Client Agreement

Basic Offer

Terminology

1. Basic Provisions

2. Termination of the Basic Offer

3. Right and obligations of the Parties

4. The main investment support provisions

5. Information about risks

6. Force majeure

Basic Offer

WALDORA FINTECH PRODUCTS INC. (company number 728395) registered in province of New Brunswick, Canada whose registered office is at 60 CHARLOTTE Street SAINT JOHN NB E2L 2H9 ("the Company"), represented by the Director, Stephanie Sandilands, proposes entering the current Basic Offer under the following conditions:

Terminology

  • Personal Account is an individual client area on the Company's official site, with a unique login and password, is intended to identify the Client, support his accounts, maintain a register of transactions.
  • Trading platform / Trading terminal — software provided by the Company as part of investment support software designed for remote account management, execution of transactions by the Client and obtaining information about the international financial markets.
  • Business day — the day commercial banks operate in the country of origin of payment.
  • Transaction / Trading operation — an agreement between the Client and the Company on the purchase/sale of currencies at agreed rate calculated on the agreed settlement date.
  • The instrument is a currency pair or other financial asset available for trading.
  • Quotation flow — a sequence of quotes from financial markets, provided separately for each trading instrument. A quote consists of buy and sell rates.
  • Open position — the amount and (or) the amount of the acquired (or sold) Instruments not covered by the counter-sale (purchase) of the same Instrument in the same quantity and (or) volume; the result of the implementation of the first part of the Completed transaction (Trading or Investment operation to open a Position). Having opened the Position, the Client is obliged: a) to perform a counter Trading (Investment) operation to close the Position in the same volume; b) maintain the Margin Level no lower than the amount set by the Company.
  • Total open position — the sum of all open positions of the Client, expressed in the deposit currency.
  • A closed position is the result of the execution of the second part of the Completed transaction (Trading or investment operation to close the Position).
  • Limit of open currency position — the maximum allowable total open position of the Client.
  • Margin trading — trading in currencies without actual delivery using collateral to cover potential losses. At the same time, the transaction amount may significantly exceed the deposit amount.
  • Margin requirements — the amount that must be deposited on the Trading Account in order to open a position.
  • The current margin level is the ratio of the balance on the collateral account to the total open positions of the Client at the current moment, expressed as a percentage.
  • Leverage — the ratio between the volume of the Transaction and the amount of the Initial Margin.
  • Available funds — part of the balance on the collateral account, not used to maintain open positions of the Client.
  • Stop-out — an order for the forced closure of all or of the part of the Client’s open positions at the nearest market quotation generated by the server.
  • Stop Limit, Stop Loss, Take Profit Orders — the Client’s orders to complete transactions subject to a certain exchange rate. Stop Loss order allows you to close a deal, limiting possible losses. Take Profit order allows you to close a deal with a pre-planned profit level. Stop and Limit orders allow you to open a new position provided that you reach a certain exchange rate.
  • Buy with the immediate sale — a set of two countertrade transactions with the same volume (Open and Closed Positions): purchases with a subsequent sale or sales with subsequent purchases relative to a Position with the same identifier.
  • Order / Pending Order — an order of the Client to perform a Trading operation under the conditions specified by the Client in the Trading Terminal.
  • Identifier — a unique identification number that the Company assigns to each open position or Pending Order in the Trading Terminal.

1. Basic Provisions

1.1. Within the framework of this Basic Offer, the Company provides investment support services to the Client.

1.2. Acceptance of the current Basic Offer is done by clicking the corresponding option «Agree/Accept» in the Client’s account, which confirms the Client's agreement with the terms of the current Basic Offer.

1.3. Once the Client accepts the Basic Offer, he/she acquires the rights and assumes obligations in accordance with the terms of this Basic Offer.

1.4. The Basic Offer becomes valid upon acceptance and remains in effect until cancellation and deactivation of the service by one of the parties.

1.5. By accepting the terms of this Basic Offer, the Client confirms that he/she has read the “Privacy Policy”, “Refund Policy”, “AMLTF Policy” and other documents posted on the Company's official site: https://waldoragroup.com. When accepting this Basic Offer, the Client automatically accepts the documents of the Company listed above.

1.6. Within the framework of this Basic Offer, the Company provides the Client with the opportunity to create and use a personal account, which can be accessed through the Company’s official site: https://waldoragroup.com.

1.7. In the personal account the Client can open a multi-currency account to carry out operations with foreign currencies; can get access to the trading platform to execute financial operations; obtain access to analytics and technical support services.

1.8. All trade positions originate directly from the Client, therefore the Client is solely responsible for them. With regard to the Client’s trading operations, the Company does not provide trust management services, does not give recommendations on trading financial instruments, does not manage customer accounts and does not provide clients with guarantees of no-risk operations when working in financial markets.

1.9. All appeals shall be sent to the email: support@waldoracompany.com. The applications are considered within 14 calendar days from the day following the day of receipt of such an application from the Client.

2. Termination of the Basic Offer

2.1. After entering this Basic offer, the Client has the right to refuse this Basic offer by sending a written application to the Company email: support@waldoracompany.com 14 calendar days before the expected date of termination. The form of the application is available on the Company's site.

2.2. To terminate the Basic Offer, the Client must close all open positions, disconnect from existing services (if any are connected), withdraw the remaining funds from the account, and then send the appropriate termination application to the address.

3. Right and obligations of the Parties

3.1. Right and obligations of the Client

3.1.1 The Client undertakes to accept the service under conditions specified in the Basic Offer

3.1.2. Upon accepting this Basic Offer, the Client confirms that he/she is a legally capable and adult individual. By accepting this Basic Offer, the Client guarantees that under the law of the country of which the Client is a resident that he/she has full rights and permissions/licenses to work with financial instruments. The Company is not responsible for false information provided by the Client.

3.1.3. The Client hereby guarantees that all information provided by the Client is complete, correct, truthful, relevant and accurate. The customer is responsible for the accuracy of the information provided.

3.1.4. The Client confirms that the Client has been informed of the main risks associated with performing transactions in financial markets, namely the possibility of losses through the influence of a variety of factors, and therefore the Client bears full responsibility for transactions performed. The Client assumes these risks, thereby guaranteeing the absence of claims of material and non-material nature against the Company.

3.1.5. The Client is responsible for the safety of the data of his personal account and trading account and undertakes not to transfer his/her data to third parties. The Company is not liable for direct or indirect damages incurred by the Client through the actions of third parties prompted by the Client’s violations of this Basic Offer, as well as due to insufficient experience of the Client with software and hardware and/or random actions.

3.1.6. In case the Client loses control over access to the trading platform or the Client’s passwords, the Client is obliged to immediately notify the Company by sending an application to e-mail: support@waldoracompany.com requesting to block the Client’s account or to change the password.

3.1.7. The Client independently chooses the preferred type of payment processing system from the list of available ones indicated in the personal account. The Client is taken to have read and agreed to the conditions of payment processing systems and deposit rates on the official site, including the condition that depositing funds into his account can be carried out exclusively in non-cash form.

3.1.8. All payments charged by payment systems for money transfers are made at the expense of the Client.

3.1.9. The Client confirms that the rights regarding trade positions originate directly from the Client, therefore the Client is solely responsible for them.

3.1.10. The Client has the right to reduce the balance by the amount of available funds or withdraw his funds in full, provided there are no open positions or restrictions on previously signed supplementary agreements. If the Client has open positions, the Company has the right to reject such an application.

3.1.11. In case the Client has open positions, the Client undertakes to independently, timely and regularly, at least once a day, check the account balance.

3.1.12. In case the Client uses additional technical means, the application of which includes the opening of positions on behalf of and at the expense of the Client, such opening of positions is equated to the independent opening of positions by the Client. The Client assumes full responsibility for using such means.

3.1.13. The Client guarantees confidentiality with respect to all information and documentation received during the provision of services by the Company.

3.1.14. The Client undertakes to notify the Company within 3 calendar days of a change in his data, including e-mail addresses by sending a notification by e-mail specified in clause 1.9.

3.2. Right and obligations of the Company

3.2.1. The Company provides the Client with individual access to the trading platform, with the help of which the Client receives relevant information about the financial markets for the execution of transactions. The Company provides the Client with information and quotes and executes transactions at the Client’s request in accordance with this Basic Offer and the terms of use of the Company’s services.

3.2.2. The Company ensures the safety of the Client’s funds and their timely return subject to all the conditions of this Basic Offer and the Refund Policy published on the official site of the Company are followed by the parties.

3.2.3. The Company guarantees the confidentiality of the Client’s information, including the Client’s personal information and information associated with the provision of the services to the Client. The company undertakes not to provide information to third parties, with the exception of official written requests from the legal authorities, as well as requests from payment organizations.

3.2.4. The Company is not liable for obligations arising between the Client and third parties, as well as for direct or indirect damage caused to the Client by the actions of third parties resulting from a violation by the Client of the terms of this Basic Offer.

3.2.5. The Company automatically withdraws the amounts due for the provision of the services from the Client’s account in accordance with the terms of the Basic Offer.

3.2.6. Funds are transferred within 7 banking days after receiving an application from the Client through the payment methods available in the Personal Account.

3.3. General right and obligations of the Parties

3.3.1. Relations between the parties are subject exclusively to the jurisdiction of the Canada, are governed by the relevant legislative acts and international law, the Parties recognize the right to the exclusive jurisdiction of the court, which determines any procedural actions in relation to this Basic Offer.

3.3.2. All disputes and disagreements that may arise during the execution of this Basic Offer shall be resolved by the Parties through negotiations, including mediation procedure. The special complaint form is available on the official site of the Company.

3.3.3. The Parties recognize the legal force and obligations to fulfill requests, statements, contracts, agreements, additional agreements concluded and/or sent through the Client's Personal Account on the official website of the Company or by sending documents in electronic form from the Client's verified e-mail. Such documents and agreements are recognized as valid if they are submitted in the electronic form

4. The main investment support provisions

4.1. This section contains basic conditions for performing transactions between the Company and the Client on a margin basis with currencies and currency pairs in the international currency market, as well as with other financial instruments through the trading platform.

4.2. The Client understands and accepts the terms of trade, which are an integral part of the Basic Offer.

4.3. The Client has familiarized himself with the trading platform and considers it suitable for use. The Client acknowledges that the Client's use of a wireless connection, remote access connection or any other form of unstable connection may lead to deterioration, interruption of the connection or lack of signal, which leads to delays in data transmission between the Client and the Company through the electronic trading platform.

4.4. All operations carried out by the Client through the provided trading platform do not imply the actual delivery of traded currencies. Gains or losses from trading operations are credited from the balance of the Client’s trading account immediately after closing the position.

4.5. To ensure operations under with this Basic Offer, the Client places a deposit on his account, which is used as security to cover possible losses. Personal account becomes available after registration of the account by sending a unique username and password to the Client’s email address to access the trading platform.

4.6. The Client is solely responsible for the accuracy of the payments he/she performs. In the event of a change in the details of the Company, the new details are published on the official site of the Company. From the moment the new details of the Company are placed at the official site of the Company, the Client is solely responsible for payments made using outdated details.

4.7. Per the applicable rules and regulations, the Company is obliged to take all reasonable measures to obtain the best possible result ("best execution") on behalf of its Clients or when fulfilling a Client’s orders.

4.8. The company reserves the right to choose financial instruments available for trading, and publish buy and sell prices of these financial instruments. The Company provides the Client with a quote stream along with a breakdown of liquidity by price levels received from its third parties, liquidity providers through trading platforms.

4.9. When the current balance in the Client's account reaches the Stop Out level, the most unprofitable position is closed.

4.10. When the current balance on the Client’s account reaches the Stop Out level, after the closing of the first losing position, the second most losing position is closed, etc.

4.11. If the Client is obliged to pay the Company an amount over of the amount of Capital in his account, such an amount must be paid to the Company within 5 (five) business days from the moment of creation of obligation.

4.12. To ensure the solvency of the Client, in the event of a significant loss, the Company has the right to unilaterally close all or part of the Client’s positions at current rates if the current Margin level on the Client’s account reaches the Stop Out level determined by the Company.

4.13. Order Execution Procedure The company receives a price stream from several leading global liquidity providers. Having multiple liquidity providers is especially important during times of increased market volatility. Even in conditions where a certain number of liquidity providers have decided to expand the spread or stop quoting prices, the Company is still able to provide customers with access to liquidity with competitive prices. Partial execution: this is the practice of executing an order at a time when there is not enough liquidity in the market to execute the order in full order at a specific price. Partial execution can be performed at different prices.

4.14. Types of Orders:

  • Stop Loss: this is an order that can be attached to an already opened position to close a position at a specified price. Stop Loss can be used to minimize losses;
  • Take Profit: this is an order that can be attached to an already open position to close a position at a specified price. Take Profit can be used to protect profits.
  • Sell Limit: this is a trade order for sale at a "Bid" price, equal to or greater than that specified in the order. In this case, the current price is less than the value set in the order. Typically, orders of this type are placed in the expectation that the price of the instrument, having risen to a certain level, will begin to decline;
  • Sell Stop: this is a trade order for sale at a "Bid" price, equal to or less than that specified in the order. In this case, the current price level is greater than the value of the established order. Typically, orders of this type are placed in the expectation that the price of the instrument will reach a certain level and continue to decline;
  • Buy Market / Sell Market: this is a buy / sell order at the current available market price;
  • Buy Limit: this is a trade order to buy at an "Ask" price, equal to or less than that specified in the order. In this case, the current price level is higher than the value set in the order. Typically, orders of this type are placed in the expectation that the price of the instrument, having dropped to a certain level, will begin to rise;
  • Buy Stop: this is a trade order to buy at an "Ask" price, equal to or greater than that indicated in the order. In this case, the current price level is less than the value set in the order. Typically, orders of this type are placed in the expectation that the price of the instrument will overcome a certain level and continue its growth.

4.15. Order Execution Types

4.15.1. Market orders are the buy or sell orders at the current available market price. The system automatically aggregates volumes received from third parties, liquidity providers, and executes a market order at a volume-weighted average price (VWAP), which is the average and best available price at the time of execution.

4.15.2. Pending orders:

  • Limit order: this is an order to buy or sell when the market reaches a certain price. As soon as the market reaches a certain price, the order is launched and executed at the specified price or better. If the “limit order” cannot be applied, it remains in the system until a later date under the conditions described in “Good Till Cancel”. Limit orders can be placed as close to the current market price as possible, without restrictions.
  • GTC (Good Till Cancel): this is a pending order that is valid until the Client cancels it.
  • GTD (Good Till Day): this is a pending order that is valid until the set date (date of expiration of the order).
  • Stop order: This is a buy or sell order when the market reaches the specified price. As soon as the market reaches a certain price, the “Stop Order” is triggered and executed as a market order. If the “Stop Order” cannot be applied, this means that the order remains in the system under the conditions described in the “GTC” section. “Stop orders” can be placed as close as possible to the current market price, without restrictions.
  • Stop loss: this is an order used to minimize losses. As soon as the market reaches the specified price, the order is triggered and executed as a market order. If the “Stop Loss” cannot be applied, this means that the order remains in the system under the conditions described in the section GTC. Stop loss can be placed as close as possible to the current market price, without any restrictions
  • Take Profit: This is an order used to protect profits. Once the market reaches a price “Take Profit”, the order is triggered and is considered as a limit order. If Take Profit does not work, it remains in the system until a later date. Take Profit can be placed as close to the current market price as possible, without any restrictions.
  • Modification / cancellation of orders: The client can change / cancel a pending order.

4.16. Order execution:

4.16.1. The Company takes all reasonable measures to achieve the best result for its Clients in fulfillment of Clients. Prices, expenses and currency conversion are of paramount importance when concluding transactions for our Clients.

4.16.2. Prices:

  • Bid Ask spread: Two prices are given for any financial instrument of the Company: a higher price (Ask) at which the Client can buy (enter a long position) a financial instrument, and a lower price (Bid) at which the Client can sell (open a short position) a financial instrument. The difference between the higher and lower prices of a given financial instrument is called a spread.
  • Pending orders: such orders as Buy Limit, Buy Stop и Stop Loss / Take Profit are executed at Ask for open short position. Orders such as Sell Limit, Sell Stop и Stop Loss / Take Profit orders for open long position are executed at Bid.
  • The Company’s price for the financial instrument is calculated based on the prices of the corresponding financial instrument, which the Company receives from its liquidity providers. The Company updates its prices as often as limited by technical capacity. The Company does not quote prices in the period of its non-operating hours (see p. "Execution Methods"), therefore, no orders can be placed by the Client during this time.
  • All trading operations are transferred directly to liquidity providers through an electronic execution system in the trading platform. This system automatically requests a quote from liquidity providers. In combination with the price, the Company quotes the available liquidity (or “market depth”) received from liquidity providers. The Company’s software will automatically combine all available liquidity at the best prices and form a volume-weighted average price (VWAP).
  • Expenses: to open a position on any financial instrument, the Client is obliged to pay a commission or other fees, if applicable; these amounts are presented in the contract specification and are available on the Company's official site.

4.17. The service charges a commission for each lot placed on the market (1 lot - 100,000 units of the base currency). The commission is charged twice: when opening and closing positions. More detailed information is listed on the Company's official site: https://waldoragroup.com.

4.18. Currency conversion: a Company can convert currencies from the base currency of the Client's account into the currency of the corresponding financial instrument. Such conversion does not imply the actual conversion of the currency of the Client's account; it only allows the Client to track accounts in the base currency.

4.19. For all types of financial instruments offered by the Company, commissions and swaps are not included in the Commission of the Company and are charged additionally from the Client’s account.

4.20. Positions costs and fees: the cost of open positions in some types of financial instruments increases or decreases by the amount of the daily “swap” fee. Swaps are calculated based on prevailing market interest rates that are subject to change. Detailed information on daily fees is available on the Company's website in the section: tools/instruments.

4.21. Execution methods:

  • The Client acknowledges that transactions are opened through the trading platform of the Company, which does not guarantee the absence of financial risks. Thus, the Company may not fulfill the order, or it may change the opening or closing price in some cases, including but not limited to cases of a technical failure of the trading platform. Terms and conditions of trade are established exclusively by the Company.
  • Having received an order from the Client, the Company transfers the order for execution. The Company acts independently when executing the order, and not as an agent on behalf of the Client. Despite the fact that the Company can transfer the Client’s instructions to the execution to liquidity providers, the Company is the only execution counterparty to fulfill the Client’s orders according to this Basic Offer.

4.22. Execution time: as indicated in the " Execution Methods " section of this Basic Offer, the Company acts independently and not as an agent on behalf of the Client, therefore the Company is the sole subject to fulfill the Client's orders. The company pays great attention to the effectiveness of the execution of Clients’ orders and seeks to offer a high speed of execution, limited only by the technological framework.

4.23. Probability of execution: as indicated in the "Execution Methods " section of this Basic Offer, the Company acts independently and not as an agent on behalf of the Client, therefore the Company is the sole subject to fulfill the Client's orders. However, the Company relies on third-party liquidity providers involved in pricing and transfers orders to these counterparties, therefore, the execution of Clients’ orders depends on the prices and available liquidity provided by the suppliers. Although the Company executes all orders placed by Clients, it reserves the right to reject an order of any type.

4.24. Orders: Buy Limit, Sell Limit, Sell Stop, Buy Stop, Stop Loss, Take Profit for a financial instrument are executed as described in the section “Order Execution”.

4.25. The company makes every effort to provide the best execution price for the Clients. The price at which the transaction is concluded may significantly differ from the originally declared price in terms of unstable market conditions. This can happen in the following cases:

  • During the market opening;
  • During the publication of news;
  • During increased market volatility;
  • When prices change significantly during one trading session to such an extent that, according to the rules of the relevant exchange, trading is suspended or limited;
  • In case of a lack of liquidity to execute an order to open a transaction of a specific volume at the stated price.

4.26. The company makes every effort to execute the order of the Client, regardless of the volume of the order. The Client’s order is executed at the best available price if there is sufficient liquidity at the time of execution.

4.27. The order size is set on the website https: https://waldoragroup.com. The Company reserves the right to refuse to place an order in the manner described in this Basic Offer.

4.28. The Company has the right to reject the order of the Client if some condition of the relevant Regulatory document was not met at the time of processing of such an order. However, the Company, at its sole discretion, despite non-compliance with the provisions of the relevant Regulatory document, may accept and execute such an order. If the Company has complied with the order of the Client, and then found that some provision of the relevant Regulatory Document has been violated, the Company has the right to act in accordance with the relevant Regulatory Document.

5. Information about risks

5.1. Since margin trading in foreign currency implies a high degree of risk, the Client understands and assumes all risks in margin trading, some of which are disclosed in the text of this Basic Offer.

5.2. In situations of increased market volatility, from the moment the Client decides until the transaction is completed, the Client may receive a significant loss or significant profit.

5.3. Quotes on financial markets are formed based on supply and demand, therefore, under certain market conditions, and the Client may not be able to complete a transaction at an acceptable rate.

5.4. If the market moves against the position of the Client, the Client shall deposit additional funds in a short time to keep the position open, otherwise the position of the Client may be liquidated with losses. The client may completely lose the initial investment and any additional amounts paid to maintain the position.

5.5. The use of leverage leads to the fact that even the small market fluctuations have a significant impact on the balance in the Client's account.

5.6. The use of Stop orders does not guarantee the limitation of losses to a predetermined level, since market conditions may make it impossible to execute such orders at the agreed rate.

5.7. The Company does not provide trust management services, does not give recommendations on trading financial instruments, does not manage customer accounts and does not provide clients with guarantees of no-risk operations when working in financial markets.

5.8. Due to the existing risks, the Client undertakes to take a balanced approach to the issue of participation in margin trading.

6. Force majeure

6.1. None of the Parties shall be liable to the other Party for failure to fulfill obligations under this Basic Offer due to force majeure circumstances, of which the Parties are obliged to notify each other within a reasonable time.

6.2. In the event of force majeure circumstances, the Company has the right to increase the margin requirements at any time without prior written notice to the Client; close any or all open positions of the Client at the best affordable price; suspend or change one or all of the provisions of the relevant regulatory document if force majeure circumstances do not allow the Company to comply with these provisions.

6.3. Force majeure circumstances (in addition to natural disasters, terrorist attacks, wars, pandemic, etc.) include the suspension, liquidation or closure of the market, or any event as the result of which the Company is unable to provide its quotes, as well as any actions or events that, according to the reasonable opinion of the Company, have led to the destabilization of the market or markets of one or more instruments.