Terms & Conditions
Introduction
ZoneXCapital is an investment firm that operates as a global broker.
Acknowledgement
Scope of the Terms of Business
3.1 This document “Terms of Business” determines all actions related to the execution of the client’s trades and is taken in conjunction with the Account Opening Agreement
3.2 The Terms of Business are non-negotiable and have priority over any other arrangements, agreements, express or implied statements made by ZoneXCapital, unless determined otherwise.
Definitions and Interpretations
Terms listed below have the following meanings and may be used in the singular or plural:
“Account” means a personalized trading account of the client opened with ZoneXCapital
“Account Detailed Report” means a statement of the clients securities portfolio, open positions, margin requirements, cash deposit etc. at a specific point in time
“Ask Price” means the price at which ZoneXCapital is selling a CFD
“Authorized Person” means a person authorized by the client under a power of attorney to give instructions to ZoneXCapital in relation to the Account
“Balance” means the sum of the client Account after the last completed order and deposit/withdrawal operation made within any period of time
“Best Execution Policy” means ZonexCapital’s prevailing policy available at zonexCapital’s Website regarding the best execution of client’s orders
“Bid Price” means the price at which zonexcapital is buying a CFD
Business Day” means any day on which banks are open for business
CFD Contract or CFD” means a contract which is a contract of difference by reference to fluctuations in the price of the relevant Underlying Asset
Client” means a natural or legal person, accepted by zonexcapital as its client, to whom services will be provided by zonexcapital under the “Terms of Business “
Collateral” means any securities or other possessions deposited with zonexcapital
Company” means zonexcapital Ltd
Contract” means any contract, oral or written, for the purchase or sale of any commodity, security, currency or other financial instruments or property, including any derivative contracts such as options, futures, CFDs or other transactions related thereto, entered into by zonexcapital and the client
Counterparties” mean banks and/or brokers through whom zonexcapital may cover its transactions with clients
Durable Medium” means any instrument which allows the client to keep information in a way accessible for future reference for a period of time adequate for purposes of the information and which enables the unchanged reproduction of the information stored
Equity” equals (Balance + Floating Profit & Loss + Swap)
Event of Default” shall have the meaning given to this term in Clause 12
Execution Venue” the counterparty for transactions and holder of the clients securities or other assets deposited other than zonexcapital
Floating Profit/Loss” means the unrealized profit (loss) of open positions at current prices of the Underlying Assets
Free Margin” means the funds not used as guarantee to open positions, calculated as: Free Margin = Equity-Margin
Margin” means the required guarantee funds to open positions and maintain Open Positions, as specified in the Spreads and Conditions Schedule
Margin Call” when the Margin posted in the margin account is below the minimum margin requirement, zonexcapital’s Execution Venue issues a Margin Call and in this case the client will have
a) to increase the Margin that he has deposited, or b) to close out his position(s). If the client does not do any of the aforementioned, the Execution Venue shall have the right to close the client’s positions
Margin Level” means the percentage of Equity to Margin ratio. It is calculated as: Margin Level = (Equity/Necessary Margin) x 100
Market Maker” means a dealer in securities or other assets who undertakes to buy or sell at specified prices at all time
Market Rules” means the rules, regulations, customs and practices from time to time of any exchange, clearing house or other organization or market involved in the conclusion, execution or settlement of a Contract any exercise by any such exchange, clearing house or other organization or market of any power or authority conferred on it
Open Positions” means any position/transaction that has not been closed. For example, an open long position not covered by the opposite short position and vice versa
Orders” means any trading transactions executed on zonexcapital’s trading platforms by the client
OTC” means any Contract concerning a commodity, security, currency or other financial instrument or property, including any option, future, or CFD which is not traded on a regulated stock or commodity exchange but “over the counter
Principal” means the individual person or the legal entity which is a party to a transaction
Security” means any securities or other assets deposited with the execution venue
Services” means the services to be provided by zonexcapital to the client interpreted by these Terms of Business. Services is inclusive of any dealing, order routing, advisory or other services which zonexcapital provides from time to time to the client by remote access via the Internet and which are subject to these Terms
Spread” means the difference between the Ask Price and the Bid Price
Spreads and Conditions Schedule” means the schedule of spreads, charges, margin, interest and other rates which at any time may be applicable to the Services as determined by zonexcapital on a current basis. The Spreads and Conditions Schedule is available on zonexcapital’s Website and may be supplied to the client on demand
Swap” means the funds withdrawn or added to the client’s Account from rolling over (transfer) of an open position to the next day
Terms” mean these Terms of Business covering all the actions related to the execution of your (client’s) trades
Trade Confirmation” means a notification from zonexcapital’s trading platform to the client confirming the client’s entry into a Contract
Trading Platform” means any online trading platform made available to the client by ZonexCapital for placing orders, requesting quotes for trades, receiving price information and market related news as well as having a real-time revaluation of the open positions, through the Internet
Underlying Asset” means underlying asset is the financial instrument (e.g., stock, futures, commodity, currency, index) on which a derivative’s price is based
Internet and Electronic Trading
5.2 zonexcapital does not control signal power, its reception or routing via Internet or any other means of electronic communication, configuration of client’s equipment or reliability of its connection. Therefore, zonexcapital is not responsible for any claims, losses, damages, costs or expenses, including attorneys’ fees, caused directly or indirectly, by any breakdown or failure of any transmission or communication system or computer facility belonging to zonexcapital.
5.3 The client is obliged to keep all login information secret and assure that third parties do not obtain access to the trading facilities. The client will be held responsible for transactions executed by means of the client’s password even if such transactions were not executed by the client himself.
Arbitrage
Prohibited Trading
In case that client is utilizing such techniques, the client agrees and acknowledges that ZonexCapital may take one or more, or any portion of, the following actions:
- Close the client’s account;
- Suspend the client’s account for an undefined period of time;
- Carry out an investigation on the client’s account for an indefinite period of time;
- Charge a penalty fee to the client in the same or higher value of money which resulted from the client employing such techniques.
It is categorically prohibited to take any of the following actions:
- Use any software, which applies artificial intelligence analysis to zonexcapital’s system and Trading Platform;
2. Deflect, control, damage or change any communication which is not intended for client himself;
3.Use any type of spider, virus, worm, trojan-horse, time bomb or any other codes or instructions, designed to distort, destroy, damage or dismantle the Trading Platform, the communication system or any other system of zonexcapital;
4.Send any unrequested commercial communication that is not authorized.
Untrue Trades
zonexcapital Ltd. retains the right to cancel and/or reverse any trades which are considered untrue or opened at a fictitious price not existing on the market at the time of opening. Such cases include but are not limited to trades based on a non-market quotation or based on latency trading (such as old prices).
Islamic Accounts
9.1 The Initial Offering of Islamic accounts may only be achieved by making a separate application via email for such an account. ZonexCapital is not obliged to provide such an account and as such will look at each request on its individual merits. Clients of Muslim faith will be solely eligible for opening an Islamic Account. In such account no swap charges or roll-over fees are used for holding overnight positions for up to 7 days. Afterwards a Carry charge will be applied on each and every transaction. The Carry Charge rates can be
emailed to any person requesting them that has duly made an application for an Islamic account.
9.2 zonexcapital reserves the right to employ, without prior notice, additional commission fees with respect to ex-dividend payments for all Indices and Shares instruments on any Islamic account for trades executed during ex-dividend dates.
Trading Volume Limitation
zonexcapital reserves the right to increase or decrease the trading volume limitation level of one or more instruments at any time without giving prior notice. The volume limitation is applied on a per client basis. In the event a volume restriction has been placed on a client and that client attempts to exceed the volume limit on any of the instruments restricted by such a limitation, the request will be automatically rejected and an “Off quote” message will be shown.
Default
11.1 The Execution Venue and/or zonexcapital has the right to keep, or make deductions from, any amounts which the Execution Venue and/or Company is holding for the client, if any amounts are due from the client to zonexcapital.
11.2 The client herewith entitles the Execution Venue and zonexcapital at any time and without notice or liability to the client, to sell, apply, set-off and/or charge in any manner any or all of the client’s assets and/or the proceeds from such assets which the Execution Venue and/or Company has custody or control over, in order to redeem all or any of the client’s obligations to the Execution Venue and zonexcapital.
The client miscarries to make any payment or fails comply or act on anything required by these Terms of Business
The client fails to secure assets for delivery, or take delivery of assets, under any Contract on the first due date
The client dies or becomes of unsound mind or is declared absent
An application is made in respect of the client for an interim order, if a bankruptcy petition is presented in respect of the client, if a partnership, in respect of one or more of the partners, or if a company, a receiver, trustee, administrative receiver or similar officer is appointed
A petition of termination or administration of the client is presented
An order is made, or a resolution is passed for the winding-up or administration of the client (other than for the purposes of amalgamation or reconstruction with the prior written approval of zonexcapital)
Any distress, execution or other process is imposed against any property of the client and is not removed, discharged or paid within 7 seven days
Any security created by any mortgage or charge becomes enforceable against the client and the mortgagee or chargee undertakes steps to exact the security or charge
Any obligations of the client or any of its subsidiaries becomes immediately due and payable, or capable of being declared so due and payable, prior to its stated maturity by reason of default of the 10.client (or any of its subsidiaries) or the client (or any of its subsidiaries) fails to discharge any indebtedness on its due date
The client fails to fully meet any obligations included in these Terms or any Contract including failure to meet margin requirements
Any of the representations or guaranties given by the client are, or become, untrue
The Execution Venue or the client is requested to close out a Contract (or any part of a Contract) by any regulatory agency or authority
ZonexCapital is required to do so by law
zonexcapital considers it necessary for its own protection
There is well-founded suspicion that the client involves ZonexCapital in any type of fraud or illegality
zonexcapital suspects the client from money laundering activities, terrorist financing or other criminal activities
Upon the existence of an Event of Default, the Execution Venue and/or zonexcapital is entitled to take any of the following actions
Sells or charge in any way any or all of the client’s Security, assets and property which may from time to time be in the possession or control of the Execution Venue or call on any guarantee
Purchases any Security, investment or other property where this is necessary, in order for the 21.Execution Venue to fulfill its obligations under any Contract; in this case the client shall reimburse the
Execution Venue, the full amount of the purchase price plus any associated fees and commissions
Deliver any Security investment or property to any third party, or otherwise take any action the
Execution Venue considers being desirable in order to close out any Contract
Demand the client to immediately close out and settle a Contract in such manner as the Execution Venue may request
Enter into any foreign exchange transaction, at such rates and times as the Execution Venue may decide, in order to meet obligations incurred under a Contract; and invoice back all or part of any assets standing to the debit or credit of any Account (including commuting Execution Venue’s or the client’s obligation to deliver an asset into an obligation to pay an amount equal to the market value of the asset (specified by the Execution Venue ) on the date invoicing back takes place).
Terminate this Agreement without prior notice
Debit the Account(s) for the amounts which are owed to zonexcapital
Close any or all of the Accounts held with zonexcapital;j) combine client Accounts, consolidate the
Balances in client’s Accounts and to offset those Balances
Refuse to open new Accounts for the client
The client herewith authorizes ZonexCapital to take all or any measures described above without notice to the client. The client also accepts that the Execution Venue is not responsible for any
consequences of it taking any such steps, unless the Execution Venue has exercised gross negligence in connection herewith. The client must execute such documents and take such other action, as Zonexcapital
zonexcapital can request in order to protect zonexcapital rights, in accordance with these Terms of
Business, or within the frame of any other agreements between the client and ZonexCapital
If ZonexCapital applies its rights to sell any Securities or property of the client under this Clause, it will realize such sale, without notice or liability to the client, on behalf of the client and apply the proceeds of sale in or towards discharge of any or all of the client’s obligations to the Execution Venue.
Without prejudice to zonexcapital’s other rights, zonexcapital may, at any time and without notice, combine or consolidate all or any of the Accounts maintained by the client with zonexcapital and off-set any amounts owed to or by zonexcapital in such manner as zonexcapital may determine
Without prejudice to zonexcapital’s other rights, zonexcapital may, at any time and without notice, combine or consolidate all or any of the Accounts maintained by the client with zonexcapital and off-set any amounts owed to or by zonexcapital in such manner as zonexcapital may determine
Advertising
When zonexcapital is using, advertising or posting on its website or platform or anywhere else the services, products or websites of third party:
zonexcapital is not responsible for such services, products or website material, which is not under its control;
zonexcapital gives no representation, warranty or guarantee as to the exactness, correctness or integrity of related information or as to the tax or legal consequences of any related Transaction;
Such is provided only to allow the client to make his own investment decisions and cannot be understood as an investment advice or financial promotions to the client;
If the document contains a restriction on the person (or category of persons) for whom that document is intended or distributed, the client agrees that he will not pass it on to any such person or category of persons.
The client accepts that before the diffusion, zonexcapital may have acted upon it itself to make use of information mentioned above.
zonexcapital does not make representations regarding the time of receipt by the client and cannot guarantee that he will receive such
information at the same time as other clients.”