Terms of Service
This is a Customer Agreement (“Agreement”) between Xenia, a company incorporated in July 2009 and organized under the laws of the Cayman Islands under company registration number BC-2289942, its successors and assigns, and the individual entity executing this Agreement (“Client”). By completing the on-line Open Live Account Application (“Application”) Client agrees that the terms set out in this Agreement (as amended by Xenia from time to time) govern the terms of all of Client’s dealings with Xenia and Xenia “Services”.
In consideration of Xenia agreeing to carry on one or more accounts of Client and providing services to Client in connection with the purchase and sale of currencies (collectively, “Forex”), Client agrees as follows:
If any term of the Operative Agreements (or any part of any term) shall be held by a court of competent jurisdiction to be unenforceable for any reason then such term shall, to that extent, be deemed severable, but the enforceability of the remainder of Operative Agreements shall not be affected.
2. Responsibility for the content of the Xenia Services
Xenia is responsible for the legality of the content and that it is provided in accordance with good practice, in addition to requirements related to copyrights and other intellectual property rights.
The general information, guidance or advice provided by the Xenia Services are not intended to be a legal, commercial, or similarly Xenia -binding source of information, guidance or advice, and should not be relied upon by the user. On this basis, demands cannot be presented to Xenia. Xenia accepts no responsibility for any damages caused to the user through the use of incorrect, incomplete or ambiguous data.
Xenia is responsible for the services and their accuracy, quality and the functioning of related data in accordance with the applied mandatory legislation.
3. Use of Website
Client acknowledges that whilst Xenia will use reasonable endeavors to ensure all information on its website is accurate, Xenia makes no warranties or representations that the website content is accurate or correct or up to date and any reliance on the information by Client is at Client’s own risk. Client acknowledges that Xenia recommends that Client obtains its own professional legal and financial representation. This website is operated by Xenia, 10 Market Street, #244, Camana Bay, Grand Cayman, KY1-9006, Cayman Islands.
4. Margin requirements
The Client shall provide and maintain the Margin in such limits as Xenia, at its sole discretion, may change and require from time to time. It is the Client’s responsibility to ensure that the Client understands how a margin is calculated. Client agrees to maintain sufficient margin in Client’s account without notice from Xenia. Xenia is entitled to close the Client’s Open Positions without the consent of the Client or any prior written notice if the Equity is less than Xenia’s valid margin requirements. Note that special weekend margin requirements may be applied by Xenia, at its sole discretion. Xenia is not responsible for any realized losses arising therefrom.
5. Email Marketing
Client consents to Xenia sending out emails with details of marketing material which Xenia believes may be of interest to Client. Client consents to receiving these emails. Client can unsubscribe from these emails at any time.
6. Clients who are introduced to Xenia by an Introducing Broker, Affiliate, or Third Party Advisor (or referred by a Friend).
If an Introducing Broker or Third Party Advisor or Friend introduces the Client to Xenia, the Client understands that Xenia may pay fees, commissions or other compensation to such person or entity for the introduction. Client acknowledges and agrees that as an Introducing Broker or Third Party Advisor to Xenia, the Introducing Broker or Third Party Advisor does not hold or collect any margined funds on behalf of Xenia or for the Client’s Account. Xenia does not control and cannot endorse or vouch for the accuracy of any information or advice Client may have or will receive from the Introducing Broker or Third Party Advisor and Client agrees that such Introducing Broker or Third Party Advisor does not in any form or manner represent or act for or on behalf of Xenia. The Introducing Broker or Third Party Advisor will not have trade authorization privileges unless granted in writing by the Client. The Client under all circumstances understands and agrees that the Introducing Broker and/or Third Party Advisor is the Client’s agent and not the agent of Xenia.
Xenia is a wholly separate and independent entity from any Introducing Broker or Affiliate with which it has a business relationship. The Introducing Broker Agreement between Xenia and Introducing Broker does not establish a joint venture or partnership and any such Introducing Broker is not an agent or employee of Xenia.
7. Joint accounts
Where the Application is for a joint account, whilst the account is owned jointly each Client severally has authority: to trade Client’s account without restriction, to receive all correspondence and documents in respect to Client’s account, to receive or withdraw money from Client’s account, to execute agreements relating to Client’s account, and to deal with Xenia fully. Xenia has the authority to require joint action by the parties of the account in matters of the account if Xenia decides at its discretion this is necessary. Client acknowledges that on the death of one of the joint parties all funds and property in Client’s account shall be deemed to be owned solely by the surviving party. Xenia reserves the right in the event of the death of one of the joint parties to require a copy of the death certificate and is entitled to put a hold on the account until this has been provided.
8. Transfer of Customership
Client agrees that Xenia may transfer Customership to a third party at its sole discretion. Unless otherwise notified, following transfer, Client shall be a client of the third party with the same contractual conditions as Client had with Xenia.
9. Data security and Confidentiality
Client agrees and acknowledges that Client is the exclusive owner and solely responsible, joint and severally if applicable, for the confidentiality and protection of Client’s account number(s) and password(s) that allow Client to place on-line orders and access Xenia’s electronic trading systems. Client further agrees that Client will be fully responsible for all activities including brokerage transactions that arise from the use of Client’s account number(s) and password(s). Client agrees to indemnify and hold Xenia harmless from: if any other person utilizing Client’s confidential information provides instructions to Xenia that may be contrary to Client’s instructions. Client will immediately notify Xenia in writing or by e-mail of any loss, theft or unauthorized use of Client’s account number(s) and/or password(s). Client accepts that the data networks and the services which are provided through them are not completely safe, and that the user is responsible for the proper handling of the information and security of their own information systems. The user is also responsible for the equipment required to use the Services, the acquisition and operational condition of the links and software and to ensure that they do not cause damage or disruption to Xenia or a third party.
10. No Tax, Accounting, Legal Market Advice or Trading recommendations
Client acknowledges that Xenia does not provide any tax, accounting or legal advice of any kind to Client. Xenia does not give advice or offer any opinion with respect to the profitability, suitability or potential value of a particular transaction or investment strategy. Client further acknowledge that any recommendations, research, market letters or other information (collectively, “Market Information”) provided to Client by Xenia does not constitute an offer or solicitation to sell or to buy any Forex or other property. Client assumes the risk of relying on Market Information and hereby will indemnify and hold Xenia harmless from any and all claims, demands, losses, damages or expenses Xenia may incur as a result of Client’s use of Market Information. Client agrees that any investment decision and transaction Client makes will be based solely on Client’s own evaluation of Client’s financial circumstances and investment objectives and whether such decisions and transactions are suitable with respect to your investment and/or trading strategy. Xenia does not provide buying or selling recommendations and neither do the services provide general information or other such information intended to guide the investment process of the client so the client must form their own view of the market or use the investment advice of specialists, taking into account that investment operations always come with high risk such as the loss of all invested capital. Client acknowledges and agrees that any market recommendations and information communicated to Client by Xenia, its employees or any Third Party do not constitute an offer to sell or the solicitation of an offer to buy any Foreign Currency. Xenia makes no representation, warranty or guarantee as to, and shall not be responsible for, the accuracy or completeness of any information or trading recommendation furnished to Client.
11. Commissions and Fees
Client understands and agrees that commissions and fees (as disclosed on Xenia’s website or in writing to Client) are charged to Client’s account on any and all transactions Client enters into. Xenia may share commissions, fees, rebates and, from time to time, profits with the introducing broker who introduced Client to Xenia. Client agrees to pay all such commissions and fees. If Client is on a commission free account, Client will be charged a spread between the bid price of the instrument and ask price of the instrument.
12. No guarantees
The Services of Xenia are provided “as is” and Xenia disclaims any express or implied guarantees. All utilization of the Services takes place at the sole risk of the user.
Xenia does not guarantee that:
- the Services or the material received through the Services corresponds to the user’s expectations,
- the Services are available uninterrupted or timely, reliably or flawlessly,
- prices reflected in the trading platform are correct until fully settled, or
- the accuracy and quality of the information which the user has received through the Services, is error-free, or otherwise meets the expectations of the user.
- In situations where upline technical failure results in incorrect fills, Xenia reserves the right to subsequently adjust and correct affected fill prices, whether to the benefit or detriment of the affected account.
13. Limitation of liability
Xenia (including its possible service providers) is not responsible for any incidental or consequential damages, including delays, damages caused by unused service possibilities, loss of income, goodwill, user rights, or data or other economic losses, resulting from: use of the services or because these could not be used, costs arising from acquiring a substitute service, data or information received through the services or a message which has been received through the services, unlawful data transmissions or unlawful alterations to these, or other conditions connected to the services. Further, Xenia will not be liable for any loss or expense incurred by the client in connection with, or directly or indirectly arising from any failure by the company to perform any of its obligations as a result of a cause beyond its control; or the acts, commissions or negligence of any third party.
14. Force majeure
A force majeure releases Xenia from any such obligations connected to its services, in so far as events prevent the functioning of its service or parts thereof or causes undue harm to it. Such events considered to be a force majeure are fires, earthquakes, floods, explosions, strikes and other cessations of work, the orders of officials, disturbances concerning the supply of energy, shortages of raw materials or equipment, war, civil unrest, externally caused by external sources resultant cable or data communication disturbances or other such reasons which were not previously known and for which prior preparation was not possible.
Xenia will inform users through written notification of the onset, estimated duration and cessation of the above-mentioned circumstances as soon as possible after the event has occurred, in so far as an announcement is possible. Written notification shall be understood as e-mail, mail or announcement on Xenia’s website.
15. Governing Law and Jurisdiction
This Agreement, the rights and obligations of the parties hereto, and any judicial or administrative action or proceeding arising directly or indirectly hereunder or in connection with the transactions contemplated hereby, whether brought by Client or Xenia, shall be governed by, construed and enforced in all respects by the laws of the Cayman Islands and the parties submit to the exclusive jurisdiction of the Cayman Islands courts.
The Client may terminate and close the Forex Account(s) with immediate effect by giving Written Notice to Xenia. Accordingly, Xenia may terminate and close the Forex Account(s) with immediate effect by giving Written Notice to the Client. Any such termination will not affect any obligation which has already been incurred by either the Client or Xenia in respect of any Open Position or any legal rights or obligations which may already have arisen under normal trading operations or any Transactions and deposit/withdrawal operations made thereunder. Upon termination Xenia will be entitled without prior notice to the Client to cease to grant the Client access to the Trading Platform. Further, all amounts payable by the Client to Xenia will become immediately due and payable including (but without limitation):
– all outstanding fees, charges and commissions;
– any dealing expenses incurred by terminating the Forex Account(s); and
– any losses and expenses realized in closing out any Transactions or settling or concluding outstanding obligations incurred by Xenia on the Client’s behalf.
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