This Agreement is effective 8th November, 2022
Douugh Australia Ltd ABN 76 617 000 138, Australian Financial Services Licence (AFSL) number 500063 (Douugh, us, our). You may contact us as email@example.com, or online at https://douugh.com/au.
We don’t take into account your personal objectives, circumstances or financial needs. Any advice is of a general nature only.
Please be aware that when investing, all your capital is at risk. As investments carry risk, before making any investment decision, please consider if it’s right for you and seek appropriate taxation and legal advice. Please view our Financial Services Guide before deciding to use or invest on Douugh.
When opening an account with Douugh you confirm that your details will be shared with DriveWealth, LLC (DriveWealth) and an application for a DriveWealth brokerage account (Limited Purpose Margin Account) will be made. You also agree to make all of your fully paid US listed securities available to be lent to DriveWealth in return for a payment. This will include agreeing to DriveWealth causing cash or other collateral to be held in a third-party custodial account for your benefit to secure the loan. Please read the DriveWealth terms and conditions, disclosures, customer agreement and master securities lending agreement documents before applying for a Douugh account.
When you sign up with Douugh, we may also seek your consent to open in your name an OFX account. OFX services will be accessible through the Douugh platform, including, Top Up and Collection Services to top up funds and receive proceeds and payments from Douugh, and Payout Services to pay out funds from the Wallet to a linked bank account or Douugh.
Douugh’s US broker-dealer, DriveWealth is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC), which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Please be aware that SIPC may not protect you with respect to loaned securities once such securities are removed from your account. Explanatory brochure available upon request or at SIPC - Securities Investor Protection Corporation. Check the background of DriveWealth on FINRA’s BrokerCheck here.
Information on Douugh is not an offer, solicitation of an offer, or advice to buy or sell securities or any financial product, or to open a trading account in any jurisdiction where Douugh is not registered to do so. Upon opening an account with Douugh from a jurisdiction where Douugh is not registered or able to market its services, you confirm that Douugh did not make an offer, solicit an offer or provide any advice to buy or sell a financial product. If you are based in a jurisdiction where Douugh is not registered (or regulated) you are responsible for ensuring that you comply with all local laws and regulations that you are subject to and for obtaining your own financial advice and legal advice if you are unsure.
Before investing in an Exchange Traded Fund (ETF), an investor should consider the investment objectives, risks, charges, and expenses of the investment company carefully. The prospectus contains this and other important information about the investment company. You should read the prospectus carefully before investing.
Inverse and leveraged ETFs are complicated instruments and are generally only suitable for experienced investors and traders who monitor their trading regularly and understand the nature of the product. On Douugh, before trading these types of instruments, we suggest that you make yourself aware of the risks involved with them. We’ll also seek your confirmation that you understand these risks before you place a trade in one.
As these products are designed to meet their stated objectives on a daily basis, they may not be suitable for long-term investments. Please make sure you are aware of these risks before you trade these products.
Fully Paid Securities Lending (Stock Lending)
Before participating in fully paid securities lending on Douugh (Stock Lending), please consider whether it is right for you and seek appropriate financial, legal and taxation advice. You should consider your financial situation and needs, tax status, investment objectives, investment time horizon, liquidity needs, risk tolerance and any other relevant information. Douugh does not take these into account. Please review Douugh’s Financial Services Guide, Terms and Conditions and Stock Lending Explained, as well as DriveWealth’s Risk Disclosures and Master Securities Lending Agreement before joining Douugh.
Only ‘fully paid’ securities are eligible to be loaned, that is, securities that are in your Douugh account which have settled and have been fully paid for by you. There is no guarantee that your securities will be loaned. The securities actually borrowed, the duration of each loan and the revenue earned will vary based on market conditions and borrowing demand, amongst other things. If DriveWealth borrows your securities, it may then lend those securities to other market participants such as banks, investment funds, brokers etc. If your securities are loaned, you should be aware that they could be used to facilitate short selling, which could put downward pressure on the price of the loaned securities and affect the long-term value of your securities.
When your shares are lent, ownership of the shares transfers from the lender (you) to the borrower. However, you retain a contractual right to the return of the loaned securities and may sell your shares or opt-out of Stock Lending at any time which will terminate the loan. As you retain economic ownership of the shares, you will still be exposed to fluctuations in the value of the shares while they are on loan.
You may opt-out of securities lending at any time by contacting us at firstname.lastname@example.org
If there is a dividend payment or other distribution made while your securities are on loan, you will receive an equivalent cash payment. However, generally loans will be terminated prior to dividends being paid and you will receive the dividends as usual. Be aware that such income may attract tax consequences and consider whether it’s appropriate to obtain professional tax advice. While a loan is outstanding, and until loaned securities are credited back to your account upon termination of a loan, you will lose your right to vote in respect of the loaned securities.
When your securities are on loan there is also a risk that the borrower is unable to return them. To protect lenders, assets valued at least the same value of the borrowed securities will be set aside in a separate collateral account. In the event that the borrower defaults on the loan or your securities, you (the lender) can be repaid from the collateral. When you sign up to Douugh, DriveWealth will seek your consent and authority to establish and maintain such a collateral account for the benefit of all Douugh’s customers whose US securities are lent.
Please be aware that SIPC may not protect you with respect to loaned securities once such securities are removed from your Douugh account, and therefore, the collateral held may constitute the only source of satisfaction of DriveWealth’s obligations in the event DriveWealth fails to return the loaned securities.
Information on Douugh is not an offer, solicitation of an offer, or advice to loan securities.
System Availability, Execution, Data
System availability and response times, data, liquidity, execution speed and price are subject to market conditions, order size, order types, any connection limitations and various other factors.
All chart data is provided for informational purposes and should not be relied on for taxation or any other purposes. Further, represented investing approaches displayed across Douugh services including, but not limited to Dollar Cost Averaging and Compounding, are not guaranteed to be the best or most appropriate strategy.
Please note that market data is provided courtesy of DriveWealth LLC, FinnHub and Financial Modeling Prep and FX data is provided by OFX. No representation or warranty is made as to the timeliness, reliability, accuracy or completeness of the material and Douugh does not accept any responsibility arising in any way for errors in, or omissions from, that data.
Market data will be 15 minute delayed until a trading account is created. Trading accounts are created at first funding. Once a trading account has been established Real Time market data will be displayed.
Waitlist and Promotions
Getting “early access” to a promotion is defined as signing up with a valid email address on a waitlist for an upcoming feature or promotion. Early access to the promotion or feature with Douugh is not an offer or solicitation of any financial services or any confirmation that a trading account with Douugh or any account with any of its partners has or will be opened.
Priority on any waitlist or promotion may be given to existing customers of Douugh.
Douugh may from time to time run promotions or programs offering rewards or incentives. If you elect to enter such an offer, you agree to the terms and conditions that apply to such promotion or program.
Relevant foreign exchange, account, alternative dispute resolution, securities and exchange commission & FINRA (regulatory sell side) fees may apply. Please see our pricing information for more detail on all fees. Pricing may be updated at any time and customers will ordinarily be provided with 20 days notice.