Binary Betting Terms and Conditions

The terms and conditions below encompass the rules for the use by a client of the Binary Betting trading platform and price systems as offered by London Capital Group Holdings plc (LCG) or any of its subsidiaries through any of its or their various delivery vehicles. Such terms and conditions shall be read in conjunction with the Binary Betting Offering terms and conditions (‘BBO’), which can be found on www.t1pspreadbetting.co.uk and together constitute an agreement (the “Terms”) between London Capital Group and you. The expression ‘the Agreement’ includes the Terms.

By placing a binary bet you agree to be bound by this Agreement and you agree to make payments to us in each case in accordance with this Agreement. You agree to use the Binary Betting Offering only in accordance with this Agreement.
In the event of any inconsistency between these terms and conditions and the Rules London Capital Group shall be at its sole discretion the final arbiter.
The ‘Rules’ refer to the specific parameters which pertain to each individual market offered on the Binary Betting Platform

2. Account Suspension
We reserve the right to close or suspend your account at any time.

You acknowledge that we will rely on your account number and/or password to identify you and agree that you will not disclose these details to any unauthorized person.
In no event will we be liable to you for any loss you suffer as a result of any unauthorized use or misuse of your security access details.

1. At our sole discretion we may accept or decline any attempt made by you to open or close a bet with us. Confirmation by us of acceptance of any bet is subject to amendment or subsequent cancellation if in the sole opinion of London Capital Group the bet was placed at a materially incorrect price.
2. Our acceptance of any bet will be evidenced by our confirmation of its terms to you either verbally or by ticket confirmation on your account Internet screen. Receipt of this ticket confirmation is not a binding contract on London Capital Group and may be subject to alteration and/or cancellation as per clause 4.1.
3. You will receive an e-mail confirmation for every successful bet. Receipt of this e-mail is not a binding contract on London Capital Group and may be subject to alteration and/or cancellation as per clause 4.1.
4. A binary bet price denotes the probability of an event either happening or not happening. As the probability of the event becomes more likely so the price will rise or in the event of the probability of the event reducing the price will fall.
5.  To place a bet agreeing that the subject of the event will occur you will be placing a ‘Buy’ bet. To place a bet disagreeing that the subject of the bet will occur you will be placing a ‘Sell’ Bet. When you place a "Buy" bet you will be making a wager on the higher figure quoted by us and when you place a "Sell" bet you will be making a wager on the lower figure quoted by us.
6. Subject to acceptance by London Capital Group you may close an open bet or any part of an open bet at any time within our Market Trading hours before the last trade time specified. To close an open bet you must place an opposite bet to the open bet. For instance, if you have opened a £5 Buy bet you must place a £5 Sell bet in the exact same market to close the bet. Where you have an open position in any binary product and you make an opposing trade in that product the opposing trade will always close the equivalent stake value of the existing bet. i.e. if you have bought £2 of daily FTSE UP then if you sell £1 of Daily FTSE up then this will always close £1 of the original bet. If your secondary opposing bet stake is larger than the existing open bet stake then the entire existing bet will be closed and the stake difference will create a new open bet.
7. If you have made an opening Buy bet and the closing price of your bet (the subsequent sell price) is higher than the opening price of your bet then we will credit your account with the difference between the two prices multiplied by your stake (bet) size. If the closing price of your bet is lower than the opening price of your bet then we will debit from your account the difference between the two prices multiplied by your Stake (bet).
8. If you have made an opening Sell bet and the closing price of your bet (the subsequent buy price) is lower than the opening price of your bet then we credit your account with the difference between the two prices multiplied by your stake (bet) size.  If the closing price of your bet is higher than the opening price of your bet then we will debit from your account the difference between the two prices multiplied by your Stake (bet).
9. The Expiry for each bet will be specified in the Rules for the market relating to that bet. London Capital Group has the final decision on all aspects of the settlement price of any market. All Binary Bets expire at either 100 (if the outcome of the market on expiry agrees with the premise of that market’s stated conditions) or at 0 (if the outcome of the market on expiry does not agree with the premise of that market’s stated conditions)
10. London Capital Group will expire all markets as soon as we have ascertained the official closing level of the bet.
11. If by the actions of your bets your account enters a negative cash position you will pay to us within 24 hours any funds due to us.
12. In the case of a One Touch bet, if the Outcome occurs at any time before Expiry, the bet will make up at 100. If, however, the Outcome does not occur before Expiry, the bet will make up at 0.
13. Settlement of bets on ‘cusp points’

Markets that are described as up or down on the day/hour/mid-day etc. If the market closes unchanged are defined as being UP.
Range markets.

For ranges closing up the settlement level is defined as the higher range in the case of a cusp settlement. For example a market that closes up exactly 10 is in the up 10-20 range not the up 0-10 range.

For ranges closing down the settlement level is defined as the lower range in the case of a cusp settlement For example a market that closes down exactly 10 is in the down 10-20 range not the down 0-10 range.

If the closing price is unchanged on a range market the settlement is defined as up 0-10 not down 0-10

5.0          Deposit Payments/Margin Calls
5.1 Deposits can be paid by telegraphic transfer or by approved debit or credit card, direct debit or any other method of immediate/electronic funds transfer acceptable to London Capital Group. Deposits may incur charges depending on the method you select. Deposits made by UK debit card or by cheque currently incur no charges. The charges imposed on us may change from time to time and you acknowledge that we may impose charges or revise existing charges to reflect such changes. Your bank may independently charge you for bank transfers.
Money paid to you by us will be paid using the same method of payment you used to deposit funds with us (e.g. where you deposit funds with us by debit card, we will credit payment to you back to that debit card).
We do not extend credit for the use of our services.
Interest is not payable on account credit balances London Capital Group reserves the right to charge interest on any debit balances. Such charge will be at base rate plus 4%.

You will fulfill all commitments made on your account in the event of any Binary Betting activity. You may subject to acceptance by London Capital Group give third party access to your account by the action of the formal signing of a Power of Attorney authorization. You are responsible for any activities of a duly authorized individual.
You agree that if any other person uses the Binary Betting Trading Platform or in any other way uses your account you will (subject to us taking reasonable precautions against fraud and computer hacking) be bound by such use as if it was your use, and you fully indemnify us in respect of any failure by such third party to fulfill any commitments made by such use.

 You agree that your use of the Binary Betting Trading Platform is solely at your own risk and you accept that the information contained on the Binary Betting Trading Platform may contain limitations as to its accuracy or availability.
7.2 We do not warrant in any event that the information that is accessible from the Website or any other delivery mechanism is accurate, complete, current or available for betting. The contents of the Website or any other delivery mechanism are provided on an ‘as available’ basis only without warranties, representation or undertakings of any kind.
7.3 It is your responsibility to maintain the confidentiality of your password and account number. We accept no liability resulting from the unauthorised use, whether fraudulent or otherwise, of your password and/or account number.
7.4 In no event will we accept any liability for any losses you may incur as a result of placing bets on our Binary Betting Trading Platform.
7.5 Under no circumstances will our liability under these terms and conditions or in any other instance exceed £1,000.
7.6 You acknowledge that the Binary Betting Offering is provided over an open network, the internet. While the internet is generally a reliable way to communicate, no electronic system is entirely reliable or always available. We are not liable to you for any loss or damage, howsoever caused, arising directly or indirectly out of a failure or delay for your instructions to reach us over the internet, or for our communications to reach you. Further, you acknowledge and accept that, while we take reasonable steps to avoid information transmitted between us being intercepted and read by third parties, by use of techniques such as encryption, it is not always possible to avoid someone other than you or us gaining access to information about you and your dealings with us.
These Terms do not limit or exclude any liability arising out of fraud or for death or injury arising by reason of our negligence.

8.             Force Majeure
8.1 Exceptional / Unusual / Emergency Market Conditions (Force Majeure Event) may be deemed to have occurred if -
a)            an event which prevents London Capital Group from making orderly markets in any binary contract normally quoted by London Capital Group
b)            the event of excessive volatility, as reasonably assessed by London Capital Groupor of the anticipation by London Capital Group-that such a situation may occur
c)             any quoted exchange or underlying product on which  London Capital Group relies for its binary betting quotes is suspended or closed.
d)            any imposition or limitation on any market or product causes, as reasonably assessed by London Capital Group, a significant loss of liquidity in that market or product. (i.e. the suspension of a market)
e)            any act, event or occurrence including any strike, riot or civil commotion, terrorism, interruption of power supply or electronic communication or information system technical or communication problems or other act of god which results in a loss of power which prevents London Capital Group from providing a normal binary betting service.

8.2 If we conclude in our reasonable assessment that a Force Majeure Situation exists then we may in our absolute and sole discretion:

(a) suspend trading and/or amend our Market Trading Hours for all or any markets;
(b) close any or all open bets;
(c) refuse to take any further bets even if such bets would be closing bets;
(d) immediately require payment of Margin and/or any other amounts you may owe London Capital Group;
(e) cancel or fill any orders in each case at such levels as we consider in good faith and in our sole discretion to be fair and reasonable in the circumstances
(f) reduce the maximum stake size allowable
(g) vary (by this we mean widen) any spreads quoted by London Capital Group;
(h) suspend or amend the Terms if it is impossible or unreasonable for London Capital Group to conform to them;
(i) take all such actions as London Capital Group deem proper in the circumstances to defend our Clients and ourselves as a whole.

8.3 In the absence of fraud or bad faith, London Capital Group Ltd shall not be liable to you for any losses you may suffer by reason of any action it may take in accordance with Clause 8.
8.4 We will not be liable for any failure of a third party to perform. In particular, we reserve the right to declare null and void any bets that we may not be able to settle because of non-performance by a third party.

9.    Manifest Errors
9.1 An e-mail confirmation of a bet that does not accurately reflect the relevant market price at the time when the bet was made either over the telephone or via the Online Trading Platform does not entitle the Client to enforce whatever is inaccurately recorded in the contract note.
9.2 We reserve the right to void from the outset or to amend the terms of any bet containing or based upon a manifest error. A "Manifest Error" is any error that we reasonably believe to be obvious or palpable. In deciding whether an error is a Manifest Error, we may take into account any relevant information, including the state of any underlying market or event that is the subject matter of the bet at the time of the error. In making such a decision we will act reasonably and in good faith. London Capital Group’s decision shall be conclusive and binding upon you.
9.3 London Capital Group will be not be responsible for losses or potential losses sustained by you in trading on a rejected or cancelled bet. London Capital Group is in no way responsible or liable for losses made with other companies on bets taken in reference to a rejected or cancelled bet.
9.4 In the absence of fraud or bad faith, London Capital Group shall not be liable to you for any losses you may suffer by reason of any action it may take in accordance with any activity relating to a Manifest Error.

10.0        Personal Statements
10.1 Each time you make a bet you signify and agree that all statements concerning personal warranties and representations are repeated and that:
 
(a) all information that you have provided us with (in your Application Form and subsequently) is true and accurate in all material respects
(b) you have read and fully understood the Terms (including the Product Information Sheets)
(c) if you are an individual you are over 18 years of age
(d) you agree to be bound by the Terms
(e) the action of taking a bet with London Capital Group is legal in the Jurisdiction you are currently resident and that you will not violate any law or ordinance relevant to you
(f) you are taking each and every bet on your own behalf as principal and not as a third parties representative
(g) you warrant that you are not breaching any rule, regulation or law applicable to you;
(h) if you are a company that in placing any bet or instruction you are duly authorised to do so;
(j) that any person authorised by you to trade or issue instructions on your behalf has read and understood the Terms.

10.2 If any losses are incurred by you or by London Capital Group due to your breach of any warranty as set out herein you shall be liable for the total losses incurred on an indemnity basis.

11.1 We reserve the right at our absolute discretion to refuse, or decline to accept, any bet or transaction in respect of or in connection with your use of the Binary betting platform and you agree that we will not be liable to you in any way for any loss or damages that may result from any such refusal.

11.2 You acknowledge and agree that the bets that you place with us are fixed-odds bets. For the avoidance of any doubt, these bets are not "investments" and the offering of these bets does not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000.

11.3 Irrespective of whether we suspend or terminate an account and notwithstanding any other provision in this agreement, we may decide, at our absolute discretion, to cancel and void any bets

It is your responsibility to ensure that you understand and fully comply with any laws or regulations that are relevant to you in the country in which you are resident or from which you are making use of our services. The Website does not constitute, and may not be used for the purposes of, an offer or solicitation of anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation.
We reserve the right to decline to open an account for you and/or to terminate your account for any reason

13.   Severability

If any of the Terms shall be found to be unenforceable or invalid, such unenforceability or invalidity shall not affect any other part of the Terms  (or the remaining portion of the affected part as the case may be), which shall remain in full force and effect.
14. Assignment and entire agreement

You may not assign or transfer the Agreement in any way. You agree that the Agreement is the complete and exclusive agreement between you and us regarding your placing of any binary bet with us.

You agree that this Agreement will be treated as having been executed and performed in England and governed in all respects by and construed in accordance with the laws of England and Wales. The Contracts (Rights of Third Parties) Act 1999 does not apply to these terms and conditions.

16. Dispute resolution

In the event that a situation arises that is not covered by the Agreement or the Rules, we will resolve the matter on the basis of good faith and fairness and, where appropriate, by taking such action as is consistent with market practice. In the event of a dispute arising our customer services staff will attempt to reach an agreed resolution.

17.   Use of information

The privacy policy forms part of the terms and conditions.

You agree that we may revise the terms and conditions of the Terms and amend the ‘Rules’ at any time. Any such revision or change will be binding and effective immediately upon our amendment and without reference to you.
Once you have made any new bet after the amendment to the terms you will be deemed to have agreed to any such changes.