TERMS & CONDITIONS
The Terms and Conditions set forth below constitute a legally binding agreement between the client and AN All New Investments (VA) Ltd., the owners, operators, and holders of the official trademark licensing for the LegacyFX trading company and website. This company is regulated by the Vanuatu Financial Services Commission (VFSC) under license number 14579 and is located at Govant Building, Kumul Highway, P.O.Box 1276 Port Vila, Republic of Vanuatu.
This agreement, along with officially signed contracts as provided directly by the company itself, supersedes any outside agreement that may be presented. In the event of an interpretation issue; with respect to outside sources, this agreement shall predominate. If any differences are perceived between the English rendering of this agreement and other operational languages, the English version will solely be regarded as default interpretation. Any alleged contradictions should be immediately relayed to LegacyFX for clarification.
By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, the, therefore, cannot be held liable nor guarantee any profits or losses.
The order by which items appear below have no bearing 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 an abbreviation for Over-The-Counter and refers to the transactions executed by LegacyFX. All transactions are over the counter as the company does not transact on exchanges.
LegacyFX Trading Desk - LegacyFX trading desk refers to the trading desk operated by the company at its premises.
Age Restrictions - The company’s trading services are provided only to clients 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.com.
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 refers to 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
The trading signals provided by the company are not, nor intend to be, an offer or solicitation to enter any forex transaction. It is solely the account holder’s/client’s decision to determine which, if any, trading signals are to be used for trading on their account(s). The client understands that past performance associated with any trading signals, whether actual, hypothetical, or historically “back-tested” is neither necessarily indicative of nor a guarantee of future performance or success. Clients are aware that any trading signal may result in the total loss of funds deposited.
Please note that all suggestions, advice, or recommendations offered by the company’s agents or contained on the trading signal channels offered, are not formulated by the company itself nor constitute any opinion or official call-to-action by the company. Instead, they are derived solely from the current readings of the market from an independent third party, which is subject to change. Any information given should not in any way be construed, either explicitly or implicitly, directly or indirectly, as investment advice, recommendations, or be suggestive as an official investment strategy with respect to a financial instrument.
- Spreads are indicated in Value.
- No Commissions (except on Stocks) – the Company earns based on a mark-up embedded in the spread, which is the difference between the bid price and the ask price.
- Fractional Pips – the Company offers clients fractional pips, which are up to 10 times more precise, so as to take advantage of smaller price movements.
- Swap-Free on all Account Types (Silver, Gold, Platinum, etc.) – the Company reserves the right to revoke this status in the event a user or account exhibits in any form a breach of these Terms & Conditions or subsequent forms, policies, etc.
- The Company imposes a margin call cap of 80% and a stop-out cap of 30%.
COMMUNICATING WITH LegacyFX
A client may contact LegacyFX via phone, email, or fax. Please note that the preferred language of communication is English, however, one is free to send messages in Arabic, French, Italian, or German. LegacyFX prides itself in replying promptly to 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 the response.
As mentioned previously, all suggestions, advice, or recommendations communicated by any of the company’s representatives, do not constitute any official opinion or call-to-action by the company.
LegacyFX is the counterparty in all transactions. This is due to the nature of the products that LegacyFX offers.
INITIATION OF AGREEMENT
All clauses of this agreement come into effect 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, regulations, and accounting norms. As is the case with multinational entities, AN All New Investments (VA) Ltd. and LegacyFX will generally adhere to the applicable laws of the jurisdiction in which it operates, however, is not limited to pursuing matters in any lawfully recognized jurisdiction as well.
GOVERNING LAW AND JURISDICTION
This agreement shall be governed by and construed in all respects in accordance with the laws from the jurisdiction in which it operates. Both the company and the client 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 may submit a dispute exclusively to a confidential outside arbitrator whose decision shall be final and binding.
POLICY ABOUT REGULATORY INQUIRY
LegacyFX is subject to observe complete and total compliance whenever a government or a regulatory body approaches for more details about a specific client, transaction, or account. LegacyFX is therefore legally obliged to disclose any requested information to such regulatory or governmental agencies only. Aside from this, the company is prohibited from disclosing any kind of information about clients, transactions or accounts managed to any other third parties.
COSTS ASSOCIATED WITH ACCOUNTS REGISTERED WITH LegacyFX
The costs attributed to clients, or in other words, our revenue, is incorporated in the spreads of the instrument that traded. If for any reason, a client’s activity triggers additional costs, LegacyFX passes said costs onto the client.
LegacyFX adopts a high priority policy in reimbursing its clients whenever a valid amount of money is requested as a withdrawal, through the company’s proper withdrawal channels and procedure.
Certain criteria must be met and maintained by a client on their account to facilitate the withdrawal of funds. Such criteria include but are not limited to:
- Any balance NOT required for margin purposes and NOT a credit or bonus as provided by the company can be furnished out through a regular withdrawal request.
- The client’s account must be deemed fully KYC verified by the company’s Compliance Department, with the most recent and complete documentation as requested.
- Said criteria for withdrawal approval is subject to revision per the company’s discretion.
All withdrawal requests are subject to a comprehensive review by the company and liable for cancellation upon the discretion of the company.
Withdrawals for deposited funds will be returned in the manner that they were initially received, whenever possible. Withdrawals for profits (funds exceeding the amount initially deposited) will be executed only once the client provides the company with an alternative payment method to submit the funds via. An alternative payment method may be required in cases where the company is unable to send deposited funds via the original method of payment. In that case, the company will notify the client accordingly and request an alternative method of payment to which we can send the funds. If a client requests an amount that is composed of both deposit and profit funds, 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. The method through which funds are sent out is ultimately at the company’s discretion.
While the company will always strive to expedite withdrawals in a timely fashion, delays may occur that are out of the company's control. Additionally, processing times may vary depending on the payment method used to send the funds. The time frame for a withdrawal to be executed includes the company's reviewal of said request, the company’s own processing time of the withdrawal request from its systems, as well as processing times from the individual 3rd party financial institutions they are sent from. Since such 3rd party financial institutions are the ultimate transmitters of said funds, the company is therefore not liable and holds no responsibility nor influence over the processing times of said 3rd party credit card processors, banks, etc.
Reimbursements may incur various handling fees, which the client is liable for, as assessed by the bank or financial institutions used to process the funds.
The company reserves the right to execute changes and adjustments to client trades, transactions, and accounts overall. Such changes include but are not limited to, addition or subtraction of fees, negative balance protection corrections, corporate actions (dividends, stock splits, rights, etc.), and rollovers. All adjustments are calculated and applied by the company’s Dealing Department.
At any time, the company exercises its right to liquidate, terminate, or cancel a client’s account, transactions, positions, orders, withdraw requests, etc. This might occur to assist the client, perform necessary corrections, reflect changes due to rollovers, or if the client fails to maintain the needed margin requirements, or does not comply with company conditions.
C) LONGEVITY OF AGREEMENT
By reading this, a client agrees that this agreement will be in effect until he or she terminates the agreement by placing a written request to LegacyFX, preferably by email or another written and documentable method. Additionally, LegacyFX reserves the right to terminate any agreement with any client, void of the cause, via notification as well. Any termination of this or any other contract does not release either party of the liabilities set forth during the contractual period.
LegacyFX also 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 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 presumed that the client is independent and expected to make rational decisions about his or her monetary investments.
LegacyFX openly acknowledges that forex trading has risks involved. LegacyFX also bears zero liability for any losses endured by the client due to trading, regardless of the reason. Therefore, it is understood that anyone who invests with the company will transact in a manner that is suitable for his or her own personal risk threshold.
OPINIONS AND RESEARCH
LegacyFX invests a lot 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 representative when a client requests an opinion. It is the responsibility of the client to assess the opinion and make a rational investment decision on their own.
Data Collection Know your Clients “KYC”
When a client registers for either a demo or a live account with LegacyFX, the company is required to collect some personal data from its clients for business purposes. Such data collection is required by the company for regulation as well as fraud and anti-money laundering purposes.
Additional reasons for such data collection include but are not limited to:
- To verify a client’s identity.
- To ensure that a client meets the suitability requirements needed to use our products and services.
- To assist the company in the proper management of a client’s account.
- To process a client’s transactions.
- To send a client information about transaction/post-transaction services.
- To keep a client updated with news on our products, services, and any other information relevant to their working relationship with LegacyFX.
- For website improvement purposes.
- For the analysis of statistical data which will help the company provide the client with better products and services in the future.
Accordingly, LegacyFX requests the following personal data from its clientele:
- Initial and basic personal and financial information needed during online registration and sign up.
- Proof of Identity - front and back of the client’s valid photo ID (Passport, Driver’s License, National Identification Card, etc.).
- Proof of Residence - recent utility bill or bank statement from the last 3 months that includes the client’s full name and address.
- Proof of Payment - front and back of the credit or debit card used to make the client’s deposit(s).
*** This data is required from clients who have funded their account by credit or debit card.
*** Please note, if a deposit is made using a card belonging to someone else, we ask that the account holder also provide Proof of ID and Proof of Residence of the cardholder themself
- Transaction Authorization / Declaration of Deposit (DOD) Form: - an official company form detailing all transactions made by a client into the company’s accounts. Said form is required to be reviewed, signed, and dated by the client and submitted back to the company upon completion.
- Tax Payer Identification Number (TIN) – a client’s personal tax identification number as required for the company to collect for regulatory purposes.
- Any additional applications, forms, agreements, or contracts the company discretionarily deems necessary for a particular client or account.
Please note that the company must keep maintaining any personal data on record for an additional five years, regardless if the client’s working relationship with the company has ended.
I (Client Name) holder of the trading account number (LegacyFX Trading Account Number) with Legacyfx.com, residing at (Client’s Country of Residence) I hereby represent, warrant and confirm, the following:
LegacyFX is a worldwide brand with a trade mark registry under AN All New Investments (VA) Ltd., as regulated by the Vanuatu Financial Services Commission (VFSC) under license number 14579, and located at Govant Building, Kumul Highway, P.O.Box 1276 Port Vila, Vanuatu, Tel: +41315087455.