Local Depositor Policy
Terms and conditions mentioned in the Local Depositor Policy is considered a secured contract between PFX and the Local Depositor. The terms and conditions organize the process of duties for the Local Depositor and the latter must fully comply otherwise any breach to the terms and conditions will in turn lead to termination of the services of the Local Depositor. Thus, to protect the rights of the clients and the rights of the Local Depositor and to secure all activities to be carried out in a healthy environment, all related parties must read the terms and conditions and comply accordingly.
Definitions
1. Local Deposit: It is a non-common method of payment, which is used by companies working in financial industries to ease the process for payment (depositing and withdrawal for the trading accounts of clients) via an agent who has the capability and covers the terms and conditions to perform the process of both deposit and withdrawal for agents directly without requiring any further means for traditional methods of payments that is provided by the main company. This can be achieved via a separate account used exclusively for this purpose. This account will not be capable for trading. Local Depositor can deposit a fixed amount in this account that grants him access to pay for the clients.
2. Local Deposit Service: This is one of the services that the company can provide for any local depositor, and it is considered an advantage. The capability of using this service by the local depositor reflects how well his services are to his clients. The incapability of the local depositor to use this service must not reflect any financial or moral implications on PFX .
3. Local Depositor Account: An account that is created for the agent to perform Local Depositing for his clients, and it is untradeable and can be used by the Local Depositor and the Clients.
4. Local Deposit Balance: The amount of money that the Local Depositor deposits in his account to perform both depositing and withdrawal for the clients. The balance must be credited on regular basis.