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Terms and Conditions Apply
Terms and Conditions Apply
1.1 The WeTrade Social Agreement (herein the “Agreement”) sets out the terms and conditions for the provision of the service of WeTrade Social (herein the “Service”) by WeTrade International Ltd. (herein the “Company”) to its Clients, under the provisions of the International Business Companies (Amendment and Consolidation) Act, Chapter 149 of the Revised Laws of Saint Vincent and Grenadines, 2009 (herein the “Law”).
1.2 This Agreement shall be complementary with all other Operative Agreements between the Company and the Client and together shall include all the terms and conditions by which the business relationship of the Client and the Company will be governed with respect to the provision of the Service i.e. termination of any of the Operative Agreements between the Company and the Client shall constitute an immediate termination of this Agreement.
2.1 The following terms shall have the following meanings herein:
“Agreement” means the agreement and any appendices to the agreement hereof
“Client” is a natural or legal person who has been accepted by the Company as its Client and to whom the Company shall provide the Primary Services as per the terms and conditions of the Account Opening Agreement. A Client can be either a prospective Strategy Provider or a prospective Follower.
“Company” means WeTrade International Ltd. a private limited company incorporated under the laws of Saint Vincent and the Grenadines with Registration 25198 IBC 2018 having its registered office at First Floor，First St Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines.
“Copy Ratio” is the ratio determining the size of the Followers’ position copied in relation to the Strategy Provider trade. It is calculated as Equity Ratio between the Follower and the Strategy Provider multiplied by the chosen Follower Volume Allocation.
“Effective Date” shall mean the date that the prospective Strategy Provider or the prospective Follower have been approved by the Company.
“Equity” equals to Balance + Floating Profit & Loss + Swap.
“Follower” is a Client who has registered for a Follower Account via the Company’s website and has been assessed and approved as a Follower by the Company under the terms and conditions of this Agreement.
“FSC” means Financial Services Commission.
“WeTrade Social Accounts” means either the Strategy Provider Account or the Follower Account respectively.
“Investment Advice” means the provision of personal recommendation to a Client, either after his request, or on the initiative of the IF, in relation to one or more transactions related to financial instruments, as per the provisions of the Law.
“Law” means the Financial Advisory and Intermediaries Services Act (FAIS Act) (Act 37 of 2002).
“Losses” include both losses from open and closed trades.
“Operative Agreements” shall mean the agreements entered into by the Client and the Company that govern all the trading activity of the Client. Operative Agreements include but are not limited to the Account Opening Agreement, the Terms of Business, the Order Execution Policy and any other agreement and/or policy which is available to the Client via the Company’s website and any appendices and/or addendums thereof, as amended from time to time, as well as any other agreement and/or policy which the Company may be required by the Law and/or any other legislative requirement, to make available to its Clients from time to time.
“Parties” shall mean both Strategy Provider and the Follower which have been approved by the Company as per the provisions of this Agreement.
“Performance Fee” is the fee payable by the Follower to the Strategy Provider in the case where the trading strategy followed has provided positive results for the Follower.
“Portfolio Management” means managing portfolios in accordance with mandates given by clients on a discretionary client-by-client bases where such portfolios include one or more financial instruments, as per the provisions of the Law.
“Primary Services” means the investment services which the Company is authorized to provide from time to time, under its articles of association.
“Private Strategy Provider” shall mean a Client who has elected to open a Private Strategy Provider account with the Company, and whose performance is only visible to Followers who obtain a private access password from the Private Strategy Provider. Only Followers who have the private access password can join a Private Strategy Provider.
“Profits” include profits from open and closed trades.
“Proposal” shall have the meaning set out in Clause 8 of this Agreement.
“Public Strategy Provider” shall mean a Client who has elected to open a Public Strategy Provider account with the Company and whose performance is publicly visible to all the Followers. Followers can join a Public Strategy Provider without the need to obtain the Public Strategy Provider’s prior approval.
“Margin Call” shall have the meaning set out in Clause 13.4 of this Agreement.
“Service” means the WeTrade Social service which is offered by the Company on a complimentary basis to the Primary Services offered by the Company under its license.
“Strategy Provider” is a Client who has registered for a Strategy Provider Account via the designated page on the Company’s website and has been assessed and approved as a Strategy Provider by the Company as per the terms and conditions of this Agreement. A Client can elect to open either a Public or a Private Strategy Provider account.
“Volume Allocation Percentage” is the percentage selected by the Follower which, alongside his equity ratio between the Follower and the Strategy Provider, is used to determine the volume of the trades to be copied.
2.2 All references to a statutory provision include references to:
- Any statutory modification, consolidation or re-enactment of it, whether before or after the Effective Date of this Agreement, for the time being in force;
- all statutory instruments or orders made pursuant to it; and
- any statutory provision of which that statutory provision is a re-enactment or modification.
2.3 Words denoting the singular include the plural and vice versa; words denoting any gender include all genders; and words denoting persons include corporations, partnerships, other unincorporated bodies and all other legal entities and vice versa.
2.4 Unless otherwise stated, reference to a clause, party, appendix or a schedule shall mean a clause or a party, appendix or schedule of this Agreement.
2.5 The clause headings are inserted for ease of reference only and do not affect the construction of this Agreement.
3. General Terms and Conditions
3.1 The Service is only available to Clients of the Company who have fulfilled the criteria outlined in Clause 4.1 of this Agreement. The Service provides the opportunity to its Clients to follow the trading strategy of a Strategy Provider, under the terms and conditions set out herein. It is noted that the Service does not constitute an asset management tool and under no circumstances shall it be considered as Investment Advice or Portfolio Management.
3.2 A client may register with the Company to become a Strategy Provider and choose to publish his trading strategy through the designated page on the Company’s website to any client who wishes to become his Follower, under the terms and conditions set out herein.
4. Client Acceptance Criteria
4.1 The Company shall offer the Service only to eligible clients who satisfy the following criteria:
- have entered into an agreement for the provision of the Primary Services and who have been accepted by the Company as its Clients; and
- have applied for the Service through the applicable link on the Company’s website and/or Client Portal area; and
4.2 The Client acknowledges and confirms that the Company has the right to decline and/or refuse to offer the Service to a specific Client if he does not fulfil the criteria set out in Clause 4.1 of this agreement.
4.3 The Client acknowledges and confirms that the Company will be assessing the Client in terms of appropriateness and suitability on at least an annual basis. The company shall have the right to terminate the provision of the Service to a specific client if he no longer meets the criteria set out in Clause 4.1 of this Agreement.
4.4 It is understood that the Company has the right to request any additional information and/or documentation from the Client at any time throughout the term of this Agreement and/or the business relationship with the Client.
5.1 The Parties acknowledge that they have read, understood and accepted the present Agreement, and all Operative Agreements available on the Company’s website.
5.2 The Parties further acknowledge and understand that:
- The Company’s relationship with them will be governed by the terms and conditions of this Agreement and all other Operative Agreements available at the Company’s website, as amended from time to time;
- The Service is not an asset management tool and under no circumstances, it shall be constituted as Investment Advice or a Portfolio Management service;
- They understand and accept the nature of inherent risks on CFDs trading as specified in the Risk Disclosure document available at the Company’s website.
- The Company does not guarantee the recurrence of rates of return that have been made by a Strategy Provider in the past.
- Any information in relation to the Service which is known to the Strategy Provider or the Follower respectively by using this Service shall be used solely for his own account.
- That the ratio between profits and losses of a Strategy Provider shall not always be the same as the ration between profits and losses of his Followers.
- The Company shall follow the principles set out in its Order Execution Policy with respect to the execution of orders, which is available to all Clients via the Company’s website. The parties are required to ensure that they understand the principles laid down in the Order Execution Policy of the Company prior to entering into a business relationship with the Company.
6. Representations and Warranties
6.1 The Parties hereby represent and warrant that all the information provided in the Suitability Test Is true and accurate and under no circumstances is misleading. The Parties undertake to inform the Company of any material changes with respect to their personal circumstances, financial situation and/or any other information which might differentiate the outcome of their suitability assessment.
6.2 It is understood that the Company shall assess the suitability of the Parties based on the information provided by them and shall not be held liable for any losses arising as a result of the Parties’ negligence to provide true and accurate information.
6.3 The Follower represents and warrants that the decision to accept or reject a Proposal from a Strategy Provider is based on his own discretion and assessment of the Proposal.
7. Strategy Provider Account Registration
7.1 A Client who wishes to register as a Strategy Provider is required to complete a Strategy Provider Account Opening Form. It is understood that a Client who does not fulfill the criteria set out in Clause 4.1 of this Agreement shall not be able to proceed with registering as a Strategy Provider.
7.2 The Strategy Provider shall open a Strategy Provider Account via his Client Portal and the following conditions must be fulfilled:
- Suitability Test: The Client will be required to complete the Suitability Test upon registering for a Strategy Provider Account. The Company shall assess the suitability of the Client as per provisions of Clause 4.1(c) of this Agreement. It is understood that in case the Client does not succeed in the Suitability Test, the Company shall not proceed with accepting him as a Strategy Provider.
- Specification of a Strategy Name;
- Avatar Upload;
- Trading Strategy Description;
- Trading History Upload;
- Account Settings – Private or Public;
- Specification of Performance Fee and Subscription Fees;
- Account Leverage: The predefined account leverage is 1:400.
7.3 It is further noted that failure to satisfy one or more of the above requirements the Company shall not proceed with accepting him as a Strategy Provider for the purposes of this Agreement.
7.4 For the avoidance of any doubt, it is noted that the Strategy Provider will be assessed for his suitability on at least an annual basis and based on the assessment conducted a Strategy Provider may no longer fulfil the eligibility criteria set out in Clause 4.1 to receive the Service. It is therefore understood that the Strategy Provider will no longer receive the Service and his trading strategy will no longer be available to any of his Followers.
7.5 Unless otherwise specified by the Strategy Provider, his Strategy Provider Account will be added to the public Strategy Provider Accounts on the designated page.
7.6 The Company allows the Strategy Provider to use the Service without publishing his Strategy Provider Account in the designated page on the Company’s website.
7.7 A Strategy Provider can open up to 3 (three) Strategy Provider Accounts. It is noted that the Company may limit the number of Strategy Provider Accounts that a Strategy Provider can have at any time and with prior notification to the Strategy Provider.
7.8 The maximum number of Followers that can join a Strategy Provider Account is limited to 500 (Five Hundred) based on internal risk assessment of each provider’s strategy. In the event that this limit is reached, the option to accept new Followers will be disabled.
7.9 A Strategy Provider Account which has been inactive i.e. with no financial or trading activity for a period of 90 (ninety) days, will be automatically Archived as per the provisions of Clause 17 of this Agreement.
7.10 The minimum opening deposit amount for the Strategy Provider Account is USD$500 (Five Hundred United States Dollar). It is understood that the Strategy Provider is required to fund his Strategy Provider Account prior to be being able to be followed by a Follower.
7.11 The Strategy Provider can open only the following positions on his Strategy Provider Account:
- Buy and Sell Limit;
- Buy and Sell Stop;
- Take Profit;
- Stop Loss.
7.12 The option “Close by” shall not be available for use by the Strategy Provider.
8. Strategy Provider’s Proposal
8.1 A Strategy Provider Proposal is a consent for Followers to follow his trading strategies. Each proposal consists of a set of parameters which are selected by the Strategy Provider himself and the Company shall use this information for the calculation of the remuneration of the Strategy Provider, as well as set the conditions for the formation and operation of the Strategy Provider Accounts.
8.2 The Followers acknowledges, understands and confirms that acceptance or rejection of any Strategy Provider Proposal is an entirely voluntary decision of the Follower and does not entail the conclusion of any contract, material reciprocal relationship or any other commitment binding the Company, Strategy Providers and Followers.
8.3 The Strategy Provider Proposal parameters are the following:
- Strategy Name – Strategy Provider must agree to and abide by the WeTrade Social Code of Conduct.
- Public or Private Strategy Provider Account Profile.
- Performance Fee – Percentage of profits payable to the Strategy Provider.
- Subscription Fee – Monthly fees payable to Strategy Provider
9. Terms and Conditions
9.1 The Strategy Provider can make a Proposal to Followers to follow his own trading strategies, by setting the Proposal parameters as per Clause 8 of this Agreement, and the Follower may accept this Proposal on his own discretion and assessment. The Follower has the opportunity to follow the trading strategy as proposed by the Strategy Provider by setting the Copy Ratio he wishes for his Follower Account.
9.2 The Strategy Provider has the ability to:
- Carry out trading transactions on Strategy Provider accounts on the instruments offered by the Company under the Service.
- Use EA’s to carry out trading transactions;
- Establish the Strategy Provider Proposal.
- Determine the Strategy type of the Strategy Provider Account.
- Determine the Performance Fee – this is the fee charged to Follower(s) based on the percentage of any profit made for the Follower that is payable to the Strategy Provider as hi Performance Fee.
- Withdraw funds from his Strategy Provider Account at any given time.
9.3 The Strategy Provider is not allowed to request the deposit or withdrawal of funds to or from the Follower Accounts.
9.4 All WeTrade Social account calculations, deposit and withdrawal of funds, crediting and debiting of Performance fees are performed by the Company.
9.5 The Follower has the ability to:
- Select a Volume Allocation Percentage.
- Close copied trades in the Follower Account.
- Withdraw funds from his Follower Account at any given time.
9.6 The Service is not available to Joint Accounts Holders.
9.7 The Strategy Provider is not allowed to have any direct contact with a Follower i.e. through telecommunications and/or any form of electronic communication other than the one specified under the terms and conditions of this Agreement. The Strategy Provider relationship with the Follower shall be limited to making available his Strategy Provider Proposal to prospective Followers.
9.8 The Follower has the option to follow a Strategy Provider during the trading activity of the Strategy Provider i.e. the Strategy Provider might have open trades prior to the Follower choosing to follow him. It is understood that any open trades which were opened prior to the Follower choosing to follow a Strategy Provider, those trades will not be opened on the Follower Account. The follower shall be able to copy any subsequent trades opened by the Strategy Provider. It is further understood that the ratio between profits and losses of the Strategy Provider shall not be the same as the ratio between profits and losses of the Follower.
9.9 The Follower will receive a Margin Call in case the minimum margin requirement to cover any open copied trades is insufficient. The Followers shall be responsible for monitoring his Follower Account and ensure that the minimum margin requirement is met. It is noted that in case of insufficient margin in the Follower Account, the Follower will be stopped out. The Follower acknowledges and understands that he shall have no right to claim for any losses arising out in his failure to maintain the margin requirement i.e. the Follower being stopped out due to failure to maintain the margin requirement whereas the Strategy Provider was at a profitable position at the time of closing his positions.
10. Code of Conduct
10.1 The Strategy Provider acknowledges, confirms and understands that by using this Service he must follow the following principles of the Company’s Code of Conduct:
- He shall not promote any unsolicited and/or unauthorized commercial advertising, promotional materials or other form of solicitation;
- He shall not refer to any other Strategy Provider Accounts and/or internet sources;
- He shall not reveal any Follower’s identity through email addresses, URL addresses, Skype ID, telephone number, personal account details and any other form of identification of a Follower to any third party;
- He shall not attempt to impersonate or falsely state or otherwise misrepresent another user, person or entity;
- He shall not represent himself as a representative and/or affiliate and/or connected person with the Company in any contracts and/or agreements either verbally and/or in writing other than within the context of this Agreement;
- He shall not violate the existing copyrights, patents, trademarks or other proprietary rights of the Company which might come to his possession during the course of this Agreement;
- He shall not promise and/or guarantee to any Follower and/or a prospective Follower any sort of definite returns of investment i.e. any form of projected gains, expected returns, guarantees of profits, and/or risk level, drawdown and/or unrealistic/false guarantee;
- He shall not make any statements and/or calculations and/or obligations on behalf of the Company on any means of public communication i.e. forums, journal articles, books presentations.
- He shall not use any threatening and/or abusive and/or harassing and/or defamatory and/or vulgar and/or obscene and/or hateful or otherwise objectionable content including but not limited to racial and/or nationalistic and/or ethnic slurs on his Strategy Provider Account.
11. Follower Account Registration
11.1 A Client who fulfils the criteria set out in Clause 4.1 of this Agreement may apply to the Company to become a Follower of a Strategy Provider. A Client may become a Follower of a Strategy Provider by registering for a Follower Account and the following conditions must be met:
- Suitability Test: The Client will be required to complete the Suitability Test upon registering for a Follower Account. The Company shall assess the suitability of the Client as per the provisions of Clause 4.1(d) of this Agreement. It is understood that in case the Client does not succeed in the Suitability Test, the Company shall not proceed with accepting him as a Follower.
- Select a Strategy Provider to follow.
- Select the Volume Allocation Percentage.
11.2 It is further noted that failure to satisfy one or more of the above requirements, the Company shall not proceed with accepting him as a Follower for the purposes of this Agreement.
11.3 For the avoidance of any doubt, it is noted that the Follower will be assessed for his suitability on an annual basis and based on the assessment conducted a Follower may no longer fulfil the eligibility criteria set out in Clause 4.1 to receive the Service.
11.5 A Follower can open up to 3 (three) Follower Accounts. It is noted that the Company may limit the number of Follower Accounts that a Follower can have at any time with prior notification to the Follower.
11.6 The Follower is permitted to follow only 1 (one) Strategy Provider per Follower Account at any given time.
11.7 The Follower Account is specifically designed to facilitate the copying of trading transactions made by the Strategy Provider The Follower is able to close or modify the copied trades in his Follower Account. The Follower acknowledges and understands that by closing copied trades in his Follower Account on his own discretion, the profit or loss that he will experience will not be the same as that of his followed Strategy Provider and any modified trades will not be following the Strategy Provider anymore.
11.8 In the event that there are insufficient funds in the Follower Account to support the copying of a Strategy Provider trade, then the specific position will not be opened.
11.9 Pending Orders, Take Profit or Stop Loss set by the Strategy Provider are not visible to the Followers Accounts.
11.10 The minimum opening deposit amount for the Follower Account is USD$100 (One Hundred United States Dollar), unless the Strategy Provider has specified otherwise. The minimum opening deposit amount shall be disclosed on the performance page of the specific Strategy.
11.11 The Follower acknowledges, understands and confirms the following risks associated with the execution of orders on his Follower Account:
- The Company cannot guarantee that an order opened on the Follower’s Account will be executed at the same price as an order on the Strategy Provider’s Account.
- An order placed by the Strategy Provider will normally be executed at the same time on the Follower’s Account. Nevertheless, it is understood that if, by the time the order is executed on the Follower’s Account, the price of an order has moved considerably far from the price in which the Strategy Provider has opened the order due to high volatility in the market, the Company reserves the right to not open the relevant order on the Follower’s Account.
- An order placed by the Strategy Provider will normally be executed at the same time on the Follower’s Account. Nevertheless, it is understood that if, by the time the order is about to be executed on the Follower’s Account the order has been already closed by the Strategy Provider then the order will not be executed on the Follower’s account;
- If the price of an order has moved considerably far from the price in which the Strategy Provider has chosen to close the trade, the Company reserves the right to close the trade on the available market price at the time of closure.
- The Company reserves the right to reject an order to be opened on the Follower’s Account if the volume restriction on a given financial instrument is not met. The volume restrictions of each financial instruments are available through the Company’s website;
- The costs associated with the financial instruments offered by the Company which are faced by the Follower might differ from the costs faced by the Strategy Provider, depending on the type of the trading account that each one has opened i.e. when the Strategy Provider has opened a trading account associated with lower costs compared to the trading account opened by the Follower, due to the type of the trading account opened by each one of them, this might have a different outcome on a particular trade or the overall strategy of each one.
- Taking into consideration the risks associated with the execution of orders, the Follower shall be responsible for assessing the strategy of the Strategy Provider and take the necessary actions for his copied trades. The Company shall not be liable for any losses resulting from the execution of orders and the Follower’s failure to assess his copied strategy.
11.12 In case a Client’s Follower Account Equity drops below 5 USD and there are no open positions, this Follower Account will be unfollowed from the respective Strategy Provider’s Account and the outstanding equity will be moved to the Client’s WeTrade Wallet.
12. Following and Unfollowing
12.1 Upon selecting to follow a Strategy Provider, the Follower will choose the Margin Call and the Volume Allocation Percentage for the Follower Account.
12.2 A Follower has the option to unfollow a Strategy Provider. This is possible only when there are no open positions on the Follower Account. In case the Follower selects the option to unfollow a Strategy Provider, the Follower will be given the option to automatically close all open positions, provided that the markets are open.
12.3 In order for a Follower to follow a different Strategy Provider, he must first select to unfollow the current Strategy Provider as per Clause 12.2 of this Agreement or open a new Follower Account, in case the limit of 3 (three) Follower Accounts per Follower has not been reached.
12.4 Upon unfollowing a Strategy Provider:
- The Follower’s funds will be moved automatically to the Follower’s WeTrade account.
- Performance fees, if applicable, are removed from the Follower’s WeTrade account and paid to the Strategy Provider’s WeTrade account automatically.
12.5 In the case where a Follower selects the option to unfollow a Strategy Provider or a Margin Call is reached, but the process cannot be completed due to, but not limited, market close hours, financial symbol trading break, system errors, the Follower account is moved to ‘Pending Unfollow’ status until the process is completed. No trading and/or balance operations are allowed when a Follower account is in ‘Pending Unfollow’ status.
12.6 Private Strategy Providers have the option to choose which Followers will follow their accounts by providing Strategy Provider’s password.
12.7 Private Strategy Providers have the option to remove any of their Followers. This is possible only when there are no open positions on the Follower’s accounts. Followers are notified when Strategy Providers have this option on the Follow page of the Company’s website.
12.8 The options mentioned in clauses 12.6 and 12.7 above, can be only provided to Private Strategy Providers once the Company’s approval is obtained by submitting a written request to email@example.com. These options can be revoked at any time by the Company at its sole discretion.
13. Deposits and Withdrawals
13.1 The Parties can complete deposits via their WeTrade Client Portal.
13.2 The value of the deposited funds cannot be less than the minimum deposit requirements of each WeTrade Social account.
13.3 The Parties can withdraw their available funds at any given time via their WeTrade Client Portal. Withdrawal requests shall be processed as per the Withdrawal Conditions of the Company which are available through the Company’s website.
13.4 The minimum standard withdrawal amount will be USD$20 (Twenty United States Dollar). In case client’s balance is less than USD$20 (Twenty United States Dollar), the Client can select to “Unfollow” the Strategy and the entire balance can be withdrawn to the WeTrade Client Portal.
14. Margin Call
14.1 Margin Call is the percentage of equity that a Follower can keep secured in case of loss on the copied trades in the Follower Account.
14.2 Margin Call can be adjusted during each deposit or withdrawal to/from the Follower Account and can be set to a maximum of 50% of the equity at the time of each deposit or withdrawal.
14.3 Once the Margin Call is reached, all open trades on the Follower Account are closed and the remaining funds are no longer available to be placed on trades.
Follower deposits USD$1,000 and selects Margin Call of 20%, therefore USD$200 is secured in case of loss, subject to Clause 14.4. When Follower’s equity reaches USD$200 all open trades are closed and the remaining funds are no longer available to be placed on the trades.
Follower deposits USD$1,000 and selects Margin Call of 25%, therefore USD$250 is secured in case of loss, subject to Clause 14.4. Follower makes profit of USD$250 and decides to withdraw USD$500. Upon withdrawal, the Follower is requested to set new Margin Call which will be calculated for the remaining funds of USD$750.
Follower deposits USD$1,000 and selects Margin Call of 30%, therefore USD$300 is secured in case of loss, subject to Clause 14.4. Follower decides to make an additional deposit of USD$100. Upon deposit, the Follower is requested to set new Margin Call, which will be calculated for funds of USD$1,100.
14.4 The Follower hereby acknowledges and understands that due to high volatility, Margin Call can be triggered below or above the expected amount. It is understood that the Company shall not be held liable for the difference between the expected rescue amount and the actual rescued amount in case of volatile market conditions.
14.5 Followers can only readjust the Margin Call during deposits or upon clearing Follower account balance.
15. Types of Social Trading
15.1 Copy Ratio
15.1.1 Copy Ratio is the ratio determining the size of the Followers position copied in relation to the Strategy Provider trade. It is calculated as Equity Ratio between Follower and Strategy Provider and the chosen Follower Volume Allocation.
15.1.2 The Copy Ratio changes dynamically as the equity on the Follower Account and Strategy Provider Account changes, meaning it is recalculated on each trade as the equity ratio is different on each trade even if the Volume Allocation has not changed.
15.1.3 Follower Volume Allocation is the Percentage selected by the Follower which, alongside his equity, is used to determine the volume of trades to be copied.
15.1.4 Volume Allocation can be adjusted during each deposit to the Follower Account meaning the Copy Ratio is reset each time funds are added to the Follower Account.
15.1.5 In the event that the position size to be opened – based on the Copy Ratio – is less than the minimum tradeable volume offered by the Company, then the trade will open with a minimum trade size of 0.01 lot.
15.1.6 The corresponding position size of the copied trade to be opened in the Follower Account after the calculation of the Copy Ratio will be rounded up or down, to the nearest hundredth. For example, if the copied trade to be opened based on the volume allocation is 0.124, the position will be rounded down to 0.12 and if the copied trade to be opened based on the volume allocation is 0.127, the position will be rounded up to 0.13.
15.1.7 In the event of a partial closure of a position by the Strategy Provider the corresponding partial closure position size to be closed in the Follower Account after calculation of the Copy Ratio will be rounded up i.e. if the partial closure of the copied trade based on the Volume Allocation is 0.005 the partial closure position size will be rounded up to the minimum volume size.
Copy Ratio Example A:
Follower A deposits USD$400 and selects Volume Allocation of 100%
Strategy Provider A deposits USD$5,000
The Follower’s trade copy ratio will be 400/5,000 * 100/100 = 0.08
Strategy Provider A opens position size of 0.50 lot
Follower A position size will be 0.50*0.08 = 0.04 lot
Copy Ratio Example B:
Follower B deposits USD$400 and selects Volume Allocation of 50%
Strategy Provider B deposits USD$5,000
The Follower’s trade copy ratio will be 400/5,000 * 50/100 = 0.04
Strategy Provider B opens position size of 0.10 lot
Follower B position size will be 0.10*0.04 = 0.004 lot, therefore the trade will open with minimum trade size of 0.01 lot subject to the Followers approval and confirmation, otherwise the trade will not be copied.
Copy Ratio Example C:
Follower C deposits USD$10,000 and selects Volume Allocation of 100%
Strategy Provider C deposits USD$5,000
The Follower’s trade copy ratio will be 10,000/5,000 * 100/100 = 2
Strategy Provider C opens position size of 1.00 lot
Follower C position size will be 1.00*2 = 2.00 lots
15.2.1 Equity is to trade based on the Follower’s account equity.
Eg: Balance + Floating Profit & Loss
15.3.1 To copy a Fixed number of lots set by the Follower.
15.4.1 Multiply the trade according to the amount set by the Follower.
15.5 Reverse Copy
15.5.1 To copy in a Reverse direction of the trade open by the Strategy Provider.
16. Performance Fee
16.1 Strategy Providers will select at the time of opening their Strategy Provider Account a Performance Fee percentage up to a maximum of 50% (Fifty Percent).
16.2 Followers are obligated to pay the Performance Fee to the Strategy Provider they choose to follow based on their positive performance i.e. the Strategy Provider shall not receive the Performance Fee in case of a negative performance.
16.3 The Performance Fee is calculated according to the below formula:
(Follower’s Profits – Follower’s Losses) * Strategy Provider chosen Performance Fee % = Performance Fee payable by Follower to the Strategy Provider
Strategy Provider A chose Performance Fee is 20%
Follower A profit = USD$1,000
Follower A loss = USD$0
(1,000 – 0) * 20% = USD$200 payable by the Follower to the Strategy Provider
Strategy Provider B chosen Performance Fee is 25%
Follower B profit = USD$1,000
Follower B loss = USD$500
(1,000 – 500) * 25% = USD$125 payable by the Follower to the Strategy Provider
Strategy Provider C chosen Performance Fee is 30%
Follower C profit = USD$1,000
Follower C loss = USD$1,200
(1,000 – 1,200) * 30% = - USD$60, therefore no fee payable by the Follower to the Strategy Provider for negative performance
16.4 The Strategy Provider acknowledges, understands and confirms that the formula is based on the investment duration and therefore covers the period starting from the last Performance Fee pay-out to the current date. The Performance Fee is not guaranteed as the value of open position rise or fall.
16.5 The Performance Fee payment is completed on defined settlement interval or at the time of withdrawal or time of unfollowing.
16.6 Performance Fee calculation, deposit and withdrawal of funds, crediting and debiting of Performance Fee are performed automatically by the Company and will be shown on WeTrade statements accordingly.
17. Archived accounts
17.1 The Company has the right to archive any account either a Strategy Provider or a Follower Account as per the terms of the Account Opening Agreement which the Strategy Provider and the Follower have accepted prior to entering into a business relationship with the Company.
17.2 In the case of a Strategy Provider Account being archived:
- The Strategy Provider will be removed from the Strategy Provider Accounts list on the designated page on the Company’s website; and
- All Follower Accounts of the Strategy Provider will be disconnected.
17.3 In the case of a Follower Account being archived, it will be disconnected from the Strategy Provider.
17.4 It is noted that an archived account is not considered as a terminated account. A Strategy Provider or a Follower who wishes to restore his archived account can request to restore his archived account by sending an email to firstname.lastname@example.org. An archived account may only be restored at the Company’s discretion.
18. Exclusion of Liability
18.1 The Company shall not be liable for:
- Any loss, expense, cost or liability of any kind or nature suffered or incurred by the Strategy Provider and/or the Follower unless such loss, expense, cost or liability of any kind or nature is suffered or incurred as a result of the Company’s gross negligence and/or fraud on behalf of the Company and/or the intended failure of the Company’s obligations under this Agreement; and/or
- Any conflict and/or dispute arising between a Strategy Provider and a Follower which has resulted by their participation in the Program as offered by the Company;
- For any obligation of the Company arising under any term, express or implied, under statute or common law.
19.1 The Company shall maintain all information received by the Parties confidential. It is understood that the Company shall not disclose any personal information about either of the Parties, other than the information displayed on the designated page of the Service on the Company’s website.
19.2 The Parties acknowledge, confirm and understand that such information will be disclosed to the Company’s employees and/or other related persons who are required to know such information for the purposes of this Agreement. It is noted that the Company may disclose such information as may be required by any law, rule or regulatory authority without prior notice to the Parties.
20. Prohibited Trading
20.1 If the Company suspects or has reasons to believe that any of the Parties are involved in any form of prohibited trading i.e. certain trading techniques commonly known as “arbitrage trading”, “picking/sniping” and/or follow an abusing trading strategy i.e. any trading activity which is aiming towards potential riskless profit by opening opposite orders, during periods of volatile market conditions, during news announcements, on opening gaps (trading sessions starts), or on possible gaps where the underlying instrument has been suspended or restricted on a particular market, between same or different trading accounts, the Company reserves the right to:
- Terminate this Service with immediate notice to the Parties and/or the business relationship established between the Company and any of the Parties;
- Close any of the Parties’ accounts with the Company and/or suspend his account for any indefinite period of time;
- Charge a penalty fee to any of the Parties as the Company deems fit and proportionate;
- Close the account, confiscate any profits that arose from prohibited trading techniques and return the original deposit(s) to the Parties. If profits arising out of Prohibited Trading were already withdrawn, profits can be confiscated from the Parties related accounts in order to make up for the difference.
21.1 This Agreement shall come into force on the Effective Date and shall remain into force until terminated by virtue of Clause 22
22. Amendment and Termination
22.1 The Company has the right to unilaterally amend the Terms and Conditions of this Program from time to time, without any of the Parties’ consent.
22.2 The Service is available to the Parties as the Company’s discretion. The Company has the right to terminate and/or remove this Service by giving written notice to the Parties.
22.3 This Agreement may be terminated in any of the following cases:
- Any of the Parties communicated to the Company his desire to stop receiving the Service either by utilizing the unfollow option or by contacting the WeTrade Social Department of the Company.
- Any of the Parties no longer meet the criteria to receive the Service. The Company shall not notify the affected Party in advance.
22.4 In the event that any prohibited trading activities are undertaken by any of the Parties within any of their trading accounts or/and any other account related to it.
22.5 If the Company suspects or has reason to believe that the Parties have submitted fraudulent details and/or false identification information during registration for the Service and/or during the Account Opening Process for opening a Live Account with the Company;
22.6 If the Company suspects or has reason to believe that the Parties have abused and/or manipulated in any way any of the Terms and Conditions of this Service and/or any other Operative Agreement of the Company and/or have not acted in good faith;
22.7 If the Company suspects or has reason to believe that the Parties have abused and/or manipulated any of the Terms and Conditions of this Service by hedging his positions internally (using other trading accounts held with Company) or externally (using other trading accounts held with other brokers) and/or has not acted in good faith;
22.8 If it is not feasible to comply with the terms of this Agreement due to rules and regulations enacted by the regulatory authority having jurisdiction over the Company and/or any other legislative requirement having jurisdiction over the business being conducted by this Agreement.
23. Governing Language
23.1 The Terms and Conditions of this Agreement and any other Operative Agreement of the Company, are made in the English Language. Any other language translation is provided as a convenience only. In the case of any inconsistency or discrepancy between original English texts and their translation into any other language, as the case may be, original versions of English shall prevail.