Deposit and withdrawal policy

Payment account: As a general rule of thumb, the client should use the same payment account he used to deposit for withdrawals. In case this is not possible, FX Choice Limited may allow the client to use another payment account, as long as the client provides proof that the new payment account is owned by them.

Currency: the currencies to deposit or withdraw are only those available in the ‘Deposits and Withdrawals’ sections and supported by each payment provider.

Settlements in unsupported currencies may be made at the sole discretion of FX Choice Limited on a case-by-case basis.

Except where justified by special circumstances, clients can’t withdraw in a currency different than the one they used to deposit.

The client understands that cases where a deposit or withdrawal is made in currencies other than the currencies available in the ‘Deposits and Withdrawals’ sections of the company´s website or other than the currency of the account to be (re)funded, FX Choice Limited may need to undertake the conversion of currencies. Under such circumstances, FX Choice Limited shall return or deposit the funds net of any conversion fees or other charges incurred by FX Choice Limited.

When processing a withdrawal request, FX Choice Limited shall use its internal currency rates adopted from the currency provider serving FX Choice Limited on the date of the withdrawal.

Third-party payments: Third-party payments are strictly forbidden. This is why FX Choice Limited has the right to cancel the client’s deposit or withdrawal if there is an attempt to use a third-party account. In the event of a deposit coming from a third party account, funds will be transferred back to the same account details they came from. If this occurs, the client shall be charged all costs for the transfer.

The client bears full responsibility for the adequacy of the details set out in their deposit or withdrawal application.

FX Choice Limited is entitled to request all additional details, clarifications or documents necessary to process the transfers correctly or to comply with the applicable regulations, KYC and AML procedures. If, at any time, FX Choice Limited is not satisfied with the documentation provided by the client in relation to a withdrawal or deposit, FX Choice Limited reserves the right to reverse to the remitter any part of the funds net of any transfer fees or other charges incurred by FX Choice Limited or to cancel or delay the processing of the payment until the necessary information is provided.

Processing timeframe: The client agrees that the processing of refund requests can take up to 24 hours on business days (weekends closed) since the request is confirmed unless additional details, clarifications or documents are necessary. In such cases, the 24-hour time limit begins with the receipt of the requested information. The client accepts that the processing of a refund request under the current policy means that FX Choice Limited will submit the refund request to its payment provider. FX Choice Limited bears no responsibility for how long it can take for the respective payment provider or its partners to execute the request.

Fees: FX Choice Limited has the right to charge fees for deposits and withdrawals whose amount is calculated based on costs paid by the company when fulfilling the client’s withdrawal request. Information on the fees charged can be found on the company’s website and in the client’s Backoffice. In case of divergence, the information posted in the client’s Backoffice shall prevail. FX Choice Limited has the right, but not the obligation, to charge the client with an additional fee (if applied) when the client uses a different payment system to withdraw funds.

When FX Choice Limited services have been properly provided, the client agrees not to request or demand a refund or chargeback from their bank or credit card provider at any time during or after the use of FX Choice Limited services. Any attempt to do so may be considered a breach of the Client Agreement, and the client may be held liable. If FX Choice Limited, however, receives a chargeback for any transaction, we reserve the right to hold the Client’s current balance with us and send the funds back after all charges related to the chargeback have been deducted.

If there is enough reason to suspect that the origins of the client’s funds and their entire activities are contrary to our Anti-Money Laundering Manual (AML) or any other internal policies or in case of any fraudulent/illegal act or activity with direct or indirect illegal intention, FX Choice Limited reserves the unilateral right to deny fund deposits or withdrawals to and from client accounts, freeze assets, suspend any trading activity on accounts with no prior notification, cancel the demand for deposits or withdrawals, hold the funds or refund received funds at its own discretion. Clients shall be notified that FX Choice Limited is obliged to inform the respective government institutions concerning each AML policy conflict and disclose the client’s data. In such cases, the client must compensate the direct and indirect losses and damages which the company or third parties have suffered as a result of client’s actions and FX Choice Limited is enabled to deduct the respective amounts from the client’s funds.

In cases of abuse of the trading system or any activities contrary to the usual purpose of the service or without good faith, FX Choice Limited has the right to

• Immediately and without prior notification close the client’s positions
• Delay the client’s withdrawals until the damage is calculated
• Block the client’s profile
• And deduct the profit gained as a result of the fraudulent trading.

If a Client’s trading account with FXChoice is inactive (which means an account wherein no trades have been carried out) for one (1) year and the balance of this trading account is less than USD 10 (or equivalent in another currency), FXChoice is entitled, at its own discretion, to close the trading account and terminate the Client Agreement with the Client upon expiration of one year’s inactivity on the trading account.

If FXChoice decides to close the trading account and terminate the Client Agreement under the circumstances presented under p. 12, FXChoice will specify the termination date (by email) one month before the termination. In this case, FXChoice may transfer the balance from the account to any other open account with at least one common owner or account appointed by the Client. Funds not requested by the Client to be returned to an exact payment system of the Client will be considered abandoned and will become the property of FX Choice Limited.

If a Client’s trading account with FXChoice is inactive (which means an account wherein no trades have been carried out) for five (5) years and the balance of this trading account is more than USD 10 (or equivalent in another currency), FXChoice is entitled, at its own discretion, to close the trading account and terminate the Client agreement with the Client upon expiration of five years’ inactivity on the trading account.

If FXChoice decides to close the trading account and terminate the Client Agreement under the circumstances presented under p. 14, FXChoice will specify the termination date (by email) one month before the termination. In this case, FXChoice may transfer the balance from the account to any other open account with at least one common owner or account appointed by the Client. Funds not requested by the Client to be returned to an exact payment system of the Client will be considered abandoned and will become the property of FX Choice Limited.

If FXChoice establishes that a Client is a citizen or resident of a country not on the list of eligible countries in accordance with our money laundering and other internal rules, FXChoice is entitled, at its own discretion, to close the trading account and terminate the relationship with the Client.

If FXChoice decides to close a trading account and terminate the Client Agreement under the circumstances presented under p. 16, FXChoice will specify the termination date (by email) one week before the termination. In this case, FXChoice may transfer the balance from the account to any other open account with at least one common owner or account appointed by the Client. Funds not requested by the Client to be returned to an exact payment system of the Client will be considered abandoned and will become the property of FX Choice Limited.

FXChoice will charge a USD 50 (or equivalent in another currency) monthly fee on inactive accounts, which are accounts that have remained inactive for 6 (Six) months or more, or an account for which the necessary KYC/identification documents have expired and not been updated. This USD 50 fee is taken directly from a client’s account balance; if there are insufficient funds to cover the fee, the remaining balance will be taken.