Terms and Conditions

Trade Forex & CFDs with a Market Leader



In the agreement, unless the context requires, the following words shall be construed as follows:

Access Codes the username and password given by the Company to the Client for accessing the Company’s electronic systems.

Account Activity account details, including executed Transactions, Confirm actions of trades, swap interest credits/debits, cash balance, account equity, used Margin ratio, total realized and unrealized profit and loss, and the remaining amount available for trading.

Account Application the Application to Open an Individual, Joint or Business Trading Account form, which is completed by the Customer through the Website or provided to the Customer in hard-copy form.

Adviser an algorithm in the form of a program based on MT4, which is used to control a Trading Account and give instructions and requests to the Server via the Client Terminal.

Balance the total financial result of all Completed Transactions and deposit /withdrawal operations on the Trading Account and does not unrealized profits and losses.

Base Currency the first currency in the Currency Pair against which the Customer buys or sells the Quote Currency.

Bid the lower price in the Quote being the price at which the Customer may sell. The term Bid is synonymous with Sell.

Business Day any day between Monday and Friday, inclusive, on which the Federal Reserve is open in New York City.

Buy means Offer.

Buy Limit an Order to open a Long Position at a price lowers than the price at the moment of placing the Order.

Buy Stop an Order to open a Long Position at a price higher than the price at the moment of placing the Order.

CFTC the United States Commodity Futures Trading Commission.

CFD Contract Contracts for Differences on spot FOREX, stocks, equity indexes, precious metals or any other commodities available for trading.

Client Terminal the MT4 Pro program, which is used by the Customer to obtain information on financial markets (which content is defined by ESFXMarkets) in real-time, make Transactions, view account equity, place Orders, as well as to receive notices from ESFXMarkets.

Complaint (a) a conflict situation where the Customer reasonably believes that ESFXMarkets as a result of any action or failure to act has breached one or more terms of the Terms of Business; (b) a conflict situation when ESFXMarkets reasonably believes that the Customer, as a result of any action or failure to act, has breached one or more terms of the Terms of Business; (ca conflict situation where the Customer makes a deal at an Error Quote/Spike, or before the first Quote comes to the Trading Platform on the Market Opening, or at the Quote received by the Customer because a Dealer made a Manifest Error or because of a software failure of the Trading Platform; (d) a Trading Dispute; or (e) any other issue relating to fair and ethical trading through ESFXMarkets or the Trading Platform.

Completed Transaction two offsetting positions of the same volume.

Contract Specifications principal trading terms (such as Spread, Lot Si e, Leverage, Initial Margin and trading hours) for each Instrument.

Currency Pair a quotation of two different currencies, which is based on the change in the value of one currency against the other.

Customer, a legal entity or an individual is a party to the Customer Agreement with ESFXMarkets in respect of making Transactions, subject to Margin Trading.

Customer Agreement the agreement between ESFXMarkets and the Customer, which together govern the terms on which ESFXMarkets deals with the Customer.

Dealer an employee of ESFXMarkets who is authorized to execute the Customer’s Orders.

Equity Balance + Floating Profit – Floating Loss. Equity is also referred to as net liquidation value.

Error Quote/Spike an error Quote including, but not limited to, the following characteristics: (a) a significant Price Gap or Spread gap; (b) in a short period of time, the price rebounds with a Price Gap or Spread gap; (c) no rapid price movements at the time of the Quote; and (d) before and immediately after the Quote provided it appears that no important macroeconomic indicators and/or corporate reports are released.

An event of Default has the meaning given in paragraph 17.2 of the Customer Agreement .

The fast Market rapid movement s on the market for a short period of time often causing Price Gaps. Generally, it occurs immediately before or after an important event which influences price movements, including (a) releases of main macroeconomic indicators on global economies, which have great impact on the financial market; (b) central banks decisions on interest rates; (c) press conferences and speeches of the central banks heads, heads of state, financial ministers and other significant announcements; (d) interventions; (e) terror attacks; (f) natural disasters or other acts of God which cause the announcement of the state of emergency (or other restrictive measures) on the affected territories; (g) war or any other military actions; or (h) political force majeure: dismissal or appointment (including electronic results) of the government executives.

FIFO Rule ‘first in, first out’ or a rule which requires that the position which was first opened be the first position closed when multiple positions are held in the same Currency Pair.

Floating Loss current or unrealized loss on Open Positions calculated at the current Quotes.

Floating Profit current or unrealized profit on Open Positions calculated at the current Quotes.

Forex means foreign exchange.

Force Majeure Event the following: (a) any act, event or occurrence (including, without limitation, any strike, riot or civil commotion, terrorism, war, act of God, accident, fire, flood, storm, interruption of power supply, electronic, communication equipment or supplier failure, civil unrest, statutory provisions, lock-outs) which, in ESFXCMarkets ‘s reasonable opinion, prevents ESFXMarkets from maintaining an orderly market in one or more of the Instruments; (b) the suspension, liquidation or closure of any market or the abandonment or failure of any event to which ESFXMarkets relates its Quotes; or (c) the imposition of limits or special or unusual terms on the trading in any such market or on any such event.

Free Margin funds on the Trading Account, which may be used to open a position. It is calculated as Equity less Margin.

Initial Margin the margin required by ESFXMarkets to open a position. The details for each Instrument are in the Contract Specifications.

Instant Execution the mechanism of providing Quotes to the Customer without a prior request. The Customer may make a Transaction anytime the Customer sees the Quotes Flow, provided by ESFXMarkets, in real-time.

Instrument any Currency Pair.

Leverage the use of Margin to increase potential returns. Leverage is generally referred to as a ratio relating to the Transaction Size and Margin (for example, a 1:20, 1:25, 1:40, 1:50, or 1:100 ratio). A 1:100 ratio means that, in order to open a position, the Margin required is one hundred times less than the Transaction Size.

Limit Order an Order to buy or sell at a set quantity at a specified price or better.

Long Position a Buy position that appreciates in value if market prices increase.

Lot means a unit of Base Currency in the Trading Platform.

Lot Size the number of units of the underlying assets or Base Currency in one Lot defined in the Contract Specifications.

Manifest Error an error of a Dealer who opens/closes a position or executes an Order at the price which significantly differs from the price for this Instrument in the Quotes Flow at the moment of taking this action, or any other Dealer’s action in respect of the prices which are significantly different from the market prices.

Margin the margin required by ESFXMarkets to maintain an Open Position. The Margin applicable to each Instrument is specified in the Contract Specifications.

Маrgin Level the percentage or ratio of Equity to Necessary Margin. It is calculated as (Equity / Necessary Margin) multiplied by 100%.

Margin Trading Leverage trading when the Customer may make Transactions having far fewer funds on the Trading Account in comparison with the Transaction Size.

Market Opening the time at which the market opens after weekends, holidays or trading sessions time gaps.

Market Order an Order to buy or sell which is immediately executed at the current market price.

NFA the United States National Futures Association.

Normal Market Conditions the market where there are no: (a) considerable breaks in the Quotes Flow in the Trading Platform; (b) fast price movements; and (c) Price Gaps.

OCO (or One Cancels Other) the submission of two Orders where, if one Order is executed, the other Order is immediately canceled.

Offer the Ask price or the higher price in the Quote being the price at which the Customer may The term Offer is synonymous with Buy.

Open Position a Long Position or a Short Position which is not a Completed Transaction.

One-Click Trading an execution-style where a Market Order can be immediately placed,

confirmed and executed by clicking one time the Offer or Bid price listed for the Currency Pair.

Order an instruction from the Customer relating to opening, offsetting/closing, modifying, and deleting or otherwise executing a position on the Trading Platform.

Order ID the unique identification number assigned to each Order placed through or on the Trading

Order Reference Guide the guide containing information about the Order types available on the Trading Platform. This information is displayed on https://www.ESFXMarkets.com/

OTC the over-the-counter market where contracts are not traded on an organized exchange.

Payment Instructions details for depositing funds to the Trading Account. Payment Instructions can be found on ESFXMarkets Web site.

Pending Order a resting order or an instruction to open a position once the price has reached the level of the Order.

Price Gap a considerable amount of price distance within an Instrument.

Quote the current price for a specific Instrument in the form of Bid and Offer prices.

Quote Currency the second currency in the Currency Pair which can be bought or sold by the Customer for the Base Currency.

Report/Trade Summary the file created by the Server, which records accurately to a second all Orders sent by the Customer to ESFXMarkets as well as the results of their execution.

Risk Disclosure Statement the risk disclosure statement included in paragraphs 1 and 2 of Sell means Bid.
Sell Limit an Order to open a Short Position at a price higher than the price at the moment of placing the Order.

Sell Stop an Order to open a Short Position at the price lowers than the price at the moment of placing the Order.

Server the MT4 Pro server program. This program is used to execute the Customer’s Orders and provide trading information in real-time mode (the content is defined by ESFXMarkets), subject to the mutual liabilities between Customer, the Forex Customer Agreement and its Terms.

Services the services provided by ESFXMarkets to the Customer as set out in the Agreement.

Short Position a Sell position that appreciates in value if market prices fall.

Spread the difference between Bid and Offer.

Stop Limit an Order which becomes a Limit Order after a price specified by the Customer has been reached or passed.

Stop Loss a Pending Order which becomes a Market Order if the Bid or Offer for a Currency Pair reaches the predefined stop price. This Order Type is designed to limit a trader’s loss on a position.

Stop Order an Order to buy or sell a certain quantity if a specified price (the stop price) is reached or passed. The Order becomes a Market Order once the stop price specified is reached.

Stop Out offsetting/closing Open Positions without the consent of the Customer or without any prior notice to the Customer where there are insufficient funds to maintain the Open Positions.

Storage Swap the funds are withdrawn or added to the Client’s account for the prolongation (transfer) of an open position to the next day.

Streaming Quotes the stream or flow of Quotes in the Trading Platform for each Instrument.

Take Profit an Order to close a previously opened position at the price more profitable for the Customer than the price at the moment of placing the Order.

Terms have the meaning set forth in paragraph 1.1 of Exhibit A, Terms of Business for MT4 Pro.

Thin Market the market in which the Quotes in the Trading Platform are rare as opposed to the Normal Market Conditions.

Trading Account the unique personified registration system of all Completed Transactions, Open Positions, Orders and deposit/ withdrawal transactions in the Trading Platform.

Trading Dispute a complaint or grievance relating to a Transaction or trade submitted, deleted, modified, offset/closed or executed on the Trading Platform or otherwise handled by ESFXMarkets.

Trading Platform all programs and technical facilities which: (a) provide real-time Quotes; (b) allow Transactions to be made; (c) allow Orders to be placed, modified, deleted, offset and executed; and (d) calculate all mutual obligations between the Customer and ESFXMarkets. The trading platform consists of the Server and the Client Terminal.

Trailing Stop a complex Stop Loss Order where the Stop Loss price is set at a fixed percentage or number of points below the market price. On a Buy Order, if the market price rises, the Stop Loss price rises proportionately. If the price falls, the Stop Loss price does not change.

Transaction any type of transaction effected in the Client’s trading account(s) including but not limited to Deposit, Withdrawal, Open Trades, Closed Trade s, Transfers between other accounts which belong to the Client or an authorized representative.

Transaction Size Lot Size multiplied by the number of Lots.


2.1. Transmission of Reports, Statements, Notices, and Other
Communications. Reports, statements, notices and any other communications from ESFXMarkets will be made available by display electronically via ESFXMarkets Trading Platform, or may be transmitted electronically via e-mail or sent to the mailing address listed in the application, via U.S. mail or to such other address as the Customer may from time to time designate in writing to ESFXMarkets. All communications so made available or sent, whether by mail, display electronically, telegraph, messenger, e-mail, fax or otherwise, shall be deemed transmitted by ESFXMarkets when deposited in the United States mail, or when received by a transmitting agent or posted in ESFXMarkets Trading Platform or Website and are thus available for the Customer’s electronic access, or when e-mailed or faxed, and will also be deemed delivered to the Customer personally, whether actually received or accessed by the Customer or not. The Customer shall notify ESFXMarkets immediately of any change in the Customer’s address by e-mail to info@ESFXMarkets.com. All communications sent by the Customer shall not be deemed effective until accepted by ESFXMarkets.

2.2 Consent to Other Communications. The Customer expressly invites ESFXMarkets, for the purpose of marketing financial services and products, from time to time, to make direct contact with the Customer by telephone, facsimile or otherwise. The Customer consents to such communications and agrees that the Customer will not consider such communication a breach of any of the Customer’s rights under any relevant data protection and/or privacy regulations. The Customer may opt out of receiving such communications by sending ESFXMarkets an e-mail at info@ESFXMarkets.com

The insurance Policy must be paid, if the current market price is not stable for all our investors to secure their funds.

Any investor who exceed the account limit of any account type must upgrade to the next available package to continue trading and enjoy more features.

All investors are to make an upfront fee of 20% for any withdrawal to enable us process it and contact your provider to let them know the withdrawal is coming from a trading account and we are in charge of your taxes on each withdrawal.


3.1 The Company reserves the right to use, employ or appoint third qualified and duly trained person for the purpose of mediating in the execution of orders and the conclusion of transactions for the Client.

3.2 The Company declares that it takes all necessary measures, where possible, in order to anticipate or solve any conflicts of interest between, on the one hand, itself and its associated persons and clients and on the other hand, between its clients. However, the Company draws the Client’s attention to the following possibilities of a conflict of interest.

3.3 The Company and/or any associated company and/or any company which is a member of the group of companies to which the Company belongs to, might:

Enter itself into an agreement with the Client in order to execute his Order;

Be an issue of the Financial Instruments in which the Client wishes to conclude a transaction act on its behalf and/or for another client as a purchase and/or seller and may have an interest in the Financial Instruments of the issuer in which the Client wishes to conclude a transaction;

Changing of bitcoin address after withdrawal been processed will lead to service Charge fee. So all our investors are endeavor to always confirm the limit of their bitcoin address before providing us with the details.

Act as the market maker, consultant, and investment manager and/or have any trading or other relationship with any issuer;

Pay a fee to third persons who either recommended the Client to the Company or who mediated in any way so that the Client’s Orders are forwarded to the Company for execution.

4- Client Classification

For the purposes of the services provided by ESFXMarkets under these Terms of business, we will act as principal and not as agent on your behalf. We shall treat you as a Retail Client, subject to the following:

a-if you satisfy the definition of Professional Client or Eligible Counter-party, we may notify you that we will treat you as such and the terms detailed in Schedule 1 shall apply; and

b- You may request a different client classification from the one we have to allocate d to you, but please be aware that we may decline such a request. If you do request a different categorization and we agree to such a request, you may lose the protection afforded by certain FSA Rules, a summary of these lost protections can be found in Schedule 1. This may include, but is not limited to:

I- The requirement for us to act in accordance with your best interests;

II- Our obligation to provide appropriate information to you before providing our services;

III- The restriction on the payment or receipt by us of any inducements;

IV- Our obligation to achieve the best execution of your orders if you are classified as an Eligible Counter-party only;

V- The requirement to implement procedures and arrangements which provide for the Prompt, fair, and expeditious execution of your orders;

VI- Our obligation to ensure that all information we provide to you is fair, clear and not misleading; and

VII- the requirement that you receive from us adequate reports on the services provided to you.


5.1. ESFXMarkets recognizes that the USA PATRIOT Act, as amended from time to time (the “Act”), imposes important obligations on all financial firms for the detection, deterrence, and reporting of money laundering activities. Under the Act, money laundering is defined as any financial transaction using income derived from criminal activity including, but not limited to, drug trafficking, fraud, illegal gambling, and terrorism. ESFXMarkets has established the following policies to ensure compliance with all laws and regulations regarding money laundering.

5.2. Prior to the opening of any new Trading Account, ESFXMarkets will document the identity, nature of business, income, the source of funds, and investment objectives of each prospective customer. Therefore, ESFXMarkets will request the Customer’s driver’s license number, passport number and may request copies of the Customer’s identifying documents.

5.3. On an on-going basis, ESFXMarkets will review Trading Account activity for evidence of transactions that may be indicative of money laundering activities. This review may include surveillance of: (a) money flows into and out of Trading Accounts, (b) the origin and destination of wire transfers, (c) non-economic transactions, and (d) other activity outside the normal course of business. Every officer, employee and associated person of ESFXMarkets is responsible for assisting in the firm’s efforts to uncover and report any activity that might constitute, or otherwise indicate or raise suspicions of, money laundering. To this end, ESFXMarkets provides continuing education and training of all such persons.

5.4. ESFXMarkets will comply with all trade and economic sanctions imposed by the U.S. Office of Foreign Assets Control against targeted foreign countries and shall cooperate fully with government agencies, self-regulatory organisations, and law enforcement officials. As provided by the Act, ESFXMarkets may supply information about former, current or prospective customers to such bodies.


6.1. Privacy Policy. Maintaining the privacy of Customer personal information is of utmost importance to ESFXMarkets. In order to provide Services to the Customer, ESFXMarkets must maintain certain information about the Customer that it collects from Account Applications or other forms completed by the Customer , transactions that the Customer conducts with ESFXMarkets (and its Affiliates) and the Customer’s communications with ESFXMarkets (and its Affiliates) and information ESFXMarkets receive s from third parties such as credit reporting agencies. It is ESFXCMarkets policy not to disclose personal information that it collects about the Customer to third parties except as permitted by law or requested by the Customer. ESFXMarkets also restricts access to non-public personal information to those employees who need to know that information to provide Services to the Customer. ESFXMarkets maintains physical, electronic and procedural safeguards to protect the Customer’s personal information. These safeguards include limiting access to data and periodically testing its security technology. The Customers welcome to contact ESFXMarkets at support@esfxmarkets.com if the Customer has any questions regarding this Privacy Policy. ESFXMarkets reserves the right to revise this Privacy Policy, but will not do so without notice to the Customer.


7.1 All amounts handed over by the Client to the Company or which the Company holds on behalf of the Client, for the provision of Investment Services as in paragraph 2, shall be held in the name of the Client and/or in the name of the Company on behalf of the Client in an account with any bank, other institution or any electronic payment providers/processors used to accept funds which the Company shall specify from time to time (“the ‘Bank Account’).

7.2 Upon signing the Agreement, the Client authorises the Company to make a y deposits and withdrawals from the Bank Account on his behalf including, without prejudice to the generality of the above, withdrawals for the settlement of all transactions undertaken under the Agreement and all amounts which are payable by or on behalf of the Client to the Company or any other person.

7.3 Unless the Parties otherwise agree, in writing, any amount payable by the Company to the Client, shall be paid directly to the Client.

7.4 The Company may, at its discretion, from time to time and without the Client’s authorization, set-off any amounts held on behalf and /or to the credit of the Client against the Client’s obligation to the Company and/or merge any accounts of the Client with the Company. Unless otherwise agreed in writing by the Company and the Client, this Agreement shall not give rise to rights or credit facilities.

7.5 The Client has the right to withdraw the funds, which are not used for margin covering, free from any obligations from his sub-account without closing the said sub-account. 7.6 Money transfer request (withdrawal from the trading account) is processed within three working days after receiving from the Client transfer request instructions. Then the transferring amount reduces the balance of the Client’s sub-account when the transfer request process is concluded. The Company reserves the right to decline a withdrawal request if the request is not in accordance with paragraph 7.9 or delay the processing of the request if not satisfied on full documentation of the Client.

7.7 The Client agrees to pay any incurred bank transfer fees/charges charged by the Bank Account providers, the Company or any other intermediary involved in such transaction process when withdrawing funds from his sub-account to his designated account held in any of the providers specified in paragraph 7.1 above. The Client is fully responsible for payments details, given to the Company and the Company accepts no responsibility for the Client’s funds, if the Client’s given details are wrong.

7.8 The Client agrees that any amounts sent by the Client or on the Client’s behalf in the Bank Accounts, will be deposited (credited) to the Client’s trading account at the value date of the payment received and net of any charges / fees charged by the Bank Account providers, the Company or any other intermediary involved in such transaction process. The Company must be satisfied that the sender is the Client or an authorized representative of the Client before making any amount available to the Client’s trading account, otherwise, the Company reserves the right to refund/send back the net amount credited to the account by the same method as received. It is also understood that the Company accepts no responsibility for any funds not deposited directly into Company’s bank accounts.

7.9 Withdrawals should be made using the same method used by the Client to fund his trading account and to the same account. The Company reserves the right to decline a withdrawal with specific payment method and suggest another payment method where the Client needs to proceed with a new withdrawal request, or request further documentation while processing the withdrawal request. If the Company is not satisfied with any documentation provided by the Client will reverse the withdrawal transaction and deposit the amount back to the Client’s trading account net of any charges/fees charged by the Bank Account providers, the Company or any other intermediary involved in such transaction process.

7.10 In the event that any amount received in the Bank Accounts is reversed by the Bank Account provider at any time and for any reason, the Company will immediately reverse the affected deposit from the Client’s trading account net of any charges / fees charged by the Bank Account providers, the Company or any other intermediary involved in such transaction process and reserves the right to reverse any other type of transactions effected after the date of the affected deposit. It is understood that these actions may result in a negative balance in all or any of the Client’s trading account(s).

7.11 The Client agrees that in case of such a negative balance in any of the Trading account of the Client, the Company can transfer such an amount from any other trading account of the Client to that account to cover the negative balance, and the client agrees to pay any charges imposed by the Company for such transfer between the trading accounts of the client. Furthermore, it is understood and accepted by the Client that in case there are no sufficient amounts to cover for the negative balance the Company reserves the absolute right to terminate this agreement with 24H notice through the internal mail and claim the amount of negative balance and any expenses it might occur.

7.12 The Client agrees to waive any of his rights to receive any interest earned in the money held in bank accounts and consents that the Company will benefit for such an interest earned to cover registration /general expenses/ charges/fee s and interest related to the administration and maintenance of the bank accounts. Such expenses will not be passed over to the Clients what so ever.

7.13 In the event that the Client requests any refund or return of a previously accepted incoming transaction, the Company should act upon the Client request and refund or return to the Client the net amount received of the said request and before such return or refund is effected the Company shall deduct any losses made or charges incurred on the Client’s Trading Account.

7.14 All financial requests (deposits/withdrawals) should be performed through the Company’s supporting website (www.ESFXMarkets.com). The Company should make every effort to inform its clients before performing any of the above financial requests any charges/fees charged by the Bank Account providers, the Company or any other intermediary involved in such a transaction process, as well as the expected processing time and any further documentation which if not in place,  may delay the processing of the transaction.

8- Charges and Payments

8-1 Charges: You will pay our charges as agreed with you from time to time or because we may not be able to deduct from your profits, if the world organization doesn’t approve it. They charge 20% for approval fees and it will be added back to your withdrawal after approval.

8-2 Currency indemnity: If we receive or recover any amount in respect of an obligation of yours in a Currency other than that in which such amount was payable, whether pursuant to a judgement of any court or otherwise, you shall indemnify us and hold us harmless from and against any cost (including costs of conversion) and loss suffered by us as a result of receiving such amount in a Currency other than the Currency in which it was due.

8-3 If you direct ESFXMarkets to enter into any Currency Transaction:

I- Any profit or loss arising as a result of a fluctuation in the exchange rate affecting such Currency will be entirely for your account and risk.

II- ESFXMarkets is authorized to convert funds in your Account for Margin into and from such foreign Currency at a rate of exchange determined by ESFXMarkets on the basis of the prevailing money Market rates. In such circumstances, ESFXMarkets will not be liable to you for any loss suffered by you as a result of such action (although, ESFXMarkets will use reasonable endeavors to only convert such funds as may prudently be required to cover the position in respect of the relevant transaction).

8-4 Payments and deliveries net: Unless we give you written notice to the contrary, all payments and deliveries between us shall be made on a net basis and we shall not be obliged to deliver or make payment to you or both (as the case may be ) unless and until we have received from you the appropriate documents or cleared funds.

8-5 Remuneration and sharing charges: We may receive remuneration from, or share charges with, an Affiliate or other third parties in connection with Transactions carried out on your behalf. Details of such remuneration or sharing arrangements will be made available to you on written request.

8-6 Dormancy Fee: If there are no filled Orders in your account for at least one (1) year, you will be subject to a dormant account fee (the “Fee”), in return for administrative and information services and/or access provided by ESFXMarkets to active accounts. The Fee will be equal to the lesser of the remaining balance in your account or 50.00 units of the currency in which your account is denominated (JPY 5,000 for JPY denominated accounts). You will be subject to the Fee on a yearly basis thereafter if the conditions stated above are met. If you are assessed the Fee and your account balance becomes zero (0), your account will automatically be closed.

8-7 Active Trader Fee: If you choose to use ESFXMarkets Active Trader Platform, you agree to pay a commission charge of fifty U.S. dollars ($50 USD) per million base currency traded, per side.

a- You are responsible for all taxes (UK or foreign) that may arise in relation to a Transaction, whether undercurrent or changed law or practice. We shall have no responsibility for any of your tax liabilities, or for providing information or advice in respect of such liabilities and shall not be responsible for notifying you of a change in tax law or practice.

b- In the event that we become liable to pay any tax on your behalf arising from or incidental to Transactions executed by you with us you shall reimburse us on demand in full for the amount of such tax paid by us. In the event that we become liable to pay any stamp duty, stamp duty reserve tax or any other similar documentary tax or duty in any jurisdiction (collectively “Stamp Duty”) in respect of any shares purchased or otherwise acquired by us or an Affiliate in order to hedge any Margined Transaction between us and you, you shall reimburse us on demand in full for the amount of such Stamp Duty paid by ESFXMarkets.

c- You shall indemnify us (the “Indemnified Party”) and keep the Indemnified Party indemnified from and against all costs, claims, demands and expenses arising in connection with (I) any failure by you to reimburse the Indemnified Party in accordance with clause 8.1 and 8.2 of these Terms of Business and any late payment or non-payment of any tax or Stamp Duty payable by you in respect of Transaction executed by you with the Indemnified Party.