1.1 BitForex MT5 Trading (the “Service”) is a Virtual Financial Asset (VFA) derivative trading service launched by BitForex Co. Ltd to provide all users more trading options with VFA. (hereafter “BitForex”). It is designed, managed, and operated by BitForex. To enable BitForex MT5 Trading, you must fully read, understand and agree to “BitForex MT5 Trading User Agreement” (the “Agreement”). Please read through all the terms and conditions carefully, before choosing to accept this Agreement.
1.2 Please note that you shall not use the Service before agreeing to the terms of the Agreement. In particular, by accepting the Agreement directly or using the Service, you acknowledge that you have agreed to the terms of the Agreement.
2. Eligibility of Using the Service
2.1 You acknowledge and agree that:
"You have agreed to “BitForex Terms of Service”, and you are eligible for and not prohibited from using the “Services” defined therein;
This Agreement does not contradict with the laws of the country or region where you are from;
"You are the legal owner of the VFAs you have deposited with the Service and aforesaid VFAs are obtained from legitimate sources."
2.2 You are aware of and assume the risks in using the Service, which include but not limited to:
High price volatility of the VFAs and their derivatives could incur big or total loss in a short period time;
"The insufficiency of VFAs deposited as margin could incur immediate forced liquidation of your positions, and you could lose all VFAs you have deposited with the Service;"
"Technology outrage could happen, which may delay or block your use of the Service;"
"Market anomaly could happen, which may incur loss of your VFAs."
From time to time, in order to maintain the overall well being of the market, BitForex needs to add, remove, or change policies. Such action may be in favor or against an individual user like you.
2.3 You acknowledge and agree that:
"You will not use the Service for any illegal purpose."
You will not initiate or facilitate any form of market manipulation.
3. Using the Service
"3.1 The Service provides you with real-time order book along with other information. You may view or download information for your own analysis."
3.2 You may place orders, in the form required by Bitforex MT5, via the website, client software, API or any other channels. Once an order is filled you will not be able to cancel or amend it.
3.3 Once your “Sell” or “Buy” order is filled, the corresponding position is opened.The Service will provide you with information about your positions, and about the value of your VFAs and their derivatives, on a real-time basis.
3.4 The MT5 will be settled at 00:00 (GMT+8) every day (Settlement). At Settlement, RPL minus the auto-deleveraging amount will be credited to your account, which can be withdrawn immediately (subject to margin requirement and other limits required by the Service). RPL is then reset to 0.
3.5 Transfer process time for BitForex MT5 Account to MT5 Trading and MT5 Trading to BitForex MT5 Account will be 9:00 (GMT+8) everyday. All transfer requests will be processed on the next day when requested after 9:00 (GMT+8) each day.
3.6 You shall pay BitForex for the Service. As for the payment arrangement, please refer to “BitForex MT5 Guide” for details.
4.Limitation of Liability
4.1 You acknowledge that you understand the rules and policies thoroughly. BitForex will not be liable for your loss due to misunderstanding of the rules and policies. In particular, to open or maintain your positions, the amount of VFAs you deposited as margin will need to meet certain requirements. If the requirements are not met, Forced Liquidation will be triggered. When a Forced Liquidation happens, you could lose all the VFAs you have deposited as margin.
4.2 The information of your trading becomes official at Settlement. The information shown between 2 consecutive Settlements are for reference purpose only and cannot be guaranteed to be implying the official outcome. You could take a loss by your actions based on the intro-settlement information provided. BitForex will not be liable for your loss incurred.
4.3 To comply with the changes in laws or regulations, or to maintain the overall well being of the market, BitForex will need to, under its sole discretion, change policies or implement emergency rules from time to time. Such changes or implementations could lead to temporary inaccessibility of your account, auto-deleveraging from your account, immediate closure of your certain positions, or other interruption of the Service. BitForex will not be liable for your loss incurred.
4.4 BitForex will not be liable for any loss incurred by uncontrollable situations, which include but not limited to:
"A. System maintenance as announced in advance;"
"B. Internet device malfunctions which disabled data transfer;"
"C. War, riots, floods, earthquakes or any other unexpected disruptions;"
"D. Hacking attacks, computer virus, internet network malfunctions, banking issues, website updating, service suspension, delay or cancellation due to the interruption of government; "
"E. Unpredictable or unsolvable issues with the technologies currently available;"
"F. Caused by third parties including inappropriate or delayed executions."
4.5 Network failures, system failures, hacking attacks, and other unforeseen factors have the potential to cause abnormal turnover, market interruptions and other possible anomalies. BitForex reserves the right to cancel and/or roll back transactions over a period of time in which it deems sufficient to mitigate any detrimental market effects. BitForex will not be liable for any loss incurred thereby.
4.6 You are aware that technology outrages can happen unexpectedly. BitForex will not be liable for any loss incurred by technology outrages which include but not limited to:
Loss, delay, interruption, or other malfunction of the connection to the Service.
"Stopping, slowness, no response, or other malfunction of the Service, due to overloading."
Malfunction due to the Service’s incapability to retrieve necessary data correctly from a third party through the internet.
4.7 BitForex strictly prohibits unfair trading behaviors. BitForex reserves the right to enact, under its sole discretion, executive control over your account, if you Are involved in price manipulation or any other malicious wrongdoings to the market;
Might be harming other users or BitForex by exploiting the Service’s vulnerabilities or by other unreasonable means;
Are involved in any other activities that BitForex deems harmful to the overall well being of the market.
"BitForex also reserves the right to take actions including but not limited to close your accounts, limit trading, halt trading, cancel transactions, and rollback transactions to eliminate any adverse effects to the overall well being of the market. BitForex will not be liable for any loss incurred when such action against you happens."
5. Violation Activities
5.1 “Violation Activities”includes, but is not limited to, the following:
(a) opening or closing positions based directly, indirectly, partially or fully on actual or potential financial advice, recommendations, statements or commentaries from a third party, regardless of whether or not they are licensed or authorised to do so;
(b) insider trading;
(c) scalping - means a trading strategy based on the notion that a significant portion of the Client’s transactions are opened and closed within three (3) minutes in order to accumulate quick profits from small price changes;
(d) underlying market manipulation;
(e) attempts to and instances of, hiding or creating doubt about or misleading us about the location from which orders are being issued;
(f) attempts to and instances of hiding or creating doubt about or misleading us about the device from which orders are being issued;
(g) attempts to attack our IT infrastructure or slow down our server;
(h) attempts to trade using arbitrage, price latency or system overload;
(i) trading on multiple accounts from single IP address;
(j) trading on multiple accounts from a single device;
(k) unusual transactions such as scalping or trading patterns involving what BitForex considers to be sudden and significant changes in volume traded.
5.2 BitForex reserves the right to take actions including but not limited to close your trading accounts, limit trading, halt trading, cancel transactions, rollback transactions and freeze your account assets to avoid losses to the platform if any violation activity by the user is detected. BitForex will not be liable for any loss incurred when such action against you happens.
6.1 You must indemnify BitForex for actions related to your BitForex account and your use of the Service.
6.2 You hereby agree to defend, indemnify and hold BitForex harmless from any claim or demand (including reasonable legal fees) made or incurred by any third party against BitForex due to or arising out of your breach of this agreement, your improper use of the Service, your violation of any law or the rights of a third party and/or the actions or in actions of any third party to whom you grant permissions to use your BitForex account or access our website, software, system (including any network and servers used to provide any of the Service) operated by us or on our behalf, or any of the Services on your behalf.
7.1 The contents of this Agreement also include BitForex’s various system specifications, other agreements or rules in the annex to this Agreement, and other relevant agreements and rules regarding the Service that BitForex may from time to time issue. Once the above content is officially released, it is an integral part of this agreement, and you should also abide by it. In the event of any conflict between the above content and this Agreement, this Agreement shall prevail.
7.2 BitForex reserves the right to unilaterally modify this Agreement (including the above contents) if necessary. Such modification could happen at any time without prior notice. In the event that any changes are made, the revised contents shall be posted on BitForex’s website immediately. Please check the latest information posted therein to inform yourself of any changes. Your continued use of or access to the Service following the posting of any changes constitutes acceptance of those changes. If you do not accept the revised content, you should stop using the related services.
7.3 You should read the Agreement, and any document referred to in them very carefully. If there is anything that you do not understand in the Agreement and any document referred to herein, you should discuss this matter with BitForex and seek the necessary clarification. Any formal communication with you will be undertaken through electronic mail unless otherwise instructed. Documents will be sent to you by electronic mail, and you should send any documents to us by the same means. Any formal communication with you will, unless otherwise agreed, be made in the English language. In the event of any discrepancy between the English language version of the Agreement or any such communications and any translation of the Agreement or such communications (as applicable) in a foreign language, the respective English version shall prevail. In the event of any discrepancy between communications and the Agreement, the Agreement shall prevail.
In the event of any discrepancy between the English language version of the Agreement or any such communications and any translation of the Agreement or such communications (as applicable) in a foreign language, the respective English version shall prevail. In the event of any discrepancy between communications and the Agreement, the Agreement shall prevail.
7.4 The establishment, validity, explanation, alteration, execution and dispute resolution of this user agreement shall be governed by the laws of The Seychelles.
7.5 If there is any dispute between a user and BitForex, both parties should try to work out a resolution through negotiations. However, if the attempt is unsuccessful, both parties should agree to resolve the disagreement or dispute through Seychelles judiciary.
7.6 All the headings in this agreement are for reading convenience only and shall not affect its interpretation.
7.7 This Agreement does not apply to users of the BitForex MT5 Trading Simulation.