This document was published and took effect on October 28, 2012. Download PDF.
- 1. Introduction
- 2. General Terms
- 3. Definitions (Terminology)
- 4. Laws and Jurisdiction
- 5. Demo Accounts
- 6. Service
- 7. Obligations
- 8. Passwords
- 9. Contact Information
- 10. Commissions/Expenses/Taxes
- 11. Deposits/Withdrawals/Balance
- 12. Non-Trading Operations
- 13. Trading Operations
- 14. Force Majeure
- 15. Authorized Individuals
- 16. Website
- 17. Introducing Broker
- 18. Intellectual Property
- 19. Confidentiality and Data Security
- 20. Trading Responsibility
- 21. Closing the Account
- 22. Procedure for Filing a Claim
1.1. Under the framework of these Commercial Terms, GKFX Internet Yatirimlari Limited Sirketi (registered address: Turkish Republic Istanbul Sisli Maslak Eski Buyukdere cd.Park Plaza N.14 K.18, registration number 795134) and GKFX must be viewed as one legal entity.
1.2. GKFX offers the “Client Cabinet” service under the terms of this public offer (hereinafter “Agreement”).
1.3. These Commercial Terms govern the Agreement entered into between GKFX and the Client or customer (“You”, “Your”) and together with any amendments or additions must be read carefully.
1.4. If any part of this Agreement is found void or unenforceable, the balance of the Agreement shall remain valid and enforceable.
1.5. An advance payment made by the Client under the terms of this Agreement and its receipt by GKFX is considered an unconditional acceptance of the terms of this Agreement. As soon as GKFX receives the completed registration Form from the Client, every operation executed by the Client in the client’s Cabinet or on the trading platform is subject to the terms of this Agreement as well as any Appendixes and Addendums.
1.6. These Commercial Terms are in effect for existing as well as newly opened trading operations on the Trading Account. GKFX will make every effort to notify the client of all relevant amendments before such amendments take effect. Such notification may be made in writing or electronically or by means of notification on the Website or by other means at GKFX’s discretion.
1.7. Such notifications may not include margin requirements, spreads or the size of swaps, which can change over the course of a trading session as a result of various economic events. Additionally, the market may be suspended or GKFX may suspend trading for one or more instruments, for which GKFX does not bear responsibility.
1.8. The words “trading” and “trading operations” are interchangeable in these Commercial Terms.
1.9. Upon the Client’s acceptance of these Commercial Terms and GKFX’s recognition of said party as a Client, the Client warrants to GKFX that all trading operations the Client makes with GKFX are carried out in accordance with these Commercial Terms.
1.10. Furthermore, the Client warrants to GKFX that the Client will adhere to the below listed terms:
1.10.1 The Client does not violate the laws of the country in which the Client is currently located;
1.10.2 The Client is of at least 18 years of age;
1.10.3 The Client is solvent and is not the subject of any bankruptcy proceeding or any other legal proceeding which could preclude the Client from adhering to these Commercial Terms;
1.10.4 The Client duly informs GKFX of any changes in the Client’s personal information;
1.10.5 If the Client is employed in a regulated organization and has permission from a responsible party from the internal monitoring department, GKFX possesses the right to present copies of trading operations on the Trading Account to the department of internal monitoring.
1.11. The client may not receive access to the Internet sites or trading platforms which are in any way connected with GKFX while located in the United States or any other country which prohibits conducting trading operations with companies located in the Turkish Republic.
1.12. If the Client violates at least one of the above listed terms while conducting trading operations, the Client remains responsible for all trades and the corresponding profit and loss of those trades.
2.1. All prices or quotes that the Client may see in advertising campaigns, on television, or on GKFX’s Website are indicative. Trading with GKFX may only take place according to the prices displayed on GKFX’s trading platform.
2.2. The Client agrees that GKFX may contact the Client by means of e-mail. Additionally, the Client’s consent and signature may be obtained when needed by the Client’s pressing a specific key or by following the instructions on the screen through GKFX’s Website.
2.3. The Client must take all reasonable steps to prevent computer viruses or similar programs from entering the Company’s network.
2.4. GKFX has the right to transfer the rights and obligations under this agreement to third parties, having given the Client notice of at least ten calendar days.
3.1. All definitions (terminology) used by the Company in these Commercial Terms and in other regulatory documents are defined in the Glossary of Terms and Definitions (GTD) which is located on GKFX’s Website. GKFX has the right to periodically amend the GTD without providing the Client prior notice.
4.1. These Commercial Terms govern all trading operations and orders of any kind which are carried out by the Client.
4.2. In the event the Client does not fulfill its obligations, GKFX and its subsidiary organizations reserve the right to initiative legal proceedings against the Client, if doing so would be in GKFX’s interest, in any court in any jurisdiction allowed by law, regardless of where the Client was located when the Client opened a Trading Account or carried out trading operations.
4.3. In the event of the demise of the Client and receipt by GKFX of verification thereof, GKFX shall immediately close all of the Client’s open positions as soon as it is possible to do so. The Client is relieved of all liability for losses or debts that may have arisen on the Client’s Trading Account.
4.4. The Client is liable for, and is obligated to fully compensate GKFX for all expenses, charges, and court costs that GKFX may incur as the result of the Client’s violation of these Commercial Terms or as a result of the Client’s negligence.
4.5. The maximum sum which GKFX may be liable for in the case of financial loss sustained by the Client is equal to the initial margin requirement for the given trading operation.
5.1. GKFX does not permit trading with real funds on demo or virtual accounts. All gains or losses are of a fictional nature and cannot be transferred to the Trading Account, cashed in, or in any other way redeemed. A demo account is for practice only and serves an exclusively demonstrative purpose.
5.2. Gains or losses sustained during the course of trading in a demo environment may not meet the expectations of the Client with regard to trading in a live environment. Currency pairs and CFDs are volatile instruments and may lead to rapidly accumulated gains or losses which exceed the initial deposit of the Client.
6.1. GKFX reserves the right to refuse to register the Client Cabinet and/or Trading Account for various reasons and is under no obligation to disclose those reasons.
6.2. GKFX has the right at its own discretion to request information from credit history agencies with the aim of checking the Client’s data when opening a Trading Account.
6.3. The agreement concluded between GKFX and the Client governs all Trading Accounts opened by the Client with GKFX. This agreement governs all of the Client’s open and closed positions, orders, and all other trading or non-trading operations.
6.4. In the event GKFX closes all or part of the Client’s trades, cancels entry orders and/or closes the Trading account, in accordance with this agreement, GKFX has the right to consolidate the Client’s remaining funds onto any Trading Account opened by the Client with GKFX or subsidiaries.
6.5. GKFX reserves the right at its own discretion to use available funds on the Trading Account to extinguish its debt to GKFX arising from other Trading Accounts. GKFX may use any of the Client’s funds to extinguish any of the Client’s other obligations to GKFX, including but not limited to court costs and interest.
6.6. If the client has Trading Accounts open in multiple currencies, GKFX shall convert the funds on these Trading Accounts into one currency by using current market exchange rates of the main currencies.
6.7. The client acknowledges that these Commercial Terms, together with all amendments and additions are in force for all Trading Accounts opened by the Client with GKFX and its subsidiaries, regardless of whether they are primary Trading Accounts or sub-accounts.
7.1. GKFX reserves the right to make amendments to the maximum size of the Trading Account which it may allow the Client to open. It may be the same or different for each account. The balance of the Trading Account may exceed the established limits for that Trading Account, however use of the funds in excess of the limit on the Trading Account for the purpose of carrying out trading operations is not possible.
7.2. The maximum size of the Trading Account is established upon the opening of the Trading Account and may be changed at any time without prior notice.
7.3. The maximum size of the Trading Account is established in USD and EUR and is applied to the Trading Account by means of a currency conversion.
7.4. If open positions exceed the maximum size of the Trading Account, either by mistake or for any other reason, GKFX reserves the right, but is not obligated, to bring the Trading Account into conformity with the maximum size for that Trading Account by closing all or some open positions.
7.5. Profit or loss may be significantly greater than this restriction regardless of the maximum size of the Trading account.
8.1. The Client is obligated to ensure the confidentiality, safety, reliability, and integrity of the login and password to the Client Cabinet and Trading Account and may not under any circumstances disclose this information, which is used by GKFX for authentication of the Client.
8.2. If you have reason to believe the security of your Client Cabinet or Trading Account has been compromised, you must inform us of this immediately. GKFX is not liable for the unsanctioned use of your Client Cabinet or Trading Account.
9.1. When opening a Client Cabinet or Trading Account, the Client is obligated to furnish GKFX with current and accurate contact information including a telephone number at which the Client can be reached during the day, e-mail address, and actual address of residence. The Client is obligated to inform GKFX of any changes to this information.
9.2. All trading operations on the Trading Account must be carried out by the Client or by a trading robot activated by the Client, and not by any third party. If the Client has authorized a third party to carry out trading operations on the Client’s Trading Account, the Client nevertheless bears all responsibility for trading operations performed on the account.
9.3. Trading operations and entry orders may only be placed through the client terminal using the Internet.
9.4. The Client consents to GKFX recording all telephone conversations between GKFX and the Client. These recordings are the property of GKFX and can be used as evidence during any dispute.
9.5. GKFX shall regularly send the Client statements for the Client’s Trading Account by e-mail. If the Client notices an error in the statement, the Client must inform GKFX of the error within three calendar days.
9.6. GKFX has the right to contact the Client by telephone, e-mail, or any other method at any time in order to notify the Client of, or discuss any aspect of trading activity, regardless of whether or not it directly concerns the Client.
9.7. Any correspondence (documents, notifications, confirmations, announcements, records, and others) are considered to have been received by the Client:
9.7.1. Within 1 (one) hour of having been sent by e-mail;
9.7.2. Immediately after having been sent by internal mail to the trading platform;
9.7.3. Immediately after having been sent by fax;
9.7.4. Immediately upon conclusion of a telephone conversation;
9.7.5. Within 7 (seven) days of having been sent by mail;
9.7.6. Immediately after an announcement has been posted in the “Company News” section of GKFX’s Website;
9.7.7. Immediately after notification has been posted in the Client Cabinet.
10.1. The Client bears sole responsibility for deducting from the Client’s income any tax liabilities which may arise as the result of the Client carrying out trading operations. If the Client has any questions or doubts concerning taxes, the Client is advised to seek independent consultation from the appropriate authorities in the Client’s tax jurisdiction.
10.2. GKFX has the right to transfer any expenses or cost to the Client that may arise in the future due to changes in the law.
10.3. GKFX reserves the right to transfer any expenses or cost to the Client that may arise from changes in the terms or requirements of the company’s counteragents.
10.4. GKFX is not required under any circumstances to reveal any information about profit received, interest or any other form of income.
11.1. The Client may make a deposit to its Trading Account in the Client Cabinet at any time by using GKFX’s Website, where the available methods of deposit to Trading Accounts are listed. The list is regularly expanded.
11.2. The Client understands and acknowledges that GKFX does not pay any form of accrual or interest to funds which are located on the Trading Account.
11.3. The Client may carry out trading operations on the Trading Account as soon as the funds are posted to the balance of the Client’s Trading Account. If you would like to carry out trading operations on your Trading Account that require more funds than the size of your Trading Account, you will need to deposit additional funds to this Trading Account.
11.4. The Client may send a request to withdraw from its Trading Account a sum no greater than the amount of free funds on the Trading Account. If from the time of the Client’s request to the time the request is processed the amount of free funds on the Trading Account has changed such that the requested sum is now unavailable, the request will be rejected and the Client will be notified of this. GKFX reserves the right to decline to make a payment if it determines it necessary in order for the Client to make future short-term payments.
11.5. GKFX does not under any circumstances accept payments from third parties and does not make payments to third parties, with the exception of those instances when GKFX chooses to do so at its own discretion in strict accordance with legal procedures for preventing money laundering.
11.6. If the Trading Account is inactive or unused for a period of five years, GKFX may attempt to contact the registered owner of the Trading Account. In the case of the demise of the Client, GKFX will attempt to contact the heir. All reasonable steps will be taken to determine the new accountholder. However, if within 12 months, GKFX is unable to determine the new accountholder, GKFX has the right to close the Trading Account and consider the funds on it as not belonging to the Client.
13.1. Also governing the relations between the parties are the terms for carrying out trading operations as described in the Regulations for Trading Operations (RTO), which are located on GKFX’s Website. GKFX has the right to periodically amend the RTO of which the client will be given prior notification.
14.1. Force majeure circumstances are considered to be such unforeseen events as natural disasters, war, sabotage, technical malfunctions, loss of internet connection, as well as a complete lack of liquidity in the market.
14.2. In the event of the occurrence of one or more of the above-listed events and its designation by GKFX as a force majeure circumstance, GKFX ceases being bound to the obligations of this agreement and will not be liable for any consequences of such an event.
14.3. GKFX is required to provide the best possible prices and ensure the best possible execution during force majeure circumstances.
15.1. Only the Client who is the owner of the Trading Account may carry out trading operations on the Trading Account.
15.2. If the Client intends to provide third parties the opportunity to trade on the Trading Account, the Client does so at the Client’s own risk.
15.3. Third parties are not allowed to make any kind of payments on the Trading Account.
15.4. The Client is fully responsible for all trading operations carried out on the Trading Account as well as for all payments and debts related to the Trading Account.
15.5. The Client is obligated to maintain the integrity and confidentiality of the login information and passwords which were specified when registering the Trading Account or the Client Cabinet. GKFX does not bear responsibility for any unsanctioned use of this information by third parties, or any losses sustained due to third party use.
16.1. GKFX does not bear responsibility for any computer viruses or other harmful software which the Client may have gotten from GKFX’s Website or from the Internet trading application.
17.1. GKFX may use the services of introducing brokers in various areas of its operations, but does not bear responsibility for any information given by them to GKFX or to the Client, including information published on GKFX’s Website.
17.2. GKFX does not bear responsibility for any loss arising as a result of any action or lack of action taken by the Client based on information received from GKFX or from an introducing broker.
18.1. The intellectual property rights for all websites controlled by GKFX including the sites of GKFX subsidiary companies and their trading names belong to GKFX.
18.2. The above-stated includes all trademarks, charts, databases, advertisements, prices, information about the market, information about the product, the site’s design, logos, and all other parts of GKFX’s Website. Nothing may be copied, reproduced or distributed without GKFX’s prior permission.
18.3. Introducing brokers and software providers listed on GKFX’s Website or connected with GKFX are also owners of the intellectual property rights of their products. GKFX is not responsible for any losses or damages which the Client may have sustained when using information offered by such individuals.
19.1. By accepting these Commercial Terms, the Client agrees to provide GKFX personal information which will be used by GKFX to open, manage, and service the Client’s Trading Account.
19.2. GKFX may not transfer the Client’s personal information to third parties with the exception of processing centers, for the purpose of checking credit cards, law enforcement agencies, any financial or other regulators, GKFX auditors, and employees which work with the Client’s claims.
19.3. GKFX may give the Client’s personal information to companies which make up the GKFX group of companies if it is necessary for providing the Client a service.
19.4. GKFX has the right to give the Client’s personal information, with the exception of information about open positions, to other companies which offer margin trading and which need recommendations.
19.5. A large amount of information about Clients comes directly from the Clients themselves, although the Company reserves the right to receive information about Clients from other sources such as credit history agencies, the Electoral Register, or fraud prevention institutions.
19.6. GKFX has the right to use this information for ensuring the best possible service for Clients or for informing Clients about new GKFX products.
19.7. All GKFX employees are fully informed of the rules for handling confidential information.
19.8. Clients’ personal information is stored in databases on computers or in paper archives which have reliable security systems. Unauthorized persons do not have the right to access these areas of storage.
19.10. GKFX shall make every possible effort to maintain the Client’s current information. The Client bears responsibility to notify GKFX of any changes to the Client’s personal information in a timely fashion.
20.1. GKFX wishes each of its Clients to be successful. However, this cannot always be realized. In such situations the Client is obligated to bear responsibility for its actions and shall not permit sustaining greater losses than the Client can afford.
20.2. It is possible that all the funds on the Trading Account can be lost. It is important that the Client read the Risk Notification before beginning to trade.
20.3. GKFX does not recommend borrowing funds, spending more than the Client can afford, or trading with funds which have been allocated for other purposes.
21.1. GKFX reserves the right to close any Client’s account without disclosing the reasons. In this event, GKFX is obligated to return using any available method all funds located on the Trading Account at the moment it was closed.
22.1. Despite all efforts made by GKFX to service its clients at the highest possible level, the Client is not always satisfied with the results of GKFX’s service.
22.2. In this case, the rules for filing a claim set forth in the relevant Company regulatory documents are applied.