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MAM Program General Rules

  1. Accounts
    1. Any FXCL client may apply for the MAM Program and open an Investor Account. In order to open a Manager Account, the client should verify the Trader’s Cabinet first and provide a link to his/her previous trading results on Myfxbook, MQL5 or FX Blue resource or upload an MT4 statement from his/her previous trading account (any account type from any broker is allowed). Any manual corrections to the uploaded MT4 trading statement shall lead to the blocking of the Manager’s MAM account.
    2. All Investor and Manager Accounts are of ECN Pro type.
    3. The Money Manager might choose any account type for commission (hereinafter, performance fee) accrual, except ECN Pro type.
    4. The clients might open any number of Investor and/or Manager Accounts.
    5. A Money Manager can open every subsequent Manager Account if his/her previous account(s) have at least 5 active Investors with a minimum equity of $10.
    6. Each Investor Account can follow only 1 Manager Account at a time. In order to follow another Money Manager, the client should open and fund another Investor Account or unfollow the current Money Manager first.
    7. Investor Accounts are not intended for trading. Investors can monitor their accounts, make deposits, withdrawals and internal transfers only.
    8. Manager Accounts are for trading only. All deposits, internal transfers and withdrawals are not allowed.
    9. Internal transfers from and to Investor Accounts are allowed between ECN Pro and Investor account types only.
    10. In order to follow any Manager, the client should fund the Investor Account with a minimum deposit set by the Manager. The minimum deposit size should not be lower than $100.
    11. Money Managers might monitor their Investors in the Trader’s Cabinet. In case an Investor makes a withdrawal, internal transfer or unfollows the account, the Money Manager will see this information in the Cabinet.
  2. Performance Fee
    1. The Money Manager will set their own performance fee size, up to 50%.
    2. The performance fee shall be calculated by the following formula:
      performance fee = ((equity - initial balance - deposits + withdraws (+ already paid performance fee)) * manager performance fee percent / 100) - already paid performance fee
      Where:
      • Performance fee - The commission paid by an Investor for Money Manager’s trading
      • Equity - Equity on Investor Account at the time of settlement (according to high watermark)
      • Initial balance - The balance on Investor Account at the time the Investor subscribes to the Money Manager
      • Deposits - All deposits and internal transfers made to Investor Account
      • Withdrawals - All withdrawals, internal transfers, and previous Performance fee deducted from Investor Account
      • Manager performance fee percent - The percentage of Investor’s profit sent to the Money Manager
    3. If an Investor unfollows a Money Manager and then follows him/her again, then only the current subscription period will be used during Performance fee calculations.
    4. The Money Manager receives the performance fee only if the trading results for a billing period are positive (above high watermark).
    5. If the results for a billing period are negative (below high watermark), the Money Manager will not receive the Performance fee until the profit on the Investor Account fully covers the loss.
    6. The performance fee shall be accrued once per billing period. Money Managers might choose between daily, weekly or monthly periods. Each Manager Account might have its own billing period.
    7. The performance fee will be accrued as follows:
      • for a daily period - every trading day;
      • for a weekly period - every Monday;
      • for a monthly period - on the first calendar day of the month for the previous month.
  3. Deposit and Withdrawals
    1. Investors may make deposits and internal transfers to their Investor Accounts any moment. The transactions will be executed instantly according to the chosen payment system.
    2. Withdrawals and internal transfers requests from Investor Accounts will be executed at 00:00 Server Time of the same trading day or the closest business day if the request was made on a non-trading day.
    3. During Manager Account registration, Money Managers will set a Rollover delay period from 30 minutes to 6 hours. All withdrawals and internal transfers made during this period before 00:00 Server Time will be postponed to the next business day.
    4. Investors may freely withdraw their funds after a deduction of performance fee if the minimum deposit remains intact. In case after a withdrawal or internal transfer a balance on the account drops below the minimum deposit size, the account will automatically unfollow the Manager.
  4. Cancellation Terms
    1. In order to unfollow a Money Manager, the Investor should make a request from a Trader’s Cabinet or withdraw the funds in full from the Investor Account, including the minimum deposit.
    2. In case of the “Unfollow” request, the system will automatically decrease the balance and the volume of open trades on the Manager Account in order to avoid a Margin Call and Stop Out. In case of a withdrawal or internal transfer, the Manager will receive a notification in his/her Trader’s Cabinet and will need to manually adjust the open positions until 00:00 Server Time when the transactions will be executed.
  5. Partnership Terms
    1. Manager Accounts cannot belong to any IB Group.
    2. Managers can use the services of an IB to attract new Investors. The Manager can refer a new Partner to the Company or an existing FXCL IB might contact the Manager for further cooperation.
    3. The IB shall receive an IB commission for the trades performed on their referrals’ Investor Accounts.
    4. In case a Manager and an IB make an agreement, the Manager shall pay a percentage of the performance fee received from the Investors, brought by that IB.
    5. The Manager and IB can choose between two compensation options:
      • Preset Commission - IB receives 10% of the performance fee;
      • Contractual Commission - The percentage depends on the equity size of the Investors under that IB; the percentage and equity sizes are discussed and chosen by both parties.
    6. The percentage of the performance fee is added to IB account on a daily, weekly or monthly basis, depending on the Manager’s performance fee schedule.
    7. The IBs can choose the Manager from the Rating table on the website. The agreement between the IB and the Manager shall be made via the Trader's Cabinet.
    8. The IB and Manager reserve the right to terminate their agreement unilaterally. In case the IB terminates the agreement, the Manager immediately stops paying the percentage of the performance fee. In case the Manager terminates the agreement, the payments shall stop after two weeks.
  6. Miscellaneous
    1. Manager and Investor Accounts cannot participate in any bonus program.
    2. All trading decisions are made by Money Managers. The Company only provides the software that follows the Money Managers’ instructions and transfers them to Investor Accounts.
    3. The Company reserves the right to exclude any client from the MAM program under its sole discretion.
    4. Investors and Money Managers should sign LPOA that removes any responsibility for clients’ losses from the Company.
    5. The performance fee is not paid to the Money Manager if there are not enough funds on the Investor Account.
    6. Due to the specifics of the setup and operation of the ECN Pro account type (MAM, ECN Copy Pro), clients will see different prices on instrument charts and in the Market Watch section. Therefore, when trading, you need to focus on the prices published in the Market Watch (Ctrl+M). This specific feature applies to all instruments on the ECN Pro account type (MAM, ECN Copy Pro)