This Customer Agreement (“Agreement”) is entered into by the customer and Western Sahara Worldwide Services LTD herein referred to as Wmarkets, a company duly registered under the Australian laws with the registration number ACN 656 656 665, and address of 220 450 Victoria Street, Richmond, Vic 3121 Australia.
Subject to the terms and conditions of this Agreement and acceptance of Customer’s application to open an Account with Wmarkets, Customer hereby authorizes Wmarkets to maintain one or more Accounts in Customer’s name and engage in transactions for Customer’s Account in accordance with oral, written or electronic instructions by Customer and its officers, partners, principals, employees or other agents (“Representatives”).
Customer will bear the risk of all unauthorized instructions by its Representatives and will indemnify and hold Wmarkets harmless from all claims, liabilities, losses, damages, fees, costs and expenses relating to or arising from Wmarkets reliance on such instructions, including any improper, unauthorized or fraudulent instructions by the Representatives, except in cases of gross negligence or willful misconduct by Wmarkets.
Unless expressly stated otherwise in writing, all transactions entered into between Wmarkets and Customer shall be governed by the terms of this Agreement, as amended from time to time (including, without limitation, Wmarkets Risk Disclosures and Trading Policies and Procedures).
Wmarkets may reject Customer’s application or close Customer’s Account for any reason, at Wmarkets sole and absolute discretion without prior notice to the client.
Wmarkets may require Customer to provide Wmarkets with additional information, documentation, or material to confirm details or carry out investigation on customer trading activities in order for Wmarkets to ascertain whether to allow continued trading on the Customer’s Account.
Customer acknowledges that Wmarkets may, at any time in its sole and absolute discretion, restrict trading, disbursements or transfers. Wmarkets may amend, change, revise, add or modify the Agreement at any time without consulting the clients. The most current Agreement will be posted to Wmarkets Website https://Wmarketsmarkets.com.
Customer understands that this Agreement cannot be modified by any verbal statements or written amendments that Customer seeks to make to the Agreement without written acceptance from the General Counsel of Wmarkets.
Restricted Territory: We restrict and reserve the right to restrict future access to all or some parts of the Website and/or Services in respect of certain jurisdictions. You fully understand and agree that we are not liable if the country of your location or residence becomes restricted or blocked. Restricted Territories include, but are not limited to, individuals residing in:
Customer acknowledges and agrees that accounts that are opened/traded from restricted jurisdiction would be automatically closed by Wmarkets when Wmarkets discovers during Wmarkets client assessment period on trading activity jurisdiction check and such account(s) would only be reinstated when customer can show proof of new jurisdiction in a non-restricted territory by providing proof of address not less than one month old.
Customer also acknowledges and agrees that Accounts are segregated in the Wmarkets books and records only, and Customer’s funds are not FDIC-insured and are deposited with a liquidity provider selected by Wmarkets in its sole discretion.
If this Account is held by more than one (1) person, all of the joint holders agree to be jointly and severally liable for the obligations assumed in this Agreement.
If this Account is held in trust, joint ownership, or partnership, the undersigned hereby agrees to indemnify, defend and hold harmless Wmarkets for any losses resulting from a breach of any fiduciary duty of the undersigned to the other holders and beneficiaries of this Account.
Further, any one or more of the joint owners shall have full authority for the Account and risk of the Account owners, to buy, sell, and trade in transactions of off-exchange products, to deposit with and withdraw from WMarkets currencies, securities, negotiable instruments, and other property, including withdrawals to or for the individual use or Account of the party directing the sale or of any other party, to receive and acquiesce in the correctness of notices, confirmations, requests, demands and all other forms of communications, and to settle, compromise, adjust, and give releases with respect to any and all claims, demands, disputes, and controversies.
Upon death or legal incapacity of any of the undersigned, Wmarkets is authorized to take such action in regard to the Account, as Wmarkets may deem advisable to protect itself against any liability, penalty or loss.
Customer agrees to notify Wmarkets immediately upon the death or legal incapacity of any joint owner. Wmarkets may terminate this Agreement by written notice to any one of the joint owners.
Customer shall provide and maintain margin in such amounts and in such forms as Wmarkets in its sole discretion, may require.
Customer agrees to deposit by immediate wire transfer such additional margin when and as required by Wmarkets and will immediately meet all Margin Calls in such mode of transmission as Wmarkets shall, in its sole discretion, designate.
Wmarkets may change margin requirements at any time without prior notice. Wmarkets retains the right to limit the amount and/or the total number of open positions that Customer may acquire or maintain at Wmarkets, Wmarkets reserves the right to close any Customer positions at any time that it deems necessary. Wmarkets shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions including but not limited to loss or damage resulting, directly or indirectly, from any delays or inaccuracies in the transmission of orders and/or information due to a breakdown in or failure of any transmission or communication facilities.
For example, in volatile market conditions, a margin call may be delayed resulting in the possibility of a negative usable margin; a margin call may occur even if positions are hedged, in the jurisdictions where hedging is permitted by law, due to rate volatility or daily interest charges or credits. Also in glitch market condition, system malfunction, or technical issue that impacts the trading activities on the platform ("Glitch Market"), the affected trades and transactions shall be subject to review and evaluation by Wmarkets, Wmarkets reserves the right to determine whether a trade or transaction was executed under Glitch Market conditions and would take appropriate actions to rectify any resulting discrepancies or errors. Any Customer who has executed trades or transactions during the Glitch Market condition shall be prohibited from making claims for profit or capital based on such trades or transactions. And Wmarkets shall have the sole discretion to nullify, void, or adjust the affected trades or transactions and the corresponding profit and capital associated with them.
Wmarkets may, in its sole discretion and without notice to Customer, offset Customer’s open positions, roll over Customer’s open positions into the next settlement time period, or make or receive delivery on behalf of Customer upon any terms and by any methods deemed reasonable by Wmarkets in its sole discretion.
Terms and/or methods for delivering, offsetting, or rolling over Customer’s open positions may differ on a customer-by-customer basis, at Wmarkets sole discretion.
Any positions held in Customer’s Account at 5 PM EST may be rolled over to the next settlement date and the Account may be debited or credited for the interest differential for the rollover period.
Offset instructions on positions open prior to settlement arriving at settlement date must be given to Wmarkets at least one to three business days prior to the settlement or value day. Alternatively, sufficient funds to take delivery or the necessary delivery documents must be in the possession of Wmarkets within the same period described above.
If neither instructions, funds nor documents are received, Wmarkets may without notice, either offset Customer’s position or roll Customer’s positions into the next settlement time period or make or receive delivery on behalf of Customer upon such terms and by such methods deemed reasonable by Wmarkets in its sole discretion.
In the event of:
With regard to managed Accounts, a money manager (“Money Manager”) is a person or entity authorized to make decisions with respect to an Account on behalf of the Account’s beneficial owners, including a trustee, custodian, conservator, guardian, executor, administrator, attorney in fact, or investment advisor or other person to whom Customer has granted trading authority over an Account.
Customer understands and agrees that Wmarkets may, but is not required to, review any action or inaction by a Money Manager with respect to an Account and is not responsible for determining whether a Money Manager’s action or inaction satisfies the standard of care applicable to such Money Manager’s handling of the Account.
Customer further understands and agrees that Wmarkets is not responsible for determining the validity of a person’s or entity’s status or capacity to serve as a Money Manager.
Customer agrees to hold Wmarkets and its officers, directors, employees, agents and affiliates harmless from any liability, claim, or expense, including attorneys’ fees and disbursements, as incurred, for the actions or non-actions of Customer’s Money Manager.
Customer represents and warrants that:
Customer represents and warrants that the financial information disclosed to Wmarkets in the Application is an accurate representation of the Customer’s current financial condition.
Customer represents and warrants that in determining Customer’s Net Worth, Gross Income, Total Assets and Liabilities were carefully calculated.
Customer represents and warrants that in determining the value of Total Assets, the Customer included cash and/or cash equivalents, U.S. Government and Marketable securities, real estate owned (excluding primary residence), the cash value of life insurance and other valuable Assets.
Customer represents and warrants that in determining the value of Liabilities, Customer included notes payable to banks (secured and unsecured), notes payable to relatives, real estate mortgages payable (excluding primary residence) and other debts.
Customer represents and warrants that Customer has very carefully considered the portion of Customer’s Total Assets Which Customer considers to be Risk Capital.
Customer recognizes that Risk Capital is the amount of money Customer is willing to put at risk and if lost would not, in any way, change Customer’s lifestyle.
Customer agrees to immediately inform Wmarkets if the Customer’s financial condition changes in such a way as to reduce Customer’s Net Worth and/or Risk Capital.
Customer authorizes Wmarkets or agents acting on behalf of Wmarkets to investigate Customer’s credit standing and in connection therewith to contact such banks, financial institutions and credit agencies as Wmarkets shall deem appropriate to verify information regarding Customer.
Customer further authorizes Wmarkets to investigate Customer’s current and past investment activity, and in connection therewith, to contact such futures commission merchants, exchanges, broker/dealers, banks, compliance data centres, and any other financial and investment institution as Wmarkets shall deem appropriate.
Upon reasonable request made in writing by Customer to Wmarkets Customer shall be allowed to review any records maintained by Wmarkets relating to Customer’s credit standing.
Customer shall also be allowed, at Customer’s sole cost and expense, to copy such records. Customer acknowledges that Customer’s credit score may be impacted when Wmarkets accesses Customer’s credit file.
Customer also acknowledges that Wmarkets may provide information (e.g. negative Account information of unsecured debts) regarding Customer’s performance under this Agreement to these agencies
Customer acknowledges that it may not be possible to cancel or modify an order. Customer understands and agrees that, if an order cannot be cancelled or modified, Customer is bound by any execution of the original order.
Wmarkets is not liable to Customer if Wmarkets is unable to cancel or modify an order.
Customer further acknowledges that attempts to modify or cancel and replace an order can result in an over the execution of the order or the execution of duplicate orders, that Wmarkets systems do not prevent over the execution on duplicate orders from occurring, and that Customer shall be responsible for all such executions.
Customer agrees not to assume that any order has been executed or cancelled until Customer has received confirmation from Wmarkets with regard to order execution. Customer is responsible for knowing the status of Customer‘s pending orders before entering additional orders.
Customer agrees to contact Wmarkets in the event Customer is unclear on the status of an order.
Customer agrees to regularly review Customer’s online Account Statement to confirm the status of Customer’s orders.
Reports of the confirmation of orders and statements of Accounts for Customer shall be deemed correct and shall be conclusive and binding upon Customer if not objected to immediately upon receipt and confirmed in writing within one (1) business day after the execution of the Customer’s order.
Wmarkets will provide Customer access to view Customer’s Account at any time with an online login via the Internet. Wmarkets will not provide trade confirmation via postal mail.
Written objections on Customer’s part shall be directed to Wmarkets at its address located at: Wmarkets Ltd - 220 450 Victoria Street, Richmond, Vic 3121 Australia. and shall be deemed received only if actually sent via authorized email or delivered or mailed by registered mail, return receipt requested.
Failure to object shall be deemed ratification of all actions taken by Wmarkets or its agents prior to Customer’s receipt of said reports.
Customer’s failure to receive a trade confirmation shall not relieve Customer of the obligation to object as set out herein.
Customer shall pay such charges (including, without limitation, mark-ups and mark-downs, statement charges, idle Account charges, order cancellation charges, Account transfer charges, introducing broker and Money Manager fees, or other charges) arising out of Wmarkets providing services hereunder. Wmarkets may change its charges without notice.
All such charges shall be paid by Customer as they are incurred, or as Wmarkets in its sole and absolute discretion may determine, and Customer hereby authorizes Wmarkets to withdraw the amount of any such charges from Customer’s Account(s).
Wmarkets customers are required to engage in active trading after depositing in Wmarkets trading account before he/she will be eligible to make withdrawals.
It is further agreed that funds deposited must be utilized for the placing of trades. Any suspicious activity on an account could lead to restriction on account, removal of withdrawal right of the funds and could lead to the closure of the account and confiscation of the funds.
Wmarkets shall neither receive nor disburse Customer’s funds in cash currency or cash equivalents.
All transactions between Customer and Wmarkets shall be performed by wire, Automatic Clearing House (“ACH”) or other method in which the identities of both the sending and receiving parties can be verified by Wmarkets and which Wmarkets in its sole discretion, shall deem appropriate.
Wmarkets shall perform deposit/withdrawal transactions only between Customer’s Wmarkets Account and another Account which is held in Customer’s name or of which Customer clearly demonstrates ownership to Wmarkets.
In order to prevent money laundering, fraud, and other unauthorized activity, Wmarkets may limit Customer’s withdrawal options.
Wmarkets Ltd customers can withdraw their funds and benefits whenever they need to.
To request a partial or complete withdrawal of funds from your account, click on “Withdrawal request” in your Wmarkets Portal.
Please consider that we take 2-5 business days to process your withdrawal request. Corresponding withdrawals will take up to 2-3 business days to reach your credit card or bank account.
Feel free to contact our Customer support specialist if you have any questions.
According to generally acceptable AML rules and regulations, withdrawals must be performed only through the same bank account or credit/debit card that you used to deposit the funds.
Wmarkets reserves the right to decline any withdrawal request made by customers who did not comply with the above terms
Furthermore, when it comes to withdrawals, Client may be required to present additional information and documents before the withdrawal(s) is approved.
Wmarkets will not be responsible for delays in the transmission of orders due to a breakdown or failure of transmission or communication facilities, electrical power outage or for any other cause beyond Wmarkets control or anticipation.
Wmarkets shall not be liable for losses arising from the default of any agent or any other party used by Wmarkets under this agreement.
If Customer directs Wmarkets to enter into any transaction:
Reports, statements, notices and any other communications shall be transmitted to Customer electronically by posting to Customer’s online Account or via email to the email address on Customer’s application, or to such other email address as Customer may from time to time designate to Wmarkets.
Customer agrees to hold Wmarkets harmless for any delay in email delivery regardless of whether the delay was caused by Wmarkets or a third party. Email sent to and from a Wmarkets address may be retained by Wmarkets corporate email system.
Customer acknowledges that Customer has no separate agreement with Customer’s broker or any Wmarkets employee or agent regarding the trading in Customer’s Account, including any agreement to guarantee profits or limit losses in Customer’s Account.
Customer understands that Customer is under an obligation to notify Wmarkets Compliance Department immediately in writing as to any agreement of this type.
Further, Customer understands that any representations made by anyone concerning Customer’s Account that differ from any statements Customer receives from Wmarkets must be brought to the attention of Wmarkets Compliance Department immediately in writing.
Customer understands that Customer must authorize every transaction prior to its execution unless Customer has delegated discretion to another party by signing Wmarkets limited power of attorney (“LPOA”).
Any disputed transactions must first be brought to the attention of Wmarkets Compliance Department pursuant to the notice requirements, dispute resolution and Arbitration clause of this Agreement.
Customer agrees to indemnify and hold Wmarkets harmless from all damages or liability resulting from Customer’s failure to notify Wmarkets Compliance Department within one (1) business day of any of the occurrences referred to herein. All notices required under this section shall be sent to Wmarkets at its address.
Customer acknowledges that Wmarkets may enter into revenue sharing arrangements with or retain the services any other third-party vendors in connection with technology support, back office and operational support functions relating to Customer’s Accounts.
Wmarkets reserves the right to enter into such compensation or revenue sharing arrangements any other third-party vendors based on volume traded, bid/offer pricing or other outside commission or revenue sharing models
Customer agrees to and acknowledges that Wmarkets may conduct the following procedures at the time of the opening and throughout the existence of the Account:
In accordance with anti-money laundering and combating the funding of terrorism standards, Wmarkets may require to identify and verify the person who signs up. When a customer opens an account, Wmarkets is required to collect information such as – but not limited to – name and surname, date of birth and residential address. The customer agrees that Wmarkets reserves the right to close the account at its sole discretion if we come across any problem with the verification checks.
E-mail verification: After the person completed the sign-up form will be asked to verify his/her email address via an activation link. If this step is not completed, the access to the account will be denied.
2-factor authentication: After the customer completed the sign-up form in order to access to the account, he needs to enable Two-factor authentication (2FA) on his account. It is an extra layer on your Wmarkets account to protect your account and data from unauthorized access attempts.
Identity verification checks: In order to complete the identity verification, Wmarkets may make use of third-party providers to confirm any information that the person registers. Wmarkets may verify the customer’s information by requiring Customer to provide official identification documents and a proof of address or additional documents which you will be advised of at the time. Corporate clients will be required to submit additional documentation such as (not limited to) certificates of incorporation and articles of association.
At any given time, whilst the customer has an account open with us, we may decide to carry out further verification checks (which may include requests for additional documents or information) to satisfy routine security checks.
If we are not able to verify the person’s registered details, if the customer is not able to or deny to provide the requested document/s and/or information, Wmarkets has the right to suspend the account, return any remaining balance up to the amount of the original deposits.
Wmarkets may monitor the trading activity in Accounts to investigate or identify potential money laundering.
Customer agrees and acknowledges that Customer is the exclusive owner and solely responsible, jointly and severally if applicable, for the confidentiality and protection of Customer’s Account number(s) and password(s) that allow Customer to place online orders and access Wmarkets electronic trading systems.
Customer further agrees that Customer will be fully responsible for all activities including brokerage transactions that arise from the use of Customer’s Account number(s) and password(s).
Customer agrees to indemnify and hold Wmarkets harmless from: if any other person utilizing Customer’s confidential information provides instructions to Wmarkets that may be contrary to Customer’s instructions.
Customer will immediately notify Wmarkets in writing or by email of any loss, theft or unauthorized use of Customer’s Account number and/or passwords.
All copyright, trademark, trade secret and other intellectual property rights in the Wmarkets Trading Platform (“Trading Platform”) shall remain at all times the sole and exclusive property of Wmarkets and/or its 3rd party service providers and Customers shall have no right or interest in the Trading Platform except for the right to access and use the Trading Platform as specified herein.
Customer acknowledges that the Trading Platform is confidential and has been developed through the expenditure of substantial skill, time, effort and money.
Customer will protect the confidentiality of Wmarkets and/or its 3rd party service providers by allowing access to the Trading Platform only by its employees and agents on a need to access basis.
Customer will not publish, distribute, or otherwise make information available to third parties any information derived from or relating to the Trading Platform.
Customer will not copy, modify, decompile, reverse engineer, and make derivative works of the Trading Platform or in the manner in which it operates.
Customer acknowledges that Wmarkets does not and will not give investment, legal or tax advice or make trading recommendations. Customer acknowledges that Wmarkets makes no representations concerning the tax implications or treatment of contracts. Customer agrees that Customer is a self-directed investor and all orders entered are unsolicited and based on Customer’s own investment decision or the investment decision of Customer’s duly authorized representative.
Customer agrees that neither Wmarkets nor any of its employees may be Customer’s duly authorized representative and that Customer will neither solicit nor rely upon Wmarkets or any of its employees for any such advice.
Customer understands that Customer is solely responsible for all orders entered, including but not limited to trade qualifiers, the number of trades entered, the suitability of any trade(s), investment strategies and risks associated with each trade, and will not hold Wmarkets or any of its employees liable for those investment decisions.
Customer further understands that Wmarkets does not and will not review the appropriateness or suitability of any transactions implemented or investment strategies employed in Customer’s Account.
Customer hereby agrees to hold Wmarkets and its officers, directors, employees, agents and affiliates harmless from any liability, financial or otherwise, or expense (including attorneys’ fees and disbursements), as incurred, as a result of any losses or damages Customer may suffer with respect to any such decisions, instructions, transactions or strategies employed in Customer’s Account by Customer or Customer’s duly authorized representative, or as a result of any breach by Customer of any of the covenants, representations, acknowledgments or warranties herein.
Customer acknowledges that:
Customer acknowledges that investments in leveraged transactions are speculative, involve a high degree of risk, and are appropriate only for persons who can assume risk of loss of their margin deposit.
Customer understands that because of the low margin normally required in trading over-the-counter contracts, price changes in contracts may result in the loss of Customer’s margin deposit.
Customer warrants that Customer is willing and able, financially and otherwise, to assume the risk of trading, and in consideration of Wmarkets carrying his/her Account(s), Customer agrees not to hold Wmarkets responsible for losses incurred through following its trading recommendations or suggestions or those of its employees, agents or representatives.
Customer recognizes that guarantees of profit or freedom from loss are impossible in trading.
Customer acknowledges that Customer has received no such guarantees from Wmarkets or from any of its representatives or any introducing agent or other entity with whom Customer is conducting his/her Wmarkets Account and has not entered into this agreement in consideration of or in reliance upon any such guarantees or similar representations.
Customer agrees and acknowledges that all conversations regarding Customer’s Account(s) between Customer and Wmarkets personnel may be electronically recorded with or without the use of an automatic tone warning device.
Customer further agrees to the use of such recordings and transcripts thereof as evidence by either party in connection with any dispute or proceeding that may arise involving Customer or Wmarkets.
Customer understands that Wmarkets destroys such recordings at regular intervals in accordance with Wmarkets established business procedures and Customer hereby consents to such destruction.
Customer agrees and acknowledges that all conversations regarding Customer’s Account(s) between Customer All monies, securities, negotiable instruments, contracts and/or other property on deposit with Wmarkets or its affiliates, in Customer’s Account, for any purpose, including safekeeping, are hereby pledged with Wmarkets and shall be subject to a security interest in Wmarkets favour for the discharge of all Customer’s obligations to Wmarkets irrespective of the number of Accounts Customer has with Wmarkets.r and Wmarkets personnel may be electronically recorded with or without the use of an automatic tone warning device.
Customer understands that Wmarkets destroys such recordings at regular intervals in accordance with Wmarkets established business procedures and Customer hereby consents to such destruction.
Customer hereby also grants to Wmarkets the right to pledge, repledge, hypothecate, invest or loan, either separately or with the property of other customers, to itself or to others, any funds, securities, currencies, and foreign currency or off-exchange transactions of Customer held by Wmarkets as margin or security. Wmarkets shall at no time be required to deliver to Customer the identical property delivered to or purchased by Wmarkets for any Account of Customer.
Wmarkets and/or its 3rd party service providers provide trading technology for Customer’s use in connection with transactions made by Customer with Wmarkets Such trading technology includes, but is not limited to, the Trading Platform, web applications, application program interfaces, software, software code, programs, protocols and displays (collectively “Technology”) for trading, analyzing trades and markets, and constructing automated trading systems.
Wmarkets provides the Technology “as is,” without any warranties of merchantability, fitness for a particular purpose, or other express or implied warranties.
Wmarkets will not be responsible for the operation or performance of any automated trading system developed with Technology or for any malfunctions of Technology or for any delays or interruptions in transmission of orders due to breakdown, excessive call volume or failure of transmission or communication equipment on the Internet or otherwise, including, but not limited to, communications problems, computer software or hardware breakdowns, malfunctioning errors, any and all problems or glitches associated with computer problems or any other technical cause or causes.
This Agreement shall be continuous and shall cover, individually and collectively, all Accounts of Customer at any time opened or reopened with Wmarkets irrespective of any change or changes at any time in the personnel of Wmarkets or its successors, assigns, or affiliates.
This Agreement including all authorizations shall inure to the benefit of Wmarkets and its successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon Customer and/or the estate, executor, trustees, administrators, legal representatives, successors and assigns of Customer.
Customer hereby ratifies all transactions with Wmarkets affected prior to the date of this Agreement and agrees that the rights and obligations of Customer in respect thereto shall be governed by the terms of this Agreement.
This Agreement shall continue in effect until termination, and may be terminated by Customer at any time when Customer has no open position(s) and no liabilities held by or owed to Wmarkets upon the actual receipt by Wmarkets of written notice of termination via email, or at any time whatsoever by Wmarkets upon the transmittal of written notice of termination to Customer; provided, that such termination shall not relieve either party of any obligations set out in this Agreement nor shall it relieve Customer of any obligations arising out of prior transactions entered into in connection with this Agreement.
This Agreement shall not be deemed to be accepted by Wmarkets nor become a binding contract between Customer and Wmarkets until Customer’s information is verified and approved by Wmarkets
Customer agrees to indemnify and hold Wmarkets its affiliates, employees, agents, successors and assigns harmless from and against any and all liabilities, losses, damages, costs and expenses, including attorney’s fees, incurred by Wmarkets arising out of Customer’s failure to fully and timely perform Customer’s responsibilities herein or should any of the representations and warranties fail to be true and correct.
Customer agrees to indemnify and hold Wmarkets its affiliates, employees, agents, successors and assigns harmless from and against any and all liabilities, losses, damages, costs and expenses, including attorney’s fees, incurred by Wmarkets arising out of Customer’s failure to fully and timely perform Customer’s responsibilities herein or should any of the representations and warranties fail to be true and correct.
Wmarkets shall not be liable to Customer for any claims, losses, damages, costs or expenses, including attorneys’ fees, caused, directly or indirectly, by any events, actions or omissions, including, without limitation, claims, losses, damages, costs or expenses, including attorneys’ fees, resulting from civil unrest, war, insurrection, international intervention, governmental action (including, without limitation, exchange controls, forfeitures, nationalizations, devaluations), natural disasters, acts of God, market conditions, inability to communicate with any relevant person or any delay, disruption, failure or malfunction of any transmission or communication system or computer facility, whether belonging to Wmarkets Customer, any market, or any settlement or clearing system.
The term “Wmarkets shall be deemed to include Wmarkets its affiliates, divisions, successors and assigns; the term “Customer” shall mean the party (or parties) executing the Agreement; and the term “Agreement” shall include all other agreements and authorizations executed by Customer in connection with the maintenance of Customer’s Account with Wmarkets regardless of when executed.
The paragraph headings in this Agreement are inserted for convenience of reference only and are not deemed to limit the applicability or affect the meaning of any of its provisions.
Web sites refer to Wmarkets Web site (https://Wmarketsmarkets.com and additional Web sites that Wmarkets may register). The Web sites provide Customer with content and information. The content on the Web sites is provided as a convenience but may be inaccurate or outdated.
Customer agrees at all times to rely upon Customer’s transaction confirmations and statements as the official records of Customer’s Account.
Information is not related specifically to an Account. Information is financial or investment information provided by third parties to Wmarkets that Wmarkets provides to Customer, which includes market data, news, research, financial analysis, commentary, or tools.
The information on the Web sites is provided from sources believed to be reliable but cannot be guaranteed.
The information provided on our Web sites is not customized for Customer and Customer understands that the information provided to Customer is not a recommendation to Customer about the suitability of a purchase and/or sale of any trading product.
Wmarkets may without notice to Customer change, revise, modify, add, upgrade, remove or discontinue any part of Wmarkets Web sites. The Web sites may include hyperlinks to third-party web sites.
Wmarkets is not responsible for the information or content provided by such third-party web sites.
Customer agrees that the market data, news and other information available to Customer through our Web site is for Customer’s personal use and that Customer will not retransmit or republish this information in any form without the written consent of Wmarkets.
No provision of this Agreement may be waived or amended unless the waiver or amendment is in writing and signed by both Customer and an authorized officer of Wmarkets.
No waiver or amendment of this Agreement may be implied from any course of trading between the parties or from any failure by Wmarkets or its agents to assert its rights under this Agreement on any occasion or series of occasions.
No oral agreements or instructions to the contrary shall be recognized as enforceable. This instrument and the attachments hereto embody the entire agreement of the parties, superseding any and all prior written and oral agreements and there are no other terms, conditions or obligations other than those contained herein.
This Agreement, any attachments thereto, and the terms and conditions contained in statements and confirmations contain the entire agreement between the parties with respect to the subject matter hereof.
If any provision or condition of this Agreement shall be held to be invalid or unenforceable by any court, or regulatory or self-regulating agency or body, such provision shall be deemed modified, or, if necessary, rescinded in order to comply with the relevant court, or regulatory or self-regulatory agency or body.
The validity of the remaining provisions and conditions shall not be affected thereby, and this Agreement shall be carried out as if such invalid or unenforceable provision or condition was not contained herein.
Customer authorizes Wmarkets to transfer and assign Customer’s Account to a futures commission merchant or another legal entity. Customer may not transfer or assign this Agreement without Wmarkets prior written consent. Any purported assignment by the Customer in violation of this provision is null, void and unenforceable.
Trading in margined account involves a high degree of risk including the risk of loss of the Customer’s entire Risk Capital deposited with Wmarkets Losses, in some cases, have the potential to extend beyond the Customer’s Account Value.
In consideration of Wmarkets agreeing to enter into contracts with its Customer(s) for this Account, Wmarkets requires all the undersigned Customer(s) to analyse their financial objectives, financial status, investment constraints and tax situation to determine whether trading is suitable. In addition, we require our Customers to carefully read and acknowledge the Wmarkets Risk Disclosure Statement that outlines without limitation the risks associated with trading a margined account through Wmarkets By signing this Agreement the Customer understands and agrees that:
Wmarkets provides leverage on most trading products for most customers of 100:1 or more. With 100:1 leverage the Customer has the potential to control $1,000,000 position with $10,000 in an Account. Wmarkets encourages its Customers to use only that portion of leverage that the Customer is most comfortable with and to use money management precautions such as, but not limited to, Stop Loss Orders for the purpose of limiting risk. Wmarkets reserves, at its sole discretion, the right to reduce or increase the amount of leverage given on any trading product at any time and without notice.
Trading experience periods of liquidity risk. Customer acknowledges that Liquidity Risk, resulting from decreased liquidity, is usually due to unanticipated changes in economic and/or political conditions. Customer also acknowledges that Liquidity Risk can affect the general market in that all participants experience the same lack of buyers and/or sellers.
The Customer also understands that liquidity risk can be Wmarkets specific due to changes in liquidity available to Wmarkets from a Wmarkets Custodian of funds interbank liquidity providers due to a perception that the risks of the market segment have increased. When liquidity decreases, Customers can expect, at the minimum, to have wider bid to ask spreads as the supply of available bid/ask prices, outstrips the demand.
Decreases in liquidity can also result in “Fast Market” conditions where the price of a trading product moves sharply higher or lower or in a volatile up/down pattern without trading in an ordinary step-like fashion. In some instances, there may exist the possibility that a trading bid and/or ask price for a trading product or products are not available (a situation where there is no liquidity).
Although there may be instances when the aggregate OTC market enters a “Fast Market” situation or periods where liquidity is in short or no supply, it is important to note that prices, bid/ask spreads and liquidity will reflect the prevailing interbank market liquidity for Wmarkets Wmarkets can Liquidate Positions of the Customer that do not have adequate margin: Because of the leverage available with OTC Margined Trading and the potential for extreme volatility, Wmarkets Custodian of funds reserves the sole discretionary right to liquidate Customer’s Account(s) should the Margin in the Account not be sufficient to cover the potential risk of loss. Should the Customer’s Account value go below the free of programming bugs that can cause trading, position keeping or any other required functionality of the Trading Platform and other relevant software applications associated with Wmarkets including but not limited to clearing and escrow Account software, from becoming inoperable or without errors?
There is a Communication Risk that the Customer assumes. Although Wmarkets will have qualified representatives available on the telephone during business hours to accept and execute Customer Market Orders, there exists the risk that the Customer will not be able to contact or make contact with the Wmarkets representative due to but not limited to, communication malfunction, an overabundance of telephone orders, or any other malfunction or negligence.
The Customer acknowledges and agrees that they will hold harmless Wmarkets for any loss or missed trading opportunity resulting from any communication problems the Customer may encounter.
Wmarkets does not take responsibility for Money Managers. Should a Customer grant a Money Manager trading discretionary trading authority or control over a Customer’s Account, the Customer acknowledges that Wmarkets does not take any responsibility for any action done by that Third Party on the Customer’s behalf.
The Customer grants Money Manager trading authority for the Customer’s Account at its sole, and full risk. Wmarkets reserves the right to correct any transactions executed on misquoting errors: In the case when a quoting error occurs that results in a Customer transaction done at an off-market price, Wmarkets reserves the sole discretionary right to make the necessary corrections and adjustments to the Customer’s Account whether it be in the favour of the Customer or not in the Customer’s favour.
Any change will be reported to the Customer either verbally or via an electronic method such as but not limited to email.
All Market Recommendations made by Wmarkets or any representative of Wmarkets are for informational purposes only. Any decision by the Customer to buy or sell is an independent decision by the Customer. Market recommendations made by Wmarkets or a representative of Wmarkets do not constitute an offer to sell or buy from Wmarkets or from any other source that may provide straight-through processing prices to the Customer.
Wmarkets and its employees are not investment advisor(s) and have no fiduciary duty to Customer and therefore are not liable for any losses incurred by the Customer as a result of information or any recommendations made by Wmarkets or representative of Wmarkets The customer is at Risk if Wmarkets should go out of business.
There is no guarantee that Wmarkets as a business will be profitable. Consequently, there exists a credit risk that Wmarkets may be subject to losses, which could, in turn, jeopardize the capital that the Customers have in their Accounts. Customer acknowledges that in the event of insolvency, the Customer can only look to Wmarkets for performance and return of all Collateral and Margin that the Customer may have at Wmarkets.
Wmarkets may decide to exit the Business. There is no guarantee that Wmarkets Custodian of funds may decide that they do not want to continue to participate. As a result, the Customer agrees and acknowledges that Wmarkets may liquidate all Customer positions, and return margined funds to the Customer at the sole discretion of Wmarkets at any time and for any reason. Wmarkets Customers do not hold Wmarkets liable for any loss as a result of the liquidation of the Customers position either on an actual basis or as a result of missed profit opportunities.
Customers are responsible for any reporting errors. Any reporting and confirmation errors of omission, and/or errors in the details of transactions including but not limited to the price contracts were executed, the product traded, the market direction (i.e., ”buy” or “sell”) of order, the type of order and/or any errors in fees, charges or credits to the Customer’s Account including but not limited to charges for executing a transaction, wiring funds, rolling over position, and sweeping balances into the home currency, require that the customer notifies Wmarkets immediately upon discovery for review.
Risks from trades done over the telephone. Wmarkets will only accept Market Orders for trades done over the telephone. Telephone trades are considered executed when the Wmarkets representative says, “done” and relays the complete transaction details. Any given price by a Wmarkets representative over the telephone prior to execution is considered indicative. Wmarkets reserves the right to change the indicative price given over the phone if the actual trading price is different due to market conditions, misquote or volatility.
Wmarkets is not responsible for Customer telephone orders if the Customer cannot be heard or understood by the Wmarkets representative due to, without limitation, accent, speech defect, faulty connection, or excessive background noise at the Customers location or at Wmarkets To better ensure execution, Wmarkets requires that Customers communicate in English when giving orders. Wmarkets cannot guarantee that telephone orders given in a foreign language will be executed. For best results and fast execution, the following procedure will be used:
The Customer will first be asked by the Wmarkets representative the following Account Information:
The Wmarkets representative will then repeat the order information for the Customer to confirm. For example, the Wmarkets Representative may say the following, “Buy 2 lots of EUR vs USD at the Market. Confirmed?” By saying, “Yes” the order will be executed at the Market and the details immediately given to the Customer after execution. The Wmarkets representative will enter the transaction into the Customer’s Account. The details and effects of the transaction will be reflected in the Customer’s Online Reports.
Wmarkets does not warrant that trades done over the telephone will be done at prices that mirror the prices displayed electronically at that time over the Trading Platform. Wmarkets reserves the right to charge a commission for trades done over the telephone.
Should Wmarkets charge a commission for telephone trades, it will be reported on the Wmarkets Website and be reflected as a line-item debit in your Wmarkets Account Reports? All trades and charges done via the phone are final. Wmarkets reserves the right to tape all telephone calls without knowledge of the Customer.
Wmarkets is not responsible or liable if the tapes of the telephone calls are erased or never recorded because of error, omission or any reason. Wmarkets is also not liable should User Name and Account information be obtained knowingly or unknowingly by a Third Party and as a result, trades done in the name of the Customer without his or her knowledge or authorization.
Risks from trades done using chat communication devices. Wmarkets may utilize an electronic conversational application or other similar chat application for the communication and execution of some market orders.
Trades are done using chat applications or the telephone should only be done if the Customer cannot execute using the Trading Platform. Although currently not planned, Wmarkets reserves the right to charge a commission for trades done over chat applications. Should Wmarkets charge a commission for chat application trades, it will be reported on the Wmarkets Website and be reflected as a line-item debit in your Wmarkets Account Reports. All trades and charges done via chat applications are final. Neither Wmarkets nor third-party chats application provider is responsible or liable if the electronic logs of the electronic conversations are erased or never recorded because of error, omission or any reason. Wmarkets is also not liable should User Name, Password and Account information be obtained knowingly or unknowingly by a Third Party and as a result, trades done in the name of the Customer without his or her knowledge or authorization.
Wmarkets has limited liability. The Customer agrees and acknowledges that Wmarkets shall not be liable to the Customer for any claims, losses, damages, costs or expenses, including attorneys’ fees caused directly or indirectly by any events, actions or omissions, without limitation, claims, losses, damages, costs and expenses, including attorney’s fees, resulting from civil unrest, war, insurrection, international intervention, governmental action) including, without limits, exchange controls, forfeitures, devaluations and nationalizations), natural disasters, acts of God, market conditions, communication problems or any delay, disruption, failure of any transmission or communication system or computer hardware or software application whether supplied and belonging to Wmarkets or from a third party vendor that the Customer and Wmarkets relies on to conduct execution and reporting services.
Effect of “Leverage” or “Gearing”: Margin accounts and contracts carry a high degree of risk. The amount of initial margin is small relative to the value of the contract so that transactions are “leveraged” or “geared”. A relatively small market movement may have a proportionately larger impact on the funds’ Customer has deposited or will have to deposit. This may work against Customer as well as for Customer. Customer may sustain a total loss of initial margin funds and any additional funds deposited with the firm to maintain Customer’s position.
Risk-reducing orders or strategies: Placing contingent orders, such as “stop-loss” or “limit” orders, particularly in volatile market conditions, will not necessarily limit Customer’s losses to the intended amounts, since market conditions may make it impossible to execute such orders. Strategies using combinations of positions, such as “spread” and “straddle” positions may be as risky as taking simple “long” or “short” positions.
Before Customer begins to trade, Customer should obtain a clear understanding of all charges for which Customer may be liable. These charges will affect Customer’s net profit (if any) or increase Customer’s loss.
Electronic trading: Trading on an electronic trading system may differ not only from trading in an open outcry market but also from trading on other electronic trading systems. If Customer undertakes transactions on an electronic trading system, Customer will be exposed to risks associated with the system including any failure of hardware and software. The result of any system failure may be that Customer’s order is either not executed according to Customer’s instructions or not executed at all. Since Wmarkets does not control signal power, its reception or routing via Internet, the configuration of Customer’s equipment or reliability of its connection, Wmarkets cannot be responsible for communication failures, distortions or delays when trading online (via the Internet). In no event shall Wmarkets be liable for speculative or expectancy damages for potential future lost profits.
Limitation of liability: Customer accepts any trading system provided by Wmarkets “as is,” and without warranties, express or implied, including, but not limited to, the implied warranties of merchantability or fitness for a particular use, purpose or application; timeliness; freedom from interruption; or any implied warranties arising from trade usage, course of trading or course of performance.
Under no circumstances shall Wmarkets be liable for any punitive, indirect, incidental, special or consequential loss or damages, including loss of business, profits or goodwill. Wmarkets shall not be liable to Customer by reason of delays or interruptions of service or transmissions, or failures of performance of Wmarkets or its affiliate systems, regardless of cause, including, but not limited to, those caused by hardware or software malfunction; regulatory action; acts of God; war, terrorism, or our intentional acts.
Customer recognizes that there may be delays or interruptions in the use of our system, including, for example, those caused intentionally by Wmarkets for purposes of servicing the system. Wmarkets does not guarantee that alternative trading arrangements will be available at a particular time and Wmarkets will not be held liable for delays in entering an order.
Wmarkets margin policies require that Customer’s Account be properly margined at all times. Failure to meet margin requirements may result in the liquidation of any open positions with a resultant loss. Wmarkets reserves the right to liquidate all positions without notice if an Account falls below Customer’s minimum margin requirement, in accordance with Wmarkets margin call policy.
Quoting errors: Should quoting errors occur, which may include, but are not limited to, a mistype of a quote by Wmarkets a quote which is not representative of fair market prices, an erroneous pricequote from a Wmarkets employee, such as but not limited to a wrong big figure quote or an erroneous quote due to failure of hardware, software or communication lines or systems and/or inaccurate external data feedsrovided by third-party vendors, Wmarkets will not be liable for the resulting errors in Account balances.
The foregoing list is not meant to be exhaustive and in the event of a quoting error, Wmarkets reserves the right to make the necessary corrections or adjustments on the Account involved. Any dispute arising from such quoting errors will be resolved in accordance with required regulations if such regulations exist. In the event of a system error where interest is not charged or credited as scheduled, Wmarkets reserves the right to apply the missed interest to the Account at any time.
Third-Party Authority: In the event that Customer grants trading authority or control over Customer’s Account to a third-party trading advisor, such as a Money Manager, whether on a discretionary or non discretionary basis, Wmarkets shall in no way be responsible for reviewing Customer’s choice of such trading advisor, or for making any recommendations with respect thereto.
Wmarkets makes no representations or warranties concerning any trading advisor; Wmarkets shall not be responsible for any loss to Customer occasioned by the actions of the trading advisor; and Wmarkets does not, by implication or otherwise, endorse or approve of the operating methods of any trading advisor. If Customer gives a Money Manager authority to exercise any rights over Customer’s Account, Customer does so at Customer’s own risk. Customer should regularly review the activity in Customer’s Account to ensure that Customer approves of the transactions placed on Customer’s behalf by Customer’s Money Manager.
Disclosure Regarding Bankruptcy Protections: The transactions Customer is entering into with Wmarkets are not traded on an exchange. Therefore, Customer’s funds may not receive the same protections as funds used to margin or guarantee exchange-traded futures, which may receive a priority in bankruptcy.
Since that same priority has not been given to funds used for trading, if Wmarkets becomes insolvent and Customer has a claim for amounts deposited or profits earned on transactions with Wmarkets Customer’s claim may not receive a priority. without a priority, the customer is a general creditor and customer’s claim will be paid, along with the claims of other general creditors, from any monies still available after priority claims are paid. Even customer funds that Wmarkets keeps separate from its own operating funds may not be safe from the claims of other general and priority creditors.
Volatile Market Conditions: Trading at times of extraordinarily volatile market conditions, e.g. key news announcements may expose the Customer to additional risks, including the risk that the Customer may not get the price him or her requests. Wmarkets cannot and does not guarantee its prices in times of extraordinary market volatility.
Simulated Conditions: Simulated conditions may differ from real conditions. Therefore, Customers who trade on demo Accounts should not necessarily expect the same results from live trading.
Referring Parties. IF YOU WERE REFERRED TO Wmarkets BY AN INTRODUCING BROKER, REFERRING PARTY OR THIRD-PARTY ADVISOR (EACH, AN “IB”), PLEASE BE ADVISED THAT Wmarkets AND YOUR IB ARE WHOLLY SEPARATE AND INDEPENDENT FROM ONE ANOTHER AND THERE EXISTS NO JOINT VENTURE OR PARTNERSHIP RELATIONSHIP BETWEEN THE PARTIES. Additionally, NEITHER IB NOR ANY OTHER EMPLOYEE OR AGENT OF IB IS AN AGENT OR EMPLOYEE OF Wmarkets
Wmarkets does not control, and cannot endorse or vouch for the accuracy or completeness of any information or advice Customer may have received or may receive in the future from Customer’s IB or from any other person not employed by Wmarkets regarding trading or the risks involved in such trading.
Wmarkets provides risk disclosure information to all new Customers when they open Accounts. Customer should read that information carefully, and should not rely on any information to the contrary from any other source.
Customer acknowledges that no promises have been made by Wmarkets or any individual associated with Wmarkets regarding future profits or losses in Customer’s Account. Customer understands that trading is very risky and that many people lose money trading.
If an IB or any other third party provides Customer with information or advice regarding trading, Wmarkets shall in no way be responsible for any loss to Customer resulting from Customer’s use of such information or advice.
To the extent Customer has previously been led to believe or believes that utilizing any third party trading system, course, program, research or recommendations provided by IB or any other third party will result in trading profits, Customer hereby acknowledges, agrees and understands that all trading, including trading done pursuant to a system, course, program, research or recommendations of IB or another third party involves a substantial risk of loss. In addition, Customer hereby acknowledges, agrees and understands that the use of a trading system, course, program, research or recommendations of IB or another third party will not necessarily result in profits, or will avoid losses or limit losses.
Because the risk factor is high in trading, only genuine risk capital should be used. If Customer does not have capital which the Customer can afford to lose, Customer should not trade.
Customer understands and acknowledges that Wmarkets may compensate Customer’s IB for introducing Customer to Wmarkets and that such compensation may be on a per-trade basis or another basis.
Customer understands and agrees that if Customer’s Account with Wmarkets is introduced by an IB, that IB shall have limited access to information regarding Customer’s Wmarkets Account, but the IB shall not have the right to enter into any trades on Customer’s Wmarkets Account unless authorized by Customer under a power of attorney between Customer and IB granting such IB the right to trade on Customer’s Account.
Customer understands and acknowledges that Customer may have only one IB, a party that originally referred Customer to Wmarkets Customer may terminate Customer’s relationship with an IB by providing written notice to Wmarkets Customer understands and acknowledges that Customer cannot be considered the client of any other IB. Should you have any questions regarding the risks of trading, please contact your Account representative.