PAMM Terms & Conditions
The below Terms and Conditions are for traders and money managers who are thinking of signing up to benefit from EmpowerFX PAMM Accounts. Make sure you read the below carefully before you sign up for a PAMM Account.
PAMM Account Terms & Conditions:
- This is a legal contract between Empower LLC, (hereinafter referred to as “Company”) its successors and assigns, and the party (or parties) executing this document.
- The PAMM account Terms, jointly with the Terms & Condition and Risk Disclaimer include all the provisions and conditions provided to the Client by the Company for the use of PAMM accounts. Reading and understanding all of the above documents is a mandatory requirement in order to access the PAMM service. By registering as a Manager or an Investor, the Client acknowledges and confirms that he has read and understood all documents in relation to the PAMM service.
- The PAMM Account service is intended to connect Investors’ Investment Accounts to the account of the Manager (hereinafter, “Manager”) for purposes of further transactions of the Manager on the financial markets in the interests of the Investors. The PAMM Account unites Investors’ Investment Accounts into a single trading account.
- The Manager is an agent of the Investor in relation to the Investment Account.
- All transactions performed by the Manager on the PAMM Accounts are subject to these Terms and Conditions, Risk Disclosure, and General Terms and conditions.
- The EmpowerFX PAMM Account service is not an asset management tool for Investors. This service provides the opportunity to follow the trading strategies of the Manager, who may manage his/her own personal capital through a specific PAMM Account, with the Investor’s own capital. The investor, voluntarily, at their own risk, selects the Manager. All decisions of acceptance or rejection of the Manager’s offered terms are a personal matter of each potential investor and are received without any recommendation or solicitation by the Company.
- The Company has no right to disclose any personal information about the Managers. Manager PAMM Account is a personal account of the Company’s Client and therefore its owner’s details cannot be disclosed to third parties. Based on this, any claims and/or requests that may be brought against the Company on behalf of investors against Managers will be rejected.
- An Investor accepting the Manager’s terms confirms that he/she understands and accepts the nature of inherent risks and implications of Trading in financial markets.
- The Company, therefore, states to the investor that it does not and will not guarantee the recurrence of rates of return that have been made by the Manager in the past.
- All trading on the PAMM Accounts can only be performed by the Manager on the basis of such terms. The Company will reject all claims of the Investor(s) that the Manager failed to comply with their recommendations.
- All transfers of funds between the Investor’s personal accounts and PAMM trading accounts are carried out only on the basis of requests from Investors. The Manager cannot influence the decision-making for the inflow or outflow of Investor funds.
- The Investor has no right to bring a claim against the Company’s trading operations conducted in the PAMM Account. Only the Manager, according to procedures set by the Company, may submit a claim to Company.
- The Company reserves the right to terminate the provision of the PAMM service to any manager at any time upon its sole discretion. The company may reject any request of Managers or Investors to provide the motives or reasons for such a decision. Such a decision, in relation to any Manager, cannot be used by Clients as a fact which can harm the Company’s, its employee’s or owner’s reputation.
- PAMM accounts are designed to allow the application of strategies as set by the Manager, who manages capital in trading in the Forex and Financial markets, in relation to the Investor’s capital. The Manager performs trades on PAMM Accounts, which may consist of his funds as a Manager and the Investor’s capital.
- The Manager has the right to:
- Carry out trading transactions on PAMM Accounts on the instruments offered by the Company.
- Establish the Manager terms.
- The Manager has no right or shall not be allowed to request the deposit or withdrawal of funds to or from the Investor’s Accounts.
- All PAMM Account calculations, deposit, and withdrawal of funds, crediting and debiting of success fees and penalties if applicable are performed by the Company.
- Manager’s Proposal is a proposal to use strategies, used by Managers to perform trading transactions on behalf of any Client of the Company. Each proposal consists of a set of parameters used by the Company for the calculation of the remuneration of the Manager, as well as a set of conditions for the formation and operation of Managed accounts. Acceptance or rejection of any term of Proposal regarding the investment in any PAMM account is an entirely voluntary decision of the Client.
- The Manager cannot influence the process of funds withdrawal from the Investor’s account, which is carried out by the Company upon the request of the Investor.
- Registration of any Client as an Investor is performed by the Company at the time of his/her acceptance of the Manager’s Offer. By accepting the Manager’s offer the Client confirms that he or she:
- Read and understood all of the provisions of these Terms.
- Has all the power and authority to abide by these Terms and understands the significance of his/her own actions.
- Ensures that the management of the Investor funds cannot entail any violation of the rights of the Investor or any third party.
- Manager’s Proposal is considered as accepted when an Investor submits a request to deposit funds to the specific Manager Account. An Investor cannot cancel a request to deposit funds once it has been submitted. In case an Investor wants to cancel his investment underfunded Manager account, the withdrawal of all the funds deposited will need to be submitted and an Investor will be required to cover any Penalty Fees applicable.
- Client is permitted to register one Investor Account. The Company reserves the right to limit the number of Manager Accounts and/or remove, suspend or terminate any account upon its sole discretion.
Investor Account Participation
- The Investor Account Participation is used to determine which part of the achieved profit and loss in the PAMM Manager account will be distributed to each Investor Account.
- Calculation of the Investor Account Participation is produced during each PAMM Manager Account Balance Operation and is proportional to the invested funds.
- Rollover is a recurrent procedure for PAMM Accounts. The duration of rollover is depending on the amount and composition of the PAMM Accounts.
- Each rollover includes:
- Updating Value of Investment;
- Processing of Pending Deposits;
- Processing of Pending Withdrawals;
- Processing of Success Fees if applicable;
- Deposits into PAMM Manager Accounts are processed during the next rollover after Manager’s approval or automatically after 24 hours from the deposit.
- Pending deposits cannot be cancelled.
- Withdrawals on PAMM Manager Accounts are processed during the next rollover after Manager’s approval or automatically after 7 (seven) days from the withdrawal request.
- Calculation of the positions obtained profit and loss and the payment for overnight positions carrying is calculated for each managed account based on the Investor Account Participation proportionally.
PAMM and Managed Account’s Calculations
- The Company calculates the Investor’s balance according to the following formula:Investors’ Balance = Deposit – Withdrawals + realized Profit/Loss – Fees,
- Deposit = Amount deposited
- Withdrawals = Amount withdrawn,
- Profit/Loss = the value of the realized Profit/Loss achieved with the PAMM account during the preceding and following rollover interval.
- The Manager taking into account all of the risks of trading engages in activities aimed at increasing the Managers Capital and Investor Funds.
- The Manager Confirms that:
- He/She self regulates every requirement of Foreign Exchange, tax, and other legal implications in the jurisdiction a resident of which he/she is.
- All the personal data and Client identifications documents that were provided to the Company during the Client and the PAMM account registration is accurate.
- All documents that regulate trading and non-trading operations as well as these terms were carefully read and understood.
- All of the risks and implications of trading on the financial markets are defined and understood.
- The Manager agrees that he/she would be obliged to autonomously settle all possible claims or complaints against him/her by Investors or from the governing authorities, and under no circumstances would the Company or any of its owners or any of its representatives be involved in such a legal matter.
- The Manager shall continuously monitor and manage the PAMM account.
- The Manager agrees to keep access passwords to the trading platform secure and confidential and does not have the right to disclose these passwords to third parties. All actions related to the fulfillment of these Terms and Conditions and/or usage of login and password are considered executed by the holder of said information. The Company does not bear responsibility for the unauthorized use of registration data by third parties.
- The Manager agrees that he has no right to:
- Affiliate himself with the Company publicly or otherwise, in contracts and agreements either verbally or in writing.
- Use the Company trademark or its logo in any documents or offer.
- Make statements, calculations, or obligations on behalf of the Company on any public means of communications (such as forums, journal articles, etc).
- Manager agrees that if the results of his activities the Company will be presented with any claims or demands, he is obliged to settle all financial claims at his own expense (including all balances in his trading accounts with the Company).
- The Investor confirms that:
- He/she self regulates every, but not limited to, the requirement of Foreign Exchange, tax, and civil law of the jurisdiction a resident of where he/she is residing.
- All the personal data and Client identifications documents that were provided to the Company during the Client and the PAMM account registration are accurate.
- All documents that regulate trading and non-trading operations as well as these terms, were carefully read and understood.
- All of the risks and implications of Trading in the Financial Markets are defined and understood.
- The Investor agrees that all claims and complaints by third parties that may arise as a result of his/her activities will be resolved independently by him/her and at his own expense.
- Investor acknowledges that the Manager may be compensated by the Company based on traded volume as well as based on the management fee and/or performance fee.
Effective Duration and Amendments
- These Terms and Conditions come into force for Company Clients the moment they are accepted in EmpowerFX and cease to be in effect the moment the Client account is terminated.
- The Client acknowledges that the Company has a right to introduce amendments to the provisions of these Terms and Conditions at any time.
- The Manager and Investor accept responsibility for possible financial losses such as direct losses that may exceed the investment(s) total amount or lost profit resulting from the following risks:
- the risk that the Manager does not possess the necessary qualification or knowledge required to manage Investors’ funds;
- the risk that the Manager may not observe Investors’ interests or may carry out fraudulent operations in relation to Investors’ funds;
- the risk that the Manager may lose control over the PAMM Account;
- the risk that third parties may gain access to management of the PAMM Account;
- the risk that complaints may be submitted by the Manager to the Company in an untimely fashion concerning the completion of operations on the Investor’s Investment Account;
- the risk of unforeseen delays in transfers between accounts or the untimely execution of deposit/withdrawal requests or the closing/liquidation of a PAMM Account; the risk of a PAMM Account’s liquidation.
- The PAMM Account Manager and their Investors are financially liable for any losses incurred on a PAMM Account. Their liability is proportionate to their share in the PAMM Account. Under no circumstances does the Company bear responsibility for the consequences of such risks.