The relationship between VT Markets and the client is that of Wakalah/agency.
VT Markets being the agent that manages the accounts and charges an Administration fee based on a signed mandate.
The relationship between the liquidity providers and VT Markets is that of Qardh (Loan) which is managed under a signed mandate by VT Markets.
The account holders do not sign a mandate with the liquidity provider and have an agreement only with VT Markets. The actual trading is referred to as Bay al-Sarf (currency trading).