EagleFX is an investment firm that operates as a global broker.
The client acknowledges that he/she has read, understood and accepted the Terms of Business that may be amended from time to time, in addition to any information contained within the firm’s website available online at www.eaglefx.com.
After the client completes and submits the Account Opening Application Form together with all the required identification documentation, EagleFX will send an email notification informing the applicant whether he/she has been accepted as a customer of EagleFX. It is understood that EagleFX is not required to accept the client as its customer, and hence open an account for him/her or accept any money from him/her, until all documentation required has been duly received by EagleFX, properly and fully completed by the client and all internal Company checks (including without limitation anti-money laundering checks and appropriateness tests) have been duly satisfied.
It is further understood that EagleFX reserves the right to impose additional due diligence requirements to accept clients residing in certain countries or as it sees fit from time to time. The Agreement will take effect and commence upon the receipt by the client of the notice sent by EagleFX informing the client that he/she has been accepted as EagleFX’s client. Furthermore, by accepting this Agreement, the client is consenting that if he/she is accepted by EagleFX as a client their relationship will be governed by the terms and Conditions of this Terms of Business and Account Opening Agreement as amended.
The client acknowledges that the Firm’s official language is the English Language.
3.1 This document “Terms of Business” determines all actions related to the execution of the client’s trades and is taken in conjunction with the Account Opening Agreement.
3.2 The Terms of Business are non-negotiable and have priority over any other arrangements, agreements, express or implied statements made by EagleFX, unless determined otherwise.
4.1 Terms listed below have the following meanings and may be used in the singular or plural:
“Account” means a personalized trading account of the client opened with EagleFX;
“Account Detailed Report” means a statement of the clients securities portfolio, open positions, margin requirements, cash deposit etc. at a specific point in time;
“Ask Price” means the price at which EagleFX is selling a CFD;
“Authorized Person” means a person authorized by the client under a power of attorney to give instructions to EagleFX in relation to the Account;
“Balance” means the sum of the client Account after the last completed order and deposit/withdrawal operation made within any period of time;
“Best Execution Policy” means EagleFX’s prevailing policy available at EagleFX’s Website regarding the best execution of client’s orders;
“Bid Price” means the price at which EagleFX is buying a CFD;
“Business Day” means any day on which banks are open for business;
“CFD Contract or CFD” means a contract which is a contract of difference by reference to fluctuations in the price of the relevant Underlying Asset;
“Client” means a natural or legal person, accepted by EagleFX as its client, to whom services will be provided by EagleFX under the “Terms of Business “;
“Collateral” means any securities or other possessions deposited with EagleFX;
“Company” means EagleFX Ltd.
“Company’s Website” means www.eaglefx.com;
“Contract” means any contract, oral or written, for the purchase or sale of any commodity, security, currency or other financial instruments or property, including any derivative contracts such as options, futures, CFDs or other transactions related thereto, entered into by EagleFX and the client;
“Counterparties” mean banks and/or brokers through whom EagleFX may cover its transactions with clients;
“Durable Medium” means any instrument which allows the client to keep information in a way accessible for future reference for a period of time adequate for purposes of the information and which enables the unchanged reproduction of the information stored;
“Equity” equals (Balance + Floating Profit & Loss + Swap);
“Event of Default” shall have the meaning given to this term in Clause 12;
“Execution Venue” the counterparty for transactions and holder of the clients securities or other assets deposited other than EagleFX;
“Floating Profit/Loss” means the unrealized profit (loss) of open positions at current prices of the Underlying Assets;
“Free Margin” means the funds not used as guarantee to open positions, calculated as: Free Margin = Equity-Margin;
“Margin” means the required guarantee funds to open positions and maintain Open Positions, as specified in the Spreads and Conditions Schedule;
“Margin Call” when the Margin posted in the margin account is below the minimum margin requirement, EagleFX’s Execution Venue issues a Margin Call and in this case the client will have a) to increase the Margin that he has deposited, or b) to close out his position(s). If the client does not do any of the aforementioned, the Execution Venue shall have the right to close the client’s positions;
“Margin Level” means the percentage of Equity to Margin ratio. It is calculated as: Margin Level = (Equity/Necessary Margin) x 100;
“Market Maker” means a dealer in securities or other assets who undertakes to buy or sell at specified prices at all time;
“Market Rules” means the rules, regulations, customs and practices from time to time of any exchange, clearing house or other organization or market involved in the conclusion, execution or settlement of a Contract any exercise by any such exchange, clearing house or other organization or market of any power or authority conferred on it;
“Open Positions” means any position/transaction that has not been closed. For example, an open long position not covered by the opposite short position and vice versa;
“Orders” means any trading transactions executed on EagleFX’s trading platforms by the client;
“OTC” means any Contract concerning a commodity, security, currency or other financial instrument or property, including any option, future, or CFD which is not traded on a regulated stock or commodity exchange but “over the counter”;
“Principal” means the individual person or the legal entity which is a party to a transaction;
“Security” means any securities or other assets deposited with the execution venue;
“Services” means the services to be provided by EagleFX to the client interpreted by these Terms of Business. Services is inclusive of any dealing, order routing, advisory or other services which EagleFX provides from time to time to the client by remote access via the Internet and which are subject to these Terms;
“Spread” means the difference between the Ask Price and the Bid Price;
“Spreads and Conditions Schedule” means the schedule of spreads, charges, margin, interest and other rates which at any time may be applicable to the Services as determined by EagleFX on a current basis. The Spreads and Conditions Schedule is available on EagleFX’s Website and may be supplied to the client on demand;
“Swap” means the funds withdrawn or added to the client’s Account from rolling over (transfer) of an open position to the next day;
“Terms” mean these Terms of Business covering all the actions related to the execution of your (client’s) trades;
“Trade Confirmation” means a notification from EagleFX’s trading platform to the client confirming the client’s entry into a Contract;
“Trading Platform” means any online trading platform made available to the client by EagleFX for placing orders, requesting quotes for trades, receiving price information and market related news as well as having a real-time revaluation of the open positions, through the Internet;
“Underlying Asset” means underlying asset is the financial instrument (e.g., stock, futures, commodity, currency, index) on which a derivative’s price is based.
5.1 The client acknowledges the electronic nature of the Services and the inseparable risk of this means of communication and understands that his actions may not reach the intended destination or may do so much later than intended, for reasons outside EagleFX’s control.
5.2 EagleFX does not control signal power, its reception or routing via Internet or any other means of electronic communication, configuration of client’s equipment or reliability of its connection. Therefore, EagleFX is not responsible for any claims, losses, damages, costs or expenses, including attorneys’ fees, caused directly or indirectly, by any breakdown or failure of any transmission or communication system or computer facility belonging to EagleFX.
5.3 The client is obliged to keep all login information secret and assure that third parties do not obtain access to the trading facilities. The client will be held responsible for transactions executed by means of the client’s password even if such transactions were not executed by the client himself.
5.4 Unless otherwise agreed, any prices shown on EagleFX’s Trading Platform are indicative at the time shown based on data that is subject to constant change. The execution price is that which is confirmed to the client on the Trade Confirmation issued (whether on screen or otherwise) after the client order is executed. This price may in certain cases differ from the price appearing on the screen at the time the order was placed. In case when an incorrect price is used as the basis of any transaction, the Execution Venue reserves the right to amend or call off the details of the transaction(s) in question.
5.5 The limit order functionality of the Trading Platform will be subject to the Internet service remaining available over the period in which the limit order is outstanding. It will be as well subject to size limits input by the Execution Venue’s dealer(s) remaining in excess of the clients order size and such dealer’s position limits and/or any other limits determined by the Execution Venue to be applicable to the client (whether or not disclosed to the client) still being able to facilitate the order at the time the limit price is reached.
5.6 The identification or use of any third-party products, services or websites is not endorsed by EagleFX. EagleFX has no responsibility or liability of any materials on any website, which is not under EagleFX’s direct control.
6.1 The client is particularly made aware of the fact, that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, the Eagle will act only as an ECN broker.
6.2 EagleFX will not act as the Execution Venue.
6.3 When acting as an ECN broker, EagleFX will not establish bid and ask prices.
6.4 In order for EagleFX, to quote prices with the quickness normally associated with speculative trading, EagleFX may have to rely on available information that may later prove to be erroneous, due to specific market circumstances (e.g. lack of liquidity , suspension of an asset or errors in feeds from information providers or quotes from Counterparties) If this occurs and if EagleFX has acted in good faith when providing the price to the client, EagleFX may revoke the trade with the client but must do so within reasonable time frame and shall provide the client with a full explanation of such cancellation.
6.5 Following execution of any position with a client, the Execution Venue may afterwards compensate each such client position with another client position, or a position with one of the Execution Venue’s Counterparties or maintain a proprietary position in the market, to obtain profits from such positions. Such decisions and actions may result in the Execution Venue offsetting client positions at prices, sometimes significantly different, from prices stated to clients, resulting in trading profits or losses for the Execution Venue.
This can consequently create what may be seen as an implied cost (i.e. the difference between the price at which the client traded with the Execution Venue and the price at which the Execution Venue subsequently traded with Counterparties and/or other clients). The Market Making function may pose significant costs to the Execution Venue if the market moves against it as compared to the price at which it traded with the client.
6.6 The client acknowledges that the Execution Venue in CFD contracts where it acts as Market Maker, may hold positions that are contrary to positions of the client, resulting in potential conflicts of interest between the Execution Venue and the client.
6.7 In markets, where the Execution Venue acts as a Market Maker, the client accepts that EagleFX has no obligation to state prices to clients at all times in any given market, nor to quote such prices to clients included the specific maximum spread.
6.8 The client understands, recognizes and accepts that the price quoted to the client includes a spread, when compared with the price to which the Execution Venue may have covered or expected to be able to cover the Contract in a trade with another client or a counter party.
Moreover, the client acknowledges and accepts that this spread represents EagleFX remuneration and that such spread cannot automatically be calculated for all Contracts and that such spread will not be described at the Trade Confirmation or otherwise disclosed to the client.
6.9 Any commissions, interest charges, costs associated to and included in the spreads quoted by the Execution Venue as a Market Maker in certain markets and other fees will therefore have influence on the client’s trading result and will have a negative effect on the client’s trading performance, compared to a situation in such the commissions, interest charges and costs associated to and included in the spreads, did not apply.
6.10 a) In the case that the client account equity is equal or exceeds 300,000 USD (or currency equivalent) and there are open trades of Metals (Gold and/or Silver) of 50 lots or more, EagleFX has the right to adjust the leverage of the underlying trading account to 1:75. If this occurs, EagleFX will notify the client by email.
6.11 The client is particularly informed, that in trading of OTC foreign exchange options, CFD Contracts and other OTC products, implied charges may arise as an after-effect of the profits made by the Execution Venue performing in its capacity as a Market Maker.
6.12 The Execution Venue is at no time obliged to reveal any details of its performance or income produced as a Market Maker or otherwise, related to other commissions, charges and fees.
6.13 The client is made aware that CFD Contracts may be OTC products quoted by the Execution Venue whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, non-visible costs related to the Execution Venue performance as a Market Maker may also apply to any CFD Contract.
7.1 Internet, connectivity delays, and price feed errors sometimes create a situation where the price displayed on the Trading Platform does not reflect the market rates precisely. In the OTC market, where the client is buying or selling directly from the principal, cannot exist the concept of arbitrage and EagleFX does not permit the practice of arbitrage on the Trading Platform. Transactions, depending on price latency arbitrage opportunities may be dismissed without prior notice.
EagleFX reserves the right to make the necessary corrections or modifications on the Account involved, without prior notice. Accounts that rely on arbitrage strategies may be subject to EagleFX’s intervention and EagleFX’s approval of any Orders. Any conflict arising from such quoting or execution errors will be solved by EagleFX in their absolute discretion.
7.2 EagleFX is not obliged to contact the client and advise upon appropriate action reflecting changes in market conditions.
7.3 The client agrees to secure and hold EagleFX, its affiliates, directors, managers and employees harmless from and against any and all liabilities, losses, damages, costs and expenses, including legal fees that have arisen in connection with EagleFX’s services ,provided that any such liabilities, losses, damages, costs and expenses have not arisen for EagleFX’s gross negligence, fraud or willful default.
8.1 The client acknowledges and understands that the service provided by EagleFX to the client is not designed for specific trading techniques usually called “arbitrage trading”, “picking/sniping”. Sniping: the situation where the client is prematurely buying or selling near default prices.
In case that client is utilizing such techniques, the client agrees and acknowledges that EagleFX may take one or more, or any portion of, the following actions:
(i) close the client’s account;
(ii) suspend the client’s account for an undefined period of time;
(iii) carry out an investigation on the client’s account for an indefinite period of time;
(iv) charge a penalty fee to the client in the same or higher value of money which resulted from the client employing such techniques.
The client shall not illegally access or attempt to gain access, reverse engineer or in any other way bypass the security measures applied to the Trading Platform by EagleFX.
It is categorically prohibited to take any of the following actions:
9.1 EagleFX Ltd. retains the right to cancel and/or reverse any trades which are considered untrue or opened at a fictitious price not existing on the market at the time of opening. Such cases include but are not limited to trades based on a non-market quotation or based on latency trading (such as old prices).
10.1 EagleFX reserves the right to increase or decrease the trading volume limitation level of one or more instruments at any time without giving prior notice. The volume limitation is applied on a per client basis. In the event a volume restriction has been placed on a client and that client attempts to exceed the volume limit on any of the instruments restricted by such a limitation, the request will be automatically rejected and an “Off quote” message will be shown.
11.1 The Execution Venue and/or EagleFX has the right to keep, or make deductions from, any amounts which the Execution Venue and/or Company is holding for the client, if any amounts are due from the client to EagleFX.
11.2 The client herewith entitles the Execution Venue and EagleFX at any time and without notice or liability to the client, to sell, apply, set-off and/or charge in any manner any or all of the client’s assets and/or the proceeds from such assets which the Execution Venue and/or Company has custody or control over, in order to redeem all or any of the client’s obligations to the Execution Venue and EagleFX.
11.3 Each and any of the following events shall count for an “Event of Default” if: