Terms & Conditions
1.1 AUTHORIZATION TO TRADE.
- The Customer’s application to open an account with Hive Markets Ltd binds him to the Terms and Conditions of this Agreement and automatically acknowledges and accepts the below Terms and Conditions.
- Hive Markets Ltd has the right to maintain one or more accounts in the Customer’s name. It also has the right to engage in transactions for the Customer’s account in accordance with oral, written, or electronic instructions by the Customer and its officers, partners, principals, employees, or other agents (“Representatives”).
- The risk of all unauthorized instructions administered by his/her Representatives will be borne by the Customer. The Customer will indemnify and hold Hive Markets Ltd harmless from all claims, liabilities, losses, damages, fees, costs, and expenses relating to or arising from Hive Markets Ltd’s reliance on such instructions, including any improper, unauthorized, or fraudulent instructions by the Representatives, except in cases of gross negligence or willful misconduct by Hive Markets Ltd.
- Unless expressly stated otherwise in writing, all transactions between Hive Markets Ltd and the Customer shall be governed by the terms of this Agreement, as amended from time to time (including, without limitation, Hive Markets Ltd Risk Disclosures and Trading Policies and Procedures)
2.1 ACCOUNT APPROVALS AND MAINTENANCE.
- Hive Markets Ltd has every right to reject the Customer’s application or close the Customer’s account for any reason, at Hive Markets Ltd’s sole and absolute discretion. Customers will need to provide Hive Markets Ltd with additional information or documentation. This is done so that Hive Markets Ltd can continue carrying the Customer’s account.
- Hive Markets Ltd may, at any time in its sole and absolute discretion, restrict trading, disbursements, or transfers administered by the Customer. Hive Markets Ltd may amend, change, revise, add, or modify the Agreement at any time. The latest Agreement will be posted to Hive Markets Ltd website: https://hivemarkets.io/. This Agreement cannot be modified by any verbal statements or written amendments that the Customer seeks to make to the Agreement without written acceptance from the General Counsel of Hive Markets Ltd.
- Restricted Territory: Hive Markets Ltd reserves the right to restrict access in the future to all or some parts of the Website and/or Services in respect of certain jurisdictions. The Customer fully understands and agrees that Hive Markets Ltd is not liable if the country of the Customer’s location or residence becomes restricted or blocked. Restricted Territories include, but are not limited to, individuals residing in:
Afghanistan, Botswana, Burma(Myanmar), Democratic Republic of Congo(DPRK), Crimea, Cuba, Ethiopia, Iran, Iraq, Japan, Libya, North Korea, Pakistan, Republic of the Congo, Russian Federation, Somalia, Sudan, Syria, Trinidad and Tobago, Tunisia, Yemen, Zimbabwe, Spain.
The Customer hereby acknowledges and agrees that accounts are segregated in Hive Markets Ltd’s books and records only. The Customer also acknowledges that the Customer’s funds are not FDIC-insured and are deposited with a liquidity provider, which is selected by Hive Markets Ltd at its sole discretion.
2.2 JOINT ACCOUNT OWNERS.
- If this account is held by more than one (1) person, all the joint holders hereby agree that they are all fully liable for the obligations assumed in this Agreement.
- If this account is held in trust, joint ownership, or partnership, the undersigned hereby agrees to indemnify, defend, and hold Hive Markets Ltd harmless for any losses resulting from a breach of any fiduciary duty of the undersigned to the other holders and beneficiaries of this account.
- Furthermore, any one or more of the joint owners shall have full authority for the account and at risk of the account owners, to buy, sell, and trade in transactions of off-exchange products, to deposit with and withdraw from Hive Markets Ltd, currencies, securities, negotiable instruments, and other property, including withdrawals to or for the individual use or account of the party directing the sale or of any other party. Moreover, all joint owners have the authority and are liable for all actions including receiving and acquiescing in the correctness of notices, confirmations, requests, demands, and all other forms of communications, and to settle, compromise, adjust, and give releases with respect to any and all claims, demands, disputes, and controversies.
- Upon death or legal incapacity of any of the undersigned, Hive Markets Ltd is authorized to take such action with regard to the account, as the Company may deem advisable to protect itself against any liability, penalty, or loss.
- The Customer agrees to notify Hive Markets Ltd immediately upon the death or legal incapacity of any joint owner. It is possible that Hive Markets Ltd terminates this agreement by written notice to any one of the joint owners.
2.3 MARGINS AND DEPOSIT REQUIREMENTS.
- The Customer shall provide and maintain margin in such amounts and in such forms as Hive Markets Ltd, at its sole discretion, may require.
- Hive Markets Ltd may oblige the Customer to deposit by immediate wire transfer such additional margin when and as required by the Company and will immediately meet all margin calls in such mode of transmission as Hive Markets Ltd shall, at its sole discretion, designate.
- Possibly, Hive Markets Ltd might change margin requirements at any time without prior notice. Hive Markets Ltd may limit the amount and/or total number of open positions that the Customer may acquire or maintain at Hive Markets Ltd, at its full discretion. Hive Markets Ltd reserves the right to close any customer positions at any time that it deems necessary. Hive Markets Ltd shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions, or omissions including but not limited to 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.
- For example, in volatile market conditions, a margin call may be delayed resulting in the possibility of a negative usable margin; a margin call may occur even if positions are hedged, in the jurisdictions where hedging is permitted by law, due to rate volatility or daily interest charges or credits.
- At its sole discretion and without notice to the Customer, Hive Markets Ltd may offset the Customer’s open positions, rollover the Customer’s open positions into the next settlement time period, or make or receive delivery on behalf of the Customer upon any terms and by any methods deemed reasonable by Hive Markets Ltd, at its sole discretion.
- At Hive Markets Ltd’s sole discretion, terms and/or methods for delivering, offsetting, or rolling over the Customer’s open positions may differ on a customer-by-customer basis.
- The Customer acknowledges and agrees that any positions held in the Customer’s account at 5 PM EST may be rolled over to the next settlement date and the account may be debited or credited for the interest differential for the rollover period.
2.5 SETTLEMENT DATE OFFSET INSTRUCTIONS.
- The Customer acknowledges and agrees that offset instructions on positions open prior to settlement arriving at the settlement date must be given to Hive Markets Ltd at least one to three business days prior to the settlement or value day. Alternatively, enough funds to take delivery or the necessary delivery documents must be in the possession of Hive Markets Ltd within the same period described above.
- If neither instructions, funds nor documents are received, Hive Markets Ltd may without notice, either offset the Customer’s position or roll the Customer’s positions into the next settlement time or make or receive delivery on behalf of the Customer upon such terms and by such methods deemed reasonable by Hive Markets Ltd at its sole discretion.
2.6 LIQUIDATION OF ACCOUNTS.
In the event of:
- death or judicial declaration of incompetence of the Customer or, in the case of a legal entity, its dissolution or liquidation.
- 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 the Customer.
- filing of an attachment against any of the Customer’s accounts carried by Hive Markets Ltd.
- insufficient margin or determination by Hive Markets Ltd that any collateral deposited to protect one or more of the Customer’s accounts is inadequate, regardless of current market quotations, to secure the account.
- the Customer’s failure to provide Hive Markets Ltd with any information requested pursuant to this Agreement; or
- any other circumstances or developments that Hive Markets Ltd deems appropriate for its protection. At Hive Markets Ltd’s sole discretion, it may take one or more, or any portion of, the following actions:
- sell any or purchase any or all contracts, securities, or other property held or carried for the Customer; and
- cancel any or all outstanding orders or contracts, or any other commitments made with Customer. Any of the above actions may be taken without the demand for margin or additional margin, without prior notice of sale or purchase or other notice to Customer, the Customer’s personal or appointed representatives, heirs, executors, administrators, trustees, legatees or assigns, and regardless of whether the ownership interest shall be solely the Customer’s or held jointly with others.
2.7 MANAGED ACCOUNTS.
- With regard to managed Accounts, a money manager (“Money Manager”) is a person or entity authorized to make decisions with respect to an account on behalf of the account’s beneficial owners, including a trustee, custodian, conservator, guardian, executor, administrator, an attorney in fact, or investment advisor or another person to whom the Customer has granted trading authority over an Account.
- The Customer understands and agrees that Hive Markets Ltd may, but is not required to, review any action or inaction by a Money Manager with respect to an account and is not responsible for determining whether a Money Manager’s action or inaction satisfies the standard of care applicable to such Money Manager’s handling of the account.
- The Customer further understands and agrees that Hive Markets Ltd is not responsible for determining the validity of a person’s or entity’s status or capacity to serve as a Money Manager.
- Customer agrees to hold Hive Markets Ltd and its officers, directors, employees, agents, and affiliates harmless from any liability, claim, or expense, including attorneys’ fees and disbursements, as incurred, for the actions or non-actions of Customer’s Money Manager.
3 . CUSTOMER REPRESENTATIONS
3.1 GENERAL REPRESENTATIONS AND WARRANTIES.
The Customer represents and warrants that:
- The Customer is of sound mind, legal age, and legal competence.
- The Customer (if not a natural person) is duly organized and validly exists under the applicable laws of the jurisdiction of its organization.
- The execution and delivery of this Agreement and all transactions contemplated hereunder have been duly authorized by the Customer and will not violate any statute, rule, regulation, ordinance, charter, by-law, or policy applicable to the Customer.
- Each person executing and delivering this Agreement has been duly authorized by the Customer to do so.
- No person other than the Customer has or will have an interest in the Customer’s account.
- Regardless of any subsequent determination to the contrary, the Customer is suitable to trade over-the-counter products.
- The Customer is not now an employee of any exchange, any corporation in which any exchange owns most of the capital stock, any member of any exchange and/or firm registered on any exchange, or any bank, trust, or insurance company that trades the same instruments as those offered by Hive Markets Ltd , and in the event that the Customer becomes so employed, the Customer will promptly notify Hive Markets Ltd via email of such employment.
- The Customer has read and understands the Risk Disclosure Statement, Arbitration Agreement, and Trading Policies contained in this Agreement.
- The Customer has conducted simulated trading using the demo trading platform for a period that has allowed the Customer to develop a full understanding of the trading platform.
- All information provided by the Customer to Hive Markets Ltd, including information regarding the Customer’s trading experience and investment sophistication, is true, correct, and complete. The Customer binds himself to notify Hive Markets Ltd promptly of any changes in such information.
- Customers cannot engage in transactions for purposes of arbitrage or exploitation of temporary inaccuracies or technical discrepancies.
3.2 DISCLOSURE OF FINANCIAL INFORMATION.
The financial information disclosed to Hive Markets Ltd in the application is warranted by the Customer to be an accurate representation of the Customer’s current financial condition.
1. The Customer represents and warrants that in determining the Customer’s Net Worth, Gross Income, Total Assets, and Liabilities were correctly calculated.
2. The Customer represents and warrants that in determining the value of Total Assets, the Customer included cash and/or cash equivalents, U.S. Government and Marketable securities, real estate owned (excluding primary residence), the cash value of life insurance, and other valuable assets.
3. In determining the value of liabilities, the Customer represents and warrants that notes payable to banks (secured and unsecured), notes payable to relatives, real estate mortgages payable (excluding primary residence), and other debts were included.
4. The Customer represents and warrants that the Customer has very carefully considered the portion of Customer’s total assets that Customer considers to be risk capital. The Customer also recognizes that risk capital is the amount of money the Customer is willing to put at risk. If lost, the Customer acknowledges that this in no way would change the Customer’s lifestyle.
5. The Customer agrees to immediately inform Hive Markets Ltd if the Customer’s financial condition changes in such a way as to reduce the Customer’s net worth and/or risk capital.
• The Customer authorizes Hive Markets Ltd and/or any agents acting on behalf of the Company to investigate Customer’s credit standing and in connection therewith to contact such banks, financial institutions, and credit agencies as Hive Markets Ltd shall deem appropriate to verify information regarding the Customer.
• Hive Markets Ltd is also authorized by the Customer to investigate the Customer’s current and past investment activity, and in connection therewith, to contact such futures commission merchants, exchanges, broker/dealers, banks, compliance data centers, and any other financial and investment institution as Hive Markets Ltd shall deem appropriate.
• Upon reasonable request made in writing by the Customer to Hive Markets Ltd , the Customer shall be allowed to review any records maintained by Hive Markets Ltd relating to the Customer’s credit standing.
• At the Customer’s sole cost and expense, the Customer is also allowed to copy such records. The Customer acknowledges that the Customer’s credit score may be impacted when Hive Markets Ltd accesses the Customer’s credit file.
• The Customer also acknowledges that Hive Markets Ltd may provide information (e.g. negative Account information of unsecured debts) regarding the Customer’s performance under this Agreement to these agencies.
4 . ORDER MANAGEMENT
4.1 CANCELLATION AND MODIFICATION REQUESTS.
• The Customer acknowledges that it may not be possible to cancel or modify an order.
• The Customer understands and agrees that, if an order cannot be canceled or modified, the Customer is bound by any execution of the original order.
• Should Hive Markets Ltd be unable to cancel or modify an order, Hive Markets Ltd is not liable in any way.
• The Customer further acknowledges that attempts to modify or cancel and replace an order can result in the execution of the order or the execution of duplicate orders. The Customer also acknowledges that Hive Markets Ltd ’s systems do not prevent the execution of orders or duplicate orders from occurring and that the Customer shall be responsible for all such executions.
• The Customer agrees not to assume that any order has been executed or canceled until the Customer has received confirmation from Hive Markets Ltd with regards to order execution. The Customer is responsible for knowing the status of the Customer’s pending orders before entering additional orders.
• The Customer agrees to contact Hive Markets Ltd in the event that the Customer is unclear on the status of an order.
• The Customer agrees to regularly review the Customer’s online account statement to confirm the status of the Customer’s orders.
4.2 STATEMENTS AND CONFIRMATION.
• Reports of the confirmation of orders and statements of accounts for Customer shall be deemed correct and shall be conclusive and binding upon the Customer if not objected to immediately upon receipt and confirmed in writing within one (1) business day after the execution of the Customer’s order.
• Hive Markets Ltd will provide the Customer with access to view the Customer’s account at any time with an online login via the Internet. Hive Markets Ltd will not provide trade confirmation via postal mail.
• Written objections on the Customer’s part shall be directed to Hive Markets Ltd at its address located at Hive Markets Ltd, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH 96960. Written objection shall be deemed received only if sent via email or delivered or mailed by registered mail. The return receipt must be requested.
• Failure to object shall be deemed ratification of all actions taken by Hive Markets Ltd or its agents prior to the Customer’s receipt of said reports.
• The Customer’s failure to receive a trade confirmation shall not relieve the Customer of the obligation to object as set out herein.
• The Customer shall pay such charges (including, without limitation, mark-ups and markdowns, statement charges, idle Account charges, order cancellation charges, account transfer charges, introducing broker and money manager fees, or other charges) arising out of Hive Markets Ltd providing services hereunder. Hive Markets Ltd reserves the right to change its charges without notice.
• All such charges shall be paid by Customer as they are incurred, or as Hive Markets Ltd in its sole and absolute discretion may determine. The Customer hereby authorizes Hive Markets Ltd to withdraw the amount of any such charges from the Customer’s account(s).
4.4 DEPOSITS AND WITHDRAWALS.
• Hive Markets Ltd shall neither receive nor disburse the Customer’s funds in cash currency or cash equivalents.
• All transactions between Customer and Hive Markets Ltd shall be performed by wire, Automatic Clearing House (“ACH”) or any other method whereby identities of both the sending and receiving parties can be verified by Hive Markets Ltd and which Hive Markets Ltd , in its sole discretion, shall deem appropriate.
• Hive Markets Ltd acknowledges and promises to perform deposit/withdrawal transactions which are only between the Customer’s Hive Markets Ltd account and another account which is held in the Customer’s name or of which the Customer clearly demonstrates ownership to Hive Markets Ltd .
• Hive Markets Ltd may limit the Customer’s withdrawal options in order to prevent money laundering, fraud, and other unauthorized activity.
• Hive Markets Ltd ’s customers can withdraw their funds and benefits whenever they need to. To request a partial or complete withdrawal of funds from your account, the Customer must click on “Withdrawal request” in the Hive Markets Ltd portal.
• The Customer must consider that Hive Markets Ltd takes 2-5 business days to process withdrawal requests. Corresponding withdrawals will take up to 2-3 business days to reach your credit card or bank account.
• The Customer can contact Hive Markets Ltd Customer support team if the Customer has any questions. Withdrawals must be performed only through the same bank account or credit/debit card that is used to deposit the funds. This is according to generally acceptable AML rules and regulations.
• Furthermore, when it comes to withdrawals, the Customer may be required to present additional information and documents.
4.5 HIVE MARKETS LTD ’s RESPONSIBILITIES.
• Hive Markets Ltd is and will not be liable 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 Hive Markets Ltd ’s control or anticipation.
• Hive Markets Ltd shall not be liable for losses arising from the default of any agent or any other party used by Hive Markets Ltd under this agreement.
4.6 CURRENCY FLUCTUATION RISK.
• If the Customer directs to enter into any transaction: (a) any profit or loss arising as a result of a fluctuation in the rates affecting such a transaction will be entirely for the Customer’s account and risk; (b) all initial and subsequent deposits for margin purposes shall be made in USD, or another currency which Hive Markets Ltd may choose to accept, in such amounts as Hive Markets Ltd may at its sole discretion require, with subsequent deposits being in the same currency as the initial deposit; and (c) Hive Markets Ltd is authorized to convert funds in the Customer’s account for margin into and from such foreign currency at a rate of exchange determined by Hive Markets Ltd at its sole discretion on the basis of then-prevailing money market rates.
4.7 CROSS-TRADE CONSENT.
• The Customer hereby acknowledges and agrees that Hive Markets Ltd may act as the counterparty to the Customer for any trade entered for the undersigned’s account.
• The undersigned hereby consents to any such transaction, subject to the limitations and conditions, if any, contained in the rules or regulations of any bank, institution, exchange or board of trade upon which such buy or sell orders are executed, and subject to the limitations and conditions, if any, contained in any applicable regulations of any globally recognized regulatory agency.
5 . COMMUNICATIONS
5.1 GENERAL COMMUNICATIONS.
Reports, statements, notices, and any other communications shall be transmitted to the Customer electronically by posting to the Customer’s online account or via email to the email address provided in the Customer’s application or to such other email address as the Customer may from time to time designate to Hive Markets Ltd .
5.2 EMAIL AND ELECTRONIC COMMUNICATIONS.
• All emails sent to and from Hive Markets Ltd are subject to monitoring, review, or disclosure to someone other than the Customer or Customer’s intended recipient. The Customer acknowledges that there may be delays in the email being received by the Customer’s intended recipient.
• The Customer agrees to hold harmless for any delay in email delivery regardless of whether the delay was caused by Hive Markets Ltd or a third party. Email sent to and from a Hive Markets Ltd address may be retained by Hive Markets Ltd corporate email system.
• The customer agrees not to use email to transmit orders to purchase or sell over-the-counter products. The customer also agrees that Hive Markets Ltd is not liable for any actions taken or any omissions to act as a result of any email message the Customer sends to Hive Markets Ltd .
• Electronic communications with Hive Markets Ltd via our Website, wireless device, or touchtone service are also subject to monitoring, review and may also be disclosed to someone other than the recipient. Such communications may be retained by Hive Markets Ltd .
6. THIRD PARTIES
6.1 NO SEPARATE AGREEMENTS.
• The Customer acknowledges that the Customer must have no separate agreement with the Customer’s broker or any Hive Markets Ltd employee or agent regarding the trading in the Customer’s account, including any agreement to guarantee profits or limit losses in the Customer’s account. The Customer is under obligation to notify Hive Markets Ltd Compliance Department immediately in writing as to any agreement of this type.
• The Customer understands that any representations made by anyone concerning the Customer’s account that differs from any statements the Customer receives from Hive Markets Ltd must be brought to the attention of Hive Markets Ltd ’s Compliance Department immediately in writing.
• The Customer understands that the Customer must authorize every transaction prior to its execution unless the Customer has delegated discretion to another party by signing Hive Markets Ltd ’s limited power of attorney (“LPOA”).
• The Customer agrees to bring any disputed transactions to the attention of Hive Markets Ltd ’s Compliance Department pursuant to the notice requirements of this Agreement.
• The Customer agrees to indemnify and hold Hive Markets Ltd harmless from all damages or liability resulting from the Customer’s failure to notify Hive Markets Ltd ’s Compliance Department within one (1) business day of any of the occurrences referred to herein. All notices required under this section shall be sent to Hive Markets Ltd at its address.
6.2 REVENUE SHARING DISCLOSURE.
• The Customer acknowledges that Hive Markets Ltd may enter into revenue-sharing arrangements with or retain the services of any other third-party vendors in connection with technical support, back-office, and operational support functions relating to Customer’s Accounts.
• Hive Markets Ltd reserves the right to enter into such compensation or revenue-sharing arrangements with any other third-party vendors based on the volume traded, bid/offer pricing, or other outside commission or revenue sharing models.
7 . COMPLIANCE
7.1 ANTI-MONEY LAUNDERING PROCEDURES.
The Customer agrees to and acknowledges that Hive Markets Ltd may conduct the following procedures at the time of the opening and throughout the existence of the account:
7.2 VERIFICATION PROCESSES:
• In accordance with anti-money laundering and combating the funding of terrorism standards, Hive Markets Ltd may identify and verify any person who signs up for its services. When a customer opens an account, Hive Markets Ltd is required to collect information such as – but not limited to – name and surname, date of birth, and residential address. The customer acknowledges and agrees that Hive Markets Ltd reserves the right to close the account at its sole discretion if the Company comes across any problem with the verification checks.
• E-mail verification: After the Customer completes the sign-up form, the Customer will be asked to verify his/her email address via an activation link. If this step is not completed, access to the account will be denied.
• 2-factor authentication: After the Customer completes the sign-up form in order to access the account he needs to enable Two-factor authentication (2FA) on his account. 2FA is an extra layer on an account owned by Hive Markets Ltd to protect your account and data from unauthorized access attempts.
• Identity verification checks: Hive Markets Ltd may make use of third-party providers to confirm any information that the person registers in order to complete the identity verification. The Customer’s information may be verified by Hive Markets Ltd , requiring the Customer to provide official identification documents, proof of address, and/or additional documents which the Customer will be advised to submit by Hive Markets Ltd at the time as needed. Corporate clients will be required to submit additional documentation such as (not limited to) certificates of incorporation and articles of association.
At any given time, whilst the Customer has an account open with Hive Markets Ltd , further verification checks may be carried out (which may include requests for additional documents or information) to satisfy routine security checks. If we are not able to verify the person’s registered details and if the Customer is not able to or refuses to provide the requested document/s and/or information, Hive Markets Ltd has the right to suspend the account and return any remaining balance up to the amount of the original deposits.
Hive Markets Ltd may monitor the trading activity in accounts to investigate or identify potential money laundering.
7.4 SECURITY AND CONFIDENTIALITY.
• The Customer agrees and acknowledges that the Customer is the exclusive owner and solely responsible, jointly and severally if applicable, for the confidentiality and protection of the Customer’s account number(s) and password(s) that allow the Customer to place online orders and access Hive Markets Ltd ’s electronic trading systems.
• The Customer further agrees that he/she will be fully responsible for all activities including brokerage transactions that arise from the use of the Customer’s account number(s) and password(s).
• The Customer agrees to indemnify and not hold Hive Markets Ltd liable if any other person is utilizing the Customer’s confidential information and such other person provides instructions to Hive Markets Ltd that may be contrary to the Customer’s instructions.
• The Customer will immediately notify Hive Markets Ltd in writing or by email of any loss, theft, or unauthorized use of the Customer’s account number and/or passwords.
7.5 INTELLECTUAL PROPERTY AND CONFIDENTIALITY.
• All copyright, trademark, trade secret, and other intellectual property rights in the Hive Markets Ltd Trading Platform (“Trading Platform”) shall remain at all times the sole and exclusive property of Hive Markets Ltd and/or its 3rd party service providers and customers shall have no right or interest in the Trading Platform except for the right to access and use the Trading Platform as specified herein.
• The Customer acknowledges that the Trading Platform is confidential and has been developed through the expenditure of substantial skill, time, effort, and money.
• The Customer will protect the confidentiality of Hive Markets Ltd and/or its 3rd party service providers by allowing access to the Trading Platform only by its employees and agents on a need-to-access basis.
• The Customer agrees to not publish, distribute, or otherwise make information available to third parties, any information derived from or relating to the Trading Platform.
• The Customer will not copy, modify, decompile, reverse engineer, and make derivative works of the Trading Platform or in the way it operates.
7.6 NO ADVICE AND NO RECOMMENDATIONS.
• Hive Markets Ltd does not and will not give investment, legal, or tax advice or make trading recommendations and the Customer is aware and acknowledges this. The Customer acknowledges that Hive Markets Ltd makes no representations concerning the tax implications or treatment of contracts.
• The Customer agrees that the Customer is a self-directed investor and all orders entered are unsolicited and based on the Customer’s own investment decision or the investment decision of the Customer’s duly authorized representative.
• The Customer agrees that neither Hive Markets Ltd nor any of its employees may be the Customer’s duly authorized representative and that the Customer will neither solicit nor rely upon Hive Markets Ltd or any of its employees for any such advice.
• The Customer understands that the Customer is solely responsible for all orders entered, including but not limited to trade qualifiers, the number of trades entered, the suitability of any trade(s), investment strategies and risks associated with each trade, and will not hold Hive Markets Ltd or any of its employees liable for those investment decisions.
• The Customer further understands that Hive Markets Ltd does not and will not review the appropriateness or suitability of any transactions implemented or investment strategies employed in the Customer’s account.
• The Customer hereby agrees to hold Hive Markets Ltd and its officers, directors, employees, agents, and affiliates harmless from any liability, financial or otherwise, or expense (including attorneys’ fees and disbursements), as incurred, as a result of any losses or damages Customer may suffer from respect to any such decisions, instructions, transactions or strategies employed in the Customer’s account by the Customer or the Customer’s duly authorized representative, or as a result of any breach by the Customer of any of the covenants, representations, acknowledgments or warranties herein.
7.7 TRADING RECOMMENDATIONS
The Customer acknowledges that:
• Any market recommendations and information communicated to the Customer by Hive Markets Ltd or by any person within the company, does not constitute an offer to sell or the solicitation of an offer to buy any contract such recommendation and information, although based upon information obtained from sources believed by Hive Markets Ltd to be reliable, may be based solely on a broker’s opinion and that such information may be incomplete and may be unverified; and Hive Markets Ltd makes no representations, warranties or guarantees as to, and shall not be responsible for, the accuracy or completeness of any such information or trading recommendation furnished to Customer.
• The Customer acknowledges that Hive Markets Ltd and/or its officers, directors, affiliates, associates, stockholders, or representatives may have a position in or may intend to buy or sell, which are the subject of market recommendations furnished to the Customer. Furthermore, the market position of Hive Markets Ltd or any such officer, director, affiliate, associate, stockholder, or representative may not be consistent with the recommendations furnished to the Customer by Hive Markets Ltd .
7.8 RISK ACKNOWLEDGMENT.
• The Customer acknowledges that investments in leveraged transactions are speculative, involve a high degree of risk, and are appropriate only for persons who can assume the risk of loss of their margin deposit.
• The Customer understands that because of the low margin normally required in trading over-the-counter contracts, price changes in contracts may result in the loss of the Customer’s margin deposit.
• Customer warrants that Customer is willing and able, financially and otherwise, to assume the risk of trading, and in consideration of Hive Markets Ltd ’s carrying his/her Account(s), Customer agrees not to hold Hive Markets Ltd responsible for losses incurred through following its trading recommendations or suggestions or those of its employees, agents or representatives.
• Customer recognizes that guarantees of profit or freedom from loss are impossible in trading.
• Customer acknowledges that Customer has received no such guarantees from Hive Markets Ltd or from any of its representatives or any introducing agent or other entity with whom Customer is conducting his/her Hive Markets Ltd Account and has not entered into this agreement in consideration of or in reliance upon any such guarantees or similar representations.
• Customer agrees and acknowledges that all conversations regarding Customer’s Account(s) between Customer and Hive Markets Ltd personnel may be electronically recorded with or without the use of an automatic tone warning device.
• The Customer 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 Customer or Hive Markets Ltd .
• The Customer understands that Hive Markets Ltd destroys such recordings at regular intervals in accordance with Hive Markets Ltd established business procedures and Customer hereby consents to such destruction.
7.10 SECURITY AGREEMENT.
• All monies, securities, negotiable instruments, contracts, and/or other property on deposit with Hive Markets Ltd or its affiliates, in Customer’s Account, for any purpose, including safekeeping, are hereby pledged with Hive Markets Ltd and shall be subject to a security interest in Hive Markets Ltd ’s favor for the discharge of all Customer’s obligations to Hive Markets Ltd , irrespective of the number of Accounts Customer has with Hive Markets Ltd .
• The Customer acknowledges that Hive Markets Ltd has the right to use the above-described properties and any Account credit to offset against any of Customer’s obligations to Hive Markets Ltd including, but not limited to, transfers for the purpose of margining, or for application to negative balance Accounts not promptly paid, as well as delivery costs and charges.
7.11 USE OF MONIES.
Customer hereby also grants to Hive Markets Ltd the right to pledge, repledge, hypothecate, invest, or loan, either separately or with the property of other customers, to itself or others, any funds, securities, currencies, and the foreign currency or off-exchange transactions of Customer held by Hive Markets Ltd as margin or security. Hive Markets Ltd shall at no time be required to deliver to Customer the identical property delivered to or purchased by Hive Markets Ltd for any Account of Customer.
7.12 TECHNOLOGY AND COMMUNICATIONS ISSUES.
• Hive Markets Ltd and/or its 3rd party service providers provide trading technology for Customer’s use in connection with transactions made by Customer with Hive Markets Ltd . Such trading technology includes, but is not limited to, the Trading Platform, web applications, application program interfaces, software, software code, programs, protocols, and displays (collectively “Technology”) for trading, analyzing trades and markets and constructing automated trading systems.
• Hive Markets Ltd provides the Technology “as is,” without any warranties of merchantability, fitness for a particular purpose, or other express or implied warranties.
• Hive Markets Ltd is not liable for the operation or performance of any automated trading system developed with Technology or for any malfunctions of Technology or any delays or interruptions in the transmission of orders resulting from breakdown, excessive call volume, or failure of transmission or communication equipment on the Internet or otherwise, including, but not limited to, communications problems, computer software or hardware breakdowns, malfunctioning errors, any and all problems or glitches associated with computer problems or any other technical cause or causes.
7.13 FOREIGN ACCOUNTS.
• Customers not residing in the United States (”Foreign Accounts”) may be asked to comply with requests for special information by Hive Markets Ltd as required by any governmental unit or regulatory agency.
• This includes, but is not limited to, special calls for information. In the event of a special call for information, Hive Markets Ltd or its agent shall be required to obtain the information set forth by any governmental unit or regulatory agency requesting information. In addition, the Customer may be prohibited transactions (other than offsetting trades) should there be a failure to respond to a special call.
• Foreign Accounts must copy and forward an official form of picture identification and must provide a bank reference before the Customer is approved for trading.
8.1 BINDING EFFECT.
• Irrespective of any change or changes at any time in the personnel of Hive Markets Ltd or its successors assigns, or affiliates, this Agreement shall be continuous and shall cover, individually and collectively, all accounts of the Customer at any time opened or reopened with
• This Agreement including all authorizations shall inure to the benefit of Hive Markets Ltd and its successors and assigns, whether by merger, consolidation, or otherwise, and shall be binding upon the Customer and/or the estate, executor, trustees, administrators, legal representatives, successors and assigns of the Customer.
• The Customer hereby ratifies all transactions with Hive Markets Ltd affected prior to the date of this Agreement and agrees that the rights and obligations of the Customer in respect thereto shall be governed by the terms of this Agreement.
This Agreement may be terminated by the Customer at any time and shall continue in effect until termination when the Customer has no open position(s) and no liabilities held by or owed to Hive Markets Ltd upon the actual receipt by Hive Markets Ltd of written notice of termination via email, or at any time whatsoever by Hive Markets Ltd upon the transmittal of written notice of termination to the Customer; provided, that such termination shall not relieve either party of any obligations set out in this Agreement nor shall it relieve the Customer of any obligations arising out of prior transactions entered into, in connection with this Agreement.
This Agreement shall not be deemed to be accepted by Hive Markets Ltd . Nor does it become a binding contract between the Customer and Hive Markets Ltd until the Customer’s information is verified and approved by Hive Markets Ltd .
• The Customer agrees to indemnify and hold Hive Markets Ltd , 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 Hive Markets Ltd arising out of the Customer’s failure to fully and timely perform the Customer’s responsibilities herein or should any of the representations and warranties fail to be true and correct.
• The Customer also agrees to pay promptly to Hive Markets Ltd all damages, costs, and expenses, including attorney’s fees, incurred by Hive Markets Ltd in the enforcement of any of the provisions of this Agreement and any other agreements between Hive Markets Ltd and the Customer.
8.5 FORCE MAJEURE.
Hive Markets Ltd shall not be liable to the Customer for any claims, losses, damages, costs, or expenses, including attorneys’ fees, caused, directly or indirectly, by any events, actions, or omissions, including, without limitation, claims, losses, damages, costs or expenses, including attorneys’ fees, resulting from civil unrest, war, insurrection, international intervention, governmental action (including, without limitation, exchange controls, forfeitures, nationalizations, devaluations), natural disasters, acts of God, market conditions, inability to communicate with any relevant person or any delay, disruption, failure or malfunction of any transmission or communication system or computer facility, whether belonging to Hive Markets Ltd , the Customer, any market, or any settlement or clearing system.
8.6 TERMS AND HEADINGS.
• The term “Hive Markets Ltd ” shall be deemed to include Hive Markets Ltd , its affiliates, divisions, successors, and assigns. The term “Customer” shall mean the party (or parties) executing the Agreement, and the term “Agreement” shall include all other agreements and authorizations executed by the Customer in connection with the maintenance of Customer’s Account with Hive Markets Ltd 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.
8.7 GOVERNING LAW AND JURISDICTION.
This Agreement, and the rights and obligations of the parties hereto, shall be governed by, construed, and enforced in accordance with the laws of the Marshall Islands, without regard to choice of law principles.
8.8 USE OF HIVE MARKETS LTD ’S WEBSITES.
• Website refers to Hive Markets Ltd ’s Website https://hivemarkets.io/ and additional Website that Hive Markets Ltd may register). The Website provides the Customer with content and information. The content on the Website is provided as a convenience but may be inaccurate or outdated.
• The Customer agrees to always rely upon the Customer’s transaction confirmations and statements as the official records of the Customer’s account. Information is not related specifically to an account.
• Information is financial or investment information provided by third parties to Hive Markets Ltd that Hive Markets Ltd provides to the Customer, which includes market data, news, research, financial analysis, commentary, or tools.
• The information on the Website is provided from sources believed to be reliable but cannot be guaranteed. The information provided on our websites is not customized for the Customer and the Customer understands that the information provided to the Customer is not a recommendation to the Customer about the suitability of purchase and/or sale of any trading product.
• Hive Markets Ltd may without notice to the Customer change, revise, modify, add, upgrade, remove or discontinue any part of Hive Markets Ltd ’s Website. The Website may include hyperlinks to third-party Websites.
• Hive Markets Ltd is not responsible for the information or content provided by such a third-party website.
8.9 MARKET DATA, NEWS, AND OTHER INFORMATION.
The Customer agrees that the market data, news, and other information available to the Customer through our Website is for the Customer’s personal use and that the Customer will not retransmit or republish this information in any form without the written consent of Hive Markets Ltd .
8.10 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 the Customer and an authorized officer of Hive Markets Ltd .
• No waiver or amendment of this Agreement may be implied from any course of trading between the parties or from any failure by Hive Markets Ltd 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 as enforceable.
• This instrument and the attachments hereto embody the entire agreement of the parties, superseding all prior written and oral agreements and there are no other terms, conditions, or obligations other than those contained herein.
• This Agreement, any attachments thereto, and the terms and conditions contained in statements and confirmations contain the entire agreement between the parties with respect to the subject matter hereof.
• If any provision or condition of this Agreement shall be held to be invalid or unenforceable by any court, or regulatory or self-regulating agency or body, such provision shall be deemed modified, or, if necessary, rescinded in order to comply with the relevant court, or regulatory or self-regulatory agency or body.
• The validity of the remaining provisions and conditions shall not be affected thereby, and this Agreement shall be carried out as if such invalid or unenforceable provision or condition was not contained herein.
8.12 ACCOUNT TRANSFER AND ASSIGNMENT.
The Customer authorizes Hive Markets Ltd to transfer and assign the Customer’s account to a futures commission merchant or another legal entity. The Customer may not transfer or assign this Agreement without Hive Markets Ltd ’s prior written consent. Any purported assignment by the Customer in violation of this provision is null, void, and unenforceable.
9. RISK DISCLOSURE STATEMENT
Trading in a margined account involves a high degree of risk including the risk of loss of the Customer’s entire risk capital deposited with Hive Markets Ltd . Losses, in some cases, have the potential to extend beyond the Customer’s account value.
In consideration of Hive Markets Ltd agreeing to enter into contracts with its customer(s) for this account, Hive Markets Ltd requires all the undersigned customer(s) to analyze their financial objectives, financial status, investment constraints, and tax situation to determine whether trading is suitable. In addition, we require our customers to carefully read and acknowledge the Hive Markets Ltd Risk Disclosure Statement that outlines without limitation the risks associated with trading a margined account through Hive Markets Ltd .
By signing this Agreement the Customer understands and agrees that:
A) OTC Margined Trading involves a high amount of risk and is highly speculative. Customer(s) agrees that they are in full understanding and willing to assume the legal, economic, and other risks associated with the trading of a margined account, and are willing and able to assume the loss of their entire Risk Capital, defined as those funds, that if lost, would not change your lifestyle or your family’s lifestyle. As such, they further agree that margined trading is not suitable for Retirement Funds. Hive Markets Ltd encourages customers to closely manage outstanding open positions and to use prudent money management precautions such as, but not limited to, stop-loss orders.
B) Excessive leverage available with margined accounts can lead to quick losses. Customer(s) agrees that using a high degree of leverage, defined as the use of a small amount of capital to control a larger amount of an Open Position, can result in large losses due to a price change(s) of open contract(s) with Hive Markets Ltd . Hive Markets Ltd provides leverage on most trading products for most customers of 100:1 or more. With 100:1 leverage the Customer has the potential to control the $1,000,000 position with $10,000 in an account. Hive Markets Ltd encourages its customers to use only that portion of leverage that the Customer is most comfortable with and to use money management precautions such as, but not limited to, Stop-loss orders for the purpose of limiting risk. Hive Markets Ltd reserves, at its sole discretion, the right to reduce or increase the amount of leverage given on any trading product at any time and without notice.
C) Trading experience periods of liquidity risk. The Customer acknowledges that liquidity risk, resulting from decreased liquidity, is usually due to unanticipated changes in economic and/or political conditions. The customer also acknowledges that liquidity risk can affect the general market in that all participants experience the same lack of buyers and/or sellers. The Customer also understands that liquidity risk can be Hive Markets Ltd specific due to changes in liquidity available to Hive Markets Ltd from a Hive Markets Ltd Custodian of funds interbank liquidity providers due to a perception that the risks of the market segment have increased. When liquidity decreases, customers can expect, at the minimum, to have wider bid to ask spreads as the supply of available bid/ask prices, outstrips the demand. Decreases in liquidity can also result in “Fast Market” conditions where the price of a trading product moves sharply higher or lower or in a volatile up/down pattern without trading in an ordinary step-like fashion. In some instances, there may exist the possibility that a trading bid and/or ask price for a trading product or products are not available (a situation where there is no liquidity). Although there may be instances when the aggregate OTC market enters a “Fast Market” situation or periods where liquidity is in short or no supply, it is important to note that prices, bid/ask spreads, and liquidity will reflect the prevailing interbank market liquidity for Hive Markets Ltd . Hive Markets Ltd can liquidate positions of the Customer that do not have adequate margin: Because of the leverage available with OTC Margined Trading and the potential for extreme volatility, Hive Markets Ltd Custodian of funds reserves the sole discretionary right to liquidate the Customer’s account(s) should the Margin in the account not be sufficient to cover the potential risk of loss. Should the Customer’s account value go below the free of programming bugs that can cause trading, position keeping, or any other required functionality of the Trading Platform and other relevant software applications associated with Hive Markets Ltd including but limited to clearing and escrow Account software, from becoming inoperable or without errors?
D) There is a Communication Risk that the Customer assumes. Although Hive Markets Ltd will have qualified representatives available on the telephone during business hours to accept and execute Customer Market Orders, there exists the risk that the Customer will not be able to contact or make contact with the Hive Markets Ltd representative due to but not limited to, communication malfunction, an overabundance of telephone orders, or any other malfunction or negligence. The Customer acknowledges and agrees that they will hold harmless Hive Markets Ltd for any loss or missed trading opportunity resulting from any communication problems the Customer may encounter.
E) Hive Markets Ltd does not take responsibility for Money Managers. Should a Customer grant a Money Manager trading discretionary trading authority or control over a Customer’s Account, the Customer acknowledges that Hive Markets Ltd does not take any responsibility for any action done by that Third Party on the Customer’s behalf. The Customer grants Money Manager trading authority for the Customer’s account at its sole, and full risk. Hive Markets Ltd reserves the right to correct any transactions executed on misquoting errors: In the case when a quoting error occurs that results in a Customer transaction done at an off-market price, Hive Markets Ltd reserves the sole discretionary right to make the necessary corrections and adjustments to the Customer’s Account whether it be in the favor of the Customer or not in the Customer’s favor. Any change will be reported to the Customer either verbally or via an electronic method such as but not limited to email.
F) All market recommendations made by Hive Markets Ltd or any representative of Hive Markets Ltd are for informational purposes only. Any decision by the Customer to buy or sell is an independent decision by the Customer. Market recommendations made by Hive Markets Ltd or a representative of Hive Markets Ltd do not constitute an offer to sell or buy from Hive Markets Ltd or from any other source that may provide straight-through processing prices to the Customer. Hive Markets Ltd and its employees are not investment advisor(s) and have no fiduciary duty to the Customer and therefore are not liable for any losses incurred by the Customer as a result of information or any recommendations made by Hive Markets Ltd or representative of Hive Markets Ltd . The customer is at Risk if Hive Markets Ltd should go out of business. There is no guarantee that Hive Markets Ltd as a business will be profitable. Consequently, there exists a credit risk that Hive Markets Ltd may be subject to losses, which could, in turn, jeopardize the capital that the customers have in their accounts. The Customer acknowledges that in the event of insolvency, the Customer can only look to Hive Markets Ltd for performance and return of all Collateral and Margin that the Customer may have at Hive Markets Ltd .
G) Hive Markets Ltd may decide to exit the Business. There is no guarantee that Hive Markets Ltd ’s Custodian of funds may decide that they do not want to continue to participate. As a result, the Customer agrees and acknowledges that Hive Markets Ltd may liquidate all Customer positions, and return margined funds to the Customer at the sole discretion of Hive Markets Ltd , at any time and for any reason. Hive Markets Ltd Customers do not hold Hive Markets Ltd liable for any loss as a result of the liquidation of the Customer’s position either on an actual basis or as a result of missed profit opportunities.
H) Customers are responsible for any reporting errors. Any reporting and confirmation errors of omission, and/or errors in the details of transactions including but not limited to the price contracts were executed, the product traded, the market direction (i.e., ”buy” or “sell”) of order, the type of order and/or any errors in fees, charges or credits to the Customer’s account including but not limited to charges for executing a transaction, wiring funds, rolling over position, and sweeping balances into the home currency, requires that the customer notifies Hive Markets Ltd immediately upon discovery for review.
I) Risks from trades done over the telephone. Hive Markets Ltd will only accept Market Orders for trades done over the telephone. Telephone trades are considered executed when the Hive Markets Ltd representative says, “done” and relays the complete transaction details. Any given price by a Hive Markets Ltd representative over the telephone prior to execution is considered indicative. Hive Markets Ltd reserves the right to change the indicative price given over the phone if the actual trading price is different due to market conditions, misquote, or volatility. Hive Markets Ltd is not responsible for Customer telephone orders if the Customer cannot be heard or understood by the Hive Markets Ltd representative due to, without limitation, accent, speech defect, faulty connection, or excessive background noise at the Customer’s location or at Hive Markets Ltd . To better ensure execution, Hive Markets Ltd requires that customers communicate in English when giving orders. Hive Markets Ltd cannot guarantee that telephone orders given in a foreign language will be executed.
For best results and fast execution, the following procedure will be used:
• The Customer will first be asked by the Hive Markets Ltd representative the following account Information:
• The Customer’s Hive Markets Ltd User Name, Account Number, and/or other identifying feature. Only after the Hive Markets Ltd representative confirms the Customer’s identity, the Customer should relay the following order information:
• The execution direction to Buy or Sell, the number of lots, and the desired trading product.
• The Hive Markets Ltd representative will then repeat the order information for the Customer to confirm. For example, the Hive Markets Ltd Representative may say the following, “Buy 2 lots of EUR vs USD at the Market. Confirmed?” By saying, “Yes” the order will be executed at the Market, and the details are immediately given to the Customer after execution. The Hive Markets Ltd representative will enter the transaction into the Customer’s account. The details and effects of the transaction will be reflected in the Customer’s Online Reports. Hive Markets Ltd does not warrant that trades done over the telephone will be done at prices that mirror the prices displayed electronically at that time over the Trading Platform.
• Hive Markets Ltd reserves the right to charge a commission for trades done over the telephone.
• Should Hive Markets Ltd charge a commission for telephone trades, it will be reported on the Hive Markets Ltd Website and be reflected as a line item debit in your Hive Markets Ltd Account Reports. All trades and charges done via the phone are final. Hive Markets Ltd reserves the right to tape all telephone calls without the knowledge of the Customer.
• Hive Markets Ltd is not responsible or liable if the tapes of the telephone calls are erased or never recorded because of error, omission, or any reason. Hive Markets Ltd is also not liable should User Name and Account information be obtained knowingly or unknowingly by a Third Party and as a result, trades done in the name of the Customer without his or her knowledge or authorization.
• Risks from trades done using chat communication devices. Hive Markets Ltd may utilize an electronic conversational application or other similar chat application for the communication and execution of some market orders. Trades are done using chat applications or the telephone should only be done if the Customer cannot execute using the Trading Platform. Although currently not planned, Hive Markets Ltd reserves the right to charge a commission for trades done over chat applications. Should Hive Markets Ltd charge a commission for chat application trades, it will be reported on the Hive Markets Ltd Website and be reflected as a line item debit in your Hive Markets Ltd Account Reports. All trades and charges done via chat applications are final. Neither Hive Markets Ltd nor a third-party chat application provider is responsible or liable if the electronic logs of the electronic conversations are erased or never recorded because of error, omission, or any reason. Hive Markets Ltd is also not liable should User Name, Password, and Account information be obtained knowingly or unknowingly by a Third Party and as a result, trades done in the name of the Customer without his or her knowledge or authorization.
• Hive Markets Ltd has limited liability. The Customer agrees and acknowledges that Hive Markets Ltd shall not be liable to the Customer for any claims, losses, damages, costs, or expenses, including attorneys’ fees caused directly or indirectly by any events, actions or omissions, without limitation, claims, losses, damages, costs, and expenses, including attorney’s fees, resulting from civil unrest, war, insurrection, international intervention, governmental action) including, without limits, exchange controls, forfeitures, devaluations, and nationalizations), natural disasters, acts of God, market conditions, communication problems or any delay, disruption, failure of any transmission or communication system or computer hardware or software application whether supplied and belonging to Hive Markets Ltd or from a third-party vendor that the Customer and Hive Markets Ltd rely on to conduct execution and reporting services.
• Effect of “Leverage” or “Gearing”. Margin accounts and contracts carry a high degree of risk. The amount of initial margin is small relative to the value of the contract so that transactions are “leveraged” or “geared”. A relatively small market movement may have a proportionately larger impact on the funds that the Customer has deposited or will have to deposit. This may work against the Customer as well as for the Customer. The Customer may sustain a total loss of initial margin funds and any additional funds deposited with the firm to maintain the Customer’s position.
• Risk-reducing orders or strategies. Placing contingent orders, such as “stop-loss” or “limit” orders, particularly in volatile market conditions, will not necessarily limit the Customer’s losses to the intended amounts, since market conditions may make it impossible to execute such orders. Strategies using combinations of positions, such as “spread” and “straddle” positions may be as risky as taking simple “long” or “short” positions.
• Before the Customer begins to trade, the Customer should obtain a clear understanding of all charges for which the Customer may be liable. These charges will affect the Customer’s net profit (if any) or increase the Customer’s loss.
• Electronic trading. Trading on an electronic trading system may differ not only from trading in an open-outcry market but also from trading on other electronic trading systems. If the Customer undertakes transactions on an electronic trading system, the Customer will be exposed to risks associated with the system including any failure of hardware and software. The result of any system failure may be that Customer’s order is either not executed according to the Customer’s instructions or not executed at all. Since Hive Markets Ltd does not control signal power, it’s a reception or routing via Internet, a configuration of the Customer’s equipment, or reliability of its connection, Hive Markets Ltd cannot be responsible for communication failures, distortions, or delays when trading online (via the Internet). In no event shall Hive Markets Ltd be liable for speculative or expectancy damages for potential future lost profits.
• Limitation of liability. The Customer accepts any trading system provided by Hive Markets Ltd “as is,” and without warranties, express or implied, including, but not limited to, the implied warranties of merchantability or fitness for a particular use, purpose or application; timeliness; freedom from interruption; or any implied warranties arising from trade usage, course of trading or course of performance. Under no circumstances shall Hive Markets Ltd be liable for any punitive, indirect, incidental, special, or consequential loss or damages, including loss of business, profits, or goodwill. Hive Markets Ltd shall not be liable to the Customer by reason of delays or interruptions of service or transmissions, or failures of performance of Hive Markets Ltd or its affiliate systems, regardless of cause, including, but not limited to, those caused by hardware or software malfunction; regulatory action; acts of God; war, terrorism, or our intentional acts. The Customer recognizes that there may be delays or interruptions in the use of our system, including, for example, those caused intentionally by Hive Markets Ltd for purposes of servicing the system. Hive Markets Ltd does not guarantee that alternative trading arrangements will be available at a particular time and Hive Markets Ltd will not be held liable for delays in entering an order.
• Hive Markets Ltd ’s margin policies require that the Customer’s account be properly margined at all times. Failure to meet margin requirements may result in the liquidation of any open positions with a resultant loss. Hive Markets Ltd reserves the right to liquidate all positions without notice if an account falls below the Customer’s minimum margin requirement, in accordance with Hive Markets Ltd ’s margin call policy.
• Quoting errors. Should quoting errors occur, which may include, but are not limited to, a mistype of a quote by Hive Markets Ltd , a quote which is not representative of fair market prices, an erroneous price quote from a Hive Markets Ltd employee, such as but not limited to a wrong big figure quote or an erroneous quote due to failure of hardware, software or communication lines or systems and/or inaccurate external data feeds provided by third-party vendors, Hive Markets Ltd will not be liable for the resulting errors in Account balances. The foregoing list is not meant to be exhaustive and in the event of a quoting error, Hive Markets Ltd reserves the right to make the necessary corrections or adjustments on the account involved. Any dispute arising from such quoting errors will be resolved in accordance with required regulations if such regulations exist. In the event of a system error where interest is not charged or credited as scheduled, Hive Markets Ltd reserves the right to apply the missed interest to the Account at any time.
• Third-Party Authority. In the event that the Customer grants trading authority or control over Customer’s Account to a third-party trading advisor, such as a Money Manager, whether on a discretionary or non-discretionary basis, Hive Markets Ltd shall in no way be responsible for reviewing Customer’s choice of such trading advisor, or for making any recommendations with respect thereto. Hive Markets Ltd makes no representations or warranties concerning any trading advisor; Hive Markets Ltd shall not be responsible for any loss to the Customer occasioned by the actions of the trading advisor; and Hive Markets Ltd does not, by implication or otherwise, endorse or approve of the operating methods of any trading advisor. If the Customer gives a Money Manager authority to exercise any rights over the Customer’s account, the Customer does so at the Customer’s own risk. The Customer should regularly review the activity in the Customer’s account to ensure that the Customer approves of the transactions placed on the Customer’s behalf by the Customer’s Money Manager.
• Disclosure Regarding Bankruptcy Protections. The transactions Customer is entering into with Hive Markets Ltd are not traded on an exchange. Therefore, the Customer’s funds may not receive the same protections as funds used to margin trade, which may receive a priority in bankruptcy. Since that same priority has not been given to funds used for trading, if Hive Markets Ltd becomes insolvent and the Customer has a claim for amounts deposited or profits earned on transactions with Hive Markets Ltd , the Customer’s claim may not receive a priority. without a priority, the customer is a general creditor, and the Customer’s claim will be paid, along with the claims of other general creditors, from any monies still available after priority claims are paid. Even customer funds that Hive Markets Ltd keeps separate from its own operating funds may not be safe from the claims of other general and priority creditors.
• Volatile Market Conditions. Trading at times of extraordinarily volatile market conditions, e.g. key news announcements may expose the Customer to additional risks, including the risk that the Customer may not get the price he or she requests. Hive Markets Ltd cannot and does not guarantee its prices in times of extraordinary market volatility.
• Simulated Conditions. Simulated conditions may differ from real conditions. Therefore, customers who trade on demo accounts should not necessarily expect the same results from live trading.
• Referring Parties. IF YOU WERE REFERRED TO HIVE MARKETS LTD BY AN INTRODUCING BROKER, REFERRING PARTY, OR THIRD PARTY ADVISOR (EACH, AN “IB”), PLEASE BE ADVISED THAT HIVE MARKETS LTD AND YOUR IB ARE WHOLLY SEPARATE AND INDEPENDENT FROM ONE ANOTHER AND THERE EXISTS NO JOINT VENTURE OR PARTNERSHIP RELATIONSHIP BETWEEN THE PARTIES. Additionally, NEITHER IB NOR ANY OTHER EMPLOYEE OR AGENT OF IB IS AN AGENT OR EMPLOYEE OF HIVE MARKETS LTD .
o 1) Hive Markets Ltd does not control, and cannot endorse or vouch for the accuracy or completeness of any information or advice the Customer may have received or may receive in the future from the Customer’s IB or from any other person not employed by Hive Markets Ltd regarding trading or the risks involved in such trading.
o 2) Hive Markets Ltd provides risk disclosure information to all new customers when they open Accounts. The Customer should read that information carefully, and should not rely on any information to the contrary from any other source.
o 3) The Customer acknowledges that no promises have been made by Hive Markets Ltd or any individual associated with Hive Markets Ltd regarding future profits or losses in the Customer’s Account. The Customer understands that trading is very risky and that many people lose money trading.
o 4) If an IB or any other third party provides Customer with information or advice regarding trading, Hive Markets Ltd shall in no way be responsible for any loss to the Customer resulting from the Customer’s use of such information or advice.
o 5) To the extent the Customer has previously been led to believe or believes that utilizing any third party trading system, course, program, research, or recommendations provided by IB or any other third party will result in trading profits, the Customer hereby acknowledges, agrees, and understands that all trading, including trading done pursuant to a system, course, program, research or recommendations of IB or another third party involves substantial risk of loss. In addition, the Customer hereby acknowledges, agrees, and understands that the use of a trading system, course, program, research, or recommendations of IB or another third party will not necessarily result in profits, or will avoid losses or limit losses.
o 6) Because the risk factor is high in trading, only genuine risk capital should be used. If the Customer does not have capital that the Customer can afford to lose, the Customer should not trade.
o 7) The Customer understands and acknowledges that Hive Markets Ltd may compensate the Customer’s IB for introducing the Customer to Hive Markets Ltd and that such compensation may be on a per-trade basis or other bases.
o 8) The Customer understands and agrees that if the Customer’s account with Hive Markets Ltd is introduced by an IB, that IB shall have limited access to information regarding the Customer’s Hive Markets Ltd account, but the IB shall not have the right to enter into any trades on the Customer’s Hive Markets Ltd account unless authorized by the Customer under a power of attorney between the Customer and the IB granting such IB the right to trade on the Customer’s account.
o 9) The Customer understands and acknowledges that the Customer may have only one IB, a party that originally referred the Customer to Hive Markets Ltd .
o 10) The Customer may terminate the Customer’s relationship with an IB by providing written notice to Hive Markets Ltd . The Customer understands and acknowledges that the Customer cannot be considered the client of any other IB. Should you have any questions regarding the risks of trading, please contact your Account representative.