Forex - Terms of Service - Future Forex

Forex – Terms of Service

  1. Introduction
    1. These terms of service (“Terms”) apply to each Client who makes use of our Services. If a Client is duly represented by an Adviser, these Terms apply to both the Client and its Adviser, acting on its behalf in instructing FF. References to Client should be read as to include reference to its Adviser where a Client has appointed an Adviser to represent it.
    2. By instructing FF in respect of a FX Transaction, a Client acknowledges and accepts these Terms as governing its relationship with FF. FF renders the Services in respect of each FX Transaction subject to these Terms. These Terms apply in respect of each FX Transaction separately and the Terms as at the date of a FX Transaction shall apply in respect of that FX Transaction.
    3. These Terms apply from the first date on which a Client first establishes a business relationship with FF or instructs FF to undertake a single FX Transaction. These Terms supersede any previous agreement between FF and a Client on the same subject matter.
    4. These Terms contain legal obligations (including limitations on our liability and obligations imposed upon you) and should be read carefully by a Client. For any questions, please:
      1. contact us on +27 21 518 0558; or
      2. email us at
    5. A Client may request a copy of these Terms by contacting FF at the contact details set out above.
  2. Definitions and Interpretation
    1. Unless the context otherwise requires, the following capitalised words have the meaning set out below:
      1. Account” means the account held with an Authorised Dealer and/ or an ADLA in the name of the Client;
      2. ADLA” means an Authorised Dealer in foreign exchange with limited authority, authorised by the Financial Surveillance Department of the SARB to deal in certain foreign exchange and shall include any person similarly authorised under laws of another jurisdiction;
      3. Adviser“ means a natural person or legal entity duly appointed by a Client to act as agent on behalf of the Client in giving instructions to FF, provided that FF shall be entitled to require any documentation as it may deem necessary to confirm the authorisation of such Adviser, and to verify the identity of such Adviser prior to accepting such Adviser as an agent of the Client;
      4. Applicable Laws” means, in relation to any relevant jurisdiction, the common law and statutory law applicable in such jurisdiction, including any present or future constitution, decree, judgment, legislation, measure, requirement, order, ordinance, regulation, statute, treaty, directive, rule, code, guideline, practice, concession, or request issued by any relevant authority, governmental body, agency or department or any central bank or other fiscal, monetary, regulatory, self-regulatory or other authority or agency which is applicable to the provision of the Services in terms of these Terms;
      5. Authorised Dealer” means in respect of any transaction relating to foreign exchange, a person authorised by the Financial Surveillance Department of the SARB to deal in foreign exchange and shall include any person similarly authorised under laws of another jurisdiction;
      6. Authorised Person” means any natural person authorised by the Client or Adviser in writing to give Instructions to FF or execute FX Transactions, provided that FF shall be entitled to require any documentation as it may deem necessary to confirm the authorisation of such natural person by the Client or Adviser, and to verify the identity of such natural person prior to accepting such natural person as an Authorised Person;
      7. Business Day” means any day which is not a Saturday, Sunday or statutory public holiday in South Africa;
      8. Client” means a natural person or legal entity wishing to procure the Services from FF;
      9. Companies Act” means the Companies Act, 2008;
      10. FAIS Act” means the Financial Advisory and Intermediary Services Act, 2002;
      11. FF”, “our”, “us” and “we” means Future Forex SA Proprietary Limited (Registration No. 2020/032430/07), a company incorporated and registered in accordance with the laws of South Africa, situated at 66 Roeland Street, Gardens, Cape Town and an authorised financial services provider (FSP No. 51884) under the FAIS Act;
      12. FX Transaction” means each transaction, pursuant to an Instruction, in terms of which a Client instructs FF to procure foreign currency on its behalf from an Authorised Dealer and/ or an ADLA, including by way of:
        1. currency conversion and remittance to a third party; and
        2. forward exchange contracts, whereby foreign currency is delivered at an agreed future date and specified rate;
      13. Insolvency Event” means any of the following events or circumstances:
        1. if a legal person, an application is made to a court for your winding up, liquidation, business rescue, sequestration, dissolution or administration;
        2. if a legal person, an order (whether provisional or final) is made by a court for your winding up, liquidation, business rescue, sequestration, dissolution or administration;
        3. a person commences court proceedings against you to enforce any encumbrance granted over any of your assets;
        4. you are unable (or admit inability) to pay your debts generally as they fall due or you are deemed to be unable to pay your debts generally or, if a legal person, are “financially distressed” (as such term is defined in the Companies Act);
        5. you stop, suspend or threaten to stop or suspend payment of all or a material part of your debts or makes a general assignment or any arrangement or composition with or for the benefit of your creditors, including a compromise as contemplated by way of the Companies Act, or a moratorium is agreed or declared or takes effect in respect of, or affecting, all or a material part of your indebtedness or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of your creditors with a view to rescheduling any of your indebtedness;
        6. if a legal person, you take any proceeding or other step with a view to the commencement of business rescue proceedings or the general readjustment, rescheduling or deferral of your indebtedness (or any part thereof which it would otherwise be unable to pay when due) or any resolution is taken or proposed to take any such step;
        7. any receiver, administrative receiver, judicial receiver, judicial manager, administrator, compulsory manager, judicial custodian, curator, trustee in bankruptcy, liquidator, business rescue practitioner or the like is appointed in respect of you or any part of your assets or you requests any such appointment;
        8. you commit any act which, if such act was committed by an individual, would be an act of insolvency within the meaning of the Insolvency Act, No.24 of 1936 or any analogous legislation in any jurisdiction to which such person is subject,
        or any analogous procedure or step is taken in any jurisdiction;
      14. Instruction” means any written or oral instruction (which for the avoidance of doubt shall include any email, data message, telephone or any other form of electronic communication) given by an Authorised Person to FF in respect of a FX Transaction;
      15. Mandate” means the written mandate to be concluded between the Client and an Authorised Dealer or ADLA with whom the Client holds one or more Accounts, in terms of which the Client instructs the Authorised Dealer or ADLA to allow FF to act on its behalf when rendering the Services and to have access to the Account(s);
      16. Personal Information” means personal information as defined in POPI Act;
      17. POPI Act” means the Protection of Personal Information Act, 2013;
      18. Sanctions” means trade, economic or financial sanctions, embargoes or restrictions imposed or applied pursuant to applicable laws, which administered or enforced from time to time by any Sanctions Authority;
      19. Sanctions Authority” means:
        1. the government of South Africa;
        2. the United Nations;
        3. the European Union;
        4. the government of the United States of America;
        5. the government of the United Kingdom;
        6. the government of the Republic of France,
        and any of their applicable and authorised governmental authorities, including, without limitation, the Office of Foreign Assets Control for the United States Department of Treasury (also known as “OFAC”), the United States Department of Commerce, the United States State Department or the United States Department of the Treasury, Her Majesty’s Treasury (also known as “HMT”), the Bank of England and the French Ministry of Finance (also known as “MINEFI”) and the United Nations Security Council;
      20. SARB” means the South African Reserve Bank;
      21. Services” means intermediary services (as defined in the FAIS Act) rendered by FF in respect of each FX Transaction on the basis set out these Terms, and for the avoidance of doubt shall include the ancillary services contemplated in clause 3.3;
      22. Value Date” has the meaning set out in clause 7.5.3; and
      23. you” means the Client, and, where a Client is represented by an Adviser, includes reference to such Adviser, as applicable.
    2. Singular words used in these terms include their plural and vice versa.
    3. Section, clause and schedule headings are inserted for reference purposes only and do not affect the interpretation of any of the provisions to which they relate.
    4. These Terms are binding on and enforceable by the successors-in-title, authorised representatives, permitted assigns, trustees, administrators, business rescue practitioners or liquidators of the parties as fully and effectually as if they had agreed to the Terms in the first instance, and reference to any party includes that party’s authorised representatives, permitted assigns, trustees, administrators, business rescue practitioners or liquidators, as the case may be.
    5. Where any term is defined within the context of any particular clause in these Terms, the term so defined will, unless it appears clearly from the clause in question that the term has limited application to the relevant clause, bear the meaning ascribed to it for all purposes in the Terms, notwithstanding that the term has not been defined in this clause 2.
    6. When these Terms prescribe any number of Business Days, such will be calculated inclusive of the first and exclusive of the last Business Day.
    7. If the day for the performance of any obligation in terms of the Terms falls on a day which is not a Business Day, then that obligation will be performed on the immediately following Business Day. If the obligation in question relates to the payment of any amount, interest will accrue on that amount at the then-applicable rate for the additional period.
    8. Expressions defined in the Terms bear the same meanings in any related document, schedule or appendices which do not contain their own definitions.
    9. The rule of interpretation that a contract will be interpreted against the party responsible for drafting or preparing the contract does not apply.
    10. The expiry or termination of the Terms shall not affect those provisions of the Terms that expressly provide that they will operate after any such expiry or termination or which of necessity must continue to have effect after such expiry or termination, notwithstanding that the clauses themselves do not expressly provide for this.
  4. Our Services and important related disclaimers
    1. FF is an authorised financial services provider licensed in terms of the FAIS Act and regulated by the Financial Sector Conduct Authority (“FSCA”) of South Africa.
    2. FF is authorised to render the Services in respect of FX Transactions.
    3. FF also provides the following ancillary service in relation to FX Transactions, namely facilitating the opening of Account(s), including offshore interest-bearing account and customer foreign currency accounts with preferred Authorised Dealers or ADLAs on behalf of the Client.
    4. In rendering the Services FF will:
      1. act as an intermediary on behalf of the Client in procuring FX from an Authorised Dealer and/ or an ADLA; and
      2. act in accordance with each Mandate concluded between the Client and the Authorised Dealer or ADLA.
    5. To enable FF to render the Services contemplated above, the Client shall conclude a Mandate with each Authorised Dealer or ADLA with whom it holds an existing or new Account (pursuant to clause 3.3) and which Account will be subject to a FX Transaction. The Mandate will allow FF to have access to the applicable Account(s) such that FF can view the balance of each Account and authorise payments from and to the Account in accordance with each Instruction received.
    6. FF does not offer any form of speculative FX investment business or any services with the objective to provide any person with the means to speculate in and profit from movements in currency exchange markets.
    7. When a Client enters into a FX Transaction, the Client warrants that its Account is credited with the full amount required to execute the FX Transaction. FF shall not agree to any set-off arrangement whereby the Client receives or pays the amount of any gain or loss realised as a result of exchange rate movements upon the settlement of a FX Transaction.
    8. Unless agreed otherwise in writing with the Client, FF does not provide financial, investment or tax advice and any information provided by FF should not be considered as such. Any information provided to you by FF shall be limited to information available to the general public or objective information in respect of the FX Transaction which you intend to conclude.
    9. FF will use its best efforts to ensure that information provided by FF is accurate and up-to-date, however FF gives no warranty as to the accuracy or completeness of any information and accepts no liability for errors or omissions in such information. Other than where FF is liable in terms of the FAIS Act or FSRA, FF accepts no liability for losses, damages or expenses incurred or suffer by a Client as a result of using this information.
    10. As FF is not providing advice to you, it does not consider your specific financial circumstances or needs when rendering the Services to you. We recommend that Clients take independent financial and investment advice relevant to their individual circumstances from appropriately qualified, licenced service providers.
    11. You must make your own assessment as to whether the Services are appropriate for your particular requirements and you are responsible to select the type and timing of each FX Transaction. You must also ensure that all amounts subject to each FX Transactions are within the exchange control regulations applicable to you, as prescribed from time to time by the SARB.
  5. Conflicts of interest
    FF has adopted policies and procedures to manage conflicts of interest which may arise. These policies assist FF to identify, consider and manage potential conflicts of interest and protect the integrity of our relationship with you. Further details on these policies and procedures are available on request.
  6. Fees and charges
    1. If you are obliged to pay to FF its fees and other charges, taxes and costs incurred by FF in rendering the Services, a copy of our current fees will be provided to you, and can be requested by you at any time. FF will notify you of any alteration to such fees before such change is implemented.
    2. You should be aware that over and above the fees, charges and costs paid to FF, there may be additional taxes and/or costs relating to a FX Transaction. You may also be liable for these additional taxes and costs.
    3. FF may receive a commission from Authorised Dealers and ADLAs in respect of FX Transactions, which will be up to 2% per FX Transaction. However, at times the commission rate may fall outside of the aforementioned range due to unexpected market fluctuations occurring during the period between the provision of a Quote and receipt of confirmation of such Quote by FF.
    4. If you have a credit balance in your Account, FF may receive commission from Authorised Dealers and ADLAs or, alternatively, may levy an administration fee in respect of your Account.
      1. any such commission paid to FF shall not exceed 1% per annum. Commission will be calculated by the relevant Authorised Dealer or ADLA with reference to any credit balance in your Account, but will not reduce the amount standing to the credit of your Account. Commission is payable by the relevant Authorised Dealer or ADLA and not by you. Should the maximum percentage change at any time, FF will disclose the revised maximum percentage to you;
      2. if FF does not receive commission as contemplated in 5.4.1 it may levy an administration fee equal to a maximum percentage of 1% per annum on any credit balance in your Account, plus value-added tax (the “Administration Fee”). You hereby authorise FF to debit the Administration Fee against your Account to settle your obligation in respect of this fee. If the credit balance in the Account is insufficient to discharge the Administration Fee, you shall remain liable to FF for this amount and shall pay it on first demand by FF. Should the maximum percentage change at any time, FF will disclose the revised maximum percentage to you.
    5. All payments made to us under these Terms shall be made in same day funds in such currency as we may from time to time specify, to the bank account designated by us for such purposes. All such payments shall be made by you free of any deduction, set-off or withholding.
  8. Authorised Persons
    1. A Client, and where applicable its Adviser, must notify FF of its Authorised Persons. Only Authorised Persons are entitled to give Instructions and execute FX Transactions. These Terms apply to all Authorised Persons, provided that the Client or Adviser (as applicable) remains responsible for all obligations in the Terms.
    2. Authorised Persons must be identified in writing to FF and FF shall be entitled to require any documentation as it deems is required to verify the identity of the Authorised Persons and their authority to act on behalf of the Client or the Adviser. Only once FF is satisfied will such person be an Authorised Person.
    3. FF may at any time require additional documentation or confirmation of the Authorised Person’s appointment by the Client or Adviser.
    4. FF is entitled rely on Instructions received from an Authorised Person until such time as the Client or Adviser revokes the appointment of the Authorised Person by giving 2 Business Days prior written notice to FF.
  9. Placing Instructions
    1. Each Instruction received by FF is subject to these Terms.
    2. You may place an Instruction with FF:
      1. in writing by e-mail or data message (including text or WhatsApp);
      2. through any online platform provided by FF or an Authorised Dealer or ADLA for such purpose; or
      3. verbally over the telephone.
    3. Please note that we reserve the right to record all telephone conversations and if you give Instructions via telephone, our conversation will be recorded.
    4. If you provide Instructions via telephone, we may ask you to confirm such Instructions in writing but we are authorised to continue to implement your Instructions, notwithstanding your failure to reduce the Instructions to writing upon request.
    5. The following information must be submitted to FF when placing an Instruction:
      1. the currencies being exchanged (“Currency Pair”);
      2. the quantity of the currency being exchanged (“Currency Quantity”);
      3. the date on which the currency exchange is to be instructed by us and by which you must have provided cleared funds in your Account (the “Value Date”); and
      4. confirmation that we must provide a Quote to you before executing the FX Transaction.
    6. On receipt of your Instruction and only if requested by you as contemplated in clause 7.5.4, we will confirm the following details (a “Quote”) before executing the FX Transaction:
      1. Currency Pair;
      2. Currency Quantity;
      3. Value Date; and
      4. the exchange rate.
    7. Upon receiving the Quote and if the Quote is acceptable to you, you are encouraged to confirm and accept the Quote within 10 seconds, unless specified otherwise by FF, and in such manner as the Quote was provided to you. If:
      1. no Quote was requested and upon receipt of your Instruction in accordance with clause 7.5, or
      2. a Quote was requested and upon acceptance by you of the Quote in accordance with clause 7.7,
      we will convey the Instruction to the Authorised Dealer or the ADLA (as applicable) and execute the FX Transaction on your behalf as soon as possible during business hours after receiving your Instruction or acceptance of the Quote (as applicable). We are available to facilitate the execution of FX Transactions from 8:00 am until 5:30 pm on all Business Days, provided that the relevant Authorised Dealer or ADLA is open for business.
    8. You acknowledge that if you choose to submit an Instruction or accept a Quote in writing (such as by email or data message), the Instruction may not be processed immediately.
    9. Upon processing of the Instruction or the accepted Quote (as applicable), we will confirm the following (“Deal Confirmation”):
      1. the details set out in clause 7.6; and
      2. the Bank SWIFT Fee, if applicable
    10. FF has the right (but no obligation) to apply limits to control your ability to transact at our absolute discretion. These limits may include (without limitation):
      1. controls over the number of FX Transactions; and/ or
      2. controls over maximum amounts; and/ or
      3. controls over times you may instruct us to transact; and/ or
      4. controls over times the FX Transactions may be executed; and/ or
      5. any other controls which may be required under Applicable Laws.
  10. When the FX Transaction is legally binding
    1. The FX Transaction will be binding on you upon your Instruction or acceptance of a Quote, if a Quote was requested, but will only be completed and binding on the Authorised Dealer or ADLA once we have provided a Deal Confirmation to you.
    2. FF shall be entitled to act upon receipt of Instructions or acceptance of a Quote given or purporting to be given by an Authorised Person without any further enquiry as to the genuineness, authority, or identity of that Authorised Person.
    3. Irrespective of the method used to convey Instructions, you hereby acknowledge that any amendment to an Instruction or cancellation thereof shall only be:
      1. deemed accepted once acknowledged and confirmed by us to you in writing; and
      2. capable of amendment or cancellation if FF have not yet acted upon such Instruction.
    4. You hereby acknowledge that exchange rates can fluctuate rapidly. Accordingly, the rate set out in a Quote depends on you promptly performing your obligations under these Terms.
    5. We accept no responsibility for any delays or inaccuracies in the execution of the FX Transactions relating to the Services or other information due to any cause whatsoever beyond our reasonable control.
  11. Right not to accept Instructions
    1. If we decline to offer you Services or decline to accept any Instructions, we shall not be obliged to give a reason, but we will promptly notify you accordingly.
    2. Instances where we may decline to accept any Instructions include when:
      1. an Instruction is incomplete;
      2. you have not provided us with the information or documentation requested;
      3. we suspect that the Instruction has not been placed by you;
      4. the Account has not been funded by 12:00 pm on the Value Date, or as otherwise requested;
      5. you are located in certain countries where we do not do business;
      6. the FX Transaction may be against Applicable Laws or may expose us, another affiliate, the Authorised Dealer or the ADLA to claims by third parties or to legal or regulatory action;
      7. the FX Transaction is prohibited by, or would cause any breach of, Sanctions; and
      8. we reasonably think the FX Transaction is connected to fraud, money laundering, terrorist financing, tax evasion, or other criminal activity.
  12. Closing out by an Authorised Dealer or ADLA
    1. The Authorised Dealer or ADLA may cancel a particular FX Transaction that you executed via us, without notice to you:
      1. for any of the reasons set out in clause 9.2 above;
      2. if any information or warranty you have given us is or becomes, in our opinion, inaccurate, incorrect or misleading;
      3. in the event of your death or loss of mental capacity;
      4. if an Insolvency Event occurs;
      5. if you breach a material term of these Terms or of any FX Transaction; or
      6. if you terminate these Terms.
    2. When an FX Transaction is cancelled by an Authorised Dealer or ADLA, it will be reversed at prevailing market rates. If the value of the currency you exchanged has strengthened, a loss will be incurred on the FX transaction and you will be liable for the amount of that loss, together with any reasonable expenses or other costs the Authorised Dealer or ADLA may incur as a result.
    3. You hereby agree and instruct the Company to utilise any deposit which you have provided to discharge, on your behalf, any liability arising in terms of clause [10.2]. Such application shall not relieve you of any residual liability to the Authorised Dealer or ADLA, and you indemnify the Company against any expense it incurs in acting on your behalf in terms of this instruction.
    4. Typically, Authorised Dealers and ADLAs will not pay you any profit arising from cancelling a FX Transaction.
    5. You must notify us immediately if you become aware of any event referred to above occurring or likely to occur.
  14. Payment from your Account
    1. The Client must be the owner of the currency with which you intend to execute the FX Transaction.
    2. Your Account must be funded with the full amount of the currency being exchanged or sold by 10:00 am on the Value Date, unless otherwise specified by us.
    3. If the Account is not funded by 10:00 am on the Value Date, the Authorised Dealer or ADLA may cancel the FX Transaction.
    4. FF may, at any time before the Value Date, request you to:
      1. pre-fund an Account;
      2. deposit a portion of the Currency Quantity in the Account; and/ or
      3. provide proof of funds,
      4. before processing an Instruction or Quote and/ or executing a FX Transaction.
    5. All payments to the Account must be made electronically from a bank account in the name of the Client. If payment is to be made from someone else’s account, the Authorised Dealer or ADLA may require evidence that the Client is entitled to the funds. Please tell us if you’d like to do this so there is no delay in your transaction.
    6. All payments must be received by the Authorised Dealer or ADLA, as applicable, as cleared funds and for the full amount being transferred, including any fees that may be payable, before they will pay out the funds.
  15. Paying out the funds
    1. Once the Service has been concluded and performed and provided that no amounts are owed, the currency purchased, which is held in your Account, will also be available for onward payment based on your payment instructions.
    2. Funds will be paid by electronic fund transfer means only.
    3. We will notify you once the payment has been made which will include a reference, amount of the payment in currency used, any charges and the date the order was received. If you decide to turn off e-mail notifications, it is your responsibility to check these regularly and print or save a copy of this information for your records.
    4. The time it takes for funds to be received in a recipient’s bank depends on the currency of the payment and the location of the account. A Business Day will not include any public holidays in the country of the recipient’s account.
    5. All foreign currency payments are made via the SWIFT network. Typically, the recipient’s bank will receive the funds on Value Date; there may, however, be a delay in the bank crediting the recipient’s account.
  16. Giving us payment instructions
    1. Whilst placing your Instruction, but before the FX Transaction is executed, you may request us to pay the currency purchased to any local or foreign account held in your name or a third-party account, provided that FF is entitled to request further information of such third party.
    2. It is your responsibility to ensure that accurate and complete payment instructions for the recipient of the payment are provided to us before the FX Transaction is executed. You must provide us with the following details of the recipient account:
      1. the account number, the name and address of the account bank and the relevant IBAN number or SWIFT code (as applicable); and
      2. if to a third party, their full name and address.
    3. We reserve the right to cancel the FX Transaction if you fail to provide us with the full payment details in a timely manner.
    4. A payment instruction cannot generally be withdrawn or changed once you have given it to us. In exceptional circumstances, we may agree to change a payment instruction after it has been received.
  17. Unauthorised payments
    1. If you believe there has been a mistake or unauthorised payment, you must tell us as soon as possible. You should check all Deal Confirmations and other information we provide you and contact us straight away if there is anything you are unsure of.
    2. If there has been an unauthorised payment, we will make all reasonable efforts, along with the Authorised Dealer or ADLA, to trace and recover the funds.
  19. Representations, warranties and undertakings
    1. You represent and warrant to us on each date after the date on which we first render the Service to you, until such date as we no longer render the Services to you, including the date of each FX Transaction that:
      1. you have full capacity to enter into a business relationship with us on the basis of these Terms;
      2. you have all necessary authority, powers, consents, licenses and authorisations and have taken all necessary action to enable you lawfully to enter into and perform the FX Transactions pursuant to these Terms;
      3. the Authorised Persons have been duly authorised;
      4. any signatory signing these Terms or any other document on your behalf has been duly authorised;
      5. where you are represented by an Adviser, you have duly appointed and authorised such Adviser to provide Instructions through Authorised Persons to us on your behalf;
      6. these Terms, each FX Transaction and the obligations created thereunder are binding upon you and enforceable against you in accordance with their terms and do not and will not violate the terms of any regulation, order, charge or agreement by which you are bound;
      7. you act as principal and sole beneficial owner in agreeing to these Terms and entering into each transaction;
      8. any information which you provide or have provided to us in respect of your financial position, domicile or other matters is accurate and not misleading;
      9. there is no pending or, to your knowledge, threatened action, suit or proceeding before any court, tribunal, governmental body, agency or official or arbitrator that purports to affect or is likely to affect, the legality, validity or enforceability against you of these Terms or your ability to perform your obligations under these Terms;
      10. except as otherwise agreed by us, you are the sole beneficial owner of all cash you transfer under these Terms;
      11. in relation to each FX Transaction:
        1. you are not relying on any advice or recommendation from us to enter into the FX Transaction (whether written or verbal);
        2. you have made and will make your own decisions regarding the entering into of any FX Transaction based upon your own judgment and upon advice from such professional advisers as you have deemed it necessary to consult;
        3. you understand the terms, conditions and risks of each FX Transaction and are willing to assume (financially and otherwise) those risks; and
      12. you are now, and will at all material times in the future, be in compliance with all Applicable Laws and any rules and regulations concerning the detection of financial crime, prevention of terrorism and anti-money laundering, and you acknowledge that any transaction dealt with by us on your Instructions will be covered by statutory and other requirements relating to money laundering and combating terrorist financing.
    2. You undertake to us that:
      1. you will at all times obtain, comply, and do all that is necessary to maintain in full force and effect all authority, powers, consents, licenses and authorisations;
      2. you will use all reasonable steps to comply with all Applicable Laws to these Terms and any FX Transaction, so far as they are applicable to you or us; and
      3. upon demand, you will provide us with such information as we may reasonably require to evidence the matters referred to in this clause or to comply with any Applicable Laws, including the Financial Intelligence Centre Act, 2001.
  20. Personal Information
    1. You hereby agree that FF may process your Personal Information in accordance with the privacy policy of FF, as amended from time to time and made available at:
    2. FF undertakes that it shall, at all times, comply with the provisions of the POPI Act.
  21. Liability and indemnity
    1. FF will render the Services with the due, care and skill of an intermediary, as required in terms of the FAIS Act.
    2. Neither we nor our officers, directors, employees, consultants, affiliates and agents shall be liable for any losses, damages, costs or expenses, whether arising out of negligence, breach of contract, misrepresentation or otherwise, incurred or suffered by you under these Terms (including as a result of any FX Transaction, or where we have declined to enter into a proposed FX Transaction), unless such loss arises directly from our or their respective gross negligence, wilful default or fraud. In no circumstance shall we accept liability for losses suffered by you or any third party for any special or consequential damage, loss of profits, loss of goodwill or loss of business opportunity arising under or in connection with these Terms, whether arising out of negligence, breach of contract, misrepresentation or otherwise. Nothing in these Terms will limit our liability for death or personal injury resulting from our negligence.
    3. Without limitation, we do not accept liability:
      1. for any adverse tax implications of any FX Transaction whatsoever; and
      2. arising as a result of any delay or change in market conditions before any particular FX Transaction is affected.
    4. You hereby indemnify and hold FF, its officers, directors, employees, consultants, affiliates and agents harmless against any and all loss of any nature whatsoever, and any expenses, claims, damages or loss or otherwise which FF, its officers, directors, employees, consultants, affiliates and agents may suffer as a result of their performing any of their obligations under these Terms, save for where such expense, claims, damages or loss arises from the gross negligence, wilful default or fraud of FF.
  22. Notices and communication
    1. Where we need to contact you under the Terms, we will do so by email, data message (including text or WhatsApp) or telephone, using the details you most recently gave us.
    2. You may communicate with us in writing by email, verbally by telephone, or on any of our online platforms where such communication is permitted.
    3. The language of communication shall be English, and you will receive documents and other information from us in English.
    4. You must ensure that all contact information provided to us is accurate and up-to-date at all times. If your information must be updated, you are required to email us such change as soon as practicable and in any event, within 14 days of the change. We accept no liability for any loss you may suffer due to use being unable to reach you using the contact details you have most recently provided to us.
    5. Where notice in writing is required under this Agreement, it may be sent by email. Email is deemed to be received when it was sent, provided no message of non-delivery was received by the sender.
  23. Recordings and records
    1. We may record telephone calls to record your Instructions, and for training and quality purposes.
    2. In the event of any dispute, the recording or transcript of our telephone conversation may be used as evidence as to the terms of any agreement entered into.
    3. You agree to keep adequate records to demonstrate the nature of your Instructions and the FX Transactions and the time at which such Instructions and/or FX Transactions are submitted.
    4. We will keep adequate records in accordance with the FAIS Act. Unless shown to be wrong, our records will be evidence of your transactions with us in connection with the Services.
  24. Amendments
    1. FF may amend these Terms at its sole discretion and will inform you of such amendments by email. If we make any material change to these Terms, we will give you at least 5 Business Days prior written notice of such changes. Such amendment will become effective on the date specified in the notice or 5 Business Days after the date of the notification to you.
    2. Amendments to the Terms will not affect any rights or obligations you already have, but you will be bound by the new terms when you enter into subsequent FX Transactions.
    3. If you don’t inform us that you want to terminate your relationship with us before the change to the Terms is effected, you will be deemed to have accepted the new terms. If you wish to terminate these Terms, you can do so without charge, but you will need to complete any FX Transactions that have been requested.
  25. Duration and termination
    1. The Terms will remain in force for as long as you are providing Instructions to us and/ or any FX Transaction is being implemented or until terminated by you or us in accordance with this clause.
    2. Unless required by Applicable Laws, either party may terminate these Terms (and the relationship between us) by giving 10 days’ written notice of termination to the other party.
    3. We may also terminate the Terms immediately or on less notice, if we reasonably believe that:
      1. you have seriously or repeatedly broken the provisions of these Terms;
      2. you have given us false information;
      3. an Instruction or FX Transaction you have requested is connected to fraud, money laundering, terrorist financing, tax evasion, or other criminal activity;
      4. we may break any Applicable Law or other duty that applies to us by implementing your Instruction or may be exposed to claims by third parties;
      5. you have threatened or are abusive to our staff; or
      6. you appear to be subject to an Insolvency Event.
    4. Upon terminating these Terms, all amounts payable by you to us will become immediately due and payable, including but not limited to:
      1. all outstanding fees and charges; and
      2. any transactional expenses incurred by us in terminating any FX Transaction which has not been completed; and
      3. any losses and expenses realised in cancelling any FX Transaction or settling or concluding outstanding obligations incurred by us on your behalf.
  26. Complaints and disputes
    1. Should you have reason to complain to FF, you should, in the first instance, refer the matter together with all supporting documentation to FF at
    2. Our compliance officer shall attempt to resolve your complaint in terms of our complaints policy. FF shall make a copy of its complaints policy available to you upon request.
    3. Should you not be satisfied with the resolution of your complaint by FF, you may, in accordance with the requisite procedure set out in the FAIS Act, refer your complaint to the Ombud for Financial Services Providers at
    4. This clause shall not preclude any party from access to an appropriate court of law for interim relief in respect of urgent matters pending finalisation of this dispute resolution process.
  27. Governing law
    These Terms shall be interpreted in accordance with the laws of South Africa. Where a party to the dispute seeks interim relief in accordance with clause 22.4, the parties submit to the exclusive jurisdiction of the courts of South Africa.