Unifimoney, Inc. Precious Metals User Agreement

Account Opening and Disclosure Agreement (the “Agreement”)


The following terms govern your Client Account with Unifimoney, Inc. (“Unifimoney”) specifically with regard to the offering of Precious Metals Products and associated services, offered with the support of our partner Gold Bullion International, LLC, (“GBI”) through Unifimoney, and any cash balances and Precious Metals held in your Unifimoney/GBI Account.


Transaction Fees

The price of any Precious Metal purchase or sale order will include a transaction fee (“Transaction  Fee”), which will be included in the price shown to the Client on the trading pages and trade confirmations.


The Transaction Fee will be based on the monetary value of the order and will be used by Unifimoney/GBI to cover, among other things, trading, transportation (including costs of insuring Precious Metals during transport) and other administrative costs.


Secured Storage and Service Fee

Clients will be charged a storage fee (the “Storage Fee”) on a monthly basis, in arrears. The Storage Fee will begin to accrue on the settlement date of purchases and will stop accruing on the settlement date minus one for sales.


The amount of the Storage Fee will be calculated by using the aggregate of the daily accrual of the Client settled holdings. Asset Base Fee = (Daily Valuation * BPS)/Number of days in the year. The value of a Client’s Precious Metal holdings for each day will equal such Client’s holdings at the closing of business at the average closing bid price for such day or the last day that such price was available for weekends and business holidays.


The Storage Fee will be used to cover Unifimoney and GBI’s overhead expenses, including, without limitation, all expenses incurred in connection with the storage, security, insurance and verification of Precious Metals (including fees and expenses paid to the Vaulting Partners and the Auditors (as defined below), expenses associated with preparing reports and valuations, legal expenses, and other operating expenses of Unifimoney).


Other Fees

Any additional fees such as delivery, funding, etc., will be displayed when executing the appropriate action, and will allow the Client to confirm before submitting the request.


Redemptions

Unifimoney reserves the right, without prior notice of any kind to the Client, to redeem any Precious  Metals in a Client’s account in order to satisfy any obligations of a Client to Unifimoney for which Client is in arrears for more than thirty (30) days (the “Obligations”), including without limitation Storage Fees and any other fees and expenses relating to a Client’s account. If Unifimoney redeems any of a Client’s Precious Metals for any reason, it will charge the Client a fee of 2.5% of the dollar amount of the Precious Metals redeemed, in addition to the amount required to pay in full all of the Client’s outstanding Obligations.


Business Day

A valid business day is one in which the New York Stock Exchange (NYSE) is open for business. Standard trading hours are between 9:00am and 5:15pm EST. Any trading outside of these hours would be considered extended trading hours.


Trading Day

Standard trading hours are between 9:00am and 5:15pm EST. Any trading outside of these hours would be considered extended trading hours.


Application

Unifimoney Services may be offered through its mobile app, through websites, officially sponsored client applications, documented application programming interfaces, and other methods. These offerings collectively shall be referred to as the Application, and your Account may be accessible through one or more of these means. This Agreement covers the appropriate use of your Account and the rules that govern that use when accessed through any part of the Application, but not by means other than officially supported by Unifimoney.


Precious Metals Products and Services Offering

Unifimoney will process the purchase and sale of precious metals on behalf of its Clients. Purchase orders may be placed in either dollars or for a specific quantity. In the event of a dollar order placement, Unifimoney effect the purchase of the quantity of the Product type ordered without exceeding the total dollar amount of the order. All transactions are executed by, and assets are stored by, Gold Bullion International, LLC (“GBI”).


All Products offered by Unifimoney are displayed in its Application. All Products and Service offerings are subject to availability. Unifimoney will use commercially reasonable efforts to accurately reflect the availability of all Products at the time a Client places an order to purchase or commitment to invest in such Product.


However, for reasons out of Unifimoney’s control this information may not always be accurate, and all Client indications of intent to purchase are subject to cancellation by Unifimoney for any reason until such time that a purchase or investment is confirmed by Unifimoney to be complete. Unifimoney and GBI will not be held responsible for any potential gains or losses that could have been incurred as a result of the failure to complete an order, regardless of the reason.


Certain Products may not be available for purchase or sale during extended trading hours. Please refer to the Product details in the Application for further information.


Purchase/Sale Price

When a Client submits a purchase or sale order, Unifimoney and GBI will use commercially reasonable efforts to execute the order as soon as reasonably practicable after receiving it. For each purchase or sale order, Unifimoney will use commercially reasonable efforts to obtain best execution pricing for that order. Orders involving multiple Products may be executed with more than one Dealer (as defined below), and each Product may be purchased or sold at a different price and different Products may be physically delivered at different times.


Order Placement

All orders must be placed through the Application. 


Settlement

All purchases placed with Unifimoney require the Client to first deposit sufficient funds on account to cover the estimated cost of the order, including Transaction Fees, plus an execution buffer to guard against volatility in the market, each of which Unifimoney will disclose prior to placement of the order. 


Upon the confirmation of a purchase order by the Client, Unifimoney will reserve the appropriate amount of these funds for the settlement of the order; however, funds may remain in the account until settlement at a later time (outlined below).


In the case of sales, Unifimoney will deposit the proceeds to the Client’s DDA.


In certain circumstances, physical delivery to GBI’s contracted vaults may be delayed due to the transportation requirements of moving Precious Metals; however the title is always transferred on settlement date of the order. Pursuant to the agreement between each Dealer and GBI, the Dealers will bear any costs, expenses or liabilities (including replacement costs) if any Precious Metal purchase or sale order is either delayed or not physically delivered after order settlement.


Unifimoney and GBI will accept Client orders 24 hours per day, 7 days per week. However, because the firm only conducts trading 24 hours a day 5 days a week on days that the NYSE is open for business: i) final Client execution prices for orders placed on weekends or market holidays may vary from the price quoted within the bounds of the execution buffer, if any, quoted at the time of order confirmation; and ii) orders may be subject to suspension or cancellation as detailed below.


Trade settlements will be on trade date + two business days cycle as illustrated below.

Trade Date* From EST To EST Settlement Day
Day 1 Sunday 5:15:00 pm Monday 5:14:59 pm Wednesday
Day 2 Monday 5:15:00 pm Tuesday 5:14:59 pm Thursday
Day 3 Tuesday 5:15:00 pm Wednesday 5:14:59 pm Friday
Day 4 Wednesday 5:15:00 pm Thursday 5:14:59 pm Monday
Day 5 Thursday 5:15:00 pm Friday 5:14:59 pm Tuesday


*Trade Date is based on the time of execution not request. Trades placed after 4:55pm EST will be filled on a best efforts basis for that trade day. The proceeds of a sell order will not be sent until the order has settled.

Precious Metals Dealers

Our partner, GBI maintains relationships with various approved dealers that make up Unifimoney’s approved network (the “Dealers”) for the purpose of buying and selling Precious Metals on behalf of its Clients. All of the Dealers will provide Unifimoney with LBMA/LPPM good delivery brand bars. The LBMA/LPPM maintains a list of refiners who meet certain criteria for assaying standards and bar quality.


Precious Metals Purity

Our partner, GBI will purchase Precious Metals that have a minimum purity content set forth by either the LBMA/LPPM or Sovereign Governments for all Products except 1kg bars, which will require a minimum purity of .9999 and silver products, which will have a purity content of .999.


Suspension or Cancellation of Transactions

Unifimoney or GBI may suspend, cancel, or execute only a portion of, purchases or sales with respect to  Clients in the following circumstances:


  • when trading of the Precious Metals is restricted on any one or more markets;
  • if Unifimoney/GBI determines that it is unable, for any reason, to determine the price or value of the Precious Metals or to execute an order;
  • if the purchase or sale would, as determined by Unifimoney/GBI in their sole discretion, result in a violation of applicable law or regulation;
  • during any disruption in the communication or computation systems used by Unifimoney/GBI to communicate with Dealers, to determine the price or value to execute orders;
  • during any period in which Unifimoney/GBI has suspended its operations or is in the process of effecting an orderly liquidation of Unifimoney;
  • upon the occurrence of a force majeure event, including without limitation, war, strike, flood, terrorism, computer “hacking” event, power failure, earthquake or similar event (all such events being “Force Majeure Events”), that would prevent Unifimoney/GBI from fulfilling a purchase or sale order; or
  • for any other reason if Unifimoney/GBI in their sole discretion determines that such order would not be in the best interests of, or could have a material adverse effect on, Unifimoney, GBI or any Client.


Storage of Precious Metals by a Vaulting Partner

Precious Metals purchased for storage through Unifimoney will be stored by a third party internationally recognized service provider (“Vaulting Partner”) selected by Unifimoney and/or GBI. Current Vaulting Partners are Brink’s Global Services USA, Loomis and Malca Amit. Vaulting Partners are subject to change without notice or may be added in the future.


Precious Metals stored in any vault are under 24-hour surveillance and are visually inspected on a regular basis by independent auditors.


Transport and Storage Insurance

Transport of Precious Metals in connection with a purchase or sale will be provided by GBI’s Vaulting Partners or by GBI’s Dealers directly or through insured common carrier transportation services.


The transport and storage of Precious Metals by a Vaulting Partner will be insured under the Vaulting Partner’s insurance policy. For example, Lloyds of London insures all movement and storage of Precious Metals on behalf of Brink’s, Loomis, and Malca Amit for the full replacement value of the Precious Metals. The policy is an “all risks” policy, but does not cover losses for Force Majeure Events.



Taking Personal Possession of Precious Metals

Any request by a Client to take possession of Precious Metals instead of storing them with a Vaulting Partner will be the sole decision of the Client.


Delivery times may vary depending on market conditions.


A Client that requests delivery does so with an understanding that it bears all of the risks associated with removing Precious Metals from the Chain of Custody of an approved Vaulting Partner. Included in these risks is the potential loss of value that occurs when attempting to return Precious Metals to the chain of custody. This loss may be a result of the retesting and potential melting and reformation by a certified Refiner/Assayer that may be required prior to a Dealer accepting the Precious Metals.


The Client also understands the risk and costs associated with self-storing and insuring Precious Metals if it so desires. Precious Metals will not be delivered to any Client or its custodian without the acceptance of risk associated with taking delivery outside of the chain of custody.


Auditing of Precious Metals Holdings

GBI has contracted with an internationally recognized audit/accounting firm (the “Auditor”) that will enter each Vaulting Partner’s facility in which GBI stores Precious Metals to confirm all the holdings. The Auditor will count each bar and confirm by serial number, if applicable, or by the number of bars/coins in the vault.


Reporting

After each trade, Unifimoney/GBI will provide the Client with a confirmation detailing the amount of Precious Metals bought or sold, the total execution price at which the Precious Metals were purchased or sold and the aggregate settlement amount.


Unifimoney/GBI will provide access electronically to each Client who stores Precious Metals with Unifimoney a Client statement setting forth the value of such Client’s holdings, as defined by the current indicative sale price of the Products back to GBI’s Dealers, based on the closing price for the last business day of the preceding month.


The Unifimoney/GBI statements will provide a detailed accounting of the holdings and a description of the quantity or fine weight of each bar/coin type held by the Client.


Tax and Other Considerations

Unifimoney and GBI do not provide tax advice and recommends Clients consult with appropriate investment, tax, legal, and/or other advisors in connection with the purchase, sale, and storage of Precious Metals.

Currency operations

All purchases and sales of Products and Services will be made in US dollars.


Regulatory Considerations

Unifimoney Inc. is not a broker-dealer or a futures commission merchant, and is not currently subject to regulation by the CFTC or any self-regulatory organization.


Unifimoney is not acting as an investment adviser with respect to the Precious Metals transactions or a commodity trading advisor with respect to the Precious Metals transactions and does not provide any investment advice or commodity trading advice as it relates to precious metals.


Precious Metals are not securities or futures contracts. Therefore, the protections afforded by securities and commodities laws will not apply to an investment in Precious Metals through Unifimoney, including, without limitation, the protections provided by SIPC. All transactions are executed by Gold Bullion International, LLC , a commodity broker-dealer registered with the New York Investor Protection Bureau.

Taxpayer ID Information

U.S. Clients will be required to provide a Social Security Number or Tax Identification Number to Unifimoney as part of the Account opening and Account maintenance process. Under penalty of perjury, Client certifies that: The Social Security Number or Taxpayer ID number shown on its application form is its correct taxpayer identification number (or it is waiting for a number to be issued to it); and It is not subject to backup withholding because: (a) it is exempt from backup withholding, or (b) it has not been notified by the Internal Revenue Service (IRS) that it is subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified it that it is no longer subject to backup withholding; and It is a U.S. citizen or other U.S. person; and The FATCA code(s) entered on its application form (if any) indicating that it is exempt from FATCA reporting is correct.


Other Terms

The terms of this Agreement, and Client’s Account with Unifimoney shall also be governed by Unifimoney’s Terms of Service, Customer Agreement, and Privacy Policy, the terms of which are incorporated herein by reference and made a part hereof. By accepting this agreement, the  Client acknowledges that they have read this Agreement in full and consents to be bound by all of the terms hereof, Client is also acknowledging that it has read in full and consents to be bound by all of the terms of Unifimoney’s Terms of Use, Customer Agreement, and Privacy Policy. Unifimoney reserves the right to change any of the terms of this Agreement at any time without prior notice to Client, and any such changes will be effective upon Client and its Account(s) five (5) business days from its posting. Client’s continued use of Unifimoney’s Services and Products following any such modification constitutes its acceptance of any such changes to this Agreement.