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OPEN ACCOUNT: BINARY OPTIONS TRADING ACCOUNT - BLOOMBEX OPTIONS
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Terms, Conditions and Disclaimers
Between: Bloombex Ltd., “Bloombex”
And : The Client
Whereas;
Bloombex allows its Clients the usage of a trading platform, constituting an on line service via internet and/or mobile phone, for the execution of transactions in the FOREX market (rates of foreign currencies), FOREX derivatives and various financial assets such as CFD’s, Options, Binary and Exotic Options, Futures, Stocks and other financial derivatives, in an account that the Client shall open with Bloombex (hereinafter: "the Transactions");
And whereas;
The Client wishes to open an account with Bloombex in order to use the said system and to enter into transactions with Bloombex as follows;
It is agreed by the parties as follows:
Section 1 - General
The term "this Agreement" refers to all the appendices and attachments that are an integral part as well as any other appendix or attachment that will be defined by Bloombex. Those attachments will be corrected by Bloombex from time to time.
Section 2 – Opening of Account
The Client authorizes Bloombex to open an account/several accounts on his behalf in order to execute trades with Bloombex. Bloombex will open an account subject to the attachment of the Appendix for Client Details identification as provided hereunder. The Client declares, and undertakes that, he shall operate the account on his own behalf only, and not for another person or any other legal entity, and that any sum of money that will be funded to his account from time to time belongs to him only and that he will execute trades at his account according to the law.
Bloombex is required to obtain from the client, within 7 business days, a copy of identification (passport, state ID card or valid driver’s license) and proof of his address (utility bill or official letter from the governing state with his address on it). If those documents would not be provided, essential for security and to prevent fraud, Bloombex is entitled to close the account within 7 days.
The Client authorizes Bloombex and its Compliance Officer full and unrestricted access to his personal and account information.
Section 3 – Appointing an Agent
The Client may notify Bloombex, by written notice to be made in the format attached to this Agreement, of appointing an authorized person on his behalf (hereinafter: “Agent”), to make entry orders in his account with Bloombex. Should the Client wish to cancel the appointment, he shall give notice of this to Bloombex in writing, and shall receive from it a confirmation of receiving the notice and of the cancellation of the power of attorney. No Cancellation will be valid unless approved in writing by Bloombex.
For the purposes of this agreement, "Client" is an individual or a number of individuals that have signed (whether in writing or electronically) this agreement, together or separately.
Section 4 – Operating the Account
a. The method for executing the Transactions shall be by the Client’s request to execute a transaction and providing a price quote and terms by Bloombex to the Client for the execution of the Transaction. The Client may do so through Bloombex pursuant to the procedures detailed in the Appendix to this Agreement, which constitutes an inseparable part thereof.
b. Currency conversions of transferred funds will be done using the current spot rate plus/minus 0.5% when the amount is credited or debited from the Client’s account.
c. Currency conversions of profits and losses from trading activities are made using the prevailing close rate at New York (5pm New York time) plus/minus 0.5%.
d. The Client may, subsequent to Client’s written application to Bloombex, at least seven business days in advance, withdraw any amount, or a portion thereof, which is in his credit in the Client account with Bloombex, and which does not actually serve as collateral for an existing transaction, as may be specified by Bloombex from time to time. In the event of withdrawing the entire amount, the notice shall also include a notice whether the Client is interested in closing the account. However, If the Client is consisted of more that one person, then any withdrawal of funds will be executed after authorization and signature of all the individuals that are identified as the Client.
e. A bank transfer and/or transfer via credit card and/or other, from Bloombex to the Client, shall be executed subject to the law applicable to said transfer, provided that all Client's identification details have been attached as required by Bloombex and provided that the Client bears the cost of said transfer, and provided that there is full compatibility between deposit details and withdrawal details.
Section 5 – Website
a. Insomuch as the Client shall make use of Bloombex’s internet site (at www.Bloombex-options.com, and/or via other sites or links that Bloombex shall decide from time to time), the terms of use of the site (including updates to this Agreement), as they appear on the site, and that are attached as appendix to the written copies of this Agreement, formulated in writing, shall be binding to the parties as an integral part of this Agreement and the client is responsible to keep himself updated as to the terms and/the updates to this agreement that appear on the sites.
b. Any change to this Agreement, or to any of its terms, shall be entered in writing and shall be signed by all parties thereto. Except for the changes as mentioned in article 5.a. Despite the aforesaid, it is agreed that Bloombex would have the permission to change this agreement by sending a notification to the client via the electronic mail address that was given to Bloombex by the client. It is agreed that if the client would not answer this message within 15 days from the day the message was sent it would be considered as if he agrees to the change aforesaid. This will oblige the sides to any matter, unless the client would be able to prove that the message was not accepted by him.
c. If the Client is more than a single entity, each of the Client’s individuals shall be responsible, jointly and separately, to the Client’s undertakings.
d. This Agreement shall apply to any transaction that the Client shall enter into via Bloombex, including with respect to any transaction entered into by the Client through services via the internet, and/or telephone and /or any other service provided by Bloombex, and/or by any other person or entity, (at www.Bloombex-options.com, and/or through other sites or links that Bloombex shall decide from time to time). Or trade via mobile phone or other mobile device that Bloombex shall provide by itself and/or through any other person or body via sites or links that Bloombex shall decide from time to time.
Section 6 – Client Responsibilities
a. The Client is responsible for all tax matters of any type for his transactions under this Agreement, if any such exist.
Section 7 – Jurisdiction
In any dispute arising between the parties as a result of this Agreement or with respect thereto, the exclusive jurisdiction shall vest in the authorized courts of law of The British Virgin Islands and the local laws shall apply. By consenting to the provisions of this Agreement, the Client agrees to the authority of the aforementioned courts of law, and waives any contention against such authority, including the contention that the courts of The British Virgin Islands are forum non conveniens for resolving any such dispute.
Before turning to Court, the party wishing to commence action must approach the other party and notify him of any claim or contention that said party has towards the other party, and of his intention to commence action, in order to allow the other party to try and resolve the claim without resorting to legal proceedings. Should a party refrain from fulfilling this obligation (unless in exceptional circumstances, where fulfilling the obligation may cause damage) this shall constitute a reason for the other party to request to impose the legal expenses upon the breaching party.
Appendix 1-Transaction Procedures with Bloombex
For the purposes of this Agreement:
“Closing a transaction” – shall be the execution of a reverse transaction (the sale of a financial asset that had been purchased, and vice versa) in the amount or quantity equal to the amount or quantity in the opening transaction for the same value date.
"Value date" – a day on which the banks in a banking system of the country of the currency being traded are open for banking services.
"Person" and in plural "People" – any person and/or corporation and/or factor having a legal personality, including any artificial legal personality.
“Interest Gap” – a gap created between the interest accumulated for the benefit of the Client on the currency that the Client has undertaken to purchase or to sell, and the interest accumulated against the Client for the assets that the Client had undertaken to sell or to purchase. The interest gap shall be calculated by Bloombex.
“Transaction Rollover” – closing a transaction at the end of a business day at the rate by which the transaction was purchased on the same business day and opening a new transaction at the same rate with an addition or deduction in the transaction rate, of which the monetary value shall be equal to the interest gap.
A1 – Section 1
a. Before executing a transaction, or entering a change in the terms of an existing transaction, the Client shall deposit an amount not less than the amount sufficient for covering potential losses of the Client in the transaction, according to what is required by the type of the transaction (Forex Spots, Forex Forwards, Options, Binary and Exotic Options, CFDs, Futures, Stocks, Shares and/or other financial instruments and derivatives that are offered now or might be offered in the future by Bloombex) as detailed in the trading terms and/or the internet site of Bloombex (hereinafter - "the Collateral"). However, Bloombex may specify collateral in a different amount for certain transactions, under Bloombex's procedures and/or change it according to its considerations of the requirements for the minimal collateral. The Collateral shall be deposited in Bloombex's account.
b. It is made clear that depositing the Collateral is a condition for the execution of the transaction, and Bloombex shall not allow for the execution of transactions prior to the deposit of the Collateral.
c. At the time when a profit is generated for the Client by the execution of a transaction, or when the Client is entitled to any other credit from Bloombex, the profit or credit shall be added to the Collateral and shall be deemed part of it.
d. In any transaction between the Client and Bloombex, no transfer of money or assets shall be made, except for payments paid by the parties to a transaction for profits or losses from the transactions.
e. If a loss is created by the Client from the execution of a transaction, or if the Client is charged with a commission or any other deduction, the Client's loss from the transaction shall be deducted from the Collateral, as well as any such charge and commission, and shall be transferred to Bloombex.
f. Bloombex shall not pay the Client any interest on the Collateral and on any credit balance or asset in the Client account with Bloombex.
g. The Client agrees that Bloombex is authorized to deposit Client’s money that is deposited with it, in a banking corporation, or in any other financial institution, and it may use these monies as collateral for Bloombex’s activities.
h. In a situation where any indication is present to the existence of prices in the markets, whereby the Client's foreseeable losses in a transaction reflect a balance in the account, from the overall value of Client’s account (the Collateral plus revaluation of the profit or minus the losses from his transactions), which is equal in percent to the stop out point, according to the details in the site and/or to the type of account as shall be defined by Bloombex from time to time, Bloombex may then, but will not be obliged to, close all Client's transactions, or part of them, without providing advance notice, and the Client shall not have any claim against Bloombex for this.
i. Notwithstanding the above-mentioned, in the event that as a result of the rates prevailing in the relevant markets, or for any other reason, it was not possible to execute transactions as mentioned in article 1(h) above, and a negative balance was created in the Client's account with Bloombex, the Client shall also be responsible to return to Bloombex any amount exceeding the Collateral, for the purpose of covering the negative balance created in his account.
j. All the transactions shall be closed by the Client up to the end of the trading day (22:00 London time). A Client who does not close his transactions as mentioned above, Bloombex shall automatically execute a rollover transaction using the trading system.
k. Subject to the provision of article 1, Bloombex may, at its sole discretion, close a transaction of the Client, if the loss from the transaction is equal to the Collateral allocated to the transaction, without requiring notice to the Client.
l. Subject to the provisions of this Agreement, Bloombex shall honor any order by the Client for closing a transaction and/or opening of trade on a basis of "Best Efforts".
m. The Client may execute a stop loss transaction, i.e. a counter-transaction to an existing transaction that is at a loss in light of the rates in the market at that time.
A1 – Section 2
The client shall pay Bloombex on demand:
a. Such sums of money by way of deposits, or as initial or variation margin as Bloombex may require. In a case of a contract affected by Bloombex on an exchange, such margin shall not be less than the amount or percentage stipulated by the relevant exchanges plus any additional margin that Lembex at its reasonable discretion may require.
b. Such sums of money as may from time to time be due to Bloombex under a contract and such sums as may be required in or toward clearance of any debit balance or any account.
c. Such sums of money as Bloombex may from time to time to require as security for the client's obligation to Bloombex.
d. Any amount to maintain a positive cash balance on any and all of the client’s accounts. Bloombex will be authorized to balance the client's accounts using funds from his other accounts at Bloombex. The client will bear the commissions and any other expenses that this balance involves.
A1 – Section 3 - Orders
a. The provision of orders by the Client and the management of a trade by Bloombex shall be in accordance with what is customary in financial markets.
b. Orders may be placed as market orders to buy or sell an instrument as soon as possible at the price obtainable in the market, or limit and stop orders to trade when the price reaches a predefined level, as applicable to the various instruments offered.
c. Limit orders to buy and stop orders to sell must be placed below the current market price, and limit orders to sell and stop orders to buy must be placed above the current market price. If the bid price for sell orders or ask price for buy orders is reached, the order will be filled as soon as possible at the price obtainable in the market. Limit and stop orders are thus not guaranteed executable at the specified level or amount, unless explicitly stated by Bloombex for the specific order.
A1 – Section 4 – Telephone Orders
a. The Client may provide orders via telephone and/or the trading platform pursuant to Bloombex’s procedures. The Client is aware that orders provided by telephone and/or the trading platform involve certain risks, including the risk that there may be some situations where the Client’s orders are not properly understood, and the Client assumes all risks entailed by this method of operation, and discharges Bloombex and/or any party on its behalf of any liability to any direct or indirect damage that may be caused to the Client, by the provision of phone orders from the Client to Bloombex. Bloombex and/or any party on its behalf, may record the phone conversations with the Client without advance notice to the Client. Bloombex and/or any party on its behalf bear no duty to perform or to maintain such recording, but such recording, if existent, shall be used in the resolution of disputes between the parties.
A1 – Section 5 – System Risks
a. All transactions shall be executed in the Client’s account and any outcome of these accounts shall be under the sole responsibility of the Client.
b. Bloombex shall not bear any liability and the Client waives any contention and right towards Bloombex, with respect to any damage caused to the Client as a direct or indirect outcome of this Agreement and from the execution of transactions.
c. Bloombex shall not bear any liability and the Client irrevocably waives any contention or claim or right towards Bloombex, with respect to the use of the trading system via internet and/or mobile phone and/or other, with respect to the damage caused, inter alia, by force majeure or any external event that is uncontrollable by Bloombex and/or by any party on its behalf, impacting trade, including a delay in communication, internet failure, computer breakdown or any other technical malfunction, whether at the various telephone and communication companies, or in the computers of the various internet service providers, in the computers of Bloombex or any party on its behalf or the in Client’s computers. The Client declares that the stipulation of this article arises from the fact that the execution of trade via the internet is exposed to technical failures that are unforeseeable, and he understands and agrees to the risks related thereto.
d. The Client agrees that in any case, the limit of Bloombex’s liability towards the Client shall be the amount of collateral deposited by the Client for the purpose of the transactions within the framework of this Agreement.
e. The Client shall be responsible for all operations executed in his account, including credit card deposits and withdrawals, and is responsible for securing the login password to his account, such that it would be known exclusively to him, or to those authorized by him, and he hereby waives any contention and right towards Bloombex, for any damage occurring as a result of an act or omission of the Client or anyone acting on his behalf, resulting in an improper and inappropriate activity in his account.
A1 – Section 6 – System Risks II
The Client again declares that he is aware of the fact that the provision of trading services via internet and/or mobile phone is a service involving communication and software, and therefore, faults may happen that are not dependent upon Bloombex and/or are not under its control. Therefore, Bloombex and/or any party on its behalf shall not bear any responsibility, and the Client waives any contention towards them with respect to the damage that may be caused to the Client, as a result of a fault in the activity of the site and/or mobile phone.
A1 – Section 7 – Stop Outs
Trade in the site or in part of it and/or with the link to the mobile phone, may be stopped without prior notice for a reason that does not pertain to Bloombex. In the event of such a trade stop, Bloombex may close open transactions of Client without notice to the Client, at fair prices, reflecting market conditions at the time. The Client waives any contention or right of subrogation in such a situation, against Bloombex, for damage caused to him as a result of stopping the trade whether for transactions that he had executed or for transactions that he did not execute.
A1 – Section 8 – Trade Cancellations
8.1 Bloombex may cancel a transaction executed subsequent to a mistake in the rate, including a mistake in the computer and information systems, controlled and not controlled by Bloombex, by providing notice to the Client. It is possible that errors may occur in the prices of transactions quoted by Bloombex. In such circumstances, without prejudice to any rights, Lembex shall not be bound by any Contract which purports to have been made (whether or not confirmed by Bloombex) at a price which:
• Bloombex is able to substantiate to the Client, was manifestly incorrect at the time of the transaction; or
• Was, or ought reasonably to have been, known by the Client to be incorrect at the time of the transaction.
Trading strategies aimed at exploiting errors in prices (commonly known as “sniping” and/or "scalping") or technical errors of the trading platform are not accepted by Bloombex. If Bloombex, at its sole discretion and in good faith, determines that Client is taking advantage or attempting to take advantage of such misquotes or is performing other forms of abusive trading, Bloombex is entitled to take one or more of the following countermeasures:
• Adjust the price spreads available to the Client;
• Restrict the Client’s access to streaming, instantly tradable quotes, including providing manual quotation only;
• To close any trade of the client in a one sided manner without any prior notice to the client. Also, to retrieve from the Client’s account any historic trading profits that have been gained through such abuse of liquidity – as determined by Bloombex in its sole discretion in good faith – at any time during the Client relationship;
• And/or terminate the Client relationship immediately and without notice.
8.2. The client is advised that Bloombex shall have the right, in addition to any other rights it may have under the Terms and Conditions, to close open trades and/or limit the size of the Client's open positions. Situations where Bloombex may exercise such rights include, but are not limited to, where:
• Bloombex has reason to believe that the client may be in possession of inside information;
• Bloombex considers that there are abnormal trading conditions; or
• The value of the clients’ security falls below the minimum margin requirement as defined in section no.1 to the Appendix of this agreement.
• The client has a negative cash-balance on any Account.
• Bloombex suspects that the client has traded maliciously using price errors or abnormal trading conditions or technical failures of the trading platform.
• Pause of trading the trading platform without any prior notice as a result of force majeure and/or any other reason that does not have to do with Bloombex.
A1 – Section 9
a. Access to Bloombex’s sites is available via the internet from all the countries that allow this service. Bloombex is not responsible for the legality of use of the internet by the client in the country of his residence. Each client is responsible to verify that his activity according to this agreement is not against the laws of the country from which he is using the internet. If there is an uncertainty of the client concerning the activity according to this agreement, it is forbidden for him to trade at this location.
b. The Client declares that the use of Bloombex’s services and its site, does not contradict any law applicable to him, and undertakes to fulfill any legal obligation applicable to him subsequent to the use of Bloombex's services and the outcomes thereof.
c. It has been clarified to the client that Bloombex has the permission to stop the activities of the client at his account without prior notice whether Bloombex would have a solid basis for assuming that the client is not fulfilling his engagement as aforesaid.
d. The Client declares that the activity in the account managed with Bloombex is only his own, and that he is not managing the account for any other person, unless the Client declares that he is managing the account for a beneficiary or beneficiaries or any third authorized party and fills their details in the relevant places in the Appendix for Declaration of Beneficiary in the Account, attached to this Agreement.
e. The Client declares that the origin of the money to be deposited in the Client account from time to time is not from an illegal and/or prohibited activity, including but not limited to, from drugs, weapons and/or terror-related transactions and that it belongs only to him.
f. The client declares that all the money that is held on his account, belongs to him by law and would remain this way.
A1 – Section 10 - Reporting
The Client declares that it is known to him that he has access to all reports in the system. Upon the above mentioned, and according to the Client’s request, Bloombex shall transfer to the Client a report and/or shall provide him with reports concerning the transactions he had executed and closed, open transactions and the updated situation of his account. The format of the report shall be acceptable from time to time at Bloombex.
A1 – Section 11 – Identity Verification
The Client declares that it is known to him that opening an account with Bloombex requires signing this Agreement, a copy of his identification card and/or passport and/or Company registration number if Client is a Company, and a certificate of residential address (hereinafter and above: “Client Identification Details”). The Client agrees, and shall not have any counter-contention, that Bloombex is entitled to freeze and/or close the Client’s account if he did not attach all the Client Identification Details as required.
A1 – Section 12 - Fees
The Client shall be debited by Bloombex with commissions and charges at the rates according to the product he trades. The commissions shall be collected by Lembex from the collateral funds.
a. Bloombex may vary such commissions and charges without notice when the change is to the Client's advantages, or the grounds for changes are due to external circumstances beyond Bloombex's control. Such circumstances may be changes in the relationship with Bloombex which affects changes in commissions and charges that are transferred to the client by Bloombex.
b. Bloombex may vary such commissions and charges with one week's notice if:
i. Market conditions including comparative behavior, call for changes to Bloombex's conditions.
ii. Bloombex for commercial reasons wishes to change its general cost and pricing structure.
iii. Significant particulars of the Client, based on which individual conditions were provided, have changed.
A1 – Section 13 – Notification of Agent
a. The Client may notify Bloombex by written notice to be made in the format attached to this Agreement, of appointing an authorized person on his behalf (hereinafter: “Agent”), to make entry orders in his account with Bloombex. Should the Client wish to cancel the appointment, he shall give notice of this to Bloombex in writing, and shall receive from it a confirmation of receiving the notice and of the cancellation of the power of attorney.
b. Bloombex is not obliged to check the operations that the Agent executes in the account. Upon the execution of the power of attorney, the Client declares that any operation that the Agent executes in the account will be considered as an operation authorized by him, and the Client shall have no contention with respect to the operations of his agent, including any claim that an operation of his Agent had been executed contrary to the Client’s benefit or without his approval. Agent’s orders shall oblige the Client as if they were orders by the Client himself, and Lembex shall act in accordance with these orders as if they were orders by the Client. Bloombex shall not bear any liability, with respect to damage, loss, cost, expense and so forth (hereinafter: "the Damage") caused to the Client or to a third party following Agent’s operations. The Client waives any claim or contention or right towards Bloombex with respect to the Damage, without derogation from the aforementioned in this article.
c. In the event that the Client is composed of more than one person or if the Client is a legal entity such as a corporation, trust or other, the Client shall appoint an agent, and only this agent will be authorized to operate in the account. Upon the aforementioned, withdrawal of money from the account shall be made only by the order of all persons constituting the Client.
A1 – Section 14 – Dissemination of Information
a. Neither Bloombex nor any party on behalf of Bloombex will provide the Client with consultation pertaining to the execution or non-execution of transactions of any type.
b. Bloombex may, but shall not be obliged to put at the Client’s disposal, from time to time, directly and/or through any party on its behalf, information including, but not only, indications and/or forecasts and/or trading strategies and/or market signals and/or assessments and/or market analysis with respect to Forex rates or other assets as provided to it by information providers in the world. It is known to the Client that Bloombex runs an internet site (www.Bloombex-options.com, and/or via other sites or links that Bloombex shall decide upon from time to time), and sends SMS and/or E-mail and/or others which also contain information and the Client may use this information (all the above mentioned shall hereinafter be referred to as: "Information").
c. By signing this agreement, the Client confirms and agrees that he is interested in receiving all the information as aforesaidthat would be delivered to him by Bloombex and the distributor (“Distributor”) and declares that he understands that the Information is provided for the Client’s convenience as a service by Bloombex but the Information may be incorrect, inaccurate and/or insufficient for any purpose in general and for the purpose of the execution of transactions in particular, and that the Client bears the absolute responsibility to verify that the Information is credible, complete, sufficient and suitable for his needs. And that he would not have any assertions because of the quality or the credibility of the information.
d. Neither Bloombex nor any party on behalf of Bloombex shall bear any responsibility with respect to damage, of any type, incurred by the Client and/or a third party following the use of the Information, and the Client waives any claim or contention or right towards Bloombex and/or the towards any party on behalf of Bloombex with respect to the use of said Information.
A1 – Section 15 - Termination
a. The period of Agreement is unlimited, but Bloombex may terminate this Agreement at any time, by giving notice to the Client. As from this time, the Client may not be able to enter into new transactions (except for the purpose of closing existing transactions).
b. The termination of the Agreement will oblige the Client to close all his open transactions until their value date, and subject to the arrangement for closing transactions within this Agreement.
c. If the Client is a corporation, the person signed upon this Agreement confirms that he is authorized to sign the Agreement on behalf of the corporation, and that all resolutions and approvals have been made by the corporation's various entities, required for the purpose of executing the transactions detailed in this Agreement, and that this Agreement constitutes a valid and enforceable undertaking by the corporation.
d. The Client may not assign or transfer his rights under this Agreement to a third party, except by prior approval of Bloombex in writing. Bloombex may assign its rights and/or undertakings in accordance with this Agreement by notice to the Client.
e. Notices of Bloombex to the client would be through the electronic mail and/or fax and/or trading system and/or Bloombex's site and/or any other way Lembex uses to contact its clients. Communication between the client and Bloombex would be via email and/or fax.
f. The depositing of money in Bloombex account and/or the Client’s signature upon this Agreement shall constitute and shall be considered as acceptance of the Agreement by the Client.
g. This agreement cancels any prior agreements that were signed between the sides.
h. In any dispute arising between the parties as a result of this Agreement or with respect thereto, the exclusive jurisdiction shall vest in the authorized courts of law of The British Virgin Islands and the local laws shall apply. By consenting to the provisions of this Agreement, the Client agrees to the authority of the aforementioned courts of law, and waives any contention against such authority, including the contention that the courts of The British Virgin Islands are forum non convenience for resolving any such dispute.
Before turning to court, the party wishing to commence action must approach the other party and notify him of any claim or contention that said party has towards the other party, and of his intention to commence action, in order to allow the other party to try and resolve the claim without resorting to legal proceedings. The Client confirms and declares that it is known to him that all copyrights in the trading system, the Information and any document signed by the Client are owned by Bloombex, and the Client shall not make any use in any of the above but for purposes of this Agreement and its performance. The Client also undertakes not to enter any change in any of the above. In case the Client enters any change, and in addition to the fact that it shall constitute a breach of this Agreement, the said change shall be in the exclusive ownership of Bloombex.
i. The Client confirms and declares that it is known to him that all copyrights in the trading system, the Information and any document signed by the Client are owned by Bloombex, and the Client shall not make any use in any of the above but for purposes of this Agreement and its performance. The Client also undertakes not to enter any change in any of the above. In case the Client enters any change, and in addition to the fact that it shall constitute a breach of this Agreement, the said change shall be in the exclusive ownership of Bloombex.
j. The client confirms and declares that he is aware that the Bloombex has the authority according to its consideration to cover deals fully and/or part of them and/or any other way.
k. The client confirms and declares that Bloombex would have the permission to transfer to third parties that referred the client to Bloombex, full information of the trades that were executed by the client, including the commission the client paid for his trading deals.
l. If an authorized court of law rules that a certain provision in this Agreement, including its implementation and/or circumstances are invalid and/or illegal and/or are unenforceable in a certain manner, the remaining provisions of the Agreement and the implementation thereof shall not be affected thereby and shall remain in full force and effect. The parties shall do their best in order to replace the unenforceable provision with an enforceable alternative provision of which the purpose is similar, as much as possible, to the cancelled provision.
A1 – Section 16 – Margin Risks
The Client declares that it is known to him that in transactions which Clients may execute with Bloombex, high financial leverage is utilized, with collateral being small relative to the size of the investment. The Client declares that he understands that a possible outcome of trading with a high financial leverage is that a small change in market prices, which may occur in short periods of time, may generate a large profit or a large loss relative to the amount of collateral, including a loss of the entire amount of the Collateral, or even more, in exceptional market conditions, within a very short period of time. The Client especially understands that fluctuations in rates in the Forex market and financial markets may be sharp, and the extent of changes, its direction and the periods of time in which it may occur, are unforeseeable. The Client declares that in light of the above, he understands that he must seriously consider whether this type of trading suits his needs, taking into consideration, among other things, his personal situation and his financial capacity. The Client also declares that he fully understands the meaning of the transactions that he is executing, and that there is a high risk that he might lose the entire amount that he shall invest in transactions as a result of trading with these financial instruments.
If this document is signed on behalf of a corporation, the signatory declares towards Bloombex that he is authorized by the corporation to make decisions on behalf of the corporation, and that all the decisions necessary in the corporation have been made in order to undertake the abovementioned risks.
A1 – Section 17 - Email
It has been made clear to the Client that he has the right to refuse the acceptance of commercial materials via e-mail and/or SMS (Short Message Service). The Client approves by signing this agreement that he acknowledges that all the details sent by him to Bloombex according to the terms of this agreement, would be used to send him messages and commercial materials by Bloombex and he approves it.
It is agreed that the Client shall have the permission no notify Bloombex in writing, at any time, of his refusal to the acceptance of these messages and Bloombex would be committed to act according to his orders.
If you wish to unsubscribe your email from Bloombex's e-mail records, please send your request to support@bloombex-options.com
A1 – Section 18 – Communication Between Parties
All communications pursuant this Agreement shall be made either via Certified Mail, confirmed email, the Trading System, this Web Site or any other written means of communication or any other confirmed written communication.
Client Declaration
I hereby declare that I am well experienced in trading in the Forex market (rates of foreign currencies), Forex derivatives and various financial assets via the Internet and otherwise and I further confirm reading and understanding the procedures as detailed in this Appendix including any disclaimer of responsibility by Bloombex and irrevocably agree to them all. In testimony thereof I checked the relevant field at the bottom of the account opening form.
(In the event that the Client is a Company or any other corporation, it is mandatory to fill the power of attorney for the appointment of an Agent).
Client Details and Acceptance of a Secret Code
-- I, the Client, confirm the correctness of all my personal details listed above and I will inform Bloombex immediately of any change of those details.
-- I, the Client, whose details are as listed above, hereby request Bloombex to assign to me a user number in its trading system.
-- I confirm that I have read all the Agreement for the provision of trading services in capital markets via the internet and/or mobile phone, between Bloombex and me, and I agree to its terms.
-- I confirm that it is known to me that the area of trading services in Forex and financial assets is a high-risk area, and it is clear to me that if I invest money in this area, there is a substantial risk that a large loss may be generated relative to the amount of the Collateral or loss of all the Collateral.
-- I confirm that it is known to me that the method of trading via internet and/or mobile phone, more than any other method of trading in those assets, is dependent upon many factors including the functionality of computers, computer software, communication lines and computer servers in various locations, and despite this risk, of which I am aware, I have chosen to use the services of Bloombex, and will not have any claim pertaining to the fact that trade orders will not be executed subsequent to such technical faults.
-- I wish Bloombex to allocate to me a secret code for its trading platform and I confirm that any secret code and/or password, including any access code or other information security method to the site and/or the link to the mobile phone (hereinafter: “Passwords”) that I shall receive from Bloombex are personal, private, non-transferable to a third party, and it is my full and exclusive responsibility to maintain them in full confidentiality. Bloombex or the Distributor shall bear no responsibility for loss and/or any other damage that may incur as a result of inappropriate and/or unauthorized and/or unprotected use or storage of the said passwords, including, but not limited to, the delivery of passwords to a third party and/or a third party’s use of my accounts, whether or not done in my knowledge.
-- I, the Client, agree and approve that in a case that I would ask to receive a service via a remote PC control system, such as GoToMeeting, which allows technical support of Bloombex while taking control over the desktop of the clients PC. I would not have any assertions against Bloombex due to damage, loss or any other expenses that might be caused to the client, directly or indirectly as a result of receiving a service via this media.
Between: Bloombex Ltd., “Bloombex”
And : The Client
Whereas;
Bloombex allows its Clients the usage of a trading platform, constituting an on line service via internet and/or mobile phone, for the execution of transactions in the FOREX market (rates of foreign currencies), FOREX derivatives and various financial assets such as CFD’s, Options, Binary and Exotic Options, Futures, Stocks and other financial derivatives, in an account that the Client shall open with Bloombex (hereinafter: "the Transactions");
And whereas;
The Client wishes to open an account with Bloombex in order to use the said system and to enter into transactions with Bloombex as follows;
It is agreed by the parties as follows:
Section 1 - General
The term "this Agreement" refers to all the appendices and attachments that are an integral part as well as any other appendix or attachment that will be defined by Bloombex. Those attachments will be corrected by Bloombex from time to time.
Section 2 – Opening of Account
The Client authorizes Bloombex to open an account/several accounts on his behalf in order to execute trades with Bloombex. Bloombex will open an account subject to the attachment of the Appendix for Client Details identification as provided hereunder. The Client declares, and undertakes that, he shall operate the account on his own behalf only, and not for another person or any other legal entity, and that any sum of money that will be funded to his account from time to time belongs to him only and that he will execute trades at his account according to the law.
Bloombex is required to obtain from the client, within 7 business days, a copy of identification (passport, state ID card or valid driver’s license) and proof of his address (utility bill or official letter from the governing state with his address on it). If those documents would not be provided, essential for security and to prevent fraud, Bloombex is entitled to close the account within 7 days.
The Client authorizes Bloombex and its Compliance Officer full and unrestricted access to his personal and account information.
Section 3 – Appointing an Agent
The Client may notify Bloombex, by written notice to be made in the format attached to this Agreement, of appointing an authorized person on his behalf (hereinafter: “Agent”), to make entry orders in his account with Bloombex. Should the Client wish to cancel the appointment, he shall give notice of this to Bloombex in writing, and shall receive from it a confirmation of receiving the notice and of the cancellation of the power of attorney. No Cancellation will be valid unless approved in writing by Bloombex.
For the purposes of this agreement, "Client" is an individual or a number of individuals that have signed (whether in writing or electronically) this agreement, together or separately.
Section 4 – Operating the Account
a. The method for executing the Transactions shall be by the Client’s request to execute a transaction and providing a price quote and terms by Bloombex to the Client for the execution of the Transaction. The Client may do so through Bloombex pursuant to the procedures detailed in the Appendix to this Agreement, which constitutes an inseparable part thereof.
b. Currency conversions of transferred funds will be done using the current spot rate plus/minus 0.5% when the amount is credited or debited from the Client’s account.
c. Currency conversions of profits and losses from trading activities are made using the prevailing close rate at New York (5pm New York time) plus/minus 0.5%.
d. The Client may, subsequent to Client’s written application to Bloombex, at least seven business days in advance, withdraw any amount, or a portion thereof, which is in his credit in the Client account with Bloombex, and which does not actually serve as collateral for an existing transaction, as may be specified by Bloombex from time to time. In the event of withdrawing the entire amount, the notice shall also include a notice whether the Client is interested in closing the account. However, If the Client is consisted of more that one person, then any withdrawal of funds will be executed after authorization and signature of all the individuals that are identified as the Client.
e. A bank transfer and/or transfer via credit card and/or other, from Bloombex to the Client, shall be executed subject to the law applicable to said transfer, provided that all Client's identification details have been attached as required by Bloombex and provided that the Client bears the cost of said transfer, and provided that there is full compatibility between deposit details and withdrawal details.
Section 5 – Website
a. Insomuch as the Client shall make use of Bloombex’s internet site (at www.Bloombex-options.com, and/or via other sites or links that Bloombex shall decide from time to time), the terms of use of the site (including updates to this Agreement), as they appear on the site, and that are attached as appendix to the written copies of this Agreement, formulated in writing, shall be binding to the parties as an integral part of this Agreement and the client is responsible to keep himself updated as to the terms and/the updates to this agreement that appear on the sites.
b. Any change to this Agreement, or to any of its terms, shall be entered in writing and shall be signed by all parties thereto. Except for the changes as mentioned in article 5.a. Despite the aforesaid, it is agreed that Bloombex would have the permission to change this agreement by sending a notification to the client via the electronic mail address that was given to Bloombex by the client. It is agreed that if the client would not answer this message within 15 days from the day the message was sent it would be considered as if he agrees to the change aforesaid. This will oblige the sides to any matter, unless the client would be able to prove that the message was not accepted by him.
c. If the Client is more than a single entity, each of the Client’s individuals shall be responsible, jointly and separately, to the Client’s undertakings.
d. This Agreement shall apply to any transaction that the Client shall enter into via Bloombex, including with respect to any transaction entered into by the Client through services via the internet, and/or telephone and /or any other service provided by Bloombex, and/or by any other person or entity, (at www.Bloombex-options.com, and/or through other sites or links that Bloombex shall decide from time to time). Or trade via mobile phone or other mobile device that Bloombex shall provide by itself and/or through any other person or body via sites or links that Bloombex shall decide from time to time.
Section 6 – Client Responsibilities
a. The Client is responsible for all tax matters of any type for his transactions under this Agreement, if any such exist.
Section 7 – Jurisdiction
In any dispute arising between the parties as a result of this Agreement or with respect thereto, the exclusive jurisdiction shall vest in the authorized courts of law of The British Virgin Islands and the local laws shall apply. By consenting to the provisions of this Agreement, the Client agrees to the authority of the aforementioned courts of law, and waives any contention against such authority, including the contention that the courts of The British Virgin Islands are forum non conveniens for resolving any such dispute.
Before turning to Court, the party wishing to commence action must approach the other party and notify him of any claim or contention that said party has towards the other party, and of his intention to commence action, in order to allow the other party to try and resolve the claim without resorting to legal proceedings. Should a party refrain from fulfilling this obligation (unless in exceptional circumstances, where fulfilling the obligation may cause damage) this shall constitute a reason for the other party to request to impose the legal expenses upon the breaching party.
Appendix 1-Transaction Procedures with Bloombex
For the purposes of this Agreement:
“Closing a transaction” – shall be the execution of a reverse transaction (the sale of a financial asset that had been purchased, and vice versa) in the amount or quantity equal to the amount or quantity in the opening transaction for the same value date.
"Value date" – a day on which the banks in a banking system of the country of the currency being traded are open for banking services.
"Person" and in plural "People" – any person and/or corporation and/or factor having a legal personality, including any artificial legal personality.
“Interest Gap” – a gap created between the interest accumulated for the benefit of the Client on the currency that the Client has undertaken to purchase or to sell, and the interest accumulated against the Client for the assets that the Client had undertaken to sell or to purchase. The interest gap shall be calculated by Bloombex.
“Transaction Rollover” – closing a transaction at the end of a business day at the rate by which the transaction was purchased on the same business day and opening a new transaction at the same rate with an addition or deduction in the transaction rate, of which the monetary value shall be equal to the interest gap.
A1 – Section 1
a. Before executing a transaction, or entering a change in the terms of an existing transaction, the Client shall deposit an amount not less than the amount sufficient for covering potential losses of the Client in the transaction, according to what is required by the type of the transaction (Forex Spots, Forex Forwards, Options, Binary and Exotic Options, CFDs, Futures, Stocks, Shares and/or other financial instruments and derivatives that are offered now or might be offered in the future by Bloombex) as detailed in the trading terms and/or the internet site of Bloombex (hereinafter - "the Collateral"). However, Bloombex may specify collateral in a different amount for certain transactions, under Bloombex's procedures and/or change it according to its considerations of the requirements for the minimal collateral. The Collateral shall be deposited in Bloombex's account.
b. It is made clear that depositing the Collateral is a condition for the execution of the transaction, and Bloombex shall not allow for the execution of transactions prior to the deposit of the Collateral.
c. At the time when a profit is generated for the Client by the execution of a transaction, or when the Client is entitled to any other credit from Bloombex, the profit or credit shall be added to the Collateral and shall be deemed part of it.
d. In any transaction between the Client and Bloombex, no transfer of money or assets shall be made, except for payments paid by the parties to a transaction for profits or losses from the transactions.
e. If a loss is created by the Client from the execution of a transaction, or if the Client is charged with a commission or any other deduction, the Client's loss from the transaction shall be deducted from the Collateral, as well as any such charge and commission, and shall be transferred to Bloombex.
f. Bloombex shall not pay the Client any interest on the Collateral and on any credit balance or asset in the Client account with Bloombex.
g. The Client agrees that Bloombex is authorized to deposit Client’s money that is deposited with it, in a banking corporation, or in any other financial institution, and it may use these monies as collateral for Bloombex’s activities.
h. In a situation where any indication is present to the existence of prices in the markets, whereby the Client's foreseeable losses in a transaction reflect a balance in the account, from the overall value of Client’s account (the Collateral plus revaluation of the profit or minus the losses from his transactions), which is equal in percent to the stop out point, according to the details in the site and/or to the type of account as shall be defined by Bloombex from time to time, Bloombex may then, but will not be obliged to, close all Client's transactions, or part of them, without providing advance notice, and the Client shall not have any claim against Bloombex for this.
i. Notwithstanding the above-mentioned, in the event that as a result of the rates prevailing in the relevant markets, or for any other reason, it was not possible to execute transactions as mentioned in article 1(h) above, and a negative balance was created in the Client's account with Bloombex, the Client shall also be responsible to return to Bloombex any amount exceeding the Collateral, for the purpose of covering the negative balance created in his account.
j. All the transactions shall be closed by the Client up to the end of the trading day (22:00 London time). A Client who does not close his transactions as mentioned above, Bloombex shall automatically execute a rollover transaction using the trading system.
k. Subject to the provision of article 1, Bloombex may, at its sole discretion, close a transaction of the Client, if the loss from the transaction is equal to the Collateral allocated to the transaction, without requiring notice to the Client.
l. Subject to the provisions of this Agreement, Bloombex shall honor any order by the Client for closing a transaction and/or opening of trade on a basis of "Best Efforts".
m. The Client may execute a stop loss transaction, i.e. a counter-transaction to an existing transaction that is at a loss in light of the rates in the market at that time.
A1 – Section 2
The client shall pay Bloombex on demand:
a. Such sums of money by way of deposits, or as initial or variation margin as Bloombex may require. In a case of a contract affected by Bloombex on an exchange, such margin shall not be less than the amount or percentage stipulated by the relevant exchanges plus any additional margin that Lembex at its reasonable discretion may require.
b. Such sums of money as may from time to time be due to Bloombex under a contract and such sums as may be required in or toward clearance of any debit balance or any account.
c. Such sums of money as Bloombex may from time to time to require as security for the client's obligation to Bloombex.
d. Any amount to maintain a positive cash balance on any and all of the client’s accounts. Bloombex will be authorized to balance the client's accounts using funds from his other accounts at Bloombex. The client will bear the commissions and any other expenses that this balance involves.
A1 – Section 3 - Orders
a. The provision of orders by the Client and the management of a trade by Bloombex shall be in accordance with what is customary in financial markets.
b. Orders may be placed as market orders to buy or sell an instrument as soon as possible at the price obtainable in the market, or limit and stop orders to trade when the price reaches a predefined level, as applicable to the various instruments offered.
c. Limit orders to buy and stop orders to sell must be placed below the current market price, and limit orders to sell and stop orders to buy must be placed above the current market price. If the bid price for sell orders or ask price for buy orders is reached, the order will be filled as soon as possible at the price obtainable in the market. Limit and stop orders are thus not guaranteed executable at the specified level or amount, unless explicitly stated by Bloombex for the specific order.
A1 – Section 4 – Telephone Orders
a. The Client may provide orders via telephone and/or the trading platform pursuant to Bloombex’s procedures. The Client is aware that orders provided by telephone and/or the trading platform involve certain risks, including the risk that there may be some situations where the Client’s orders are not properly understood, and the Client assumes all risks entailed by this method of operation, and discharges Bloombex and/or any party on its behalf of any liability to any direct or indirect damage that may be caused to the Client, by the provision of phone orders from the Client to Bloombex. Bloombex and/or any party on its behalf, may record the phone conversations with the Client without advance notice to the Client. Bloombex and/or any party on its behalf bear no duty to perform or to maintain such recording, but such recording, if existent, shall be used in the resolution of disputes between the parties.
A1 – Section 5 – System Risks
a. All transactions shall be executed in the Client’s account and any outcome of these accounts shall be under the sole responsibility of the Client.
b. Bloombex shall not bear any liability and the Client waives any contention and right towards Bloombex, with respect to any damage caused to the Client as a direct or indirect outcome of this Agreement and from the execution of transactions.
c. Bloombex shall not bear any liability and the Client irrevocably waives any contention or claim or right towards Bloombex, with respect to the use of the trading system via internet and/or mobile phone and/or other, with respect to the damage caused, inter alia, by force majeure or any external event that is uncontrollable by Bloombex and/or by any party on its behalf, impacting trade, including a delay in communication, internet failure, computer breakdown or any other technical malfunction, whether at the various telephone and communication companies, or in the computers of the various internet service providers, in the computers of Bloombex or any party on its behalf or the in Client’s computers. The Client declares that the stipulation of this article arises from the fact that the execution of trade via the internet is exposed to technical failures that are unforeseeable, and he understands and agrees to the risks related thereto.
d. The Client agrees that in any case, the limit of Bloombex’s liability towards the Client shall be the amount of collateral deposited by the Client for the purpose of the transactions within the framework of this Agreement.
e. The Client shall be responsible for all operations executed in his account, including credit card deposits and withdrawals, and is responsible for securing the login password to his account, such that it would be known exclusively to him, or to those authorized by him, and he hereby waives any contention and right towards Bloombex, for any damage occurring as a result of an act or omission of the Client or anyone acting on his behalf, resulting in an improper and inappropriate activity in his account.
A1 – Section 6 – System Risks II
The Client again declares that he is aware of the fact that the provision of trading services via internet and/or mobile phone is a service involving communication and software, and therefore, faults may happen that are not dependent upon Bloombex and/or are not under its control. Therefore, Bloombex and/or any party on its behalf shall not bear any responsibility, and the Client waives any contention towards them with respect to the damage that may be caused to the Client, as a result of a fault in the activity of the site and/or mobile phone.
A1 – Section 7 – Stop Outs
Trade in the site or in part of it and/or with the link to the mobile phone, may be stopped without prior notice for a reason that does not pertain to Bloombex. In the event of such a trade stop, Bloombex may close open transactions of Client without notice to the Client, at fair prices, reflecting market conditions at the time. The Client waives any contention or right of subrogation in such a situation, against Bloombex, for damage caused to him as a result of stopping the trade whether for transactions that he had executed or for transactions that he did not execute.
A1 – Section 8 – Trade Cancellations
8.1 Bloombex may cancel a transaction executed subsequent to a mistake in the rate, including a mistake in the computer and information systems, controlled and not controlled by Bloombex, by providing notice to the Client. It is possible that errors may occur in the prices of transactions quoted by Bloombex. In such circumstances, without prejudice to any rights, Lembex shall not be bound by any Contract which purports to have been made (whether or not confirmed by Bloombex) at a price which:
• Bloombex is able to substantiate to the Client, was manifestly incorrect at the time of the transaction; or
• Was, or ought reasonably to have been, known by the Client to be incorrect at the time of the transaction.
Trading strategies aimed at exploiting errors in prices (commonly known as “sniping” and/or "scalping") or technical errors of the trading platform are not accepted by Bloombex. If Bloombex, at its sole discretion and in good faith, determines that Client is taking advantage or attempting to take advantage of such misquotes or is performing other forms of abusive trading, Bloombex is entitled to take one or more of the following countermeasures:
• Adjust the price spreads available to the Client;
• Restrict the Client’s access to streaming, instantly tradable quotes, including providing manual quotation only;
• To close any trade of the client in a one sided manner without any prior notice to the client. Also, to retrieve from the Client’s account any historic trading profits that have been gained through such abuse of liquidity – as determined by Bloombex in its sole discretion in good faith – at any time during the Client relationship;
• And/or terminate the Client relationship immediately and without notice.
8.2. The client is advised that Bloombex shall have the right, in addition to any other rights it may have under the Terms and Conditions, to close open trades and/or limit the size of the Client's open positions. Situations where Bloombex may exercise such rights include, but are not limited to, where:
• Bloombex has reason to believe that the client may be in possession of inside information;
• Bloombex considers that there are abnormal trading conditions; or
• The value of the clients’ security falls below the minimum margin requirement as defined in section no.1 to the Appendix of this agreement.
• The client has a negative cash-balance on any Account.
• Bloombex suspects that the client has traded maliciously using price errors or abnormal trading conditions or technical failures of the trading platform.
• Pause of trading the trading platform without any prior notice as a result of force majeure and/or any other reason that does not have to do with Bloombex.
A1 – Section 9
a. Access to Bloombex’s sites is available via the internet from all the countries that allow this service. Bloombex is not responsible for the legality of use of the internet by the client in the country of his residence. Each client is responsible to verify that his activity according to this agreement is not against the laws of the country from which he is using the internet. If there is an uncertainty of the client concerning the activity according to this agreement, it is forbidden for him to trade at this location.
b. The Client declares that the use of Bloombex’s services and its site, does not contradict any law applicable to him, and undertakes to fulfill any legal obligation applicable to him subsequent to the use of Bloombex's services and the outcomes thereof.
c. It has been clarified to the client that Bloombex has the permission to stop the activities of the client at his account without prior notice whether Bloombex would have a solid basis for assuming that the client is not fulfilling his engagement as aforesaid.
d. The Client declares that the activity in the account managed with Bloombex is only his own, and that he is not managing the account for any other person, unless the Client declares that he is managing the account for a beneficiary or beneficiaries or any third authorized party and fills their details in the relevant places in the Appendix for Declaration of Beneficiary in the Account, attached to this Agreement.
e. The Client declares that the origin of the money to be deposited in the Client account from time to time is not from an illegal and/or prohibited activity, including but not limited to, from drugs, weapons and/or terror-related transactions and that it belongs only to him.
f. The client declares that all the money that is held on his account, belongs to him by law and would remain this way.
A1 – Section 10 - Reporting
The Client declares that it is known to him that he has access to all reports in the system. Upon the above mentioned, and according to the Client’s request, Bloombex shall transfer to the Client a report and/or shall provide him with reports concerning the transactions he had executed and closed, open transactions and the updated situation of his account. The format of the report shall be acceptable from time to time at Bloombex.
A1 – Section 11 – Identity Verification
The Client declares that it is known to him that opening an account with Bloombex requires signing this Agreement, a copy of his identification card and/or passport and/or Company registration number if Client is a Company, and a certificate of residential address (hereinafter and above: “Client Identification Details”). The Client agrees, and shall not have any counter-contention, that Bloombex is entitled to freeze and/or close the Client’s account if he did not attach all the Client Identification Details as required.
A1 – Section 12 - Fees
The Client shall be debited by Bloombex with commissions and charges at the rates according to the product he trades. The commissions shall be collected by Lembex from the collateral funds.
a. Bloombex may vary such commissions and charges without notice when the change is to the Client's advantages, or the grounds for changes are due to external circumstances beyond Bloombex's control. Such circumstances may be changes in the relationship with Bloombex which affects changes in commissions and charges that are transferred to the client by Bloombex.
b. Bloombex may vary such commissions and charges with one week's notice if:
i. Market conditions including comparative behavior, call for changes to Bloombex's conditions.
ii. Bloombex for commercial reasons wishes to change its general cost and pricing structure.
iii. Significant particulars of the Client, based on which individual conditions were provided, have changed.
A1 – Section 13 – Notification of Agent
a. The Client may notify Bloombex by written notice to be made in the format attached to this Agreement, of appointing an authorized person on his behalf (hereinafter: “Agent”), to make entry orders in his account with Bloombex. Should the Client wish to cancel the appointment, he shall give notice of this to Bloombex in writing, and shall receive from it a confirmation of receiving the notice and of the cancellation of the power of attorney.
b. Bloombex is not obliged to check the operations that the Agent executes in the account. Upon the execution of the power of attorney, the Client declares that any operation that the Agent executes in the account will be considered as an operation authorized by him, and the Client shall have no contention with respect to the operations of his agent, including any claim that an operation of his Agent had been executed contrary to the Client’s benefit or without his approval. Agent’s orders shall oblige the Client as if they were orders by the Client himself, and Lembex shall act in accordance with these orders as if they were orders by the Client. Bloombex shall not bear any liability, with respect to damage, loss, cost, expense and so forth (hereinafter: "the Damage") caused to the Client or to a third party following Agent’s operations. The Client waives any claim or contention or right towards Bloombex with respect to the Damage, without derogation from the aforementioned in this article.
c. In the event that the Client is composed of more than one person or if the Client is a legal entity such as a corporation, trust or other, the Client shall appoint an agent, and only this agent will be authorized to operate in the account. Upon the aforementioned, withdrawal of money from the account shall be made only by the order of all persons constituting the Client.
A1 – Section 14 – Dissemination of Information
a. Neither Bloombex nor any party on behalf of Bloombex will provide the Client with consultation pertaining to the execution or non-execution of transactions of any type.
b. Bloombex may, but shall not be obliged to put at the Client’s disposal, from time to time, directly and/or through any party on its behalf, information including, but not only, indications and/or forecasts and/or trading strategies and/or market signals and/or assessments and/or market analysis with respect to Forex rates or other assets as provided to it by information providers in the world. It is known to the Client that Bloombex runs an internet site (www.Bloombex-options.com, and/or via other sites or links that Bloombex shall decide upon from time to time), and sends SMS and/or E-mail and/or others which also contain information and the Client may use this information (all the above mentioned shall hereinafter be referred to as: "Information").
c. By signing this agreement, the Client confirms and agrees that he is interested in receiving all the information as aforesaidthat would be delivered to him by Bloombex and the distributor (“Distributor”) and declares that he understands that the Information is provided for the Client’s convenience as a service by Bloombex but the Information may be incorrect, inaccurate and/or insufficient for any purpose in general and for the purpose of the execution of transactions in particular, and that the Client bears the absolute responsibility to verify that the Information is credible, complete, sufficient and suitable for his needs. And that he would not have any assertions because of the quality or the credibility of the information.
d. Neither Bloombex nor any party on behalf of Bloombex shall bear any responsibility with respect to damage, of any type, incurred by the Client and/or a third party following the use of the Information, and the Client waives any claim or contention or right towards Bloombex and/or the towards any party on behalf of Bloombex with respect to the use of said Information.
A1 – Section 15 - Termination
a. The period of Agreement is unlimited, but Bloombex may terminate this Agreement at any time, by giving notice to the Client. As from this time, the Client may not be able to enter into new transactions (except for the purpose of closing existing transactions).
b. The termination of the Agreement will oblige the Client to close all his open transactions until their value date, and subject to the arrangement for closing transactions within this Agreement.
c. If the Client is a corporation, the person signed upon this Agreement confirms that he is authorized to sign the Agreement on behalf of the corporation, and that all resolutions and approvals have been made by the corporation's various entities, required for the purpose of executing the transactions detailed in this Agreement, and that this Agreement constitutes a valid and enforceable undertaking by the corporation.
d. The Client may not assign or transfer his rights under this Agreement to a third party, except by prior approval of Bloombex in writing. Bloombex may assign its rights and/or undertakings in accordance with this Agreement by notice to the Client.
e. Notices of Bloombex to the client would be through the electronic mail and/or fax and/or trading system and/or Bloombex's site and/or any other way Lembex uses to contact its clients. Communication between the client and Bloombex would be via email and/or fax.
f. The depositing of money in Bloombex account and/or the Client’s signature upon this Agreement shall constitute and shall be considered as acceptance of the Agreement by the Client.
g. This agreement cancels any prior agreements that were signed between the sides.
h. In any dispute arising between the parties as a result of this Agreement or with respect thereto, the exclusive jurisdiction shall vest in the authorized courts of law of The British Virgin Islands and the local laws shall apply. By consenting to the provisions of this Agreement, the Client agrees to the authority of the aforementioned courts of law, and waives any contention against such authority, including the contention that the courts of The British Virgin Islands are forum non convenience for resolving any such dispute.
Before turning to court, the party wishing to commence action must approach the other party and notify him of any claim or contention that said party has towards the other party, and of his intention to commence action, in order to allow the other party to try and resolve the claim without resorting to legal proceedings. The Client confirms and declares that it is known to him that all copyrights in the trading system, the Information and any document signed by the Client are owned by Bloombex, and the Client shall not make any use in any of the above but for purposes of this Agreement and its performance. The Client also undertakes not to enter any change in any of the above. In case the Client enters any change, and in addition to the fact that it shall constitute a breach of this Agreement, the said change shall be in the exclusive ownership of Bloombex.
i. The Client confirms and declares that it is known to him that all copyrights in the trading system, the Information and any document signed by the Client are owned by Bloombex, and the Client shall not make any use in any of the above but for purposes of this Agreement and its performance. The Client also undertakes not to enter any change in any of the above. In case the Client enters any change, and in addition to the fact that it shall constitute a breach of this Agreement, the said change shall be in the exclusive ownership of Bloombex.
j. The client confirms and declares that he is aware that the Bloombex has the authority according to its consideration to cover deals fully and/or part of them and/or any other way.
k. The client confirms and declares that Bloombex would have the permission to transfer to third parties that referred the client to Bloombex, full information of the trades that were executed by the client, including the commission the client paid for his trading deals.
l. If an authorized court of law rules that a certain provision in this Agreement, including its implementation and/or circumstances are invalid and/or illegal and/or are unenforceable in a certain manner, the remaining provisions of the Agreement and the implementation thereof shall not be affected thereby and shall remain in full force and effect. The parties shall do their best in order to replace the unenforceable provision with an enforceable alternative provision of which the purpose is similar, as much as possible, to the cancelled provision.
A1 – Section 16 – Margin Risks
The Client declares that it is known to him that in transactions which Clients may execute with Bloombex, high financial leverage is utilized, with collateral being small relative to the size of the investment. The Client declares that he understands that a possible outcome of trading with a high financial leverage is that a small change in market prices, which may occur in short periods of time, may generate a large profit or a large loss relative to the amount of collateral, including a loss of the entire amount of the Collateral, or even more, in exceptional market conditions, within a very short period of time. The Client especially understands that fluctuations in rates in the Forex market and financial markets may be sharp, and the extent of changes, its direction and the periods of time in which it may occur, are unforeseeable. The Client declares that in light of the above, he understands that he must seriously consider whether this type of trading suits his needs, taking into consideration, among other things, his personal situation and his financial capacity. The Client also declares that he fully understands the meaning of the transactions that he is executing, and that there is a high risk that he might lose the entire amount that he shall invest in transactions as a result of trading with these financial instruments.
If this document is signed on behalf of a corporation, the signatory declares towards Bloombex that he is authorized by the corporation to make decisions on behalf of the corporation, and that all the decisions necessary in the corporation have been made in order to undertake the abovementioned risks.
A1 – Section 17 - Email
It has been made clear to the Client that he has the right to refuse the acceptance of commercial materials via e-mail and/or SMS (Short Message Service). The Client approves by signing this agreement that he acknowledges that all the details sent by him to Bloombex according to the terms of this agreement, would be used to send him messages and commercial materials by Bloombex and he approves it.
It is agreed that the Client shall have the permission no notify Bloombex in writing, at any time, of his refusal to the acceptance of these messages and Bloombex would be committed to act according to his orders.
If you wish to unsubscribe your email from Bloombex's e-mail records, please send your request to support@bloombex-options.com
A1 – Section 18 – Communication Between Parties
All communications pursuant this Agreement shall be made either via Certified Mail, confirmed email, the Trading System, this Web Site or any other written means of communication or any other confirmed written communication.
Client Declaration
I hereby declare that I am well experienced in trading in the Forex market (rates of foreign currencies), Forex derivatives and various financial assets via the Internet and otherwise and I further confirm reading and understanding the procedures as detailed in this Appendix including any disclaimer of responsibility by Bloombex and irrevocably agree to them all. In testimony thereof I checked the relevant field at the bottom of the account opening form.
(In the event that the Client is a Company or any other corporation, it is mandatory to fill the power of attorney for the appointment of an Agent).
Client Details and Acceptance of a Secret Code
-- I, the Client, confirm the correctness of all my personal details listed above and I will inform Bloombex immediately of any change of those details.
-- I, the Client, whose details are as listed above, hereby request Bloombex to assign to me a user number in its trading system.
-- I confirm that I have read all the Agreement for the provision of trading services in capital markets via the internet and/or mobile phone, between Bloombex and me, and I agree to its terms.
-- I confirm that it is known to me that the area of trading services in Forex and financial assets is a high-risk area, and it is clear to me that if I invest money in this area, there is a substantial risk that a large loss may be generated relative to the amount of the Collateral or loss of all the Collateral.
-- I confirm that it is known to me that the method of trading via internet and/or mobile phone, more than any other method of trading in those assets, is dependent upon many factors including the functionality of computers, computer software, communication lines and computer servers in various locations, and despite this risk, of which I am aware, I have chosen to use the services of Bloombex, and will not have any claim pertaining to the fact that trade orders will not be executed subsequent to such technical faults.
-- I wish Bloombex to allocate to me a secret code for its trading platform and I confirm that any secret code and/or password, including any access code or other information security method to the site and/or the link to the mobile phone (hereinafter: “Passwords”) that I shall receive from Bloombex are personal, private, non-transferable to a third party, and it is my full and exclusive responsibility to maintain them in full confidentiality. Bloombex or the Distributor shall bear no responsibility for loss and/or any other damage that may incur as a result of inappropriate and/or unauthorized and/or unprotected use or storage of the said passwords, including, but not limited to, the delivery of passwords to a third party and/or a third party’s use of my accounts, whether or not done in my knowledge.
-- I, the Client, agree and approve that in a case that I would ask to receive a service via a remote PC control system, such as GoToMeeting, which allows technical support of Bloombex while taking control over the desktop of the clients PC. I would not have any assertions against Bloombex due to damage, loss or any other expenses that might be caused to the client, directly or indirectly as a result of receiving a service via this media.
Terms for Bonuses:
Deposit $100 and receive $100 bonus
Deposit $400 and receive $200 bonus
Deposit $500 and receive $250 bonus
Deposit more than $500 and receive 30% bonus
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