Terms and Conditions

Interpretation

"Client" means the individual or company who places an order having read and understood, agreed and signed the trading agreement in accordance with these terms and conditions. "PFX" means Premier FX Ltd whose registered office is 11th Floor, City Tower, 40 Basinghall Street, London, EC2V 5DE, United Kingdom and Portugal Office, Rua Sacadura Cabral, Edificio Golfe 1A, Almancil 8135-144, Portugal.

"Order" means the client's oral or written request for PFX to perform the service on the client's behalf. All orders are subject to these terms and conditions.

"Spot Contract" means an order placed with PFX by the client under which currency is bought or sold for delivery immediately against receipt of payment.

"Deposit" means the payment made by the client in advance with PFX in order to fix a rate of exchange on a forward deal.

"Margin Call" means a request by PFX for a client to restore the deposit in line with the original agreed deposit percentage against the total settlement amount in the contract note issued at the time of the trade.

"Authorised Person" means the client or a person or persons identified by the clients as having proper authority to issue instructions on their behalf.



1. Introduction

1.1. The law requires that we identify our clients and know the nature of their business. This means we have to obtain proof of identity in the forms stated. We reserve the right to confirm personal details from the electoral roll or from Companies House. We must also be aware of the reason for you exchanging currency.

1.2. PFX buy and sell currency for commercial reasons only. We cannot trade with any client who wishes to trade in a speculative manner or only trades to make profit from currency movement. Clients must have a genuine reason for requiring an exchange of currency.

1.3. The client may place an order orally or in writing. Each order is subject to these terms and conditions. PFX will not be obliged to accept an order and cannot be held responsible if the client suffers a loss or damage as a result of PFX acceptance or refusal to accept an order.

1.4. The client warrants that by placing an order it has relied on its own judgement, as PFX cannot give advice. PFX can only give information on the currency markets and related matters.

1.5. In placing an order the Client warrants that they are acting as principal only and not as an agent for any third party whose identity has not been disclosed to PFX. The client must take physical delivery of the currency on or before the value date of the purchased currency after PFX have received payment of the sale currency in full as cleared funds.

1.6. When signing this agreement or entering into any contract the client warrants they are acting on their own behalf, for genuine reasons and the currency they wish to sell is legally theirs and has not been obatined by illegal means. The client also warrants that they will not withhold any material information from us and that all required information supplied to us is accurate.


2. Services

2.1. Written instructions may be given by fax, post or e-mail but it is agreed that this will be at the client's risk. We shall be under no duty to challenge or make any enquiries concerning any instructions sent by fax, post or e-mail that we believe to be in good faith to be genuine client instructions that has originated from and represents the client's wishes.

2.2. Once the client has signed the trading agreement and we have verified your identity and the legitimacy of your reason to purchase currency, you will be able to enter into a contract with PFX. Instructions will normally be taken verbally over the telephone, although we may act in accordance to written orders by fax, post or e-mail.

2.3. When you have been quoted an exchange rate that is acceptable to you and you have confirmed you wish to trade, a contract will exist between you and PFX to buy or sell the relevant currencies. All contracts require settlement by the client.

2.4. Once an order has been given by or on behalf of the client either orally or in writing, it cannot be recinded, withdrawn or amended without the consent of PFX. PFX reserve the right to record telephone conversations and use these conversations as evidence in relation to any disputes as well as for quality control and training purposes.

2.5. PFX will endeavor to send the client a contract note, this being evidence of the contract you have entered into. The contract note will contain a section for you to complete your onward payment instructions. The contract note must be completed and signed and returned to PFX in order for us to process your payment to the designated account. The client should contact PFX as soon as possible if they have not received the contract note.

2.6. Once the trade has been agreed either verbally, or in a written instruction, the client agrees to pay into PFX’s client account, in cleared funds, the full amount of the sold currency. This must be paid no later than the agreed maturity date.

3. Forward Contracts and Margin Calls

3.1. Forward Contracts allow you to buy or sell currency at a fixed exchange rate for delivery on a specific date in the future.

3.2 Once an acceptable rate has been agreed and you have confirmed you wish to enter into the forward contract the client agrees to pay a 10% deposit of the full amount of currency to the PFX client account and will pay any outstanding balance of the sale currency into the nominated client account not later than the agreed maturity date of the contract.

3.3. The margin will be held in the designated client account. The client remains the beneficial owner of the funds until such a time that we incur any losses or liabilities in connection with or arising from the contract. Then we will be entitled to set off a proportion of the deposit equal to our costs, losses or liabilities.

3.4. We may also offset any deposits or other monies we are holding in respect of any one of your contracts, against costs, losses or liabilities that we incur in connection with or arising out of any other contract you have with us.

3.5. When a cost, loss or liability is incurred, on any of the clients contracts, it will be agreed that the client will pay us additional money to restore the deposit to 10% of the value of the total settlement amount set out in the contract note.

3.6. The client will not be entitled to any interest on the deposit or any other sums we hold on your behalf on any contract.

4. Disputes and Terminations

4.1. PFX has the right to terminate any contract with you immediately if you are in breach of any contract with us, including a breach of these terms and conditions. If the breach is not capable of being rectified, and after receiving notice, and after a reasonable amount of time the breach is not rectified or we feel that you will be unable to fulfill your obligations and for us to continue with the contract or would expose us to any liability for which we are not protected. The client will be liable for any losses that we incur.

4.2. We may also terminate the contract if we are required to do so by any law enforcement agency or regulatory body. In this case we may retain all or part of any monies if we are required to do so by law and then deal with it as ordered by a court of law.

4.3. PFX cannot accept any responsibility for delays in onward payments due to the differing cut off times of banks and other financial institutions that may cause the late delivery of funds.

4.5. PFX will not be liable to the client for any claim which arises as a result of currency fluctuations between the order confirmation and the value/delivery date.

5. Payment

5.1. The Client shall make payment in cleared funds to the value of the currency to be sold by the client into a client account held with Barclays Bank in the name of PFX and designated as a client account in order to secure payment.

5.2. Cash payments are not accepted by PFX. We can only accept payment via CHAPS or a BACS transfer.

5.3. All purchased currency with be sent via electronic transfer to the destination account specified once PFX is in receipt of satisfactory onward payment instructions.

5.4. PFX will not be obliged to fulfill it’s obligations under the terms of the contract if not in possession of cleared funds from the client, either in the nominated account or by any agreed third party.

6. General

6.1 These terms and conditions constitute the complete agreement and understanding of PFX, our services and the client, and supersede all oral communications and prior writing relating to it.

6.2 These terms and conditions and any relationship between PFX and the client are governed by English Law.

7. Data Protection

7.1 Any personal data supplied to PFX is protected by the Data Protection Act and shall allow us to use such data for the purpose of performing the service, assessing the risk of performing the service and for the purposes set out in clause 1.1. PFX may also use the information for promotional purposes unless you advise us in writing that you do not wish to receive any information in relation to other products and services.