This Withdrawal Policy constitutes a legal requirement following the Company’s authorisation and regulation by the Cyprus Securities and Exchange Commission (“CySEC”) under authorisation number CIF 188/13, as detailed below:

DEPOSITS OF FUNDS POLICY

The client may deposit funds into the client account at any time during the course of this agreement. Deposits will be accepted by bank transfer, Swift, E-wallet, debit / credit card or any other method of electronic money transfer (where the originator is the client) acceptable by the Company from time to time. The Company shall credit the client account within two business day after the amount is cleared in the bank account of the Company with the relevant amount. The relevant amount will be net of any transfer fees or other charges incurred by the Company that are imposed by the institution (or intermediary involved in the process) that holds the funds.

The Company will not accept third party or anonymous payments of funds in the client account (without derogating from the paragraph below).

The client accepts that the funds shall be deposited in his/her trading account only if the Company is satisfied that the sender of the funds is the client or his/her authorized representative (unless legally consented inter alia, Trustee, POA or guardian). If the Company is not satisfied as to the above then the Company has the right to reject the Funds and return them to the remitter net of any transfer fees or other charges incurred by the Company, using the same transfer method as the one through which it originally received the funds.

Unless said otherwise, the interest derived from the bank account of clients’ funds shall not be paid to the clients and it can be used by the Company for its own account. The clients are informed accordingly as evidenced by their signature or other equivalent alternative mechanism.

WITHDRAWALS OF FUNDS POLICY

As soon as withdrawal instruction / Payment Order Instruction is received from the client through his/her trading account (for security purposes) nevertheless, clients can contact the company either by phone, fax, e-mail and/or in person to request a withdrawal.
The Company will ensure that the withdrawal request by the client includes all necessary information and the following checks must be performed:

1. a) Confirm that the account number, name and banking details of the client agree with the details provided in the account opening application process.
   b) The clients is eligible to withdrawal according to company policy
   c) Withdraw the funds from the client’s account.
   d) Prepare the transfer request for the bank and forward to the Account’s departments.
   e) Send the payment instruction to the relevant Bank for payment.

In case of a positive cash balance in the retail client’s trading account, the CIFs will process the client’s request to withdraw funds on the same day that the request to withdraw funds was made, or the next working day if the client’s request is received outside of normal trading hours, if the following requirements are met (notwithstanding the provisions of this article the actual receipt of funds depends on the Client’s payment method):
a) the instruction is to make a bank transfer of funds to the account of the Client;
b) at the moment of payment, the Client’s Free Margin exceeds the amount specified in the withdrawal instruction including all payment charges;

In case the client requests his fund to be withdrawn from his account and to be transferred to a bank account that has not been notified to the Company in the past, then the Company will perform Know Your Customer procedures on the same client in order to ensure that the beneficiary of both bank accounts is the same person and then the Company can proceed with the transfer of funds.

The Company will effect withdrawals of client funds, upon an application for withdrawal made via the Company Online Trading System (if available at the time).

The client accepts that withdrawal of any part of the funds shall be concluded using the same transfer method and the same remitter as the one which the Company originally received the Funds from. Under such circumstances, the Company shall return the part of the funds requested less any transfer fees or other charges incurred by the Company.

The Company reserves the right to decline a withdrawal request of the client asking for a specific transfer method and the Company has the right to suggest an alternative.

Withdrawals will only be effected towards the client. The Company will not to effect withdrawals to any other third party or anonymous account.

The Company reserves the right to request additional information and/ or documentation to satisfy itself that the request is legitimate. In addition, the Company reserves the right to reject such a request if it deems that this may not be legitimate. The client accepts that under such circumstances there may be a delay in processing the request.

All payment and transfer charges will be borne by the client and the Company shall debit the client account for these charges.
The Company shall be responsible for responding to any client requests, regarding information on the status of their order, received by telephone at any time, within a reasonable period of time. The client using the Internet shall be able to get information on the status of their order within a reasonable period of time through specialized software. Information to clients regarding the status of their order must be provided to the client in no longer than one business day. When such telephone calls are received they must be recorded on the software of the Company including date and time the call by the customer was made.

Clients’ requests will be received electronically. In cases that the client has not access in the electronic means clients’ requests will be accepted by E-mail, provided that the signature of the client is verified and the transfer/withdrawal form is properly completed (with respect to check list aforementioned) .

Clients’ requests will be forwarded immediately to the Back Office Department for approval in terms of funds availability after they have discussed the request with the client and have confirmed it. Once the Costumer Support Department approves the request, they shall then forward it to the Finance and Accounting Department for processing.

For all transactions described above the employee shall record the transactions in the Company’s cash account ledger and shall file the documentation for each transaction recorded after a reference is made into the ledger.