EssenceFX is committed to upholding the highest international standards of Anti-Money Laundering and the Prevention of the Funding of Terrorist Activities. The Company will implement specific procedures to establish the identity and address of each new Client, in line with our AML policy (see the Legal Documents page of www.EssenceFX.com) before any services are provided to the said new Client. This document is an inseparable part of the Terms of Business of EssenceFX.
A Client can be any natural person, group of two people, or legal entity that satisfies the requirements of the Company's Terms of Business and holds an active Client Account with EssenceFX. Each Client shall be classified by definition as Retail Client, unless and until otherwise requested.
An entity, individual or group, legal or natural, which has accepted the Terms of Business of EssenceFX but has not completed in full the Account Opening Procedure of the Company.
A secure Client portal located at https://secure.EssenceFXFinancial.com that can only be accessed by Clients of the Company and Client Applicants who have successfully verified their e-mail addresses with EssenceFX.
A Client Account, also referred to as Traders' Room Account, is the collection of all EssenceFX Trading Accounts associated with that Traders' Room Account and their respective assets and liabilities. All Client Accounts are accessible via the Members' Area with the login credentials of the Client or Client Applicant.
A Client Account can be of any of the following three types:
An account that has a unique number and is maintained by a Client of EssenceFX for the purposes of trading financial instruments through the EssenceFX Trading Platform(s).
Trading Accounts are also called Live Accounts or MetaTrader Accounts (MetaTrader 4 Accounts). They are classified under various categories and have different properties, as defined by EssenceFX and announced on the Company's website.
The Client Agreement shall commence once the Client Applicant receives his or her first confirmation from EssenceFX that his or her Client Account has been approved by the Company, in line with the Account Opening Procedure of EssenceFX.
Before becoming a Client of EssenceFX, each Applicant must complete the Company's Account Opening Procedure that has been created in line with our AML Policy, which is an inseparable part of our Terms of Business.
The Account Opening Procedure requires Applicants to submit specific information and documents to be reviewed by EssenceFX before the Company can approve their Client Accounts and start providing its services.
Each Client Applicant must provide the following information as an absolute minimum when signing up for the Company's services:
The Company will verify the e-mail address provided by sending a verification e-mail and requesting the Client Applicant to click on the unique link provided within. Applicants who do not confirm their e-mail addresses will not be able to continue with the Account Opening Procedure.
EssenceFX reserves the right to request additional information from the Client Applicant as the case may be.
Depending on the type of Client Account being opened, Client Applicants must submit specific documents to confirm their identity and correspondence address as follows:
* If any of the Directors or Shareholders is a private individual, identification and address verification documents must be submitted as required for a Personal Account.
In some cases, EssenceFX might request for additional documents before approvals can be given. All documents provided must be of high quality and in full colour. Copies of identification cards and other such documents in card format must show both the front and back sides. Identification documents that do not show the Client Applicant's date of birth will not be accepted.
Client Applicants must upload their documents inside the Members' Area of EssenceFX's website or send them via registered e-mail to [email protected]
Client Account Approval and Activation
Once the Client Applicant has submitted all required documents and information, EssenceFX will review his or her application and communicate our decision via e-mail within one business day (24 hours). EssenceFX reserves the right to reject applications without providing any justification for our decision.
A Client Account is considered activated once the Client receives an e-mail from EssenceFX informing him or her of the fact.
Client Account / Traders' Room Account
EssenceFX will use the e-mail address provided by the Client during the Account Opening Procedure as a unique identifier of his or her Client Account. This unique identifier cannot be changed.
EssenceFX reserves the right to limit the number of active Client Accounts or Members' Area Accounts a Client can have at any one point.
Upon approval, new Clients will be assigned a Trading Account (Live Account) under their new Client Accounts.
Each Trading Account is associated with a specific Members' Area Client Account and cannot be reassigned or moved to another Members' Area Client Account, unless provided for by the EssenceFX Account Termination Procedure.
EssenceFX reserves the right to limit the number of Trading Accounts a single Client can maintain and open at any one time.
Clients can execute internal transfers between their Trading Accounts and deposit or withdraw directly from each Trading Account, per the Deposit and Withdrawal Procedure of EssenceFX.
Clients are not allowed to request for internal transfers from their Trading Account into the Trading Account of another person. Internal transfers between Trading Accounts assigned to different Members' Area accounts are not allowed. EssenceFX reserves the right to forbid the internal transfers between some or all of the Trading Accounts of its Clients at any point without notice or justification.
In the event that one of the Client's Trading Accounts does not have sufficient balance to meet a payment, expense, or cover any amount owed to the Company, EssenceFX reserves the right to collect the due amount from the balance of the other Trading Accounts belonging to the same Client without prior notice and regardless of whether the said Trading Accounts are assigned to the same Client Account.
EssenceFX will provide separate initial access credentials for the Client's Account and each of his or her Trading Accounts to the registered e-mail address of the Client.
Clients are responsible for keeping their access credentials strictly confidential. EssenceFX will not be responsible if the Client fails to preserve his or her login credentials, and, as a result, his or her Client Account and/or Trading Accounts is/are accessed by unauthorised third parties.
EssenceFX will not, under any circumstance, restore access credentials by sending them to a different e-mail address from the one provided by the Client when registering for his or her Client Account.
EssenceFX will not replace, change or otherwise modify the registered e-mail address, which is also the unique identifier of a Client Account.
Account Termination Procedure
EssenceFX reserves the right to close any or all the Client Accounts of any Client at any point in the event of:
Clients agree that EssenceFX is not obligated to notify them before their Client Accounts are closed due to suspected abuse.
In the event of Client Account Termination, EssenceFX reserves the right to take some or all of the actions listed below:
The Deposit Methods and Payment Service Providers available to Clients of EssenceFX are announced on the Company's website. The Company reserves the right to make modifications to this information without prior notice.
Clients of EssenceFX understand and acknowledge that all Deposit Providers are third parties, and EssenceFX cannot be held responsible for the quality of their service. Clients must assess the suitability of a deposit method and/or provider on their own. EssenceFX will not be liable for any losses or blockage due to fund depositing through third-party deposit providers.
In line with the Account Opening Procedure of the Company, Client Applicants cannot make fund deposits before his or her Client Account has been approved.
In cases where a Client Applicant deposits funds through the Deposit Facilities of EssenceFX before his or her Client Account has been approved by the Company, EssenceFX may reject said funds and return them net of any transfer fees or other charges incurred by or charged to EssenceFX, using the same transfer method as the one through which the Company originally received the funds.
EssenceFX reserves the right to deny the use of a certain Deposit Method and/or Provider by a new or existing Client without prior notice. The Company also reserves the right to request for additional information and/or documents from Clients to process their deposits through some or all of its Deposit Providers.
In some cases EssenceFX may request a copy of the front and back sides of the Client's credit or debit card for security reasons. The card must be signed, with the Client's name as well as the first six and last four digits of the card number clearly visible. The short security code on the back of the card (CVV/CVV2) and the middle digits of the card number must be covered.
Clients are informed and must understand that the Company will not allow any third parties to deposit funds into Clients' Accounts. All fund transfers to EssenceFX must be made by Clients themselves.
In cases where a third party tries to deposit funds into a Trading Account belonging to a Client, the Company may reject the funds and return them net of any transfer fees or other charges incurred by or charged to EssenceFX, using the same transfer method as the one through which the Company originally received the funds.
EssenceFX will process all deposited funds and credit them to the Trading Account(s) of the Client within two business days (48 hours) of receipt.
EssenceFX will not be held responsible for delays caused by Deposit Providers, Payment Providers, or any other third parties.
The Client has the right to make a withdrawal request at any time for any part of the funds in any of his or her Trading Accounts, equal to or lesser than the Trading Account's balance in cases where there are no open trading positions in that Trading Account. Withdrawal requests can be submitted through the Members' Area of EssenceFX's website, or via e-mail to [email protected], but only if the request is sent from the original registered e-mail address of the Client. All withdrawal requests will be processed within three to seven business days of receipt.
EssenceFX reserves the right to reject a withdrawal request if the funds in the specified Trading Account are insufficient or become insufficient while the Company is processing the request. EssenceFX also reserves the right to reject a withdrawal request via a specific transaction method and suggest an alternative to the Client.
Funds from approved withdrawal requests will be sent back to their originating sources only, i.e. Clients' bank account, debit or credit card. In the case of credit or debit card deposits, the Company shall refund requested amounts up to the original deposit. Any funds in excess will be sent to a bank account in the name of the Client. In some cases, EssenceFX may request for additional information or documents from the Client or his or her representative before a withdrawal request is approved.
In cases where the Client Account is being terminated by EssenceFX, the Company reserves the right to send all the funds of the Client back to their sources of origin, in accordance with the current policy and without having received a withdrawal request by the Client.
Clients are not allowed to request for withdrawal in cases where there are open positions or any pending orders in the Trading Account.
Usage of Personal Information
When creating an account with EssenceFX, we will collect information from you to help us understand your investment objectives and provide you with a more personalised trading experience.
The information we collect will include your name, contact details, correspondence address, e-mail address, personal identification data, as well as passport and tax numbers. Other information we require will be stated in our registration forms and could change from time to time.
EssenceFX will also take note of your Internet Protocol (IP) address, browser type, operating system, time stamps, transaction history and your Internet Service Provider (ISP).
Should you decide to close your accounts with EssenceFX, we would still need to retain your information to comply with regulatory requirements. We may also use your contact information to inform you of our new offers and promotion.
The security of your personal information is important to us. However, please be advised that no method of transmission over the Internet, or method of electronic storage, is foolproof or fully secure. You acknowledge that the transmission of information over the Internet is inherently insecure, and EssenceFX cannot guarantee the security of data sent over the Internet.
While we strive to use commercially acceptable means to protect your personal information, we cannot guarantee its absolute security and are hereby absolved from any liabilities associated with the leakages of personal information through no fault of our own.
EssenceFX will from time to time request for our Clients to undertake surveys. Participation is entirely voluntary, but we would appreciate your feedback.
Disclosing personal information
The Company may disclose your personal information to other parties only on a need-to basis as set out in this policy.
A cookie is a small text file that will be stored on the visitor's computer for record keeping purposes. EssenceFX may also use independent service providers to track traffic patterns on the Company's website.
EssenceFX uses Secure Socket Layer (SSL) encryption technology to protect the information that you have submitted. This technology is used to prevent your information from being intercepted when you are communicating with us. Additionally, our servers are safeguarded behind a firewall to protect your information better.
Links to Third Party Websites
EssenceFX's website contains some useful links to other websites for your reference. We are not responsible for the privacy policies on these external websites. You should be aware that the privacy policies of these websites may differ from our own. The existence of these links on the Company's website does not constitute an endorsement of such websites, their contents or their operators.
Sharing Information with Our Affiliates
EssenceFX may share certain personal information with our affiliates for business purposes. This information will be used to inform Clients about new service and product offerings, provide better service to Clients, and aid in trading activities, as permitted by law. Our affiliates include companies that are owned by us, companies that we have stakes in and also companies that have ownership shares in our Company.
Sharing Information with Third Parties
EssenceFX will not disclose your personal information to third parties, except as described in this policy. The disclosure to third parties may include the sharing of your personal information with non-affiliated companies to help provide you with better services. Companies that are non-affiliated with EssenceFX will maintain the confidentiality of the information that is shared with them. Usage limits of the information shared will be dictated by EssenceFX.
EssenceFX will not sell your personal information to any party.