Purpose and Scope
This Refund and Return Policy has been adopted by GLStock in order to reduce the financial and legal risks to which the company is exposed and to give effect to the principles set out in its Anti-Money Laundering policy and in the measures it applies against the financing of terrorism.
The policy applies to every deposit made to, and every withdrawal requested from, a trading account held with GLStock, and forms part of the contractual relationship established by our Terms of Service Agreement.
Rights Reserved by GLStock
GLStock has the right, acting unilaterally, to block access to the private profile, to suspend trading activity on an account, to cancel a request for the deposit or withdrawal of funds, or to return funds where the source of those funds or the conduct of the client is inconsistent with the Anti-Money Laundering policy or with the measures applied against the financing of terrorism.
Where GLStock classifies the conduct of a client as inappropriate, or as inconsistent with the ordinary purpose for which its services are provided, and where there is a direct or indirect unlawful or unfair intention, GLStock has the right to act in accordance with this policy without prior notice to the client.
Executed Transactions
GLStock does not cancel trading transactions that have already been executed. GLStock does, however, have the right to return funds to the sender where no trading activity has been recorded on the trading account within one month of the date on which the account was credited.
Method of Refund
GLStock has the right, for objective reasons and where it is necessary to do so, to return funds received through any payment system, including credit and debit cards. Any such refund will be made to the same electronic wallet or bank details that the client used when making the deposit. Refunds will not be paid to a third party or to an account held in a name other than that of the client.
Chargebacks
When funding a trading account by payment card, the client undertakes not to submit to the issuing bank, or to the supplier of the credit or debit card, any application for the recall or reversal of a payment which has already been credited to the trading account, either during or after the use of the services of GLStock.
If GLStock nevertheless receives a payment complaint or chargeback request in relation to a transaction, it reserves the right to block access to the private profile, to freeze the current balance of the client, and to return the funds to the personal account of the client after settlement of all services rendered and commissions due.
Third-Party Payments
GLStock will take all necessary measures to prevent and to block both the deposit and the withdrawal of funds from a client account by any third party. Deposits to and withdrawals from an account may be made only by the owner of that account.
Processing Times and Costs
Refund requests are reviewed once the client’s verification documents are complete. The time required for funds to reach the client depends on the payment provider or banking institution concerned and is outside the control of GLStock. Any transaction costs, currency conversion charges or transfer fees applied by a payment provider or bank in connection with a refund are borne by the client, and the amount actually received may therefore differ from the amount originally deposited.
Digital Services
The services provided by GLStock are financial and digital in nature and are supplied immediately upon acceptance of the Terms of Service Agreement. Accordingly, no statutory right of withdrawal or return applies to trading activity itself; this policy governs the return of unused deposited funds only.
How to Request a Refund
A request for the return of unused funds should be sent from the email address registered on the account to [email protected], stating the account number, the amount concerned and the original method of payment. GLStock may request further documentation before a request is processed, in accordance with its Know Your Client and Anti-Money Laundering policies.
Amendments
GLStock may amend this policy at any time by publishing the amended version on its website. The version published at the time a request is submitted is the version that applies to that request.