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User Agreement
Pip Forex is a brand of Simray Holdings LLC. Simray Holdings LLC acts as Pip Forex clients’ counterpart in the User Agreement and is responsible for accepting orders and managing their funds. Simray Holdings LLC also manages Pip Forex’s back office among other administrative tasks. The following describes the terms, conditions and risks upon which Simray Holdings LLC ("Simray" or "the company" or "we") offers to you the customer (hereinafter "you" or "user" or "customer" or "client") access to its web site and the use of its online trading platform (hereinafter the "agreement" or "user agreement"). You are responsible for reading this document carefully and thoroughly and for making inquiries to Simray regarding any questions you may have. This document contains important information you need to know prior to investing with Simray. You must read, agree with and accept all of the terms and conditions contained in this User Agreement without modifications, which include those terms and conditions expressly set out below and those incorporated by reference, before you may become a customer of Simray. According to the prevailing international money laundering laws, client must complete the following procedures before trading in Simray Holdings LLC: Read this electronic User Agreement carefully. Check the "agree" box at the bottom of this page, the system will record the date and time of your consent. This will create a legally binding contract. Complete the Account Opening Form with all relevant information or use N/A in non- applicable fields. Incomplete or missing information in the Account Opening Form will cause unnecessary delay. Account holder should retain a copy of the User Agreement for their own record. This agreement together with the Account Opening Form embodies the entire agreement of the parties, superseding any and all prior written and oral agreements. Your acceptance below acknowledges that you have carefully read, in its entirety, and understood this User Agreement and that you agree to all of the provisions contained therein. Your acceptance further represents warranties and certifies that the information provided by you in the Account Opening Form is correct and complete. This agreement shall be continuous and shall cover, individually and collectively, all accounts of customer at any time opened or reopened with Simray, irrespective of any change or changes at any time in the personnel of Simray or its successors, assigns, or affiliates. This agreement, including all authorisations, shall inure to the benefit of Simray and its successors and assigns, whether by merger, consolidation, or otherwise and shall be binding upon customer and/or the personal representatives, heirs, executor, administrator, trustee, legatees, legal representative, successors and assigns of customer. This agreement shall not be deemed to be accepted by Simray or become a binding contract between customer and Simray until the account application has been approved by Simray. Simray can at their discretion, refuse any individual or company the right to become a client and deny an existing client to continue trading with us. In the latter we will have the obligation to disburse the clients' funds within 7 days. Simray Holdings LLC will advise the password to their client by e-mail. For his/her own protection, client must keep his/her password confidential and must not disclose to third party. The client should be solely responsible if his/her password is being used by unauthorised person for unauthorised purposes. If a client uses a wrong account password or forgets his/her password, he/she must inform our customer service by e-mail immediately. After account opening, please advise us by e-mail immediately on any changes in client information. GOVERNING LAW, ARBITRATION AND COURT JURISDICTION This agreement shall be governed by the laws of United Kingdom, without regard to conflicts of law principles thereof. This is the case regardless of whether you reside or transact business with Simray anywhere in the world. If any part of this agreement is unlawful, void or unenforceable, that part will be deemed severable and will not affect the validity and enforceability of any remaining provisions. The parties recognise electronic and magnetic recordings as evidence when settling disputable matters, as in order to state any facts concerning the obligations for trading operations in the currency trading market. For any claim (excluding claims for injunctive or other equitable relief) where the total amount of the award sought is less than $20,000, you or Simray may elect to resolve the dispute through binding arbitration conducted in person, on-line or based solely upon written submissions where no in-person appearance is required. In such cases, the arbitration shall be administered by the United Kingdom bar in accordance with their applicable rules, or any other established alternative dispute resolution provider mutually agreed upon by the parties. Alternatively, you agree to submit to the personal and exclusive jurisdiction of the courts located within the city of London, United Kingdom to settle any dispute, which may arise in relation thereto. LIMITED LICENSE Simray grants you a non-exclusive, non-transferable and limited personal license to access and use its web site and the use of its trading platform. This license is conditioned on your continued compliance with the terms and conditions of this agreement. You agree not to "deep-link" to the web site, resell or permit access to the web site to others and not to copy any materials appearing on the web site for resale or for any other purpose to others without the prior written consent of Simray. For avoidance of doubt, you shall be responsible and bound by any unauthorised use of the site, made in breach of this section. You agree to use the information received from the information systems of Simray for the sole purpose of executing transactions inside and within the Simray web site. You further agree not to use any electronic communication feature of a service on the site for any purpose that is unlawful, tortuous, abusive, intrusive on another's privacy, harassing, libelous, defamatory, embarrassing, obscene, threatening or hateful. The license granted under this agreement will come to an end if Simray believes that any information provided by you, including your e-mail address, is no longer current or accurate, or if you fail to otherwise comply with any term or condition of this agreement and all rules and guidelines for each service. Upon such violation, you agree to cease access to the services. You agree that Simray, at its sole discretion and with or without notice, may terminate your access to any or all services, and remove and discard any information or content within a service. REGULATION Any enterprise participating in foreign currency trading must have a defined affiliation with an enterprise subject to regulations under select regulatory authorisations. We place our customers' trades through transactions in the Interbank market, through clearing houses with whom we have a close cooperative relationship. These banks include Bank of America, Barclays Bank, Deutsche Bank, HSBC, ABN Amro, BNP Paribas, among others. We have a credit line of more than US$500 million, ensuring that all our customers' trades are executed at the price they request. INFORMATION ABOUT THE CLIENT To help the government fight the funding of terrorism and money laundering activities, international law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. You hereby declare that the moneys invested in your account with the company do not originate from trafficking drugs, abduction, or any other criminal activity. When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your passport, driver's license or other identifying documents. JOINT ACCOUNTS AND TRUST ACCOUNTS If more than one natural person executes this agreement as client, all such natural persons agree to be jointly and severally liable for the obligations assumed in this agreement. If this agreement is executed by a trust, unincorporated association, partnership, custodian or other fiduciary, such customer hereby agrees to indemnify, defend, save and hold free and harmless Simray for any liabilities, claims, losses, damages costs and expenses, including attorneys' fees, resulting directly or indirectly from breach of any fiduciary or similar duty or obligation or any allegation thereof, including attorneys' fees. CAPACITY Our services are available and may be used only by individuals or companies who can form legally binding contracts under the law applicable to their country of residence. Without limiting the foregoing, our services are not available to persons under the age of 18 or otherwise under legal age. If you are under the age of 18, you may not use this service. Client represents and warrants to Simray that he/she is of legal age and under no legal incapacity and as to he/she, that no one except the client has an interest in client's account or accounts with Simray except those persons indicated to Simray in this agreement. If the client is a business entity it asserts herein that it has been duly authorised to enter into this agreement. The client is not now (and shall advise Simray promptly if client becomes) an employee of any exchange, any corporation in which any exchange owns a majority of the capital stock, any member of any exchange, any broker/dealer, an agent for any regulatory authority, or any bank or savings institution, or is in any way restricted from trading foreign currency contracts by virtue of employment or otherwise. For avoidance of doubt, we shall not be responsible for any unauthorised use by minors of our services in any way or manner. Furthermore, our services are available only to, and may only be used by individuals who have sufficient experience and knowledge in financial matters to be capable of evaluating the merits and risks of acquiring financial contracts via this site and have done so without relying on any information contained in this site. Without derogating from the above mentioned, we shall not be responsible to verify and/or check whether you neither possess such sufficient knowledge and/or experience, nor shall we be responsible for any damage and/or loss incurred by you as a result of insufficient knowledge and/or experience Without limiting the foregoing, our services are not available where they are illegal to use, and the company reserves the right to refuse and/or cancel services to anyone at its own discretion. LEGAL RESTRICTIONS 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 web site. For avoidance of doubt, an actual possibility to access to our site does not necessarily mean that our services and your activities through it are legal under the laws, regulation or directive, relevant to your country of residency. This web site does not constitute, and may not be used for the purposes of an offer or solicitation to anyone in any jurisdiction in which such offer or solicitation is not authorised, or to any person to whom it is unlawful to make such an offer or solicitation. Access to this web site, and the offering of financial contracts via this site, may be restricted in certain jurisdictions, and, accordingly, users accessing this site are required to inform themselves about, and to observe, such restrictions. Trading in foreign currency may constitute a taxable event. You know, understand and agree that Simray does not collect tax for any authority in any form or manner. Without limiting the foregoing, it is your obligation alone to calculate and pay all taxes applicable to you in your country of residence or otherwise as a result of your trading activity using the services of the company. COMMUNICATIONS Reports, statements, notices and any other communications from Simray may be transmitted to customer by placement on Simray's website or any delivery service to customer's current address as reflected on Simray's records. Customer shall notify Simray immediately of any change in customer's address by e-mail. All communications sent by Simray shall be deemed effective when deposited by Simray with any delivery service, or when received by a transmitting agent (such as an internet service provider) for transmission to customer, whether actually received by customer or not. All communications sent by customer shall not be deemed effective until accepted by Simray. DISCLOSURE OF CUSTOMER INFORMATION Simray will not share or sell information regarding its customers and/or prospective customers, except to its employees, agents, partners, and associates as required in the ordinary course of Simray's business conducted on behalf of customers, including, but not limited to, Simray's banking or credit relationships. Simray may also disclose to federal or state regulatory agencies and law enforcement authorities' information regarding customer and customer's transactions in response to a request for such information or in response to a court order or subpoena. Any information you provide can be made available to Simray's contracted marketing providers which are bound by the confidentiality obligations at least as stringent as those offered by Simray to you as a client. COMPANY'S RIGHTS Simray reserves the right to suspend the operation of its web site or any part or sections of it. In such an event, Simray may, at its sole discretion (with or without notice), close out the customers' open financial contracts at prices it considers fair and reasonable at such a time and no claims may be entertained against the company in connection thereto. Contract payouts shall be determined by Simray by reference to the daily values reported on this web site relevant to the Interbank trading data received by the company for currency rates, subject that Simray shall have the right to make corrections to such data in the event of mispriced or typographically incorrect data. INDEMNIFICATION Simray shall not be liable to customer for any claims, losses, damages, costs or expenses, including attorneys' fees, caused, directly or indirectly, by any events, actions or omissions, including, without limitation, claims, losses, damages, costs or expenses, including attorneys' fees, resulting from civil unrest, war, insurrection, international intervention, governmental action (including, without limitation, exchange controls, forfeitures, nationalisations, devaluations), natural disasters, market conditions, inability to communicate with any relevant person or any delay, disruption, failure or malfunction of any transmission or communication system or computer facility, whether belonging to Simray, customer, any market, or any settlement or clearing system. Client agrees to indemnify and hold Simray, its affiliates, officers, employees, agents, successors and assigns harmless from and against any and all liabilities, losses, damages, costs and expenses, including attorney's fees, incurred by Simray arising out of client's failure to fully and timely perform client's obligation herein or should any of client's representations and warranties fail to be true and correct. Client also agrees to pay promptly to Simray all damages, costs and expenses, including reasonable attorney's fees and expenses, incurred by Simray in the enforcement of any of the provisions of this agreement and any other agreements between Simray and client Should a quoting error occur due to a mistype of a rate or a misquote given electronic means (including responses to customer requests), Simray is not liable for any resulting errors in account balances and reserves the right to make necessary corrections or adjustments on the account involved. Any dispute arising from such quoting errors will be resolved on the basis of the fair market value, as determined by Simray, in its sole discretion, of the relevant currency at the time such an error occurred. In cases where the prevailing market represents prices different from the prices Simray has posted on our screen, Simray will attempt, on a best efforts basis, to execute trades on or close to the prevailing market prices. These prevailing market prices will be the prices, which are ultimately reflected on the customer statements. This may or may not adversely affect customer realised and unrealised gains and losses. COMMUNICATION DELAYS, ERRORS AND INTERRUPTIONS You understand that while the internet and the World Wide Web are generally reliable, technical problems or other conditions may delay or prevent you from accessing the web site. Simray shall not be liable for, and you agree not to hold or seek to hold Simray or any of its agents or service providers liable for any technical problems, system failures and malfunctions, communication line failures, equipment or software failures or malfunctions, system access issues, system capacity issues, high internet traffic demand, security breaches and unauthorised access, and other similar computer problems and defects. Simray does not represent, warrant or guarantee that you will be able to access or use the web site and the trading platform at times or locations of your choosing, or that Simray will have adequate capacity for the web site and the trading platform in any geographic location. Simray does not represent, warrant or guarantee that the web site and trading platform will provide uninterrupted and error-free service. Without limiting the foregoing Simray will not be responsible for an impossibility to execute orders and requirements due to failures in the operation of informational systems caused by technical faults, which are beyond its control. Since Simray does not control signal power, its reception or routing via internet, configuration of customer's equipment or reliability of its connection, Simray shall not be liable for any claims, losses, damages, costs or expenses, including attorneys' fees, caused, directly or indirectly, by any breakdown or failure of any transmission or communication system or computer facility or trading software, whether belonging to Simray, customer, any market, or any settlement or clearing system when customer trades online. The client must be responsible for his own internet connection, since we don't have the ability to close a position over the phone. FORCE MAJEURE You agree that Simray will not be liable in any way to you or to any other person in the event of force majeure, or for the act of any government or legal authority or for the failure of or damage or destruction to its computer systems, data or records or any part thereof, or for delays, losses, errors or omissions resulting from the failure or mismanagement of any telecommunications or computer equipment or software. The parties shall be released of all responsibilities for partial, full or non-fulfillment, as well as for improper fulfillment of the obligations under this agreement, if this non-fulfillment or improper fulfillment was a result of extraordinary events, which occurred after this agreement was concluded and which the party could not either foresee or prevent (natural calamities, wars, armed conflicts etc.). THIRD PARTY SOFTWARE By investing with Simray the investor acknowledges that he/she has no legal claims against, and if any exist herein waives any legal claims based on any third party communication and their software or hardware employed by the investor for the analysis of foreign currency markets, trades to be executed thereupon or for the transmission of any such information or trades. This waiver includes, but is not limited to any claims that may have been proffered by said third party supplier concerning the capability, quality, past, present or future performance of the software or hardware in relation to the foreign currency market or about Simray itself. AMENDMENTS Customer understands, acknowledges and agrees that Simray may amend or change this agreement at any time. Simray will provide notice to customer of any such amendment or change by posting the amendment or change to the website or by sending an e-mail customer. Customer agrees to be bound by the terms of such amendment or change 10 days after Simray has posted notice of such amendment or change to the website. In the event that customer objects to any such change or amendment, customer agrees to liquidate customer's open positions and instruct Simray regarding the disposition of all assets in customer's account within 10 business days after notice of the amendment or change has been posted to the website. No waiver or amendment of this agreement may be implied from any course of dealing between the parties or from any failure by Simray or its agents to assert its rights under this agreement on any occasion or series of occasions. No oral agreements or instructions to the contrary shall be recognised or enforceable. TERMINATION This agreement shall continue and be in effect until termination by customer or Simray. Customer may terminate this agreement if customer has no open foreign currency positions and no liabilities held by or owed to Simray and customer has provided a written notice to Simray by e-mail. Simray may, in its sole discretion, terminate this agreement at any time, effective as of the close of business on the day notice is sent to customer. Termination by either party shall not affect any contracts or other transactions previously entered into and shall not relieve either party of any obligations set out in this agreement, nor shall it relieve customer of any obligations arising out of any deficit balance. INTELLECTUAL PROPERTY AND CONFIDENTIALITY All copyright, trademark, trade secret and other intellectual property rights in the Simray online trading system shall remain at all times the sole and exclusive property of Simray and customers shall have no right or interest in the trading system except for the right to access and use the trading system as specified herein. Customer acknowledges that the trading system is confidential to Simray and has been developed through the expenditure of substantial skill, time, effort and money. The customer will protect the confidentiality of Simray by allowing access to the trading system only by its employees and agents on a need to access basis. Customer will not publish, distribute, or otherwise make information available to third parties any information derived from or relating to the trading system. Customer will not copy, modify, de-compile, reverse engineer, and make derivative works of the trading system or in the manner in which it operates. All content, trademarks, services marks, trade names, logos and icons are proprietary of Simray or its affiliates or agents and are protected by copyright laws and international treaties and provisions. 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 web site. You will not obtain any intellectual property rights in or any right or license to use such materials or the web site other than as set out in this agreement. Images displayed on the web site are either the property of, or used with permission by Simray. 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 Simray. Nothing contained on the web site should be construed as granting, by implication, estoppels, or otherwise, any license or right to use any trademark without the written permission of Simray or such third party that may own the trademarks. Your use of the trademarks or any other content of the web site, except as provided herein, is strictly prohibited. DEPOSITS AND WITHDRAWALS Before you can place an order with Simray, you must complete the Account Opening Form and read, complete and accept this User Agreement. You must deposit sufficient funds in your account, your customer account application must be accepted by Simray, your deposited funds must have cleared the banking system, and you must have completed the demo trading systems, if required to do so by Simray. You will be notified by e-mail when your customer account has been approved. All account balances will be computed and reported only in U.S. Dollars. No deposit shall be recognised until the wire has been fully cleared and collected by Simray's bank or depository institution. Payments from a customer account require a withdrawal request signed and submitted in writing to Simray. Withdrawal of funds from a client account will only be cleared when we have received proof of client's identity. Funds can only be wired to a bank account in the name of the account held with us. A customer is permitted to have only one account open with Simray at any time. In the event that a customer becomes and Introducing Agent or Affiliate of Simray or Pip Forex, the customer is not entitled to receive any referral commissions on his/her own trading. If, for any reason a customer has more than one account opened in his/her name, Simray reserves the right to move funds from one or more of the customer’s accounts to another, and to block access to subsequently empty accounts. SERVICES PROVIDED Subject to the terms and conditions of this agreement and acceptance of customer's application to open an account with Simray, Simray will maintain one or more accounts in customer's name and will effect cash settled and physically settled transactions with and for customer in the international over-the-counter foreign currency (foreign exchange) markets on a spot basis, and provide such other services and products as Simray may, in its sole discretion, determine from time to time in the future. Unless expressly stated otherwise in writing, all contracts and other transactions entered into between Simray and customer shall be governed by the terms of this User Agreement, as amended from time to time. An investment with Simray entails the opening of one or more customer accounts through which Simray will execute transactions involving the purchase and sale of spot contracts, foreign exchange transactions, which the investor approves and instructs Simray to undertake. Simray will purchase and sell foreign currency contracts at the investor's instructions from the customer or the designated agents of the customer and pursuant to the terms of its account agreement. Simray will employ at its sole discretion any counter party including, but not limited to, itself as the investor's agent in connection with the execution, carrying, clearance, delivery and settlement of any purchase and sale of foreign currency contracts entered into on behalf of the investor. Prior to the execution of a foreign exchange contract, an investor must deposit and maintain with Simray the amount margin required by Simray during the period that the contract is outstanding. Said margin sum may from time to time be changed. Further, a change may occur during the existence of an ongoing trade. Yet, notwithstanding any action the investor may take to correct a margin deficiency, Simray may take any trading action concerning the account it deems necessary to protect its interests. POSITION AND TRADING LIMITS Simray reserves the right to limit the number of open positions that customer may enter or maintain in customer's account. Simray reserves the right, in its sole discretion, to refuse to accept any order opening a new position or increasing an open position. Simray may impose volume limits on customer accounts, at its sole discretion. All positions must be held open for a minimum of 60 seconds. MARGIN REQUIREMENTS Simray does not require customers to pay the full price of foreign currencies customer may buy and sell. Instead, customer is required to post a small percentage of the full amount which customer is obligated to pay to Simray under the contract, to secure customer's obligations to Simray. Margin includes required margin for open positions, which is based on the opening margin requirement; the maintenance margin requirement; the market value of open positions; and any additional amount as Simray, in its sole discretion, believes is prudent to require. Generally, required margin for open positions is a sum equal to the greater of the initial margin requirement; or the initial margin requirement plus unrealised losses on open positions. Required margin for open positions also includes any additional amount, as Simray, in its sole discretion, believes is prudent to require. Customer shall provide to and maintain with Simray margin in such amounts, in cash or other such forms, and within such limits as Simray, in its sole discretion, may from time to time require. Simray may at any time liquidate customer's account. Simray may withdraw funds from the customer's account without notice to ensure that posted margin equals or exceeds required margin and to satisfy any payment obligation to Simray, including fees and charges in respect of customer's account. In the event customer funds are held in a segregated account, funds applied as posted margin will be returned to the customer's account within three business days of settlement date of the exiting trade. Nothing herein, though, shall act to limit Simray's right to close out any and all open positions in any client account that may be subject to a margin call. Whether to close out any, all or none of the foreign currency positions in an under-margined account is in the sole discretion of Simray. It is the client's sole responsibility to maintain the proper margin as may from time to time be required by Simray. Client acknowledges herein that the proper method for determining same is for client to view margin requirements as posted on Simray's website and to use the Simray provided software to obtain access to client's account information as maintained by Simray in its financial server. In the event that Simray is unable to notice client due to unforeseeable breakdown in electronic communications, Simray shall have the right to liquidate all or any part of client's positions at the market price then trading, without prior notice to the client without liability accruing to Simray for such protective actions. Further, whenever Simray deems it necessary or advisable for Simray's protection, Simray is authorized, at its sole discretion and without prior notice to client, to offset any positions in the account and to sell any collateral deposited with Simray or its affiliates. Margin requirements are subject to change without notice, and when issued shall apply to all new and existing positions. Margin requirements may vary between customers. Simray reserves the right to increase or decrease margin requirements on a per customer basis at Simray's sole discretion. When an account becomes margin deficient, trading in the account is automatically disabled from opening any new positions. The account's ability to establish new positions remains disabled until sufficient margin has been deposited into the account or a sufficient amount of the currency is closed out in order to bring the account's equity balance above the initial margin level. Failure to immediately respond to a margin deficient account may, at Simray's sole discretion; lead to all of the client's trading positions being closed out. Should the account enter into any new positions for whatever reason, while being margin deficient, Simray reserves the right to close out at its sole discretion and at the sole liability of the account, holder any currency positions that may have been initiated. TRADE CONFIRMATIONS Trades executed online will be confirmed online at the time of the trade. Reports of the confirmation of orders and statements of accounts for customer shall be deemed correct and shall be conclusive and binding immediately with respect to orders confirmed via the Simray online trading system. Customer may object to confirmations and statements, but any such objection must be confirmed by e-mail or in writing within 3 business days thereafter to. Failure to object shall be deemed ratification by customer of all actions taken by Simray or Simray's agents prior to customer's receipt of such reports. Customer's failure to receive a trade confirmation shall not relieve customer of the obligation to object as set out herein. Customer agrees to immediately call to Simray's attention any oral information that customer has reason to believe is inconsistent with customer's own information. Customer understands, acknowledges and agrees that errors, whether resulting in a profit or loss to customer, shall be corrected, and customer's account will be credited or debited in such manner and extent as to place customer's account in the same position in which it would have been had the error not occurred. ORDER EXECUTION All orders must be placed through the Simray online trading system. Some of the types of orders Simray accepts include, but are not limited to: Market order. An order to buy or sell the identified currency, or pairs of currencies, at the current market foreign exchange rate. An order to buy is executed at the ask price, and an order to sell is executed at the bid price. Electronic order entry for market orders equals order execution. To enter an online order, customers enter the size of the trade, and select the eligible foreign currencies or cross currency pairs. When prepared to trade, customer must then click on buy or sell. The order is filled shortly after the customer hits buy or sell if the customer has sufficient funds in his or her account and a "deal failed" message is not received. Deals may fail for several reasons including changing dealer prices, insufficient margin, unspecified lot size or unanticipated technical difficulties. Exit order. An order to buy or sell at a specified foreign exchange rate away from the current market for the purpose of liquidating an open position during market conditions in which there has been an adverse movement in foreign exchange rates. Execution of such an order can occur at a rate adverse to the exit order rate as specified by the customer. An exit order to buy generally will be executed when the ask price equals or exceeds the foreign exchange rate as specified in the exit order. An exit order to sell generally will be executed when the bid price equals or falls below the foreign exchange rate specified in the exit order. Buy/sell order. An order to buy or sell the identified currency, or pair of currencies, at a specified foreign exchange rate. An order to buy generally will be executed when the ask price equals or falls below the foreign exchange rate as specified in the limit order. An order to sell generally will be executed when the bid price equals or exceeds the foreign exchange rate specified in the limit order. Order cancellation. Exit orders may be cancelled via the Simray online trading system. Rapid changes in bid prices and ask prices, however, may cause customer's order to be executed before customer can cancel it and Simray shall have no liability for any claims, losses, damages, costs or expenses, including attorneys' fees, arising directly or indirectly out of the failure of such order to be cancelled. ACCEPTANCE OF ORDERS It is customer's sole responsibility to clearly indicate the terms of an order when entered, whether market order, exit order, or buy/sell order including the order's value date and specified spot rate limits, where applicable. Although a spot rate is specified upon entry non-market orders, market conditions may prevent the execution of an individual customer's non-market orders despite other dealing activity at that price level, or may often require non-market orders to be filled at a substantially different spot rate, and customer agrees to accept the best rate which Simray, in its discretion, may assign to the fill. Customers execution of an order will signify customers acceptance of the pricing provided by Simray. Customer acknowledges that Simray shall accept all non market orders only on a best-efforts basis. Simray shall have no liability for failure to fill orders, and makes no guarantee of an order's priority over the orders of Simray, its other customers, associated principals, officers, directors, affiliates, associates, employees, banks, bank employees or other dealers. Simray shall have the right, but not the obligation, to reject any order in whole or in part before or after confirmation, or to cancel and rescind any fill, where customer's account contains margin that is insufficient to support the entire order at the time that market levels reach the order levels as specified by the client, or where, in the opinion and sole discretion of Simray, the execution of such order may place customer's account in an insufficient margin condition, or where such order or fill is illegal or otherwise improper. Simray are a part of the Interbank market and we place our clients' orders with different banks and clearing houses. Due to the nature of the Interbank marketplace, orders are filled and rates are given on a position-by-position basis. Simray have under no circumstances the obligation to level with any one particular provider of live rates, wherever it is a financial partner of Simray or not. Our clients are discouraged to make any comparison in this matter. Confirmation of fills. Trades executed online will be confirmed online in the open trades screen, and the screen is updated online as each trade is executed. Confirmation of fills, and statements of accounts for customer shall be deemed correct and shall be conclusive and binding upon customer if not objected to immediately. Simray reserves the right to be the final arbiter with respect to disputed orders. In cases where the prevailing market represents prices different from the prices Simray has posted on our screen, Simray will attempt, on a best efforts basis, to execute trades on or close to the prevailing market prices. These prevailing market prices will be the prices, which are ultimately reflected on the customer statements. This may or may not adversely affect customer realized and unrealized gains and losses. ELECTRONIC ACCOUNT STATEMENTS Customer hereby consents to receive account statements online. Simray will provide customer with access to online reports. Hard copies of customer statements are available upon request only and may incur an additional charge. Reports of the execution of orders, statements of account, margin obligations and any other account information and notices shall be deemed as provided to the client once the client has received Simray provided software to participate in foreign currency trading and he/she has accessed Simray's financial server. Client shall be deemed to have accepted and ratified the reported trades and financial information provided by Simray, to the client, unless client notifies Simray otherwise, not more than 48 hours after receipt by client of such information from Simray. Receipt shall be deemed to be when such information becomes electronically available, or when the client should have known pursuant to the propensities of foreign currency trading, whichever is sooner. Failure to so notify Simray shall be deemed ratification of all actions taken by Simray or Simray's agent. Client agrees that in the event of a discrepancy in the status of client's account, client will take reasonable measures to rectify such discrepancies, including, but not limited to, buying or selling foreign currencies at the best available price within a reasonable time from the discovery of such discrepancy. In the event that a discrepancy is due solely to Simray's error, Simray agrees to credit client's account for the discrepancy; provided, however, that client has taken reasonable measures to correct such discrepancy as set forth above. Simray shall not be responsible for any amount unrealized or any loss to client's account due to client's failure to take reasonable measures to correct any account discrepancy. Client further agrees to contact Simray by internet access to his/her account to verify the account status within 24 hours after placing any order to confirm that the order(s) was/were placed and done so properly. Client agrees that his/her failure to contact Simray as provided above shall relieve Simray of any responsibility arising from the lack of execution or proper execution of such order(s). FEES AND CHARGES Client shall pay such charges as Simray may from time to time charge including, without limitation, commissions, account set-up and maintenance fees, mark ups and downs, statement charges, idle account charges, order cancellation charges, and account transfer charge, and fees arising out of Simray's providing services hereunder, or incidental hereto. Simray may change its charges, and/or fees, but not commissions, without notice. All such charges shall be paid by client as they are incurred, or as Simray in its sole and absolute discretion, may determine, and client hereby authorizes Simray to withdraw the amount of any such charges from client's account(s). Simray confirms all prices quoted to client are inclusive of mark-ups and mark-downs. Client further acknowledges that Simray has a right herein in addition to the charges described herein to earn its dealer spread on trades for which it acts as the counterparty to the client and to participate in the dealer spread for transactions it allocates to third party dealers. At this time Simray charges no brokerage fees or commissions. Simray may charge for incidental banking-related fees such as wire charges for deposits/withdrawals. Simray reserves the right to change its fee structure at any time. Fees do not now but may in the future include such things as statement charges, order cancellation charges, account transfer charges or fees imposed by any Interbank agency, bank, contract, market or other regulatory or self-regulatory organization arising out of Simray's provision of services hereunder. Customer may incur additional fees for the purchase of optional, value added services offered by Simray. An account will be deemed inactive if no trading activity has occurred for a period of 30 days or more. A monthly inactivity fee of $50.00 and any additional applicable fees will be charged to these inactive accounts All open positions are subject to an overnight/settlement fee at midnight GMT (UTC). This fee is equal to the value of one pip to every position held open. All banking fees, including but not limited to wire transfers, are the responsibility of the client and will be charged to the client's trading account. All disputes over fees must be brought to the attention of Simray within 5 days of the fee's origination to avoid losing the right to dispute such fees. TRADE MATCHING/COUNTERPART The client herein constitutes and appoints Simray to act as counterparty for all foreign currency for the client in accordance with this agreement. Simray, though, is under no obligation to take any particular trade sought by the client unless such is a closeout trade, but then only at the prevailing market price being offered or bid by Simray. Simray or its affiliates may use a trade matching system or determine to route customer's orders to a trade matching system operated by third parties. In that event, Simray, and/or any one or more of its affiliates, shall have the right, in the sole discretion of Simray or any such affiliate, to act for its own account, and as a counter party or as a broker to Simray customers, in the making of markets and the purchase and sale of foreign exchange contracts and cross currency contracts via any medium, including without limitation, over any trade matching network in use by Simray customers and/or the general public. Positions to purchase or sell a foreign currency taken through the facilities of Simray may remain open until the client instructs Simray to close out. Simray, may, at its sole discretion, for any reason or for no reason whatsoever close out, at the prevailing market price, any or all open foreign currency positions for which it is counterparty. USE OF COLLATERAL Customer authorizes Simray to sell, pledge, rehypothecate, assign, invest, commingle and otherwise use either separately or with the property of other customers any collateral held by Simray, including, but not limited to, using the contracts as collateral for a loan to Simray, and, further dealing with the collateral. Where customer's account consists of more than one account, this authorization shall apply to all of customer's accounts with Simray. This agreement to use collateral shall remain in effect so long as customer's account with Simray remains open. Client also grants Simray the right to use the above described properties and any account credit to offset against any of client's obligations to Simray including, but not limited to, transfers for the purpose of margining, or for application to negative balance accounts not promptly paid, as well as delivery costs and charges. Simray shall at no time be required to deliver to client the identical property delivered to or purchased by Simray for any account of client. RISK DISCLOSURE This brief disclosure does not disclose all of the risks and other significant aspects of trading in leveraged investments. Prospective investors who intend to trade currency interests should carefully read this entire disclosure and carefully consider the risks described herein. Additionally, prospective investors are urged to consult with his/her financial, legal, tax, and other related advisors prior to investing in foreign currencies. Only after gaining a full understanding of the nature of the risks involved with a particular type of investment should one undertake such an investment. Because the exposure to risk is substantial, this type of investment may not be suitable for everyone. Prospective investors should carefully weigh all of the risks described in this document along with any advice obtained from his/her financial, legal, and/or tax advisors. Prospective investors should also consider the risks involved in foreign currency trading in light of his/her age, experience, financial objectives and resources, dependence on liquid assets, and other relevant circumstances. Trading in foreign currency is speculative and volatile. It involves substantial risk that is not being suitable for everyone. Trading on-line, no matter how convenient or efficient, does not necessarily reduce risks associated with currency trading. Foreign currency markets can be extremely volatile. Prices can substantially increase or decrease without notice. This is an important factor that prospective investors should consider prior to investing in foreign currencies. Because the risk factor is high in foreign currency and options transactions trading, only genuine "risk" funds should be used in such trading. If investor does not have the extra capital the investor can afford to lose, investor should not trade in the foreign currency markets. Transactions in currency accounts carry a high degree of risk. The amount of initial margin is small relative to the value of the currency contract so that transactions are 'leveraged' or 'geared'. A relatively small market movement will have a proportionately larger impact on the funds you have deposited; this may work against you as well as for you. You may sustain a total loss of margin. The placing of certain orders which are intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders. Strategies using combinations of positions, such as 'spread' and 'straddle' positions may be as risky as taking simple 'long' or 'short' positions. Market conditions (e.g. Illiquidity) and/or the operation of the rules of certain markets (e.g. Suspension of trading in any currency because of price limits, government intervention or "circuit breakers") may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset positions. Before you begin to trade, you should obtain a clear explanation of all commission, fees, mark-ups, mark-downs and other charges for which you could be liable. These charges will affect your net profit (if any) or increase your loss. Currency trading does not require open-outcry. Even though quotations or prices are afforded by many computer-based component systems, the quotations and prices may vary due to market liquidity. Electronic trading facilities are supported by computer-based component systems for the order-routing, execution or matching of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability to recover certain losses are subject to limits on liability imposed by the system provider, the market, the bank and/or financial institution. Trading on an electronic trading system may differ not only from trading in the Interbank market but also from trading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that your order is either not executed according to your instructions or is not executed at all. Prices, margin and valuations are set by Simray and may be different from prices reported elsewhere. Simray will provide prices to be used in trading, valuation of customer positions and determination of margin requirements. Although Simray expects that these prices will be reasonably related to prices available in the Interbank market, prices reported by Simray may vary from prices available to banks and other participants in what is known as the Interbank market. Simray is authorized to convert funds in customer's account for margin into and from such foreign currency at a rate of exchange determined by Simray in its sole discretion on the basis of then-prevailing money market rates. Simray's automated order entry system provides immediate transmission of customer's order once customer enters the notional amount and clicks "buy/sell." There is no "second look" before transmission, and market orders cannot be cancelled. This feature may be different from other trading systems. Customer should utilize the demo trading system to become familiar with the order entry process before trading online with Simray. Customer agrees that by using Simray's order-entry system, customer agrees to the one-click system and accepts the risk of this immediate transmission feature. Customer may not be able to close open positions. Due to market conditions or other circumstances Simray may be unable to close out customer's position at the level specified by customer, and customer agrees Simray will bear no liability for failure to do so. Simray, its personnel and affiliates and various other parties may execute orders at the same or better prices ahead of a customer order. Market recommendations are informational, customer makes independent decisions, and Simray is not an adviser or a fiduciary to customer. Any market recommendations that may be provided by Simray do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any foreign exchange contracts or cross currency contracts. These market recommendations may or may not be consistent with the market positions or intentions of Simray, its affiliates and employees. The market recommendations of Simray are based upon information believed to be reliable, but Simray cannot and does not guarantee the accuracy or completeness thereof or represent that following such recommendations will reduce or eliminate the risk inherent in foreign exchange trading. Each decision by customer to enter into a contract or other transaction with Simray and each decision whether a contract or other transaction is appropriate or proper for customer is an independent decision by customer. Simray is not acting as an advisor or serving as a fiduciary to customer. Customer agrees that Simray has no fiduciary duty to customer and no liability in connection with and is not responsible for any liabilities, claims, damages, costs and expenses, including attorneys' fees, incurred in connection with customer following Simray's trading recommendations or taking or not taking any action based upon any recommendation or information provided by Simray. There are no guarantees of profit or freedom from loss in foreign exchange trading. Customer has received no such guarantees from Simray or from any of its representatives. Customer is aware of the risks inherent in foreign exchange trading and is financially able to bear such risks and withstand any losses incurred.

	I have read and understood the User Agreement, including the Risk Disclosure, and I understand and accept that these electronic documents are legally binding.

Pip Forex is owned by Simray Holdings LLC, a company regulated by Norwegian law.

Risk Warning:
Forex trading (also known as foreign exchange or currency trading) contains risk. However, your risk is strictly limited to how much you have in your account. As a rule, you should only trade forex with money that you can afford to live without. Some people will be successful in their forex trading and some will not. So, you should consider your trading options and your budget before you start trading.

Pip Forex takes no responsibility for errors or inaccuracies in its materials, and accepts no liability for any damages, including monetary losses that may result from these materials. Online trading carries risk, which you must accept.

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