Terms & Conditions
The terms and conditions are for GMA Pros, a financial service center in Stoney Ground Kingstown, Saint Vincent, and the Grenadines, and for anyone who uses our services. We are a clearing and billing services company.
These terms and conditions cover all account types: Self Manage, Silver, Gold, Platinum, Diamond, and VIP. Our trading products covered are News, CFDs, Commodities, Forex, Indices, Stocks, and Trading Instruments.
We like you to know, especially if you’re a beginner, that Forex and CFDs are investments with the potential for large returns. However, this comes with a higher risk factor. This risk may expose you to losses. CFDs trades may not be suitable for everyone. Please make sure you fully understand the risks involved. It would be best if you consider seeking independent advice. Because of the risk involved, you will need to read the Risk Disclosure Statement.
Our terms and conditions comply with the laws of Saint Vincent and the Grenadines. Any legal proceedings that arise will be brought to the Saint Vincent and the Grenadines court only. Everyone involved will consent to the jurisdiction and venue.
Note: Regarding our terms and conditions, the English version will supersede any other versions.
Please continue reading for a more thorough explanation.
Our Terms and Conditions
We amend our terms and conditions from time to time to refine our contract with you. If you seek further clarification, please feel free to ask us.
Account: This is the account you have with us and that we have assigned an identification number to.
Applicable Regulations: We abide by these regulations, including the IFSC rules, which we will detail below. Also, we follow the rules from all relevant authorities. We make sure to follow all laws, rules, and regulations that apply to the services we provide you.
Associate: This is a member of our group or someone from a group that we have a relationship with. The person we appoint will know to provide services to you and increase community interest.
Base Currency: Our base currency is the US dollar.
Business Day: The business day is Monday through Friday and the times for Belize. This usually excludes Saturday and Sunday.
Client Money Rules: This refers to paragraph 18(2)(j) of the law. It’s specific to the Provision of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets, and other related matters regularly updated by the IFSC.
Contract for Differences: Also known as “CFD,” this refers to paragraph (9) of Part III of the Third Appendix of the Law under the Provision of Investment Services.
Credit Support Provider: The Client Support Provider is anyone we’ve asked to guarantee the agreement in our favor concerning your obligation under our terms and agreements.
IFSC: IFSC is the abbreviation for the International Financial Services Commission.
IFSC Rule: These rules are about the provision, exercise, and operation of money. It also includes the prevention of laundering and suppression of money. All of this is issued under the laws and guidance of IFSC to include administrative notices and newsletters.
Electronic Services: Electronic Services are offered through the internet and other electronic media such as email.
Event of Default: This refers to any event defaulted in Clause 14.1 to Clause 14.9.
Execution: This is the completion of your order on our trading platform. We act as the principal on your transactions.
OTC: This means ‘over the counter’ and refers to any transaction you do with us that is not on an exchange.
Secured Obligations: This is what you owe us after specific applications have been met.
FX Contact: This refers to the exchange rate between two currencies that we agree on in the contract.
System: This is everything that enables you to use our electronic service. This includes computer hardware and software and any additional equipment, resources, and facilities you need.
Transaction: This covers quite a bit under our terms and conditions. Any transaction is subject to our terms and conditions. Transactions included are CFD or anything concerning a commodity, currency, or interest rates that we are authorized for under our license.
Scope of this Agreement: Our terms and conditions are the basis for the services we provide. It covers what you can expect from us and what we expect from you in return. The terms and conditions govern all new and outstanding transactions between our clients and us.
Commencement: When we update our terms and conditions, we will inform you of the changes and ask you to accept them through our website. Our new terms and conditions will supersede all previous agreements between us. They will apply to all transactions.
About Us: We are a market maker for CFD and FX contracts. We own and operate several websites which allow for online trading.
Language: We will supply our terms and conditions to you in English and talk to you in English. If it is possible, we will speak with you in other languages.
Reaching out to us: You can contact us through fax, email, and telephone. Again, we will talk with you primarily in English. We will do our best to accommodate you by communicating with you in your native language when it’s available. You can find out more about us, our services, and how to contact us through our website.
Capacity: We act as your principal, not your agent. You will be a retail client because of IFSC Rules and other Applicable Regulations. You may request a different categorization. If we agree to the new categorization, your protection under the above rules and regulations may be reduced. This may include, without being limited, to:
- The requirement for us to act in your best interest
- Our obligation to give you information before providing our services
- Restriction on payments or receipts for any inducements
- Our responsibility to do the best execution when it comes to your orders
- The requirement for procedures and arrangements for a prompt, fair execution of your orders
- Our obligation to give you information that is fair and clear
- The requirement that we give you adequate reports for the services you receive.
Legal Age: Our services and products are only available as long as you’re 18 years old and your jurisdiction’s legal age. You should be accurate and truthful when filling out and submitting your registration information. We may ask for proof of your age and suspend your account until we receive the requested documentation. At our discretion, we may refuse to offer you products and services. We may also change eligibility criteria for our services.
General Interpretation: Our terms and conditions collectively include electronic documents. It also references the clauses and schedules of our agreement with you. When you see the masculine, it consists of the feminine and neutral terms. The singular also includes the plural where it fits within the context of our terms and conditions. The IFSC’s rules and applicable regulations words and phrases will have the same meaning unless otherwise stated.
Schedules: This will be amended from time to time, especially concerning your transactions with us. If there’s a conflict between the clauses of any schedules and our terms and conditions, then the clauses will take precedent. If you have a transaction under a clause in the schedule, it may still be applied to your next transaction. By agreeing to the schedules, you acknowledge that you have read and understood them.
Headings: The headings are for your benefit. They reference the sections in our terms and conditions so that you can see and find the information with ease.
We follow all applicable regulations that apply to your transaction. This means that our terms and conditions will not exclude or restrict any obligations we have to you under those regulations. We will ensure compliance by either taking or omitting actions that we feel are necessary. Everything we do will be binding. Our directors, officers, employees, and agents are not liable for any actions we take or fail to take in compliance with the regulations.
Any action taken by a regulatory body that affects your transactions may cause us to mitigate losses. You’re required to cooperate and give information whenever a regulatory body asks about any of your transactions.
Costs, Payments, and Charges
Charges: We do have bills that you must pay. These charges include those imposed by clearing organizations under us. We have a copy of our current charges on our website. You will be notified before we make any changes to these charges.
Additional Costs: There may be taxes or other costs you will have to make, which we do not impose.
Payments: All payments you make to us will be made without any deductions or withholdings to the bank account that we designate.
Remuneration and Sharing of Charges: Since we have partners and affiliates that may be carrying out your transactions, we may share some of the charges associated with that. Depending on who is doing the work, these charges may be a percentage or a fixed fee. You may request details about these charges from us. Contact us to request any further information.
Rollovers and Interest: There may be daily financing applied to each FX/CFD at the closing of our trading day. If there are financing charges, we as the Company may request that you pay it directly to us, or we as the Company will pay it to you. It depends on the type of FX/CFD and the nature of the position you hold. The method of calculation varies by the FX/CFD type that it is applied to. The amount will also vary based on the current interest rates. The finance charge will be credited or debited to your account on the next trading day.
We reserve the right to change the method of calculating these charges and rates as they apply. Some commissions are payable to you at the open and close positions of FX/CFD. We will debit your account as is appropriate. We may swap our interest rates and calculator at our discretion and without notice. You should check out our website for the current rates regularly. These rates may change quickly based on market conditions and various risks at our discretion.
If you have a future contract on a CFD with an expiration date, you will be able to close that CFD up until this date. Anything not closed by you before this date will be closed by us at the last available price. About three (3) to five (5) days before it expires, a new CFD will begin trading for the next future contract. During this time, you will not be allowed to open new positions on your old CFD contract.
Adjustments will show up in your account under the rollover charge and won’t affect your equity’s actual value. When you switch between two (2) future prices of a CFD, there could be a considerable price difference. If you don’t want the price adjustment to happen or have any implication of a CFD rollover, you can close it and cancel your orders before the rollover date. We will do our best to keep you updated about projected expirations by Popup, email, or on our site.
We will rollover your FX/CFD transactions at the end of the trading day to automatically close and avoid the transactions’ physical settlement. You need to know that when we roll over these transactions to the next business day, you may find a premium has been added or subtracted from the account that’s connected with that transaction. We use the MT4 platform, and the overnight rollover is calculated at 21:00 GMT. The trading account is debited or credited after that.
On Wednesdays, the overnight fees are tripled because of the upcoming weekend. We will periodically update the premium amount. You will give us the ability to add or subtract the premium from your account at the applicable rate at each day’s specific time according to the trading platform.
Right to Cancel
You have the right to cancel your contract with us. Your cancellation period is fourteen (14) days from the date the contract is concluded or from the date you receive it, whichever is later. If you want to cancel within your cancellation period, send us written notice by email to email@example.com. While you can cancel during the cancellation period, this will not cancel any transactions you asked for during the cancellation period. If you don’t cancel during the cancellation period, you will be bound by our terms and conditions. You can still terminate according to clause 17, also called the termination with default.
Execution Only: We only execute your orders. We do not advise you on the good or bad things about your transactions. Neither do we offer advice concerning the tax consequences of your transactions.
Own Judgement and Suitability: We offer no prejudice about our obligations to you when you ask us to enter a transaction. You will be responsible for appraising and investigating the risks of the transactions you want us to take on your behalf. When you ask us to do so, you acknowledge that you have the knowledge and market sophistication for the transaction. Also, you have received advice from a professional and have enough experience to make your own evaluation.
We have a Risk Disclosure Statement that you must read and accept. Some guidelines are about the markets are available on our websites. We offer you no warranty on the suitability of the products offered on our websites. We don’t assume any fiduciary duty.
Incidental Information and Investment Research: We offer generic trading recommendations and market commentary in the following situations:
- It is incidental to our relationship with you. We provide recommendations to help you make your own decisions regarding your investments. Do not equate this as advice.
- If there are restrictions on a person, then we will let you know.
- We do not represent or guarantee the accuracy or completeness of the information we give you or the tax consequences of the transactions you take on.
- You accept that you may not have a guarantee on the information, and it may not come to you at the same time as other clients.
Conflicts of Interest Policy: If there is a conflict of interest, we have a way to manage the disputes that may arise and affect our impartiality because of the investment research we give you. You may request more details about this from us if you would like more information.
Your Account and Initial Deposit
Documents: You have to read and accept our terms and conditions before placing an order with us. This includes the trading policies, risk disclosure statement, and procedures. You must have sufficient funds to deposit into your account, and we must approve all of your documentation, including your registration. Once we approve you, we will notify you by email. Depending on the circumstances, we may ask you to complete and sign a few more documents.
Currency of Accounts: You can use the following currency with your account: CAD, EUR, GBP, JPY, and USD. You can check our website to see if we have any other currencies available. Your account balance will be calculated and given to you in the currency you first set up your account with.
Joint Accounts: You can have a joint account with us, but some conditions apply. When two or more people jointly own the account, then:
- Each of you will be equally responsible for the obligations that come about because of your joint trading account.
- Both parties are responsible for complying with our terms and conditions.
- If you have a dispute that we know about, you may have to authorize us with written instructions.
- If one of you dies, the survivor(s) may continue to trade with the account.
- You will have to provide personal and financial information for all people involved in opening and maintaining the account. You will need to let us know that you have their consent and can give us the information. You will need to continue to comply with our terms and conditions.
- Any one of you can ask for closure and your balance, except if there are circumstances that make us obtain authorization from everyone.
- All of you will have access to the funds you initially deposit into your joint account. If you want to withdraw these funds, you have to complete and sign a withdrawal form. Once we have received the signed withdrawal form, we will permit you to remove any funds up to the amount you initially deposited. This is as long as there aren’t any conditions preventing such a thing from happening. We will credit the amount you asked for to the same bank account that you deposit from.
- Any owner who wants to withdraw profit from the joint trading account will need to complete and sign the withdrawal forms.
- For our terms and conditions to be valid and binding, all parties must sign the agreement. Since we own the joint account, you must get permission to write from all the account holders to terminate the contract and close the joint account.
Otherwise, you can only claim your funds. If there is a case of failure of formation, your mini account’s income remains with us.
Islamic Accounts: If you are Islamic, you can designate your account as an Islamic Account. If you can’t receive or pay the interest due to your religious beliefs, your account is not charged with or entitled to premiums, rollover, or interest. We consider it Islamic Account abuse to keep transactions open for more than five (5) days. If we believe you are abusing the Islamic account conditions, commissions will be charged.
A daily financing charge may apply to each FX/CFD that’s open. If a financing charge does apply, we will request payment or pay it to you. This will depend on the type of FX/CFD you have and the position you hold. The financing charge calculation will vary depending on the type of FX/CFD it applies to. Another thing that will affect the amount will be if it is linked to rates like LIBOR. You will see the financing charge credited or debited to your account on the next trading day.
We may change how we calculate the financing charge, the rates, and even the types of FX/CFDs that they apply to. Some FX/CFDs have a commission. It must be paid every time you open and close your positions. We will debit the commission from your account when we process your request.
If you have a future contract with an expiration date, you can close it before that date. We will close the position for you if you haven’t done so, and we will do it at the last available price. About three (3) to five (5) days before your position closes, a new CFD will be open for trading with a new future contract. During this time, you will not be able to open any new positions on the old CFD contract.
Adjustments will be shown in your account under the Rollover Charge and won’t affect your equity’s actual value. You should know that if you switch between two (2) future prices of any underlying CFDs, there may be a substantial price difference. This means that Entry Orders may be filled on market rates instead of a predefined rate. We know that you may not want to have the price adjustment or the implication of an underlying CFD rollover, so we allow you to close your position and cancel your orders before your rollover date. You can then open a new position. We will do our best to let you know about upcoming expirations by Popup, email, or on our site.
When you have an open CFD at the end of the trading day or over the weekend, we will roll it over the next business day so that your CFDs aren’t automatically closed and settled. You will need to accept that we will add or subtract a premium from your account when we roll over your transactions to the next business day. From time to time, we will determine the premium amount. You will authorize us to add or subtract the premium to or from your account for any open transaction that receives one. This is in accordance with any applicable rates each day at the time we collect it.
Methods and Procedures of Trade
Submission: You can give us instructions through electronic means or over the phone unless we let you know that orders can be sent another way. If you call us to place orders, we will record your calls. Your telephone orders will be accepted at our discretion. Any instructions you give us, whether it is by telephone, computer, or other means of communication, may require written confirmation. We can follow your orders even if you don’t confirm them in writing for us. In our terms and conditions, the concepts of “instructions” and “orders” have the same meaning.
Types of orders accepted: We accept orders that are called Valid until Canceled Orders (GTC). This is a non-Market Order that is valid until executed or canceled by you. We do not cancel any orders you have labeled “GTC” at the end of the day.