USER AGREEMENT

THANK YOU FOR CHOOSING CoVEX.IO (the "Site").

This User Agreement is an electronic agreement between you (hereinafter the "User") and

CoVEX Lab Technology LTD, a company registered and operating according to the laws of England and Wales, Company number 11238645, with the registered address International House, 24 Holborn Viaduct, London, United Kingdom, EC1A 2BN (hereinafter the "CoVEX") that applies to your use of this website, all services, products and content provided by CoVEX.

The text of this Agreement permanently located at https://covex.io/ contains all the essential conditions of the public offer of CoVEX. By creating an account on the Site or by using any of the Services, you acknowledge that you have read, understand, and completely agree to this Agreement in effect from time to time. THE PRESENT OFFER IS CONSIDERED TO HAVE BEEN ACCEPTED PROPERLY IF THE USER FOLLOWS THE STEPS LISTED BELOW:

GET FAMILIARIZED WITH THE CONDITIONS OF THIS USER AGREEMENT AND ALL ITS SUPPLEMENTS;

INTRODUCE REAL AND ACTUAL INFORMATION INCLUDING AUTHENTIC LOGIN, EMAIL AND PASSWORD AS WELL AS ENTER THE CAPTCHA CODE INTO THE REGISTRATION FORM IN THE 'REGISTER' TAB LOCATED AT https://covex.io/.

PUT THE REQUIRED SYMBOL IN THE SPECIAL BOX BELOW THE TITLE 'I ACCEPT THE CONDITIONS OF THE AGREEMENT' IN THE REGISTRATION FORM;

PRESS THE 'CONTINUE' BUTTON AFTER FILLING THE REGISTRATION FORM.

AFTER THE USER PRESSES THE 'CONTINUE' BUTTON AND SEE APPEARED THE SPECIAL MESSAGE INFORMING ABOUT THE SUCCESSFUL REGISTRATION, THE REGISTRATION PROCESS IS CONSIDERED COMPLETED AND THE CONDITIONS OF THE PRESENT USER AGREEMENT BECOME OBLIGATORY TO ABIDE FOR THE REGISTERED PERSON.

ATTENTION: IF YOU DO NOT AGREE WITH THE CONDITIONS OF THIS USER AGREEMENT, PLEASE DO NOT REGISTER ON THE WEB https://covex.io AND DO NOT USE ITS SERVICE.

CoVEX and the third party using the site in the Internet network located at https://covex.io/ have concluded the present Agreement on the following conditions.

1. TERMS AND DEFINITIONS

In the present Agreement the following terms have the meaning indicated below, unless otherwise is stipulated:

  • CoVEX is CoVEX LAB TECHONOLOGY LTD, a legal entity registered according to the law of UK, with the registration number 112386645 of the 7th of March, 2018, with registered address at International House, 24 Holborn Viaduct, London , including but not limited by employees, officers, directors and shareholders, affiliated persons of CoVEX LAB TECHNOLOGY LTD. Depending on the context CoVEX also may mean services, products, web-sites, content and other materials, provided by CoVEX.
  • Agreement means the present User Agreement.
  • Account means functional part of the System that controls User's Funds and operations conducted with them.
  • Anti-Money Laundering Policy means program on prevention of laundering of money derived from criminal activity and financing of terrorism, which constitutes an essential part of the Agreement which text is available at https://covex.io/exchange
  • Chat means the System's function intended for instant messaging between the Users.
  • Cryptocurrency means peer-to-peer digital currency that has no central issuer and is distributed directly between the owners of such currency.
  • Social Trading means the process of engaging in copy trading on the CoVEX platform, including assessing Model Traders and making decisions to follow any Model Trader and copy trade.
  • P2P Lending means each individual lending cryptocurrency product made available on the Website.
  • Payment Gateway: means users, CoVEX account holders, merchants, can use the CoVEX payment processing Gateway System and services (as defined below) for accepting payments in virtual currencies, carrying out of transactions (purchase, sale) in virtual currencies, as well as have access to other services offered by the CoVEX Payment Gateway System.
  • Deal means agreement on onerous alienation of rights on Cryptocurrency concluded between the Users of CoVEX.
  • Deposit means a transaction involving a transfer of Funds to the Account.
  • Exchange Rate means relation between the amount of Funds and the price offered by the User for Deals of exchanging Funds.
  • Fees mean rewards payed to CoVEX by the parties of deals and the prices for additional services rendered by CoVEX constantly available at https://CoVEX.IO/fees/.
  • Fiat money means government-issued currency, that is designated as legal tender in its country of issuance on the legislative level.
  • Funds means Cryptocurrency used during the execution of Deals.
  • Order means User's offer to close a Deal on certain conditions.
  • Parties means CoVEX and the User.
  • Personal Cabinet means set of protected pages created as a result of the User registration in the System, using which the User can to place Orders for further execution of Deals as well as instruct the CoVEX commissions stipulated by the present Agreement. The Personal Cabinet reflects information about placed and cancelled Orders, closed Deals, available funds and/or Cryptocurrency and other information determined by the functions of the Site.
  • Privacy Policy means rules of collection, storage, distribution and protection of personal data that the CoVEX gets from the Users and that is an essential part of the Agreement which text is available at https://covex.io/privacy_policy.
  • Site means set of information, texts, graphic and design elements, pictures, photo, video and other fruits of intellectual activity, as well as set of computer programs contained in the information system which ensures the accessibility of this information at https://covex.io/.
  • Services mean all and any service provided by CoVEX.
  • System means set of software and technical means used by the CoVEX in automatic mode to process operations conducted by the User in his/her Personal Cabinet.
  • User means capable under personal law natural person or business entity formatted in the appropriate legal form according to local legislation that use the Site and/or the System and has concluded the corresponding Agreement with CoVEX.
  • User Account Data means User Data necessary to access and use the System - login, password, email and other data indicated during the registration process as well as after it.
  • Withdrawal means a transaction involving a transfer of Funds from the User's Account.
  • Stop out - forced closure of trading position at a market price, in order to protect the financial interests of participants in the Marginal Deal from the negative balance of the Account.
  • Leverage is the ratio of the User's own funds to the volume of trading operations that it can perform at the expense of the Funds granted to it under a Loan agreement.
  • Abandoned Account - any inactive Account through which no transactions have been processed for a minimum of six months or for which contact information (address, phone numbers, email address) is no longer valid.
  • The rest of terms and definitions that can be found in the text of the Agreement should be interpreted by the Parties according to the legislation of the UK and to the general rules of interpretation of such terms accepted in the Internet network. The titles of different sections (articles) of the Agreement have been put with the only objective to make the text more comfortable for the reader and do not have any literal legal effect.
  • The Company reserves the right to change the amount of Withdrawal Fee at any time without notifying the User prior to such change. Any such changes will make an immediate effect upon the functioning of the Platform and the Website and will apply prospectively to any Withdrawals that take place following such revision.
  • The User understands and agrees that the Transaction Fee of the network or Bank of the Recipient varies for each network or Bank.
  • The actual amount of the Transaction Fee will be charged from each User individually in accordance with the type of Transaction, the type of Account (User or Merchant) and the type of cryptocurrency.

2. SUBJECT OF THE AGREEMENT

Under the Agreement CoVEX renders to the User the following services:
A. Grants access to the System in order to carry out Deals;
B. Grants access to the Account within the System;
C. Gives the possibility to carry out P2P trading exchange, copy trading and Margin deals;
D. Provides information necessary for the use of the System and carrying out Deals.

  • Depending on the User's place of residence, the User may not be able to use all the
    functions of the Site. It is the User's responsibility to follow those rules and laws in his/her place of residence and/or place from which the User accesses this Site.
  • The User acknowledges and agrees that, when completing Trading Transactions, he/she is trading with other User, and that CoVEX is not a counterparty to any trade.
  • Essential parts of the present Agreement are sections dedicated to Privacy policy, Anti-Money Laundering Policy, and the Fees.

3. ACCESS TO THE SYSTEM, REGISTRATION PROCESS AND CHAT USE

CoVEX grants the User access to the information about the System, Currency Rates offered by other Users, closed Deals and about placed Orders before the registration process is completed.

In order to get access to the System, the User should complete the registration process. After that the User will get access to the Personal Cabinet created on the basis of the User Account Data.

The User is responsible for setting up a password during the registration process. The User can change the password any time after the registration process is completed. The User commits to safeguard password and User Account Data from the access of third parties and is the one to determine the best way to save this data and take steps to prevent it from being discredited. In case of loss or discrediting the password and/or the User Account Data as well as in cases when third parties illegally obtain access to the User's Personal Cabinet, the User has to inform the CoVEX about these circumstances by contacting the technical support team (info{{APP_TITLE}}.IO). Until CoVEX receives the corresponding message, all the actions made from the User Personal Cabinet will be considered as made by the proper User as the holder of the Account.

The User has the right to hold and use only one Personal Cabinet and cannot use two or more Personal Cabinets. Such actions will be considered as violation of this Agreement.

The User gets access to the Chat during trading. While using the Chat, the User is prohibited to:

  • insult and threaten other users and/or CoVEX staff. This is considered as a direct violation of the rules of chat use and may result in a permanent ban of the User;
  • use any forms of obscene language;
  • make statements stirring up to international dissention, containing violence propaganda or offending religious feelings of other Users;
  • send any kind of external links;
  • repeatedly text the same information or constantly repeat the same phrase;
  • offer to buy or sell the Funds;
  • advertise products or services of other companies;
  • flood, spam and discuss topics that are not related to cryptocurrency or the exchange;
  • providing false or misleading information about exchange.

4. THE ACCOUNT

After registration in the System the User gets access to his/her Account in the Personal Cabinet. The User can operate personally using his/her Account and the Personal Cabinet as well as instruct the System to execute operations with their Account automatically.

The CoVEX indicates in the Personal Cabinet the information necessary for the replenishment of the Account and for the withdrawal of Funds from the Account.

The User is responsible for paying withdrawing fees related to the transfer as well as assumes the risks of indicating an incorrect wallet detail.

The Account is considered to be replenished when the corresponding amount of funds enters the current account of CoVEX or when a corresponding message appears in the CoVEX wallet about receiving not less than 13 (thirteen) confirmations.

The CoVEX commits to receive Cryptocurrency items from Users, keep them, keep a record of them, execute transactions and provide them to the Users upon their request.

The CoVEX keeps a record of the funds transferred to the Account and does not keep Users' money. Fund transfers during the Account replenishment as well while executing Deals between the Users are carried out by third parties (aggregators, payment institutions and other facilitators). The CoVEX is not liable for actions of these third parties.

All Account operations are carried out at User's request. The CoVEX does not accept orders on carrying out any operation with the User Account from third persons except otherwise is stipulated by the Agreement or other agreements between the Parties.

All the Funds placed on the Account belong to the User. The CoVEX cannot block Funds on the Account without the order emitted by the User as well as can write-off Funds only in cases stipulated by the Agreement.

Interests do not apply to the remainder amount of Funds in the User Account, and the CoVEX is not committed to pay the above-mentioned interests.

To withdraw Funds from the Account, the User has to fill the corresponding form in their Personal Cabinet. The User will get a message to the email address indicated during the registration process asking to confirm or to deny the withdrawal operation. In case the User denies or does not confirm the withdrawal, the Funds will remain in the Account.

The System sets some restrictions for Funds withdrawals and the User cannot instigate withdraw Funds during 3 (three) days after changing User Account Data, which includes changing or restoring password, and also changing authorization method.

The User acknowledges and agrees that Deposit and Withdrawal Transaction in cryptocurrencies may be delayed due to the inherent nature of the cryptocurrency networks, the User acknowledges and agrees that depositing and withdrawing Cryptocurrencies into/from his/her Account may take between one (1) hour and seventy-two (72) hours, barring unforeseen or unavoidable network issues.

In case if the User discovers suspicious transaction activity, including but not limited to unknown deposits and withdrawals, on his/her Account that was not initiated by the User, the User shall immediately notify CoVEX of this fact and follow the instructions sent by CoVEX. Otherwise, CoVEX reserves the right to freeze the Account until the end of investigation.

CoVEX may be forced to cancel or recall already executed Withdrawal Transaction at a request of financial institutions, including but not limited to banks, which are involved in settlement related to deposit and withdrawal of Funds from User's Accounts. In such cases the User is obliged to cooperate with CoVEX in order to discover the reasons for such request.

The User agrees to have read and understood and accepted the following information. The Company strongly advises the following should be taken notice of before trading can be initiated:

The User is not permitted to acquire Cryptocurrency or use any of the Services provided by the Platform if the User is under the control of, or a national or resident of:

  • Afghanistan, Bosnia and Herzegovina, Burundi, Central African Republic, Cuba, Democratic Republic of Congo, Iraq, Iran, Libya, Sudan, South Sudan, Syria, North Korea, Yemen
  • CoVEX reserved the right to restrict the users from the country when required.

The User intends to supply any acquired or stored Cryptocurrency or Fiat currency or Platform Services to a Sanctioned Country (or a national or resident of a Sanctioned Country).

4.a Social Trading Features and Copy Trading Services Account.

CoVEX Social Trading Features assists Users in testing, evaluating and selecting Users investment strategy by providing with detailed account information, trading history, risk profile and other pertinent information Users should consider before electing to copy a specific account. In doing so, Users should bear in mind all aspects and factors including, but not limited to, the risk nature of the copied account and Users' investment objectives.

CoVEX will be responsible to the User for:

  • informing the User from time to time of the details of their Social Trading Assessment and investment profile; and
  • executing all instructions generated by the Social Trading services and reporting to the User on the resulting transactions via the Platform.

We do not provide investment advice, nor provide any personalized investment recommendations and/or advise the User on the merits of any investments.

In making a decision to Copy a specific trader or traders, strategy and/or portfolio, Users have considered their entire financial situation including financial commitments and Users understand that using Social Trading Features is highly speculative and that Users could sustain significant losses exceeding the amount used to copy a trader or traders, however Users cannot lose more than the balance available in Users account. Please note that we are unable to provide any guarantee as to the performance of any particular investment, account, portfolio or strategy.

CoVEX's Social Trading Services allows the User to view the investment performance of a Model Trader by providing the User with detailed account information, trading history, risk profile and other pertinent information. By selecting the Social Trading service, the User should bear in mind all aspects and factors including, but not limited to, the risk nature of the copied account and their investment objectives.

Without derogating from the generality of the foregoing, Users have reviewed and acknowledge the Risks Associated with Social Trading Features and particularly Copy Trading Services, as more fully described herein, including but not limited to, automated trading execution whereby the opening and closing of trades will happen in Users account without User’s manual intervention.

Users hereby authorize CoVEX to limit and/or withhold our Copy trading services based on Users investment profile and CoVEX's ongoing suitability assessments in accordance with its policies and procedures.

In making a decision to copy a specific trader or traders, strategy and/or portfolio, the User acknowledges that they have considered their entire financial situation including financial commitments and understood that using CoVEX's Social Trading service is highly speculative and that the User could sustain significant losses exceeding the amount used to copy a trader or traders. Please note that CoVEX is unable to provide any guarantee as to the performance of any particular investment, account, portfolio or strategy. For further information in connection with the risks associated with our Service see the Disclaimer. The User acknowledges that they have considered all risks associated with the Services and Social Trading.

The User hereby authorises CoVEX to limit and/or withhold its Social Trading services based on the User's investment profile and CoVEX's ongoing suitability assessments in accordance with its policies and procedures.

Users further authorize CoVEX to execute any and all transactions and/or positions undertaken by the trader, account, portfolio and/or strategy Users chose to Copy Trade, including without limitation, Copy Trading, stop copy trading and/or pause copy Trading another trader, account, portfolio and/or strategy and setting limits to any position (including copy position). These actions are done automatically once initiated by Users and do not require any prior consultation, consent or approval of ongoing activity/copied trades. Users hereby confirm that Users acknowledge that at any time, upon Users sole discretion, Users can stop, pause, restrict and/or limit any Copy Trading activity performed by Users via our Websites. Users remain, at all times, solely responsible for both monitoring and selecting and assessing: (a) the suitability of the copied accounts; and (ii) the overall performance of the copied trader, account, portfolio and/or strategy.

In particular, when Copy Trading Portfolio, Users further authorize CoVEX, to: (a) to copy or stop copying any trader, account, portfolio and/or strategy, at its sole and absolute discretion; (b) to open and/or close any position available on our Websites/applications, at its sole and absolute discretion to set limits to any position (including copy position); (c) to update and/or amend the policy, the objectives, the structure and/or composition of any CoVEX Portfolio, at its sole and absolute discretion, with or without notice to its copiers; (d) to close any such account, portfolio and/or strategy, at its sole and absolute discretion, with or without notice to its copiers.

CoVEX shall continue to be committed to exercising reasonable endeavours to monitor the performance of copied trader, account, portfolio and/or strategy, against parameters established by it, which may include, risk behaviour, profitability, drawdown and any other parameters deemed relevant by CoVEX and any trader, account, portfolio and/or strategy from being copied. We reserve the right to pause, to copy or stop copying any trader, account, portfolio and/or strategy, at our sole and absolute discretion.

Without derogating from the generality, the provision of Social Trading Features and/or our Copy Trading services does not constitute investment advice on our part. Users are using the Social Trading Features at User's own risk and CoVEX and its affiliates, employees, clients and agents will not be liable for any losses that Users may sustain as a result of Users using such features. Neither CoVEX (with respect to CoVEX Portfolios) nor any copied trader, account, portfolio and/or strategy guarantees the future performance of Users Account, any specific level of performance, the success of any investment strategy or the success of our overall management of the Account. Investment strategies are subject to various market, currency, economic, political and business risks. Investment decisions may not be profitable and may result in the loss of Users entire invested amount. Past performance is not a guarantee or prediction of future performance.

Users should note that We and our affiliates may take the same or similar positions in specific investments for our other clients and our own accounts as we do for Users, or We or our affiliates or other customers may open trades in an opposite direction to Users. We have no obligation to purchase or sell, or to recommend for purchase or sale in Users Account, any security which we or our Affiliates may purchase or sell for our other clients and our own accounts. Users should further note that we may elect to remunerate our copied traders.

To the maximum extent permissible under the applicable law, neither we nor any of our traders/affiliates will be liable for (a) any loss arising from adhering to Users written or oral instructions, (b) any loss that Users may suffer by reason of any decision made or other action taken by an account elected to be copied by Users, including without limitation, an CoVEX Portfolio; or (c) specifically any loss arising from any investment decision made or other action taken or omitted in good faith by any copied account, strategy and/or portfolio, including without limitation of CoVEX Portfolio. Nothing in these Terms and Conditions will waive or limit any rights that Users may have under any applicable laws which may not be waived or limited.

5. TRADING DEALS

The Deals in the System are made on the basis of Orders placed by the User and according to the conditions stipulated by the Parties, taking into consideration the preliminary conditions of the agreement on onerous alienation of rights to Cryptocurrency. The CoVEX in no circumstances should be considered the dealing party. All the Deals are conducted between the Users on the information support of the CoVEX.

The User recognizes that an Order shall only be submitted after careful consideration and understands and accepts consequences of its execution.

The CoVEX charges reward for the execution of Deals. The commission rewards are determined by the Fees.

To place an Order the User has to replenish the Account for the amount indicated in the Order and fill the corresponding form in the page 'Trades' or 'Exchange' depending on the Order type that can be consulted in the section 6 of the present Agreement.

The User's Order is registered in the System after verifying the availability of required amount of Funds on the Account. The CoVEX controls the possibility of Users to carry out transactions and by this strengthens confidence between the Users and reduces the risk of non-execution of Users' obligations under the Deals. The System does not register the Order if the Account does not have enough Funds for conducting the Deal.

User cannot place more than 20 (twenty) Orders at the same time. The System does not register Orders that exceed the indicated amount.

The User can call back the Order at any moment until its full execution.

All the Users can consult an Order until it is fully executed or called back. Placed Order represents a User's proposal to close a Deal.

The Deal on the placed Order is closed when the System registers a Counter Order placed by another User. Counter Orders are reverse orders that have the same Exchange Rate. The registration of counter orders in the System is considered the User's acceptance of the offer. The Order is considered executed at the moment of the counter order registration in the System.

Order can be executed partially. If this happens the System will place another Order for the amount of unencumbered balance of the originally placed Order.

The execution of the Order is realized by transferring the corresponding Funds indicated in counter orders to Users Accounts. Transfer of these Funds is made automatically by the System. Herewith the actions realized by the System are considered to have been realized at Users request.

Such actions as placing Orders, calling them back and closing the Deals are reflected in the User Personal Cabinet.

The information about the closed Deals is available for all the Users during a period of time determined by the CoVEX.

6. TYPES OF ORDERS

Buy order

  • A simple buy Order represents the User's offer to buy a certain amount of Funds at the Exchange Rate set by the User.
  • To place a simple buy Order the User has to fill the corresponding form in the Personal Cabinet indicating the amount of Funds to buy and setting the Exchange Rate.
  • A simple buy Order can be executed at an Exchange Rate than the one indicated in the placed Order.
  • CoVEX Fill or Kill "an order to buy that Order must be executed immediately"-a few seconds, customarily-in its entirety; otherwise, the entire order is cancelled; no partial fulfilments are allowed.
  • CoVEX Reserve Order is an Order where a certain portion of the total volume of an Order is not displayed in the Order Book. Both the displayed (peak) volume and non-displayed portions of the Reserve Order are available for potential execution against incoming Orders.

Sell Order

  • A simple sell Order represents the User's offer to sell a certain amount of Funds at the Exchange Rate set by the User.
  • To place a simple sell, Order the User has to fill the corresponding form in the Personal Cabinet indicating the amount of Funds to sell and setting the Exchange Rate.
  • When placing a simple sell Order the User has the possibility to use additional functions of the System like 'Stop Loss' or 'Trailing Stop'. Marking a special box opposite the corresponding field in the form for placing a simple sell Order is considered the ground for using these functions.
  • To use 'Stop Loss' the User has to indicate in the form the minimum price at which the Order can be executed. If the System Exchange Rate falls the placed Order will be executed when reaches the value indicated by the User in the box 'Stop Loss'.
  • To use 'Trailing Stop' the User has to indicate in the form the amount of Funds to sell as well as 'Trailing Stop' and ‘Stop Loss’ values. The Funds will be offered for sale at a highest current Exchange Rate determined by the System. If the System Exchange Rate starts to raise and will increment by the value indicated in the box ‘Trailing Stop’, the Exchange Rate for the Order placed by the User will increment by a corresponding amount. Herewith 'Stop Loss' index will increment by the amount indicated in the box ‘Trailing Stop’.

Market buy Order

  • A market buy Order represents the User's offer to buy a certain amount of Funds without setting the Exchange Rate.
  • To place a market, buy Order the User has to fill the corresponding form in the Personal Cabinet indicating the amount of Funds to buy.
  • The Order will be executed at the lowest Exchange Rate found among the Orders placed by other Users.
  • The CoVEX reward for the operation will be charged immediately at the moment of Deal closure.

Market sell Order

  • A market sell Order represents the User's offer to sell a certain amount of Funds without setting the Exchange Rate.
  • To place a market, sell Order the User has to fill the corresponding form in the Personal Cabinet indicating the amount of Funds to sell.
  • The Order will be executed at the highest Exchange Rate found among the Orders placed by other Users.
  • The CoVEX reward for the operation will be charged immediately at the moment of Deal closure.
  • CoVEX Fill or Kill "an order that must be executed immediately"-a few seconds, customarily in its entirety; otherwise, the entire order is cancelled; no partial fulfilments are allowed.
  • CoVEX Reserve order is an Order where a certain portion of the total volume of an Order is not displayed in the Order Book. Both the displayed (peak) volume and non-displayed portions of the Reserve Order are available for potential execution against incoming Orders.

7. DETECTION AND PREVENTION OF ILLEGAL SITE AND SYSTEM USE

The User is prohibited to conduct Deals omitting the formal procedure of placing Orders by means of using personal messages and other options of the Site and/or the System. In these cases, a message ceases to be private and becomes available for moderators and the administration if one of chat users' complaints about it.

The User is prohibited to use the Site and/or the System in any other way than those stipulated in the Agreement; in particular, the User is not allowed to advertise products on the Site in case the Parties have not entered an additional specific agreement.

The User is prohibited to use the Site and/or the System with unlawful aims including laundering of money derived from criminal activity, financing of terrorism and involvement in extremist activity.

The User is obliged to go through the identification process established by the System or third parties (aggregators, credit or other organs) during the Deal-making process as well as fulfil the requirements stipulated by UK law in the field of counteraction of laundering (legitimization) proceeds of crime.

8. RISK WARNING

The User guarantees that he/she understands general principles of work with Cryptocurrencies and is aware of Cryptocurrency of the following characteristics affecting its value and risks related to it:

  • Price volatility: The value of cryptocurrencies is extremely volatile. They are vulnerable to sharp changes in price due to unexpected events or changes in market sentiment.
  • Charges and funding costs: Charges and Fees can include the spread, funding charges, and commissions.
  • Price transparency: When compared with fiat currencies, there can be more significant variations in the pricing of cryptocurrencies used to determine the value of User’s position. There is a greater risk that the User will not receive a fair and accurate price for the underlying cryptocurrency when trading.

User should only participate in trading deals if he/she has a sophisticated knowledge of financial markets and fully understands the risks associated with cryptocurrencies.

The User guarantees that he/she has a right to execute transactions with Cryptocurrency and possesses a full legal capacity.

The User understands that the CoVEX in no way influences the Exchange Rate set by the Users, does not give recommendations on Exchange Rate determination and does not forecast the rates. The User is responsible for all economic risks related to choosing particular Exchange Rate. The CoVEX does not guarantee that the Deal will be finally closed and that the conditions of this Deal will be of the User’s benefit.

The User understands that the CoVEX in no way bears relation to deal conduction and/or transactions related to Cryptocurrency. Correspondingly the CoVEX does not assume the responsibility to guarantee terms and/or possibilities of carrying out this or that operation and/or transaction related to Cryptocurrency, which are necessary for Deal making.

The User understands that all the operations with Cryptocurrency have irreversible character and that Funds acquired during the Deal can be returned only on the basis of additional specific agreement with other User.

9. INTELLECTUAL PROPERTY AND RESTRICTIONS ON SITE AND SYSTEM USE

The Site and the System contain fruits of intellectual labour that belong to the CoVEX, affiliated persons and other related parties, sponsors, partners, representatives, all the parties acting on behalf of the CoVEX and other third parties.

By using the Site and the System the User acknowledges and agrees that all Site content and the structure of Site content are protected by copyright, trademark and other rights concerning the results of intellectual activity, and that the above mentioned rights are authentic and are protected in their every form, in all carriers and regarding all existing and created later technologies. No rights as well as no Site nor System content are committed to the User as a result of Site and System use or on the conclusion of the Agreement.

To avoid any misunderstanding the User is prohibited to:

copy and/or diffuse any items of intellectual property published on the Site and/or in the System except when this function is clearly contemplated by the Site and/or the System;

copy or use in any other way the program part of the Site and/or the System as well as its design;

diffuse on the Site and/or in the System personal data of third persons without their permission;

change in any way the program part of the Site and/or the System, take any actions aimed at changing the functionality and operability of the Site and/or the System;

use insults or any words violating rights and liberties of third persons as a login (nickname, alias) during the registration.

1O. RESPONSIBILITIES OF THE PARTIES

In case the User violates the conditions of the present Agreement, the legislation of the UK, morality norms or in case he/she conspires with another User to violate the conditions of the Agreement, the CoVEX will have the right to block or delete the User's Personal Cabinet, prohibit or restrict their access to certain or all functions of the System using his/her Personal Cabinet.

If the CoVEX detects that the User has violated the present Agreement, the CoVEX will have the right to delete the User’s Personal Cabinet and demand indemnity for losses.

The CoVEX is not responsible for the operability of the Site and/or the System and does not guarantee its continuous operation. The CoVEX does not guarantee the safety of the information published on the Site and/or in the System as well as does not guarantee the possibility of continuous access to the information about Orders and closed Deals, the possibility of Order placement and of making Deals.

The User uses the Site and the System in its original form at his/her own risk. The CoVEX does not guarantee the achievement of any results by the User owing to the Site and/or System use.

The CoVEX does not guarantee that the Site and the System satisfy the requirements of the User as well as does not guarantee continuous, fast, save and error-free access to the Site and/or the System.

11. SPECIAL CONDITIONS

The Site and the System can contain external links to other sites in the Internet network (third parties' sites). The above mentioned third parties’ sites and their content are not checked by criteria of conformity with certain requirements (authenticity, completeness, legality, etc.). The CoVEX will not be liable for the information and the materials published on third parties' sites, which the User can access via the Site and/or the System as well as does not assume any responsibility for expressed opinions or statements, advertising materials, the accessibility and possible consequences of use of third parties’ sites.

The CoVEX has the right to transfer rights and debts under all obligations derived from the Agreement. By accepting the present Agreement, the User gives their consent on transferring rights and debts to any third party. In case of rights and/or debts are transferred, the CoVEX will inform the User about it leaving the corresponding message on the Site and/or in the System.

Given the specifics of transactions, CoVEX does not implement a chargeback policy. However, CoVEX has developed and implemented a detailed Cross-Chain Recovery Policy, which provides a detailed guideline in the cases where an erroneous deposit of one cryptocurrency into wallet address instead of another cryptocurrency is made by the User. The recovery of Cross-chain deposits is an inherently dangerous and a very time-consuming process. Not all deposits can be recovered and dependent on which currency has been mistakenly sent to which address can influence difficulty, time and security risk involved.

Making a transaction, the User agrees and carries the entire risk on the transaction. To CoVEX cannot be made any claims for the cancellation of the Transaction. CoVEX does not accept or process applications from anyone for the return and / or cancellation of an operation.

12. WARRANTIES

Neither CoVEX nor its affiliates make any specific promises about functioning of the Site and/or System. For example, CoVEX does not make any commitments about the content of the Site, the specific functions of the System, or their reliability, availability or ability to meet the User's needs. CoVEX provides the Site and System "AS IS".

To the extent permitted by law CoVEX excludes all warranties, guarantees, conditions, representations, and undertakings.

13. LIMITATION OF LIABILITY

To the extent permitted by law neither CoVEX nor CoVEX'S affiliates, and CoVEX'S suppliers and distributors will be responsible for lost profits, revenues, financial losses, indirect, special, consequential, exemplary damages.

To the extent permitted by law the total amount of CoVEX liability, its affiliates, and CoVEX'S suppliers and distributors is limited to the amount you paid to CoVEX for all Services provided during 3 (three) months prior to the event giving rise to the liability.

CoVEX, its affiliates, and CoVEX'S suppliers and distributors will not be liable for any expense, loss or damage that is not reasonably foreseeable.

14. INDEMNIFICATION

The User agrees to defend, indemnify and hold CoVEX, its affiliates and their respective employees, officers, directors and stockholders harmless from and against any and all damages claimed by a third party as a result of actions by User in violation of this Agreement. The User agrees to defend, indemnify and hold CoVEX, its affiliates and their respective employees, officers, directors and stockholders harmless from and against any and all damages for damages to property, bodily injury, death, or other injuries arising from the negligence or misconduct of the User or any person for whom User is legally responsible.

The party seeking indemnification in any case shall promptly give written notice to the other of the claim for which indemnification is sought and shall cooperate with the other party in the defence of such an action or suit. The failure to give or delay in giving any such notice shall not limit the indemnifying party's rights hereunder except to the extent it is prejudiced thereby. The indemnifying party shall have the right, at its expense, to direct any such legal proceeding and the negotiation and settlement of any such claim or demand. The indemnifying party shall have no liability for any settlement made without its consent or for any fees or expenses incurred by the other party after the indemnifying party begins directing the legal proceeding.

15. DISPUTE SETTLEMENT

The Parties will tend to solve all disputes, differences and claims that can arise out of the execution, termination or cancellation of the Agreement by means of negotiations. The Party that has some claims should send a notification to the other Party describing the arisen claims and/or differences.

The Party in default on its obligations hereunder shall promptly cure the breach and take due measures to eliminate the consequences. Any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement or the consequences of its nullity) shall be referred to and finally resolved by arbitration under the Arbitration Rules of the London Court of International Arbitration.

If any dispute occurs as to the performance or interpretation of the present Agreement that cannot be resolved amicably or in arbitration the Company is entitled to demand the dispute be settled by the Court in location where the CoVEX resides.

16. AMENDMENTS OF THE AGREEMENT


The Service has the right to unilaterally change the terms of the Agreement, Privacy Policy, Anti-Money Laundering Policy and the Fees. The changes take effect 3 (three) days after the moment the new version of corresponding documents is published.

At each successive visit to the Site and before starting the use of the Personal Cabinet the User commits to become familiar with the new version of the Agreement, Privacy Policy, Anti-Money Laundering Policy and the Fees. If the User continues to use the Site and the System, it will mean that he/she agrees with new versions of the corresponding documents.

If the User does not accept new terms of the Agreement, Privacy Policy, Anti-Money Laundering Policy and the Fees, he/she should stop using the Site having closed the Deals with other Users.

18. CONCLUDING PROVISIONS

With the exception to the cases defined by the Agreement and the current legislation, all the notifications, messages and documents related to the fulfilment of obligations arised out of the Agreement should be sent to and are considered as received by the Parties if they have been sent via email from the authorized address of one Party to the authorized address of the other Party. An authorized address can be:

for the User: the email address indicated in the User Personal Cabinet;

for the CoVEX: info@covex.io .

The CoVEX and all legal relations concerning it are regulated by the legislation of the UK without taking into account its conflict rules. All the arisen disputes are solved according to the legislation of the UK.

If any clause of the Agreement is found void and unenforceable by a court decision, it will not affect the validity of other clauses of the Agreement, which shall remain valid and enforceable.