*Corporate Applicants we will send a follow up email with additional requirements. *
INDEPENDENT CONTRACTOR AGREEMENT
Please review Agreement carefully.
Upon completion and execution of Agreement, you will receive instructions explaining how to download our software. Please be aware that you will not be able to use the software until your sub-account has been approved.
1. The Company "58 Markets" 58Markets Limited, P.O. Box 1510, Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, Saint Vincent and the Grenadines Saint Vincent and the Grenadines, West Indies, is incorporated under registered number 24082 IBC 2017 by the Registrar of International Business Companies, registered by the Financial Services Authority of Saint Vincent and the Grenadines and you "Independent Contractor" agree that you will, as an independent contractor to the Company, select purchases and sales of securities for forex, metals and cfd trading in the Company’s account, with funds (“Firm Capital”)provided by the Company (“Forex,Metals and CFD Trades”). You further understand that the Company uses 100% margin stopout, which may result in substantial losses to you if you breach the margin requirement. You will receive, as full consideration for your trading services hereunder, “100% of the net trading profits” from the Forex, Metals or CFD Trades that you select. Such net trading profits shall be calculated on a real time basis by the Company via Metatrader 4 Terminal, whose calculation shall be final and binding, absent manifest error. You may withdraw any net trading profits anytime of any month that ends with a positive Net P&L (defined below). Your relationship with the Company is that of an independent contractor, and not an employee or a customer of the Company for any purpose. This Agreement may be terminated by either of us, with or without cause, at any time, effective immediately upon written notice given to the other party via email with a 15 day notice.
2. In order to induce the Company to provide you with access to firm capital to enable you to select forex,metals or cfd Trades and keep an agreed upon percentage of the net trading profits generated thereby, you agree to bear your direct losses that result from your Forex, Metals or CFD Trades. To secure your obligation for such losses, and secure the professional services of The Company, you must deposit a minimum retainer amount of $100.00 with the Company, for margin, educational training and materials. The aggregate amount of the initial retainer fee, held by the Company from time to time is the “Retainer Balance.” The Company will make funds (firm capital) available to you based on your experience and the ability to manage risk. You will bear any losses resulting from your Forex, Metals or CFD Trades up to, but not in excess of, an agreed amount (collectively, the “Trader Losses”).
3. The Company will track within a Company sub-account that it maintains with any securities brokerage firm that it selects (the “Company Account”), all transaction results for Forex, Metals and CFD Trades that you select. Those Forex, Metals and CFD Trades will be tracked separately from all other activity and transactions within the Company Account, including Forex, Metals and CFD Trades transactions selected by the Company, by its employees and/or by other independent contractors.
The portion of the Company Account so tracked, and which holds the Forex, Metals and CFD Trades positions that you select for the Company Account from time to time, is called the “Trader Sub-Account.” You recognize that the creation of the Trader Sub-Account is an accounting mechanism only. You will be allocated firm capital described above only so long as Trader Losses don't fall below agreed upon amount : which is equal to your "retainer " with the Company.
Such firm capital shall be provided by the Company making available to you amounts sufficient to permit you to make Forex, Metals and CFD Trades in the Company Account such that the aggregate fair market value of all Forex, Metals and CFD Trades held in the Trader Sub-Account shall not exceed, in the aggregate, the amount of firm capital given by The Company.
4. Upon Termination of this contract , Company will deduct standard bank wire or credit card return withdraw fees against the remaining Retainer Funds. Retainer Funds always equal the net trading profits on the statement of the MT4 Client Terminal , which is the "official accounting record".
5. The Company will maintain a profit and loss record on the Trader Sub-Account, reflecting all profits and losses on the trades you make therein, net of all transaction fees, costs and expenses incurred by the Company for such trades to be effected. The net amount of the profit and loss on the Trader Sub-Account, as computed in real-time via the MT4 Client Terminal , is referred to as the “Net P&L.” The Net P&L will be zero before your first trade. If the Net P&L at the end of any month is negative, you will not be entitled to any compensation for that month, and the negative Net P&L will be carried forward to the following month.
If the Net P&L is positive at the end of any month, there will be “net trading profits,” the agreed upon percentage of which will be distributed to you. Each month will start with a Net P&L equal to the Net P&L at the end of the immediately preceding month, less any distributions of net trading profits made to you there from. You can withdraw your profits or remaining retainer amount at anytime.
6. The Company monitors the Net P&L continuously, and will be able to ascertain at any time, including in the middle of any trading day, if there is a negative Net P&L (a “net trading loss”). You recognize that, as noted above, the creation of the Trader Sub-Account is an accounting mechanism only. Therefore, it is the Company, and not you, which is the party to each Forex, Metals and CFD Trades, and, as between the parties to the Forex, Metals and CFD Trades and their respective brokers, it is the Company which is responsible for such net trading losses.
Therefore, in order to carry out your agreement to bear the Trader Losses, we agree as follows: upon the occurrence of any net trading loss, you hereby authorize the Company, automatically and without prior notice to you, to collect for itself out of the initial Retainer balance monies an amount equal to such Loss amount, and the Retainer Funds will be reduced by the amount of such loss and is reflected automatically in real-time via the MT4 Client Terminal.
7. If the Trader Losses, at any time, including in the middle of a trading day, and for any reason, falls below agreed upon amount , then all activity within the Trader Sub-Account shall cease immediately. You will see in the MT4 Client Platform in real time if you have margin left for trading. You agree that you will make no further purchases, sales or transactions of any kind, and hereby expressly authorize the Company to take all actions that it deems appropriate or desirable in order to prevent any such purchases, sales or other transactions. If the Company does not terminate the agreement, you may add to the Retainer Balance, provided that you thereby increase the Retainer Funds. In such case, your buying power will be restored, subject again to all of the conditions hereof.
8. You have no obligation to select any minimum number of Forex, Metals and CFD Trades in the Trader Sub-Account, or to devote any minimum amount of time to performing services hereunder. You will devote such time, and make such Forex, Metals and CFD Trades in the Trader Sub-Account as you may elect from time to time which must be made in writing via email with a 15 day notice. However, you recognize that either of us can terminate this Agreement at any time.
9. You understand that no interest shall accrue on either the Retainer Funds, the Trader Sub-Account, or any retainer balances therein from time to time. The only revenue that you will receive hereunder will be an agreed upon percentage of the net trading profits, if any.
10. By not later than December 31 of any year during which this Agreement remains in place, the Company will distribute to you, and you shall accept, the agreed upon of all net trading profits that are deemed generated in the Trader Sub-Account during such year (collectively, “Annual Trading Profits”), to the extent same were not previously distributed to you. To the extent that you are permitted to and do withdraw any Retainer Balance hereunder, same will not be deemed revenues to you, but the return of the Retainer Fee that you have provided hereunder as security to the Company.
11. You understand and agree that all right, title and interest in and to the Company Account, the Trader Sub-Account and the profit and loss thereon are and shall be the property of the Company, except to the extent that you are entitled hereunder to receive agreed upon percentage of the net trading profits, obligated hereunder to bear the Trader Losses, and entitled to receive, upon the termination of this agreement, that portion, if any, of the deposit not required to re-pay any training costs. Therefore, you should understand that any losses on Forex, Metals and CFD transactions in the Company Account, including in the Trader Sub-Account, belong to the Company, and not to you.
12. You represent to the Company that you are lawfully able to enter into and perform this agreement, and doing so will not result in a breach or violation of any agreement to which you are a party or by which you are bound.
13. You understand and agree that all software, designs, inventions, improvements, trade secrets and works of authorship owned or used by the Company or its affiliates, and all financial information, pricing strategies, client or customer lists, supplier lists and other information regarding the Company or its affiliates and their respective business operations or procedures, constitutes valuable confidential and proprietary property of the Company and its affiliates or the persons from whom the Company has obtained the right to use same (collectively, “Confidential Information”).
14. You agree that except as directed by the Company and in the ordinary course of the Company’s business, you will not at any time disclose to any person or disseminate, directly or indirectly, for your own benefit or the benefit of any others, any Confidential Information, or permit any person to examine or make copies of any document, computer disk, or other media for the storage or manipulation of information, that contains or is derived from any Confidential Information, whether prepared by you or otherwise. The provisions of this paragraph 13 and of paragraph 14 of this letter agreement will survive any termination of this agreement and any termination of your relationship hereunder with the Company.
15. You agree that upon request by the Company or in the event of the termination of this Agreement,you will immediately turn over to the Company all documents, computer disks, and other material in your possession or under your control that contain or have been derived from any Confidential Information or that relate to any work performed by you for the Company, without retaining any copies of such materials.
16. You represent and covenant to the Company that you shall abide by all securities laws, rules and regulations with respect to all Forex, Metals and CFD trades selected by you, including, without limitation, laws that prohibit the use of non-public information in making securities transactions. You understand that the Company is a private company offering access to firm capital, and trading and investing in securities for its own account.
17. Upon the termination of this Agreement for any reason, you immediately shall close all open positions in the Trader Sub-Account, and immediately upon doing so, shall cease all trading and other transaction activity therein. The Company will determine the Net P&L and distribute the agreed upon percentage of net trading profits and remaining educational balance as provided elsewhere herein.
18. You agree to indemnify, defend and hold the Company, its corporate associates and their respective officers, directors, employees and shareholders harmless, from and against any loss, damage, liability,claim, cost, award and expense, including, without limitation, reasonably attorneys’ fees arising out of or in connection with any breach by you of your obligations hereunder, or the enforcement by the Company of its rights hereunder. There will be a $50 per month inactivity fee if the Trader does not trade within a 180 day period. This fee can be avoided if the Trader notifies the firm of the prolonged inactivity.
19. You may not assign any of your rights, or delegate any of your duties hereunder, without the prior written consent of the Company, which may be withheld in the Company’s sole discretion. Any attempted or purported assignment in violation hereof shall be null and void.
20. Governing law and jurisdiction
All actions, disputes, claims, demands or proceedings arising directly or indirectly in connection with, out of, or related to or from this Agreement, shall be held, at the sole discretion of 58 Markets, only in the courts whose seat is within the Saint Vincent and the Grenadines, West Indies. Independent Contractor hereby specifically consents and submits to the jurisdiction of any federal court located within the Country of Saint Vincent and the Grenadines, West Indies. Independent Contractor waives any claim that Recruiter is not personally subject to the jurisdiction of any state or federal court located within the Saint Vincent and the Grenadines, West Indies or that the venue of any such suit, action or proceeding is improper or inconvenient. Independent Contractor may bring no action arising out of the Agreement, regardless of form, more than three months after the cause of such action. The Independent Contractor confirms that it has read and understood the terms of this Agreement. By signing the electronic agreement, the Independent Contractor explicitly agrees to be legally bound by its terms and conditions.
Fee Schedule :
Bank Wire In: We will pass any bank fees directly to the Independent Contractor
Bank Wire Out: $30 USD
Credit Card Fee In: We will pass any Stripe or Dinpay fees directly to the Independent Contractor
Credit Card Fee Out: We will pass any Stripe or Dinpay fees directly to the Independent Contractor
Trading Fees: Based on the Sub Trader Company Account allocated to you
Forex, Metals and CFD Trades : Separate agreement will be emailed with the commission charges for each security in addition to the displayed spread if any apply.
Swap Fees: These can change on a daily basis which are provided by 58 Market’s liquidity provider’s and are displayed at all times via the MT4 Client Terminal.
Spread Only Accounts:
Forex, Metals and CFD Trades : No commission charges, all costs are included in the displayed spread of the security.
Group Trading Signal Accounts
These accounts may have additional fees in addition to the costs of the account type’s above. If applicable the additional fees are: Success Fee and/or Subscription Fee.
Trading Software Costs: None
Data Feed Costs: None
*Due to the many regulatory changes, clearing costs, ECN schedule changes, etc. ,trading fees may change from the costs outlined. Any changes in fees will be notified via email. *
TERMS & CONDITIONS
Please note that use of our website is subject to your acceptance of the following terms and conditions. Processing further into this site indicates that you have read and agree to the following terms and conditions of use.
By entering this website and reading or using any of the information contained herein, you hereby acknowledge that You, of your volition, are requesting information and documentation pertaining to opening an account 58 Markets under the auspices and using the execution, custodial and administrative services of 58 Markets.
You understand and agree that all information obtained from/at this website is in no way to be interpreted as legal, taxation, or investment advice, and you understand that there has been given no expressed guarantee or warranty on any service or product by 58 Markets, its agents, representatives or any of its affiliate sites.
None of the information contained herein constitutes an offer to buy or sell a financial instrument. 58 Markets is liable neither for the completeness and accuracy of the information given, nor for any loss incurred as a result of action taken on the basis of information provided here or in any other 58 Markets publication. 58 Markets expressly reserves the right to alter prices or product composition at any time.
58 Markets does not solicit U.S. , Hong Kong and Saint Vincent and the Grenadines, West Indies residents directly or indirectly as clients. Non-US, Hong Kong residents and Saint Vincent and the Grenadines, West Indies Accept & Continue.
PROP TRADING RISK DISCLOSURE
1. Day trading is extremely risky and speculative. Traders should be prepared to lose all their funds used for day trading. Traders should never fund their day trading activities with retirement savings, loans, second mortgages, emergency funds, funds set aside for purposes such as education or homeownership, or funds required for current income or present or future medical expenses.
2. Traders should not believe claims of large profits resulting from day trading. Traders should realize that day trading could result in immediate and substantial losses of the capital invested, including additional capital that may be required by investing on margin. (See paragraph 6 below).
3. Day trading requires in-depth knowledge of the securities markets, trading techniques and strategies. In attempting to profit from day trading, traders compete with professional traders, market-makers, etc.; therefore, a high level of investment and trading experience is necessary.
4. Traders must know 58 Market's rules and regulations applicable to day trading. Not following the rules and regulations applicable to day trading or any other applicable regulation may result in forced sell-outs/buy-ins, temporary freezing of your account, closing your account and/or other actions necessary for the protection of 58 Market's and its traders.
5. Day trading may result in large commissions or paying spread. The total daily/monthly/yearly commissions may add to losses and/or significantly reduce profits.
6. Day trading on margin, or the use of margin generally, may result in losses beyond the initial investment, because such accounts are subject to interest charges as well as “margin calls.” A “margin call” is a demand on the customer for cash or additional collateral (negotiable securities) when account equity in a margin account declines below the minimum standard set by an exchange, the regulators, 58 Market's or our clearing firm. Extreme caution should be exercised relative to your use of a margin account.
7. Short selling as part of day trading strategy is extremely risky, and may lead to unlimited losses, as securities may need to be bought-in at a price indefinitely higher than the sell price.
8. Traders must be knowledgeable in the use and functionality of the day trading software (Metatrader 4 Client Terminal) provided by 58 Market's or by any third-party provider, in order to correctly interpret account information and to be able to place orders correctly. Traders are responsible for all orders placed in their account, regardless of your understanding of the system functionality. If you are not in complete understanding of the way the system operates, do not trade.
9. Holding large positions in volatile securities, especially after the close of the market, may result in considerable losses. Opening prices (next day) for such securities can be significantly different from the previous day’s closing prices; also, trading in such securities can unexpectedly be halted during trading hours for a variety of reasons and prices can vary dramatically at the re-opening of trading with no interim capabilities of trading during such time periods.
10. Abnormally high volume of trading in volatile Forex, Metals and CFD Trades may cause delays in order executions, late reports of executions, as well as execution prices being significantly different from the market prices quoted at the time of order entry. Using limit orders is highly recommended to avoid executions at prices significantly different from the prices quoted at the time of order entry.
11. Traders must know the proper procedures for changing or canceling existing orders. In a fast moving market, or otherwise, attempts at canceling an existing order and replacing it with a new one may result in an execution of duplicate orders. In such situations, traders are wholly responsible for both executions and any resulting losses.
12. From time to time, traders may have difficulty accessing their account data due to a possible myriad of technical problems. 58 Market's make no warranty of merchantability, no warranty of fitness for a particular purpose, and no other warranty of any kind, express or implied, regarding this service, data or information provided thereby, or any aspect regarding the order entry or execution services, except as required by applicable law, regarding possible damages, including, but not limited to, lost profits, trading losses or damages that result from reliance on inaccurate data, or delay or loss of access to customer account execution services.
13. It is very important for you to reconcile your account on a daily basis. Your review should include confirmations, daily blotters, and monthly statements. Any suspected discrepancies should be immediately brought to the attention of 58 Market's. All trade confirmations and monthly statements will be deemed accepted by you if not complained of upon receipt.
14. In order to be successful, you should consider trading to be a profession that will require you to be available each and every day during market hours. Even with such commitment, there is no guarantee that you will be successful in implementing your investment/trading strategy. Some reports state that 70% of day traders suffer substantial losses or lose all their investment capital.
15. Persons who are relatively new to electronic trading should strictly limit both the number of trades they do and the size of their trades to reduce the risk of large dollar losses during the learning process. Nearly all persons who are new to electronic trading suffer losses. Only persons who can sustain substantial losses during the learning process should attempt to engage in such electronic trading. The length of time required to develop the requisite skill and discipline necessary to trade successfully varies with different individuals (the minimum period generally being six months to a year) and most persons are never able to achieve consistent profitability.
By signing below or above, you represent under penalty of perjury that either you understand the English language or you have had someone independent of 58 Market's read and interpret any such account opening documents for you prior to signing same. You further acknowledge that you have read and fully understand this day trading risk disclosure, which is made up of three (3) pages. You further acknowledge that all of the information you have provided to 58 Markets is true, correct and accurate and that you will timely notify 58 Markets of any material change in your financial profile and/or investment objective(s).
You further acknowledge that you are investing only risk capital in this account, that all trades are conducted on an unsolicited basis and that you are not relying on any information, advice, be it financial, legal, tax or otherwise, or representation by 58 Markets agent thereof. Furthermore, 58 Market's accepts any and all such orders only on the understanding that you are a knowledgeable and sophisticated investor who has the risk tolerance necessary to invest pursuant to a speculative trading strategy, such as day trading; if 58 Market's is wrong in this understanding, then don't use this service.