The following terms shall have the following meanings:
“Account” shall mean the trading account opened by the Client with the Company.
“Agreement” between the Client and the Company, shall mean the Business Terms and any additional documents expressed to be part of the Business Terms accepted by the Client.
“Authorized Person” shall mean a person authorized by the Client to give instructions on the Client’s account to the Company.
“Base Currency” shall mean the main currency of the Client’s Account. “Business Day” shall mean any banking day in the Republic of St. Vincent.
“CFD” shall mean a Financial Contract for Difference on spot Forex, stocks, equity indexes, precious metals or any other commodities available for forex trading.
“Client” shall mean any natural or legal person to whom the Company provides investment and/or ancillary services.
“Contract” shall mean a trade, purchase or sale of currencies or Financial Instruments in the market.
“Equity” shall mean the value of Financial Instruments in the trading account plus the unrealized profits or minus the unrealized losses.
“Financial Instrument” shall mean Foreign Exchange and the Contract for Difference.
“FX” or “Forex” shall mean Foreign Exchange, sale and purchase of currencies against each other.
“Introducing Broker” shall mean any financial institution or advisor or legal or natural person obtaining remuneration from the Company and/or Clients for introducing Clients to the Company and/or transmitting Client’s orders to the Company for execution.
“Margin” shall mean the necessary guarantee funds requested to open a position.
“Margin call” shall mean the forced closing, at current prices, by the Company of Client’s open positions when equity falls below the minimum required margin.
“Margin level” shall mean the amount of Equity as the percentage to the current market value of the securities held as margin.
“MiFID” shall mean the Markets in Financial Instruments Directive 2004/39/EC of 21 April 2004.
“Power of Attorney” shall mean the power to authorize a third party to act on behalf of the Client in all the business relationships with the Company.
“Spread” shall mean the difference between the bid and the asking price of a Financial Instrument at the same moment.
“Trading Platform” shall mean any information software and hardware complex used by the Company for the purpose of providing services to the Client in accordance with this agreement.
“Trading Terminal” shall mean the Client part of the Trading Platform, enabling the Client to communicate with the Company and or Transmit orders to the Company.
“Transaction” shall mean any type of transaction performed in the Client’s account including but not limited to purchase and sale transactions involving Financial Instruments, deposits, withdrawal.