Online Forex Trading by Calforex Edge

CALFOREX ®Online User Agreement

THIS IS AN AGREEMENT BETWEEN YOU AND CALFOREX® FOR THE USE OF THE EDGE SERVICE. PLEASE READ THROUGH ALL THE TERMS. BY USING EDGE, YOU ARE BOUND BY THE TERMS OF THIS AGREEMENT EVEN IF YOU DON’T READ THROUGH ALL THE TERMS.

  1. Definitions - In this Agreement:
    1. "Application Form" means the application form that You completed and submitted to CALFOREX for the purpose of using EDGE;
    2. "Authorized Users" means employees and other persons authorized by You to: enter into and complete Trades on Your behalf and to otherwise access and use EDGE and its services on Your behalf;
    3. "Business Day" means a day on which commercial banks are open for business in Canada;
    4. "CALFOREX" means Calgary Foreign Exchange Ltd.;
    5. "Currency" means money denominated in the lawful currency of a country;
    6. "EDGE" means the electronic foreign exchange dealing solution and suite of related services provided by CALFOREX via the Calforex EDGE website;
    7. "Information Provider" means any entity providing CALFOREX, whether directly or indirectly, with Market Information including, but not limited to, stock exchanges and news service providers;
    8. "Market Information" means information relating to the financial markets, including market data, research, analysis, forecasts and commentary;
    9. "Password" means the alphanumeric password that, in combination with Your user name, enables You to access EDGE;
    10. "Software" means any software program provided to You by CALFOREX that enables You to access or use EDGE;
    11. "Support Number" means the customer assistance phone number displayed in the "Contact Us" section of the EDGE site;
    12. "Trade" means a transaction in which You specify an amount of currency that You wish to buy or sell and choose the methods to send and receive these funds via EDGE;
    13. "Value Date" means either the Business Day selected by You for the settlement of a Trade or if You do not select a Business Day for the settlement of a Trade, then two (2) Business Days following an executed Trade;
    14. "You" and "Your" means the person (individual natural person, corporation or other entity) that has entered into this Agreement to use EDGE.
  2. Representations & Warranties
    1. If You are an individual natural person, You represent and warrant to CALFOREX that: You are of sound mind, at least 18 years of age and possess full legal competence and that the password chosen by You will be safeguarded appropriately by You and will only be disclosed to those authorized by You to access EDGE as an Authorized User.
    2. If You are not an individual natural person, You represent and warrant to CALFOREX that:
      1. You are properly organized and/or incorporated and in good standing pursuant to all applicable laws of organization and/or incorporation;
      2. Execution and delivery of this Agreement and other transactions and performance of obligations contemplated by it have been duly authorized by You;
      3. Each Authorized User that has been designated to use the EDGE is duly authorized by You;
      4. Execution of this Agreement and performance of Your obligations under this Agreement will not violate Your constating documents or any statute, regulation or bylaw;
      5. All information provided by You to CALFOREX is true, correct and complete and You will notify CALFOREX promptly of any changes to that information;
      6. The password chosen by You will be safeguarded appropriately by you and will only be disclosed to those authorized by You to access EDGE as an Authorized User.
  3. Communications, Privacy & Money Laundering Controls
    1. You authorize CALFOREX to communicate with You via the internet and via the email address You have provided in Your application. You understand and accept the risk that data and information transmitted over the internet is susceptible to error or security breaches.
    2. You consent to the collection, use and disclosure of Your information by CALFOREX for the purpose of administering Your use of the EDGE, in accordance with this Agreement and the CALFOREX Privacy Policy
    3. CALFOREX strictly complies with all anti-money laundering and anti-terrorist financing legislation, including all mandatory reporting and compliance obligations. Law enforcement and regulatory agencies may periodically inspect all Trades executed with CALFOREX. You acknowledge that all information regarding Your Trades, accounts, and related transactions may be reported to, disclosed to and reviewed by law enforcement agencies in accordance with applicable law.
  4. Bank Verification, Client Identification & Consent to Credit Check
    1. You agree to provide CALFOREX with the name and contact information for a bank in a country where You reside and that is a member of the Financial Action Task Force on Money Laundering and at which You maintain an account. You verify that You have signing authority on such account.
    2. You authorize CALFOREX to contact this bank for the purposes of verifying Your identity and to otherwise verify Your signature, account information and other information relevant to this Agreement, Your obligations under this Agreement, and the obligations of CALFOREX under applicable regulatory regimes and/or legislation.
    3. You further authorize CALFOREX to take all reasonable measures to verify Your identity and to examine Your background to confirm Your ability to meet Your obligations to CALFOREX. For the purpose of this Agreement, all reasonable measures will include communicating with, obtaining information from and providing information to credit bureaux or other credit-granting agencies regarding your information.
  5. Authorized Users
    1. Authorized Users will be permitted to engage in Trades on Your behalf once approved in writing by CALFOREX. CALFOREX reserves the right to approve or deny approval for Authorized Users in its discretion.
    2. You will provide CALFOREX with a list of Authorized Users that have been authorized by You to enter into Trades on Your behalf and otherwise access and use EDGE and its services on Your behalf.
    3. You represent that such Authorized Users have each been so authorized and that any Trade by Authorized Users will be enforceable against You. CALFOREX is relying on Your representation in this Agreement as to the person's authority to trade and otherwise use EDGE on Your behalf.
    4. All Authorized Users must individually enter into a separate EDGE Online User Agreement and will be assigned their own Passwords. The fact that Authorized Users enter into their own Agreement with CALFOREX does not reduce Your responsibility to CALFOREX for Trades that Your Authorized Users make on Your behalf.
    5. In Your capacity as an Authorized User, You represent, acknowledge and covenant that:
      1. you have full discretionary authority to make Trades on behalf of those persons who have designated You as an Authorized User;
      2. each Trade entered into on their behalf will be enforceable by CALFOREX against them in accordance with its terms;
      3. all information concerning Trades made by You or concerning Your use of any EDGE services, as an Authorized User, will be available to those on whose behalf You act.
  6. Responsibility for Authorized & Unauthorized Access
    1. You will manage and control who has access to EDGE using You Password by strictly managing and controlling access to Your Password. It is Your responsibility to ensure that Your Password(s) do not become known to others. All Trades and other uses of EDGE conducted through Your Password, whether they are by Authorized Users or unauthorized users are Your responsibility and will be legally binding on You.
    2. You must immediately notify CALFOREX when any new person becomes an Authorized User or when any existing Authorized User is no longer entitled to be an Authorized User.
    3. It is Your responsibility to ensure that Authorized Users authorized to trade and otherwise use EDGE on Your behalf enter into an EDGE Online User Agreement and receive their own Password as required above.
  7. Use of the EDGE System to make Trades
    1. Before each Trade is finalized You must clearly authorize, consent to, accept and finalize each Trade. You will be considered to have done this when You complete the following steps: 1. Enter the required username and Password and enter the EDGE site; 2. Enter the required transaction information into the fields provided by EDGE. 3. Complete and accept the Trade by clicking on the Submit button.
    2. When You complete these steps the Trade becomes final and entered into and it is legally binding on You.
    3. When You finalize a Trade You will be asked whether You want to engage in another Trade. If Your answer to the inquiry is "Yes", You will be asked to repeat steps 2 and 3 above. This process will continue for each subsequent Trade until You log off the EDGE site. You will be legally responsible for all Trades entered into by You from the time Your Password has been entered until the time You log off the EDGE site.
    4. All representations made in this Agreement with regard to Trades are deemed to be repeated each time You accept, finalize and enter into a Trade.
  8. Trade Receipt & Payment
    1. The terms of each Trade will be set out in the Trade Receipt presented to You on the Trade Receipt Screen following Your acceptance of the Trade. The Trade Receipt is evidence of the completed Trade and the terms of the completed Trade.
    2. The Trade will not be invalidated if, as a result of a computer malfunction or any other reason, the Trade Receipt is not presented to You by EDGE. If for any reason the Trade Receipt is not presented to You, the records of CALFOREX with respect to that Trade will constitute conclusive evidence of the terms of the Trade. If a Trade Receipt is not presented to You for any reason, You should notify CALFOREX immediately by calling the Support Number, and CALFOREX will provide You with a confirmation setting out the terms of the Trade.
    3. Once a Trade has been finalized and entered into following Your acceptance, You must make each payment or delivery required to be made by You under the terms of the Trade in the Currency, in the amount, on the date and in accordance with the settlement instructions for the Trade, as set out in the related Trade Receipt.
    4. You must ensure that any account from which Your payment obligations under a Trade are to be made contain sufficient cleared funds to settle the Trade on the Value Date for the Trade. If the account does not contain sufficient cleared funds to settle the Trade, You will be liable for any resulting fees payable with respect to the account in accordance with the terms under which You hold such account.
    5. If You fail to settle the Trade on the Value Date for the Trade, CALFOREX may, without limiting any other remedies that it may have, in its absolute discretion cancel the Trade, in which case You will have to reimburse CALFOREX for any and all costs and expenses incurred by CALFOREX when it cancels the Trade.
    6. In the event that You notice an error in the Trade Receipt or believe that an unauthorized user has made a Trade on Your behalf, You must call the Support Number immediately.
    7. Within six (6) Business Days, any such objection (based on error or unauthorized use) must be confirmed in writing to CALFOREX, and it shall be deemed received only if actually delivered or mailed by registered mail, return receipt requested, to CALFOREX at its principal address. If You fail to object within the time frames specified, You will be deemed to have ratified and accepted the Trade.
  9. Trade Incorporated Into Agreement
    1. Each Trade is subject to the terms of this Agreement and the terms of each Trade set out in the related Trade Receipt are incorporated into this Agreement and form a part of this Agreement. This Agreement and the terms of each Trade together form the Agreement between You and CALFOREX and together constitute a single agreement between You and CALFOREX. If there is any inconsistency between this Agreement and a Trade Receipt, the Trade Receipt will govern.
  10. Cancellations, Amendments Not Permitted
    1. Once the Trade has been finalized and entered into it is Your binding obligation and CALFOREX is not obliged to cancel, reverse, amend or correct the Trade. Cancellations, reversals, amendments or corrections after finalization are not permitted under the EDGE system.
    2. If for any reason You want to cancel, reverse, amend or correct a Trade that has been finalized and entered into, You may notify CALFOREX and CALFOREX may or may not at its sole discretion cancel, reverse, amend or correct the Trade. If any Trade is cancelled, reversed, amended or corrected by CALFOREX at Your request, You must reimburse CALFOREX for any expenses incurred by CALFOREX.
  11. Date of TradeRejection of Trade
    1. If You select a Value Date for the settlement of a Trade and that date is not a Business Day in the legal jurisdiction in which any of the accounts from which You will be making or receiving payment for a Trade resides (i.e. if the account is maintained at a branch in that jurisdiction), the Value Date for the Trade will be the first day following the Value Date that You selected that is a Business Day in each of the jurisdictions in which such accounts reside, notwithstanding anything to the contrary in the Trade Receipt.
    2. CALFOREX will use reasonable efforts to process Your transactions on the same day they are submitted through EDGE. CALFOREX cannot control and is not responsible for the time it takes financial institutions to settle accounts. If a transaction is processed on the next business day for whatever reason, CALFOREX will not, in the absence of gross negligence or willful misconduct, be responsible for failure, delays or errors in the completion of the transaction and have no liability for consequential or special damages.

  12. CALFOREX reserves the right to reject any Trade that is incorrect, incomplete or unsatisfactory to CALFOREX for any reason and CALFOREX is not required to provide reasons for its decision.
  13. Records
    CALFOREX may maintain a database of records including Trades and instructions and other uses of EDGE made by You, Your Authorized Users or anyone using Your Password. These records will be conclusive and binding on You in any dispute or legal proceeding as the best evidence of Trades made by You through EDGE.
  14. Set Off
    If You fail to make a payment or delivery when it is due under this Agreement or under a Trade, CALFOREX may without prior notice set-off any amount owed by You to CALFOREX under this Agreement or under a Trade, against any amount owed by CALFOREX to You, whether or not the amount is owed to You under this Agreement or under a Trade.
  15. Information Services & Sources
    1. Market Information and other information provided through EDGE including any RSS or other news feeds has been independently obtained from information providers and sources believed to be reliable. You acknowledge and accept that CALFOREX and these information providers do not guarantee, for any particular purpose, the timeliness, sequence, accuracy, completeness or fitness of such information.
    2. This information may include views, opinions and recommendations of individuals or organizations. You acknowledge and accept that CALFOREX and these information providers do not endorse such views or opinions and do not provide any investment, tax, accounting or legal advice to You by including this information in EDGE.
  16. Disclaimer The EDGE system is provided "as is". CALFOREX makes no representations, conditions or warranties, either express or implied, regarding EDGE. Without limitation, CALFOREX specifically disclaims any implied warranty, condition or representation that the EDGEsystem:
    1. is error-free;
    2. corresponds with a particular description;
    3. is of merchantable quality;
    4. is fit for any user’s particular purpose.
    CALFOREX is not liable for any loss, whether direct, consequential, incidental or special, which You, or any other user or any other third parties may suffer arising from the use or misuse of the EDGE system, or any error, defect, omission or fault in the EDGE system, even if CALFOREX is aware of the possibility of the error, defect, omission, fault or failure. You acknowledge that You have been advised by CALFOREX to undertake Your own due diligence regarding the EDGE system. Nothing in this Agreement: (i) constitutes a warranty or representation by CALFOREX as to title to the EDGE system or that the EDGE system is or will be free from infringement of patents, copyrights, trade-marks, or other intellectual property rights; or (ii) imposes an obligation on CALFOREX to bring, prosecute or defend actions or suits against third parties for infringement of patents, copyrights, trade-marks, or other intellectual property or contractual rights.
  17. Use Restrictions You shall not, and shall not authorize any third party to:
    1. modify, decompile, disassemble, translate into another computer language, create derivative works, or otherwise reverse engineer the Software;
    2. incorporate any portion of the EDGE system into any products which will be sold, licensed or transferred to a third party;
    3. publicly display the visual output of the EDGE system;
    4. permit any person other than an Authorized User to use the EDGE system;
    5. enter into a Trade or use EDGE for the primary purpose of speculation or investment.
  18. Indemnification
    1. You hereby indemnify and hold harmless CALFOREX, and its directors, agents, affiliates, successors and assigns, from and against all claims made against and costs, losses and expenses incurred by CALFOREX arising out of, or in respect of:
      1. Your use of the EDGE system;
      2. any unauthorized use of Your Password;
      3. any claim that an Authorized User or any employee or other person who uses Your Password was not authorized to enter into a Trade on Your behalf and/or provide CALFOREX with settlement and delivery instructions for completed Trades; or
      4. any error that You fail to correct or arrange for CALFOREX to correct.
      This indemnity will survive the completion of any Trade or the termination of this Agreement.
    2. Authorized Users using EDGE hereby indemnify and hold harmless CALFOREX, and its directors, agents, affiliates, successors and assigns, from and against all claims made against and costs, losses and expenses incurred by CALFOREX arising out of, or in respect of, any use by an Authorized User of the EDGE system and any claim that the Authorized User was not authorized to enter into or perform a Trade or that a Trade is otherwise not enforceable by CALFOREX. This indemnity will survive the completion of any Trade or the termination of this Agreement.
  19. Liability & Limitation of Liability
    1. Liability for Breach - Without limiting the generality of the foregoing, You agree that You shall be liable to CALFOREX for all of the following arising out of Your breach of this Agreement:
      1. general damages for all our loss of profit and foreign exchange losses suffered by us;
      2. interest on late payments at the rate of 12% per annum from the date the payment was due to the date payment has been received by us;
      3. an administration charge of $100.00 CAD to compensate CALFOREX for the time spent to manage Your breach of this Agreement;
      4. any and all bank charges that we incur due to Your breach of this Agreement;
      5. the legal costs of CALFOREX on a solicitor and own client basis incurred as a result of Your breach of this Agreement.
    2. Liability for Quoting Errors - In the event a quoting error occurs due to a typographical error or obvious mistake in a quote, CALFOREX will not be liable for any damages, claims, losses, liabilities or costs arising from the quoting error. CALFOREX reserves the right to make the necessary adjustments to correct the quoting error. Any dispute arising from such quoting errors will be resolved on the basis of the fair market value, as determined by CALFOREX, in its sole discretion, of the relevant Currency at the time the quoting error occurred. If inaccurate exchange rates (as determined by CALFOREX acting reasonably) are posted on EDGE, such rates may not be honoured by CALFOREX, in its sole discretion
    3. Liability due to Errors or Incorrect Instructions - CALFOREX will not be liable to You and will not be liable or responsible for any loss, damages or injury suffered by You as a result of: (i) any payment made by CALFOREX pursuant to incorrect settlement or delivery instructions provided by You or Your Authorized User; (ii) mistakes or errors made by You or Your Authorized Users when using EDGE; or (iii) the failure to log off a personal computer resulting in an unauthorized Trade using Your account.
    4. Liability due to Technical Failures or During Downtime - CALFOREX will not be liable to You for any loss, costs or damages You incur if: (i) the EDGE system is not available, including if for any reason it is not available during its normal hours of operation; (ii) errors or transmission and communication failures occur arising from malfunctions or failures in hardware, third-party software, and internet connections or failures to maintain encryption software; (iii) communication malfunctions affect the accuracy or timeliness of messages or instructions between You and CALFOREX and/or which prevent messages from being transmitted in whole or in part; or (v) any act or omission occurred in the course of or in connection with the operation of any computer, mobile device or other access device used by You or Your Authorized User.
    5. LIMITATION OF LIABILITY - The total liability of CALFOREX, and its directors, agents, affiliates, successors and assigns, whether under the express or implied terms of this Agreement, in tort (including negligence or other duty of care) or at common law, for any loss or damage suffered by You, or third parties, whether direct, indirect or special, or any other similar damage that may arise or does arise from any breaches of this Agreement by CALFOREX, and its directors, agents, affiliates, successors and assigns, is limited to the amount of 0.25% of: (i) the value of the last Trade prior to the claim, or (ii) the value of the Trade giving rise to the claim, whichever is lower.
  20. Miscellaneous Terms
    1. Termination - CALFOREX may terminate this Agreement at any time without notice. You may terminate this Agreement at any time by notifying CALFOREX in writing. Termination of this Agreement by either CALFOREX or You will not affect any Trades that were entered into prior to such termination and this Agreement shall continue until all obligations under those Trades have been performed.
    2. Changes to Agreement - CALFOREX may amend any provision of this Agreement from time to time by posting a link to the revised version of this Agreement on the EDGE sign-in page and by notifying You via the email address provided by You, and Your continued use of EDGE after the date of any such amendment will constitute for all purposes Your agreement and consent to any such amendment.
    3. Service Modifications & Interruptions - To enhance and improve its service and product offerings via EDGE, CALFOREX may modify EDGE and its services at any time. EDGE may periodically be unavailable to You during its normal hours of operation in order to allow for maintenance and updates or for other reasons.
    4. Entire Agreement - This Agreement, and the Privacy Policy referred to herein, constitutes the entire agreement between You and CALFOREX related to the use of the EDGE system, and no other written, oral or verbal representation, warranty or covenant shall comprise part of this Agreement. This Agreement exists in addition to and not in substitution of any other present or future agreement between You and CALFOREX.
    5. Notices and Communications of Instruction - Notices which You need to provide in writing to CALFOREX must be delivered by mail, courier or fax to the address described below. Any notice will be deemed effective: if delivered by mail or courier, on the Business Day it is received by CALFOREX and if sent by facsimile transmission, on the Business Day that the transmission is received in legible form by CALFOREX. Should a delivery or transmission be received on a non Business Day, receipt shall be deemed to have occurred on the next following Business Day. CALFOREX may, but is not obliged to, rely and act upon telephone, fax and any other electronically transmitted instructions from or purporting to be from a person authorized by You and which CALFOREX believes in good faith to be genuine. CALFOREX shall not, in the absence of gross negligence or willful misconduct, be responsible for failure, delays or errors in the receipt of such instructions and CALFOREX shall have no liability for consequential or special damages. Address: CALGARY FOREIGN EXCHANGE LTD., 304 - 8th Avenue S.W., Calgary, T2P 1C2 Alberta, Canada; Fax number displayed in the "Contact Us" section of the EDGE site.
    6. Language - You confirm that You have requested this Agreement and all related documents to be drawn up in the English language only. Vous confirmez avoir exigé que ce contrat et tous les documents s'y rapportant soient rédigés en anglais seulement.
    7. Enurement - This Agreement, including all transactions, shall enure to the benefit of CALFOREX its successors and assigns and shall be binding upon You and Your personal representatives, executors, trustees, administrators, successors, assigns, principals, officers and agents.
    8. Assignment - Any rights that You have pursuant to this Agreement shall not be assigned, transferred, sold, or otherwise conveyed, except with the written authorization of CALFOREX. CALFOREX may, however, assign this Agreement to another party without Notice to You.
    9. Severability - If any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidation of the remaining provisions of this Agreement.
    10. Uncontrollable Circumstances - CALFOREX will not be responsible for delays or failures in performance resulting from acts or events beyond its reasonable control, such as acts of God, strikes, postal interruptions, lockouts, riots, acts of war, epidemics, fire, communication line failures, power failures, equipment or software malfunction, earthquakes or other disasters.
    11. Interpretation - The Article and section headings in this Agreement are inserted for convenience of reference only and are not intended to limit the applicability or affect the meaning of its provisions.
    12. Governing Law - This Agreement shall be governed exclusively by the laws of the Province of Alberta without regard to its conflict of laws rules. All Trades made hereunder shall be deemed to have been entered into and to have taken place in Canada at the head office of CALFOREX, in Calgary, Alberta. The courts of such jurisdiction shall have exclusive jurisdiction for settling disputes arising from the Agreement and both parties irrevocably submit to that jurisdiction.
    13. Action To Execute Agreement - By using EDGE and/or by clicking the Submit button directly below, You confirm that representations and warranties included in the Agreement are true and that You accept and agree to be bound by the Agreement including all of its terms, conditions, representations and warranties and the Privacy Policy of CALFOREX that forms part of this Agreement.
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