INTRODUCING BROKER TERMS & AGREEMENT
(a) IGOFX is a dealer in over the counter forward and spot foreign currency and foreign currency options contracts (collectively, “Foreign Exchange”)
(b) whereas, Introducer is engaged in the business of soliciting customers for transactions in Foreign Exchange and wishes to introduce such customers to IGOFX on an exclusive basis; and
(c) whereas, Introducer and IGOFX wish to enter into an agreement pursuant to which Introducer will identify and refer prospective, suitable counterparties to IGOFX for the purpose of entering into transactions in Foreign Exchange.
(a) in consideration of the premises and the covenants and representations contained herein, the parties agree as follows:
IT IS AGREED:
In this Agreement, unless clearly inconsistent with or otherwise indicated by the context, the following words and expressions shall have the following meanings:
Agreement means this Agreement and its recitals;
Effective date means the date on which all Parties have executed this Agreement;
Duration to continue unless terminated in accordance with the Terms herein;
Confidential Information means, in relation to a Party, any information of a confidential and/or commercially sensitive nature, howsoever obtained or received and whether or not marked confidential, including any technical, commercial, financial or scientific information, know how, trade secrets, processes, marketing and business information, customer and supplier information, pricing information and/or any other information or material of whatever description or nature proprietary to a Party or its Affiliates or a Customer, whether in written, oral, magnetic, or machine-readable or other format and includes (i) all personal information (ii) all negotiations leading to and the terms and existence of this Agreement and any other related agreements (including the relationship between the Parties as a result therefrom);
Customers Signatory to the “Client Agreement” and user of IGOFX trading account;
Active Account means an account opened by the attracted customer;
Laws means all applicable laws (including, but not limited to, any data protection and trade controls legislation), regulations, by-laws, rules, directives, orders and other requirements of any jurisdiction, and all requirements, permits, approvals, licenses, certificates and other directives from any Government Authority or any government agency, body or authority;
- 1.1. In accordance with the terms and conditions signed and agreed to by a Customer of IGOFX “Client Agreement,” which uses his/her trading account to trade FOREX, the Introducer has a right to attract new customers (hereinafter referred to as the “Customers”) for IGOFX, on the basis and under the Terms & Conditions “Terms” provided herein.
- 1.2. The Client Agreement along with requisite AML, Risk Disclosures and supporting documentation provided by IGOFX to the Customer are an integral part of the Client Agreement.
- 1.3. Terms are binding for each Customer of IGOFX from the moment the Customer accepts the terms of the Client Agreement with IGOFX.
- 1.4. Once the Terms are accepted, the Introducer in his own name and for Remuneration should:
- 1.4.1. hold the advertising events in favour of the IGOFX;
- 1.4.2. hold the events not conflicting with the legislation of the country of residence and aimed at the attraction of potential Customers;
- 1.4.3. inform the potential Customers about IGOFX’s activity and services, advantages and others;
- 1.4.4. notify the potential Customers of all the necessary information about IGOFX, including the addresses and contact requisites of IGOFX, common and special terms of services.
- 1.4.5. introduce the IGOFX’s web-site www.igofx.com and its structure, refer to the documents and information placed on this website, comment and explain it.
- 2.1. Under no circumstances are these Terms to be considered a Partnership, joint venture and/or employer-employee relationship. The Introducer may operate and introduce itself in interaction with the third parties only as a Customer of the IGOFX and not in any other capacity. The Introducer may not use the name of the IGOFX, the logo of the IGOFX, etc. anywhere including advertising materials, forms, business cards, announcements and publications without a written consent from the IGOFX.
- 2.2. Under no circumstances the IGOFX is responsible for:
- 2.2.1. any actions of the Introducer carried out with breach of the Terms and /or the Client Agreement provisions;
- 2.2.2. any actions of the Introducer carried out outside the limits of its authority provided by the IGOFX;
- 2.2.3. any losses of the third parties caused by the Introducer;
- 2.2.4. claims to the Introducer resulted from its failure to comply with clause 3.1. hereof.
- 2.3. The parties agree to comply with the provisions provided in these Terms and /or the Client Agreement, unless otherwise specified and signed by the parties under mutual agreement.
- 3.1. The Introducer agrees to act in compliance with the legislation of the country of its residence.
- 3.2. The Introducer agrees to notify IGOFX immediately about any intervention by right or without a right in its activity.
- 3.3. The Introducer agrees to use best endeavors to attract potential customers for IGOFX.
- 3.4 The Introducer agrees that referred customer accounts that remain unfunded after registration for a period of at least ninety (90) days will be “purged” or otherwise removed from the Introducer’s referral network, and that the Introducer’s referral ID will be withdrawn from the customer’s account. Introducer acknowledges that he/she will not receive rebates/commissions if customer funds after the ninety (90) day period.
- 3.5. The Introducer is responsible for accuracy of customer’s application form and authenticity of the data provided by the customer. A Customer is considered to be attracted by the Introducer provided one of the following conditions is observed:
- 3.5.1. the Customer indicates Introducer’s ID and/or contact details upon trading account registration;
- 3.5.2. the Customer registers a trading account via a special link provided by the Introducer. In this case the Introducer’s ID is entered automatically.
- 3.6. IGOFX reserves a right to register a customer as attracted by the Introducer provided the Introducer may prove the fact of attracting this customer and explain the reason why the customer’s registration was not carried out in compliance with clause 3.4. hereof.
- 3.7. The Introducer is entitled to accord all and every advertising material including the business cards of the Introducer if necessary to use the advertisement and/or the advertising products within fulfillment of obligations under these Regulations.
- 3.8. The Introducer agrees not to use unprincipled types of advertising to promote its activity. In particular it is prohibited to use:
- 3.8.1. active promotion;
- 3.8.2. advertising on immoral (including pornographic) websites;
- 3.8.3. advertising on websites breaching the Introducer’s country of residence legislation;
- 3.8.4. spam;
- 3.8.5. advertisements with deliberate misleading description of the services provided and also deliberate nondisclosure of the risks and information about the services provided to customers;
- 3.8.6. advertisements containing inauthentic information or breaching legislation of the Introducer’s country of residence;
- 3.8.7. anything that may bring harm to the positive image of the “Broker”;
- 3.8.8. any other types of unprincipled advertising.
- 3.9. The Introducer is prohibited from:
- 3.9.1. registering and/or using the domain names or account names on any social network containing a part of the word of the whole word IGOFX or another version of this word without prior consent from IGOFX.
- 3.9.2. Register an organization and/or use the word IGOFX, its any part and another version of writing this word.
- 3.10. The Introducer is strictly prohibited from any monetary relations with customers (including accepting money, payment and bank cards, etc.) whether cash, credit or any other form. IGOFX is fully responsible for any monetary exchanges by the Customers.
- 3.11. The Introducer agrees to keep confidential IGOFX’s activity and/or the information that the Introducer becomes aware of in accordance with the requirements of these Regulations.
- 3.12. The Introducer agrees to inform IGOFX about all the facts and circumstances, it becomes aware of, that may result in undesired consequences (risks) for IGOFX.
- 3.13. Should Customers assert claims to the IGOFX connected with activity of the Introducer, the Introducer agrees to settle all the claims of such customers at its own cost and convenience, without any responsibility of IGOFX.
- 4.1. IGOFX agrees to provide the Introducer with necessary assistance in executing the mission stipulated hereby.
- 4.2. IGOFX agrees to pay Commissions to the Introducer in the amount and under conditions stipulated hereby.
- 4.3. IGOFX is responsible for dealing operations and settlement. For settlement verification, the Introducer may ask its Customer to provide a report. On its basis the Introducer may appeal to the settlement made by IGOFX. IGOFX does not provide reports on the customers attracted by the Introducer.
- 4.4. IGOFX has the right to control the Introducer activity in functions and obligations performing under these Regulations.
- 4.5. IGOFX has the right to seek and obtain the detailed report about the Introducer’s obligations fulfillment under these Regulations.
- 5.1. The Introducer is limited in its right to do the following without prior written consent from IGOFX:
- 5.1.1. assume responsibility on behalf of IGOFX or put IGOFX under any obligations;
- 5.1.2. publish or assist in any advertising or related activities regarding IGOFX in mass media; or publish and distribute any articles and letters related to IGOFX or assist in writing of any such articles and letters in any newspapers, magazines, social media platforms and/or other periodicals, Internet blogs and forums;
- 5.1.3. give any guarantees and/or promises, make any claims in relation to any payments under any contracts and/or agreements concluded by IGOFX on behalf of IGOFX.
- 5.2. The Introducer, entering into relations with customers, agrees to inform the interested persons and Customers about its Introducer status and powers. Since the Introducer is an intermediary, it is IGOFX who carries out all actual actions necessary for conclusion and execution of Client Agreements with the customers, also it enters into actual interaction with them, prepares and signs all the required documents.
- 5.3. The Introducer does not have a right, in its own name and/or on behalf of the interested person, to register a new user in the system of IGOFX and /or accept Client agreements on behalf of Customers, use personal logins, passwords and possibilities of personal areas of IGOFX’s customers. The Introducer agrees to inform the Customer that the Customer does not have a right to provide the third parties with the registration data (login and password) required for authorization on www.igofx.com and agrees to keep them secure and confidential. Within the terms of the Client Agreement all actions related to the execution of the Client Agreement and/or the usage of login and password of the customer are considered to be executed personally by the customer. IGOFX does not bear any responsibility for unauthorized use of the registration data of the customer by the third persons.
- 5.4. Under no circumstances the Introducer has a right to:
- 5.4.1. accept from customers and/or give out to customers money. All settlement payments with customers are made by IGOFX. Refer to clause 3.10
- 5.4.2. Act as an Introducer on behalf of any third parties.
- 5.5. Limitations stipulated by clauses 5.1.-5.4. hereof are in force within the effective period of the Terms and within 5 years after its termination or cancellation.
- 5.6. Should as a result of the Introducer’s failure to comply with conditions of the Terms (including unauthorized actions or claims of the Introducer) there will be filed lawsuits against the IGOFX, all the losses suffered by IGOFX are to be compensated by the Introducer in the full scale. Losses are understood as expenses that IGOFX incurred or will incur restoring its rights and interests (real losses) as well as non-derived income that IGOFX would have gained in usual business intercourse should its rights and interests were not infringed (lost profit) when valuable interests or business reputation of IGOFX were violated as a result of failure to execute or improper execution of obligations by the Introducer under these Terms. The Introducer does not have a right to dispute the amount of loss claimed by IGOFX for compensation.
- 5.7. Should the Introducer break conditions of these Terms, IGOFX reserves the right to block the trading account of the Introducer until all losses, suffered as a result of breach of the conditions hereof, are compensated. IGOFX has a right to cover losses inflicted by the Introducer by the money payable to the Introducer under these Terms and also under the Client Agreement and its integral appendices.
- 5.8. The Introducer himself (self-referral is prohibited), his relatives or affiliates can not act as the Introducer’s customers. In case any data of the Introducer and his Customer coincide (such as passport data, address, telephone, e-mail, ip-addresses, etc.), this Customer’s login will be excluded from the Introducer’s customer list, and no bonuses will be paid for it. The accounts, traded from one ip-address, are considered as one active account. Should the ip-address of a Customer coincide with the ip-address of the Introducer such accounts are considered as affiliated and no bonuses are payable for them.
- 5.9. IGOFX reserves the right to suspend or terminate this agreement at any time should it discover that the Introducer is engaging in suspicious or fraudulent activities.
- 6.1. IGOFX shall pay a commission amount stipulated by clause 6.3 hereof for every customer account attracted by the Introducer.
- 6.2. Commissions of the Introducer are calculated for every single Customer account attracted by the Introducer and are credited to the trading account of the Introducer (hereinafter the “Account”) in one of the following ways:
- 6.2.1. on a real-time basis: commissions are credited to the Introducer after each complete transaction made by the customers attracted, taking into account the requirements of clause 6.7. hereof;
- 6.2.2. on a daily basis: in this case all complete transactions made by the attracted customers during the settling day are considered, taking into account the requirements of clause 6.7. hereof;
- 6.3. on a monthly basis; paid to Introducer within fifteen (15) days following the last day of the calendar month.
- 6.3.1. The mode of commission calculation is at the discretion of IGOFX.
- 6.4. Settlement period is understood as a calendar month. The Introducer has the right to submit a request for withdrawal of the commission money from its Account anytime within the month following the settlement month. The request is submitted only via the Client area on IGOFX’s website. The request is to be processed by IGOFX within 2 (two) business days from the date it is received, provided the amount of the commission added for the settlement period and payable to the Introducer is not less than USD100. Commissions will be paid out within 15 days following the settlement month. For example, commissions generated during the month of September, are paid out within the first 15 days of October should the be requested by the Introducer. Should the sum of the commissions payable to the Introducer for the settlement period be less than 100 USD, the commissions is not paid. The commission added at the end of the following settlement period is increased for the sums of the commissions not paid out on the grounds stipulated by this clause of the Regulations.
- 6.5. IGOFX starts adding and paying commissions to the Introducer under the condition stipulated by clause 6.1. hereof, i.e. the Introducer has 1 active account opened by the attracted customers. Active account is understood as an account that has at least one transaction per month.
- 6.6. IGOFX does not credit any commissions for the positions conforming to the following terms:
- 6.6.1. Position is closed with profit or loss of one (1) pip or less. IGOFX reserves the right to modify this clause without prior notice to the customer should it be deemed necessary.
- 6.7. IGOFX has a right to introduce at its sole discretion amendments to the conditions of commissions adding and payment keeping with clause 10.4. of the Regulations.
- 6.8. Commissions indicated in clause 6.1. hereof are the only payment to the Introducer and the Introducer may not claim for another remuneration, unless otherwise mutually agreed to by Introducer and IGOFX in writing.
- 6.9. The Introducer accrues the right to withdraw the commission sum from the Account only provided the Account is activated by IGOFX.
- 6.10. The Conditionally Approved Introducing Broker will be unable to withdraw, transfer, trade or otherwise remove or use trading commissions or rebates until after their account has been activated.
- 6.10.1. Conditionally Approved Introducing Broker accounts will be activated only after the Introducing Broker has satisfied the documentation requirements in clause 7.1.3 of this agreement.
- 6.11. IGOFX reserves the right to recoup funds from an Introducing Broker’s account if the Company discovers that the Introducing Broker is engaging in suspicious or fraudulent activities including, but not limited to, tampering or attempting to tamper with the Company’s Trading Commission payout system(s). This includes, but is not limited to, such practices as the churning of customer trading accounts, or the hedging of all or some customer positions for the purpose of generating trading commissions to the IB.
- 7.1. To activate an account the Introducing Broker must:
- 7.1.1. Fill in the online application form (Introducing Broker Application Form) on IGOFX’s website.
- 7.1.2. Receive login (Introducing Broker’s Username and User ID);
- 7.1.3. Accept these Regulations and other required member agreements and submit a copy of the Introducing Broker’s valid government issued photo ID and proof of residence on IGOFX’s website (in the member’s area – user profile).
- 7.2. After accepting these Regulations in the application, the Introducing Broker account will be conditionally approved. More information on Conditionally Approved Introducing Broker accounts is available in section 13. of this agreement.
- 7.2.1. After the documents, indicated in clause 7.1.3. of this agreement are received and approved by IGOFX, the Introducing Broker’s account becomes activated. A message informing that the account is activated is sent by IGOFX to the Introducing Broker’s email address indicated in the Introducing Broker’s Application Form.
- 7.3. In cases stipulated by clause 7.2.1. of these Terms relevant notifications are sent by IGOFX to the Introducing Broker’s e-mail address indicated in the Introducing Broker’s Application Form or Member’s Area.
- 8.1. The Introducer guarantees:
- 8.1.1. that it has the required capacity and authority to accept these Terms;
- 8.1.2. to attract potential customers.
- 8.2. The Introducer guarantees fulfillment of its obligations.
- 8.3. The Introducer agrees to compensate losses and prevent indebtedness to IGOFX and its personnel without any claims, demands, suits, expenses, losses, charges (including litigation expenses) and fines that may arise as a result of the Introducer’s guarantee commitments breach.
- 9.1. These Terms come into force for the Customers of IGOFX from the date of its acceptance by the Introducer and terminate from the moment the Client Agreement ceases to be effective.
- 10.1. None of the Parties hereof is liable for complete or partial failure to fulfill its obligations should the failure result from force-majeure circumstances (floods, fire, earthquake and other acts of God, as well as war or different military operations, blockade, government regulation and other unavoidable cases of emergency independent from the Parties).
- 10.2. The Party, that fails to fulfill its obligations, agrees to inform immediately, not later than 5 bank days from the moment such circumstances occurred and ended, the other Party in a written form about the onset, expected duration and cessation of the foregoing circumstances.
- 10.3. Facts, stated in the notification, are to be proved by a competent body or organization of the relevant country. Failure to notify or untimely notification deprives the Party from its right to refer to any of the foregoing circumstances as a ground releasing from liability for failure to fulfill its obligations.
- 10.4. Should impossibility of complete or partial fulfillment of obligations last for more than 3 months, the Agreement is automatically cancelled.
- 11.1. Should there arise a disputable situation with customers attracted by the Introducer, decision of the IGOFX is considered to be conclusive.
- 11.2. Should one of the Parties not raise a demand for obligations fulfillment, the other Party hereof is not discharged from fulfillment of its obligations under this Agreement, as well as it does not mean refusal from obligations.
- 11.3. In case of discrepancy, the English version of these Regulations is considered to have priority above the texts of these Regulations in other languages.
- 11.4. The Introducer acknowledges that IGOFX has a right to amend separate clauses of these Regulations any time having previously notified the Introducer in a written form 7 (seven) calendar days in advance before such amendments are introduced. Any such amendment comes into force on a date stated in the written notification.
- 11.5. Written notification under this agreement is understood as one of the following means of communication:
- 11.5.1. e-mail;
- 11.5.2. post;
- 11.5.3. announcement in the “IGOFX News” column on the IGOFX’s website.
- 11.6. IGOFX will use the Introducer’s contact information, e.g. address, e-mail etc., indicated in the Introducer’s Application form or the latest updated contact information of the Introducer after its relevant written notification.
- 11.7. Any correspondence (documents, announcements, notifications, confirmations, reports etc.) is considered to be received by the Introducer:
- 11.7.1. in one hour after it has been sent to the e-mail address indicated in the Application form of the Introducing broker;
- 11.7.2. in seven calendar days from the moment the posting is sent;
- 11.7.3. in one hour after the announcement is posted in the “IGOFX News” column on the IGOFX’s website.
- 11.8. The Introducer agrees to inform the IGOFX immediately about changes in its contact information indicated in its Introducer Application form. Notification may be sent by post, e-mail, facsimile or other communication facility that allows to:
- 11.8.1. inform the IGOFX immediately;
- 11.8.2. identify with certainty that the notification comes from the Introducer;
- 11.9. For the avoidance of doubt and without any exception: the Introducer must always perform in his own name, but not on IGOFX’s behalf. The beginning of any relations on the IGOFX’s behalf is the howling breach of these Terms involving its termination and cancel of any payments and compensations to the Introducer.
- 11.10. If the Introducer breaks clauses 3.8. and 3.9., or any other clauses of these Terms the IGOFX may estimate it as a howling breach of these Regulations involving its termination and cancel of any payments and compensations to the Introducer.
- 12.1. As outlined in clause 6.10. of this agreement, the Conditionally Approved Introducing Broker will be unable to withdraw, transfer, trade or otherwise remove or use trading commissions or rebates for any purpose until after the account has been activated.
- 12.1.1. To become an activated Introducing Broker account, client must satisfy documentation requirements outlined in clause 7.1.3. of this agreement.
- 12.2. A Conditionally Approved Introducing Broker must provide his/her documentation as indicated in clause 7.1.3. within 6 months of initial account registration.
- 12.2.1. If the aforementioned documentation is not provided and approved within the 6 month period stated in clause 12.2. of this agreement, IGOFX reserves the right to terminate the Conditionally Approved Introducing Broker account. Any trading commissions or rebates earned by the terminated account during the 6 month period shall become forfeit. The referral network of the terminated account shall then be converted to un-referred status. In Accepting these Terms the Introducer confirms that: It has read and understood the terms and conditions of the Regulations; all the terms and conditions of the Regulations are understood and accepted in the full scale; there are no circumstances that may prohibit from the Regulations acceptance.
- This Agreement constitutes the whole agreement between the Parties as to the subject matter hereof and no agreement, representation or warranties between the Parties other than those set out in this Agreement shall be binding on the Parties. This clause shall not exclude any liability for (or remedy in respect of) fraudulent misrepresentation.
- This Agreement and any non-contractual obligations arising out of or in connection with this Agreement shall be governed by laws of England.
- No addition to or variation, consensual cancellation or novation of this Agreement and no waiver of any right arising from this Agreement or its breach or termination shall be of any force or effect unless reduced to writing and signed by all the Parties or their duly authorised representatives.
- This Agreement and any non-contractual obligations arising out of or in connection with this Agreement shall be governed by laws of England.