Introducing Broker Agreement

In this IB Agreement the following words shall have the corresponding meanings:

ADVICE

“Advice” means, for the purposes of this Introducing Broker Agreement, any recommendation, guidance, or proposal of a financial nature furnished, by any means or medium, to any Clients or group of Clients in respect of an OTC Derivative or any other financial product (as defined in the Financial Advisory and Intermediary Services Act, 2002 (“FAIS”) (“financial products”), but does not include factual Advice given by an Introducing Broker:

• on the procedure for entering into a transaction in respect of any financial product.
• in relation to the description of a financial product.
• in the form of objective information about a particular financial product; or
• by the display or distribution of promotional material.

ACCOUNT:

An account that is established for a Client introduced to iFX Brokers Holdings (Pty) Ltd by the IB.

APPLICABLE REGULATIONS:

The FAIS Act, including all applicable board notices;
Any other rules of a relevant regulatory authority or any other Applicable Laws of a relevant market and all other applicable laws, rules and regulations as in force from time to time in any jurisdiction.

CLIENT:

Client of iFX Brokers Holdings (Pty) Ltd who is introduced by the IB.

COMPANY:

iFX Brokers Holdings (Pty) Ltd., a globally operating brand, inclusive of any of our affiliated companies.

IB AGREEMENT:

This IB Agreement together with all schedules, written appendices, annexures, exhibits or amendments attached to it from time to time.

FAIS ACT:

The Financial Advisory and Intermediary Services Act No 37 of 2002 as amended.

FAIS OMBUD:

The office of the Ombud for Financial Services Providers.

FIA:

The Financial Institutions (Protection of Funds) Act 28 of 2001, as amended.

FICA:

The Financial Intelligence Centre Act No 38 of 2001.

FMA:

The Financial Markets Act No 19 of 2012, as amended.

FSCA:

The Financial Service Board or any successor organisation or authority for the time being responsible for the regulation of financial service providers in the Republic of South Africa.

INACTIVE IB ACCOUNT:

An IB Account is deemed inactive when no new business was accepted for a period of 60 (sixty) consecutive days.

PARTIES:

The parties to this IB Agreement – you and us.

RULES:

Laws, articles, regulations, directives, procedures and customs as in force from time to time.

SERVICES:

The services provided by us under this IB Agreement.

WE (OUR, US):

iFX Brokers Holdings (Pty) Ltd. is a globally operating brand and includes any of our affiliated companies.

WEBSITE:

www.iFXbrokers.com or any other Website of the Company’s trade names, as we may from time to time notify to you.

YOU:

The IB (Introducing Broker)

YOUR INFORMATION:

Any information that we receive from you or otherwise obtain which relates to you, your Account or our provision or your use of the Services.

Any reference in this IB Agreement to “Date of Signature hereof” shall be read as meaning a reference to the date of the last signature of the IB Agreement.

Any reference to an enactment is to that enactment as at the Date of Signature hereof and as amended or re-enacted from time to time.

If any provision in a definition is a substantive provision conferring rights or imposing obligations on any party, notwithstanding that it is only in the definition clause, effect shall be given to it as if it were a substantive provision in the body of the IB Agreement.

Expressions defined in the IB Agreement shall bear the same meanings in schedules or annexures to this IB Agreement which do not themselves contain their own conflicting definitions.

Where figures are referred to in numerals and in words, if there is any conflict between the two, the words shall prevail.

Reference to day/s, month/s or year/s shall be construed as Gregorian calendar day/s, month/s or year/s.

The expiration or termination of this IB Agreement shall not affect such of the provisions of this IB Agreement as expressly provide that they will operate after any such expiration or termination or which of necessity must continue to have effect after such expiration or termination, notwithstanding that the clauses themselves do not expressly provide for this;

The words “include”, “including” and “in particular” shall be construed as being by way of example or emphasis only and shall not be construed as, nor shall they take effect as, limiting the generality of any preceding word/s;

When any number of days is prescribed in this IB Agreement, same shall be reckoned exclusively of the first and inclusively of the last day unless the last day falls on a Saturday, Sunday or public holiday, in which case the last day shall be the next succeeding day which is not a Saturday, Sunday or Public Holiday.

iFX Brokers Holdings (Pty) Ltd (referred to as “iFX Brokers, the “Company”, “us”, “we”, “our”, “ours”, “ourselves” as appropriate) is a trading name of iFX Brokers Holdings (Pty) Ltd (Registration No. 2017/027249/07). iFX Brokers Holdings (Pty) Ltd is an Issuer of CFDs and acts as counterparty to client transactions. Our distribution and market conduct is regulated by the Financial Sector Conduct Authority (Authorised Financial Services Provider number 48021). The issuance of CFD’s is regulated by The Financial Markets Act, 2012. Our registered address is 79 Da Gama Road, Jeffreys Bay, 6330. This Introducing Broker Agreement (the ‘IB Agreement) (including any Schedules), as amended from time to time, will govern all Transactions entered into between iFX Brokers Holdings (Pty) Ltd. and the person whose name and address appear on the attached “IB Profile Section”, which is an integral part of this IB Agreement. (hereinafter ‘Introducing Broker’, ‘IB’, ‘Partner(s)’, yours’ ‘you’, ‘your’, ‘yours’ and ‘yourself’ as appropriate).

The IB Agreement sets forth the terms and conditions of the relationship between iFX Brokers Holdings (Pty) Ltd and IB, who will introduce clients to iFX Brokers Holdings (Pty) Ltd on a fully disclosed basis to trade in Foreign Exchange and Contracts for Difference.

At its sole discretion, iFX Brokers Holdings (Pty) Ltd shall open accounts to the clients introduced by the IB, provided they meet its qualifications criteria and suitability standard.

iFX Brokers Holdings (Pty) Ltd agrees to accept instructions and orders from the Clients, and send statement of accounts and recaps to the Clients introduced by the IB.

Provide services to the clients introduced by the IB in accordance to the Terms and Conditions of iFX Brokers Holdings (Pty) Ltd Client Agreements.

Provide a license to the IB to use its iFX Brokers Holdings (Pty) Ltd trading software, forms, literature, newsletters, market reports and any other informational material provided by iFX Brokers Holdings (Pty) Ltd.

iFX Brokers Holdings (Pty) Ltd will execute its obligation to inform your Clients that you will receive Referral Fees in accordance with this Introducing Broker Agreement.

Referral fees and incentives to the IB are paid in accordance with the company’s Referral Fee policy. The Company reserve the right to amend pay-rates without prior notification.

iFX Brokers Holdings (Pty) Ltd, reserve the right to cease payment of rebates, where an account shows inactivity for a period of 60 (Sixty) Days.

You hereby agree that Referral Fees shall not be claimable nor payable if:

5.3.1 Trades are generated from the same IP Address as the IP Address used by the Introducing Broker;
5.3.2 Self-Trading (Whereas the Introducing Broker generate rebates for his/her own account);
5.3.3 Trading executed on immediate family’ accounts;
5.3.4 The use of automated trading devices generating numerous orders over a short period of time.

You hereby agree to:

6.1.1 Introduce Clients who fully meet the qualifications and suitability standards of iFX Brokers Holdings (Pty) Ltd, on a fully disclosed basis.
6.1.2 Fairly and accurately describe iFX Brokers Holdings (Pty) Ltd business and profile according to information provided by iFX Brokers Holdings (Pty) Ltd.
6.1.3 Maintain ethical practices, high standard of business, and always conduct its business in such a manner so as to reflect favourably on iFX Brokers Holdings (Pty) Ltd.
6.1.4 Comply with any business-related instruction, terms or direction given by iFX Brokers Holdings (Pty) Ltd in relation to introducing broker services.
6.1.5 Keep accurate written records of all Client Agreements, legal documents, diligence reports or any other information that may arise in the course of business with iFX Brokers Holdings (Pty) Ltd and provide iFX Brokers Holdings (Pty) Ltd with copies thereof upon request.
6.1.6 Notify iFX Brokers Holdings (Pty) Ltd orally and in writing upon receipt of any Client complaints or pending or threatened action raised against iFX Brokers Holdings (Pty) Ltd in connection with any alleged errors, corrections, or any other matter on any Client account.
6.1.7 Any amendment requested by you must be agreed in a formal amended IB Agreement by us. Unless expressly agreed otherwise, an amendment will not affect any outstanding Order or Transaction or any legal rights or obligations which may already have arisen. If you do not wish to accept any amendment made by us, you may by notice to us close any of your open Transactions and your Account in accordance with this IB Agreement.
6.1.8 Every and all Clients you refer to iFX Brokers will become the Clients of iFX Brokers who will be the sole and exclusive owner of inter alia the database of your names and contact information and names and contact information of all your Clients.
6.1.9 You agree that you will have no contractual or other relationship with your Clients in relation to the provision of Services herein contained.

The IB is strictly not authorised to act as an agent, appointed representative or as any authority of iFX Brokers Holdings (Pty) Ltd. For avoidance of any doubt, the IB will not make any recommendation, give advice, accept any commitment or guarantee, or accept any responsibility on any matter whatsoever for or on and behalf of iFX Brokers Holdings (Pty) Ltd.

The IB will diligently supervise the activities of its officers, employees and sales team, including its agents, to comply with iFX Brokers Holdings (Pty) Ltd terms as well as local regulations.

The IB must immediately notify iFX Brokers Holdings (Pty) Ltd in writing of any material claim against the IB, whether raised by a Cient or local regulatory agency.

The IB acknowledges that it may not accept funds from the Clients but must instruct the Clients to make payment directly to iFX Brokers Holdings (Pty) Ltd.

The IB may not conduct discretionary trading on behalf of the Clients without a written and signed power of attorney from the Clients, and as a minimum a CATII licence as regulated by the Financial Services Conduct Authority, which must be pre-approved by iFX Brokers Holdings (Pty) Ltd.

The IB may not give any advice or trading recommendation to the Clients. For avoidance of any doubt, iFX Brokers Holdings (Pty) Ltd will not be liable to Clients or the IB for any advice, decision or recommendation given or made by the IB to any Client, and the IB will indemnify iFX Brokers Holdings (Pty) Ltd from any loss or liability arising from any such advice, recommendation, default or neglect by the IB in relation to any client services.

The IB, under no circumstances, will use the iFX Brokers Holdings (Pty) Ltd name, logo, or website, whether for information or educational purposes, except with the prior written authorisation of iFX Brokers Holdings (Pty) Ltd.

The IB will not advertise or circulate to clients or any other person any written information concerning iFX Brokers Holdings (Pty) Ltd without the prior written approval of iFX Brokers Holdings (Pty) Ltd.

The IB acknowledges that the trading software provided by iFX Brokers Holdings (Pty) Ltd to the IB and the Clients introduced by the IB is simply to facilitate and enhance the efficiency of transacting business with iFX Brokers Holdings (Pty) Ltd.

Upon termination of this IB Agreement by either party, the IB will return to iFX Brokers Holdings (Pty) Ltd all proprietary property such as equipment, software and printed material.

IB will keep confidential and will not disclose to anyone except with the prior written approval of iFX Brokers Holdings (Pty) Ltd , during and subsequent to the relationship with iFX Brokers Holdings (Pty) Ltd, all material information it receives during the course of business with iFX Brokers Holdings (Pty) Ltd, including but not limited to Client information, trade secrets, techniques, and other information relating to processes, strategies and future plans.

The IB agrees to indemnify and hold iFX Brokers Holdings (Pty) Ltd harmless from all losses, liabilities, damages, expenses claim, proceedings and attorneys’ fees resulting from:

Any breach by the IB of its duties under this IB Agreement;

Any misrepresentation made by the IB herein;

Any Client claims relating to any IB Agreement between the IB and the introduced Clients;

Any deficits on Client accounts or the failure of any Client to meet its obligations;

Any debts or obligations arising from the IB failing to comply with applicable local laws and regulations.

Any provision under this IB Agreement that becomes invalid shall be ineffective to the extent of such invalidity, without affecting the remaining provisions of this IB Agreement.

iFX Brokers Holdings (Pty) Ltd may assign its rights or delegate its obligations under these Terms to a third party with written notice to the IB within 30 days of such assignment. IB grants iFX Brokers Holdings (Pty) Ltd the right to transfer this IB Agreement to any successor organisation. The IB is not allowed to assign any of its rights or duties under these Terms to any third party.

The paragraph headings in this IB Agreement are inserted for description purposes only and are not intended to limit the meaning of any of the Terms.

This and the attached Appendixes (Where applicable) between iFX Brokers Holdings (Pty) Ltd and IB constitute the entire IB Agreement between iFX Brokers Holdings (Pty) Ltd and IB. iFX Brokers Holdings (Pty) Ltd have made no representations or warranties other than those expressly provided within these Terms.

This IB Agreement may be terminated by either party upon thirty days written notice to the other party. During the thirty days, the Clients introduced by the IB shall be serviced by iFX Brokers Holdings (Pty) Ltd and may be assigned to another IB to carry the accounts and provide IB services for the Clients. All commissions due to the IB up to the date of termination shall be paid to the IB upon clearance of any Client obligation and settlement of all pending Client transaction. iFX Brokers Holdings (Pty) Ltd may terminate this IB Agreement immediately by written notice to the IB in the event the IB does not comply with any of the following clauses:

The IB does not comply with the terms set out in this IB Agreement;

The IB, in iFX Brokers Holdings (Pty) Ltd sole and reasonable opinion, provides inadequate service to Clients or ceases to provide service to Clients as set out in this IB Agreement;

The IB is not in good financial standing and iFX Brokers Holdings (Pty) Ltd feels the company is in process of liquidation, bankruptcy, or ceases meet its obligations.

Notices and any other communication may be transmitted to IB via email or the address on the IB application. All communications so sent by any of the above delivery methods shall be deemed transmitted by iFX Brokers Holdings (Pty) Ltd, whether received by the IB or not.

No Terms of this IB Agreement may be waived or amended unless amendment is in writing and signed by both Introducing Broker and an officer of iFX Brokers Holdings (Pty) Ltd. No oral or implied agreement to the contrary shall be recognisable. The attachments to this IB Agreement constitute an integral part of this IB Agreement.

IB agrees that iFX Brokers Holdings (Pty) Ltd will not be held liable for any costs, damages or losses caused by force majeure events, including but not limited to, government restrictions, exchange or market rulings, suspension or delay of trading, war, civil disturbances, earthquakes, strikes, equipment failure, communication line failure, system failure, unauthorised access, theft or any problem, technical or otherwise, which may prevent the IB or the Client introduced by the IB from entering or modifying an order or prevent iFX Brokers Holdings (Pty) Ltd from acting on an online instruction, or other events or conditions beyond iFX Brokers Holdings (Pty) Ltd control, as determined and at the sole discretion of iFX Brokers Holdings (Pty) Ltd.

IB acknowledges and confirms that it has read and understood the Terms in this IB Agreement and agrees on their terms and conditions.

Any failure by iFX Brokers Holdings (Pty) Ltd to enforce its rights and remedies under these Terms shall not constitute a waiver of such right or remedy.

Without prejudice to any rights, all actions, disputes, claims, demands or proceedings arising directly or indirectly in connection with, out of, or related to or from this IB Agreement, shall be held, at the sole discretion of iFX Brokers Holdings (Pty) Ltd, only in the courts whose seat is within South Africa. IB hereby specifically consents and submits to the jurisdiction of the SA courts. IB waives any claim that IB is not personally subject to the jurisdiction of any state or federal court located within South Africa or that the venue of any such suit, action or proceeding is improper or inconvenient.

IB may bring no action arising out of the IB Agreement, regardless of form, more than three months after the cause of such action.

The IB confirms that it has read and understood the terms of this IB Agreement and explicitly agrees by requesting, accepting and using the myiFXPartners platform to be legally bound by its terms and conditions.

Please complete all sections. If you have not done so yet, you will be required to open an iFX Profile and at least 1 live trading account. You will not be required to do any trading; however, you will need an account to collect your rebates. Submit the completed form to partners@iFXbrokers.com and allow 24-48 hours for processing. The results will ensure that your partner solution is customised to best suit your operational requirements.