UltraTrade Terms and Conditions
Trading Binary Options (“Trading”) means that a contract is being created, which gives the client the right to estimate the direction of the change in price of an underlying asset, within a certain time frame determined by the Company. This trading instrument is different from trading ‘options’ in a traditional way, since there is a fixed return that is determined at the outset of the trade.
- 1. The Trading Account
- 1.1. Account Opening – The Client may apply for an account through the Company’s website and the Company will accept such an application creating the “Trading Account”, under the following terms: (i) the Company has received confirmation that the Client has agreed to enter into this Agreement (such confirmation can be made by checking the “I AGREE” button or link on the Company’s website (the “Website”), followed by a completed application form (if applicable) and all other Client information, the provision of which may be required by the Company. The Client confirms that Client’s information is full, accurate and complete. If there is a change in the information provided by the Client, the Client must notify the Company immediately.
- 1.2. Usage of the Trading Platform is made through the account by a limited license provided by the Company to the Client. The license is personal, non-transferable and is for persons who are older than 18 years old (or older legal age, if the law applicable to the Client’s jurisdictions requires a higher legal age) and subject to this Agreement. The Client will not transfer, assign, or enable other to make any use of the license, and/or give the Client’s access codes to the Trading Account to anyone. Any damage caused to the Client, the Company and any third party due to breach of this Agreement by Client, shall be under the Client’s sole responsibility.
- 1.3. Trading Account Activation – The account will be activated by the Company as soon as the Company has identified the funds credited by the Client to the Trading Account. The Company may activate the Trading Account and permit trading in the Trading Account subject to such limitations, and to the satisfaction of such further requirements as the Company may impose. Where a trading account is not activated or is frozen, no funds held by the Company in respect of that Trading Account may be transferred back or to any other person until the Company is satisfied that all Applicable Regulations have been complied with.
- 1.4.The Company may act, according to the Company’s sole discretion, as principal or as agent on the Client’s behalf in relation to any Transaction entered into pursuant to the Agreement. Therefore the Company may act as the counter party to the Client’s trading activity. The Client confirms that it acts as the sole principal and not as agent or trustee on behalf of someone else.
- 1.5. The Client hereby represents and warrants that his engagement with the Company in this Agreement and his use of the Company’s services are in full compliance with the law applicable to the Client.
- The Transactions
- 2.1. The Trading Platform enables Binary Options trading in exchange rates of different currencies, commodities, and any other financial instruments made available by the Company. The Trading Platform displays indicative quotes of exchange rates of different financial instruments pairs, based on different financial information systems, as the most updated exchange rates in the international capital markets. For determining the quotes for different time periods, the platform makes mathematical calculations according to known and accepted capital markets formulas. It is acknowledged by both Parties that due to different calculation methods and other circumstances, different trading platforms and/or markets may display different price quotes.
- 2.2. The Client will receive a predetermined pay-out if their binary option transaction expires in-the-money, and he will lose a predetermined amount of his investment on the Transaction if the option expires out-of-the-money. The predetermined amounts are a derivative of the collateral invested in the transaction by the Client, and will be published on the Trading Platform. The degree to which the option is in-the-money or out-of-the-money does not matter as it does with traditional options..
- 2.3.The Client authorizes the Company to rely and act on any order, request, instruction or other communication given or made (or purporting to be given or made) by the Client or any person authorized on the Client’s behalf, without further inquiry on the part of the Company as to the authenticity, genuineness authority or identity of the person giving or purporting to give such order, request, instruction or other communication. The Client will be responsible for and will be bound by all obligations entered into or assumed by the Company on behalf of the Client in consequence of or in connection with such orders, requests, instructions or other communication.
- 2.4.The Company reserves the right, but is not obligated to the following: to set, at its absolute discretion, limits and/or parameters to control the Client’s ability to place orders or to restrict the terms on which a Transaction may be made. Such limits and/or parameters may be amended, increased, decreased, removed or added to by the Company.
- 2.5. Arbitrage/cancellation of orders and transactions – The Company does not allow actions or non-actions by the Client or any person authorized on the Client’s behalf based on arbitrary calculations or other methods that are based on exploitation of different systems or platforms malfunction, delay, error etc. The Company is entitled, by its own discretion, to cancel any transaction that has been executed due or in connection with an error, system malfunction, breach of the Agreement by Client etc. The Company’s records will serve as decisive evidence to the correct quotes of the world capital markets and the incorrect quotes given to the Client; The Company is entitled to correct or cancel any trade based on or according to
- Cancel Feature Abuse
The Company offers a special cancellation feature that allows traders to cancel a trade within a few seconds of execution. Abuse of the cancellation feature can be considered market arbitrage and can result in forfeiture of profits. Company reserves the right to cancel a position if the cancellation feature is abused. The acceptable cancellation percentage cannot exceed 20% of the total number of executed trades. Cancelling more than 20% of the total number of executed trades is considered abuse of this feature and resulting profits may be forfeited from such abuse.
- 3.1.The Client may transfer funds to the Company via different payment methods as permitted by the Company from time to time and in any currency (accepted by the Company), and such funds will be converted and managed on the Trading Platform in US Dollars and/or Euro and/or GBP and/or CAD and/or AUD, as determined by the Company, according to an exchange rate determined by the Company according to the available market rates.
- 3.2. When making a bank transfer, the Client must send the Company an authentic SWIFT confirmation, stating full bank account details and proof that the bank account is registered under the client’s name. Non-delivery of the SWIFT confirmation or if the details do not match the Client’s details as registered with the Company may result in the funds not being credited to the Client’s Trading Account
- 3.3.Whenever the Client transfers funds to the Company, those funds belong to the Company and will be treated as such for the purpose of securing or covering the Client’s present, future, actual, contingent or prospective obligations, subject only to any contractual obligation of the Company to pay or return money to the Client according to the terms of this Agreement. The Client will not have any proprietary claim over money transferred to the Company, and the Company can deal with these funds in its own right. In determining the amount of collateral and the amount of the Company’s obligations to pay or return money to the Client, the Company may apply such methodology (including judgments as to the future movement of markets and values), as the Company considers appropriate.
- 3.4.The Funds deposited with the Company by the Client, together with any Profit or other Benefits the Client may be entitled to according to any specific agreement with the Company, shall be used as security for any Transaction, including Trading Losses, Commission and any other fee or debt owed by the Client to the Company, which will be automatically deducted from the Client’s Trading Account equity. The Client’s Funds shall not accumulate any interest or any other benefits. Trading binary options that relate to a reference security shall not grant the Client any right to dividends, voting, allocations or any other Benefits, but may be subject to adjustments according to financial or corporate events which may have an effect the reference security, such as distribution of dividends, splits etc..
- 3.5.Repayment of any funds by the Company to the Client will be in the same currency and to the same account/credit card from which the funds were originally transferred, unless the Company has decided, by its own discretion, to return the funds to a different Client account..
- 3.6.The Client declares that all funds that they transfer to the Company do not derive from any criminal or other illegal activity and do not violate any applicable anti money laundering laws and/or regulations.
- 3.7.The Client will have no claim against the Company and will not hold the Company responsible for any delay and/or differences originating from credit companies, banks or other financial institutions, rates calculation and/or commission and/or any other debit.
- 3.8.Withdrawals - In the case of the Client giving an instruction to withdraw funds from their Trading Account, the Company shall pay the specified amount (less any transfer charges, if applicable) once an instruction has been accepted and if at the moment of payment, the Client’s margin requirements have been met. The withdrawal procedure takes 7 business days once Client’s documentation has been submitted and approved. The Company may cancel the Client's withdrawal order, if, as per the Company's discretion, the remaining funds (after withdrawal) are not sufficient to secure open Position(s) in the Trading Account.
- 3.9.The Company shall debit the Client’s Trading Account for all payment charges. If the Client has an obligation to pay any amount to the Company which exceeds the amount held in the Client’s Trading Account, the Client shall immediately pay such amount upon the Company’s request.
- 3.10.The Company shall not provide physical delivery in relation to any Transaction. As mentioned above, Profit or loss is credited to or debited to or from the Trading Account (as applicable) once the Transaction is closed.
- Fees & Charges
- 4.1.The Company does not charge brokerage fees or commission for executing trades.
- 4.2.The Company charges a fee for transfer of funds to the credit of a Trading Account from the Company to the Client, currently equivalent to 35 units per transfer (USD or equivalent in other currencies).
- 4.3.The Company may levy an additional charge or charges on transfers of funds to be credited to a Trading Account made by debit card or credit card.
- 4.4.The Company may introduce additional fees and charges, and may change any existing fees and charges, at any time, by giving the Client not less than 10 Business Days’ notice of such changes.
- Account Statements
- 5.1.Trading Account balances and statements are displayed within the trading platform and made available to the Client by the Company. Common term definitions can be found on the Company’s Website.
- 6.1.The Company may offer the Client a Bonus, Credit or tangible gifts, from time to time, at its sole discretion.
- 6.2.Bonuses and profits that are based, even partially, on use of bonus credit, shall be forfeited in case the Client requests withdrawal before a minimum trading volume (turnover) is met.
- 6.3.Bonuses and profits that are based, even partially, on use of bonus credit, shall be forfeited in case the Company suspects any act of fraud or breach of the Company’s Terms and Conditions by the Client.
- 6.4.The Company will preserve the right to deduct up to 30% as a handling fee from the total deposit in the event the Company suspects any act of fraud or breach of the Company's terms and conditions by the Client
- Privacy and Data Protection
- 7.1. The Company shall hold some personal Client information due to the nature of the Company’s business and relations with the Client. All data collected, whether on paper (hard copy) or on a computer (soft copy) is safeguarded in order to maintain Client privacy.
- 7.2.The Company shall be permitted to disclose and/or use the Clients Information for the following purposes: (a) internal use, including affiliated entities; (b) as permitted or required by law; (c) protection against or prevent actual or potential fraud or unauthorized transactions or behavior (d) computerized supervision of the Client’s use of services, review and/or supervision and/or development and/or maintenance of the quality of services; (e) to protect the Company’s rights or obligations to observe any applicable law.
- 7.3. The Client hereby grants his/her permission to the Company to make use of his/her details in order to provide updates and/or information and/or promotion or marketing purposes through the Clients E-mail address or other contact information. Cancellation of this consent shall be made in writing by providing written notice to the Company, and shall apply to new publications that have not been sent.
- 7.4.The Client agrees and acknowledges that the Company may record all conversations with the Client and monitor (and maintain a record of) all emails sent by or to the Company. All such records are the Company’s property and can be used at the Company’s sole discretion, among other things, in the case of a dispute between the Company and the Client..
- 7.5.Affiliation- the Company may share commission and charges with its associates, introducing brokers or other third parties (“Affiliates”), or receive remuneration from them in respect of contracts entered into by the Company. Such Affiliates of the Company may be disclosed with Client information.
- 7.6. The Company’s Trading Platform, Website or other services may require the use of ‘Cookies’.
- Client Responsability
- 8.1.The Client represents that it has been solely responsible for making their own independent appraisal and investigation into the risks of any Transaction. The Client represents that they have sufficient knowledge, market sophistication and experience to make their own evaluation of the merits and risks of any Transaction. The Company does not advise its Clients in regards to the expected profitability of any Transaction, and any tax or other consequences. The Client acknowledges that they have read and understood the Risk Disclosure Document which sets out the nature and risks of Transactions to which this Agreement relates.
- 8.2.Where the Company does provide market commentary or other information: (a) this is incidental to the Client’s relationship with the Company. (b) it is provided solely to enable the Client to make their own investment decisions.
- 8.3.The Company shall not be responsible for the consequences of the Client acting upon any such trading recommendations, market commentary or other information.
- 8.4.The Client acknowledges that the Company shall not, in the absence of fraud, willful default or gross negligence, be liable for any losses, costs, expenses or damages suffered by the Client arising from any inaccuracy or mistake in any information given to the Client.
- 8.5.The Company is under no obligation to assess the appropriateness of any Transaction for a Client, to assess whether or not the Client has the necessary knowledge and experience to understand the nature of and risks associated with Transactions. All risks related to the above are under the sole responsibility of the Client.
- 8.6.Any tax applying to the Client and/or resulting from the Client’s trading activity, including trading profits and/or trading losses and/or any charges and/or deductions, shall be under the Client’s full and sole responsibility. The Client shall personally report and pay any personal, federal, state and local tax liability s/he is obligated to, if applicable. The Company serves as a mediator only and does not collect deduct, pay or withhold tax from the Client. The Company reserves the right, if ordered by an official entity, to deduct tax from the Client and deliver it to the proper tax authority as ordered by the official entity.
- Closing an Account and Cancellation of this Agreement
- 9.1.Either party may terminate this Agreement by giving 10 (Ten) business days written notice by email to [email protected], of termination to the other party. Either party may terminate this Agreement immediately in any case of any breach of this Agreement or event of Default by the other Party. Upon terminating notice of this Agreement, the Client shall be under obligation to close all open positions, otherwise, the notice shall become void, or the Company shall have the right to close all open positions without assuming any responsibility. Such closure may result in an outcome that would be less favorable for the Client.
- 9.2.Termination shall not affect any outstanding rights and obligations according to the applicable law and the provisions of this this Agreement.
- 9.3.Upon termination, all amounts payable by Either Party to the other Party will become immediately due.
- Limitations of Liability and Indemnities
- 10.1.THE SERVICES OF THE COMPANY ARE PROVIDED “AS IS” AND “AS AVAILABLE”, AND THE COMPANY MAKES NO WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANT ABILITY AND FITNESS FOR PARTICULAR PURPOSE. THE COMPANY DOES NOT WARRANT THAT ANY AFFILIATED SOFTWARE, SERVICES OR COMMUNICATION THAT MAY BE OFFERED OR USED BY THE CLIENT SHALL ALWAYS BE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. THE COMPANY WILL NOT BE LIABLE FOR ANY DAMAGES OF ANY KIND ARISING FROM TRADING OR THE USE OF THE COMPANY’S SERVICES, INCLUDING, BUT NOT LIMITED TO DIRECT, INDIRECT, INCIDENTAL, PUNITIVE, AND CONSEQUENTIAL DAMAGES.
- 10.2. The Client acknowledges and agrees that the Trading Platform follows the relevant market, whether the Client is in front of his computer or not, and whether the Clients computer is switched on or not, and will exercise the order left by the Client, if applicable.
- 10.3.The Client shall, upon first demand by the Company, compensate the Company from and against all liabilities, damages, losses and costs (including reasonable legal costs), duties, taxes, charges, commissions or other expenses incurred by the Company.
- 10.4.The Company shall have the right to off-set any amount owed by the Company to the Client, against any debt or other obligation of the Client towards the Company. In the event of Default of Client (voluntary or involuntary insolvency procedures against the Client) all debts, future debts and other obligations of the Client towards the Company shall become immediately due.
- General Provisions
- 11.1.Amendments – The Company has the right to amend this Agreement without obtaining any prior consent from the Client. If the Company makes any material change to the Agreement, the Company will give at least 10 (Ten) Business Days’ notice of such change to the Client. Any such amendment will become effective on the date specified in the notice. Unless otherwise agreed, an amendment will not affect any outstanding order or Transaction or any legal rights or obligations which may have already arisen.
- 11.2.Partial invalidity - If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforce ability of the remaining provisions of this Agreement nor the legality, validity or enforce ability of such provision under the law of any other jurisdiction shall in any way be affected or impaired.
- 11.3.Joint account- If the Trading Account is a joint account (in the name of more than one entity), then each of the entities on the Trading Account shall be authorized to represent the other entities towards the Company, with no requirement of any prior notice or approval from the other entities. Each of the entities on the Trading Account agrees that any notice or instruction given by the Company to any of the entities shall be considered as given to all the entities. In case of contradiction between instructions given to the Company by different entities, then the last instruction received by the Company will prevail.
- 11.4.Notices – Unless otherwise agreed, all notices, instructions and other communications to be given by the Company shall be given to the address or fax number provided by the Client, or via e-mail or other electronic means, details of which are provided by the Client to the Company. Any changes in the Details or any complaint shall be directed to the Company’s Client services department, who will investigate the complaint and make every effort to resolve it. Such complaints should be made to: [email protected]
- 11.5.Governing Law – These Terms and any relationship between the Company and the Client shall be governed by law applicable in Bulgaria and subject to the exclusive jurisdiction of Bulgarian courts. The Company shall have the right, in order to collect funds owed to the Company by Client or to protect the Company’s rights such as good-name, intellectual property, privacy etc. to immediately bring legal proceedings against the Client, in the Client’s residency and according to the Client’s residency applicable law.
- 11.6.No Right to Assign- No rights under this Agreement shall be assignable nor any duties assumed by another party except to/by an affiliate of The Company. Upon assignment to an Affiliate of the Company, the terms of this Agreement may be amended to fit any applicable regulation effective upon the assignee, and the Client hereby consents in advance to such regulatory modifications to this Agreement. This Agreement shall be binding and inure to the benefit to any successors heirs of the Client.
- 11.7.Dormant Trading- If the Client does not perform any trading activity or his trading activity is very low in volume, for any time period defined by the Company, or if the Client does not hold minimum funds in his Trading Account, as defined by the Company, the Company may charge the Trading Account with Dormant Trading commission, at a rate to be determined by the Company from time to time, or close any open trade and/or suspend Client access to the Trading Account and/or terminate this Agreement.
- 11.8.Language, Notices and Complaints – All communications between the Company and the Client will be in English or in any language, suitable both to the Client and the Company..
- 11.9.Force Majeure – The Company shall not bear responsibility for any harm or any form which shall be caused to the Client in the event that such harm is the result of a force majeure and any outside event which is not under the control of the Company which influences Trading. The Company shall not bear any responsibility for any delay in communications and/or failure of the internet, including, without limitation, computer crashes or any other technical failure, whether caused by the telephone companies and various telecommunication lines, ISP computers, the Company’s computers or the Customer’s Computers.
Ultratrade General Risk Disclosure
Trading in Binary Options is considered a risky and speculative investment venue.
The relevant markets for Trading are characterized as high volatile markets, which inherits high risk in evaluating the outcome of a binary option. The Company is not and will not, in any way, be responsible to the outcome of any transaction executed by the Client.
The Client should never fund his trading activities with retirement savings, loans, mortgages, emergency funds, funds set aside for purposes such as education or home ownership, or funds required for current income or present or future medical expenses.
Not following the rules and regulations applicable to Trading or any other applicable regulation may result in forced closure of positions (“Trades”),temporary freezing of the Client’s account, closing the account and/or other actions necessary for the protection of the Company.
The Client must be knowledgeable in the use and functionality of the Trading software provided by the Company, or by any third-party provider, in order to correctly interpret account information and to be able to place orders correctly.
The Company makes no warranty regarding the effectiveness, accuracy or efficiency of the Trading Platforms. From time to time, the Client may have difficult accessing its account data due to a possible myriad of technical problems. The Company makes no warranty of merchant ability, no warranty of fitness for a particular purpose, and no other warranty of any kind, express or implied, regarding this service, data or information provided thereby, or any aspect regarding the order entry or execution services, except as required by applicable law,regarding possible damages, including, but not limited to, lost profits, trading losses or damages that result from reliance on inaccurate data, or delay or loss of access to customer account execution services.
Client should reconcile his account on a frequent basis. Any suspected discrepancies should be immediately brought to Company’s attention. All trade confirmations and monthly statements will be deemed accepted by you if not complained of upon receipt.
The trading services provided are intended to provide professional and non-professional Traders with a mechanism for execution of trades. The Company is neither registered investment advisers nor broker dealers.
Cease of Trading –Due to the fact that commerce system is based, among others, on networks for the exchange of information and the Internet, the commerce or any part thereof may be ceased and/or disrupted and etc.,without prior notice or for reasons which are not under the Company’s control. The Company shall be permitted, inter ilia, to close or adjust Client’s open transactions.