These Terms and Conditions define the conditions under which Margex Trading Solutions Ltd. (hereinafter also referred to as the "Company") provides the Copytrading Service to its users (hereinafter, “Clients”).
The purpose of the Copytrading Service is to connect the accounts of the Followers with the account of the Trader in order to enable further transactions of the Trader on the financial markets in the interest of the Followers. Copytrading connects the accounts of the Followers into a single trading account.
Copytrading offers the possibility to follow the Strategies of Traders, who manage their own funds through their Copytrading Strategy Account. Followers, voluntarily and at their own risk select the Strategy(s) they want to follow according to a Strategy’s Offer. All decisions to accept or reject the Offer are a personal matter of each potential Follower and are made without any recommendation or solicitation by the Company.
The Trader is an agent of the Follower with respect to the Copytrading account and does not provide trust management of the Follower‘s funds.
Only the Trader may perform trades on the Copytrading Account.
The opening and closing of the accounts as well as the non-trading operations including the deposit/withdrawal of funds to/from the account can be performed only by the Follower.
All calculations on both Copytrading Accounts and accounts, as well as transfer of all types of remuneration to the Trader and Copytrading Partners (hereinafter “Partners”) are performed by the Company.
The terms and conditions regulating the trading operations of the Trader as well as the non-trading operations of the Trader and the Followers are specified in these Regulations.
Definitions and Terms
Agreement - the present Agreement, including any and all annexes and/or appendices attached herein which may, periodically be amended or replaced from time to time
Company - Margex Trading Solutions Ltd
Client - a legal or natural person accepted by the Company as a user to whom services will be provided by the Company in accordance with this agreement
Strategy or Strategy Account - a Strategy Account created by a Trader. Each Strategy will have an Offer and a unique name. The Trader can make their Strategy public and available for following by Followers
Trader - Copytrading user who has created a Strategy Account
Follower - Copytrading user who was Followed one or more Strategy
Offer - the potential profit distribution conditions proposed by the Trader that will take effect when starting the following of their Strategy
Copytrading account requirements
As a guarantee of protecting the interests of the Followers, the Trader must be a Follower in their own Copytrading account. This is done through the mandatory contribution of Trader's Capital into the Strategy Account. When registering a Copytrading account, the Trader's Capital is transferred to the Trader's Strategy Account
The balance of the Trader's account equal to or lower than the Trader's Capital can be withdrawn only when the Copytrading Account is closed.
The trader can only increase the trader's capital and not decrease it.
When creating a Copytrading account and transferring the trader's capital to the account, a trader must specify whether their account will be private or public. Public Copytrading accounts appear in the full list of accounts on the Company website and their monitoring is visible to all.
The name and description of a Copytrading Account must not contain any of the following: obscene language or any elements that are offensive in nature, including racial, religious, nationalistic and ethnic slurs; guarantees of profits or other promises; direct or indirect references to competing companies or their advertisements; the names of government officials and agencies; References to gambling or financial pyramid schemes; any hyperlinks; and the names of other manager's copy trading accounts or copy trading portfolios if such reference clearly misleads Followers as to which manager owns the copy trading account or copy trading portfolio. The following elements may be used: any elements that do not violate the above restrictions. The Company reserves the right to change the name of Copytrading accounts at its sole discretion and without prior notice.
Trader’s Offer
The Trader's Offer (hereinafter referred to as the “Offer”) refers to the Trader's offer to potential Followers to open accounts within the Trader's Copytrading Account.
The Offer consists of a set of parameters that the Company uses to calculate the Trader's Remuneration, and also defines other conditions for opening accounts within the Copytrading Account.
The Follower’s acceptance of the Offer does not bind the Trader and the Follower with contractual obligations and under no circumstances leads to the conclusion of a contract.
The Company allows Traders to create Offers from one to five different levels with parameters which outline the conditions for following.
The Company reserves the right to block an a Copytrading account under the following circumstances:
when fraudulent activity is suspected;
The use of a username or Copytrading Account name which contains obscene language or any elements that are insulting in nature, including racial, religious, nationalistic and ethnic slurs
other reasons (including without prior warning or explanation, at the Company’s own discretion)
Rollover of the Copytrading account
Copytrading account Rollover (hereinafter "Rollover") takes place on all Copytrading accounts every 5 minutes server time. Additional Rollovers are set by Copytrading Strategy account Traders;
A Rollover can be either Open or Closed:
An open Rollover is used for collecting statistics and updating information about the Copytrading account and Follower's accounts, and for executing deposit requests into a Strategy;
A closed Rollover is used for collecting statistics and updating information about the Copytrading account and the Followers’ accounts, as well as executing withdrawal requests from a Strategy;
A Copytrading account must have at least one closed Rollover per day
Trading interval
A trading interval on an Account begins on the date the Account is activated (when the first deposit is made).
The end of a trading interval designates the beginning of the following trading interval.
Requests for the payment of the Manager’s Remuneration are automatically created during the first open Rollover of the trading day preceding the day on which the trading interval ends. These requests are processed during the first open Rollover on the day on which the trading interval ends.
Deposit of funds to Follower’s account
A request must be submitted to deposit funds into an account.
After submitting the request for deposit of funds, the corresponding amount will be debited from the Follower's corresponding wallet into their account
Withdrawal of funds from the account
In order to withdraw funds from an account, an application must be submitted by the Follower
The funds withdrawn from the account will be transferred to the Follower’s wallet in the currency corresponding to the account currency
In order to withdraw their entire balance, the Follower must submit an unfollow application for the closing of the account.
By submitting the application for withdrawal of funds, the execution period of the application is determined. The request will be executed during the next appropriate Rollover.
when a request for withdrawal of funds or closing of an account is submitted, it will be processed at the next Rollover, based on the settings in the Trader's Copytrading account
A Follower may cancel their request for withdrawal of funds as soon as the request is submitted.
Obligations of the Trader and the Follower
The Trader and the Follower guarantee to:
bear full responsibility for compliance with relevant legislation, including, but not limited to, legislation relating to currency, tax and other laws of the country of residence, including full responsibility for the management of Follower's accounts;
provide true and accurate information when registering as a Company client
fully and completely know and understand the meaning, terms and conditions of all accepted regulatory documents of the Company;
be aware of the consequences of their actions in the enforcement of these Terms and Conditions.
In the event that this guarantee is breached, the Trader agrees to settle, at their own expense and using their own authority, any disputes or complaints of third parties arising from their management of the Copytrading Account.
The Trader and the Follower agree to keep the access passwords to their accounts on the trading platform secure and confidential and are not authorized to disclose these passwords to third parties. All actions related to the fulfillment of the present Terms and Conditions and/or the use of login and password are considered to be performed by the holder of this information. The Company shall not bear any responsibility for unauthorized use of the login information by third parties.
The Manager and the Follower do not have the right to:
assume any responsibility on behalf of the Company or impose any obligations on the Company;
use the brand name and/or trademark of the Company;
Publish or participate in publications about the Company in the mass media, distribute or publish articles and letters about the Company in newspapers, magazines and other periodicals, internet blogs and forums without the permission of the Company, or participate in the writing of such articles and letters;
Make any guarantees and/or promises or claims in relation to any payments on behalf of the Company or using the Company's trademark and/or brand name;
take any other actions that may cause damage to the Company or generate complaints from third parties against the Company.
If any lawsuits or complaints are filed against the Company due to the Trader’s or Follower’s failure to comply with these terms and conditions, all losses suffered by the Company shall be fully compensated by the Trader or the Follower respectively
Copytrading account liquidation
The liquidation of a Copytrading Account will result in the corresponding liquidation of all accounts within the Copytrading Account.
The Trader may initiate the closure of a Copytrading Account by submitting an Account liquidation request. All open positions will then be force closed.
The Company may initiate the closure of a Copytrading Account. All open positions will then be force closed.
The Company reserves the right to close a Copytrading Account in the following cases:
The ROE level displayed in the Copytrading Account monitoring has remained unchanged for 100 consecutive trading days, indicating that there is no trading activity in the account. If this occurs, the account will be closed automatically;
There is suspicion of fraud;
The manager has not followed the rules of the company forum;
The Manager has not complied with the Company's requirement to change the nickname or name of a Copytrading account that contains obscene language or language that is offensive/insulting to social, racial, national or religious identity;
Other reasons as determined without prior notice and at its own discretion;
The remaining net equity of the Followers and the Trader, if any, shall be automatically distributed to their respective Margex account wallet balances
Account expiration
the Company's policy on account expiration is as follows:
accounts with a positive balance will not expire and may remain indefinitely
Followers may close their accounts at any time.
Communication
The Trader and the Follower are clients of the Company. In order to communicate with the Client, the Company may use the following:
e-mai
Notifications
Live chat
Social media
Other communication channels
Risks
The Company does not guarantee any profit. Positive trading results in the past are not a guarantee of future positive trading results.
The Trader and the Follower accept responsibility for possible financial losses, such as direct losses or profit lost resulting from the following risks:
the risk that the Trader may not have the required qualification, knowledge, skills or education to manage the Follower's funds;
the risk that the Trader may not act in the interest of the Followers or may commit fraudulent operations in relation to the Followers funds;
the risk that the Trader may lose control/access of their Copytrading account(s);
the risk that third parties may gain control/access of Copytrading account(s);
the risk that the Manager, the Follower or the Partner misunderstand or misinterpret these terms and conditions;
the risk of unforeseen delays in transfers between accounts or late execution of deposit/withdrawal requests or the closing/liquidation of a Copytrading Account;
The risk of hacker attacks, which can result in third parties gaining access to Copytrading Accounts
the risk of possible claims from financial and tax authorities of jurisdictions where the Trader or Followers reside
the risk of delays in receiving information about alteration of the Copytrading Terms and Conditions agreement or general Margex Trading Solutions Ltd. Terms and Conditions;
the Copytrading Account Trader and their Followers bear the financial responsibility for any negative equity which may occur in a Copytrading Account in direct proportion to their share in the Copytrading account.
The Company shall under no circumstances be responsible for the consequences of the above risks.
Miscellaneous
The Client acknowledges that the Company has the right to make changes, remove, add, modify or change portions of these Terms and Conditions at any time at its sole discretion and without prior written notice to the Client.
If one or more provisions of these Terms and Conditions become invalid, void or ineffective for any reason, this shall not affect the validity of the remaining provisions, which shall continue to be binding.