reliability check on:
www.mgiforex.com
very little info on company on the site (no history)
some extracts from CONTRACT FOR INDIVIDUAL ACCOUNTS
5. REPRESENTATIONS
The Client acknowledges that from time to time, and for any reason, the Online Service may not be operational or otherwise unavailable for his/her use due to servicing, hardware malfunction, software defect, service or transmission interruption or other cause, and he/she agrees to hold MGI and any provider harmless from liability of any damage
which results from the unavailability of the Online Service.
comment: suppose client has opened a long position for Eur/usd at 1.54 and usd fell to 1.60 per euro. So the client, who has already started imagining himself lying surrounded by hottest girls in one of the beaches of ruling resort tries to close the position and secure his profit. BUT Online Service is unavailable...and becomes available when the rate is 1.535...NIGHTMARE...
6. TERMINATION
MGI may, in its sole discretion, terminate or restrict the Client’s access to the Online Service and may terminate this Agreement at any time. Upon termination, any software license granted to the Client herein shall automatically terminate.
comment: if i've an open position yielding say 20K USD, which im about to close, the company can terminate the agreement and i'm legally fucked up
7. INDEMNITY
The Client agrees to indemnify and hold MGI (and MGI directors, officers, employees, control persons, vendors, licensors and agents) harmless from and against any and all claims, losses, liabilities, damages, costs and expenses (including reasonable attorney fees) arising out of or related to this Agreement and due to any error that the Client fail to correct or arrange for MGI to correct (if possible).This indemnification shall be binding upon the Client and the Client’s executors, administrators, heirs, successors and permitted assigns and will survive termination of this Agreement.
comment: wow, clients are also resposible for keeping the company's ass off fire! if I "fail to arrange for MGI to correct" any error (as the source of error or cause of error is not defined or described) i breach the Holy Agreement.
4. MARKET DATA AND INFORMATION
Neither MGI nor any provider shall be liable in anyway to the Client or to any other person for:
a) Any inaccuracy, error or delay in, or omission of any such data, information or message or the transmission or delivery of any such data, information or message; or
b) Any loss or damage arising from or occasioned by any such inaccuracy, error, delay, omission, non performance, interruption in any such data, information or message, due either to any negligent act or omission or to any condition of force majeure or any other cause, whether or not within MGI or any provider's control.
no comments...
Well, i conclude that the company has NO OBLIGATIONS at all...
www.mgiforex.com
very little info on company on the site (no history)
some extracts from CONTRACT FOR INDIVIDUAL ACCOUNTS
5. REPRESENTATIONS
The Client acknowledges that from time to time, and for any reason, the Online Service may not be operational or otherwise unavailable for his/her use due to servicing, hardware malfunction, software defect, service or transmission interruption or other cause, and he/she agrees to hold MGI and any provider harmless from liability of any damage
which results from the unavailability of the Online Service.
comment: suppose client has opened a long position for Eur/usd at 1.54 and usd fell to 1.60 per euro. So the client, who has already started imagining himself lying surrounded by hottest girls in one of the beaches of ruling resort tries to close the position and secure his profit. BUT Online Service is unavailable...and becomes available when the rate is 1.535...NIGHTMARE...
6. TERMINATION
MGI may, in its sole discretion, terminate or restrict the Client’s access to the Online Service and may terminate this Agreement at any time. Upon termination, any software license granted to the Client herein shall automatically terminate.
comment: if i've an open position yielding say 20K USD, which im about to close, the company can terminate the agreement and i'm legally fucked up
7. INDEMNITY
The Client agrees to indemnify and hold MGI (and MGI directors, officers, employees, control persons, vendors, licensors and agents) harmless from and against any and all claims, losses, liabilities, damages, costs and expenses (including reasonable attorney fees) arising out of or related to this Agreement and due to any error that the Client fail to correct or arrange for MGI to correct (if possible).This indemnification shall be binding upon the Client and the Client’s executors, administrators, heirs, successors and permitted assigns and will survive termination of this Agreement.
comment: wow, clients are also resposible for keeping the company's ass off fire! if I "fail to arrange for MGI to correct" any error (as the source of error or cause of error is not defined or described) i breach the Holy Agreement.
4. MARKET DATA AND INFORMATION
Neither MGI nor any provider shall be liable in anyway to the Client or to any other person for:
a) Any inaccuracy, error or delay in, or omission of any such data, information or message or the transmission or delivery of any such data, information or message; or
b) Any loss or damage arising from or occasioned by any such inaccuracy, error, delay, omission, non performance, interruption in any such data, information or message, due either to any negligent act or omission or to any condition of force majeure or any other cause, whether or not within MGI or any provider's control.
no comments...
Well, i conclude that the company has NO OBLIGATIONS at all...