Dear Commodity Buyer:
When you are ready to enter Singapore Ginseng Exchange (hereinafter referred to as “the Exchange”) for spot commodity trading activities, please be sure to understand the following:
1. Requirements of opening a trading account
The commodity buyer shall be a legal entity with the qualification of enterprise legal person in the industry and can independently engage in the spot trading activities of ginseng commodities.
The natural person commodity buyer shall be an individual who has a certain degree of affordability, risk control and relevant trading experience, who is 18 years old, has full capacity for civil conduct, and objectively evaluates the suitability of the buyer through an Exchange and has considerable consumer demand for the buyer’s commodities.
The commodity buyer shall open an account in real and lawful capacity. He or she shall ensure the legality of the source of funds and shall also ensure the authenticity, legality and validity of the “business license”, identity card and other relevant information provided by the company.
2. Signing of the account opening document
An enterprise or other economic organization may sign an account opening document by its legal representative or principal agent. Where the principal agent handles the account opening procedure, the enterprise or other economic organization shall provide a true, lawful and effective power of attorney.
Account opening procedures for a natural person commodity buyer must be the buyer himself to sign the opening document, may not entrust the agent on behalf of the signing of the document to open the account.
3. Risk of spot commodity trading
Market prices can not only rise, high returns at the same time inevitably accompanied by higher market volatility risk, commodity buyers should be in accordance with their own economic conditions and risk tolerance and psychological endurance ability to make an objective judgment on their own investment in the amount of funds and source of funds to make a cautious decision. Commodity buyers must carefully read this notice and related documents, before trading the buyers must know that “the market is risky, admission must be cautious.”
4. Opening a trading account
The commodity buyer shall download the account opening document on the Exchange’s website and open the account in accordance with the Exchange’s account opening process.
The whole account opening process must be solely operated by the commodity buyer himself, and the personal information provided must be true, accurate and effective. The loss caused by incorrect information is borne by the commodity buyer.
The commodity buyer must read carefully, undertake to comply with the relevant business rules of the Exchange before opening a trading account. The loss caused by the buyer’s failure to read carefully is borne by the buyer himself.
When opening a trading account, the commodity buyer should try to avoid in the Internet cafes and other public places to operate, because the loss caused by the leakage of personal information of the commodity buyer is borne by the buyer himself.
The buyer completes the account registration, which indicates that he or she fully endorses this “Notice to Commodity Buyer”, “Risk Disclosure Statement” and the relevant business rules of the Exchange.
5. The selection of spot trading variety and trading methods
The spot commodities available for trading in the trading market are different, and the benefits and risks are also different. Please choose carefully. Before trading, please be sure to understand the commodity’s characteristics and trading rules in detail, and the loss caused by the buyer’s decision will be borne by the buyer himself.
At present, the Exchange only provides the form of online website and mobile application to receive orders from commodity buyer. He or she is requested to know in detail the specific operation steps of the purchase and sale method, and pay special attention to keeping the account number and password. The loss caused by improper operation of the commodity buyer will be borne by the buyer himself.
The line that the commodity purchaser accesses the Internet during the trading time should be kept unobstructed and safe. In the case of Exchange’s trading system aand the Internet are securely connected and functioning normally, the loss caused by the buyer’s access to the Internet is borne by the buyer himself.
6. Verification of account opening information
When a commodity buyer opens a trading account on the Exchange, he or she shall ensure that the valid identity document and the card number information are true and valid, and that the above information is consistent with the information submitted to the Bank. The Exchange will verify the above information completed by the commodity buyer.
7. Password Protection
When a commodity buyer opens a trading account, he or she should be set up trading password by himself. The trading password settings should be set to avoid the simple repetition or the number that is easy to be deciphered, such as his birthday, phone number, etc., and do not record the password in other easy to be seen by others. The buyer can modify the trading password during normal trading hours.
The commodity buyer should keep the trading password properly, any losses caused by the loss of the trading password shall be borne by the commodity buyer himself.
8. The use of the normative account
The commodity buyer should regulate the use of trading accounts and compliance transactions. If the Exchange finds that the commodity buyer illegally uses the trading account or has abnormal trading behavior that seriously affects the normal trading order, the Exchange may reject the declaration of the commodity buyer or terminate the market entry agreement with the commodity buyer.