Client Money Protection

At Bitcyclin Shares & stocks, the safety and security of our clients' money and assets is of the utmost importance. In accordance with the Financial Conduct Authority's (FCA) Client Money and Assets rules, all client money (including cash balances, unrealised profits and funds used as margin collateral) received by Bitcyclin Shares & stocks are held in trust in one or more segregated bank accounts. Client assets are held in trust in one or more segregated custodian accounts set up specifically for SCML clients. Consequently client money and assets are held separately from Saxo Markets’ own money and assets and cannot be used by Saxo Markets in the course of its day-to-day business operations. In the unlikely event of a default by Saxo Markets, clients will have their money and assets returned to them directly rather than become unsecured creditors of the firm. To ensure that the amount of money and assets held in the client bank accounts and custodian accounts accurately reflects the account value of our segregated clients, Saxo Markets performs comprehensive daily reconciliations and on the basis of this reconciliation processes any and all necessary bank transfers. Bitcyclin Shares & stocks carries out comprehensive due diligence on the banks and custodians that it intends to hold client money and assets with, not only when selecting the bank and custodians but also on an on-going basis. Banks and custodians are chosen, amongst other things, on the strength of their balance sheet, their credit rating and risk outlook. As required by the FCA rules, Bitcyclin Shares & stocks submits a monthly Client Money & Assets Return to the FCA and Saxo Market's client money and assets arrangements are audited by our independent auditor on an annual basis, with a copy of their report provided to the FCA. In accordance with our General Business Terms and the Client Asset Rules, Saxo UK may hold your Custody Securities in custody through External Custody Providers, which in some cases could be located in overseas jurisdictions. The legal or regulatory requirements that apply to the holding of these Custody Securities may differ from those applicable in the UK. Such External Custody Providers may have a security interest, lien or right of set-off over your Custody Securities due to local law. There is a risk that the External Custody Provider may exercise its rights over and reduce the amount of your Custody Securities. In some cases, it may also not be possible under local laws for your Custody Securities to be separately identified from Custody Securities belonging to the External Custody Provider or other third parties. In the event of the insolvency of the External Custody Provider, different legal and regulatory requirements and local market practices could apply and your rights in relation to those Custody Securities may differ from the UK regulations. Saxo UK will not be liable for the Insolvency, acts or omissions of such External Custody Providers or third parties. For more information on the terms used, please refer to our General Business Terms.