Client funds are held off balance sheet in separate client fund bank accounts, segregated from the business bank accounts of Direct FX. Client fund bank accounts have been established in accordance with the requirements of the Australian Corporations Act 2001. Client funds are used and withdrawn in accordance with the Australian Corporations Act 2001 and our Terms and Conditions.
Client funds in client fund bank accounts are held on trust by Direct FX on behalf of clients, and Direct FX has no beneficial interest in client funds or the bank accounts in which they are held. Therefore, in the unlikely event that Direct FX was placed under management or put into receivership or liquidation, client funds held in such accounts would remain the property of the clients on whose behalf the funds are held.
Client fund bank accounts are held with major banking institutions.
Client fund bank accounts are solely for the purpose of holding client money directly associated with a foreign exchange transaction or an intended foreign exchange transaction. Deposits into these accounts prior to the agreement to transact can only be done with the prior consent of Direct FX.