Customer Trading Agreement: Foreign Exchange and Bullion
Customer Trading Agreement: Foreign Exchange and Bullion
Customer Trading Agreement: Foreign Exchange and Bullion
INDIVIDUAL ACCOUNTS
www.CROWNFOREX.com
Crown Forex SA, St-Hubert 38, 2854 Bassecourt, P.O.Box 247, Switzerland Tel: +41(0)32 420 70 70, Fax: +41(0)32 420 70 79
Instructions
CROWN FOREX SA (HEREINAFTER "CFSA")
Carefully fill out this customer trading agreement “by typing” make sure all data is complete,
accurate, clear and readable, then print it out and sign in all the designated signature areas.
In addition to the original customer trading agreement enclose the following mandatory
documents:
1- A notarized true copy of valid ID card or a passport document (with photo and signature)
2- A recent utility bill such as electricity, phone bill ….etc, or any other official proof of address
Submit the original signed customer trading agreement along with all the mandatory documents
via international air expresses "DHL, UPS, FedEx… etc" to the following CFSA’s registered address:
Crown Forex SA
St-Hubert 38,
2854 Bassecourt,
P.O.Box 247
Switzerland.
Processing:
1- Once the original customer trading agreement is received along with the mandatory documents,
and assuming all information requirements are satisfied, CFSA’s compliance department will examine
your application.
2- Once the customer trading agreement is approved, CFSA’s staff will establish an account for you,
and will forward the account details to your attention along with the wiring information.
3- Once funds are wired and deposited in the client account, the client trading account will be
activated with in one business day to commence trading.
***please note that the customer trading agreement must be reviewed carefully, complete and
signed where appropriate before sending the documents; otherwise the account processing will be
delayed.
Crown Forex SA customer support teems will be pleased to assist you in the account opening
process; "recommended"
Crown Forex SA, St-Hubert 38, 2854 Bassecourt, P.O.Box 247, Switzerland Tel: +41(0)32 420 70 70, Fax: +41(0)32 420 70 79
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Client Personal Information
Citizenship ID/Passport #
Permanent Address
Client Estimated Annual Income US$ Client Estimated Net worth US$
Bank Address
Crown Forex SA, St-Hubert 38, 2854 Bassecourt, P.O.Box 247, Switzerland Tel: +41(0)32 420 70 70, Fax: +41(0)32 420 70 79
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Investing Experience
Please check the following which best describe your investing experience
Name
Note that Your trading account is in USD only. When funding your account at CFSA using the following curencies,
Denomination fees will apply at the prevailing market rate. The same applies for withdrawals.
Communications
I the under signed request from CROWN FOREX SA to hold all my mail at the company registered address, daily
statements, monthly statements, account information, or any other important documents, knowing that I will pickup
my mail at least once a year. I also request from CROWN FOREX SA to send all correspondence mail through the
electronic network by email or messenger.
Crown Forex SA, St-Hubert 38, 2854 Bassecourt, P.O.Box 247, Switzerland Tel: +41(0)32 420 70 70, Fax: +41(0)32 420 70 79
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Beneficial Owner Verification
To be the only beneficial owner of the assets being involved in the business relationship with CFSA.
That the following person(s) is/are the beneficial owner(s) of the assets implicated in his business relationship
with CFSA
Permanent Address
The contracting Party Undertakes to communicate spontaneously and without delay, any modification concerning
the beneficial owner(s). The contracting party has been made aware that to intentionally complete this form in an
erroneous manner constitutes creating a false document falling under art 251 of the Swiss penal code.
Crown Forex SA, St-Hubert 38, 2854 Bassecourt, P.O.Box 247, Switzerland Tel: +41(0)32 420 70 70, Fax: +41(0)32 420 70 79
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Client Signature Specimen
Crown Forex SA, St-Hubert 38, 2854 Bassecourt, P.O.Box 247, Switzerland Tel: +41(0)32 420 70 70, Fax: +41(0)32 420 70 79
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CROWN FOREX SA (HEREINAFTER "CFSA")
NOTICE
Carefully read and fill all forms included in this customer trading agreement and make sure that all the information provided is complete, clear and
accurate before you sign.
This customer trading agreement will be your contract with CFSA and will govern the relationship between you and CFSA.
This customer trading agreement contains important disclosures relating to the risk associated with trading foreign exchange
You MUST read these disclosures carefully.
This Customer Trading Agreement (the “Agreement”) is between CFSA a Stock corporation organized under the laws of Switzerland, its
successors and assignees, and the party (or parties) executing this document.
In consideration of CFSA agreeing to open and maintain one or more accounts of the undersigned (referred to hereinafter as “Customer”) and providing
services to Customer in connection with foreign exchange transactions, , which may be purchased or sold by or through CFSA for the Customer’s accounts(s).
The Customer agrees as follows:
1. AUTHORIZATION
CFSA is authorized to open one or more accounts in Customer’s name at CFSA to carry Customer’s transactions in FX (collectively, the “Account”).
CFSA is further authorized to purchase and sell FX for Customer’s Account with a counterparty bank or sophisticated institutions or participants in
accordance with Customer’s oral (proper identification required), written (signature required) or electronic (password required) instructions. Unless
instructed by Customer to the contrary in writing, CFSA is authorized to execute all orders with such banking institutions, counterparty, bank, or
sophisticated institutional participants as CFSA deems appropriate.
2. RISK DISCLOSURE
CFSA requires that the Customer (in this section 2 Customer is referred to as “you” or “your”) be aware of the risks involved in trading OTC FX. When
deciding whether to trade in OTC FX you should take into account the following risks inherent in OTC FX trading. This disclosure statement is not all-
inclusive but rather highlights certain of the more significant risk factors and special circumstances relating to OTC FX trading. By executing this
customer trading agreement you acknowledge that trading FX is speculative and risky activity and that you understand the risks
contained in this section and all other risks inherent in OTC FX trading. You further acknowledge and agree that despite such risks, you are willing and
able to assume the financial risks and other hazards of trading in FX.
OTC FX Trading is highly speculative and is suitable only for those who (i) understand and are willing to assume the economic, legal and other risks
involved, and (ii) are financially able to assume losses significantly in excess of margin or deposits. Foreign currency prices are highly volatile. Price
movements of foreign currencies are influenced by, among other things, interest rates, changes in balance of payments and trade, domestic and
international rates of inflation, international trade restrictions and currency devaluations and revaluations. For example, there can be serious market
disruptions if economic or political events locally or overseas affect the market. It is not possible to foresee all risks in advance. You represent, warrant
and agree that you understand these risks; that you are willing and able, financially and otherwise, to assume the risks of foreign exchange trading and that
the loss of your entire Account balance will not change your life style. You recognize that guarantees of profit or freedom from loss are impossible of
performance in OTC FX trading. You acknowledge that you have received no such guarantees from CFSA or from any of its representatives or any
introducing agent or other entity with whom you are conducting your CFSA account and have not entered into this customer trading agreement in
consideration of or in reliance upon any such guarantees or similar representations.
B. Low Margin and High Leverage Can Result in Rapid and Total Losses in a Volatile Market
The high leverage and low margin associated with OTC FX can result in significant losses due to price changes in OTC FX. A relatively small market
movement will have a proportionately larger impact on the funds that you have deposited or will have to deposit; this may work against you as well as for
you. You may sustain a total loss of initial margin funds and any additional funds deposited with CFSA to maintain their position. If the market moves
against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice to maintain your position.
If you fail to comply with a request for additional funds within the time prescribed, your position may be liquidated at a loss and you will be liable for any
resulting deficit.
Crown Forex SA, St-Hubert 38, 2854 Bassecourt, P.O.Box 247, SwitzerlandTel: +41(0)32 420 70 70, Fax: +41(0)32 420 70 79
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C. Trading OTC FX with CFSA
When you trade OTC FX with CFSA, CFSA will act as principal in a privately negotiated contract with you. CFSA may, in turn, enter into
“back-to-back” transactions with others which may include its affiliates. A mark-up is included by CFSA in the price it quotes to you. The OTC FX
transactions are not executed on an exchange and are not cleared by a central clearing organization. Therefore, any transaction with CFSA will be
an obligation of CFSA and not an obligation of a clearinghouse. For this reason you will not be afforded the regulatory and financial protections afforded
to transactions traded on an exchange. Both you and CFSA are obligated to perform your respective responsibilities and obligation under each transaction in
accordance with its terms. The terms of each transaction are set out in: (i) this CFSA customer trading agreement which applies to every transaction you
enter into with CFSA, and (ii) confirmation which will apply to that particular transaction. Your obligations under the transaction are not transferable to
another person because each foreign currency transaction is a transaction between you and CFSA. These obligations may only be transferred to another
person with CFSA’s express consent. In addition, CFSA is under no obligation to terminate or close out the transaction prior to the expiration date for
that transaction. CFSA may, but is not obligated to quote you a price for an early close out on request.
D. Contracting as Principal
CFSA acts solely in the capacity of an arm’s length contractual counterparty to you in connection with the OTC FX transactions and not in the
capacity of your financial adviser or fiduciary. You should not regard any transaction proposal, suggested hedging strategies or other written materials or
oral communications from CFSA as investment recommendations or advice or as expressing CFSA’s view as to whether a particular transaction is
suitable for you or meets your financial objectives. In addition, any market or quote that CFSA makes for you may be based solely on markets or quotes
that are made or quoted to CFSA by the counterparties with which it does business. Such quotes or markets may not represent the best quotes or markets
available to you or CFSA from other sources and CFSA undertakes no obligation to obtain competitive quotes or markets from other counterparties.
CFSA and its affiliates may from time to time have substantial positions in, and may make a market in or otherwise buy or sell instruments similar or
economically related to, OTC FX transactions entered into with you. CFSA and its affiliates may also carry out proprietary trading activities, including
hedging transactions related to the initiation or termination of a foreign currency transaction with you that may adversely affect the market price
or other factors underlying the foreign currency transaction entered into with you and consequently, the value of such transaction. CFSA, its
personnel and affiliates and various other parties may execute orders at the same or better prices ahead of a Customer order.
Due to the circumstances addressed in parts 2(c) and 2(d), your OTC FX transactions with CFSA will not occur on a regulated exchange and it may be
difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons,
these transactions may involve increased risks. Off exchange transactions may be less regulated or subject to a separate regulatory regime. Before you
undertake such transactions, you should familiarize yourself with applicable rules and attendant risks. Transactions on markets in other jurisdictions,
including markets formally linked to a domestic market, may also expose you to additional risk. Such markets may be subject to regulation, which may
offer different or diminished investor protection. Before commencing trading, you should enquire about any rules relevant to particular transactions. The
local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your
transactions have been effected. You should ask the firm with which you deal for details about the types of redress available in both your home
jurisdiction and other relevant jurisdictions before you start to trade.
From time to time you will be responsible to meet the obligations, in accordance with the terms of the contract, arising under a foreign currency spot or
forward transaction. These transactions may be used to establish long or short positions in the market. A spot transaction is a cash market transaction to buy
or sell a specific quantity of currency immediately, physical settlement will be required in no more than two (2) days. , the OTC FX market is (i)
unregulated; (ii) there are no limitations on daily price movements (unless imposed by a government or central bank authority), (iii) no rules to regulate
valuation or settlement procedures, and (iv) no minimum financial requirements for market participants. On the defined settlement dates for spot and
forward transactions may be obligated to pay CFSA or receive payment through either the physical delivery of currency or cash settlement. The means
of settlement are governed by the terms of the specified transaction.
G. Electronic Trading
OTC FX is generally completed through CFSA’s web based electronic trading system.
Trading on an electronic trading system differs from trading in the open outcry market. If you undertake transactions on an electronic trading system, you
will be exposed to risks associated with the system including the failure of hardware and software. CFSA's automated order entry system provides
immediate transmission of Customer's order once Customer enters the notional amount and clicks “Buy/Sell.” There is no “second look” before
transmission, and market orders cannot be cancelled. The result of any system failure may be that your order is either not executed according to your
instructions or is not executed at all.
Crown Forex SA, St-Hubert 38, 2854 Bassecourt, P.O.Box 247, Switzerland Tel: +41(0)32 420 70 70, Fax: +41(0)32 420 70 79
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H. Commission and Other Charges
Before you begin to trade, you should obtain a clear explanation of all commission, fees and other charges for which you will be liable. These charges will
affect your net profit (if any) or increase your loss. Please contact the officer in charge of your file for such explanation, CFSA's contact information is
listed on the bottom of each page of this customer trading agreement.
The Automated Systems may be used to transmit, receive and confirm execution of orders, subject to prevailing market conditions and applicable rules
and regulations. CFSA consents to grant you the access and the use of the Automated Systems, subject to your adoption of the required procedures to
prevent unauthorized access to and use of the Automated Systems. In any event, you agree that you may be made financially liable for trades executed
through the Automated Systems. Based on the foregoing, you acknowledge represent and warrant that: a) you have received a password or other
sequence, which provides access to the Automated Systems; b) you are the sole and exclusive owner of the said password and, c) you accept full
responsibility for use and protection of the said password as well as for any transaction occurring in an account, opened, held or accessed through the
password.
You are further responsible for the monitoring of your account(s). You shall immediately notify CFSA in writing if you become aware of any of the
following: a) any loss, theft or unauthorized use of your password; or b) any failure by you to receive a message stating that an order was received and/or
executed or; c) any failure by you to receive an accurate confirmation of an execution or; d) any receipt of confirmation of an order and/or execution,
which you did not place; e) any inaccurate information in your account balances, positions or transaction history.
A. All transactions affected for Customer’s Account and all fluctuations in the market prices of the OTC FX transactions carried in Customer’s Account are
solely at Customer’s risk, and Customer shall be solely liable therefore under all circumstances. Customer represents and warrants that Customer is
willing and financially able to sustain such losses, and that the trading of foreign currencies are suitable for Customer. CFSA is not responsible for
the performance or non-performance by any third party (including other dealers or banks) to CFSA of its obligations in respect of any OTC FX transactions
or other property of Customer; or for delays in the transmission, delivery or execution of Customer’s orders due to malfunctions of communications
facilities or systems or other causes beyond CFSA’s reasonable control or anticipation. CFSA shall not be responsible for the actions or non-actions of
agents selected by CFSA in good faith or appointed at the request of Customer, whether such action and/or non-action amounts to negligence or inability
on the part of the relevant agent.
B. Customer consents to CFSA's use of automated systems or service bureaus in conjunction with Customer’s Account, including, but not limited to,
automated order entry, order routing and/or order execution systems; record keeping, reporting and Account reconciliation systems; and risk management
systems (collectively, “Automated Systems”). In addition, Customer will be allowed access to certain Automated Systems in order to place orders for
transactions in OTC FX and to access other account services and products provided by CFSA. Customer understands that the use of Automated Systems
entails risks, including, but not limited to, interruption of service, system or communications failure, delays in service, and errors in the design or
functioning of such Automated Systems (collectively, a “System Failure”) that could cause substantial damage, expense or liability to the Customer.
CFSA makes no representation or warranty of any kind, express or implied, with respect to the selection, design, functionality, operation, title or non-
infringement of any automated system, and makes no express or implied warranty of merchantability or fitness for a particular purpose, title and/or non-
infringement, and specifically disclaims any implied warranty with respect thereto. Without limiting the foregoing, CFSA expressly disclaims any
representation that any automated system will operate uninterrupted or be error-free.
C. In addition to the limitation of liability set forth in Section 3(a) above, CFSA will have no liability whatsoever for any claim of loss, cost, expense,
damage or liability of Customer or any third person arising out of or relating to any System
Failure, regardless of whether such claim is based on contract, tort, strict liability or any other theory. CFSA will not have any liability for the actual or
alleged insufficient exercise of care in selecting any sub-agents or in selecting, monitoring or operating any Automated System, for any failure or delay in
informing Customer of any System Failure or in taking action to prevent or correct any such System Failure. In no event will CFSA have any liability for
any incidental, special or consequential damages, including, but not limited to, loss of profits or loss of use, even if CFSA was aware of the likelihood of
such damages. CFSA has no responsibility to inform Customer of (i) any decision to use, not use or cease using any Automated System, (ii) the
characteristics, functions, design or purpose of any Automated System, or (iii) any specific risks inherent in any Automated System.
A. Customer acknowledges: (i) any information communicated to Customer by CFSA or by any person within the company, does not constitute an offer
to sell or the solicitation of an offer to inter into an OTC FX transaction, (ii) such information, although based upon information obtained from sources believed
by CFSA to be reliable, may be incomplete and may be unverified, and (iii) CFSA makes no representation, warranty or guarantee as to, and shall not be
responsible for, the accuracy or completeness of any information furnished to Customer. Customer acknowledges that CFSA and/or its officers, directors,
affiliates, associates, members or representatives may have a position in or may intend to buy or sell OTC FX, which are the subject of market
information furnished to Customer. Customer acknowledges that CFSA makes no representations concerning the tax implications or treatment of
transactions. B. Should a quoting error occur due to a mistype of a quote or misquote given by telephone (including responses to Customer requests), CFSA
is not liable for any resulting errors in account balances and reserves the right to make necessary corrections or adjustments on the Account involved. Any
dispute arising from such quoting errors will be resolved on the basis of the fair market value, as determined by CFSA, in its sole discretion, of the
relevant Currency at the time such an error occurred. Customer must review and report immediately errors on confirmations and statements. Failure to
notify CFSA immediately of any error or omission will bind Customer to the terms of such confirmation or statement, as the case may be.
Crown Forex SA, St-Hubert 38, 2854 Bassecourt, P.O.Box 247, Switzerland Tel: +41(0)32 420 70 70, Fax: +41(0)32 420 70 79
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5. PRICE AVAILABILTY
CFSA will make available, by posting on the internet or providing an operator for Customer to telephone, bid prices and ask prices at which they are
prepared to enter OTC FX transactions with Customer. Each price shall be for a transactions with a specified value date and shall
specify each currency pair involved. CFSA expects that these prices will be reasonably related to the bid prices and ask prices available in the market at
that time for similar transactions, but a number of factors, including communication system delays, high volume or volatility can result in deviations
between quoted prices and other sources. CFSA makes to warranty, express or implied, that prices represent prevailing bid prices and ask prices. Also,
any third party introducing agent or advisor may impose additional pips to the bid or ask price that may result in an increase of the dealable spread
available for the Customer’s Account.
6. TRADING LIMITATIONS
CFSA will attempt to execute all orders that it may, in its sole discretion, accept from Customer in accordance with Customer’s instructions received
through the Automated Systems or via telephone to the trading desk. Customer agrees that CFSA may, in its sole and absolute discretion, refuse to accept
any order from, or enter into any transaction, Customer, including, but not limited to, in the event CFSA believes that the acceptance of Customer’s
order, or the entering into of such transaction with Customer, would be in contravention of any rule or law. In addition, CFSA may at any time, in its sole
and absolute discretion, limit the number or types of positions that Customer may maintain or acquire with CFSA, and Customer agrees not to exceed
such limits. CFSA is under no obligation to effect any transaction for Customer’s Account that would create positions in those accounts in excess of the
limit CFSA has set. If Customer exceeds position limits imposed by CFSA, CFSA shall have the right to close out positions in excess of the applicable
position limit.All pending orders; take profit, stop loss, buy and sell limit orders shall be good till Friday, by the time the market closes on each Friday all
pending orders is deemed to be as good as cancelled.
Each customer must fill out the phone pin code form for accessing his/ her account over
the phone. CFSA shall not incur any liability as a result of refusing to execute any order(s) issued by a person whose identity CFSA considers not to have
been sufficiently established. Trading orders executed via a telephone call to an authorized CFSA representative are completed when the respective
CFSA representative states “agreed” or “done.” At that point Customer has bought or sold and cannot cancel the trade. By placing trades through the
CFSA trading desk, Customer agrees to such immediate execution and accepts the risk of this immediate execution feature. CFSA is not responsible for
disruption, failure or malfunction of telephone lines.
8. MARGINS
Customer will at all times maintain such margins and premiums for Customer’s Account as required from time to time by CFSA. Customer shall make
deposits of margin or premium as CFSA requests within a reasonable time after such request. IN THE ABSENCE OF UNUSUAL CIRCUMSTANCES,
[ONE (1) HOUR] SHALL BE DEEMED TO BE A REASONABLE TIME; HOWEVER, CFSA RESERVES THE RIGHT TO REQUEST DEPOSITS
ON SHORTER NOTICE IN ITS SOLE AND ABSOLUTE DISCRETION. Margin deposits shall be made by wire transfer (or other methods, if
permitted by CFSA in its sole and absolute discretion) of immediately available funds and shall be deemed made when received by CFSA. CFSA’s
failure at any time to call for a deposit of margin shall not constitute a waiver of CFSA’s rights to do so at any time thereafter, nor shall it create any
liability of CFSA to Customer. CFSA will open or maintain the Account and grant a margin facility to the Customer provided that CFSA may, without
notice, at any time and from time to time: (i) reduce or cancel any margin facility made available to the Customer or refuse to grant any additional margin
facility to the Customer; or (ii) require the Customer to provide margin in addition to the margin requirements of any regulatory authorities. As long as the
undersigned shall be indebted to CFSA, all funds and other property carried for the Customer’s Account shall be and are hereby pledged and shall
constitute a continuing security to insure payment of the indebtedness.
9. CHARGES
Customer shall pay such brokerage, commission and all other charges (including, without limitation, mark-ups and markdowns, statement charges, idle
account charges, order cancellation charges, account transfer charges or other charges), fees (including, without limitation, fees imposed by any interbank
agency, bank, or other regulatory or self-regulatory organizations) arising out of CFSA providing services hereunder. CFSA may
change its commission, charges, spreads, slipage policy, markups, markdowns, and/or fees without notice. Customer agrees to be liable to CFSA if
amounts are due by the customer and not paid upon the reminder given in writing by CFSA, the accounts shall be closed out and the amounts due shall
bear default interest at a rate equal to (20) percentage points per annum. Customer shall pay all such charges as they are incurred, or as CFSA in its
sole and absolute discretion, may determine, and Customer hereby authorizes CFSA to withdraw the amount of any such charges from Customer’s
Account. Customer agrees to pay a transfer fee, to be designated by CFSA in the event Customer instructs CFSA to transfer open positions, moneys,
and/or property of Customer’s account to another institution. CFSA confirms all prices quoted to Customer are not inclusive of mark-ups and markdowns.
In addition CFSA may in its soul and absolute discretion change the leverage rate "Margin requirments"at any time and without notice; in the event
this change/s is/are objected to and/or protested by the customer, CFSA shall close all customer open positions and close the account/s immediately.
Crown Forex SA, St-Hubert 38, 2854 Bassecourt, P.O.Box 247, Switzerland Tel: +41(0)32 420 70 70, Fax: +41(0)32 420 70 79
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10. LIQUIDATION OF ACCOUNTS AND PAYMENT OF DEFICIT BALANCES
A. All property of Customer held by or for CFSA, including without limitation foreign OTC FX Positions, cash, letters of credit or other property (each
referred to as “Collateral”) in Customer’s Account (including all proceeds of such Collateral) is hereby pledged to CFSA and shall be subject to a general
lien and first priority security interest and right of setoff in CFSA’s favor to secure any amounts at any time owing from Customer to CFSA. Customer
shall not grant any security interest in the Collateral to any person other than CFSA.
B. In the event of (i) the death or judicial declaration of in competency of Customer; (ii) the filing of a petition in bankruptcy, or a petition for the
appointment of a receiver, or the institution of any insolvency or similar proceeding by or against Customer; (iii) the filing of an attachment against any of
Customer’s accounts carried by CFSA; (iv) insufficient margin, or CFSA’s determination that any collateral deposited to protect one or more accounts of
Customer is inadequate, regardless of current market quotations, to secure the Account; (v) Customer’s failure to provide CFSA any information
requested pursuant to this customer trading agreement; or (vi) any other circumstances or developments that CFSA deems appropriate for its protection,
and in CFSA’s sole discretion, it may take one or more, or any portion of, the following actions: (1) Close out any or all of OTC FX positions without
awaiting the appointment of a representative for Customer and without demand upon or notice to any such personal representative, (2) satisfy any
obligation Customer may have to CFSA, either directly or by way of guaranty of surety-ship, out of any of Customer’s funds or property in its custody or
control; (2) sell any or purchase any or all OTC FX positions, held or carried for Customer; and (3) cancel any or all outstanding orders or positions, or
any other commitments made on behalf of Customer. Any of the above actions may be taken without demand for margin or additional margin, without
prior notice of sale or purchase or other notice to Customer, Customer’s personal representatives, heirs, executors, administrators, trustees, legatees or
assigns and regardless of whether the ownership interest shall be solely Customer’s or held jointly with others. Any sales or purchases of Collateral
hereunder may be made according to CFSA’s judgment and at its discretion with any interbank or other exchange market where such business is then
usually transacted or at any public or private sale, at CFSA’s option, without advertisement. In liquidation of Customer’s long or short positions, CFSA
may, in its sole discretion, offset in the same settlement or it may initiate new long or short positions in order to establish a spread, strangle or straddle
which in CFSA’s sole judgment may be advisable to protect or reduce existing positions in Customer’s account. CFSA may bid and become a purchaser
at any such sale, and upon any such sale CFSA shall collect, receive, and hold and apply the proceeds as provided herein. The proceeds from any such
sale or action shall be applied first to the payment of all legal and other costs and expenses incurred in connection with the sale or action and next to the
payment of the liabilities, as determined by CFSA. The balance, if any, of such proceeds remaining after such application shall be paid to Customer.
Reports of the confirmation of orders and statements of accounts for Customer shall be deemed correct and shall be conclusive and binding upon
Customer if not objected to immediately upon receipt and confirmed in writing within one (1) day after transmittal to CFSA by mail or otherwise. Margin
calls shall be conclusive and binding unless objected to immediately in writing. Written objections on Customer’s part shall be directed to: Crown Forex
SA, St-Hubert 38, 2854 Bassecourt, P.O.Box 247, Switzerland, or the most recent address as indicated on CFSA website, and shall be deemed re-
ceived only if actually delivered or mailed by registered mail, return receipt requested. Failure to object shall be deemed ratification of all actions taken by
CFSA or CFSA’s agents prior to customer’s receipt of said reports. Customer’s failure to receive a trade confirmation shall not relieve Customer
of the obligation to object as set out herein.
12. COMMUNICATIONS
Reports, statements, notices and any other communications may be transmitted to Customer via email upon customers request to the email address
provided on Customer’s application, or to such other address as Customer may from time to time designate in writing to CFSA. All communications so
sent, whether by mail, telegraph messenger or otherwise, shall be deemed transmitted by CFSA when deposited in Swiss mail, or when received by a
transmitting agent, and deemed delivered to Customer personally, whether actually received by Customer or not. If Customer is introduced to CFSA
Foreign Exchange by an Introducing Broker (IB), be aware that Customer information is available for viewing by Customer’s broker. By signing this
agreement, customer hereby acknowledges and consents to having monthly account statements, trade confirmations, and statements of close out of open
positions required (“notices”), electronically, via the internet. Customer acknowledges that (1) its consent to receive the foregoing notices electronically
remains in effect indefinitely, subject to the customer's right to revoke this consent at any time and (2) that CFSA does not charge for this service at this
time.
13. RECORDING
Any telephone conversation with CFSA may be recorded for accuracy and Customer consents to such recording. CFSA has no obligation to make or
retain such recordings, and Customer irrevocably consents to such recordings and to CFSA’s use of such recordings in any proceeding or as CFSA
otherwise deems appropriate.
Crown Forex SA, St-Hubert 38, 2854 Bassecourt, P.O.Box 247, Switzerland Tel: +41(0)32 420 70 70, Fax: +41(0)32 420 70 79
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14. SPECIAL PROVISIONS FOR ACCOUNTS MANAGED BY THIRD PARTY ADVISORS AND INTRODUCED ACCOUNTS
A. Customer shall advise CFSA (the Compliance Officer) of the identity of any persons authorized ("Trading agent" or other) to give instructions to
CFSA on behalf of the client in accordance with and for the purposes of this customer trading agreement by signing CFSA's Power of Attorney form. Any
such authority may be revoked by notice in writing by Customer but shall only be effective upon written confirmation by CFSA of the receipt of such
notice of revocation. CFSA shall not be liable for any loss, direct or indirect, resulting from the Customer's failure to notify such revocation.
B. Customer acknowledges that should Customer grant trading authority or control over Customer’s Account to a third party (“Trading Agent”), whether
on a discretionary or nondiscretionary basis, CFSA shall in no way be responsible for reviewing Customer’s choice of such Trading Agent nor making
any recommendations with respect thereto. Customer understands that CFSA makes no warranties nor representations concerning the Trading Agent, that
CFSA shall not be responsible for any loss to Customer occasioned by the actions of the Trading Agent and that CFSA does not, by implication or
otherwise, endorse or approve of the operating methods of the Trading Agent. If Customer gives a Trading Agent authority to exercise any of its rights
over Customer’s account(s), Customer understands that Customer does so at Customer’s own risk.
C. CFSA further acknowledges that if a Customer is introduced to CFSA by an introducing third party agent, be it a Trading Agent or otherwise, CFSA
is not liable for the actions, recommendations, or advice of the introducing agent and agrees to indemnify and hold harmless CFSA, its members,
affiliates, employees, agents, successors and assigns harmless from and against any and all liabilities, losses, damages, costs settlement or expense
(including attorney's fees) incurred by CFSA and arising from or related to Customer’s relationship with such third party agent.
CFSA does not make market recommendations. Each decision by Customer to enter into a transaction with CFSA and each decision whether
a transaction is appropriate or proper for Customer is an independent decision by Customer. CFSA is not acting as an advisor or serving
as a fiduciary to Customer. Customer agrees that CFSA has no fiduciary duty to Customer and no liability in connection with and is not responsible for
any liabilities, claims, damages, costs and expenses, including attorneys' fees, incurred in connection with Customer following CFSA's trading
recommendations or taking or not taking any action based upon any recommendation or information provided by CFSA.
If any transaction for Customer’s Account is effected in any market on which transactions are settled in a foreign currency (i) any profit or loss arising as
a result of a fluctuation in the rate of exchange between such currency and the United States dollar shall be entirely for Customer’s account and risk, (ii)
all initial and subsequent margin deposits required or requested by CFSA shall be in United States dollars or, if requested by CFSA, in the currency
required by the applicable exchange or clearing house, and (iii) CFSA is authorized to convert funds in Customer’s Account into and from such foreign
currency at rates of exchange prevailing at the banking and other institutions with which CFSA normally does business.
17. NO GUARANTEES
Customer acknowledges that Customer has no separate agreement with Customer’s third party trading agent or any CFSA employee or agent regarding
trading in Customer’s Account, including any agreement to guarantee profits or limit losses in Customer’s Account. Customer understands that Customer
is under an obligation to notify CFSA’s Compliance Officer immediately in writing as to any agreement of this type. Further, Customer understands that
any representations made by anyone concerning Customer’s Account that differs from any statements Customer receives from CFSA must be brought to
the attention of CFSA’s Compliance Officer immediately in writing. Customer understands that Customer must authorize every transaction prior to its
execution unless Customer has delegated discretion to another party by signing CFSA’s Limited Power of Attorney Form, and any disputed transactions
must be brought to the attention of CFSA’s Compliance Officer pursuant to the notice requirements of this Customer Trading Agreement. Customer
agrees to indemnify and hold CFSA harmless from all damages or liability resulting from Customer’s failure to immediately notify CFSA’s Compliance
Officer of any of the occurrences referred to herein.
Customer certifies that the information contained in this customer trading agreement, the Account Application, and any other documents furnished to
CFSA in connection with Customer’s Account is complete, true and correct, and acknowledges that knowingly giving false information for the purpose
of inducing CFSA to extend credit or other wise constitutes creating a false document falling under art 251 of the Swiss penal code. Further more
customer authorizes CFSA to disclose such information relating to Customer as may be required by any law, rule or regulatory authority, without prior
notice to Customer. In accordance with the Swiss legal and statutory requirements, when CFSA suspects that the assets deposited by any Customer are of
criminal origin, it will be obliged to communicate the suspicions to the competent Swiss authorities, in accordance with its obligations under the Swiss
Federal Money Laundering Act. In such events, CFSA has a legal duty to block immediately Customer's assets if they are linked to the communicated
information.
Crown Forex SA, St-Hubert 38, 2854 Bassecourt, P.O.Box 247, Switzerland Tel: +41(0)32 420 70 70, Fax: +41(0)32 420 70 79
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19. FUNDS ON DEPOSIT IN NON-SWISS. BANKING INSTITUTIONS
A. Customer acknowledges that Customer’s funds may be held in accounts denominated in a foreign currency with depositories located outside of
Switzerland or its territories if (i) Customer is domiciled in a foreign country or (ii) if the funds are held in connection with positions priced and settled in
a foreign currency. Such accounts are subject to the risk that events could occur which would hinder or prevent the availability of these funds for
distribution to Customer. Such accounts may also be subject to foreign currency exchange rate risks.
B. Customer authorizes the deposit of funds into such foreign depositories. If Customer is domiciled in Switzerland, this authorization permits the
holding of funds in regulated accounts offshore only if such funds are used to margin, guarantee, or secure positions or accrue as a result of such positions.
Customer represents that the information on this Customer trading agreement are true and complete and any applicable ancillary documents are accurate
and that CFSA and its agents are entitled to rely on such information and representations for all purposes, unless CFSA receives notice in writing of any
change. Customer shall notify CFSA of any material change in such information or representations, Customer agrees to provide CFSA with full and
accurate information regarding, among others, the identification of the contracting partner, the identification of the beneficial owner of the assets, and, if
requested to do so by CFSA, the clarification of the economic background of the business and any other information CFSA may reasonably require to
comply with its duties under Swiss Federal Money Laundering Act. To the extent certain ancillary documents are applicable, executed and delivered in
connection with this customer trading agreement; any or all such ancillary documents are incorporated herein by reference. In the event any term or
provision of any of such ancillary documents should conflict with any term or provision of this customer trading agreement, the terms and provisions of
this customer trading agreement shall control and prevail.
Customer acknowledges that if Customer does not place a trade during any twelve (12) month period, and there are no
OTC FX transaction held in Customer’s Account, the Account may be automatically removed from CFSA system.
Customer will thereafter be required to re-establish an Account prior to placing any further trades, and CFSA may require additional documentation from
Customer to reactivate such Account.
All Confidential Information relating to the business of CFSA and its affiliates shall remain at all times the sole and exclusive property of CFSA and
Customers shall have no right or interest in the Confidential Information except as specified herein. “Confidential Information” means and includes
CFSA's confidential and/or proprietary information and/or trade secrets that have been developed or used and/or will be developed and that cannot be
obtained readily by third parties from outside sources. Confidential Information includes, by way of example and without limitation, the following:
Automated Systems; procurement procedures and pricing techniques; pricing strategies and price curves; positions; internal business records; and
contracts benefiting or obligating CFSA. Customer will not publish, distribute, or otherwise make information available to third parties any information
derived from or relating to the Confidential Information (including the Automated Systems). Customer will not copy, modify, de-compile, reverse
engineer, and make derivative works of the Confidential Information or the manner in which they operate. Customer further acknowledges that protection
of such Confidential Information against unauthorized disclosure and use is of critical importance to CFSA and its affiliates in maintaining their
competitive position.
23. INDEMNIFICATION
Customer agrees to indemnify and hold harmless CFSA, its members, affiliates, employees, agents, successors and assignees harmless from and against
any and all liabilities, losses, damages, costs settlement or expense (including attorney's fees) incurred by CFSA and arising from or related to
Customer’s failure to fully and timely perform Customer’s agreements herein or should any of the representations and warranties fail to be true and
correct.
Customer represents and warrants that: (i) Customer is of legal age, (ii) is legally competent to execute this customer trading agreement,
(iii) No person other than Customer has or will have an interest in Customer’s account(s); and, (iv) Customer hereby warrants that regardless of any
subsequent determination to the contrary, Customer is suitable to trade OTC FX; and, (v) Customer is not now an employee or associated person of a
member firm of any exchange or of a member firm of the Federal Reserve, NFA, or NASD, or any employee or agent of any member of any bank, trust,
or insurance company not disclosed to CFSA. In the event that Customer becomes so employed or an agent of any of the foregoing, Customer will
promptly notify CFSA, in writing, of such employment.
Crown Forex SA, St-Hubert 38, 2854 Bassecourt, P.O.Box 247, Switzerland Tel: +41(0)32 420 70 70, Fax: +41(0)32 420 70 79
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25. NO WAIVER, MODIFICATION OR AMENDMENT
Customer understands, acknowledges and agrees that CFSA may amend or change this customer trading agreement at any time. CFSA will provide notice
to Customer of any such amendment or change by posting the amendment or change to the CFSA website or by sending an e-mail message to Customer.
Unless contested in writing or by e-mail in the meantime, Customer agrees to be bound by the terms of such amendment or change on the earlier of: (i)
ten (10) days after CFSA has posted notice of such amendment or change to the website; or (ii) on the date of the entry of any order other than a
liquidating order. In the event that Customer objects to any such change or amendment, Customer agrees to liquidate Customer’s open positions and
instruct CFSA regarding the disposition of all assets in Customer’s Account within ten (10) business days after notice of the amendment or change has
been posted to the CFSA website. No waiver or amendment of this customer trading agreement may be implied from any course of dealing between the
parties or from any failure by CFSA or its agents to assert its rights under this customer trading agreement on any occasion or series of occasions. No oral
agreements or instructions to the contrary shall be recognized or enforceable. This instrument and the attachments hereto embody the entire customer
trading agreement of the parties, superseding any and all prior written and oral agreements and there are no other terms, conditions or obligations other
than those contained herein.
A. this customer trading agreement shall be governed by and construed in accordance with the laws of Switzerland to the exclusion of Swiss international
private law and any international treaties. Voiding of any clause of this customer trading agreement by a court of competent jurisdiction shall not void the
entire agreement and shall apply only to the specific clause. B. any judicial or administrative action or proceeding arising directly or indirectly hereunder
or in connection with the transactions contemplated hereby, whether brought by customer or CFSA, shall be held in Switzerland Delemont.
Customer consents and submits to, and waives any and all objections customer may have to such venue, and further agrees to waive and forego any right
customer may have to transfer or change the venue of any action or proceeding encompassed hereby.
This customer trading agreement has been duly and validly executed and delivered on behalf of Customer and, assuming due authorization, execution and
delivery by CFSA constitutes the legal and binding obligation of each of the parties and an implied covenant of good faith and fair dealing. Further, this
Agreement shall cover, individually and collectively, all accounts of Customer at any time opened or reopened with CFSA irrespective of any change or
changes at any time in the personnel of CFSA or its successors, assigns, or affiliates. This customer trading agreement including all authorizations, shall
inure to the benefit of CFSA and its successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon Customer and/or
the estate, executor, trustees, administrators, legal representatives, successors and assigns of Customer. Customer hereby ratifies all transactions with
CFSA affected prior to the date of this customer trading agreement, and agrees that the rights and obligations of Customer in respect thereto shall be
governed by the terms of this customer trading agreement.
28. NOTICES
Any notices required to be given shall be in writing and sent by mail to CFSA at the following address:
Crown Forex SA, St-Hubert 38, 2854 Bassecourt, P.O.Box 247, Switzerland. Indicated on the CFSA website, and to Customer at the most
current email address Client provided by Customer to CFSA or at the address set by Customer in this customer trading agreement. Either party may
change his address by giving notice in writing to the other party stating his/ her/ its new address. Commencing on the tenth (10th) day after the giving of
such notice, such newly designated address shall be the party's address for the purpose of all notices or communications required or permitted to be given
pursuant to this customer trading agreement. Notices to CFSA from Customer shall be deemed given as of the close of business on the day such notices
are actually received by CFSA.
29. TERMINATION
Either party may terminate this customer trading agreement immediately by giving written notice to the other party. Termination shall not affect any
accrued rights or obligations. On termination, CFSA and Customer shall undertake to complete all open contracts that are all ready in progress and the
terms of this customer trading agreement shall continue to bind both parties in relation to such transactions. CFSA is entitled to deduct all amounts due to
it before transferring any credit balances to Customer.
30. INTERPRETATION
In this customer trading agreement the following words and expressions shall have the following meanings:
Account: means an account of the client with Crown Forex SA. – Customer trading agreement: means this document from page 1 to page 15. – Business
day: means a day on which banks and foreign exchange market are open for business in JURA SWITZERLAND. – Services: means services
to be performed by CFSA under this customer trading agreement.
The paragraph headings in this customer trading 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.
Words referring to singularity shall include the plural and vise versa.
Words referring to the mail gender shall include the female gender and vise versa.
Crown Forex SA, St-Hubert 38, 2854 Bassecourt, P.O.Box 247, Switzerland Tel: +41(0)32 420 70 70, Fax: +41(0)32 420 70 79
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31. ENGLISH AS PRINCIPAL LANGUAGE
This customer trading agreement may be translated into other languages but, in the event of any inconsistency or ambiguity as to the meaning of any word
or phrase in any such translation, the English text shall prevail.
32. ACCEPTANCE
This customer trading agreement shall not be deemed to be accepted by CFSA nor become a binding contract between Customer and
CFSA unless officially approved by CFSA Compliance Department and signed by its authorized representative(s).
Crown Forex SA (“CFSA”) will gather information about Customers from your transactions with us and with affiliated members of the CFSA Family
Company, Information we may collect comes from applications and other forms filled out by you; information about your transactions with us, such as
account balances, payment history, and account activity; information we receive from a consumer reporting agency; and information we receive about you
from other sources, such as your employer or other third parties. Customer agrees that these confidential documents and information may however, be
disclosed at any time to certain types of non affiliated third parties (such as financial service providers, non financial companies, and others, to companies
related to us by common control or ownership and companies that perform services on our behalf in accordance with the Federal Data protection Act.
CFSA maintains appropriate security safeguards and procedures regarding customer information. This includes the use of passwords and access codes to
prevent revealing sensitive customer information to inappropriate or unauthorized sources. Information that we have about you is available to our
employees and agents so they can service our customers. CFSA prohibits our employees and agents from giving information about you to anyone in a
manner that would violate any applicable law or our privacy policy. Our employees are trained to protect information we have about you. CFSA also
reviews compliance with this privacy policy. Please be assured that whenever we use a third party company to provide services to us or on your behalf,
we contractually bind them to strict confidentiality with respect to any information that we may have provided, including information about our
customers.
34. ACKNOWLEDGMENT
I, the undersigned, hereby declare that I have carefully read, completely understood and that I fully agree with the terms and conditions listed on this
customer trading agreement and declare that all information provided on this customer trading agreement are true and accurate and that the signature
provided is my true authentic signature.
Crown Forex SA, St-Hubert 38, 2854 Bassecourt, P.O.Box 247, Switzerland Tel: +41(0)32 420 70 70, Fax: +41(0)32 420 70 79
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