Avaro is an investment firm that operates as a global broker.Acknowledgement
The client acknowledges that he/she has read, understood and accepted the Terms of Business that may be amended from time to time, in addition to any information contained within the firm’s website available online.
After the client completes and submits the Account Opening Application Form together with all the required identification documentation, Avaro will send an email notification informing the applicant whether he/she has been accepted as a customer of Avaro. It is understood that Avaro is not required to accept the client as its customer, and hence open an account for him/her or accept any money from him/her, until all documentation required has been duly received by Avaro, properly and fully completed by the client and all internal Company checks (including without limitation anti-money laundering checks and appropriateness tests) have been duly satisfied.
It is further understood that Avaro reserves the right to impose additional due diligence requirements to accept clients residing in certain countries or as it sees fit from time to time. The Agreement will take effect and commence upon the receipt by the client of the notice sent by Avaro informing the client that he/she has been accepted as Avaro’s client. Furthermore, by accepting this Agreement, the client is consenting that if he/she is accepted by Avaro as a client their relationship will be governed by the terms and Conditions of this Terms of Business and Account Opening Agreement as amended.
The client acknowledges that the Firm’s official language is the English Language.Scope of the Terms of Business
This document “Terms of Business” determines all actions related to the execution of the client’s trades and is taken in conjunction with the Account Opening Agreement.
The Terms of Business are non-negotiable and have priority over any other arrangements, agreements, express or implied statements made by Avaro, unless determined otherwise.Internet and Electronic Trading
The client acknowledges the electronic nature of the Services and the inseparable risk of this means of communication and understands that his actions may not reach the intended destination or may do so much later than intended, for reasons outside Avaro’s control.
Avaro does not control signal power, its reception or routing via Internet or any other means of electronic communication, configuration of client’s equipment or reliability of its connection. Therefore, Avaro is not responsible for any claims, losses, damages, costs or expenses, including attorneys’ fees, caused directly or indirectly, by any breakdown or failure of any transmission or communication system or computer facility belonging to Avaro.
The client is obliged to keep all login information secret and assure that third parties do not obtain access to the trading facilities. The client will be held responsible for transactions executed by means of the client’s password even if such transactions were not executed by the client himself.
Unless otherwise agreed, any prices shown on Avaro’s Trading Platform are indicative at the time shown based on data that is subject to constant change. The execution price is that which is confirmed to the client on the Trade Confirmation issued (whether on screen or otherwise) after the client order is executed. This price may in certain cases differ from the price appearing on the screen at the time the order was placed. In case when an incorrect price is used as the basis of any transaction, the Execution Venue reserves the right to amend or call off the details of the transaction(s) in question.
The limit order functionality of the Trading Platform will be subject to the Internet service remaining available over the period in which the limit order is outstanding. It will be as well subject to size limits input by the Execution Venue’s dealer(s) remaining in excess of the clients order size and such dealer’s position limits and/or any other limits determined by the Execution Venue to be applicable to the client (whether or not disclosed to the client) still being able to facilitate the order at the time the limit price is reached.
The identification or use of any third-party products, services or websites is not endorsed by Avaro. Avaro has no responsibility or liability of any materials on any website, which is not under Avaro’s direct control.Market Making
The client is particularly made aware of the fact, that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, the Eagle will act only as an ECN broker.
Avaro will not act as the Execution Venue.
When acting as an ECN broker, Avaro will not establish bid and ask prices.
In order for Avaro, to quote prices with the quickness normally associated with speculative trading, Avaro may have to rely on available information that may later prove to be erroneous, due to specific market circumstances (e.g. lack of liquidity , suspension of an asset or errors in feeds from information providers or quotes from Counterparties) If this occurs and if Avaro has acted in good faith when providing the price to the client, Avaro may revoke the trade with the client but must do so within reasonable time frame and shall provide the client with a full explanation of such cancellation.
Following execution of any position with a client, the Execution Venue may afterwards compensate each such client position with another client position, or a position with one of the Execution Venue’s Counterparties or maintain a proprietary position in the market, to obtain profits from such positions. Such decisions and actions may result in the Execution Venue offsetting client positions at prices, sometimes significantly different, from prices stated to clients, resulting in trading profits or losses for the Execution Venue.
This can consequently create what may be seen as an implied cost (i.e. the difference between the price at which the client traded with the Execution Venue and the price at which the Execution Venue subsequently traded with Counterparties and/or other clients). The Market Making function may pose significant costs to the Execution Venue if the market moves against it as compared to the price at which it traded with the client.
The client acknowledges that the Execution Venue in CFD contracts where it acts as Market Maker, may hold positions that are contrary to positions of the client, resulting in potential conflicts of interest between the Execution Venue and the client.
In markets, where the Execution Venue acts as a Market Maker, the client accepts that Avaro has no obligation to state prices to clients at all times in any given market, nor to quote such prices to clients included the specific maximum spread.
The client understands, recognizes and accepts that the price quoted to the client includes a spread, when compared with the price to which the Execution Venue may have covered or expected to be able to cover the Contract in a trade with another client or a counter party.
Moreover, the client acknowledges and accepts that this spread represents Avaro remuneration and that such spread cannot automatically be calculated for all Contracts and that such spread will not be described at the Trade Confirmation or otherwise disclosed to the client.
Any commissions, interest charges, costs associated to and included in the spreads quoted by the Execution Venue as a Market Maker in certain markets and other fees will therefore have influence on the client’s trading result and will have a negative effect on the client’s trading performance, compared to a situation in such the commissions, interest charges and costs associated to and included in the spreads, did not apply.
In the case that the client account equity is equal or exceeds 300,000 USD (or currency equivalent) and there are open trades of Metals (Gold and/or Silver) of 50 lots or more, Avaro has the right to adjust the leverage of the underlying trading account to 1:75. If this occurs, Avaro will notify the client by email.
If the client is an active trader and is executing numerous transactions, the total effect of visible as well as not visible costs may be important. The client may have to achieve significant profits in the markets to be able cover the costs associated with trading activities with the Execution Venue. For very active clients, these costs may even surpass the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. Margined derivatives are derivatives such as CFD’s that can be traded using a leverage of higher than 1:1.
The client is particularly informed, that in trading of OTC foreign exchange options, CFD Contracts and other OTC products, implied charges may arise as an after-effect of the profits made by the Execution Venue performing in its capacity as a Market Maker.
The Execution Venue is at no time obliged to reveal any details of its performance or income produced as a Market Maker or otherwise, related to other commissions, charges and fees.
The client is made aware that CFD Contracts may be OTC products quoted by the Execution Venue whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, non-visible costs related to the Execution Venue performance as a Market Maker may also apply to any CFD Contract.
Due to low liquidity and/or or high volatility and widened spreads, placing of pending orders around some Economic Announcements may be limited. Note: All Pending Orders on Shares CFDs and Commodities CFDs will be automatically closed during market breaks. If some orders on the aforementioned assets will be left pending, they will be automatically deleted after the daily market closure time.Arbitrage
Internet, connectivity delays, and price feed errors sometimes create a situation where the price displayed on the Trading Platform does not reflect the market rates precisely. In the OTC market, where the client is buying or selling directly from the principal, cannot exist the concept of arbitrage and Avaro does not permit the practice of arbitrage on the Trading Platform. Transactions, depending on price latency arbitrage opportunities may be dismissed without prior notice.
Avaro reserves the right to make the necessary corrections or modifications on the Account involved, without prior notice. Accounts that rely on arbitrage strategies may be subject to Avaro’s intervention and Avaro’s approval of any Orders. Any conflict arising from such quoting or execution errors will be solved by Avaro in their absolute discretion.
Avaro is not obliged to contact the client and advise upon appropriate action reflecting changes in market conditions.
The client agrees to secure and hold Avaro, its affiliates, directors, managers and employees harmless from and against any and all liabilities, losses, damages, costs and expenses, including legal fees that have arisen in connection with Avaro’s services ,provided that any such liabilities, losses, damages, costs and expenses have not arisen for Avaro’s gross negligence, fraud or willful default.Prohibited Trading
The client acknowledges and understands that the service provided by Avaro to the client is not designed for specific trading techniques usually called “arbitrage trading”, “picking/sniping”. Sniping: the situation where the client is prematurely buying or selling near default prices.
In case that client is utilizing such techniques, the client agrees and acknowledges that Avaro may take one or more, or any portion of, the following actions:
close the client’s account;
suspend the client’s account for an undefined period of time;
carry out an investigation on the client’s account for an indefinite period of time;
charge a penalty fee to the client in the same or higher value of money which resulted from the client employing such techniques.
The client shall not illegally access or attempt to gain access, reverse engineer or in any other way bypass the security measures applied to the Trading Platform by Avaro.
It is categorically prohibited to take any of the following actions:
Use any software, which applies artificial intelligence analysis to Avaro’s system and Trading Platform; Deflect, control, damage or change any communication which is not intended for client himself; Use any type of spider, virus, worm, trojan-horse, time bomb or any other codes or instructions, designed to distort, destroy, damage or dismantle the Trading Platform, the communication system or any other system of Avaro; Send any unrequested commercial communication that is not authorized.Untrue Trades
Avaro Ltd. retains the right to cancel and/or reverse any trades which are considered untrue or opened at a fictitious price not existing on the market at the time of opening. Such cases include but are not limited to trades based on a non-market quotation or based on latency trading (such as old prices).Islamic Accounts
The Initial Offering of Islamic accounts may only be achieved by making a separate application via email for such an account. Avaro is not obliged to provide such an account and as such will look at each request on its individual merits. Clients of Muslim faith will be solely eligible for opening an Islamic Account. In such account no swap charges or roll-over fees are used for holding overnight positions for up to 7 days. Afterwards a Carry charge will be applied on each and every transaction. The Carry Charge rates can be emailed to any person requesting them that has duly made an application for an Islamic account.
Avaro reserves the right to employ, without prior notice, additional commission fees with respect to ex-dividend payments for all Indices and Shares instruments on any Islamic account for trades executed during ex-dividend dates.Trading Volume Limitation
Avaro reserves the right to increase or decrease the trading volume limitation level of one or more instruments at any time without giving prior notice. The volume limitation is applied on a per client basis. In the event a volume restriction has been placed on a client and that client attempts to exceed the volume limit on any of the instruments restricted by such a limitation, the request will be automatically rejected and an “Off quote” message will be shown.
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