Terms and Conditions
The Agreement between the Company and its clients and the procedure to be followed, is governed by the Distance Marketing of Consumer Financial Services Law N.242(I)/2004 implementing the EU directive 2002/65/EC, under which signing the Agreement is not required and the agreement has the same judicial power and establishes the same rights and duties and responsibilities as a regular agreement signed between both parties.
In case a client wishes to have a printed agreement, duly signed and stamped by the Company, the client must send:
2 signed copies of the Agreement,
copy of the completed Investor Questionnaire,
copy of Identification with signature, and
recent proof of address (i.e. utility bill) to the Company.
Furthermore, the client should state his correspondence address in order for a signed and stamped copy to be sent back to that address.
Required documentation, as stated above, must be received by the Company. The Company will notify the client by e-mail in case additional clarification/documents need to be acquired by the Company or upon approval of the application. The Agreement comes into force, subject to the terms and conditions the client has already agreed to, upon the first funding of the client’s account.
1.1 Mega Equity Securities and Financial Services Public Limited, operating through the brand name of Mega FX, is a financial services company incorporated and registered under the Laws of the Republic of Cyprus under Registration Number HE107394, having its registered office at 42-44 Griva Digenis, 3rd floor, 1080 Nicosia, Cyprus, having been granted a license from by the Cyprus Securities & Exchange Commission (CySEC) (licence no. 011/03), Member of the Cyprus Stock Exchange / Member of the Athens Stock Exchange / Member of the Athens Derivatives Exchange / Member of X-NET Market, to provide the Investment Services covered in this agreement, wishes to provide Investment Services through its highly developed electronic system via Internet (“the Company”).
2 Scope of the Terms and Conditions
2.1 These present Terms and Conditions for the Services offered by the Company (“the Terms and Conditions”) shall govern all the actions related to the execution of the Client’s orders.
2.2 The Terms and Conditions are non-negotiable and overwrite any other agreements, expressed or implied unless if the Company determines, in its sole discretion, that the context requires otherwise..
2.3 THE COMPANY WILL OFFER SERVICES STRICTLY UNDER THE FOLLOWING TERMS AND CONDITIONS, WHICH ARE NON – NEGOTIABLE AND WILL BE AMENDED ONLY WITH PROPER NOTICE TO THE COUNTER PARTY (hereinafter called “the Client”) BY COMPANY ALONE AND UNDER THE PROVISIONS OF CLAUSE 15 BELOW
3.1 The Client has read, understood and unconditionally accepted all information loaded on the Company‘s official website www.megaequity.com (hereinafter called “MEGA EQUITY website”) clearly and publicly stated, available to all Clients under Documentation. The Company reserves the right to register and operate other relevant domains (websites) for marketing and promotional purposes to specific countries, which contain information and disclosures to clients and prospective clients in any language other than the English language.
3.2 The Client unconditionally accepts and understands that the Company‘s official language is the English language and should always read and refer to the MEGA EQUITY website for all information and disclosures about the Company and its activities.
3.3 The Client by completing the ‘OPEN LIVE ACCOUNT FORM (Trading Account Application)’ form, available on the Company’s MEGA EQUITY website, unconditionally accepts the present Terms and Conditions.
3.4 As per Clause 3.3 and 15.1, the Client enters into a legally binding agreement with the Company, as any agreement between the Company and its clients and the procedure to be followed, is governed by the Distance Marketing of Consumer Financial Services Law N.242(I)/2004 implementing the EU directive 2002/65/EC, as amended from time to time, under which signing the Agreement is not required and the Agreement has the same judicial power and establishes the same rights and duties and responsibilities as a regular agreement signed between both parties.
3.5 In case a Client wishes to have a printed Agreement, duly signed and stamped by the Company, the Client must send two (2) signed copies of the Agreement to the Company, stating the Client’s postal address and a copy will be sent back to that address.
4 Right of Withdrawal in relation to client orders
4.1 The Client has the right to withdraw and cancel an order, either entered by the client or sent by the client to the CIF without any penalty, at any time before the order is executed.
4.2 Where the order has been executed, taking into account that investment services have been provided in relation to financial instruments whose price depends on fluctuations in the financial market outside the CIF’s control, the Client has no right of withdrawal even if the order was entered or sent and executed via means of distance communication, in line with the relevant provisions of the Distance Marketing of Consumer Financial Services Law of 2004.
5 Termination of an Investment Services Agreement which has been concluded by means of distance communication
5.1 Retail Clients and Clients that are treated as Professionals on request, who have concluded an Investment Services Agreement by means of distance communication have a right of withdrawal and termination of the Agreement for a period of 14 calendar days from the date of the conclusion of the Agreement (‘withdrawal period’) without incurring any penalty and without providing any reason, through the provision of a notification on a durable medium before the expiry of the said withdrawal period.
5.2 It is understood that the right of withdrawal does not invalidate any client orders which have been executed before the termination of the Agreement, whether they have been executed through the provision of the services of reception, transmission and execution of client orders services, or they have been executed in the context of the investment service of portfolio management. In this case, the Client will be charged with the corresponding fees regarding the orders that have been executed before the termination of the Agreement within the withdrawal period.
5.3 In case that a CIF charges the client with regards to the termination of the Investment Services Agreement after the withdrawal period of 14 calendar days (due to the fact that, for example, the CIF has spent work-hours performing client due diligence and had no or minimal income from the client), the following information in relation to the termination fees should be included in the Investment Services Agreement:
(i) In case the Client completed the registration process (client onboarding), has not deposited any funds in the account and has terminated the Agreement and the CIF charges fees, these should be indicated (eg € 100 for a legal entity, € 15 for a natural person).
ii) In case the Client has completed the registration process (client onboarding), has deposited a certain amount in his account but did not proceed with any transaction and has terminated the Agreement, and the CIF charges fees, these should be indicated (e.g. € 100 for a legal entity, € 15 for a natural person).
(iii) In case the Client has completed the registration process (client onboarding), has deposited a certain amount in his account and made a small transaction or transactions which, in terms of income to the CIF, do not cover the cost of client due diligence and the client has terminated the Agreement, and the CIF imposes charges, these should be indicated (eg € 100 for a legal entity, € 15 for a natural person in cases where the total value of the Client’s transactions until the termination of the Agreement was less than € 1,000).
6 Definitions – Interpretations
‘Ask’shall mean the buying price of a financial instrument;
‘Access Codes’shall mean the username and password given by the Company to the Client for accessing the Company‘s electronic systems;
‘Agreement’this present document is to be construed as one document constituting the terms and conditions on and subject to which the Parties have agreed together with the Legal Documentation as this can be found on the website available on the Company’s MEGA EQUITY website;
‘Balance’Shall mean the sum on Trading Account of the Client after the last transaction made within any period of time; PROfit platform: deposits minus withdrawals plus credit and realized profit & loss. MetaTrader Platform: deposits minus withdrawals and realized profit & loss (not including Credit);
‘Balance Currency’shall mean the monetary unit in which trading account‘s all balances, commission fees and payments are nominated and calculated;
‘Base Currency’shall mean the first currency in currency pair;
‘Bid’shall mean the selling price of a Financial Instrument;
‘CFD Contract’shall mean the contracts for Differences on spot FOREX, stocks, equity indexes, precious metals or any other commodities available for trading;
‘Client’shall mean any natural or legal person who agrees to the present Terms and Conditions;
‘Client’s Trading Account’Shall mean the special personal account for internal calculation and customer deposits, opened by the Company in the name of the Client. The Terms and Conditions for the services offered by the Company may use the word trading account or client account interchangeably, which all have the same meaning and apply to all such trading accounts held under the name of the Client;
‘Close Position’shall mean the deal of purchase (sale) covered by the opposite sale (purchase) of the contract;
‘Contract Specifications’shall mean each lot size or each type of the financial instruments offered by the Company as well as all necessary trading information concerning Page 5 of 26 spreads, margin requirements etc., as determined in the Company‘s MEGA EQUITY website;
‘Equity’shall mean the provided part of the Client‘s trading account including open positions which are tied to the balance and floating (Profit/Loss) by the following formula: Balance + Profit – Loss. These are the funds on the Client‘s sub – account reduced by the current loss on the open positions and increased by the current profit on the open positions;
‘Financial Instruments’shall mean the CFD Contracts available for trading and other derivative contracts;
‘Floating Profit/Loss’shall mean the unrealized profit (loss) of open positions at current prices of the underlying currencies, contracts or stocks, equity indexes, precious metals or any other commodities available for trading;
‘Free Margin’shall mean the funds not used as the guarantee to open positions, calculated as : Free Margin = Equity – Margin;
‘Inactive Trading Account’shall mean any Client’s trading account In which the Client did not open any position(s) and/or close any position(s) and/or kept on hold any open position(s) for a period of six (6) months;
‘Lot’shall mean a unit measuring the transaction amount, equaling to 100.000 of base currency (i.e. 1 lot = 100.000 of base currency in the case of a CFD on currency pairs);
‘Margin’shall mean the necessary guarantee funds to open positions, as determined in the contract specification;
‘Margin Level’shall mean the index characterizing the account, calculated as: Equity/Margin;
‘Open Position’shall mean the deal of purchase (sale) not covered by the opposite sale (purchase) of the contract;
‘Operating (Trading) Time of the Company’Shall mean the period of time within a business week, where the trading terminal of the Company provides the opportunity of trading operations with financial instruments. The Company reserves the right to alter this period of time as fit, upon notification to the Company’s MEGA EQUITY website;
‘Order’shall mean the request for the transaction execution;
‘Pending Order’shall mean either a buy stop or sell stop or buy limit or sell limit order;
‘Scalping Trades’shall mean any and all trades which have been closed within the two (2) minute limit and/or the opening of a similar “opposite” trade within the 2 minute limit;
‘Spread’shall mean the difference between the purchase price Ask (rate) and the sale price Bid (rate) of the financial instruments at the same moment;
‘Stop’out level – such condition of account when the open positions are forcedly closed by the Company at current prices;
‘Stop Loss’shall mean a pending order that is attached to an open position or another pending order for closing the position, usually with a loss;
‘Take Profit’shall mean any pending order that is attached to an open position or another pending order for closing the position, usually with a profit;
‘Trading Account’shall mean the account provided by the Company, with a unique number, maintained by a client, for the purposes of trading financial instruments through the Company’s platform(s);
‘Transaction’shall mean any type of transaction effected in the Client‘s trading account(s) including but not limited to Deposit, Withdrawal, Open Trades, Closed Trades, Transfers between other accounts which belong to the Client or an authorized representative.
7 Provision of Services
7.1 The Investment Services to be provided by the Company to the Client are the following:
- Reception and Transmission and Execution of Orders in relation to transactions having as an object one or more of the following financial instruments:
- Money-market instruments;
- Units in collective investment undertakings;
- CFD on Spot FOREX, equities, precious metals, and any other Financial Instruments;
- Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, or other derivative instruments, financial indices or financial measures which may be settled physically or in cash;
- Options, futures, swaps, forward rate agreements and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise by reason of a default or other termination);
- The Company reserves the right to offer the Financial Instruments on any underlying security it considers appropriate. The Company‘s MEGA EQUITY website will be the primary mean of presenting the underlying security on which the Company will offer the Financial Instrument and the Contract Specifications for all and each of them. The Company reserves the right to modify the MEGA EQUITY website at any time upon written notice given to the client on these modifications and the Client agrees to continue to be bound by this Agreement and the modified Contract Specifications;
- Foreign Exchange Services provided these are connected with the provision of Investment Services.
- Ancillary Services as those are described in the Law 144(I)/2007 Appendix 3, Part II.
7.2 The Client acknowledges that the Investment Services do not include under any circumstances the provision of any kind investment advice implied or expressed, verbal or written. Any investment information as may be announced by the Company to the Client, does not constitute investment advice but aims only to assist the Client in his/hers investment decision making. No information provided by the Company shall be deemed as an assurance or guarantee on the expected results of any transaction.
7.3 The Client agrees and acknowledges that he/she is solely responsible for any investment strategy, transaction or investment, composition of any account and taxation consequences and he/she shall not rely, for this purpose on the Company. It is also understood and accepted by the Client that the Company shall bear absolutely no responsibility, regardless of the circumstances, for any such investment strategy, transaction, investment or information.
7.4 The Client is informed that for any orders placed with the Company for the financial instruments offered by the Company, the Company acts as an Agent and not as a Principal on the Client‘s behalf. The sole Execution Venue for the execution of the Client‘s orders is Depaho Ltd, an Investment Firm registered under the Cyprus Securities and Exchange Commission (license No. 161/11).
7.5 The Company‘s operation time: round – the – clock from Sunday 22.00.01 GMT (Greenwich Mean Time) through Friday 23.00.00 GMT (Greenwich Mean Time). Non-working periods: from Friday 23.00.01 (Greenwich Mean Time) through Sunday 22.00.00 (Greenwich Mean Time). Holidays will be announced through the MEGA EQUITY website of the Company.
7.6 By accepting these present Terms and Conditions, the Client is accepting that he/she has read and understood and unconditionally accepted all the information provided under the title “Order Execution Policy”, as this information is loaded on the Company‘s MEGA EQUITY website which is public and available to all Clients.
8 Client Categorisation
8.1 The Client shall be subject to the rules of professional conduct which govern the Company‘s relationship with Retail Client. Where, the Client wishes to be governed by the Company‘s Regulations for Professional Client or Eligible Counterparty, then the Client must inform the Company in writing, clearly stating such a wish. The final decision for the changing or not of Client‘s classification will be at the sole discretion of the Company.
8.2 The Client is bound by the method of categorization as this method is explained thoroughly in the Company‘s MEGA EQUITY website under the title “Client Categorisation” and by accepting these present Terms and Conditions, the Client accepts application of such method.
9 Assurances, Guarantees and Coverage
9.1 The Client declares, affirms and guarantees that:
- Whatever money handed over to the Company, it is agreed that it belongs exclusively to the Client, free of any lien, charge, pledge and/or any other encumbrance, being no direct or indirect proceeds of any illegal act or omission or product of any criminal activity.
- The Client acts for himself/herself and not as a representative or a trustee of any third person, unless he/she has produced, to the satisfaction of the Company, a document and/or power of attorney enabling him/her to act as representative and/or trustee of any third person;
- The Client understands, accepts and agrees that the Company reserves the right to refund/return to the remitter (or beneficial owner) any amounts received under sections (i) and (ii) of this clause, having sufficient proof that these amounts are direct or indirect proceeds of any illegal act and/or omission and/or product of any criminal activity and/or belong to a third party and the Client has not produced sufficient excuse and/or explanations for that event, and consents that the Company may reverse all and any types of previous transactions performed by the Client in any of his/her trading accounts and terminate the Agreement under Clause 16.4. The Company reserves the right to take all and any legal actions against the Client to cover itself upon such an event and claim any damages caused directly or indirectly to the Company by the Client as a result of such an event.
- The Client understands and unconditionally accepts that all transactions in relation to trade in any of the Financial Instruments in Clause 5.1 above, will be performed only through the Electronic Trading Platform provided by the Company and the Financial Instruments are not transferable to any other Electronic Trading Platform whatsoever.
- The Client guarantees the authenticity and validity of any document handed over by the Client to the Company.
10 Electronic Trading
10.1 By agreeing to these present Terms and Conditions, the Client is entitled to apply for Access Codes, within the Company‘s electronic systems, in order to be able to give orders for the purchase or sale of Financial Instruments with the Company, through a compatible Personal Computer of the Client, connected to the Internet.
10.2 The Client acknowledges and understands that the Company reserves the right, at its sole discretion, to terminate the Client‘s access to the Company‘s electronic systems or part of them in order to ensure the effective and efficient operation of its systems and protect the interests of all its Clients and the interests of the Company itself. In such cases the Company may close any or all Trading Accounts of the Client under Clause 16.3 and 16.4.
10.3 The Client agrees and states that he/she will keep in a safe place the access codes and will not reveal them to any other person. He/she will not proceed and avoid proceeding in any action that could probably allow the irregular or unauthorized access or use of the Electronic System.
10.4 The Client agrees not to use the platform in an abusive way by lag trading and/or usage of server latency, price manipulation, time manipulation and similar practices. In such a case the Company will reverse and or cancel all related Client‘s trades and close all and any trading accounts of the Client under Clause 16.4. (iv).
10.5 The Client will make all necessary efforts to keep the Access Codes secret and not to disclose the codes to any third party. Moreover, the Client hereby acknowledges, understands and agrees that for him/her to appoint an authorized representative to act on his/her behalf, he/she needs to notify the Company prior to this action and he/she needs to provide the Company with a duly executed Power of Attorney and any relevant documentation required by the Company. The Power of Attorney and any relevant documents shall be subject to the Company’s approval in order for the client to appoint the representative.
10.6 The Client hereby agrees and states that he/she will be liable for all orders given through and under his/her Access Codes and any such orders received by the Company will be considered as received by the Client. In cases where a third party is assigned as an authorized representative to act on behalf of the Client, the Client shall be responsible for all orders given through and under the representative‘s Access Codes.
10.7 The Client undertakes to notify the Company immediately if it comes to his/hers attention that the Access Codes are being used unauthorized.
10.8 The Client acknowledges that the Company will not take action based on orders transmitted to the Company using electronic means other than those orders transmitted to the Company using the predetermined electronic means.
10.9 The Client agrees to use software programs developed by third parties including but not limited to the generality of those mentioned above, browser software that supports Data Security Protocols compatible with protocols used by the Company. Moreover, the Client agrees to follow the access procedure (Login) of the Company for Electronic Services that support such protocols.
10.10 The Client acknowledges that the Company bears no responsibility if unauthorized third persons have access to information, including electronic addresses, electronic communication and personal data, when the above are transmitted between the Client and the Company or any other party, using the internet or other network communication facilities, telephone, or any other electronic means.
10.11 The Company declares and the Client fully understands and accepts that the Company is not an Internet Service Provider nor shall be kept neither liable nor responsible for any electricity failures that prevent the use of the system and cannot be responsible for not fulfilling any obligations under this Agreement because of the internet connection or electricity failures. In the case of such electricity / communication/ Internet failures, and when the Client wishes to execute a position, then he/she must telephone our operators on the phone line + 357 (22) 711711 and give verbal instruction(s). The Company reserves the right to decline any verbal instruction(s) in cases where its telephone recording system is not operational and/or in cases where the Company is not satisfied of the caller‘s/Client‘s identity or in cases where the transaction is complicated, and reserves the right to ask the client to give instructions by any other mean.
11 Orders – Instructions
11.1 The Company shall, in certain circumstances accept instructions, via telephone or in person, provided that the Company is satisfied, at its full discretion, of the caller‘s/Client‘s identity and clarity of instructions. In cases where an Order is being received by the Company in any means other than through the Electronic Trading Platform, the Order will be transmitted by the Company to the Electronic Trading Platform and processed as if it was received through the Electronic Trading Platform.
11.2 The Company reserves the right, at its sole discretion, to confirm in any manner the instruction and/or Orders and/or communications sent through the Communication System. The Client accepts and undertakes the risk of misinterpretation and/or mistakes in the instructions and/or Orders sent through the Communication System, regardless of how they have been caused, including technical and/or mechanical damage.
11.3 The Client has the right to authorize a third party to give instructions and/or Orders to the Company or to handle any other matters related to this Agreement, provided that the Client has notified the Company in writing, of exercising such a right and that this person is approved by the Company fulfilling all of Company‘s specifications for this. Unless the Company receives a written notification from the Client stating the expressed termination of the said person‘s authorization, the Company will continue accepting instructions and/or Orders given by this person on behalf of the Client and the Client shall recognize such Orders as valid and committing. The above written notification for the termination of the authorization to a third party has to be received by the Company with at least two (2) days’ notice.
11.4 Once the Client‘s instructions or Orders are given to the Company, they cannot be revoked. Only in exceptional circumstances the Company may allow the Client to revoke and/or amend the relevant instruction and/or Order. The Company reserves the right in exceptional circumstances and at its sole discretion to allow the Client to revoke and/or amend the relevant instruction and/or Order.
11.5 The transaction (opening or closing a position) is executed at the Bid / Ask prices offered to the Client. The Client chooses desirable operation and makes a request to receive a transaction confirmation by the Company. The transaction is executed at the prices the Client can see on the screen. Due to the high volatility of the markets during the confirmation process the price may change, and the Company has the right to offer the Client a new price. In the event the Company offers the Client a new price the Client can either accept the new price and execute the transaction or refuse the new price, thus cancel the execution of the transaction.
11.6 The Client, using electronic access, can give only the following orders of trading character:
- OPEN – to Open a Position;
- CLOSE – to Close an Open Position;
- To add, remove; edit orders for Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, and Sell Stop.
Any other Orders are unavailable and are automatically rejected. The confirmed Open or Closed position cannot be cancelled by the Client.
Orders can be placed, executed, changed or removed only within the operating (trading) time and shall remain effective through the next trading session. The Client‘s Order shall be valid in accordance with the type and time of the given Order, as specified. If the time of validity of the Order is not specified, it shall be valid for an indefinite period.
11.7 The Company shall not be held responsible or liable in the case of delays or other errors caused during the transmission of Orders and/or messages via computer, as well as for damage which may be caused by the non-validity of securities, or a mistake in the bank account balance of the Client. The Company shall not be held responsible for information received via computer or for any loss which the Client may incur in case this information is inaccurate.
11.8 A Corporate Event (“the Corporate Event”) are the declarations by the issuer of the Financial Instrument of the terms of any of the following but not limited to:
- A subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of shares to existing shareholders by way of a bonus, capitalization or similar issue;
- a distribution to existing holders of the underlying shares of additional shares, other share capital or securities granting the right to payment of dividends and/or proceeds of liquidation of the issuer equally proportionately with such payments to holders of the underlying shares, or securities, rights or warrants granting the right to a distribution of shares or to purchase, subscribe or receive shares, in any case for payment (in cash or otherwise) at less than the prevailing market price per share as determined by the Company;
- Any other event in respect of the shares analogous to any of the above events or otherwise having a diluting or concentrating effect on the market value of the shares.
11.9 The Company reserves the right to change the opening/closing price (rate) and/or size and/or number of the related transaction (and/or the level and size of any Sell Limit, Buy Limit, Sell Stop, Buy Stop order) in case of any underlying asset of the Financial Instrument becomes subject to possible adjustment as the result of any event set out in Clause 9.8 above. This operation is applied exclusively to securities and has a meaning to preserve the economic equivalent of the rights and obligations of the parties under that transaction immediately prior to that Corporate Event. All actions of the Company according to such adjustments are conclusive and binding upon the Client. The Company shall inform the Client of any adjustment as soon as reasonably practicable.
11.10 While a Client has any open positions on the ex-dividend day for any of the Financial Instruments, the Company reserves the right to proceed with the closure of such positions at the last price of the previous trading day and open the equivalent volume of the underlying security at first available price after the market movement, on the ex-dividend day. In this case, the Company has to inform the Client by releasing an announcement on the Company’s MEGA EQUITY website about the possibility of such actions not later than the closing of the trading session prior to the ex-dividend day.
11.11 The Company reserves the right, at its sole discretion; to disable the Client from opening any new positions on the ex-dividend day or prior to the ex-dividend day. In case of any unjustified profit, generated from ex- dividend activity, the Company reserves the right and without giving a prior notice to the client to re-adjust the profit (i.e. remove the profit).
11.12 Orders: Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop on Financial Instruments are executed at the declared by the Client price on the first current price touch. The Company reserves the right not to execute the Order, or to change or to revert the opening (closing) price of the transaction in case of the technical failure of the trading platform, reflected financial tools quotes feed, and also in case of other technical failures.
11.13 Under certain trading conditions it may be impossible to execute orders (Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, and Sell Stop) on any Financial Instrument at the declared price. In this case, the Company reserved the right, at its sole discretion, to execute the order or change the opening (closing) price of the transaction at a first available price.
Events that might cause the above mentioned actions on behalf of the Company are considered to be the following, (the list is NOT exhausting):
- At times of rapid price movement if the price rises or falls in one trading session to such an extent that under the rules of the relevant exchange, trading is suspended or restricted.
- In the trading session start moments which has as a result, placing a Stop—Loss Order will not necessarily limit the client’s losses to the intended amounts, because market conditions may make it impossible to execute such an order at the stipulated price.
11.14 The Client may submit to the Company by e-mail or in writing or deliver by hand, his/her objection to the execution or the non-execution or the mode of execution of a transaction and/or Order concluded on his/her behalf within two (2) working days from the conclusion of the transaction. Otherwise, the transaction will be considered valid and binding for the Client.
11.15 At Margin level “Zero” the Company will automatically close all positions at market price.
11.16 The Client agrees and acknowledges that all conversations / communications between the Client and the Company shall be recorded on magnetic, electronic and other carriers. The Client further agrees that the Company has the right to use these records as evidence in case any dispute arises between the Company and the Client.
11.17 The Company has the right to refuse the Client in the execution of transactions through the telephone line, if the actions of the Client are not clear and/or do not include the following operations: opening position, closing position, changing or removing orders.
11.18 In case of force-majeure, hacker attacks and other illegal actions against the Server of the Company and/or a suspension of trade in the financial markets concerning Financial Instruments of the Company, the Company may, suspend, or close the Client’s positions and request the revision of the executed transactions.
11.19 All price levels in the trading terminal are determined at the Company‘s sole discretion. Any references of the Client to prices of other trading or information systems shall be disregarded.
11.20 The Client shall not employ any means, electronic or otherwise, including software and/or software-equipped computer or other electronic device for the purpose of automatic trading in his/hers Trading Account. Furthermore, the Client shall not use or allow the use of a computer for the purpose of performing a transaction, in a way that the transaction performed is obstructing and/or interfering with the regular and ordinary carrying out of the said transaction, as this was contemplated by the Company (including but not limited to: expert advice software; auto clickers and other similar software). Whereas the Client wishes to act contrary to the provisions of this paragraph, he/she must give notice of an application in writing to the Company, and may only act contrary to the provisions of this paragraph where the Company approves the said application.
11.21 The one (1) standard lot size is the measurement unit specified for each Financial Instrument traded in the Electronic Trading Platform. The Company reserves the right to change the Contract Specifications at any time depending on the market situation. The Client agrees to check the full specification of the Financial Instrument before placing any order. The minimum volume of the transaction is 0,05 lot in PROfit platform and 0,1 lots in MT4 platform. A possible choice of a leverage rate, according always to the account type, ranges from 1:20 up to 1:400 depending on the type of the account and at the discretion of the Company. At the opening of a Client’s trading account, the leverage rate is predetermined according to the type of account chosen by the Client. The Client may request for a lower leverage to be applied to their trading account by contacting the Company.
11.22 The Company reserves the right to change the Client‘s Trading Account leverage at its sole discretion, either for a limited time period or on a permanent basis, by informing the Client either by internal mail (e-mail) or in writing by regular mail.
11.23 The Company has the right at its sole discretion to increase or decrease spreads on Financial Instruments depending on market conditions without any prior notice to the Client;
11.24 The Company has the right not to accept trading in currency pairs, to be determined in its own absolute discretion, 2 minutes before and after a Critical News Release.
11.25 The Client is prohibited from performing Scalping Trades. The Company reserves the right to cancel any trades that have been closed within the two (2) minute limit, and has the right to act according to Clause 16.4(iv) of this Agreement.
12 Refusal to Execute Orders
12.1 The Client acknowledges and accepts that the Company shall have the right, at any time and for any reason and without giving any notice and/or explanation, to refuse, at its discretion, to execute any Order, amongst others in the following cases:
- Whenever the Company deems that the execution of the Order aims at or may aim at manipulating the market of the Financial Instruments, constitutes an abusive exploitation of privileged confidential information (insider trading); contributes to the legislation of proceeds from illegal acts or activities (money laundering); affects or may affect in any manner the reliability or smooth operation of the Electronic Trading Platform;
- Whenever the Order concerns the purchase of any Financial Instrument but there are no available cleared funds deposited with the Company and/or in the Client’s Bank Account (as in Clause 12 below to pay the purchase price of the relevant Financial Instrument and all the charges relating to the said Electronic Trading Platform.
- In calculating the said available funds, all funds required to meet any of the Client‘s obligations include, but without limitation, obligations which may arise from the possible execution of other previously registered purchase Orders, which will be deducted from the cleared funds deposited with the Company and/or in the Client’s Bank Account;
12.2 The Company is not obliged to give reasons or notice as to the reasons for suspending, declining or cancelling Client‘s orders or instructions. Moreover, in the event that the Company does decide to suspend or cancel an instruction and/or Order, this will not affect any obligation which the Client may have towards the Company or any right which the Company may have against the Client or his/her assets.
12.3 The Client declares that he/she shall not knowingly give any Order or instruction to the Company that might instigate the Company taking action in relation to Clause 10.1 above.
12.4 In case any Order either to Open or Close a position concerning any Financial Instrument, has been mistakenly accepted and/or executed by the Company, the Company will make every effort to maintain the Client‘s original position. Any charges, losses or profits incurred from the actions above, will be absorbed by the Company.
13 Settlements of Transactions
13.1 The Company shall proceed to a settlement of all transactions upon execution of such transactions.
13.2 A statement of account will be provided by the Company to the Client on a monthly basis, within five (5) working days from the end of the previous month. In case no transactions were concluded in the past month, the Client is deemed to have lost his/her right to be informed. Any confirmation or proof for any act or statement of account or certification issued by the Company in relation to any transaction or other matter shall be final and binding on the Client, unless the Client has any objection in relation to such statement of account or certification and the said objection is filed in writing and received by the Company within two (2) working days from the receipt or the deemed date of receipt of any statement of account or certification.
13.3 In case where the Client is able to have an online statement for his/her Trading Account on a continuous basis, then the Company is considered as having fulfilled its obligations under Clause 11.2 and any objections of the Client shall be valid only if received by the Company in writing within two (2) working days from the transaction under objection.
14 Client Trading Accounts
14.1 All amounts handed over by the Client to the Company or which the Company holds on behalf of the Client, for the provision of Investment Services as in Clause 5, shall be held in the name of the Client and/or in the name of the Company on behalf of the Client in an account with any bank institution and/or electronic payment provider or payment services institution and/or other financial institution used to accept funds which the Company shall specify from time to time (“the Client’s Bank Account‘”). Although the Company takes all reasonable steps and makes such general enquiries from readily available sources to ensure to the best of their ability that the bank institution and/or electronic payment provider or payment services institution and/or other financial institution it transacts its business through or in which deposits of client monies are made, the Company cannot guarantee the financial standing of any bank or other regulated financial institution in which such deposits are made and accepts no responsibility in the event of liquidation, receivership or otherwise failure of such bank or institution which leads to a loss of all or any part of the funds deposited with them.
14.2 Upon agreeing to the present Terms and Conditions, the Client authorizes the Company to make any deposits and withdrawals from the Client’s Bank Account on his/her behalf including, without prejudice to the generality of the above, withdrawals for the settlement of all transactions undertaken under the present Agreement and all amounts which are payable by or on behalf of the Client to the Company or any other person.
14.3 Unless the parties of this present Agreement otherwise agree, in writing, any amount payable by the Company to the Client, shall be paid directly to the Client.
14.4 The Company may, at its sole discretion, from time to time and without the Client‘s authorization, set-off any amounts held on behalf and/or to the credit of the Client against the Client‘s obligation to the Company and/or merge any accounts of the Client with the Company. Unless otherwise agreed in writing by the Company and the Client, this Agreement shall not give rise to rights or credit facilities.
14.5 The Client has the right to withdraw the funds which are not used for margin covering, free from any obligations from his/her Trading Account without closing the said Trading Account.
14.6 Money transfer (withdrawal from Trading Account) is achieved within three (3) banking days after receiving from the Client transfer request instructions. Then the transferring amount reduces the balance of the Client’s Trading Account on the day the transfer request is processed. The Company reserves the right to decline a withdrawal request if the request is not in accordance with Clause 12.9, or delay the processing of the request if not satisfied on full documentation of the Client.
14.7 The Client agrees to pay any incurred bank transfer fees when withdrawing funds from his/her Trading Account to his/her designated bank account. The Client is fully responsible for payments details, given to the Company and the Company accepts no responsibility for the Client‘s funds, if the Client‘s given details are wrong. It is also understood and agreed by the parties, that the Company accepts no responsibility for any funds not deposited directly into Company‘s bank account(s).
14.8 The Client agrees that any amounts sent by the Client or on the Client‘s behalf in the Client’s Bank Account, will be deposited to the Client‘s Trading Account at the value date of the payment received and net of any charges / fees charged by the bank account providers or any other intermediary involved in such transaction process. The Company must be satisfied that the sender is the Client or an authorized representative of the Client before making any amount available to the Client‘s Trading Account, otherwise the Company reserves the right to refund / send back the net amount received to the remitter by the same method as received.
14.9 Withdrawals should be made using the same method used by the Client to fund his/her Trading Account and to the same remitter. The Company reserves the right to request further documentation while processing the withdrawal request or to decline a withdrawal request with a specific payment method and suggest another payment method where the Client needs to proceed with a new withdrawal request. The Company reserves the right if is not satisfied with any documentation provided by the Client, to reverse the withdrawal transaction and deposit the amount back to the Client‘s Trading Account.
14.10 In the event that any amount received in the Client’s Bank Account is reversed by the bank account provider at any time and for any reason, the Company will immediately reverse the affected deposit from the Client‘s Trading Account and reserves the right to reverse any other type of transactions effected after the date of the affected deposit. It is understood that these actions may result to a negative balance in all or any of the Client‘s Trading Account(s).
14.11 The Client agrees that in case of such a negative balance in any of the Trading account of the Client, the Company can transfer such an amount from any other Trading Account of the Client to that Trading Account to cover the negative balance. Furthermore it is understood and accepted by the Client that in case there are no sufficient amounts to cover for the negative balance the Company reserves the absolute right to terminate this Agreement with a twenty four (24) hours’ notice through internal mail and claim the amount of negative balance and any expenses it might occur.
14.12 The Client agrees to waive any of his/her rights to receive any interest earned in the money held in the Client’s Bank Account and consents that the Company will benefit for such an interest earned to cover registration /general expenses / charges / fees and interest related to the administration and maintenance of the bank accounts. Such expenses will not be passed over to the Client in any case.
15 Company Fees
15.1 The Company is entitled to receive fees from the Client for its services provided as described in this present Agreement as well as compensation for the expenses it will incur for the obligations it will undertake during the execution of the said services. The Company reserves the right to modify, from time to time, the size, the amounts and the percentage rates of its fees as such modification will be published to the Company’s MEGA EQUITY website available and public to all its Clients.
15.2 In case of absence of any trading activity for a period of six months of the Client‘s Trading Account (i.e. Inactive Trading Account), the Company reserves the right to apply an administrative fee in order to maintain the trading account assuming that the Client’s Trading Account has the available funds. The administrative fee shall be announced at the MEGA EQUITY website under ‘Trading Conditions’ as this is available at the Company‘s MEGA EQUITY website public and available for all Clients. In the event of an Inactive Trading Account for more than one (1) year, the Company reserves the right to terminate the Trading Account as per Clause 17.1 (Termination).
15.3 The Client shall pay the Company, immediately when so requested by the latter and the Company is entitled to debit the account of the Client with any value added tax or any other tax, contribution or charge which may be payable as a result of any transaction which concerns the Client or any act or action of the Company under the Agreement (excepting taxes payable by the Company in relation to the Company‘s income or profits).
15.4 The Company shall have a lien on all the amounts which are deposited in the Client’s Trading Accounts stated in Clause 12 above and on statements of Financial Instruments of the Client, to the extent that there may remain amounts due by the Client to the Company. Before the exercise of the said right, which doesn‘t need the Client‘s consent, the Company shall give the Client notice stating its intention to exercise the lien, as well as the deadline upon the expiry of which the Company shall exercise the said right.
15.5 In case the Client fails to pay any amount by the date on which the said amount is payable, the Company shall be entitled to debit the accounts of the Client stated in Clause 12 above with the said amount and/or liquidate in the name of the Client any of the Client‘s Financial Instruments in view of covering the aforementioned amount.
15.6 By accepting the present Terms and Conditions, the Client has read and understood and accepted the information under the title “Trading Conditions” as this information is loaded on the Company‘s MEGA EQUITY website public and available for all Clients, in which all related fees are explained. The Company reserves the right to amend at its sole discretion all such fees and proper information on such amendments, as those will be available on the MEGA EQUITY website which the Client must review during the period the Client is dealing with the Company and especially before placing any orders to the Company.
15.7 Any fees paid by the Company for marketing purposes, to introducers, or any other third party shall not be charged to the Client. The Client’s Trading Account will not be affected.
16 Company Liability
16.1 The Company shall conclude transactions in good faith and with due diligence but shall not be held responsible or liable for any omission, deliberate omission or fraud by any person, firm or company from whom the Company receives instructions for the execution of the Client‘s Orders and/or from which transactions are carried out on behalf of the Client, unless to the extent where this would be the result of negligence, deliberate omission or fraud on the part of the Company.
16.2 The Company shall not be held responsible or liable for any loss of opportunity as a result of which the value of the Client‘s Financial Instruments could increase or for any reduction in the value of the Client‘s Financial Instruments, regardless of how such decrease may arise, unless to the extent that such loss or reduction is directly due to deliberate omission or fraud by the Company or its employees.
16.3 If the Company incurs any claims, damage, liability, costs or expenses, which may arise in relation to the execution or as a result of the execution of the Agreement and/or in relation to the provision of the services and/or in relation to the disposal of the Client‘s Financial Instruments in view of the satisfaction of any claims made by the Company or due to the non-fulfilment of any of the Client‘s statements and/or orders and/or instructions contained in the Agreement, it is understood that the Company bears no responsibility whatsoever and it is the Client‘s responsibility to indemnify the Company.
16.4 The Company shall not be held liable for any loss which is the result of deceit in relation to the facts or mistaken judgment or any act done or which the Company has omitted to do, whenever it arose, unless to the extent that such deceit or act or omission is due directly to deliberate omission or fraud by the Company or its employees.
16.5 The Company shall be held liable, to the extent that this is permissible under the Agreement, for the deposit of cash in its possession or which it will receive at any time on behalf of the Client in the Client’s Bank Account, but it shall not be held liable in relation to any omission, negligence, deliberate omission or fraud by the bank where the Client’s Bank Account is maintained.
16.6 The Company shall not be held liable for the loss of Financial Instruments and funds of the Client, including the cases where the Client‘s assets are kept by a third party such as a bank or other financial institution used as a payment provider, or for an act, which was carried out based on inaccurate information at its disposal prior to being informed by the Client, of any change in the said information.
The Company being a member of the Investor Compensation Fund (hereby refer to as ICF) provides the Client with the extra security of receiving compensation from the ICF, for any claims arising from the malfunction on behalf of the Company to fulfil its obligations despite whether that obligation arises from legislation, the Agreement or from wrongdoing. By accepting the present Terms and Conditions, the Client has read and understood and unconditionally accepted the information under the title “Investor Compensation Fund” as this information is loaded on the Company‘s MEGA EQUITY website public and available for all Clients.
17 Duration of the Agreement and Amendment Thereof
17.1 This Agreement shall take effect upon completing the OPEN LIVE ACCOUNT FORM (Trading Account Application). It shall be valid for an indefinite time period until its termination by virtue of the provisions of Clause 16.
17.2 This Agreement may be amended in the following cases:
- Unilaterally by the Company if such amendment is necessary following an amendment of the law or if CySEC, the Central Bank of Cyprus or any other authority issues decisions which affect the Agreement. In any such case, the Company shall notify the Client of the said amendment either in writing or through its webpage and the Client‘s consent shall not be required for any such amendment.
- In cases where the amendment of the Agreement is not required as in Paragraph 17.2(i) above, the Company shall notify the Client of the relevant amendment either in writing or through its webpage. If objections arise, the Client may terminate the Agreement within fifteen (15) days from the notification by sending a registered letter and on the condition that all pending transactions on behalf of the Client shall be completed. Upon expiry of the above deadline without the Client having raised any objection, it shall be considered that the Client consents and/or accepts the content of the amendment.
18.1 The Client has the right to terminate this present Agreement by giving the Company at least seven (7) days written notice, specifying the date of termination in such, on the condition that in the case of such termination, all pending transactions on behalf of the Client shall be completed.
18.2 The first day of the notice shall be deemed to be the date such notice has been received by the Company.
18.3 The Company may terminate the Agreement by giving the Client at least seven (7) days written notice, specifying the date of termination in such. The Company reserves the right not to disclose the reason of termination of this Agreement.
18.4 The Company may terminate the Agreement immediately without giving 7 days’ notice in the following case:
- Death of the Client;
- If any application is made or any order is issued or a meeting is convened or a resolution is approved or any measures of bankruptcy or winding up of the Client are taken;
- Such termination is required by any competent regulatory authority or body;
- The Client violates any provision of this Agreement and in the Company‘s opinion, the Agreement cannot be implemented;
- The client violates any law or regulation to which he/she is subject, including but not limited to, laws and regulations relating to exchange control and registration requirements;
- The Client involves the Company directly or indirectly in any type of fraud;
- The Client is not acting in good faith and the Company has grounds to believe that the Client’s trading activity affects in any way the reliability and/or operation of the Company;
- An unauthorised person is trading on behalf of the Client;
18.5 In the event of any termination on behalf of the Company, the latter reserves the right to close any open positions the Client may have at the market prices.
18.6 The termination of this Agreement shall not in any case affect the rights which have arisen, existing commitments or any contractual provision which was intended to remain in force after the termination and in the case of termination, the Client shall pay:
- Any pending fee of the Company and any other amount payable to the Company;
- Any charge and additional expenses incurred or to be incurred by the Company as a result of the termination of the Agreement;
- Any damages which arose during the arrangement or settlement of pending obligations.
18.7 In case of breach by the Client of Clauses 18.4v and 18.4 vi., the Company reserves the right to reverse and/or cancel all previous transactions which places the Company‘s interests and/or all or any its Clients interests at risk before terminating this Agreement.
18.8 Upon termination of this Agreement, the Company shall immediately hand over to the Client (at the offices of the Company or any affiliated company) the Client‘s assets in its possession, provided that the Company shall be entitled to keep such Client‘s assets as necessary to close positions which have already been opened and/or pay any pending obligations of the Client, including, without limitation, the payment of any amount which the Client owes to the Company under this Agreement.
19 Acknowledgement of Risks
19.1 The Client unconditionally acknowledges and accepts that, regardless of any information which may be provided by the Company, the value of any investment in Financial Instruments may fluctuate downwards or upwards and it is even probable that the investment may become of no value.
19.2 The Client unconditionally acknowledges and accepts that he/she runs a great risk of incurring losses and damages as a result of the purchase and/or sale of any Financial Instrument and unconditionally accepts and declares that he/she is willing to undertake this risk.
19.3 The Client declares that he/she has read, comprehends and unconditionally accepts the following:
- Information of the previous performance of a Financial Instrument does not guarantee its current and/or future performance. The use of historical data does not constitute a binding or safe forecast as to the corresponding future performance of the Financial Instruments to which the said information refers.
- Some Financial Instruments may not become immediately liquid as a result e.g. of reduced demand and the Client may not be in a position to sell them or easily obtain information on the value of these Financial Instruments or the extent of the associated risks.
- When a Financial Instrument is traded in a currency other than the currency of the Client‘s country of residence, any changes in the exchange rates may have a negative effect on its value, price and performance.
- A Financial Instrument on foreign markets may entail risks different to the usual risks of the markets in the Client‘s country of residence. In some cases, these risks may be greater. The prospect of profit or loss from transactions on foreign markets is also affected by exchange rate fluctuations.
- The financial instruments offered by the Company are a non-delivery spot transaction and CFD Contract giving an opportunity to trade on changes in currency rates, commodities, stock market indices or share prices called the underlying instrument.
- The value of the financial instruments is directly affected by the price of the security or any other underlying asset which is the object of the acquisition.
- The Client should not purchase Financial Instruments unless he/she is willing to undertake the risks of losing entirely all the money which he/she has invested and also any additional commissions and other expenses incurred.
19.4 The Client acknowledges and accepts that there may be other risks which are not contained in this Clause 17 and has read and accepted all information under the titles “General Risk Disclosure” as this information is loaded on the Company‘s webpage public and available to all Clients.
20 Relationship between the Company and the Client
20.1 The Company reserves the right to use, employ or appoint third qualified and duly trained persons for the purpose of mediating in the execution of orders and the conclusion of transactions for the Client.
20.2 The Company declares that it takes all necessary measures, where possible, in order to anticipate or solve any conflicts of interest between, on the one hand itself and its associated persons and Clients and on the other hand, between its Clients. In any case, the Company draws the Client‘s attention to the following possibilities of a conflict of interest:
- The Company and/or any associated company and/or any company which is a member of the group of companies to which the Company belongs to, might:
- Enter itself into an agreement with the Client in order to execute his/her Order;
- Be an issuer of the Financial Instruments in which the Client wishes to conclude a transaction;
- Act on its behalf and/or for another Client as purchaser and/or seller and may have an interest in the Financial Instruments of the issuer in which the Client wishes to conclude a transaction;
- Act as an Agent, and/or have any trading or other relationship with any issuer;
- Pay a fee to third persons who either recommended the Client to the Company or who mediated in any way so that the Client‘s Orders are forwarded to the Company for execution.
- The Company may execute different Orders (even contrary to one another) on behalf of different Clients.
20.3 The Client has read and unconditionally accepts the “Conflict of Interest Policy” the Company has adopted, as this policy is mentioned in detail in the Company‘s MEGA EQUITY website public and available to all Clients.
21 Confidential Information
21.1 The Company shall have no obligation to disclose to the Client any information and/or take into consideration any information either when making any decision or when it proceeds to any act on behalf of the Client, unless otherwise expressly stated in this present Agreement and where this is imposed by the relevant Laws, Regulations and Directives in force.
21.2 The Company has the right, without informing the Client beforehand, to disclose such details of the Client‘s transactions or such other information as it may deem necessary in order to comply with any requirements of any person entitled to require such a disclosure by law or with any Company obligation to proceed to the said disclosure to any person.
21.3 The Company shall handle all of Client‘s personal data according to the relevant Laws and Regulations for the Protection of Personal Data (Law 28(III)2001, Law 138(I)2001, Law 37(I)2003, Law 105(I)2012) as those are amended from time to time.
22 Third Party Disclosure
22.1 The Company’s website, platforms, e-mails, text messages (sms), phone calls and/or any other method of communication with the Client(s), provide content, third party services and / or links to websites, controlled and / or offered exclusively by third parties, which are provided ONLY as a convenience to our Clients.
22.2 The Company hereby declares that any third party information is being forwarded to the Company’s Clients without limitation and without any amendment on behalf of the Company. All Clients receive the same third party information. Furthermore the Company declares that the third party information is being forwarded without going through any method of process and/or analysis and/or editing.
22.3 The Company does not control, nor is responsible for any of the abovementioned services and / or sites or their content. The Company has not reviewed, and hereby DISCLAIMS any responsibility and / or any liability for any information or materials posted at any time on any of the sites and / or any of the services provided by a third party, through Company’s website, platforms, e-mails, text messages (sms), phone calls and/or any other method of communication.
22.4 The Company shall not be responsible for any loss, damage, cost or expense of any nature whatsoever (including without limitation of a direct, indirect or consequential nature, any economic, financial loss or any other loss, or loss of turnover, profits, business or goodwill) which was incurred or suffered by third party sites and / or services and/ or any kind of information provided by a third party to clients as a convenience via Company’s website, platforms, e-mails, text messages (sms), phone calls and/ or any other method of communication with the clients.
22.5 The Company does not explicitly or implicitly endorse or approve any products, content, information or services offered by any third party.
22.6 The Company does not guarantee the accuracy, suitability, completeness or practicality of any information and / or services provided by a third party. Information and / or services provided by a third party are ONLY information and the Company SPECIFICALLY DISCLAIMS any liability. Clients using third party services (including but not limited to websites and / or information and / or services); USE THEM AT THEIR OWN RISK.
22.7 By accepting the present Terms and Conditions, the Client has read and understood and accepted the information under the title “Third Party Disclaimer” as this information is loaded on the Company‘s MEGA EQUITY website public and available for all Clients
23.1 Unless the contrary is required by the Company, any notice, instructions, authorizations, requests and or other communication between the Client and the Company under this Agreement, shall be taking place mainly via electronic mail (e-mail). However, in case where the Client does not wish to use the electronic mail (e-mail), he/she might communicate in writing either via facsimile on the +357 22 766 333 or via registered post . Any letter must be send to the Company’s registered mailing address which appears on the first page of the Agreement or to any other address which the Company may from time to time specify to the Client. In this last case, the notice, instructions, authorizations, requests and/or any other communication, shall take effect once the letter is received by the Company and not in any prior period.
23.2 The Client hereby acknowledges and accepts that the Company shall use the email address he/she provided upon completion of the OPEN LIVE ACCOUNT FORM (Trading Account Application) for any communication based on Clause 23.1 above. The Client further accepts that he/she shall inform the Company immediately in case of an additional email address.
23.3 The Company reserves the right to specify any other way of communication with the Client.
23.4 The Company shall accept withdrawal requests directly from the Trading Platform of the Client. The Client however may be requested to provide further documentation in order to comply with the Company’s withdrawal procedures. The Company reserves the right not to accept withdrawal requests from the Trading Platform and to ask the Client to submit the relevant withdrawal request form which can be found in the Company’s MEGA EQUITY website in writing along with any further document might be necessary in order to proceed with the request.
23.5 The present Agreement is personal to the Client who does not have the right to assign or transfer any of his/her rights and/or obligations hereunder.
23.6 The Company may, at any time, assign and/or transfer to any legal or natural person any of its rights and/or obligations as they arise or are provided for in this present Agreement.
24 Limitation on Investment Guidance and / or Professional Advice
24.1 The Company’s sites and or any other materials released by the Company are not intended to provide any kind of tax and/or investment and/or other kind of advice. The Client is solely responsible for determining whether any investment, investment strategy or related transaction is appropriate for the Client, based solely on the personal investment objectives, financial circumstances and risk tolerance.
25 Bonus Promotions
25.1 The Company reserves the right to provide its Clients with bonus promotions from time to time. Notification of such bonus promotions shall be posted on the Company’s MEGA EQUITY website.
25.2 The Client acknowledges that any bonus that the Company promotes will be subject to the following basic conditions:
- Volume: the Trading Account must achieve five thousand (5,000) times the total deposit (total deposit = the initial deposit + Bonus) in order to be able to withdraw the bonus amount.
- The Company defines Volume in regards to bonus promotions as the total U.S Dollar value of all closed positions.
- In the following events the bonus will be removed from the Client’s Trading Account:
- The Client has no remaining margin available in his/her Trading Account.
- The Client Trading Account has been closed by the Compliance Department due to a material breach of the Company’s Terms and Conditions.
- Where the Client withdraws prior to completion of the trading bonus volume, the Company reserves the right to remove or adjust the allocated trading bonus.
- Where a Client’s Trading Account reaches a negative balance and has no open positions, the Company will withdraw the bonus and adjust the Client’s Trading Account to zero.
- If a Client has a negative balance and any open positions and wishes to deposit, he/she undertakes to cover all negative balances when depositing. If the Client does not wish to cover the negative balance, he/she must close all open positions and inform the Company, by contacting Support, in order for the Company to adjust the balance of the trading account to zero.
25.3 The Client acknowledges and accepts that any bonus given to the Client by the Company shall be visible to the Client’s Electronic Trading Platform under ‘Credit’.
26 Complaint Handling Procedure
26.1 Any Complaints shall be addressed to the Compliance Department at firstname.lastname@example.org which is an independent department within the Company. The Compliance Department shall investigate the complaint and revert to the Client within a maximum period of four (4) weeks.
26.2 The Company has disclosed all necessary documentation and handling procedure on its website (https://www.megaequity.com/contact-us).
27 General Provisions
27.1 The Client acknowledges that no representations were made to him/her by or on behalf of the Company which have in any way incited or persuaded him to enter into this Agreement.
27.2 If the Client is more than one person, the Client‘s obligations under the Agreement shall be joined and several and any reference in the Agreement to the Client shall be construed, where appropriate, as reference to one or more of these persons. Any warning or other notice given to one of the persons which form the Client shall be deemed to have been given to all the persons who form the Client. Any Order and/or Instruction given by one of the persons who form the Client shall be deemed to have been given by all the persons who form the Client.
27.3 In case any provision of the Agreement is or becomes, at any time, illegal and/or void and/or non-enforceable in any respect, in accordance with a law and/or regulation of any jurisdiction, the legality, validity or enforceability of the remaining provisions of the Agreement or the legality, validity or enforceability of this provision in accordance with the law and/or regulation of any other jurisdiction, shall not be affected.
27.4 All transactions on behalf of the Client shall be subject to the laws which govern the establishment and operation, the regulations, arrangements, directives, circulars and customs (“the Laws and Regulations”) of CySEC, Central Bank of Cyprus and any other authorities which govern the operation of the Investment Firms, as they are amended or modified from time to time. The Company shall be entitled to take or omit to take any measures which it considers desirable in view of compliance with the Laws and Regulations in force at the time. Any such measures as may be taken and all the Laws and Regulations in force shall be binding for the Client.
27.5 The Client shall take all reasonably necessary measures (including, without prejudice to the generality of the above, the execution of all necessary documents) so that the Company may duly fulfil its obligations under this present Agreement.
27.6 The Client undertakes to pay all stamp expenses relating to the Agreement and/or any documentation which may be required for the execution of the transactions under the Agreement.
27.7 The location of detailed information regarding the execution and conditions for the investment transactions in Financial Instruments Markets conducted by the Company, following the present Terms and Conditions, and also the other information regarding activity of the Company are accessible and addressed to any natural persons and legal entities at the Company‘s MEGA EQUITY website over the Internet — www.megaequity.com
28 Applicable Law, Jurisdiction
28.1 The entire Agreement between the parties is expressed in writing. No other Agreements or representations shall be binding on the parties unless endorsed herein or on a separate instrument signed by the parties.
28.2 This present Agreement shall be governed by, interpreted and construed in accordance with the Laws of the Republic of Cyprus. Any disputes arising out of or in connection with this present Agreement which are not friendly solved by mutual agreement, shall be settled in the Courts of Cyprus.
28.3 It is agreed by both Parties that in the event that any of the Terms and Conditions of this Agreement, is to be proven in whole or in part contradictive to any Cyprus Laws and/or Regulations, then this term will be immediately null and void without influencing validity of the rest of the Agreement.
29 Client Declaration
29.1 The Client solemnly declares that:
- He/she has carefully read and fully understood and accepted the entire text of the above Terms and Conditions Agreement with which he/she fully and unconditionally agrees;
- He/she has read and went through all information provided on the internet regarding the Company, its services offered, relevant fees and costs, Order Execution Policy, Client Categorization, Investor’s Compensation Fund, General Risk Disclosure, Conflict of Interest Policy, Third Party Disclaimer, and risk disclosure on financial instruments and has found all relevant information up to standards.
- He/she consents and agrees to direct advertising through cold calling, either by phone or personal representation, facsimile, automatic calls, email or other phone, electronic or digital means by the Company.
- He/she is over 18 and to the best of his/her knowledge and belief, the information provided in OPEN LIVE ACCOUNT FORM (Trading Account Application) and any other documentation supplied in connection with the application form, is correct, complete and not misleading and he/she will inform the Company of any changes to the details or information entered in the OPEN LIVE ACCOUNT FORM (Trading Account Application).
- He/she accepts that any orders he/she will place with the Company for the Financial Instrument offered by the Company, the Company will act as an Agent and not as a Principal on the client‘s behalf. The sole Execution Venue for the execution of his/her orders is Depaho Ltd, an Investment Firm registered under the Cyprus Securities and Exchange Commission (license No. 161/11).
- He/she has chosen the investment amount, taking his/her total financial circumstances into consideration which he/she considers reasonable under such circumstances.