Trading CFDs requires skills, knowledge, and understanding of relevant risks and is not suitable for everyone; Leveraged trading activity involves substantial risk of losing all invested funds within a short time period.
Trading CFDs requires skills, knowledge, and understanding of relevant risks and is not suitable for everyone; Leveraged trading activity involves substantial risk of losing all invested funds within a short time period.
WHO WE ARE
1.1.1. Banxso Proprietary Limited (Hereafter The “Company”), is a South African registered Financial Services Provider, Registration Number 2021/ 119980/07, having its address at 117 on Strand, De Waterkant, Cape Town, 8001, South Africa, regulated by the South African Financial Sector Conduct Authority (FSCA no. 37699) that provides financial services, as these are defined throughout this agreement, to you the client (hereafter also the “customer”, ”client”, “you”), through its electronic system over the internet (hereafter the “trading platforms”).
1.1.2. This Agreement is entered by and between the Company and the Client (which may be a legal entity or a natural person) who has completed the Account Opening Application and has been accepted by the Company as a Client.
1.2. We reserve the right to change this Agreement at any time and notify you of any such change either via email or through the Company’s website. You agree to continue to be bound by any such amended Terms and that the Company has no obligation to notify you of such amendments. You acknowledge that it is your responsibility to check these Terms periodically for changes and that your continued use of the Services offered by the Company following the posting of any changes to the Terms indicates your acceptance of any such changes. Any changes to the Agreement will not apply to transactions performed prior to the date on which the changes become effective unless specifically agreed otherwise. In case you disagree with the changes, you may terminate the Agreement in accordance with the Termination section.
COMMUNICATION WITH US
2.1. You may communicate with us using the communication details in the “Contact Us” section of our Website.
2.2. The language of communication shall be English, and you will receive documents and other information from us in English. However, where appropriate and for your convenience, we will endeavour to communicate with you in other languages. By accepting and agreeing to the Terms and Conditions of this Agreement, you accept the following terms and conditions.
2.3. The Company is free to use any idea, concept, know-how or technique or information contained in your communications for any purpose including, but not limited to, developing and marketing products. The Company monitors your communications to evaluate the quality of service you receive, your compliance with this Agreement, the security of the website, or for other reasons. You agree that such monitoring activities will not entitle you to any cause of action or other right with respect to the manner in which the Company monitors your communications.
MEMBERSHIP ELIGIBILITY
3.1. Services are available and reserved only for individuals or legal entities that have established a legally binding contract under the laws applicable in their country of residence. Without limiting the below mentioned terms, our Services are not available to people aged under the age of 18 or who have not attained the legal age (“Minors”). To avoid any doubt, we disclaim any liability for unauthorised use by Minors of our Services in any manner or another.
3.2. Without limiting the above-mentioned provisions, our Services are not available in areas where their use is illegal, and the Company reserves the right to refuse and/or cancel access to its Services to anyone at its sole convenience.
3.3. For avoidance of doubt, the ability to access our website does not necessarily mean that our services, and/or your activities through it, are legal under the laws, regulations, or directives relevant to your country of residency.
DEFINITIONS – INTEPRETATION
4.1. “Account” means the personal trading account the Client maintains with the Company and designated with a particular account number.
4.2. “Account Opening Application” shall mean the application form/questionnaire completed by the Client to apply for the Company’s Services under this Agreement and a Client Account, via which form/questionnaire the Company will obtain, among other things, information for the Client’s identification and due diligence, his categorization and appropriateness or suitability (as applicable) in accordance with the Applicable Laws and Regulations.
4.3. “Access Codes”, “log In Information” means the username and password given by the Company to the Client for accessing the Company’s website.
4.4. “Agreement”, “Policy” means these Terms and Conditions for the Services offered by the Company.
4.5. “Applicable Regulations” means South African Financial Sector Conduct Authority regulations and any other applicable law.
4.6. “Balance” means the sum held on behalf of the Client on its Client Account within any period.
4.7. “Business Day” means a day which is not a Saturday, or a Sunday, or a public holiday in South Africa, or any other holiday to be announced by the Company on its website.
4.8. “Company’s Website” means the following website: www.banxso.com.
4.9. “Execution” means the execution of clients’ orders on the Company’s trading platform, where the Company acts as an Agent to Clients’ transactions.
4.10. “Financial Markets” means international financial markets in which the financial instruments exchange rates are determined in multi-party trade.
4.11. “Financial Instruments” means any of the financial instruments offered by the Company.
4.12. “Liquidity Provider”: shall mean a third-party company that underwrites or provides the financing for Transactions and makes a market for a given asset.
4.13. “MTF” means the Multilateral Trading Facility.
4.14. “Operating (Trading) Time of the Company” means period within a business week, where the trading terminal of the Company provides the opportunity of trading operations.
4.15. The Company reserves the right to alter this period as fit, upon notification to the Client.
4.16. “Order” means the request / instruction given by the Client to the Company to Open or Close a Trading Position in the Client’s Account
4.17. “Services” means the investment and ancillary services which will be provided by the Company to the clients and are governed by this Agreement as these are described in Paragraph 5 of this Agreement.
4.18. “Transaction” means any type of transaction subject to this Agreement, effected in the Client’s trading account(s) including but not limited to Deposit, Withdrawal, Open Trades, Closed Trades, and any other transaction of any financial instrument.
4.19. In this Agreement, all the words that denote only the singular number will also comprise the plural, wherever the definitions apply and vice versa, and the words that denote natural persons will comprise legal persons and vice versa. Words denoting any gender include all the genders and whenever reference is made to the terms “Paragraphs”, “Sections” and “Appendices” it concerns paragraphs, sections, and appendices of this Agreement.
4.20. The headings of the Sections are only used for facilitating the reference and they do not affect their interpretation. References to any law or regulation will be considered to comprise references to that law or regulation as this can be altered or replaced from time to time or, similarly, to be extended, re-enacted, or amended.
PROVISION OF SERVICES
5.1. The following are the investment services which the Company is authorized to provide in accordance with its CIF authorization and which are governed by this Agreement (the “Services”):
– Reception and transmission of orders in relation to the Financial Instruments the Company is authorized to provide.
– Execution of orders on behalf of clients.
5.2. In addition, the Company will provide you with the following ancillary services:
– Safekeeping and administration of financial instruments, including custodianship and related services.
– Foreign exchange services where these are connected to the provision of investment services.
5.3. It shall be clarified and noted that the Company deals on an execution-only basis and does not advise on the merits of Transactions, or their taxation consequences.
5.4. You assume all responsibility in relation to any investment strategy, transaction or investment, tax costs, and for any consequences brought by from any transaction that you perform, and the Company shall not be held responsible, nor you shall rely on the Company for the aforementioned.
5.5. Our Services allow you to enter transactions with the Company for leveraged trading of Contract for Difference (or “CFDs”), which give you an opportunity to get exposure to price movement of various underlying assets, such as securities, commodities, indices, and other financial instruments (the “Underlying Assets”), without purchasing or gaining control in the Underlying Assets. CFDs are over-the-counter derivative instruments, which are not traded on any exchange and do not provide its holder with any rights to, or in, the Underlying Asset.
5.6. Each CFD is denominated in a certain base currency (“Base Currency”). The profit/loss of each CFD is determined by the changes in the Underlying Asset’s price movements against the Base Currency, between the opening and the closing of such CFD.
5.7. You can enter a leveraged CFD transaction with us by placing an order on the Trading Platform (the “Order”). The Order shall state your “position” – “buy” (long) or “sell” (short), the size of the Transaction, the leverage rate, and the Rate (as defined below). By submitting an Order, you represent that you have reviewed all the terms of the Order and verify they match your intention. You acknowledge that once an Order is submitted, it may not be cancelled by you. When we receive your Order, we will provide you with an electronic acknowledgement of receipt, but we will only be bound by an Order when the details of the Order are reported as executed on the Trading Platform.
5.8. We provide quotes for our Rates on a best-efforts basis. If a Market Disruption Event or an Event Outside of Our Control occurs, we may not be able to provide a quote for our Rate or execute Transactions during the Market Hours set out on our website.
5.9. We may accept Orders by telephone. In the event you place an Order by telephone: (i) your oral instruction will constitute an Order to enter a Transaction at the Rates we quote; (ii) Orders placed by telephone will only be accepted at the current Rate; (iii) you can place an Order by telephone only by talking directly to an authorized person. We will not accept an Order left with other employees, on an answering machine or on a voice mail facility; and (iv) an Order will only by valid when our authorized person confirms that the Order has been accepted. After we execute the Transaction, we will update your Account accordingly.
5.10. You may place an electronic Order on the Trading Platform at any time, or you may place a telephone Order with an authorized dealer during our Trading Hours, as set out on the Website. However, we will execute Transactions only during times which are both our Trading Hours and the Market Hours for the relevant Market. Market Hours are as stated in the Market Information on the Website, which may change from time to time.
5.11. By placing an Order, you represent that you have fully understood:
5.12. the risks involved in the Transactions (including, but not limited, to those detailed in our Risk Disclosure Policy);
5.13. that by entering a Transaction you are not gaining any access or right to the Underlying Assets; and
5.14. that all Transactions are entered into and closed in accordance with the rate as displayed on the Website (the “Rate”), which we determine in our sole discretion. You acknowledge and agree that such Rate does not reflect any ‘market price’ or rates quoted by any third party. The Rate is determined by us in such a way as to include a certain margin between the “Buy” and “Sale” Rates, which constitutes our profit from each Transaction.
5.15. As soon as reasonably practicable after you placed an Order (which may be instantaneous and may take time, depending on the circumstances), we may make any required checks (including but not limited to internal risk procedures, AML/ KYC process and compliance functions) and subject to their satisfactory completion we shall accept your Order and execute it (the “Execution”). Until Execution, any Order by you shall be considered as pending and not completed and shall not be binding on us in any way whatsoever. Upon the Execution the Transaction shall become binding on both you and us.
5.16. If we identify any error, including but not limited to, in the terms of an offer on the Website, we may refuse to accept your Order, and either close it or give you an offer to enter into a Transaction which reflects the correct terms.
5.17. You acknowledge that you may not cancel your Transactions. Once an Order is Executed (and becomes a Transaction), your only way to terminate the Order is by closing it at the closing Rate available at such time. The Company reserves the right to deny processing any Order, or cancel any pending Transaction for any reason whatsoever including, without limiting the generality of the foregoing, as follows: (i) if required to do so by law, regulation, competent court order, or other competent authority; (ii) the Company considers any such Order or Transaction as violating any provision of these Terms or applicable law or regulation; or (iii) any such Transaction places the Company’s operation, good name, or reputation at risk. In addition, the Company may take any additional actions available to it under these Terms or other applicable laws and regulations with respect to such Transaction. The Liquidity Provider is the sole Execution Venue for the execution of Client Orders. The Company acts as an agent on the Client’s behalf, and the sole Execution Venue for the execution of Client Orders is the Liquidity Provider.
5.18. Rollover.
We may allow open Transaction to be rolled in accordance with your instructions. If we agree to rollover an open Transaction, then the original open Transaction is closed and becomes due for settlement at the Rate at the time the open Transaction is closed, and a new Order will be entered into to establish a new open Transaction in the relevant Market. The times at which we will close open Transactions which are rolled over are stated in the Market Information on our Website.
5.19. Overnight Financing.
When trading CFDs, your open Transactions are subject to Overnight Financing at the end of each trading day. This Overnight Financing may be subject to credit or debit, calculated based on the relevant interest rates for the currencies in which the underlying instrument is traded, plus a mark-up. The mark-up for currency pairs is indicated in the Market Information page set out on the Website, excluding exotic currency pairs, which may necessitate higher mark-up levels that may differ between buy (long) and sell (short) positions. If the calculated Overnight Financing Percentage is positive, it means that an applicable amount will be added (credited) to your Account balance. A negative Overnight Financing Percentage means that an applicable amount will be subtracted (debited) from your Account balance. You can find the relevant Overnight Financing percentage, amounts and their related running times on the Order form, under Tools, within the Market Information tab. To calculate the Overnight Financing, which your Account will be debited or credited with, simply multiply the Overnight Financing percentage with the size of your Order. The running time of the Overnight Financing process for each CFD is detailed in the Order form under “Overnight Financing (GMT)”. The calculated value and percentage of an instrument’s Overnight Financing applies for one (1) day. CFDs that are traded five (5) days a week will be credited or debited with a value 3 times the displayed value during the last day of its underlying asset trading week, as it covers the entire weekend period.
5.20. Margin Amount.
Before you place an Order, which creates an open Transaction you must ensure that your Account balance is sufficient to cover the required amount of funds in respect of that open Transaction (the “Margin Amount”). If your Account balance is less than the Margin Amount required for the open Transaction you wish to create, we may (and will, where and to the extent this is required by applicable laws and regulations) reject your Transaction. The Margin Amount must be always maintained until the open Transaction is closed and may increase or decrease at any time until the open Transaction is closed.
The applicable Margin Amount for an open Transaction may vary depending on the Underlying Asset and your Account categorization. You will find details of the applicable Margin Amount on our Website.
Non-standard Margin Amounts may apply: (i) for certain Markets derived from options or options-related financial instruments; (ii) when you are holding positions in two or more Markets in the same Underlying Assets; and (iii) when the quantity of a Transaction is greater than our maximum quantity. The details of how we calculate non-standard Margin Amounts are set out on our website.
We reserve the right to change the way in which we calculate Margin Amounts at any time.
We may notify you of an alteration to the Margin Amount by any of the following means: regular mail, telephone, fax, email, text message or by posting notice of the increase on our website.
5.21. Closing Margin Requirement.
If the Total Margin for your Account reaches or falls below the Closing Margin Requirement, this will be classified as a Termination Event under Section.
In such circumstances we may (and will, where and to the extent this is required by applicable laws and regulations) close all or any of your open Transactions immediately with or without notice. In addition, we may, among other things, refuse to execute new Transactions until your Total Margin exceeds the Closing Margin Requirement. It is your responsibility to always monitor your Account and to maintain your Total Margin above the Closing Margin Requirement. We will close your open Transactions at the Rate prevailing at the time when your open Transactions are closed.
We may, but are not obliged, to contact you before we take any action under this section.
You will be notified of the Closing Margin Requirement applicable to your Account on our Website. We may alter the Closing Margin Requirement applicable to your Account at any time, including where this is required to comply with applicable laws and regulations. We will be entitled to notify you of an alteration to your Closing Margin Requirement by any of the following means: regular mail, telephone, fax, email, text message or by posting notice of the alteration on our website. The Closing Margin Requirement is designed to help limit the extent of your trading losses. There might be circumstances (e.g. suspended markets) in which we will be unable to close out open Transactions and we do not guarantee that your open Transactions will be closed when the Total Margin for your Account reaches the Closing Margin Requirement or, save to the extent required by applicable laws and regulations, that your losses will be limited to the amount of funds you have transferred into your Account. In such circumstances we will monitor your open Transactions and take such other actions as we consider to be reasonable.
ACCOUNT OPENING INFORMATION AND REQUIREMENTS
6.1. When you register for the Services, the Company will ask you to provide certain identifying information, as part of the account opening procedure that will allow us to identify you and categorize you according to the “Client Classification Policy” of the Company (“Account Opening Application”).
6.2. This information is collected in line with our stringent verification procedures which are used to deter international money laundering operations and to ensure the security and safety of our customers’ trading activity throughout and is subject to the Company’s “Privacy Policy” section 9.
6.3. If you are registering as a legal entity, you hereby declare that you have the authority to bind that entity to this Agreement. The Company will treat with care the information you entrust to the Company, in accordance with the disclosures it provides during the Registration process and in its Privacy Policy.
6.4. By registering with the Company, you confirm and agree that you consent to the use of all or part of the information you supply concerning your trading account, the transactions you undertake through it and the interactions which you perform with the Company, on behalf of the Company. All interactions you undertake with the Company will be stored by the Company for the purposes of record keeping, as required by applicable law and may be employed by the Company in cases that disputes arise between you and the Company or on request of any competent authority.
KNOW YOUR CUSTOMER – KYC
7.1. Know your customer policies have become increasingly important worldwide lately, especially among banks and other financial institutions, in order to prevent identity theft, money laundering, financial fraud and terrorist activity.
7.2. The Company will request sensitive personal information in its capacity to combat any fraudulent activity.
7.3. The Company holds a zero-tolerance fraud policy and is taking all measures possible to prevent it. Any fraudulent activity will be documented and all related accounts to it will be immediately closed. All funds in these accounts will be forfeited. Full refund of the original deposit will be made after the fraudulent activity is confirmed and any losses/profits will be adjusted accordingly. After full refund is made client’s account will be closed definitively.
7.4. The Company aims to ensure the integrity of any sensitive data it obtains, such as your account information and the transactions you make, using a variety of security measures and fraud controls. Securing your electronic transactions requires us to be provided with certain data from you, including your preferred deposit method.
7.5. To use our Services and initiate any Transaction, you must open an Account through our Website and undergo our registration process, including without limitation, our Know-Your-Client process (‘KYC’), which may include, without limitation, your name, identification number, birthdate, e-mail address, postal address, telephone number, as applicable (‘Registration Details’). You will use your Log-In to access your Account and Registration Details, as well as to access any other information that may be posted to your Account from time to time, such as transactional activity once you have been approved to use our Services.
7.6. During this verification process, we may require and request certain documents from you, which may include, without limitation, proof of address, such as a copy of recent utility bill in your name and address (such as Water, electricity, gas, or telephone), and a copy of a government issued identity document (each of the following documents should be valid for the next 6 months at least).
7.7. You understand and accept that we shall be under no obligation to accept any documents as valid. In addition to documentation, we may also choose to verify your identity through a video and/or audio call conference.
7.8. We may request you to provide additional KYC information and/or documentation, in our sole discretion. Such requests may be made at any time during our business relationship with you, and we may suspend or restrict you from using any or all the Services until your provision of required information and/or documentation, to our full satisfaction.
7.9. Along with the KYC process, we have implemented certain anti-money laundering and counter-terrorism financing policies (the ‘AML policy’). Money laundering means the disguising of the source of proceeds derived from criminal activity so that it appears as though such proceeds came from legitimate sources of income.
7.10. To prevent any criminals from laundering or attempting to launder criminal proceeds through our website or Services, the Company has set forth the AML policy, available at the Website. The AML policy comprises of procedures that will help us identify and mitigate the risks of financial crimes, including money laundering and financing of terrorism.
7.11. You acknowledge that in order to conduct such verification process and/or background checks, in accordance with our KYC procedure and AML policy, we may perform inquiries, directly or indirectly through third party service providers to prevent fraud, suspicious activity, misidentification, money laundering or any other prohibited activity. You agree and consent to the Company’s transfer of your information as required for its legitimate business purposes, including but not limited to for the completion of any KYC or AML processes. The Company will retain your relevant KYC/AML information for the period necessary to perform the KYC/AML reviews, and as required to comply with the Company’s legal obligations.
7.12. We reserve the right to take any action we deem necessary with respect to the outcome of our KYC/AML processes. If you fail our reviews for any reason, you may be prevented from or limited in using our Services, or accessing the Website, and we may report any indications we may find, together with your personal information, to the competent authorities. You understand that the outcome of such KYC/AML reviews, including a decision not to approve you to use our Services or report to the authorities, is within the Company’s sole and absolute discretion, and we are under no obligation to provide feedback on the exact nature of our findings.
7.13. You warrant and represent that all Registration Details that you provide to us are true, accurate and complete, and that you shall promptly update your Registration Details upon any changes to this information. If you have any questions, please do not hesitate to contact our customer support.
7.14. When do I need to provide these documents?
We highly appreciate you taking the time to provide us with all the necessary documents, to avoid any delays in processing your transactions. We require the receipt of all the necessary documents prior to making any transactions to your benefit.
7.15. How can I send you these documents?
Please scan your documents, or take a high-quality digital camera picture, save the images as jpegs, then send it to us via email to: [email protected]
7.16. How do I know my documents are safe with you?
The Company holds the security of documentation at highest priority and treats all documents it receives with utmost respect and confidentiality. All files we obtain are fully protected using the highest level possible of encryption at every step of the review process. Refer to Privacy Policy for more details.
ADVICE AND COMMENTARY
8.1. The Company will not advise the Client about the merits of a particular order or give him any form of investment advice and the Client acknowledges that the Services do not include the provision of investment advice. The Client alone will decide how to handle his Client Account and place Orders and take relevant decisions based on his own judgement. 8.
8.2. The Company will not be under any duty to provide the Client with any legal, tax or other advice, relating to any Transactions. The Client may wish to seek independent advice before entering a Transaction.
8.3. The Company may, from time to time and at its discretion, provide the Client (or in newsletters which it may post on its website, or provide to subscribers via its website or otherwise) with information, news, market commentary or other information but not as part of its Services to the Client. Where it does so: a) The Company will not be responsible for such information. b) The Company gives no representation, warranty or guarantee as to the accuracy, correctness, or completeness of such information or as to the tax or legal consequences of any related Transaction. c) This information is provided solely to enable the Client to make his own investment decisions and does not amount to investment advice or unsolicited financial promotions to the Client.
8.4. The Company does not provide investment, financial, legal, tax or regulatory advice, nor does it provide any other form of recommendation. The Client understands that they shall make their own assessment of any transaction prior to entering a trade, and shall not rely on any opinion, material or analysis provided by the Company or any of the Company’s affiliates, employees, or other related parties as being advice or recommendation. If the Client is unsure whether they should proceed with the Agreement, they may seek independent advice. The Company does not offer investment research, and any other material containing market analysis is considered marketing communication and should not be constructed as advice, recommendation, or research.
GUARANTEES ON BEHALF OF THE CLIENT
9.1. You state, confirm and guarantee that any funds handed to the Company for trading purposes, belong exclusively to you and are free of any lien, charge, pledge, or any other burden. Further, whatever funds handed over to the Company by you are not in any manner whatsoever directly or indirectly proceeds of any illegal act or omission or product of any criminal activity.
9.2. You act for yourself and not as a representative or a trustee of any third person, unless you have produced, to the satisfaction of the Company, a document and/ or powers of attorney enabling you to act as representative and/or trustee of any third person.
9.3. You agree and understand that in the event that the Company has such proofs that are adequate to indicate that certain amounts, as classified above, received by you are proceeds from illegal acts or products of any criminal activity and/or belonging to a third party, the Company reserves the right to refund these amounts to the sender, either this being you or a beneficial owner of a legal entity. Furthermore, you also agree and understand that the Company may reverse any Transactions performed in your Trading Account and may terminate this agreement. The Company reserves the right to take any legal action against you to cover and indemnify itself upon such an event and may claim any damages caused to the Company by you as a result of such an event.
9.4. You declare that you are over 18 (eighteen) years old, in case of natural person, or that you have full legal capacity, in case of legal person, to enter into this Agreement.
9.5. You understand and accept that all transactions in relation to trade in any of the Financial Instruments, will be performed only through the Trading Platforms provided by the Company and the Financial Instruments are not transferable to any other Trading Platform whatsoever.
9.6. You guarantee the authenticity and validity of any document handed over by the Client to the Company. You understand and accept that the Company is unable to provide you with any legal advice or assurances in respect of your use of the Services and the Company makes no representations whatsoever as to the legality of the Services in your jurisdiction.
9.7. You understand that you are solely responsible for maintaining the confidentiality of your Log-In, Account and Registration Details, and the safeguarding of your information.
9.8. You are responsible for the security of your Account information on your own personal computer and internet access location. You understand that if your Log-In is ‘hacked’ from your computer or other device from which you access the Website, due to any viruses or malware, the Company shall have no liability and you shall maintain responsibility. You should report any possible hacks, hacking attempts or security breaches from your computer terminal, or other devices, immediately to the Company. You understand that any compromise of your Log-In, Registration Details, and/or other Account information may expose your personal and confidential information to unauthorized access by third parties, which may also result in loss or theft of your funds.
9.9. In the event you have any knowledge of any unauthorized access to your account you should notify us immediately at the contacts provided below, including all relevant details.
9.10. You hereby represent and warrant that your use of our Website and Services, including your opening of an Account and any use thereof, are all in compliance with all applicable laws and regulations. Any criminal activity or fraudulent acts committed by you or under your supervision and/or control through your use of the Website and/or our Services are absolutely forbidden.
9.11. You affirm, warrant, and declare that you shall not perform or attempt to perform any such activity, including but not limited to, fraud, money laundering, illegal gambling operations, terrorist financing, or malicious hacking. You also agree not to hide or alter your IP location and you shall always disclose your accurate and true location.
PROHIBITED ACTIONS
By accessing the Platform, you agree not to use the platforms in an abusive way by lag trading and/or usage of server latency, price manipulation, and similar practices which fall under the definition of market abuse. Such practices may include, but not limited to the following: a) Take and/or engage in any action with the purpose of manipulating the Company’s quoted prices; b) Take and/or engage in any action with the purpose of manipulating the Company’s execution policy; c) Take and/or engage in any action with the purpose of manipulating the Company’s Trading Platform(s); d) Place orders on the basis of privileged confidential information (i.e. insider trading); e) Place orders on the basis of manipulated Prices as a result of system errors and/or system malfunctions; f) Engage in coordinated transactions by related parties in order to take advantage of systems errors and/or delays on systems updates; b) Engage in arbitrage trading, such as “Swap Arbitrage” “Latency Arbitrage” and/or “Bonus Arbitrage”; h) Engage in unusual transactions such as scalping and/or enter into positions for an arbitrarily short period of time and/or exhibit trading patterns involving what the Company considers to be sudden and significant changes in trading volume; i) Allow a third party, which has not be notified to the Company as an authorized person and who is not the Account holder, to trade on the Client’s account; If any of the above-mentioned abusive trading techniques and/or other abusive trading techniques are identified within your trading account the Company reserves the right to: (i) cancel your trading orders; (ii) reclaim from the Client’s account any historic trading profits that have been gained through such abuse at any time; and/or (iii) terminate the account immediately according to the Company’s Terms and Conditions.
RESTRICTED JURISDICTIONS
You are not allowed to access or use the Services or the Website if you are located, incorporated or otherwise established in, or a citizen or resident of: (i) Cambodia, Canada, Cuba, Ghana, Iran, India, Israel, Mongolia, Nigeria, North Korea, Panama, Pakistan, Philippines, Syria, Yemen, the United States, and any other jurisdiction where the provision of our services would be unauthorized or in contrast of applicable laws; (ii) any state, country or other jurisdiction that is embargoed by the United States of America; (iii) a jurisdiction where it would be illegal according to any applicable law for you (by reason of your nationality, domicile, citizenship, residence or otherwise) to access or use the Services or the Website; or (iv) where the publication or availability of the Services or the Website is prohibited or contrary to local law or regulation, or could subject any member of the Company to any local registration or licensing requirements (together, the ’Restricted Jurisdictions’).
The Company may, in its sole discretion, implement controls to restrict access to the Services or the Website in any of the Restricted Jurisdictions. If the Company determines that you are accessing the Services or the Website from any Restricted Jurisdiction, or you have given false representations as to your location of incorporation, establishment, citizenship or place of residence, the Company reserves the right to close any of your accounts immediately and liquidate any open positions in your Account.
23.1.3. Entity:
The business or individual who owns and operates the trading accounts.
23.1.4. Costs:
All expenses, fees, and charges that may be transferred between trading accounts, including but not limited to trading fees, brokerage fees, interest charges, and administrative costs
23.2. Eligibility
23.2.1. Internal cost transfers are permitted only between trading accounts that are owned and operated by the same entity or individual.
23.2.2. All accounts involved in the transfer must be in good standing and fully compliant with all applicable regulatory requirements.
23.3. Authorisation
23.3.1. Internal cost transfers must be requested by the individual with the necessary authority. such as the account holder, or other designated personnel.
23.4. Transfer Process
23.4.1. The internal transfer will be charged once the client requests to move an amount from one sub trading account to another within their portfolio. This is irrespective of the base currency of the trading account it will be a percentage of the amount being transferred.
23.4.2. Transfers will be processed within a reasonable time from the time of request submission.
23.5. Cost Allocation
23.5.1. The entity must ensure that all cost allocations are reasonable, fair, and comply with internal accounting policies and applicable regulations as such the fee will vary based on the account types Banxso offers as follows:
• Intro, Basic – 1.5% of the transferred amount
• Plus, Extra – 1% of the transferred amount
• Advanced, Premium – 0.5% of the transferred amount
• Exclusive – 0.25% of the transferred amount
• VIP- 0%
INACTIVITY POLICY
24.1. Fees may be payable by you by virtue of the fact that the Trading Platform is continually provided to you for trading, regardless of your actual use. If there are no transactions (deposits, withdrawals or trading activity) on your Trading Account for a period of at least three (3) months or more, the Company reserves the right to charge a monthly inactivity fee on your Trading Account, in return for the provision of the continued availability of your Trading Account as follows: following 3 months of inactivity a monthly inactivity fee of $10 per month shall be charged; following 6 months of inactivity a monthly inactivity fee of $15 per month shall be charged; and following 12 months of inactivity onwards a monthly inactivity fee of $30 per month shall be charged. You agree that you are liable to and will pay the applicable fee, as notified to you from time to time and that we may deduct such fee from any funds, held by us on your behalf.
TAXES
25.1. You acknowledge that you are solely responsible for any applicable taxes with respect to your Transaction(s) on the Website and/or through the Services, including without limiting the generality of the foregoing, value added tax payable in any jurisdiction. The Company does not and shall not provide any tax advice, concerning the Services, or otherwise. It is your responsibility to report, pay and remit the taxes, as applicable, to the appropriate tax authorities in your relevant jurisdiction(s). Unless otherwise agreed, the terms of any amounts, payable by you under these Terms, are stated exclusive of any taxes or mandatory payments. You must pay any such taxes or mandatory payments to the relevant government agencies, in accordance with applicable laws, and you agree to fully indemnify us for any such payments we may be required to make on your behalf. You hereby agree and represent that we may debit your Account in the amount of any such payments we are required to make on your behalf.
INTELLECTUAL PROPERTY
26.1. The brand names relating to the Website, and any other trademarks, service marks and/or trade names used by us either on our own behalf, or on behalf of our licensors, affiliates, and partners (collectively, our ‘Partners’), are owned by us, or our Partners (the ‘Trademarks’). In addition to the Intellectual Property Rights (‘IPR’) in the Trademarks, we and/or our Partners own the IPR in all other content of the Website (the ‘Content’). By using the Website and/or the Services, you shall not obtain any rights in the Trademarks or the Content, and you may only use the Trademarks and Content in accordance with these Terms.
26.2. For the purposes of these Terms, ‘Intellectual Property Rights’ or ‘IPR’ shall mean pending or granted patents, trademarks, service marks, trade names, registered and unregistered designs, trade or business names, copyright (including, but not limited to, rights in software), and any applications for any of the aforesaid, database rights, design rights, know-how, trade secrets, rights in confidential information, and any other intellectual property rights whatsoever, irrespective of whether such intellectual property rights have been registered or not, which may subsist in any part of the world.
26.3. You hereby undertake not to: (a) copy, redistribute, publish, reverse engineer, decompile, disassemble, modify, translate or make any attempt to access the source code to create derivative works of the source code, or otherwise; (b) sell, assign, sublicense, transfer, distribute or lease the Software; © make the Software available to any third party through a computer network or otherwise; or (d) use the Website or any related software in a manner prohibited by any laws or regulations which apply to the use of the Website (collectively, and individually, the ‘Prohibited Actions’).
26.4. You shall be held liable for any loss, including direct and indirect damages, costs, or expenses, we may suffer as a result of your Prohibited Actions. You agree to immediately notify us, if you commit any Prohibited Actions, or if you have knowledge of any third party committing any Prohibited Actions. You agree to provide us with reasonable assistance with any inquiry or investigation we may conduct as a result of the information provided by you in regard to the Prohibited Actions set out above.
26.5. You hereby acknowledge and agree to bear the risk that any use of the internet may be subject to a virus attack and/or communication failure. You should always use a reputable and available virus screening and prevention software. The Company shall not bear any liability whatsoever for any damage or interruptions caused by computer viruses, spyware, Trojan horses, worms, or other malware that may affect your systems, computer or other equipment, or any phishing, spoofing or other virus attacks. The Company cautions you to carefully review any electronic messages, purporting to originate from the Company, and to be aware that electronic devices are vulnerable to phishing and spoofing scams and additional viruses. The Company advises you to always provide your Log-In through the Website only and avoid using unauthentic communications advising you of other options to provide your Log-In (or other Registration Details), to gain access to the Services, offered through the Website.
DURATION OF THE AGREEMENT AND AMENDMENT THEREOF
27.1. This Agreement shall be valid for an indefinite time period, until its termination from either the Company, or You, or both.
27.2. The Agreement may be amended on the following cases:
27.2.1. Unilaterally by the Company, if such amendment is necessary, following an amendment of applicable law. In any such case, the Company shall notify the Client of the said amendment, either in writing, or per electronic mail, or through its main webpage, and your consent shall not be required for any such amendment.
27.2.2. In cases where the amendment of the Agreement is not required by any change in the legal framework, the Company shall notify you of the relevant amendment through its main webpage and/or via email. If objections arise, you may terminate the Agreement within five (5) days from the notification, by sending a registered letter, and on the condition that all pending transactions on behalf of you shall be completed. Upon expiry of the above deadline, without the Client having raised any objection, it shall be considered that you consent and/or accept the content of the amendment.
NOTICES
28.1. Unless the contrary is specifically provided, any notice, instructions, authorizations, requests or other communications to be given to the Company by you under the Agreement, shall be in writing, and shall be sent to the Company’s mailing address, as indicated in the Company’s website or to any other address which the Company may periodically specify to you for this purpose, and shall take effect only when actually received by the Company, provided they do not violate, and are not contrary to any term of this Agreement. The Company reserves the right to specify any other way of communication with you.
RECORDING OF TELEPHONE CALLS
29.1. You acknowledge that the Company might record telephone conversations between you and the Company, without use of a warning tone, to ensure that the material terms of the Transaction, and any other material information relating to the Transaction is, promptly and accurately recorded. Such records will be the Company’s sole property and accepted by you as evidence of the Orders, or instructions given.
GENERAL PROVISIONS
30.1. You acknowledge that no representations were made to you by, or on behalf of the Company, which have in any way incited or persuaded you to enter into the Agreement. In case any provision of the Agreement is, or becomes, at any time, illegal, void or non-enforceable in any respect, in accordance with a law and/or regulation of any jurisdiction, the legality, validity or enforceability of the remaining provisions of the Agreement, or the legality, validity or enforceability of this provision in accordance with the law and/or regulation of any other jurisdiction, shall not be affected. You shall take all reasonably necessary measures (including, without prejudice to the generality of the above, the execution of all necessary documents), so that the Company may duly fulfil its obligations under the Agreement. The location of detailed information, regarding the execution and conditions for the investment transactions in Financial Instruments, conducted by the Company and other information, regarding the activity of the Company, are accessible and addressed to any natural persons and legal entities at the Company’s website over the Internet.
FORCE MAJEURE
31.1. Company shall not be liable for delays, failure in performance or interruption of service which results directly, or indirectly from any cause or condition, beyond its reasonable control, including, but not limited to, any delay or failure due to any act of God, act of civil or military authorities, act of terrorists, civil disturbance, war, strike or other labor dispute, fire, interruption in telecommunications or Internet services, or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence, which is beyond Company’s reasonable control and shall not affect the validity and enforceability of any remaining provisions.
APPLICABLE LAW, JURISDICTION
32.1. This Agreement and all transactional relations between you and the Company are governed by the Laws of South Africa and the competent court for the settlement of any dispute, which may arise between them, shall be the Court of South Africa.
DIGITAL SIGNATURE
33.1. All communication between Company and Customer by use of electronic means such as the website and/or emails that refers to this Agreement or Amendments of said Agreement, shall be binding as if they were in writing.
LAST UPDATED 20/09/2023