Updated May 2022
1.1. In this Agreement, unless the context otherwise requires, the following words and expressions shall bear the following meanings and cognate expressions shall have corresponding meanings:
1.1.1. "Applicable law" means the Laws, articles, regulations, directives, procedures and customs in force from time to time in Labuan;
1.1.2. "Back Office" means a Client’s “working place” on the official website of the Company which is able to access on completion of the registration process;
1.1.3. "Business day" means a day (other than a Saturday or Sunday) on which banks generally, are open for business;
1.1.4. "CFD" means a contract for differences;
1.1.5. "Client" means a Person that has been registered as a customer of the Company through the Back Office and who becomes a party to this Agreement;
1.1.6. "Company’s official website" means the website located at: https://www.exfor.com;
1.1.7. "Financial Instrument" means a currency pair, precious metal traded on the spot market or any other contract;
1.1.8. "Margin" means the initial margin or variation margin required to be posted by the Client as security required to be able to do leveraged trades;
1.1.9. Margin Call means a demand for such cash amounts or other assets by way of Margin as the Company may require for the purpose of protecting itself against loss or risk of loss on present, future or contemplated Transactions under this Agreement;
1.1.10. "Party/ies" means the Company and/ the Client, as the context requires;
1.1.11. "Products" means Contract for Differences in forex;
1.1.12. "Services" means the Services to be provided by the Company to the Client in terms of clause 6.
2.1. Exfor Limited (hereinafter ‘The Company’, ‘we’ or ‘us’) is authorized and regulated by the Labuan LFSA with license number MB/22/0099 as an Authorized Money Services Business.
2.2. We will deal with you only as a mediator and are strictly prohibited to act as principal.
2.3. You will enter into transactions with us acting as a mediator, bringing together the counterparties on mutually acceptable terms.
3.1. This Agreement is effective as from the time the Conditions Precedent have been fulfilled until is terminated as provided for under this Agreement. A Party may terminate this Agreement by giving written notice to the other Party in the manner provided for in this Agreement provided that such termination will not:
3.1.1. affect the rights or the obligations of the Parties in terms of this Agreement for whatever reason or are in existence at the date of such notice or at the date of the termination of this Agreement; or
3.1.2. entitle the Client to claim or withdraw from the account referred to any money held to secure the obligations of the Client until such obligations have been fulfilled.
4.1. This Agreement will be of no force and effect until the Client has been registered on the Platform and if the applicable has paid any amount required in terms of this Agreement.
5.1. The Client/ "you" appoints the Company "Us" and the Company accepts the appointment to trade in the Products without discretion and only in response to an order from the Client or, if required to do so, in terms of the provisions of this Agreement.
5.2. In utilising the Services the Client will nominate, appoint and mandate certain individuals ("users") to act on its behalf. In order for the Users to access the Services the Users will be given a code unique to each User ("Access Code"). As such, any action or omissions by the User in respect of the Services shall be deemed to be authorised by the Client and shall be binding on the Client.
5.3. The Client undertakes not to disclose any confidential information so received from the Company and shall assume all risk for loss the Client may sustain in connection with access to such information by third parties including access to the Access Code.
5.4. Subject to the terms and conditions of this Agreement and acceptance of your application to open an account with us, we will maintain one or more accounts in your name and we will provide execution only Services in respect of the Products.
5.5. Schedule A sets out our risk notice in compliance with Applicable Law. If there is anything you do not understand it is recommended that you seek specialist independent financial and or legal advice, in particular, regarding the suitability of complex financial instruments trading.
5.6. We deal with you on an execution only basis and will not make personal recommendations or advice on the merits or suitability of purchasing, selling or otherwise dealing in particular Investments, their legal, tax or accounting or the composition of any account or any other rights or obligations attaching to any such investments.
5.7. The Company will not render any advisory services in respect of your dealings on the Platform. Where we do provide general trading information, market commentary or other information:
5.7.1. this is incidental to your dealing relationship with us;
5.7.2. it is provided solely to enable you to make your own investment decisions and does not amount to a personal recommendation or to advice;
5.7.3 we give no representation, warranty or guarantee as to the accuracy or completeness of such information or as to the legal, tax, or accountancy consequences of any such transactions.
6.1 The services offered by the Company shall be any software products or services enabling the Client:
6.1.2. to open a trading account and perform trading operations;
6.1.1. to monitor the current condition of financial markets;
6.1.3. to deposit and withdraw money to/from the Client’s account and to do transfers between Client’s accounts;
6.1.5. to contact the Company for information related to the Client’s trading account and Company services.
6.1.4. to trade in such financial instruments that are mentioned in the contract specifications for the selected type of account;
6.2 The list of financial instruments traded, and trading terms and conditions can be found on the Company’s official website.
6.3 No actual currency supply is made within the framework of trading operations. Once the position is closed, the earnings shall be credited to, or loss debited from, the trading balance of the Client’s account.
6.4. The Company shall execute the Client’s trading orders only. The Company and its employees shall not offer client asset management services nor do they provide recommendations and advice regarding trading orders.
6.5. The Company may at its own discretion give such recommendations and advice, however, should the Client decide to use such recommendations and advice for trading purposes, any financial loss he may sustain in connection with such a decision shall be Client’s responsibility.
6.6. The Company reserves the right to change, reduce, add or amend the services of the Company by giving a prior notice to the Client.
7.1. To be able to access the Platform, the Client has to follow the on-line access procedures provided in Schedule B.
8.1. Your orders will be handled in accordance with our Order Execution Policy.
8.2.1. The following types of charges shall be applicable in respect of Transactions executed on your Account:
8.2.1.1 spread(s); and
8.2.1.2 swap(s)
9.1. The Company shall not be responsible for complete or partial financial loss sustained by the Client, if such loss has resulted due to any force majeure event.
9.2. The Parties shall not be in breach of this Agreement to the extent that the performance of their respective obligations under the Agreement has been prevented by an event of force majeure arising after the conclusion of this Agreement. Force majeure events shall include: acts of God, fires, technological accident, disasters, epidemics effecting market conditions, accidents occurred at engineering and communication buildings, mass unrest, military actions, strikes, lockouts, riots, terrorist attacks, ddos-attacks, regulatory sanctions preventing due performance of the Agreement. For the purpose of this Agreement, force majeure events shall also include: market suspension, closure or liquidation; or Company’s inability to quote due to lack of event on the basis of which Company’s quotations are made; or trade restrictions or unusual trading conditions in any marker or in relation to any of these.
9.3. The events referred to in clause 9.2 above are not exhaustive. The Parties shall not be in breach of the Agreement should other force majeure events occur.
9.4. Where a force majeure event takes place, the time for the performance of the obligations under this Agreement shall be postponed for a period equal to that during which the force majeure event continues to be in force, and no loss shall be recovered.
9.5. Where a force majeure event occurs, the Company reserves the right, without prior notice, to:
9.5.1. change trading and non-trading conditions and requirements;
9.5.2. close any or all Client’s open positions at such price that the Company shall consider fair under current market conditions;
9.5.3. suspend performance under, or modify one or more clauses of, this Agreement for as long as the force majeure events continue to be in force;
9.5.4. take (or not to take) other actions in relation to the Client if considered necessary by the Company.
9.6. For the purpose of this Agreement, the Company shall not be liable or responsible for any illegal actions taken against the Company, its employees and/or its property, including hacker attacks and other unlawful actions.
9.7. A Party whose ability to perform or duly perform under this Agreement has been affected by force majeure events must, within 7 calendar days following the occurrence of such events, inform the other Party to this effect, failing which the affected Party shall not be entitled to refer to such events as discharging from liability.
9.8. Where the Company’s performance under this Agreement has been affected by force majeure events, the duration of which exceeds 30 calendar days, the Company shall be entitled to terminate performance of its obligations and display a relevant notice on its official website.
9.9. The Client accepts that force majeure events may cause a delay in the execution of a deposit and/or withdrawal transaction in his account. Where a force majeure event occurs, the Company undertakes to credit the Client’s account as soon as it becomes possible.
10.1. The Company’s opening hours are 24 hours a day from 00:00 hrs. Monday to 23:59 hrs. Friday server time. The opening hours means a period during which Clients’ trading operations are processed by the Company. Certain departments in the Company may have different opening hours. More information on opening hours can be found on the Company’s official website.
10.2. International holidays that may affect the operation of financial markets and the trade in certain financial instruments make an exception.
10.3. To contact the Client the Company may use any of the following methods:
10.3.1. trading platform internal email;
10.3.2. email;
10.3.3. telephone;
10.3.4. post;
10.3.5. website of the Company.
10.4. Any communication shall be considered received by the Client:
10.4.1. in one hour after being sent to the Client’s email address;
10.4.2. immediately, if sent via trading platform internal mail;
10.4.3. immediately after the telephone conversation;
10.4.4. if a 7 days period have elapsed after being sent by post;
10.4.5. immediately after being displayed on the Company’s official website.
10.5. To communicate with the Client the Company shall use only those contact details that the Client submitted on registration or amended thereafter, as the case may be.
10.6. The correspondence and information sent by the Company to the Client shall be considered duly delivered if sent to the Client’s contact details last known to the Company, in which case the Client may not refer to their invalidity unless the contact details have been duly amended. The Client accepts that the Company may delete messages not received by the Client via trading platform internal email after 7 calendar days from the moment of their dispatch.
10.7. The Client accepts that the Company may record all verbal and telephone conversations with the client. Such records shall belong to the Company and may be used to prove that the communication between the Parties has indeed taken place.
11.1. The Client hereby indemnifies the Company against any and all claims, loss, demands, liability, costs and expenses of whatsoever nature and howsoever caused and arising, which may at any time be made against the Company by any person or which the Company may sustain or incur arising directly or indirectly out of or in consequence of any Instructions or the Services, other than such claims,
11.2. loss, demands, liability, costs and expenses arising as a direct result of the Company's gross negligence, wilful misrepresentation.
12.1. All claims arising under this Agreement relating to the trading operations withdrawals or claims or complaints by the clients shall be dealt with in terms of the Company's complaints resolution procedure ("Complaints Procedure") which is available on the Company's website.
12.2. The Parties will endeavour to resolve any dispute arising from this Agreement amicably. The Company will investigate the cause of the dispute with a view to resolve it as soon as it is practically possible given the nature of the dispute and the availability of information, capacity and documents and in any event in terms of the Complaints Procedure.
12.3. Failing amicable resolution, the dispute will be referred to and resolved by arbitration. The arbitration will be conducted in terms of the commercial rules present in Labuan. The arbitration will be conducted in English. The Parties to the dispute will agree on an arbitrator which will be a practicing or non practicing lawyer with at least 15 years experience in legal work relating to the financial markets, securities landing, derivative instruments and derivative contracts.
13.1. No addition or variation, consensual cancellation or novation of this Agreement and no waiver of any right arising from this Agreement or its breach or termination will be of any force or effect unless reduced to writing and signed by both Parties and their duly authorised representatives or accepted electronically on the Platform.
13.2. The Company may make unilateral changes to this Agreement by giving the Client five days written notice.
13.3. The Client may update his or her contact details by completing the required fields on the Platforms.
14.1. Notwithstanding any other provision of this Agreement, in providing Services to you we shall be entitled to take any action as we consider necessary in our absolute discretion to ensure compliance with the relevant market rules and or practices and all Applicable Laws and Regulations.
14.2. We are authorized to disclose information relating to you and/or your Transactions to LFSA and other regulatory bodies as required by law and/or where we believe it is desirable.
14.3. Under Applicable Regulations, we will keep Client Records for at least five years after termination of the Agreement.
14.4. You agree to provide us with such information as we reasonably request from time to time to enable us to comply with Applicable Regulations and provide the Services. Where you provide us with information, you are responsible for ensuring that it is correct and should promptly inform us in writing of any change.
14.5. If a settlement is not reached by the means described in the complaints paragraph herein, all disputes and controversies arising out of or in connection with the Agreement shall be finally settled in court in Labuan. This Agreement and all and us are governed by the Laws of Labuan.
14.6. All transactions on behalf of you shall be subject to the Applicable Laws and Regulations. We shall be entitled to take or omit to take any measures which we consider desirable in view of compliance with the Applicable Laws and Regulations in force at the time. Any such measures shall be binding on you.
14.7. All rights and remedies provided to the Company under the Agreement are cumulative and are not exclusive of any rights or remedies provided by law.
15.1. The Company shall have the right to terminate the Agreement in any of the following circumstances:
15.1.1. if the Client is in breach of any of the terms and conditions of the Agreement and/or attachments thereto;
15.1.2. where termination of the Agreement is required by a court order;
15.1.3. where Client’s accounts have not been used for designated purposes (e.g., for the purpose of currency conversion);
15.1.4. where the Client is believed to be carrying criminal or suspicious operations (e.g. money laundering).
15.2. The Company may terminate the Agreement on two business days’ notice sent to the Client by email.
15.3. If on termination any Client’s account has a positive balance, the available balance will be remitted to the Client within 10 working days as long as all open positions have been closed at a current market price and no new positions are opened; on termination of the Agreement access to the Client’s Back Office shall be blocked.
15.4. The Client may terminate this Agreement by withdrawing all funds from all his accounts and notifying the Company about his intention to close the accounts by e-mail.
15.5. In the event of Client’s death, the right to withdraw funds from the Client’s account shall be transferred to his successors on the basis of the Client’s will or any other document confirming the succession rights. The right to use the Client’s account and to perform trading operations shall not be passed on Client’s successor.
16.1. The Company will be categorizing its Clients in one of the following categories: Retail Client and/or Professional Client. The categorization shall depend on the information provided by the Client in his Application Form and according to the method of categorization as this method is explained under the document “Client Categorization Policy” found on our website. By accepting the Agreement, the Client accepts application of such a method. The Company will inform the Client of his categorization according to Applicable Regulations. The Client has the right to request different categorization.
16.1.1. The Client accepts that when categorizing the Client and dealing with him, the Company will rely on the accuracy, completeness and correctness of the information provided by the Client in his Application Form and the Client has the responsibility to immediately notify the Company in writing if such information changes at any time thereafter.
16.1.2. The Company shall have the right to review the Client’s Categorization, according to Applicable Regulations and inform the Client accordingly of the change before it comes into effect by providing the Client with advance notice. The Client shall be treated as accepting the change on that date unless, before then, the Client informs the Company that the Client wishes to terminate the Agreement and not accept the change. Retail Client will be any Client who does not meet the requirements of a Professional client.
16.1.3. Professional Client will be deemed as such, should the Client meet at least 2 of the below requirements:
Having available for trade assets from legitimate sources in an amount exceeding 10,000.00 USD;
Having previous proven experience in financial services/ trading for at least 3 years;
Having higher (Master’s degree or similar) education in the financial sector;
Having previously confirmed broker statements of executed trades in an amount of not less than 10,000.00 USD per relationship with another financial entity.
17.1. Exfor Limited is a financial services company incorporated and registered according to the laws of Labuan under Certificate of Registration No. LL17698, having its registered office at Unit B, Lot 49, 1st Floor, Block F, Lazenda Warehouse 3, Jalan Ranca-Ranca, 87000 F. T. Labuan, Malaysia, (herein called “We” or “Us” or “The Company”). The Company has been granted a license to carry on a Labuan Money Broking Business from the Labuan Financial Services Authority (hereinafter called “LFSA”) (with License No. (MB/22/0099)). Under its license it must:
bring together the counterparties on mutually acceptable terms for the same financial products in money or foreign exchange market to facilitate the conclusion of a transaction;
receive payment for its service in the form of brokerage or commission fees. The fees charged must be adequate and appropriate; and
act as a mediator and strictly not permitted to act as a principal.
17.2. This Client Agreement and any Appendices added thereto, the “Costs and Fees” and “Contract Specifications”, as amended from time to time, (hereinafter together the “Agreement”) set out the terms upon which the Company will offer Services to the Client and the rights and obligations of each Party. By applying for our services, you are consenting to the terms and conditions of all the above-mentioned documents which form the entire Agreement and it means that in the event that you are accepted by us as our Client, you and us shall be bound by these terms and conditions.
17.3. In addition to the above documents, we would also like to bring to your attention the following documents found on our Main Website, namely “Summary Conflicts of Interest Policy”, “Summary Best Interest and Order Execution Policy”, “Risk Disclosure and Warnings Notice”, “Client Categorization Policy”, “Investor Compensation Fund”, “Complaints Procedure for Clients” and “Privacy and Cookies Policy”. These include important information which we are required as an authorized Labuan Firm to provide to our prospective Clients and existing under Applicable Laws and Regulations.
17.4. All these documents are important and for this reason, you are advised to read all the above mentioned documents which form the entire Agreement, all the documents on our Website (enlisted above for your convenience) and any other letters or notices sent by us carefully and make sure that you understand and agree with them before entering into an agreement with us.
17.5. If you are a consumer (and not a corporate Client) and we do not meet face to face to conclude this Agreement, but instead our communication is done through a website, over the telephone, or by written correspondence (including e-mail), then we shall send you by email the documents that form the Agreement.
17.6. Physical signature of the Agreement is not required but if you wish to have it signed you may print it and sign two copies of the Agreement and sent them back to us. We shall keep one copy for our records and send you back the other one signed by us as well.
17.7. The company may also provide other ordinary business services to institutional clients. Such services will only be provided on mutually acceptable terms and will be agreed on with case specific agreements.
17.8. In some cases, the Company is obliged to obtain information about the Client’s knowledge and experience in the investment field so that it can assess whether the Service or product envisaged is appropriate for him. If the Client elects not to provide such information to the Client, or if the Client provides insufficient information, the Company will not be able to determine whether the service or product envisaged is appropriate for the Client. The Company shall assume that information about knowledge and experience provided from the Client to the Company is accurate and the Company will have no responsibility to the Client if such information is incomplete or misleading or changes or becomes inaccurate unless the Client has informed the Company of such changes.
17.9. We will not advise you about the merits of a particular Transaction or give you any form of investment advice you acknowledge that the Services do not include the provision of investment advice. You alone will make decisions based on your own judgment.
17.10. We will not be under any duty to provide you with any legal, tax or other advice relating to any of our services. You may wish to seek independent advice before entering into any service with us, which advice will be for your own cost.
17.11. The provision of the Services by the Company is subject to payment of fees such as Commissions and/or brokerage fees only.
17.12. We may vary our Costs and Fees, from time to time. We will notify you of any changes, before they come into effect, by internal mail via our Online System, or by email or by placing a notice on our Website. The variation will take effect from the date which we specify in our notification to you. We will endeavor to provide you with at least Fifteen Business Days notice of such alteration save where such alteration is based on a change in interest rates or tax treatment or it is otherwise impractical for us to do so.
17.13. You solemnly declare that you have carefully read and fully understood the entire text of this Client Agreement, the Fees and Costs and the Contract Specifications (which form the Agreement between us) with which you fully agree. You solemnly declare that you have read and understood the various important company policies and procedures found on our Website and specifically:
(a) — “Summary Conflicts of Interest Policy”
(b) — “Risk Disclosure and Warnings Notice”
(c) — “Complaints Procedure for Clients”
(d) — “Privacy and Cookies Policy”.
17.14. You specifically consent to the provision of this Client Agreement and our various policies and any amendments thereto by means of our Website and you confirm that you have regular access to the internet in order to refer to these at any time. It is understood that if you wish, you may request the same to be sent by post, email or facsimile.
