§1 Scope of Application

These General Terms and Conditions apply to the service relationship between Systrade AG, Landstrasse 63, 9490 Vaduz, Liechtenstein and the customer regarding the brokerage of the opening of a securities account with an EU broker, specifically the broker Interactive Brokers Ireland Limited, 10 Earls Fort Terrace, Dublin, 2 D02 T308, Ireland (hereinafter also referred to as IBKR or Interactive Brokers).

§2 Activities of Systrade AG

1.) Systrade AG is a public limited company under Liechtenstein law entered in the Land and Public Registry on 26.10.2006 under registration number FL-0002.205.185-2, which was granted a license as an asset management company by the Liechtenstein Financial Market Authority (FMA) in a letter dated 17.10.2006. Systrade AG is not authorized to acquire ownership or possession of client funds or securities in the course of providing its services. Systrade AG also operates the websites www.systrade.com and www.poolbroker.com.

2.) In the present case, Systrade AG acts solely as an Introducing Broker (“IB”) or intermediary for EU brokers or the broker Interactive Brokers (IBKR). The activity of Systrade AG as IB consists of naming or introducing customers to the respective EU broker who wish to open an account/deposit with the broker in order to be able to purchase or sell financial instruments offered by the broker at a later date.

3.) The respective customer who wishes to open an account/deposit with an EU broker or IBKR as a self-trader via Systrade AG and Systrade AG conclude a service agreement under which the relevant services of Systrade AG are provided exclusively in
– obtaining and formally checking the subsequent documents completed by the customer (customer profile) to ensure that the data requested therein has been entered in full by the customer and that a copy of the customer’s identity card has been attached; and
– the provision of the link for opening an account with the respective broker or the forwarding of the customer’s account opening documents to the broker.

4.) Any orders placed by customers with regard to the purchase and sale of financial instruments are placed exclusively and directly with the respective broker or IBKR, whereby the customer and the broker are solely responsible for their execution.

5.) Systrade AG does not provide and does not owe the customer any individual advice or information regarding the purchase or sale of financial instruments. With regard to the execution of orders for the purchase or sale of specific financial instruments, only the contractual and general terms and conditions of the broker or IBKR apply.

6.) Systrade AG does not provide advice to the customer in connection with the above-mentioned purchase and sale of financial instruments or in any other way (no investment advice and no acceptance and transmission or execution of orders from the customer). Any general information on financial instruments available on the website does not constitute a purchase recommendation, risk classification or other evaluation of the financial instrument(s) on the part of Systrade AG.

7.) The respective broker or IBKR will explain its services to the customer itself and provide the customer directly with its own documents and information. The client must decide for himself,

8.) whether the services or investments offered by the broker or IBKR are suitable for him or not. Systrade AG does not carry out any plausibility checks in this regard.

9.) Any services offered by Systrade AG in addition to the services in accordance with the above paragraphs 2.) and 3.), e.g. any information (market information) offered free of charge by Systrade AG via its website or in any other way, are not part of the securities brokerage agreement concluded between the customer and Systrade AG.

10.) Systrade AG may therefore discontinue these at any time without notice or notification to the customer.

§3 Telephone Contact / Conclusion of the Service Contract

1.) The customer agrees that an employee of Systrade AG may contact the customer by telephone if the customer contacts Systrade AG via the website, for example if the customer makes a contact request or wishes to open an account/deposit with a broker and contacts Systrade AG in this regard.

2.) A service contract is concluded between the customer and Systrade AG for the services listed under § 2 para. 2.) and 3.) is concluded when Systrade AG, following a corresponding request by the customer and acceptance of these General Terms and Conditions (offer) and receipt and formal verification of the documents requested by the customer (customer profile, copy of ID), sends the customer the link to open an account online with the account-managing broker/IBKR by e-mail (acceptance) or forwards the account opening documents to the respective broker.

3.) The customer waives the receipt of his application for the conclusion of this contract by Systrade AG insofar as the declaration of acceptance is communicated by Systrade AG, this communication can also be made implicitly by fulfilling the services listed under § 2 2.) and 3.) vis-à-vis the customer.

§4 Rights and Obligations of Systrade AG

1.) Systrade AG has the right to refuse to conclude a service contract with a customer without giving reasons.

2.) If a securities brokerage agreement is concluded in accordance with § 2 2.), Systrade AG undertakes to provide the customer with the link to open an account online with the respective broker/IBKR if all requirements are met and, if necessary, to forward account opening documents with the customer’s details to the broker at the customer’s request.

3.) Systrade AG does not check the content of the customer’s account documents, in particular the personal circumstances of the customer based on the information provided. The customer has no claim against Systrade AG to open an account with the respective broker.

§5 Rights and Obligations of the Customer

1.) The customer must provide the information requested of him/her in the customer profile or in the registration form for opening an account or in the account opening documents completely and truthfully.

2.) The customer has the right to be informed at any time about the type and scope of his personal data stored by Systrade AG and to request the immediate deletion of his data.

3.) unless statutory provisions or official orders prevent this. In this respect, the separate data protection information of Systrade AG applies.

§6 Best possible Execution

Systrade AG has taken precautions to ensure the best possible execution of the customer’s brokerage orders in order to protect the customer’s interests. However, Systrade AG only brokers accounts/custody accounts to EU brokers or IBKR. Due to their domicile in the EU, these are themselves subject to the obligation of best execution of customer orders. Best execution is determined by the total fee to be paid by the client. In addition, the speed and probability of order execution are important if the client is a professional client. The execution principles must be reviewed at least once a year and adjusted if necessary. If the client issues special instructions regarding the execution of his order that deviate from the agreed principles, the order may be executed even if the best possible execution is not guaranteed.

§7 Remuneration of Systrade AG, Fees Incurred

1.) Systrade AG receives a fee from the respective broker/IBKR for arranging the opening of the securities account.

2.) In the case of IBKR, it receives a percentage share of the fees collected by IBKR, which it charges the customer per trade (purchase, sale, exchange, other trading of a financial instrument). If an account is opened through Systrade AG, the fees remaining with the account-holding institution are therefore reduced by the amount of the brokerage commission. The account-holding institution (EU broker or IBKR) only shows the fees it has collected and the Systrade AG brokerage commission in one amount in the customer’s account. This means that part of the total costs of the account-holding institution represents the remuneration of Systrade AG, which corresponds to the difference between the total costs per trade charged by the account-holding institution and the actual commissions of the account-holding institution. The proportion of these trading fees that Systrade AG receives depends on the traded volume of the customers brokered by Systrade AG. It can be up to 80%. As a rule, Systrade AG’s share increases with higher trading volumes. However, the amount of trading fees charged by IBKR to the customer remains unaffected.

3.) If the customer receives credit interest on their cash balance at IBKR, Systrade AG receives 1% of this interest. Example calculation: If the customer receives 2.0% credit interest from IBKR, for example, this is reduced to 1.0%. If the customer only receives 0.5% credit interest, Systrade AG is entitled to the full amount.

4.) In the case of overdraft interest to be paid by the customer to IBKR, the customer pays a surcharge of 1.0%, which is also transferred to Systrade AG. Example calculation: If the overdraft interest at IBKR is 5%, the customer pays 6% and Systrade AG receives a fee of 1%.

5.) The respective amount of the current trading fees of IBKR, in which Systrade AG participates proportionately, can be found at www.interactivebrokers.ie

6.) In addition, further fees may be charged by third parties, e.g. exchange fees, clearing fees, regulatory fees and transaction fees, which are either already included in the fees charged by IBKR or are shown separately.

7.) The Customer agrees that the remuneration described in § 7 shall remain with Systrade despite possible conflicting regulations, e.g. the law governing orders, and that these shall be paid by the Broker/IBKR directly to Systrade AG. The customer further acknowledges and agrees that his costs may be higher than for customers who open a securities account directly with IBKR due to the remuneration described in § 7.

8.) The Customer authorizes Systrade AG to instruct IBKR in its name and for its account to pay the remuneration set out here directly to Systrade AG.

9.) Please note that IBKR’s terms and conditions require you to immediately report any inaccuracies or discrepancies in your statements or account in writing to the IBKR Customer Service Department.

10.) If Systrade AG charges a fee for additional services, this will be emphasized separately in the corresponding offer from Systrade AG.

§8 Conflicts of Interest

1.) Conflicts of interest cannot always be completely ruled out in a financial services institution. In connection with the service in question here, the conflicts of interest described below are possible in principle and Systrade AG has taken certain precautions to avoid them.

2.) Systrade AG’s remuneration for custody account brokerage is dependent on turnover (per “trade”), which means that there is generally a conflict of interest between Systrade AG and the customer with regard to the frequency of transactions (purchase and sale).

3.) The more frequently and the more the customer trades, the higher Systrade AG’s remuneration for the brokerage service. A comparable conflict of interest also exists in the relationship between the customer and the employees, who may participate in a corresponding economic success of Systrade AG through “bonuses”. These conflicts of interest are mitigated by the fact that employees are obliged to act diligently, honestly, lawfully and professionally and in the interests of the customer, and any violation would result in immediate termination.

4.) Systrade AG does not engage in proprietary trading. Employees are also prohibited from such transactions. This rules out any conflicts of interest that may result from knowledge of the transactions carried out by customers. Details of possible conflicts of interest and how to avoid them will be made available to the customer on request.

§9 Contract Fulfillment

By sending the link to open an account online with the respective broker or by forwarding the customer to the broker, this securities account brokerage agreement between the customer and Systrade AG is fulfilled.

§10 Termination

The contract for securities brokerage is not subject to a minimum term and may be terminated in writing by either party at any time. Termination after fulfillment of the contract by the customer and Systrade AG is no longer possible.

§11 Data Protection

1.) The protection of personal data is an important concern for Systrade AG. Therefore, Systrade AG works in accordance with the applicable legal provisions for the protection of personal data and data security. The following explains which personal data Systrade AG collects in connection with securities brokerage, how it is used, to whom it may be made available and which protective measures have been taken to prevent misuse of the data.

2.) Personal data (e.g. names, addresses, e-mail addresses, telephone numbers if applicable) are only collected if they are provided voluntarily by the customer in the contact form or as part of the custody account brokerage.

§12 Purpose of Personal Data

Any personal data provided by the customer is used solely for the purpose of answering customer inquiries or providing the customer with access to certain requested information or services, e.g. securities brokerage.

§13 Use of your Personal Data for a Specific Purpose

Systrade AG will process, store or use the personal data provided online by the customer (e.g. in the contact form, the customer profile, the copy of the identity card) for the purpose of answering the customer’s inquiry or for processing the securities account brokerage.

In addition, Systrade AG also uses the personal data provided by the customer for its own product- or service-related marketing purposes. Any further data processing or transmission does not take place.

The data will not be passed on to third parties. Personal data will only be passed on if this is required by law or by a court order in order to prevent criminal offenses, or if such a measure appears necessary to protect and defend the rights, property or security of Systrade AG.

Once the customer’s inquiry or the resulting contract has been fully processed, the customer’s data will be blocked for further use and deleted after expiry of the retention periods under tax and commercial law, unless the customer has expressly consented to the further use of their data.

§14 Safety Precautions

Systrade AG takes technical and organizational security measures to protect personal data against accidental or unlawful destruction, loss or alteration and against unauthorized disclosure or access. However, it should be noted that data transmission over the Internet (for example, when communicating by e-mail) may be subject to security vulnerabilities. Complete protection of data against access by third parties is not possible.

§15 Right to Information/Withdrawal of Consent

The customer has a right to free information about their data stored by us and its use. The customer also has the right to revoke any consent given to the collection, processing and use of Internet usage data at any time without giving reasons and, under certain conditions, the right to correct, block or delete this data.

The Revocation must be adressed in Writing to
Systrade AG
Landstrass 63
9490 Vaduz
Liechtenstein
E-Mail: datenschutz@systrade.com

However, it is not possible to delete the data if the personal data is required to process any existing contractual relationship with the customer or if a legal provision requires the collection, processing or use of personal data.

§16 Risk Information and Exclusion of Liability

1.) Any information provided by Systrade AG is for information purposes only. Systrade AG assumes no liability and/or guarantee for the accuracy, completeness and timeliness of the information provided. The use of the information provided is at the user’s own risk. In particular, the information provided here should not be construed as a solicitation to enter into a business or transaction relating to financial instruments. Before entering into any transaction, you should check whether it is suitable in terms of your personal and financial circumstances. Trading in futures, options, shares, CFDs, currencies and other financial instruments in particular is associated with fundamental risks and the total loss of the capital invested cannot be ruled out. In this regard, reference is made in particular to the risk disclosure documents of the respective broker/IBKR. Any information provided by Systrade AG should therefore be checked and confirmed by an independent body if necessary.

2.) CFDs are complex instruments and carry a high risk of rapid losses due to leverage. 62.5% of retail accounts lose money when trading CFDs with IBKR. You should consider whether you sufficiently understand how CFDs work and whether you can afford to take the high risk of losing your money.

3.) Systrade AG makes every effort to ensure that the information provided is up-to-date and free of errors, but – to the extent permitted by law – Systrade AG provides no guarantee, promise or liability. None of the information on specific financial instruments constitutes an invitation to buy, sell or hold the financial instrument described. Nor does it constitute an individual advisory or information relationship.

§17 Liability

1.) Systrade AG shall only be liable for damages caused by intentional or grossly negligent behavior of Systrade AG or its vicarious agents within the scope of its activities and obligations under the securities brokerage agreement pursuant to § 2 2.) and 3.). Excluded from this is liability for injury to life, limb and health as well as the breach of essential contractual obligations, for which Systrade AG is liable even in the case of slight negligence. Liability for the breach of guarantees remains unaffected.

2.) The liability of Systrade AG in the event of damage to property and financial loss caused by slight negligence within the scope of the activities and obligations incumbent upon it within the scope of the deposit brokerage contract pursuant to § 2 2.), which are attributable to a breach of cardinal obligations, is limited to the amount of damage foreseeable at the time of conclusion of the contract and typical for the contract.

3.) Systrade AG assumes no liability that the account opening documents of the broker are complete and correct, because these documents originate solely from the broker/IBKR and Systrade AG has no influence on their content or any possibility of checking them.

4.) Systrade AG accepts no liability for the content of external links. The respective providers are liable for this. The linked pages were checked for possible legal violations at the time of linking. Illegal content was not recognizable at the time of linking. However, permanent monitoring of the content of the linked pages is not reasonable without concrete evidence of an infringement. If Systrade AG becomes aware of any legal infringements, it will remove such links immediately.

5.) The above exclusions and limitations of liability also apply with regard to the liability of Systrade AG’s employees, workers, representatives and vicarious agents, in particular in favor of shareholders, employees, representatives, bodies and their members with regard to their personal liability.

§18 Prohibition of Assignment

The assignment of claims to which the customer is entitled from the business relationship with Systrade AG requires the prior written consent of Systrade AG.

§19 Applicable Law an Place of Jurisdiction

1.) The business relationship between Systrade AG and the customer shall be governed by Liechtenstein law to the exclusion of the conflict of law rules of the IPRG.

2.) The exclusive place of jurisdiction for disputes arising from this contract is – as far as permissible – Vaduz.

§20 Amendments to the General Terms and Conditions

1.) Systrade AG reserves the right to amend these General Terms and Conditions at any time, especially with regard to the remuneration provisions in § 7, in particular if the general market situation, the interest rate environment, inflation or the fee, interest or remuneration structure of IBKR changes.

2.) Amendments to these General Terms and Conditions shall be notified to the customer in writing (e-mail or fax shall suffice). They shall be deemed approved if the customer does not object to them in writing within six weeks of receipt of the changes. Systrade AG shall inform the customer of any changes and point out the objection period and the legal consequences of missing the objection period.

The revocation must be addresses in writting to
Systrade AG
Landstrass 63
9490 Vaduz
Liechtenstein
E-Mail: datenschutz@systrade.com

§21 Supplementary Information under Distance selling Law

1.) Information about the company

Company:
Systrade AG

Address for service:
Systrade AG, Landstrasse 63, 9490 Vaduz, Liechtenstein

Register and register number:
Land and Public Registry Office, register number FL-0002.205.185-2

Managing directors authorized to represent the company:
Helmut A. Friderich, Andreas Dittmann, Beatrix Friedrich

Business activity:
Arrangement of securities account openings with an EU broker

Competent supervisory authority:
Liechtenstein Financial Market Authority (FMA), Landstrasse 109, 9490 Vaduz, Liechtenstein

Communication languages:
German and English

2.) Information on the contract

Key features of the service:
Deposit brokerage

Risk warning:
Via the brokered account/deposit, the customer, as a self-trader, carries out forex and/or CFD transactions in particular. Due to their specific characteristics, these are associated with special risks and are subject to price fluctuations over which Systrade AG has no influence. In particular, the following risks should be mentioned here: Exchange rate risk, risk of falling unit prices, interest rate risk and credit risk, default risk, issuer insolvency risk, total loss risk.

CFDs are complex instruments and carry a high risk of rapid losses due to leverage. 62.5% of retail accounts lose money when trading CFDs with IBKR. You should consider whether you sufficiently understand how CFDs work and whether you can afford to take the high risk of losing your money. Past returns or any increases in value are not an indicator of future returns or increases in value.

Price of the services: Systrade AG receives a share of the trading fees collected by the broker/IBKR per trade and 1% credit interest from customers on cash balances and 1% overdraft interest for overdrafts.

Period of validity of the information: unlimited. However, additions, adjustments or other changes are possible at any time in accordance with the valid General Terms and Conditions by notifying the customer in writing.

Details regarding fulfillment: By sending the link to open an account online with the respective broker/IBKR or by forwarding the customer to the broker, the deposit brokerage agreement between the customer and Systrade AG is fulfilled.

Minimum term of the contract: none
Contractual termination rules: The custody brokerage agreement may be terminated in writing by either party at any time. Termination after fulfillment of the contract is no longer possible.

3.) Information about the service

The respective customer who wishes to open an account/deposit with an EU broker or IBKR as a self-trader via Systrade AG and Systrade AG conclude a service agreement under which the relevant services of Systrade AG are provided exclusively in
– obtaining and formally checking the following documents completed by the customer (customer profile) to ensure that the data requested therein has been entered in full by the customer and that a copy of the customer’s identity card has been attached; and
– the provision of the link for opening an account with the respective broker or the forwarding of the customer’s account opening documents to the broker.

No taxes are paid for the customer via Systrade AG.

There are no additional costs that are not paid by Systrade AG or invoiced by Systrade AG.

There are also no costs arising from distance selling that are charged to the customer by Systrade AG.

4.) Information on distance selling contracts

Where permissible, Liechtenstein law shall apply to contacts made before the contract is concluded. The distance selling contract is subject to Liechtenstein law, insofar as this is permissible.
The exclusive place of jurisdiction for disputes arising from this contract is – as far as permissible – Vaduz.

The legally binding language of contract and communication is German. However, information can also be provided in English and communication can also take place in English.

§21 Cancellation Policy

Right of withdrawal
You can revoke your contractual declaration within a period of 14 days without giving reasons by means of a clear declaration. The period begins after receipt of this instruction on a durable medium, but not before conclusion of the contract and also not before fulfillment of our information obligations in accordance with Art. 5 FernFinG. Timely dispatch of the revocation is sufficient to comply with the revocation period if the declaration is made on a durable medium (e.g. letter, fax, e-mail).

The revocation is to be sent to:
Systrade AG
Landstrass 63
9490 Vaduz
Liechtenstein
Fax: +423 239 820-9
E-mail: info@systrade.com

Consequences of revocation
In the event of an effective revocation, the services received by both parties must be returned. You are obliged to pay compensation for the value of the service provided up to the time of revocation if you were informed of this legal consequence before submitting your contractual declaration and have expressly agreed that we may begin to perform the service in return before the end of the revocation period.

If there is an obligation to pay compensation, this may mean that you still have to fulfill the contractual payment obligations for the period up to the revocation.

Your right of withdrawal expires prematurely if the contract has been completely fulfilled by both parties at your express request before you have exercised your right of withdrawal.

Obligations to reimburse payments must be fulfilled within 30 days. The period begins for you when you send your declaration of revocation and for us when we receive it.

§22 Severability Clause

Should individual clauses of these General Terms and Conditions be or become invalid in whole or in part, this shall not affect the validity of the remaining clauses or the remaining parts of these clauses. They shall be replaced by formulations corresponding to the originally intended economic purpose.