CUSTOMER AGREEMENT(Real Money Accounts Opened at ILQ) This Client Agreement and all documents and authorizations executed by Client in connection with the Client’s Account (collectively, the “Agreement”) sets forth the terms and conditions under which Institutional Liquidity, LLC, a limited liability company organized under the laws of Michigan, and its affiliates (collectively, “we,” “us” “our” or “ILQ”), will open and maintain one or more accounts (collectively, the “Account”) in your name and on your behalf (“you” or “Client”) and transact business with you in any contract for the purchase or sale of any currency or foreign currency (including options thereon), whether in the spot, over-the-counter (“OTC”) or forward markets (collectively, “Contracts”).
- GOVERNING REGULATIONS. Each Account and all Contracts, transactions and agreements in respect of each Account shall be subject, as applicable, to: (i) the Commodity Exchange Act of 1936, as amended (“CEA”) and all rules, regulations, orders and interpretations of the Commodity Futures Trading Commission (“CFTC”); (ii) the constitution, by-laws, rules, regulations, policies, procedures, interpretations and customs of the National Futures Association (“NFA”) or any other relevant self-regulatory agency or organization; and (iii) any other laws, rules, interpretations, customs, or usage of the trade applicable to your trading of Contracts. All such laws, rules, regulations, orders, policies, procedures, interpretations, customs and usage, as in force from time to time, (collectively, “Governing Regulations”). ILQ’s failure to comply with any such Governing Regulations shall not be a breach of this Agreement or otherwise impose liability upon ILQ nor relieve you of any obligations hereunder. ILQ shall have no duty to determine whether you are in compliance with any Governing Regulations.
- AUTHORIZATION TO TRADE. Client authorizes ILQ to purchase and sell physically-settled and cash-settled Contracts on a spot or forward basis for Client’s Account in accordance with Client’s instructions, subject to the terms of this Agreement. Absent prior, actual notice to ILQ of unauthorized activity on the Client’s Account, Client agrees to be conclusively responsible for any instruction received electronically that is identified with Client’s Account number and for any electronic, oral and written instruction regarding Client’s Account (including any order) that is transmitted to ILQ. If Client’s Account is titled as a joint account, ILQ is authorized to act on the instructions of any one owner, without further inquiry and regardless of the form in which joint ownership of the account is established or maintained, with regard to trading in the Account and the disposition of any and all assets in the Account. ILQ shall have no responsibility for further inquiry into such authority and no liability for the consequences of any actions taken or failed to be taken by ILQ in reliance on any such instructions or on the authority of any such persons.
- USE OF INDEPENDENT THIRD-PARTY SYSTEMS. Client consents to ILQ’s use of automated systems or service bureaus in conjunction with Client’s Account, including, but not limited to, automated order entry, order routing and/or order execution systems (including but not limited to MetaTrader4); record keeping, reporting and Account reconciliation systems; and risk management systems (collectively “Automated Systems”). Client understands that the use of Automated Systems entails risks, including, but not limited to, interruption of service, system or communications failures, delays in service, and errors in the design or functioning of Automated Systems (individually or collectively, a “System Failure”) that could cause substantial damage, expense or liability to the Client. ILQ MAKES NO REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, WITH RESPECT TO THE SELECTION, DESIGN, FUNCTIONALITY, OPERATION, TITLE OR NON-INFRINGEMENT OF ANY AUTOMATED SYSTEM, AND MAKES NO EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, TITLE AND/OR NON-INFRINGEMENT, AND SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTY WITH RESPECT THERETO. WITHOUT LIMITING THE FOREGOING, ILQ EXPRESSLY DISCLAIMS ANY REPRESENTATION THAT ANY AUTOMATED SYSTEM WILL OPERATE UNINTERRUPTED OR BE ERROR-FREE. In addition to the limitation of liability set forth above, ILQ will have no liability whatsoever for any claim of loss, cost, expense, damage or liability of Client or any third person arising out of or relating to any System Failure, regardless of whether such claim is based on contract, tort, strict liability or any other theory. ILQ has no liability for the actual or alleged insufficient exercise of care in selecting any sub-agents or in selecting, monitoring or operating any Automated System, for any failure or delay in informing Client of any System Failure or in taking action to prevent or correct any such System Failure. In no event will ILQ be liable for any incidental, special or consequential damages, including, but not limited to, loss of profits or loss of use, even if ILQ was aware of the likelihood of such damages. ILQ has no responsibility to inform Client of (i) any decision to use, not use or cease using any Automated System, (ii) the characteristics, functions, design or purpose of any Automated System, or (iii) any specific risks inherent in any Automated System.
- PRICING. ILQ will make available to Client, through communication including but not limited to postings on an Automated System, bid prices and ask prices at which ILQ is prepared to enter into Contracts with Client. ILQ expects that these prices will be reasonably related to the bid prices and ask prices available in the market at that time from other sources for similar transactions, but a number of factors, including but not limited to System Failures, high volume or volatility can result in deviations between prices quoted by ILQ and such other sources. ILQ makes no warranty, express or implied, that its bid prices and ask prices represent, are competitive with or are not less favorable to Client than bid prices and ask prices then prevailing in the market or available from other sources.
- ORDER EXECUTION AND COUNTERPARTY DISCLOSURE. Client acknowledges, understands and agrees that ILQ is not acting as a broker, intermediary, agent, advisor or in any fiduciary capacity with respect to Client. All transactions in Contracts made and entered into by ILQ with Client will be entered into by ILQ as principal. Thus, ILQ will be the counterparty (i.e., ILQ is the buyer when you are the seller, and ILQ is the seller when you are the buyer) to each and every trade in Contracts executed by Client with ILQ. As a result, ILQ’s interests may be in conflict with your interests. If ILQ elects not to hedge or cover its own exposure resulting from such transactions, then you should be aware that ILQ may make more money if the market goes against you.
- POSITION AND TRADING LIMITS. ILQ reserves the right to limit the number of open positions that Client may enter or maintain in Client’s Account. ILQ reserves the right, in its sole discretion, to refuse to accept any order opening a new position or increasing an existing position.
- POWER OF ATTORNEY. You agree and hereby irrevocably appoint ILQ with full power as your true and lawful attorney-in-fact, to the full extent permitted by law, for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that ILQ deems necessary or advisable to accomplish the purposes of this Agreement.
- CLIENT’S REPRESENTATIONS, WARRANTIES AND COVENANTS. As of the date hereof and the
date of each transaction in Client’s Account, Client represents, warrants and covenants
to ILQ that:
a) all information that you provide to us in connection with the opening and maintenance of your Account is true, accurate and complete and that we are legally entitled to rely on such information;
b) all financial information that you have disclosed to us is a true, accurate and complete representation of your current financial condition and you are able to withstand a total loss of your funds with respect to transactions effected for your Account;
c) you understand that all transactions effected for your Account, whether initiated by you or someone whom you have authorized on your behalf, are at and for your risk;
d) you will inform us immediately if you cease to be willing or financially able to sustain such losses;
e) all orders for Contracts and all transactions entered into pursuant to this Agreement will not violate any Governing Regulations;
f) you are acting solely as principal and not as agent for any other party and no other person or entity has any interest of any kind in the Account;
g) all checks or wire transfers received by us for the Account shall have been sent with the requisite authority by you;
h) this Agreement has been duly authorized and executed by you, and you have full power and authority to trade Contracts and undertake all actions referenced in this Agreement;
i) if you are employed in the financial services industry or by any exchange, market or trading facility or self-regulatory organization, you have obtained all necessary consents to open this Account and shall provide us with written proof of such consent;
j) you agree not to make any trade individually or in concert with any other person that exceeds position limits imposed on you by ILQ or Governing Regulations;
k) you have reviewed the registration requirements of commodity pool operators and commodity trading advisors under Governing Regulations and have determined that you and any person that has trading authority or control over your Account are in compliance with such requirements;
l) if you are a natural person, you are of sound mind, legal age and legal competence;
m) if you are not a natural person, (i) you are duly organized and validly existing under the applicable laws of the jurisdiction of its organization; (ii) execution and delivery of this Agreement and all Contracts and other transactions contemplated hereunder and performance of all obligations contemplated under this Agreement and all Contracts and other transactions contemplated hereunder have been duly authorized by Client; and (iii) each person executing and delivering this Agreement and all Contracts and other transactions contemplated hereunder on behalf of you performing the obligations contemplated under this Agreement and any Contract and other transaction contemplated hereunder on behalf of you, has been duly authorized by you to do so;
n) if you are a partnership or limited liability company, the partnership agreement or operating agreement, as appropriate, is in writing and provides that the partnership or LLC will not terminate upon the death or incapacity of any one of the partners or members, as appropriate; the partners and the partnership or the members and the LLC are in compliance with and shall remain in compliance with all applicable Governing Regulations; the partners or members shall be jointly and severally liable to ILQ for any and all transactions and obligations made in conjunction with this Account and are bound by all terms and conditions of this Agreement; and the partnership or LLC shall promptly notify ILQ in writing of the death or retirement of any partner or member, or any material change in the partnership agreement or operating agreement; and
o) if you are a plan covered by the Employee Retirement Security Act of 1974 (“ERISA”), you acknowledge that ILQ is only providing services hereunder and is not a plan fiduciary as defined in ERISA or any rules promulgated thereunder. ILQ has no discretionary authority or control with respect to your purchase or sale of futures contracts and that the furnishing of market recommendations and information by ILQ is solely for your convenience and does not constitute the exercise of such authority or control; and there is no agreement, arrangement, or understanding between you and ILQ for investment decisions with respect to the assets of you or that ILQ will render individualized investment advice to you based on the particular needs of you.
In entering into this Agreement and opening the Account, we are relying on your representations, warranties and covenants contained in this Agreement and you agree to notify us immediately of any material changes thereto.
- MARGINS. You agree to maintain, without demand from us, such performance bond, margin, cash, or other acceptable collateral (collectively, “Margin”) as we, in our sole discretion, may require from time to time, the amount of which may, in our sole discretion, exceed any amount that may be required by Governing Regulations. You shall provide to and maintain with ILQ Margin in such amounts and in such form as ILQ, in its sole discretion, may determine from time to time. Such Margin requirements established by ILQ may exceed the Margin required of ILQ by any exchange, market or trading facility. ILQ may increase or decrease Margin requirements in its sole discretion at any time. If ILQ determines that additional Margin is required, you agree to deposit with ILQ such additional Margin when and as demanded by ILQ, and you agree to satisfy immediately all Margin calls in such manner as ILQ shall designate in its sole discretion. Notwithstanding any demand for additional Margin, ILQ may at any time proceed in accordance with Section 13 herein, and any failure to proceed shall not be deemed a waiver of any rights by ILQ. No previous Margin deposit, practice or course of dealing shall establish any precedent. ILQ shall not be liable to you for the loss of any Margin deposit which is the direct or indirect result of the bankruptcy, insolvency, liquidation, receivership, custodianship, or assignment for the benefit of creditors of any bank, another clearing broker, exchange, market or trading facility, clearing organization, or similar entity.
- SECURITY INTEREST AND LIEN. As security for the payment of all of your obligations and liabilities to us, you hereby grant to ILQ a general lien and continuing perfected first security interest in, and lien upon, all property in which you have an interest and that is held by or through us, including, but not limited to, Client’s Account, all Contracts, Margin, collateral, premium, funds, securities, currencies, credit balances, commercial paper, monies, any other property, and all rights you may have against us (collectively, “Collateral”). Further, in order to satisfy any outstanding liabilities or obligations you may have to us including, without limitation, any Margin call, we may, at any time and without prior notice to you, sell, purchase, use, set off, apply or transfer any of such Collateral interchangeably (including cash and fully paid securities). In the event of a breach or default under this Agreement or any other agreement you may have with us, we shall have all rights and remedies available to a secured creditor under Governing Regulations, including but not limited to Article 9 of the Uniform Commercial Code, as enacted in the relevant state, in addition to the rights and remedies provided herein.
- NETTING. All Contracts entered into between Client and ILQ will be subject to the following netting provisions: (a) Netting by Novation: Each Contract made between Client and ILQ will immediately, upon being entered into, be netted with all existing Contracts between Client and ILQ for the same paired currencies having the same delivery date so as to constitute a single foreign currency contract.
- ROLLOVER. ILQ shall, daily or in its sole discretion and without notice to Client, offset Client’s open positions and roll them forward as new positions into the next trade date.For Clients entering orders on Meta Trader ILQ shall calculate roll charges as follows: ILQ will mark-down by .38% the long and mark-up by .38% the short respective published central bank overnight APR’s. ILQ then subtracts the short from the long and divides by 360 to determine the daily interest rate differential. The interest rate differential is then multiplied by the open units of base currency, then converted to the accounting currency using the available end of day spot rates. This determines the daily rollover credit/debit, and finally ILQ multiplies the daily credit/debit by the number of days that the position is being rolled forward.Clients using eToro software will pay rollover / Carry Trade Over Weekend fees on those positions held open past 8pm GMT each Friday. The Carry Trade Over Weekend fees are calculated based on the size of the net open position and are listed on the etoro website
- LIQUIDATION OF ACCOUNTS. In the event of:
(a) the death or judicial declaration of incompetency of you;
(b) the filing of a petition in bankruptcy, or a petition for the appointment of a receiver, by or against you;
(c) the filing of an attachment against any Account carried by ILQ;
(d) insufficient Margin as determined by ILQ in its sole discretion, or ILQ’s determination that any Collateral deposited to protect one or more of your Accounts is inadequate, regardless of current market quotations or conditions, to secure the Account;
(e) your failure to provide us with any information requested pursuant to this Agreement;
(f) your failure to pay any amount due to us;
(g) your repudiation, breach or anticipatory breach of any provision of this Agreement; or
(h) any other circumstances or developments that ILQ deems to require action necessary or appropriate for its protection, ILQ is hereby authorized, according to its judgment and in its sole discretion, to take one or more or any portion of the following actions:
(i) satisfy any obligation you may have to ILQ, either directly or by way of guaranty or suretyship, out of any of your funds, property, Margin or Collateral in the custody or control of ILQ;
(ii) sell any or all Contracts, Collateral or securities held or carried for you or purchase any or all Contracts, Collateral or securities held or carried as a short position for you;
(iii) cancel any or all outstanding orders, Contracts, or any other commitments made on behalf of you;
(iv) accelerate and treat any or all of your obligations due to ILQ as immediately due and payable; and (v) terminate any or all of ILQ’s obligations for future performance to you. 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 or advertisement to you, your personal representatives, heirs, executors, administrators, legatees, or assigns, and regardless of whether the ownership interest shall be solely your ownership interest.
- PAYMENT OBLIGATIONS. Client agrees to pay ILQ
(a) such charges, fees and costs as ILQ may from time to time impose or incur (including but not limited to, markups, spreads between the bid price and ask price, brokerage charges, commissions, service fees, transfer fees and other charges);
(b) all applicable regulatory and self-regulatory organization fees or charges, if any;
(c) any applicable tax imposed on transactions in Contracts;
(d) the amount of any trading losses in the Account;
(e) any debit balance or deficiency in the Account;
(f) interest on any debit balances or deficiencies in the Account, at the rate set forth in this Section, together with costs and attorneys’ fees incurred in collecting any such debit balance or deficiency; and
(g) any other amounts owed by Client to ILQ with respect to any Contracts, the Account or any transactions therein (collectively, (a) through (g) above herein referred to as “Charges”). ILQ may change its commissions, charges, and/or fees without notice. Client agrees to be responsible to ILQ for interest on amounts due from Client to ILQ at an interest rate equal to three (3) percentage points above the then prevailing prime rate at ILQ’s principal bank or the maximum interest rate allowed by law, whichever is lower. All such Charges shall be paid by Client as they are incurred and Client hereby authorizes ILQ to withdraw the amount of any such Charges directly from Client’s Account. Any payments required to be made by Client and not deducted directly from the Account shall be made by wire transfer (or by check if permitted by ILQ in its sole and absolute discretion) of immediately available funds to the account of ILQ as set forth in the Application accompanying this Agreement. Client agrees that when requested, whether by telephone or other communication, Client will furnish ILQ with names of bank officers and information necessary for immediate verification of such wire transfers. Client agrees to pay a transfer fee, to be designated by ILQ, to transfer Client’s open positions or funds to another financial institution.
- INSTITUTIONAL PARTNERS. If Client’s Account is being managed by an Institutional
Partner or is introduced to ILQ by an Institutional Partner, Client acknowledges
and agrees that ILQ is responsible only for acting as counterparty to the Client
for transactions in Client’s Account and that ILQ has no responsibilities or obligations
regarding any conduct, action, omission, representation or statement of any Institutional
Partner in connection with Client’s Account or any transactions in Contracts. Client
understands that ILQ makes no warranties or representations concerning such Institutional
Partner, that ILQ shall not be responsible for any loss or damage to Client arising
out of or relating to the actions or omissions of such Institutional Partner and
that ILQ does not, by implication or otherwise, endorse or approve of the business
or operating methods of such Institutional Partner. Client further acknowledges
and agrees that:
(i) any Institutional Partner acts as an independent intermediary for Client and is an agent of Client, not ILQ;
(ii) no Institutional Partner is an affiliate, partner, employee or agent of ILQ; and
(iii) no Institutional Partner is authorized to make any representations or enter into any covenants or promises concerning ILQ or the services to be provided by ILQ under this Agreement. If an Institutional Partner manages Client’s Account or if an Institutional Partner introduces Client to ILQ, ILQ in accordance with Client’s agreement with such Institutional Partner
(i) may compensate such Institutional Partner(s) from the assets or funds of Client or
(ii) may deduct directly from Client’s Account compensation payable to the Institutional Partner(s). In the event Client’s Account is managed by an Institutional Partner, Client has delivered to ILQ a copy of such Institutional Partner’s written trading authorization or Client’s acknowledgment of such authorization, in either case in a form acceptable to ILQ.
- CONCLUSIVE STATEMENTS AND CONFIRMATIONS. You acknowledge that you are bound to the
actual executions of transactions of all Contracts and understand that all reports
of execution price, quotations and other market information are subject to change.
You agree that you rely upon such information at your own risk. Confirmations of
trades and any other similar notices, including but not limited to purchase and
sale statements, sent to you shall be conclusive and binding on you unless you notify
us to the contrary as follows:
(i) where a report is made orally, at the time delivered to you; or
(ii) where a report or notice is in writing, prior to the opening of trading on the next Business Day. Your Account statement shall be conclusive and binding unless you immediately, upon delivery to you, notify us to the contrary.YOU MUST OBJECT TO YOUR MONTHLY STATEMENTS, TRADE CONFIRMATIONS OR OTHER NOTICES IN WRITING AND DIRECT SUCH NOTICES TO US AT 2625 DENISON DRIVE, SUITE A, MOUNT PLEASANT, MICHIGAN 48858, EMAIL TO CLIENTSERVICES@ILQ.COM OR BY FACSIMILE TO 989-774-7592, ATTN: CLIENT SERVICES DEPARTMENT, WITHIN THE TIME PERIOD SET FORTH ABOVE. YOUR FAILURE TO OBJECT TIMELY AND IN WRITING SHALL CONSTITUTE RATIFICATION OF ALL ACTIONS TAKEN BY US OR OUR AGENTS.
- AUTHORIZATION TO TRANSFER FUNDS. You hereby agree that, subject to Governing Regulations, ILQ may at any time and from time to time, in the sole discretion of ILQ, apply and transfer from any of Client’s Accounts with ILQ to any of Client’s other Accounts, whether held at ILQ or other approved financial institutions, any of the Contracts, Collateral, currencies, securities or other property of Client held either individually or jointly with others to another account.
- NO TAX, ACCOUNTING, LEGAL OR MARKET ADVICE. You acknowledge that ILQ does not provide any tax, accounting or legal advice of any kind to you. ILQ does not give advice or offer any opinion with respect to the profitability, suitability or potential value of a particular transaction or investment strategy. You further acknowledge that any recommendations, research, market letters or other information (collectively, “Market Information”) provided to you by ILQ does not constitute an offer or solicitation to sell or to buy any Contracts or other property. You assume the risk of relying on Market Information and hereby indemnify and hold ILQ harmless from any and all claims, demands, losses, damages or expenses ILQ may incur as a result of your use of Market Information. You agree that any investment decisions and transactions you make will be based solely on your own evaluation of your financial circumstances and investment objectives and whether such decisions and transactions are suitable with respect to your investment and/ or trading strategy.
- NO TRADING RECOMMENDATIONS. Any trading recommendation or Market Information furnished to Client by ILQ is incidental to the conduct of ILQ’s business as a Retail Foreign Exchange Dealer (“RFED”) and shall not serve as a basis for Client’s trading decisions. Client acknowledges that any recommendations or market information provided by ILQ, while based upon information from sources that ILQ believes to be reliable, may be incomplete, inaccurate or unverified and ILQ makes no representation, warranty or guarantee as to the accuracy of any such information. Client further understands and acknowledges that, because ILQ is acting as principal with respect to the foreign currency transactions for Client’s Account and not as agent, ILQ has a financial incentive to provide recommendations or market information that benefit ILQ and disadvantage Client, and Client acknowledges, agrees to and waives such conflict of interest. Further, Client acknowledges that recommendations or market information given to Client at any given time may be different from recommendations or market information given to other Clients of ILQ and that such recommendations or market information may not be consistent with the investments of ILQ and its affiliates, and their respective officers, directors, managers, members, staff members and agents (collectively, “ILQ Parties”). ILQ shall have no responsibility or liability hereunder as a result of any information, prediction, recommendation or advice made or given by a representative of ILQ whether or not made or given at the request of Client. Any instruction given by Client is based upon Client’s own independent and informed decision and not in reliance on any information, recommendations, advice or statement made by any of ILQ’s staff members, representatives or agents.
- COMMUNICATIONS. Reports, statements, notices and any other communications from ILQ may be transmitted to Client through Client’s web portal or electronic transmission to Client’s current email address as reflected in ILQ’s records. Client shall notify ILQ immediately of any change in Client’s email address or other location to which the electronic records may be provided. All communications sent by ILQ shall be deemed effective when received by a transmitting agent (such as an Internet service provider) for transmission to Client, whether actually received by Client or not. All communications sent by Client shall not be deemed effective until accepted by ILQ.In the event of a System Failure, ILQ shall provide prompt and effective notice to clients affected by the System Failure. Clients may be notified in one or more of the following methods; (i) a message accessed through the Client’s web portal; (ii) e-mail from ILQ or Client’s Institutional Partner; or (iii) a recorded telephone message for Client’s contacting ILQ Client Services. Clients may contact ILQ regarding System Failures at ClientServices@ilq.com
- INDEMNIFICATION AND HOLD HARMLESS; PAYMENT OF LITIGATION AND COLLECTION EXPENSES. You agree to indemnify, defend and hold harmless the ILQ Parties, from and against any and all demands, liabilities, losses, damages (including without limitation, incidental, consequential, punitive, indirect and special damages), claims (contract, tort, strict liability, warranty or otherwise), costs and expenses (including without limitation amounts paid in settlement of any claims, interest, any fines or penalties imposed by any exchange, market or trading facility, self-regulatory organization or governmental agency, collection, accountants’ and attorneys’ fees) incurred by any of the ILQ Parties as a direct or indirect result of your breach of any provision of this Agreement. You also agree to indemnify, defend and hold harmless the ILQ Parties from and against any and all liabilities, losses, damages, costs and expenses, including without limitation, accountants’ and attorneys’ fees (both in-house and outside attorneys’ fees), incurred by any of the ILQ Parties in enforcing any of the provisions of this Agreement or any related agreement. If you initiate a legal action or proceeding against any of the ILQ Parties, and you do not prevail (i.e., recover more than ILQ’s highest offer to settle), you shall indemnify such ILQ Parties for all costs and expenses (including, but not limited to, in-house and outside attorneys’ fees) incurred by such ILQ Parties to defend themselves.
- LIMITATION OF LIABILITY. You agree that you shall have no claim against the ILQ
Parties for any loss, damage, liability, cost, charge, expense, penalty, fine, or
tax caused directly or indirectly by:
(a) any order transmitted by fax, email, instant messaging or other medium for execution which is accepted on a “not held” basis, that is, you agree that we shall not be held liable for any failure regarding proper execution unless it is due to our fraudulent activity;
(b) any Governing Regulations, or any order of any court, governmental agency, or other regulatory body;
(c) any suspension or termination of trading;
(d) any restrictions, halts or rulings, acts of terrorism, riot, sovereign conduct or other acts of state, war or civil or labor disturbance;
(e) any delays or inaccuracies in the transmission or reporting of orders or other information due to a breakdown or failure or any other transmission or communication failure for any reason;
(f) any failure or delay for any reason of any broker, bank, depository, market, or custodian to fulfill its obligations or to pay in full any amounts owed to us or to you;
(g) any failure or delay by any entity which, consistent with Governing Regulations, is holding client segregated Collateral or Margin, to pay or deliver same to us; or (h) any other causes beyond our control.Further, we will not be responsible to you in the event of error, failure, negligence, or misconduct on the part of any Institutional Partner or other person acting on your behalf and, without limitation; we have no obligation to investigate the facts surrounding any transaction in your Account which is introduced by such Institutional Partner or other person. In addition to any other agreement to indemnify us or any other party set forth in this Agreement or in any other agreement, you agree to indemnify us and hold us harmless from and against any and all liabilities, penalties, losses, and expenses, including legal expenses and attorneys’ fees, incurred by us as a result of any error, failure, negligence, or misconduct on the part of any such Institutional Partner or other person acting on your behalf. NOTWITHSTANDING ANYTHING TO THE CONTRARY, IN NO EVENT WILL ILQ OR THE ILQ PARTIES BE LIABLE OR RESPONSIBLE TO YOU OR ANY PERSON IN CONTRACT, TORT, STRICT LIABILITY, WARRANTY OR OTHERWISE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES (INCLUDING BUT NOT LIMITED TO DELAY, DISRUPTION, INCREASED EXPENSE OR LOST PROFITS OR REVENUE) RESULTING FROM ANY ACT OR OMISSION OF ILQ OR ANY ILQ PARTY, EVEN IF ILQ OR ANY ILQ PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
- WARRANTY DISCLAIMERS. ILQ MAKES NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE IN RESPECT OF ANY SERVICES PROVIDED IN CONNECTION WITH YOUR ACCOUNT, OR ANY INFORMATION, PROGRAMS OR PRODUCTS OBTAINED FROM, THROUGH, OR IN CONNECTION WITH THESE SERVICES.
- JOINT ACCOUNTS AND/OR TRUST ACCOUNTS. If more than one natural person executes this Agreement as Client, all such natural persons agree to be jointly and severally liable for the obligations assumed in this Agreement. If this Agreement is executed by a trust, unincorporated association, partnership, custodian or other fiduciary, such Client hereby agrees to indemnify, defend, save and hold free and harmless ILQ for any liabilities, claims, losses, damages costs and expenses, including attorneys’ fees, resulting directly or indirectly from breach of any fiduciary or similar duty or obligation or any allegation thereof, including attorneys’ fees.
- CREDIT AND REFERENCE CHECK. You authorize ILQ, from time to time, to contact any financial institution, credit agency and other references to verify your information, creditworthiness and background, including financial information. You may request in writing within a reasonable period of time a copy of the credit report ILQ receives.
- TERMINATION; SURVIVAL. This Agreement shall continue and be in effect until termination
by Client or ILQ. Client may terminate this Agreement if:
(i) Client has no open foreign currency positions and no liabilities held by or owed to ILQ; and
(ii) Client has provided three (3) Business Days’ written notice to ILQ by e-mail to firstname.lastname@example.org or by United States mail or other delivery service to ILQ; and
(iii) ILQ has accepted the notice as provided by Client. ILQ may, in its sole discretion, terminate this Agreement at any time, effective as of the close of business on the day notice is sent to Client. Termination by either party for any reason shall not affect any Contracts or other transactions previously entered into and shall not relieve either party of any obligations set forth in this Agreement, nor shall it relieve Client of any obligations arising out of any deficit balance. The representations, warranties and covenants of the parties contained herein, including but not limited to Sections 8, 10, 14, 21, 22, 23 and 37, shall survive the termination or expiration of the Agreement.
- RESTRICTIONS. You understand that we may decline to accept any order, or restrict or prohibit trading in, or close your Account for any reason whatsoever. Without limiting the foregoing, we may, in our sole discretion, refuse to allow you to make or take a delivery in your Account. You acknowledge that we may, from time to time, place an Account in which there is no trading on inactive status and you agree to provide whatever information we may require upon your request to reactivate any such inactive Account.
- RECORDINGS. Subject to Governing Regulations, you agree that ILQ, in its sole discretion, may record any telephone conversation between ILQ and yourself or your agent without use of an audible signal or other identification. You hereby waive any right to object to the admissibility into evidence of such recordings in any legal proceeding between you or your agent and ILQ. You agree that ILQ may delete, erase or overwrite such recordings in accordance with its customary document retention policies. The rights conferred upon ILQ herein shall extend to any third-party fiduciary with discretion over your Account.
- CONSENT TO CROSS TRANSACTIONS. Client consents that ILQ may, without prior notice, execute Client orders in which ILQ becomes the buyer to your sell order or the seller to your buy order, provided that such executions are made in accordance with Governing Regulations. This consent shall be continuous and remain in effect until revoked in writing by you.
- COMPLETE AGREEMENT. This Agreement and the exhibits and documents referred to herein contain the entire Agreement and understanding between the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, whether written or oral, relating to such subject matter in any way.
- AMENDMENT. You agree that we may modify the terms of this Agreement at any time upon notice to you, provided you trade through us electronically or have agreed to receive confirmations and statements from us electronically. If you trade through us electronically or have agreed to receive confirmations and statements from us electronically, you further agree that any communications concerning your Accounts or services provided by us, including legal notices and agreements, may be sent to you via email. By continuing to trade through us, you signify your acceptance of the terms of such communication. If you do not accept the terms of such communication, you must notify us thereof in writing as provided in Section 16 and your Account may then be terminated, but you will still be liable thereafter to us for all remaining liabilities and obligations. Otherwise, this Agreement may not be waived or modified absent a written instrument signed by an authorized representative of ILQ. No oral agreements or instructions purporting to amend this Agreement will be recognized or enforceable.
- BINDING AGREEMENT. This Agreement shall be binding upon the parties hereto and their respective successors and assigns, and supersedes any prior agreements between the parties with respect to the subject matter hereof. You further agree that all purchases and sales shall be exclusively for your Account in accordance with your oral or written instructions or those of any party authorized to enter orders on your behalf. You hereby waive any and all defenses that any such instruction was not in writing as may be required by the statute of frauds or any similar law, rule or regulation.
- NO WAIVERS BY ILQ. The failure of ILQ at any time or times to require performance of any provision hereof shall in no manner affect its right at a later time to enforce the same. No waiver by ILQ of any condition or of any breach of any term, covenant, representation or warranty contained in this Agreement shall be effective unless in writing, and no waiver in any one or more instances shall be deemed to be a further or continuing waiver of any such condition or breach in other instances or a waiver of any other condition or breach of any other term, covenant, representation or warranty.
- SEVERABILITY. If any provision hereof is or should become or be deemed to be inconsistent with any present or future law, rule, or regulation of any court, arbitral body, sovereign government, or regulatory body having jurisdiction over the subject matter of this Agreement, such provision shall be deemed to be rescinded or modified in accordance with any such law, rule, or regulation. In all other respects, this Agreement shall continue to remain in full force and effect.
- HEADINGS. The headings of the sections hereof are for descriptive purposes only and shall not modify or qualify any of the rights or obligations set forth in such sections or in any way limit the applicability of or affect the meaning of any such provisions.
- BINDING EFFECT. This Agreement shall be continuous and shall cover, individually and collectively, all Accounts of Client at any time opened or reopened with ILQ, irrespective of any change or changes at any time in the personnel of ILQ or its successors, assigns, or affiliates. This Agreement, including all authorizations, shall inure to the benefit of ILQ and its successors and assigns, whether by merger, consolidation, or otherwise and shall be binding upon Client and/or the personal representatives, heirs, executor, administrator, trustee, legatees, legal representative, successors and assigns of Client.
- GOVERNING LAW; JURISDICTION AND VENUE; LIMITATION ON ACTIONS; WAIVER OF JURY TRIAL.
In order to induce us to accept this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, you
hereby agree to the following:
a) This Agreement is made, upon acceptance by us, in the State of Michigan, and shall be governed by, and the rights and liabilities of the parties, except as otherwise expressly stated herein, shall be determined in accordance with, the laws of the State of Michigan, without regard to any of its conflicts of laws principles or rules, by the laws of the United States and, where appropriate, by other Governing Regulations.
b) All actions or proceedings, whether initiated by you or us, with respect to any controversy arising out of or related to this Agreement, shall be litigated only in courts whose situs is in the State of Michigan. You hereby submit to the jurisdiction of the United States District Court of the Eastern District of Michigan, and any other court of competent jurisdiction whose situs is in Ann Arbor, Michigan. You hereby waive any right you may have to transfer or to change the venue of any litigation you may bring against us, or to move that such litigation is brought in an inconvenient forum or that forum is improper.
c) You shall not bring any action, regardless of form, arising out of or relating to this Agreement or transactions hereunder more than one (1) year after the cause of action arose. You acknowledge that you are expressly agreeing to waive the two (2) year statute of limitations provided by the Commodity Exchange Act, including the two (2) year time period for commencing a CFTC reparation proceeding, and any and all other applicable statutes of limitations exceeding one (1) year, including but not limited to, any statutory or common law state or federal statute of limitations, the two (2) year provision for initiating an arbitration contained in the NFA’s Code of Arbitration.
d) You hereby waive any right you may have to a trial by jury.
- CFTC RULES. You acknowledge that you are aware that CFTC Rule 1.35(a-2)(2) requires you to create, retain and produce upon the request of the CFTC, the United States Department of Justice and the applicable exchange, market or trading facility, documentation of cash transactions and, if you effect any such transactions on a futures exchange, you will comply with Rule 1.35 (a-2)(2). If you are a non-United States person, you acknowledge that: (a) CFTC Rule 15.05 designates us as the agent of foreign brokers, clients of foreign brokers, and foreign traders for certain purposes; and (b) CFTC Rule 21.03 authorizes the CFTC to request, when unusual market circumstances exist, certain Account information from us as well as foreign brokers and traders, and you agree to provide such information promptly upon such request.
- ACCEPTANCE. This Agreement shall not be deemed to be accepted by ILQ or become a binding contract between Client and ILQ until the signed Client Account Application has been received and approved by ILQ. In the event that there are any unauthorized alterations or deletions to this Agreement or related documents such alteration and deletions shall not be binding on ILQ and said original forms shall govern Account.
- ADDITIONAL RIGHTS AND REMEDIES. The rights and remedies granted herein to us are in addition to any other rights and remedies provided to us in any other agreement you may have with us, and you hereby appoint us as your agent to take any action necessary to perfect ourselves with respect to the security interest granted to us in this Agreement.
- CURRENCY EXCHANGE RISK; NON-U.S. FUNDS. You shall bear all risk and cost in respect of the conversion of currencies incident to transactions affected on behalf of you pursuant hereto. Unless otherwise specified in the reports sent to you with respect to your Contracts and Accounts, all Margin deposits in connection with any Contracts, and any debits or credits to your Account(s), shall be stated in U.S. Dollars. By placing an order in a Contract settled in a particular currency, you agree to convert to the particular currency funds sufficient to meet the applicable Margin requirement. Any conversions of currency shall be at a rate of exchange determined by us in our sole discretion based on prevailing money market rates of exchange for such currencies.
information about the Client for business purposes, such as evaluating the Client’s
financial needs, processing the Client requests and transactions, informing the
Client about products and services and providing account services. The personal
information ILQ collects is only accessible to ILQ, its affiliates and Institutional
Partners. Such information includes: (i) Information the Client provides to ILQ
on applications and other forms, such as the Client’s name, address, birth date,
social security number, occupation, assets, and income; (ii) Information about the
Client’s transactions with ILQ; and (iii) Information the Client provides to ILQ
to verify the Client’s identity, such as a passport, or information received from
is received on an annual basis by each Client electronically as
(ii) Client conducts electronic transactions with ILQ; and
- USA PATRIOT ACT COMPLIANCE. Client agrees that it shall not at any time, in connection with the establishment or use of any account maintained with ILQ, engage in transactions involving, on behalf of or benefiting any government or country that is the subject of sanctions administered by the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”). Client further agrees that it will not engage in transactions involving, on behalf of or benefiting any person (individual or entity), designated on OFAC’s List of Specially Designated Nationals and Blocked Persons.
- U.S. BANKRUPTCY DISCLOSURE. The transactions you are entering into with ILQ are not traded on an exchange. Therefore, under the U.S. Bankruptcy Code, your funds may not receive the same protections as funds used to margin or guarantee exchange-traded futures and options contracts, which receive a priority in bankruptcy. Since that same priority has not been given to funds used for Contracts trading, if ILQ becomes insolvent and you have a claim for amounts deposited or profits earned on transactions with ILQ, your claim may not receive a priority. Without a priority, you are a general creditor and your claim will be paid, along with the claims of other general creditors, from any monies still available after priority claims are paid. Even client funds that ILQ keeps separate from its own operating funds may not be safe from the claims of other general and priority creditors.
- ACKNOWLEDGMENT OF RISKS AND CONFLICTS OF INTEREST. Client acknowledges that trading in Contracts is a speculative activity involving leverage and rapidly fluctuating markets. Despite such risks, Client is willing and able to assume the financial risks and other hazards of trading in Contracts. Client recognizes that guarantees of profit or freedom from loss are impossible in Contract trading. Client acknowledges that Client has received no such guarantees from ILQ or from any of its representatives or any Institutional Partner or other person and has not entered into this Agreement in consideration of or in reliance upon any such guarantees or similar representations. Client has read and understands the Consumer Risk Disclosure Statement accompanying this Agreement.
- ELECTRONIC SYSTEM PERFORMANCE DISCLOSURE. ILQ offers its products and services via electronic systems which depend on properly functioning technology. Such technology includes, but is not limited to, web connections, websites, web applications, application program interfaces, software, programs, etc. (collectively “Technology”). As with use of any technology, there may be times you experience a delay or breakdown of system operations, problems with performance of the trading system, malfunctions of Technology, or delays or interruptions in transmission of orders. The factors which could reasonably be expected to materially affect the performance of the Technology include, but are not limited to, Internet connectivity; High order volume; Lack of liquidity; High customer load;Geographic location; News events; Disaster; and/or Other unforeseen circumstances; excessive call volume, failure of transmission or communication equipment on the Internet or otherwise, communications problems, computer software or hardware breakdowns, and other problems or glitches associated with computer problems as well as other technical causes. ALTERNATIVE TRADING METHOD WHEN SYSTEM GOES DOWN OR REACHES UNACCEPTABLE PERFORMANCE LEVELS: If you need to place an order by phone when the system goes down or reaches unacceptable performance levels, please call our trading desk at: 989.349.3100. CONTACT INFORMATION DURING SYSTEM OUTAGE OR SLOWDOWN OR FOR ANY OTHER ISSUES: In the event that you need to contact ILQ for any reason, please call: 989.349.3100 or 989.349.3030
AND MONTHLY ACCOUNT STATEMENTS. Client hereby consents to our sending to Client
daily and monthly confirmation and purchase and sale statements, including account
statements (collectively, “Statements”) relating to Client’s Account(s) by electronic
media or through the client web portal dashboard. Client will be charged for receiving
Statements by hard copy mail. Client may revoke this consent at any time upon written
notice to us.
Client acknowledges that this is a binding and valid contractual agreement. Client has read the Agreement carefully and, by signing, agrees to be bound by each and every term and condition, including the consents relating to jurisdiction, venue, service and limitations on actions set forth HEREIN. No modification of this Agreement is valid unless accepted by us in writing as provided HEREIN.
eToro Platform Slippage and Execution PolicyDefinition: Slippage is defined as the difference between the price being offered on the platform at the time the customer first submits their order and the price being offered on the platform when the order is received and executed in the trading system.
Market Orders to Open
Self-directed Traders: A market order is an order to buy or sell a currency pair at the current available price to be executed immediately. When slippage occurs with market orders, all orders will be filled at the price being offered on the platform, at the time the order is received by the trading system. When the difference between the price submitted and the price at the time the order is received, is greater than twenty pips the order will be rejected.
Copy Traders: Are given the same execution price as the copied trader who initiated the position. There may be latency between the execution time of a copied trade and the initiating trader’s execution, which may result in a greater amount of slippage. However, in the interests of accurately replicating return performance for copy traders, the fill price is equal to the initiating executed order.
Market Orders to Close
Self-directed Traders: When a market order is received to close out an open trade, all orders will be filled at the price being offered on the platform, at the time the order is received by the trading system. (Unlike market orders to Open these will not be rejected even if the slippage is greater than twenty pips).
Copy Traders: Are given the same closing execution as the copied trader. Due to the latency of the time of execution, this may result is a greater or lesser amount of slippage. However, in the interests of accurately replicating return performance for copy traders, the fill price is equal to the copied executed order.
Pending / Resting Orders:
Stop Loss for Self Directed Traders: A stop loss order an is order to buy or sell once the price of the currency pair reaches a specified price, known as the stop price. When the stop price is reached, a stop order becomes a market order. When slippage occurs with stop orders, all orders will be filled at the stop price, except when there is a price gap. In this instance, the next available price will be given.
Copy Traders: Are given the same execution on their resting stop orders as the copied trader. Slippage will likely occur due to latency between the time the original order is processed and the copy order.
Take Profit / Limit for Self Directed Traders: A limit order is an order to buy or sell once the price of the currency pair reaches a specified price or better. When slippage occurs with limit orders, all orders will be filled at the limit price, except when there is a price gap. In this instance, the next available price will be given.
Copy Traders: Are given the same execution on their resting limit orders as the copied trader. Slippage will likely occur due to latency between the time the original order is processed and the copy order.
Positive and Negative Slippage
Slippage may be positive or negative for customers in that the order price requested may be better or worse than the prevailing market price. In general, executions are given at the prevailing market rate when the orders are received by the eToro platform and the resulting slippage is likely to be equally positive or negative.
* Effective January 3rd 2013
END USER LICENSE AGREEMENTETORO GROUP LTD. This is the end user license agreement that applies to the use of eToro Group Limited and its affiliates’ websites and trading platforms (the “Agreement”). If You have objections to the terms and conditions stipulated hereto, do not use our websites and trading platforms in any way. Downloading, installing and your access to and use of this website and trading platforms constitutes your acceptance of these Terms and Conditions and any other legal notices and statements contained on this website. Your use of the eToro websites is governed by the version of this Agreement in effect on the date each eToro website is accessed by You. Please feel free to contact our customer support team at http://www.etoro.com/application/help/contact.aspx for any clarifications before You continue to use these websites and platforms. Electronic Signatures and Agreement(s): You acknowledge and agree that by clicking on the ACCEPT button or similar buttons or links as may be designated by eToro to show Your approval of any foregoing texts, the use of the Services (as defined below), You are entering into a legally binding contract. You hereby agree to the use of electronic communication in order to enter into contracts, place orders and other records and to the electronic delivery of notices, policies and records of transactions initiated or completed through our websites and platforms. Furthermore, You hereby waive any rights or requirements under any laws or regulations in any jurisdiction which require an original (non-electronic) signature or delivery or retention of non-electronic records, to the extent permitted under applicable mandatory law.
Scope of AgreementThis Agreement applies to any of our: (i) Web pages, (ii) Services, (iii) Content, (iv) Databases and (v) information together with the software (collectively referred to as the “Services” and any software component therein, the “Software”) provided by eToro Group Limited (“eToro Group Limited” or “Us” or “Our“). The content and information included in these Services are provided by eToro Group Limited. Carefully read all the terms and conditions of this Agreement prior to the, use of our websites and/or platforms and/or download and/or the installation of our software. If You (“You” or the “User“) do not agree to these terms and conditions, You may not install this software and/or use our Services, please do not commence the installation process and destroy any file relating to the software in Your possessions. This Agreement may be updated by eToro Group Limited from time to time, without prior notice to User. The use of the Services may be subjected to additional terms and conditions, which will be published by eToro Group Limited from time to time.
2.1. eToro hereby grants to you a non-exclusive and non-transferable license to use the Services. The Services may only be used for personal use. This does not include use on a computer network. ETORO GROUP LIMITED MAY TERMINATE THIS LICENSE, CANCEL THE USER’S PASSWORD AND/OR THE USER’S ACCOUNT (OR PART OF IT) IF YOU FAIL TO COMPLY WITH THE TERMS AND CONDITIONS SET FORTH ABOVE.
2.2. You may not: (i) modify, translate, reverse engineer, decompile, disassemble or create derivative works based on the Services and/or the Software; and/or (ii) loan, rent, lease, give, sub-license or otherwise transfer the Services and/or the Software (or any copy thereof) in whole or in part, to any other party; Copy, alter, translate, decompile or reverse engineer the software, including but not limited to, modify the Software in any way; (iii) remove, alter or cause not to be displayed, any trademarks, copyright notices or start-up messages contained in the programs and/or documentation.
Account User Information and User securityIn order to use the Services You shall receive specific Account User Information. It is Your responsibility to keep the Account User Information secret and You are responsible for all actions made using Your Account User Information. You agree: (a) to immediately notify eToro Group Limited of any unauthorized use of the Account User Information or of any other violation of security and (b) at the end of each use, to log out from Your account in an orderly way.
PrivacyThis Section explains the manner in which We collect and maintain non-public information about Our customers (such as Your full name, address, date of birth, identification number, passports, identity card, driver’s license, social security number and/or other identification number and your payment means such as your credit card, e-wallet, bank account details etc. (collectively, Your “Personally Identifiable Information”). You further agree and acknowledge that You username, your picture/avatar (if provided), your state of residency, gender, networks, list of users who follow You, users who copies You etc., list of users You follow or copy, and any network status/posts/blogs and any other content options that enable our users to interact amongst themselves, including without limitation content and information You post on the eToro OpenBook, Copy.me and/or any similar software and/or page, and/or any and all comments, feedback, postings and/or all Information that You provide to Us via our website and/or by email, fax or telephone shall be considered non-confidential and non- proprietary information, in addition, if you have elected to use one of our social networks applications (such as Facebook), our application will access to your social network account general information which includes your name and username in such social network, profile picture, gender, networks, user ID, list of friends, and any other information You have shared with “everyone” on such social network (collectively, the “Content“). All such Content (other than your personally identifiable mailing address, identification number, passports, driver’s license etc. and your payment details) shall be considered non-confidential and non- proprietary information, In addition, all portfolio and trading information performance results shall be considered as non-confidential and non-proprietary information and as eToro property. By providing such Content, You specifically grant Us a non-exclusive, irrevocable, transferable, sub-licensable, royalty-free, worldwide license to use, copy, duplicate store, present and/or publish all or any part of your Content, and We shall be free to use such Content in any manner or media whatsoever, on an unrestricted basis and without any attribution or royalties or other compensation to You.
When Do We collect Information from You?We collect information from You when You (a) open an account and provide Us with Information through electronic registration forms (including any social network profile that you have connected to Your account); (b) make a transaction with Us including when You deposit and withdraw funds; or (c) you use our Services, Software and/or applications; Additionally, from time to time, We may collect Information about You from third party entities such as information about Your credit history agencies. The Information We collect directly from You includes Information required to communicate with You such as Your Personally Identifiable Information. We may also need to evaluate Your trading experience, average annual income, estimated net worth and make an assessment about Your risk factor.
How Do We Use the Information Collected?Use of Information We use personal information only as appropriate to provide You quality service and security. For example, We may use the Information collected from You to verify Your identity for regulatory purposes. We may also use this Information to establish and set up Your trading account, issue an account number, issue a password, log Your activity and contact You from time to time. The Information helps Us improve Our services to You, customize Your browsing experience and inform You about additional products, services or promotions that may be of interest to You. Should You ever deactivate Your account with Us, We will keep Your information on file, but only use it to comply with regulatory requirements and to contact You occasionally with the option to reactivate Your account. Please note that You may opt out of Our Information sharing policies at any time by notifying Us of Your desire to do so as explained below; Sharing Information We do not disclose or share Personally Identifiable Information about any of Our Users (whether active or inactive) to any non-affiliated third parties other than in the manner and to the entities set forth below:
- To any of our affiliate and/or subsidiaries;
- To service providers for the purpose of opening, operating and servicing Your account. Such service providers may include attorneys, accountants, auditors, financial and other professionals, whether within or outside the European Economic Area. Such Personally Identifiable Information may also be used for marketing purposes, or to conduct market research for Us or other companies in our group that may use the personal data to bring to your attention products and services that may be of interest to You and also to assist in the efficient provision of the Services.
- To respond to a subpoena or court order, judicial process or to requests from regulatory authorities; and
- To protect against fraud, unauthorized transactions (such as money laundering), claims or other liabilities. We do not share credit information, such as credit history, net worth, or other income information.
5. User Conduct; Communications within the eToro Community; Links to Third Party Websites, Newsletters etc.
5.1. You shall not use the Information for any unlawful or unauthorized purpose. The use and interpretation of the Services requires skill and judgment, and You shall at all times exercise Your own judgment in the use of the Services.
5.2. You agree not to use to the Services in order to:
5.3. Disturb or damage the Services or the servers or the networks connected to the Services. The User must not ignore conditions, policies and/or regulations of networks which are connected to the Services.
5.3.1. Violate deliberately or not deliberately any local, state, national or international law which applies to our software.
5.3.2. By using the Services You acknowledge that You are well informed that eToro Group Limited does not perform any prior filtering of the content and/or financial information made available through the Services by third parties. Notwithstanding the aforementioned, eToro Group Limited and/or its agents, shall have the right to remove any content which violates this license conditions or which arises opposition in any other way.
5.4. You agree that it is up to You to evaluate the risks involved with the use of the Service, including the reliance upon the accuracy, perfection and/or benefit of the content made available by the Service. And You agree that the risks with such use shall be on You.
5.5. Communications within the eToro Community; Links to Third Party Websites, Newsletters etc.
5.5.1. You acknowledge that You are responsible for any Content, information and material that You submit or transmit through any of our websites, applications and/or any network status/posts/blogs and any other communications and/or content options available by Us, including your responsibility as to the legality, reliability, appropriateness, originality and copyright of any such information or material. Additionally, You represent and warrant that: (i) You own all right title and interest in any Content provided by You, and (ii) the posting of your Content by Us (in any manner or media whatsoever, on an unrestricted basis) does not (and will not) violate the privacy rights, publicity rights, copyrights, contract rights or any other rights of any individual or make derogatory remarks regarding, defame or otherwise criticize any person or entity. You shall be solely liable for any damage resulting from any infringement or other violation of the copyrights, trademarks or other proprietary rights of any individual or entity, and for any other harm or losses resulting from any Content.
5.5.2. In our efforts to promote collegial, non-misleading and non-defamatory communications between the members of the eToro OpenBook community, You are strictly prohibited from:
(1) making statement as to your eligibility to provide investment advice, portfolio management and/or any other services and/or activity which may require a license, registration and/or notification in your state of residency and/or in the residency states of our users;
(2) making statement that eToro Group Ltd. and its affiliates endorse, maintain any control and/or guarantee the accuracy and/or completeness of the Content published, posted or shared by You with other users;
(3) making statements that are abusive, defamatory, harassing, and/or insulting statements to other users or otherwise;
(4) making statements that advertise or promote any other online entities and/or your and/or any services;
(5) making statements that contain sexually explicit content and/or any grossly offensive, including expressions of bigotry, racism, hatred or profanity or that is hateful, threatening or pornographic; incites violence or that contain nudity or graphic or gratuitous violence;
(6) sending or otherwise posting unauthorized commercial communications (such as spam) on our websites, applications and/or utilizing our services;
(7) collecting users’ content or information, or otherwise accessing our websites and/or Services, using automated means (such as harvesting bots, robots, spiders, or scrapers);
(8) engaging in unlawful multi-level marketing, such as a pyramid scheme, on our websites and/or using our Services;
(9) uploading viruses or other malicious code;
(10) soliciting personal information and/or login information or access an account belonging to someone else;
(11) using our websites and/or Services to do anything unlawful, misleading, malicious, or discriminatory;
(12) doing anything that could disable, overburden, or impair the proper working of eToro, such as a denial of service attack and/or facilitate or encourage any violations of these Terms and Conditions. All unsubstantiated performance claims may be removed from any of our websites. If You violate the above We shall have the right to terminate your account and registration on our Services. If your account and registration are terminated due to the above misuse We will refund any funds which may be in your account.
5.5.3. Leading traders may be subject to additional rules of conduct and restrictions relating to their Content or trading activity which may be imposed by Us from time to time either generally or as a part of specified promotions. If You have been qualified as a “Social Guru” or a leading trader please contact your account manager to receive further information with respect to any such restrictions which may be applicable to You.
5.5.4. We do not undertake to review and monitor all the Content and We do not in any manner endorse, support, sanction, encourage, verify or agree with any such Content. We reserve the right to review, monitor, revise and/or remove any such Content in any way We see fit in Our sole discretion. You acknowledge that We may report to government authorities any actions that may be considered illegal and/or which may be required by such authorities. When requested, We may cooperate with government authorities in any investigation of alleged illegal activity. You further confirm and acknowledge that We may also maintain records of all such Content.
5.5.5. At certain times, We may provide You with various analytical tools (such as market data, price quotes, exchange rates, news, headlines and graphs), links to other websites, circulate newsletter and/or provide You with third parties’ information for your convenience. By doing so, We are not endorsing, giving any representation, warranting, guaranteeing or sponsoring the accuracy, correctness, timeliness, completeness, suitability of such information for You and/or as to the effect or consequences of such information on You. Such information and tools are provided solely to assist You to make your own investment decisions and does not amount to investment advice or unsolicited financial promotions to You. It is important to make a distinction between indicative prices which are displayed on charts and dealable prices which are displayed on our trading platform. Indicative quotes only give an indication of where the market is. Because foreign exchange trading is decentralized, meaning it lacks a single central exchange where all transactions are conducted, each market maker may quote different prices. Therefore, any prices displayed on any chart made available by us or by a third party will only reflect “indicative” prices and not necessarily actual “dealing” prices where trades can be executed. You understand that We are not obligated to continue to provide the above mentioned tools and information and We may remove such informational tools from our website at any time. Furthermore, We are not obligated to update the information displayed on our website at any time and We will not be liable for the termination, interruption, delay or inaccuracy of any Market Information. The financial information We post on our website is provided by third parties for the benefit or our users and as such You undertake not to enable deep linking or any other form of redistribution or reuse of the information, to any non-authorized users. As such, We urge You to read and fully understand the terms and conditions and other policies of such websites, newsletters and information before using them. Any information or material placed on our websites by third parties reflects solely and exclusively the views, and are the responsibility of, those who post such information or material, and do not represent the views of eToro Group Ltd. and/or its affiliates. Such information is not to be considered as constituting a track record. Past performance is no guarantee of future results and We specifically advise clients and prospects to carefully review all claims and representations made by other traders, advisors, bloggers, money managers and system vendors before making an investment decision on the basis of any of the foregoing. IN NO EVENT SHALL ETORO GROUP LTD. AND/OR ITS AFFILIATES BE LIABLE, DIRECTLY OR INDIRECTLY, TO ANYONE FOR ANY DAMAGE OR LOSS ARISING FROM OR RELATING TO ANY USE, CONTINUED USE OR RELIANCE ON ANY SUCH TOOLS, WEBSITES, NEWSLETTERS AND/OR INFORMATION.
5.5.6. Neither We, nor our officers, principals, employees or agents shall be liable to any person for any losses, damages, costs or expenses (including, but not limited to, loss of profits, loss of use, direct, indirect, incidental or consequential damages) resulting from any errors in, omissions of or alterations to any information and/or Content. The foregoing shall apply regardless of whether a claim arises in contract, tort, negligence, strict liability otherwise.
5.5.7. Risks Associated with Social Trading: eToro Group Ltd. and its affiliates are proud to provide You with the ability to interact, follow and copy other traders by using Information and/or social trading features provided and/or made available on our websites and/or trading platforms. Such social trading features include but are not limited to the eToro Open Book, “follow”, “copy” and/or “copytrader” traders rankings, “featured users” and/or any advanced search options etc. (collectively, “Social Trading Features”). However, We note that Social Trading Features are associated with various risks and You are urged to carefully read and consider the following risks before utilizing either of our Social Trading Features:
5.5.8. Social Trading Features are provided by Us solely for informational purposes. Etoro Group Ltd. and its affiliates and their employees and agents are not investment or financial advisers. IF YOU MAKE INVESTMENT DECISIONS IN RELIANCE ON INFORMATION WHICH IS AVAILABLE ON OUR WEBSITES OR AS A RESULT OF THE USE OF THE SOCIAL TRADING FEATURES, YOU DO SO AT YOUR OWN RISK AND ETORO GROUP LTD. AND ITS AFFILIATES, THEIR EMPLOYEES AND ITS AGENTS WILL NOT BE LIABLE FOR ANY LOSSES THAT YOU MAY SUSTAIN. YOU SHOULD NOT MAKE ANY INVESTMENT DECISION WITHOUT FIRST CONDUCTING YOUR OWN RESEARCH. YOU ARE SOLELY AND EXCLUSIVELY RESPONSIBLE FOR DETERMINING WHETHER ANY INVESTMENT, OR STRATEGY, OR ANY OTHER PRODUCT OR SERVICE IS APPROPRIATE OR SUITABLE FOR YOU BASED ON YOUR INVESTMENT OBJECTIVES AND PERSONAL AND FINANCIAL SITUATION.
5.5.9. A copied trader’s positions (with respect to any of our financial instruments) shall be copied using the lower of either the minimum position amount or with the same proportional amounts and with the same leverage, to the maximum extent possible. All such positions shall be closed automatically if and when closed by the copied trader and/or if the copied trader’s positions were automatically closed by Us, for whatsoever reason, without providing any further notice and without any action on your part. You should be able and prepared to bear the loss of the entire investment You made in such a copied trader. You are fully responsible for any losses You may sustain as a result of our automatic execution of instructions generated as a result of the utilizing of any of the Social Trading Features.
5.5.10. If You place additional trades in your account or You modify or cancel an order generated by a Social Trading Feature You may achieve a materially different result than the user that You copied. Changing a copied position shall cause its disconnection from the original position. Such disconnected position shall not be automatically closed or changed when the original position is changed or closed.
5.5.11. Any past performance of our users indicated on our websites is not indicative of future results and should be considered as hypothetical as more fully described below. It is important to understand that historical performance is not a guarantee of future performance. When reviewing the Content, portfolio, financial performance information, opinions or advice of another registered user, You should not assume that the user is unbiased, independent or qualified to provide financial information or advice.
5.5.12. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS. NO REPRESENTATION OR GUARANTEE IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN AND MAY NOT TAKE INTO ACCOUNT FEES, SPREADS AND/OR TRADING COMMISSIONS THAT MAY BE CHARGED. THE ACTUAL PERCENTAGE GAINS/LOSSES EXPERIENCED BY INVESTORS WILL VARY DEPENDING ON MANY FACTORS, INCLUDING BUT NOT LIMITED TO: STARTING ACCOUNT BALANCES (DEPOSITS AND WITHDRAWALS), MARKET BEHAVIOR, THE INVESTOR’S ACCOUNT SETTINGS AND THE PERFORMANCE OF THE COPIED USER. BECAUSE OF THIS, ACTUAL PERCENTAGE GAINS/LOSSES EXPERIENCED BY INVESTORS MAY BE MATERIALLY DIFFERENT THAN THE PERCENTAGE GAINS/LOSSES AS PRESENTED ON THIS WEBSITE. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.
5.5.13. NO ASPECT OF THE INFORMATION AND/OR SOCIAL TRADING FEATURE PROVIDED AND/OR MADE AVAILABLE ON OUR WEBSITES IS INTENDED TO PROVIDE, OR SHOULD BE CONSTRUED AS PROVIDING, ANY INVESTMENT, TAX OR OTHER FINANCIAL RELATED ADVICE OF ANY KIND. YOU SHOULD NOT CONSIDER ANY SUCH CONTENT AND/OR ANY SUCH FEATURE TO BE A SUBSTITUTE FOR PROFESSIONAL FINANCIAL ADVICE. IF YOU CHOOSE TO ENGAGE IN TRANSACTIONS BASED ON CONTENT ON THE WEBSITE AND/OR ELECT TO COPY SPECIFIC TRADERS AND/OR TRADES, THEN SUCH DECISION AND TRANSACTIONS AND ANY CONSEQUENCES FLOWING THEREFROM ARE YOUR SOLE RESPONSIBILITY. WHILE INDIVIDUAL PARTICIPANTS MAY OFFER INVESTMENT ADVICE OR OPINIONS AND/OR EFFECT A TRANSACTION WHICH MAY BE SUBSEQUENTLY COPIED BY OTHER TRADERS, SUCH ADVICE, OPINIONS OR TRADES AMOUNT TO NOTHING MORE THAN EXCHANGES BETWEEN PERSONS WHO MAY BE ANONYMOUS OR UNIDENTIFIABLE OR SIMPLY THE EXECUTION OF A TRADE BY SUCH TRADERS. ETORO GROUP LTD. AND ITS AFFILIATES DO NOT PROVIDE INVESTMENT ADVICE DIRECTLY, INDIRECTLY, IMPLICITLY, OR IN ANY MANNER WHATSOEVER BY MAKING SUCH INFORMATION AND/OR FEATURES AVAILABLE TO YOU. YOU SHOULD USE ANY INFORMATION GATHERED FROM HERE AND/OR UTILIZE THE SOCIAL TRADING FEATURES ONLY AS A STARTING POINT FOR YOUR OWN INDEPENDENT RESEARCH AND INVESTMENT DECISION MAKING.