This document was published and took effect on February 06, 2014.
- 1. General Terms
- 2. Relationship of the Parties
- 3. Obligations of the Introducing Broker
- 4. Rights and obligations of the Company
- 5. Limitations of the Introducing Broker’s authority
- 6. Bonuses of the Introducing Broker
- 7. Guarantees and warrantees
- 8. Period of Validity
- 9. Force majeure
- 10. Miscellaneous
- Appendix No 1
1. General Terms
1.1. In accordance with the terms of these Regulations, any individual who has concluded the Client Agreement with GKFX and has completed the necessary registration procedure on the GKFX website has the right to become a GKFX Introducing Broker and attract new Clients to GKFX by accepting these Regulations, and fulfilling the registration procedure as specified in these Regulations in the manner and under the terms specified in these Regulations.
1.2. These Regulations together with GKFX’s other Regulatory documents form an integral part of the Client Agreement.
1.3. The terms of these Regulations are obligatory for all Introducing Brokers from the moment these Regulations are accepted. These Regulations contain all the terms governing relations between GKFX and the Introducing Broker.
1.4. To register as an Introducing Broker:
1.4.1. Register the Client Cabinet on GKFX’s website http://gkfxecn.com/en/.
1.4.2. In the Client Cabinet open a ECN.MT4 account with USD account currency.
1.4.3. Send a request for registering as an Introducing Broker (indicating the just-opened ECN.MT4 account number) from your email address used for registering the Client Cabinet to the firstname.lastname@example.org email address.
After this request will be processed by GKFX client service, an Introducing Broker will receive a reply email with his unique partner ID and referral link and detailed instructions on its usage for attracting Clients.
1.4.4. The email request for registering as an Introducing Broker becomes an evidence of acceptance of the terms of these Regulations.
1.5. From the moment of acceptance of the terms of these Regulations and verification of status, the Introducing Broker has the right in its own name to:
1.5.1. Recommend GKFX to third parties.
1.5.2. Hold events aimed at attracting new clients to GKFX as long as such events do not violate the laws of the country in which they are being held or the country of residence of the Introducing Broker.
1.5.3. Inform potential Clients of the activities and services offered by GKFX.
1.5.4. Bring to the attention of potential Clients all necessary information about GKFX, including GKFX’s company details, as well as general and special terms of the services provided.
2. Relationship of the Parties
2.1. These Regulations are not a contract for the formation of a partnership, joint venture and/or the provision of services or relations of an employer and employee. The Introducing Broker will carry out activities and interact with third parties only as a Client of GKFX who is an Introducing Broker and not in any other fashion.
2.2. In order to attract Clients, the Introducing Broker may use the banners bearing the GKFX logo offered in the Introducing Broker’s Client Cabinet and/or the referral link provided upon registration of the Introducing Broker’s account. The referral link may be placed by the Introducing Broker as a hidden link.
2.3. GKFX does not in any way bear responsibility for the following:
2.3.1. Any actions of the Introducing Broker carried out in violation of the terms of these Regulations and/or the Client Agreement.
2.3.2. Any actions of the Introducing Broker that overstep the authority granted by GKFX.
2.3.3. Any damages caused by the Introducing Broker to any third parties.
2.4. The parties are obligated to adhere to the terms specified in these Regulations and/or Client Agreement unless otherwise agreed upon in writing by mutual consent.
3. Obligations of the Introducing Broker
3.1. The Introducing Broker is obligated to ensure the adherence of his/her activity to the laws of the country of residence (location) or the country in which events are held that have the aim of attracting clients to GKFX.
3.2. The Introducing Broker is obligated to immediately inform GKFX of any legal or illegal interference in his/her activities.
3.3. The Introducing Broker is responsible for the accuracy of the information provided when registering the Client Cabinet. A Client is considered to have been referred by the Introducing Broker if the Client is registering as a first-time Client of the company and one of the following conditions is met:
3.3.1. When filling out the online form the Client indicates the ID of the Introducing Broker.
3.3.2. The Client is transferred to the GKFX website by clicking on a banner and/or special referral link placed on the Introducing Broker’s informational resource. The Introducing Broker‘s unique identification number is stored in the cookies of the user’s internet browser for three months if the Client doesn’t clear the browser’s cache.
3.4. If the Client is considered to have been referred by the Introducing Broker, the Introducing Broker’s ID will be automatically attached to all trading accounts subsequently opened by the Client. Clients may not be transferred from one Introducing Broker to another.
3.5. GKFX reserves the right to separately register a Client as having been referred by a specific Introducing Broker within one calendar month of the Client’s registration upon receiving a written request from the Client to attach the Client to the partnership group of an Introducing Broker. As such, the Client must explain the reason why the procedure for indicating a particular Introducing Broker during registration was not followed.
3.6. The Introducing Broker is obligated not to use any sort of misleading advertising for carrying out its activities on the Internet. In particular, the following is not permitted:
3.6.2. Deceiving users by knowingly redirecting a visitor to a different Internet resource or webpage.
3.6.3. Advertising on websites containing unauthorized information, pornography, as well as material that incites ethnic conflict or racist material.
3.6.4. Anything else that may damage GKFX’s positive image.
3.7. The Introducing Broker does not have the right to:
3.7.1. Register and/or use domain names containing part or all of the word ‘GKFX’ or any other variation on this word, such as ‘gkfx’, ‘gfkx’ ‘gxkf’, etc.
3.7.2. Use the word ‘GKFX’ in the name of a new organization and/or in the name of an existing company, including part or any variation on this word, such as ‘gfkx’, ‘gxkf’, etc.
3.8. Introducing Brokers may not advertise the direct URL of the GKFX site http://gkfxecn.com/en/ with a partner link such as www.gkfxecn.com/en/?PID=xxx or advertise using contextual advertising systems such as Yandex.Direct, Begun, Google AdWords, banner networks, internet catalogs, etc. Forced redirects to the GKFX official websites are prohibited.
3.9. The Introducing Broker is forbidden to enter into arrangements with Clients involving the exchange of money (including accepting funds, payments, bank cards, etc.). Responsibility for all such services is carried by GKFX in accordance with the Client Agreement.
3.10. The Introducing Broker is obligated to maintain confidentiality with regard to the Company’s activities and/or the information that the Introducing Broker gains access to in accordance with the requirements of these Regulations.
3.11. The Introducing Broker is obligated to inform GKFX of all facts or circumstances of which he/she is aware that could entail unfavorable consequences or risks for GKFX.
4. Rights and obligations of the Company
4.1. GKFX is obligated to provide the Introducing Broker with all the necessary assistance in accordance with these Regulations.
4.2. GKFX is obligated to pay the Introducing Broker bonuses in the amount and under the terms specified in these Regulations.
4.3. GKFX is responsible for executing the trades of Clients and carrying out the calculations on the Introducing Broker’s account.
4.4. GKFX has the right to oversee the activity of the Introducing Broker with regard to the latter’s carrying out of his/her functions and obligations in accordance with these Regulations.
4.5. GKFX has the right to request from the Introducing Broker and receive a detailed account of the latter’s fulfillment of the obligations incumbent on the Introducing Broker pursuant to these Regulations.
5. Limitations of the Introducing Broker’s authority
5.1. The Introducing Broker does not have the right to do the following without the prior written consent of GKFX:
5.1.1. Undertake any obligations on behalf of GKFX or put GKFX under any obligations.
5.1.2. Publish any materials (articles, letters) or facilitate the publishing of any materials (articles, letters) regarding GKFX in any newspaper, magazine or other periodicals, or publish on any resources (blogs, social networking, forums, etc.) any materials that may damage the positive image of GKFX.
5.1.3. Give any guarantees and/or promises, or make any statements concerning any payments pursuant to any contracts or agreements made with GKFX.
5.2. When engaging interested parties, potential clients and Clients, the Introducing Broker is required to inform them of his/her status and extent of authority. GKFX carries out all actual operations and processes necessary for concluding and executing the Client Agreement with Clients, including entering into actual relations with them, and preparing and signing all necessary documents.
5.3. The Introducing Broker may not in its own name or on behalf of, or on instruction from an interested party, register a new user in the GKFX system and/or accept the Client Agreement on behalf of, or on instruction from Clients, use personal logins, passwords and the capabilities of the Client Cabinets of Clients. The Introducing Broker is obligated to inform the Client that the Client is not permitted to give login and password information for logging into the website http://gkfxecn.com/en/ to third parties and must maintain the security and confidentiality of his/her login details. For the duration of the validity of the Client Agreement, all actions carried out under the Client Agreement and/or making use of the Client’s login and password are considered to be carried out by the Client. GKFX is not responsible for the unauthorized use of the Client’s login details by third parties.
5.4. The Introducing Broker may not receive payments from Clients and/or make payments to Clients. All settlements with Clients are carried out exclusively by GKFX.
5.5. The restrictions specified in clauses 5.1-5.4 of these Regulations remain in effect for the period of validity of these Regulations as well as for five years following their expiration or termination.
5.6. If as the result of a violation of these Regulations by the Introducing Broker, any legal action is taken against GKFX, all expenses and losses incurred by GKFX must be fully compensated by the Introducing Broker. Losses are understood as expenses that GKFX has incurred or will incur to restore its rights and interests (actual damage) as well as lost income that GKFX would have received if its rights and interests had not been violated as the result of damages to GKFX’s material interests or business reputation as a result of the Introducing Broker’s failure to execute its obligations or improper execution of its obligations under these Regulations.
5.7. In the event of a violation of the conditions of these Regulations, GKFX reserves the right to block the Introducing Broker’s account until the latter has reimbursed the losses that arose due to the violation of the terms of these Regulations, as well as exclude logins of referred Clients from the Introducing Broker’s list. GKFX has the right to cover losses caused by the Introducing Broker using the funds accrued to the Introducing Broker under these Regulations, as well as under the Client Agreement and its appendices.
5.8. If within seven months of having referred his/her first Client, the Introducing Broker has fewer than ten active Clients, GKFX has the right to suspend bonus payments for the Introducing Broker‘s existing Clients and remove these Clients from the Introducing Broker’s partnership group.
5.9. If within three complete calendar months the Introducing Broker doesn’t acquire any new active clients, the Company reserves the right to suspend commission payments for the Introducing Broker’s account until the addition of a new Client who carries out at least one trading operation.
5.10. If within three complete calendar months, the Introducing Broker’s referred clients don’t carry out any trading operations the commission payments are blocked until a new active client is added to the partnership group.
5.11. If within seven months the Introducing Broker doesn’t acquire a single new client, and existing clients haven’t carried out a single trading operation, partnership relations with the Introducing Broker are terminated and the Introducing Broker’s referred clients are removed from the partnership group. However, the Introducing Broker’s commission payments remain available for withdrawal indefinitely.
5.12. The Introducing Broker is forbidden to place or distribute advertising materials of any kind in the countries indicated in clause 1 of Appendix No. 1 to these Regulations. In the event of a violation of this clause, relations with the Introducing Broker are terminated and bonuses are not paid.
6. Bonuses of the Introducing Broker
6.1. Every month GKFX pays out bonuses on all accounts of each Client referred by the Introducing Broker. Only the following types of accounts are taken into consideration: ECN.MT4, PRO.ECN.MT4, STP.MT4. As a bonus, Introducing Broker receives a part from commission received by GKFX from the total trading volume of Clients referred by this Introducing Broker for the month. For STP accounts the equivalent of commission, that should have been received by GKFX from the similar total trading volume on ECN accounts, is taken as a basis for calculations. A part of commission set for a particular Introducing Broker depends on the total trading volume of Clients referred by this Introducing Broker, this gradation is described at Appendix No 1.
6.2. Bonuses are accrued to the Introducing Broker only upon the closing of each separate order executed by referred partners. If at the conclusion of the settlement period and when payments are made, the referred partners of Introducing Brokers have open positions on their accounts, the crediting of bonuses for these positions is carried over until the next month. Likewise, the volume of these positions is not included in the total trading volume for the month and is also carried over until the next month.
6.3. The settlement period is considered to be one calendar month. If during the settlement month the Introducing Broker has fulfilled all conditions described in these Regulations, GKFX will credit to the Introducing Broker’s account the bonuses due. The time frame for crediting the bonuses may last until the seventh day of the next month.
6.4. If at the conclusion of the settlement month the Introducing Broker hasn’t added a single new active client, then the Introducing Broker will be credited bonuses at 10% of the commission received by GKFX from the total trading volume of referred Clients for the month regardless of the Introducing Broker’s bonus gradation in the table.
6.5. If the Introducing Broker closes his/her partnership account by his/her own initiative, GKFX reduces the size of the credited bonuses accordingly.
6.6. GKFX has the right to insert amendments into the terms governing the crediting of bonuses at its own discretion using the procedure described in clause 10.4 of these Regulations.
6.7. Bonuses specified in Appendix No. 1 of these Regulations are the only form of compensation provided to the Introducing Broker and the Introducing Broker is not eligible for other forms of compensation.
7. Guarantees and warrantees
7.1. The Introducing Broker guarantees:
7.1.1. That the Introducing Broker possesses the necessary legal capacity and authority to accept these Regulations.
7.1.2. To attract new Clients.
7.2. The Introducing Broker guarantees to fulfill his/her obligations.
7.3. The Introducing Broker is obligated to reimburse any losses and preclude a state of arrears arising in relation to GKFX while also refraining from any claims, demands, lawsuits, charges, damages, expenses (including legal expenses) and fines which may arise as a result of a violation of the guarantees and warrantees made by the Introducing Broker.
8. Period of Validity
8.1. These Regulations take effect the moment they are accepted by the Introducing Broker and cease being operative the moment the Client Agreement ceases being operative.
8.2. If the Introducing Broker does not acquire any new Clients within seven months or if existing Clients do not carry out any trading operations within this period, the Introducing Broker’s account is blocked and commission payments cease being paid. The Introducing Broker’s account can only be unblocked within the subsequent five months on the basis of a personal request by the Introducing Broker with justification as to why the Partner account should be unblocked.
9. Force majeure
9.1. GKFX and/or the Introducing Broker are not responsible for completely or partially failing to fulfill any of their obligations if such the non-fulfillment is due to force majeure circumstances (flood, fire, earthquake and other natural disasters, as well as war or various types of military operations, blockades, government decrees or any other emergency or unavoidable circumstance that does not depend on the Parties.
9.2. The party for whom it became impossible to fulfill its obligations must inform GKFX and/or the Introducing Broker of the occurrence and anticipated duration and subsequently of the cessation of the above-mentioned circumstances as soon as possible and no later than five business days from the occurrence and subsequent cessation of such circumstances.
9.3. The facts expressed in the notification must be confirmed by the appropriate body or organization of the relevant country. Failure to provide notification or notification in a non-timely manner entails the forfeiture of the right to refer to any of the above-mentioned circumstances as grounds for exemption from the responsibility of not fulfilling the obligations.
10.1. If a dispute arises with Clients who have been referred by the Introducing Broker, GKFX’s ruling will be decisive.
10.2. In the event that one of the parties does not enforce the fulfillment of the other party’s obligations, the latter is not thereby exempt from fulfilling his/her obligations under these Regulations, and this also does not signify a rejection of the obligations.
10.3. The Introducing Broker acknowledges that GKFX has the right to amend the terms of these Regulations at any time by providing prior written notification to the Introducing Broker. Any amendment takes effect at the time indicated in such Written Notification.
10.4. Written notification under these Regulations means one of the following methods of communications:
10.4.3. Announcement in the “Company News” section of GKFX’s website.
10.5. Any correspondence (documents, announcements, notification confirmations, reports, etc.) are considered received by the Introducing Broker immediately on the day the notification is made in written or electronic form, and at GKFX’s discretion, for notifications on GKFX’s website or by other means.
10.6. To avoid any doubt whatsoever and without exception the Introducing Broker always and under all conditions acts exclusively in its own name and not on behalf of GKFX. Entering into any relations on behalf of GKFX is a serious violation of these Regulations and will result in the immediate termination of these Regulations and the Introducing Broker will forfeit all payments and compensation.
10.7. By accepting these Regulations the Introducing Broker confirms:
a) Familiarity with the terms of these Regulations;
b) All terms of these Regulations are understood and fully accepted;
c) There are no circumstances hindering the acceptance of these Regulations of GKFX Internet Yatirimlari Limited Sirketi as well as Appendix 1 to these Regulations.
Appendix No 1 to the GKFX Partnership Program Regulations “Introducing Broker”
1. Geographical restrictions
The Introducing Broker is prohibited from placing and distributing advertising materials of any kind with regard to GKFX in the following countries: United States of America, United Kingdom, Turkey.
2. Introducing Broker Bonus Table
The Introducing Broker’s bonuses are credited in accordance with clause 6 of these Regulations and the Bonus Table below.
Total volume for the month
No. of new active clients
|From 0 to 1||0||10%|
|From 1 to 10||1||15%|
|From 10 to 100||1||20%|
|From 100 to 500||1||30%|
|From 500 to 1 000||1||40%|
|Over 1 000||1||50%|