The following describes the terms and conditions upon which UTC Broker (“UTC Broker ” or ” UTC Broker .COM” or “the Company” or “we”) offers access to its Website and its trading platform to you the customer (hereinafter “you” or “user” or “customer”) and the use of its services (hereinafter the “Agreement” or “User Agreement” or “Online Services Agreement”).
This Agreement describes the terms, conditions and risks applicable to customer use of our services available under the domain and sub-domains of www.utcbroker.com (the “Site” or “Web site”)
You must read, agree with and accept all of the terms and conditions contained in this User Agreement without modifications, which include those terms and conditions expressly set forth below and those incorporated by reference, before you may become a customer of . By continuing to access or use the Web site and/or the company’s trading system, you agree to follow the Terms and Conditions of this Agreement as they may apply to you.
This Agreement is effective upon acceptance in registration for newly registering customers, or upon receipt of e-mail notification by other users. The Agreement is otherwise effective for all users as of January 1st. 2009
If you do not agree to be bound by the terms and conditions of this Agreement, do not use or access our services, and inform us in writing immediately.
2. SERVICES PROVIDED
Subject to the terms and conditions of this Agreement and acceptance of Customer’s application to open an Account with UTC Broker, UTC Broker will maintain one or more Accounts in Customer’s name and will effect cash settled transactions with and for Customer in the international Over-the-Counter Foreign Currency (foreign exchange) markets on a spot basis, and provide such other services and products as UTC Broker may, in its sole discretion, determine from time to time in the future. Unless expressly stated otherwise in writing, all Contracts and other transactions entered into between UTC Broker and Customer shall be governed by the terms of this Customer Agreement, as amended from time to time (including, without limitation, UTC Broker Trading Policies and Procedures).
3. REPRESENTATIONS AND WARRANTIES
As of the date hereof, the date of each Contract and other transaction in Customer’s Account and any date on which UTC Broker Risk Disclosure Statement or Trading Policies and Procedures are revised, updated or amended, Customer represents and warrants to UTC Broker and agrees for the benefit of UTC Broker that:
3.1. If Customer is a natural person, Customer is of sound mind, legal age (18 years old) and legal competence.
3.2. If Customer is not a natural person,
(i) Customer is duly organized and validly existing under the applicable laws of the jurisdiction of its organization;
(ii) execution and delivery of this Agreement and all Contracts and other transactions contemplated hereunder and performance of all obligations contemplated under this Agreement and all Contracts and other transactions contemplated hereunder have been duly authorized by Customer; and
(iii) each person executing and delivering this Agreement and all Contracts and other transactions contemplated hereunder on behalf of Customer performing the obligations contemplated under this Agreement and any Contract and other transaction contemplated hereunder on behalf of Customer, has been duly authorized by Customer to do so.
3.3. Execution and delivery by Customer of this Agreement and all Contracts and other transactions contemplated hereunder, and performance of all of Customer’s obligations contemplated under this Agreement and any Contract and other transaction contemplated hereunder, will not violate any statute, rule, regulation, ordinance, charter, by-law or policy applicable to Customer.
3.4. Customer has read and understands the provisions contained in this Agreement, including, without limitation, UTC Broker Risk Disclosure Statement and Trading Policies and Procedures, Customer will review the Agreement each time it is amended. Customer will not affect any Opening Transaction in Customer’s Account unless Customer understands UTC Broker revised Agreement, and Customer agrees that in effecting any Opening Transaction it is deemed to represent that it has read and understands UTC Broker revised Agreement as in effect at the time of such Opening Transaction.
3.5. All information provided by Customer to UTC Broker , including information regarding Customer’s trading experience and investment sophistication, is true, correct and complete, and Customer will notify UTC Broker promptly of any changes in such information.
3.6. The customer acknowledges that he received no such guarantees from UTC Broker or from any of its representative or any introducing agent or other entity with whom the customer is conducting his UTC Broker account and has not entered into this agreement in consideration of or in reliance upon any such guarantees or similar representation.
4. PURCHASES AND SALES
Customer agrees to be conclusively responsible for any instruction received electronically that is identified with Customer’s password and Account number and for any electronic, oral and written instruction (including, but limited to, any Order) to UTC Broker from persons UTC Broker , in its sole judgment, believes are apparently authorized by Customer.
4.2. Quotation Information
UTC Broker will make available, by posting on the UTC Broker Online Trading Platform or by telephoning the UTC Broker Dealing Desk, Bid Prices and Ask Prices at which UTC Broker is prepared to enter Foreign Currency Contracts or Cross Currency Contracts with Customer. When requesting a market quotation, it may differ from the current price quoted by other sources, depending on the market condition. UTC Broker 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, such as communication system delays, high volume or volatility can result in deviations between prices quoted by UTC Broker and other sources. UTC Broker makes no warranty, express or implied, that Bid Prices and Ask Prices represent prevailing bid prices and ask prices.
4.3. Order Execution
UTC Broker 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 UTC Broker Trading Platform or via telephone to the UTC Broker Dealing Desk. Any transaction entered into and made with UTC Broker shall be concluded with UTC Broker as a market maker. UTC Broker will attempt, on a best efforts basis, to execute trades on or close to the prevailing market prices. This may or may not adversely affect customer realized and unrealized gains and losses. All Contracts made and entered into by UTC Broker hereunder will be entered into by UTC Broker as principal. Customer acknowledges, understands and agrees that UTC Broker is not acting as a broker, intermediary, agent, and advisor or in any fiduciary capacity. Notwithstanding the provisions of this Paragraph, Customer acknowledges, understands and agrees that UTC Broker reserves the right to refuse to accept any order, and that all orders – if accepted, are accepted by UTC Broker and undertaken on an “best-efforts basis” in accordance with the relevant provisions of the Trading Policies and Procedures, as amended from time to time. UTC Broker may cancel any erroneous transaction resulting from mistaken (non-market) quotation revealed by UTC Broker . Any disputes arising out of such quoting errors shall be settled by negotiations.
4.4. Order Delays
Customer understands that while the Internet and the World Wide Web are generally reliable, technical problems or other conditions may delay or prevent customer from accessing the Web site.
UTC Broker shall not be liable, and customer agree not to hold or seek to hold UTC Broker or any of its agents or service providers liable, for any technical problems, system failures and malfunctions, communication line failures, equipment or software failures or malfunctions, system access issues, system capacity issues, high Internet traffic demand, security breaches and unauthorized access, and other similar computer problems and defects.
UTC Broker does not represent, warrant or guarantee that customer will be able to access or use the Web site and/or the Trading Platform at times or locations of customer choosing, or that UTC Broker will have adequate capacity for the Web site and/or the Trading Platform as a whole or in any geographic location.
UTC Broker does not represent, warrant or guarantee that the Web site and/or trading platform will provide uninterrupted and error-free service. UTC Broker does not make any warranties or guarantees with respect to the Web site and its content and/or the Trading Platform, including but not limited to, warranties for merchantability or fitness for a particular purpose.
Without limiting the foregoing, UTC Broker will not be responsible for an impossibility to execute orders and requirements due to failures in the operation of informational systems caused by technical faults, which are beyond its control.
4.5. Limitation Of Liability
UTC Broker shall not be liable to Customer for any claims, losses, damages, costs or expenses, including attorneys’ fees, caused, directly or indirectly, by any events, actions or omissions, including, without limitation, claims, losses, damages, costs or expenses, including attorneys’ fees, resulting from civil unrest, war, insurrection, international intervention, governmental action (including, without limitation, exchange controls, forfeitures, nationalizations, devaluations), natural disasters, acts of God, market conditions, inability to communicate with any relevant person or any delay, disruption, failure or malfunction of any transmission or communication system or computer facility belonging to UTC Broker , Customer, any market, or any settlement or clearing system.
4.6. Position Limits
UTC Broker reserves the right to limit the number of Open Positions that Customer may enter or maintain in Customer’s Account. UTC Broker reserves the right, in its sole discretion, to refuse to accept any Order opening a new position or increasing an Open Position.
Customer acknowledges and agrees that any and all conversations between Customer and UTC Broker principals, agents, employees or associates, including the UTC Broker Dealing Desk and customer service and operations desks may, at the option and in the sole discretion of UTC Broker , be recorded electronically with or without the use of an automatic tone warning device. Customer further agrees to the use of such recordings and transcripts thereof as evidence by either party in connection with any dispute or preceding that may arise involving Customer or UTC Broker .
5. MARKETING PROMOTIONS AND BONUSES
General Bonus Policy – In the interest of fair trading, traders must buy or sell at least (10) Ten mini lots in real-money mode for each unit of $10 bonus granted by UTC Broker before submitting any withdrawal requests. Each mini lot accounts for 10,000 currency units you choose to buy or sell.
For Example: If you receive a bonus of $25 your trading requirement is 25 mini lots which equals 250,000 currency units. Keep in mind that the number of currency units you’re buying or selling per trade is determined by the amount of your trade X the leverage. So for example if you’re making a trade for the amount of $25 with a leverage of 1:400, 25×400=10,000 so you’re buying or selling one mini lot.
By accepting any bonus from UTC Broker you deem to accept all of the terms & conditions of Bonus Policy above.
All promotions, bonuses or special promotions that we offer or will offer in the future are subject to specific promotional terms and conditions. All complimentary bonus money credited to your account must be strictly used under the specific promotion’s terms and conditions. At all times, we reserve the right to retract and/or cancel any such promotion, bonus or special offer. If we suspect that a user has abused or attempted to abuse a bonus and/or other promotion or otherwise acted with a lack of good faith towards us, then we reserve the right, at our sole discretion, to deny, withhold or withdraw from that user the bonus or promotion and if necessary to cancel any terms & conditions with respect to that user, either temporarily or permanently, or terminate that user’s access to the service and/or block that user’s account.
Any eligibility for a bonus will grant the bonus to be credited only once per account, person, household and/or any environment where computers are shared.
6. DEPOSIT REQUIREMENTS
All initial and subsequent deposits for margin purposes shall be made in such amounts and in such forms as UTC Broker , in its sole discretion, may from time to time require. Customer agrees to deposit by immediate wire transfer such additional margin to the settlement account of UTC Broker when and as required by UTC Broker .
7. FUNDS TRANSFER/WITHDRAWAL
7.1. Notice of Withdrawal
When customer’s transfer funds from their accounts with UTC Broker to their bank account, customer must complete notice of withdrawal specifying the amount which the customer wishes to withdraw and bank details for delivery of such funds. Although it is permitted to withdraw any amount from the account, margin requirements for open position must be met to maintain the account active.
7.2. Transfer Fees
Customer acknowledges and agrees that UTC Broker charging a commission for each bank transfer to cover the transfer costs.
7.3. Third Party Transfers
Any kind of transfers to any third parties is prohibited, except when transfer made to the account from which UTC Broker received the initial deposit. Other transfers shall be in the name of the holder of the account.
8. PASSWORD PROTECTION
During the Registration process customer will be provided a user name and password that will be used by customer every time customer access the Web site and/or the Trading Platform to use the service. For protection and that of other Web site users, customer should not share his Registration information (including password and username) with another person or business entity for any purpose including, but not limited to, facilitating access and unauthorized use of the Service. Customer alone is responsible for all acts or omissions that occur within the Web site and/or Trading Platform through the use of his Registration information.
UTC Broker may charge for incidental banking-related fees such as wire charges for deposits/withdrawals. UTC Broker reserves the right to change its fee structure at any time without notice. Fees do not currently but may in the future include such things as statement charges, order cancellation charges, account transfer charges, telephone order charges or fees imposed by any interbank agency, bank, contract, market or other regulatory organization arising out of UTC Broker’S provision of services hereunder.
10. CONFIRMATIONS AND STATEMENTS
Reports of the confirmation of orders and statement of accounts for the customer shall be deemed correct and shall be conclusive and binding upon the customer if not objected to immediately upon receipt and confirmed in writing within one working day after transmittal to the customer by mail, such a confirmation shall be evidence of a completed transaction. Customer failure to receive a trade confirmation for any reason, including failure of transmission or communication facilities, shall not relieve the customer of the obligation to object as set out herein, and the records of UTC Broker relating to this transaction shall be conclusive evidence of the terms of this transaction. All transaction made online through the Trading Platform shall be confirmed online upon execution while all transactions made by telephone shall be confirmed verbally on execution, as well as online on the trade terminal screen and by e-mail statements by 24:00 CET on the date of execution.
Daily statement shall be posted online and may be transmitted to the customer by e-mail to the address specified by the customer during UTC Broker Trading Platform installation or to such address as customer may from time to time designate in a written or electronic communication to UTC Broker. Customer is responsible for alerting UTC Broker to any change in its e-mail address. reports of the confirmation of orders and statement of account for customer posted online by UTC Broker shall be deemed correct and shall be conclusive and binding upon the customer within 3 (three) working days after their transmittal to the customer by e-mail or by post. Objections of the customer to any of the information contained in the confirmation, account statement or other information relating to the customer’s accounts shall be made in writing or in the electronic format and shall contain sufficient information for identifying the problem or error.
10.3. Claims and Corrections
Trades executed online will be confirmed online at the time of the trade and trades entered into by telephone will be confirmed verbally and online on the day of execution. Reports of the confirmation of orders and statements of Accounts for Customer shall be deemed correct and shall be conclusive and binding upon Customer orders confirmed via the UTC Broker Online Trading Platform. Customer may object to confirmations and statements by telephone within the time frames identified above, but any such objection must be confirmed by e-mail to UTC Broker or in writing within three (3) Business Days thereafter to UTC Broker , which confirmation shall be deemed received only if actually delivered. Failure to object shall be deemed ratification by Customer of all actions taken by UTC Broker or UTC Broker ‘S agents prior to Customer’s receipt of such reports. Customer’s failure to receive a trade confirmation shall not relieve Customer of the obligation to object as set out herein. Customer agrees to immediately call to UTC Broker attention any oral information that Customer has reason to believe is inconsistent with Customer’s own information. Customer understands, acknowledges and agrees that errors, whether resulting in a profit or loss to Customer, shall be corrected, and Customer’s Account will be credited or debited in such manner and extent as to place Customer’s Account in the same position in which it would have been had the error not occurred.
Reports, statements, notices and any other communications from UTC Broker may be transmitted to Customer by;
(a) placement on UTC Broker Website; or
(b) email or
(c) other delivery service to Customer’s current address as reflected on UTC Broker records.
Customer shall notify UTC Broker immediately of any change in Customer’s address by e-mail or by mail or other delivery service to UTC Broker. All communications sent by UTC Broker shall be deemed effective when deposited by UTC Broker in the mail or with another delivery service, or when received by a transmitting agent (such as an Internet service provider) for transmission to Customer, whether actually received by Customer or not. All communications sent by Customer shall not be deemed effective until accepted by UTC Broker . Notice and any other correspondence from the customer may be sent to UTC Broker by post or other delivery service to the following address:
To the e-mail addresses published on the UTC Broker Website at www. UTC Broker.com.
12. FORCE MAJEURE
Customer agree that UTC Broker will not be liable in any way to customer or to any other person for any claims, losses, damage, cost, and expenses, including attorneys fees in the event of force majeure, or for the act of any Government or legal authority, or for the failure of or damage or destruction to its computer systems, data or records or any part thereof, or for delays, losses, errors or omissions resulting from the failure or mismanagement of any telecommunications or computer equipment or software, whether belonging to UTC Broker , or to customer, or to any other settlement or clearing system.
The parties shall be released of all responsibilities for partial, full or non-fulfillment, as well as for improper fulfillment of the obligations under this Agreement, if such non-fulfillment or improper fulfillment was a result of extraordinary events, which occurred after this Agreement was concluded and which the party could not either foresee or prevent (natural calamities, wars, armed conflicts etc.).
13. NO ADVISE OR RECOMMENDATION
Customer acknowledges that any market recommendation and information communicated to customer by UTC Broker do not constitute an offer to sell or the solicitation of an offer to buy any Forex Currency Contract, such recommendation and information, although based upon information obtained from sources believed by UTC Broker to be reliable, may be based solely on a broker’s opinion and that such information may be incomplete and may be unverified, and UTC Broker makes no representation, warranty, or guarantee as to, and shall not be responsible for the accuracy or completeness of any information or trading recommendation furnished to customer.
14. NO GUARANTEES
Customer acknowledges that he has no separate agreement with Customer’s broker or any UTC Broker employee or agent regarding the trading in Customer’s Forex Account, including any agreement to guarantee profits in Customer’s account. Customer understands that Customer is under an obligation to notify UTC Broker 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 which differ from any statements Customer receives from UTC Broker must be brought to the attention of UTC Broker 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 UTC Broker limited trading authorization, and any disputed transactions must be brought to the attention of the UTC Broker Compliance Officer pursuant to the notice requirements of this Customer Agreement. Customer agrees to indemnify and hold UTC Broker harmless from all damages or liability resulting from Customer’s failure to immediately notify UTC Broker
Compliance Officer of any of the occurrences referred to herein. All notices required under this section shall be sent to UTC Broker at its address appearing on confirmations and account statements.
15. INTELLECTUAL PROPERTY AND CONFIDENTIALITY
All content, trademarks, trading platform, services marks, trade names, logos and icons are the property of UTC Broker or its affiliates or agents and are protected by copyright laws and international treaties and provisions.
Customer agrees not to delete any copyright notices or other indications of protected intellectual property rights from materials that customer print or download from the Web site. Customer will not obtain any intellectual property rights in or any right or license to use such materials or the Web site or the Trading Platform, other than as set out in this Agreement.
Customer use of the trade marks, or any other content of the Web site without the written permission of UTC Broker or such third party that may own the trademarks as well as copying, modifying, decompile, reverse engineer or convert the trading platform or the manner in which its operates, is strictly prohibited.
UTC Broker is committed to protecting the confidentiality of any customer’s information, which it may acquire during the course of providing its services. It is the UTC Broker policy not to disclose customer’s information to non-affiliated third parties except its employees, agents, partners and associates to the extent required for the conduct of business, including but not limited to its banking and credit relationship.
UTC Broker may only disclose information on the customer or the customers transaction with the consent of the customer or when required by law by legally valid request response to court orders.
17. JOINT AND TRUST ACCOUNTS
Customer agrees to indemnify and hold UTC Broker , its affiliates, employees, agent, successors and assigns harmless from and against any and all liabilities, losses, damages, costs and expenses, including attorneys’ fees, incurred by UTC Broker. Arising out of customer’s failure to fully and timely performs customer’s agreements herein or should any of the representation and warranties fail to be true and correct. Customer also agrees to pay promptly to UTC Broker all damages, costs, and expenses, including attorneys’ fees, incurred by UTC Broker in the enforcement of any of the provision of this agreement and any other agreement between UTC Broker and customer.
UTC Broker may amend or revise this Agreement at any time by posting the amended terms on the Site and the customer agree to be bound by future revisions. The Company will advise current registered users by e-mail of material changes to the terms and conditions of this Web site from time to time. Whenever such changes to the terms and conditions of this Web site are made, the Company will post a note on the Web site or by sending an e-mail message to the customer. All amended terms shall be automatically effective 10 days after their initial posting on the Web site, or upon sending a notification to the customer by e-mail, or at the first time that customer use UTC Broker services after such amendments were made, whichever is sooner.
This Agreement shall continue in effect until termination by Customer or by UTC Broker . Customer may terminate this Agreement if:
a. Customer has no open Foreign Currency positions and no liabilities held by or owed to UTC Broker
b. Customer has provided three (3) days’ written notice to UTC Broker by e-mail or by mail or other delivery service to UTC Broker and
c. UTC Broker as accepted the notice as provided in Section 18.a hereof.
UTC Broker reserves the right to terminate this Agreement and your account and registration (including your username and password) immediately without notice in the following cases:
a. If for any reason we decide to discontinue to provide the Service;
b. If we believe that you have breached any of the terms of this Agreement;
c. If your use of the Service has been in any way improper or breaches the spirit of this Agreement; or
d. For any other reason we see fit.
If this Agreement is terminated for any reason due to suspected misconduct by the user, UTC Broker reserves the right to withhold any funds in the account until the matter is resolved. Any decision made by UTC Broker regarding the matter will be final.
You may terminate this Agreement and your account and registration (including your username and password) at any time by sending an email to accounts@ UTC Broker.com such termination to take effect upon the Company terminating your account and registration (including username and password), which shall occur within 7 calendar days after receipt of your email on our servers, provided that you shall remain responsible for any activity on your account between sending us an email and the termination of your account by us.
20. ENTIRE AGREEMENT
No provision of this Agreement may be waived or amended unless the waiver or amendment is in writing and signed by both Customer and an authorized officer of UTC Broker. No waiver or amendment of this Agreement may be implied from any course of dealing between the parties or from any failure by UTC Broker or its agents to assert its right under this 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 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.
21. BINDING EFFECT
This Agreement shall be continuous and shall cover, individually and collectively, all accounts of Customer at any time opened or reopened with UTC Broker irrespective of any change or changes at any time in the personnel of UTC Broker or its successors, assigns, or affiliates. This Agreement including all authorizations, shall inure to the benefit of UTC Broker 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 representative, successors, and assign of customer. Customer agrees that the rights and obligation of customer in respect thereto shall be governed by the terms of this agreement.
22. GOVERNING LAW, ARBITRATION AND COURT JURISDICTION
This Agreement shall be governed by the laws of the Cyprus, without regard to conflicts of law principles thereof. This is the case regardless of whether customer resides or transacts business with UTC Broker anywhere else in the world.
23. ENTRY INTO FORCE
This Agreement shall not be deemed to be accepted by UTC Broker or become a binding contract between Customer and UTC Broker until the signed Customer Account Application has been received and approved by UTC Broker, a notice whereof shall be given to the customer.
24. AGREEMENT ACCEPTANCE BY THE CUSTOMER
I agree with all the regulations (articles, sections) of the UTC Broker public documents throughout the entire period of time that I use UTC Broker services. I will immediately cease using the UTC Broker services in case of disagreement.
I hereby accept all the conditions stated in the present Agreement.