These terms constitute an agreement (the “Agreement”) between you (the “Client”) and Magic Compass Prime Ltd (the “Company”).
Contracts for Difference (hereinafter “CFDs”) are complex instruments that provide no capital protection, and no guaranteed return, whereas the trading results are magnified due to the effect of leverage. Trading CFDs is not suitable for all investors; traders should make sure that they fully understand the features of the product and the risks involved before opening trading account(s). Traders should ensure that they only trade the amounts they can afford to lose, while being aware of trading risks.
Scope of the Risk Disclosur
The Risk Disclosure and Warning Notice (hereinafter “Risk Disclosure document”) outlines on a fair and non-misleading basis the general nature of the risks involved when dealing with CFDs.
Clients should not commence trading in CFDs unless they understand the risks involved. It should be noted that it is impossible for the Risk Disclosure document to contain all the risks and aspects involved in trading CFDs, nor how such risks relate to each client's personal circumstances. Clients need to ensure that their decision is made on an informed basis. Clients may seek professional independent advice before commencing trading.
This disclosure is provided for informational purposes and should not be treated as marketing material or any form of client solicitation.
The Risk Disclosure document should be read in conjunction with the Client Agreement and General Business Terms that are available on the website.
Main risks associated with transactions in CFDs
Use of leverage
Leverage in CFD transactions allows clients to gain exposure to the underlying asset with a smaller upfront investment, known as margin.
While leverage is a powerful tool, it can be seen as a double-edged sword. This is because both profits and losses can be magnified by even small market movements; and clients could incur large losses if their position moves against them. However, retail clients cannot lose more than the balance on their trading account(s) as the Company provides “negative balance protection”.
Before investing in margin trading instruments, clients shall ensure that they only invest funds that they can afford to lose.
Credit and Insolvency Risk
When trading CFDs, clients are effectively entering into an over-the-counter (hereinafter “OTC”) transaction; this implies that any position opened with the Company cannot be closed with any other entity. OTC transactions may involve greater risk compared to transactions executed on regulated markets (e.g. traditional exchanges); this is due to the fact that in OTC transactions, there is no central counterparty and either party to the transaction bears certain counterparty credit risk.
The Company’s insolvency or default may lead to positions being liquidated or closed out without the client’s consent.
Market Risk
CFDs are exposed to market events, such as the implementation of governmental, agricultural, commercial and trade programs and policies, national and international socioeconomic and political events, natural disasters etc., which may substantially affect the price or availability of a given underlying asset. Based on the underlying of each contract, clients are exposed to different types of market risk such as interest rate risk, commodity risk, equity risk, foreign exchange risk, and others.
Clients must therefore carefully consider their investment objectives, level of knowledge and experience as well as their risk appetite prior to entering this market.
Volatility Risk
Volatility risk can significantly impact a CFD position, as higher volatility may lead to larger price swings, increasing both the potential profits and losses.
Clients should understand and agree that if market conditions become abnormal and/or too volatile, the time required to process their orders and instructions may increase.
Foreign Exchange/Currency Risk
Be aware of currency risk. It is possible to buy or sell CFDs in a currency that is different from the base currency of your account. In such cases, the movement in foreign exchange rates may affect your realized profit or loss. Furthermore, clients face foreign exchange risk if they make payments in a currency that differs from the currency of their trading accounts.
Liquidity Risk
Liquidity risk refers to the possibility that certain underlying assets may not be readily tradable or lack immediate market liquidity during a specific time frame, which could result in losses that are difficult to prevent or mitigate. In such cases, the bid-ask spread may become wider, making transactions more expensive.
Technical Risk
Technical risk is an inherent aspect of online trading, encompassing potential challenges arising from hardware and software failures, connectivity issues, electricity network failures, hacker attacks, connection overload, system malfunctions, and other technical factors that may impact order execution and overall trading performance. Traders should use reliable technology and antivirus software, and maintain a stable internet connection. Additionally, they should implement effective risk management trading strategies and stay informed about platform updates while having contingency plans for technical failures. Traders should refrain from sharing login credentials and should utilize strong and unique passwords.
Trading Platforms
All clients' instructions are sent to our server and executed in order. Therefore, clients cannot send a second order until their previous order has been executed. If a second order is received before the first is processed, the second order will be rejected. Clients assume responsibility for any unplanned trading operation that may be executed if they resubmit an order before being notified of the results of the first order.
Clients must understand that closing the order window or position window does not cancel a submitted order.
Clients acknowledge that only the quotes received from our server are valid. If there is a problem in the connection between the client terminal and our server, the client can retrieve undelivered quote data from the client terminal's quote database.
Communication
There is a risk that the client may miss important communications if their communication channels are not up-to-date or functioning properly. It is crucial for the client to ensure that their contact information is current and reliable to avoid any potential communication gaps and associated consequences.
Abnormal Market Conditions – Suspensions of Trading
Under certain trading conditions, it may be difficult or impossible to execute or liquidate a position, or the period during which the Clients’ orders are executed may be extended. This may occur, for example, at times of rapid price movement, when the prices rise or fall in one trading session to such an extent that trading may be suspended or restricted. Placing a stop loss order will not necessarily eliminate clients’ losses to the intended amounts, because market conditions may make it impossible to execute such an order at the stipulated price. In addition, under certain market conditions, the price at which a stop loss order is executed may be worse than its stipulated price and the realized losses can be greater than expected.
Risks associated with the laws of individual governments
Slippage is a phenomenon when the requested price has slipped, i.e. the order was opened with a different price from the requested price. It refers to the difference between the expected price of a trade and the price at which the trade is executed. Slippage can occur at any time, but is most prevalent during periods of high volatility. Slippage does not denote a negative or positive movement because any difference between the intended execution price and the actual execution price qualifies as slippage. The final execution price vs. the intended execution price can be categorized as positive slippage, no slippage, or negative slippage. A market order may get executed at a less or more favorable price than originally intended when this happens.
Slippage
Clients assume responsibility for trading and non-trading operations performed within countries where they are restricted or prohibited by law.
Third-Party Risk
The Company may deposit client money with a third party. Although the Company shall exercise due skill, care, and diligence in the selection of such a party, it is understood that there are circumstances beyond the control of the Company and hence the Company does not accept any liability or responsibility for any resulting losses to the client as a result of the insolvency or any other analogous proceedings or failure of such third parties.
Additional Disclosures
Margin Requirements
Clients must maintain the minimum margin requirement on their open positions at all times. It is the clients' responsibility to monitor their account balance and ensure that sufficient funds are in place to cover their trading strategy and minimum margin requirements. Failure to do so, may result in positions in the client's trading account, being liquidated. Clients should not rely on last-minute deposits.
Rights to Underlying Assets
CFDs do not provide any rights to the underlying instruments.
Taxation
The clients should seek independent tax advice, if necessary, to establish whether they are subject to any tax, including stamp duty.
Impersonation Risk
There might be cases of fraudulent impersonation of the Company’s officers and representatives. Clients should not share their personal data, including information about their trading accounts, with persons who appear to represent the Company unless they have ensured that such persons communicate from the official contact details and domains of the Company.
In case of any queries in regard to the content of this document and the features of our products, you may contact our customer support at service@mc-prime.com.
Before deciding to trade, you should carefully consider your financial situation, objectives and needs, and seek independent financial, legal, tax, and/or other professional advice.
In case of question about any of the risks arising out of trading, you should consult with your own legal, tax, and other financial advisers prior to entering into any particular transaction with the Company.
Client’s Orders/Instructions & Execution of Orders
1. Execution of Orders: It is the Company’s approach to take all sufficient steps to obtain the best possible result on behalf of its Clients when executing Client orders on Financial Instruments offered by the Company or receiving and transmitting orders for execution. The Client understands and acknowledges that the Company will enter into transactions with the Client either as principal (counterparty) or an agent. The Company will be the contractual counterparty to the Client.
2. The Company, when executing orders, will obtain the best possible result for Clients, taking into account factors like price, costs, speed, likelihood of execution and settlement, size, market impact or any other consideration relevant to the execution of the order. Where the Company executes an order on behalf of a Client, the best possible result shall be determined in terms of the total consideration, representing the price of the financial instrument and the costs relating to execution, which shall include all expenses incurred by the Client which directly relate to the execution of the order.
3. For determining the importance of the execution factors indicated above, the following criteria are also taken into account:
• The characteristics of the Client
• The characteristics of the Client order
• The characteristics of Financial Instruments that are the subject of that order
• The characteristics of the execution venues to which that order can be directed
4. The Client understands and confirms that all orders received by the Company from the Client are orders for execution outside a Regulated Market or MTF.
5. Client’s Orders/Instructions: Orders may be placed with the Company once the Client gets access to the Company’s Trading Platform. The Company will be entitled to rely and act on any Order placed on the Trading Platform without any further enquiry to the Client and any such Orders will be binding upon the Client.
6. The Company’s Buy/ Sell prices for a given CFD are calculated by reference to the price of the relevant Underlying Asset. Third party reputable external resources (i.e. feed providers) obtain prices (Buy/Sell prices) of the Underlying Asset for a given CFD. The Company then uses the prices given by the feed providers to calculate their own tradable prices for a given CFD. The Company adjusts the Spread (i.e. the difference between the Buy/Sell prices), hence the prices it quotes to Clients compared to the prices it obtains from third party external reference sources may differ, as they include a Spread adjustment. The Company provides Quotes by taking into account the Underlying Asset price. The Client acknowledges that such Quotes will be set by the Company at its absolute discretion.
7. Orders can be placed, executed and changed or removed within the trading hours for each CFD showed on the Company’s Website, as amended from the Company from time to time and if they are not executed they shall remain effective through the next trading session (as applicable). The Company shall not be obliged to arrange for the execution of the Client’s orders in respect of any CFD out of normal trading hours which appear on the Company’s Website.
8. If any tradable instrument becomes subject to possible adjustments, the Company will determine the appropriate adjustment, if any, to be made to the opening/closing price, size, value and/or quantity of the corresponding transaction. The determination of any adjustment or amendment to the opening/closing price, size, value and/or quantity of the Transaction (and/or the level or size of any order) shall be at the Company’s sole discretion and shall be conclusive and binding upon the Client. The Company shall inform the Client of any adjustment or amendment via its internal mail as soon as is reasonably practicable.
9. During the occurrence of a manifest error i.e. a manifest or obvious misquote by the Company, or any market, liquidity provider or official price source on which the Company has relied in connection with any transaction, having regard to the current market conditions at the time an order is placed as the Company may reasonably determine, the Company may amend the details of affected transactions to reflect what the Company reasonably determines as correct and fair and/or declare any or all affected transactions as void.
10.During periods of abnormal Market (Volatile) Conditions, during news announcements, on opening gaps (trading session starts), or on possible gaps where the Reference Asset has been suspended or restricted on a particular market, Buy/Sell Stop and Stop Loss orders may not be filled at requested/declared price but instead at the next best available price. In such case, Take Profit orders below/above Buy Stop/Sell Stop orders or Stop Loss orders above/below Buy Stop/Sell Stop orders during activation will be removed. The same applies when a trading strategy is deemed as abusive, because it is aiming towards potential riskless profit or another strategy deemed by the Company to be abusive. Accordingly, placing a Stop Loss order will not necessarily limit the Client’s losses at the intended amount.
Decline of Client’s Orders and Instructions
1. The Company is entitled to decline or refuse to transmit or arrange for the execution of any order in any of the following cases as applicable:
a. under abnormal market conditions;
b. If the Client’s free Margin is less than the required Margin or there are no available cleared funds deposited in the Client Account to pay all the charges of the particular order;
a. under abnormal market conditions;
b. If the Client’s free Margin is less than the required Margin or there are no available cleared funds deposited in the Client Account to pay all the charges of the particular order;
c. it is impossible to proceed with an order regarding the size or price or the proposed Transaction is of such a size (too small or too large), that the Company does not wish to accept that order or the Company believes that it will not be able to hedge the proposed transaction or it is impossible for the order to be executed due to condition of the relevant market;
d. where the Company suspects that the Client is engaged in money laundering activities or terrorist financing or other criminal acts;
e. in consequence of request of regulatory or supervisory authorities or a court order;
f. where the legality or genuineness of the order is under doubt;
g. there is absence of essential detail of the order or the order is not clear or has more than one interpretation;
h. a Quote is not obtained from the Company or the Quote obtained by the Company is an indicative Quote or the Quote is the result of manifest error or Quote is an error Quote;
i. internet connection or communications are disrupted;
j. a Force Majeure Event has occurred;
k. the Company has sent a notice of termination of this Agreement to the Client;
l. the Client has failed to meet the minimum Margin requirement;
Trading Platform usage
1. The Client shall enter his user ID and password ("Codes") registered during the online account opening procedure when logging on to the Company’s Trading Platform. The Client should notify the Company without undue delay on becoming aware of unauthorized use of the Trading Platform, or if the Client suspects that the password has been misappropriated by a third party.
2. The Client shall take all necessary precautions to ensure the confidentiality of all information, including, but not limited to, the Codes to the electronic systems, Transaction activities, account balances, as well as all other information and all orders. The Client shall be solely responsible for all orders and the accuracy of all information sent via the internet using its Codes. The Client acknowledges that the Company bears no responsibility in the case that the Codes are used in an unauthorized manner by any third party.
3. The Company shall not be responsible for losses resulting from the Client's installation and use of the computer programs used on the Trading Platform, unless such liability follows from indispensable rules of law. Where the Trading Platform is used by the Client, it shall be responsible for ensuring that the Trading Platform is adequately insured against direct and indirect losses which may result from the installation and use of the computer programs in the Client's computer system. Furthermore, the Client shall be obliged to make backup copies of data which, should such data be lost, might result in losses for the Client.
4. When using the Company’s platform, the Client shall:
• run such tests and provide such information to us as we shall reasonably consider necessary to establish
• ensure that the system and/or hardware equipment used by the Client satisfies the requirements notified by us to you from time to time;
• inform us immediately of any unauthorized access to its system or instruction which the Client know of or suspect and, if within its control, cause such unauthorized use to cease; and
• not at any time leave the terminal from which the Client have accessed the trading platform or let anyone else use the terminal until he has logged off the trading platform.
5. To the extent permitted by Applicable Regulations, the Company shall not be liable for:
a. any loss, expense, cost or liability (including consequential loss) suffered or incurred by the Client as a result of instructions being given, or any other communication being made via the internet or other electronic media; the Client shall be solely responsible for all orders, and for the accuracy of all information, sent via such electronic media; and
b. any loss or damage that may be caused to any equipment or software due to any viruses, defects or malfunctions in connection with the access to, or use of, the electronic systems.
6. If the Client wants to use a third party software application to provide trading signals or advice or other trading assistance like an “expert advisor” or a hosting environment allowing for real-time access to the Client’s Account, the Company and its third party suppliers or licensors make no warranties or representations of any kind, whether expressed or implied for the service it is providing. The Company and its third party suppliers or licensors also disclaim any warranty of merchantability or fitness for any particular purpose and will not be responsible for any damages that may be suffered by the Client, including loss of funds, data, non-deliveries or service interruptions by any cause or errors or omissions by the Client. The Client’s use of any information obtained by way of an expert advisor used in conjunction with a hosting environment or otherwise is at the Client’s own risk, and the Company and its third party suppliers specifically disclaim any responsibility for the accuracy or quality of information obtained through its services. Connection speed represents the speed of an end-to-end connection. The Company and its third party suppliers or licensors do not represent or guarantee the speed or availability of end-to-end connections. The Company and its third party suppliers or licensors shall not be subject to any damages or liability for any errors, omissions or delays therein including unavailability. The licensed products and all components thereof are provided on an “as is” basis and are separate and distinct from the services provided under this Agreement. Where the Company believes that a Client is using additional functionalities/plug-ins where it affects the reliability and/or smooth and/or orderly operation of the electronic systems the Company has the right to suspend or terminate the Client’s Account.
7. The Company makes every effort to deliver high quality products. However, we do not guarantee that our products are free from defects. Our software is provided “as is” and the Client uses the web platform at his own risk. The Company makes no warranties as to performance, fitness for a particular purpose, or any other warranties whether expressed or implied. No oral or written communication from or information provided by the Company shall create a warranty. Under no circumstances shall the Company be liable for direct, indirect, special, incidental, or consequential damages resulting from the use, misuse, or inability to use this software, even if the Company has been advised of the possibility of such damages.
8. The Client understands that the use of the Trading Platform including each Transaction the Client complete thereto will not violate any law, ordinance, charter, by-law or rule applicable to him or any agreement by which the Client is bound or by which any of the Client’s assets are affected;
Market Abuse
1. The Client acknowledges that they will not enter into any transaction which falls within the definition of market abuses of Seychelles Securities Act 2007 as amended. This rule applies to all forms of market abuse such as insider trading (an abusive exploitation of privileged confidential information), the misuse of information and directors trading in shares of their own companies;
2. If the Company suspects or has reasonable grounds to believe that the Client has been engaged into an abusive behavior as indicated above the Company reserves the rights to void and/or cancel part or all Client’s abusive trading transactions, close all and any of the Client’s trading accounts and terminate this Agreement.
Introducing Brokers and Affiliates
1. The Client may have been recommended by an introducing broker or an affiliate based on a written agreement with the Company subject to the Applicable regulations.
2. The Company may pay a fee/commission to introducing brokers and/or affiliates based on a written agreement. The Company has the obligation and undertakes to disclose to the Client, upon his request, further details regarding the amount of fees/commission or any other remuneration paid by the Company to introducing brokers or affiliates.
4. The Client acknowledges that the introducing broker or affiliate is not a representative of the Company.
Usage of Information
1.Usage of Information: The Company may use information for the following purposes (list not exhaustive):
• Provision of the Services under this Agreement
• For KYC and due diligence purposes i.e. verification of identity
• For maintenance and management of the Client’s account as well as administration of the services provided to the Client
• Communication with the Client when necessary or appropriate
• Compliance with legal and regulatory requirements
2. Share of Information: The Company may share Client’s personal information with business partners and suppliers with whom the Company may have outsourced certain of business functions or cooperating with. Personal data collected by the Company may be transferred or disclosed to third party contractors, subcontractors, for the purposes for which the Client has submitted the information i.e. agreements with Service Providers.
3. It is the Company’s policy to disclose information to third parties under the following circumstances:
• For regulatory compliance purposes
• When explicitly requested by the Client
• Or otherwise as set out in this section
4. In order for the Company to provide services to its Clients, the Company may be required to transfer the Client’s personal information to parties located in countries which may not have an equivalent level of data protection laws as in the Seychelles. Where this is the case we will take reasonable steps to ensure the privacy of the information. The Client acknowledges and understands that by submitting its personal information to the Company agrees to the aforesaid transfer, storage and processing of the information.
5. If the Client wishes to withdraw its consent to the use of information, rectify a personal information or request the provision or deletion of information held by the Company related to itself, he may submit its request at the email addressservice@mc-prime.com.
Force Majeure Events
1. In case of a force majeure event as listed below (list not exhaustive), the Company shall not be liable for any failure to provide the Services under this Agreement, beyond its control:
a. Government actions, war or hostilities, acts of terrorism, national emergency,
b. Act of God, earthquake, tsunami, hurricane, typhoon, accident, storm, flood, fire, epidemic or other natural disasters;
c. Labour disputes and lock-out which affect the operations of the Company;
d. Suspension of trading on a Market, or the fixing of minimum or maximum prices for trading on a Market, a regulatory ban on the activities of any party (unless the Company has caused that ban), decisions of state authorities, governing bodies of self-regulating organizations, decisions of governing bodies of organized trading platforms;
e. Breakdown, failure or malfunction of any electronic, network and communication lines (not due to the bad faith or wilful default of the company and hacker attacks;
f. Any event, act or circumstances not reasonably within the Company’s control and the effect of that event(s) is such that the Company is not in a position to take any reasonable action to cure the default;
g. The suspension, liquidation or closure of any market or the abandonment or failure of any event to which the Company relates its Quotes, or the imposition of limits or special or unusual terms on the trading in any such market or on any such event;
h. The failure of any relevant supplier, financial institution intermediate broker, liquidity provider, agent or principal of the Company, custodian, sub-custodian, dealer, exchange, clearing house or regulatory or self-regulatory organisation, for any reason, to perform its obligations.
2. If the Company determines reasonably that a force majeure event exists (without prejudice to any other rights under the Agreement) the Company may without prior notice and at any time proceed with the following actions:
a. increase Margin requirements without notice;
b. decrease leverage;
c. close out any or all open positions at such prices as the Company considers in good faith to be appropriate;
d. refuse to accept orders from Clients;
e. determine at its discretion the quotes and spreads that are executable through the Company’s Trading Platform;
f. suspend or modify the application of any or all terms of the Agreement to the extent that the force majeure event makes it impossible or impractical for the Company to comply with them;
g. take or omit to take all such other actions as the Company deems to be reasonably appropriate in the circumstances with regard to the position of the Company, the Client and other clients;
Representations and Warranties
1. The Client represents and warrants to the Company the following:
a. The Client is over 18 years’ old;
b. The information provided by the Client to the Company in the account opening application form and at any time thereafter is true, accurate and complete, and at any time there is a change to the Client personal data, the client will ensure that this data is updated and accurate, and the documents are valid and authentic;
c. The Client is duly authorised to enter into this Agreement and has the capacity;
d. Any actions conducted by the Client under this Agreement will not violate any law or rule applicable to the Client or to the jurisdiction in which the Client is resident, or any agreement by which the Client is bound or by which any of the Client’s assets or funds are affected;
e. The Client has read and fully understood and undertakes to comply with the terms of this Agreement;
f. The Client funds are not in any direct or indirect way the proceeds of any illegal activity or used or intended to be used for terrorist financing;
g. There is no pending or, to the best of the Client’s knowledge, any legal proceeding before any court, arbitration court, governmental body, agency or official likely to affect, the legality, validity or enforceability against him of this Agreement;
h. Any information which the Client provides to the Company will not be misleading and will be true and accurate in all material respects;
i. There are no restrictions, conditions or restraints by Central Banks or any governmental, regulatory or supervisory bodies, regulating Client’s activities, which could prevent or otherwise inhibit the Client entering into, or performing in accordance with this Agreement and/or under any transaction which may arise under them;
j. The Client is not entering into any transaction unless he has a full understanding of all of the terms, conditions and risks involved;
Account Closing Procedure
1. Account Closing Procedure: Either party can terminate this Agreement by giving seven (7) business days’ written notice to the other party. Following the notice, the Client should close all open positions. In the case where the Client has open positions during the termination notice period, then the Company reserves the right not to accept any new Transaction orders and the Company shall have the right to close all of the Client's open positions on expiry of the notice period to the extent the Client has not already done so. Upon termination of this Agreement, the Company shall be entitled to cease the access of the Client to the Trading Platform.
2. The Company is entitled to close all open positions and terminate this Agreement immediately without giving prior written notice in the following cases:
• The Client fails to comply with any obligation to make any payment when due under this Agreement;
• There are reasonable grounds to believe that the Client is in breach of this Agreement;
• The Client activity might be a violation of any Applicable Regulations;
• The Client dies, becomes or is adjudged to be of unsound mind, is or becomes unable to pay his debts as they fall due, is or becomes bankrupt or insolvent within the meaning of any insolvency law or any suit, action or proceeding is commenced for any execution of all or any part of the property, undertaking or assets of the Client;
• The Client commences a voluntary case or other procedure, or there is an involuntary case or other procedure or other similar procedure under any insolvency law.
3. The Company may terminate this Agreement immediately without giving prior written notice, and the Company have the right to reverse and/or cancel all previous Transactions on a Client’s account, in the following cases:
• The Client involves the Company directly or indirectly in any type of fraud, in which it places the interests of Company and/or the Company’s clients at risk prior to terminating this Agreement.
• The Client’s trading activity adversely affects in any manner the reliability and/or smooth operation and/or orderly functioning of the Trading Platform.
Company Liability
1. Nothing in this Agreement excludes or limits the Company’s liability for any matter that cannot be excluded or limited under Applicable Regulations.
2. The Company will not be liable to the Client for any loss which arises as a result of:
a. The Company’s compliance with, or the exercising of any of the Company’s rights in accordance with, Applicable Regulations or this Agreement;
b. The Client’s negligence, fraud or breach of this Agreement or Applicable Regulations;
c. Any abnormal market condition or force majeure event;
d. any delays, delivery failures, or failures in transmission of any order or any other communication or any other loss or damage resulting from the transfer of data over mobile or other communications networks and facilities outside of of the Company’s control.
e. Any features, market data or third party content available on the Company’s Website, Platform or emails, are provided on an "as is" and "if available" basis.
3. Neither the Company nor the directors, officers, servants, agents or representatives of the Company shall be liable to the Client (except in the case of fraud) for any consequential, indirect, special, incidental, punitive or exemplary loss, liability or cost which the Client may suffer or incur arising from the act of omissions of the Company under this Agreement regardless of how such loss, liability or cost was caused and regardless of whether it was foreseeable or not. For the purposes of this paragraph, a loss, liability or cost includes any loss, liability or cost (as appropriate) arising from the Client being unable to sell Financial Instruments where the price is falling, or from not being able to purchase Financial Instruments where the price is rising, or from being unable to enter into or complete another trade which requires him to have disposed of or purchased the Financial Instruments or any other loss, liability or cost arising as a result of loss of business, profits, goodwill or data and any indirect, special, incidental, consequential, punitive or exemplary loss, liability or cost, whether arising from negligence, breach of contract or otherwise and whether foreseeable or not.
4. For the avoidance of doubt, the Company’s third party providers are not responsible for and have not participated in the determination of the Company’s prices and they exclude all warranties, undertakings or representations (either express or implied) relating to the Client’s use of the Company’s Platform or the Company’s Website. Without limiting the foregoing, in no event whatsoever shall the Company’s third party providers be liable for any loss, regardless of whether they are aware of such loss and whether such liability is based on breach of contract, tort or otherwise.
5. Save in the event of the Company’s negligence, willful default or fraud, the Company will not be liable for any loss or damage caused by a hacker’s attack, viruses or other technologically harmful material that may infect your computer equipment, computer programs, data or other proprietary material due to your use of the Company’s Platform or Website or to the Client’s downloading of any material posted on it, or on any website (including our Website) linked to it.
General Campaign Rules
This is a general announcement. Products and services referred herein may not be available in your area. We reserve the right, in its sole discretion, to revise, modify or withdraw these rules at any time and for any reason without prior notice.
Magic Compass Prime Limited (“MC Prime”) will conduct the campaign (the “Campaign”) substantially as described in these rules (the “Rules”). By participating in the Campaign, participants (“Participants”) are deemed to have accepted these rules, which are final and binding in all aspects.
Risk Warning: Asset prices can be volatile. These fluctuations may affect the value of assets and the value of your investment can go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and MC Prime is not responsible or liable for any losses you may incur. This material should not be construed as financial advice.
Any changes to the Campaign will be published on the platform and MC Prime reserves the right to cancel or amend the Campaign or these Rules at its sole discretion.
1. Eligibility: To be eligible for the Campaign, Participants must fulfil the following conditions:
a. Who are eighteen (18) years of age or older at the time of entry; and
b. Who have a MC Prime account.
VOID WHERE PROHIBITED. Employees, officers and representatives, and immediate family members of such employees, officers and representatives (i.e., parent, spouse, siblings, children, grandparents, step parents, step children and step siblings, and their respective spouses, and those living in the same household, whether or not related) of MC Prime or its affiliated companies, parent companies, subsidiaries, participating promotional partners, advertising and promotion agencies, webmasters and any company involved in the creation, design, execution, production, or fulfillment of the Campaign (collectively, “Campaign Entities”) are not eligible to enter.
2. Entry: The Campaign will begin and end at the times specified by MC Prime (the “Campaign Period”). Entry methods for the Campaign will be specified by MC Prime and all entries must be received during the Campaign Period. MC Prime’s computer is the official timekeeping device for entry in the Campaign. Normal time rates, if any, charged by the Participants’ Internet service or mobile provider will apply.
When submitting an entry, a Participant is required to provide complete and truthful information. Entries that are incomplete, illegible, corrupted, false, lost, late or misdirected, deceptive or otherwise not in compliance with the Rules may not be disqualified from the Campaign at MC Prime’s sole and absolute discretion. Entries submitted by that person or his/her agents. Entries submitted by persons who do not meet the eligibility requirements (including all requirements with age and residence) are void. The use of scripts, computer programs, robotic repetitive, macro, automatic, programmed or similar automated entry methods or agents to submit entries will void all entries submitted by that person and their agents. MC Prime will disqualify any entry from individuals who do not meet the eligibility requirements. All entries submitted in compliance with these Rules and not disqualified or void are considered as “Eligible Entries”. All entries are the property of MC Prime.
By entering the Campaign, Entrant: (a) agrees to be bound by these Rules and by MC Prime’s interpretation of these Rules and by the decisions of MC Prime, which shall be final and binding in all aspects; (b) acknowledges compliance with these Rules; and (c) agrees to comply with any and all applicable federal state and local laws, rules and regulations. Winning the Prize (defined below) is contingent upon fulfilling all requirements set forth in these Rules.
3. Prize: The prize(s) of the Campaign will be specified by MC Prime (the “Prize”). The total approximate retail value of the Prize(s) is as specified by MC Prime. From time to time during the Campaign Period, MC Prime may in its sole discretion award bonus Prizes to Participants. If for any reason the Prizes, or any part of a Prize, is unavailable or a Prize or related event is delayed, canceled or postponed, or for any other reason, MC Prime reserves the right to modify the Campaign in its sole discretion and award a substitute prize, or portion of prize, of comparable or greater value as set forth in these Rules. No substitution, transfer, assignment or cash equivalent of the Prize, or any portion thereof, is permitted by the Winner (defined below). MC Prime and the Campaign Entities shall have no responsibility or obligation to a Winner who is unable or unavailable to, or who does not for any reason, accept or utilize a Prize. In the event a potential Winner cannot accept the Prize, an alternate Winner will be randomly drawn from all remaining Eligible Entries. All costs and expenses not specifically listed above as part of the Prize are Winner’s sole responsibility. Winner agrees to comply with any additional terms and conditions applicable for participating in the Campaign. The Prizes are provided on an “as is” basis. Participants hereby acknowledge that MC Prime and the Campaign Entities have neither made nor are in any manner responsible or liable for any warranty, representation or guarantee, express or implied, in fact or in law, relative to the Prizes, including any implied warranty of merchantability of fitness for a particular purpose. Any Prizes pictured in advertising and other Campaign materials are for illustrative purposes only.
The value of the Prize may be taxable as income. All federal, state and local tax liability, and any other costs and expenses associated with acceptance or use of the Prize not specifically provided for in these Rules are solely the Winner’s responsibility (regardless of whether the Prize, in whole or in part, is used).
If the Prizes include cash rewards credited to the Winner’s MC Prime wallet or account, a deposit is mandatory for the first withdrawal with MC Prime. The minimum deposit amount required is 50 USD. All deposits must comply with MC Prime’s standard verification and approval process. The deposited funds can be used for trading and are subject to withdrawal after meeting MC Prime’s terms and conditions. If your withdrawal amount is less than 50 USD, a handling fee of 3 USD will be charged. If your trading volume is less than 50% of your deposit amount, a handling fee of 10% of the withdrawal amount will be charged.
4. Winner Selection and Notification: The winner (“Winner”) of the Campaign will be determined by MC Prime in its sole and exclusive discretion. The Winner may be notified within seven (7) days (or such other time as specified by MC Prime) following the earlier of the selection of the Winner or the end of the Campaign Period by email (at email address provided with entry), by phone (at the phone number provided with the entry), or such other method as specified by MC Prime, and Winner will be required to confirm their email address and phone number.
MC Prime and the Campaign Entities reserve the right to make a public announcement, announcing the Winner on either the MC Prime website, through MC Prime app, or in any manner (including, without limitation, social media), which it deems appropriate. If the Winner cannot be reached after reasonable efforts has been exerted and or the Winner fails to respond within three (3) days (or such other time as may be specified by MC Prime) from when the initial notification is sent, MC Prime shall at its sole discretion forfeit the Prize and an alternate Winner may be selected. If the alternate Winner does not comply with these Rules or is otherwise unable to accept the Prize, the Prize shall be forfeited and another alternate Winner will be selected. This Winner selection and notification process shall be continued until a Winner is confirmed. If the Prize or a winner notification is returned as undeliverable, the Prize shall be forfeited and an alternate Winner will then be selected.
5. Winner Verification: The Winner may be required to prove eligibility, including, without limitation, proof of age, residence, and identity, which may include submitting a copy of his/her passport or other government issued identification within one (1) day after being notified of being a potential Winner.
The Winner (or any alternate Winner if one must be selected) is not official and shall not be confirmed as the Winner until they has completed, signed and returned documentation as may be required by MC Prime. If the Winner (or any alternate Winner) does not complete all the necessary forms within the time given and/or in the event of non-compliance by the Winner (or alternate Winner), such Winner (or alternate Winner) shall be chosen from the remaining Eligible Entries. All clients in attendance with a Winner must also execute all applicable documents prior to any participation or such client(s) will not be permitted to participate. Provided that the Winner is in compliance with the Rules and after having successfully proven eligibility, the Winner will be officially confirmed as the Winner. MC Prime expressly reserves the right to delay the announcement of the Winner for any reason it deems necessary. In addition, MC Prime reserves the right to select an alternate Winner in the event that any Winner fails to comply with these Rules.
6. Liability Release and Indemnity: The Prize is offered and provided on a “as is” basis with no warranty or guarantee by MC Prime or any Campaign Entities, either expressed or implied. In no event will MC Prime or any Campaign Entity be liable to participate for any direct, special, incidental, exemplary, punitive or consequential damages (including loss of use, data, business or profits) arising out of or in connection with participant’s participation in the Campaign, where such liability arises from any claim based upon contract, warranty, tort (including negligence), strict liability or otherwise, and whether some jurisdictions do not allow the limitation or exclusion of liability for incidental or consequential damages, so the above limitation or exclusion may not apply to you.
By entering the Campaign, Participant agrees to indemnify, defend, and hold harmless, MC Prime and any other Campaign Entities from any and all liability, for any claims, damages, injuries or losses of any kind, and to release all rights to bring any claim, action or proceeding arising out of, in connection with, or relating to, (i) participation in the Campaign, (ii) without limitation, death or property damage, arising directly or indirectly from the acceptance, possession, misuse or use of the Prize, (iii) defamation, violation of publicity rights, or invasion of privacy in connection with the Campaign or acceptance and use of the Prize, and (iv) copyright infringement, trademark infringement, or any other intellectual property-related cause of action arising from or related to the Campaign, the Prize, or MC Prime’s advertising and marketing related to the Campaign, Participants or the Winner, in all cases, including but not limited to: (a) unauthorized human intervention in the Campaign; (b) technical errors related to computers, servers, providers, telephone, or network lines; (c) printing errors; (d) lost, late, postage-due, misdirected or undeliverable mail; (e) errors in the administration of the Campaign or the processing of entries; or (f) injury or damage to persons or property (including to any computer or mobile device systems resulting from participation in or accessing or downloading information in connection with the Campaign), which may be caused, directly or indirectly, in whole or in part, from Participant’s participation in the Campaign or receipt or use of any Prize. Participant assumes all liability for any injury or damage caused, or claimed to be caused, by participation in the Campaign, or the acceptance, receipt, or use of the Prize or any Prize component. Participant further agrees that in any cause of action, MC Prime and/or the Campaign Entities’ liability will be limited to the value of the Prize, and in no event shall the Campaign Entities be liable for attorney’s fees.
MC Prime and the Campaign Entities assume no responsibility for and will disqualify entries that are: stolen, late, lost, illegible, incomplete, invalid, unintelligible, altered, tampered with, unauthorized, fraudulent, damaged, destroyed, delayed, misdirected, not delivered, not received, or that have incorrect or inaccurate entry information, whether caused by any of the equipment or programming associated with or utilized in the Campaign, or by any human, mechanical or electronic error that may occur in the processing of the entries in the Campaign, or other errors appearing within the Rules or in the Campaign related advertisements. MC Prime and the Campaign Entities assume no responsibility for any typographical or other error in the printing of the offer, administration of the Campaign, errors in processing entries, identifying the Winner, in the announcement of the Prize and Winner, the delivery of the Prize, any problems or technical malfunction of any telephone network or lines, computer systems, online systems, servers or providers, computer equipment, software, failure of any email or players on account of technical problems or traffic congestion on the Internet or on any web site including MC Prime, or any combination thereof, including, without limitation, any injury or damage to Participant’s or any other person’s computer system/software related to or resulting from participation in, uploading any materials or downloading any materials in relation to the Campaign. Use of any device to automate or subvert entry is prohibited and any entries received by such means will be void. MC Prime reserves the right in its sole discretion to disqualify any person it suspects or finds (i) to have tampered with the entry process or the operation of the Campaign; (ii) to be acting in a disruptive manner, or with the intent to annoy, abuse, threaten or harass any other person; (iii) to display behavior that will bring such Winner, MC Prime or the Campaign Entities into disgrace; (iv) to have provided inaccurate information on any legal documents submitted in connection with the Campaign; or (v) to be acting in violation of these Rules. ANY VIOLATION OF THESE RULES BY A WINNER WILL RESULT IN THEIR DISQUALIFICATION AS A WINNER OF THE CAMPAIGN AND ALL PRIVILEGES AS A WINNER WILL BE IMMEDIATELY TERMINATED.
7. Grant of Rights: Except where prohibited by law, by entering into the Campaign and/or winning the Prize, Participant irrevocably consents to the use of their name, image, photograph, likeness, biographical information, entry, statements attributed to Participant (if true) and any video footage related to the Prize, for all MC Prime and/or Campaign Entities’ advertising, promotional or other commercial purposes in all media now or hereafter known, worldwide and in perpetuity without additional compensation and additionally consents to MC Prime and/or the Campaign Entities putting their name on a winner’s list. Please note that MC Prime may not acknowledge or return any entries.
8. General Terms: MC Prime and/or the Campaign Entities are not responsible if the Campaign cannot take place, or if the Prize cannot be awarded due to delays, interruptions or failures due to acts of God, war, natural disasters, weather, acts or threats of terrorism, strikes, lockouts, labor disputes, work stoppages, fire, acts of government, or other events outside of the reasonable control of MC Prime and/or the Campaign Entities. If, for any reason the Campaign is not capable of running as planned, including, without limitation, due to infection by computer virus, bugs, tampering, unauthorized intervention, fraud, technical failures, or any other causes beyond the reasonable control of MC Prime and/or the Campaign Entities, which, in MC Prime’s sole determination, corrupts or affects the administration, security, fairness, integrity or proper conduct of the Campaign, MC Prime reserves the right, in its sole discretion, to cancel, terminate, modify, or suspend the Campaign or any part of it. If the Campaign or any part of it is terminated or modified prior to the closing of the Campaign Period, notice may be posted on MC Prime’s website and/or app. MC Prime reserves the right to modify and amend these Rules from time to time during the Campaign Period for clarification purposes.
ANY ATTEMPT BY ANY PERSON TO DELIBERATELY DAMAGE OR UNDERMINE THE LEGITIMATE OPERATION OF THE CAMPAIGN MAY BE IN VIOLATION OF CRIMINAL AND CIVIL LAW AND SHOULD SUCH AN ATTEMPT BE MADE, MC PRIME RESERVES THE RIGHT TO SEEK REMEDIES AND DAMAGES (INCLUDING ATTORNEYS’ FEES) FROM ANY SUCH PERSON TO THE FULLEST EXTENT PERMITTED BY LAW.
The invalidity or unenforceability of any provision of these Rules will not affect the validity or enforceability of any other provision. In the event that any provision of these Rules is determined to be invalid or otherwise unenforceable or illegal, the other provisions will remain in effect and will be construed in accordance with their terms as if the invalid or illegal provision were not contained herein. MC Prime’s failure to enforce any term of these Rules will not constitute a waiver of that term or any other provision of these Rules. Participant agrees to waive any rights to claim ambiguity of these Rules. Headings are solely for convenience of reference and will not be deemed to affect in any manner the meaning or intent of these Rules or any provision hereof. In the event there is a discrepancy or inconsistency between disclosures or other statements contained in the Campaign–related materials, privacy policy or terms of use on a website and/or the terms and conditions of these Rules, these Rules shall prevail, govern and control and the discrepancy will be resolved at MC Prime’s sole and absolute discretion.
9. Privacy: All information submitted by Participant and collected by MC Prime in connection with Participant’s entry will be subject to and will be treated in a manner consistent with MC Prime’s Privacy Notice available at: https://www.mc-prime.com/privacy/. By participating in the Campaign, Participant hereby acknowledges that Participant has read the MC Prime Privacy Notice and understands that MC Prime’s collection and use of Participant’s personal information submitted in the entry is necessary for the performance of these Rules. Among other things, the information Participants provide may be used for sending Participants updates and announcements about MC Prime and its products and/or services following the applicable requirements.
10. Binding Arbitration: Except where prohibited by law, Participant agrees that: (1) ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THE CAMPAIGNS OR ANY PRIZE AWARDED SHALL BE RESOLVED INDIVIDUALLY, WITHOUT RESORT TO ANY FORM OF CLASS ACTION; (2) any dispute, controversy or claim arising out of or relating to the Campaign or any prize awarded shall be resolved by binding arbitration administered by the Hong Kong International Arbitration Centre (“HKIAC”) in accordance with the HKIAC Administered Arbitration Rules (the “HKIAC Rules”) then in effect; (3) any arbitration shall be heard by one arbitrator to be selected in accordance with the HKIAC Rules, in Hong Kong and the arbitration proceedings shall be conducted in English; (4) unless both Participant and MC Prime agree in writing, the arbitrator may not consolidate more than one person’s claims, and may not otherwise preside over any form of class or representative proceeding; (5) judgment upon any award rendered may be entered in any court having jurisdiction thereof; and (6) any award or judgment shall be subject to all limitations and releases set forth in these Rules and be limited to actual out of pocket damages, and shall not, in any event, include any punitive, exemplary, consequential or incidental damages, attorney’s fees or costs of bringing a claim, or any injunctive or other equitable relief. SOME JURISDICTIONS DO NOT ALLOW THE LIMITATIONS OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE ABOVE MAY NOT APPLY TO YOU.
11. Governing Law: All federal, state and local laws and regulations apply. Void where prohibited by law. All issues and questions concerning the construction, validity, interpretation and enforceability of these Rules, or the rights and obligations of the Participants and MC Prime in connection with the Campaign, shall be governed by, and construed in accordance with, the laws of Hong Kong without giving effect to any choice of law or conflict of laws rules.
12. Other Terms and Conditions: Content of each Campaign may vary, you may be required to agree to additional terms and conditions from us and/or Campaign Entities. These additional terms and conditions will supplement these Terms and Conditions and will form part of the full terms and conditions that apply to your participation in the relevant Campaign.
13. Sponsored and Administered by: Campaign is subject to these Rules as administered by MC Prime and/or the Campaign Entities.