Client represents and warrants that: (a) Client is of sound mind, legal age and legal competence; and, (b) no person other than Client has or will have an interest in Client’s account(s); and, (c) Client hereby warrants that regardless of any subsequent determination to the contrary, Client is suitable to trade foreign exchange contracts, and, (d) Client is not now an employee of any exchange, any corporation in which any exchange owns a majority of the capital stock, any member of any exchange and / or firm registered on any exchange, or any bank, trust, or insurance company that trades the same instruments as those offered by GMPFX, and in the event that Client becomes so employed, Client will promptly notify GMPFX via e-mail of such employment; and, (e) all the information provided in the GMPFX Account Application (the “Application”) is true, correct and complete as of the date hereof and Client will notify GMPFX promptly of any changes in such information.
GMPFX will engage in foreign exchange contracts transactions with Client in accordance with Client’s oral, written or electronic instructions.
Client authorizes GMPFX or agents acting on behalf of GMPFX to investigate Client’s credit standing and in connection therewith to contact such banks, financial institutions and credit agencies as GMPFX shall deem appropriate to verify information regarding Client. Client further authorizes GMPFX to investigate Client’s current and past investment activity, and in connection therewith, to contact such futures commission merchants, exchanges, broker / dealers, banks, compliance data centers, and any other financial and investment institution as GMPFX shall deem appropriate. Client also acknowledges that GMPFX may provide information (e.g. negative account information of unsecured debts) regarding Client’s performance under this Agreement to these agencies.
Client represents and warrants that the financial information disclosed to GMPFX in the Application is an accurate representation of the Client’s current financial condition. Client represents and warrants that in determining Client’s Net Worth, Gross Income, Total Assets and Liabilities were carefully calculated, Client represents and warrants that in determining the value of Total Assets, the Client included cash and / or cash equivalents, Government and Marketable securities, real estate owned (excluding primary residence), the cash value of life insurance and other valuable assets. Client represents and warrants that in determining the value of Liabilities, Client included notes payable to banks (secured and unsecured), notes payable to relatives, real estate mortgages payable (excluding primary residence) and other debts. Client represents and warrants that Client has very carefully considered the portion of Client’s Total Assets which Client considers to be Risk Capital. Client recognizes that Risk Capital is the amount of money Client is willing to put at risk and if lost would not, in any way, change Client’s lifestyle. Client agrees to immediately inform GMPFX if the Client’s financial condition changes in such a way as to reduce Client’s Net Worth and / or Risk Capital.
Client agrees to and acknowledges the following: a) Identity Verification. To help the government fight the funding of terrorism and money laundering activities, GMPFX is required to obtain, verify, and record information that identifies each person who opens an account with GMPFX. When Client opens an account, GMPFX is required to collect information such as the following: 1) Client’s name; 2) date of birth; 3) permanent address; and 4) identification number. GMPFX may verify Client’s identifying information by performing a credit check, or requiring Client to provide a government ID or other identifying documents. b) Monitoring. GMPFX may monitor the trading activity in accounts to investigate or identify Money Laundering. c) PROHIBITED BANKS. GMPFX is prohibited from conducting business with the following entities (“Section 311 entities”): Banco Delta Asia; VEF Banka; Commercial Bank of Syria; Syrian Lebanese Commercial Bank; Myanmar Mayflower Bank; Asia Wealth Bank; Any Burmese banking institution, including foreign branches; And any subsidiaries of the above entities. This means that the Client may not, directly or indirectly, deposit money into the GMPFX trading account from a Section 311 entity. Nor may the Client, directly or indirectly, withdraw money from the GMPFX trading account to any Section 311 entity. If we become aware that any Section 311 entity is associated with a Client’s GMPFX trading account, we will take appropriate steps to prevent such access, including, where necessary, terminating the account.
GMPFX may reject Client’s Application or close Client’s account for any reason, at GMPFX’s sole and absolute discretion. GMPFX may require Client to provide GMPFX with additional information or documentation in order for GMPFX to continue carrying Client’s account. Client acknowledges that GMPFX may, at any time in its sole and absolute discretion, restrict trading, disbursements or transfers. GMPFX may amend, change, revise, add or modify the Agreement at any time. The most current Agreement will be posted to GMPFX’s Web site www.gmpfx.com. Client understands that this Agreement cannot be modified by any verbal statements or written amendments that Client seeks to make to the Agreement without written acceptance from the General Counsel of GMPFX.
Client agrees and acknowledges that Client is the exclusive owner and solely responsible, jointly and severally if applicable, for the confidentiality and protection of Client’s account number(s) and password(s) that allows Client to place on-line orders and access to GMPFX’s electronic trading systems. Client further agrees that Client will be fully responsible for all activities including brokerage transactions that arise from the use of Client’s account number(s) and password(s). Client agrees to indemnify and hold GMPFX harmless from: if any other person utilizing Client’s confidential information provides instructions to GMPFX that may be contrary to Client’s instructions. Client will immediately notify GMPFX in writing or by email of any loss, theft or unauthorized use of Client’s account number and / or passwords.
Client acknowledges that GMPFX does not and will not give investment, legal or tax advice or make trading recommendations. Client acknowledges that GMPFX makes no representations concerning the tax implications or treatment of foreign exchange contracts. Client agrees that Client is a self-directed investor and all orders entered are unsolicited and based on Client’s own investment decision or the investment decision of Client’s duly authorized representative. Client agrees that neither GMPFX nor any of its employees may be Client’s duly authorized representative and that Client will neither solicit nor rely upon GMPFX or any of its employees for any such advice. Client understands that Client is solely responsible for all orders entered, including but not limited to trade qualifiers, the number of trades entered, the suitability of any trade(s), investment strategies and risks associated with each trade, and will not hold GMPFX or any of its employees liable for those investment decisions. Client further understands that GMPFX does not and will not review the appropriateness or suitability of any transactions implemented or investment strategies employed in Client’s account. Client hereby agrees to hold GMPFX and its officers, directors, employees, agents and affiliates harmless from any liability, financial or otherwise, or expense (including attorneys' fees and disbursements), as incurred, as a result of any losses or damages. Client may suffer with respect to any such decisions, instructions, transactions or strategies employed in Client’s account by Client or Client’s duly authorized representative, or as a result of any breach by Client of any of the covenants, representations, acknowledgments or warranties herein.
(a) Client acknowledges that: (i) any market recommendations and information communicated to Client by GMPFX or by any person within the company, does not constitute an offer to sell or the solicitation of an offer to buy any foreign exchange contract, (ii) such recommendation and information, although based upon information obtained from sources believed by GMPFX to be reliable, may be based solely on a broker’s opinion and that such information may be incomplete and may be unverified; and (iii) GMPFX makes no representations, warranties or guarantees as to, and shall not be responsible for, the accuracy or completeness of any such information or trading recommendation furnished to Client. Client acknowledges that GMPFX and / or its officers, directors, affiliates, associates, stockholders or representatives may have a position in or may intend to buy or sell currencies, which are the subject of market recommendations furnished to Client, and that the market position of GMPFX or any such officer, director, affiliate, associate, stockholder or representative may not be consistent with the recommendations furnished to Client by GMPFX.
Client shall provide and maintain margin in such amounts and in such forms as GMPFX, in its sole discretion may require. GMPFX may change margin requirements at any time without prior notice. GMPFX retains the right to limit the amount and / or total number of open positions that Client may acquire or maintain at GMPFX. GMPFX reserves the right to close any Client positions at any time that it deems necessary. GMPFX shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions including but not limited to loss or damage resulting, directly or indirectly, from any delays or inaccuracies in the transmission of orders and / or information due to a breakdown in or failure of any transmission or communication facilities. For example, in volatile market conditions a margin call may be delayed resulting in the possibility of a negative usable margin; a margin call may occur even if positions are hedged, in the jurisdictions where hedging is permitted by law, due to currency conversion rate volatility or daily interest charges or credits.
GMPFX may, in its sole discretion and without notice to Client, offset Client's open positions, roll over Client's open positions into the next settlement time period, or make or receive delivery on behalf of Client upon any terms and by any methods deemed reasonable by GMPFX, in its sole discretion. Terms and / or methods for delivering, offsetting, or rolling over Client’s open positions may differ on a Client-by-Client basis, at GMPFX’s sole discretion. Any positions held in Client account at 5PM EST may be rolled over to the next settlement date and Client account may be debited or credited for the interest differential for the rollover period.
Client acknowledges that it may not be possible to cancel or modify an order. Client understands and agrees that, if an order cannot be canceled or modified, Client is bound by any execution of the original order. GMPFX is not liable to Client if GMPFX is unable to cancel or modify an order. Client further acknowledges that attempts to modify or cancel and replace an order can result in an over-execution of the order, or the execution of duplicate orders, that GMPFX’s systems do not prevent over-execution on duplicate orders from occurring, and that Client shall be responsible for all such executions. Client agrees not to assume that any order has been executed or cancelled until Client has received confirmation from GMPFX with regard to order execution. Client is responsible for knowing the status of Client‘s pending orders before entering additional orders. Client agrees to contact GMPFX in the event Client is unclear on the status of an order. Client agrees to regularly review Client’s online Account Statement to confirm the status of Client’s orders.
In the event of: (a) death or judicial declaration of incompetence of Client; (b) filing of a petition in bankruptcy, or a petition for the appointment of a receiver, or the institution of any insolvency or similar proceeding by or against Client; (c) filing of an attachment against any of Client’s accounts carried by GMPFX; (d) insufficient margin, or GMPFX’s determination that any collateral deposited to protect one or more accounts of Client is inadequate, regardless of current market quotations, to secure the account; (e) Client’s failure to provide GMPFX any information requested pursuant to this Agreement; or (f) any other circumstances or developments that GMPFX deems appropriate for its protection, and in GMPFX’s sole discretion, it may take one or more, or any portion of, the following actions: (1) sell any or purchase any or all currency contracts, securities or other property held or carried for Client; and (2) cancel any or all outstanding orders or contracts, or any other commitments made with Client. Any of the above actions may be taken without demand for margin or additional margin, without prior notice of sale or purchase or other notice to Client, Client’s personal representatives, heirs, executors, administrators, trustees, legatees or assigns and regardless of whether the ownership interest shall be solely Client’s or held jointly with others. And if there are no trading activity and/or balance transactions and/or open positions on the Trading Account (no deposits to/withdrawals from the Trading Account) for any period of 90 (ninety) days, and the account balance is 10 USD or less, such Trading Account shall be deemed as 'Inactive Account' and placed to archive. Inactive Account can be re-activated on Customer’s request.
Offset instructions on Currency positions open prior to settlement arriving at settlement date must be given to GMPFX at least one (1) business day prior to the settlement or value day. Alternatively, sufficient funds to take delivery or the necessary delivery documents must be in the possession of GMPFX within the same period described above. If neither instructions, funds nor documents are received, GMPFX may without notice, either offset Client’s position or roll Client’s positions into the next settlement time period or make or receive delivery on behalf of Client upon such terms and by such methods deemed reasonable by GMPFX in its sole discretion.
Client shall pay such charges (including, without limitation, markups and markdowns, statement charges, idle account charges, order cancellation charges, account transfer charges, introducing broker and money manager fees, or other charges) arising out of GMPFX providing services hereunder. GMPFX may change its charges without notice. All such charges shall be paid by Client as they are incurred, or as GMPFX in its sole and absolute discretion may determine, and Client hereby authorizes GMPFX to withdraw the amount of any such charges from Client’s account(s).
GMPFX shall neither receive nor disburse Client’s funds in cash currency or cash equivalents. All transactions between Client and GMPFX shall be performed by wire, check or other method in which the identities of both the sending and receiving parties can be verified by GMPFX and which GMPFX, in its sole discretion, shall deem appropriate. GMPFX shall perform deposit / withdrawal transactions only between Client’s GMPFX account and another account which is held in Client’s name or of which Client clearly demonstrates ownership to GMPFX. In order to prevent money laundering, fraud, and other unauthorized activity, GMPFX may limit Client’s withdrawal options.
Reports of the confirmation of orders and statements of accounts for Client shall be deemed correct and shall be conclusive and binding upon Client if not objected to immediately upon receipt and confirmed in writing within one (1) business day after the execution of the Client’s order. GMPFX will provide Client access to view Client’s account at any time with an online login via the Internet. GMPFX will not provide trade confirmation via postal mail. Failure to object shall be deemed ratification of all actions taken by GMPFX or GMPFX’s agents prior to Client’s receipt of said reports. Client’s failure to receive a trade confirmation shall not relieve Client of the obligation to object as set out herein.
Reports, statements, notices and any other communications shall be transmitted to Client electronically by posting to Client’s online account or via e-mail to the e-mail address on Client’s application, or to such other e-mail address as Client may from time to time designate to GMPFX. GMPFX is not responsible if the correspondence sent by email is not received by Client or if the email is delayed, regardless of whether the delay or failure to receive the correspondence was caused by GMPFX or a third party. All communications sent by e-mail shall be deemed transmitted by GMPFX when posted or sent and deemed delivered to Client personally, whether actually received by Client or not.
All e-mails sent to and from GMPFX are subject to monitoring, review or disclosure to someone other than Client or Client’s intended recipient. Client acknowledges that there may be delays in e-mail being received by Client’s intended recipient. Client agrees to hold GMPFX harmless for any delay in e-mail delivery regardless of whether the delay was caused by GMPFX or a third party. E-mail sent to and from a GMPFX address may be retained by GMPFX’s corporate e-mail system. Client agrees not to use e-mail to transmit orders to purchase or sell currencies and further agrees that GMPFX is not liable for any actions taken or any omissions to act as a result of any e-mail message Client sends to GMPFX. Electronic communications with GMPFX via our Web site, wireless device or touchtone service are also subject to monitoring, review by or disclosure to someone other than the recipient and such communications may be retained by GMPFX.
GMPFX will not be responsible for delays in the transmission of orders due to a breakdown or failure of transmission or communication facilities, electrical power outage or for any other cause beyond GMPFX’s control or anticipation. GMPFX shall not be liable for losses arising from the default of any agent or any other party used by GMPFX under this agreement.
If Client directs GMPFX to enter into any foreign exchange transaction: (a) any profit or loss arising as a result of a fluctuation in the exchange rate affecting such currency will be entirely for Client’s account and risk; (b) all initial and subsequent deposits for margin purposes shall be made in USD, or another currency which GMPFX may choose to accept, in such amounts as GMPFX may in its sole discretion require, with subsequent deposits being in the same currency as the initial deposit; and (c) GMPFX is authorized to convert funds in Client’s account for margin into and from such foreign currency at a rate of exchange determined by GMPFX in its sole discretion on the basis of then prevailing money market rates.
Client acknowledges that investments in leveraged foreign exchange transactions are speculative, involve a high degree of risk, and are appropriate only for persons who can assume risk of loss of their margin deposit. Client understands that because of the low margin normally required in trading foreign exchange contracts, price changes in foreign exchange contracts trading may result in the loss of Client’s margin deposit. Client warrants that Client is willing and able, financially and otherwise, to assume the risk of foreign exchange contracts trading, and in consideration of GMPFX carrying his / her account(s), Client agrees not to hold GMPFX responsible for losses incurred through following its trading recommendations or suggestions or those of its employees, agents or representatives. Client recognizes that guarantees of profit or freedom from loss are impossible in foreign exchange trading. Client acknowledges that Client has received no such guarantees from GMPFX or from any of its representatives or any introducing agent or other entity with whom Client is conducting his / her GMPFX account and has not entered into this agreement in consideration of or in reliance upon any such guarantees or similar representations.
Client acknowledges that Client has no separate agreement with Client’s broker or any GMPFX employee or agent regarding the trading in Client’s GMPFX account, including any agreement to guarantee profits or limit losses in Client’s account. Client understands that Client is under an obligation to notify GMPFX’s Compliance Department immediately in writing as to any agreement of this type. Further, Client understands that any representations made by anyone concerning Client’s account that differ from any statements Client receives from GMPFX must be brought to the attention of GMPFX’s Compliance Department immediately in writing. Client understands that Client must authorize every transaction prior to its execution unless Client has delegated discretion to another party by signing GMPFX’s limited power of attorney (“LPOA”). Any disputed transactions must be brought to the attention of GMPFX’s Compliance Department pursuant to the notice requirements of this Agreement. Client agrees to indemnify and hold GMPFX harmless from all damages or liability resulting from Client’s failure to notify GMPFX’s Compliance Department within one (1) business day of any of the occurrences referred to herein. All notices required under this section shall be sent to GMPFX at its home office.
If this account is held by more than one person, all of the joint account holders are jointly and severally liable to GMPFX for any and all obligations arising out of transactions in the account and agree to be bound by all terms and conditions of this Agreement and other written agreements relating to the account. In addition, each person named on the account has authority: a) to trade for the account, b) to receive all correspondence and documents in respect to the account; c) to receive, deposit or withdraw money from the account; d) to execute agreements relating to the account;, and e) to deal with GMPFX fully in all matters. GMPFX has the authority to require joint action by the parties of the account in matters of the account. GMPFX has possession over the security of the account individually or jointly. In the event that GMPFX receives notice of a dispute between or conflicting instructions from joint account holders, GMPFX may, but is not required to, place restrictions on the account, including restrictions on withdrawals or transfers from an account, until GMPFX receives satisfactory documentation that the dispute has been resolved or all joint account holders give GMPFX joint instructions. In the event of the death of any of the account holders, the survivor(s) shall immediately give GMPFX written notice thereof, and GMPFX, before or after receiving such notice, may take such action, institute such proceedings, require such papers, retain such portion of the account, and restrict transactions in the account as GMPFX may deem advisable to protect GMPFX against any tax, liability, penalty, or loss under any present or future laws or otherwise. The estate(s) of any of the account holders who shall have died shall be liable, and the survivor(s) shall continue to be liable, to GMPFX for all obligations in the account in any way resulting from the completion of transactions initiated prior to the receipt of GMPFX of the written notice of the death of the decedent, or incurred in the liquidation of the account, or the adjustment of the interests of the respective parties. Each account holder is presumed to have equal share.
With regard to managed accounts, a Money Manager is a person or entity authorized to make decisions with respect to an account on behalf of the account’s beneficial owners, including a trustee, custodian, conservator, guardian, executor, administrator, attorney in fact, or investment advisor or other person to whom Client has granted trading authority over an account. Client understands and agrees that GMPFX may, but is not required to, review any action or inaction by a Money Manager with respect to an account and is not responsible for determining whether a Money Manager’s action or inaction satisfies the standard of care applicable to such Money Manager’s handling of the account. Client further understands and agrees that GMPFX is not responsible for determining the validity of a person’s or entity’s status or capacity to serve as a Money Manager. Client agrees to hold GMPFX and its officers, directors, employees, agents and affiliates harmless from any liability, claim, or expense, including attorneys’ fees and disbursements, as incurred, for the actions or non-actions of Client’s Money Manager.
The Customer hereby agrees that GMPFX may amend this Agreement by the Written Notice including but not limited to sending an email regarding the amendment of this Agreement to the Customer or by publishing the amended Agreement on the official Company's website whenever necessary. And the Customer shall be deemed to be bound by the terms of such amendment under this Agreement if the Customer enter any order other than a liquidating order or if the Customer does not liquidate the Customer's Open Positions and instruct GMPFX regarding the disposition of all assets in the Customer's Trading Account within 5 (five) Business Days after GMPFX has sent the Written Notice of such amendment on the terms of this Agreement to the Customer or has published the amended Agreement on its official website.
This Agreement, any attachments hereto, and the terms and conditions contained in statements and confirmations, contain the entire agreement between the parties with respect to the subject matter hereof. If any provision or condition of this Agreement shall be held to be invalid or unenforceable by any court, or regulatory or self-regulating agency or body, such provision shall be deemed modified, or, if necessary, rescinded in order to comply with the relevant court, or regulatory or self-regulatory agency or body. The validity of the remaining provisions and conditions shall not be affected thereby, and this Agreement shall be carried out as if such invalid or unenforceable provision or condition was not contained herein.
This Agreement shall be continuous and shall cover, individually and collectively, all accounts of Client at any time opened or reopened with GMPFX irrespective of any change or changes at any time in the personnel of GMPFX or its successors, assigns, or affiliates. This Agreement including all authorizations, shall inure to the benefit of GMPFX and its successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon Client and/or the estate, executor, trustees, administrators, legal representatives, successors and assigns of Client. Client hereby ratifies all transactions with GMPFX effected prior to the date of this Agreement, and agrees that the rights and obligations of Client in respect thereto shall be governed by the terms of this Agreement.
This Agreement shall continue in effect until termination, and may be terminated by Client at any time when Client has no open position(s) and no liabilities held by or owed to GMPFX upon the actual receipt by GMPFX of written notice of termination via e-mail, or at any time whatsoever by GMPFX upon the transmittal of written notice of termination to Client; provided, that such termination shall not relieve either party of any obligations set out in this Agreement nor shall it relieve Client of any obligations arising out of prior transactions entered into in connection with this Agreement.
Client agrees to indemnify and hold GMPFX, its affiliates, employees, agents, successors and assigns harmless from and against any and all liabilities, losses, damages, costs and expenses, including attorney’s fees, incurred by GMPFX arising out of Client’s failure to fully and timely perform Client’s responsibilities herein or should any of the representations and warranties fail to be true and correct. Client also agrees to pay promptly to GMPFX all damages, costs and expenses, including attorney’s fees, incurred by GMPFX in the enforcement of any of the provisions of this Agreement and any other agreements between GMPFX and Client.
The undersigned hereby acknowledges and agrees that GMPFX may act as the counter-party to Client for any trade entered for the undersigned’s account. The undersigned hereby consents to any such transaction, subject to the limitations and conditions, if any, contained in the Rules or Regulations of any bank, institution, exchange or board of trade upon which such buy or sell orders are executed, and subject to the limitations and conditions.
The term “GMPFX” shall be deemed to include GMPFX, its affiliates, divisions, successors and assigns; the term “Client” shall mean the party (or parties) executing the Agreement; and the term “Agreement” shall include all other agreements and authorizations executed by Client in connection with the maintenance of Client’s account with GMPFX regardless of when executed. The paragraph headings in this Agreement are inserted for convenience of reference only and are not deemed to limit the applicability or affect the meaning of any of its provisions.
This Agreement shall not be deemed to be accepted by GMPFX nor become a binding contract between Client and GMPFX until Client’s information is verified and approved by GMPFX.
Client agrees that any civil action or other legal proceeding between GMPFX or its employees or agents, on one hand, and Client on the other hand, arising out of or relating to this Agreement or Client’s account shall be brought, heard and resolved only by a legal entity located in the Republic of Vanuatu and Client hereby waives trial by jury in any such action or proceeding and waives the right to have such proceeding transferred to any other location. No action, regardless of form, arising out of or relating to this agreement or transactions hereunder may be brought by Client more than one year after the cause of action arose. Client hereby submits and consents to personal jurisdiction in any court of the Republic of Vanuatu.
This Agreement, and the rights and obligations of the parties hereto, shall be governed by, construed and enforced in all respects by the laws of the Republic of Vanuatu without regard to choice of law principles.
Client agrees and acknowledges that all conversations regarding Client’s account(s) between Client and GMPFX personnel may be electronically recorded with or without the use of an automatic tone-warning device. Client further agrees to the use of such recordings and transcripts thereof as evidence by either party in connection with any dispute or proceeding that may arise involving Client or GMPFX. Client understands that GMPFX destroys such recordings at regular intervals in accordance with GMPFX’s established business procedures and Client hereby consents to such destruction.
The Web sites provide Client with content and information. The content on the Web sites is provided as a convenience but may be inaccurate or outdated. Client agrees at all times to rely upon Client’s transaction confirmations and statements as the official records of Client’s account. Information is not related specifically to an Account. Information is financial or investment information provided by third parties to GMPFX that GMPFX provides to Client, which includes market data, news, research, financial analysis, commentary, or tools. The information on the Web sites is provided from sources believed to be reliable but cannot be guaranteed. The information provided on our Web sites is not customized for Client and Client understands that the information provided to Client is not a recommendation to Client about the suitability of a purchase and / or sale of any currency. GMPFX may without notice to Client change, revise, modify, add, upgrade, remove or discontinue any part of GMPFX’s Web sites. The Web sites may include hyperlinks to third-party web sites. GMPFX is not responsible for the information or content provided by such third party web sites.
Client agrees that the market data, news and other information available to Client through our Web site is for Client’s personal use and that Client will not retransmit or republish this information in any form without the written consent of GMPFX.