CoVEX LEGAL AND RISK DISCLAIMER (“Disclaimer”)

This disclaimer (together with our Terms of Use Terms of Use (the "Terms"), Privacy Policy (the "Privacy Policy") and any other documents referred to in those documents) is given by 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”) and sets out the risks to the User associated with trading and the use of the Trading Platform.

Please read the following carefully to understand these risks. By visiting https://CoVEX.io the User are accepting and consenting to the practices described in this policy. All defined terms are as defined in the body of the text or in the Terms.

THE RISKS DESCRIBED BELOW ARE NOT NOR ARE THEY INTENDED TO BE A COMPREHENSIVE OR EXHAUSTIVE LIST OF RISK FACTORS.

ASSUMPTION OF RISK

The trading of goods and products, real or virtual, as well as crypto-currencies as well as the use of the CoVEX Platform involves significant risk, and the User specifically agrees to assume the risks set out in this Disclaimer ("Risks") as well as other risks not set out herein which are inherent to online trading and cryptocurrency speculation. Cryptocurrencies markets are decentralized and non-regulated our Cryptocurrencies Trading Services as such term is defined in the Cryptocurrencies trading are unregulated services which are not governed by any specific European regulatory framework. Therefore, when CoVEX's customers are using our Cryptocurrencies trading service they will not benefit from the protections available to clients receiving regulated investment. Customers using the Cryptocurrencies trading service only will not benefit from the protections available to clients receiving regulated investment services such as the access to the Financial Services Compensation Scheme (FSCS) and the Financial Ombudsman Service for dispute resolution. We will endeavour to enable you to benefit from rules relating to best execution and safekeeping of client assets. All these products carry a high degree of risk and are not suitable for many investors. This notice provides you with information about the risks associated with these products, but it cannot explain all of the risks nor how such risks relate to your personal circumstances. If you are in doubt you should seek professional advice. It is important that you fully understand the risks involved before deciding to trade with CoVEX and that you have adequate financial resources to bear such risks and that you monitor your positions carefully. Trading involves risk to your capital. You should not invest money that you cannot afford to lose, however you cannot lose more than the equity in your account.

The Client agrees to assume the following risks and acknowledges and agrees that CoVEX shall not be responsible for or otherwise liable for any direct or indirect loss or damage of any kind whatsoever arising directly or indirectly from the occurrence in full or in part of any and all of the following Risk events:

Information published on CoVEX Trading Platform: You are not authorized, and nor should you rely on the CoVEX Trading Platform for legal advice, business advice, or advice of any kind. You act at your own risk in reliance on the contents of the CoVEX Trading Platform. There may be errors or omissions on the reporting module or otherwise delay, inaccuracy, error, interruption or omissions in providing market quotations or other information provided on the Site on which the User might rely in making an Order. In no way are the owners of, or contributors to, the CoVEX Trading Platform responsible for the actions, decisions, or other behaviour taken or not taken by you in reliance upon the CoVEX Trading Platform.

  • Trading Risk: Trading Risk is that inherent risk that losses will occur as a result of buying, selling or trading anything on a market.
  • Price Fluctuation Risk: Cryptocurrency prices can and do fluctuate greatly on any given day and due to such price fluctuations, the User's cryptographic assets may be subject to large swings in value and may even become worthless.
  • Risks related to the use of Cryptocurrency: The CoVEX Trading Platform will not be responsible for any losses, damages or claims arising from events falling within the scope of the following five categories:
  • Mistakes made by the user of any cryptocurrency-related software or service, e.g., forgotten passwords, payments sent to wrong Bitcoin addresses, and accidental deletion of wallets.
  • Software problems of the CoVEX Trading Platform and/or any cryptocurrency-related software or service, e.g., corrupted wallet file, incorrectly constructed transactions, unsafe cryptographic libraries, malware affecting the CoVEX Trading Platform and/or any Bitcoin-related software or service.
  • Technical failures in the hardware of the user of any cryptocurrency-related software or service, e.g., data loss due to a faulty or damaged storage device.
  • Security problems experienced by the user of any cryptocurrency-related software or service, e.g., unauthorized access to users' wallets and/or accounts.
  • Actions or inactions of third parties and/or events experienced by third parties, e.g., bankruptcy of service providers, information security attacks on service providers, and fraud conducted by third parties.
  • Cyber security Risk: There may be third party or other attacks targeting computers/networks, spreading malware, running botnets, (D)DOS attacks, defacing CoVEX Trading Platforms, violations of network security, etc which can material alter, intercept or otherwise interfere with the giving or execution of an Order or the transfer of Funds to and from the User´s wallet.
  • Blockchain Risks. Since blockchain is an independent public peer-to peer network and is not controlled in any way or manner by the CoVEX, CoVEX shall not be responsible for any failure and/or mistake and/or error and/or breach which shall occur in blockchain or in any other networks in which the Cryptocurrencies are being issued and/or traded. You will be bound and subject to any change and/or amendments in the blockchain system and subject to any applicable law which may apply to the blockchain. We make no representation or warranty of any kind, express or implied, statutory or otherwise, regarding the Blockchain functionality nor for any breach of security in the Blockchain.
  • Delisting and/or unsupported Cryptocurrencies: If at any time any of the Cryptocurrencies that forms the subject of your order is delisted and/or we no longer support the trading in such Cryptocurrencies for any reason, then the applicable order will be immediately closed. If CoVEX is notified that a Cryptocurrency you hold in your Account is likely to be delisted and/or removed and/or cancelled from any of the exchanges (some of them or all) and CoVEX believes that it shall not be able to trade in such Cryptocurrencies, CoVEX shall make an effort to sell the Cryptocurrencies on your behalf at such time and price, and in such manner, as it determines.
  • Operation of Cryptocurrency Protocols. CoVEX does not own or control the underlying software protocols which govern the operation of Cryptocurrencies available for trading on our platform. In general, the underlying protocols are open source, and anyone can use, copy, modify, and distribute them. CoVEX is not responsible for operation of the underlying protocols and CoVEX makes no guarantee of their functionality, security, or availability. The underlying protocols are subject to sudden changes in operating rules ("Forks"), and such Forks may materially affect the value, function, and/or even the name of the Cryptocurrency CoVEX holds for your benefit. In the event of a Fork, CoVEX may temporarily suspend CoVEX operations (with or without advance notice to you) and that CoVEX may (a) configure or reconfigure its systems or (b) decide not to support (or cease supporting) the Forked protocol entirely. CoVEX may, but is not obligated to do so, adjust your account in respect of a Fork depending on the circumstances of each event attributable to any specific Cryptocurrency held by You.
  • Investment risks: The investment in Cryptocurrency can lead to loss of money over short or even long periods. The investors in Cryptocurrency should expect prices to have large range fluctuations. The information published on the CoVEX Trading Platform cannot guarantee that the investors in alternate currencies would not lose money.
  • CoVEX offers Social Trading Features. In deciding to Copy a specific trader or traders and/or follow a strategy, you must consider your entire financial situation including financial commitments and you understand that using Social Trading Features is highly speculative and that you could sustain significant losses exceeding the amount used to copy a trader or traders. The risks associated with Social Trading Features, include but are not limited to, automated trading execution whereby the opening and closing of trades will happen in your account without your manual intervention.
  • You can read more about the copy trading risks here in the CoVEX Terms & Condition above.

Crypto Currency Trading Risk:

  • CRYPTOCURRENCIES MARKETS ARE DETERMINED BY DEMAND AND SUPPLY ONLY. The Cryptocurrencies market is a dynamic arena and their respective prices are often highly unpredictable and volatile. The prices of Cryptocurrency are usually not transparent and highly speculative and susceptible to market manipulation. In the worst-case scenario, the product could be rendered worthless.
  • It is important to make a distinction between indicative prices which are displayed on charts and deal-able prices which are displayed on our trading platform. Indicative quotes only give an indication of where the market is. Because the Cryptocurrencies markets are decentralized, meaning it lacks a single central exchange where all transactions are conducted, each market maker may quote slightly different prices. Therefore, any prices displayed on any chart made available by us or by a third party will only reflect “indicative” prices and not necessarily actual “dealing” prices where trades can be executed.
  • Cryptocurrency trading is prone to being misused for illegal activities due to the anonymity of transactions and investors would be adversely affected if law enforcement agencies investigate ay alleged illicit activities.
  • ACCORDINGLY, CRYPTOCURRENCIES SHOULD BE SEEN LIKE AS AN EXTREMELY HIGH-RISK ASSET AND YOU SHOULD NEVER INVEST FUNDS THAT YOU CANNOT AFFORD TO LOSE. Given the foregoing, Cryptocurrencies are not appropriate for all investors. You should not deal in these products unless you have the necessary knowledge and expertise, you understand these products’ characteristics and your exposure to risk. You should also be satisfied that the product is suitable for you considering your circumstances and financial position. In addition, use of our Services can never be considered a safe investment rather only an investment with a high risk of loss inherently associated with it. Furthermore, our own spread is added to online quotes which makes a trade on our websites even more volatile.
  • The risk of loss in trading Cryptocurrencies can be substantial. You should, therefore, carefully consider whether such trading is suitable for you considering your circumstances and financial resources. You should be aware that You may sustain a total loss of the funds in your Account. If the market moves against your position, you may be called upon by us to provide a substantial amount of additional margin funds, on short notice, in order to maintain your position. If you do not provide the required funds within the time required by us, your position may be liquidated at a loss, and you will be liable for any resulting deficit in your account.
  • CoVEX currently allows trading in cryptocurrencies over the weekend and it reserves the right not to do so. Should CoVEX so elects, trading in cryptocurrencies shall be allowed only from Monday through Friday. Given that the cryptocurrencies exchanges may operate over weekends, there may be a significant difference between Friday’s close and Sunday’s open. All such factors may result in you either not completing an order on a specific trading day or completing an order on a substantially less favourable price.
  • Under certain market conditions, you may find it difficult or impossible to liquidate a position. This can occur, for example, when the market reaches a daily price fluctuation limit (“limit move”), if there is insufficient liquidity in the market.

Third Party Risk: There may be errors, acts or omissions by the Counterparty Exchange, or the Counterparty Exchange system may suffer a partial or complete failure, including, without limitation, a cyber-attack, such as phishing, pharming, etc, failure of hardware, software, human error, etc.

Compliance with tax obligations: The users of the CoVEX Trading Platform are solely responsible to determinate what, if any, taxes apply to their Cryptocurrency transactions. The owners of, or contributors to, the CoVEX Trading Platform are NOT responsible for determining the taxes that apply to cryptocurrency transactions.

No warranties: The CoVEX Trading Platform is provided on an “as is” basis without any warranties of any kind regarding the scope of the currencies hosted on the platform, CoVEX Trading Platform and/or any content, data, materials and/or services provided on the CoVEX Trading Platform.

Limitation of liability: Unless otherwise required by law, in no event shall the owners of, or contributors to, the CoVEX Trading Platform be liable for any damages of any kind, including, but not limited to, loss of use, loss of profits, or loss of data arising out of or in any way connected with the use of the CoVEX Trading Platform.

Arbitration: The user of the CoVEX Trading Platform agrees to arbitrate any dispute arising from or in connection with the CoVEX Trading Platform or this disclaimer, except for disputes related to copyrights, logos, trademarks, trade names, trade secrets or patents.

INDEMNITY

The User agree to defend, indemnify, and hold us harmless, and each of our officers, directors, shareholders, members, employees, agents and affiliates, from any claim, demand, action, damage, loss, cost, or expense, including without limitation reasonable professional fees, arising out or relating to the User’s use of, or conduct in connection with the Trading Platform; the User’s violation of the Terms; or the User’s violation of any rights of any other person or entity and we will have the right, in our sole discretion, to control any action or proceeding and determine whether we wish to settle it, and if so, on what terms.

In deciding to copy a specific trader, account, portfolio and/or strategy, the User have considered the User’s entire financial situation including financial commitments and the User understand that using Social Trading service is highly speculative and that the User could sustain significant losses exceeding the amount used to copy a trader or traders;

information in relation to Social Trading provided by CoVEX is provided solely for informational purposes. CoVEX and its affiliates and their employees and agents are not investment or financial advisers.