FintechFX CLIENT VERIFICATION AND ADMINISTRATION POLICY
FintechFX is committed to upholding the highest international standards of Anti-Money Laundering and the Prevention of the Funding of Terrorist Activities. Therefore, The Company will undertake specific steps and implement specific procedures to establish the identity and address of each new client in-line with its AML Policy available at the Legal Documents page of www.fintechfx.com before any services are provided to a new client. This document is an inseparable part of the Terms of Business of FintechFX.
A Client can be any natural person, group of two people, or legal entity that satisfies the requirements of The Company’s Terms of Business and holds an active Client Account with FintechFX. Each Client of FintechFX shall be classified by definition as Retail Client, unless and until otherwise requested.
An entity, individual or group, legal or natural, which has accepted the Terms of Business of FintechFX but has not, completed the Account Opening Procedure of The Company.
A secure Client portal located at: https://secure.FintechFX.com which can be accessed only by Clients of The Company and Client Applicants who have successfully confirmed / verified their e-mail address to FintechFX.
A Client Account, also referred to as Traders’ Room Account is the collection of all the FintechFX Trading Accounts associated with that Traders’ Room Account and their respective assets and liabilities.
Client Accounts can be accessed via the Members’ Area of The Company through the personal login credentials of the Client / Client Applicant.
A Client Account can belong to one of three types depending on the Client:
- Personal Account - in all cases when the Client is a single natural person.
- Joint Account - in all cases when the Client is a group of two natural people.
- Corporate Account - in all cases when the client is a Legal Entity.
An account which has a unique number and is maintained by a Client of FintechFX for the purposes of trading financial instruments through the FintechFX Trading Platform(s).
Trading Accounts can be referred to as Live Accounts or MetaTrader Accounts (MT4 Accounts) and can have different properties and be classified under different types defined by FintechFX and announced on The Company’s website.
COMMENCEMENT OF THE CLIENT AGREEMENT
The Client Agreement shall commence once the Client Applicant receives his/her first confirmation from FintechFX that his/her Client Account has been approved by The Company in-line with the Account Opening Procedure of FintechFX.
ACCOUNT OPENING PROCEDURE
Before becoming a client of FintechFX, each applicant must complete The Company’s Account Opening Procedure which has been created in-line with the AML Policy of FintechFX and is an inseparable part of its Terms of Business.
The Account Opening Procedure requires that Applicants must submit specific information and documents to be reviewed by FintechFX before The Company can approve their Client Accounts and start providing its services.
Each new Client Applicant of FintechFX must provide the following information as an absolute minimum when signing-up for The Company’s services. FintechFX reserves the rights to require additional information as an absolute minimum during the signing up and registration processes:
- Client Name(s)
- Date of Birth
- E-mail Address
The Company will verify the e-mail provided by the Applicant by sending a verification message to the provided e-mail address and requesting the Client Applicant to confirm it by following a unique link provided within. Applicants who do not confirm their e-mails by clicking on the provided verification link will not be able to continue with the Account Opening Procedure.
Client Applicants of FintechFX must submit specific documents depending on the type of Client Account requested to confirm their identity and address.
- One valid (not expired) Government Issued Photo ID document. For example: National ID Card (both front and back side), Passport.
- Any of the following documents showing the names and current address of the Applicant. The document must be not be older than three months: Bank Statement, Utility Bill (gas, water, electric or land line telephone), Credit Card Statement. Please note, mobile phone bills are not accepted!
- Each of the two Applicants must provide the documents required for the opening of a Personal Client Account.
- If both Applicants live at the same address, FintechFX will accept a Statement, or Utility Bill that shows the names of both Applicants and their address.
- Certificate of Incorporation
- Memorandum and Articles of Association
- Proof of business address
- Verification of 2 Directors *
- Verification of shareholders owning 25% or more of shares *
* If any of the Directors or Shareholders is a private individual, The Company will require ID and Address verification documents as for a Personal Client Account.
In some cases, FintechFX might request additional documents before approving a client’s application. All document images / scans must be of high quality and in full colour. ID Cards and other ID documents in card format must be scanned both front and back-side. ID documents which do not present the Applicant’s date of birth will not be accepted.
Client Applicants must upload their documents inside the Member’s Area of FintechFX or send them through via their registered e-mail to [email protected]
Client Account Approval and Activation
Once all required documents and information have been submitted by the Applicant, FintechFX will review the application and provide the Applicant with its decision via e-mail within one business day (24 hours).
FintechFX reserves the right to reject a client application at its discretion and without providing any justification for its actions.
A Client Account with The Company is considered to have been activated once the client has received a confirmation e-mail from FintechFX.
Client Account / Traders' Room Account
FintechFX will use the e-mail address provided by the Client during the Account Opening Procedure as a unique identifier of his/her Client Account.
The unique identifier/registered e-mail address of a Client Account cannot be changed.
FintechFX reserves the right to limit at its sole discretion the number of active Client Accounts/Member’s Area Account a Client can have at the same point in time.
Upon approval, each new Client will be automatically be provided with his/her first Trading Account (Live Account) under his/her new Client Account.
Each Trading Account is associated with a specific Member’s Area Client Account and cannot be reassigned / moved to another Member’s Area Account unless under the provisions of the FintechFX Account Termination Procedure.
FintechFX reserves full and sole discretion to limit the number of Trading Accounts a single client can maintain and open at any point in time.
Clients can execute internal transfers between their Trading Accounts and/or can deposit / withdraw directly from each Trading Account as per the Deposits & Withdrawals Procedure of FintechFX.
Clients are not allowed to request internal transfers from their Trading Account into the Trading Account of another person.
Internal transfers between Trading Accounts assigned to different member’s area accounts are not allowed.
FintechFX reserves the right to forbid the internal transfers between some or all the Trading Accounts of its Clients at any point in time and at its sole discretion without notice and without providing any justification.
In the event of any one of the Client’s Trading Accounts not having sufficient balance to meet a payment, expense, or cover any amount owed to The Company, FintechFX reserves the right to collect the due amount from the balance of the rest of the Trading Accounts belonging to the same Client without prior notice and regardless of whether the associated Trading Accounts are assigned to the same Client Account.
FintechFX will provide separate initial access credentials for the Client's Account and each of his/her Trading Account(s) only to the registered e-mail address of the Client.
Each Client is responsible for keeping his access credentials strictly confidential. FintechFX will not be responsible if the client fails to preserve his/her login credentials and as a result his/her Client Account and/or Trading Account(s) are accessed by unauthorized third parties.
FintechFX will refuse to restore access credentials by sending them to any other e-mail address other than the one provided by the client when registering for his/her Client Account.
FintechFX will refuse to replace, change or otherwise modify the registered e-mail address / unique identifier of a Client Account.
Account Termination Procedure
FintechFX reserves the right to close any or all Client Accounts of any Client at any point in time in the event of:
- Suspected abuse of The Company’s Terms & Conditions and/or Policies.
- Written request submitted by the Client.
Clients agree that FintechFX will not provide them with prior notification before their Client Accounts are closed.
In the event of Client Account Termination, FintechFX reserves the right to some or all of the actions below:
- Close any/all open positions of the Client.
- Convert the Balance of all Trading Accounts into EUR currency or USD currency at its discretion using the conversion rates available to The Company at that time.
- Combine all of the Trading Accounts and their Balances assigned to / opened under all the Member’s Area Account / Client Accounts of the Client.
- Collect any owed amounts by the Client to FintechFX.
- Process a withdrawal of the remaining funds, if any, without the prior request of the Client in-line with The Company’s Deposit and Withdrawal Procedure.
DEPOSIT AND WITHDRAWAL PROCEDURES
Deposit options and payment service providers available to Clients of FintechFX are listed on The Company’s website. The Company reserves the right to change its deposit options and/or providers and their properties without prior notice to the Clients.
The Clients of FintechFX understand that all deposit providers are third-parties and FintechFX will be responsible for the quality of their services. Clients must assess the suitability of a deposit option and/or provider at their own discretion. FintechFX will not be held liable for any losses or blockage due to fund depositing through third part deposit providers.
FintechFX will not allow a Client Applicant to deposit funds before his/her Client Account has been approved in-line with the Account Opening Procedure of The Company.
In the case when a Client Applicant deposits funds through the Deposit Facilities of FintechFX before his/her Client Account has been approved by The Company, FintechFX may reject the funds and return them to the remitter net of any transfer fees or other charges incurred by or charged to FintechFX using the same transfer method as the one through which The Company originally received the funds.
FintechFX reserves the right to deny the use of a certain deposit option and/or provider to a new or existing Client at its own discretion and without prior notice.
FintechFX reserves the right to request additional information and/or documents from its Clients in order to process their deposits through some or all or its deposit options / providers.
- In some cases FintechFX may request from its Clients a picture/scan of the front and back side of their credit / debit card for security reasons. The card must be signed and the Client names must be clearly visible, along with the first six and last four digits of the card number. The short security code on the back of the card (CVV/CVV2) and the middle digits of the card number must be covered with a small piece of paper.
The Clients of FintechFX are informed and understand that The Company will not allow third-party to deposit any fund into its Client’s Accounts. All fund transfers to FintechFX must be made from the FintechFX’s Clients themselves.
In the case where a third-party tries to deposit funds into a Trading Account belonging to a FintechFX Client, The Company may reject the funds and return them to the remitter net of any transfer fees or other charges incurred by or charged to FintechFX, using the same transfer method as the one through which The Company originally received the funds.
FintechFX will process all deposited funds and credit them to the Trading Account(s) of the Client within two business days (48 hours) of receipt in The Company accounts.
FintechFX will not be held responsible for delays caused by deposit providers, payment providers or any other third parties.
The Client has the right to make a withdrawal request at any time, for any part of the Funds in any of his/her Trading Accounts, equal to or lesser than:
The Trading Account’s Balance in the cases when there are no open trading positions in that Trading Account.
Withdrawal Requests can be submitted through the Member’s Area of FintechFX, or via e-mail to [email protected], but only if the request is sent from the original registered e-mail address of the Client.
All Withdrawal requests will be processed within three to seven business days upon receival.
FintechFX reserves the right to reject a withdrawal request if the funds in the specified Trading Account is insufficient or become insufficient while The Company is processing the withdrawal request.
FintechFX Reserves the right to reject a withdrawal request via a specific transaction method and suggest an alternative method to the Client.
All approved withdrawal requests will be sent back to their source of origin only. In other words, back to the same Bank Account, and Debit/Credit Card where they were originally deposited from.
- In the Case of Credit / Debit Card Deposits, The Company shall refund any requested amounts up to the original deposit back to the same card and any funds in excess will be sent to a bank account in the name of the Client.
In some cases FintechFX may request additional information / documents from the Client or his/her representative before a withdrawal request is approved.
In the case when the Client Account has been terminated by FintechFX, The Company reserves the right to send all outstanding funds of the Client back to their source of origin in accordance with the current policy and without having received a withdrawal request by the Client.
Clients are not allowed to submit a request for withdrawal in cases where there are existing open positions or any other pending orders in the Trading Account.
Usage of Personal Information
Upon opening an account with FintechFX, personal information will be requested and collected for identity verification purposes as well as creating a unique trading account. This information helps us provide a better service as The Company strive to achieve the best outcome for our clients.
Some of the information required include the client(s) name, contact details, mailing address, email address, telephone number, personal identification data, passport number, tax or identification number and other information that may be needed. Other information that is collected will be stated in our registration forms and may change from time to time.
FintechFX will collect information from the client’s Internet Protocol (“IP”) address, browser type, operating system, time stamps, transaction history and Internet Service Provider (ISP).
Should a client decides to close his/her accounts(s) and part ways with FintechFX, The Company will retain all information and use it to comply with regulatory requirements. The Company may also use the information provided to contact the client from time to time regarding any new offers and promotions.
The security of our clients’ Personal Information is important to us, but please be advised that no method of transmission over the Internet, or method of electronic storage, is fool proof or fully secure. Clients acknowledge that the transmission of information over the internet is inherently insecure, and The Company cannot guarantee the security of data sent over the internet.
While The Company strive to use commercially acceptable means to protect our clients’ Personal Information, The Company cannot guarantee its absolute security and is hereby absolved from any liabilities associated with the leakages of personal information through no fault of our own.
The Company reserves the right to request for our clients to undertake surveys. Please be advised that the surveys are entirely voluntary and clients may refuse to participate in the surveys.
Disclosing personal information
The Company may disclose your personal information to any parties as reasonably deemed necessary for the purposes set out in this policy.
- 5.2 The Company may disclose your personal information to any member of our group of companies (this means our subsidiaries, our ultimate holding company and all its subsidiaries) insofar as reasonably necessary for the purposes set out in this policy.
5.3 The Company may disclose your personal information:
- to the extent that The Company are required to do so by law;
- in connection with any ongoing or prospective legal proceedings;
- in order to establish, exercise or defend our legal rights (including providing information to others for the purposes of fraud prevention and reducing credit risk);
- to any person who The Company reasonably believe may apply to a court or other competent authority for disclosure of that personal information where, in our reasonable opinion, such court or authority would be reasonably likely to order disclosure of that personal information.
A cookie is a small text file that will be stored on the visitor’s computer for record keeping purposes. FintechFX may also use independent external service providers to track the traffic usage on the The Company’s website.
FintechFX uses Secure Socket Layer (SSL) encryption technology to protect the information that our clients submit. This technology is used to prevent any information from being intercepted when communicating with The Company’s server. Our servers are safeguarded by high standard firewalls to protect our clients’ information.
Links to Third Party Websites
FintechFX have included links on this site for our clients’ use and reference. The Company is not responsible for the privacy policies on these third party websites. Clients should be aware that the privacy policies of these sites may differ from our own. The existence of any such links does not constitute an endorsement in any way by The Company.
Sharing Information with Our Affiliates
FintechFX may share certain personal information with our affiliates for business purposes. The information that is shared will be used for informing clients on new services and products, providing better service to the clients or to aid in the trading activity of its affiliates as permitted and applicable by law. Our affiliates include companies that are owned by FintechFX, companies that FintechFX have stakes in and companies that have ownership shares in our company.
Sharing Information with Third Parties
FintechFX will not disclose clients’ personal information to third parties, except as described in this Policy. The disclosure to third parties may include the sharing of your personal information with non-affiliated companies to help provide you with better services. Companies that are non-affiliated with FintechFX will maintain confidentiality of the information provided. The usage of the information provided will be dictated by FintechFX.
Changes to this Privacy Statement
The contents of this statement may be altered at any time, at our discretion. Please contact us if there are any questions regarding the privacy policies outlined.