- These Terms & Conditions apply to you and are binding upon you, if you Participate at ForexBit. By doing so, you agree that you have read and understood these Terms & Conditions and you acknowledge that these Terms & Conditions shall apply to you. If you do not agree to any of these Terms & Conditions, you should stop using the Service immediately.
- We consider these Terms & Conditions to be open and fair. Should you need any explanation regarding these or any other part of our Service, please contact Customer Service.
- Important: Please note that while these terms and conditions may be translated and presented in other languages, which is a service offered for convenience only. Should any of the terminology or content of any translated terms and conditions contradict those of its English version, or in any way mislead, the terms outlined in the English T&C document will prevail.
- This Agreement is executed between you (hereinafter “the Client”) and ForexBit (hereinafter “the Company). The card payments and billing services are processed by the Subsidiary company Alpha Capital Technology.
- The content of these terms and conditions may be changed, modified, amended, added to or taken away from at any time by ForexBit, without any prior notice being offered. By using the ForexBit website or accessing any of the content the company provides, the client expressly agrees to abide by all terms and conditions as set out in the document at the time of their visit. It is therefore the responsibility of the client to frequently revisit these terms and conditions, in order to note any important changes or additions.
- The terms and conditions as laid out in this document are valid indefinitely, although the company reserves the right to alter, amend and terminate any or all specific terms at any time. All clients and customers must therefore regularly revisit the full disclosure of terms and conditions in order to ensure full compliance and agreement.
- Should a court of law with valid jurisdiction deem that any provision laid out in these terms and conditions be either invalid or void, it shall be immediately removed. This will, however, have no effect on the validity and governance of all other provisions contained within these terms and conditions.
- For more information or should you have any concerns with regard to our Terms and Conditions, get in touch with our service team. Drop us an email anytime at [email protected].
- FOREXBIT IS A SUBSIDIARY OF ALPHA CAPITAL TECHNOLOGY OPERATED FROM 33 CANADA SQUARE, CANARY WHARF, LONDON, E14 5LB AND 20 PRIMROSE STREET, LONDON, EC2A 2EW. THE REGISTERED ADDRESS OF ALPHA CAPITAL TECHNOLOGY IS BOULEVARD VASIL LEVSKI 113, SOFIA 1000, BULGARIA.
- By accepting these Terms & Conditions you are fully aware that there is a risk of losing money when trading and you are fully responsible for any such loss. You agree that your Participation at ForexBit is at your sole responsibility, discretion and risk. In relation to your losses you shall have no claims whatsoever against ForexBit or any partner, or respective directors, officers or employees.
- You may only Participate at ForexBit if you are over 18 years of age.
- It is illegal to Participate at ForexBit if you are under 18 years of age.
- You may not Participate at ForexBit if you are geographically located in U.S.A, U.S. Territories, France, French Territories or Turkey. These countries shall be considered “Excluded Territories”.
- Trades placed from any of the Excluded Territories will be voided and any deposits or Trades made by persons who are located in such jurisdictions will be refunded, minus an administrative fee of 10% of the total deposits made by the individual, in addition to any charges that may be levied by the bank or financial institution managing the aforementioned reversal.
- It is the Customer’s responsibility to know if their Participation is lawful in their jurisdiction.
Any person who is knowingly in breach of this section, including any attempt to circumvent this restriction, for example, by using a VPN, proxy or similar service that masks or manipulates the identification of your real location, or by otherwise providing false or misleading information regarding your location or place of residence, or by trading or wagers using the Website through a third party or on behalf of a third party located in an Excluded Territory is in breach of these Terms & Conditions. You may be committing fraud and may be subject to criminal prosecution.
- ForexBit reserves the sole right to select and manage the assets that are available to clients at any one time and may modify or change the available list of available assets without prior notice or explanation.
- All ForexBit clients accept that from the moment a transaction has been executed, it cannot and will not be cancelled or reversed. Our clients therefore understand that sufficient thought and comprehensive checks must be carried out before going ahead with any trade.
- ForexBit is only to be bound by any information or communication exchanged between any other parties, by way of writing as stated in paragraph 3 of the Customer Service and Customer Complaints/Dispute section. As such, our advice, communications and notices in general will only be considered valid and binding if they are presented in writing. All clients and customers of ForexBit accept that crypto trading is inherently a highly speculative and potentially risky approach to investing, therefore the client accepts full responsibility for any outcomes and consequences that arise from their actions while using this website. Clients accept that the extremely fast-paced nature of certain types of cryptocurrencies makes it possible to both win or lose significant sums of money in very short periods of time. It is the responsibility of the client to seek independent advice should it be required, as a means by which to facilitate safe and responsible trading.
- In the instance that a customer wishes to arrange a limited liability transaction, this must be discussed and agreed with the company ahead of time and a formal written agreement provided and signed upon by both parties. The transaction must not be processed until this requirement is satisfied. Limited liability transactions place limits on the total losses that can be incurred, which differs from standard margined transactions where loss limits are not predetermined. It is important to know, however, that while loss may be predetermined, it is still possible to lose the agreed limit in a short period of time. Limited liability transactions must be comprehensively understood and discussed with the company before being processed.
- ForexBit liability in instances where damages incurred result in compensation payments will be strictly limited to the total amount that the client in question has deposited in their account, subject to that client proving their case. Under no circumstances will the company be held liable for additional damages such as loss of profits, regardless of the cause of the incurred loss.
- Clients accept that the company will not accept any liability whatsoever for any obligational breach or default on the part of depositaries, clearing houses, exchanges, market operators, custodians, sub-custodians, banks, brokers or counterparties with whom you conduct business of any kind, as well as force majeure scenario. Unless loss or damage is incurred by our clients directly as a result of our negligence or fraud, the company will not be held liable for losses suffered as a result of using the ForexBit website. Clients are obliged to pay ForexBit any and all outstanding charges and commissions upon demand, which we may request at any time either in part or in full, in order to satisfy outstanding debts. In any instances where owed are not repaid as required, we may begin higher level debt collection procedures which will result in all attached costs and legal fees incurred being passed on to the client in question. When such payments are requested the client is obliged to make the payment by the end of the same working day, with payments being made in the specified currency and to the specific bank account as we, the company, specify. By using the sites and services of ForexBit, you expressly agree that any and all charges and expenses arising in connection with payments owed represent the sole responsibility of you, the client – our company and its employees will not be held liable under any legitimate circumstances. This clause will be applicable even after termination of any Agreement between yourself and the company.
- ForexBit members are limited to placing no more than one trade every 2 minutes on an option that features the same asset, the same expiring time and the same direction. Contract closures are also only allowed once per contract. The company reserves the right to take immediate and extensive action against members suspected of seeking to or exploiting technical problems which may gain them with an unfair advantage. Where proven, all such traders will have their accounts frozen and be permanently banned from using ForexBit.
- For reference purposes, any indication of time referenced at any time anywhere on the ForexBit website refers to standard Greenwich mean time (GMT).
- Intellectual property across the ForexBit website including but not limited to software, graphic interface, user interfaces, methods of doing business, algorithms, techniques, modules, copyrights, trademarks, patents, information, written content, visuals, training materials remain the sole property of the company and therefore may not be used or borrowed by unauthorized persons for any purpose whatsoever.
- Customers with valid memberships are provided with the conditional right to use ForexBit intellectual property as made available via the company’s primary website for personal use. All such use is strictly non-transferable. Under no circumstances must any of the intellectual property presented be transferred or duplicated without written consent from ForexBit. In addition, material presented by the website must not be removed, edited or changed in any way.
- The company will not be held liable for any costs, expenses, or losses whatsoever incurred, or suffered by ForexBit customers, unless the loss occurs as the direct result of our wilful neglect, fraud or negligence. In any other instances, ForexBit accepts no responsibility for direct or indirect loss or damage incurred as a result of using the content and services of the ForexBit website, any negative outcomes experienced as a result of errors or discrepancies made in the process of placing orders or misinterpretation of any information, or content published anywhere on our website. By utilizing the company’s website and services, you indemnify ForexBit and its employees of any expenses or costs incurred by you the customer which occur as a consequence of any given actions, omissions or errors by you.
- In the event of a force majeure scenario, ForexBit will not be held liable for any loss, damage or inconvenience suffered due to circumstances beyond the control of the company.
- All clients accept that crypto trading represents a fundamentally risky form of investment and therefore, should only be approached and utilized by those with the relevant knowledge, experience and financial background. Volatility can be extremely high and the potential for facing heavy losses in a very short period of time is often high. It is perfectly possible for the entirety of the funds within an account to be lost instantaneously, even if the asset in question swings just fractionally in the wrong direction at the wrong time. It is, therefore, imperative that traders only ever invest disposable capital the likes of which is not dependent upon for facilitating a basic lifestyle. With outcomes being comprehensively impossible to predict accurately 100% of the time, it is important to ensure that your business and your life in general will not be detrimentally impacted if you are unsuccessful in any given trade. As such, ForexBit customers confirm that all capital used for investment purposes is risk capital and therefore total loss with any investment will not detrimentally affect their lives in any way. Clients fully acknowledge the fact that each and every investment presents a relatively high risk of loss and that in the event of loss the clients and only the client bears full responsibility. Individuals who do not have sufficient risk capital to invest in such ventures must not use the site and services of ForexBit.
- Clients agree that ForexBit reserves the right to round-off the last digit of asset and option prices. In addition, option price adjustments will be made by ForexBit in accordance with any adjustments made to the prices of base assets.
- Pricing:The Company will quote prices at which it is prepared to deal with the Client. Save where:A) The Company exercises any of its rights to close out a Transaction; or
B) A Transaction closes automatically, it is Client’s responsibility to decide whether or not he wishes to deal at the price quoted by the Company. Company’s prices are determined by the Company in the manner set out in the enclosed terms.
Each price shall be effective and may be used in a dealing instruction prior to the earlier of its expiration time and the time, if any, at which it is otherwise withdrawn by the Company. A price may not be used in a dealing instruction after such time.
Each price shall be available for use in a dealing instruction for a transaction with a principal amount not to exceed a maximum determined by the Company. The Client acknowledges that these prices and maximum amounts may differ from prices and maximum amounts provided to other customers of the Company and may be withdrawn or changed without notice. The Company may in its sole discretion and without prior notice to the Client immediately cease the provision of prices in some or all currency pairs and for some or all value dates at any time. When the Company quotes a price, market conditions may move between Company’s sending of the quote and the time the Client’s order is executed. Such movement may be in Client’s favor or against it. Prices that may be quoted and/or traded upon, from time to time, by other market makers or third parties shall not apply to trades between the Company and the Client.
The prices generated by our trading platform(s) are derived from the prices of the relevant underlying instruments, which the Firm obtains from third party liquidity/ price providers. The prices of Assets that you trade with us include a mark-up; this means that the spreads offered by us comprise of (i) the raw spreads received from liquidity/ price provider(s) and (ii) a mark-up (where applicable).
The fees, commissions, SWAPs or spreads are subject to change due to market volality or other risk factors.
We reserve the right to change any of the charges applicable to your dealing with us.
We charge our own SWAP interest rates. We update them as necessary.
Without prejudice to any other rights of ours, or the law, we make may take the following course of action(s):
a) Inform you, where we have sufficient time to do so in the circumstances;
b) Increase margin requirements / decrease leverage;
c) Increase/ change spreads;
d) Close any Open Position(s) at the price available in the circumstances, which may include:
a. Combine or close any open positions at ‘Volume-Weighted Average Price’ (‘VWAP’);
b. Request amendments to any closed position(s)
e) Suspend, limit or restrict the provision of our services to you;
f) Amend any part of the Agreement on the basis that it is no longer feasible for us to comply with it;
g) Cease trading;
h) Precluding you from accessing or using the Software or any other system;
i) Make any necessary amendments to open trades;
j) Allow close-only functionality;
k) Reject or delay the processing of any withdrawal request from your Account(s)
l) Impose special or different terms regarding any of your orders in relation to size, volatility and/or liquidity of the instrument, amongst others;
m) Remove or temporarily suspend any products, or change any contract specifications;
- Improper or Abusive Trading is executing trading strategies acting in bad faith, that is, you or any representative of yours, trading on your behalf, is committing any improper or abusive trading act such as, for example:
- fraud/illegal actions that led to the transaction;
- orders placed based on manipulated prices as a result of system errors or system malfunctions;
- arbitrage trading on prices offered by our platforms as a result of system errors; and/or
- coordinated transactions by related parties in order to take advantage of system errors and delays on systems updates. Then the Company will have the right to: i. adjusts the price spreads available to you; and/or ii. restrict your access to streaming, instantly tradable quotes, including providing manual quotation only; and/or iii. obtain from your account any historic trading profits that you have gained through such abuse of liquidity as determined by us at any time during our trading relationship; and/or iv. reject an order or to cancel a trade; and/or v. immediately terminate our trading relationship.
16. Should any ForexBit customer violate any obligations laid out in these terms and conditions, become bankrupt or insolvent, or in the event that the company deems it necessary for its own protection, ForexBit may at any time and without prior notice:
- Sell, pledge, or transfer the full balance of the account and any remaining securities;
- Close, terminate or cancel any or all transactions still open;
- Set off any damages caused to it;
- Take the required action in instances where client violations must be remedied.
- ForexBit reserves the right to promote and advertise special offers, services, products and general data from any third-party providers as deemed appropriate. Where such promotional listings, or links appear, they are provided strictly on a casual and impartial basis and do not necessarily represent direct suggestions or advice from ForexBit. As such, the company will not be held responsible for any outcomes or eventualities resulting from pursuing advertise promotions or following any links published on the ForexBit website.
- forexbit reserves the right to withdraw any promotion, competition, bonus or special offer at any time.
- Customer offers are limited to one per person, family, household address, email address, telephone number, same payment account number (e.g. debit or credit card, Skrill and etc.), shared computer (e.g. school, public library or workplace) and shared IP.
- All ForexBit bonuses and promotions are intended for recreational players. ForexBit may, in its sole discretion, limit the eligibility of Customers to participate in all, or part of any promotion. ForexBit reserves the right to request identity verification documents, including a photograph of the Customer with his identification document, prior to crediting a bonus to a Customer’s account.
- If you wish to find out how much rollover requirements remain in respect of a given bonus, please contact [email protected] .
- forexbitoffers a number of attractive reward features to its new and regular customers. Bonuses and one-time trading credits rewarded to customers are part of ForexBit promotions program. These bonuses are limited-time offers and the terms and conditions associated with any bonus rewards are subject to change.
- In order to be able to withdraw your funds, you will be required to execute a minimum trading volume of 40 times for every 1-unit bonus.
- Risk free trading – the maximum withdrawable winnings from Risk free, credited as a result of a single promotion, shall be 50 GBP.
- The funds can be withdrawn when the preceding stipulations have been fully met and fulfilled.
- The withdrawal of funds from an account can be completed before the bonus conditions have been satisfied, with an applicable penalty of 25% from the real funds.
- Any indication of fraud, manipulation, cash-back arbitrage, or other forms of deceitful or fraudulent activity based on the provision of the bonus will nullify the account, including any/all profits or losses garnered.
- Clients acknowledge and accept the fact that in accordance with legal regulations and requirements, ForexBit may freeze or restrict accounts, impose limitations on services offered, deduct tax payments of any kind and to any extent or take whatever action may be required, should we be instructed to do so by the relevant authorities. ForexBit also accepts no liability whatsoever for any loss, damage or detrimental consequences suffered as a result of any action taken by the company, in accordance with the express instructions of legal authorities, regulators or financial institutions.
The Service, Offering and the Website are provided on an “as is” basis and to the fullest extent permitted by law, we make no warranty or representation, whether express or implied, in relation to the satisfactory quality, fitness for purpose, completeness or accuracy of the Service, Offering or Website.
- Single Account
All ForexBit customers are prohibited from having more than one account open at any one time. Should the company detect multiple accounts are active under the same name, any or all of the accounts may be immediately frozen and closed down without prior notice given. Accounts will also be closed in instances where traders use assumed or fraudulent names, or link their personal membership accounts to payment methods and bank accounts that are not their own. ForexBit members are permitted to open and maintain only one active account, with which investments must be made using their own money.
- Transfers between accounts on the crypto platform are forbidden.
You are required to keep your registration details up to date at all times. If you change your address, e-mail, phone number or any other contact or personal information, please contact Customer Service in order to update your account information. The name that you provide ForexBit at registration must be identical to that listed on your government issued identification.
- As the client of ForexBit, you immediately and comprehensively agree that:
- You are able to both use the services of ForexBit and function in accordance with our terms and conditions in full, without violating any laws applicable to you at the time. You are instead legitimately permitted and authorized to operate as an ForexBit account holder.
- All information submitted by you at any time is 100% accurate, complete and true in every regard. You will also ensure that in any instance where your personal information changes or becomes no longer valid, it is your responsibility to immediately amend the required data, or to contact the ForexBit customer service team to organize the necessary changes. Your account should be properly updated with the new personal data no later than 14 days after you become aware of the changes.
- Any regulatory or governmental permissions required in order for you to legitimately access and use the services of ForexBit have been obtained and are in full and active effect at the time of your using this site.
- When any disclosure requirements, regulations, rules or laws apply as imposed and laid out by any regulatory authority, exchange or jurisdiction, you fundamentally agree to comply with them.
- Should we at any time request any further information from you or any additional verification of your identity or personal data, you will provide us with the required information and methods of identification as quickly as possible. In the instance that you fail to do so, your account may be suspended indefinitely.
- All ForexBit customers act as a principle in all transactions carried out on the ForexBit website.
- Should you believe or know that you are in any way contravening any of the terms laid out in these terms and conditions, it is your responsibility to inform ForexBit as soon as possible.
The Customer account registration process requires you to choose your own user name and password combination. You must keep this information secret. Any actions carried out through your account will stand if your user name and password have been entered correctly. ForexBit can bear no responsibility for unauthorized use or misuse of personal details.
- Verification of Bank Details
If you use a credit/debit card and/or a financial/bank account for transactions at ForexBit, the account/card holder’s name MUST be the same as the name you used when registering a ForexBit account. Should the name you registered on the ForexBit account and the name that appears on your credit/debit card and/or financial/bank account differ in any way, your account will be immediately suspended. Should your account be suspended, we recommend that you contact Customer Service for details regarding our verification process.
- No liability
- Customers of ForexBit fully accept the possibility that technical difficulties and temporary issues may affect the ability of account holders to execute actions, access features and generally utilize the website. ForexBit therefore accepts no liability for any problems or consequences resulting from any such events at any time, which may be attributed to software issues, bandwidth, servers, hardware issues or anything else of a similar nature.
- All clients comprehensively accept and acknowledge the fact that executing deals and trades by way of an Internet connection inherently carries certain risks that cannot be fully avoided or prevented. Internet connectivity issues, hardware failure, poor signal strength, loss of power and other such issues can all result in delayed access, discrepancies and general failures when looking to access and utilize the services available by ForexBit. Therefore, the company cannot and will not be held responsible for any such issues, or resulting consequences.
- Clients acknowledge the fact that even when utilizing the most reliable technology and software available, it is fundamentally impossible to 100% rule out a variety of technical problems and general issues that may temporarily make it difficult or even impossible to access your ForexBit account. As such, the company will not be held liable in the event of any loss or inconvenience that may occur due to standard and non-standard issues, including, but not limited to hardware defects, unauthorized access, security breaches, periods of high Internet traffic, issues with system capacity, temporary system malfunctions and failures, software issues, hacking attacks and so on. To use ForexBit is to accept the fact that we do not and will not at any time guarantee that you will be able to access part or the entirety of our website, or your trading account. We cannot and will not guarantee flawless, error-free and 100% uninterrupted service at any time. In no instances, therefore shall we be held liable for any losses incurred as a result of your inability to access your account or the ForexBit website.
8. forexbit customers accept that any/all telephone conversations may be recorded for quality and training purposes, without the caller being informed. All recorded conversations may be held in storage and used at later junctures in the event of disputes, or should their content be required by relevant authorities upon request. ForexBit promises to destroy both recordings and transcripts after three years.
9. All communications and notices permitted and required hereunder to be given to clients and customers, covered by these terms and conditions, will be provided in writing. Clients are provided with notices and important information by way of the contact details provided at the time the account is opened – all of which must be verified as accurate and complete. All notices and correspondence sent by ForexBit to the customers will be recorded as delivered at the exact time the message was delivered if a) delivered by hand, b) sent by email or c) sent by fax. All messages and communications sent by postal mail will be recorded as delivered five days after the date of postage. In the instance of correspondence sent to a client’s company, the message will be considered delivered when written confirmation is provided by the recipient.
10. Expiry rates are computed in accordance with Bid & Ask prices ((Bid + Ask)/2) which represent the closest price offers to the specified time of expiration. ForexBit will round the last digit of the price down if the last digit is below 5 and up if it is 5 or above.
- Participating in ForexBit requires you to enter your personal details during the account registration process. Personal details include, but are not limited to: first name, surname, address, date of birth etc. The ‘Know Your Client’ (KYC) procedure will be carried out when a Customer makes a deposit into their Customer account.
- Upon making a withdrawal request you may also be required to send in valid identification documents proving your age and address.
Upon such request, the withdrawal will not be processed for payment until ForexBit has received all requested identification documents. Acceptable identification documentation includes, but is not limited to:
- copy of a valid photographic identification document, such as a Passport or Driver’s License;
- copy of a recent utility bill confirming residence, such as an electricity bill, telephone bill etc. (important: the utility bill must not be older than 3 months); and
- copy of a recent credit / debit / bank account statement (note: the account statement must relate to a financial method used and must not be older than 3 months).
3. Failure to produce such documentation within 13 days after first deposit will result in suspension of your account and all membership privileges on our site.
- Inactivity Fee – ForexBit will consider an account to be dormant/inactive after a period of 3 months from the last account login. Once your Customer account has been designated as a Dormant account, ForexBit shall be entitled to charge you a monthly administration fee of £50.
- The fee will be deducted directly from each client’s trading account, from their available balance. To avoid this GB£50 inactivity charge, a client must log in to their trading account at least once every three (3) months.
- Clients whom have never deposited money in their trading account will not be charged an inactivity fee. Clients with less than a GB£50 balance in their trading account will be charged that balance amount, thus bringing their account to zero.
- Suspended accounts are still liable to pay the inactivity fee, if conditions arise. Closed/disabled accounts are not charged inactivity fees.
- For foreign currency accounts the inactivity fee will be a direct conversion of GB£50, using the conversion rate of that day.
- In any instance where a customer’s account remains inactive for a period of 12 months, ForexBit reserves the right to close the account upon providing the customer with a written notice, five days ahead of the account’s closure. ForexBit may at any time limit or cease any or all access to trading activities on the company’s website without the requirement to provide notice in advance. Should any such restrictions or withdrawals be implemented, the company will not be held liable or responsible for any costs, damages or negative consequences that may arise for its customers.
Deposits and Withdrawals
- Identification Checks
ForexBit must successfully receive and verify your identification documents, either via directly by the trading account holder or a third party, before you can make a Withdrawal from your account.
- Credit Checks
ForexBit reserves the right to run external verification checks on all cardholders with third party credit agencies, on the basis of the information provided on registration.
It is the cardholder’s responsibility to retain copies of transaction records and these Terms & Conditions as updated from time-to-time.
- All card deposits are secured by 3-D protocol, serving as sufficient proof that the transaction was personally authorized by the cardholder. No further confirmation of such deposits will be required.
- No third-party deposits are allowed.
- The minimum deposit amount and the processing time that deposits take, are dependent on the payment method selected, as shown in Deposit page. Further, these time frames are indicative of the regular timescale for deposit confirmation in business days and represent estimates only.
- In accordance with our anti-money laundering obligations, we reserve the right to raise queries or demand documentation related to the source of the deposited funds. If the provided information and/or documentation is assessed as unsatisfactory, ForexBit may suspend/terminate the Customer’s account and pass on any necessary information to the relevant authorities.
- Updating Payment Details
Updating or adding additional payment details for the sole purpose of making a withdrawal may only be done by contacting Customer Service.
Should funds be credited to a Customer’s account or credited to a financial account and/or credit/debit card in error, it is the Customer’s responsibility to notify ForexBit of the error without delay. Any winnings subsequent to the error shall be deemed invalid and returned to ForexBit. We reserve the right to withhold all or part of your balance and/or recover from your account deposits, pay outs, bonuses, and any winnings that are attributable to said error.
Refunds may be given in case of exceptional circumstances and shall be given solely at the discretion of ForexBit.
Refund Policy- Clients can, at any time withdraw, or receive a refund. All Withdraws and Refunds are under the conditions of our Bonus policy.
It is therefore the right of the company to refuse a withdrawal of customer funds, IF said requirements have not been met. The company, can from time to time decide to allow a withdrawal, if it deems fit to do so, but is under no obligation to fulfil this request if the customer agrees to the terms and conditions of the bonus.
- Withdrawals of funds are subject to fees depending on the payment method used. Clients agree that as a result of their withdrawal request GB£20 will be deducted from it. If the payment method is credit/debit card GB£20 and 1% of the amount will be deducted, if the withdrawal is requested directly to a bank account.
- The Minimum withdrawal amount for bank wire transfer is GB£300.
- The Minimum withdrawal amount for credit card transfer is GB£50.
- When a client issues a request for a withdrawal, the process will be initiated within 5-7 business days and will result in the funds being transferred by way of:
- A refund to the specified withdrawal amount to the credit or debit card from which the member’s account was credited in the first place. Only the original card used to make the initial deposits and a card matching the name of the account holder may be used.
- Bank wire transfer to the bank account of the account holder, which again must be the same account from which initial deposit payments were made.
- The minimum withdrawal amount and the time that the withdrawal will take to process, are dependent on the payment method selected, as shown above, these time frames are indicative of the regular timescale for internal pay-out confirmation in business days and represent estimates only.
5. All withdrawals will be processed back to the same payment method used to make a deposit to the account. As outlined, if a financial account and/or credit/debit card has been used to deposit funds, the name registered on the Customer account held with ForexBit must correspond to the name registered on the financial account/card. In the case of a Direct Bank Transfer payment request, the acquiring bank account must be held in the same name as used at the time of Customer account registration. ForexBit reserves the right to require the use of the same payment method for withdrawal as used for making a deposit, or a specific payment method at our own discretion.
6. Please note that withdrawals may experience a slight delay due to our identity verification process. Certain deposit methods will require additional verification at time of Withdrawal. In the case of a withdrawal being made for the first time, a large withdrawal or changes being made to payment options, we may take additional security measures to ensure that you are the rightful recipient of the funds.
7. Where applicable, ForexBit may, at its sole discretion, reverse/refund a Customer’s deposited funds instead of processing a withdrawal transaction via another or the same payment method.
8.Prior to authorization being given for any withdrawals processing, ForexBit may ask clients to produce additional proof of identity by submitting the required identification documents. The withdrawal will only continue after such documents have been produced – inability to verify identity as required will result in the funds being transferred back to the member’s ForexBit account. All withdrawals are subject to the standard ForexBit terms and conditions, which states that completion may require up to 14 business days, or longer in the case of certain billing service providers. It is possible for a client to cancel a withdrawal should they wish to do so. However, the cancellation request must be made as quickly as possible following the initiation of the withdrawal request. If the request has been executed and confirmation of the withdrawal has been sent, the withdrawal cannot be reversed. Should multiple withdrawal requests be made by the client, multiple cancellation requests must also be made accordingly, should they wish to halt the process.
Termination of Agreement
- The Company may terminate this Agreement at any time by giving you notice to this effect.
- You may terminate this Agreement at any time by giving the Company a 48 hours advanced notice.
- Termination of the Agreement by any of the Parties shall require you to close all open positions by executing the required transactions.
- As from the date of your given termination notice, you may not execute any new Transactions, which shall open new positions in the trading account.
- Should the company suspect that any kind of fraudulent activity is taking place, or that the system or any of its technology or flaws therein are being wrongfully exploited, an investigation will be launched with its completion expected within a 45-day period. Customer accounts and privileges may be suspended during this time, while those found to have committed any fraudulent or illegitimate activities will be banned from ForexBit for life and reported to the relevant authorities.
ForexBit reserves the right to sublicense, transfer, grant or assign its rights both in full and in part to third parties at any time and for any purposes. The client however has no such entitlement and must not carry out any of the above-mentioned activities under any circumstances.
- You hereby consent to receive marketing communications from the Operator in respect of its offerings by way of email, post, SMS and telephone notifications, any of which you may unsubscribe from at any time by contacting Customer Service.
- ForexBit reserves the right to provide the obtained, processed, and stored data of its clients to third-parties (administrators or personal data operators) for the purpose of fulfilling its contractual obligations to its clients, stipulated herein, including the verification and management of accounts.
ForexBit Not a Financial Institution
- No legal or tax advice
ForexBit does not provide advice regarding tax and/or legal matters. Customers who wish to obtain advice regarding tax and legal matters are advised to contact appropriate advisors.
- Any payments owed to the company by the client will be made immediately upon request by ForexBit in the specified currency and to the required bank account, at the time the payment is requested. Should you be required to make any payments with regard to taxes or similar deductions, in accordance with your jurisdiction, you will be required to pay the required amount to us in order to ensure that we receive the net amount in accordance with the full amount payable, if no deductions have been applied. Payments owed to ForexBit may be collected at any time without prior notice. In any instances where taxes, registration fees, transfer fees, commissions or administration fees of any kind are payable, they will be paid in full by the client and not by ForexBit.
- You are solely responsible for any applicable taxes on any prizes and/or winnings that you collect from ForexBit.
- No arbitrage
You are strictly prohibited from utilising ForexBit and its systems to facilitate arbitrage through currency exchange transactions. Where ForexBit deems that you have deliberately used the systems for financial gain through arbitrage, any gains will be forfeited and deducted from your balance without warning or notification.
- Anti-Money Laundering (AML)
Customers are strictly prohibited from using ForexBit and its systems to facilitate any type of illegal money transfer. You must not use the Website for any unlawful or fraudulent activity or prohibited transaction (including money laundering proceeds of crime) under the laws of any jurisdiction that applies to you. If ForexBit suspects that you may be engaging in, or have engaged in fraudulent, unlawful or improper activity, including money laundering activities or any conduct which violates these Terms & Conditions, your access to ForexBit will be terminated immediately and your account may be blocked. If your account is terminated or blocked under such circumstances, ForexBit is under no obligation to refund to you any money that may be in your account. In addition, ForexBit shall be entitled to inform the relevant authorities, other online service providers, banks, credit card companies, electronic payment providers or other financial institution of your identity and of any suspected unlawful, fraudulent or improper activity. You also agree to cooperate fully with any ForexBit investigation into such activity.
Termination/Suspension of Account
ForexBit hereby reserves the right to cancel your account for any reason whatsoever at any time without notifying you. Any balance in your account at the time of such a cancellation will be credited to your credit/debit card or financial account.
- Without limiting section 1, we hereby reserve the right, at our sole discretion, to cancel or suspend your account (notwithstanding any other provision contained in these Terms & Conditions) where we have reason to believe that you have engaged or are likely to engage in any of the following activities:
- If you have more than one active account at forexbit;
- If the name registered on your forexbit account does not match the name on the financial/bank account and/or the credit/debit card(s) used to make deposits on the said ForexBit account;
- You become bankrupt;
- If you provide incorrect or misleading information while registering a forexbit account;
- If you attempt to use your Customer account through a VPN, proxy or similar service that masks or manipulates the identification of your real location, or by otherwise providing false or misleading information regarding your citizenship, location or place of residence, or by trading or wagers using the website through a third party or on behalf of a third party;
- If you are not over 18 years old;
- If you are located in the Excluded Territories;
- If you have allowed or permitted (whether intentionally or unintentionally) someone else to participate using your forexbit account;
- If you have played in tandem with other Customer(s) as part of a club, group, etc., or trade or wagers in a coordinated manner with other Customer(s) involving the same (or materially the same) selections;
- If forexbit has received a “charge back” and/or a “recall” notification via a deposit mechanism used on your account;
- If you are found to be colluding, cheating, money laundering or undertaking any kind of fraudulent activity; or
- If it is determined by forexbit that you have employed or made use of a system (including machines, computers, software or other automated systems such as bots) designed specifically to defeat the gaming system.
- If ForexBit closes or suspends your Customer account for any of the reasons referred to in section 1 above, you shall be liable for any/all claims, losses, liabilities, damages, costs and expenses incurred, or suffered by ForexBit (altogether “Claims”) arising therefrom, shall indemnify and hold ForexBit financially and legally unharmed on demand for such Claims.
- If we have reasonable grounds to believe that you have participated in any of the activities set out in section 1 above then we reserve the right to withhold all or part of the balance and/or recover from your account deposits, pay-outs, bonuses, any winnings that are attributable to any of the practices contemplated in clause 2. In such circumstances, your details will be passed on to any applicable regulatory authority, regulatory body or any other relevant external third parties. The rights set out here are without prejudice to any other rights that we may have against you under these Terms & Conditions or otherwise.
Customer Service and Customer Complaints / Dispute
- Customer Service
You may contact Customer Service at any time by the following means:
- E-mail: [email protected]
- Telephone: +44 203 966 6292
- Submission of Complaint / Dispute
Customer complaints/claims of any nature must be submitted within 1 month of the issue occurring.
In order to ensure your complaint/claim is directed to and investigated by the correct department, written communication must be submitted to ForexBit via the following mean:
E-mail: [email protected]
- Information which Mustbe Included in any Written Communication with forexbit
To protect your privacy, all email communications between you and ForexBit should be carried out using the email address that you have registered with your Customer account held with ForexBit. Failure to do so may result in our response being delayed.
The following information must be included in any written communication with ForexBit (including a Complaint):
- your username;
- your first name and surname, as registered on your Customer account;
- a detailed explanation of the complaint/claim; and
- any specific dates and times associated with the complaint/claim (if applicable).
Please note that any failure to submit written communication with the information outlined above may delay the identification and response process of your complaint/claim. Upon receipt, we will endeavour to reply to your communication within 3 business days. Further, best efforts will be made to resolve any reported matter promptly and, at a maximum, within one month.
- Chargeback / Dispute Fees
ForexBit reserves the right to charge an administrative fee of the total Chargeback made by the individual, that may be levied by any institution.
Should you ever suspect that a Customer is colluding with another Customer or cheating in any way, please notify ForexBit via the means of communication listed in the above Customer Complaints procedure (set out in section 1).