TERMS & CONDITIONS
This agreement is between the client and AN ALL NEW INVESTMENTS (VA) LTD. the owners of the LegacyFX trading platform regulated by the (VFSC)
Vanuatu Financial Services Commission under license number 14579. Govant Building, Kumul Highway,P.O.Box 1276 Port Vila, Republic of Vanuatu
This agreement supersedes any other agreement, and in the event of any interpretation issues with respect to any other sources, this agreement shall prevail. Any perceived contradictions should be relayed immediately to LegacyFX for clarification. Any differences that may be perceived between the English literature and any of the other operational languages, the English version will default as the correct interpretation.
Order by which items appear have no relation to their importance.
A) GENERAL UNDERSTANDING
BASELINE DEFINITIONS USED IN THIS LEGAL DOCUMENT
Client: The “Client” is defined as any counterparty to LegacyFX, including but not limited to subscribers and users of the LegacyFX platform. This may refer to an individual or an institution.
Base Currency: The base currency refers to the currency in which all the transactions are made from or to LEGACYFX. The base currency in this document is United States Dollar, commonly abbreviated as USD or represented as $.
Business Day: Business day refers to any day where the banking system is open.
Products: Products refer to all the products offered by LegacyFX, including but not limited to, the platform and over the telephone.
Guarantee Enhancer: Guarantee Enhancer refers to any guarantees provided over and above the funds in a client's account registered with LegacyFX.
Trading Platform: Trading Platform refers to the electronic software provided to clients by LegacyFX for the purpose of executing financial transactions for Forex trading.
Trade: Trade refers to an execution of an order through the LegacyFX trading platform, or via the telephone.
OTC: OTC is abbreviation for Over-The-Counter. OTC refers to the transactions executed by LegacyFX. All our transactions are over the counter. We do not transact on exchanges.
LegacyFX Trading Desk: LegacyFX Trading desk refers to the trading desk operated by us at our premises.
Age restrictions: trading service provided only to clients from 18 years old and above.
LegacyFX Online Trading System: LegacyFX Online Trading System refers to the web-based trading system available at the following URL: www.legacyfx.ae.
Network: Network refers to all kinds of equipment involved in the execution of transactions: including but not limited to. hardware, software and the Internet capabilities of both parties.
Completed Trade: Completed Trade is associated with any transaction where a confirmation is communicated to a client. Confirmation may take many forms, including, but not limited to, the posting of a transaction on the client’s trading blotter.
B) OVERVIEW OF TERMS AND CONDITIONS
COMMUNICATING WITH LegacyFX
The client can contact LegacyFX via phone, email, mail or fax. Please note that the preferred language of communication is English, however, you are free to send messages in Arabic, French, Italian, or German. LegacyFX prides itself in replying promptly to our client’s queries. LegacyFX may utilize the services of a translator for addressing inquiries made in languages other than the ones mentioned above. In event that a translator’s services are utilized, there may be a delay in the promptness of our response.
LegacyFX is the counterparty in all transactions. This is a consequence of the nature of the products that LegacyFX offers.
INITIATION OF AGREEMENT
The clauses of this agreement become effective when a client creates any kind of account (including a demo account) with LegacyFX.
BUSINESS AND REGULATORY ENVIRONMENT
AN ALL NEW INVESTMENTS (VA) LTD., and therefore by extension, LegacyFX, comply with generally accepted rules and regulations, as well as generally accepted accounting norms. As is the case with multinational entities, AN ALL NEW INVESTMENTS (VA) LTD. will adhere to the applicable laws of the jurisdiction in which it operates. LegacyFX can and will pursue matters in any recognized jurisdiction.
GOVERNING LAW AND JURISDICTION
This Agreement shall be governed by and construed in all respects in accordance with the laws. The Parties will attempt in good faith to negotiate a settlement to any claim or dispute between them arising out of or in connection with this Agreement. If the Parties fail to agree on the terms of settlement, the Parties will submit the dispute exclusively to confidential arbitration proceedings by a sole arbitrator under the ICC rules in Saint Vincent and the Grenadines whose decision shall be final and binding.
POLICY ABOUT REGULATORY INQUIRY
LegacyFX will observe total compliance when a government or a regulatory body approaches for more details about a specific account or a specific transaction. LegacyFX discloses information to regulatory agencies and government agencies only. We do not disclose any kind of information about the accounts we manage or about specific transactions to private third parties.
COSTS ASSOCIATED WITH ACCOUNTS REGISTERED WITH LegacyFX
With the exception of ECN related activity, the costs attributed to our clients or in other words, our revenue, is incorporated in the spread of the instrument that the client trades. If for any reason, the client’s activity triggers additional costs, LegacyFX passes those costs onto the client.
Account Closure Fee:
A fee of 50 USD/EUR/GBP (depending on the account’s currency) will be charged for the closure of the account.
This fee will also be applied when a processed withdrawal request will cause the monetary status of a client's account to reach an equity of 50 or below USD/EUR/GBP (depending on the account’s currency).
The remaining amount (after the closing account fee is applied) will be sent as the withdrawal, only if that amount exceeds 50 USD/EUR/GBP (depending on the account’s currency).
The client may opt to keep their account active (even with a balance / equity of 50 or below), in order to redeposit at a later time.
LegacyFX adopts a high priority policy in reimbursing its clients whenever a valid amount of money is requested.
Any balance NOT required for margin purposes and is NOT credited funds provided by the company, can be furnished to the client as expediently as possible.
*** Processing times may vary from time to time, depending on the payment method. The time frame includes both the company's own processing time of the withdrawal request from our systems, as well as processing times from the financial institutions they are sent from/by.
The company is not liable and holds no responsibility nor influence over the processing times of third-party credit card processors, banks, etc.
While the company will always strive to expedite withdrawals in a timely fashion, delays may occur that are out of the company's control.
Reimbursements for deposited funds will be returned in the manner that they were initially received, whenever possible.
*** If a deposited funds withdrawal cannot be made back to the original payment method, the company will notify the client accordingly and request an alternative method of payment to which we can send you the funds.
Reimbursements for profits will be returned ONLY AFTER the client has provided to the company's Support Department an alternative payment method.
***If a client requests an amount that is composed of both deposit amount and profits, that withdrawal request will be split into two separate requests, one to reflect the return of the initially deposited funds and another to reflect the return of profits.
Reimbursements may incur various handling fees, which the client is liable for, as assessed by the company's or your bank or financial institutions.
C) LONGEVITY OF AGREEMENT
By reading this, the client agrees that this agreement will be in effect until the he or she terminates the agreement by placing a written request to LegacyFX, or if LegacyFX notifies the client about the termination of the agreement, regardless of the reason. It is recommended that if the client wishes to cancel agreement, he notify LegacyFX by registered mail. Termination of contract does not release either party of any liabilities that it has accumulated during the contract period. LegacyFX reserves the right to make any modifications or changes as necessary to this agreement, with or without notifying the client. It is recommended that the client check the validity of this agreement from time to time.
D) ADVISORY ROLE OF LegacyFX Team
LegacyFX assumes that its clients are at least 18+ years of age. It is assumed that the Client is independent and expected to make rational decisions about his monetary investments. LEGACYFX openly acknowledges that Forex trading has risks involved. Therefore, it is presumed that any particular client transacts in a manner that is suitable to his risk tolerance. LegacyFX Trader bears no responsibility for any losses suffered by the client due to Forex trading, regardless of the reason.
OPINIONS AND RESEARCH
The LegacyFX team invests lots of time and money to provide the most accurate analysis for our clients. However, LegacyFX will not be held accountable for any financial loss that may occur due to miscommunication or misinterpretation about an opinion delivered by a LegacyFX staff member when a client requests an opinion. It is the responsibility of the client to assess the opinion and make a rational investing decision on his own.
Data Collection Know your Clients “KYC”
When you register for either a demo or a live account with LegacyFX, it is necessary that we collect some personal data from you for business purposes. By understanding your financial needs, we can treat you fairly as a client, and can provide you with the most suitable products and services, give you the appropriate information on investment strategies, process your requests and transactions, and offer you both sales and post-sales services.
We request the following Personal Data from you:
- Personal and financial information needed during online registration applications/forms
- Documents needed as proof of your identity and residency such as an International Passport, National ID, utility bills or bank statements
Please note that if and when you choose to end your working relationship with LegacyFX, we must keep your personal data on record for an additional five years.
Use of Personal Data
The following list illustrates the reasons why LegacyFX may need to use your personal data:
- To verify your identity
- To ensure that you meet the suitability requirements needed to use our products and services
- To manage your account
- To process your transactions
- To send you information about transaction/post-transaction services
- To keep you updated with news on our products, services and any other information relevant to your working relationship with LegacyFX
- For website improvement purposes
- For the analysis of statistical data which will help us provide you with better products and services in the future
LegacyFx is a worldwide brand and have trade mark registry under AN ALL NEW INVESTMENTS (VA) Limited, regulated by the (VFSC)
Vanuatu Financial Services Commission under license number 14579 , located at Govant Building, Kumul Highway, P.O.Box 1276 Port Vila, Vanuatu Tel: +41315087455