1.1 This Agreement is executed by and between GRINTA-INVEST LIMITED, (the “Company”), address Trust Company Complex, Ajeltake road, Ajeltake Island, Majuro, MH96960 and the Client, a physical or legal person, (the “Client”). Clearing and billing services are done by GRINTA HOLDINGS LIMITED, address 27 Old Gloucester Street, London, WC1N 3AX, UK.
1.2 The website is operated by GRINTA-INVEST LIMITED, address: Trust Company, Ajeltake Road, Ajeltake Island, Majuro MH96960 Marshall Islands. GRINTA HOLDINGS LIMITED, address 27 Old Gloucester Street, London, WC1N 3AX, UK, serves as a payment service for GRINTA-INVEST LIMITED.
2.1 This is our standard Client Agreement which we intend to rely on. The client acknowledges that he/she has read, understood and accepted the Client Agreement including the Annex containing the Risk Disclosure Notice.
By entering into this Agreement, the client accepts Grinta’s Terms and Conditions, the Client Categorization Notice, as well as any information (legal or otherwise) posted on the Firm’s website, as may be amended by Grinta from time to time.
2.2 By accepting the Client Agreement the client enters into a binding legal agreement with the Firm.
2.3 The client acknowledges that the Firm’s official language is the English language.
3. SCOPE OF THE CLIENT AGREEMENT
3.1 The Client Agreement forms the basis on which GRINTA provides investment and ancillary services to the client.
3.2 The Client Agreement is non-negotiable and overrides any other agreements, arrangements, express or implied statements made by GRINTA unless the Firm, in its sole discretion, determines otherwise. If the Client Agreement were to be materially amended, reasonable notice shall be given to the client.
4. COMMENCEMENT OF THE CLIENT AGREEMENT
4.1 The Client Agreement shall commence once the prospective client receives an e-mail that contains his/her personal trading account number and password.
5. INTERPRETATION OF TERMS
5.1 Unless indicated to the contrary, the defined terms included in the Client Agreement shall have a specific meaning and may be used in the singular or plural as appropriate.
|Authorized Representative||Shall mean either the natural or legal person who is expressly authorized by the client to act on his/her behalf; the above mentioned relationship is documented through a Power of
Attorney, a copy of which is held by the Firm.
|Application Form||Shall mean the online application form to be completed by prospective clients found on the company website.|
|Balance||Shall mean the funds available in a trading account that may be used for trading financial instruments.|
|Balance Currency||Shall mean the currency that the trading account is denominated in; it should be noted that all charges including spreads, commissions and swaps, are calculated in that currency.|
| Business Day
|Shall mean a day on which the Firm is open for business.|
|Client||Shall mean either the natural or legal person who received the email referred to in clause 4.1, above.|
|Client Account||Shall mean the account that the client establishes with the company for trading and depositing and withdrawing funds.|
|Closed Position||Shall mean the opposite of an open position.|
| Company Online
|Shall mean the MetaTrader trading platform or any other trading platform/system the Company offers to traders for order execution.|
|Equity||Shall mean the balance plus or minus any profit or loss that derives from any open positions.|
|Margin||Shall mean the required funds available in a trading account for the purposes of maintaining an open position.|
|Margin Level||Shall mean the Equity to Margin ratio calculated as:
Margin Level = Equity / Margin
|Open Position||Shall mean any position that has not been closed. For example, an open long position not covered by the opposite short position and vice versa.|
|Order||Shall mean any order for execution of a trade, that has been submitted by the client through the company online trading system or via phone and can include market orders, instant orders and limit orders.|
|Over-the-Counter (OTC)||Shall mean the execution venue for any financial instruments whose trading is governed by the relevant Terms and Conditions of Business.|
|Trading Account||Shall mean the account, which has a unique number, maintained by a client for the purposes of trading financial instruments through the GRINTA trading platform(s).|
|Terms and Conditions||Shall mean the ‘GRINTA Terms and Conditions of Business’ governing the actions that relate to the execution of the client’s orders.|
6. PROVISION OF SERVICES
6.1 GRINTA offers, on an execution-only basis, a number of financial instruments to the client the
contract specifications of which are available online.
6.2 GRINTA operates on an execution only mandate and is under no obligation to monitor or advice
the client on the suitability of their trading decision.
6.3 Upon notice to the client, GRINTA reserves the right to amend, from time to time, both the trading
conditions and execution rules. Even if the Firm amends any part of the trading conditions and/or
execution rules the client continues to be bound by the Client Agreement, including but not limited to any
amendments that have been implemented.
6.4 GRINTA, from time to time and as often as it deems appropriate, may issue material (‘the Information
Material’), which contains information including but not limited to the conditions of the financial market,
posted through its website and other media. It should be noted the Information Material is considered to
be marketing communication only and does not contain, and should not be construed as containing,
investment advice or an investment recommendation or, an offer of or solicitation for any transactions in
financial instruments. GRINTA makes no representation and assumes no liability as to the accuracy or
completeness of the information provided, nor any loss arising from any investment based on a statement,
forecast or other information supplied by any employee of GRINTA, a third party or otherwise. The
Information Material is not prepared in accordance with legal requirements promoting the independence
of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of
investment research. All expressions of opinion included in the Information Material may be amended
from time to time. Any opinions made may be personal to the author and may not reflect the opinions of
6.5 The client understands that no physical delivery of a CFD’s underlying instrument (or reference
instrument) that he/ she traded through his/her trading account shall occur.
6.6 The client accepts that GRINTA is the only execution venue, which is a non-regulated market.
6.7 The client may trade through his/her trading account from 00.00.01 (GMT+2) on a Monday until 00.00.00 (GMT+2) on a Friday. It should be noted that trading of certain financial instruments occurs during specific timeframes; the client is responsible for looking at the contract specifications of such instruments for further details, prior to trading. The client shall be notified of any Firm holidays through the internal e-mailing system.
6.8 GRINTA in entitled to refuse the provision of any investment or ancillary service to the client, at any
time, without being obliged to inform the client of the reasons to do so in order to protect the legitimate
interests of both the client and the Firm.
7.1 GRINTA shall act, at all times, as principal for all trades entered into by a client.
Any instruction received online through a client’s personal trading account or by telephone confirming a client’s personal trading account number, will be deemed to be communicated by the client. The Firm is not required to confirm the authenticity of the instruction or the identity of the person communicating the instruction. The Firm shall not be liable for any loss arising from an instruction sent by a third party unauthorized to act on the client’s behalf.
Even if the client identifies a legal or natural person (‘the Third Party’) who is responsible for acting on the client’s behalf, through the Firms duly completed Power of Attorney arrangement, the Firm is not accepting the Third Party as a client, unless specifically agreed otherwise. As a result, information shall only be disclosed to the Third Party in relation to the client and/or the client’s trading activity if appropriate authorization has been given. The Third Party may give trading instructions to the Firm on the client’s behalf.
7.2 The client authorizes GRINTA to rely and/or act on any instructions sent by the former to the latter, without the need on the Firm’s part for confirming the authenticity of the instruction or the identity of the person communicating the instruction.
8. ASSURANCES AND GUARANTEES
8.1 The client assures and guarantees that:
8.1.1 the Funds, according to clause 10.1 below, belong to the client and are free of any lien, charge, pledge or other encumbrance;
8.1.2 the Funds, according to clause 10.1 below, are not the direct or indirect proceeds of any illegal act or omission or product of any criminal activity; and
8.1.3 he/she acts for his/herself and is not a representative or trustee of a third person, unless he/she produces to the satisfaction of the Firm documents to the contrary.
8.2 The client guarantees the authenticity and validity of any document sent to GRINTA during (i) the account opening process and (ii) the life of the trading account.
9. CLIENT MONEY
9.1 The client has the right to withdraw, at any time, any part of the Funds equal to the free margin that is available in the relevant trading account provided that there are Funds available. It should be noted that such request may take up to 7 (seven) business days in order to be processed. The Firm reserves the right to request additional information and/or documentation to satisfy itself that the request is legitimate. In addition, GRINTA reserves the right to reject such a request if it deems that this may not be legitimate. The client accepts that under such circumstances there may be a delay in processing the request.
9.2 The client accepts that the Funds shall be deposited in his/her trading account on the later date of either the value date on which the Funds are received by GRINTA or the value date on which the Funds are received by the Institution. The Funds deposited in a client’s trading account shall be net of any transfer fees or other charges incurred by or charged to GRINTA that are imposed by the Institution (or intermediary involved in the process) that holds the Funds.
9.3 Where any Funds required to be deposited by a client are deposited into his/her trading account and GRINTA suspects that the sender of the funds is not the client or his/her authorized representative, the Firm may reject the funds and return them to the remitter net of any transfer fees or other charges incurred by or charged to GRINTA, using the same transfer method as the one through which it originally received the Funds.
9.4 The client accepts that withdrawal of any part of the Funds shall be concluded using the same transfer method and the same remitter as the one which the Firm originally received the Funds from; under such circumstances, GRINTA shall return the part of the Funds requested net of any transfer fees or other charges incurred by or charged to GRINTA.
9.5 GRINTA reserves the right to decline a withdrawal that the client requested using a specific transfer method and has the right to suggest an alternative.
9.6 If, at any time, GRINTA is not satisfied with the documentation provided by the client in relation to the withdrawal/deposit, the Firm reserves the right to reverse to the remitter any part of the Funds net of any transfer fees or other charges incurred by GRINTA, using the same transfer method as the one through which it originally received the Funds.
9.7 The client accepts that the Institution may reverse any part of the Funds, for any reason; as a result, the Firm shall immediately reverse the respective amount from the trading account net of any transfer fees or other charges incurred by or charged to GRINTA, using the same transfer method as the one through which it originally received the Funds. The client accepts that this may result to a negative balance in the trading account; under such circumstances.
9.8 GRINTA shall take all reasonable steps to ensure that the client is informed regarding the progress of any requests referred to in the ‘Client Money’ section, specifically in relation to the expected processing time and the need for any, or any further, documentation that if not in place may delay the processing.
9.9 The Firm reserves the right to close an account in connection with an unclaimed client money balance and releasing any client money balances from client bank accounts if:
- there has been no movement on the client’s balance for a period of six years; and
- the Firm has sent written notice to the client at the last known address informing the client of the Firm’s intention of no longer treating that balance as client money, and giving the client 28 days to make a claim.
- No third party deposits is allowed.
- On every deposits we will ask our traders to send us for the following documents in order to validate your account, within ten business days.
- A photocopy of your valid passport, driver’s license, or national identification card
- A utility bill or bank statement from the last two months with your address clearly shown.
- A photocopy of the front of the credit card which you used to make your deposit.
- You will need to send us this information for every card you use to make deposit
- Cardholder must always be the same as the person on the registered ID
- Transfers between the accounts on the website is forbidden.
10.1 Prior to trading CFDs the client needs to consider any applicable charges such as spreads, commissions and swaps. The client is solely responsible for requiring clarifications from the Firm in relation to the above, if necessary.
10.2 The client should note that not all charges are represented in monetary terms (for example, charges may appear as a percentage of the value of a CFD); therefore, the client needs to ensure that he/she understands the amount that the percentage amounts to.
10.3 The client should note that any applicable charges shall be instantly deducted from his/her trading account.
10.4 The applicable spreads and commissions charged when conducting a trade are available online at the trading platform and the information in the platform is the one to determine in case of dispute with the website.
10.5 We reserve the right to apply interest rate swap on all open positions. The swap is the interest added or deducted for holding an open position overnight.
10.6 Depending on the position held and the interest rates of the currency pair involved in a transaction the client may either be credited debited with financing; the operation is conducted at 23:59 server time and the resulting amount is automatically converted into the client’s balance currency.
10.7 From Friday to Monday swap is charged once and from Wednesday to Thursday swap is charged in triple size. It should be noted that GRINTA charges its own interest; the rollover interest
rates of GRINTA are based on the overnight rate provided by Bloomberg; the Firm updates such rate as often as it deems necessary.
11.1 GRINTA shall, at all times, conclude client’s transactions in good faith.
11.2 GRINTA bears no responsibility for any acts or omissions concluded by either a natural or legal person that provides the Firm with information in relation to the execution of the client’s transactions in financial instruments, unless such acts or omissions were the result of negligence or fraud on behalf of GRINTA.
11.3 GRINTA bears no responsibility for any loss of opportunity that results in reduction in the value of the client’s transactions in financial instruments, regardless of the cause of such reduction, except to the extent that reduction occurred as a direct consequence of the Firm’s deliberate actions or omissions.
11.4 GRINTA bears no responsibility for any loss incurred as a result of the acts or omissions of the Institution or its employees, including but not limited to instances of false or misleading information provided by the client.
12. NOTIFICATION AND AMENDMENTS TO THE CLIENT AGREEMENT
12.1 The Firm will notify the client in good time about any material change to the information provided under this section which is relevant to a service that the Firm is providing to that client.
12.2 GRINTA reserves the right to amend, from time to time, any part of the Client Agreement, including where the Firm deems that such amendments are necessary given an announcement by a regulatory authority of a competent jurisdiction. Under such circumstances, the client shall be notified via email; it should be noted that the client’s consent is not required for any amendment to be effective immediately.
13. TERMINATION AND DEFAULT
13.1 GRINTA may terminate the Client Agreement immediately, in the event of:
13.1.1 a violation of any part of the Client Agreement on behalf of the client;
13.1.2 an issuance of an application, order, resolution or other announcement in relation to bankruptcy or winding-up proceedings that involve the client;
13.1.3 a client involving the Firm in any type of fraud based on the Firm’s reasonable suspicion.
13.2 A termination of the Client Agreement shall not imply that any of the client’s responsibilities cease to exist; the latter shall still be liable to pay to the Firm:
13.2.1 any amount that is due to GRINTA;
13.2.2 any expenses that are incurred by or charged to GRINTA, as a result of the termination of the Client Agreement;
13.2.3 any damage or loss that has arisen because of an arrangement or settlement.
13.3 Upon termination of the Client Agreement under clause 13.1, above, GRINTA shall immediately transfer to the client any amount available in the relevant trading account minus any outstanding amount that is due to the Firm by the client.
13.4 If clause above, becomes effective GRINTA reserves the right to reverse any transactions that are deemed to be contrary to the Firm’s interests.
14. CONFIDENTIALITY AND PERSONAL DATA PROTECTION
Your personal information may be maintained on computer records and will not be disclosed to other parties except where we are expressly permitted to on a ‘need to know’ basis:
- Disclose information to the institution holding client assets, their successors in business, and other institutions with which agreements are entered in order to provide you our services.
- Disclose information to our compliance advisers, auditors and other such organizations.
Under such circumstances the Firm shall expressly inform the third party regarding the confidential nature of the information.
We may also disclose your information to any other company within our Group.
We use a card processing company for your deposits and withdrawals using credit card to and from your account. This company does not retain, share, store or use personally identifiable information for any other purposes.
We may from time to time engage companies for statistical purposes in order to improve the Firm’s marketing; as a result, some or all of the clients’ data may be disclosed on an anonymous and aggregated basis only.
We cannot be held responsible for the information held on your file becoming inaccurate due to your change of circumstances if you fail to inform us of those changes. We want to make sure your personal information is accurate and up to date. You may ask us to correct or remove information you think is inaccurate.
15. RECORDINGS OF TELEPHONE CALLS
15.1 The content of any telephone call (‘the Telephone Record’) between the client and the Firm may be recorded and saved as a magnetic or electronic record. The client agrees that the Firm has the right to use the Telephone Records as it deems necessary including but not limited to training or regulatory purposes or in connection with any dispute involving the Firm.
15.2 All instructions received from the client, during a telephone call, in relation to trading financial instruments shall be conclusive and binding unless conditions described in this document above of the Terms and Conditions are triggered.
16. CONFLICTS OF INTEREST
The client accepts that a conflict of interest may arise when the interest of GRINTA competes or interferes, or appear to compete or interfere, with the client’s interests under the Client Agreement.
16.1 Specifically, the client accepts that:
16.1.1 GRINTA may assign or transfer the execution of the client’s instruction to another member company of the GRINTA Group of Companies;
16.1.2 The Firm may execute at the same time instructions by different clients that are opposite to one another;
16.1.3 The Firm may establish business, including but not limited to trading relationships, with other issuers of financial instruments and the Firm may have a financial interest in such instruments;
16.1.4 The Firm may pay commission -or any other related fee- to a third party as a result of either (i) introducing the client or (ii) the client’s trading activity (under such circumstances the client shall be notified in writing).
17. REPRESENTATIONS AND WARRANTIES
The client represents that he/she has not been coerced or otherwise persuaded to enter into the Client Agreement.
17.1 The client declares that he/she is over 18 (eighteen) years of age (in case the client is a natural person) or has full capacity (in case the client is a legal person); therefore, the client may enter into the Client Agreement.
17.2 The client accepts that GRINTA reserves the right to revoke at any time, without prior written notice, any power of attorney documents that govern the relationship of the client with his/her authorized representative.
17.3 The client declares that he/she is fully aware of any implications, including but not limited to any restrictions, set by his/her local jurisdiction in relation to entering the Client Agreement.
17.4 The client declares that any trading in financial instruments is proportional and/or reasonable to
his/her specific financial situation and that independent financial advice has been sought, or will be if necessary.
17.5 The client accepts that the trading of any transactions in financial instruments shall occur only through the GRINTA trading platforms(s) or other platform available to GRINTA at any given time to the client.
17.6 In addition, the client accepts that the Firm reserves the right to change the contract specifications without giving him/her prior written notice.
17.7 If client is more than one natural or legal persons, the client’s obligations and liability under the Client Agreement shall be joint and several; under the above mentioned circumstances any communication, including but not limited to a notice and order, shall be construed as delivered to all natural or legal persons that together form the client.
17.8 The client accepts that the Firm shall take all reasonable steps to ensure compliance with the Law; such reasonable steps shall be binding upon the client.
17.9 The client accepts the fact that GRINTA shall have a lien on any amount that is deposited in his/her trading account that is due for payment by the former to the latter. Although the Firm does not need the client’s consent in order to exercise the lien the former shall notify the latter of its intention, accordingly.
17.10 The client represents that if an amount is due for payment to GRINTA, the later shall be entitled to debit the relevant amount from the client’s trading account immediately.
18. FORCE MAJEURE EVENT
18.1 GRINTA shall, in its reasonable opinion, determine that a force majeure event occurred; under such circumstances the Firm shall take all reasonable steps in order to inform the client.
18.2 A force majeure event is as an event or circumstance, including but not limited to any natural, technological, political, governmental, social, economic (including without limitation to the suspension of a currency) or similar event or circumstance that occurred after a transaction in a financial instrument occurred and such event or circumstance has not been anticipated at the date of entering into the transaction. In addition to the above, a force majeure event may include instances of illegitimate actions against the GRINTA servers that may be outside the control of with the client or GRINTA.
18.3 If GRINTA determines that a force majeure event occurred, without prejudice to any other rights of the client under the Client Agreement, the Firm may:
18.3.1 increase margin requirements; and/or
18.3.2 increase spreads; and/or
18.3.3 decrease leverage; and/or
18.3.4 close-out, in good faith, any open positions at a price that the Firm considers reasonable; and/or
18.3.5 request amendments to any closed positions; and/or
18.3.6 suspend the provision of investment and/ or ancillary services to the client; and/or
18.3.7 amend any of the content of the Client Agreement on the basis that it is impossible for GRINTA to comply with it.
19. MARGIN ACCOUNT AND REQUIREMENTS
19.1 The client needs to ensure that he/she has sufficient margin on his/her trading account, at all times, in order to maintain an open position.
19.2 In addition, the client needs to continuously monitor any open positions in order to avoid positions being closed due to the unavailability of funds; it should be noted that the Firm is not responsible for notifying the client for any such instances.
19.3 At margin levels of 20% (twenty), the Firm will begin closing by STOP OUT automatically the positions starting from the most unprofitable one.
19.4 At margin levels of 80% (eighty) the Firm will be entitled to notify you of a change in your margin level. Any increase to your margin level will be due and payable immediately on our demand. We will only increase your margin level where we reasonably consider it necessary.
19.5 The Firm shall inform the client, if applicable, about the existence of and the terms of any security
interest or lien which the Firm has or may have over the client’s designated investments or client money
or any right of set-off it holds in relation to the client’s designated investments or client money and if
applicable, that a depository may have a security interest or lien over or right of set-off in relation to this
instruments or money.
20. ABNORMAL MARKET CONDITIONS
Under abnormal market conditions, CFDs may fluctuate rapidly to reflect unforeseeable events that cannot be controlled either by the Firm or the client. As a result, GRINTA may be unable to execute the client’s instructions at the declared price and a ‘stop loss’ instruction cannot guarantee to limit the latter’s loss.
CFD prices are influenced by, amongst other things, implementation of governmental, agricultural, commercial and trade programs and policies and national and international socioeconomic and political events.
21. TRADING PLATFORM CONDITIONS
21.1 The client accepts that the only reliable source of price related information is the Quotes represented on the real/live server; this service may be disrupted and as a result price related information may not reach the client.
21.2 The client shall regularly consult the ‘Help’ menu or User Guide of the trading platform(s); if a conflict arises the Client Agreement shall prevail unless GRINTA determines, in its sole discretion, otherwise.
22.1 Unless the contrary is specifically provided in this Client Agreement, any notice, instruction, request or other communication (other than instructions given online through the client trading account or by telephone for the sending and reception of Orders) to be given to the GRINTA by the client under the Client Agreement shall be in writing and shall be sent to GRINTA’s contact details below (or to any other contact details which GRINTA may from time to time inform the client for this purpose) by email.
In order to communicate with the client GRINTA will use the contact details provided by the Client
22.2 on the Application Form or as updated latter on. Hence, the client has an obligation to notify GRINTA immediately of any change in the client’s contact details.
GRINTA bears no responsibility for any loss that arises as a result of delayed or un-received.
22.3 GRINTA bears no responsibility for any loss that arises as a result of encrypted data.
22.4 information sent by the Firm that has been accessed via unauthorized means.
22.5 GRINTA bears no responsibility for any un-received or unread internal messages sent to the client
22.6 through the trading platform(s); in case a message is not received or read within 7 (seven) business days the message gets automatically deleted.
22.7 The client is solely responsible for the privacy of any communication he or any third party
authorized to act on his behalf, sends to GRINTA.
22.8 Moreover, the client accepts that any loss that arises as a result of unauthorized access of a
third party to the client’s trading account is not the responsibility of GRINTA.
23. ACCOUNT REVIEW
23.1 Information on order(s) status, client account status and trade confirmations may be obtained by the client at any point in time as long as the client is logged in, through the trading platform(s), including but not limited to open and closed positions profit or loss per position and available margin and equity. In addition, through MY ACCOUNT in the website the client may manage his/her account and deposit or withdraw money depending on his/her trading needs.
23.2 The Client is obliged to provide the Company with e-mail address for the purposes of paragraph 30 above. It is the Client’s responsibility to inform the Company of any change to his email address (or any other relevant personal information), the non-receipt of a Confirmation, or whether any Confirmations are incorrect before settlement.
23.3 The Company will send to the Client, in the method specified above and/or via the Client online trading system, a Trade Confirmation in respect of each executed Order.
23.4 If the Client has a reason to believe that the Confirmation is inconsistent or if the Client does not receive any Confirmation (though the Transaction was made), the Client shall contact the Company. Trade confirmations shall, in the absence of manifest error, be deemed conclusive unless the Client notifies the Company in writing to the contrary within three (3) Business Days following the Day of receipt of the said Trade Confirmation.
23.5 The Company will provide the Client with an online access to his Client Account via the Company Online Trading System, which will provide him with sufficient information in order to manage his Client Account.
GRINTA bears no responsibility for any loss that arises as a result of a system failure, including but not limited to:
- hardware or software failure, malfunction or misuse either on the client’s side or the Firm’s or both;
- poor or no internet connection either on the client’s side or the Firm’s or both; 3. incorrect settings in the client terminal; and
- delayed updates of the client terminal.
The client accepts that at times of excessive transaction flow there might be some delay in contacting, over the telephone, a member of the Dealing Department, especially when there are important market announcements.
25.1 The client represents and warrants that each representation and warranty as follows is deemed repeated each time he or she opens or closes a position:
- he/she will not place and has not placed a position or positions with GRINTA if to do so would result in him or her, or others with whom he/she is acting in concert together, having an exposure to the price of the underlying financial instrument which is equal to or exceeding the amount of a declarable interest in the relevant financial instrument. For this purpose the level of a declarable interest will be the prevailing level at the material time, set by Law or any exchange upon which the underlying financial instrument is traded; and
- he/she will not place and has not placed an order with GRINTA in connection with:
- a placing, issue, distribution or other analogous event; or
- an offer, takeover, merger or other analogous event in which he or she is involved or otherwise interested.
- he/she will not place and have not placed an order that contravenes any primary or secondary legislation or other law against insider dealing or market manipulation.
25.2 In the event that (a) the client places any order in breach of the representations and warranties given in this clause, or (b) GRINTA has reasonable grounds for suspecting that he/she has done so, GRINTA may at its absolute discretion and without being under any obligation to inform the client of its reason for doing so close that position and any other positions that he/she may have open at the time and also at GRINTA’s absolute discretion:
- enforce the position or positions against the client if it is a position or positions under which he/she has lost money to us; or
- treat all the client’s positions closed under this clause as void if they are positions under which the client has won money from GRINTA, unless and until he/she produces conclusive evidence that he/she has not in fact committed the breach of warranty and/or misrepresentation the suspicion of which was the ground for closing his/her position(s).
25.3 For the avoidance of doubt if the client does not produce such evidence within the period of six months from the date on which the positions were opened, all such positions will be finally null and void as between the client and GRINTA.
25.4 The client acknowledges that it would be improper for him/her to deal in the underlying market if the sole purpose of such a transaction was to impact on GRINTA’s bid or offer prices, and the client agrees not to conduct any such transactions.
JURISDICTION AND DISPUTE RESOLUTION
The client accepts that the Client Agreement and any investment and/or ancillary services provided under it by the Firm shall be governed by the law of Marshall Islands.
Any proceedings and their settlement that may involve GRINTA and the client shall take place in the competent courts of Marshall Islands.
27.1 The client shall not, under any circumstance, assign or transfer any of his/her rights and/or obligations under the Client Agreement to another natural or legal person.
27.2 The Firm may, by way of written notice to the client, assign or transfer any of its rights and/or obligations under the Client Agreement to another natural or legal person, in whole or in part provided that such natural or legal person agrees to abide by the Client Agreement.
27.3 If, for any reason, a part of the Client Agreement is deemed to be unenforceable by a court of a competent jurisdiction then such part shall be severed from the Client Agreement and the remainder of the Client Agreement shall remain unaffected.
28. IMPORTANT INFORMATION
CFDs are not eligible for sale in certain jurisdictions or countries. The Risk Disclosure Notice is not directed to any jurisdiction or country where its publication, availability or distribution would be contrary to local laws or regulations, including the United States of America. The Risk Disclosure Notice does not constitute an offer, invitation or solicitation to buy or sell CFDs. It may not be reproduced or disclosed (in whole or in part) to any other person without prior written permission from GRINTA. The Risk Disclosure Notice is not intended to constitute the sole basis for the evaluation of the client’s decision to trade in CFDs.
Questions regarding this Client Agreement or GRINTA’s Terms and Conditions should be addressed, in the
first instance, to the Customer Support Department.
Customer Support Department
30. RISK DISCLOSURE NOTICE
RISK WARNING: Contracts for Difference (‘CFDs’) are complex financial products, which have no set maturity date. Therefore, a CFD position matures on the date a client chooses to close an existing open position. CFDs, which are leveraged products, incur a high level of risk and can result in the loss of all of the client’s invested capital. As a result, CFDs may not be suitable for all individuals. The client should not risk more than he/ she is prepared to lose. Before deciding to trade, the client shall ensure that he/ she understands the risks involved and take into account his/ her level of experience. The client may seek independent advice, if necessary.
31. PRODUCT DESCRIPTION
It should be noted that past performance of CFDs is not a useful indicator of future performance.
31.1 A CFD is an agreement to either buy or sell a contract that reflects the performance of, including
amongst others, forex, precious metals, futures and shares; the profit or loss is determined by the
difference between the price a CFD is bought at and the price is sold at and vice versa. CFDs are traded on
margin and it should be noted that no physical delivery of either the CFD or underlying asset is occurring.
It should be noted that when clients purchase, for example, CFDs on shares they are merely speculating
on the share’s value to either increase or decrease.
31.2CFDs fluctuate in value during the day; the price movements of CFDs are determined by a number of factors including but not limited to speculation and availability of market information.
32. MAIN RISKS ASSOCIATED WITH TRANSACTIONS IN CFDs
32.1 CFDs are complex products that are not suitable for all types of investors, therefore you should always make sure that you understand how the product you are buying works, that it does what you want it to do and that you are in a position to take the loss if it fails.
32.2 You should carefully read this agreement before making a trading decision. You should make sure that you at least understand the following:
- the costs of trading CFDs,
- the margins required to execute a CFD trade
- The costs involved in making a trade,
- How the prices of CFDs are determined
- What happens if you hold the position overnight
- Re-quotes or potential slippage
- Execution of orders when the underlying market is closed
32.3 Prior to trading CFDs, you need to ensure that you understand the risks involved. CFDs are leveraged products; therefore, they carry a higher level of risk to the client’s capital compared to other financial products. Leveraged trading means that potential profits are magnified; it also means losses are magnified. The lower the margin requirement, the higher the risk of potential losses if the market moves against the client. The value of CFDs may increase or decrease depending on market conditions.
32.4 Due to the fact that CFDs are leveraged products, engaging in CFD trading may not be suitable for you and independent advice should be sought if necessary. The potential for profit must be balanced alongside prudent risk management given the significant
losses that may be generated over a very short period of time when trading CFDs.
32.5 You should not commence trading in CFDs unless he/ she understand the risks involved. You should only consider trading in CFDs if you wish to speculate, especially on a very short term basis, or you are wishing to hedge an exposure in your existing portfolio, and if you have extensive experience in trading, in particular during volatile markets, and can afford any losses;
32.6 Prior to trading CFDs, you need to ensure that you understand CFDs are not suitable for ‘buy and hold’ trading. CFDs can require constant monitoring over a short period of time (minutes/hours/days). Even maintain an investment overnight exposes you to greater risk and additional cost. The volatility of the stock market and other financial markets, together with the extra leverage on your investment, can result in rapid changes to the client’s overall investment position. Immediate action may be required for you to manage your exposure, or to post additional margin. You should only trade CFDs if you have enough time to monitor their investments on a regular basis.
32.7 CFDs, which are leveraged products, incur a high level of risk and can result in the loss of all of the client’s invested capital. It should be noted that GRINTA operates on a ‘negative balance protection’ basis; this means that the client cannot lose more than his/ her initial investment. The margin the client needs to maintain as a deposit with GRINTA is recalculated daily in accordance with changes in the value of the underlying assets of the CFDs the client holds. If this recalculation produces a reduction in value compared with the valuation on the previous day, the client will be required to pay GRINTA immediately in order to restore the margin position and to cover loss. If the client cannot make the payment, GRINTA will close the client’s position whether or not he/she agrees to this action. Clients will have to meet the loss, even if the prices of the underlying asset subsequently recovers.
32.8 When trading CFDs, the client is effectively entering into an over-the-counter (‘OTC’) transaction; this implies that any position opened with GRINTA cannot be closed with any other entity. OTC transactions may involve greater risk compared to transactions occurring on regulated markets, for example traditional exchanges; this is due to the fact that in OTC transactions there is no central counterparty and either party to the transaction bears certain credit risk (or risk of default).
32.9 CFD trading, unlike traditional trading, enables the client to trade the markets by paying only a small fraction of the total trade value. However, it should be noted that leverage, or gearing as it is often referred to, means that a relatively small market movement may lead to a proportionately much larger movement in the value of the client’s position. GRINTA offers flexible leverage starting from 1:1 up
32.10 It should be noted that the Firm shall monitor the leverage applied to client’s positions, at all times; the Firm reserves the right to decrease the leverage depending on the client’s trade volume.
32.11 The trading platform allows clients to place a ‘stop loss’ order to each individual transaction which is aimed at closing a position should losses exceed the stop loss limit. The closing out of the position at the limit price is not guaranteed and may be greater. This may occur when the underlying market in the CFD has become unusually volatile and the market moves past the price of the client’s stop loss order.
32.12 Depending on the trades clients enter into, and how long he/she holds them for, GRINTA may require the client to pay commission and/or holding costs. Commission will be incurred on entering into certain trades and will be determined by reference to the size of the trade. In some cases, and particularly where the client keep trades open for a long time, holdings costs will apply. The aggregate of these holding costs may exceed the amount of any profits or increase the client’s loss.
32.13 Circumstances may occur which will affect the clients ability to trade. GRINTA’ ability to generate prices and execute orders is dependent on the availability of prices and liquidity in the exchanges, markets and other venues from which GRINTA gathers market data. In addition, because GRINTA maintains its own financial stability by hedging with other counterparties, GRINTA may be unable to execute client orders where it cannot enter into a corresponding trade to hedge its own risk. Market circumstances may impact on the client’s ability to place an order or close a trade with GRINTA. Financial markets may fluctuate rapidly which affects the prices on the platform. Movements in GRINTA prices will have a direct real time effect on Client trades and accounts.
There is also a technical risk that, for example, system errors and outages, maintenance periods and internet connectivity issues prevent you from accessing the platform and being able to execute orders.
32.14 Although investing in CFDs does not involve taking physical delivery of the underlying financial
instrument independent tax advice should be thought under the full responsibility of the client.
34. Anti Money Laundering Policy
Grinta – Invest does not tolerate money laundering and supports the fight against money launderers. Grinta – Invest has policies in place to deter people from laundering money. These policies include:
– Ensuring clients have valid proof of identification.
– Requiring the client to provide valid utility bills for proof of residence.
– Maintaining records of identification information.
– Determining that clients are not known or suspected terrorists by checking their names against lists of known or suspected terrorists.
– Informing clients that the information they provide may be used to verify their identity.
– Closely following clients’ money transactions.
– Not accepting cash, money orders, third party transactions, exchange houses transfers or Western Union transfers.
– Not accepting money from countries on terror watch lists, such as Iran, North Korea, Yemen, and Syria.
Money laundering occurs when funds from an illegal/criminal activity are moved through the financial system. It is moved in such a way as to make it appear that the funds have come from legitimate sources.
Money Laundering usually follows three stages:
Firstly, cash or cash equivalents are placed into the financial system.
Secondly, money is transferred or moved to other accounts (e.g. futures accounts) through a series of financial transactions designed to obscure the origin of the money (e.g. executing trades with little or no financial risk or transferring account balances to other accounts).
Lastly, the funds are re-introduced into the economy so that the funds appear to have come from legitimate sources (e.g. closing a futures account and transferring the funds to a bank account).
Trading accounts are one vehicle that can be used to launder illicit funds or to hide the true owner of the funds. In particular, a trading account can be used to execute financial transactions that help obscure the origins of the funds. Grinta – Invest directs fund withdrawals back to the original source of remittance as a preventative measure.
International Anti Money Laundering requires financial services institutions to be aware of potential money laundering abuses that could occur in a customer account, and implement a compliance program to deter, detect and report potential suspicious activity.
These guidelines have been implemented to protect Grinta – Invest and its clients.