The Undersigned authorizes:
Trading Agent: MFN and it's assignees.
As agent and attorney-in-fact to purchase and sell currencies on the OTC foreign exchange markets (“OTCFX”) or otherwise for the undersigned’s account and risk. The undersigned hereby agrees to indemnify and hold MFN and CMG (Capital Markets Group) harmless for all losses, indebtedness and liabilities arising therefore.
MFN is authorized to follow the instructions of the aforesaid agent in every respect concerning the undersigned’s account with MFN, except that said agent is not authorized to withdraw any money, securities, or other property either in the name of the undersigned or otherwise.
The undersigned hereby ratifies and confirms any and all transactions with MFN heretofore and hereafter made by the aforesaid agent on behalf of or for the account of the undersigned.
The undersigned hereby ratifies and confirms that he/she has agreed to compensation for the trading agent’s services according to the following terms:
Management Fee: 2 % annualized and paid out monthly and
Performance Fee: 35% when managed account is profitable for any given month. There will be no performance fee if monthly profit are less than 3% of the client's opening account balance.
Because the risk factor is high in OTCFX trading, only genuine “risk” funds should be used in such trading. If Trader does not have the extra capital the Trader can afford to lose, Trader should not trade in the OTCFX. No “safe” trading system has ever been devised, and no one can guarantee profits or freedom from loss. In fact no one can even guarantee to limit the extent of losses.
Even though the Trader granted trading authority to another, Trader should be diligent to closely scrutinize what is going on in the account. MFN shall provide Trader online access to view confirmation of every trade made for the account, which will also provide profit and loss statement showing the financial results of each transaction closed out for the account. In addition, MFN shall provide Trader online access to monthly statements showing the ledger balance, the exact positions in the account, the net profit or loss in all contracts closed since the date of the last statement, and the net unrealized profit and loss in all open contracts figured to the market. Trader should carefully review these statements.
If Trader has any questions, contact MFN immediately.
The trading authorization over Trader’s account terminates only upon written revocation by Trader or the trading agent holding the authorization. Therefore, if for any reason, Trader wishes to revoke the trading authorization which Trader has given, please bear in mind that the Trader can only do so through written revocation.
This authorization and indemnity is a continuing one and shall remain in full force and effect until revoked by the undersigned by a written notice addressed to MFN and delivered to MFN at the office where the undersigned’s account is carried, but such revocation shall not effect any liability in any way resulting from transactions initiated prior to such revocation. This authorization and indemnity shall insure the benefit of MFN and that of MFN successors and agents.