Terms Of Service
This Agreement is entered by and between Algotechs Limited (hereafter the “Algotechs” or “Company” or “we” or “us”) on one side and the Client, whether a legal entity or a natural person, (hereafter the “Client” or “you”) on the other side. By requesting to open a trading account through the Company’s website you accept and acknowledgetheterms and conditions of this Agreement. You confirm that you have read, understood and accepted all of the terms and conditions contained in this. By accessing or continuing to access the website, you agree to comply withthe terms and conditions of thisAgreement. We reserve the right to amend, modify, update and change any part of the Agreement, at any given timeby publishing the new version of this Agreement or any other information on the relevant page of our website. This Agreement shall prevail over any previous agreements, arrangements, express or implied statements made by the Company or any Introducer(s). This Agreement is effective upon acceptance of the terms and conditions when you register as a new Client. You acknowledge that the Company’s official language is English, and that all of its agreements and communications in English shall prevail over communications in any other language.
1. GENERAL INFORMATION
1.1 Algotechs is a technological company, and the developer and operator of the Algo trading robot/algorithm used in the Algotrading Brokerage BeAlgo, on their Website www.bealgo.com.
1.2 The Company Algotechs Limited is a privately owned company registered in Seychelles.
2. CONTACTING US
You may contact us via email or any other electronic means, whether in writing or orally, according to the contact details on our website.
3. SERVICES AND MANNER OF CONDUCT
3.1. BeAlgo provides algotrading services on the MT4 Meta Trader trading platform. Trades are executed solely through an algotrading robot developed and provided by Algotechs. Be Algo does not solicit clients to trade on its website, rather it merely accepts clients redirected from Algotrading Companies, and mainly but not limited to, Algotechs. However, Be Algo assumes no responsibility over any malpractices conducted by Algotechs.
3.2. Your trading account will be on Be Algo’s MT4 platform, however you confirm and authorize Algotechs to access your account for the purpose of operating its algotrading robot and opening buy and sell positions.
3.3. Algotechs does not have access to your funds, therefore it is not responsible for any deposits or withdrawals, and is unable to withdraw money from your account. These actions will be part of the relationship between you and Be Algo solely.
3.4. The funds in your account will be your sole property, and only you or your authorized representatives will be able to withdraw them.Algotechs will be notified when you make a withdrawal, but its approval will not be necessary and withdrawals are subject to your sole discretion, under the terms of this Agreement.
3.5. You acknowledge and understand that the trading on BeAlgo’s website and platforms is completely mechanized and is wholly controlled by the Algo trading robot. Algotechs is not responsible for the performance of the trading algorithm, and shall not be held liable for any losses or damages incurred to you by trading on its website and platforms.
3.6. You acknowledge that the risks entailed in trading through an algotrading robot are high, and are not lower than the risks entailed in regular forex trading. You understand that in order to obtain the chance of earning money for you, the robot will leverage your invested funds, therefore your funds may be lost altogether. The robot is not systematic and the market is unpredictable, therefore you should not rely on a former earning to predict further earnings.
3.7. Since the trading is done solely through the robot, you understand and confirm that your account will in fact serve you only for watching the activity on it, and not for conducting trading activity yourself. Therefore, this account is not a regular trading account.
4. SUCCESS COMMISSION
4.1. If money shall be earned for you, Algotechs shall deduct 30% of your earning for its benefit. This deduction will be conducted quarterly from the earnings in your account. You confirm and authorize Be Algo to do so, and you will not demand the refund of such funds. You will also not claim any interest or right over business interests or investments that Algotechs may generate through these funds. The profit will be calculated on a quarterly basis.
4.2. If you decide to withdraw all of your funds from your account at once, you will receive them only after Algotechs’ share in these funds, if any (meaning, if any money was earned for you through trades), will be deducted.
4.3. If you decide to withdraw funds from your account, partially or fully, Algotechs shall be eligible for its share as described above and subject to its sole discretion.
5. ACCOUNT OPENING
Be Algo will open your trading account, and not Algotechs. All documents you provide as part of the account opening process, and any checks or due diligence examinations shall be performed to Be Algo and Algotechs has not connection or knowledge of these matters.You can also ask help from Algotechs’ representatives to transfer of necessary documents to Be Algo. For more information regarding the terms of the account opening process and due diligence, please visit Be Algo’s website.
6. SCOPE OF THIS AGREEMENT
6.1. This Agreement is made by and between Algotechs Limited and you and is applicable only to those Clients trading through the algotrading robot on Be Algo’s website for all types of financial assets available from time to time.
6.2. The account is activated once Be Algo verifies the Client’s identity and provides the Client with a username and password.
6.3. The account is for observation only, and you acknowledge that Algotechs will be in full control over the trading activity in it.
6.4. Algotechs is able to perform solely buy and sell actions in the account, but is absolutely unable to withdraw funds from your account. This action van only be performed by you, the client, on Be Algo’s website and Be Algo shall transfer the withdrawn funds to your bank account only, and no other’s.
6.5. You are responsible for securing your login details for your account with Be Algo. You hold sole responsibility for any damage caused due to any act or omission by you causing inappropriate or irregular use of your Account. You are obliged to immediately inform us of any possible non-authorized use conducted with you user name. Users that log in to the Company’s website to use its services are required to provide certain personal, identifying details.
7. OPENING AND CLOSING ORDERS/TRANSACTIONS
7.1. Algotechs, through the access to your account that you hereby grant it, shall open Buy and Sell positions for you, at the price quoted by the Platform at the time of such Transaction.
7.2. All trading activities will be performed by the trading robot and you will have not control over them.
8. PERMISSION TO USE THE COMPANY’S WEBSITE AND/OR TRADING PLATFORM
8.1. We grant you a non-exclusive, non-transferable personal permission to access and use ourwebsite.This permission depends on your consistent compliance with the terms of this Agreement.
8.2. You shall be responsible for all acts or omissions that occur within the Website through the use of your Account Information. If you believe there has been a security breach and that your Account was accessed by an unauthorized party, you are to notify our Customer Support immediately. You will do your best to keep your Account Information secret and personal. If you fail to do so, you will in any way be liable to any Orders received through you Trading Account, whether made by you or by an unauthorized party. In cases where a third person is assigned as an authorized representative to act on your , you will be responsible for all Orders given through and under the representative’s Account Information.
8.3. You undertake not to attempt to abuse the trading platform or the trading robot in order to make illegal profits or for any other purpose, not to attempt to profit by taking advantage of the server latency, and not to conduct malpractices such as price manipulation, lag trading, time manipulation and any other malpractice.
8.4. We are not responsible for any power cuts or failures that prevent the use of the system and cannot be responsible for not fulfilling any obligations under this Agreement because of network connection or electricity failures. In the case of such electricity/ communication/ Internet failures, if you wish to place an Order, then the alternative means of communications/placing orders will be by phone. We may decline any verbal instruction in cases where our telephone recording system is not operational or in cases where we have not identified the caller to our satisfaction or in cases where the quality of the line is poor. We reserve the right to ask you for instructions regarding your transactions by other means that we deem appropriate.
8.5. We shall not be liable for any potential damage you may suffer as a result of transmission errors, technical faults, malfunctions, illegal intervention in network equipment, network overloads, viruses, system errors, delays in execution, malicious blocking of access by third parties, internet malfunctions, interruptions or other deficiencies on the part of internet service providers. You acknowledge that access to electronic systems / trading platforms may be limited or unavailable due to such system errors, and that we reserve our right upon notifying you to suspend access to electronic systems / trading platforms for this reason.
8.6. You are fully liable for any credit card transactions entered into the website via your Account. You agree to indemnify us fully in respect to all costs and losses whatsoever as may be incurred by us as a result, direct or indirect, of your failure to perform or settle such a transaction. You further agree that in the case that any financial contract is acquired or sold at prices that do not reflect its market prices, or that is acquired or sold at an abnormally low level of risk (the “mispricing”) due to an undetected programming error, bug, defect, error or glitch in the robot or any other reason resulting in mispricing (for the purpose of this section the “error”), we reserves the right to cancel such transactions upon notifying you of the nature of the computer error that led to the mispricing.
8.7. You further agree not to use any electronic communication feature of a Service on the website for any purpose that is unlawful, tortuous, abusive, and intrusive on another’s privacy, harassing, libelous, defamatory, embarrassing, obscene, threatening, or hateful
9. ORDERS – INSTRUCTIONS AND BASIS OF DEALINGS
9.1. Execution of Transactions
9.1.1. You have the right to use a Power of Attorney to authorize a third person (representative) to act on your behalf in all business relationships with us. The Power of Attorney should be provided to us along with all the identification documents of the representative. If there is no expiry date, the Power of Attorney will be considered valid until you expressly send us a written termination of it.
9.1.2. Orders instructions will be given by Algotechs, and trading activity will be performed by the trading robot.
9.1.3. You acknowledge that some markets place restrictions on the number of Transactions that can be made in one day, on the total value of them, and on certain types of Orders that can be directly transmitted to their electronic trading systems.
9.2.1. Confirmations for all Transactions that have been executed through your Trading Account on a trading day will be available on your Trading Account through the Trading Platform as soon as the Transaction is executed. It is your responsibility to notify us if any confirmations are incorrect. Confirmations shall, in the absence of manifest error, be conclusive and binding for you, unless you express your written objection within five (5) Business Days.
9.2.2. You may request to receive the Account statement monthly or quarterly via email, but we are not obliged to provide you with an Account statement in paper. If it shall be provided in paper, this will be on your own expense
10. CANCELLATION OF TRANSACTIONS
10.1. We have the right to cancel a transaction if we have reasonable reasons to believe that one of the following has incurred: (a) Fraud / illegal actions led to the transaction, (b) Orders placed on prices that have been displayed as a result of system errors or systems malfunctions either of those of the Company or of its third party service providers. (c) The Transaction has been performed in violation to the provisions of this Agreement.
11. REPRESENTATIONS AND WARRANTIES
11.1. You agree that each of the following representations and warranties are deemed as present each time you open or close a Transaction by reference to the circumstances prevailing at such time: (a) that you have not been coerced or otherwise persuaded to enter into this Agreement; (b) the data provided by you to us complete, true, accurate and not misleading in all respects and the certificates provided are authentic; (c) that you are of sound mind, legal age and legal competence; (d) that you are duly authorized to execute and deliver this Agreement, to open each Transaction and to perform your obligations hereunder and thereunder and have taken all necessary action to authorize such execution, delivery and performance; (e) that you understand how the Transactions hereunder operate before you place an offer to open a Transaction on the Trading Platform. By doing so, you warrant that you understand the terms and conditions of this Agreement, and any legal and financial implications thereof; (f) that you have read and understood the Risks Disclosure(s) found on the Website; (g) that you have taken all reasonable steps to understand the specifications and characteristics of the Trading Platform and the associated hardware, software, data processing and telecommunication systems and networks required to access and operate the Trading Platform; (h) that you are acting as a principal and not as agent or representative or trustee or custodian on behalf of someone else. You may act on behalf of someone else only if we specifically consent to this in writing and provided all the documents required by us for this purpose are received; (i) any person representing you in opening or closing a Transaction will have been, and the person entering into the Client Agreement on your behalf is, duly authorized to do so on your behalf; (j) you are not an employee of any Underlying Market, a corporation in which any Underlying Market owns a majority of the capital stock, a member of any Underlying Market and/or firm registered on any Underlying Market or any bank, trust or insurance company that trades in Financial Instruments covered under this Agreement between us; (k) you will not enter into any Transaction for the purposes of arbitrage, Scalping or to exploit any temporal and/or minor inaccuracy in any rate or price offered on the Trading Platform; (l) you have obtained all relevant governmental or other authorizations and consents required by you in connection with the Client Agreement and in connection with opening or closing Transactions and such authorizations and consents are in full force and effect and all of their conditions have been and will be complied with; (m) the execution, delivery and performance of the Agreement and your use of the Trading Platform including each Transaction you complete thereto will not violate any law, ordinance, charter, by-law or rule applicable to you, in the jurisdiction in which you are resident, or any agreement by which you are bound or by which any of your assets are affected; (n) other than in exceptional circumstances you will not send funds to your Trading Account from any bank account other than as stipulated in the Registration Data. Whether exceptional circumstances exist will be determined by us from time to time; (o) the funds deposited with the Company, belong to the Client and are free of any lien, charge, pledge or other impediment; (p) the Client funds used for trading are not in any direct or indirect way the proceeds of any illegal activity or used or intended to be used for terrorist financing; (q) you are not a Politically Exposed Person and you do not have any relationship (for example relative or business associate) with a person who holds or held in the last twelve months a prominent public position. If the above statement is untrue and in the event that you have not disclosed this already in the Account Opening Application Form, you will inform the Company as soon as possible or will notify the Company if at any stage during the course of this Agreement you become a Politically Exposed Person; (r) from time to time we may offer money bonuses by way of promotion. Details of the terms and conditions associated with such money bonuses can be found on the “limited time promotions” page of the website and may vary from time to time. You warrant you will abide by the restrictions and limitations in force in respect of these bonuses should you qualify for one. A breach of any of these restrictions and limitations will invalidate or render void any bonuses and associated trading gains; (s) you confirm that you have regular access to the internet and consent to the Company providing you with information, including, without limitation, information about amendments to the terms and conditions, costs, fees, this Agreement, Policies and information about the nature and risks of investments by posting such information on the Website and/or email.
12. OUR FEES
We shall receive fees and payments from you for our Services provided as described in this Agreement as well as compensation for the expenses it will incur for the obligations it will undertake during the provision of the said investment services. any tax arising from a transaction you make shall be payable by you. We are entitled to debit your account with the outstanding tax amount that needs to be settled (excluding taxes payable by us in relation to our income or profits).
13. LIMITED LIABILITY
13.1. We shall not be liable for any error, omission, interruption, deletion, defect, delay in operation or transmission, communications line failure, theft or destruction or unauthorized access to, or alteration of, the Website or the Services. Furthermore, we shall not be liable for any problem or dysfunction of telephone lines, online systems, servers of providers, hardware, software, failure due to technical problems or traffic congestion on the Internet.
13.2. We shall not be liable for any loss or damage arising from the use of our Website or Services, or from Be Algo’s website, or from any content published on or through the Website or Services, of from the conduct of users of the Website or Services.
13.3. We shall not be liable for the conduct of third parties, including Be Algo, or clients, nor for damages or losses incurred by them.
13.4. We shall not be liable for damages or losses stemming from Force Majeure events, or other events which could not have been controlled by us.
13.5. If we determine that a Force Majeure Event exists, we may, in our absolute discretion, without notice and at any time, take one or more of the following steps: a) close all or any of your open Transactions at such closing prices as we reasonably believe to be appropriate; (b) suspend or modify the application of all or part of the Agreement to the extent that the Force Majeure Event makes it impossible or impracticable for us to comply thereto; or (c) alter the Trading Hours for a particular Transaction
13.6. In no event shall we or any of our officers, directors, employees, or agents be liable to you for any damages whatsoever, including without limitation indirect, incidental, special, punitive, or consequential damages, arising out of or in connection with your use of the website or services, including but not limited to the quality, accuracy, or utility of the information provided as part of or through the website or for any investment decisions made on the basis of such information, whether the damages are foreseeable and whether or not we have been advised of the possibility of such damages.
13.7. We shall at all times process Clients Transactions in good faith.
13.8. We assume no responsibility for any acts or omissions concluded by either a natural or legal person that provides us with information in relation to the execution of the Clients’ Transactions in Financial Instruments.
13.9. We assume no responsibility for any loss of opportunity that results in a reduction in the values of the Client’s Transactions in Financial Instruments, regardless of the cause of such reduction, except to the extent that reduction occurred as a direct consequence of our deliberate actions or omissions.
13.10. This Limitation of Liability shall apply to the fullest extent permitted by Applicable Law and in no event shall our cumulative liability to you exceed the amount of money you deposited into your account on the Website in relation to the Transaction related to the liability.
14.1. The Client has the right to terminate the Agreement by giving the Company at least thirty (30) days written notice, specifying the date of termination in such, on the condition that in the case of such termination, all Clients’ Open Positions shall be closed by the date of termination.
14.2. The Company may terminate this Agreement immediately without giving notice.
14.3. The termination of the Agreement shall not in any case affect the rights and obligations which have arisen or any existing commitments or any contractual provision which was intended to remain in force after the termination and in the case of termination, the Client shall pay: (a) Any outstanding costs or pending fee(s) of the Company and any other amounts payable to the Company, (b) Any charges and additional expenses incurred or to be incurred by the Company as a result of the termination of the Agreement; (c) Any damages which arose during the arrangement or settlement of pending obligations.
15. ACKNOWLEDGEMENT OF RISKS
15.1. It shall be noted that due to market conditions and fluctuations, the value of Financial Instruments may increase or decrease, or may even be reduced to zero. Regardless of the information the Company may provide to the Client, the Client agrees and acknowledges the possibility of these cases occurring.
15.2. The Client is aware and acknowledges that there is a great risk of incurring losses and damages as a result of the investment activity (purchase and/or sale of Financial Instruments) through the Company and the Company’s Trading Platform and trading robot and accepts that he is willing to undertake this risk upon entering into this business relationship. You agree to use the website at your own risk. Without limiting the foregoing, the financial services contained within this website are suitable only for customers who are able to bear the loss of all the money they invest, and who understand the risks and have experience in taking risks involved in the acquisition of financial contracts.
16. CONFIDENTIAL INFORMATION
16.1. We may collect client information directly from the Client or from other persons including, for example, Algotechs, the credit reference agencies, fraud prevention agencies, banks, other financial institutions, third authentication service providers and the providers of public registers.
16.2. The Company does not have any obligation to disclose to the Client any information or take into consideration any information either when making any decision or when it proceeds to any act on behalf of the Client, unless otherwise agreed and stated in this Agreement and where this is imposed by the relevant Laws and Regulations and directives in force.
16.3. The Company has the right to disclose Client information (including recordings and documents of a confidential nature, card details) in the following circumstances, without limitation: (a) Where required by law or a court order by a competent Court; (b) When it is necessary in order to perform verification analysis on the Client’s identity for the purposes of safeguarding the client’s account and securing his/her personal information; (c) Where requested by a regulatory authority having control or jurisdiction over the Company or the Client or their associates or in whose territory the Company has Clients; (d) To relevant authorities to investigate or prevent fraud, money laundering, terrorist financing or other illegal activity; (e) To such an extent as reasonably required so as to execute Orders and for purposes ancillary to the provision of the Services; (f) To credit reference and fraud prevention agencies, third authentication service providers, banks and other financial institutions for credit checking, fraud prevention, anti-money laundering purposes, identification or due diligence checks of the Client. To do so they may check the details the Client supplied against any particulars on any database (public or otherwise) to which they have access. They may also use Client details in the future to assist other companies for verification purposes. A record of the search will be retained by the Company; (g) To the Company’s professional advisors provided that in each case the relevant professional shall be informed about the confidential nature of such information and commit to the confidentiality herein obligations as well; (h) To other service providers who create, maintain or process databases (whether electronic or not), offer record keeping services, email transmission services, messaging services or similar services which aim to assist the Company collect, storage, process and use Client information or get in touch with the Client or improve the provision of the Services under this Agreement; (i) To an Affiliate of the Company or any other company in the same group of the Company;
17. COMPLAINTS PROCEDURE
The Company will put in place internal procedures for handling complaints fairly and promptly. The Client may submit a complaint to the Company via email.
18. CONFLICT OF INTEREST
The Company will make all reasonable efforts to avoid conflicts of interest and when they cannot be avoided the Company shall ensure that clients are treated fairly and at the highest level of integrity and that their interests are protected at all times.
19. LEGAL RESTRICTIONS
19.1. Without limiting the foregoing, you understand that laws regarding financial contracts vary throughout the world, and it is your obligation alone to ensure that you fully comply with any law, regulation or directive, relevant to your country of residency with regards to the use of the website. For avoidance of doubt, the ability to access our website does not necessarily mean that our Services, and/or your activities through it, are legal under the laws, regulations or directives relevant to your country of residency.
19.2. You act for yourself and not as a representative or a trustee of any third person, unless you have produced, to the satisfaction of the Company, a document and/or powers of attorney that enables you to act as representative and/or trustee of any third person.
19.3. You agree and understand that in the event that the Company has such proofs that are adequate to indicate that certain amounts, as classified above, received by you are proceeds from illegal acts or products of any criminal activity and/or belonging to a third party, the Company reserves the right to refund these amounts to the sender, either this being the Client or a beneficial owner. Furthermore, you also agree and understand that the Company may reverse any transactions performed in your Trading Account and may terminate this agreement. The Company reserves the right to take any legal action against you to cover and indemnify itself upon such an event and may claim any damages caused to the Company by you as a result of such an event.
19.4. You understand and accept that all transactions in relation to trade in any of the Financial Instruments, will be performed only through the Trading Platform provided by the Company and the Financial Instruments are not transferable to any other Trading Platform whatsoever
19.5. You guarantee the authenticity and validity of any document handed over by you to the Company
20. DEPOSITS AND WITHDRAWALS
20.1. All deposits and withdrawals will be conducted through Be Algo solely. Algotechs does not assume any responsibility on knowledge of any deposit or withdrawal information, including your payment details and transaction details.
21. INTELLECTUAL PROPERTY
21.1. You acknowledge that all content, trademarks, services marks, trade names, logos and icons and in general all Intellectual Property Rights on the Company Website (www.The Company.com) are the property of The Company or its affiliates or agents and are protected by copyright laws and international treaties and provisions.
21.2. You agree not to delete any copyright notices or other indications of protected intellectual property rights from materials that you print or download from the website. You will not obtain any intellectual property rights in, or any right or license to use such materials or the website, other than as set out in this Agreement.
21.3. You also agree not to copy, record, edit, alter or remove any of the materials on the The Company website. This shall include, without limitation, not removing, editing or otherwise interfering with (or attempting to remove, edit or otherwise interfere with) any name, marks, logos or branding on the Company website.
21.4. Images displayed on the website are either the property of The Company or used with permission. You agree not to upload, post, reproduce or distribute any information, software or other material protected by copyright or any other intellectual property right (as well as rights of publicity and privacy) without first obtaining the permission of the owner of such rights and the prior written consent of The Company.
22. APPLICABLE LAW, JURISDICTION
22.1. This Agreement and all matters arising under it shall be governed by the applicable laws of England and Wales without regard to choice of law rules. Except for seeking injunctive relief, with regards to any dispute arising in connection to this Agreement, the Parties consent to submit the dispute exclusively to confidential arbitration proceedings by a sole arbitrator under the ICC Rules in London, whose decision shall be made within 30 days and shall be final and binding. Arbitration shall be conducted in the English language. This clause explicitly sets exclusive jurisdiction to said arbitration process, and neither party shall be entitled to submit and dispute to the courts of its domicile. Each party shall bear equal portion of the arbitration expenses.