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Terms And Condition
TGX MARKETS LLC CLIENT AGREEMENT -
Standard "Terms and Conditions"
This Client Agreement, will amended from time to time.
1. Scope of this Agreement
1.1 This Agreement determines the contractual relationship between the Company ("we") and the Client ("you"). You should read the agreement carefully, understand and agree with the terms and conditions before you enter into a contractual relationship with us.
2. The Company
2.1 References to the term the 'Company' throughout this agreement relates to 'TGX Markets LLC'.
2.2 The Company is incorporated in Saint Vincent and the Grenadines, having its Registered address at First Floor, First Saint Vincent Bank Ltd. Building, James Street, Kingstown, St. Vincent and the Grenadines- registered number 536 LLC 2020
3. Our Business
3.1 TGX Markets was founded end of 2015 by a senior of management-team with years of experience in the trading platform especially forex and Information & Communications Technology (ICT) industries. The company is based in Dubai. We are pioneers in developing online trading as a consumer product, and one of the leaders in the market with customized technology and personal service tailored to all levels of knowledge and experience traders ("you"), accessible from any location. We develop easy and user friendly online trading platforms for execution-only transactions in the over-the-counter spot foreign exchange, forward foreign exchange, CFD commodities and CFD Index markets ("Financial Products") and options trading. We further provide you with real time tradable BID-ASK tradable prices by collecting and aggregating information sourced through, independent price providers, relevant exchanges and interbank participants who normally supply liquidity and information to the global FX and Futures market and distributes the real time BID-ASK tradable prices to you via our proprietary and 3rd party trading platforms.
3.2 Our proprietary (third party) platforms include:
- Metatrader 4 (proprietary rights of Metaquotes Software Inc.)
- Metatrader 4 Mobile - (proprietary rights of Metaquotes Software Inc.)
4. Operation of a Trading Account
4.1 Opening a Live Trading Account (Active Account) In order to be able to enter into trading transactions, you will first need to open an Active Account. There are different types of accounts you can choose to operate. You may change or upgrade your account to suit your requirements, or you can talk to one of our professional client managers.
4.2 Know Your Customer (KYC) Documentation/Client Identification Procedure.
4.2.1 You agree to provide true, current and complete information about yourself during the registration process. If you are an authorized representative of a company, you declare that you have the authority to bind the company to this Agreement. We are required by law to obtain, verify, and record information identifying each person who opens an account. Hence, when you open an account, we ask that you provide certain documentation to identify yourself and to verify the information you have submitted to us upon registration.
4.2.2 Client Identification Procedure:
(a) You will be required to send us the following identification documents:
- Proof of ID
- A clear photo of you with your ID.
(b) The collection and approval of the documents will need to be completed within fifteen (15) days.
(c) If your identification documents are not approved within 15 days from opening your account, we will close your account and you will no longer be able to trade or deposit.
4.2.3 We reserve the right to refuse or reject a registration at our own discretion or based on regulatory restrictions imposed on us.
4.3 Active Account Security and Management Once you open an account with us, you need to set a username and password that you can use every time you use our services. Please take any necessary actions required to keep this information away from public view and do not share it with others. You are responsible to protect this information. If you misplace or lose any of the above data or you suspect that someone else has access to them, you should notify us immediately in writing.
4.4 Currency All amounts concerned for the opening and the operation of your account will be payable in the US Dollar
4.5 Payment Methods We will only accept cleared funds (funds that are available in your bank / debit /credit card account). There are three primary methods of payment that you may choose, so as to make your transactions:
- Debit or Credit card payment
- Bank transfer
4.7 Withdrawals & Deposits
4.7.1 Documentation: So as to proceed with the execution of a withdrawal order, you need to provide us with documentation verifying your identity so that we can authenticate your identity, as required by law and our internal policies.
4.7.2 Cards: Debit or Credit card deposits may be refunded, up to their entirety, to the same debit or credit card that a withdrawal is executed. A withdrawal to a bank account where initial deposits have been performed by debit or credit cards or e-wallets will be executed at our discretion.
4.7.3 Withdrawals: Withdrawals to bank accounts may take a longer time period to be credited to your account. When choosing an account base currency, other than the currency used in your debit or credit card, you may incur fees which are due to currency conversion or other charges; therefore your refunded amount may vary slightly from the sum that you initially deposited in your account base currency. Please read the terms and conditions of the bank that you hold an account with regarding their charge policies in currency conversion.
4.8 Islamic Accounts
due to the observance of Islamic religious beliefs, cannot receive or pay interest, such customer may elect to designate, in the manner provided, all trading account will be a 'swap-free' account not charged with or entitled to rollovers and/or interest ('Islamic Account').
4.9 Order of Execution
The Company takes all reasonable steps and a number of factors into account, so as to obtain the best possible results for the Company’s clients, either when executing client orders or receiving and transmitting orders for execution, in relation to financial instruments.
By entering into this Client Agreement, you acknowledge that you have read and understood the “Order of Execution Policy” document and you furthermore consent that the Company will execute or receive and transmit an order for execution outside a regulated market or an MTF.
5.1 The Company runs certain seasonal promotions related to its products, from time to time. Each promotion is subject to its unique terms and conditions that you ought to read carefully each time before you participate. If you do not agree with part of the whole of the terms of each Promotion, you are strongly advised not to participate.
5.2 Bonus Scheme
- The Bonus Scheme can only be applied to one (1) account per new client and per IP address.
- The trading acounts is for trading purpose only. The bonus can be lost but cannot be withdrawn under any circumstances
6.1 If you wish to close your account, you must notify us in writing. If we wish to close your account, we will also notify you in writing by giving reasonable notice, unless there are grounds where we need to terminate our contractual relationship with you earlier or even immediately without notice
6.2 Early/Immediate Termination Grounds for early/immediate termination may include but are not limited to:
act of bad faith (News Gap and Break Gap Trading Abuse);
breach of any clause in this Agreement;
tampering with our systems, software and platforms;
acts that may put our goodwill and business in jeopardy;
misleading, untrue statements;
fraudulent or misrepresenting information;
default of payment;
conviction or accusation of any illegal action (fraud or crime);
- an unauthorized activity.
7. Unauthorised Activities
7.1 Introduction It is not permitted to use the services of the Company for an activity that is not authorised. In using the services of the Company, you agree and acknowledge that you will not use our products and services for any Unauthorised Activity. Descriptions of unauthorised activities are listed below.
'Unauthorised Activity' means any act, including but not limited to:
7.2 Money Laundering The concealment of the origins of illegally obtained money, typically by means of money transfers involving foreign banks or legitimate businesses. Evidence that would tend to show the potential of this would include depositing and withdrawing funds without trading, providing false contact information and providing false documentation.
7.3 Arbitrage Arbitrage describes any trading result that is the outcome of actions that either eliminate the risk totally or significantly, usually abusing features provided by the Company.
7.4. Use of Unsuitable Documentation, Documentation is required to be provided by every client proving their identity and permanent residential address. Additionally, verification of a payment method, such as a credit card, may also be required. Unsuitable documentation may include fake, forged or altered documentation, which extends to alterations made physically or with alterations made by a computer to a photograph or scan.
7.5 Hedging in bad faith Hedging is a strategy used in limiting or offsetting probability of loss from fluctuations in the prices of commodities, currencies, or securities. In effect, hedging in bad faith is the employment of various techniques but, basically taking equal and opposite positions in the same Financial Product or a Financial Product highly correlated at near the same time, indicating no interest in genuine trading. This can happen over a single account or over multiple accounts.
7.6 Use of excessive leverage Excessive leverage is the opening of a position that requires a margin that is nearly all of the free balance. This strategy significantly heightens the danger of the clients' account ending up in a sizeable negative balance.
7.7 Trading on off-market quotes It is not permitted to conduct an activity involving the purchase of Financial Products of any price other than the market price at that instant.
7.8 Churning means excessive trading aiming to generate commissions. While there is no quantitative measure for churning, frequent buying and selling of securities that does little to meet the client's investment objectives may be construed as evidence of churning.
7.9 News Gap and Break Gap Trading Abuse All products observe a break either intraday, daily or weekly. It is the norm that the last price before the break and the first price after the break to be significantly different. This difference, also known as a 'gap', means there is no market (no tradable prices) in that range. A gap can also be the outcome of news release. The Company is proud to offer a guaranteed stop loss, take profit, pending order execution and negative balance protection to protect and enhance the trading of its clients. Nonetheless, it is prohibited to use these features in bad faith. Examples where these features are used in bad faith are:
Positions opened minutes or even seconds before the break or news release, in an attempt to generate profits without the risk of market moves.
Positions that are large enough compared to the balance of the account, in an attempt to either generate profits or end up in a negative balance, which the company pays on your behalf.
Simultaneous positions in the opposite direction (pending or marker orders), indicating no interest in the market direction but interested in generating profits due to the guaranteed stop loss and/or negative balance.
7.10 Multiple Account Operation Clients may not trade using the accounts of others or allow others to trade using their account.iii Evidence of this activity includes (i) accounts operating from the same location, (ii) using/indicating the same IP address, (iii) multiple accounts displaying the same deposit and withdrawal patterns, or (iv) accounts showing similar or identical trading patterns. Where this activity is discovered, the Company reserves the right to close the affected accounts and all related open trading positions.
7.11 Action The Company reserves the right to take the appropriate action in circumstances where the terms and conditions of this agreement have been breached. The consequences of breaching one or more of the conditions, deemed as 'unauthorized activities', could mean the suspension or closure of trades, the return of funds, and/or the suspension or closure of your account.
8. Intellectual Property
8.1 All intellectual property of our proprietary platforms, products and services belongs to the Company. We allow you only the access and the use of the platforms for the performance of the trade transactions. Intellectual Property includes but it is not limited to any copyright on materials, the platforms, software, processes, source code, websites, patents, designs, databases, patents, trademarks, methodology, know how, trade secrets, business plans, promotional and marketing material, in any sort of form. We retain all rights, title and interest in all our Intellectual Property rights, arising out of this Agreement.
9. Non-Exclusive License to Use the Platform
9.1 We only grant you with a non-exclusive and non-transferable license to access and use our proprietary platforms or third party platforms that we manage and to benefit from our products and services. You shall not attempt to access or use our website, any platform or applications (i.e. the "System") that we own or we manage, for any purpose that is not expressly authorised by this Agreement, including but not limited to the following actions: copy, merge or transfer copies, lease, sublicense, distribute, transfer, adapt, upgrade, modify, translate or timeshare, reverse engineer, disassemble, decompile, alter or amend our Intellectual Property, in whole or part; make variations, enhancements or improvements to the System; alter or amend any or all of the content of our on-line accounts or third party accounts that we manage (or any part thereof); use the System (or any part thereof) to store or otherwise archive in any form, any pricing data or other data provided via the System, for any purpose, without our prior consent.
9.2 The non-proprietary platforms are the owned by third parties. Separate terms and conditions of access and use may apply.
10. Exclusion of Liability
0.1 You must be over 18 years of age, so as to enter into a contractual relationship with us.
10.2 You are aware that our services are currently provided solely electronically. We are not liable for any system failure either from your side or ours, including but not limited to internet connection, electricity power cut, telephone communication failure, high Internet traffic demand, malicious interference / access to your system or ours, hardware error, mobile applications non-compatibility with our System, including our proprietary or third party system. We cannot guarantee that the software and / or the system that we own or we manage on behalf of a third party, is uninterrupted and error free or available at all times.
10.3 You will not transmit to or in any way, whether directly or indirectly, expose our System to any computer virus or other similarly harmful or malicious material or device.
10.4 In no event shall we be liable for lost profits or any special, incidental or consequential damages arising out of or in connection with our website, system, products and services, except as stated in this agreement.
11.1 You agree to indemnify us and hold harmless with regard to any loss, damage, liability, cost or expense that we may suffer or incur due to your acts or omissions, misrepresenting, misleading acts or breach of your obligations arising out of this contractual relationship.
11.2 Our indemnification to you or any third party concerned, in any proven circumstances, is limited to the amount of money you maintain deposited in your account with us, relating to the transaction where such liability arose.
12. Risk Warning
12.1 We are required by law to inform you that trading is risky. There are various factors, such as the international prices volatility, which is very difficult to predict. Due to such volatility, in addition to the spread that we add to all calculations and quotes, no financial contract purchased or other service offered on our Website (whether or not the payout exceeds the premium amount) may be considered as a safe trade
12.2 Do not enter into transactions or invest funds that are above your financial abilities. Also, certain financial products are not suitable for people without the relevant knowledge and / or experience. This is why we provide you with different options in terms of products and services, depending on your abilities and knowledge. If you would still wish to open an account, we will ask you to acknowledge that you are aware of the financial risks.
12.3 Leverage will automatically amend by sytem based on client equity.
13. Misquotes / Mispricing
13.1 It is possible, but extremely rare, that a transaction may be performed on a wrong price due a miss-quote price feed from any of our third party liquidity providers or through an unexpected technical fault. Equally, there may be delays due to internet connection or occasions where a position is opened or closed based on latent prices that do not reflect the correct market prices at the time of transaction, resulting in an inaccurate profit or inaccurate loss.
13.2 Such events may affect your transactions and our business. In this case, we will take all the necessary measures, immediately, to remedy and rectify the situation, as it is fair and suited to each case. Remedies include correcting deal entry prices or exit prices according to the correct market rates at the time of transaction. We may need to cancel any transaction(s) which are executed wrongly due to the 'price misquote', for example from preset limit/pending orders been triggered due to mispricing. We make our best efforts to contact and inform you for our actions, by telephone or by e-mail.
14. Suspension of Services
14.1 In the unlikely event that we may need to suspend our services, on both our proprietary and third party platforms, we will terminate our relationship with you and subsequently close all open positions at payouts fair and reasonable at the time. Such payouts shall be determined by reference to the daily values published on our website that are related to the inter-bank trading data received on financial contract quotes. Further to the above information, we may impose, at our discretion, trading volume and other restrictions on your accounts