Client Agreement
(Last Updated on December 08, 2022)
General Provisions
This agreement is made between 7B Forex Limited, Reg Number IBC24499 with registered
address at Suite 305, Griffith Corporate Centre, St. Vincent and the Grenadines. (hereinafter - the
Company), and any person (hereinafter - the Client) who fills out the registration form to
open an account on any or all of the listed websites https://7Bforex.com, https://7Bforex.ng
(hereinafter - the Website) for the opportunity to use services of the Website according to the
terms and conditions of this agreement (hereinafter - the Agreement).
The Client accepts the Agreement by registering and creating an account on the Website.
Acceptance of the Agreement implies full unconditional acceptance of the conditions of the
Agreement by the Client. In the event of any conflict between the English version of this
Agreement and the texts in other languages, the English version shall prevail.
Terminology
Financial instruments - exchange indices, shares, commodities, and currency pairs which are available for trading.
Balance - the account balance, which is available after carrying out the last transaction.
Asset - the object of a trading operation, which is based on a change in value during a predetermined period of time.
Account currency - the currency an account is denominated in e.g Naira, Cedi, Dollar.
Open position - a transaction with a purchased asset before its expiration.
Trade - the acquisition (purchase) of an asset.
Trading activity - the operations the Client performs when depositing funds into a real account and conducting trading operations on the Client's real account.
- Registration of the Client and collection of the Client's data
- By registering on the Website, the Client agrees to the processing of their personal data in
accordance with the Privacy Policy. This processing is carried out for the purpose of providing
services under the Agreement, as well as for the ease of use of the platform, prompt
communication with the Client, protection of the Client's funds and prevention of fraud. This
consent is valid for an unlimited period of time and can be withdrawn by sending a respective
request to support@7bforex.com.
The process of collecting Client's personal data by the Company consists of collecting
information about the Client's name, surname, phone number, physical address and e-mail
address, as well as collecting the data from cookies to gather statistics on the Client's interactions
with the Website. All personal data provided to the Company by the Client is considered
confidential and can be disclosed to third parties only with the consent of the Client.
- The Client registration procedure consists of two stages:
- The procedure of Client registration on the Website of the Company;
- The procedure of verifying identity and the information specified during registration.
- The Client registration procedure is mandatory for the Company's Clients.
- To complete the Client's registration on the Company's Website, it is necessary to perform the following steps:
- enter personal and contact details;
- accept the terms of this Agreement and its annexes.
- The procedure of identity and data verification is done by the Company to verify the
correctness and completeness of the information specified by the Client during registration. To
perform this procedure, the Company has the right to demand documents to prove or verify the
following to be provided by the Client:
- Identity, photograph image, phone, email address, signature and address verification.
In addition, the Company is entitled to demand copies of recent utility bills, bank statements,
signatures, Passport photographs, International ID cards, scanned copies of bank cards, as well as
any other document if the documents above are not sufficient to fully identify the Client and/or
the personal data provided by the Client.
- The procedure of identity and data verification is completed within 1(one) business day(s) of
the date the Company requires the Client's identity be verified. In some cases, this may be
increased at the Company's discretion to a period deemed reasonable and necessary by the
Company.
- In suspicious cases, the Company's compliance Team reserves the right to restrict ALL
transactions on the clients account until the investigation is over.
- The Company is entitled to request from the Client electronic copies of documents to verify
identity and other data provided by the Client when opening their account. In these cases, the
company requests the Client to provide the information, and the Client is obliged to provide an
electronic copy of the document (the Company can request a copy in English certified by a
notary). If the Client does not provide their personal information (including documents
confirming the necessary information), the Company may suspend the Client's account until the
Client provides the requested information. If the requested information is not provided to the
Company, then the suspended account may be blocked permanently.
- The Company is entitled to conduct a video conference (where necessary) with the Client to
confirm the Client's identity and authenticity of the documents provided by the Client.
- The Client acknowledges the right of the Company to use their personal information to
fulfill the requirements of the legislation on combating money laundering and illegally obtained
income.
- Responsibility for the provision of authentic copies of the documents lies with the Client.
In the case of forged documents, the Client will be prosecuted according to the laws of the
country issuing the document.
- By confirming the registration, the Client agrees to receive information from the Company,
including advertising messages sent to the email address specified by the Client, and phone calls
and SMS to the phone number specified by the Client. If the Client does not wish to receive such
messages, they may at any time cancel their subscription by clicking the link in their email, as
well as by contacting the Company's Support team. The Company will promptly respond to the
Client's request for the cancellation of subscriptions to all types of messages (except for
transaction notifications), as well as the refusal to receive calls or SMS on the phone.
- The procedure for mutual settlement
- The Client's account balance is the amount of the financial obligation of the Company to the
Client at a particular time in the event that no other additional conditions have been stated. An
example of additional condition could be the Client's participation in various promotions
arranged by the Company. In this case the client's account would be subject to the bonus
conditions.
- An application for withdrawal of monetary funds should be made out by the Client
electronically through the internal interface of the Website. After the Client creates the
application, the size of the amount withdrawn is deducted from the balance of their account.
Withdrawals applied for by the Client are non-refundable and cannot be appealed.
- Transfer of funds to the Client shall be made within 24 to 72hours following the date of
filing the application for withdrawal. In the unlikely event of a delay, the Company will
communicate such delay to the Client.
- The Client uses the internal interface of the Website to deposit funds into their account:
- The Client has the opportunity to make deposit using any of the Payment options provided
and not outside of the options. When using this service, they must agree to use the payment
options and make a deposit in their account when the service is activated. In this case, the Client
agrees to pay for all services they request on the site, as well as all additional costs (if
applicable), including taxes, fees, etc.
- The Company and the payment service Provider only provide payments in the amount
indicated by the Client and are not responsible for payment of the above additional amounts by
the Client.
- After clicking and confirming the payment, the payment is considered processed, and it is
irreversible.
- By confirming the payment, the Client agrees that:
- by making a request to deposit funds on the site, the Client confirms the payment and accepts the terms of this Client Agreement;
- they are aware of all the risks associated with the use of this service and they accept them;
- they will not be able to cancel the payment or request its cancellation;
- the Client has reached or currently exceeds the legal age;
- they understand and accept that the Client's payment processing is performed by the payment service provider.
- For every deposit the client is allowed to use any payment option as provided on the
website.
- The Company and the payment service Provider are not responsible for rejected payments
associated with non-receipt of authorization from the issuing bank to conduct payments using the
Client's payment card.
- In the case of the Client's non-agreement with the above conditions and/or for other
reasons, the Company asks the Client to opt out of the payment in a timely manner, and, if
necessary, contact the Company's client support department using the contacts specified in
Section 10 of this Client Agreement.
- The Company may reject a Client's application for withdrawal of monetary funds from their
account, should it suspect that the Client intends to use their account for exchange transactions or
fraudulent transactions across payment systems.
- Funding an account via debit or credit cards belonging to a third party is prohibited.
- The official means of depositing/withdrawing funds are the Company's wallets/accounts in
all the payment systems indicated on the Company's Website. The Client accepts all the risks
associated with the use of payment systems, as well as any commission charged by payment
systems for making payments and/or conversions since the payment systems are not partners of
the Company. The Company is not responsible for the delay of and/or non-receipt of funds in the
Customer's account balance through the fault of the payment system. In the event of claims by
the Client as to the working order of the payment systems, the Client must contact the support
team of that payment system. The Client is obliged to inform in the case of such appeals.
- The Company is not responsible for the actions of third parties engaged in conducting
Clients' deposit/withdrawal transactions. Upon the Client depositing funds, the financial liability
of the Company begins from the moment the Client's funds appear in the Company's bank
account, and/or in the Company's accounts in any payment systems listed on the Company's
website.
- In the case of fraud detection concerning financial transactions after funds are credited to the
Client's account balance, the Company reserves the right to cancel the transaction and freeze the
Client's account. When Clients perform withdrawal operations, the financial liability of the
Company is terminated at the moment the funds are withdrawn from the bank account of the
Company and/or the Company's accounts in any of the payment systems listed on the
Company's website.
- In the case of technical errors by the Company when making financial transactions, the
Company reserves the right to cancel such transactions and their outcomes, as well as the
outcomes of the services provided by the Company.
- Withdrawals from the Client's account are carried out only on the information specified by
the Client when depositing funds. If it is not technically possible to use the same payment system
for the withdrawal of funds that was used to make the deposit, the Client is entitled to use
another available system for the withdrawal. In this case, the details in the payment system
should coincide with the personal information specified by the Client during registration.
- The Client is solely responsible for the accuracy and reliability of the information specified
in their application for funds withdrawal.
- In cases when the Company's security team suspects the Client of fraudulent activity or
behavior, the Company has the right to block the Client's account without prior notice and
without the possibility of further withdrawals of funds, until after the investigation is over.
- If the Client has deposited money into their account, but later decides to completely or
partially withdraw funds, and their trade turnover (the sum of all transactions since the last
deposit) has not exceeded double the size of the deposit, the withdrawal fee will be 10%.
- The Client has the right to register only one (1) profile with 3 (three) accounts with the
Company. If the Company detects multiple profiles belonging to the same client or family
(whose members can log in from the same IP address and access the platform from the same
device), or funded using one credit/debit card and/or electronic wallet; accounts that use the
same IP address, or upon detection of other signs of possession of multiple accounts, the
transactions and the financial outcomes of all the Client's accounts can be removed. The
Company reserves the right to block all of the affected accounts. In this case, the funds contained
in them cannot be considered a financial liability of the Company to the Client.
- In the event of trading inactivity in the Client's account over a period of 3 (three) months,
the Company has the right to recognize the Client's account as inactive and transfer it to the
archive, preserving the monetary funds in the account in full.
In the event of trading inactivity in the Client's account over a period of six (6) months, the
Company has the right to withdraw the funds from the Client's account in full.
- Processing trade requests and orders
- The processing of Client requests and orders has the following structure:
- The Client makes a request or an order that is checked for correctness on the trading platform;
- The trading platform sends the request or orders to the server;
- The Client's command appears on the server and is checked for correctness;
- The server processes the Client request or order, and sends the result to the trading platform;
- With a stable connection between the server and the trading platform, the trading platform receives the result of the Company's processing of the Client request or order.
- Request and order processing time depends on the quality of communication between the
trading platform and the Company server, as well as market conditions. Under normal market
conditions, the Client's request and order processing time is usually 0 – 4 seconds. In market
conditions that differ from normal, the processing time of client requests and orders can be
greater.
- The Company server is entitled to reject a Client order or request in the following cases:
- if the Client submits an order for processing before the first quote in the trading platform at market opening appears;
- if the Client does not have enough available funds to open a new transaction;
- when market conditions differ from normal.
- In the case where a Client order or request which should have been rejected is executed, the Company may review the trades and may adjust or totally invalidate the outcome of such trades.
- In the case where a Client order or request is executed and/or closed within a market gap, the Company may review the trades and may adjust or totally invalidate the outcome of such trades.
- Quotes
- The Client acknowledges that the only reliable source of quoting information is the base
server for real Clients. Quotes on the trading platform cannot serve as a reliable source of
quoting information, as an unstable connection between the trading platform and the server could
result in some of the quotes not reaching the trading platform.
- Graphs displayed in the trading platform are of an indicative nature. Thus, the Company
does not guarantee that the transaction will be made at the prices indicated on the graph in the
trading platform at the time the Client submits a trading command.
- The processing of Client orders upon opening transactions.
- If the amount of available funds is sufficient to open a transaction, the request is fulfilled.
- If the amount of available funds is less than sufficient to open a transaction, the request is denied.
- The Client's request/command to open a transaction is considered fulfilled and the
transaction open once the corresponding record appears in the server log file. Each transaction is
assigned a separate serial number.
- Concluding transactions
- The transaction is closed at the latest price available on the trading server at the time of closing.
- Issues with Internet service providers, disruptions in the transfer of information, operation of
a stock exchange, server operating system or Company's software, hacker attacks, along with any
wrongful actions in relation to the equipment and/or servers of the Company, circumstances of a
force majeure nature or the suspension of trading on the financial markets that affect the tradable
assets used by the Company are direct basis for invalidation of all transactions occurring during
or affected by, either intentionally or unintentionally, the above-mentioned circumstances. The
Company reserves the right to cancel any transaction the outcome of which was obtained due to
a failure occurring.
- When updating its software, the Company reserves the right to return the status of the
Client's account to its original value in case of failures or improper software operation.
- If when trading, the Client obtains profit through the use of artificial intelligence, specialized
software, so-called “bots”, vulnerabilities in the exchange's software or Company's server, the
Company reserves the right to review the financial outcome of the Client's transactions.
- As part of the anti-money laundering (AML) procedure, the Client certifies that the money
deposited by them into their trading account, is not the result of drug trafficking, kidnapping, or
any other criminal or illegal activities. The Client will not use the Website for the purpose of
legalizing proceeds from crime, or any other illegal activity. The Company reserves the right to
refuse the use of the account and/or suspend (cancel, close) the account, and/or withdraw
(confiscate) all the money in the account of the Client, if the Client does not adhere or does not
meet the requirements and principles to combat money laundering (AML). If the Company
suspects any illegal or unlawful activities happening in the Client's account, the Company
reserves the right to disclose all information relating to the Client to the authorities, as well as to
suspend and/or close the Client's account, and/or withdraw the funds from the Client's account
for the aforementioned reasons.
- The Company has the right to change the amount of interest payments on assets, interest
return, the minimum and maximum values of a trade, the possibility of adjusting the rate of
return, and the possible expiration periods for one, several, or all assets.
- The Company has the discretion to limit the maximum number of trades purchased by the
Client.
- The use of bonus and gift funds and participation in tournaments and other Company promotions.
- Bonus funds are awarded by the Company to the Client's trading account.
- The amount of the bonus depends on the size of the Client's deposit, or on the conditions of
the promotion under which the Client is awarded the bonus funds.
- The Client can receive bonus funds from a particular promotion only once, unless otherwise
specified in the conditions of the promotion.
- The bonus funds credited to the Client's trading account are not the financial obligation of the
Company to the Client.
- Bonus funds in the Client's trading account are available for withdrawal only after the Client
has achieved the mandatory amount of trading turnover in their account.(Subject to conditions of
the Promotions or Bonus Offer).
- Bonus offers may have limitations on the amount of withdrawals. .( Subject to conditions of
the Promotions or Bonus Offer).
- Bonus offers may be limited in duration. Subject to conditions of the Promotions or Bonus
Offer).
- Transactions with the result of "no income" (if the strike price of the asset is equal to the
expiration price) are not counted towards the calculation of the mandatory trading turnover
achieved by the Client.
- The rejection or cancellation of a bonus is only possible in the absence of any trading activity
on the account since the moment the bonus funds were awarded. (Subject to conditions of the
Promotions or Bonus Offer).
- At the end of the validity period of the promotion under the conditions of which the bonus
was awarded, it can be withdrawn from the Client's trading account. (Subject to conditions of the
Promotions or Bonus Offer).
- The bonus is reset to zero if the Client's trading account balance falls below the minimum
amount of a transaction. (Subject to conditions of the Promotions or Bonus Offer).
- The Client has the right to participate in any promotion or tournament held by the
Company that is available to him or her. The Client must independently familiarize him or
herself with the terms of the promotion or tournament on the Company's website.
- Monetary funds received by the Client from the Company as a prize for participation in a
tournament are credited to his or her real account, unless otherwise indicated in the tournament
conditions.
- In cases where the Company's compliance team suspects the Client of fraudulent activities
performed in order to win a tournament or promotion during the period of participation in the
tournament or promotion, the Company has the right to review or nullify the Client's
participation results in that tournament or promotion.
- Client and Company Liabilities
- The Client in this Agreement shall be notified and, at the same time, agrees to be held
personally responsible for the state of the balance of his/her account. The Company cannot be
held responsible for the inactivity or activity of the Client in the course of using its services.
- The Company has the right to change the terms of this Agreement at any time at its
discretion. In the event of changes in the Company Agreement, such changes shall become
effective upon posting the amended text of the Agreement on the Website, if no other term is
defined elsewhere upon posting. The Company informs Clients of amendments to the Agreement
by posting a new version of the Agreement on the Client Agreement ( https://7bforex.com/client-
agreement.php ) page of the Website.
- The duties and rights of the Client and the Company designated in this Agreement shall be
considered a long-standing act and will be in effect until the moment of receipt by the Company
of notification from the Client of the closure of their account or their refusal to comply with the
rules of the Agreement.
- The Client fully understands and acknowledges that any information and guidance received
from the Company's website, representatives of the Company, or third parties, will not be
considered the direct proposition to make a trading or financial transaction.
- The Company does not bear the legal and/or financial responsibility for failure to fulfill
obligations due to data transfer quality over Internet communication channels.
- The Client fully understands and acknowledges that all acts committed by the Client, and/or
with the participation of third parties, which can destabilize the work of the Company, its
equipment, services, software, and hardware, entitle the Company to refuse the Client in
providing further servicing of their account and cancel all the transactions. Furthermore, the
Company may refuse to re-register the Client and to service their new account.
- By accepting the Agreement, the Client confirms:
- to be a legally capable adult;
- to have read and agreed to the terms of this Agreement.
- Upon the Client withdrawing funds, the Company may request a confirmation of personal
account data. The Company has the right to demand from the Client copies of the documents
verifying their place of residence, registration, identity (certified by a notary) and signature.
- The Client, for their part, undertakes to submit all the documents necessary for such a
confirmation, and take other necessary actions (at the Company's sole discretion), aimed at
complying with international legislation to combat money laundering.
- The Company, in the case of the double/repeat registration of a Client using different email
addresses, has the right to remove any additional accounts
- Client risks
- The Client understands and acknowledges that as a result of using the services of the
Website, they are able to lose the funds they deposit into their account. The Client acknowledges
and understands that the financial risks involved in carrying out transactions through the
Website's services may be significant. When making transactions through the Website's
services, the Client should conduct an analysis of their financial capabilities.
- The Client acknowledges, understands and completely agrees that the Company does not
assume legal or financial responsibility for losses incurred while making transactions using the
Website's services due to government restrictions, market and/or monetary policies, the
suspension of trading, and other force majeure circumstances beyond the Company's control.
- The Client is personally liable in the case of loss of credentials for immediate access to their
account (login, password); the Client is obliged to prevent any possibility of access to their own
account by third parties. The Client's risks and losses associated with the account access
recovery process do not give rise to additional liabilities for the Company, other than the
provision of new credentials for the Client's access to the account after sufficiently identifying
themselves as the owner of the account.
- Issues related to communication between the parties to this Agreement
- In order to communicate with the Client, the Company uses the following means:
- email account: support@7Bforex.com;
- Claims, Complaints, and Dispute Resolution
- This Agreement shall be construed and applied in accordance with the law (legislation) of Saint
Vincent and the Grenadines, regardless of the provisions of legislations of other jurisdictions that can be
affected in the course of execution of this Agreement.
- The Client expressly (unconditionally), submits to the jurisdiction of the laws of Saint Vincent and
Grenadines.
- All possible disputes arising between the parties to this Agreement shall be settled through
correspondence and negotiations.
- Appeals by the Client are considered official if they are directed to the Company at the
email address support@7bforex.com. Appeals will not be deemed in writing if they are produced
and sent via online communication programs such as Skype or other similar software.
- Client requests should include the following information for consideration:
- Account number;
- Full name;
- Email address;
- Date and time when the dispute occurred/arose;
- A detailed description of the Client's claim.
- The Company may refuse to consider the Client's claim if it does not meet the
requirements listed in Sections 11.4 - 11.5, as well as the following conditions:
- If the claim received by the Company includes language of an obscene nature and/or insults
directed to the Company (including its employees);
- If the received claim contains threats to the Company (including its employees);
- If the Client expresses the threat of denigrating the business image of the Company by any
means possible.
- The Company will consider an appeal (after the Client provides the sufficient and
necessary information associated with the appeal/claim to address the issue in full).
- In the event of disputes arising concerning the Client's trading transactions and account,
review protocol for the Client's trading transactions will be based on the Company's own data.
- If the Client violates any of the above points, the Company has the right to refuse the
provision of further services.
- Taxes
- The Company is not a tax agent and does not provide data on the transactions of its Clients
to third parties. Such information can only be provided if there is an official request from a
competent national authority but is subject to the jurisdiction of Saint Vincent and the
Grenadines.
- Termination of this agreement
- This Agreement becomes legally binding at the time of the Client's registration on the
Website or the Company's approved representatives.
- This Agreement shall be terminated in the event that all the following conditions are met:
- After receiving a request to do so by the Company and/or the Client;
- After the Company's complete fulfillment of its financial obligations to the Client;
If the Client violates the conditions that are indicated in this Agreement, the Company, in such
cases, may terminate the Agreement on their own initiative without prior notice.
- The Company has the right to unilaterally, without explanation, terminate the contract with
the Client. However, the Company undertakes to comply with its financial obligations to the
Client at the time of termination of the contract.
- In the event that the Company decides to terminate its own activity regulated by this
Agreement, the Company shall do the following:
- Notify the Client prior to the termination of such activity;
- The Company fulfills its financial obligations to Clients, including upon termination of the
Client Agreement.