This agreement is a legal contract, please read it carefully. This is a legal contract between FinOdds, ("FinOdds) its successors and assigns, and the party or parties executing this document and the individual(s) or entity(ies) which has opened an Account (s) with FinOdds ("Client" or "Customer").
This agreement sets forth the terms and conditions governing your account at FinOdds and all FX contracts (as defined herein) and all other transactions in your account. In addition, in connection with opening an account to speculate and/or purchase and/or sell cash, spot foreign currency or options on currencies (hereinafter referred to as Currency) through the over the counter foreign exchange markets (hereinafter referred to as FX CONTRACTS) with FinOdds, Client acknowledges that Client has been advised and understands the following factors concerning trading in leveraged FX CONTRACTS, in addition to those contained in the Risk Disclosure Statement, Disclosure Statement for Non-cash Margin and the Off Exchange Transaction Disclosure which have been provided to Client as part of this Agreement.
Although the United States allows non-US residents to trade with US firms, they do not allow their citizens to freely trade in non-US jurisdictions. Therefore US residents or companies registered in the United States are prohibited from opening and funding real personal, or real corporate accounts respectively. If you would like to know more about these restrictions please contact your local government representative for a complete explanation.
- FX CONTRACTS are not traded on a regulated exchange. There are no guarantees to the credit worthiness of the counter party of your Currency position. Every attempt has been made to deal with reputable credit worthy banks/clearing houses.
- Trading FX CONTRACTS is suitable only for those sophisticated institutions or individual participants financially able to withstand losses which may equal the entire value of margins or deposits.
- Neither FinOdds nor any of its employees are authorized to make any trading and/or market recommendations to Client. Client acknowledges that Client will rely on Client's own knowledge of the foreign exchange market and/or the knowledge of any attorney in fact designated by Client to trade Client's account.
- Client understands that FinOdds does not permit its employees to either exercise discretion or manage any Client Account, or hold a power of attorney over any Client Account.
- FinOdds' margin and trading policies and/or the policies of those banks/clearing houses through which trades are executed may require an immediate liquidation of any open positions in order to prevent losses beyond the deposited amount. FinOdds reserves the right to refuse to accept any order and/or change margin requirements at any time. The following may warrant immediate closure of account and may or may not carry fines:
- Particular trading strategies may carry fines with our without warning. These include but are not limited to extreme scalping strategies opening and closing trades within a matter of seconds. This includes rapid hedging and simultaneous closing of orders.
- Any attempt to monetize client’s account using machine arbitrage may carry fines with our without warning.
- FinOdds and its liquidity providers reserve the right to prevent arbitrage or extreme scalping strategies as they deem necessary.
- Once a client is warned any and all fines may be immediately applied.
- Client understands that Client must carefully review statements and reports relating to Client's Account and trading made available to Client through the FinOdds trading platform. Pursuant to this Client Agreement, all reports of execution will be deemed final within twenty-four (24) hours and all statements of account will be deemed final within one (1) day after that are made available on the FinOdds platform, unless the Client makes a written objection to these reports within this 24 hour period of time to an executive officer of FinOdds, at its principal place of business.
- The Client has read and understands the Client's obligations and rights under this Client Agreement and agrees and acknowledges that this Client Agreement will control the Client's relationship with FinOdds. The Client agrees that Client is fully responsible for making all final decisions as to transactions effected for Client's Account. Client has considered the foregoing factors and in view of Client's present and anticipated financial resources, Client is willing and able to assume the substantial financial risks of FX CONTRACTS trading.
- As of the date hereof, the date of each FX CONTRACT and other transaction in Customer's Account and any date on which FinOdds' Risk Disclosure Statement or Trading Policies and Procedures are revised, updated or amended, Customer represents and warrants to FinOdds and agrees for the benefit of FinOdds that:
- Customer is of sound mind, legal age and legal competence.
- Execution and delivery by Customer of this Agreement and all FX Contracts and other transactions contemplated hereunder, and performance of all of Customer's obligations contemplated under this Agreement and any FX Contract and other transaction contemplated hereunder, will not violate any statute, rule, regulation, ordinance, charter, by-law or policy applicable to Customer.
- Customer has full beneficial ownership of Customer's Account. Customer has not granted and will not grant a security interest in Customer's Account with FinOdds to any person without FinOdds prior written consent. Customer has full beneficial ownership of all collateral and will not grant any security interest in any collateral to any person without FinOdds prior written consent.
- Customer will execute and deliver all documents, give all notices, make all filings and take such other actions as FinOdds, in its sole discretion, deems necessary or desirable to evidence or perfect any security interest in favor of FinOdds or to protect FinOdds interests with respect to any collateral.
- Customer agrees to pay FinOdds a minimum of $2.50 per 100,000 base units traded in the Client's Account as a transaction clearing fee. In addition the Client will pay any agreed upon additional fees to introducing brokers, attorneys in fact, traders, and/or fund managers. All fees will be automatically deducted from the Client's Account by FinOdds. FinOdds may charge for swaps, rollovers, interest rate differentials, position rounding and other fees related to the Customer's position and trading. FinOdds may also charge for incidental banking-related fees such as wire charges for deposits withdrawals and returned check fees. FinOdds reserves the right to increase and/or change its fee structure at any time without notice.
- AUTHORIZATION TO TRADE. FinOdds is authorized to purchase and sell "FX CONTRACTS" for Client's account(s) in accordance with Client's and or Client's attorney in fact's oral or written or computer instructions.
- Client acknowledges that FinOdds does not provide any market recommendations or trading advice what so ever. FinOdds is authorized to execute all orders with such banking institutions, counter parties, banks, or sophisticated institutional participants as FinOdds deems appropriate.
- MARGINS AND DEPOSIT REQUIREMENTS. Client shall provide to and maintain with FinOdds margin in such amounts and in such forms as FinOdds, in its sole discretion, may require. Such margin requirements may be greater or less than margins required by a counter party bank. FinOdds may change margin requirements at any time. Client agrees to deposit by immediate wire transfer such additional margin when and as required by FinOdds and will promptly meet all margin calls, if required, in such mode of transmission as FinOdds in its sole discretion designates. FinOdds may at any time proceed to liquidate Client's account in accordance with paragraph 15 below and any failure by FinOdds to enforce its rights hereunder shall not be deemed a waiver by FinOdds to enforce its rights thereafter. No previous margin requirement by FinOdds shall preclude FinOdds from increasing that requirement without prior notice. FinOdds retains the right to limit the amount and/or total number of open positions which Client may acquire or maintain at FinOdds. FinOdds will attempt to execute all orders which it may, in its sole discretion, choose to accept in accordance with the oral or written or computer instructions of Client's and/or Client's Attorney in fact. FinOdds reserves the right to refuse to accept any order. However, FinOdds shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions beyond the control of FinOdds, including, without limitation, loss or damage resulting, directly or indirectly, from any delays or inaccuracies in the transmission of orders and/or information due to a breakdown in or failure of any transmission or communication facilities.
- SETTLEMENT DATE AND ROLLOVERS. In the absence of contrary instructions from Client, FinOdds is authorized, at their absolute discretion, to rollover or offset all or any portion of the Currency positions in the "FX CONTRACTS" for Client's Account(s) and at Client's risk in advance of settlement dates. FinOdds reserves the right to mark to the market all Client open positions at the close of business each day.
- COLLATERAL AND LENDING AGREEMENT. All funds, securities, Currencies, FX Contracts, and other property of Client ("Client Property") which FinOdds or its affiliates may at any time be carrying for Client (either individually, jointly with other, or as a guarantor of the account of any other person,) or which may at any time be in its possession or control or carried on its books for any purpose, including safekeeping, are to be held by FinOdds as security and subject to a general lien and right of set-off for liabilities of Client to FinOdds whether or not FinOdds has made advances in connection with such Client Property, and irrespective of the number of accounts Client may have with FinOdds. FinOdds may in its discretion, at any time and from time to time, without notice to Client, apply and/or transfer any or all funds or other property of Client between any of Client's accounts. Client hereby also grants to FinOdds the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other Clients, to itself or to others, any Property held by FinOdds as margin or security. FinOdds shall at no time be required to deliver to Client the identical property delivered to or purchased by FinOdds for any account of Client. The purpose of this agreement is to allow FinOdds to use depository receipts (representing delivery) as collateral.
- LIQUIDATION OF ACCOUNTS AND PAYMENT OF DEFICIT BALANCES. In the event of (a) the death or judicial declaration of Incompetence of Client; (b) the filing of a petition in bankruptcy, or a petition for the appointment of a receiver, or the institution of any insolvency or similar proceeding by or against Client; (c) the filing of an attachment against any of Client's accounts carried by FinOdds, (d) insufficient margin, or FinOdds determination that any collateral deposited to protect one or more accounts of Client is inadequate, regardless of current market quotations, to secure the Client Account; (f) Client's failure to provide FinOdds with any information requested pursuant to this Agreement or otherwise; or (g) any other circumstances or developments that FinOdds deems appropriate for its protection, and in FinOdds sole discretion, it may take one or more, or any portion of, the following actions: (1) satisfy any obligation Client may have to FinOdds, either directly or by way of guaranty of surety ship, out of any of Client's Property in the custody or control of FinOdds and/or the Client's Attorney in Fact, including, but not limited to, funds, FX Contracts and Currency; (2) sell any or purchase any or all Currencies, FX Contracts, Client Property, and/or other contracts held or carried for Client; and (3) cancel any or all outstanding orders or contracts, or any other commitments made on behalf of Client. Any of the above actions may be taken without demand for margin or additional margin, without prior notice of sale or purchase or other notice to Client, Client's personal representatives, heirs, executors, administrators, trustees, legatees, Attorneys in fact, or assigns and regardless of whether the ownership interest shall be solely Client's or held jointly with others. In liquidation of Client's long or short positions, FinOdds may, in its sole discretion enter into transactions of any kind with any interbank, OTC market, or other market where such business is the usually transacted or at a public auction or private sale, and FinOdds may purchase the whole or any part thereof free from any right of redemption. Client shall at all times be liable for the payment of any deficit balance of Client upon demand by FinOdds and in all cases Client shall be liable for any deficiency remaining in Client's account(s) in the event of the liquidation thereof in the whole or in part by FinOdds or by Client. In the event the proceeds realized pursuant to this authorization are insufficient for the payment of all liabilities of Client due to FinOdds, Client shall promptly pay to FinOdds upon demand, the deficit and all unpaid liabilities, together with interest thereon equal to three (3) percentage points above the then prevailing prime rate at FinOdds principal bank or the maximum interest rate allowed by law, whichever is lower, and all costs of collection, including attorney's fees, witness fees, travel expenses and the like.
- SETTLEMENT DATE OFFSET INSTRUCTIONS. Offset instructions on Currency positions open prior to settlement arriving at settlement date must be given to FinOdds at least one (1) business day prior to the settlement or value day. Alternatively, sufficient funds to take delivery of the Currencies and necessary delivery documents must be in the possession of FinOdds within the same period described above. If neither instructions, funds nor documents are received, FinOdds may without notice, either offset Client's position or roll Client's positions into the next settlement time period or make or receive delivery on behalf of Client upon such terms and by such methods deemed reasonable by FinOdds in its sole discretion.
- STATEMENTS AND CONFIRMATIONS. Customer hereby consents to receive statements online through the FinOdds Trading Platform. Customers will be able to generate account statements detailing transaction activity, profit and loss statements, open positions and margin balances. Reports are deemed received by Customers when they are made available on the platform regardless of whether the Customer actually accessed them. Hard copies of statements will not be mailed to Customer unless a written request for such hard copies is delivered to and received by FinOdds. Client will incur any fee associated with written reports. Reports of the confirmation of orders and statements of accounts for Client shall be deemed correct and shall be conclusive and binding upon Client if not objected to in writing within (1) day after such information is made available and posted through the FinOdds website. Failure to object shall be deemed ratification of all actions taken by FinOdds or FinOdds' agents prior to Client's receipt of said reports. Client's failure to receive a trade confirmation shall not relieve Client of the obligation to object as set out herein.
- COMMUNICATIONS. Client hereby authorizes FinOdds to transmit to all correspondence, and/or margin demands through the internet through the trading platform, the website and/or by e-mail to such e-mail address as Client designates on the Client application or in any other manner in the sole discretion of FinOdds including facsimile transmission. This authorization shall be perpetual, unless revoked in writing by Client. The Client has sole responsibility to alert FinOdds of any change in the Client's e-mail address.
- FinOdds RESPONSIBILITIES. FinOdds will not be responsible for delays in the transmission of orders due to a breakdown or failure of transmission or communication facilities, electrical power outage or for any other cause beyond FinOdds' control or anticipation. FinOdds shall only be liable for its actions directly attributable to negligence, willful default or fraud on the part of FinOdds. FinOdds shall not be liable for losses arising from the default of any agent or any other party used by FinOdds under this Agreement. As "FX CONTRACTS" are not an exchange traded market, prices at which FinOdds deals at or quotes may or may not be similar to prices at which other FX CONTRACTS market makers deal at or quote.
- CURRENCY FLUCTUATION RISK. If Client directs FinOdds, through the FinOdds platform, orally, in writing or in any other manner, to enter into any Currency transaction including an FX contract profit or loss arising as a result of a fluctuation in the exchange affecting such Currency will be entirely for Client's account and risk; (b) all deposits for margin purposes if made in Currency other Dollars may be converted to U.S. Dollars, in such amounts as FinOdds may in its sole discretion require; and (c) FinOdds is authorized funds in Client's account for margin into and from such foreign Currency at a rate of exchange determined by FinOdds in its sole discretion basis of the then prevailing money market rates as reasonably determined by FinOdds.
- RISK ACKNOWLEDGMENT. Client acknowledges that investments in leveraged and non-leveraged transactions are speculative, involves a high degree of risk, and is appropriate only for persons who can assume risk of loss of their margin deposit. Client understands that because of the low margin normally required in FX CONTRACTS trading, price changes in FX CONTRACTS may result in significant losses that may substantially and/or completely deplete Client's investment and margin deposit. Client warrants that Client is willing and able, financially and otherwise, to assume the risk of FX CONTRACTS trading and in consideration of FinOdds' carrying his/her account(s), Client agrees not to hold FinOdds responsible for losses incurred in the Client's account. Client recognizes that guarantees of profit or freedom from loss are impossible in FX CONTRACTS trading. Client acknowledges that Client has received no such guarantees from FinOdds or from any of its representatives or any introducing agent or other entity with whom Client is conducting his/her FinOdds account and has not entered into this agreement in consideration of or in reliance upon any such guarantees or similar representations.
- LACK OF TRADING RECOMMENDATIONS. (a) Client acknowledges that FinOdds does not provide any trading or market recommendations and, (b) should Client grant trading authority or control over Client's account to a third party including Attorney's in fact ("Advisors") whether on a discretionary basis or not, FinOdds shall in no way be responsible for reviewing Client's choice of such Advisors nor making any recommendations with respect thereto. Client understands that FinOdds makes no warranties nor representations concerning the Advisor, that FinOdds shall not be responsible for any loss to Client occasioned by the actions of the Advisor and that FinOdds does not, by implication or otherwise, endorse or approve of the operating methods of the Advisor. If Client gives Advisor authority to exercise any of its rights over Client's account(s), Client understands that Client does so at Client's own risk.
- CLIENT REPRESENTATIONS AND WARRANTIES. Client represents and warrants that: (a) Client is of sound mind, legal age and legal competence; and, (b) No person other than Client has or will have an interest in Client's account(s); and, (c) Client hereby warrants that regardless of any subsequent determination to the contrary, Client is suitable to trade FX CONTRACTS and is a sophisticated participant; and, (d) Client is not now an employee of any exchange, any corporation in which any exchange owns a majority of the capital stock, any member of any exchange and/or firm registered on any exchange, or any bank, trust, or insurance company, and in the event that Client becomes so employed, Client will promptly notify FinOdds in writing of such employment; (e) Client confirms all funds deposited to the Client's Account are the sole funds of the Client and of no other person or entity; and (f) All the information provided in the information portion of this application is true, correct and complete as of the date hereof and Client will notify FinOdds promptly of any changes in such information.
- DISCLOSURE OF FINANCIAL INFORMATION. The Client represents and warrants that the financial information disclosed to FinOdds in this document is an accurate representation of the Client's current financial condition. The Client represents and warrants that the Client has very carefully considered the portion of the Client's assets which the Client considers to be Risk Capital. The Client recognizes that Risk Capital is the amount of money the Client is willing to put at risk and if lost would not, in any way, change the Client's lifestyle. The Client agrees to immediately inform FinOdds if the Client's financial condition changes in such a way to reduce the Client's Net Worth, Liquid Assets and/or Risk Capital.
- NO GUARANTEES. Client acknowledges that Client has no separate agreement, other than this agreement with FinOdds and/or or any of its employees or agents regarding the Client's FinOdds account, including any agreement to guarantee profits or limit losses in Client's account. Client acknowledges that FinOdds does not make market and/or trading recommendations regarding the Client's Account. Client understands that Client is responsible for the execution of every transaction on the FinOdds platform including transactions entered into as a result of Client's delegation of discretion to another party by signing FinOdds' Power of Attorney and Discretionary Account Terms. Any disputed transactions must be brought to the attention of FinOdds' pursuant to the notice requirements of this Client Agreement. Client agrees to indemnify and hold FinOdds harmless form all damages or liability resulting form Client's failure to immediately notify FinOdds' of any of the occurrences referred to herein.
- NO WAIVER OR AMENDMENT. No provision of this Agreement may be waived or amended unless the waiver or amendment is in writing and signed by both Client and an authorized officer of FinOdds. No waiver or amendment of this Agreement may be implied from any course of dealing between the parties or from any failure by FinOdds or its agents to assert its rights under this Agreement on any occasion or series of occasions. No oral agreements or instructions to the contrary shall be recognized or enforceable. This instrument and the attachments hereto embody the entire agreement of the parties, superseding any and all prior written and oral agreements and there are no other terms, conditions or obligations other than those contained herein.
- BINDING EFFECT. This Agreement shall be continuous and shall cover, individually and collectively, all accounts of Client at any time opened or reopened with FinOdds irrespective of any change or changes at any time in the personnel of FinOdds or its successors, assigns, or affiliates. This Agreement including all authorizations, shall inure to the benefit of FinOdds and its successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon Client and/or the estate, executor, trustees, administrators, legal representatives, successors and assigns of Client. Client hereby ratifies all transactions with FinOdds affected prior to the date of this Agreement, and agrees that the rights and obligations of Client in respect thereto shall be governed by the terms of this Agreement.
- ACCOUNT TRANSFER AND ASSIGNMENT. Customer may not transfer or assign this Agreement without FinOdds Inc's prior written consent.
- TERMINATION. This Agreement shall continue in effect until termination, and may be terminated by Client at any time when Client has no open Currency position(s) and no liabilities held by or owed to FinOdds upon the actual receipt by FinOdds of notice of termination, or at any time whatsoever by FinOdds upon the transmittal of written notice of termination to Client; provided, that such termination shall not affect any transactions previously entered into and shall not relieve either party of any obligations set out in this Agreement nor shall it relieve Client of any obligations arising out of any deficit balance.
- INDEMNIFICATION. Client agrees to indemnify and hold FinOdds, its officers, directors, shareholders, affiliates, employees, attorneys, successors and assigns harmless from and against any and all liabilities, losses, damages, costs and expenses, including reasonable attorney's fees, incurred by FinOdds arising out of Client's failure to fully and timely perform Client's agreements herein or should any of the Client's representations and warranties fail to be true and correct. Client also agrees to pay promptly to FinOdds all damages, costs and expenses, including reasonable attorney's fees, incurred by FinOdds in the enforcement of any of the provisions of this Agreement and any other agreements between FinOdds and Client.
- TERMS AND HEADINGS. The term "FinOdds" shall be deemed to include FinOdds, its divisions, its successors and assigns; the term "Client" shall mean the party (or parties) executing the Agreement; and the term Agreement shall Include all other agreements and authorizations executed by Client in connection with the maintenance of Client's account with FinOdds regardless of when executed. The paragraph headings in this Agreement are inserted for convenience of reference only and are not deemed to limit the applicability or affect the meaning of any of its provisions.
- RECORDINGS. Client agrees and acknowledges that all conversations regarding Client's account(s) between Client and FinOdds personnel may be electronically recorded with or without the use of an automatic tone warning device. Client further agrees to the use of such recordings and transcripts thereof as evidence by either party in connection with any dispute or proceeding that may arise involving Client or FinOdds. Client understands that FinOdds destroys such recordings at regular intervals in accordance with FinOdds' established business procedures and Client hereby consents to such destruction.
- LAW AND JURISDICTION; SEVERABILITY. This Agreement is governed by, and shall be construed in accordance with the laws of the Republic of Costa Rica without giving affect to any conflict of laws doctrine that would interfere with or prevent the application of this provision. With respect to any suit, action or proceeding ("Proceeding") relating to this Agreement, Customer irrevocably (i) submits to the exclusive jurisdiction of the Republic of Costa Rica courts (ii) agrees to service of process in any legal proceeding by sending copies thereof by registered or certified mail, if practicable (postage prepaid) to the other party at the address set forth in this Agreement or updated as provided (where service of process is being made by FinOdds); (iii) waives any objection which it may have at any time to the laying of venue of any Proceeding brought in any such court, waives any claim that such Proceeding have been brought in an inconvenient forum; and (iv) further waives the right to object, with respect to such Proceeding, that such court does not have jurisdiction over such party. The voiding of any clause of this agreement by a court competent jurisdiction shall not void the entire agreement and shall only apply to the specific clause.
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Checking the appropriate box on the corresponding online application serves as your signature for approving this document.