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Author Topic: SynergyFX  (Read 18430 times)

Offline DanielSynergyFx

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Re: SynergyFX
« Reply #30 on: February 02, 2015, 09:03:46 AM »
Hi,

thanks for the update about the hybrid accounts.
I opened up a new hybrid account one hour ago and waiting for my account details.
Also asked for the updated TOS because i got only the old ones via email.

br
Mark

Hi Mark,

You're very welcome. The accounts team will process your account opening in the AEDT(Sydney) office hours.

I am sorry to hear that there was an issue with the new TOS not coming through. I will organise that first thing in the morning with the application service!

Thanks,
Daniel

TradeNow

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Re: SynergyFX
« Reply #31 on: February 02, 2015, 09:09:19 AM »
Hi Mark,

You're very welcome. The accounts team will process your account opening in the AEDT(Sydney) office hours.

I am sorry to hear that there was an issue with the new TOS not coming through. I will organise that first thing in the morning with the application service!

Thanks,
Daniel

Thank you Daniel,

i am sure all will be well done from your side  :D

BTW: could you tell me something about an force majeure event in your TOS? Could this change the non negative balance agreement?
« Last Edit: February 02, 2015, 09:11:52 AM by TradeNow »

Offline ColiseumFX

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Re: SynergyFX
« Reply #32 on: February 02, 2015, 09:24:32 AM »
I'm really confused here, can you please explain the inconsistency?

"For clients who opt in to the Hybrid account by selecting the Hybrid account upon application, your potential liability on short and long contracts is limited to the amount you pay Synergy or we hold on trust for you."

Then;

Loss of your moneys: For clients who opt in to the Standard, ECN or Hybrid accounts, your potential losses on (long or short) Contracts may exceed the amounts you pay (as Margin) for the Contract or amounts we hold on trust for you. For clients who opt in to the Hybrid account, your potential liability for those losses on short and long contracts is limited to the amount you pay Synergy or we hold on trust for you. 

Furthermore;
"
Unlimited Loss
:For clients who opt in to the Standard, ECN or Hybrid accounts, your potential losses on short or long positions may be unlimited-more than the amount you pay Synergy for them. For clients who opt in to the Hybrid account, your potential liability for those losses is limited to the amount you pay Synergy or we hold on trust for you.   

Finally;

"Unlimited Loss on short or long positions For clients who opt in to the Standard, ECN or Hybrid accounts, there is a risk you may incur an unlimited loss on short or long positions-more than the amount you pay Synergy for the positions. For clients who opt in to the Hybrid account, your potential liability for that loss on short and long contracts is limited to the amount you pay Synergy or we hold on trust for you.  "

Can you please explain this I'm really just trying to understand your true position here with wording.

TradeNow

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Re: SynergyFX
« Reply #33 on: February 02, 2015, 09:28:58 AM »
If i understand it correct all account forms are mentioned and only for hybrid the risk of loosing more than you had invested is excluded. On normal standard or normal ecn not.

br
Mark

Offline ColiseumFX

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Re: SynergyFX
« Reply #34 on: February 02, 2015, 09:35:09 AM »
If i understand it correct all account forms are mentioned and only for hybrid the risk of loosing more than you had invested is excluded. On normal standard or normal ecn not.

br
Mark

Exact opposite and that's before all the contradicting sentences. See perfect example that we don't understand it.

TradeNow

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Re: SynergyFX
« Reply #35 on: February 02, 2015, 10:11:38 AM »
Exact opposite and that's before all the contradicting sentences. See perfect example that we don't understand it.

Sorry i cant follow you. For me the TOS is clear and i havent any problems to understand.

Quote
"For clients who opt in to the Hybrid account by selecting the Hybrid account upon application, your potential liability on short and long contracts is limited to the amount you pay Synergy or we hold on trust for you."

After that all account forms and risks are mentioned as UNLIMITED EXCEPT HYBRID. Hybrid is the Exception.
Didnt get what you mean. but maybe i am blind  ;)
They should add only one sentence to be clear to their TOS:

On Hybrid Account its not possible under any circumstances that the client loose more than his deposit.
This should also include any force majeure event.

br
Mark

Online donbon2

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Re: SynergyFX
« Reply #36 on: February 02, 2015, 10:23:15 AM »
"On Hybrid Account its not possible under any circumstances that the client loose more than his deposit.
This should also include any force majeure event.'


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Offline ColiseumFX

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Re: SynergyFX
« Reply #37 on: February 02, 2015, 03:52:45 PM »
Exact opposite and that's before all the contradicting sentences. See perfect example that we don't understand it.

Sorry i cant follow you. For me the TOS is clear and i havent any problems to understand.

Quote
"For clients who opt in to the Hybrid account by selecting the Hybrid account upon application, your potential liability on short and long contracts is limited to the amount you pay Synergy or we hold on trust for you."

After that all account forms and risks are mentioned as UNLIMITED EXCEPT HYBRID. Hybrid is the Exception.
Didnt get what you mean. but maybe i am blind  ;)
They should add only one sentence to be clear to their TOS:

On Hybrid Account its not possible under any circumstances that the client loose more than his deposit.
This should also include any force majeure event.

br
Mark

You misread the other 3 sections in the TOS then.

"Hybrid accounts, your potential losses on (long or short) Contracts may exceed the amounts you pay (as Margin) for the Contract or amounts we hold on trust for you."

"Hybrid accounts, your potential losses on short or long positions may be unlimited-more than the amount you pay Synergy for them."

"Hybrid accounts, there is a risk you may incur an unlimited loss on short or long positions-more than the amount you pay Synergy for the positions."

TradeNow

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Re: SynergyFX
« Reply #38 on: February 02, 2015, 04:13:51 PM »
No. Thats out of context.

Loss of your moneys: For clients who opt in to the Standard, ECN or Hybrid accounts, your potential losses on (long or short) Contracts may exceed the amounts you pay (as Margin) for the Contract or amounts we hold on trust for you. For clients who opt in to the Hybrid account, your potential liability for those losses on short and long contracts is limited to the amount you pay Synergy or we hold on trust for you. 

they should remove Hybrid accounts in the first sentence because its irritating to list them but as i said before the second sentence excludes the hybrid accounts from the unlimited losses.

br
Mark

Offline ColiseumFX

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Re: SynergyFX
« Reply #39 on: February 02, 2015, 04:15:48 PM »
No. Thats out of context.

Loss of your moneys: For clients who opt in to the Standard, ECN or Hybrid accounts, your potential losses on (long or short) Contracts may exceed the amounts you pay (as Margin) for the Contract or amounts we hold on trust for you. For clients who opt in to the Hybrid account, your potential liability for those losses on short and long contracts is limited to the amount you pay Synergy or we hold on trust for you. 

they should remove Hybrid accounts in the first sentence because its irritating to list them but as i said before the second sentence excludes the hybrid accounts from the unlimited losses.

br
Mark

You can read it however you want, I'm simply saying the TOS can easily be used against you. That's all.

Cheers.

TradeNow

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Re: SynergyFX
« Reply #40 on: February 02, 2015, 04:20:02 PM »
You can read it however you want, I'm simply saying the TOS can easily be used against you. That's all.

Cheers.

no you can read it as it is and dont do any interpretation. Unlimited losses are excluded in the second sentence. But for sure its an unlucky formulation. I hope they will clarify it for us. So lets wait until we get any official response.

br
Mark

Offline ColiseumFX

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Re: SynergyFX
« Reply #41 on: February 02, 2015, 04:38:44 PM »
You can read it however you want, I'm simply saying the TOS can easily be used against you. That's all.

Cheers.

no you can read it as it is and dont do any interpretation. Unlimited losses are excluded in the second sentence. But for sure its an unlucky formulation. I hope they will clarify it for us. So lets wait until we get any official response.

br
Mark

In Forex I wouldn't believe in a "unlucky formulation" and like to see how Synergy responds.

TradeNow

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Re: SynergyFX
« Reply #42 on: February 02, 2015, 04:44:00 PM »
I read the whole sentence again and now it makes sense:

On any account the losses can exceed your deposit. Thats the nature of cfd contracts BUT your liability to pay them is limited to your deposit on hybrid accounts. So no negative balance can occur or better it can occur but you didnt have to pay for it like we saw with alpari uk recently.
Thats all and makes perfect sense.... :D
« Last Edit: February 02, 2015, 04:46:04 PM by TradeNow »

Offline DanielSynergyFx

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Re: SynergyFX
« Reply #43 on: February 03, 2015, 06:52:40 AM »
I read the whole sentence again and now it makes sense:

On any account the losses can exceed your deposit. Thats the nature of cfd contracts BUT your liability to pay them is limited to your deposit on hybrid accounts. So no negative balance can occur or better it can occur but you didnt have to pay for it like we saw with alpari uk recently.
Thats all and makes perfect sense.... :D

Sorry for the legal confusion people, but TradeNow is absolutely spot on!

There is a difference between a loss, and a liability. The reason it is unlimited is because you may have earned money on this account before sustained a devastating loss, so is not necessarily limited to your deposit. OR the open trades you are exposed to may move catastrophically against you, thus putting you into negative balance, this will not be taken on board by the client as a liability (hence - limited liability). These are the legal terms that are defined, and must be adhered to, in the legal documentation.

Again.. Thanks for helping clear that up TradeNow.


 

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