4. Stop Loss –A stop loss order is an instruction to buy or sell a market at a price which is worse than the opening price of an open position (or worse than the prevailing price when applying the stop loss order to an already open position). It can be used to help protect against losses. Please note that because of market gapping, the best available price that may be achieved could be materially different to the price set on the stop loss order and as such, stop loss orders are not guaranteed to take effect at the price for which they are set.

Following submission of an order, it is your sole responsibility to remain available for order and fill confirmations, and other communications regarding your Account until all open orders are completed. Thereafter, you must monitor your Account frequently when you have open positions in the Account.
Your order shall be valid in accordance with the type and time of the given order, as specified. If the time of validity or expiration date/time of the order is not specified, it shall be valid for an indefinite period.
Terms of Acceptance for Orders
It is your sole responsibility to clearly indicate the terms of an order when entered, whether it is a market order, limit order, stop loss order or any other type of order, including the relevant price and lot size. You acknowledge and agree that, despite our best efforts, the price at which execution occurs may be materially different to the price specified in your order. This may result from sudden price movements in the underlying assets that are beyond our control. The Company shall have no liability for failure to execute orders. The Company shall have the right, but not the obligation, to reject any order in whole or in part prior to execution, or to cancel any order, where your Account contains margin that is insufficient to support the entire order or where such order is illegal or otherwise improper.
Execution Policy
We are required to have an execution policy and to provide our clients with appropriate information in relation to our execution policy. Where you place orders with us, the execution factors that we consider and their relative importance is as set out below:

  1. Price.The relative importance we attach is “high”.
  2. Speed.The relative importance we attach is “high”.
  3. Likelihood of execution and settlement.The relative importance we attach is “high”.
  4. Size. The relative importance we attach is “high”.

The Execution Venue for clients’ orders will be duly authorised investment firms. The Company will use the following execution venues: IDC Global Services Ltd.
Our policy is providing you with best execution, as far as possible to exercise the same standards and operate the same processes across all the different markets and financial instruments on which we execute your orders as well as to meet our obligation to execute your orders on terms most favourable to you according to the Company’s Order Execution Policy available on our website.
We shall be entitled to act for you upon instructions given or purporting to be given by you or any person authorised on your behalf without further enquiry as to the genuineness, authority or identity of the person giving or purporting to give such instructions provided such instruction is accompanied by your correct Account number and password. If your Account is a joint account, you agree that we are authorized to act on the instructions of any one person in whose name the Account is held, without further inquiry. We 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 us in reliance on any such instructions or on the apparent authority of any such persons.
Cancellation/withdrawal of instructions
Non-market orders may be cancelled via the Company Online Trading System but we can only cancel your instructions if you explicitly request so, provided that we have not acted up to the time of your request upon those instructions. Executed instructions may only be withdrawn or amended by you with our consent. The Company shall have no liability for any claims, losses, damages, costs or expenses, including legal fees, arising directly or indirectly out of the failure of such order to be cancelled.
Right not to accept orders
We may, but shall not be obliged to, accept instructions to enter into a Transaction. If we decline to enter into a proposed Transaction, we shall not be obliged to give a reason but we shall promptly notify you accordingly.
Control of orders prior to execution
We have the right (but not the obligation) to set limits and/or parameters to control your ability to place orders at our absolute discretion. Such limits and/or parameters may be amended, increased, decreased, removed or added to by us at our absolute discretion and may include (without limitation):

  1. controls over maximum order amounts and maximum order sizes;
  2. controls over our total exposure to you;
  3. controls over prices at which orders may be submitted (to include (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 order book);
  4. controls over the Electronic Services (to include (without limitation) any verification procedures to ensure that any particular order or orders has come from you); and/or
  5. any other limits, parameters or controls which we may be required to implement in accordance with Applicable Regulations.

Trade Adjustments
Clients must be aware that CFD transactions carry a high degree of risk. The amount of initial margin may be small relative to the value of the underlined asset so that transactions are ‘leveraged’ or ‘geared’. A relatively small market movement may have a proportionately larger impact on the funds that the Client has deposited or will have to deposit. This may work against as well as for the client.
The Company exclusively reserves the right to widen its variable spreads, adjust leverage, change its rollover rates and/or increase the margin requirements without notice under certain market conditions including, but not limited to, when the trading desk is closed, around fundamental announcements, as a result of changes in credit markets and/or at times of extreme market volatility. In such circumstances, the Client agrees to indemnify the Company for any and all losses that may occur due the widening of spreads and the adjustment of leverage.
Customer shall provide and maintain margin in such amounts and in such forms as the Company, in its sole discretion, may require. Customer agrees to deposit by the Company systems such additional margin when and as required by the Company, and will immediately meet all Margin Calls in such mode of transmission as the Company shall, in its sole discretion, designate. The Company may change margin requirements at any time without prior notice. The Company retains the right to limit the amount and/or total number of open positions that Customer may acquire or maintain. The Company reserves the right to close any Customer positions at any time that it deems necessary. The Company shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions including but not limited to loss or damage resulting, directly or indirectly, from any delays or inaccuracies in the transmission of orders and/or information due to a breakdown in or failure of any transmission or communication facilities. For example, in volatile market conditions a margin call may be delayed resulting in the possibility of a negative usable margin; a margin call may occur even if positions are hedged, in the jurisdictions where hedging is permitted by law, due to currency conversion rate volatility or daily interest charges or credits.
Execution of orders
We shall use our reasonable endeavours to execute any order promptly, but in accepting your orders we do not represent or warrant that it will be possible to execute such order or that execution will be possible according to your instructions. If we encounter any material difficulty relevant to the proper carrying out of an order on your behalf we shall notify you promptly.
At the end of each trading day, confirmations for all Transactions that we have executed on your behalf on that trading day will be available via your online Account on our website, which is updated online as each Transaction is executed. Confirmation of execution and statements of your Account(s), in the absence of manifest error, shall be deemed correct, conclusive and binding upon you if not objected to immediately by email if orders were placed through the Company’s Online Trading System or by telephone to the Company Trading Desk, within five Business Days of making such confirmations available to you via our website or we notify you of an error in the confirmation within the same period.

In cases where the prevailing market represents prices different from the prices posted by the Company, the Company will attempt, on a best efforts basis and in good faith, to execute market orders on or close to the prevailing market prices. This may or may not adversely affect client’s realized and unrealized gains and losses.
Improper or Abusive Trading
The Company’s objective is to provide the most efficient trading liquidity available in the form of streaming, tradable prices for most of the financial instruments we offer on the trading platform. As a result of the highly automated nature of the delivery of these streaming, tradable prices, you acknowledge and accept that price misquotations are likely to occur from time to time.
Should you execute trading strategies with the objective of exploiting such misquotation(s) or act in bad faith (commonly known as ‘sniping’), the Company shall consider this as unacceptable behaviour. Should the Company determine, at its sole discretion and in good faith, that you or any representative of yours trading on your behalf is taking advantage, benefitting, attempting to take advantage or to benefit of such misquotation(s) or that you are committing any other improper or abusive trading act such as for example:

  1. fraud/illegal actions that led to the transaction;
  2. orders placed based on manipulated prices as a result of system errors or system malfunctions;
  3. arbitrage trading on prices offered by our platforms as a result of systems errors; and/or
  4. coordinated transactions by related parties in order to take advantage of systems errors and delays on systems updates.

Then the Company will have the right to:

  1. adjust the price spreads available to you; and/or
  2. restrict your access to streaming, instantly tradable quotes, including providing manual quotation only; and/or
  3. obtain from your account any historic trading profits that you have gained through such abuse of liquidity as determined by us at any time during our trading relationship; and/or
  4. reject an order or to cancel a trade; and/or
  5. immediately terminate our trading relationship

Disabling and Cancelling Deposits
We have the right not to accept funds deposited by you and/or to cancel your deposits in the following circumstances:

  1. if you fail to provide the Company with any documents it requests from you either for client identification purposes or for any other reason;
  2. if the Company suspects or has concerns that the submitted documents may be false or fake;
  3. if the Company suspects you are involved in illegal or fraudulent activity;
  4. if the Company is informed that your credit or debit card (or any other payment method used) has been lost or stolen;
  5. where the Company considers that there is a chargeback risk; and/or
  6. when you deposit $10,000 or more or if you make over 10 separate deposits to your trading Accounts and the Company is unable to verify your credit or debit card details or is unable to verify any other payment method used.

In case of cancelled deposits, and if there is not a confiscation of your funds by a supervisory authority on the grounds of money laundering suspicion or for any other legal infringement, your funds will be returned to the bank account that have been initially received.
Performance and settlement
You will promptly deliver any instructions, money, or documents deliverable by you under a Transaction in accordance with that Transaction as modified by any instructions given by us.
Position limits
We may require you to limit the number of open positions which you may have with us at any time and we may in our sole discretion close out any one or more Transactions in order to ensure that such position limits are maintained.
Without prejudice and subject to the terms of this Agreement, all Applicable Regulations and all conditions attaching to any relevant payments made to you under a bonus or rebate scheme operated by us, monies may be withdrawn by you from your Account provided that such monies are not being utilised for margin purposes or have otherwise become owing to us, once your withdrawal request is approved your withdrawal request will be processed by us and sent to the same bank, credit card or other source for execution as soon as possible. (Note: Some banks and credit card companies may take time to process payments especially in currencies where a correspondent bank is involved in the transaction). The funds will be returned to the bank account/credit card/other source from which the funds were debited.

Notwithstanding the above:

  1. the minimum amount which you nay withdraw from your Account is USD 30 (or the same numerical amount of the currency of your Account);
  2. in the event that you withdraw from your Account via credit card we will charge you the greater of 3.5% of the amount you have requested to be withdrawn or USD 30 (or the same numerical amount of the currency of your Account);

In the in the event that you withdraw from your Account via a method other than credit card (e.g. through Direct24, Giropay, EPS or Skrill) we will charge you 2.5%; If you request a withdrawal of monies from your Account and we cannot comply with it without closing some part of your open positions, we will not comply with the request until you have closed sufficient positions to allow you to make the withdrawal. In order to process your withdrawal request please ensure that the funds remaining on your account following your withdrawal is at least twice of your used margin. If you have not met the necessary bonus trading requirements at the time you make a withdrawal request the bonus will be debited from your trading account. Withdrawals will only be made on request by you, by bank transfer to an account in your name or such other method as we, in our absolute discretion, may determine.
Inactive and Dormant Account
The Client acknowledges and confirms that any trading account(s), held with the Company by a Client, where the Client has:

  1. not placed a trade;
  2. not opened or closed positions; and/or
  3. not made a deposit into the Clients trading account;

for a period of 6 consecutive months and more, shall be classified by the Company as an Inactive Account (“Inactive Account”).

Where the Client has and continues to:

  1. place a trade;
  2. open or close positions; and/or
  3. made a deposit into the Clients trading account;

the account shall be classified by the Company as an Active Account (“Active Account”).

The Client further acknowledges and confirms that such Inactive Accounts will be subject to a charge of $50 per month, relating to the maintenance/administration of such Inactive Accounts. The Client further agrees that any Inactive Accounts, holding zero balance/equity, shall be turned to Dormant (“Dormant Account”). For re-activation of Dormant Accounts, the Client must contact the Company and inform that the Client’s wish to reactivate the Dormant Account. The Client’s Dormant Account will then be reactivated (subject to, if required, up-to-date Know Your Client documentation provided to the Company by Client) and become an Active Account. However where the Client has not done the following with the Active Account:

  1. place a trade;
  2. open or close positions; and/or
  3. made a deposit into the Clients trading account;

for a period of 6 months and more, then this account will once again become a Dormant Account.
The Company has the right at its discretion to increase or decrease spreads and/or leverage, control maximum order amounts and limit clients’ total exposure.

The Company has a discretionary right to close positions from the most unprofitable where the Margin is less than 5%. The Company reserves the right from time to time to increase margin requirements for all financial instruments offered by the Company prior to the Company announcements or where market conditions require such increases. Clients’ open positions may be subject to forced liquidation and the client may suffer significant loss in the case of failure to fulfil such requirements on time.

Financial instruments that have an expiration date, if are not closed prior to the expiration date, then the Company will forcibly close them at the last available price.


Company’s obligations
We are responsible to manage the assets held in your Portfolio to your interest during the term of this Agreement.

  1. To act in good faith, with proper due diligence, care, discretion and prudence, avoid conflicts of interests and, in case they occur, the Company shall manage those fairly and in the Client’s best interests according to the Order Execution Policy.
  2. To make decisions and perform operations in the Client’s interests, considering the market situation and Client’s opportunities when rending Services. Without prejudice to the previous provision, nothing in this Agreement shall prevent the Company from acting as a Portfolio manager or to provide to any other customer investment services.
  3. To provide information on financial standing of the Company in compliance with requirements of current legislation.
  4. To perform accounting of the Assets handed over for asset management in accordance with this Agreement, separately from the Company’s own assets and assets of other Clients.
  5. The Company does not have the right to buy Assets of the Client as part of the Company’s own property, and alienate its own property as part of Assets of the Client.
  6. To inform the Client of the nature and complexity of the financial instruments included in the Portfolio. For more information, please refer to our Risk Disclosure Statement.

Client’s obligations

  1. To provide to the Company all documents required for opening of personal accounts in order to perform Portfolio Management.
  2. To provide to the Company all documents and information as required for the construction of the Client’s profile.
  3. To reimburse documentarily confirmed costs to the Company incurred by the latter for purposes of Portfolio Management.
  4. To provide the Company with all the necessary information regarding his/her knowledge and experience in the investment field relevant to any specific type of product or service, his financial situation and his investment objectives.
  5. The Client hereby acknowledges that the Company is entitled to rely on the information provided by him/her in assessing ‘suitability’ unless the Company is aware or ought to be aware that the information is manifestly out of date, inaccurate or incomplete.
  6. The Client hereby acknowledges that he/she has the obligation to inform the Company of any material changes affecting the financial situation of him/herself, the breach of any contractual obligation of him/herself, the legal proceedings related to the activities or assets of him/herself and any related other circumstances that could affect the ability of him/herself to exercise its rights or meet its obligations under this Agreement.
  7. The Client shall issue to the Company power(s) of attorney in any form if it is necessary for the performance of Portfolio manager’s obligation according to the Agreement prior the provision of Portfolio Management services.

Your Portfolio will include financial instruments in accordance with the Company’s CIF authorization. In particular, each Client’s portfolio may include Contracts for Differences in one or more of the following asset classes: currencies, commodities, indices and equities. The types of transactions could be long or short, usually with a trailing stop loss to limit the risk potential.
The Company submits to the Client Portfolio Management Report via email regarding the Portfolio Management activities carried out on behalf of the client. The report is submitted once every six months unless:

  1. the client requests to receive the periodic statement every three months;
  2. the client requests to receive the periodic statement on a transaction by-transaction basis, it shall be provided once every 12 months;
  3. the agreement between the Company and a retail client for a portfolio management service authorizes a leveraged portfolio, and then the periodic statement shall be provided at least once a month.

You have the right make requests for the purposes stated in points (a) and (b).

As a retail Client we will provide you with the following information through the periodic statement:

  1. the valuation of the portfolio, including details of each financial instrument held, its market value, or fair value if market value is unavailable and the cash balance at the beginning and at the end of the reporting period, and the performance of the portfolio during the Reporting Period
  2. the total amount of fees and charges incurred during the Reporting Period, itemizing at least total management fees and total costs associated with execution, and including, where relevant, a statement that a more detailed breakdown will be provided on request
  3. a comparison of performance during the period covered by the statement with the investment performance benchmark if so agreed between the IF and the client
  4. the total amount of dividends, interest and other payments received during the reporting period in relation to the client’s portfolio
  5. information about other corporate actions giving rights in relation to financial instruments held in the portfolio
  6. Any losses exceeding any predetermined threshold, agreed between the firm and the client, no later than the end of the business day in which the threshold was exceeded or in case where the threshold was exceeded on a non-business day, the close of the next day business day.

The Company will provide to retail Clients information in regards to the method and frequency of valuation of the financial instruments in the Client Portfolio. The Company calculates the unrealized profit on the open positions as the difference between the open price to the real time market price. The value of a Portfolio is calculated by summing up the total investments (initial + all monthly contributions) in the Portfolio + close profit (sum of the profit from all closed trades) + unrealized profit. The valuation of the financial instruments in the client Portfolio is done real time, assuming that the relevant market/exchange is open and the underlying asset is trading.

It is stated that the performance of each Client’s Portfolio will be compared against the benchmark of S&P500.

Information about the level of risk in Portfolio

It is the Company’s policy to limit the risk of the Client’s Portfolio between 10% to 50% according to the Client’s request and discretion. In this respect, the Client agrees that the Portfolio will be closed automatically if the value will decline by that percentage.

According to the suitability assessment of each Client, the Company will determine if risk profile of the Client fits a specific financial instrument.



These clauses apply to your use of any Electronic Services.
Access and Trading Hours
Once you have gone through the security procedures associated with an Electronic Service provided by us, you will get access to such service, unless agreed otherwise or stated on our website. All references to the Company’s hours of trading are in Greenwich Mean Time (“GMT”) using 24-hour format. Our Electronic Services will normally be available continuously from 22:00 GMT Sunday until 22:00 GMT Friday (winter time), every week, excluding public holidays where the Forex market does not operate and cases where the market is closed due to illiquidity in the financial instruments. Please consult our website for more details on operating times for each financial instrument. We reserve the right to suspend or modify the operating hours on our own discretion and on such event our website will be updated without delay in order to inform you accordingly. In this respect the operating hours, as indicated on the websites operated by our company and to which you have trading rights are the applicable. We may change our security procedures at any time and we will inform you of any new procedures that apply to you as soon as possible.
Electronic Order entry for Market Orders equals Order execution
To enter an online order, you must access the Markets window, then click on “BUY/SELL” for the relevant market. A new window will appear in which you enter the price and lot size. The order is filled shortly after you hit the OK button provided you have sufficient funds in your Account. Orders may fail for several reasons including changing dealer prices, insufficient margin, unspecified lot size or unanticipated technical difficulties.
One-Click Trading
To use one-click trading, you must go to the “Settings” menu and “One-Click Trading” on. To enter an online order with one-click trading, you must access the Markets window and enter the price and lot size. The order is filled shortly after you click the BUY/SELL button provided you have sufficient funds in your Account. Orders may fail for several reasons including changing dealer prices, insufficient margin, unspecified lot size or unanticipated technical difficulties. One-Click Trading can also be used when closing positions.
Restrictions on services provided
There may be restrictions on the number of Transactions that you can enter into on any one day and also in terms of the total value of those Transactions when using an Electronic Service. Please refer to our website for details of the limits imposed upon Transactions carried out through our Electronic Services.
Access requirements
You will be responsible for providing the System (hardware equipment) to enable you to use an Electronic Service (trading platform).
Virus detection
You will be responsible for the installation and proper use of any virus detection/scanning program we require from time to time.
Use of information, data and software
In the event that you receive any data, information or software via an Electronic Service other than that which you are entitled to receive pursuant to this Agreement, you will immediately notify us and will not use, in any way whatsoever, such data, information or software.
Maintaining standards
When using an Electronic Service you must:

  1. ensure that the System is maintained in good order and is suitable for use with such Electronic Service;
  2. run such tests and provide such information to us as we shall reasonably consider necessary to establish that the System satisfies the requirements notified by us to you from time to time;
  3. carry out virus checks on a regular basis;
  4. inform us immediately of any unauthorised access to an Electronic Service or any unauthorised Transaction or instruction which you know of or suspect and, if within your control, cause such unauthorised use to cease; and
  5. not at any time leave the terminal from which you have accessed such Electronic Service or let anyone else use the terminal until you have logged off such Electronic Service.

System defects
In the event you become aware of a material defect, malfunction or virus in the System or in an Electronic Service, you will immediately notify us of such defect, malfunction or virus and cease all use of such Electronic Service until you have received permission from us to resume use.
Intellectual Property
All rights in patents, copyrights, design rights, trade marks and any other intellectual property rights (whether registered or unregistered) relating to the Electronic Services remain vested in us or our licensors. You will not copy, interfere with, tamper with, alter, amend or modify the Electronic Services or any part or parts thereof unless expressly permitted by us in writing, reverse compile or disassemble the Electronic Services, nor purport to do any of the same or permit any of the same to be done, except in so far as such acts are expressly permitted by law. Any copies of the Electronic Services made in accordance with law are subject to the terms and conditions of this Agreement. You shall ensure that all the licensors trademarks and copyright and restricted rights notices are reproduced on these copies. You shall maintain an up-to-date written record of the number of copies of the Electronic Services made by you. If we so request, you shall as soon as reasonably practical, provide to us a statement of the number and whereabouts of copies of the Electronic Services.
Liability and Indemnity
Without prejudice to any other terms of this Agreement, relating to the limitation of liability and provision of indemnities, the following clauses shall apply to our Electronic Services.
System errors
We shall have no liability to you for damage which you may suffer as a result of transmission errors, technical faults, malfunctions, illegal intervention in network equipment, network overloads, malicious blocking of access by third parties, internet malfunctions, interruptions or other deficiencies on the part of internet service providers. You acknowledge that access to Electronic Services may be limited or unavailable due to such system errors, and that we reserve the right upon notice to suspend access to Electronic Services for this reason.
Neither we nor any third party software provider accepts any liability in respect of any delays, inaccuracies, errors or omissions in any data provided to you in connection with an Electronic Service.
We do not accept any liability in respect of any delays, inaccuracies or errors in prices quoted to you if these delays, inaccuracies or errors are caused by third party service providers with which we may collaborate.
We shall not be obliged to execute any instruction which has been identified that is based on errors caused by delays of the system to update prices provided by the system price feeder or the third party service providers. We do not accept any liability towards executed trades that have been based and have been the result of delays as described above.
c) Viruses from an Electronic Service
We shall have no liability to you (whether in contract or in tort, including negligence) in the event that any viruses, worms, software bombs or similar items are introduced into the System via an Electronic Service or any software provided by us to you in order to enable you to use the Electronic Service, provided that we have taken reasonable steps to prevent any such introduction.
d) Viruses from your System
You will ensure that no computer viruses, worms, software bombs or similar items are introduced into our computer system or network and will indemnify us on demand for any loss that we suffer arising as a result of any such introduction.
e) Unauthorised use
We shall not be liable for any loss, liability or cost whatsoever arising from any unauthorised use of the Electronic Service. You shall on demand indemnify, protect and hold us harmless from and against all losses, liabilities, judgements, suits, actions, proceedings, claims, damages and costs resulting from or arising out of any act or omission by any person using an Electronic Service by using your designated passwords, whether or not you authorised such use.
f) Markets
We shall not be liable for any act taken by or on the instruction of an exchange, clearing house or regulatory body.
g) Suspension or permanent withdrawal with notice
We may suspend or permanently withdraw an Electronic Service, by giving you 24 hours written notice.
h) Immediate suspension or permanent withdrawal
We have the right, unilaterally and with immediate effect, to suspend or withdraw permanently your ability to use any Electronic Service, or any part thereof, without notice, where we consider it necessary or advisable to do so, for example due to your non-compliance with the Applicable Regulations, breach of any provisions of this Agreement, on the occurrence of an Event of Default, network problems, failure of power supply, for maintenance, or to protect you when there has been a breach of security. In addition, the use of an Electronic Service may be terminated automatically, upon the termination (for whatever reason) of:

  • any licence granted to us which relates to the Electronic Service; or
  • this Agreement.

i) Effects of termination
In the event of a termination of the use of an Electronic Service for any reason, upon request by us, you shall, at our option, return to us or destroy all hardware, software and documentation we have provided you in connection with such Electronic Service and any copies thereof.


Client Money
We treat money received from you or held by us on your behalf in accordance with the requirements of the Client Money Rules.
You, the Client, acknowledge and confirm that no interest will be received on the balance of your account.
Overseas banks, intermediate broker, settlement agent or OTC counterparty
We will endeavour to hold client money on your behalf within Cyprus and the European Union, however we may also hold your money outside the European Union. The legal and regulatory regime applying to any such bank or person will be different from the legal and regulatory regime in Cyprus and the European Union and 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 Cyprus and the European Union. We will not be liable for the insolvency, acts or omissions of any third party referred to in this clause.
Unclaimed client money
You agree that we may cease to treat your money as client money if there has been no movement on your balance for six years. We shall write to you at your last known address informing you of our intention of no longer treating your balance as client money and giving you 28 days to make a claim.
Liability and Indemnity
You agree that we shall not be liable for any default of any counterparty, bank, custodian or other entity which holds money on your behalf or with or through whom transactions are conducted.
The Company will not be liable for loss suffered by you in connection to your funds held by us, unless such loss directly arises from our gross negligence, wilful default or fraud.
Protection of Clients funds
The Company is a licensed Cypriot Investment Firm and therefore it follows strict rules in order to ensure the safety of Clients’ funds held by the Company on your behalf. We aim to ensure that clients’ funds are deposited in one or more accounts which are separated from any funds of the Company. In addition the Company shall keep records and accounts, to enable the company at any time and without delay to distinguish assets held for one client from assets held for any other client, and from its own assets. We will maintain such records and accounts in a way that their accuracy will be ensured, and especially their connection to the financial instruments and funds held for Clients.

In addition, the Company aims to ensure that Clients’ funds are deposited in financial institutions that are independent from the Company, reputable and on the basis of financial soundness. Further, the Company has established adequate organizational arrangements designed to minimize the risk of the loss or diminution of Client assets, or of rights in connection with those assets, as a result of misuse, poor administration or negligence.
Reporting to Clients

During the course of our relationship we will provide you at least once a year with a statement for the funds and financial instruments that we hold on your behalf unless that statement has been previously provided to you during the provision of Portfolio Management services.


Contingent liability
Where we effect or arrange a Transaction, 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 settlement or closing out of your position. You may be required to make further variable payments by way of margin against the purchase price of the investment, 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.
Margin call
You agree to pay us on demand such sums by way of margin as are required from time to time 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 Agreement.
Failure to meet margin call
Please note that in the event that you fail to meet a margin call, we may immediately close out the position.
Form of margin
Margin must be paid in cash in currency acceptable by us, as requested from time to time by the Company. Cash Margin paid to us is held as client money in accordance with the requirements of the Client Money Rules. Margin deposits shall be made by wire transfer, credit card, e-wallet or by such other means as the Company may direct.
Set-off on default
If there is an Event of Default or this Agreement terminates, we shall set-off the balance of cash margin owed by us to you against your obligations (as reasonably valued by us). The net amount, if any, payable between us following such set-off, shall take into account the Liquidation Amount payable under Clause 16 (Netting).
Further assurance
You agree to execute such further documents and to take such further steps as we may reasonably require to perfect our security interest over and obtain legal title to the Secured Obligations.
Negative pledge
You undertake neither to create nor to have outstanding any security interest whatsoever over, nor to agree to assign or transfer, any of the cash margin transferred to us, except a lien routinely imposed on all securities in a clearing system in which such securities may be held.
General lien
In addition and without prejudice to any rights to which we may be entitled under this Agreement or any Applicable Regulations, we shall have a general lien on all cash held by us or our Associates or our nominees on your behalf until the satisfaction of the Secured Obligations.


You represent and warrant to us on the date this Agreement comes into effect and as of the date of each Transaction that:

  1. if you are a natural person, you are of legal age and you have full legal capacity to enter into this Agreement;
  2. if you are not a natural person:
    • you are duly organized, constituted and validly existing under the applicable laws of the jurisdiction in which you are constituted;
    • execution and delivery of this Agreement, all Transactions and the performance of all obligations contemplated under this Agreement have been duly authorized by you; and
    • each natural person executing and delivering this Agreement on your behalf, entering Transactions and the performance of all obligations contemplated under this Agreement have been duly authorized by you and have been disclosed to us providing all the necessary information and/or documentation.
  3. you have all necessary authority, powers, consents, licences and authorisations and have taken all necessary action to enable you lawfully to enter into and perform this Agreement and such Transaction and to grant the security interests and powers referred to in this Agreement;
  4. the persons entering into this Agreement and each Transaction on your behalf have been duly authorised to do so and are disclosed to us giving details of the relationship with you by providing all necessary information and/or documentation;
  5. this Agreement, each Transaction and the obligations created under them both are binding upon you and enforceable against you in accordance with their terms (subject to applicable principles of equity) and do not and will not violate the terms of any regulation, order, charge or agreement by which you are bound;
  6. no Event of Default or any event which may become (with the passage of time, the giving of notice, the making of any determination or any combination of the above) an Event of Default (a “Potential Event of Default”) has occurred and is continuing with respect to you or any Credit Support Provider;
  7. you act as principal and sole beneficial owner (but not as trustee) in entering into this Agreement and each Transaction and in case you wish to open, either in the present time or in the future, more than one accounts with the Company either as individual client (natural person) or as the beneficial owner of a corporate client (legal person) it is required to immediately disclose to us that you are the beneficial owner of the account(s) during the account opening procedure and to provide us with the necessary information and/or documentation regarding the relationship between the natural and/or legal person(s);
  8. any information which you provide or have provided to us in respect of your financial position, domicile or other matters is accurate and not misleading in any material respect;
  9. you are willing and financially able to sustain a total loss of funds resulting from Transactions and trading in such Transactions is a suitable investment for you; and
  10. except as otherwise agreed by us, you are the sole beneficial owner of all margin you transfer under this Agreement, free and clear of any security interest whatsoever other than a lien routinely imposed on all securities in a clearing system in which such securities may be held.

You covenant to us:

  1. you will at all times obtain and comply, and do all that is necessary to maintain in full force and effect, all authority, powers, consents, licences and authorisations referred to in this clause;
  2. you will promptly notify us of the occurrence of any Event of Default or Potential Event of Default with respect to yourself or any Credit Support Provider;
  3. you will use all reasonable steps to comply with all Applicable Regulations in relation to this Agreement and any Transaction, so far as they are applicable to you or us;
  4. you will not send orders or otherwise take any action that could create a false impression of the demand or value for a financial instrument. Nor will you send orders which we have reason to believe are in breach of Applicable Regulations or by taking advantage of the account(s) you may maintain with the Company could be considered as system abusive orders, including but not limited to one’s intention to benefit from delays in the prices, to trade at off-market prices and/or outside trading hours and to abuse the system for trading at manipulated prices; and
  5. upon demand, you will provide us with such information as we may reasonably require to evidence the matters referred to in this clause or to comply with any Applicable Regulations.


The following shall constitute Events of Default:

  1. you fail to make any payment when due under this Agreement or to observe or perform any other provision of this Agreement and such failure continues for one Business Day after notice of non-performance has been given by us to you;
  2. you commence a voluntary case or other procedure seeking or proposing liquidation, reorganisation, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to you or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to you, if insolvent), or seeking the appointment of a trustee, receiver, liquidator, conservator, administrator, custodian or other similar official (each a “ Custodian”) of you or any substantial part of your assets, or if you take any corporate action to authorise any of the foregoing, and in the case of a reorganisation, arrangement or composition, we do not consent to the proposals;
  3. an involuntary case or other procedure is commenced against you seeking or proposing liquidation, reorganisation, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to you or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to you, if insolvent) or seeking the appointment of a Custodian of you or any substantial part of your assets and such involuntary case or other procedure either:
    1. has not been dismissed within five days of its institution or presentation; or
    2. has been dismissed within such period but solely on the grounds of an insufficiency of assets to cover the costs of such case or other procedure;
    3. you die, become of unsound mind, are unable to pay your debts as they fall due or are bankrupt or insolvent, as defined under any bankruptcy or insolvency law applicable to you: or any indebtedness of yours is not paid on the due date therefore, or becomes capable at any time of being declared, due and payable under agreements or instruments evidencing such indebtedness before it would otherwise have been due and payable, or any suit, action or other proceedings relating to this Agreement are commenced for any execution, any attachment or garnishment, or distress against, or an encumbrancer takes possession of, the whole or any part of your property, undertaking or assets (tangible and intangible);
    4. you or any Credit Support Provider (or any Custodian acting on behalf of either of you or a Credit Support Provider) disaffirms, disclaims or repudiates any obligation under this Agreement or any guarantee, hypothecation agreement, margin or security agreement or document, or any other document containing an obligation of a third party (“Credit Support Provider”), or of you, in favour of us supporting any of your obligations under this Agreement (each a “Credit Support Document”);
    5. any representation or warranty made or given or deemed made or given by you under this Agreement or any Credit Support Document proves to have been false or misleading in any material respect as at the time it was made or given or deemed made or given;
    6. any Credit Support Provider fails, or you yourself fail to comply with or perform any agreement or obligation to be complied with or performed by you or it in accordance with the applicable Credit Support Document;
    7. any Credit Support Document expires or ceases to be in full force and effect prior to the satisfaction of all your obligations under this Agreement, unless we have agreed in writing that this shall not be an Event of Default;
    8. any representation or warranty made or given or deemed made or given by any Credit Support Provider pursuant to any Credit Support Document proves to have been false or misleading in any material respect as at the time it was made or given or deemed made or given;
    9. any event referred to in Clauses 15(ii) to Clause 15(iii) of this Clause 15 (Events of Default) occurs in respect of any Credit Support Provider;
    10. we consider it necessary or desirable for our own protection, or any action is taken or event occurs which we consider might have a material adverse effect upon, your ability to perform any of your obligations under this Agreement;
    11. you fail or omit to disclose to us your capacity as the beneficial owner of more than one accounts you may maintain with us and/or your capacity to act as a money manager on behalf of any other client of us;
    12. you take advantage of delays occurred in the prices and you place orders at outdated prices, you trade at off-market prices and/or outside trading hours, you manipulate the system to trade at prices not quoted to you by us and you perform any other action that constitutes improper trading; and/or
    13. any event of default (however described) occurs in relation to you under any other agreement between us.

16. NETTING Rights on Default

On the occurrence of an Event of Default, we may exercise our rights under this clause, except that in the case of the occurrence of any Event of Default specified in Clause 15(ii) or Clause 15(iii) of the definition of Events of Default (each a “Bankruptcy Default”), the automatic termination provision of this clause shall apply.
Liquidation Date
Subject to the following sub-clause, at any time following the occurrence of an Event of Default, we may, by notice to you, specify a date (the “Liquidation Date”) for the termination and liquidation of Transactions in accordance with this clause.
Automatic termination
The date of the occurrence of any Bankruptcy Default shall automatically constitute a Liquidation Date, without the need for any notice by us and the provisions of the following sub-clause shall then apply.
Calculation of Liquidation Amount
Upon the occurrence of a Liquidation Date:

  1. neither of us shall be obliged to make any further payments or deliveries under any Transactions which would, but for this clause, have fallen due for performance on or after the Liquidation Date and such obligations shall be satisfied by settlement (whether by payment, set-off or otherwise) of the Liquidation Amount (as defined below);
  2. we shall (on, or as soon as reasonably practicable after, the Liquidation Date) determine (discounting if appropriate), in respect of each Transaction the total cost, loss or, as the case may be, gain, in each case expressed in the Base Currency specified by us in writing or, failing any such specification, the lawful currency of the United States (and, if appropriate, including any loss of bargain, cost of funding or, without duplication, cost, loss or, as the case may be, gain as a result of the termination, liquidation, obtaining, performing or re-establishing of any hedge or related trading position) as a result of the termination, pursuant to this Agreement, of each payment or delivery which would otherwise have been required to be made under such Transaction (assuming satisfaction of each applicable condition precedent and having due regard, if appropriate, to such market quotations published on, or official settlement prices set by the relevant exchange as may be available on, or immediately preceding, the date of calculation); and
  3. we shall treat each cost or loss to us, determined as above, as a positive amount and each gain by us, so determined, as a negative amount and aggregate all of such amounts to produce a single, net positive or negative amount, denominated in the Base Currency (the “Liquidation Amount”).

If the Liquidation Amount determined pursuant to this clause is a positive amount, you shall pay it to us and if it is a negative amount, we shall pay it to you. We shall notify you of the Liquidation Amount, and by whom it is payable, immediately after the calculation of such amount.
Other transactions
Where termination and liquidation occurs in accordance with this clause, we shall also be entitled, at our discretion, to terminate and liquidate, in accordance with the provisions of this clause, any other transactions entered into between us which are then outstanding.
The Liquidation Amount shall be paid in the Base Currency by the close of business on the Business Day following the completion of the termination and liquidation under this clause (converted as required by applicable law into any other currency, any costs of such conversion to be borne by you, and (if applicable) deducted from any payment to you). Any Liquidation Amount not paid on the due date shall be treated as an unpaid such amount and bear interest, at the average rate at which overnight deposits in the currency of such payment are offered by major banks in the London interbank market as of 11.00 am (London time) (or, if no such rate is available, at such reasonable rate as we may select) plus one (1%) per annum for each day for which such amount remains unpaid.
Base Currency
For the purposes of any calculation hereunder, we may convert amounts denominated in any other currency into the Base Currency at such rate prevailing at the time of the calculation as we shall reasonably select.
Unless a Liquidation Date has occurred or has been effectively set, we shall not be obliged to make any payment or delivery scheduled to be made by us under a Transaction for as long as an Event of Default or any event which may become (with the passage of time, the giving of notice, the making of any determination hereunder, or any combination thereof) an Event of Default with respect to you has occurred and is continuing.
Additional rights
Our rights under this clause shall be in addition to, and not in limitation or exclusion of, any other rights which we may have (whether by agreement, operation of law or otherwise).
Application of netting to Transactions
This clause applies to each Transaction entered into or outstanding between us on or after the date this Agreement takes effect.
Single agreement
This Agreement, the particular terms applicable to each Transaction entered into under this Agreement, and all amendments to any of them shall together constitute a single agreement between us. We both acknowledge that all Transactions entered into on or after the date this Agreement takes effect are entered into in reliance upon the fact that the Agreement and all such terms constitute a single agreement between us.

17. Islamic Account

The Company is offering ethical trading within the clear framework of a Sharia’a-compliant Islamic account. Muslims can trade currencies and CFDs online, free from any concerns that they may be inadvertently exposed to any haram activities such as usury. Any Client, who due to his observance of Islamic religious beliefs, cannot receive or pay interest, may elect to designate his trading account to be a ‘swap-free account’ (“Islamic Account”). This Islamic Account will not be charged with, or entitled to, premiums, rollovers, or interest. All trades opened using an Islamic Account must be closed within a maximum of 30 days. The terms and conditions of the account are set by the Company and may be altered from time to time.The Client hereby declares that a request to render their account as Islamic shall only be made due to genuine Islamic religious beliefs and for no other reason whatsoever. The Company reserves the right to reject the request of a Client to designate their account as an Islamic Account, at the Company’s sole and absolute discretion and without explanation. This decision will be final and undisputable by the Client.
In the event that the Company suspects that a Client is abusing the rights conferred upon him by the classification of his account as an Islamic Account, the Company has the right, without prior notice, to proceed with one or more of the following options:
1. The Company may add commissions upon any or all trades, executed using the Islamic Account.
2.The Company may cancel the special rights and/or conditions conferred to the Account due to its classification as Islamic Account, recall the designation of the Account as Islamic Account and render it a normal trading account.
3. The Company may restrict and/or prohibit the Client from hedging their positions.
4. The Company may, at its sole discretion, close any open positions and reinstate them at their former real market price. The Client hereby acknowledges that he shall bear all costs derived from the aforementioned action, including, but not limited to, the cost of the change of the spread.


On an Event of Default or at any time after we have determined, in our absolute discretion, that you have not performed (or we reasonably believe that you will not be able or willing in the future to perform) any of your obligations to us, in addition to any rights under the Clause 16 (Netting) we shall be entitled, without prior notice to you:

  1. instead of returning to you investments equivalent to those credited to your account, to pay to you the fair market value of such investments at the time we exercise such right;
  2. to sell such of your investments as are in our possession or in the possession of any nominee or third party appointed under or pursuant to this Agreement, in each case as we may in our absolute discretion select or and upon such terms as we may in our absolute discretion think fit (without being responsible for any loss or diminution in price) in order to realise funds sufficient to cover any amount due by you hereunder;
  3. to close out, replace or reverse any Transaction, buy, sell, borrow or lend or enter into any other Transaction or take, or refrain from taking, such other action at such time or times and in such manner as, at our sole discretion, we consider necessary or appropriate to cover, reduce or eliminate our loss or liability under or in respect of any of your contracts, positions or commitments; and/or
  4. to cancel and/or consider void any Transactions and profits or losses either realised or unrealised and/or to close out the account(s) you maintain with us pursuant to this Agreement, immediately and without prior notice.


Unless required by Applicable Regulations, either party may terminate this Agreement (and the relationship between us) by giving ten (10) days written notice of termination to the other. We may terminate this Agreement immediately if you fail to observe or perform any provision of this Agreement or in the event of your insolvency.
Upon terminating this Agreement:

    1. all amounts payable by you to us will become immediately due and payable including (but without limitation):
    2. all outstanding fees, charges and commissions;
    3. any dealing expenses incurred by terminating this Agreement; an
    4. any losses and expenses realised in closing out any Transactions or settling or concluding outstanding obligations incurred by us on your behalf.
    5. The Company shall apply best execution rules in cases where you have not provided the Company with specific instructions regarding the closing of your positions.
    6. The Company shall return any funds remaining in your trading account to your bank account, specifically the account from which the funds were debited. Your funds may be returned to another bank account to which you are the beneficiary as long as you provide us with the required documents to verify that the account belongs to you.

Existing rights
Termination shall not affect then outstanding rights and obligations and Transactions which shall continue to be governed by this Agreement and the particular clauses agreed between us in relation to such Transactions until all obligations have been fully performed.


General Exclusion
Neither we nor our directors, officers, employees, or agents shall be liable for any losses, damages, costs or expenses, whether arising out of negligence, breach of contract, misrepresentation or otherwise, incurred or suffered by you under this Agreement (including any Transaction or where we have declined to enter into a proposed Transaction) unless such loss is a reasonably foreseeable consequence or arises directly from our or their respective gross negligence, wilful default or fraud. In no circumstance, shall we have liability for losses suffered by you or any third party for any special or consequential damage, loss of profits, loss of goodwill or loss of business opportunity arising under or in connection with this Agreement, whether arising out of negligence, breach of contract, misrepresentation or otherwise. Nothing in this Agreement will limit our liability for death or personal injury resulting from our negligence.
Tax implications
Without limitation, we do not accept liability for any adverse tax implications of any Transaction whatsoever.
Changes in the market
Market orders are executed at the bid/ask prices offered through us. Pending orders (stop loss, limit (take profit), entry limit (to buy or to sell), entry stop (to buy or to sell) are executed at the then market price requested by you and offered through us. We reserve the right, at our full discretion, not to execute the order, or to change the quoted price of the Transaction, or to offer you a new quote, in case of technical failure of the trading platform or in case of extraordinary or abnormal fluctuations of the price of the financial instrument as offered in the market. In the event we offer you a new quote you have the right to either accept it or refuse it and thus cancel the execution of the Transaction.
Without limitation, we do not accept any liability by reason of any delay or change in market conditions before any particular Transaction is affected.
Limitation of Liability
We shall not be liable to you for any partial or non-performance of our obligations hereunder by reason of any cause beyond our reasonable control, including without limitation any breakdown, delay, malfunction or failure of transmission, communication or computer facilities, industrial action, act of terrorism, act of God, acts and regulations of any governmental or supra national bodies or authorities or the failure by the relevant intermediate broker or agent, agent or principal of our custodian, sub-custodian, dealer, exchange, clearing house or regulatory or self-regulatory organisation, for any reason, to perform its obligations. Nothing in this Agreement will exclude or restrict any duty or liability we may have to you under Applicable Regulations, which may not be excluded or restricted thereunder.
Responsibility for orders
You will be responsible for all orders entered on your behalf via an Electronic Service and you will be fully liable to us for the settlement of any Transaction arising from it.
Entire Agreement
You acknowledge that you have not relied on or been induced to enter into this Agreement by a representation other than those expressly set out in this Agreement. We will not be liable to you (in equity, contract or tort) for a representation that is not set out in this Agreement and that is not fraudulent.
You shall pay to us such sums as we may from time to time require in or towards satisfaction of any debit balance on any of your accounts with us and, on a full indemnity basis, any losses, liabilities, costs or expenses (including legal fees), taxes, imposts and levies which we may incur or be subjected to with respect to any of your accounts or any Transaction or as a result of any misrepresentation by you or any violation by you of your obligations under this Agreement (including any Transaction) or by the enforcement of our rights.

21. MISCELLANEOUS Amendments

We have the right to amend the terms of this Agreement. If we make any material change to this Agreement, a written notice shall be provided to you. Such amendment will become effective on the date specified in the notice. Unless otherwise agreed, an amendment will not affect any outstanding order or Transaction or any legal rights or obligations which may already have arisen.
Unless otherwise agreed, all notices, instructions and other communications to be given by us under this Agreement shall be given to the address or fax number provided by you to us. Likewise, all notices, instructions and other communications to be given by you under this Agreement shall be given to us in writing at the address below:

Our Details
Name: GS Sharestocks LTD
Address: Chrysanthou Mylona 1, Panayides Building, 6th Floor, 3030 Limassol, Cyprus
Telephone No: +357-25030972
Fax No: +357-25373501
You will notify us of any change of your address for the receipt of notices, instructions and other communications immediately.
Electronic Communications
Subject to Applicable Regulations, any communication between us using electronic signatures and any communications via our website and/or Electronic Services shall be binding as if they were in writing. Orders or instructions given to you via e-mail or other electronic means will constitute evidence of the orders or instructions given.
Recording of calls
We may record telephone conversations without use of a warning tone to ensure that the material terms of the Transaction, and any other material information relating to the Transaction is promptly and accurately recorded. Such records will be our sole property and accepted by you as evidence of the orders or instructions given.
The Client accepts full and sole responsibility of his account’s activity; any communication between the Client and The Company’s representatives, any market reviews, fundamental and technical analysis provided are only for informative purposes and no liability can fall under the Company.
Our records
Our records, unless shown to be wrong, will be evidence of your dealings with us in connection with our services. You will not object to the admission of our records as evidence in any legal proceedings because such records are not originals, are not in writing nor are they documents produced by a computer. You will not rely on us to comply with your record keeping obligations, although records may be made available to you on request at our absolute discretion.
Your records
You agree to keep adequate records in accordance with Applicable Regulations to demonstrate the nature of orders submitted and the time at which such orders are submitted. You can access your statements online at any time via our trading platform. You may request to receive your statement monthly or quarterly via email, by providing such a request to the support department.
Investor Compensation Fund
We participate in the Investor Compensation Fund for clients of Investment Firms regulated in the Republic of Cyprus. You will be entitled to compensation under the Investor Compensation Fund where we are unable to meet our duties and obligations arising from your claim.
Any compensation provided to you by the Investor Compensation Fund shall not exceed twenty thousand Euros (20,000), applies to your aggregate claims against us.
Complaints procedure
We are obliged to put in place internal procedures for handling complaints fairly and promptly. You may submit a complaint to us, for example by letter, telephone, email, or in person. We will send you a written acknowledgement of your complaint promptly following receipt, enclosing details of our complaints procedures, including when and how you may be able to refer your complaint to the Cyprus Securities Exchange Commission (“CYSEC”) which is the relevant regulatory body. Please contact us if you would like further details regarding our complaints procedures.
Third Party Rights
This Agreement shall be for the benefit of and binding upon us both and our respective successors and assigns. You shall not assign, charge or otherwise transfer or purport to assign, charge or otherwise transfer your rights or obligations under this Agreement or any interest in this Agreement, without our prior written consent, and any purported assignment, charge or transfer in violation of this clause shall be void. You agree that we may without further notice to you and subject to Applicable Regulations, transfer by whatever means we consider appropriate all or any of our rights, benefits, obligations, risks and/or interests under this Agreement to any person who may enter into a contract with us in connection with such transfer and you agree that we may transfer to such person all information which we hold about you.
Time of essence
Time shall be of the essence in respect of all obligations of yours under this Agreement (including any Transaction).
Rights and remedies
The rights and remedies provided under this Agreement are cumulative and not exclusive of those provided by law. We shall be under no obligation to exercise any right or remedy either at all or in a manner or at a time beneficial to you. No failure by us to exercise or delay by us in exercising any of our rights under this Agreement (including any Transaction) or otherwise shall operate as a waiver of those or any other rights or remedies. No single or partial exercise of a right or remedy shall prevent further exercise of that right or remedy or the exercise of another right or remedy.
Without prejudice to any other rights to which we may be entitled, we may at any time and without notice to you set off any amount (whether actual or contingent, present or future) owed by you to us against any amount (whether actual or contingent, present or future) owed by us to you. For these purposes, we may ascribe a commercially reasonable value to any amount which is contingent or which for any other reason is unascertained.
Partial invalidity
If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Agreement nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired.


Governing law
This Agreement shall be governed by and construed in accordance with Cyprus law.
Each of the parties irrevocably:

      1. agrees for our benefit that the courts of Cyprus shall have jurisdiction to settle any suit, action or other proceedings relating to this Agreement (“Proceedings”) and irrevocably submits to the jurisdiction of such courts (provided that this shall not prevent us from bringing an action in the courts of any other jurisdiction); and
      2. waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court and agrees not to claim that such Proceedings have been brought in an inconvenient forum or that such court does not have jurisdiction over it.

Waiver of immunity and consent to enforcement
You irrevocably waive to the fullest extent permitted by applicable law, with respect to yourself and your revenue and assets (irrespective of their use or intended use) all immunity on the grounds of sovereignty or other similar grounds from suit; jurisdiction of any courts; relief by way of injunction, order for specific performance or for recovery of property; attachment of assets (whether before or after judgment); and execution or enforcement of any judgment to which you or your revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agree that you will not claim any immunity in any Proceedings. You consent generally in respect of any Proceedings to the giving of any relief or the issue of any process in connection with such Proceedings, including, without limitation, the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such Proceedings.
Service of process
If you are situated outside Cyprus, process by which any Proceedings in Cyprus are begun may be served on you by being delivered to the address in Cyprus nominated by you for this purpose. This does not affect our right to serve process in another manner permitted by law.