The following describes the terms and conditions upon which iTrade Capital
Markets Ltd ("ICM") offers access to its Web site to you the customer
(hereinafter "you" or "user" or "customer") and the use of its services
(hereinafter the "Agreement" or "User Agreement" or "Online Services
This Agreement describes the terms, conditions and risks applicable to your use
of our services available under the domain and sub-domains of icmtrading.com
(the "Site" or "Web site"). If you have any questions regarding this Agreement
please contact Customer Support
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 forth below and those incorporated by reference, before
you may become a customer of ICM. By continuing to access or use the Web site,
you agree to follow the Terms and Conditions of this Agreement as they may apply
This Agreement is effective upon acceptance in registration for newly
registering customers, or upon receipt of e-mail notification by other users.
The Agreement is otherwise effective for all users as of March 31st, 2009.
If you do not agree to be bound by the terms and conditions of this Agreement,
do not use or access our services, and inform us in writing immediately.
By using our services you agree to be bound fully by all our terms and
conditions. ICM may amend or revise this Agreement at any time by posting the
amended terms on the Site and, by continuing to trade through the platform, you
affirm that you agree to be bound by future revisions. Whenever such changes to
the terms & conditions of this Web site are made, the Company will post such
changes on the Web site.
All amended terms shall be effective 10 days after their initial posting on the
Web site, or as of the first time that you use our services after such
amendments were made, whichever is sooner.
If you do not agree to be bound by the changes to the terms and conditions of
this Agreement, do not use or access our services, and inform us in writing
 Online Services Agreement
This Online Services Agreement is made by and between ICM and you.
This Agreement applies to both the ICM Web site and trading platform, as well as
to the electronic content and or software currently contained on the Web site
that supplies the customer with real time information about the exchange rate of
some currencies, as well as with the program facilities for executing trading
transactions in the foreign exchange market via the web, phone or fax
(hereinafter referred to as the "Service" or "forex" or "forex market"), and any
other features, content or services that the Company may add in the future.
 Membership Eligibility
Our services are available to and may only be used 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 ("minors"). If you are
a minor, you may not use this service. IF YOU DO NOT QUALIFY, PLEASE DO NOT USE
For avoidance of doubt, We shall not be responsible for any unauthorized 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
Without derogating from the above provision, we shall not be responsible for
verifying and/or checking whether you 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. IF YOU DO NOT
QUALIFY, PLEASE DO NOT USE OUR WEB SITE.
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.
US residents are not to use this site.
Our services are not available to Hong Kong residents the law in Hong Kong onlu
allows persons authorized by the Hong Kong Securities & Futures Commission to
carry on the business of dealing in futures contracts. Therefore, until such
license or authorization is received, futures contracts entered into by
residents of Hong Kong will not be accepted or honored by the Company. IF YOU
ARE A HONG KONG RESIDENT, PLEASE DO NOT USE OUR WEB SITE.
 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, the ability to access our Web site does not necessarily mean that our
Services, and/or your activities through it, are legal under the laws,
regulations or directives relevant to your country of residency.
This Web site does not constitute, and may not be used for the purposes of, an
offer and/or solicitation to anyone in any jurisdiction in which such offer
and/or solicitation is not authorized, and/or to any person to whom it is
unlawful to make such an offer and/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 of, and to observe, such restrictions.
You hereby declare that the moneys invested in your account with the Company do
not originate from drug trafficking, abduction, or any other criminal or illegal
 Limited License
ICM grants you a non-exclusive, non-transferable and limited personal license to
access and use its Web site (the "license"). 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 of 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
For avoidance of doubt, you shall be responsible and bound by any unauthorized
use of the site, made in breach of this section.
You agree to use the information received from the information systems of ICM
for the sole purpose of executing transactions inside and within the ICM Web
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 terminate if ICM 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 or ICM establishes
that you have abused in any way (including but not limited to engaging in a
transaction out of market rates) the ICM trading platform.
Upon such violation, you agree to cease accessing Services. You agree that ICM,
at its sole discretion and with or without notice, may terminate your access to
any or all Services, close your open transaction and remove and discard any
information or content within a Service.
Unless otherwise indicated for a particular Service, any communications or
material of any kind that you e-mail or otherwise transmit through the Services,
including information, data, questions, comments or suggestions (your
"Communications") will be treated as non-proprietary and non-confidential.
By accepting this Agreement you grant a license to ICM to use your
Communications in any way it thinks fit, either on the Web site or elsewhere,
with no liability or obligation to you. ICM is free to use any idea, concept,
know-how or technique or information contained in your Communications for any
purpose including, but not limited to, developing and marketing products.
ICM is entitled, but not obligated, to review or retain your Communications. ICM
may monitor your Communications to evaluate the quality of service you receive,
your compliance with this Agreement, the security of the Web site, or for other
reasons. You agree that such monitoring activities will not entitle you to any
cause of action or other right with respect to the manner in which ICM monitors
your Communications. In no event will ICM be liable for any costs, damages,
expenses or any other liabilities incurred by you as a result of ICM's
 Obligations of ICM
ICM will supply you with the informational and technical means to use its
Services in a twenty-four-hour mode of operation starting Sunday 22:00 GMT to
Friday 21:00 GMT except on official holidays in the USA and Europe.
ICM shall provide you with access to trading transactions and quotes through the
reserve in a twenty-four-hour mode of operation starting Sunday 22:00 GMT to
Friday 21:00 GMT, except on official holidays in the USA and Europe, through the
operators of ICM.
ICM will fulfill to the best of its abilities all your trading orders, keep the
register of your orders and of their fulfillment, and will provide you with
necessary extracts upon your request.
ICM shall provide the following online reports:
Open Positions: Report presenting the account's open transactions.
Account Statement: Report presenting the account's balance and statement at a
given point of time.
 Tax collection
You know, understand and agree that, in general, ICM does not collect tax on
behalf of 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 arising
as a result of your trading activity from the use of the Company's Services.
 Registration Information and Requirements
When you register for the service, ICM will ask you to provide certain
identifying information ("Registration").
You agree to provide true, accurate, current and complete information about
yourself during the Registration process, and you also agree not to impersonate
any person or entity, misrepresent any affiliation with another person, entity
or association, use false headers or otherwise conceal your identity from ICM
for any purpose. If you are registering as or for a business entity, you hereby
declare that you have the authority to bind that entity to this Agreement.
ICM will treat with care the information you entrust to the Company, in
accordance with the disclosures it provides during the Registration process and
 Indemnity and right of set-off
The customer hereby agrees to indemnify and hold harmless ICM, its directors,
officers, employees or agents from and in respect of any loss, damage,
liability, cost or expense that it may suffer or incur by reason of the Customer
failing to discharge its obligations under or acting in breach of any of the
terms and conditions herein contained or as a result of any breach of any
applicable laws or regulations.
In the event that there is any liability of the Customer to ICM its directors,
officers, employees or agents under the indemnity provisions of the clause
hereinabove, ICM shall have the right to set-off that amount against any balance
held to the credit of the account opened by the Customer with ICM.
 Limitation of Liability
IN NO EVENT SHALL ICM, ITS OFFICERS, DIRECTORS OR EMPLOYEES BE LIABLE FOR LOST
PROFITS OR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN
CONNECTION WITH OUR WEB SITE, OUR SERVICES OR THIS AGREEMENT (HOWEVER ARISING,
INCLUDING NEGLIGENCE) EXCEPT AS STATED IN THIS AGREEMENT.
THE LIABILITY OF ICM, ITS OFFICERS, DIRECTORS OR EMPLOYEES, TO YOU OR ANY THIRD
PARTIES IN ANY PROVEN CIRCUMSTANCE IS LIMITED TO THE AMOUNT OF MONEY YOU
TRANSFERRED OR DEPOSITED IN YOUR ACCOUNT AT ICM IN RELATION TO THE TRANSACTION
GIVING RISE TO SUCH LIABILITY.
 Risk Statement
You agree to use the Web site at your own risk.
Without limiting the foregoing, the financial services contained within this
site are suitable only for customers who are able to bear the loss of all the
money they invest, and who understand the risks and have experience in taking
risks involved in the acquisition of financial contracts.
International currency prices are highly volatile and are very difficult to
predict. Due to such volatility, in addition to the spread that ICM adds to all
calculations and quotes (as described below in further detail), no financial
contract purchased or other Service offered in our Web site (whether or not the
payout exceeds the premium amount) may be considered as a safe trade.
The maximum loss that may be incurred by any customer is the amount of money
paid by them to the Company including rolling fees for day trade deals.
Subject to market conditions, Stop Loss Orders shall be executed either at the
exact exchange rate selected by the customer, where the amount will be
calculated automatically, or at the exact amount of loss selected by the
customer, where the exchange rate will be calculated accordingly. A transaction
of that nature shall be executed as soon as the distinctive ("indicative")
exchange rate is found on the financial information systems which, including the
Company's spread, is either identical to the order given by the customer, or
indicates an identical amount of loss declared by the customer.
The calculation of the price to be paid (or the payout to be received) for
financial contracts on this site, at the time the financial contract is
purchased or sold, will be based on the Company's best estimate of market prices
and the expected level of interest rates, implied volatilities and other market
conditions during the life of the financial contract, and is based on a complex
The calculation will include a spread in favor of the Company. The financial
contract prices (or the payout amounts) offered to customers speculating on
market or index prices, may differ substantially from prices available in the
primary markets where such contracts are traded, due to the spread favoring the
Company in the price calculation system referred to above.
The Company does not provide a market amongst or between customers for
investments or speculations. Each financial contract purchased by a customer via
this site is an individual Agreement made between that customer and the Company,
and is not transferable, negotiable or assignable to or with any third party.
 Market information
ICM may make available to you through one or more of its Services a broad range
of financial information that is generated internally or obtained from agents,
vendors or partners ("Third Party Providers"). This includes, but is not limited
to, financial market data, quotes, news, analyst opinions and research reports,
graphs or data. ("Market Information").
Market Information provided on these Web pages is not intended as investment
advice. ICM does not endorse or approve the Market Information, and we make it
available to you only as a service for your own convenience. ICM and its Third
Party Providers do not guarantee the accuracy, timeliness, completeness or
correct sequencing of the Market Information, or warrant any results from your
use or reliance on the Market Information.
Market Information may quickly become unreliable for various reasons including,
for example, changes in market conditions or economic circumstances. Neither ICM
nor the Third Party Providers are obligated to update any information or
opinions contained in any Market Information, and we may discontinue offering
Market Information at any time without notice.
You agree that neither ICM nor the Third Party Providers will be liable in any
way for the termination, interruption, delay or inaccuracy of any Market
Information. You will not "deep-link", redistribute or facilitate the
redistribution of Market Information, nor will you provide access to Market
Information to anyone who is not authorized by ICM to receive Market
 Use & Access to the Site
You shall be responsible for providing and maintaining the means by which to
access the Web site, which may include, but is not limited to, a personal
computer, modem and telephone or other access line.
You shall be responsible for all access and service fees necessary to connect to
the Web site and assume all charges incurred in accessing such systems. You
further assume all risks associated with the use and storage of information on
your personal computer or on any other computer through which you will gain
access to the Web site and the services (hereinafter referred to as "computer"
or "your computer").
You represent and warrant that you have implemented and plan to operate and
maintain appropriate protection in relation to the security and control of
access to your computer, computer viruses or other similar harmful or
inappropriate materials, devices, information or data.
You agree that ICM will not be liable in any way to you in the event of failure
of or damage or destruction to your 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
You will not transmit to or in any way, whether directly or indirectly, expose
ICM or any of ICM's online service providers to any computer virus or other
similarly harmful or inappropriate material or device.
Acquisition of a financial contract is completed when the financial contract has
been customized, the premium (or the margin, as the case may be) has been
calculated and payment has been verified.
You agree to be fully and personally liable for the due settlement of every
transaction entered into under your account with the Company. You are
responsible for ensuring that you alone control access to your account, and that
no minor or other person is granted access to trading on the Web site using your
account. In any case, you alone remain fully liable for any and all positions
traded on your account, and for any credit card transactions entered into the
Site for your account. You agree to indemnify the Company fully in respect to
all costs and losses whatsoever as may be incurred by the Company as a result,
direct or indirect, of your failure to perform or settle such a transaction.
You agree that in the case that any financial contract is acquired or sold at
prices that do not reflect its market prices, or that is acquired or sold at an
abnormally low level of risk (the "mis-pricing") due to an undetected
programming error, bug, defect, error or glitch in our Web site software or any
other reason resulting in mis-pricing (for the purpose of this section the
"error"), ICM reserves the right to cancel such transactions upon notifying you
of the nature of the computer error that led to the mis-pricing. You have a duty
to report to the Company any problem, error or suspected system or other
inadequacies that you may experience.
 Company's rights
ICM reserves the right to suspend the operation of this site or any part or
sections of it. In such an event, ICM 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.
ICM may, at its sole discretion, impose volume or other limits on Customer
Contract payouts shall be determined by ICM by reference to the daily values
reported on this Web site relevant to the inter bank trading data received by
the Company for forex quotes, subject to the proviso that ICM shall have the
right to make corrections to such data in the event of mis-priced or
typographically incorrect data.
 Force Majeure
You agree that ICM 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 such 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.).
 Technical Problems
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.
ICM shall not be liable, and you agree not to hold or seek to hold ICM 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 unauthorized access, and other
similar computer problems and defects.
ICM does not represent, warrant or guarantee that you will be able to access or
use the Web site at times or locations of your choosing, or that ICM will have
adequate capacity for the Web site as a whole or in any geographic location.
ICM does not represent, warrant or guarantee that the Web site will provide
uninterrupted and error-free service. ICM does not make any warranties or
guarantees with respect to the Web site and its content, including but not
limited to, warranties for merchantability or fitness for a particular purpose.
Without limiting the foregoing ICM 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.
ICM may provide a link to other sites that are controlled or offered by third
parties. Such link to a site or sites is not an endorsement, authorization,
sponsorship or affiliation with respect to such site, its owners or its
ICM cautions you to ensure that you understand the risks involved in using such
sites before retrieving, using, relying upon or purchasing anything via the
Links to these Web sites are provided solely for your convenience, and you agree
that under no circumstances will you hold ICM liable for any loss or damage
caused by use of or reliance on any content, goods or services available on
 Trademarks and Copyrights
All content, trademarks, services marks, trade names, logos and icons are the
property of ICM 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
Images displayed on the Web site are either the property of ICM or used with
permission. You agree not to upload, post, reproduce or distribute any
information, software or other material protected by copyright or any other
intellectual property right (as well as rights of publicity and privacy) without
first obtaining the permission of the owner of such rights and the prior written
consent of ICM.
Nothing contained on the Web site shall be construed as granting, by
implication, estoppels, or otherwise, any license or right to use any trademark
without the written permission of ICM and/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.
It is important that you be fully aware of the following points:
A Day-Trading position may be extended to the following day, as presented to you
on the site. Such extension is subject to a Renewal Fee (Rolling Fee) at the
rate and time as specified on the site. ICM via the ICM Trading platform shall
collect such Renewal Fee from the free balance in your account held with ICM. In
the event there are not sufficient funds in your free balance to cover such
fee(s), you herby agree that ICM may charge, at its sole discretion, such fee(s)
from your credit card(s). Please note that the minimum charge from a credit card
is USD 3.00. Accordingly, any surplus balance, after paying the Renewal Fee(s)
will be credited to your balance.
If ICM is unable to collect such fee(s), ICM reserves the right to close part,
or all, of your open positions. You shall be liable for promptly paying all
Renewal Fees fee(s), even if all margins previously deposited by you have been
The high level of leverage effect possible in conducting foreign currency
transactions stems from the fact that it is only necessary to pay relatively
modest margins or guarantees in relation to the scope of the contract.
The result of the above is that even a slight fluctuation of the market could
mean substantial gains when these fluctuations are in your favor, but that could
also mean considerable losses if the fluctuations are to your detriment.
No system exists that could assure you that transactions on the foreign currency
market should bring you great benefits, nor is it possible to guarantee, that
your transactions will yield favorable results.
Even though the foreign currency markets are fluid (liquid) as compared with
other financial and exchange markets, the market conditions might at times
render the execution of an order or of a limit order at a stipulated price
The amount you could lose in a transaction carrying limited risk will never be
more appreciable than that which you can lose in transactions having no
pre-determined limit on loss.
Nevertheless, even though the extent of the losses could be subjected to an
agreed upon limit, the risk of incurring losses could be higher, and that loss
could occur in a relatively short period of time.
It is possible that some unfavorable situations on the market could occur, in a
relatively short period of time, resulting in the TOTAL LOSS of your investment.
Since deposit of an additional guarantee is not obligatory in this case, ICM
reserves the right to close the outstanding balances without the customer's
The risk information presented here does not reflect all of the risks as well as
other important aspects intrinsic to the FOREX market. Therefore, before
starting to trade, you should learn the specifics of trading on FOREX markets in
You should conclude an Agreement for opening and/or closing transactions on the
FOREX market only if you are absolutely sure of the size of its possible risk
and consequences, and if you understand in detail the scope and range of your
rights and obligations.
Products offered on this site: the products offered on this site are solely "Day
Trading" and "Limit orders". For additional information regarding these products
please refer to our Guided Tour and / or our Glossary.
Phone call recording: ICM records, at its sole discretion, telephone calls made
from and to its offices. You hereby agree that telephone calls made, either by
you contacting ICM, or when being contacted by ICM, may be recorded by the
Strictly for privacy reasons, ICM directors, employees
and contractors reserve the right to use aliases in
their external communications with clients and vendors.
Use of an alias does not invalidate the content of
documents or communications to which the alias is
 Deposits and withdrawals
Withdrawal orders: The provision of documentation or any other type of Client
authentication as may be required from time to time by Anti Money Laundering
(AML) regulations, Credit Card companies and ICM, is a prerequisite, prior to
the execution of a withdrawal order.
Credit card deposits may be, according to credit card companies' regulations,
returned to same credit card when a withdrawal is performed. A withdrawal to a
bank account where initial deposits have been performed by credit cards will be
executed back to credit card or to bank account at company's discretion.
Withdrawals to bank account may take a longer time period, due to additional
security procedures and documentation from the Client.
Credit Card Deposits Variance: When choosing an account base currency other than
USD, your credit card may be debited sums which due to exchange rates and credit
card companies' fees, may slightly vary from the initial sum that has been
deposited by you in the account base currency. You hereby accept that such
variations may occur and you hereby affirm that you shall not seek to object or
charge this back. Note that when Using USD as account base currency this
phenomena will be avoided.
Wire Transfers: When depositing by a Bank Transfer, as required by anti
money-laundering regulations, you are required to use only one bank account,
which is in your country of residence and in your name. An authentic SWIFT
confirmation or Transfer Confirmation, showing the origin of the funds, must be
sent to ICM. Failure to submit such SWIFT/Confirmation may result in the return
of the deposited amount, hence preventing the deposit of such pending amounts to
your ICM account. Any withdrawal of funds, from your ICM account to a bank
account, can only be refunded to the same bank account that the funds were
originally received from.
Alternative payment methods (e-wallets; money transfer services; internet
payment vendors; etc.): when depositing funds using a facility other than Credit
Cards and/or Banks, you agree to, and acknowledge being bound by, the
regulations and rules of such service, including, but not limited to, fees and
other restrictions. ICM, at its sole discretion, may execute withdrawals to a
facility other than the facility used for the original deposit, in accordance
with Company and Anti money-laundering regulations.
ICM may excercise full discretion in modifying or discontinuing any part or
whole of this Agreement at any time without cause or prior notice.