Terms of Business
1.1 Market investment is the trading name of Market Investment Associates Ltd (MIA). MIA is whose address is Woodberry 2 Grove London N12 0DR UK.
1.2 This Agreement is a contract between you and MIA. It sets out the terms under which we will provide our services to you. Please read it carefully and ask for an explanation of any point not clear to you. This Agreement will come into effect when we receive your correctly completed application form and identification documents.
This classification provides you with the highest level of protection available to you under those rules.
1.4 We are entering into this Agreement on the basis that your investment objectives are to maximise capital growth. No warranty or undertaking is given by us that your investment objectives will be achieved.
2.1 While Foreign Exchange is traded globally, CFDs are not. Certain countries do not allow their use and it is the responsibility of the individual to make sure that they comply with any local laws that are applicable to them, both in terms of actually holding an account and the relevant applicable tax laws. Specifically we do not allow residents of the USA or its citizens to hold an account with us.
2.2 You undertake not to access any websites or trading platforms associated with MIA from the USA or any other country where it may be against the law of that country to trade with a UK based company.
2.3 Any prices or quotes that we may show in advertisements, promotions, on television or on our website are purely for indication only. Only prices on our Internet Trading Platform are available to trade on, subject to the other terms of this document.
2.4 You accept that wherever possible we will communicate with you via electronic means such as email. In addition to this, if you are legally required to accept anything where normally a signature would be required then this can be done electronically by ‘clicking’ the appropriate button or following other on screen instructions via our web site.
2.5 You will at all times take reasonable measures to ensure that you pass no computer viruses or such like onto our system network.
2.6 We have the right to assign the legal benefit and responsibilities of this agreement, at our absolute discretion, to a third party, having given prior notice to you of at least 10 working days.
2.7 For the purposes of these Terms of Business, MIA should be deemed the same legal entity.
3. Demo Accounts
3.1 Entry to the demonstration (demo) platform will be disabled after 30 days.
3.2 With the MIA demo, you are not trading with real money. Any money you make or lose is fictitious and cannot be transferred to a real account, cashed in or redeemed in any way.
3.3 The demo account is purely for practice and for demonstration purposes only, and contains a small selection of the markets that we offer.
3.4 Profits or losses incurred while trading in a demo environment do not necessarily reflect what you may achieve when trading in a live environment. FX and CFDs are volatile instruments and it is possible to rapidly make or lose more than your initial deposit.
4.1 MIA may refuse your application to open an account for any reason and is under no obligation to provide any reasons for doing so.
4.2 MIA may at its discretion disclose your personal information to a credit reference agency, which may keep a record of the search, to verify your details when applying for an account.
4.3 In the event that we exercise our rights under this agreement to close all, or some, of your positions and cancel any pending orders and /or to close your account(s) we have the absolute right to consolidate the cash balances held in any of the accounts you hold with MIA or any of its affiliates.
4.4 We may also, at our discretion, net off your positive account cash balances against negative account cash balances, and your profits from any open trades in an account against losses on open positions in another account. We may also offset any funds against any other liabilities owed by you including, but not limited to, legal costs and interest.
4.5 In the event that monies held are in different currencies we will convert these to one universal currency at the prevailing market rate, leaving one amount either payable by us to you or by you to us.
4.6 You accept these Terms of Business, and any amendments or additions, for all accounts that you hold with us, or our associates, whether they are main accounts or sub accounts and no matter what areas of business they cover.
5. Commission and Charges
5.1 We will agree with you, before entering into any contract under this Agreement, the amount of any commission to be charged. This will be itemised separately on the statement sent to you. Commission rates will be those prevailing at the time commissions are charged and may be changed from time to time without prior notice to you.
5.2 We will provide you with details of the total price to be paid by you in connection with a transaction including all related fees, commissions, charges and expenses and taxes payable via ourselves, or if an exact price cannot be indicated, the basis for the calculation of the total price.
5.3 If any part of the total price is to be paid in or represents an amount in a currency which is not the base currency of your trading account, you will be provided with an indication of the currency involved and the applicable currency conversion rates and costs.
5.4 You will be advised of any other costs, including taxes, relating to the transaction that may arise that are not paid through or imposed by us.
5.5 We may rebate to third parties all or part of the commissions that are charged to you and undertake to provide you with further details on request. We may also have arrangements for spread-based rebates to third party introducing agents where we consider such arrangements will not affect the spread you would otherwise have been offered and undertake to provide you with further details on request.
6. Material Interests and Conflicts of Interest
6.1 We, or another company or person associated with us, may from time to time have a material interest concerning an investment in which we deal on your behalf. Our employees or associates are nevertheless required to treat you fairly in relation to such conflicts of interest or material interest. We may act notwithstanding any such interest provided we disclose our interest to you. If you object to us acting for you where we have a material interest or conflict of interest you should notify the Compliance Officer in writing. Unless so notified, we will assume that you do not object to us acting in this way.
6.2 You agree that we are not required to make any prior specific disclosure to you if we match your transaction with that of another customer or if we deal as principal for our own account with you.
6.3 Conflicts of Interest Policy we have a Conflicts of Interest Policy which details how the firm will handle any conflicts of interest in its dealings with you as a client, details of which are available on our website or by request.
7. Contract Notes and Settlement
7.1 We will send you a contract note containing essential details of the transaction following the purchase or sale of any investment.
7.2 All transactions will be due for settlement in accordance with the market requirements (as shown on the relevant contract note or advice).
7.3 The value date for all transactions will be the second business day after the date of the transaction.
7.4 Business days are Mondays to Fridays excluding UK bank holidays and public holidays observed in New York.
7.5 We may agree to provide credit for a transaction to be carried out overnight for a fee.
8.1 We may rely on and treat as binding any instruction which we have accepted in good faith, and which we believe to be from you or someone entitled to instruct us on your behalf.
8.2 We may accept instructions from you verbally or in writing as well as over the internet. However, we may, entirely at our discretion, require any instructions given verbally to be confirmed in writing. We may acknowledge your instructions verbally or in writing.
8.3 We may in our absolute discretion and without explanation to you refuse to act upon any instruction, particularly if we believe that it may not be practical or may infringe any law, rule, regulation or term of this Agreement or, in the case of instructions received from an agent, if we reasonably believe that such agent may be acting in excess of their authority.
8.4 If at any time you are unable for any reason to communicate with us, we shall not be responsible for any loss, damage or cost caused to you by any act, error, delay or omission resulting from the failure to communicate.
8.5 You agree that any instruction and communication sent by you or on your behalf is made at your risk and you authorize us to rely and act.
8.6 We reserve the right to refuse to accept any trades placed by you that we judge to be clearly outside the prevailing market price such that they may be deemed non-market price transactions, whether due to manifest human error or stale/incorrect/ broken price feeds. Where we have opened or closed a trade before becoming aware of the price disparity, we may at our absolute discretion either treat that trade as void or accept that trade at the prevailing market price.
8.7 We will monitor the total amount of positions that are available to you.
8.8 We may at our discretion refuse to accept further orders from you or deem it necessary to impose limits on the overall net positions in your accounts.
9. Stop Orders , Limit Orders and Stopout
9.1 We may agree to accept an order from you that requires us to open or close a transaction once either the quote for the investment or an underlying market quote reaches or exceeds a level specified by you (a “stop order” or “limit order”).
9.2 You may also give us a specified or indefinite period for that order to have effect (a “Good Till Cancelled” or “GTC” order).
9.3 If a Stop Order or Limit Order is accepted by us the transaction will automatically be carried out once the relevant market quotation reaches the level of our quote, bearing in mind that in some cases when the market is moving quickly our quote may have exceeded the level of your Stop Order or Limit Order by the time your order is actually executed.
9.4 You may, with our consent, cancel or amend the level of Stop Order or Limit Order at any time before we quote or the market quotation reaches or exceeds the specified level. We will not withhold our consent unreasonably. Once the level has been reached, you will not be entitled to cancel or amend the level of order.
9.5 Margin Call Level: Is the level that if your margin level goes below it, you will not be able to take any new position. Margin call level is determined by the broker. you will not be able to take any new position if your margin level reaches 150%. When you have losing positions, your margin level goes down and becomes close to the margin call level. When you have winning positions, your margin level goes up.
Stop Out Level: if your margin level goes below 100%, the system starts closing your losing positions. It will close the biggest losing position first. If this helps the margin level go above the stop out level, no more position will be closed. Then if your other losing positions keep on losing and the margin level goes below the stop out level again, the system closes another losing position which is the biggest one.
10. Governing Law and Miscellaneous Terms
10.1 This Agreement is governed in all respects by English law. You agree to submit to the exclusive jurisdiction of the English courts in the case of any dispute or claim which may arise out of or in connection with this Agreement.
10.2 This Agreement sets out all of the terms and conditions relating to the provision of our services to you, subject to any subsequent amendments that may be notified. It supersedes any terms of business previously agreed between you and us.
10.3 Each contract and any other transaction entered into between us and you under this Agreement constitutes a single agreement between you and us.
11. Termination and Notices
11.1 Either you or we may terminate this Agreement by written notice effective on receipt, save where it is received or deemed to be received on a day which is not a business day in the place of receipt, in which case it will be effective on the next business day there. Termination will not affect any legal rights or obligation which may have accrued. On termination we will liquidate any outstanding contracts .The balance in your account at termination will be repaid to you by bank transfer no later than five business days after this Agreement terminates.
11.2 We reserve the right to terminate this Agreement in the event of any abuse of the services provided hereunder, any abuse of our staff or agents, or for any reason as may be deemed reasonable and appropriate by us in respect of our legal and regulatory obligations. We further reserve the right to suspend this Agreement pending review of our possible subsequent termination and without prior notice to you under such circumstances.
11.3 Any notice, instruction, demand, acknowledgement or request to be given under this Agreement or under any contract entered into pursuant to it must be in writing and, unless it is delivered personally, must be given by email or first class pre-paid post (airmail if sent internationally). Any such notice, instruction, demand, acknowledgement or request must be addressed in the case of us to our address or email address and in your case to the address or email address last notified by you to us. If you or we want to change the address for communication, each must give to the other not less than seven calendar days’ notice in writing of the new details or two days after posting.
11.4 We reserve the right to refuse to accept an application for an account from you without any requirement on our part to provide a reason for such refusal.
12. Closure of Accounts
12-1 MIA may at its absolute discretion close an account at any time for any reason. In the interests of treating customers fairly this would normally be for a specific reason, but is not limited to such, and we are not obliged to give a reason.