Local Depositor service Agreement

1.   General Conditions and Terminology

1.1     Local Depositor - an individual or legal entity officially authorized to perform financial transactions for clients registered with SuperForex. 

1.2     SF-money - a certain discount that the Local Depositor receives as a payment for their services for transferring funds to or from customer accounts.

1.3     Special account - an account that is intended for financial transactions. It is issued to each Local Depositor upon receiving the Local Depositor status.

1.4     Net Cash Flow - measured as the sum of local transfers from a special account to a trading account minus the sum of local transfers from a trading account to a special account. Net cash flow is calculated on a monthly basis. Every first day of the month, the parameter is reset to zero and a new billing period begins. 1.5     In order to become a Local Depositor, you must be registered with SuperForex (hereinafter referred to as the Company) as a partner, fully verify the partner account and successfully cooperate with the Company following the Affiliate Partnership Program.

1.6    The activity of the Local Depositor is limited to the specific region in which they are registered and operate as a Partner.

1.7     SuperForex considers each Local Depositor as a separate payment system, which is fully responsible to its clients for the funds received for transactions until they are credited to the bank account or e-wallet of customers or the bank account/e-wallet of SuperForex.

1.8     A third-party payment system is a payment system that the Company cooperates with for external transfers, and on the side of which the account/e-wallet of the Local Depositor is registered.

2.  The Local Depositor’s Rights and Obligations

2.1    The Local Depositor undertakes to transfer the funds received for transfers to the clients within 2 business days from the date of receipt of the funds to their bank account or e-wallet.

2.2    The Local Depositor undertakes to promptly execute requests from clients for financial transactions from/to the account within 24 hours from the date of the request, making a corresponding order for the transfer of funds in the SuperForex system.

2.3    The Local Depositor is entitled to receive benefits from the execution of financial transactions under this agreement, in the amounts established by the Company, except for financial transactions between the Local Depositor’s own trading accounts, the accounts of their relatives and other trading accounts managed by the Local Depositor.

2.4    The Local Depositor, as part of their role as a money-transferring method, can independently, at their own expense, organize advertising companies to promote their services among SuperForex clients. 

2.5     The Local Depositor does not have the right, without permission of the Company, to set additional fees for money transfers. 

3.   The Company’s Rights and Obligations

3.1    The Company undertakes to review each application for obtaining the status of a Local Depositor and make a decision within 5 working days from the date of receipt of the application.

3.2     When granting the status of Local Depositor, the Company undertakes to place the relevant information about the Local Depositor in the Client Cabinet, as well as to organize a news mailing about the new Local Depositor in a certain region.

3.3    The Company undertakes to process requests for a local transfer of funds between a client's account and the "Special account" of a Local Depositor within 24 hours from the date of receipt of this application, excluding weekends and public holidays.  For local transfers from the client’s account to the Local Depositor's Special account, the transfer period can be extended to 48 hours if the trading account is subject to checking by the Risk and Trading Department.

3.4    The Company undertakes to promptly transfer funds received from third-party payment systems and intended for customers to the Special account of the Local Depositor. At the same time, the timeframe of deposits and withdrawals to the account of the Local Depositor depends on the third-party payment system.

3.5    The Company undertakes to promptly provide SuperForex Money (or SF money) vouchers within 1 business hour from the moment of the request for its provision, excluding weekends and public holidays. 3.6    The Company is not responsible for delays in transfers/refunds/withdrawals or any illegal actions by third-party payment systems in relation to the Partner (Local Depositor), including cases of non-payment of funds with undefined reasons, as long as the Company has fulfilled its obligation to send funds to the Partner's or Local depositor’s account registered in the payment system, and has received confirmation from the third-party payment system about the successful transfer of these funds to the partner’s account, wallet, or transit account of the payment system. 3.7    The Company is not responsible for delays or illegal actions by third-party payment systems in relation to the Partner (Local Depositor), including cases of fund loss on the side of the third-party payment system/bank while transferring funds to the Partner's SuperForex account, until the Company receives those funds in its corporate account in the respective payment system/bank or corporate e-wallet. 3.8    The Company is eligible, upon receiving a request for the status of a Local Depositor, to set certain requirements for each partner, depending on the terms of cooperation with that partner, their activity, the number of registered affiliated clients, turnover, and other indicators of effective cooperation, with the aim to determine the partner's reliability and possibility of further development in the status of a Local Depositor. Also, when making a decision, the Company evaluates the demand for Local Transfer services in the region by looking at the number of clients in the region and the number of other Local Depositors working in the same region. 

3.9    The Company is eligible to reject a Partner’s request to receive Local Depositor status if there are significant violations of the Partner's Agreement terms and conditions and if the Partner does not meet certain parameters in accordance with clause 3.8.

3.10  The Company is eligible to cancel the Local Depositor permission and deactivate the Special account in case of systemic violations of this agreement, the Partner's Agreement, as well as in case of a large number of complaints from customers about the improper performance of the Partner’s obligations on money transfers and bad service. 

3.11  The Company has the right to cancel the provided SF-money discount in the event of manipulation with SF-Money or improper performance of the Local Depositor’s obligations described in the clause 3.10.

4.   SuperForex Money (SF Money) Vouchers and Discounts

4.1     SF money is provided to each Local Depositor, and the discount provided is considered as the fee (commission) for financial transactions. Example: the Local Depositor receives $1,000 from the client to be credited to their trading account. The Local Depositor replenishes their Special account in the amount of $900 and receives an SF Money voucher in the amount of $1,000 and transfers it to the client. As a result, the difference of $100 is considered an SF money discount and the Partner receives this money as a reward for their services as a Local Depositor. 

4.2     An SF money voucher is provided to the partner on condition that the account is topped up via a defined payment system available for receiving a discount. The current list of payment systems that can be used to receive the SF Money can be clarified by contacting the Partnership Department at partners@superforex.com.

4.3     By default, the SF money discount depends on the Net cash flow parameter and can be calculated in the following way:

  • Net Cash Flow < $1000 - Available Discount 7%
  • Net Cash Flow $1000 – $3000 - Available Discount 8%
  • Net Cash Flow $3000 – $4000 - Available Discount 9%
  • Net Cash Flow > $4000 - Available Discount 10%

4.4     In case manipulations with SF money such as withdrawals right after deposits without any trading activity (Reversive transactions), financial transactions from/to the Partner’s own trading accounts, accounts registered by their relatives and other trading accounts managed by the Local Depositor are detected, the Company may cancel the provided SFvmoney voucher which was used improperly, and deduct the appropriate amount from the Partner’s "Special account."

5.    Dispute Resolution and Timeframe of the Agreement

5.1.    In the event of a dispute, in particular a disagreement regarding the actions of the Company, the Local Depositor has the right to file a complaint and open a dispute, indicating all claims and possible solutions to the issue, and send them in the form of a letter to dealer@superforex.com, which the Company undertakes to consider within 10 working days. 

5.2    This agreement is valid indefinitely, from the moment of providing a Special account to the Local Depositor with the ability to make transactions between SuperForex accounts.

5.3     Both parties (the Local Depositor and SuperForex) have the right to refuse cooperation within the Local Depositor service, unilaterally, by notifying the other party in advance via an email to partners@superforex.com no later than 14 calendar days before the desired date of termination of services.