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• Stock Investing Terms & Conditions
This page (together with our Privacy Policy, which can be found on our site) tells you information about us and the legal terms and conditions ("Terms") on which we provide you with access to Plum, a personal savings assistant available through our mobile applications ("app") that monitors your daily spending and automatically sets aside money for you, as detailed on our website https://withplum.com ("Our Site") and the Services (as defined below).
For these Terms to apply, you must be resident in an EU country.
These Terms will apply to your use of Plum and the provision of our Services to you. Please read these Terms carefully and make sure that you understand them, before signing-up to use Plum. Please note that before you use the Services you will be asked to agree to these Terms. If you refuse to accept these Terms, you will not be able to use the Services.
We may amend these Terms from time to time as set out in clause 12. Please check these Terms periodically to ensure you understand the terms which will apply at that time. You may ask for a copy of these Terms at any time.
These Terms and all information will be in the English language. A glossary of defined terms used in these Terms is set out in Annex 1.
"Application" has the meaning given to it in clause 3.1.
"AIS Partner"means our third party provider supplying the services that enable the aggregation of your bank account information. Depending on your bank, your aggregation partner is either: 1) TrueLayer (Ireland) Limited, a company registered in Ireland (company number 671615) with registered office at 25-28 North Wall Quay, Dublin 1, D01 H104, Ireland. TrueLayer (Ireland) is authorised as a payment institution by the Central Bank of Ireland ("CBI") under the European Union (Payment Services) Regulations 2018 and is listed in the CBI’s Register of Payment Institutions; or 2) Tink AB, a company registered in Sweden (company number 556898-2192) with registered office at Vasagatan 11, 111 20 Stockholm, Sweden. Tink is licensed as a payment institution and is supervised by the Swedish Financial Supervisory Authority (“FI”) under the European Union (Payment Services) Regulations 2018 and is listed in the FI’s register.
"Business Day(s)" means any day(s) except for Saturdays, Sundays and public holidays in the Republic of Cyprus.
"E-Money Provider" means our provider of E-Money who will operate and maintain your Plum Wallet . This is currently PayrNet UAB, an e-money institution incorporated in Lithuania, under registration number 305264430 and with registered address at Girulių g. 20, LT-12123 Vilnius. PayrNet UAB is authorised and regulated by the Bank of Lithuania and its licence number is LB001994.
"Payment Services Provider" means the party which facilitates payments (including direct debits) to be made from your bank account into your Plum Wallet. This may be one of several providers according to the type of payment, more information can be found in our Privacy Policy.
"Personal Account" means the bank accounts of individual customers held with their banks.
"Plum Account" means the notional account which will encompass the totality of the services we will provide to you, and through which you will set aside and invest money.
"Plum Services" has the meaning given to in clause 2.3.
"Plum Wallet" means the electronic money wallet held with the E-Money Provider.
"Premium Services" means financial products or services made available to Plum by our trusted third parties as referred to in clause 2.6.
"Premium Service Terms" means the additional terms and conditions applicable to each Premium Service.
"Services" means the Plum Services and the Premium Services.
"Trial Period" means the length of time that the Trial will be in place for before you are deemed to have taken up the Premium service. If not otherwise noted, this will be 30 days.
This agreement (the Order Handling Services Terms) is between you, the client (Client, you, your) and Plum Money CY Limited , a company registered in Cyprus under company number HE 414587 and registered at Panteli Katelari, 21,Libra House, 6th Floor, 1097, Nicosia, Cyprus (Plum, we, us, our). These Order Handling Services Terms relate to the provision of certain order handling Services by Plum to you in the Securities (the Order Handling Services) via the Plum mobile application (the Plum App).
These Order Handling Services Terms act as an addendum to the Plum General Terms and Conditions that are in place between you and us. You are entering into this agreement because you wish to receive the Order Handling Services and any rights or obligation which you may have or be subject to under these Order Handling Services Terms are in addition to the rights and obligations arising under the Plum General Terms and Conditions to which you are a party. The Plum General Terms and Conditions will continue to apply to you when accessing and using the Order Handling Services. To the extent that any conflicts arise between the provisions of these Order Handling Services Terms and the Plum General Terms and Conditions in relation to the Order Handling Services, these Order Handling Services Terms will prevail.
Throughout this agreement, we use certain capitalised terms. A full list of these capitalised terms can be found in the Schedule to these Order Handling Services Terms.
These Order Handling Services Terms contain important information that you need to read carefully. Before confirming your agreement to these Order Handling Services Terms and opening a Stock Investing Account, you should carefully read our Risk Warning Notice (which can be found here) and our Order Execution Policy (which can be found here), each of which shall apply to Orders and Transactions made under these Order Handling Services. If you have any questions or doubts about any of the content in these Order Handling Services Terms, you should seek appropriate professional advice before opening your Stock Investing Account.
We may update these Order Handling Services Terms in accordance with any amendment provisions in force from time to time between you and us under the Plum General Terms and Conditions.
Plum Money CY Limited is an Investment Firm, authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), under the license number 407/21 to provide regulated activities. We can be contacted at help@withplum.com.
CySEC’s contact details are as follows:
Office Address: 19 Diagorou Str. CY-1097 Nicosia, Cyprus
Telephone: +357 22506600
Postal Address: P.O BOX 24996, 1306 Nicosia, Cyprus.
Where you wish to trade Securities as part of the Order Handling Services, your Orders will be executed by the Third Party Broker, meaning you will need to open a separate account directly with the Third Party Broker which will be governed by terms and conditions of the Third Party Broker (the TPB Terms). Information on the Third Party Brokers’ regulatory status is detailed in the TPB Terms. If you do not agree to the TPB Terms, then you may not be able to submit Orders in relation to Securities. The TPB Terms are a matter between you and the Third Party Broker and we do not have any rights or obligations under such TPB Terms.
"Automated Order" means an Order the parameters of which are pre-determined and which is automated submitted to us on a set date.
"Base Currency" means the currency listed as the currency of your Plum Wallet.
"Currency Conversion Fee" means the Fee applied when converting from the Base Currency into another supporting currency or vice versa, the value of which will be listed on the Plum Website from time to time.
"Stock Investing Account" means the account opened by you with Third Party Broker for purposes of your access to and use of the Order Handling Services.
"Order Handling Services" has the meaning given in the Introduction.
"Order Handling Terms" has the meaning given in the Introduction.
"Eligible Counterparty" has the meaning given in the CySEC Rules
"CySEC"has the meaning given in the About Us section.
"CySEC Rules" means the rules of the CySEC as documented in CySEC’s rules from time to time
"Fees" means any fees, commissions or similarly payable to us under the Order Handling Services Terms in respect of the Order Handling Services, as these are listed on the Plum Website from time to time.
"Force Majeure Event" means acts of God, fire, flood, drought, earthquake or other natural disaster, epidemic or pandemic; terrorist attack, civil war, civil commotion or riots, war, threat of or preparation for war, armed conflict, imposition of Sanctions, embargo, or breaking off of diplomatic relations; nuclear, chemical or biological contamination or sonic boom; any law or any action taken by a regulatory or governmental authority, including without limitation imposing an export or import restriction, quota or prohibition; collapse of buildings, fire, explosion or accident; any labour or trade dispute, strikes, industrial action or lockouts (other than in each case by the party seeking to rely on this clause, or companies in the same group as that party); non-performance by suppliers or subcontractors (other than by companies in the same group as the party seeking to rely on this clause); and interruption or failure of utility service.
"Losses" means any liabilities, costs, expenses, damages and losses (including, but not limited to, any direct, indirect or consequential losses, loss of profits, goodwill, reputation, loss of business opportunity or anticipated savings, and all interest, penalties and legal costs (calculated on a full indemnity basis)).
"Market Data" has the meaning given in Clause 9.1.
"Manual Order" means an Order where you determine the relevant parameters via the Plum App.
"Market Order" means an instruction to us seeking the creation of a Transaction immediately at the best available price in relation to the Security in question.
"Order" means any instruction given by you to us under the Plum App in relation to a Security and includes a Market Order, a Manual Order and an Automated Order.
"Plum App" has the meaning given in the Introduction.
"Plum Wallet" means the electronic money wallet held with the E-Money Provider.
"Positions" means the Securities that the Third Party Broker hold on your behalf following the conclusion of a Transaction.
"Professional Client" has the meaning given in the CySEC Rules.
"Retail Client" has the meaning given in the CySEC Rules.
"Risk Control" has the meaning given under Clause 4.1.
"Sanctioned Person" The target of any Sanctions or located, organised or resident in a country or territory with which Order Handling Services are broadly restricted or prohibited by any Sanctions.
"Sanctions" any economic, financial or trade sanctions or embargoes, export controls or other restrictive measures imposed by the United States of America (including those administered by the United States Department of the Treasury’s Office of Foreign Assets Control), the European Union, any member state of the European Union, the United Kingdom (including those administered by HM Treasury) or the United Nations.
"Sanctioned Person" The target of any Sanctions or located, organised or resident in a country or territory with which Order Handling Services are broadly restricted or prohibited by any Sanctions.
"Securities" means the financial instruments made available via the Plum App which are capable of being subject to Orders.
"Third Party Broker" means Alpaca Securities LLC.
"TPB Terms" has the meaning given in the About Us section.
"Trading Hours" means regular trading hours for the stock markets as listed on the Plum Website from time to time.
"Transaction" means a transaction that arises following the execution of an Order.
"Website" means https://withplum.com/en-GR/.
Plum is committed to treating customers honestly, transparently and in the best interest of our customers.
This Order Handling and Best Interest Policy (“Policy”) provides information to customers of Plum (references to "Plum", "us", "our" and/or "we" means Plum Money CY Limited) on when, where and how we will treat your orders when received and transmitted for execution.
The purpose of this Policy is to set out Plum’s approach to meeting our customer best interest and order handling obligations by setting the methods by which we take all sufficient steps to obtain the best possible results when acting on their behalf.
This Policy sets out our execution model and our overarching approach to overseeing execution, including the execution factors considered. In addition, the Policy sets out the key risks to best execution and the governance relevant to the monitoring and oversight of this Policy.
Through the Plum App, Plum offers its customers execution access to US stocks listed on the New York Stock Exchange (“NYSE”) and the Nasdaq Stock Market (“NASDAQ”). Plum receives the order from the customer through the Plum App and transmits the order to our third-party broker for execution.
Plum utilises a third-party broker, Alpaca Securities LLC (“Alpaca”), a US broker dealer registered with the Securities and Exchange Commission (“SEC”), and a member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (”SIPC”). Alpaca has relationships with multiple third party brokers that it can access for the purpose of directing orders in securities to particular market centres for execution and as such has the capacity to achieve best execution.
Details on how the Alpaca executes its orders can be obtained in the Alpaca Customer Agreement , https://files.alpaca.markets/disclosures/library/AcctAppMarginAndCustAgmt.pdf.
We will not execute any orders that you submit via the Plum App, but rather will transmit orders to our third party broker Alpaca for execution or onward transmission by Alpaca to market centres or other third party brokers. Under no circumstances will we act in any other capacity and a transaction will arise between you and Alpaca in all instances for the purposes of the execution of your order.
Whilst we are not ultimately responsible for execution of orders, we do have an obligation to take all sufficient steps to obtain the best result for our customers in transmitting orders to our third party broker.
Our primary obligation is to ensure that our customers’ orders are received and transmitted to Alpaca promptly and fairly. Unless instructed otherwise by the customer or where prevailing market conditions prevent us from doing so, all orders will be transmitted to Alpaca sequentially and promptly in accordance with our order handling process.
Plum cannot guarantee that the best execution is achieved for each and every trade. Plum’s best execution approach is focused on achieving the best possible results on a consistent basis, and not merely best execution for an individual order.
Orders for execution in US-listed securities on NYSE or NASDAQ are transmitted to Alpaca. Orders for full shares of a security will be executed by Alpaca, as agent, through any of their third party execution brokers or venues they interact with. Orders for fractions of a security will be executed by Alpaca, as principal. Where your order includes both a whole share and fraction of a share, it will be executed in a mixed capacity by Alpaca. Alpaca has a system in place with regards to its fractional shares and listed securities arrangements that aims to ensure that its customers obtain best execution and/or benefits from price improvements.
In all cases, Alpaca commits to execute at the National Best Bid or Offer (“NBBO”) as of the time of your order, for all whole share and fractional share components of a transaction, in line with its best execution objective.
Under normal market conditions you should expect a market order to be fully executed. Partial order execution may occur in the event there are not enough shares to fill your order or due to unexpected technical reasons in which case the unexecuted part of your order will be cancelled.
We do not aggregate a customer's orders with those of any other customers. Although, Alpaca may, when it considers it necessary and in our customers’ best interests, aggregate (i.e. combine together) multiple orders. You should be aware that aggregating orders in this way may be to your disadvantage. Because your investment may be bought or sold alongside the shares of other customers, the price obtained may not be the same as if it had been an individual order.
We will carry out transmission of orders as promptly as possible unless the characteristics of the order or prevailing market conditions make this impracticable. In accordance with our processes we will inform customers about any material difficulty relevant to the proper carrying out of orders promptly upon becoming aware of the difficulty.
Plum has various arrangements in place to review, monitor and oversee the standards of execution received by Alpaca and their counterparties.
In seeking the best possible result for the customers, Plum applies an order handling process that is structured around order initiation, order decision, execution to final settlement.
Plum takes all sufficient steps to achieve the best possible results for its customer by verifying that Plum’s order handling arrangements work well throughout the different stages of the order routing and execution by its selected third party broker.
Taking all sufficient steps” includes order execution arrangements to ensure intended outcomes can be successfully achieved on an ongoing basis. It includes taking sufficient steps in overseeing that the third-party broker that Plum uses for onward routing has the necessary arrangements in place to allow Plum to comply with its Policy, taking into account the execution criteria and execution factors.
Plum has identified a three step process for designing and maintaining an infrastructure design to achieve best execution for its customers.
Design: The design process is an ongoing process involving the continual review of execution arrangements made by Plum to deliver the best possible outcome for its customers and making enhancing arrangements as necessary. Matters relating to the design process are discussed in the Best Execution Oversight Group and submitted for relevant approvals.
Implementation: The approved execution arrangements are implemented using routing technology and execution partnerships with third-party brokers and direct execution venue connection, as may be relevant. The execution arrangements are then subject to an ongoing review process which is done by ongoing monitoring of execution performance.
Updating: Any issues arising from the ongoing review process and/or monitoring of market structure developments are escalated, discussed and reviewed by the Best Execution Oversight Group and incorporated in the design process.
Best execution is the duty that Plum owes the customer to take all sufficient steps to obtain the best possible result when receiving and transmitting orders for execution on the customer's behalf. In doing this we take into consideration the following execution factors:
The execution factors are considered in light of the execution criteria by assessing their relative weighting in light of elements that could influence the outcome of the execution and therefore the outcome for the customer.
In determining importance given to execution factors Plum will take into account relevant execution criteria and market conditions including (but not limited to):
In assessing the execution factors and the weighting of the criteria it is considered that in most instances priority should be given to the execution factor ‘price’ and ‘cost’. In certain circumstances Plum may determine that the speed and likelihood of execution may take precedence over immediate price and cost factors if these other factors are instrumental in delivering the best possible result. This may be the case for example for large customer orders in illiquid shares.
Customer fees and commissions are pre-agreed as per Plum’s fee model. As such, customers are not directly exposed to additional costs during the order handling and execution process. Both ex-ante and ex-post costs are made available to customers, and incidental costs and charges to customers such as implicit transaction costs are made available to customers in confirms and statements, including incidental costs and charges to customers such as implicit transaction.
Plum monitors on a regular basis the effectiveness and application of this Policy.
The monitoring of executions and oversight is focused on an overall assessment to determine if the best result was achieved in accordance with this Policy.
Plum will correct any deficiencies identified as part of its monitoring. Plum evaluates the trading execution quality obtained on a periodic ex-ante basis and considers alternative methods designed to improve the execution process.
Generally, Plum's monitoring process will focus on the outcomes that have been achieved for customers and whether these are overall consistently giving customers the best outcome they could have had, given the relevant assessment criteria.
In order to analyse and draw conclusions from monitoring of quality of execution obtained by Alpaca, Plum’s monitoring is focused on the overall execution process as well as including identifying executions where trade is executed outside the best bit or offer at the time of the trade or where delays have occurred during the execution process.
The review by the Best Execution Oversight Group is an overall assessment of whether the execution policies and the arrangements include all sufficient steps that Plum could be taking to achieve best execution of customers' orders.
Once we have transmitted your orders to Alpaca, we cannot control when and how the Alpaca will execute your orders. By opening a Stock Investing Account you are deemed to consent to our Order Handling and Best Interests Policy.
These Recurring Buy Transactions Terms & Conditions, along with our General Terms & Conditions, Stock Investing Terms & Conditions and any other documents we provide in relation to our services form a legal agreement between you and Plum.
These Recurring Buy Transactions Terms & Conditions will remain in effect after the initial Recurring Buy Transaction is executed in full and until you cancel your Recurring Buy Transaction using app settings in your Plum Stock Investing Account.
You can easily cancel any scheduled buy orders by tapping the Recurring Buy Order card on the instrument selection screen. This will open up the Order Details Screen. Here you can tap the red button that says “Cancel”.
By setting up a Recurring Buy Transaction, you authorise us to automatically create a Buy Order for you under the Stock Investing Terms & Conditions without any other consultation, consent or approval.
You can set up a Recurring Buy Transaction to purchase the company stocks you select, at regular intervals in the future, for the market price at the time your order is executed. Once you click “Confirm”, you authorise your Recurring Buy Transaction to repeat indefinitely and as such it’s important that you regularly review your recurring orders. Plum is not obliged to verify the information and details of the Recurring Buy Transactions provided by you, which shall be assumed accurate and complete.
Plum is not responsible for any losses incurred by you as a result of unauthorised, incorrect or failed transactions due to incomplete or outdated information (including having insufficient funds in your Plum Wallet to complete the transaction).
It is your responsibility to maintain an adequate balance and/or sufficient credit limits in order to avoid overdraft, non-sufficient funds, or fees charged by Plum.
Plum is not responsible for the delay caused (if any) in executing the Recurring Buy Transactions for any reason and/or for any merchant-initiated transactions.
Plum is unable to provide any guarantee relating to the performance of particular investments or strategy connected with Recurring Buy Transactions.
Plum reserves the right to refuse to process, cancel, terminate or reverse any Recurring Buy Transactions at its sole discretion and without any prior notice, even after funds have been debited from your Plum Wallet.
For the use of the Recurring Buy Transactions feature, Plum will not charge you any fees other than those specified under the Stock Investing Terms and Conditions.
Plum will reverse any transaction where there is suspicion that the order is erroneous or involving (or has a high risk of involvement in) market abuse, money laundering, terrorist financing, fraud or any other type of financial crime. In this instance, Plum will remain under no obligation to allow you to reinstate a buy order at the same price or under the same terms as the canceled transaction and cannot be held liable for any damages or losses caused due to the actions taken by Plum under these terms.
Plum does not provide personalised investment recommendations, investment advice, tax related advice or other financial related advice of any kind. Any explanation or information provided by Plum in relation to Recurring Buy Transactions is not intended to be (nor should it be considered as) advice. This information is provided by us solely for informational purposes.
You should perform your own independent research on potential investments and consult with your financial adviser to determine whether an investment or the use of the Recurring Buy Transactions feature is appropriate given your financial needs, objectives, and risk appetite.
You should understand that the Recurring Buy Transactions feature is speculative and that you could sustain significant losses due to volatility in the stock market. Once you’ve confirmed the details of your recurring order, the feature will automatically execute orders with no additional manual intervention for yourself.
Recurring Buy Transaction(s): is a feature that allows you to create investment buy orders that will repeat at a fixed frequency (be that daily, weekly or monthly), as specified by you.