General Terms and Conditions
These BuoyTrade General Terms and Conditions (the “GTC”) govern your rights and obligations in connection with the use of services provided by BuoyTrade Private Limited (the “Services”), offered mainly through the www.buoytrade.com website (the “Website”). Please read these GTC carefully. You are under no obligation to use the Services if you do not agree or understand any portion of these Terms, nor should you use the Services unless you understand and agree to these Terms.
1. INTRODUCTORY PROVISIONS
1.1. These GTC govern your ( “you”,“your”, or the “Customer”) rights and obligations in connection with the use of the Services provided by BuoyTrade Private Limited, with its registered office at 7 Temasek Boulevard, #12-07, Suntec Tower One, Singapore 038987, registration number 202104630D, registered in Singapore (“we”, “our”, the “Provider”).
1.2. By purchasing the programme and/or registering on the Website or, where registration is required, not later than by your first use of the Services, you are entering into a contract with the Provider, the subject of which is the provision of the Services of your choice. The GTC form an integral part of such a contract and, by executing the contract with the Provider, you express your agreement to these GTC.
1.3. The Services are only intended for persons over the age of 18 residing in the country for which the Services are available. By purchasing the evaluation programme and/or registering on the Website, you confirm that you are over 18 years of age. If you are under 18 years of age, you may not use the Services. You undertake to access the Services solely from one of the countries for which the Services are available. You acknowledge that your access to and use of the Services may be restricted or prohibited by law in some countries, and you undertake to only access and use the Services in accordance with applicable laws.
1.4. The Services consist of the provision of tools for simulated foreign exchange trading on the FOREX market or trading with other instruments on other financial markets, provision of analytical tools, training and educational materials, and other ancillary services, in particular through the Client Section or by the provision of access to applications provided by the Provider or third parties. Financial market information is used in the simulated trading; however, you acknowledge that any trading that you perform through the Services is not real. You also acknowledge that the funds provided to you for demo trading are fictitious and that you have no right to possess those fictitious funds beyond the scope of their use within the Services, and in particular that they may not be used for any actual trading and that you are not entitled to the payment of those funds. Unless expressly agreed otherwise, you will not be paid any remuneration or profits based on the results of your simulated trading, nor will you be required to pay any losses.
1.5. NONE OF THE SERVICES PROVIDED TO YOU BY THE PROVIDER CAN BE CONSIDERED INVESTMENT SERVICES IN ACCORDANCE WITH APPLICABLE LAWS. THE PROVIDER DOES NOT GIVE OR PROVIDE TO YOU ANY GUIDANCE, INSTRUCTIONS, OR INFORMATION ABOUT HOW OR IN WHICH MANNER YOU SHOULD PERFORM TRANSACTIONS WHEN USING THE SERVICES OR OTHERWISE, OR ANY OTHER SIMILAR INFORMATION ABOUT THE INVESTMENT TOOLS TRADED, NOR DOES THE PROVIDER ACCEPT ANY SUCH GUIDANCE, INSTRUCTIONS, OR INFORMATION FROM YOU. NONE OF THE SERVICES CONSTITUTE INVESTMENT ADVICE OR RECOMMENDATIONS. NO EMPLOYEES, STAFF, OR REPRESENTATIVES OF THE PROVIDER ARE AUTHORIZED TO PROVIDE INVESTMENT ADVICE OR RECOMMENDATIONS. SHOULD ANY INFORMATION OR STATEMENT OF ANY EMPLOYEE, STAFF, OR REPRESENTATIVES OF THE PROVIDER BE INTERPRETED AS INVESTMENT ADVICE OR RECOMMENDATIONS, THE PROVIDER EXPLICITLY DISCLAIMS THAT THE SAME IS INVESTMENT ADVICE OR RECOMMENDATIONS AND SHALL NOT BE RESPONSIBLE FOR THEM.
1.6. We do not provide investment, tax, legal, regulatory or financial advice relating to investments or possible Contract For Difference (CFD) Margin Trades and/or Countdowns. Any information we provide to you, including any information provided by BuoyTrade’s team, is purely factual and does not take into account your personal circumstances. Therefore, you may wish to obtain independent professional advice from a suitably qualified advisor on any investment, financial, legal, regulatory, tax or similar matter before entering into any CFD Margin Trades and/or Countdowns.
1.7. Your personal data is processed in accordance with the Privacy Policy.
1.8. The meaning of the definitions, expressions, and abbreviations used in these GTC can be found in clause 20.
2. SERVICES AND THEIR ORDER
2.1. You can order the Services through the Website by purchasing the direct or evaluation programme and/or completing the appropriate registration or order form. After registration, we will e-mail you the login details for the Client Section (where applicable) and/or Trading Platform and allow you to access them. Buoy Standard Evaluation (“Standard”) programme is a 3-steps evaluation process consisting of Evaluation (Step 1), Challenge (Step 2) and Verification (Step 3). Buoy PayLater (“PayLater”) programme is a 3-steps evaluation process consisting of Evaluation (Step 1), Challenge (Step 2) and Verification (Step 3). Upon passing and completing all three stages of the Standard and/or PayLater, you can proceed to the funded stage and become a Junior Trader. You will subsequently become the Verified BuoyTrade Trader if you clear and pass the target profit without violating the trading objectives at the Funded Stage. Buoy Direct is a direct programme with a capital of USD1,000 under One Foot In level.
2.2. The Services include, among other things, Buoy Direct, Evaluation, Challenge, Verification and Verification products; these products may differ in the scope of the Services provided (e.g., by analytical tools available to the Customer).
2.3. All data that you provide to us through the registration or order form, the Client Section where applicable, or otherwise must be complete, true, and up-to-date. You must immediately notify us of any change in your data by sending an email to hello@buoytrade.com and/or update the data in your Client Section where applicable. The Customer is responsible for all the provided data being accurate and up-to-date; the Provider is not obligated to verify the data.
2.4. You acknowledge that if you provide an identification number, tax registration number or other similar information in the registration or order form or in the Client Section, or if you state that you are a legal entity, you will be considered as an entrepreneur (trader) for the purposes of these GTC and when using the Services, and the provisions of these GTC or the applicable law that grant rights to consumers will not apply to you.
2.5. The fee for the evaluation programme vary according to the option selected and depends on the amount of the initial capital, the degree of the acceptable risk, the parameters that must be fulfilled so that the conditions of the BuoyTrade Evaluation, Challenge and the subsequent Verification stages are met, and possibly other configurations. More detailed information on individual options and fees for those options are provided in the schedules to these GTC. The fee will be determined based on the option you select when completing the form for ordering the BuoyTrade Standard programme. The Provider reserves the right to also provide the Services under individually agreed conditions. All individually agreed conditions shall be determined by the Provider at its own discretion. Individual discounts and other benefits may not be combined, unless expressly stipulated otherwise by the Provider.
2.6. The fee is paid for allowing you to access the BuoyTrade direct and/or evaluation programme, or the Services provided under the BuoyTrade programme. The Customer is not entitled to a refund of the fee, for example, if the Customer cancels the Customer’s Client Section or requests the cancellation by e-mail, if the Customer terminates the use of the Services prematurely (for example, fails to complete the BuoyTrade evaluation programme), fails to meet the conditions of the BuoyTrade direct or evaluation programme, or violates these GTC. Under the PayLater programme, the Customer is not entitled to a refund of the fee paid for the Challenge (Stage 2) under all circumstances. By passing and completing the Evaluation (Stage 1), you acknowledged that you are aware that the fee for Challenge is a deferred payment that you are obligated to pay in order to continue with the PayLater programme. If the fee for the Challenge is not paid in full within seven (7) calendar days, it will be deemed that you have withdrawn from the PayLater programme and you shall have to pay the fee for the Evaluation (Stage 1 PayLater programme) to join and restart the evaluation process.
2.7. If the Customer lodges an unjustifiable complaint regarding the paid fee or disputes the paid fee with the Customer’s bank or payment service provider (e.g. through charge back services, dispute services, or other similar services), on the basis of which an annulment, cancellation or refund of the fee or any part thereof is requested, the Provider is entitled, at its own discretion, to stop providing to the Customer any services and refuse any future provision of any services.
2.8. Your choice of the option of the BuoyTrade evaluation programme that you select when making an order shall also apply to the subsequent stages that follows (Funded and Verified stages). You will start the subsequent Verification and, possibly, other products related thereto, with the parameters and the same currency that correspond to the option of the BuoyTrade evaluation programme selected by you. Once you make a selection, it is not possible to change it.
If you are ordering a new BuoyTrade evaluation programme, the restrictions specified in this clause 2.8 shall not apply.
2.9. The Provider reserves the right to unilaterally change the fees and parameters of the Services at anytime, including the parameters for their successful completion. The change does not affect the Services purchased before the change is notified.
2.10. Any data entered in the order form can be checked, corrected, and amended until the binding order of the Services. The order of the Services of your choice is made by submitting the order form when you made the payment for the evaluation programme or the Buoy Direct programme. The Provider will immediately confirm the receipt of your order to your e‑mail address. In the case of the BuoyTrade Standard and PayLater programmes, the order is completed upon the payment of the fee for the selected option (more on this in clause 5), whereby the contract between you and the Provider is executed, the subject of which is the provision of the BuoyTrade Standard and PayLater programmes and, if the conditions of the BuoyTrade Standard and PayLater programmes are met, the subsequent stages. For Buoy Direct programme, the order is completed upon the payment of the programme. The contract is concluded in English. We archive the contract in electronic form and do not allow access to it.
2.11. You acknowledge that in order to use our Services, you must obtain the appropriate technical equipment and software, including third-party software (e.g. software for the use of the Trading Platform), at your own risk and expense. The Website is accessible from most commonly used web browsers. The internet access, purchase of the equipment, and purchase of the web browser and its updates are at your own risk and expense. The Provider does not warrant or guarantees that the Services will be compatible with any specific equipment or software. The Provider does not charge any additional fees for the internet connection.
2.12. You acknowledge that operators of trading platforms are persons or entities different from the Provider and that their own terms and conditions and privacy policies will apply when you use their services and products. Before sending an order form, you are obligated to read those terms and conditions and privacy policies.
2.13. You acknowledge that you are not a citizen and/or resides in Democratic People’s Republic of Korea, Democratic Republic of the Congo, Iran, Libya, Somalia, South Sudan, Sudan, Yemen, ISIL and Al-Qaida List as well as Taliban List.
3. PAYMENT TERMS
3.1. The amounts of fees for the Buoy Direct programme and BuoyTrade evaluation programme options are in United States Dollar (“USD”). In the event of payment of the fee in any other currency than USD, the amount of the fee for the selected option of the Buoy direct or evaluation programme shall be converted using the exchange rate listed on https://wise.com/gb/currency-converter/. The Customer acknowledges that if the payment is made in a currency other than the one the Customer has chosen on the Website, the amount will be converted according to the current exchange rates valid at the time of payment.
3.2. Service charges are inclusive of all taxes. If the Customer is an entrepreneur (trader), he is obliged to fulfil all his tax obligations in connection with the use of our Services in accordance with applicable law, and in the event of an obligation, he is obliged to pay tax or other fees properly.
3.3. You can pay the fee for the selected option of the Buoy Direct and/or BuoyTrade evaluation programme by a payment card, via a bank transfer (for Singapore residents on a case-by-case approval basis), or using other means of payment that the Provider currently offers on the Website.
3.4. In the event of payment by a payment card or via any other express payment method, the payment shall be made immediately. If you select a bank transfer for payment, we will subsequently send you a paid invoice in electronic form with the amount of the fee for the option of the Buoy Direct or BuoyTrade evaluation programme you have chosen on the Website, after payment has been received and verified. The fee is considered paid when its full amount is credited to the Provider’s account. If you do not pay the amount on time, the Provider is entitled to cancel your order. Customer bears all fees charged to Customer by the selected payment service provider (according to the valid price list of the payment services provider) in connection with the transaction and the Customer is obliged to ensure that the respective fee for the selected BuoyTrade evaluation programme or Buoy Direct is paid in full.
3.5. You acknowledge that you must pay all outstanding fee in full within seven (7) calendar days. If the fee is not paid in full within seven (7) calendar days, it would be deemed that you have withdrawn from the evaluation programme (regardless of the stage you are in) and there will be no refund of the earlier fees that were paid.
4. CLIENT SECTION
4.1. Only one Client Section is permitted per Customer and all of the Customer’s Services must be maintained in the Client Section, where applicable.
4.2. The total number of BuoyTrade programme per one Client Section or individual may be limited depending on the total sum of the initial capital amounts of the products ordered by the Customer or on the basis of other parameters. Unless the Provider grants an exception to the Customer, the initial capital amounts may not be transferred between the individual products or mutually combined. You may also not transfer or combine your performance, Service parameters, data or any other information between the products. For those under Buoy Express, Standard and Buoy PayLater programmes, BuoyTrade allows a maximum capital allocation of USD100,000 per trader/client or per strategy, at any given time, for the purpose of risk diversification. Note that for those that joined before 15 May 2021, the maximum allocation under the discontinued programme (also referred to as the discontinued scheme) is USD300,000 per trader/client or per strategy, at any given time. For Buoy Direct, the maximum number of accounts allowed per trader/client is ten (10), at any given time, for the purpose of risk diversification.
4.3. Access to the Client Section and Trading Platform is protected by login data, which the Customer may not make available or share with any third party. If the Customer has registered as a legal entity, the Customer may allow the use of the Services through the Customer’s Client Section to the Customer’s employees or other authorized employees and representatives. The Customer is responsible for all activities that are performed through the Customer’s Client Section or Trading Platform. The Provider bears no responsibility, and the Customer is not entitled to any compensation, for any misuse of the Client Section, Trading Platform, or any part of the Services, nor is the Provider responsible for any negative consequences there of for the Customer, if such misuse occurs for any reasons on the part of the Customer.
4.4. The Customer acknowledges that the Services may not be available around the clock, particularly with respect to maintenance, upgrades, or any other reasons. In particular, the Provider bears no responsibility, and the Customer is not entitled to any compensation, for the unavailability of the Client Section or Trading Platform and for damage or loss of any data or other content that you upload, transfer or save through the Client Section or Trading Platform.
4.5. The Customer may at any time request the cancellation of the Client Section by sending an e-mail to hello@buoytrade.com. Sending a request for the cancellation of the Client Section is considered as a request for termination of the contract by the Customer, with the Customer being no longer entitled to use the Services, including the Client Section and Trading Platform. The Provider will immediately confirm the receipt of the request to the Customer by e-mail, whereby the contractual relationship between the Customer and the Provider will be terminated. In such a case, the Customer is not entitled to any refund of the fees already paid or costs otherwise incurred.
5. RULES OF DEMO TRADING AND LIVE TRADING
5.1. During the demo trading and live trading on the Trading Platform, you may perform any transactions, unless these constitute prohibited trading strategies or transactions within the meaning of clause 5.4. Restrictions may also be imposed by the trading conditions of the Trading Platform that you have selected for trading.
5.2. You acknowledge that the Provider has access to information about the demo and live trades that you perform on the Trading Platform. You grant the Provider your consent to share this information with persons/entities who are in a group with the Provider or who are otherwise affiliated with the Provider, and you grant the Provider and these persons/entities your consent and authorization to handle this information at their own will. You agree that these activities may be performed automatically without any further consent, consultation, or approval on your part being necessary, and that you are not entitled to any remuneration or revenue associatedwith the use of the data by the Provider. The Provider is aware that you do not provide the Provider with any investment adviceor recommendations through your demo and/or live trading. You acknowledge that you may suspend your demo and/or live trading on the Trading Platformat any time.
5.3. The Provider bears no responsibility for the information displayed on the Trading Platform, nor for any interruption of,or delay or inaccuracy in the market information displayed through your Client Section.
5.4. DURING THE DEMO TRADING AND/OR LIVE TRADING,IT IS PROHIBITED TO:
5.4.1. USE BUSINESS STRATEGIES THAT TAKEADVANTAGE OF ERRORS IN DISPLAY OF PRICES OR DELAY IN THEIR UPDATE;
5.4.2. PERFORM TRANSACTIONS USING STRADDLING;
5.4.3. PERFORM TRANSACTIONS USING EXTERNAL DATAFEED;
5.4.4. PERFORM TRANSACTIONS OR COMBINATIONS OF TRANSACTIONS WHOSE PURPOSE IS TAMPERING WITH TRADING;
5.4.5. PERFORM TRANSACTIONS IN CONTRADICTION WITH THE TERMS AND CONDITIONS OF THE PROVIDER AND THE TRADING PLATFORM; OR
5.4.6. OTHERWISE PERFORM TRANSACTIONS IN CONTRADICTION WITH HOW TRADING IS ACTUALLY PERFORMED ON THE FOREX MARKET OR ON ANY OTHER FINANCIAL MARKET, OR IN A WAY THAT ESTABLISHES JUSTIFIED CONCERNS THAT THE PROVIDER MIGHT SUFFER FINANCIAL OR ANY OTHER DAMAGE AS A RESULT OF THE CUSTOMER’S ACTIVITIES.
5.5. If the Customer engages in any of the practices described in clause 5.4, (i) the Provider may consider it as a failure to meet the conditions of the particular BuoyTrade Direct, Evaluation/Challenge or Verification, or (ii) the Provider may remove the transactions that violate the prohibition from the Customer’s trading history and/or not count their resultsin the profits and/or losses achieved by the demo/live trading.
5.6. If the Customer engages in any of the practices described in clause 5.4 repeatedly, and the Provider has previously notified the Customer thereof, the Provider may prevent the Customer from accessing all Services or their parts, including access to the Client Section and Trading Platform, without any compensation. In such a case, the Customer is not entitled to a refund of the fees paid.
5.7. The Provider does not bear any responsibility for trading or other investment activities performed by the Customer outside the relationship with the Provider, for example by using data or other information from the Client Section, Trading Platform, or otherwise related to the Services in real trading on financial markets, not even if the Customer uses for such trading the same Trading Platform that the Customer uses for demo trading.
5.8. DEVELOPMENTS IN FINANCIAL MARKETS ARE SUBJECT TO FREQUENT AND ABRUPT CHANGES. TRADING ON FINANCIAL MARKETS MAY NOT BE PROFITABLE AND CAN LEAD TO SIGNIFICANT FINANCIAL LOSSES. ANY PREVIOUS PERFORMANCES AND PROFITS OF THE CUSTOMER’S DEMO TRADING ARE NOT A GUARANTEE OR INDICATION OF ANY FURTHER PERFORMANCE.
6. BUOY DIRECT AND EVALUATION PROGRAMMES
6.1. After paying the fee for the selected option of the Buoy Direct and/or BuoyTrade evaluation programme, the Customer will receive the relevant login data for the Trading Platform at the e-mail address provided by the Customer during payment through the payment service provider or in the Client Section, where applicable. The Customer activates the Buoy Direct and/or BuoyTrade evaluation programme by opening the first demo trade in the Trading Platform. IF YOU ARE A CONSUMER, YOU ACKNOWLEDGE THAT, BY OPENING THE FIRST DEMO TRADE, YOU EXPRESSLY DEMAND THE PROVIDER TO COMPLETE THE SERVICES BEFORE THE EXPIRY OF THE PERIOD FOR WITHDRAWAL FROM THE CONTRACT, WHICH AFFECTS YOUR RIGHT TO WITHDRAW FROM THE CONTRACT, AS SPECIFIED IN MORE DETAIL IN CLAUSE 12. If you do not activate any of the stages under the BuoyTrade evaluation programme and/or Buoy Direct programme within thirty (30) calendar days of the date on which it was made available to you, your access to it will be suspended. You can request the renewal of access via the Client Section where applicable or by sending an e-mail to hello@buoytrade.com within three (3) months of the suspension, otherwise we will terminate the provision of the Services without any right toa refund of the fee. The BuoyTrade Evaluation lasts for forty-five (45) calendar days from the date of its activation or the date specified in the email containing the account login credential, where applicable. The BuoyTrade Challenge lasts for forty-five (45) calendar days from the date of its activation or the date specified in the email containing the account login credential, where applicable. The BuoyTrade Verification lasts for sixty (60) calendar days from the date of its activation or the date specified in the email containing the account login credential, where applicable.
6.2. In order for the Customer to meet the conditions of the BuoyTrade Evaluation, the Customer must fulfil all of the following parameters at the same time by the end of the BuoyTrade Evaluation:
6.2.1. during the BuoyTrade Evaluation, the Customer has opened at least one demo trade on at least ten different calendar days;
6.2.2. in the course of none of the calendar days during the BuoyTrade Evaluation did the Customer report a loss on any demo trades opened and closed on that day, which would exceed in total 5% of the initial capital;
6.2.3. at no time during the BuoyTrade Evaluation did the Customer report a loss on any opened and closed demo transactions,which would exceed in total 10%of the initial capital; and
6.2.4. during the BuoyTrade Evaluation, the Customer reported a total profit on all closed demo trades amounting to at least 8% of the initial capital.
For BuoyTrade Standard and/or PayLater, the Customer will advance to the Challenge stage after passing the Evaluation. The above parameters are explained in more detail on the table on the Website.
6.3. In order for the Customer to meet the conditions of the BuoyTrade Challenge, the Customer must fulfil all of the following parameters at the same time by the end of the BuoyTrade Challenge:
6.3.1. during the BuoyTrade Challenge, the Customer has opened at least one demo trade on at least ten different calendar days;
6.3.2. in the course of none of the calendar days during the BuoyTrade Challenge did the Customer report a loss on any demo trades opened and closed on that day, which would exceed in total 5% of the initial capital;
6.3.3. at no time during the BuoyTrade Challenge did the Customer report a loss on any opened and closed demo transactions, which would exceed in total 10%of the initial capital; and
6.3.4. For BuoyTrade Express programme: during the BuoyTrade Evaluation, the Customer reported a total profit on all closed demo trades amounting to at least 10% of the initial capital. For BuoyTrade Standard programme: during the BuoyTrade Evaluation, the Customer reported a total profit on all closed demo trades amounting to at least 10% of the initial capital.
The Customer will advance to the Verification stage after passing the Challenge. The above parameters are explained in more detailon the table on the Website.
6.4. If the Customer has met the conditions of the BuoyTrade Evaluation and/or Challenge specified in clause 6.2 and 6.3, and at the same time has not violated these GTC, in particular the rules of demo trading under clause 5.4, the Provider will evaluate the BuoyTrade Evaluation and/or Challenge as successful and will make the Verification available to the Customer free of charge by sending login details to the Customer’s e-mail address or Client Section where applicable. The Customer may request the evaluation of the BuoyTrade Evaluation/Challenge at any time by sending a request to hello@buoytrade.com or via the Client Section, if applicable. The Provider does not have to evaluate the BuoyTrade Evaluation/Challenge if the Customer has not closed all trades.
6.5. The Customer activates the Verification by opening the first demo trade in the Trading Platform. If the Customer does not activate the Verification within thirty (30) calendar days from the day on which the Customer received the new login data, the Customer’s access to the Verification will be suspended. The Customer may request the renewal of access via the Client Section where applicable or by sending an e-mail to hello@buoytrade.com within three (3) months of the suspension, otherwise we will terminate the provision of the Services without any right to a refund. The Verification lasts for sixty (60) calendar days from the date of its activation or the date specified on the email where the account login credential was sent.
6.6. In order for the Customer to meet the conditions of the Verification, the Customer must fulfil all of the following parameters at the same time by the end of the Verification:
6.6.1. during the Verification, the Customer has opened at least one demo trade on at least ten different calendar days;
6.6.2. in the course of none of the calendar days during the Verification did the Customer report a loss on any demo trades opened and closed on that day, which would exceed in total 5% of the initial capital;
6.6.3. at no time during the Verification did the Customer report a loss on the sum of the opened and closed demo trades, which would exceed in total 10% of the initial capital; and
6.6.4. at the end of the Verification, the Customer reported a closed profit from all performed demo trades amounting to at least 5% of the initial capital.
The above parameters are explained in more detail on the table on the Website.
6.7. If the Customer has met the conditions of the Verification specified in clause 6.6 and at the same time has not violated these GTC, in particular the rules of demo trading under clause 5.4, the Provider will evaluate the Verification as successful and will recommend the Customer as a candidate for BuoyTrade Junior Trader programme. The Customer may request the evaluation of the Verification at any time by sending a request to hello@buoytrade.com or via the Client Section where applicable. The Provider does not have to evaluate the Verification if the Customer has not closed all transactions.
6.8. If during the BuoyTrade evaluation programme the Customer does not comply with some of the conditions specified in clause 2, the BuoyTrade Evaluation/Challenge will be evaluated as unsuccessful and the Customer will not be allowed access to the subsequent Verification. If during the Verification the Customer does not comply withany of the conditions specified in clause 6.6, the Verification will be evaluated as unsuccessful and the Customer will not be recommended as acandidate for the BuoyTrade Junior Trader program.
6.9 The Customer is entitled to a complimentary repeat of the BuoyTrade Evaluation, Challenge and Verification if the Customer did not violate the rules under Clause 6.2, 6.3 and 6.6 respectively, and at the end of the trading period has a positive account balance of at least a profit of $0.01 (with all positions closed). The complimentary repeat is not granted automatically and the Customer is required to write in and request for it. If the Customer is entitled to a complimentary repeat, he/she shall request for the repeat of the Evaluation or Challenge by writing in to hello@buoytrade.com or via the Client Section (if applicable). If the Customer does not send in the request for the complimentary repeat within thirty (30) days, the Customer is deemed to forfeit and give up his/her complimentary repeat and the fee will be forfeited. For customers who are enrolled in the evaluation programme before 15 May 2021, the complimentary repeat for Challenge (Stage 2) and Verification (Stage 3) will start from Challenge (Stage 2) and those in Evaluation (Stage 1) will begin in Evaluation (Stage 1). For customers who are in the Express, the complimentary repeat will always be at Challenge (Stage 1). For customers in Standard and/or PayLater, the complimentary repeat for Evaluation (Stage 1) will start from the same stage that is Evaluation (Stage 1), and the complimentary repeat for Challenge and Verification will start from Challenge (Stage 2).
6.10 The Customer is not allowed to change the password to the trading account provided for the Buoy Direct and evaluation programmes. If the password is found to be changed and it is done without BuoyTrade’s written approval, BuoyTrade has the right to disqualify that particular account from the Buoy Direct and/or evaluation programme, and the fee will be forfeited. The password is not allowed to be changed as that would cause BuoyTrade to not be able to track the progress of the Buoy Direct and/or evaluation programme. It is the Customer’s duty to ensure the password is stored safety and securely.
6.11 For Buoy Direct programme, the Customer acknowledges that if he/she failed or violated the trading objectives (minimumtrading days, maximum loss etc.), he/she is entitled to a resume back the programme at half of the level which he/she failed, after the full payment ofthe Recovery Fee is made. The Recovery fee is calculated the total sum of 5% of the account capital + 5% (payment gateway charges) of the Recovery fee. Thisoffer is only valid up to one (1) month, the time starts on the date which theCustomer has violated the trading objectives.
6.12 For Buoy Direct programme, the Customeracknowledges that if he/she failed to make one (1) trade per week, the account shall be suspended. In order to reinstate the suspended account, the Customer has to write in to hello@buoytrade.com with the medical reasons and substantiate with valid evidence or documents for the Provider toaccess the possibility of reinstatement. If the reinstatement outcome is invalid due to the category of “reason not valid”, the Customer has to pay areinstatement fee, which is calculated as 2% of the current account level, in order to reinstate his/her account. If the reinstatement fee is not paid withinone (1) month of being informed by the Provider, the Customer is deemed to forfeit his/her opportunity to reinstate the account and the account will be terminated. The Customer acknowledges that he/she shall start from “One Foot In”level to begin again.
7. BUOYTRADE TRADER
7.1. The Services of the BuoyTrade Trader are provided to the Customer on the basis of an individual agreement executed between the Customer and BuoyTrade (“BuoyTrade Contract Agreement”).Provider recommending Customer as a candidate for the BuoyTrade Trader Programme in no way guarantees Customer’s acceptance into the BuoyTrade Trader Programme, i.e. the acceptance of the Customer is still subject to compliance’s approval where background check will be performed . The Provider is not responsible for Customer being rejected by the BuoyTrade Trader Programme for any or no reason.
7.2. THE CUSTOMER ACKNOWLEDGES BUOYTRADE WITH WHOM THE CUSTOMER EXECUTES THE BUOYTRADE CONTRACT AGREEMENT MAY REQUIRE THATTHE CUSTOMER MEETS ANY ADDITIONAL CONDITIONS THAT MAY BE JUSTIFIABLY REQUIREDFROM THE CUSTOMER IN CONNECTION WITH THE EXECUTION OF THE BUOYTRADE CONTRACT AGREEMENT.
7.3. The Customer further acknowledges that the person/entity with whom the Customer is to execute the BuoyTrade Contract Agreement may refuse to execute the agreement if the Customer does not meet the conditions under clause 2.13, 6, 6.7, or if it turns out that the Customer has violated the provisions of these GTC in a manner specified in clause 10.1. Insuch a case, the Customer is not entitled to a refund of the fees for the relevant BuoyTrade evaluation programme.
8. USE OF THE WEBSITE, SERVICES AND OTHER CONTENT
8.1. The Website and all Services, including the Client Section, their appearance and all applications, data, information, multimedia elements such as texts, drawings, graphics, design, icons, images, audio and video samples, and any other content that may form the Website and the Services (collectively as the “Content”), are subject to legal protection pursuant to copyright laws and other legal regulations, and are the property of the Provider or the Provider’s licensors. The Provider grants you a limited, non-exclusive, non-transferable, non‑assignable, non-passable, and revocable permission to use the Content for the purpose of using the Services for your personal use and in accordance with the purpose for which the Services are provided. The Content is not sold or otherwise transferred to you and remains the property of the Provider or the Provider’s licensors.
8.2. All trademarks, logos, trade names, and other designations are the property of the Provider or Provider’s licensors and the Provider does not grant you any authorization to use them.
8.3. Both the Customer and the Provider undertake to act in accordance with the principles of fair dealing in the performance of the contract and in mutual negotiations and, in particular, not to damage the good reputation and legitimate interests of the other party. The Customer and the Provider will resolve any possible disagreements or disputes between hem in accordance with these GTC and the applicable law.
8.4. Except for the rights expressly set out in these GTC, the Provider does not grant you any other rights relating to the Services and other Content. You may only use the Services and other Content asset out in these GTC.
8.5. When accessing the Services and other Content, the following is prohibited:
8.5.1. to use any tools that may adversely affect the operation of the Website and Services or that would be intended to take advantage of errors, bugs or other deficiencies of the Website and Services;
8.5.2. to circumvent geographical restrictions of availability or any other technical restrictions
8.5.3. to make copies or back-ups of the Website and other Content;
8.5.4. to reverse-engineer, decompile, disassemble or otherwise modify the Website and other Content;
8.5.5. to sell, rent, lend, license, distribute, reproduce, spread, stream, broadcast or use the Services or other Content otherwise than as permitted;
8.5.6. to use automated means to view, display or collect information available through the Website or Services; and
8.5.7. to use any other tools or means the use of which could cause any damage to the Provider.
8.6. The provisions of clause 8 are not intended to deprive the Customer of the Customer’s consumer rights which cannot be excluded by law.
9. DISCLAIMER
9.1. YOU ACKNOWLEDGE THAT THE SERVICES AND OTHER CONTENT ARE PROVIDED “AS IS” WITH ALL THEIR ERRORS, DEFECTS AND SHORTCOMINGS, AND THAT THEIR USE IS AT YOUR SOLE RESPONSIBILITY AND RISK. TO THE MAXIMUM EXTENT PERMITTED BY THE MANDATORY LAWS, THE PROVIDER DISCLAIMS ANY STATUTORY, CONTRACTUAL, EXPRESS AND IMPLIED WARRANTIES OF ANY KIND, INCLUDING ANY WARRANTY OF QUALITY, MERCHANT ABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT OF ANY RIGHTS.
9.2. TO THE EXTENT PERMITTED BY THE MANDATORY PROVISIONS OF THE APPLICABLE LAWS, THE PROVIDER IS NOT RESPONSIBLE FOR ANY HARM, INCLUDING ANY INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING LOST PROFIT, LOSS OF DATA, PERSONAL OR OTHER NON-MONETARY HARM OR PROPERTY DAMAGE CAUSED AS A RESULT OF USE OF THE SERVICES OR RELIANCE ON ANY TOOL, FUNCTIONALITY, INFORMATION OR ANY OTHER CONTENT AVAILABLE INCONNECTION WITH THE USE OF THE SERVICES OR ELSEWHERE ON THE WEBSITE. THE PROVIDER IS NOT RESPONSIBLE FOR ANY PRODUCTS, SERVICES, APPLICATIONS OR OTHER THIRD-PARTY CONTENT THAT THE CUSTOMER USES IN CONNECTION WITH THE SERVICES. INCASE THE PROVIDER’S LIABILITY IS INFERRED IN CONNECTION WITH THE OPERATION OF THE WEBSITE OR PROVISION OF THE SERVICES BY A COURT OF JUSTICE OR ANY OTHER COMPETENT AUTHORITY, THIS LIABILITY SHALL BE LIMITED TO THE AMOUNT CORRESPONDING TO THE FEE PAID BY THE CUSTOMER FOR THE SERVICES IN CONNECTION WITH WHICH THE CUSTOMER HAS INCURRED THE LOSS.
9.3. The Provider is not responsible for its failure to provide the purchased Services if that failure occurs due to serious technical or operational reasons beyond the Provider’s control, in the case of any crisis or imminent crisis, natural disaster, war, insurrection, pandemic, a threat to a large number of people or other force majeure events, and/or if the Provider is prevented from providing the Services as a result of any obligations imposed by law or a decision of a public authority.
9.4. The provisions of Clause 9 are not intended to deprive the Customer of the Customer’s consumer or other rights that cannot be excluded by law.
10. VIOLATION OF THE GTC
10.1. IF THE CUSTOMER VIOLATES ANY PROVISION OF THESE GTC IN A MANNER THAT MAY CAUSE ANY HARM TO THE PROVIDER, IN PARTICULAR IF THE CUSTOMER ACCESSES THE SERVICES IN CONFLICT WITH CLAUSE 3, CLAUSE 2.13, IF THE CUSTOMER PROVIDES INCOMPLETE, UNTRUE OR NON-UPDATED INFORMATION IN CONFLICT WITH CLAUSE 2.3, IF THE CUSTOMER ACTS IN A MANNER THAT MAY DAMAGE THE PROVIDER’S GOOD REPUTATION, IF THE CUSTOMER VIOLATES THE DEMO TRADING RULES PURSUANT TO CLAUSE 5.4, IF THE CUSTOMER ACTS IN CONFLICT WITH CLAUSE 8.3,AND/OR IF THE CUSTOMER PERFORMS ANY OF THE ACTIVITIES REFERRED TO IN CLAUSE 8.5, THE PROVIDER MAY PREVENT THE CUSTOMER FROM ORDERING ANY OTHER SERVICES AND COMPLETELY OR PARTIALLY RESTRICT THE CUSTOMER’S ACCESS TO ALL OR ONLY SOME SERVICES, INCLUDING ACCESS TO THE CLIENT SECTION AND TRADING PLATFORM, WITHOUT ANY PRIOR NOTICE AND WITHOUT ANY COMPENSATION.
11. COMMUNICATION
11.1. You acknowledge that all communication from the Provider or its partners in connection with the provision of Services will take place through the Client Section where applicable and/or your e-mail address, which you register with us. Written electronic communication by e-mail or through the Client Section is also considered to be written communication.
11.2. Our contact e-mail address is hello@buoytrade.com and our contact address is 7 Temasek Boulevard, #12-07, Suntec Tower One, Singapore 038987.
12. RIGHT TO WITHDRAW FROM A CONTRACT
12.1. If you are a consumer, you have the right to withdraw from a contract without giving a reason within fourteen (14) days of its execution (see clause 10 for details on the time of execution of the agreement). PLEASE NOTE THAT IF YOU START PERFORMING FICTITIOUS TRADES BEFORE THE EXPIRY OF THE SPECIFIED TIME LIMIT, YOU LOSE YOUR RIGHT TO WITHDRAW FROM THE CONTRACT.
12.2. Your withdrawal from the contract must be sent to our e-mail address hello@buoytrade.com within the specified time limit. You can contact us athello@buoytrade.com to request for the template form to withdraw. We will confirm the receipt of the form to you in text form without undue delay. If you withdraw from the contract, we will refund you without undue delay (no later than fourteen (14) days after your withdrawal from the contract) the nett fee (i.e. full fee received less Refund Processing Fee), in the same way in which you paid them. Please take note that there will be a Refund Processing Fee of 5% of the refunded amount.
12.3. The Provider is entitled to immediately withdraw from the Contract in the case of any breach by the Customer specified in Clause 10.
13. DEFECTIVE PERFORMANCES
13.1. If the Services do not correspond to what was agreed or have not been provided to you, you can exercise your rights from defective performance. The Provider does not provide any guarantee for the quality of the services. You must notify us of the defect without undue delay at our e-mail address at hello@buoytrade.com or at our address listed in clause 2. When exercising the rights from defective performance, you may request that we remedy the defect or provide you with a reasonable discount. If the defect cannot be remedied, you can withdraw from the contract or claim a reasonable discount.
13.2. We will try to resolve any complaint you may lodge as soon as possible (no later than within thirty (30) calendar days), and we will confirm its receipt and settlement to you in writing. If we do not settle the complaint in time, you have the right to withdraw from the contract. You can file a complaint by sending an e-mail to our e-mail address hello@buoytrade.com.
14. CHANGES TO THE GTC
14.1. The Provider reserves the right to change these GTC at any time with immediate effect for new customers and new orders of the Services placed by existing Customers. The Customers shall take note of the GTC by referring or checking regularly on the website. The BuoyTrade Evaluation and/or Challenge and the subsequent Verification are provided throughout the period of their duration pursuant to the version of the GTC which was valid and effective at the time at which the relevant BuoyTrade evaluation programme was ordered.
15. OUT-OF-COURT CONSUMER DISPUTE SETTLEMENT
15.1. It is our objective that our customers are satisfied with the BuoyTrade services; therefore, if you have any complaints or suggestions, we will be happy to resolve them directly with you and you can contact us at our e-mail address or at our address listed inclause2.
16. INDEMNIFICATION
16.1. You agree to indemnify, defend and hold harmless the Provider, its officers, directors, employees, agents and third parties, for any losses, costs, liabilities and expenses (including reasonable attorney’s fees) relating o or arising out of your use of or inability to use the Site or services, any user postings made by you, your violation of any terms of this GTC or your violation of any rights of a third party, or your violation of any applicable laws, rules or regulations. The Provider reserves the right, at its own cost, to assume the exclusive defense and control of any matter otherwise subject to indemnification by you, in which event you will fully cooperate with the Provider in asserting any available defenses.
17. CLASS ACTION WAIVER
17.1. Any arbitration under these GTC will take place on an individual basis; class arbitrations and class/representative/collective actions are not permitted. THE PARTIES AGREE THAT A PARTY MAY BRING CLAIMS AGAINST THE OTHER ONLY IN EACH’S INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PUTATIVE CLASS,COLLECTIVE AND/ OR REPRESENTATIVE PROCEEDING, SUCH AS IN THE FORM OF A PRIVATE ATTORNEY GENERAL ACTION AGAINST THE OTHER. Further, unless both you and the Provider agree otherwise, the arbitrator may not consolidate more than one person’s claims, and may not otherwise preside over any form of are presentative or class proceeding.
18. CHOICE OF LAW AND JURISDICTION
18.1. Any legal relations established by this Agreement or related to it, as well as any related non-contractual legal relations, shall be governed by the laws of Singapore without regard for its conflict of laws provisions. Any dispute that may arise in connection with this Agreement and/or any related agreements shall fall within the jurisdiction of the Singapore court having local jurisdiction according to the registered office of BuoyTrade.
19. FINAL PROVISIONS
19.1. The Provider has not adopted any consumers codes of conduct.
19.2. These GTC constitute the complete terms and conditions agreed between you and the Provider and supersede all prior agreements relating to the subject-matter of the GTC, whether verbal or written.
19.3. BuoyTrade undertakes to process personal data in accordance with the Privacy Policy. If the Customer is a legal entity, the Customer is obligated to acquaint with those documents the individuals to whom the Customer allows the use of the BuoyTrade and/or the Trading Platform under the conditions set out in this GTC.
19.4. Nothing in this GTC is intended to limit any legal claims set out elsewhere in this GTC or arising from the applicable legal regulations. If BuoyTrade or any third party authorised thereto does not enforce the compliance with this GTC, this shall in no way be construed as a waiver of any right or claim.
19.5. BuoyTrade may assign any claim arising to it under this GTC or any agreement to a third party without the Customer’s consent. The Customer agrees that BuoyTrade may, as the assign or, transfer its rights and obligations under this GTC or any agreement (or any parts thereof)to a third party. The Customer may not transfer or assign the Customer’s rights and obligations under this GTC or any other agreement (or any parts thereof) or any receivables arising there from, in whole or in part, to any third party.
19.6. If any provision of the GTC is found to be invalid or ineffective, it shall be replaced by a provision whose meaning is as close as possible to the invalid provision. The invalidity or ineffectiveness of one provision shall not affect the validity of the other provisions. No past or future practice established between the Parties and no customer maintained in general or in the industry relating to the subject-matter of the performance which is not expressly referred to in the GTC shall be applied and no rights and obligations shall be derived from them for the Parties, and, in addition, they shall not be taken into account in the interpretation of manifestations of the will of the Parties.
19.7. Prior to the mutual acceptance of this GTC, the Parties have carefully assessed the possible risks arising from it and accept those risks. The Customers assumes the risk of a change of circumstances.
19.8. The schedules to the GTC form integral parts of the GTC. In the event of a conflict between the wording of the main text of the GTC and any schedule thereof, the main text of the GTC shall prevail.
20. DEFINITIONS, EXPRESSIONSANDABBREVIATIONSUSED
20.1. For the purpose of the GTC, the following definitions shall have the following meanings:
20.1.1. “Client Section” means the user interface located on the Website;
20.1.2. “Provider” means the provider of certain Services (asset out in clause 1.1);
20.1.3. “Content” means the Website and all Services, including the Client Section, their appearance and all applications, data, information, multimedia elements such as texts, drawings, graphics, design, icons, images, audio and video samples and other content that may form the Website and the Services (as set out in clause 8.1);
20.1.4. “GTC” means these General Terms and Conditions of BuoyTrade;
20.1.5. “Schedules” means Schedule 1, which are part of these GTC;
20.1.6. “Trading Platform” means an electronic interface provided by a third party in which the Customer performs the demo and/or live trading;
20.1.7. “BuoyTrade Contract Agreement” means an agreement executed between the Customer and BuoyTrade Private Limited, the subject of which is the management and maintenance of the BuoyTrade Trader (as set out in clause 7.1);
20.1.8. “Services” means the Provider’s services as set out in clauses 1, 1.4, 2;
20.1.9. “Website” means the website www.buoytrade.com;
20.1.10. “Customer” means the user of the Services (as set out in clause 1.1);
20.1.11. “BuoyTrade evaluation programme ”means any of the evaluation programme (Express, Standard or PayLater) offered by BuoyTrade;
20.1.12. “Buoy Express” or “Express” means the 2-Steps evaluation programme (Step 1: Challenge and Step 2: Verification);
20.1.13. “Buoy Standard” or “Standard” means the 3-Steps evaluation programme (Step 1: Evaluation, Step 2: Challenge and Step 3: Verification) with upfront one-time fee;
20.1.14. “Buoy PayLater” or “PayLater” means the 3-Steps evaluation programme (Step 1: Evaluation, Step 2: Challenge and Step 3: Verification) with first upfront fee being paid when enrolling for the evaluation programme and the remaining fee, to be paid within seven (7)calendar days, only after passing stage one; and
20.1.15. “Buoy Direct” or “Direct” means the programme with an initial capital of USD 1,000.
20.2. For the purpose of the GTC and their schedules, the following definitions shall have the following meanings:
20.2.1. “CZK” means the Czech crown;
20.2.2. “EUR” means the Euro;
20.2.3. “USD” means the United States dollar;
20.2.4. “GBP” means the British pound;
20.2.5. “CAD” means the Canadian dollar;
20.2.6. “AUD” means the Australian dollar;
20.2.7. “NZD” means the New Zealand dollar:
20.2.8. “CHF” means the Swiss franc;
20.2.9. “calendar day” means the period from midnight to midnight of the time currently valid in Singapore; and
20.2.10. “initial capital” means a fictitious amount that the Customer has chosen when selecting the option of the BuoyTrade evaluation programme and which the Customer will use to perform demo trading.
These GTC shall enter into force and effect on 4February 2021.
SCHEDULE 1
PRICELIST OF FEES FOR BUOY STANDARD (3-STEPS)PROGRAMME (effective on 14 June 2021)
· USD 85 for Evaluation, Challenge or Verification with an initial capital of USD 5,000.
· USD 142 for Evaluation, Challenge or Verification with an initial capital of USD 10,000.
· USD 201 for Evaluation, Challenge or Verification with an initial capital of USD 25,000.
· USD 317 for Evaluation, Challenge or Verification with an initial capital of USD 50,000.
PRICELIST OF FEES FOR BUOY PAYLATER (3-STEPS)PROGRAMME (effective 14 June 2021)
· USD 72 for Evaluation and USD 39 for Challenge and/or Verification with an initial capital of USD 5,000.
· USD 120 for Evaluation and USD 65 Challenge and/or Verification with an initial capital of USD 10,000.
· USD 170 for Evaluation and USD 91 for Challenge and/or Verification with an initial capital of USD 25,000.
· USD 268 for Evaluation and USD 144 for Challenge and/or Verification with an initial capital of USD 50,000.
PRICELIST OFFEES FOR BUOY DIRECT PROGRAMME (effective 1 July 2021)
· USD 75 for Buoy Direct Programme with an initial capital of USD1,000.
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