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Use of information and materials
The information and materials contained in these pages, and the terms, conditions, and descriptions that appear, are subject to change. Unauthorized use of Financika's web sites and systems including but not limited to unauthorized entry into Financika's systems, misuse of passwords, or misuse of any information posted on a site is strictly prohibited. Not all products and services are available in all geographic areas. Your eligibility for particular products and services is subject to final determination by Financika and/or its affiliates.
Copyright and Trademarks
Copyright in the pages and in the screens displaying the pages, and in the information and material therein and in their arrangement, is owned by Financika unless otherwise indicated. Financika, LTD and the Financika are trademarks and service marks of Financika and are used and/or registered throughout the world. Financika, Ltd and their subsidiaries also claim rights in certain other trademarks and service marks contained in these web pages.
INFORMATION CONTAINED HEREIN has no regard to the specific investment objective, financial situation or particular needs of any specific recipient. The content herein is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any spot currency transactions, options, derivative products, futures, or other securities or related financial instruments. The content is based on information obtained from sources believed to be reliable but is not guaranteed as being accurate, nor is it a complete statement or summary of the markets of developments referred to in the content. This information should not be regarded by recipients as a substitute for the exercise of their own judgment. Any opinions expressed in this content are subject to change without notice and Financika is not under any obligation to update or keep current the information contained herein. Spot foreign currency transactions, options, derivative products and futures are not suitable for all investors, and trading in these instruments is considered risky. Past performance is not necessarily indicative of future results. Financika accepts no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this content. No part of this content may be reproduced or distributed in any manner without the written permission of the provider via the Internet or otherwise. Financika accepts no liability whatsoever for the actions of third parties in this respect.
The information and materials contained in this site, including text, graphics, links or other items are provided “As Is”, “As Available”. Financika does not warrant the accuracy, adequacy or completeness of this information and materials and expressly disclaims liability for errors or omissions in this information and materials. No warranty of any kind, implied, expressed or statutory including but not limited to the warranties of non-infringement of third party rights, title, merchantability, fitness for a particular purpose and freedom from computer virus, is given in conjunction with the information and materials.
Limitation of liability
In no event will Financika be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with this site or any linked site or use thereof or inability to use by any party, or in connection with any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure, even if Financika, or representatives thereof, are advised of the possibility of such damages, losses, or expenses.
This site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.
TERMS AND CONDITIONS:
The present Terms and Conditions including the Trading Benefits Terms & Conditions, Risk Disclosure, Beneficial Owner Declaration, available on the Company’s Website shall constitute the Client Trading Agreement ("Agreement") between Financika (Sharp Trading) Ltd., authorized to carry on the business of dealing in securities by the Vanuatu Ministry of Finance and Economic Management as the holder of Dealers in Securities (Licensing) ACT [CAP.70] and its affiliates, operator of the brand name Financika (hereinafter: "Financika" or “Company”) and any end user (“Client”) (each a "Party" and together, the "Parties") and applies to any dealings between them. By entering into this Agreement, the Client has read and understood and accepts the terms and all the information that form part of this Agreement;
- General Rules
1.1. Services. Client may enter into transactions with Financika, in connection with spot and forward foreign currency contracts, foreign currencies swap transactions, and such other transactions as Financika may from time to time make available (the “Services”).
1.2. Margin. The Services may involve margined transactions, requiring Client to deposit cash to secure its obligations under this Agreement (“Security Margin”).
1.3. Trading Benefits. The Company may offer several trading benefits to the Client. Trading Benefits General Terms and Conditions can be found on the Website and form part of this Agreement.
1.4. Direct Relationship. Unless otherwise agreed in writing, Financika and Client each enter into this Agreement as principal and Financika will not accept an undisclosed/unapproved principal acting through Client. With regard to such a principal, Client agrees to provide Financika with its identity, personal information, and other information that Financika may seek.
1.5. No Recommendation or Solicitation. Financika does not recommend, solicit, offer, advise, suggest, concur on the merits of, or otherwise provide any opinion whether to buy or sell any currency or to engage in any other transaction. Neither the availability of the Services nor any communication by anyone associated with Financika should be construed in this manner.
1.6. Errors. Quotations provided by Financika, via third parties or otherwise, may be incorrect for any reason. Following a transaction involving such quotation errors, Financika in its discretion reserves the right to correct the affected account balance. Any dispute arising from such errors or corrections will be resolved on the basis of the fair market value of the relevant currency at the time of the error.
1.7. Market Fluctuations. Client acknowledges that the market for currency is subject to sudden changes due news events and other announcements, acts of war or terrorism, power failures, strikes or civil commotions, business trends, political developments, fluctuations in other financial and commodity markets, and other factors beyond Financika's control. Financika may determine in its sole discretion that an emergency or exceptional market condition exists, in which case it reserves the right to impose trading limits or special terms, cancel or suspend any transaction, or close an account.
1.8. Minimum Duration of Trade. Any transaction closed within 120 seconds from opening time shall be regarded as “Scalping”. Financika shall reserve the right to cancel such transactions without prior notice.
1.9. Trading Indices. The Client hereby acknowledge that he is aware that in the case of Contract for Difference (CFD) trade, Financika shall open its trading within 5 minutes of the opening of the relevant market. Financika reserves the right not to accept any trade of such instrument during the first 5 minutes of the trading day. Financika reserves its right to cancel any trade, in its own discretion, of such instrument made during the first 5 minutes of the trading day.
- Client Instructions and Order Execution
2.1. Client may provide oral or written instructions to Financika to place an order. Written instructions may be given by letter, fax, the Financika website, cellular or other electronic means of communication. Oral instructions may be given in person or by telephone, but Financika may require written memorialization of such instruction. In case of an order received by the Company in any means other than through the electronic Trading Platform, the order will be transmitted by the company to the electronic Trading Platform and processed as if it was received through the electronic Trading Platform. The Client accepts the risk of misinterpretation and/or mistakes in the instructions and/or Orders sent through means other than the electronic Trading Platform, regardless of how they have been caused, including technical and/or mechanical damage. Once an instruction has been given, it cannot be rescinded, withdrawn or amended without Financika's express consent. Financika shall not be obligated to confirm instructions.
2.2. Financika may request new instructions from Client, which shall provide them promptly.
2.3. Client shall advise Financika of the identity of any persons authorized to give instructions. Such notice shall be in writing and shall set out the names and specimen signatures of the persons so authorized. Any such authority may be revoked by notice in writing by the Client but such revocation shall only be effective upon written confirmation by Financika.
2.4. The Client will be solely responsible for all orders, and for the accuracy of all information, transmitted via the Internet using Client’s name or personal identification code. Such transmission shall not give rise to a binding contract between Financika and Client until Financika accepts or acts upon it.
2.5. If Financika does not receive instructions from Client to settle open positions by the close of a given business day, Financika is authorized (but not obligated) to leave the same positions open overnight.
2.6. In case of open positions left overnight, as described in section
2.5 above, the Client will be charged with a Financing Fee of 0.020% of their trading account current position exposure on 00:00 GMT regardless of any interest rates differences.
2.7. Financika shall not be liable, and Client shall defend, indemnify, and hold harmless Financika, for any loss, expense, cost or liability,
arising from error in instructions; instructions or other communications transmitted over the Internet; Client's failure to notify of revocation of authority; Client's failure to issue new instructions on Financika 's request; remedial measures by Financika in its absolute discretion upon such failure; Financika 's actions on instructions transmitted via the Internet using Client’s name or personal identification code or from an individual who appears mistakenly to Financika to be an authorized person; or Financika 's refusal for any reason or no reason to act upon instructions.
2.8. Withdrawal Instructions- The Client may withdraw all or part of the funds deposited with Financika upon the fulfillment of the following accumulative conditions:
2.8.1. The Client has provided all compliance or any other required documents to Financika.
2.8.2. The Client has submitted a Withdrawal Request through the Trading Platform providing all the necessary information.
2.8.3. The Client does not hold any open positions in the Client’s trading account with Financika.
2.9. Financika shall execute the Client’s withdrawal within 5 (five) business days once all the above conditions are met and upon approval of such by the Financika Back Office Department. The Client acknowledges that fund transfer times may vary according to its account type, issuing bank, intermediary bank, receiving bank, destination country or any other 3rd party involved in the transfer of funds. Financika shall not be liable for any fund transfer delay caused by such 3rd party.
2.10. Financika reserves the right and the Client acknowledges and agrees that in case the Client performs a withdrawal, Finacika can remove and/or adjust any allocated trading benefit;
2.11. The Client acknowledges that the requested transfer of funds may be charged with additional transfer fees from third parties to the transfer. The Client agrees to pay any incurred bank transfer fees when withdrawing funds from his sub-account to his designated bank account. Financika does not charge any withdrawal fees. In addition, the Client acknowledges that in case the received funds are converted to any other currency other than US Dollars, some exchange fees may apply. The Client is fully responsible for payments details, given to the Company and the Company accepts no responsibility for the Client‘s funds, if the Client‘s given details are wrong. It is also understood that the Company accepts no responsibility for any funds not deposited directly into Company’s bank accounts.
2.12. Should a withdrawal request had failed to meet the withdrawal accumulative conditions set out in section 2.8 above; the withdrawal request will be cancelled within 30 days of its request and the Client may re request for the withdrawal. Such withdrawal re request shall be subject to the withdrawal general terms as set out above.
2.13. The Client acknowledges that Anti Money Laundering Regulations do not allow the transfer of fund to any third party other than the beneficial owner of the Financika trading account. In addition, Financika may require further documentation regarding the origin of funds and/or the beneficial owner.
2.14. The Client is informed that for any orders placed with the Company for the financial instruments offered by the Company, the Company acts as an Agent and not as a Principal on the Client‘s
2.15. Complaints - All complaints in relation to the deposits of End-Users will be handled accordingly. The Company’s customer service is always available for any request, complaint or inquiry the Client may have at: Customer.Service@Financika.com. The Company has put in place formal procedures for handling complaints fairly and promptly, and each such filed inquiry shall be thoroughly investigated and addressed in a fair manner.
- Client Representations
The Client hereby represents that:
3.1. Client has read and understood, and agrees to the terms and conditions of this Agreement;
3.2. Client understands the high degree of risk associated with foreign currency trading subject to unknown market movements and other factors which can give rise to losses exceeding the Client’s original Security Margin, and that Client can afford to lose the sums that he/she remits to Financika and incur additional losses; It is the Client's responsibility to understand and ensure compliance with all applicable laws, directives or regulations they are subject to in regards to financial contracts. The ability to access the Financika site and services does not necessarily mean the Client can legally conduct transactions under the directives, laws and regulations of their country of residence.
3.3. money, investments or other assets supplied by the Client to the Company, fully belong to the Client and are, at all times, free of any charge, lien, pledge or encumbrance and are not proceeds of any illegal act or omission or product of any criminal activity;
3.4. The Client is not under any legal disability with respect to, and is not subject to any law or regulation which prevents its performance according to this Agreement;
3.5 the Client acts for himself or if not, the Client warrants and represents that Client has obtained all necessary consents and authorizations to operate according to this Agreement and produces, to the Company’s satisfaction, the document(s) indicating such consents and authorizations;
3.6 should the Client be a legal entity, then the Client warrants and represents that it has obtained all necessary corporate consents and authorizations as per the entity’s constitutional and organizations documents and produces, to the Company’s satisfaction, the document(s) indicating such consents and authorizations;
3.7 the Client is in compliance with all laws and regulations to which it is subject including, but not limited to, laws and regulations relating to tax matters, exchange control and registration requirements;
3.8 Any information provided by the Client is complete accurate and not misleading in any material respect;
3.9 Any document handed to the Company by the Client is valid and authentic;
3.10 subject to this Agreement, all sums remitted to satisfy the Security Margin are and shall at all times remain free from any charge, lien, pledge or encumbrance;
3.11 Client is in compliance with all laws to which is subject to including, without limitation, all tax laws and regulations, exchange control requirements and registration requirements;
3.12 The foreign exchange market is unregulated and as such, Client understands that will not benefit from any statutory or other compensation scheme in respect of the Services;
3.13 The services provided by Financika are only available and can only be used by Clients that can form contracts that are legally binding under the applicable laws in the country in which they reside. The Services are not available to people under the age of 18 or those who are considered a 'minor' or under the legal age. If you are a minor you cannot use the Company's services. DO NOT USE THE FINANCIKA WEBSITE IF YOU DO NOT QUALIFY.
3.14 Financika's Services are not available in certain countries and Financika reserves the right to cancel and/or refuse services to anyone at its sole discretion.
- Margin Requirements
4.1. The Client shall remit to Financika such amounts of money as required by Financika, in a currency acceptable to Financika, to cover Client's Security Margin and any account debit balance.
4.2. Financika will have no obligation to ensure Security Margin requirements have been satisfied by the Client before effecting an order and the Client’s payment obligations will not be diminished by any failure by Financika to enforce payment of outstanding Security Margins prior to entering into the transaction.
4.3. Financika may use any money received from the Client in order to satisfy Financika obligations related to such Client to any third party and Financika shall not be obliged to account to the Client for any resulting income received by Financika.
4.4. The Client shall promptly deliver any money payable by him/her under a third-party contract in accordance with both the terms of that contract and with any instructions given by Financika for the purpose of enabling Financika to perform its obligations under such contract.
4.5. Financika may (but shall not be obligated to) convert into another currency at an exchange rate acceptable to Financika any Client monies held by it as Financika considers necessary or desirable to satisfy Client’s obligations and liabilities.
4.6. If the Client fails to satisfy a required Security Margin or other sum due under this Agreement, Financika may close out any or all open positions without prior notice and apply any proceeds thereof to payment of any amounts due to Financika. Financika reserves the right to return funds deposited by Client at any time with or without reason.
- Spread rates, Margin and Leverage
5.1. Financika reserves the right to modify Security Margin requirements in line with the size of the Client's deposit, size of transactions, market conditions characterized by particular volatility or lack of liquidity, or other factors determined by Financika. Financika reserves the right to offer different spread rates in accordance with the size of the Client's Security Margin and/or positions.
5.2. Client is wholly responsible for verifying the activity of its accounts, as well its Security Margin requirement. Such requirements are available upon request or on the Financika website.
5.3. The 1 (one) standard lot size is the measurement unit specified for each Financial Instrument traded in the Electronic Trading Platform. The Company reserves the right to change the Contract Specifications at any time depending on the market situation. The Client agrees to check the full specification of the Financial Instrument before placing any order. A possible choice of a maximum leverage rate, according always to the account type, ranges from 1:10 up to 1:200 depending on the type of the account and at the discretion of the Company, all provided that in no event shall the exposure in a single account exceed 30 Million US dollars. At opening of a Client trading account, the leverage rate is predetermined according to the type of account chosen by the Client. The Client may request for a lower leverage to be applied to their trading account by contacting the Company.
5.4. The Company reserves the right to change the Client’s trading account leverage at its discretion, either for a limited time period or on a permanent basis, by publication on the company website and/or written notice sent by mail.
5.5. In case of absence of any trading activity for a period of at least three (3) months, the Company reserves the right to apply an administrative fee in order to maintain the account, assuming that the Client Account has the available funds. The fee shall be announced in the Trading Conditions, on the Company’s website at all times. If the Client account is funded by less amount and has been inactive for a period of three (3) months, the Company reserves the right to charge a lower amount to cover administrative expenses and close down the account.
5.6. In case of absence of any trading activity for a period as specified on the Company’s website, the Company reserves the right to apply a credit-out rule and remove any trading credit available in a Client Account. The conditions for the credit-out rule are available at the Trading Conditions at the Company’s Website at all times..
- Right of Pledge, Lien, Set-Off and Retention
6.1 Financika shall, at any time and without prejudice to any other rights Financika may have, be entitled to combine or consolidate separate Client accounts, offset against each other the balances of any Client accounts (regardless of designation or currency of the account) or offset each balance individually. For any Financika claims arising from Services relating to Client, irrespective of the maturity dates of such claims or of the currencies in which they are denominated, Financika shall have a right of lien and pledge, and a right of retention, on all assets or security held in Client’s name or otherwise deposited with Financika, or any guarantee or indemnity given to or owed Financika by Client.
- Internet and electronic trading
7.1. Financika shall not be liable for any claims, losses, damages, costs or expenses, caused directly or indirectly, by any breakdown or failure of any transmission or communication system or computer facility, whether belonging to Financika, Client, any market, or any settlement or clearing system.
8.1. The Company reserves the right to amend this Agreement, the Platform, the Website and its Trading Conditions as well as any guides and policies at any time. It is therefore your responsibility to ensure to you check regularly the aforementioned and make sure that you agree with them, and your continued use of the Services will be deemed to be your acceptance of any changes we may make.
9.1. Termination by Notice. Either Party may terminate this agreement by providing the other party with a written notice, of at least seven (7) days prior the intended termination date.
9.2. The Company may terminate the Agreement immediately without giving the seven (7) days’ notice in the following cases:
- a) In an event of default of the Client;
- b) Such termination is required by any competent regulatory authority or body;
- c) The Client violates any provision of this Agreement which in the Company’s, opinion cannot be implemented or violates any law or regulation;
- d) The Client involves the Company directly or indirectly in any type of fraud;
- e) The Client is not acting in good faith and the Company has grounds to believe that;
- f) the Client's trading activity affects in any way the reliability and/or operation of the Company;
- g) An unauthorized person is trading on behalf of the Client;
9.3. It is noted that the Client shall need to proceed with the closing of any open trades prior to the termination date. In such a case that the Client fails or omits to do so until the termination date in question, the Company will proceed with the closing of any open positions.
9.4. The Company reserves the right to keep Client’s funds if necessary, to close any further positions which already have been opened and/or pay any pending obligations of the Client under the Agreement.
10.1. Each of the following constitutes an “Event of Default”:
10.1.1. Client fails to make any payment due under this Agreement promptly;
10.1.2. Client fails to observe or perform in whole or in part any of the provisions of this Agreement or commits a breach of this Agreement;
10.1.3. Client maintains parallel accounts for the purpose of arbitraging Financika promotions or policies, in Financika's sole discretion;
10.1.4. Client dies, is declared absent or becomes of unsound mind;
10.1.5. A bankruptcy petition is filed in respect of the Client or, if a partnership, in respect of one or more of its partners or, if a company, any steps are taken or proceedings initiated or protection sought under any applicable bankruptcy reorganization or insolvency law by it in respect of itself or against it including, without limitation, the taking of any steps for the appointment of a receiver, trustee, administrator or similar officer to be appointed over its undertaking or assets or any part of them;
10.1.6. Client performs a credit card chargeback. In this case, any Client accounts will be frozen and all positions will be closed at the end of the trading day in a manner prescribed by Financika;
10.1.7. Financika or the Client is requested to close out a position or any part of a position by any governmental or regulatory agency or authority;
10.1.8. Financika considers it necessary for its own protection;
10.1.9. The Client acknowledges Financika's right to close out all or any part of any open position of the Client held by Financika should a negative result of these positions lead to surpass the required Security Margin.
10.1.10. Client who engages or suspected in what is deemed, illegitimate, unlawful, unethical system abuse, system arbitrage, quotation arbitrage or any other trade that may be deemed at one point or another as a violation of trading standards be it based on the amount of time the transaction was opened or by virtue of the fact that the trade was opened inadvertently at an incorrect price, time, or instrument.
10.1.11. In general, any Breach of the Agreement including but not limited to any call for Margin, if there is a change in your creditworthiness, if necessary to prevent a prohibition of any applicable law, regulations or good practice or if you fail to provide any documentation that we may require for the purposes of AML/KYC,
10.2. If an event of Default occurs then we may without notification to you and in our absolute discretion take such action as may be necessary to protect our position, including but not limited to:
10.2.1. Closing one or more of your open trades;
10.2.2. Voiding or cancelling any of your open trades;
10.2.3. Cancelling any trades, orders or contracts or other commitments made with you;
10.2.4. Closing or suspending your account; and/or
10.2.5. Limiting your access to the Trading Platform
11.1. The Agreement will be interpreted in accordance with the laws of Vanuatu. For any disputes arising under this Agreement, the Parties hereby submit to the exclusive jurisdiction of the courts sitting in Vanuatu.
12.1. Communications Recording: The Client understands and accepts that all communications and/or conversations between the Client and the Company may be recorded for future reference and can be used by the Company as evidence in case of dispute.
12.2. Marketing and Promotions: The Company reserves the right to register and operate other domains (websites) for marketing and promotional purposes to specific countries which contain information and disclosures to clients, and prospective clients, in any language other the English language.
12.3. Entire Agreement: This Agreement between the Client and the Company represents the single and entire Agreement and completely supersedes any prior representations, negotiations, obligations, reports, or advertisement of information related to the provision of the Services.
Powered by Financika (Sharp Trading) Ltd from Law Partners House, Kumul Highway, Port Vila, Vanuatu.
Clearing support services provided by Cubbon Services Ltd from 73 Arch. Makarios III Avenue, Office 301, 1070 Nicosia, Cyprus.
Payments related to Paysafe will be executed by Financika (Sharp Trading) Limited as processing entity.
The following statement does not disclose all risk associated investments, and is meant to inform users that trading foreign exchange, also known as Forex or FX, may result in substantial loss of funds and/or complete loss of funds in excess of your initial margin funds, and therefore should only be undertaken with risk capital. Risk Capital is defined as funds that are not necessary to the survival or well-being of the user.
If you do not thoroughly understand the risks involved in foreign exchange trading - do not trade. Financika strongly recommends that any user considering trading foreign exchange currency or commodities, should first thoroughly read this risk disclaimer and understand risks and losses inherent to Forex trading.
It is your responsibility to carefully consider your investments prior to committing funds for foreign exchange trading. Before you consider undertaking any transactions with Financika, you should carefully consider whether such trading is suitable in light of your own financial position and investment objectives. Foreign exchange trading is commonly known as a double-edge sword as the risks or losses involved are equivalent to the potential to gain.
Placing contingent orders, such as "stop-loss" or "stop-limit" orders, will not necessarily limit losses to the intended amounts. Market conditions may make it impossible to execute such orders. You may be called upon at short notice to deposit additional margin funds. If the required funds are not provided within the prescribed time, your position may be liquidated. You will remain liable for any resulting deficit in your account. You should therefore carefully consider whether such trading is suitable in light of your own financial position and investment objectives.
Certain market conditions may make it difficult or impossible to execute orders at a stipulated price.
A spread position may be as risky as a simple long (Or short) position and can be more complex.
The high degree of leverage that is obtainable in Spot Foreign Exchange Trading because of the small margin requirements can work against you as well as for you. The use of leverage can lead to large losses as well as gains.
The insolvency of Financika or of a Bank or Broker used by Financika to effect transactions on your behalf may lead to your positions being closed out against your wishes.
The Client is hereby advised that the transactions undertaken through the dealing services of Financika may be of a speculative nature. They may give rise to large losses within a relatively short period of time, which cannot be forecast and which may sustain a total loss of the funds deposited with Financika. These losses may be attributed to adverse market movements, to position build-up or to the accumulation of commission and charges relating to the transactions.
The Client’s attention is expressly drawn to the fact that the nature of the transactions executed on his instruction, by Financika may be non-readily realizable in the case of a currency traded so irregularly or infrequently that it cannot be certain that a price will be quoted at all times or that it may be difficult to effect transactions at a price which may be quoted owing to an absence of a counter party.
The foreign currency trading that you are entering into is not conducted on an exchange. Financika may act as counterparty in these transactions and, therefore, may act as the buyer when you sell and the seller when you buy. As a result, Financika interests may be in conflict with yours, unless otherwise specified in your written agreement or other written documents. Financika establishes the prices at which it offers to trade with you; the prices Financika offers might not be the best prices available and Financika may offer different prices to different Clients. Additionally, since Financika may act as the buyer or seller in the transaction, you should carefully evaluate any trade recommendations you receive from Financika or any of its solicitors.