Terms and Conditions: 

 

 

These Terms and Conditions set out the Agreement including the Terms of Business between the Customer and Indigo FX Limited. 

 

These may be requested at any time by the Customer. 

 

1. About Us

 

1. 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.
• Can be contacted via:

Email at in**@in******.uk 

Phone on 02078562467 

By letter to Indigo FX Ltd, 9th Floor, One Canada Square, London E14 5AA 

• IndigoFX will contact the Customer using the contact details (phone/ email) provided during the onboarding process in the event of security threats or fraud.

 

1. Indigo FX provides money remittance and foreign exchange that includes: 

 

• Spot trades
• Forward trades
• Limit orders

 

1.3 To use the Services provided by Indigo FX the Customer must agree to the entire Agreement.  

 

1.4 The entire Agreement consists of Indigo FX’s: 

• Terms of Business
• Privacy Policy – https://indigofx.com/privacy-policy/
• Terms of Use – https://indigofx.com/terms-of-use/
• Registration Form – s://indigofx.com/open-an-account-business/

 

1.5  Indigo FX cannot provide the Customer with any Service without acceptance of this Agreement in full. 

 

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

 

2. Terms of Business

 

2.1 Registration 

 

2.1.a For Indigo FX to perform its Service, the Customer must register and fully complete the registration process. To fulfil legislative and regulatory obligations, the Customer must provide sufficient information to enable satisfactory Identification. Such information may contain but may not be limited to electronic Identification and/or the provision of copies of photographic Identification and copies of documentation verifying the Customer’s address. 

 

2.1.b Once the Customer has registered, a Customer identification number will be provided that must be used in all correspondence with Indigo FX. 

 

2.1c At registration there must be confirmation of any individuals classified as an authorised person, creating an authority to agree trades with Indigo FX. 

 

2.1d The Customer must inform Indigo FX of any change in authorised individuals. 

 

2.1e The Customer must inform Indigo FX of any change in circumstances including but not limited to changes in directors, shareholders or business operations.  

 

2.2 Booking a Trade 

 

2.2a A trade may be confirmed over the phone, electronically or in writing. This is legally binding so Indigo FX must provide Services in line with the Terms of business. 

2.2b When booking a trade, Indigo FX must: 

 

• Tell the Customer what the Value Date will be.
• Provide the Customer with a unique identifier code for the trade.
• Tell the Customer the amount, date and time by which receipt of funds is required.
• Tell the Customer the information required to make a payment. In all cases, this is likely to be included as a minimum.

Payee Bank Account Name 

Payee Bank Name 

Payee Account Number/IBAN 

Payee SWIFT Code/Bank Code 

Any Associated References 

• Contact information provided is used to verify any transaction, to check the Customer’s identity or as any requirement for an Additional Margin.

 

2.2c 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. 

 

2.2d 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. 

 

2.2e 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. 

 

2.2f 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. 

 

2.2gIndigo FX staff may provide information and context about the markets; however, this does not constitute specific advice about entering a trade. Indigo FX are authorised by the Customer to take reasonable actions to provide the agreed Services. 

 

2.3. Payment 

 

2.3a Indigo FX requires full payment from the Customer on the specified Value Date. Payment instructions can only be actioned once the full value of the funds has been received. 

 

2.3b 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.   

 

2.3c Any payment Order received after the end of a Business Day will be considered to have been received the following Business Day. 

 

2.3d Currencies are subject to strict cut off times. Should Indigo FX receive funds from the Customer on the agreed Value Date but after the specified cut off, the purchased currency will be transferred the next business day. 

 

2.4. Forward Trade 

 

2.4a On the Order Date, the Customer must immediately pay cleared funds into the Specified Account a Margin of 10% (unless otherwise agreed) of the full amount of the Due Amount.  

 

2.4b The Customer must pay cleared funds equal to the outstanding balance of the Due Amount into the Specified Bank Account not later than the Value Date. 

 

2.4c Indigo FX retains the right to require additional Margin on demand. The Customer will receive a written request from a trader including the value of the additional Margin and the date it is required. This additional Margin must be received within the timeline set out within communication. 

 

2.4d The Margin provided is considered a down payment about a future payment, therefore regarding safeguarding they are not considered client funds. 

 

2.4e 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

 

2.4f 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. 

 

2.4g 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. 

 

2.4h The Company cannot accept cash or cheques, funds must be remitted electronically. 

 

2.5  Spot Trade 

 

2.5aThe Customer must pay cleared funds in full into the Specified bank Account no later than the Value Date. 

 

2.6 . Execution of Transfer 

 

2.6a The Payment will be executed when: 

 

• Indigo FX is in receipt of onward payment instructions by the Value Date and time specified, or as soon as practicable after the Value Date (if the Value Date is not a Business Day, as soon as practicable after the first Business Day following the Value Date).
• If Indigo FX is not in receipt of any onward payment instructions by the Value Date and time specified, as soon as practicable after we have received onward payment instructions from the Customer.

 

2.6b Indigo FX cannot proceed with the execution of a payment without complete payment information. 

 

2.6c Indigo FX takes no responsibility for any delay caused by the Customer to provide payment information. 

 

2.6d In execution of payment, Indigo FX will: 

• Transfer funds to the Customer-Specified Account on the agreed Value Date.
• Provide the Customer with details of the payment to allow them to trace it.
• Advise the Customer of any issues with the transfer as soon as Indigo FX become reasonably aware of them.

 

2.6e The agreed exchange Rate incorporates all Indigo FX’s charges except where expressly or agreed otherwise. 

 

2.6f Funds can take up to five working days to clear and the receiving bank may deduct charges.  

 

2.6 g The Customer should refer to their bank for further information. Indigo FX does not make guarantees for payment timeframes. 

 

2.7. Duration and Termination of Contract 

 

2.7a The customer may request withdrawal of a payment order before it is agreed. The Customer cannot alter or close out of the trade once Confirmed. All Currency is purchased on behalf of the Customer at the time of Order. Termination may lead to loss or liability. The Customer is responsible for such losses and liabilities and payment must be made to the Company on demand. 

 

2.7b In the following events, Indigo FX may close out all or part of a trade without notice or liability: 

• The Customer fails to pay any amounts due as described in these Terms of business .
• It becomes unlawful to carry out the trade.
• Indigo FX assesses it has become necessary to do so at our discretion.

 

2.7c The Customer may request to terminate their relationship where and only if there are no agreed outstanding transactions. This must be in writing to the Customer’s assigned Dealer. 

 

2.7d Indigo FX will action this within 5 Business days. 

 

2.7e Indigo FX retains the right to pass on any charges accrued from termination of relationship to the Customer. 

 

2.7d Indigo FX retains the right to terminate any agreement immediately where it is assessed: 

 

• The Customer’s activity is illegal or fraudulent.
• The Customer is in breach of this Agreement.
• Indigo FX is unable to verify the Customer or transactions in line with legislative obligations.
• Indigo FX is required to do so by a legal authority, regulator or Service provider.
• Continuing to offer Services could constitute reputational damage to Indigo FX.
• A change in circumstance in either party has affected Indigo FX’s ability to continue Services.

 

2.8 Our Obligations 

 

2.8a Under the Payment Services Regulations (the Regulations) Indigo FX must inform the Customer of certain important rights: 

 

• Once a Trade is completed, Indigo FX cannot retain the proceeds unduly. Indigo FX must 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 are located with the EEA and where the funds are in the Currency of an EEA state.
• Funds received by Indigo FX for a payment Service are considered safeguarded. These funds are held within a specific bank account for safeguarding, and not comingled with the firm’s own funds.
• Further information on the Regulations can be found on  the Financial Conduct Authority (FCA) website or by contacting Indigo FX at co********@in******.uk

 

2.9. The Customer’s Obligations 

 

2.9a The Customer is responsible for the completeness and accuracy of all information they provide or that any Authorised Person provides to Indigo FX at any time, including Documentation, in their request and their Nominated Account Details.  

 

2.9b The Customer must always provide Indigo FX with instructions and procure that all Authorised Persons provide instructions in the English Language. 

 

2.9c The Customer must notify in writing as soon as they, or any Authorised Person becomes, aware of any error in any details that have been provided to Indigo FX in connection with the Trade.  

 

2.9d The Customer must notify in writing immediately if any circumstances occur that affect their ability to pay for Services. 

 

2.10. Confidentiality and Data Protection 

 

2.10a Indigo FX respects the privacy of the affairs of all Customers and must treat the Customer information as confidential. 

 

2.10b Indigo FX must obtain and keep all relevant data from the Customer in line with the Data Protection Act 2018 and the General Data Protection Regulation as set out within the Indigo FX Privacy Policy. 

 

2.10c 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.

 

2.10d The Customer agrees that Indigo FX may carry out any check as to the Customer’s financial status as Indigo FX shall deem fit. 

 

2.10e The Customer accepts that Indigo FX will attempt to verify the Customer’s identity by checking the details supplied against those held on several specific databases that Indigo FX  has access to, for example information from the electoral register and fraud prevention agencies. 

 

2.10f A record of this process will be kept that may be used to help other companies to verify the Customer’s identity.  

 

2.10g Indigo FX may disclose Customer information if required to do so by law, by a court, by court Order, to meet any statutory, legal or regulatory requirement, 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. 

 

2.10h 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. 

 

2.11. Security 

 

2.11a The Customer is responsible for ensuring that all passwords and other relevant information that may be used to access any part of Indigo FX’s Service are kept safe and secure. Details must not be disclosed to third parties and should be transmitted using secure methods. 

 

2.11b If the Customer becomes aware of any loss, theft or misappropriation relating to the payment Service provided, they must notify Indigo FX immediately either in writing or over the phone. 

 

2.11c The Customer is liable for all losses which Indigo FX suffers or incurs about any fraud or fraudulent activity by the Customer. 

 

2.12 . Liability 

 

2.12a Indigo FX may be liable to the Customer in the following circumstances: 

 

• Unauthorised Money Transfer
• Incorrect Money Transfer

 

2.12b The payment services that Indigo FX provides consist exclusively of money remittance. In carrying out the service of money remittance no payment account is created and therefore Indigo FX does not provide Relevant Accounts which is a requirement for reimbursement for APP fraud to apply as detailed by APP Fraud Regulations. Indigo FX will have no liability in cases of APP fraud governed by these regulations.    

 

2.13 Incorrect Money Transfer 

 

2.13a Indigo FX may be liable to The Customer if the Money Transfer is performed incorrectly. 

 

2.13b The Customer must inform Indigo FX if the Money Transfer is performed incorrectly as soon as possible. 

 

2.13c Indigo FX must reasonably investigate the matter and inform the Customer of the outcome.  

 

2.13d Indigo FX will rectify any incorrectly performed Money transfer without undue delay where appropriate in the form of a refund. This will be limited to circumstances where the payment made exceeds a reasonable amount without the Customer’s authoisation. 

 

2.13e The Customer is not entitled to remedy: 

 

• Where the customer has failed to notify Indigo FX in writing without undue delay (within 13 months after the incorrect Money transfer was performed) on becoming aware of the failure to perform or incorrect Money Transfer.
• Where Indigo FX can demonstrate that the authorised amount was received at an appropriate time by the nominated person or entity instructed.
• Where the failure to perform or incorrect performance was due to the Customer or any Authorised person providing incomplete or incorrect information or was otherwise due to the Customer’s fault or the Fault of any authorised person.

 

2.14. Use of IndigoPay Platform 

 

2.14a All registered clients may request access to the IndigoPay platform. This platform allows users to agree on trades and make payments online. All activities carried out on the Customer’s IndigoPay user account are carried out by the registered account user. 

 

2.14b The Customer may utilize third parties to access IndigoPay. 

 

2.14c The Customer is responsible for any action authorised and conducted by a third party.  

 

2.14d Indigo FX must provide the Customer with information to allow set-up and access to their account via IndigoPay.  

 

2.14e It is the Customer’s responsibility to ensure that the Platform information provided is kept secure. 

 

2.14f The Customer must notify Indigo FX immediately after becoming aware of information being compromised or lost. 

 

2.14g Indigo FX is not liable for any loss resulting from use of the system. 

 

2.14h Indigo FX retains the right to suspend, limit or withdraw the Customer’s access to the IndigoPay system at any point. 

 

2.14i 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.  

 

2.15 . Complaints 

 

2.15a The Customer is entitled to make a complaint about Indigo FX Services. 

 

2.15b This must be registered in line with the Indigo FX Complaints Procedure which outlines the Customer’s rights and Indigo FX’s obligations relating to complaints. 

 

2.16 . Service Provider 

 

2.16a For some clients based in the United Kingdom and the 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). 

 

2.16b 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 financial toezicht to carry out the business of an electronic money institution (Relation Number: R142701). 

 

2.16c 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. 

 

2.17 . Changes to Terms and Conditions 

 

2.17a These Terms and Conditions may change periodically. Where these change Indigo FX must provide at least two months’ written notice before the Terms and Conditions taking effect, unless the change is deemed to be to the Customers benefit. This notice will inform you of the date the updated Terms and Conditions become live. 

 

2.17b Where the Client objects to the change in Terms and Conditions the Customer may end their relationship with Indigo FX and cease to utilize the Services, following the completion of any outstanding trades and/or payment Services. 

 

2.17c Unless the Customer specifically objects to these changes, they will be judged as accepting the updated Terms and Conditions. 

  

3. Definitions

 

APP Fraud: 

Means authorised push payment fraud and refers to qualifying cases of authorised payments executed by virtue of a person using a fraudulent or dishonest course of conduct to manipulate, deceive or persuade an individual or business into sending money to an account outside of their control. 

APP Fraud Regulations: 

Means laws and rules and regulations issued by the Payment Services Regulator and other relevant authorities to address APP fraud. 

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 Trade: 

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.