1. IG International Limited (Company number 54814), authorised and regulated by the Bermuda Monetary Authority, with its business address being 46 Reid Street, Hamilton HM12, Bermuda and with its registered address being Canon’s Court, 22 Victoria Street, Hamilton HM12(“we, “us”, “IG” or “our”), will provide a cash rebate to new clients (the ‘Welcome Cashback Scheme’) in accordance with these terms and conditions (the ‘Terms’).
2. All capitalised but undefined terms used herein shall have the same meaning given to such terms as in the margin trading customer agreement governing your CFD account with us, as amended from time to time (the ‘Customer Agreement’). Nothing in these Terms limits our ability to exercise our rights in terms of the Customer Agreement. If any provision of these Terms conflicts with any provision of the Customer Agreement, the Customer Agreement shall prevail.
3. By entering into Transactions in Eligible Products you agree to participate in the Welcome Cashback Scheme and to be bound by these Terms.
ELIGIBILITY TO PARTICIPATE IN THE WELCOME CASHBACK SCHEME
4. This Welcome Cashback Scheme starts on 10th October 2023. You may participate in the Welcome Cashback Scheme if you open and trade on a CFD account with IG (the “Account”) on or after 10th October 2023 and are a new client, not having previously held and account with IG or an IG group company.
5. Only Transactions that meet the eligibility criteria set out in these Terms will be allowed to receive a rebate under the Welcome Cashback Scheme.
6. A cashback is only available for Transactions on forex (excluding ‘Forex Direct (DMA) trades), indices, commodities and shares (the ‘Eligible Products’). We will determine in our sole discretion into which category of Eligible Product a Transaction should be classified. For the avoidance of doubt, no cashbacks are payable in respect of options.
7. Types of Transactions that are not eligible for cashbacks will be determined by us in our sole discretion, but may include:
(a) Transactions that are subsequently cancelled, voided or reversed (either by yourself or by us);
(b) Transactions that are split into two or more other Transactions; or
(c) Transactions that are automatically generated, or otherwise not initiated by you (or on your behalf).
8. Subject to the other provisions of these Terms, new clients are eligible under this Welcome Cashback Scheme to receive rebates on the spread and commission paid on their Account (“Spread/Commission Paid”) for the first two calendar months of their Account being active.
9. New clients may be eligible to benefit from rebates under other rebate schemes run by IG as well as under this Welcome Cashback Scheme, subject to IG’s discretion and these Terms.
WELCOME CASHBACK SCHEME DETAILS
10. We will calculate the Spread/Commission Paid during the first two full or partial calendar months that you have an active Account (the “Welcome Period”). For example, if the activation of your Account occurs on any day in November, the Welcome Period will be considered to be November and December.
11. You will receive a cashback of Spread/Commission Paid during the Welcome Period subject to a maximum cashback cap of USD150. This will be paid to your Account within 45 days of the end of the Welcome Period. In the example set out in clause 10, you would receive your cashback within 45 days of 31 December.
12. Cashbacks due to you under these Terms will be based on your trading within the Welcome Period and will be calculated at or about (21:59 UK time) on the last business day of the Welcome Period. Under no circumstances will you receive a cashback in excess of USD150 under these Terms however you may be eligible to receive additional rebates in relation to the Welcome Period under other rebate schemes offered by IG, at our sole discretion .
13. If you opened your Account following a referral under an IG Refer a Friend Scheme or equivalent (a “RAF Scheme) any cashback you receive under this Welcome Cashback Scheme will be deducted from the amount which you would otherwise be eligible to receive under that RAF Scheme. You will receive any remaining balance due under the RAF Scheme in accordance with that scheme’s terms and conditions.
14. If the level of trading on your Account over the Welcome Period means that you would also be eligible for a rebate under any IG volume-based rebate scheme (“VBR Scheme”), you will receive whichever rebate is the greater. However, no Spread/Commission Paid can be counted in the calculation of rebates due under more than one scheme. IG reserves sole discretion in determining eligibility for and calculation of amounts due under these Terms and any VBR Scheme. IG may deduct from rebates to be paid under any VBR Scheme any amounts already rebated under these Terms .
15. Cashbacks will be calculated and accrue in US Dollars and will be converted to the Base Currency of your account using our end of day exchange rate on the last business day of the Welcome Period
16. We will not permit cashback amounts accrued but not yet credited to your account to be used by you to satisfy any obligations to pay Margin (including Initial Margin), Commission, Spread or any other applicable Charges.
17. We will not be held liable for any losses incurred by you as a result of your trading in relation to this Welcome Cashback Scheme. CFDs are complex instruments. 70% of retail client accounts lose money when trading CFDs with this investment provider as at December 1 2023 – for an updated percentage please see the banner at the top of the website: ig.com/en. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.
18. Any claim that you might have against us under or in relation to the Welcome Cashback Scheme must be brought within 90 (ninety) days after the date the alleged claim arose.
19. Where (i) any of these Terms are breached, (ii) your account has been suspended or closed in accordance with the provisions of the Customer Agreement; and/or (iii) there is any reason to suspect you have acted fraudulently or obtained an unfair or unintended advantage pursuant to this Welcome Cashback Scheme, we reserve the right to withhold or withdraw payment of all or part of a cashback or to prevent any attempted withdrawal of a credited cashback amount.
20. We are the sole arbiter of the Welcome Cashback Scheme, these Terms and any other issues arising under or in relation to the Welcome Cashback Scheme. We reserve the right, in our sole discretion, to (i) preclude you from participating in the Welcome Cashback Scheme; and/or (ii) alter, amend or terminate the Welcome Cashback Scheme or any aspect of it at any time and without prior notice, either as a whole or in relation to you only. If we make any changes to these Terms, we may notify you of such changes by posting the modified terms on our website. By continuing to trade us, you will be deemed to have accepted any such modified terms.
21. Any dispute or situation not covered by these Terms will be resolved by our management in a manner that we deem to be fairest to all concerned and that decision shall be final and binding on all parties. We reserve the right to refuse to pay out or to credit your account under the Welcome Cashback Scheme if (i) we have a reasonable belief that the Welcome Cashback Scheme is being abused in any way (including any form of manipulation of Transactions); (ii) we believe that the terms of the Customer Agreement have been breached in any way; and/or (iii) we have suspended or closed your account in accordance with the provisions of the Customer Agreement. We will not have any obligation to any person in terms of this Welcome Cashback Scheme if such person, in our sole opinion, abuses the spirit or intention of the Welcome Cashback Scheme.
22. If at any time all or any part of these Terms are or become illegal, invalid or unenforceable in any respect under the law of any jurisdiction, such provision(s) shall not affect or impair the legality, validity or enforceability in that jurisdiction of the remainder of that provision or all other provisions of these Terms or the legality, validity or enforceability under the law of any other jurisdiction of that provision or all other provisions of these Terms.
23. If any tax is payable on cashback amounts paid by us to you pursuant to these Terms, this tax will be your liability and will not be incurred by us. If the law requires us to withhold this tax and settle with the relevant tax authority on your behalf, then we shall credit your cashback to your Account net of this tax.
24. These Terms shall be governed by and construed in accordance with English law and the courts of England and Wales will have non-exclusive jurisdiction to settle any legal action or proceedings arising out of or in connection with these Terms, including any non-contractual disputes and claims.