This Client Agreement (“Agreement”) is entered into by and between:QFEX Inc. (“QFEX,” “we,” “us,” or “our”)
AND
The Client, whose details are set out in the Account Application Form (“you,” “your,” or “the Client”).By opening an account with QFEX or using any of our websites, application programming interfaces, or mobile applications (collectively, the “Site”), you acknowledge that you have read, understood, and agree to be bound by the terms and conditions set forth in this Agreement, together with the Privacy Policy and Trading Rulebook, which are incorporated herein by reference.
QFEX operates a Multilateral Trading Facility (MTF) that enables electronic trading in cash-settled perpetual futures contracts across multiple asset classes, including but not limited to equity indices, single-name equities, foreign exchange pairs, and commodities (collectively, the “Services”). QFEX acts as the operator and facilitator of the MTF but does not act as a counterparty or principal in any trade executed on the platform. Access to the MTF is provided via the Site.
QFEX does not provide investment, financial, legal, accounting, tax, or regulatory advice. All trading or investment decisions undertaken by you are made at your sole discretion and risk. You acknowledge that no communication from QFEX should be construed as advice or a recommendation to engage in any particular transaction.
Certain products or services offered by QFEX may be subject to additional terms, conditions, or disclosures, which form part of this Agreement once you begin using such products or services.
(b) have the legal capacity to enter into binding contracts;
(c) reside in a jurisdiction where use of the QFEX Services is lawful and not restricted by local regulation;
(d) not be on any of the following lists:
the Specially Designated Nationals and Blocked Persons List and the Sectoral Sanctions Identification List maintained by the U.S. Treasury Department’s Office of Foreign Assets Control;
the Denied Persons List, Entity List, and Unverified List maintained by the U.S. Commerce Department’s Bureau of Industry and Security;
the non-proliferation sanctions lists maintained by the U.S. State Department;
the United Nations Security Council Consolidated List;
the Consolidated List of Financial Sanctions Targets maintained by the UK Treasury;
You represent and warrant that you are not a resident of any jurisdiction in which the use of similar services would violate applicable law or regulation, including, without limitation, the United States, France, Cuba, Iran, North Korea, Sudan, Spain, the United Kingdom, Myanmar, Venezuela, Belarus, or the territories of Luhansk and Donetsk. QFEX reserves the right, at its sole discretion and without prior notice, to update or expand the list of prohibited jurisdictions.
All account applications are subject to review and approval at QFEX’s absolute discretion. QFEX may approve, reject, or impose restrictions on any account without providing a reason.
You must complete all account opening procedures, including submission of an Account Application Form and required Know Your Customer (KYC) and Anti-Money Laundering / Counter-Terrorist Financing (AML/CTF) documentation. QFEX reserves the right to request additional documentation, including proof of identity, address, and source of funds.
You may only hold one active QFEX account unless expressly authorized by QFEX. You are solely responsible for maintaining the security and confidentiality of your account credentials and for all activity conducted under your account.
You agree to comply with all applicable AML/CTF requirements. QFEX may, in its sole discretion, freeze, restrict, or terminate your account if suspicious activity is detected or if you fail to provide requested information. QFEX reserves the right to disclose information to relevant authorities when legally required.
QFEX processes personal data in accordance with its Privacy Policy, available on the Site. By entering into this Agreement, you consent to such data processing and represent that any personal data you provide relating to third parties has been lawfully obtained.
You must ensure that all information and documentation you provide is accurate and up to date. QFEX may suspend or close accounts containing false, misleading, or incomplete information.
Upon approval, you are granted a non-exclusive, limited, and revocable right to access the QFEX platform for lawful trading purposes. All rights not expressly granted herein are reserved by QFEX. You may not sublicense, transfer, or permit third-party access to your account.
You are responsible for all orders placed using your credentials, whether authorized by you or not. You must maintain sufficient margin in accordance with QFEX’s Trading Rulebook. QFEX may reject or cancel any order that breaches margin or risk parameters.
Leverage limits and margin requirements may vary based on your classification and the product traded. QFEX may adjust leverage parameters at its sole discretion to reflect market conditions or regulatory obligations.
QFEX may implement trading controls, including price bands, circuit breakers, and position limits, to ensure orderly markets and mitigate volatility. Such measures may be applied without prior notice.
4.5 Suspension, Termination, and Cancellation of Access
QFEX may refuse to process, cancel, reverse, or block any transaction or temporarily suspend or permanently terminate your access to its Services under any of the following circumstances:
if required by a court order or governmental authority;
if you fail to settle outstanding fees or margin obligations within the prescribed time;
if your account shows indications of insolvency, manipulation, fraud, or other prohibited conduct;
if you breach any provision of this Agreement or other QFEX policies; or
if QFEX determines, in its sole discretion, that suspension is necessary to protect the integrity or security of the platform.
If suspension or termination occurs, QFEX will provide notice where legally permissible and will restore access once the reason for suspension no longer exists. QFEX shall not be liable for losses resulting from inability to trade during such periods.
QFEX may temporarily suspend Services for maintenance, upgrades, or other operational reasons. While QFEX will endeavor to provide prior notice where feasible, interruptions may occur without warning. QFEX is not liable for losses resulting from downtime or system unavailability.
All fiat currency and digital assets (“Client Money”) belonging to clients shall be held in segregated accounts maintained with appropriately licensed custodians. These accounts will be maintained separately from QFEX’s own operational funds.
Unless otherwise stated, Client Money held by QFEX will not accrue interest. Where interest is generated, QFEX reserves the right to retain such interest as beneficial owner. Any change in this policy will be communicated to clients in writing.
Deposits and withdrawals must originate from or be directed to a bank account held in your name. Only one nominated account may be linked at any given time. QFEX reserves the right to request proof of ownership or source of funds for any transaction. Requests may be denied or delayed where compliance verification is pending.
All deposits and withdrawals are subject to transaction monitoring in line with QFEX’s AML/CTF framework. QFEX may block, reverse, or withhold transactions deemed suspicious and may request additional supporting documentation.
QFEX may facilitate conversions between fiat currency and digital assets as listed on the Site. The availability of fiat pairs depends on jurisdictional factors, user verification status, and the capabilities of third-party payment processors. Pricing, fees, and applicable charges will be displayed before execution.
QFEX bears no responsibility for the performance, quality, legality, or delivery of goods or services obtained from or provided to third parties using digital assets. Any disputes arising from third-party transactions must be resolved directly between you and such third party.
QFEX maintains an insurance reserve (the “Reserve Fund”) on behalf of its clients who participate in derivatives trading on the QFEX platform. The Reserve Fund is designed to absorb potential shortfalls arising from negative equity balances that occur during periods of market volatility or liquidation.
The Reserve Fund is primarily funded through excess collateral and residual margin obtained from liquidations executed via QFEX’s Designated Liquidation Program (DLP) or similar mechanisms. The fund may be supplemented from other sources at QFEX’s discretion to maintain adequate coverage levels.
The objective of the Reserve Fund is to ensure that client account balances cannot become negative such that a client owes funds to QFEX. However, QFEX does not warrant or represent that the Reserve Fund will always be sufficient to cover all losses, especially under conditions of extreme market stress.
In circumstances where the Reserve Fund is depleted or insufficient, QFEX may, as a protective measure, liquidate profitable open positions of other clients solely to the extent necessary to offset collective deficits. You acknowledge and accept that participation in the QFEX trading system implies consent to this risk allocation structure.
Trading in perpetual futures and other derivative products offered on QFEX involves substantial risk and may not be suitable for all investors. Prices may fluctuate rapidly, and losses may exceed the amount initially invested. You should not trade unless you can afford to lose the entirety of your investment.
By using QFEX Services, you represent that you understand and are willing to assume the economic, legal, and other risks involved in such trading. You further confirm that you have the necessary experience, knowledge, and resources to assess these risks.
All decisions to open or close positions are made at your sole discretion. You acknowledge that no communication from QFEX should be construed as investment advice or a recommendation.
All applicable trading fees, commissions, and charges are published in the Trading Rulebook section available on the QFEX Site. You agree to review and comply with the fee schedule in effect at the time of each transaction.
QFEX reserves the right to modify, introduce, or remove any fees or charges by providing prior notice via the Site or other communication channels. Any fee change shall become effective upon posting unless otherwise specified.
You are responsible for ensuring sufficient funds are available in your account to cover all applicable fees. QFEX may deduct such fees automatically from your account balance without further notice.
You acknowledge that additional charges, such as network fees, bank transfer costs, or fees levied by payment processors, may apply and are not controlled by QFEX. These costs shall be borne solely by you.
QFEX processes personal and transactional data in accordance with its Privacy Policy and applicable data protection laws. By entering into this Agreement, you consent to such processing and warrant that all data provided to QFEX is accurate, current, and complete.
You are responsible for maintaining strict confidentiality over your login credentials, passwords, and two-factor authentication (2FA) tokens. QFEX will never request your password, 2FA codes, or remote access to your device. You must not share your login details with third parties under any circumstance.
You must take all reasonable precautions to secure the devices used to access your account. This includes using strong passwords, enabling encryption, installing reputable antivirus software, and ensuring that your device is free from malware.
Any compromise of your login credentials or electronic devices may result in unauthorized access to your account, including theft of assets. QFEX is not responsible for losses arising from such unauthorized activity if due to your negligence or failure to maintain security.
If you become aware of, or suspect, any unauthorized access, fraud, or cyber incident involving your account or QFEX systems (“Security Breach”), you must immediately:
QFEX is not liable for damage or interruption caused by viruses, phishing, spoofing, or other cyber threats. Clients are encouraged to exercise vigilance when interacting with emails or messages purporting to originate from QFEX. Official communications will only be sent from verified QFEX domains.
In the event of any dispute between you and another user of QFEX Services, you agree to release QFEX, its affiliates, officers, directors, employees, and service providers from any claims, liabilities, damages, or demands arising out of such dispute.
You agree to indemnify, defend, and hold harmless QFEX, its affiliates, and each of their respective officers, directors, agents, and employees from any loss, damage, liability, or expense (including reasonable attorneys’ fees) incurred as a result of:
your breach of this Agreement or any other QFEX policy;
QFEX’s aggregate liability to you for any loss, damage, or claim arising under or in connection with this Agreement, whether in contract, tort, or otherwise, shall not exceed the total value of Client Money held in your name at the time of the event giving rise to the claim. Where a claim relates to a specific transaction, QFEX’s liability shall be capped at the notional value of that transaction.
Nothing in this Agreement shall limit QFEX’s liability in cases of fraud, gross negligence, or willful misconduct, or for death or personal injury caused by QFEX’s negligence where such limitation is prohibited by law.
All QFEX Services and the Site are provided on an “as is” and “as available” basis. QFEX disclaims all implied warranties, including merchantability, fitness for a particular purpose, and non-infringement. QFEX does not guarantee uninterrupted, timely, or error-free operation of its systems.
QFEX shall not be responsible for any delay, failure, or interruption in performance caused by events beyond its control, including but not limited to natural disasters, war, labor disputes, acts of government, telecommunications failures, or market disruptions.
Either party may terminate this Agreement at any time by providing written notice, subject to the settlement of all open positions, fees, and obligations.
Termination does not affect any rights or obligations that have accrued prior to the effective date of termination. Provisions intended to survive termination (including indemnity, limitation of liability, and governing law) shall remain in force.
If you have questions, feedback, or concerns regarding QFEX Services, please contact our customer support team via email at [email protected]. We aim to respond promptly and resolve inquiries efficiently.
If you wish to file a formal complaint, you must first contact QFEX’s customer support team to attempt resolution. If the issue remains unresolved, you may escalate the complaint by emailing [email protected] and providing the following information:
(a) Your full name, registered email address, and account ID;
(b) A clear description of the complaint, including relevant dates, times, and events;
(c) Copies of all supporting documentation, such as screenshots, trade confirmations, or correspondence;
(d) The outcome or resolution you are seeking;
(e) Details of any prior communication with QFEX on the same matter; and
(f) Your preferred method of contact.
QFEX will acknowledge receipt of your complaint and conduct an internal review. Unless otherwise required by law, QFEX will aim to respond to complaints within forty-five (45) business days from receipt.
Following investigation, QFEX will issue a written response outlining its findings and proposed resolution. Any settlement offer made by QFEX shall not constitute an admission of liability unless explicitly stated.
If a complaint cannot be resolved through QFEX’s internal process, the matter (“Dispute”) shall be referred to binding arbitration under the Rules of Arbitration of the International Chamber of Commerce (ICC) then in effect.
(a) The seat of arbitration shall be Panama City, Republic of Panama.
(b) The arbitration shall be conducted in English.
(c) The tribunal shall consist of one (1) arbitrator appointed in accordance with ICC rules.
(d) The decision of the arbitrator shall be final and binding upon both parties.
Unless required by law or necessary for enforcement of an award, both parties agree to maintain the confidentiality of all arbitration proceedings, materials, and awards. Disclosure may only occur to the extent required by a legal duty or to pursue a legitimate right in court.
You agree that any arbitration or proceeding shall be limited to the dispute between us and you individually. To the fullest extent permitted by law, you agree that:
(a) no arbitration or proceeding shall be joined with any other;
(b) there is no right or authority for any dispute to be arbitrated or resolved on a class-action basis or to utilize class action procedures; and
(c) there is no right or authority for any dispute to be brought in a purported representative capacity on behalf of the general public or any other persons.
Nothing in this section prevents either party from seeking provisional or conservatory measures from a court of competent jurisdiction to protect its rights pending arbitration.
If QFEX holds funds on your behalf and no account activity or contact has occurred for five (5) years, applicable law may require QFEX to treat such funds as unclaimed property. QFEX may remit such funds to the relevant governmental authority after deducting reasonable administrative costs permitted by law.
Upon receipt of official documentation confirming your death or legal incapacity, QFEX will freeze your account and suspend all transactions until authorized instructions are received. The appointed executor, administrator, or other legally recognized representative must provide documentation satisfactory to QFEX to facilitate the transfer or closure of the account. QFEX reserves the right to request probate orders or court directives before acting on such instructions.
This Agreement, including all policies and documents incorporated by reference (such as the Privacy Policy and Trading Rulebook), constitutes the entire understanding between you and QFEX regarding the subject matter hereof and supersedes all prior discussions, representations, or agreements, whether oral or written.
QFEX may amend this Agreement at any time by posting an updated version on its Site. Amendments will take effect upon posting unless otherwise stated. Continued use of QFEX Services after an update constitutes your acceptance of the revised Agreement.
This Agreement is personal to you and may not be assigned, delegated, or transferred without QFEX’s prior written consent. QFEX may assign or transfer its rights and obligations hereunder to any affiliate or successor entity without prior notice, including in connection with a merger, acquisition, or corporate reorganization. You may terminate the Agreement immediately if you do not agree to such transfer.
If any provision of this Agreement is found invalid, unlawful, or unenforceable by a court of competent jurisdiction, the remaining provisions shall remain in full force and effect. The invalid or unenforceable provision shall be modified to the minimum extent necessary to make it valid and enforceable while preserving its intent.
No failure or delay by QFEX in exercising any right or remedy under this Agreement shall constitute a waiver of that or any other right or remedy. Any waiver must be in writing and signed by an authorized representative of QFEX.
QFEX may record communications (including electronic messages and calls) for compliance, audit, and quality assurance purposes. Such records shall remain the property of QFEX and may be used as evidence in any dispute.
This Agreement and all related documents shall be drafted and interpreted in English. Any translation is provided for convenience only; the English version shall prevail in the event of inconsistency.
This Agreement, and any claim or dispute arising out of or relating to it or the QFEX Services, shall be governed by and construed in accordance with the laws of the Republic of Panama, without regard to conflict of law principles.
Except where arbitration is required under Section 12, the courts of the Republic of Panama shall have exclusive jurisdiction over all disputes arising in connection with this Agreement.
Any arbitration award rendered pursuant to Section 12 may be enforced in any court of competent jurisdiction, and both parties irrevocably submit to such jurisdiction for enforcement purposes.
Nothing in this Agreement creates any partnership, joint venture, agency, or fiduciary relationship between you and QFEX. You act solely as a principal when trading, and QFEX acts only as the operator of the trading facility.
This Agreement is intended solely for the benefit of the parties hereto. No person or entity other than QFEX and the Client shall have any rights or remedies under this Agreement.
Provisions relating to indemnity, limitation of liability, confidentiality, governing law, dispute resolution, and any other clauses intended to survive termination shall remain effective after the Agreement terminates.
Section headings are for convenience only and shall not affect interpretation. References to singular terms include the plural and vice versa, and references to “including” shall be deemed to mean “including without limitation”.
QFEX Inc. is a company incorporated under the laws of the Republic of Panama with its registered office located at Office 317, Vía Ricardo J. Alfaro, PH The Century Tower, Betania, Panama, Panamá, Panama, 07095.
