The following describes the terms and conditions upon which GCI Financial LTD("GCI") offers access to its Web site to you the customer (hereinafter "you" or "user" or "customer") and the use of its services (hereinafter the "Agreement" or "User Agreement" or "Online Services Agreement").

This Agreement describes the terms, conditions and risks applicable to your use of our services available under the domain and sub-domains of gcitrading.com (the "Site" or "Web site"). If you have any questions regarding this Agreement please contact Customer Support

You must read, agree with and accept all of the terms and conditions contained in this User Agreement without modifications, which include those terms and conditions expressly set forth below and those incorporated by reference, before you may become a customer of GCI. By continuing to access or use the Web site, you agree to follow the Terms and Conditions of this Agreement as they may apply to you.

This Agreement is effective upon acceptance in registration for newly registering customers, or upon receipt of e-mail notification by other users. The Agreement is otherwise effective for all users as of March 31st, 2009.

If you do not agree to be bound by the terms and conditions of this Agreement, do not use or access our services, and inform us in writing immediately.

1. Amendments
By using our services you agree to be bound fully by all our terms and conditions. GCI may amend or revise this Agreement at any time by posting the amended terms on the Site and, by continuing to trade through the platform, you affirm that you agree to be bound by future revisions. Whenever such changes to the terms & conditions of this Web site are made, the Company will post such changes on the Web site.

All amended terms shall be effective 10 days after their initial posting on the Web site, or as of the first time that you use our services after such amendments were made, whichever is sooner.

If you do not agree to be bound by the changes to the terms and conditions of this Agreement, do not use or access our services, and inform us in writing immediately. 

2. Online Services Agreement
This Online Services Agreement is made by and between GCI and you.

This Agreement applies to both the GCI Web site and trading platform, as well as to the electronic content and or software currently contained on the Web site that supplies the customer with real time information about the exchange rate of some currencies, as well as with the program facilities for executing trading transactions in the foreign exchange market via the web, phone or fax (hereinafter referred to as the "Service" or "forex" or "forex market"), and any other features, content or services that the Company may add in the future.

3. Membership Eligibility
Our services are available to and may only be used by individuals or companies who can form legally binding contracts under the law applicable to their country of residence. Without limiting the foregoing, our services are not available to persons under the age of 18 or otherwise under legal age ("minors"). If you are a minor, you may not use this service. IF YOU DO NOT QUALIFY, PLEASE DO NOT USE OUR SITE.

For avoidance of doubt, We shall not be responsible for any unauthorized use by minors of our Services in any way or manner.

Furthermore, our services are available only to, and may only be used by individuals who have sufficient experience and knowledge in financial matters to be capable of evaluating the merits and risks of acquiring financial contracts via this Site and have done so without relying on any information contained in this Site.

Without derogating from the above provision, we shall not be responsible for verifying and/or checking whether you possess such sufficient knowledge and/or experience, nor shall we be responsible for any damage and/or loss incurred by you as a result of insufficient knowledge and/or experience. IF YOU DO NOT QUALIFY, PLEASE DO NOT USE OUR WEB SITE.

Without limiting the foregoing, our services are not available where they are illegal to use, and the Company reserves the right to refuse and/or cancel services to anyone at its own discretion.
US residents are not to use this site.

Our services are not available to United States residents.    IF YOU ARE A UNITED STATES RESIDENT, PLEASE DO NOT USE OUR WEB SITE.

4. Legal Restrictions
Without limiting the foregoing, you understand that laws regarding financial contracts vary throughout the world, and it is your obligation alone to ensure that you fully comply with any law, regulation or directive, relevant to your country of residency with regards to the use of the Web site. For avoidance of doubt, the ability to access our Web site does not necessarily mean that our Services, and/or your activities through it, are legal under the laws, regulations or directives relevant to your country of residency.

This Web site does not constitute, and may not be used for the purposes of, an offer and/or solicitation to anyone in any jurisdiction in which such offer and/or solicitation is not authorized, and/or to any person to whom it is unlawful to make such an offer and/or solicitation. Access to this Web site, and the offering of financial contracts via this site, may be restricted in certain jurisdictions, and, accordingly, users accessing this site are required to inform themselves of, and to observe, such restrictions.

You hereby declare that the moneys invested in your account with the Company do not originate from drug trafficking, abduction, or any other criminal or illegal activity.

5. Limited License
GCI grants you a non-exclusive, non-transferable and limited personal license to access and use its Web site (the "license"). This license is conditioned on your continued compliance with the terms and conditions of this Agreement.

You agree not to "deep-link" to the Web site, resell or permit access of the Web site to others, and not to copy any materials appearing on the Web site for resale or for any other purpose to others without the prior written consent of GCI.

For avoidance of doubt, you shall be responsible and bound by any unauthorized use of the site, made in breach of this section.

You agree to use the information received from the information systems of GCI for the sole purpose of executing transactions inside and within the GCI Web site.

You further agree not to use any electronic communication feature of a Service on the Site for any purpose that is unlawful, tortuous, abusive, intrusive on another's privacy, harassing, libelous, defamatory, embarrassing, obscene, threatening or hateful.

The license granted under this Agreement will terminate if GCI believes that any information provided by you, including your e-mail address, is no longer current or accurate, or if you fail to otherwise comply with any term or condition of this Agreement and all rules and guidelines for each service or GCI establishes that you have abused in any way (including but not limited to engaging in a transaction out of market rates) the GCI trading platform.

Upon such violation, you agree to cease accessing Services. You agree that GCI, at its sole discretion and with or without notice, may terminate your access to any or all Services, close your open transaction and remove and discard any information or content within a Service.

6. Communications
Unless otherwise indicated for a particular Service, any communications or material of any kind that you e-mail or otherwise transmit through the Services, including information, data, questions, comments or suggestions (your "Communications") will be treated as non-proprietary and non-confidential.

By accepting this Agreement you grant a license to GCI to use your Communications in any way it thinks fit, either on the Web site or elsewhere, with no liability or obligation to you. GCI is free to use any idea, concept, know-how or technique or information contained in your Communications for any purpose including, but not limited to, developing and marketing products.

GCI is entitled, but not obligated, to review or retain your Communications. GCI may monitor your Communications to evaluate the quality of service you receive, your compliance with this Agreement, the security of the Web site, or for other reasons. You agree that such monitoring activities will not entitle you to any cause of action or other right with respect to the manner in which GCI monitors your Communications. In no event will GCI be liable for any costs, damages, expenses or any other liabilities incurred by you as a result of GCI's monitoring activities.

7. Obligations of GCI
GCI will supply you with the informational and technical means to use its Services in a twenty-four-hour mode of operation starting Sunday 22:00 GMT to Friday 21:00 GMT except on official holidays in the USA and Europe.

GCI shall provide you with access to trading transactions and quotes through the reserve in a twenty-four-hour mode of operation starting Sunday 22:00 GMT to Friday 21:00 GMT, except on official holidays in the USA and Europe, through the operators of GCI.

GCI will fulfill to the best of its abilities all your trading orders, keep the register of your orders and of their fulfillment, and will provide you with necessary extracts upon your request.

GCI shall provide the following online reports:
Open Positions: Report presenting the account's open transactions.
Account Statement: Report presenting the account's balance and statement at a given point of time.

8. Tax collection
You know, understand and agree that, in general, GCI does not collect tax on behalf of any authority in any form or manner.

Without limiting the foregoing, it is your obligation alone to calculate and pay all taxes applicable to you in your country of residence, or otherwise arising as a result of your trading activity from the use of the Company's Services.

9. Registration Information and Requirements
When you register for the service, GCI will ask you to provide certain identifying information ("Registration").

10. You agree to provide true, accurate, current and complete information about yourself during the Registration process, and you also agree not to impersonate any person or entity, misrepresent any affiliation with another person, entity or association, use false headers or otherwise conceal your identity from GCI for any purpose. If you are registering as or for a business entity, you hereby declare that you have the authority to bind that entity to this Agreement.
GCI will treat with care the information you entrust to the Company, in accordance with the disclosures it provides during the Registration process and in its Privacy Policy.

11. Indemnity and right of set-off
The customer hereby agrees to indemnify and hold harmless GCI, its directors, officers, employees or agents from and in respect of any loss, damage, liability, cost or expense that it may suffer or incur by reason of the Customer failing to discharge its obligations under or acting in breach of any of the terms and conditions herein contained or as a result of any breach of any applicable laws or regulations.

In the event that there is any liability of the Customer to GCI its directors, officers, employees or agents under the indemnity provisions of the clause hereinabove, GCI shall have the right to set-off that amount against any balance held to the credit of the account opened by the Customer with GCI.

12. Limitation of Liability
IN NO EVENT SHALL GCI, ITS OFFICERS, DIRECTORS OR EMPLOYEES BE LIABLE FOR LOST PROFITS OR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN CONNECTION WITH OUR WEB SITE, OUR SERVICES OR THIS AGREEMENT (HOWEVER ARISING, INCLUDING NEGLIGENCE) EXCEPT AS STATED IN THIS AGREEMENT.

THE LIABILITY OF GCI, ITS OFFICERS, DIRECTORS OR EMPLOYEES, TO YOU OR ANY THIRD PARTIES IN ANY PROVEN CIRCUMSTANCE IS LIMITED TO THE AMOUNT OF MONEY YOU TRANSFERRED OR DEPOSITED IN YOUR ACCOUNT AT GCI IN RELATION TO THE TRANSACTION GIVING RISE TO SUCH LIABILITY.

13. Risk Statement
You agree to use the Web site at your own risk.

Without limiting the foregoing, the financial services contained within this site are suitable only for customers who are able to bear the loss of all the money they invest, and who understand the risks and have experience in taking risks involved in the acquisition of financial contracts.

International currency prices are highly volatile and are very difficult to predict. Due to such volatility, in addition to the spread that GCI adds to all calculations and quotes (as described below in further detail), no financial contract purchased or other Service offered in our Web site (whether or not the payout exceeds the premium amount) may be considered as a safe trade.

The maximum loss that may be incurred by any customer is the amount of money paid by them to the Company including rolling fees for day trade deals.

Subject to market conditions, Stop Loss Orders shall be executed either at the exact exchange rate selected by the customer, where the amount will be calculated automatically, or at the exact amount of loss selected by the customer, where the exchange rate will be calculated accordingly. A transaction of that nature shall be executed as soon as the distinctive ("indicative") exchange rate is found on the financial information systems which, including the Company's spread, is either identical to the order given by the customer, or indicates an identical amount of loss declared by the customer.

The calculation of the price to be paid (or the payout to be received) for financial contracts on this site, at the time the financial contract is purchased or sold, will be based on the Company's best estimate of market prices and the expected level of interest rates, implied volatilities and other market conditions during the life of the financial contract, and is based on a complex arithmetic calculation.

The calculation will include a spread in favor of the Company. The financial contract prices (or the payout amounts) offered to customers speculating on market or index prices, may differ substantially from prices available in the primary markets where such contracts are traded, due to the spread favoring the Company in the price calculation system referred to above.

The Company does not provide a market amongst or between customers for investments or speculations. Each financial contract purchased by a customer via this site is an individual Agreement made between that customer and the Company, and is not transferable, negotiable or assignable to or with any third party.

14. Market information
GCI may make available to you through one or more of its Services a broad range of financial information that is generated internally or obtained from agents, vendors or partners ("Third Party Providers"). This includes, but is not limited to, financial market data, quotes, news, analyst opinions and research reports, graphs or data. ("Market Information").

Market Information provided on these Web pages is not intended as investment advice. GCI does not endorse or approve the Market Information, and we make it available to you only as a service for your own convenience. GCI and its Third Party Providers do not guarantee the accuracy, timeliness, completeness or correct sequencing of the Market Information, or warrant any results from your use or reliance on the Market Information.

Market Information may quickly become unreliable for various reasons including, for example, changes in market conditions or economic circumstances. Neither GCI nor the Third Party Providers are obligated to update any information or opinions contained in any Market Information, and we may discontinue offering Market Information at any time without notice.

You agree that neither GCI nor the Third Party Providers will be liable in any way for the termination, interruption, delay or inaccuracy of any Market Information. You will not "deep-link", redistribute or facilitate the redistribution of Market Information, nor will you provide access to Market Information to anyone who is not authorized by GCI to receive Market Information.

15. Use & Access to the Site
You shall be responsible for providing and maintaining the means by which to access the Web site, which may include, but is not limited to, a personal computer, modem and telephone or other access line.

You shall be responsible for all access and service fees necessary to connect to the Web site and assume all charges incurred in accessing such systems. You further assume all risks associated with the use and storage of information on your personal computer or on any other computer through which you will gain access to the Web site and the services (hereinafter referred to as "computer" or "your computer").

You represent and warrant that you have implemented and plan to operate and maintain appropriate protection in relation to the security and control of access to your computer, computer viruses or other similar harmful or inappropriate materials, devices, information or data.

You agree that GCI will not be liable in any way to you in the event of failure of or damage or destruction to your computer systems, data or records or any part thereof, or for delays, losses, errors or omissions resulting from the failure or mismanagement of any telecommunications or computer equipment or software.

You will not transmit to or in any way, whether directly or indirectly, expose GCI or any of GCI's online service providers to any computer virus or other similarly harmful or inappropriate material or device.

Acquisition of a financial contract is completed when the financial contract has been customized, the premium (or the margin, as the case may be) has been calculated and payment has been verified.

You agree to be fully and personally liable for the due settlement of every transaction entered into under your account with the Company. You are responsible for ensuring that you alone control access to your account, and that no minor or other person is granted access to trading on the Web site using your account. In any case, you alone remain fully liable for any and all positions traded on your account, and for any credit card transactions entered into the Site for your account. You agree to indemnify the Company fully in respect to all costs and losses whatsoever as may be incurred by the Company as a result, direct or indirect, of your failure to perform or settle such a transaction.

You agree that in the case that any financial contract is acquired or sold at prices that do not reflect its market prices, or that is acquired or sold at an abnormally low level of risk (the "mis-pricing") due to an undetected programming error, bug, defect, error or glitch in our Web site software or any other reason resulting in mis-pricing (for the purpose of this section the "error"), GCI reserves the right to cancel such transactions upon notifying you of the nature of the computer error that led to the mis-pricing. You have a duty to report to the Company any problem, error or suspected system or other inadequacies that you may experience.

16. Company's rights
GCI reserves the right to suspend the operation of this site or any part or sections of it. In such an event, GCI may, at its sole discretion (with or without notice), close out the customers' open financial contracts at prices it considers fair and reasonable at such a time and no claims may be entertained against the Company in connection thereto.

GCI may, at its sole discretion, impose volume or other limits on Customer accounts.

Contract payouts shall be determined by GCI by reference to the daily values reported on this Web site relevant to the interbank trading data received by the Company for forex quotes, subject to the proviso that GCI shall have the right to make corrections to such data in the event of mis-priced or typographically incorrect data.

17. Force Majeure
You agree that GCI will not be liable in any way to you or to any other person in the event of force majeure, or for the act of any Government or legal authority, or for the failure of or damage or destruction to its computer systems, data or records or any part thereof, or for delays, losses, errors or omissions resulting from the failure or mismanagement of any telecommunications or computer equipment or software.

The parties shall be released of all responsibilities for partial, full or non-fulfillment, as well as for improper fulfillment of the obligations under this Agreement, if such non-fulfillment or improper fulfillment was a result of extraordinary events, which occurred after this Agreement was concluded and which the party could not either foresee or prevent (natural calamities, wars, armed conflicts etc.).

18. Technical Problems
You understand that while the Internet and the World Wide Web are generally reliable, technical problems or other conditions may delay or prevent you from accessing the Web site.

GCI shall not be liable, and you agree not to hold or seek to hold GCI or any of its agents or service providers liable, for any technical problems, system failures and malfunctions, communication line failures, equipment or software failures or malfunctions, system access issues, system capacity issues, high Internet traffic demand, security breaches and unauthorized access, and other similar computer problems and defects.

GCI does not represent, warrant or guarantee that you will be able to access or use the Web site at times or locations of your choosing, or that GCI will have adequate capacity for the Web site as a whole or in any geographic location.

GCI does not represent, warrant or guarantee that the Web site will provide uninterrupted and error-free service. GCI does not make any warranties or guarantees with respect to the Web site and its content, including but not limited to, warranties for merchantability or fitness for a particular purpose.

Without limiting the foregoing GCI will not be responsible for an impossibility to execute orders and requirements due to failures in the operation of informational systems caused by technical faults, which are beyond its control.

19. Hyperlinks
GCI may provide a link to other sites that are controlled or offered by third parties. Such link to a site or sites is not an endorsement, authorization, sponsorship or affiliation with respect to such site, its owners or its providers.

GCI cautions you to ensure that you understand the risks involved in using such sites before retrieving, using, relying upon or purchasing anything via the Internet.

Links to these Web sites are provided solely for your convenience, and you agree that under no circumstances will you hold GCI liable for any loss or damage caused by use of or reliance on any content, goods or services available on other sites.

20. Trademarks and Copyrights
All content, trademarks, services marks, trade names, logos and icons are the property of GCI or its affiliates or agents and are protected by copyright laws and international treaties and provisions.

You agree not to delete any copyright notices or other indications of protected intellectual property rights from materials that you print or download from the Web site. You will not obtain any intellectual property rights in, or any right or license to use such materials or the Web site, other than as set out in this Agreement.

Images displayed on the Web site are either the property of GCI or used with permission. You agree not to upload, post, reproduce or distribute any information, software or other material protected by copyright or any other intellectual property right (as well as rights of publicity and privacy) without first obtaining the permission of the owner of such rights and the prior written consent of GCI.

Nothing contained on the Web site shall be construed as granting, by implication, estoppels, or otherwise, any license or right to use any trademark without the written permission of GCI and/or such third party that may own the trademarks. Your use of the trademarks, or any other content of the Web site, except as provided herein, is strictly prohibited.

21. Disclosures
It is important that you be fully aware of the following points:
A Day-Trading position may be extended to the following day, as presented to you on the site. Such extension is subject to a Renewal Fee (Rolling Fee) at the rate and time as specified on the site. GCI via the GCI Trading platform shall collect such Renewal Fee from the free balance in your account held with GCI. In the event there are not sufficient funds in your free balance to cover such fee(s), you herby agree that GCI may charge, at its sole discretion, such fee(s) from your credit card(s). Please note that the minimum charge from a credit card is USD 3.00. Accordingly, any surplus balance, after paying the Renewal Fee(s) will be credited to your balance.

If GCI is unable to collect such fee(s), GCI reserves the right to close part, or all, of your open positions. You shall be liable for promptly paying all Renewal Fees fee(s), even if all margins previously deposited by you have been lost.
The high level of leverage effect possible in conducting foreign currency transactions stems from the fact that it is only necessary to pay relatively modest margins or guarantees in relation to the scope of the contract.

The result of the above is that even a slight fluctuation of the market could mean substantial gains when these fluctuations are in your favor, but that could also mean considerable losses if the fluctuations are to your detriment.
No system exists that could assure you that transactions on the foreign currency market should bring you great benefits, nor is it possible to guarantee, that your transactions will yield favorable results.

Even though the foreign currency markets are fluid (liquid) as compared with other financial and exchange markets, the market conditions might at times render the execution of an order or of a limit order at a stipulated price impossible.
The amount you could lose in a transaction carrying limited risk will never be more appreciable than that which you can lose in transactions having no pre-determined limit on loss.

Nevertheless, even though the extent of the losses could be subjected to an agreed upon limit, the risk of incurring losses could be higher, and that loss could occur in a relatively short period of time. It is possible that some unfavorable situations on the market could occur, in a relatively short period of time, resulting in the TOTAL LOSS of your investment.
Since deposit of an additional guarantee is not obligatory in this case, GCI reserves the right to close the outstanding balances without the customer's consent.

The risk information presented here does not reflect all of the risks as well as other important aspects intrinsic to the FOREX market. Therefore, before starting to trade, you should learn the specifics of trading on FOREX markets in detail.
You should conclude an Agreement for opening and/or closing transactions on the FOREX market only if you are absolutely sure of the size of its possible risk and consequences, and if you understand in detail the scope and range of your rights and obligations.

Products offered on this site: the products offered on this site are solely "Day Trading" and "Limit orders". For additional information regarding these products please refer to our Guided Tour and / or our Glossary.
Phone call recording: GCI records, at its sole discretion, telephone calls made from and to its offices. You hereby agree that telephone calls made, either by you contacting GCI, or when being contacted by GCI, may be recorded by the Company.

22. Privacy
Strictly for privacy reasons, GCI directors, employees and contractors reserve the right to use aliases in their external communications with clients and vendors. Use of an alias does not invalidate the content of documents or communications to which the alias is attached.

23. Deposits and withdrawals
Withdrawal orders: The provision of documentation or any other type of Client authentication as may be required from time to time by Anti Money Laundering (AML) regulations, Credit Card companies and GCI, is a prerequisite, prior to the execution of a withdrawal order.

Credit card deposits may be, according to credit card companies' regulations, returned to same credit card when a withdrawal is performed. Any credit card deposits made within a 6 month period should be withdrawn back to the card up to the deposit amount before refunding to any other method, even if other methods were used for funding. Once all deposits from the credit card payment (s) are fully refunded, you will then be able to withdraw to any other payment method of your choosing.

Credit Card Deposits Variance: When choosing an account base currency other than USD, your credit card may be debited sums which due to exchange rates and credit card companies' fees, may slightly vary from the initial sum that has been deposited by you in the account base currency. You hereby accept that such variations may occur and you hereby affirm that you shall not seek to object or charge this back. Note that when Using USD as account base currency this phenomena will be avoided.

Wire Transfers: When depositing by a Bank Transfer, as required by anti money-laundering regulations, you are required to use only one bank account, which is in your country of residence and in your name. An authentic SWIFT confirmation or Transfer Confirmation, showing the origin of the funds, must be sent to GCI. Failure to submit such SWIFT/Confirmation may result in the return of the deposited amount, hence preventing the deposit of such pending amounts to your GCI account. Any withdrawal of funds, from your GCI account to a bank account, can only be refunded to the same bank account that the funds were originally received from.

Alternative payment methods (e-wallets; money transfer services; internet payment vendors; etc.): when depositing funds using a facility other than Credit Cards and/or Banks, you agree to, and acknowledge being bound by, the regulations and rules of such service, including, but not limited to, fees and other restrictions. GCI, at its sole discretion, may execute withdrawals to a facility other than the facility used for the original deposit, in accordance with Company and Anti money-laundering regulations.

24. Termination
GCI may exercise full discretion in modifying or discontinuing any part or whole of this Agreement at any time without cause or prior notice.

This is a legal contract between GCI Financial LTD. ("GCI") its successors and assigns, and the party (or parties) executing this document.

In connection with opening an account to speculate and/or purchase and/or sell Contracts For Difference (hereinafter referred to as “CFDs”), futures, indices, foreign exchange, and/or shares through the OTC market (hereinafter referred to as “OTC”) with GCI, Customer (hereinafter referred to as Trader) acknowledges that Trader has been advised and understands the following factors concerning trading in leveraged OTC, in addition to those contained in the following Risk Disclosure Statement and the Bankruptcy Statement which have been provided to Trader.

1. OTC is not traded on a regulated exchange. There are no guarantees to the credit worthiness of the counter party of your Currency position. Every attempt has been made to deal with reputable credit worthy banks/clearing houses. Also, there may be certain cases in which trading liquidity decreases causing trading in a certain Currency to cease, thereby preventing the liquidation of an adverse position which may result in a substantial financial loss.

2. Trading in OTC is suitable only for those sophisticated institutions or sophisticated participants financially able to withstand losses which may equal the value of margins or deposits. OTC accounts are not available through GCI to non-sophisticated participants.

3. The market recommendations of GCI are based solely on the judgment of GCI’s personnel. These market recommendations may or may not be consistent with the market position or intentions of GCI, its affiliates, and employees. The market recommendations of GCI are based upon information believed to be reliable, but GCI cannot and does not guarantee the accuracy or completeness thereof or represent that following such recommendations will eliminate the risk inherent in trading currency. Any market recommendations of, or information provided by, GCI do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any OTC transaction.

4. Trader understands that GCI does not permit its Account Executives to either exercise discretion or manage an OTC account, or hold a power of attorney over an OTC account, unless approved by an executive officer of GCI and only after proper documentation has been submitted and approved by GCI. If Trader’s account is not being traded with Trader’s authorization, Trader must notify a GCI Compliance Officer immediately.

5. GCI’s margin policies and/or the policies of those banks/clearing houses through which trades are executed may require that additional funds be provided to properly margin Trader’s account and that Trader is obligated to immediately meet such margin requirements. Failure to meet margin calls may result in the liquidation of any open positions with a resultant loss. GCI also reserves the right to refuse to accept any order.

6. Trader understands that Trader must carefully review the reports relating to Trader’s trading provided to Trader by GCI. Pursuant to the Trader Agreement, all reports of execution will be deemed final within twenty-four (24) hours and all statements of account will be deemed final within one (1) day , unless the Trader makes a written objection to these reports within this 24 hour period of time to an executive officer of GCI , at its principal place of business.

7. The Trader has read and understands the Trader’s obligations and rights under the following Trader Agreement and agrees and acknowledges that the following Trader Agreement will control the Trader’s relationship with GCI. The Trader agrees that Trader is fully responsible for making all final decisions as to transactions effected for Trader’s account. Trader has considered the foregoing factors and in view of Trader’s present and anticipated financial resources, Trader is willing and able to assume the substantial financial risks of OTC trading. Written objections on Trader’s part shall be directed to GCI Financial LTD at its home office located at: Griffith Corporate Centre, Kingstown, Saint Vincent and The Grenadines, and shall be deemed received only if actually delivered or mailed by registered mail, return receipt requested
 

Trader Agreement

In consideration of GCI agreeing to carry one or more accounts of the undersigned ("Trader") and providing services to Trader in connection with the purchase and sale of Contracts For Difference (hereinafter referred to as “CFDs”), futures, indices, foreign exchange, and/or shares through the OTC market (hereinafter referred to as “OTC”) , which may be purchased or sold by or through GCI for Trader’s accounts(s), Trader agrees as follows:

1. AUTHORIZATION TO TRADE. GCI is authorized to purchase and sell OTC for Trader’s account(s) in accordance with Trader’s oral or written or computer instructions.

2. GOVERNMENTAL, COUNTER PARTY INSTITUTION AND INTERBANKING SYSTEM RULES. All transactions under this Agreement shall be subject to the constitution, by-laws, rules, regulations, customs, usage, rulings and interpretations of the counter party institution or other interbank market (and its clearing organization, if any) where executed and to all applicable laws and regulations. If any statute shall hereafter be enacted or any rule or regulation shall hereafter be adopted by any governmental authority, or a contract market or clearing organization which shall be binding upon GCI and shall affect in any manner or be inconsistent with any of the provisions hereof, the affected provisions of this Agreement shall be deemed modified or superseded, as the case may be by the applicable provisions of such statute, rule or regulation, and all other provisions of this Agreement and provisions so modified shall in all respects continue in full force and effect. Trader acknowledges that all transactions under this Agreement are subject to the aforementioned regulatory requirements and Trader shall not thereby be given any independent legal or contractual rights with respect to such requirements.

3. MARGINS AND DEPOSIT REQUIREMENTS. Trader shall provide to and maintain with GCI margin in such amounts and in such forms as GCI, in its sole discretion, may require. Such margin requirements may be greater or less than margins required by a counter party bank. GCI may change margin requirements at any time. Trader agrees to deposit by immediate wire transfer such additional margin when and as required by GCI and will promptly meet all margin calls in such mode of transmission as GCI in its sole discretion designates. GCI may at any time proceed to liquidate Trader’s account and any failure by GCI to enforce its rights hereunder shall not be deemed a waiver by GCI to enforce its rights thereafter. GCI retains the right to limit the amount and/or total number of open positions which Trader may acquire or maintain at GCI, and to increase margin requirements on individual share CFDs in advance of earnings or other news or events, with or without notice, either before such events or retroactively. GCI will attempt to execute all orders which it may, in its sole discretion, choose to accept in accordance with the oral or written or computer instructions of Trader’s. GCI reserves the right to refuse to accept any order. However, GCI shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions beyond the control of GCI including, without limitation, 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.

4. ROLLOVERS AND DELIVERY. With respect to purchases or sales of Currencies through an OTC account, Trader agrees to instruct GCI as to the offset or rollover of a Currency position. Except as provided herein, during the term of the Currency position, Trader shall give GCI instructions for rolling the Currency position no later than two hours prior to the settlement of trading in the Currency contract on the day Trader intends to rollover a Currency position. In addition, Trader, by noon of the business day before the settlement date of the contract of the Currency contract, shall instruct GCI whether to deliver, offset or rollover the Currency position. In the absence of timely instructions from Trader, GCI is authorized, at GCI’s absolute discretion, to deliver, rollover or offset all or any portion of the Currency positions in the OTC account(s) for Trader’s Account(s) and at Trader’s risk. Trader’s account(s) shall be charged commissions, at broker’s rates, upon the rollover or offset of a Currency position. Unless an account is designated for physical delivery, currency transactions entered into with GCI will be cash settled only.

5. COLLATERAL AND LENDING AGREEMENT. All funds, securities, currencies, and other property of Trader which GCI or its affiliates may at any time be carrying for Trader (either individually, jointly with other, or as a guarantor of the account of any other person,) or which may at any time be in its possession or control or carried on its books for any purpose, including safekeeping, are to be held by GCI as security and subject to a general lien and right of set-off for liabilities of Trader to GCI whether or not GCI has made advances in connection with such securities, commodities, currencies or other property, and irrespective of the number of accounts Trader may have with GCI. GCI may in its discretion, at any time and from time to time, without notice to Trader, apply and/or transfer any or all funds or other property of Trader between any of Trader’s accounts. Trader hereby also grants to GCI the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other Traders, to itself as broker or to others, any securities or other property of Trader held by GCI as margin or security. GCI shall at no time be required to deliver to Trader the identical property delivered to or purchased by GCI for any account of Trader. This authorization shall apply to all accounts carried by GCI for Trader and shall remain in full force until all accounts are fully paid for by Trader or notice of revocation is sent by GCI from its home office.

6. LIQUIDATION OF ACCOUNTS AND PAYMENT OF DEFICIT BALANCES. In the event of (a) the death or judicial declaration of incompetence of Trader; (b) the 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 Trader; (c) the filing of an attachment against any of Trader’s accounts carried by GCI, (d) insufficient margin, or GCI’s determination that any collateral deposited to protect one or more accounts of Trader is inadequate, regardless of current market quotations, to secure the account; (e) Trader’s failure to provide GCI any information requested pursuant to this agreement; or (f) any other circumstances or developments that GCI deems appropriate for its protection, and in GCI’s sole discretion, it may take one or more, or any portion of, the following actions: (1) satisfy any obligation Trader may have to GCI, either directly or by way of guaranty of suretyship, out of any of Trader’s funds or property in its custody or control; (2) sell any or purchase any or all Currency contracts, securities held or carried for Trader; and (3) cancel any or all outstanding orders or contracts, or any other commitments made on behalf of Trader. 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 Trader, Trader’s personal representatives, heirs, executors, administrators, trustees, legatees or assigns and regardless of whether the ownership interest shall be solely Trader’s or held jointly with others. In liquidation of Trader’s long or short positions, GCI may, in its sole discretion, offset in the same settlement or it may initiate new long or short positions in order to establish a spread or straddle which in GCI’s sole judgment may be advisable to protect or reduce existing positions in Trader’s account. Any sales or purchases hereunder may be made according to GCI’s judgment and at its discretion with any interbank or other exchange market where such business is then usually transacted or at a public auction or private sale, and GCI may purchase the whole or any part thereof free from any right of redemption. Trader shall at all times be liable for the payment of any deficit balance of Trader upon demand by GCI and in all cases, Trader shall be liable for any deficiency remaining in Trader’s account(s) in the event of the liquidation thereof in whole or in part by GCI or by Trader. In the event the proceeds realized pursuant to this authorization are insufficient for the payment of all liabilities of Trader due to GCI, trader shall promptly pay upon demand, the deficit and all unpaid liabilities, together with interest thereon equal to three (3) percentage points above the then prevailing prime rate at GCI’s principal bank or the maximum interest rate allowed by law, whichever is lower, and all costs of collection, including attorney’s fees, witness fees, travel expenses and the like. In the event GCI incurs expenses other than for the collection of deficits, with respect to any of the account(s) of Trader, Trader agrees to pay such expenses.

7. STATEMENT AND CONFIRMATION. Reports of the confirmation of orders and statements of accounts for Trader shall be deemed correct and shall be conclusive and binding upon Trader if not objected to immediately upon receipt and confirmed in writing within (1) day after transmittal to Trader by mail or otherwise. Margin calls shall be conclusive and binding unless objected to immediately in writing. Written objections on Trader’s part shall be directed to GCI Financial LTD at its home office located at: Griffith Corporate Centre, Kingstown, Saint Vincent and The Grenadines, and shall be deemed received only if actually delivered or mailed by registered mail, return receipt requested. Failure to object shall be deemed ratification of all actions taken by GCI or GCI’s agents prior to Trader’s receipt of said reports. Trader’s failure to receive a trade confirmation shall not relieve Trader of the obligation to object as set out herein.

8. COMMUNICATIONS. Reports, statements, notices and any other communications may be transmitted such address as Trader may from time to time designate in writing to GCI. All communications so sent, whether by mail, telegraph messenger or otherwise, shall be deemed transmitted by GCI when deposited in the mail, or when received by a transmitting agent, and deemed delivered to Trader personally, whether actually received by Trader or not.

9. GCI RESPONSIBILITIES. GCI 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 GCI’s control or anticipation. GCI shall only be liable for its actions directly attributable to negligence, willful default or fraud on the part of GCI. GCI shall not be liable for losses arising from the default of any agent or any other party used by GCI under this agreement. As OTC is not an exchange traded market, prices at which GCI deals at or quotes may or may not be similar to prices at which other OTC market makers deal at or quote.

10. CURRENCY FLUCTUATION RISK. If Trader directs GCI to enter into any currency forex transaction: (a) any profit or loss arising as a result of a fluctuation in the exchange rate affecting such currency will be entirely for Trader’s account and risk; (b) all initial and subsequent deposits for margin purposes shall be made in U.S. dollars, in such amounts as GCI may in its sole discretion require; and (c) GCI is authorized to convert funds in Trader’s account for margin into and from such foreign currency at a rate of exchange determined by GCI in its sole discretion on the basis of the then prevailing money market rates.

11. RISK ACKNOWLEDGMENT.
a.) Trader acknowledges that investment in leveraged and non-leveraged transactions are speculative, involves a high degree of risk, and is appropriate only for persons who can assume risk of loss of their entire margin deposit. Trader understands that because of the low margin normally required in OTC trading, price changes in OTC may result in significant losses. Trader warrants that Trader is willing and able, financially and otherwise, to assume the risk of OTC trading, and in consideration of GCI’s carrying his/her account(s), Trader agrees not to hold GCI responsible for losses incurred through following its trading recommendations or suggestions or those of its employees, agents or representatives. Trader recognizes that guarantees of profit or freedom from loss are impossible of performance in OTC trading. Trader acknowledges that Trader has received no such guarantees from GCI or from any of its representatives or any introducing agent or other entity with whom Trader is conducting his/her GCI account and has not entered into this agreement in consideration of or in reliance upon any such guarantees or similar representations.
b.) The Trader acknowledges that any funds held on the Trader's behalf may be pooled with those funds of other traders at various licensed and regulated counterparties and Liquidity Providers. This means that the Trader's entitlement may not be individually identifiable on the relevant Counterparty or Liquidity Provider's register, and in the event that a counterparty or Liquidity Provider defaults, or runs into financial difficulties for reasons unrelated to GCI, the Trader may share proportionately in that shortfall.
c.) The Trader agrees that the Company may cease to treat as Trader Money any balance held by the Company on the Trader's behalf where the Company has determined that there has been no movement on the balance for a period of six years and the Company is unable to trace the Trader after taking reasonable steps to contact it.

12. TRADING RECOMMENDATIONS. (a) Trader acknowledges that (i) any market recommendations and information communicated to Trader by GCI or by any person within the company, does not constitute an offer to sell or the solicitation of an offer to buy any OTC contract, (ii) such recommendation and information, although based upon information obtained form sources believed by GCI 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) GCI makes no representation, warranty or guarantee as to, and shall not be responsible for, the accuracy or completeness of any information or trading recommendation furnished to Trader. Trader acknowledges that GCI 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 Trader, and that the market position of GCI or any such officer, director, affiliate, associate, stockholder or representative may not be consistent with the recommendations furnished to Trader by GCI. Trader acknowledges that GCI makes no representations concerning the tax implications or treatment of contracts; and, (b) Trader further acknowledges that should Trader grant trading authority or control over Trader’s account to a third party ("Trading Agent"), whether on a discretionary or non-discretionary basis, GCI shall in no way be responsible for reviewing Trader’s choice of such Trading Agent nor making any recommendations with respect thereto. Trader understands that GCI makes no warranties nor representations concerning the Trading Agent, that GCI shall not be responsible for any loss to Trader occasioned by the actions of the Trading Agent and that GCI does not, by implication or otherwise, endorse or approve of the operating methods of the Trading Agent. If Trader gives Trading Agent authority to exercise any of its rights over Trader’s account(s), Trader understands that Trader does so at Trader’s own risk.

13. TRADER REPRESENTATIONS AND WARRANTIES. Trader represents and warrants that: (a) Trader is of sound mind, legal age and legal competence; and, (b) No person other than Trader has or will have an interest in Trader’s account(s); and, (c) Trader hereby warrants that regardless of any subsequent determination to the contrary, Trader is suitable to trade OTC and is a sophisticated institution and/or institutional participant; and, (d) Trader 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, and in the event that Trader becomes so employed, Trader will promptly notify GCI at its home office in writing of such employment; and, (e) All the information provided in the information portion of this booklet is true, correct and complete as of the date hereof and Trader will notify GCI promptly of any changes in such information.

14. DISCLOSURE OF FINANCIAL INFORMATION. The Trader represents and warrants that the financial information disclosed to GCI in this document is an accurate representation of the Trader’s current financial condition. The Trader represents and warrants that the Trader has very carefully considered the portion of the Trader’s assets which the Trader considers to be Risk Capital. The Trader recognizes that Risk Capital is the amount of money the Trader is willing to put at risk and if lost would not, in any way, change the Trader’s lifestyle. The Trader agrees to immediately inform GCI if the Trader’s financial condition changes in such a way to reduce the Trader’s Net Worth, Liquid Assets and/or Risk Capital.

15. NO GUARANTEES. Trader acknowledges that Trader has no separate agreement with Trader’s broker or any GCI employee or agent regarding the trading in Trader’s GCI account, including any agreement to guarantee profits or limit losses in Trader’s account. Trader understands that Trader must authorize every transaction prior to its execution unless Trader has delegated discretion to another party by signing GCI’s limited trading authorization, and any disputed transactions must be brought to the attention of GCI’s Compliance Officer pursuant to the notice requirements of this Trader Agreement. Trader agrees to indemnify and hold GCI harmless form all damages or liability resulting form Trader’s failure to immediately notify GCI’s Compliance Officer of any of the occurrences referred to herein. All notices required under this section shall be sent to GCI at its home office.

16. JOINT ACCOUNTS. All transactions correspond to the "Trader Account Letter" and "Trader Agreement". Each tenant has authority: a) To trade for the account with restraint to the agreements of the account, b) To receive all correspondence and documents in respect to the account, c) To receive or withdraw money from the account, d) To execute agreements relating to the account, and e) To deal with GCI fully. GCI has the authority to require joint action by the parties of the account in matters of the account. GCI has possession over the security of the account individually or jointly. If a death occurs to one or more of the tenants, GCI shall be notified in writing and shown proof of a death certificate. All expenses due at the date of notification shall be charged to the account. Unless Joint Account Allocation Addendum is completed, then each tenant is presumed to have equal share.

17. NO WAIVER OR AMENDMENT. No provision of this Agreement may be waived or amended unless the waiver or amendment is in writing and signed by both Trader and an authorized officer of GCI. No waiver or amendment of this Agreement may be implied from any course of dealing between the parties or from any failure by GCI or its agents to assert its rights under this Agreement on any occasion or series of occasions. No oral agreements or instructions to the contrary shall be recognized or enforceable. This instrument and the attachments hereto embody the entire agreement of the parties, superseding any and all prior written and oral agreements and there are no other terms, conditions or obligations other than those contained herein.

18. GOVERNING LAW AND JURISDICTION. This Agreement, the rights and obligations of the parties hereto, and any judicial or administrative action or proceeding arising directly or indirectly hereunder or in connection with the transactions contemplated hereby, whether brought by Trader or GCI, shall be governed by, construed and enforced in all respects by the laws of Saint Vincent and The Grenadines.

19. BINDING EFFECT. This Agreement shall be continuous and shall cover, individually and collectively, all accounts of Trader at any time opened or reopened with GCI irrespective of any change or changes at any time in the personnel of GCI or its successors, assigns, or affiliates. This Agreement including all authorizations, shall inure to the benefit of GCI and its successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon Trader and/or the estate, executor, trustees, administrators, legal representatives, successors and assigns of Trader. Trader hereby ratifies all transactions with GCI effected prior to the date of this Agreement, and agrees that the rights and obligations of Trader in respect thereto shall be governed by the terms of this Agreement.

20. TERMINATION. This Agreement shall continue in effect until termination, and may be terminated by Trader at any time when Trader has no open Currency position(s) and no liabilities held by or owed to GCI upon the actual receipt by GCI at its home office of written notice of termination, or at any time whatsoever by GCI upon the transmittal of written notice of termination to Trader; provided, that such termination shall not affect any transactions previously entered into and shall not relieve either party of any obligations set out in this agreement nor shall it relieve Trader of any obligations arising out of any deficit balance.

21. INDEMNIFICATION. Trader agrees to indemnify and hold GCI, 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 GCI arising out of Trader’s failure to fully and timely perform Trader’s agreements herein or should any of the representations and warranties fail to be true and correct. Trader also agrees to pay promptly to GCI all damages, costs and expenses, including attorney’s fees, incurred by GCI in the enforcement of any of the provisions of this Agreement and any other agreements between GCI and Trader.

22. TERMS AND HEADINGS. The term "GCI" shall be deemed to include GCI Financial, its divisions, its successors and assigns; the term "Trader" shall mean the party (or parties) executing the Agreement; and the term "Agreement" shall include all other agreements and authorizations executed by Trader in connection with the maintenance of Trader’s account with GCI 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.

23. RECORDINGS. Trader agrees and acknowledges that all conversations regarding Trader’s account(s) between Trader and GCI personnel may be electronically recorded with or without the use of an automatic tone warning device. Trader 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 Trader or GCI. Trader understands that GCI destroys such recordings at regular intervals in accordance with GCI’s established business procedures and Trader hereby consents to such destruction.

24. ROLLOVER/PREMIUM. Rollover on open positions held past 5PM EST may be paid or received on a daily basis, depending on account structure, instrument type, and position direction. Rollover on the live account is not necessarily identical to Rollover on the demo account.

25. BONUS TRADING MARGIN. Any amounts credited to Trader's account described as "Bonus Margin", "Bonus Trading Margin" or "Credit" are non-withdrawable and are intended to increase the amount of funds Trader has available as usable or free margin. GCI shall remove any or all amounts of Bonus Margin which may remain after real funds/equity has been depleted. Bonus Margin does not protect clients' own equity from receiving a Margin Call(s). Margin Call(s) may get triggered as soon as Bonus Margin starts to get depleted. Also note that the MetaTrader terminal does not distinguish between your funds and the bonus; therefore, please be aware that a margin call alert may not happen to warn you of an impending stop out.

26. INTEREST EARNED ON DEPOSITS. Trader shall receive interest on Trader's account balance at a rate of 4% per annum paid on a monthly basis. Trader shall trade a minimum of sixty (60) mini round turn lots annually to qualify for a withdrawal of the said accrued interest, either in part or in whole. If Trader does not meet the minimum stipulated trading threshold of sixty (60) mini round turn lots annually, Trader shall not be allowed to withdraw any interest accrued on Trader's account balance, at which time any or all interest earned on deposit can and shall be deducted from Trader's account prior to a withdrawal submission. GCI reserves the right to determine the amount of accrued interest for which Trader is eligible.

27. Islamic Accounts. In the event that Customer, due to its observance of Islamic religious beliefs cannot receive or pay interest, Customer may elect to designate its trading account to be an Islamic Account, which is not charged with, or entitled to, overnight interest and/or rollovers. If Customer designates its account as an Islamic account, Customer may not keep transactions in such account open for more than 15 calendar days and may not otherwise abuse such benefit. GCI Financial Ltd reserves the right to cancel the aforesaid benefit at any time and take any action necessary in GCI Financial Ltd.’s absolute discretion due to abuse of this benefit. Such actions may include, without limitation, the designation of the Islamic Account as a regular account and retroactively effecting required adjustments (e.g., setting off amounts from the account equal to amounts paid by GCI Financial Ltd as interest), cancellation of transactions, and adjustment of account balances.

Off Exchange Transaction Disclosure

The acceptance of this Agreement gives acknowledgment that Trader has read, understands, and gives authorization to the following disclosure to trade currencies through the OTC foreign exchange market ("OTCFX"):

GCI may from time to time execute transactions as Trader’s agent on OTCFX market to trade currencies, pursuant to an agreement between the interbank agent and GCI, and that a trade executed between one bank executes a trade onset by another banking agent.

Trader understands that Trader may be giving up the right to have arbitration through the above paragraph on foreign exchanges.

• All customer accounts will have their margin requirements established by the dealing desk at GCI.

• GCI establishes all rules and provisions for customer accounts, including but not limited to minimum account size, investment time period, commissions and incentive fees, or any other financial arrangements.

• It is the customer’s responsibility to find out all necessary information about GCI and make sure that all arrangements are discussed and clearly understood prior to any trading activity.

• All customers should be aware that guaranteeing any return is illegal. In addition, GCI is not responsible for any claims or assurances made by GCI, its employees and/or associates.

Trader acknowledges having received, read and understood the foregoing Trader Account Letter and Trader Agreement. The undersigned agrees to be bound by all of the terms and conditions hereof.