This client agreement exists between Moslok Ltd (which will henceforth be referred to as the "company") and any person or legal entity who open a user account enabling them to engage in trading activities using ECN Capital's trading platform. For all matters concerning this agreement any such person or legal entity will henceforth be referred to as a "client".
1.1 This agreement, along with the company's "Risk Disclosure Statement", govern over the interaction between clients and the company while executing transactions using the company's trading platform or when receiving any other services from the company. Such transactions and services may involve trading in any of the products made available to clients by the company through the trading platform, among them trading on stocks, commodities and Forex trading.
1.2 Rules and instructions will be set by the company regarding trading conditions and client accounts, among these a minimal account size, minimal required scale of activity, awarding of bonuses, leverage limitations, margin requirements, fees and any other aspect of client account use. The company is entitled to change such rules and instructions whenever it deems such changes necessary.
2. A Client's Trading Account
2.1 Once a client completes the registration procedure, including providing all required information accurately and truthfully, the company will create a "trading account" for them and in their name. Clients will be asked to present identification documents and, when deposits to the trading account are made by credit card, also copies of both sides of their credit card. If they choose to, clients may conceal the credit card number, except for the last four digits, as well as the CVV code. Clients will be asked to provide proof of address over the past three months, such proof may come in form of a utility bill (electricity, water, gas or municipal taxes).
LLC companies or any other type of corporation, when opening trading accounts and becoming clients, will be asked to submit documentation such as a certificate of incorporation, articles of incorporation, shareholders certificate and proof of address for a registered office.
2.2 The company is authorized to act upon any request or instruction given by the client without validating its authenticity, the company is not obliged to verify the identity of the person making use of the client's trading account.
2.3 The client will provide the information required in order to create a trading account in a truthful, straightforward manner, a client is obligated to inform the company of any changes which have bearing on the information they had provided the company with.
2.4 The company may act as mediator and/or as a market maker, it may use a number of different brokers in order to ensure coverage of transactions made by clients, it may also act as the counterparty to the client's transaction.
The company is in no way an agent or trustee of the client. Clients may act solely on their own behalf, they may not take it upon themselves to serve as agents or trustees of a third party. Clients are directly and fully responsible for the transactions they make using their trading account including all consequences. The company shall not allow any other person or legal entity to use a client's trading account as an indirect client.
A client may not allow others to access and use their trading account, nor may they transfer their accounts to anyone by disclosing the user name and password necessary for entering the account.
2.5 Only persons of ages 18 years or older may use the company's services. Clients are obliged to ensure that there are no obstacles, legal or of any other kind, preventing them from lawfully using the company's services.
3. Margin Funds For Securing Results of Transactions In Trading Accounts
3.1 The company will enable making transactions in a trading account only as long as there are sufficient funds in the account to ensure that any results will be covered, including trading losses, commissions, fees owed or any other expense. Such payments will be automatically deducted from the trading account once payment is due.
Funds in a trading account will not accumulate any interest nor will the client be awarded any privileges for such funds (other than rollover or swap interest as will be elaborated on bellow in article 8.9).
3.2 When trading in Stocks (Contracts For Difference), or any other trading which relates to an underline security, the client will not be granted any rights associated with ownership of the product traded on, such as rights to receive dividend payments, stock holders' voting rights, allocation or any other such privileges. Although void of any ownership rights the trading transactions themselves will be subject to adjustments triggered by events which impact the underlining security, such as stock price splits, further stock allocations, dividend distribution or any other relevant financial occurrence.
3.3 Depositing of funds to trading accounts may be done by various means and using different currencies, all as made possible by the company at the time of making the deposit. Once the funds have been deposited they will be converted into Euros or U.S dollars, as specified by the client, according to an exchange rate determined by the company, the international exchange rate published for the day the deposit is made. The company may use suppliers of money transfer services and fund clearing solutions, therefore, third parties may be involved in the fund transferring process from clients to the company and vice versa.
3.4 As part of the company's anti-money laundering policy clients may only use their own bank accounts when transferring funds to trading accounts using credit cards or bank transfers. The company will allow funds to be transferred in this fashion to a client's trading account only if the client provides an authentic SWIFT confirmation with accurate, complete details of the bank and bank account from where funds are to be transferred. Incorrect or incomplete information will result in the company refusing to allow the transfer's completion.
3.5 Upon depositing funds in trading accounts by means of a cashier's check (cheque) or any other form of payment made possible by the company the client will be asked to provide adequate identification. Under no circumstances will the company allow use of cash for depositing funds into trading accounts.
3.6 The company is obliged to manage the funds in trading accounts in the most reliable and professional manner. Funds in client accounts will never be used for anything other than carrying out trading transactions the client orders to be made. The company has the right to use the funds in a trading account in order to cover all expenses associated with such transactions. The company alone will determine the sum required to serve as margin funds and so long as these funds are available in the trading account trading activity may go on.
3.7 Withdrawals may only be made using the same currency, bank account and credit card as were used to make the deposit of funds to the trading account. The company may decide to allow funds to be transferred to another bank account if it was made apparent that this is the right course of action in a particular case.
3.8 The client is obligated to ensure that no funds deposited into their trading account were gotten by illegal means and that there is no attempt of money laundering involved in creating and using their trading account.
3.9 The company may, at any time, prohibit any further activity in a trading account if it finds evidence of fraud, forgery, money laundering or any other unlawful acts or ones which are in breach of this agreement.
3.10 The client will have no demand or claim against the company in cases of expenses due to delays, rates which do not coincide or any other cause of fund depreciation which may occur when funds are handled by financial institutions such as banks and credit card companies.
3.11 Requests for withdrawals must only be made using the company's online trading platform. The company will not process withdrawal requests made by any other means, unless it decides to do so in a particular case, all at the company's sole discretion.
3.12 Upon a withdrawal request being made the company will transfer the requested sum within 7 business days from the moment the request was acknowledged as a legitimate one.
3.13 The company may decide to cancel a withdrawal request if, at the company's sole discretion:
- the remaining balance (after the withdrawal) is not sufficient to guarantee the open trades in the Trading Account;
- client is not verified by the Company. Client must provide full package of KYC documents (Identification card, Proof of address, Proof of payment: front card copy - showing only the last 4 digits, expiration date and credit card holder name; back card copy – Showing only last 4 credit card digits and your signature);
- client did not provide the Company with signed in handwriting Declarations of Deposit for every deposit transaction, Bonus plan/agreement (in case if Bonus was provided);
Client must send required signed documents within the next 5 business days otherwise Client`s withdrawal request may be cancelled by the Company.
3.14 When a trading account was created and not used the company shall deduct 5% of the funds deposited to the account when they are withdrawn, there may also be additional fees as laid out in this agreement.
3.15 The client acknowledges the company's right to deduct from the funds in their trading account any fees due. If there are insufficient funds to cover payments due the client must immediately, upon being instructed to do so by the company, deposit the difference necessary to cover all obligations. If a client fails to do this the company may end all transactions still open in the trading account.
3.16 No evidence, other than the data available on the trading platform, will be provided by the company regarding any transaction. Profits and losses are calculated and materialize only upon completion of a trade (closing of position).
4. Promotions and Bonuses
4.1 The company may, at its sole discretion, deposit a bonus directly into a client's trading account. The terms of this client agreement shall apply to the funds deposited as bonuses unless the company notifies the client otherwise.
4.2 Bonus sums shall be calculated as certain percentages of deposits made by clients or of gains earned through a client's trading activities. Bonuses are one time grants and the company is in no way obligated to award them but is free to do so voluntarily at its sole discretion.
4.3 Bonus funds may be withdrawn only once a sum of at least 5 U.S dollars has been used from them for trading purposes. Trading on the following products will not be considered as making use of bonus funds for trading in calculation of the min sum of 5 U.S dollars as depicted above: COPP (copper), RICE (Rough rice), UK equities (as per the list drawn by the company).
4.4 Withdrawal of funds awarded as a bonus (the whole bonus sum or only a part of it) will be possible only once a minimal sum (the size of which is decided upon by the company as described above in article 4.3) was used for trading purposes. Any withdrawal will be considered from profits first and from bonus funds only once the sum remaining (to be withdrawn) is entirely from bonus funds which are eligible for withdrawal.
4.5 Withdrawing funds from a trading account is possible even before minimal target sums for trading form bonus funds and from profits have been reached. In such cases only the initial sum deposited by the client may be withdrawn, the bonus funds, as well as profits, will be forfeited.
4.6 The company may, at its sole discretion, change the terms of awarding and making use of bonus funds. Notice of such changes will be sent by email and/or will be posted on the company's website.
4.7 The bonus will be cancelled retroactively if the client who received it made use of it which does not coincide with the terms of this agreement in regards to awarding and using bonus funds.
5. Social Trading
5.1 The "social trading service", henceforth "Sirix", will be activated in a client's trading account only upon the client making a specific request for such activation to be made.
5.2 Clients may use Sirix in order to observe as well as to automatically mimic trading transactions made by other traders who are using the company's trading platform. Clients alone choose the identity of the traders they wish to follow through use of Sirix, as well as when to begin and when to terminate observing and/or automatically making trading transactions similar to the ones made by the trader or traders being followed.
5.3 Mimicking trading transactions of other traders using Sirix is possible either by choosing a fixed sum to be traded regardless of the sum used by the trader being followed. Another possibility is to fix a ratio between the sum to be traded and that used in the transaction made by the trader being mimicked.
5.4 A client using Serix to mimic trading transactions may decide to independently close any transaction being mimicked even when the trader being followed has not closed it yet.
5.5 Rankings and data regarding the trading record of any trader shall not be seen as advice given by the company nor as a promise or guarantee for future trading results. The company may, directly or indirectly, present specific traders to a client without this being considered as recommendations to follow any trader or to make use of the Serix system. The company does not engage in any cooperation with traders within the trading platform and provides Sirix social trading services for clients' benefits alone.
5.6 The company does not recommend trading solely by mimicking other traders using the Sirix social trading system.
5.7 The company provides no guarantee that actions taken by traders a client chose to follow through use of Serix will be copied to the client's account exactly as they were originally conducted. It is the client's responsibility to ensure the actions of trader/traders they chose to mimic are copied correctly.
5.8 The client alone is responsible to oversee the transactions being carried out in their account, to monitor the risk level involved and to supervise the overall performance of trading going on in their account. The company is not obliged to alert clients of any risks involved in transaction clients choose to engage in, whether directly or through use of Serix. Clients waver the right to make any claims against the company on the basis of inappropriate monitoring, failing to provide warning or any other such failures they deem the company to be responsible for.
5.9 The Serix social trading service is offered "as is by the company to its clients. The company or its representatives are not responsible for how suitable Serix is to any particular client. The company provides no guarantee of accuracy, completeness, compatibility to the client's end device (computer, mobile phone, tablet etc.), reliability or any other such fault the client may believe they have encountered while using Serix. The company shall not be held responsible for any damage, of any kind, inflicted on a client, in any way, due to use of Serix.
6. Charges and Fees
6.1 There are fees to be paid to the company by clients performing certain kinds of transactions made available to them through the use of the company's trading platform. Fee sums may vary according to clients' classifications. The company also derives revenue from differences between buy/sell rates, such differences are generally referred to as "spreads". The client alone is responsible for deciding if and under what circumstances to trade. Deciding to make transactions using the company's platform will be regarded as giving consent to being charged according to the applicable fees and/or charges.
6.2 The company defines some accounts as "Islamic accounts", such accounts are charged a fee for holding transactions open for over two days. Every third night from the opening of the transaction a commission will be deducted from the account according to the spread currently existing.
6.3 The company is entitled to charge commissions for deposits and withdrawals of funds to and from trading accounts. Changes to commissions, introduction of new charges, cancelling of others, are all at the company's sole discretion.
6.4 The company is entitled to charge fees for inactive accounts. Such accounts are ones which fit the criteria set by the company such as exceeding a maximal period of time with no transaction being made, low level of activity, less than a minimal sum remaining in the account etc. All such criteria are at the company's sole discretion and changes to them may be made at any time (including the amount charged as inactive account fees). The administrative fees in case of an inactive account will be 5% of the funds remaining in the account, or 25 Euro or 25 U.S dollars (according to the currency of the account), the highest of the two.
The period of time measured to determine when an account will henceforth be considered inactive begins at the moment the instruction for the last transaction made was given.
7. Terms for Conducting Trade Using the Company's Trading Platform
7.1 The company's trading platform allows for Forex trading of different currencies as well as trading in Stocks of various financial instruments. Ask and bid prices are displayed to clients, these prices originate from different financial information systems and represent the ongoing market rates. The platform conducts automatic calculations using widely accepted mathematical formulas used in a vast number of financial trading platforms all over the globe.
7.2 At 22:00 GMT all open transactions are automatically renewed. The time is synchronized according to the company's server's clock which is set at Cyprus time.
7.3 A transaction may be closed by any of the following ways:
7.3.1 The client so instructed, using the correct method the system provides.
7.3.2 The stop loss or take profit margins predefined by the client have been reached.
7.3.3 The expiry date set by the client for the transaction has arrived.
7.3.4 Insufficient funds remain in the trading account in order to ensure that all payments which may become due, according to the transaction still open, can be met.
7.4 Orders for transactions to be opened or closed may be given by the client via the user interface clients operate their trading accounts with, via email, other electronic means, fax, written orders sent by mail, verbally by telephone or any other way the company makes available to clients. The company may inform clients of certain ways orders may be submitted.
7.5 The trading tactics of hedging as well as scalping are not allowed.
- Hedging- Carrying out opposite transactions at the same time
- Scalping- Buying and selling assets extremely rapidly.
Transactions based on market differences as observed by clients attempting to exploit arbitrage between different trading systems will not be allowed.
7.6 Clients authorize the company to execute any orders submitted by them or anyone acting on their behalf according to the terms stipulated in this agreement. The company is not obliged to make any further inquiry once receiving a legitimate order from a client or anyone acting on their behalf.
7.7 Only orders cancelled before they were executed, will not be followed through by the company.
7.8 The company may set limits, pre-requisitions or other parameters governing the handling of clients' trading accounts. All such limits are at the company's sole discretion and may be changed from time to time. Among such limitations are maximal tradable sums or number of orders, limits of maximum single or total exposure, limits regarding leverage, use of different financial instruments and more.
7.9 The company may, at its sole discretion, nullify, cancel or correct any transaction executed while in breach of this agreement, in error of any kind, or due to some type of malfunction. Evidence regarding exchange rates, ask and bid rates etc. will be derived from the company's records alone.
7.10 The company may, from time to time and at its sole discretion, award a client's trading account with grants, bonuses or any other benefit. Such bonuses may be offered for a limited time or may otherwise be restricted. The company may change sums, criteria and any other aspect of awarding benefits to clients.
7.11 The company may send clients notices and information about assets and trading conditions, such as terms for certain Stocks etc. Clients shall not have any claim against the company for not sending them such notices nor regarding how accurate or inaccurate the information in such notices was. The company is in no way obligated to ensure a client's familiarity with trading conditions.
8. Types of Orders for Actions to be Executed in Your Trading Account
8.1 Order to BUY- This order triggers a purchase of a trading instrument (or product) available to be traded on. The price at which the purchase is made will be the one quoted by the company at the time the "BUY" order is issued.
8.2 Order to "SELL"- Giving an order to sell will trigger the selling back of a trading instrument you had bought. You will be paid the price quoted for the instrument by the company at the time the "SELL" order was issued.
8.3 Order to "LIMIT"- By setting a "LIMIT" to a "BUY" or a "SELL" price you are instructing that a "BUY" or "SELL" order to be automatically issued if the price you have set as a limit is reached.
A "SELL" order will be triggered if the company's "bid" price (the price the company will currently pay for each unit of the trading instrument) has reached the price you have set as a "SELL" limit.
In the same way a "BUY" order will be triggered if the "ask" price (the sum the company will currently charge you for each unit of a specific trading instrument) reaches the price you have set as a "BUY" limit.There may be circumstances where the company is unable to execute a "BUY" or "SELL" order issued due to a limit being reached (for instance due to price fluctuations at the time the order is processed), in such a case the limit will remain active and again trigger the order it is set to trigger if and when the ask or bid price (as the case may be) reaches the limit you have set.
8.4 A "STOP LOSS" Order- This order allows you to pre-limit the sum you may lose on a certain trade. The trade will be automatically concluded once the "STOP LOSS" limit you have set is reached. i.e. the bid price has dropped to such a level compared to the ask price that concluding the trade results in a loss no greater than the sum set as a "STOP LOSS" limit.
8.5 "TAKE PROFIT" Order- By setting a "TAKE PROFIT" limit you are instructing that an automatic conclusion of a certain trade will be triggered once the "bid" price has risen to such a level that conclusion of the trade will result in making the profit set as the "TAKE PROFIT" limit.
8.6 "BUY STOP" Order- By issuing a "BUY STOP" order you are instructing in advance for a "BUY" order to be executed once the ask price for the instrument you wish to trade on reaches a certain level, one which is lower than the level at which the ask price is at the time the "BUY STOP" order is issued.
If, due to volatility, it becomes impossible to buy at the price set as the "BUY STOP" value, the company will execute the "BUY" order at the price closest to this value currently available on the trading platform.
8.7 "SELL STOP" Order- Issuing a "SELL STOP" order will cause a "SELL" order to be automatically executed once the bid price reaches a level set as the "SELL STOP" limit, a bid price which is currently higher than the price level at which the bid price is at the time the "SELL STOP" order is issued.
If, due to volatility, it becomes impossible to sell at the price set as the "SELL STOP" value, the company will execute the "SELL" order at the price closest to this value currently available on the trading platform.
8.8 Due to market volatility and possibility of rapid fluctuations the company cannot guarantee, among other things to:
- Execute a "BUY" order at the price set using a "BUY STOP" order.
- Execute orders initiating "hedge transactions" (two stop orders set in opposite directions for the same trading instrument).
- Execute transactions at times when the market is in slippage (prices changing constantly and without pause), in spike (prices rising and falling in zigzag form with no intervals between peaks)
- Executing "BUY" or "SELL" orders when trading has ceased all together, for any reason.
- Executing orders outside trading hours in markets where trading is not conducted 24/7. For instance, on holidays, weekends, during announcements, special events etc. for trading instruments such as Stocks on indices or certain kinds of commodities.
8.9 "ROLLOVERS" and "SWAPS"- "ROLLOVERS" are automatic transfers of trades to the next business day. "ROLLOVERS" occur with trades left open overnight in currencies the exchange rates of which are calculated daily and expire at a certain time. Traders may be charged "SWAP" commissions when "ROLLOVERS" occur, including a 3 day "SWAP" commission for a position (an ongoing trade) left open on 24:00 Wednesday night (instantly becoming 0:00 Thursday).
8.10 A "MARGIN CALL"- Clients may use leverage to trade using sums they do not have in their trading accounts. When doing this there is a risk of losing funds greater than those available in the trading account, in such cases the company instructs the client to deposit funds so that the minimum amount which may become needed for financing the trade is available, such a request is referred to as a "MARGIN CALL". If a client fails to meet a "MARGIN CALL", the company may close the client's position at terms which may be less favorable to the client, in such cases the client shall have no claim against the company.
8.11 The company, at present and/or in the future (all according to the company's sole discretion), has the right to close a client's open position and/or limit a client's ability to initiate new trades (open new positions) if the margin funds remaining in said client's trading account amount to 50% or less of the total value of the client's open positions. The company shall exercise this right as it deems fit.
9. Use of Clients' Personal Data and Protection of Clients' Privacy
9.1 The nature of the services the company provides clients with requires the use of clients' personal information. The company regards its clients' privacy in high regard and thus stores such details in the most secure manner and uses them only to the end for which they were collected, use the clients have willingly consented to.
9.2 The company is entitled to use and/or disclose a client's personal information (all or some) when necessary for interaction with affiliate entities and/or service providers, when such interaction is necessary for providing clients with the services they require. Any such party to whom the company discloses a client's personal information to, is obliged to use and store the data in a manner coinciding with that at which the company does so.
The company is entitled to disclose clients' personal information only in the way permitted or required by law, amongst other things in order to help prevent and detect acts of fraud, unlawful behavior including money laundering. The company may also use and/or disclose clients' personal information in order to meet its obligations or to protect itself against claims made against it according to any applicable law.
9.3 By entering into this client agreement clients gives their consent to the company using the personal information they provide the company with in order to send updates, promotional material or any other information via email or any other means. Cancelling this consent may be done only by providing the company with written notice, the cancellation will apply only to new personal information disclosures and not ones which occurred prior to cancellation of said consent.
9.4 The clients hereby give their consent that verbal conversations as well as correspondence may be recorded by the company.
9.5 The company's business associates may pay or receive commissions from its business associates including ones with whom clients' personal information is shared in some form or other.
9.6 The company may make use of 'cookies' on its website, app, trading platform or any other service.
10. Risk Disclosure- Clients Alone are Responsible for Managing Risk Associated with the Trading they Engage In
10.1 The company is not obligated in any way to advise clients about risks involved in any type of trading which the company's platform allows clients to engage in. This includes expenses clients may have to bear due to taxes.
Clients hereby acknowledge the fact that they themselves are the only ones responsible for assessing and managing the risks involved in the trading activity they engage in through use of the company's platform.
By entering into this agreement clients acknowledge that they have read and understood the terms stipulated by this Risk Disclosure which is an inseparable part of this client agreement.
10.2 The company may provide clients with any kind of data and facts concerning markets, products, trading statistics etc. without this being regarded as advice. This includes publications by third parties, information about technical analysis methods and well recognized trading techniques. The company is not obligated to ensure accuracy or completeness of such information.
The above mentioned type of information provided by the company is incidental to the trading services the company provides clients with and is offered only in order to enhance clients' convenience when seeking information to base trading decisions on.
10.3 All risks involved with conducting any and all types of trading which company's platform enables fall solely and directly upon the clients. The company is not obligated in any way to assess clients' competence.
10.4 The clients alone are responsible for handling any and all tax issues related with their trading activity. Reports to tax authorities will be made by clients only, the company has no part in assuring that clients meet all tax laws and regulations applicable to them. The company reserves the right to transfer funds from a client's trading account to a proper tax authority if said authority has the right, under international law, to demand such a transfer.
11. Account Balances
11.1 Clients may view the balance and transaction history of their trading account easily from within the trading platform. Reports created by the company are made available to clients in order to help them assess the state of margin funds remaining in their account. No printed reports are sent to clients.
11.2 Reports concerning account activity are issued by the company at the end of each month, if no complaint is made by the client these reports are deemed to be true and accepted by the client, such is the case also with trading certificates issues per particular trading activities. Clients alone are responsible to track what transpires in their trading account.
12. Terminating a Client Agreement and Closing Trading Accounts
12.1 Both parties, the company and client, may terminate the client agreement they have entered into. This may be done by providing a 10 day written notice to the other party. The company may trigger an immediate termination of a client agreement if it becomes apparent that the client is in breach of the agreement.
Upon giving notice of terminating a client agreement clients are obliged to close all trading positions still open in their trading accounts. Failure to close all such positions and effectively cease all trading activities shall render the termination void, the company will, in such cases, have the right to close all open positions in place of the client without being responsible for unfavorable results or losses resulting from such action. Once all positions are closed the account may be closed and client agreement terminated.
12.2 Once a termination notice has been issued and received all amounts due to each party from the other will become payable immediately. Actual payment is subject to the terms stipulated in article 3 of this agreement (regarding withdrawals from trading accounts).
12.3 Termination of a client agreement does not end ongoing obligations of each side to the other, such as limitations on liability, indemnification and confidentiality.
13. Liability Limitations
13.1 Be it duly noted that the service the company provides are provided "as is" and "as available". The company in not obligated in any way to its services never ceasing, temporarily or once and for all, partially or all together. The company will in no way be held liable for damage of any kind inflicted on clients as a result of using the company's platform, its servers, emails, website or app, this includes damage caused by computer viruses.
13.2 The trading services the company provides depends on the collaborate activity of different network components including the internet, market information networks and any number of local computer networks. For this reason the company cannot guarantee that there will never be interruptions in trading activities due to circumstances beyond the company’s control. In the event of such interruptions occurring the company may close open positions, without prior notice, at fair market prices (so far as such prices can be determined). Clients shall not have any claim against the company for damage of any kind inflicted on them due to interruptions in trading services.
13.3 The company shall not be held responsible for interruptions in trading services caused by unauthorized access, hacker attacks, malfunctions (both software and hardware related), communication issues, problems with services of trading information supplier etc.
13.4 The trading services supplied by the company should be regarded as ones intended to facilitate trading for both professional and non-professional traders alike. The services are in no way associated with investment advice. The company does not claim to be, and is not registered as, a brokerage firm or investment advice provider.
13.5 Much of the information regarding values of products traded, ask and bid prices, currency exchange rates etc. is received from third party suppliers or international financial data. The company is in no way responsible for the accuracy of information received in this manner. In case or error the company may, at its sole discretion, amend rates retroactively.
13.6 Clients take it upon themselves to indemnify the company and anyone acting on its behalf from being accused of any wrongful act. including ones associated with tax payments, duty charges, commissions, omissions or any other such issues.
13.7 The company may transfer to a third party any debt or other obligation the client holds towards the company. In the event of voluntary or involuntary insolvency proceedings against the client all of the clients debts to the company shall immediately be paid in full.
14. General Items
14.1 The company reserves the right to make changes to this agreement without asking prior consent from clients which have already entered into it. Upon making material changes to this agreement clients shall be provided a 10 business days advance notice before the changes take effect.
14.2 If it so transpires that any of the terms or provisions of this agreement become invalid, illegal or unenforceable, under any law or jurisdiction, none of the other terms and provisions of this agreement shall be affected.
14.3 Moslok Ltd provides services to any and all clients and is obliged to conduct itself in accordance with this client agreement.
14.4 In case of trading accounts belonging to more than one person (a "joint account") the obligations clients take upon themselves according to this agreement fall equally on all owners of the trading account as well as on each one of them individually. Any notice provided to one owner of a joint trading account shall be seen as if delivered to all owners of the account. Any notice given to the company by one or more of the owners of a joint account shall be seen as if given by all owners. If contradiction occurs between orders given by different owners of a joint trading account the last applicable order shall be the one executed by the company.
14.5 Ties with third party service providers involved in operating the company's trading platform, such as payment services providers, are conducted purely for practical purposes, i.e. to facilitate services the company provides to clients. The company does not derive any form of financial gains from ties with such service providers.
14.6 The company uses the services of third party payment services providers not as affiliates of these providers. The company receives payment services from conventional, well trusted providers only. Clients declare that they will have no claims against third party payment service providers involved allowing them to make use of the company's trading platform.
All communication between the company and clients is conducted via email or other electronic means, unless agreed otherwise by both parties. Complaints from clients will be dealt with only once put in writing and sent by email to the company's customer support department at email@example.com
14.8 Jurisdiction and governing laws - The laws governing this agreements are those of the republic of Cyprus. Any claim, demand or lawsuit will be handled solely by the authorities of the Republic of Cyprus and any legal proceedings will be conducted in the courts of this Republic.
14.9 In order to protect its rights, such as collection of payments due, protecting the company's reputation, intellectual property and privacy, the company may initiate legal proceedings against clients or former clients through the authorities governing over the place of residence of such clients and according to the applicable law at such clients' residency.
14.10 Assignment of rights and obligations - A client entering into this agreement with the company shall not have the right to assign or transfer obligations or rights awarded them as a result of being a party to a client agreement with the company. The company reserves the right to assign their part in this agreement to affiliates, all according to the company's sole discretion.
Clearing and billing services are done by Payopt Services DOO, Cetinjski PUT BB, 81000 Podgorica, Montenegro.