Client Verification And Administration Policy

INTRODUCTION

Global Derivative Capital Markets NZ Limited (referred as “GDMFX”) is committed to upholding the highest international standards of Anti-Money Laundering and the Prevention of the Funding of Terrorist Activities. Therefore the company will undertake specific steps and will implement specific procedures in order to establish the identity and address of each new client in-line with its AML Policy available at the Legal Documents page of www.GDMFX.com before any services are provided to the said new client. This document is an inseparable part of the Terms of Business of GDMFX.

DEFINITIONS

Client

A Client can be any natural person, group of two people, or legal entity that satisfies the requirements of the company’s Terms of Business and holds an active Client Account with GDMFX. Each Client of GDMFX shall be classified by definition as Retail Client, unless and until otherwise requested.

Client Applicant

An entity, individual or group, legal or natural, which has accepted the Terms of Business of GDMFX but has not yet completed the Account Opening Procedure of the company.

Members’ Area

A secure Client portal located at: https://secure.GDMFX.com which can be accessed only by Clients of the company and Client Applicants who have successfully confirmed / verified their e-mail address to GDMFX.

Client Account

A Client Account, also referred to as Traders’ Room Account is the collection of all the GDMFX Trading Accounts associated with that Traders’ Room Account and their respective assets and liabilities.

Client Accounts can be accessed via the Members’ Area of the company through the personal login credentials of the Client / Client Applicant.

A Client Account can belong to one of three types depending on the Client:
 

  • Personal Account -in all cases when the Client is a single natural person.

  • Joint Account -in all cases when the Client is a group of two natural people.

  • Corporate Account -in all cases when the client is a Legal Entity.
     

Trading Account

An account which has a unique number and is maintained by a Client of GDMFX for the purposes of trading financial instruments through the GDMFX Trading Platform(s).

Trading Accounts can be referred to as Live Accounts or MetaTrader Accounts (MT4 Accounts) and can have different properties and be classified under different types defined by GDMFX and announced on the company website.

COMMENCEMENT OF THE CLIENT AGREEMENT

The Client Agreement shall commence once the Client Applicant receives his/her first confirmation from GDMFX that his/her Client Account has been approved by the company in-line with the Account Opening Procedure of GDMFX.

ACCOUNT OPENING PROCEDURE

Before becoming a client of GDMFX, each Applicant must complete the company’s Account Opening Procedure which has been created in-line with the AML Policy of GDMFX, which is an inseparable part of its Terms of Business.

The Account Opening Procedure requires that Applicants must submit specific information and documents to be reviewed by GDMFXbefore the company can approve their Client Accounts and start providing its services.

Required Information

Each new Client Applicant of GDMFX has to provide the following information as an absolute minimum when signing-up for the company’s services:
 

  • Client Names

  • Date of Birth

  • Address

  • E-mail address
     

The Company will verify the e-mail provided by the Applicant by sending a verification message to the provided e-mail address and requesting the Client Applicant to confirm it by following a unique link

provided within. Applicants who do not confirm their e-mails by clicking on the provided verification link will not be able to continue with the Account Opening Procedure.

Required Documents

Client Applicants of GDMFX have to submit specific documents, depending on the type of Client Account being organized in order to confirm their Identity and Address.
 

  • Personal Account:

    • One valid (not expired) Government Issued Picture ID document. For example: National ID Card (both front and back side), Driver’s License (both front and back side), Passport.

    • Any of the following documents showing the Names and current address of the Applicant. The Document must be not older than three months: Bank Statement, Utility Bill (gas, water, electric or land line telephone), Credit Card Statement. Please note, mobile phone bills are not accepted!
       

  • Joint Account

    • Each of the two Applicants must provide the documents required for the opening of a Personal Client Account.

    • If both Applicants live at the same address, GDMFX will accept a Statement, or Utility Bill that shows the names of both Applicants and their address.
       

  • Corporate Account

    • Certificate of Incorporation

    • Memorandum and Articles of Association

    • Proof of business address

    • Verification of 2 Directors*

    • Verification of shareholders owning 25% or more of shares*
       

*If any of the Directors or Shareholders is a private individual, we will require ID and Address verification documents as for a Personal Client Account.

In some cases GDMFX might request additional documents before approving the client application. All document images / scans must be of high quality and in full color. ID Cards and other ID documents in Card format must be scanned both front and back-side. ID documents, which are not showing the Applicant’s date of birth will not be accepted.

Client Applicants must upload their documents inside the Member’s Area of GDMFX or send them via their registered e-mail to CustomerSupport@GDMFX.com

Client Account Approval and Activation

Once all required documents and information have been submitted by the Applicant, GDMFX will review the application and provide the Applicant with its decision via e-mail within one business day (24 hours).

GDMFX reserves the right to reject a client application at its discretion and without providing any justification for its actions.

A Client Account with the company is considered to have been activated once the client has received an e-mail from GDMFX informing him of the fact.

ACCOUNT ADMINISTRATION

Client Account / Traders’ Room Account
 

  • GDMFX will use the e-mail address provided by the Client during the Account Opening Procedure as an unique identifier of his/her Client Account.

  • The unique identifier/registered e-mail address of a Client Account can not be changed.

  • GDMFX reserves the right to limit at its sole discretion the number of active Client Accounts/Traders’ Room Accounts a Client can have at the same point in time.
     

Trading Accounts
 

  • Upon approval, each new Client will be automatically provided with his/her first Trading Account (Live Account) under his/her new Client Account.

  • Each Trading Account is associated with a specific Traders’ Room Account / Client Account and can not be reassigned / moved to another Trader’s Room Account unless under the provisions of the GDMFX Account Termination Procedure.

  • GDMFX reserves the right limit the number of Trading Accounts a single client can maintain and open at any point in time and at its sole discretion.

  • Clients can execute internal transfers between their Trading Accounts and/or can deposit / withdraw directly from each Trading Account as per the Deposits & Withdrawals Procedure of GDMFX.

  • Clients are not allowed to request internal transfers from their Trading Account into the Trading Account of another person.

  • Internal transfers between Trading Accounts assigned to different Traders’ Room Accounts are not allowed.

  • GDMFX reserves the right to forbid the internal transfers between some, or all of the Trading Accounts of its Clients at any point in time and at its sole discretion without notice and without providing any justification.

  • In the event of one of the Client’s Trading Accounts not having sufficient balance to meet a payment, expense, or cover any amount owed to the company, GDMFX reserves the right to collect the due amount from the balance of the rest of the Trading Accounts belonging to the same Client without prior notice and regardless of whether the said Trading Accounts are assigned to the same Client Account.
     

Access Credentials
 

  • GDMFX will provide separate initial access credentials for the Client’s Account and each of his/her Trading Account(s) only to the registered e-mail of the Client.

  • Each Client is responsible for keeping his access credentials strictly confidential. GDMFX will not be responsible if the client fails to preserve his/her login credentials and as a result his/her Client Account and/or Trading Account(s) are accessed by unauthorized third parties.

  • GDMFX will refuse to restore access credentials by sending them to any other e-mail different than the one provided by the client when registering for his Client Account.

  • GDMFX will refuse to replace, change or otherwise modify the registered e-mail address / unique identifier of a Client Account.
     

Account Termination Procedure
 

  • GDMFX reserves the right to close any or all Client Accounts of any Client at any point in time in the event of:

    • Suspected abuse of the company’s Terms & Conditions and/or Policies

    • Written request submitted by the Client.
       

  • Clients agree that GDMFX will not provide them with prior notification before their Client Accounts are closed.
     

  • In the event of Client Account Termination, GDMFX reserves the right to some or all of the actions below:

    • Close any/all open positions of the Client

    • Convert the Balance of all Trading Accounts into EUR currency or USD currency at its discretion using the conversion rates available to the company at that time.

    • Combine all of the Trading Accounts and their Balances assigned to / opened under all the Traders’ Room Accounts / Client Accounts of the Client.

    • Collect any owed amounts by the Client to GDMFX

    • Process a withdrawal of the remaining funds, if any, without the prior request of the Client in-line with the company’s Deposit and Withdrawal Procedure.

DEPOSIT AND WITHDRAWAL PROCEDURES

Deposits
 

  • The Deposit Methods and Payment Providers available to Clients of GDMFX are announced at the company’s website. The company reserves the right to change it’s deposit methods and/or providers and their properties without prior notice to the Clients.

  • The Clients of GDMFX understand that all Deposit Providers are third-parties and GDMFX can not be responsible for the quality of their service. Clients must assess the suitability of a deposit method and/or provider on their own.

  • GDMFX will not allow a Client Applicant to deposit funds before his/her Client Account has been approved in-line with the Account Opening Procedure of the company.

  • In the cases when a Client Applicant deposits funds through the Deposit Facilities of GDMFX before his/her Client Account has been approved by the company, GDMFX may reject the Funds and return them to the remitter net of any transfer fees or other charges incurred by or charged to GDMFX, using the same transfer method as the one through which the company originally received the funds.

  • GDMFX reserves the right to deny the use of a certain Deposit Method and/or Provider to a new or existing Client at its own discretion and without prior notice.

  • GDMFX Reserves the right to request additional information and/or documents from its Clients in order to process their Deposits through some or all or its Deposit Methods Providers.

    • In some cases GDMFX may request from its Clients a picture/scan of the front and back side of their credit / debit card for security reasons. The card must be signed and the Client names must be clearly visible on it, together with the first six and last four digits of the card number. The Short security code on the back of the card (CVV/CVV2) and the middle digits of the card number must be covered with a small piece of paper.

  • The Clients of GDMFX are informed and understand that the company will not allow third-party deposits into their Accounts. All fund transfers to GDMFX must be made from the approved Clients themselves.

  • In the cases when a third-party tries to deposit funds into a Trading Account belonging to a GDMFX Client, the company may reject the Funds and return them to the remitter net of any transfer fees or other charges incurred by or charged to GDMFX, using the same transfer method as the one through which the company originally received the funds.

  • GDMFX will process all deposited funds and credit them to the Trading Account(s) of the Client within two business days (48 hours) of receipt in the company accounts.

  • GDMFX will not be held responsible for delays caused by Deposit Providers, Payment Providers, or any other third parties.
     

Withdrawals

  • The Client has the right to make a withdrawal request, at any time, for any part of the Funds in any of his/her Trading Accounts, equal to or lesser than:

  • The Trading Account’s Balance in the cases when there are no open trading positions in that Trading Account.

  • [(Equity - Credit) *40%] in the cases when there are open positions in the Trading Account.

  • Withdrawal Requests can be submitted through the Members’ Area of GDMFX, or via e-mail to Accounts@GDMFX.com, but only if the request is sent from the original registered e-mail address of the Client.

  • All valid withdrawal requests will be approved and processed within up to seven business days of receipt. That includes the time from receipt of the withdrawal request by GDMFX till the moment when GDMFX sends instructions to its banks and/or payment institutions to send the funds from the Company's account to the Customer's account.

  • The Clients of GDMFX understand that all Banks and Payment Institutions used to send withdrawal transactions are third-parties and GDMFX can not be responsible for the quality and/or speed of their services. Clients must assess the suitability of a bank, payment institution or payment method on their own.

  • GDMFX reserves the right to reject a withdrawal request if the funds in the specified Trading Account are insufficient or become insufficient while the company is processing the withdrawal request.

  • GDMFX Reserves the right to reject a withdrawal request via a specific transaction method and suggest an alternative to the Client.

  • GDMFX reserves the right to reject a withdrawal request if the company has sufficient reasons to believe the customer has engaged in fraudulent activity or breach of the Terms of Business. In all such cases, GDMFX shall reject any withdrawal request of the customer until an appropriate investigation has been completed within a time-frame not exceeding that of the company's Internal Complaints Handling Policy.

  • All approved withdrawal requests will be sent back to their source of origin where possible. In other words back to the same Bank Account, E-Wallet Account, Debit/Credit Card where they were originally deposited from.

    • In the Case of Credit / Debit Card Deposits, where possible, the company shall refund any requested amounts up to the original deposit back to the same card and any funds in excess will be sent to a bank account in the name of the Client.
       

  • In some cases GDMFX may request additional information / documents from the Client or his/her representative before a withdrawal request is approved.

  • In the cases when the Client Account is being Terminated by GDMFX, the company reserves the right to send all the funds of the Client back to their source of origin in accordance with the current policy and without having received a withdrawal request by the Client.