1. About Us

These Terms and Conditions set out the agreement between you, the customer, and us, Indigo FX Ltd.

Indigo FX Limited:
• Is a UK incorporated company, company number 08153583.
• Is authorised by the Financial Conduct Authority (FCA) under the Payment Services Regulations 2017 for the provision of payment services, reference number 594433.
• Is a registered money services business with HM Revenue and Customs, reference no. 12690590.
• Has a registered address of 30 Crown Place, London, EC2A 4EB

To use the services provided by Indigo FX you agree to the entire Agreement between you and us. The entire Agreement consists of:
• These Terms and Conditions
• These Terms of Business
• Privacy Policy
• Terms of Use
• Registration Form
Indigo FX cannot provide you with any services without acceptance of this Agreement in full.

By agreeing to these Terms and Conditions you agree that you are over the age of 18 and with sufficient capacity and authority to accept these Terms and Conditions.

Definitions

Business Day:

Means 09.00 to 17.30 Monday to Friday (excluding weekends and all UK bank holidays)

Customer:

Refers to company, individual or partnership that places an Order having signed and returned these Conditions to us

Conditions:

Means these Terms and Conditions.

Contract:

Means any Contract formed between us and the Customer for the supply of the Service, which shall comprise the Order, the Trade Confirmation and these Conditions.

Currency:

Means any non-GBP currency.

Due Amount:

Refers to the denomination that the Customer will remit to us to be exchanged into purchased currency, the amount of which will be agreed and specified in the Trade Confirmation.

Forward Trade:

Means an Order to buy or sell Currency where the Value Date is more than two Working Days after the Order Date.

Identification:

Means such evidence of the identity of the Customer as Indigo FX may require, in such form as Indigo FX may specify from time to time.

Margin:

Means the deposit required by Indigo FX in advance of each Forward Trade.

Margin Call:

Means the request made by Indigo FX to the Customer to provide such additional amounts as it may reasonably require on account of an adverse exchange rate movement between the Order Date and the Value Date. This amount shall not exceed the full value of the Base Currency.

Money Laundering Regulations:

The Money Laundering Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and any amendments.

Order:

Means the Customer’s oral or written request for Indigo FX to perform the Service on the Customer’s behalf.

Order Date:

Means the date on which a Customer places an Order.

Purchased Currency:

Means the currency that the Customer will receive in exchange for the Due Amount at the Agreed Rate.

Rate:

Means the exchange rate to be applied to the Base Currency, which is specified in the Trade Confirmation.

Regulations:

Means the Payment Services Regulations 2017.

Service:

Means the exchange service comprising entering into Contracts for the sale and purchase of Currency on behalf of its customers.

Specified Account:

Means such bank account and number specified by Indigo FX in the Trade Confirmation.

Spot Contract:

Means an Order to buy or sell Currency where the Value Date is two Working Days or less after the Order Date.

Terms and Conditions:

Means the Company terms, as set out in this document.

Trade:

Means the agreement for us to purchase a specified currency at a specified rate on a specified date.

Trade Confirmation:

Means the written document setting out the details of the Order, which will be sent to the Customer in respect of its Order.

Value Date:

Means the date agreed and specified in the Trade Confirmation on which the Customer shall pay or take delivery of the Currency Purchased.

1. Registration

Before Indigo FX can perform any of Our Services for the customer, they must register with us and properly complete our registration process. In accordance with our legislative and regulatory obligations the customer must provide us with sufficient information to enable us to satisfy ourselves as to their identity. Such information may contain but not be limited to electronic identification and/or the provision of copies of photographic identification and copies of documentation verifying the customer address.

Once the customer has registered with Indigo FX they will be provided with a customer account number that the customer must use in all correspondence with us.

At registration you will confirm any individuals to be classified as an authorised individual, an individual with the authority to agree trades with Indigo FX.

Where authorised individuals change it is your responsibility to inform Indigo FX of this change. It is your responsibility to inform us where there is a change in your circumstances including but not limited to a change in directors, shareholders or business operations.

2. Booking a Trade

The customer will book a trade with us which can be confirmed either over the phone, electronically or in writing. Once the trade is booked it is legally binding. Indigo FX will provide services in line with our Terms and Conditions.

When booking a trade, we will:
• Tell the customer what the Value Date will be.
• Provide the customer with a unique identifier code for the trade.
• Tell the customer what amount we require from them, together with the date and time by which we must be in receipt of that amount in full in cleared funds.
• Advise the customer the information we require from them in order to make the payment. In all cases this is likely to include as a minimum:
o Payee Bank Account Name
o Payee Bank Name
o Payee Account Number/IBAN
o Payee SWIFT Code/Bank Code
o Any Associated References
• Use the contact information provided to us, including to verify any transaction, to check the customer’s identity or to notify them of any requirement for an Additional Margin.

Indigo FX staff may provide information and context in relation to the markets in which we operate, however this does not constitute specific advice in relation to entering into a trade, which is done at your discretion. Indigo FX are authorised by you to take reasonable actions to provide the agreed services.

3. Payment

We will require full payment from the customer on the specified value date. Payment instructions can only be actioned once the full value of the funds have been received.

Any payment order received after the end of a Business Day will be considered to have been received the following Business Day.

3.1 Forward Trade

On the Order Date the Customer will immediately pay cleared funds into the Specified Account a Margin of 10% (unless otherwise agreed) of the full amount of the due amount. The Customer shall pay cleared funds equal to the outstanding balance of the due amount into the Specified Account not later than the Value Date.

Indigo FX retain the right to require additional margin on demand. Where this is the case, you will receive a written request from your trader including the value of additional margin required and the date it is required to be received. This additional margin must be received within the timeline set out within this communication.

Where Margin is provided, this is considered as a down payment in relation to a future payment and as such is not considered client funds for the purpose of safeguarding.

3.2 Spot Trade

The Customer shall pay cleared funds into the Specified Account for the full amount of the Due Amount not later than the Value Date.

4. Execution of Transfer

The Payment will be executed when:
• we are in receipt of your onward payment instructions by the Value Date and time we specify, as soon as practicable after the Value Date (or, if the Value Date is not a Business Day, as soon as practicable after the first Business Day following the Value Date); or
• if we are not in receipt of your onward payment instructions by the Value Date and time we specify, as soon as practicable after we have received your onward payment instructions.

Indigo FX cannot proceed with execution of a payment without complete payment information. Where there is a delay by you to provide this information, Indigo FX take no responsibility for this delay.

When executing the payment Indigo FX will:
• Transfer funds to the customers specified account on the agreed value date.
• Provide the customer with details of the payment to allow the customer to trace it.
• Advise the customer of any issues with the transfer as soon as we reasonably become aware of them.

The agreed exchange rate incorporates all of our charges. This means that, except where expressly agreed otherwise, we will not charge the Customer any fees for the Service.

Please be aware that funds can take up to five working days for funds to clear and the receiving bank may deduct charges. The customer should refer to their bank for further information. Indigo FX cannot make guarantees for payment timeframes.

5. Duration and Termination of Contract

Once agreed, the customer does not have the right to alter or close out of the trade. All currency is purchased on behalf of the Customer at the time of order and as any such termination may lead to loss or liability.

Without liability or notice to the Customer, we may close out all or part of a trade in the following events:
• The customer fails to pay any amounts due as described in these Terms and Conditions.
• It becomes unlawful to carry out this trade.
• Indigo FX assess it has become necessary to do so at our discretion.

Where there are no agreed outstanding trades, you may request the closure of your account which will be actioned within 5 business days. This closure request should be in writing to your Dealer. Where there is an outstanding trade, your account cannot be closed by you. Where we close an account resulting in an additional cost to Indigo FX we retain the right to charge you for this expense.

Additionally, Indigo FX retain the right to terminate this agreement immediately where it is assessed:
• Your activity is illegal or fraudulent.
• You breach this Agreement.
• We are unable to verify you as a client or your transactions in line with our legislative obligations.
• Required to do so by a legal authority, regulator or service provider or to fulfil our legal or regulatory obligations.
• Continuing to offer services could constitute reputational damage.
• A change on circumstance in either party has affected our ability to continue services.

6. Our obligations

In accordance with our obligations under the Payment Services Regulations (the Regulations) we must inform the customer of certain important rights:
• Once a Trade is completed, we cannot retain the proceeds unduly and we will send them to the customers Nominated Account as soon as practicable after the Value Date.
• Money transfers are governed by the Regulations where the destination of the funds and the recipient of those funds is located with the EEA and where the funds are in a currency of an EEA state.
• Funds received by Indigo FX for the purpose of a payment service is considered safeguarded. As such these funds are held within a specific bank account for the purpose of safeguarding, and not comingled with the firms own funds.
• Further information on the Regulations can be found on the website of the Financial Conduct Authority (FCA) or by contacting our Compliance Officer through co********@in******.uk

7. Confidentiality and Data Protection

Indigo FX respect the privacy of the affairs of all our customers and always aim to treat customer information as confidential and to use customer information in confidence.

Indigo FX will obtain and keep all relevant data from the customer in line with the Data Protection Act 2018 as set out within the Indigo FX Privacy Policy.

We may disclose customer information if we are required to do so by law, by a court, by court order, to meet any statutory, legal or regulatory requirement on us, or by the police or any other law enforcement agency in connection with the prevention or detection of crime or to help combat fraud or money laundering.

The customer will provide all relevant information as requested. The customer guarantees that all information requested is accurate truthful and has been obtained in line with the data protection act.

8. Use of IndigoPay Platform

All registered clients may request access to the IndigoPay platform. This platform allows users to agree trades and make payments online. All activities carried out on you IndigoPay user account will be considered to be carried out by the registered user of the account.

You may authorise third parties to access IndigoPay on your behalf with their own user account and you take responsibility for any actions undertaken by the third party.
Indigo FX will provide you with information to allow you to set up and access your account via IndigoPay. It is your responsibility to ensure this information provided to you is kept secure.

If you become aware of this information becoming compromised or lost, it is essential you notify Indigo FX immediately. Indigo FX are not liable for any loss resulting from the unauthorised use of the system.

Indigo FX retain the right to suspend, limit or withdraw your access to the IndigoPay system at any point at our discretion.

All intellectual property within the IndigoPay system is the property of Indigo FX and cannot be reproduced, distributed or replaced without explicit consent from Indigo FX.

9. Changes to Terms and Conditions

These Terms and Conditions may change periodically. Where these change Indigo FX will provide at least two months’ written notice prior to the Terms and Conditions taking effect, unless the change is deemed to be to your benefit. This notice will inform you of the date the updated Terms and Conditions become live.

Where you object to the change in Terms and Conditions you may end your relationship with Indigo FX and cease to utilise our services, following the completion of any outstanding trades and/or payment services. Unless you specifically object to these changes, you will be judged as accepting the updated Terms and Conditions.

 

Terms of Business Agreement

1. Registration

The Customer shall provide all such Identification, information and documentation relating to its financial and business affairs, as is necessary to enable us to comply with the relevant legislation pertinent to the Service, including without limitation the Money Laundering Regulations in the UK.

We will provide the Customer with an account number which they will use in all, correspondence with us.

2. Trade Booking

The customer will book a trade with us which can be confirmed either over the phone or in writing. Once the trade is booked it is legally binding.

Trade Confirmation confirming the details of each Order which will be sent either by facsimile, post or electronically and is conclusive evidence of the agreement between us and the Customer for the buying and selling of Currency.

The Trade Confirmation shall be deemed to have been delivered at the time when in the course of ordinary transmission it should have been delivered at the address or number to which it was sent.

In relation to Spot Contracts, the Customer must inform us of any errors or omissions in the Trade Confirmation within a reasonable time of its delivery. Failure to do so shall be evidence of its accuracy.

In relation to Forward Trades, the Customer must inform us of any errors or omissions in the Trade Confirmation within two Working Days of delivery of the Trade Confirmation. Failure to do so shall be evidence of its accuracy.

The exchange rate incorporates all of our charges. Except where expressly agreed otherwise, we will not charge other fees for this service.

3. Payment

All funds to Indigo FX must be send from a bank account in the same name as the customer. Indigo FX cannot accept funds from accounts in a name outside your name.

Once received client funds are safeguarded. These funds are held in segregated customer accounts to be used solely in the provision of payment services for and on behalf of customers and are not co-mingled with the firm’s own funds and separate from the firm’s own funds in the event of administration.

For Spot Contracts, the Customer shall pay cleared funds into the Specified Account for the full amount of the due amount no later the Value Date.

For a Forward Trade, on the Order Date the Customer will immediately pay cleared funds into the Specified Account a Margin of 10% (unless otherwise agreed) of the full due amount or such other amount as we may specify. The Customer shall pay cleared funds equal to the outstanding balance of the due amount into the Specified Account not later the Value Date.

We shall not remit funds to the Customer in respect of any trade until it has received cleared funds into the Specified Account.

The customer acknowledges that the margin payment will be kept by us in the following circumstances:
• If the Customer is in breach of any of the Conditions
• The Customer becomes unable to pay its debts for any reason

Any monies or payments due from the Customer shall be paid in full and the Customer shall have no right to set off any sum in respect of any counterclaim, set off or other deduction of any nature.

We reserve the right to pass on to the customer any costs incurred for instructing third parties to assist with collecting losses and liabilities from the Customer.

The Company cannot accept cash or cheques, funds must be remitted electronically.

4. Execution of Transfer

Subject to receipt of cleared funds into the Specified Account, we shall pay to the customer or shall credit the Purchased Currency Account, as the case may be, with the Currency Purchased.

We will pay into your Specified Account any funds on the agreed value date. NB It can take more than five days for funds to clear depending on local banking arrangements.

If the customer nominates a Purchased Currency Account it acknowledges and agrees that we shall have no responsibility for verifying the accuracy of the account details provided by the Customer.

Please be aware that the remittance of funds from us to the customer’s specified bank account may result in charges being applied by your bank. For details of any charges the customer should refer to their bank for further information.

5. Duration and Termination of Contract

We reserve the right to close out part or all of the trade, without liability or notice, in the event of the following:
• The Customer fails to pay any amounts due as described in these Terms and Conditions.
• It becomes unlawful for us to maintain our obligations under current UK law.
• We have reason to believe it is necessary to do so.

For point (3) full written justification will be provided to the customer.

Once entered into, the Customer does not have the right to terminate the contract. All currency is purchased on behalf of the Customer at the time of order and as any such termination may lead to loss or liability.
In the event of the termination of the contract we will close out any trades not completed and inform the Customer of any loss or liability we have incurred. The Customer is responsible for such losses and liabilities and payment must be made to the Company on demand.

We reserve the right to use any such sum as may have provided by the Customer in respect of a margin to settle all or part of the loss or liability. In this case we will inform you of our intentions. After settlement of the loss or liability incurred we will return to the Customer any such sum as may be remaining.

6. Our Obligations

In accordance with our obligations under the Payment Services Regulations (the Regulations) we must inform you of certain important rights:

As soon as we receive funds from the customer we will remit the purchased currency on the agreed value date without delay.

Currencies are subject to strict cut off times. Should we receive funds from you on the agreed value date but after the specified cut off, the purchased currency will be transferred the next business day.

Money transfers are governed by the Regulations where the destination of the funds and the recipient of those funds is located with the EEA and where the funds are in a currency of an EEA state.

Further information on the Regulations can be found on the website of the Financial Conduct Authority (FCA).

7. The Customers Obligations

The customer is responsible for the completeness and accuracy of all information they provide or that any Authorised Person provides to us at any time, including Our Documentation, in their Request and their Nominated Account Details. They must always provide us with instructions, and procure that all Authorised Persons provides us with instructions, in the English Language.

The customer will notify us in writing as soon as they become, or any Authorised Person becomes, aware of any error in any details that have been provided to us or any error in connection with the Trade. The customer will also notify us in writing immediately if any circumstances occur that affect their ability to pay us for our Services.

8. Security

The customer is responsible for ensuring that all passwords and other relevant information that may be used to access any part of our service is kept safe and secure. Details should not be disclosed to unauthorised third parties and should be transmitted using secure methods.

If the customer becomes aware of any loss, theft or misappropriation relating to the payment service provided, they should notify us immediately either in writing or over the phone.

You will be liable to us for all losses which we suffer or incur relating to any fraud or fraudulent activity by you at any time.

9. Liability

We may be liable to you in the following circumstances:
• Unauthorised Money Transfer
• Incorrect Money Transfer

9.1 Incorrect Money Transfer

We may be liable to you if we incorrectly perform any Money Transfer that you authorised us to perform.

Where you believe we may have failed to perform or incorrectly performed such a Money Transfer, you should let us know as soon as possible and, if you request, we will make immediate efforts to investigate the matter and let you know the outcome of our investigation.

Where we have failed to perform or incorrectly performed such a Money Transfer, we will without undue delay make good and correct the error and deliver the amount of the unperformed or incorrectly performed Money Transfer to Your Nominated Account as originally instructed.

You will not be entitled to the remedy mentioned:
• if you do not inform us by notice in writing without undue delay (and in any event not later than 13 months after the date on which the incorrect Money Transfer was performed) on your becoming aware that failure by us to perform a Money Transfer authorised by you or incorrect performance by us of a Money Transfer authorised by you may have occurred; or
• where we are able to show that the authorised amount was received at the appropriate time by the person to whom you instructed us to send the Traded Funds; or
• if the failure to perform or incorrect performance was due to you or any Authorised Person providing us with incomplete or incorrect information or was otherwise due to your fault or the fault of any Authorised Person.

10. Confidentiality and Data Protection

We respect the privacy of the affairs of all our customers and always aim to treat customer information as confidential and to use customer information in confidence. The Indigo FX Privacy Policy sets out:
• What information Indigo FX capture;
• How Indigo FX use this information; and
• How Indigo FX store this information.

We will obtain and keep all relevant data from the customer in line with the Data Protection Act 2018 and General Data Protection Regulation.

We may disclose customer information if we are required to do so by law, by a court, by court order, to meet any statutory, legal or regulatory requirement on us, or by the police or any other law enforcement agency in connection with the prevention or detection of crime or to help combat fraud or money laundering.

The Customer agrees that the Company may carry out any check as to the Customer’s financial status as the Company shall deem fit. The Customer accepts that the Company will attempt to verify the Customer’s identity by checking the details supplied against those held on a number of specific databases that the Company has access to, for example information from the Electoral Register and fraud prevention agencies. A record of this process will be kept that may be used to help other companies to verify the Customer’s identity. The Company may also pass information to organisations involved in fraud prevention to protect the Company and other Customers from theft and fraud. If the Customer supplies false or inaccurate information and the Company suspect’s fraud, the Company will record this and share this information with other organisations.

11. Complaints

Where you wish to make a complaint in relation to our services, a complaint may be registered in line with the Indigo FX Complaints Procedure which outlines your rights and our obligations in relation to complaints.

12. Company

Indigo FX Limited is authorised by the Financial Conduct Authority (FCA) under the Payment Services Regulations 2017 for the provision of payment services reference number 594433.

Indigo FX Limited, 30 Crown Place, London, EC2A 4EB

Indigo FX is a registered money services business with HM Revenue and Customs No. 12690590.

 

For some clients based in the United Kingdom and rest of the world, payment services and e-money services for Indigo FX Ltd are provided by The Currency Cloud Limited. Registered in England and Wales No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199).

 

For clients based in the European Economic Area, payment services for Indigo FX Ltd are provided by CurrencyCloud B.V.. Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 – 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of an electronic-money institution (Relation Number: R142701).

 

For clients based in the United States, payment services for Indigo FX Ltd are provided by The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorised in 39 states to transmit money (MSB Registration Number: 31000206794359). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011.