TERMS & CONDITIONS
This agreement is between the client and United Ventures LTD , the owners of the UBCFX trading platform.
This agreement supersedes any other agreement, and in the event of any interpretation issues with respect to any other sources, this agreement shall prevail. Any perceived contradictions should be relayed immediately to UBCFX for clarification. Any differences that may be perceived between the English literature and any of the other operational languages, the English version will default as the correct interpretation.
Order by which items appear have no relation to their importance.
A) GENERAL UNDERSTANDING
BASELINE DEFINITIONS USED IN THIS LEGAL DOCUMENT
Client: The “Client” is defined as any counterparty to UBCFX, including but not limited to subscribers and users of the UBCFX platform. This may refer to an individual or an institution.
Base Currency: The base currency refers to the currency in which all the transactions are made from or to UBCFX. The base currency in this document is United States Dollar, commonly abbreviated as USD or represented as $.
Business Day: Business day refers to any day where the banking system is open in Limassol, Cyprus.
Products: Products refer to all the products offered by UBCFX, including but not limited to, the platform and over the telephone.
Guarantee Enhancer: Guarantee Enhancer refers to any guarantees provided over and above the funds in a client's account registered with UBCFX.
Trading Platform: Trading Platform refers to the electronic software provided to clients by UBCFX for the purpose of executing financial transactions for Forex trading.
Trade: Trade refers to an execution of an order through the UBCFX trading platform, or via the telephone.
OTC: OTC is abbreviation for Over-The-Counter. OTC refers to the transactions executed by UBCFX. All of our transactions are over the counter. We do not transact on exchanges.
UBCFX Trading Desk: UBCFX Trading desk refers to the trading desk operated by us at our premises.
Age restrictions: trading service provided only to clients from 18 years old and above.
UBCFX Online Trading System: UBCFX Online Trading System refers to the web-based trading system available at the following URL: www.ubcfx.com.
Network: Network refers to all kinds of equipment involved in the execution of transactions: including but not limited to. hardware, software and the Internet capabilities of both parties.
Completed Trade: Completed Trade is associated with any transaction where a confirmation is communicated to a client. Confirmation may take many forms, including, but not limited to, the posting of a transaction on the client’s trading blotter.
B) OVERVIEW OF TERMS AND CONDITIONS
COMMUNICATING WITH UBCFX
The client can contact UBCFX via phone, email, mail or fax. Please note that the preferred language of communication is English, however, you are free to send messages in Arabic, French, Italian, or German. UBCFX prides itself in replying promptly to our client’s queries. UBCFX may utilize the services of a translator for addressing inquiries made in languages other than the ones mentioned above. In event that a translator’s services are utilized, there may be a delay in the promptness of our response.
UBCFX is the counterparty in all transactions. This is a consequence of the nature of the products that UBCFX offers.
INITIATION OF AGREEMENT
The clauses of this agreement become effective when a client creates any kind of account (including a demo account) with UBCFX.
BUSINESS AND REGULATORY ENVIRONMENT
United Ventures LTD, and therefore by extension, UBCFX, comply with generally accepted rules and regulations, as well as generally accepted accounting norms. As is the case with multinational entities, United Ventures LTD. will adhere to the applicable laws of the jurisdiction in which it operates. UBCFX can and will pursue matters in any recognized jurisdiction.
This Agreement shall be governed by and construed in all respects in accordance with the laws. The Parties will attempt in good faith to negotiate a settlement to any claim or dispute between them arising out of or in connection with this Agreement. If the Parties fail to agree on the terms of settlement, the Parties will submit the dispute exclusively to confidential arbitration proceedings by a sole arbitrator under the ICC rules in London whose decision shall be final and binding.
POLICY ABOUT REGULATORY INQUIRY
UBCFX will observe total compliance when a government or a regulatory body approaches for more details about a specific account or a specific transaction. UBCFX discloses information to regulatory agencies and government agencies only. We do not disclose any kind of information about the accounts we manage or about specific transactions to private third parties.
COSTS ASSOCIATED WITH ACCOUNTS REGISTERED WITH UBCFX
With the exception of ECN related activity, the costs attributed to our clients or in other words, our revenue, is incorporated in the spread of the instrument that the client trades. If for any reason, the client’s activity triggers additional costs, UBCFX passes those costs onto the client. There are no additional costs associated with the accounts of our client (except for the wire transfer fee) under normal trading behavior and usual market conditions.
UBCFX adopts a high priority policy in reimbursing its clients whenever a valid amount of money is requested. Any balance not required for margin purposes will be furnished to the client as expediently as possible. Credit card deposits will be returned in the similar manner. Wire transfers are also available for reimbursement, however, it will incur a USD 40 bank-handling fee in addition to any charges assessed by your bank.
Credit Loan Terms and Conditions
UBCFX does not provide bonuses of any kind, and a credit loan given by the company is only to allow clients to maximize the potential of opportunities in the market and/or help sustain open positions.
If, at any time, the trading account's equity is lower than the credit ("loss point"), the account will be immediately closed and the company will pull back what the remainder of the given credit.
UBCFX is taking 100% of the risk on the credit loan; meaning, the client will not owe the company any losses of credit nor any commissions or interest on the added funds.
If a specific approval to keep the credit in the account after the equity reached lower than credit ("loss point"), the account will be totally, for all intents and purposes, owned by the company and will be managed as the company see fits, for a period of 3-12 months, depending on the volume created.
The credit loans are a great benefit, but it is important to note that it is not demo money! All credit consists of the company's own funds and it is expected of all clients to use it wisely, with caution and low risk.
Thank you for the vote of confidence.
Account Closure Fee:
A fee of 50 USD/EUR/GBP (depending on the account’s currency) will be charged for the closure of the account.
This fee will also be applied when a processed withdrawal request will cause the monetary status of a client's account to reach an equity of 50 or below USD/EUR/GBP (depending on the account’s currency).
The remaining amount (after the closing account fee is applied) will be sent as the withdrawal, only if that amount exceeds 50 USD/EUR/GBP (depending on the account’s currency).
The client may opt to keep their account active (even with a balance / equity of 50 or below), in order to redeposit at a later time.
C) LONGEVITY OF AGREEMENT
By reading this, the client agrees that this agreement will be in effect until the he or she terminates the agreement by placing a written request to UBCFX, or if UBCFX notifies the client about the termination of the agreement, regardless of the reason. It is recommended that if the client wishes to cancel agreement, he notify UBCFX by registered mail. Termination of contract does not release either party of any liabilities that it has accumulated during the contract period. UBCFX reserves the right to make any modifications or changes as necessary to this agreement, with or without notifying the client. It is recommended that the client check the validity of this agreement from time to time.
D) ADVISORY ROLE OF UBCFX Team
UBCFX assumes that its clients are at least 18+ years of age. It is assumed that the Client is independent and expected to make rational decisions about his monetary investments. UBCFX openly acknowledges that Forex trading has risks involved. Therefore, it is presumed that any particular client transacts in a manner that is suitable to his risk tolerance. UBCFXTrader bears no responsibility for any losses suffered by the client due to Forex trading, regardless of the reason.
OPINIONS AND RESEARCH
The UBCFX team invests lots of time and money to provide the most accurate analysis for our clients. However, UBCFX will not be held accountable for any financial loss that may occur due to miscommunication or misinterpretation about an opinion delivered by a UBCFX staff member when a client requests an opinion. It is the responsibility of the client to assess the opinion, and make a rational investing decision on his own.
Data Collection Know your Clients “KYC”
When you register for either a demo or a live account with UBCFX, it is necessary that we collect some personal data from you for business purposes. By understanding your financial needs, we can treat you fairly as a client, and can provide you with the most suitable products and services, give you the appropriate information on investment strategies, process your requests and transactions, and offer you both sales and post-sales services.
We request the following Personal Data from you:
- Personal and financial information needed during online registration applications/forms
- Documents needed as proof of your identity and residency such as an International Passport, National ID, utility bills or bank statements
Please note that if and when you choose to end your working relationship with. UBCFX, we must keep your personal data on record for an additionalfive years.
Use of Personal Data
The following list illustrates the reasons why. UBCFX may need to use your personal data:
- To verify your identity
- To ensure that you meet the suitability requirements needed to use our products and services
- To manage the account you have with us
- To process your transactions
- To send you information about transaction/post-transaction services
- To keep you updated with news on our products, services and any other information relevant to your working relationship with UBCFX
- For website improvement purposes
- For the analysis of statistical data which will help us provide you with better products and services in the future
Summary of the Q&A amendments:
(1) use of trading benefits when offering CFDs or other speculative products;
ESMA recommendation: the practice of offering bonuses must be avoided; including benefits that are designed to encourage behaviours that are not in the best interests of clients.
(2) withdrawal of funds from trading accounts when investing in CFDs or other speculative products;
ESMA recommendation: The firm (the Merchant) should enable its clients to withdraw funds from their trading account at any time.
Ordinarily, in the case that there is a positive cash balance in the retail client’s trading account that is not committed margin supporting open positions, this should mean that a firm is able to process the client’s request to withdraw funds (e.g. by sending payment instruction to the bank) on the same day that the request to withdraw funds was made, or the next working day if the client’s request is received outside of normal trading hours.
(3) use of leverage when offering CFDs or other leveraged products to retail clients;
ESMA recommendation: The firm (the Merchant) must:
(a) Recommend that the client does not dedicate his or her entire deposit to meeting margin requirements, in order to protect the client against market volatility; and
(b) Give clients the option to lower the leverage in order to limit their exposure. The maximum possible leverage limit should not be offered as the default offer to retail clients.
(4) best execution obligations for firms offering CFDs or other speculative products to retail clients
ESMA recommendation: The Merchant must have an execution policy with certain content. The firm (the Merchant) must not:
(a) attempt to exclude or limit best execution responsibilities, or
(b) attempt to transfer best execution responsibilities to another party, through clauses in retail client agreements, contracts, or in the firm’s execution policy;
(c) use poorly defined clauses to arbitrarily cancel (usually profitable) client trades.