General Terms and Conditions

General Terms and Conditions

This Agreement is made and entered into by and between Goldmill Markets (“the Company”) (registered at the Hansa Bank Building, 1st Floor, Landsome Road, Valley, Anguilla, under Company No: A000000920) and the individual or entity (“Customer”) who applies for and accepts an account to engage in trading activities with the Company. By completing the application process and accepting these terms, Customer agrees to be bound by the terms and conditions set forth herein. The latest version of this Agreement will be posted on Goldmill Markets’ website.

1. Authorization to Trade

1.1 Authorization to Trade: Customer’s application to open an Account with Goldmill Markets binds them to the terms and conditions of this Agreement and automatically acknowledges and accepts the below terms and conditions. Goldmill Markets has the right to maintain one or more accounts in Customer’s name and engage in transactions for Customer’s account in accordance with instructions by Customer and its representatives.

• The risk of all unauthorized instructions administered by Customer’s representatives will be borne by Customer.
• All transactions between Goldmill Markets and Customer shall be governed by the terms of this Agreement, as amended from time to time.

 

2. Accounts

2.1 Account Approvals and Maintenance: Goldmill Markets reserves the right to reject Customer’s application or close Customer’s Account at its sole discretion for any reason. Customer may be required to provide additional information or documentation for account maintenance. Goldmill Markets also reserves the right to restrict trading or disbursements at any time.

2.2 Arbitrage: Arbitrage refers to any trading result that is the outcome of actions that either eliminate risk completely or significantly, usually by abusing features provided by the Company. Such activities are prohibited and may result in account closure or other actions deemed appropriate by Goldmill Markets.

2.3 Abusing Expert Advisors (EAs): Expert Advisors (experts) are programs developed in MetaQuotes Language (MQL5) used for automating analytical and trading processes. If Goldmill Markets has reasonable grounds to believe that you have not acted in good faith, including, but not limited to, cases where it is determined that you have abused Expert Advisors (EAs) on the Goldmill Markets Platform, whether willingly or not, we reserve the right to take appropriate actions as stated herein.

2.4 Use of Unsuitable Documentation: Clients are required to provide documentation proving their identity and permanent residential address, and may also need to verify payment methods, such as a credit card. Unsuitable documentation includes fake, forged, or altered documents, whether physically altered or altered using a computer.

2.5 Margins and Deposit Requirements: Customers must provide and maintain margin as required by Goldmill Markets. Margin requirements may change at any time without prior notice. Goldmill Markets reserves the right to close any Customer positions as deemed necessary. Customers must ensure their account equity meets real-time margin requirements when pending orders are triggered. If the required margin level is not available when a pending order is activated, the order will be automatically cancelled. Customers should monitor their margin levels to avoid unintended cancellations.

2.6 Liquidation of Accounts: In certain circumstances, Goldmill Markets may take actions to protect its interests, including selling contracts or cancelling outstanding orders, without prior notice to the Customer.

2.7 Scalping Policy: Goldmill Markets permits scalping as a trading strategy, but reserves the right to restrict scalping if it determines that the level of such activity is excessive. If Goldmill Markets deems scalping excessive, it may require the customer to reduce the scalping ratio before authorizing any withdrawals. For the purposes of this policy, excessive scalping is defined as scalping trades exceeding 25% of a customer’s total trades. A scalping trade is any trade involving Foreign Exchange and Metals that is opened and closed within less than 120 seconds, or CFD Contracts (including single name stocks, equity indices, metals, and crypto CFDs) that is opened and closed within less than 300 seconds.

2.8 Use of Excessive Leverage: Excessive leverage involves opening a position that requires a margin nearly equal to the entire free balance, significantly increasing the risk of the account ending up with a substantial negative balance. Such practices are discouraged and may result in restrictions on the account.

2.9 Hedged Positions and Hedging in Bad Faith: Goldmill Markets permits customers to open hedged positions on its trading platforms, allowing simultaneous long and short positions on the same instrument. While hedging may reduce margin requirements, it does not guarantee profits or protect account equity. Hedged positions are subject to swap rates, and open positions may be closed if spreads widen due to low liquidity or if account equity drops to the stop-out level. Hedging in bad faith is strictly prohibited. This involves using techniques such as taking equal and opposite positions in the same Financial Product or a highly correlated Financial Product at nearly the same time, indicating no genuine interest in trading. This can occur within a single account or across multiple accounts and is not allowed.

2.10 Trading on Off-Market Quotes: Conducting activities involving the purchase of Financial Products at any price other than the market price at that instant is not permitted.

2.11 Price Latency and Feed Errors: Price latency, connectivity delays, and price feed errors can cause displayed prices to inaccurately reflect market rates. Arbitrage and “scalping” based on these Internet delays are not acceptable in an OTC market. Transactions relying on price latency or feed errors may be voided without prior notice if Goldmill Markets determines they result from such practices.

3. Customer Representations

3.1 General Representations and Warranties: Customer represents and warrants various aspects related to their legal status, trading experience, and financial condition.

Customer must notify Goldmill Markets promptly of any changes in the information provided.

Customer cannot engage in transactions for purposes of arbitrage or exploitation.

3.2 Disclosure of Financial Information: Customer warrants the accuracy of financial information provided to Goldmill Markets and must inform of any changes in financial condition.

3.3 Credit: Customer authorizes Goldmill Markets to investigate credit standing and other financial activities, and acknowledges the impact on credit score.

4. Order Management

4.1 Cancellation and Modification Requests: Customer acknowledges that orders may not always be cancellable or modifiable, and confirms orders before execution. Customer is responsible for reviewing pending orders and contacting Goldmill Markets if unclear on order status.

4.2 Statements and Confirmation: Customer must review and object to any discrepancies in reports or statements within a specified timeframe.

4.3 Charges: Customer shall pay all charges incurred for services provided by Goldmill Markets, subject to change without notice.

4.4 Deposits and Withdrawals: Customer agrees to the procedures and timeframes for depositing and withdrawing funds from their account.

4.5 Goldmill Markets’ Responsibilities: Goldmill Markets is not liable for delays or losses due to factors beyond its control.

4.6 Currency Fluctuation Risk: Customer acknowledges and assumes the risk of currency fluctuations in trading transactions.

4.7 Cross Trade Consent: Customer consents to transactions where Goldmill Markets acts as a counterparty.

4.8 Order Execution: Goldmill Markets is dedicated to executing customer orders promptly and fairly. Orders are executed with due diligence and in accordance with industry best practices. While we strive to achieve optimal execution for our customers, it is important to note that various factors may influence order routing and execution quality. These factors include, but are not limited to, market liquidity, price volatility, available counterparties, and order size. Goldmill Markets endeavors to prioritize the best interests of our customers, aiming for efficient and transparent order execution. In the absence of a separate Order Execution Policy, customers can expect Goldmill Markets to maintain high standards of integrity, professionalism, and fairness in executing their orders.

Price quotes in the market are subject to fluctuation based on a range of factors. In specific market conditions, such as during high-impact data releases, significant news events, or when markets are opening or closing, you may experience price gaps or wider spreads. Under these conditions, the trading server may not be able to guarantee the exact execution price. Orders will be executed according to the prevailing market conditions or spreads at the time of execution.

For positions that remain open during weekends or public holidays, there is a risk of significant exchange rate fluctuations before the markets reopen due to news, events, or other external factors. This could lead to price gaps that prevent your orders from being executed at the intended price levels. In such cases, orders may be executed at the real-time market price, or your positions could be closed out if margin levels fall below the required threshold. Considering these risks, you should determine whether to close your positions or hold them through the market closure.

4.9 Additional Information on Pricing:  Goldmill Markets utilizes floating spreads for trading. Spreads might vary according to market conditions, such as liquidity and volatility. Customers should be aware that spreads could affect their trading costs and may change without prior notice. This does not affect the quality of execution, but customers should take it into account when executing trades.

5. Communications

5.1 General Communications: Reports, statements, notices, and other communications will be transmitted to the Customer electronically through their online Account or via email to the address provided in the application or any updated email address designated by the Customer.

5.2 Email and Electronic Communications: All emails sent to and from Goldmill Markets are subject to monitoring and review. Customer acknowledges potential delays in email delivery and agrees to hold Goldmill Markets harmless for any such delays. Email communication may be retained by Goldmill Markets for record-keeping purposes.

6. Third Parties

6.1 No Separate Agreements: Customer acknowledges and agrees not to enter into any separate agreements with Goldmill Markets’ employees or agents regarding trading in their Account, including agreements to guarantee profits or limit losses. Any such agreements must be promptly reported to Goldmill Markets’ Compliance Department.

6.2 Revenue Sharing Disclosure: Goldmill Markets may engage in revenue sharing arrangements with third-party vendors for technical support, back-office functions, or other operational support related to Customer Accounts. Such arrangements may be based on trading volume, bid/offer pricing, or other commission models.

7. Compliance

7.1 Anti-Money Laundering Procedures

Goldmill Markets implements stringent anti-money laundering procedures to ensure compliance with regulatory standards. These procedures include:

• Verification Processes: Upon opening an account, customers are required to provide certain personal information for verification purposes. This may include name, date of birth, and residential address. Customers must also undergo email verification and provide identification documentation. Additional identity verification checks may be conducted periodically.
• Monitoring: Goldmill Markets reserves the right to monitor trading activity in Accounts to investigate or identify potential money laundering activities.

7.2 Security and Confidentiality

Customer security and confidentiality are paramount at Goldmill Markets. Customers are responsible for safeguarding their Account number(s) and password(s) and must notify Goldmill Markets immediately in case of loss, theft, or unauthorized use.

• Intellectual Property and Confidentiality: All intellectual property rights in the Goldmill Markets Trading Platform remain the property of Goldmill Markets and/or its third-party service providers. Customers must protect the confidentiality of the Trading Platform and use it only as specified.

7.3 Risk Acknowledgment and Recommendations

Customers acknowledge the speculative nature of leveraged transactions and assume responsibility for their trading decisions. Goldmill Markets does not provide investment advice or recommendations but offers market insights for informational purposes only.

7.4 Recordings and Communication Issues

All conversations regarding Customer’s Account(s) with Goldmill Markets personnel may be electronically recorded for dispute resolution purposes. While Goldmill Markets strives to provide seamless communication, customers acknowledge that technical issues may arise, and Goldmill Markets is not liable for any resulting delays.

7.5 Foreign Accounts and Special Requests

Foreign Account holders may be subject to special information requests by Goldmill Markets or regulatory agencies. Failure to comply with these requests may result in restricted transactions.

7.6 Use of Funds and Security Agreement

Goldmill Markets may use customer funds or securities held as margin or security to offset any obligations owed by the customer.

7.7 Safety of Funds Policy

At Goldmill Markets, we prioritize the safety and security of customer funds. To ensure the protection of customer assets, we implement the following measures:

• Segregation of Funds: Customer funds are held in segregated accounts separate from Goldmill Markets’ operational funds. This segregation ensures that customer funds are not used for operational purposes and are available for withdrawal at any time.
• Regulatory Compliance: We adhere to strict regulatory requirements regarding the handling and safeguarding of customer funds. Our compliance procedures are regularly reviewed and updated to ensure compliance with the latest regulatory standards.

By implementing these measures, we aim to provide customers with peace of mind regarding the safety and security of their funds while trading with Goldmill Markets.

8. Miscellaneous

This Agreement remains in effect until termination, with termination possible by either party upon the fulfilment of certain conditions. Termination does not relieve either party of prior obligations outlined in this Agreement. The Agreement becomes binding only upon verification and approval of Customer’s information by Goldmill Markets.

Customer agrees to indemnify Goldmill Markets against liabilities arising from failure to perform responsibilities or breach of representations and warranties. Goldmill Markets shall not be liable for claims arising from events beyond its control, including market conditions, governmental actions, and technical disruptions.

The terms “Goldmill Markets” and “Customer” encompass related entities and parties involved in executing the Agreement. Paragraph headings are for reference only and do not limit the Agreement’s applicability.

The Agreement is governed by the laws of Anguilla.

Customers agree to rely on transaction confirmations and statements as official records. Information on the website is provided for informational purposes and may not be customized for individual accounts. Market data, news, and other information provided on the website are for personal use and may not be retransmitted or republished without Goldmill Markets’ written consent.

Any waiver or amendment to the Agreement must be in writing and signed by both parties. Oral agreements contrary to the Agreement are not enforceable.

If any provision of the Agreement is deemed invalid, the remaining provisions remain in effect. Customer authorizes Goldmill Markets to transfer or assign the Account. Assignment by the Customer requires Goldmill Markets’ prior written consent.

9. Complaints Handling

Goldmill Markets is committed to providing excellent service to our customers. If a customer has a complaint, they should contact our Customer Support team at contact@goldmillmarkets.com. Upon receiving a complaint, we will acknowledge it promptly and begin an investigation. We aim to resolve complaints fairly and efficiently within 5 days keeping the customer informed of progress throughout the process. We value customer feedback and use it to improve our services and processes.

10. Risk Disclosure Statement

Trading in margined accounts carries significant risks, including the potential loss of the Customer’s entire deposited Risk Capital with Goldmill Markets. Losses may exceed the Account Value. By entering into contracts with Goldmill Markets, Customers acknowledge the importance of assessing their financial objectives, status, constraints, and tax situation to determine trading suitability. Customers are required to thoroughly review and acknowledge the Goldmill Markets Risk Disclosure Statement, which outlines, among other factors, the risks inherent in trading margined accounts through Goldmill Markets. Market conditions can change rapidly and unpredictably, leading to substantial losses. Customers should be prepared for sudden price movements and the impact on their positions. Trading on margin amplifies both potential gains and losses. Customers should understand the implications of leverage and margin requirements before engaging in margined trading. Customers should be aware of the risk that Goldmill Markets, as a counterparty to their trades, may default on its obligations. While Goldmill Markets takes measures to mitigate this risk, it cannot guarantee against it. Economic indicators, geopolitical events, and regulatory changes can significantly impact financial markets. Customers should consider these factors and their potential effects on their trading positions. Certain market conditions may result in reduced liquidity, making it difficult to execute trades at desired prices. Customers should be prepared for potential challenges in entering or exiting positions during periods of low liquidity. The reliability and performance of trading platforms and communication systems may be affected by technical issues, including but not limited to outages, disruptions, and malfunctions. Customers should have contingency plans in place to manage such risks. Unexpected events, such as natural disasters or acts of terrorism, can disrupt financial markets and cause significant losses. Customers should consider the potential impact of unforeseen events on their trading activities. Customers are encouraged to seek professional financial advice tailored to their individual circumstances before engaging in trading activities with Goldmill Markets. Personalized advice can help customers make informed decisions and manage risks effectively. Upon applying for an account with Goldmill Markets, Customers affirm their understanding of the risks associated with trading margined accounts through Goldmill Markets and acknowledge their responsibility for managing these risks effectively.

11. Legal Disclaimer

While Goldmill Markets strives to provide accurate and timely information and services, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the information, products, services, or related graphics contained within this Agreement or on our website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

In no event will Goldmill Markets be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this Agreement or our website.

Through this Agreement, you are able to link to other websites which are not under the control of Goldmill Markets. We have no control over the nature, content, and availability of those sites.

Customers acknowledge and accept the following:

Margined trading involves substantial risk, including the potential loss of entire funds. They agree not to use retirement funds for trading and to employ risk management tools like Stop Loss Orders. Excessive leverage amplifies potential losses, and Goldmill Markets reserves the right to adjust leverage without notice. They understand Liquidity Risk and Goldmill Markets’ right to liquidate positions if margin requirements are not met. Customers acknowledge Communication Risk and Goldmill Markets’ limited liability for any issues encountered. Goldmill Markets is not liable for actions taken by authorized Money Managers and may correct errors in transactions. Market recommendations are for informational purposes only, and Goldmill Markets is not liable for resulting losses. Goldmill Markets reserves the right to liquidate positions at its discretion without compensation to Customers. Customers are responsible for reporting errors promptly. Telephone and chat application trades are accepted, with Goldmill Markets not liable for issues encountered. Goldmill Markets limits its liability for losses resulting from various factors. Customers should understand the risks of leverage and margin trading, including the possibility of losses exceeding their initial investment. Placing contingent orders does not guarantee against losses in volatile market conditions. Customers should understand all charges associated with trading activities. Goldmill Markets is not liable for system failures affecting trade execution and may liquidate positions if margin requirements are not met without prior notice. Quoting errors may occur, and Goldmill Markets reserves the right to correct them. Goldmill Markets is not liable for losses resulting from third-party trading advisors or systems. Customers should understand the risks of trading, and past performance does not guarantee future results. Goldmill Markets may compensate introducing brokers for referrals, and Customers have limited access to Goldmill Markets Account information and trading authority granted to IBs. Customers may terminate their relationship with IBs by providing written notice. If Customers have questions regarding trading risks, they should contact their Account representative at Goldmill Markets.