This Client Agreement (“Agreement”) is entered into by and between MORFIN FX LLC (hereinafter referred to as the “Company”) and the Client, which may be a legal entity or a natural person (or persons) who has completed the Application Form (hereinafter referred to as the “Client”). The Company is authorized and regulated by ST. VINCENT AND THE GRENADINES and holds license number 1539LLC2021.
The registered office of the Company is situated at SUITE NO – 305, GRIFFITH CORPORATE CENTRE, BEACH MOUNT, KINGSTOWN, ST. VINCENT AND THE GRENADINES.
This Agreement outlines the terms under which the Company will engage with the Client regarding Contracts for Difference (CFDs) based on specific underlying assets.
This Agreement governs CFD trading activities between the Client and the Company.
In this Agreement, unless the context requires otherwise, the following definitions apply:
Access Data: refers to one or more user identification codes, digital certificates (if any), authentication codes, or any other information used on any device that allows the Client to access the Client Terminal. This information may include a username, password, or the Client Account number. The term “Access Data” also encompasses any other information necessary for the Client to provide instructions, place orders, or make requests.
Account Type: signifies the different types of account models available to the Client by the Company. These account types include the Classic Account, the Copy Trading Account, and the ECN/STP Account.
Affiliate: mean, to the Company, any entity that directly or indirectly controls or is controlled by the Company, or any entity directly or indirectly under common control with the Company. For the Client, it means any person or entity related to the Client through common control, ownership, or familial ties.
Agreement: shall mean this Client Agreement and any amendments made to this Agreement from time to time. This CFDs Client Agreement shall incorporate the following documents by reference, which are amended periodically: Complaint Handling Procedures, Withdrawal & Refund Policy, Summary Order Execution Policy, Risk Warning, Conflict of Interest Policy, Privacy Notice, Website Terms and Conditions, Third-Party Disclosure Policy, and any other relevant document published on the Company's Website (morfinfx.com).
Applicable Rate: refers to the interest rate used for specific purposes based on the currency of the Client Account. The Applicable Rate is defined as follows:
Application Form: refers to the form or questionnaire completed by the Client, whether in paper, host copy, or by other means, to apply for opening a Client Account with the Company. This form is designed to collect various information, including the Client's identification, due diligence, and categorization by the Applicable Regulations under the Agreement.
Ask: denotes the higher price in a Quote, and it represents the price at which the Client has the option to buy.
Balance: represents the total financial outcome on the Client Account at any given time, which takes into account the result of the most recent completed transaction as well as any deposit or withdrawal operations.
Base Currency: refers to the primary currency in a currency pair against which the Client either buys or sells the Quote Currency.
Bid: denotes the lower price in a Quote, and it is the price at which the Client has the option to sell.
Client Account: signifies a unique, personalized registration system that includes the Client's personal details, Completed Transactions, Open Positions, Orders, and deposit/withdrawal transactions within the Online Trading System, depending on the Account Type.
Client Categorization: is the classification assigned to the Client as a Client based on information provided by the Client, and it aligns with the standards set forth in this Agreement. The classification can be Retail Client or Professional Client. Categorization determines the level of protection under the law.
Client Terminal: represents the online trading software version 5 or a later version, as well as any trading platforms (including web and mobile trackers) used by the Client to transmit orders and manage operations. The Client Terminal provides the Client with an electronic trading interface that sends instructions and receives orders from the Company, while also keeping records of transactions.
Client Bank Account: refers to a bank account established by the Company to receive funds from the Client. This bank account may be located in a jurisdiction different from where the Company is regulated.
Close at Loss: implies the closure of a position of the same size. It involves opening a position, such as buying, and then closing the position, such as selling, or vice versa.
Closed Position: signifies the opposite of an open position. It means that the position has been closed and the trade is complete.
Contract Specifications: are the terms governing trading CFDs, including aspects like spread, initial margin, hedged margin, fees, etc. These specifications are determined by the Company and may change over time.
Currency of the Client Account: denotes the designated currency of the Client Account. The Client Account is converted into the Client's currency after the account is opened.
Currency Pair: refers to the object of a Transaction based on changes in the value of one currency in comparison to another. A Currency Pair is made up of two currencies: the Quote Currency and the Base Currency. It shows how much of the Quote Currency is needed to purchase one unit of the Base Currency.
Delivery: signifies the physical delivery of an Underlying Asset to the Client at a specific delivery point. In CFD trading, most transactions do not require physical delivery.
Equity: is calculated as the sum of the Balance, Floating Profit, and Floating Loss. It provides an overview of the financial state of the Client Account, taking into account open positions.
Error Quote (Spike): refers to a specific type of error in a quote that exhibits the following characteristics:
Ex-Dividend Date: refers to the date on which the price of an asset (such as an equity-based instrument) is adjusted to remove the dividend value from the asset. Clients who hold positions in that asset on or before this date are eligible to receive the dividend payment.
Expert Advisor: is a technical online trading system designed to automate trading activities on an electronic trading platform. It can be programmed to execute trades automatically based on pre-defined trading rules, parameters, and algorithms. Expert Advisors can be customized and integrated directly into the Online Trading System and automatically adjust stop losses, take profits, and track profits.
Floating Profit: represents the currently profit or even Open Position, calculated at the current Quotation. This calculation excludes any applicable commissions or fees.
Free Margin: represents the amount of funds available on the Client Account that can be used to open a new position. It is calculated as the Equity minus the Necessary Margin.
Hedged Margin: represents the funds required by the Company to open and maintain Hedged Positions. The specific requirements for the Hedged Margin for each CFD are found in the Contract Specifications.
Indicative Quote: is a Quote at which the Company has the discretion not to accept any Instructions or execute any Orders. It is an indicative price that may not reflect actual execution prices.
Initial Margin: refers to the initial margin required by the Company to open a position. The specific details for the Initial Margin for each CFD can be found in the Contract Specifications.
Instruction: means any directive from the Client to the Company, such as instructing the opening or closing of a position or placing/modifying an order.
Instrument: is used to refer to the Contract for Difference (CFD) itself. It's the financial instrument being traded.
Leverage: is a ratio that relates the Transaction Size and Initial Margin. For example, a 1:400 leverage means that to open a position, the Initial Margin needed is four hundred times less than the Transaction Size. Leverage allows traders to control a larger position with a relatively smaller amount of capital.
Long Position: is a buy position that increases in value when market prices rise. In the context of Currency Pairs, it involves buying the Base Currency against the Quote Currency.
Lot: is a unit of measurement used to specify the transaction amount for each Underlying Asset in a CFD.
Lot Size: is the number of underlying units in one Lot, and it is defined in the Contract Specifications.
Maintenance Margin: represents the minimum amount of equity required to maintain Open Positions. The specific margin requirements are outlined in the Contract Specifications for each Underlying Asset in a CFD.
Margin Call: occurs when the Company notifies the Client to deposit additional Margin. This notification is made when the Client does not have sufficient funds to maintain their open positions.
Margin Level: is the percentage ratio of Equity to Necessary Margin, calculated as: (Equity / Necessary Margin) x 100%. It indicates the Client's account health and is used to determine stop-out levels.
Margin Trading: refers to leveraged trading, where the Client can execute Transactions with funds on their Client Account compared to the Transaction Size. This allows for potential higher returns but also carries increased risk.
Matched Positions: are Long and Short Positions of the same Transaction Size opened on the Client Account for the same CFD. This can serve both commercial and non-commercial purposes for the Client.
Member Area: is an electronic access console through the Company's website or Online Trading System. Clients can use the Member Area to manage their Client Accounts and perform transactions such as fund withdrawals, opening sub-accounts, and transferring money between their Client Accounts. It may also be referred to as “Client Portal.”
Necessary Margin: refers to the margin amount required by the Company to open Matched Positions. The specific margin requirements for each CFD are specified in the Contract Specifications.
Normal Market Size: varies depending on the type of Instrument:
Online Trading System: encompasses all the software and hardware used by the Company, including computer devices, databanks, telecommunication lines, an electronic trading platform, an execution model, and billing engine. This network allows the Client to access market information in real time, conduct technical analysis, execute Transactions, place/modify/delete Orders, receive notifications from the Company, and maintain records of open and closed trades. It connects the Client with the Company for trading purposes.
Open Position: is either a Long Position or a Short Position that has not yet been resolved in a Completed Transaction. It represents an active position in the market.
Order: is an instruction provided by the Client to the Company, indicating to either open or close a position when the market price reaches a specified level.
Order Level: is the price specified in the Order, which, when reached, triggers the execution of the order.
Parties: are the Client and the Company, collectively referred to as the Parties to this Agreement.
Pip Hunting: refers to a situation in which the Client opens a position and quickly closes it within a very short time, often when there is only a profit of one pip. This practice is characterized by rapid trading for small profit margins.
Price Gap: occurs in the following situations:
Professional Client: is a client who qualifies as a “Professional Client” under the Regulations and rules that apply to their trading activities. Professional Clients typically have more experience and knowledge of financial markets and may receive different regulatory protections.
Quote: is an indication of the current price of a specific underlying asset, presented in the form of Bid and Ask prices.
Quote Currency: is the second currency in a Currency Pair. It can be bought or sold by the Client in exchange for the Base Currency.
Quote Base: refers to the information stored on the Server related to Quotes.
Quotes Flow: refers to the stream of real-time quotes supplied through the Online Trading System for each specific financial instrument.
Relevant Amount: is any free Equity in the Client Account that is not being used for margin requirements.
Request: is a directive given by the Client to the Company to obtain a Quote. This request does not impose an obligation to execute a Transaction.
Scalping: is a trading strategy where the Client opens multiple positions simultaneously and quickly closes them, often within less than five minutes. This strategy may involve buying at the Bid price and selling at the Ask price to profit from the Bid/Ask spread.
Server: refers to all the software and hardware used by the Company to execute Transactions, distribute Quotes, and maintain records.
Services: encompasses the various services provided by the Company to the Client, as outlined in clause 8 of this Agreement.
Short Position: is a sell position that increases in value when market prices fall. In the context of Currency Pairs, it involves selling the Base Currency against the Quote Currency. It is essentially the opposite of a Long Position.
Slippage: refers to the difference between the expected price of a trade and the actual price at which the trade is executed. Slippage often occurs during periods of high volatility or when executing large orders. Slippage can be positive or negative, depending on market conditions.
Spread: is the difference between the Ask price and the Bid price of a Quote for a CFD at the same moment. It represents the cost or the profit that traders encounter when entering or exiting a trade.
Swap or Rollover: is the interest added or deducted for holding a position open overnight. This interest adjustment is often associated with financing costs or benefits.
Trailing Stop: is a feature that allows a stop-loss level to automatically adjust as the market price moves favorably. It locks in gains while limiting potential losses.
Transaction: refers to an order to execute a trade involving a Contract for Difference (CFD) that is executed on the Client Account on behalf of the Client.
Transaction Size: is calculated by multiplying the Lot Size by the number of Lots involved in the CFD.
Underlying Asset: is the financial instrument on which a CFD is based. It could be a Currency (Foreign Exchange), Equity Indices, Metal, Futures, Commodity, or Stock.
Underlying Market: is the market where the Underlying Asset of a CFD is actively traded.
Website: refers to the online platform of the Company located at morfinfx.com.
Written Notice: means the meaning as defined in clause 27, typically referring to a written format of communication.
The Company recognizes that the Client's personal information is valuable and agrees to maintain confidentiality. The Company ensures data protection in compliance with applicable privacy regulations.
The Company provides execution services in respect of CFDs on underlying assets. Trading in CFDs is execution-only and does not involve physical delivery of underlying assets.
Confirmations of executed trades, account balances, and activity statements are provided through the Client Terminal and Member Area. Clients must examine trade confirmations promptly and notify the Company within two (2) business days of any discrepancy.
The Company reserves the right to reject, cancel, or decline orders under circumstances including insufficient margin, abnormal market volatility, system malfunction, suspicion of market abuse, or failure to meet regulatory requirements.
Includes provisions regarding account suspension, joint account liability (joint and several), error quote correction, dormant account administration, and assignment of rights.
The Company and Client agree to adhere to all applicable laws and statutory requirements. The Company retains Client transaction records for at least five (5) years following the termination of the business relationship.
This Agreement and all transactions shall be governed by and interpreted in accordance with the laws of St. Vincent and the Grenadines. Any dispute that cannot be resolved amicably shall be submitted to the competent courts of St. Vincent and the Grenadines.
Should any provision of this Agreement be deemed illegal, invalid, or unenforceable by any competent tribunal, such finding shall not affect the validity or enforceability of the remaining provisions.
Failure or delay by the Company in exercising any right, power, or remedy under this Agreement shall not operate as a waiver of that right, power, or remedy.
The Company may assign or transfer any of its rights and obligations under this Agreement to an affiliate or third party. The Client may not assign or transfer their rights without prior written consent from the Company.
In the event of corporate actions affecting an underlying asset (such as stock splits, dividends, mergers, or reorganizations), the Company reserves the right to make appropriate adjustments to open positions or account balances.
The Company has the right to set off any amounts owed by the Client against any credit balance or equity in the Client Account across any and all sub-accounts.
The Company may convert any funds received or held in the Client Account into the account's base currency using prevailing spot exchange rates. The Client bears all foreign exchange risk and conversion fees.
The Client shall pay all spreads, trading commissions, swap fees, deposit/withdrawal fees, and related costs as set out in the Contract Specifications published on the website.
Governed by the Withdrawal & Refund Policy. The Client acknowledges that bank wiring instructions are provided by the Company along with account details and confirmation. Third-party deposits and withdrawals are strictly prohibited.
The Company reserves the right to levy processing fees on deposits and withdrawals depending on payment method, currency, and volume, as clearly disclosed in the payment schedule.
Client funds are held in segregated accounts with reputable banking institutions, separate from Company operational funds, in accordance with regulatory standards.
Formal notices to the Company must be sent in writing via registered post or email to support@morfinfx.com. Notices to the Client will be delivered electronically via email or internal trading system messaging.
All complaints must be submitted in writing and will be investigated independently and resolved in accordance with our Complaint Handling Policy.
The official operative language of this Agreement is English. Translations into other languages are for convenience only; in the event of inconsistency, the English text prevails.
The Client must maintain the security of login credentials and is responsible for all orders transmitted via their terminal. The Company is not responsible for losses caused by system downtime, internet latency, or third-party breaches.
Electronic confirmation and digital registration carry the same legal weight, validity, and enforceability as handwritten physical signatures.
The Company is not liable for failures or delays resulting from acts of God, war, civil disturbance, strikes, government restrictions, regulatory interventions, or severe telecommunication outages.
Time is of the essence regarding all payment obligations, margin replenishments, and compliance requirements under this Agreement.
Either party may terminate this Agreement by giving written notice, provided that all open positions are closed and outstanding balances are settled.
The Company may collaborate with Introducing Brokers (IBs). The Client acknowledges that IBs are independent third parties and are not authorized to bind or advise on behalf of the Company.
The Company shall not be liable for any trading losses, missed opportunities, or consequential damages. The Client agrees to indemnify the Company against any claims arising from the Client's breach of this Agreement.
The Client warrants that information provided is accurate, they have the legal right to trade, funds used are legitimate, and trading does not violate the laws of their country of residence.
The Company maintains internal policies to identify, manage, and prevent potential conflicts of interest between the Company, affiliates, and Clients.
The Client acknowledges that CFD trading involves substantial risk of capital loss, leverage amplifies both gains and losses, and CFDs are non-deliverable over-the-counter (OTC) derivative instruments.
The Company reserves the right to void or correct any transaction that occurred as a result of an obvious pricing mistake, technical glitch, or manifest error.
The Company may amend the terms of this Agreement by publishing the updated version on its website. Continued use of Company services constitutes acceptance of the updated terms.
