Phemex Terms of Use

Phemex is a platform operated by Phemex Limited.

The use of Phemex.com and all of its associated services is subject to all of the terms and conditions listed below. This document constitutes an agreement between all parties involved. Any other information found on this website or provided through oral/written statements are excluded from this agreement. Please note that the exchange policy is provided only for guidance and does not constitute a legal binding agreement.

By accessing and using Phemex.com in any manner, you hereby acknowledge that you have read, understood, and agree to all of its Terms of Use. Phemex reserves the right to modify any of the terms of this agreement without any prior notice. Phemex is under no obligation to notify users of these changes. You understand and accept that it is your responsibility to consistently monitor this page for any updates.

You do not under any circumstances have any rights over Phemex.com (other than the right to use Phemex.com pursuant to the terms established here and any other conditions governing a particular service or section of the website).

IF YOU DO NOT ACCEPT THE TERMS OF SERVICE OUTLINED IN THIS AGREEMENT, DO NOT ACCESS THIS SITE AND DO NOT USE THIS SERVICE.

1. Risks

1.1. The trading of goods and products, real or virtual, as well as virtual currencies, involves significant risk. Prices can and do fluctuate on any given day. Due to such price fluctuations, you may increase or lose value in your assets at any given moment. Any currency – virtual or not – may be subject to large swings in value and may even become worthless. There is an inherent risk that losses will occur as a result of buying, selling, or trading anything on this market.

1.2. Bitcoin trading is specially vulnerable to risks not shared by other official currencies, goods, or commodities in the market. Unlike most currencies, which are backed by governments or other legal entities, or by commodities such as gold and silver, Bitcoin is uniquely backed only by technology and trust. It employs no central banks with the ability to take corrective actions to protect the value of Bitcoin during times of crisis. More currency cannot be issued at will. Instead, Bitcoin, as of now, remains autonomous and operates through largely unregulated worldwide networks. All traders are placing their trust in a digital, decentralized, and partially anonymous system that relies on peer-to-peer networking and cryptography to maintain its integrity.

1.3. Bitcoin trading is susceptible to irrational (or rational) bubbles and losses of confidence, which can quickly collapse demand relative to supply. For example, confidence in Bitcoin may collapse due to unexpected changes imposed by software developers, by governments, by the creation of a superior competing alternative currency, or by a deflationary or inflationary spiral. Confidence may also collapse due to technical problems including: a compromise in the anonymity of the system, lost or stolen assets, and hacker or government intervention in the settling of transactions.

1.4. Because this platform allows the trade of derivatives, additional risks are involved. Under extreme market circumstances, whenever necessary, Phemex has the right to close partial or entire winning positions to offset and close losing positions. If bankruptcies deplete the insurance fund, any further losses will be covered by the profits made by other traders on the platform based on the Auto-Deleveraging ranking system that is determined by Phemex. In such circumstances, higher ranked profitable traders will get their winning positions partially or fully closed, depending on the size of the losses, to cover for other traders’ bankruptcies.

1.5. Phemex is only allowed to take such steps after the Phemex insurance fund is depleted. The fund will be used to cover for system losses due to bankruptcies. The current status of the insurance fund is shown in real-time on the “Insurance History” page accessible on the platform.

1.6. Due to the nature of cryptocurrencies, situations could arise in which Phemex may need to take steps to close contracts prematurely in order to ensure platform integrity. Users of the platform are assumed to understand and accept these risks. For example, such extreme situations may occur during forks and splits of the Bitcoin network.

ANY ADDITIONAL UNFORESEEN RISKS AND SITUATIONS NOT IDENTIFIED HERE ARE STILL SUBJECT TO THESE SAME TERMS OF SERVICE.

BEFORE YOU PROCEED, CAREFULLY ASSESS WHETHER YOUR FINANCIAL SITUATION AND LEVEL OF RISK TOLERANCE IS SUITABLE FOR BUYING, SELLING, OR TRADING PERPETUAL CONTRACTS ON OUR PLATFORM.

2. Access to the Website

2.1 You must not use this website in any way that causes, or may cause damage to the Website or hinder the accessibility of the Website; or in any way which is unlawful, illegal, fraudulent or harmful, or in connection with any unlawful, illegal, fraudulent or harmful purposes or activities.

2.2 You must not use this website to copy, store, host, transmit, send, use, publish, or distribute any material which constitutes any form of (or is linked to) spyware, computer viruses, Trojan horses, worms, keystroke loggers, rootkits, or other malicious computer software.

2.3 You must not conduct any systematic or automated data collection activities (including, but not limited to scraping, data mining, data extraction, and data harvesting) on or in relation to this website without Phemex’s express written consent.

2.4 It is the user’s responsibility to keep all usernames and passwords safe and confidential. If you lose or compromise your username and password, it is your responsibility to notify Phemex immediately. Upon being notified, Phemex will initiate a reset of your password.

2.5 All users understand that maintaining a secure trading platform is Phemex’s highest concern. Users acknowledges that they will, at no time ever, knowingly try to undermine the security or integrity of the website or that of any third-party software provider.

2.6 At no time should any user compromise the Website in a way that would interfere with the normal functionality of any part of the website.

2.7 All users have no expressed authority to use the Phemex website to interfere with or access any user account except those in which the user has authority to access.

2.8 No authority is given to any user to upload any material onto the Phemex website, and no authorization is given to download any material from the website except where files have been specifically made available for public download.

2.9 By accessing the Phemex website, you agree that all business conducted is for the legal benefit of the user’s account.

2.10 By opening an account you represent and warrant:

  • a) that you have accepted all Terms and Conditions;
  • b) that you are at least 18 years of age and have the legal capacity to accept the Terms;
  • c) that you are the legal owner of any Bitcoins you deposit into your Phemex account;
  • d) that using our Phemex services does not constitute a breach of your local jurisdictions’ laws;
  • e) that you are aware of the risks in using any services provided by Phemex. These risks include the high volatility of Bitcoin and the probability of losing all your funds if the market moves against you;
  • f) that you will not be involved in or initiate any form of market manipulation, including spoofing orders or otherwise;
  • g) that any information or documents you provide are correct, genuine and up-to-date;
  • h) that the Bitcoin withdrawal address you have provided is your own and that you have full control over this address;
  • i) that if you are located in or if you are a resident of the United States of America, Québec (Canada) , Singapore, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Sudan, or any other jurisdiction where the Services offered by Phemex are restricted, you understand and acknowledge that you are prohibited from holding positions or entering into contracts at Phemex. You also understand and acknowledge that if it is determined that any Phemex trading participant has given false representation as to their location or residence, Phemex reserves the right to close any offending accounts immediately and to liquidate any open positions.

2.11 Phemex will provide Market Data to facilitate the usage of this Site. Phemex makes NO GUARANTEES on the timeline, sequence, accuracy, or completeness of this data. You accept and agree that Phemex shall not be held liable for any inaccuracies, errors, delays, or omissions in such Market Data.

2.12 Phemex reserves the right to revise and/or discontinue any or all services without prior notice to the users.

2.13 Phemex makes no guarantees that the website will run uninterrupted or error free 100% of the time. Among other services, the operation and availability of the Phemex platform can be unpredictable and may from time to time be inaccessible. Phemex is not in any way responsible for any such interference that may prevent your access or use of the website and its services.

2.14 Phemex reserves the right to verify your identity at any time.

2.15 Phemex may impose certain trading limits only to be lifted by fulfilling requirements to supply additional information about yourself and your transactions. By conducting any business on the website, you agree to cooperate with us and provide all requested documentation or information.

2.16 We are responsible for maintaining an orderly market and as such we may at our discretion halt trading due to market disruptions or other relevant external events. We deny all liability for any claimed losses as a result of halted trading.

2.17 Phemex has the right to reverse trades or adjust the prices of trades that it regards as abnormal with prices far away from the price level to be expected from an orderly market.

3. Intellectual Property Rights

3.1 All intellectual property rights on all the materials used on this website including, but not limited to, design, structure, layouts, graphical images, and underlying source code belong to Phemex. All rights are reserved.

3.2 You acknowledge that, except as otherwise agreed upon between parties in writing, all intellectual property rights regarding the website shall remain with Phemex.

 3.3 By submitting content to any public area of the Website, including blogs, message boards, and forums, you grant Phemex a royalty-free, perpetual, irrevocable, non-exclusive right and license to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, communicate to the public, perform and display the content (in whole or in part) worldwide, and to incorporate it in other works in any form, media, or technology now known or later developed, for the full term of any rights that may exist in such content. You also permit any subscriber to access, display, view, store, and reproduce such content for personal use.

3.4 By submitting any content to the Website, you warrant that you are entitled to and have all necessary intellectual property rights over that content.

4. Exceptions

4.1 This disclaimer will not exclude or limit any warranty implied by law that would be unlawful to exclude or limit; and nothing in this website’s disclaimer will exclude or limit Phemex’s liability in regards to any:

  • a) fraud or fraudulent misrepresentation on the part of Phemex; or
  • b) matter in which it would be illegal or unlawful for Phemex to exclude or limit, or to attempt or purport to exclude or limit its liability.

5. External Website

5.1 Phemex makes no representations whatsoever about any external or third-party websites that you may access through our site. Occasionally, the Phemex website may provide references or links to other websites (“External Websites”). We do not control these External Websites or third-party sites nor any of the content contained within them. You agree that we are in no way responsible or liable for anything in the External Websites referenced or linked from the Phemex website. This includes, but is not limited to: website content, policies, failures, promotions, products, opinions, advice, statements, prices, activities, advertisements, services, actions and/or any damages, losses, failures or problems caused by, related to, or arising from those sites. You shall bear all risks associated with the use of such content.

5.2 External Websites have separate and independent terms of service and related policies. We request that you review the policies, rules, terms, and regulations of each site that you visit. It is up to you to take precautions necessary to ensure that external source you engage with is free of items such as viruses, worms, Trojan horses, and other software of a destructive nature.

6. Financial Advice

6.1 At no time should any information provided here or on the website be construed as financial advice. Phemex does not provide any opinion on the merits of any particular investment. Any information provided is for educational purposes only and to keep investors informed of prices, ranges, and the volatility of Bitcoin. Any decision to purchase or sell is done entirely at the discretion of the account holder and as such, the account holder is liable for any loss incurred.

7. Financial Regulation

7.1. Our business model and our service is to facilitate the buying, selling, and trading of Perpetual Contracts in an unregulated, international, open payment system. The services we provide are currently unregulated within Australia, Canada, China, Germany, France, United Kingdom, Hong Kong, Italy, Korea, Taiwan, Macau, Switzerland, and Japan.

8. Data Protection

8.1. Privacy is very important to us. Full details on our Privacy Policy can be found at our Privacy Policy page. We recommend that you read the document carefully to understand what data we collect, how we use it, and who we share this data with.

9. Indemnification

9.1. You agree to indemnify Phemex, its contractors, and its license holders and their respective directors, officers, employees, and agents from any and all claims or expenses including attorney fees arising from your use of the Website and your violation of this Agreement.

9.2. In no event will Phemex, its suppliers, or is license holders be liable with for any subject matter of this agreement under any contract, negligence, strict liability, or other law or equity for:

  • a) any special, incidental or consequential damages;
  • b) the cost of procurement or substitute products or services;
  • c) interruption of use, loss, or corruption of data;
  • d) any amounts that exceed the fees paid by you to Phemex under this agreement during the twelve-month period prior to the cause of action.

Phemex shall have no liability for any failure or delay due to matters beyond our reasonable control. The previous shall not apply to the extent prohibited by applicable law.

10. Limited Liability

10.1. Except as permitted to the maximum extent by applicable laws, in no event shall Phemex, our directors, employees, agents, suppliers, resellers, service providers, or other users be liable for any direct, special, indirect, incidental, consequential, exemplary or punitive damages, including but not limited to: damages for loss of use, loss of profits, loss of information, business interruption, revenue, goodwill whether on the basis of contract, tort (including but not limited to negligence), or otherwise arising out of the use or inability to use the site, mistakes, omissions, interruptions, deletions, errors, defects, viruses, and delays in operation or transmission, any failure of performance of the site, or any information transmitted to Phemex.

10.2. To the maximum extent permitted by applicable laws, in no event shall the aggregate liability of Phemex, our directors, employees, agents, suppliers, resellers, service providers, or other users whether on the basis of contract, warranty, tort (including but not limited to negligence), product liability, strict liability, or other theory arising out of the use or inability to use the site, or mistakes, omissions, interruptions, deletions, errors, defects, viruses, delays in operation or transmission or any failure of performance of the site, exceed the fees paid by you to Phemex during the six months immediately preceding the date of any claim giving rise to such liability.

10.3. If we are unable to perform the Services in the Terms of Service due to factors beyond our control including but not limited to: an event of Force Majeure, a change of law, or change in sanctions policy, we will not have any liability with respect to the Services provided under this Agreement and for a time period coinciding with the event.

11. Calculations

11.1 All calculations performed by the Phemex trading engine and as verified by Phemex are final.

12. Termination & Remedies for Breach of Terms

12.1 Phemex reserves the right to seek all remedies available by law and in equity for violations of these Terms, including without limitation, the right to restrict, suspend, or terminate any account or deny access to the Website without notice.

12.2 Phemex has the right to restrict the trading activity of any account which we deem necessary based upon suspicion of any trading activity that has breached any of the rules listed or implied by these terms. This restriction may result in the canceling of trades. Phemex is not responsible for any losses incurred by restricting trades, reversing or closing out trades early due to a suspected breach of this contract. You agree to indemnify the company against any actions by you or any third party that may be harmed by our actions. During an investigation of the conduct of the account, no trades, deposits, or withdrawals will be allowed. At the conclusion of this investigation period, Phemex has the right to close the account without providing any further explanation.

12.3 At any given time and at Phemex’s sole discretion, we reserve the right to close your account without prior notice. Any remaining assets will be transferred to you to the address on record.

12.4 In addition, at Phemex’s discretion, any accounts found to have breached the terms and conditions under any circumstances, including but not limited to marketing campaigns, Phemex reserves the right to close your account with immediate effect and all remaining assets shall belong to Phemex without question.

13.1 We may share your Personal Data with law enforcement, data protection authorities, government officials, and other authorities when:

  • a) required by law;
  • b) compelled by subpoena, court order, or other legal procedure;
  • c) we believe that the disclosure is necessary to prevent damage or financial loss;
  • d) the disclosure is necessary to report suspected illegal activity; or
  • e) the disclosure is necessary to investigate violations of our Terms of Service or Privacy Policy.

For further information on how we process your Personal Data, please refer to the Privacy Policy.

14. Absence of Waiver

14.1 Any failure or delay by Phemex to enforce any of these terms or to exercise any right under these terms will not be construed as a waiver to any extent of our rights.

15. Survival

15.1 Should any provision of these Terms be held to be void, invalid, unenforceable or illegal by a court, the validity and enforce-ability of the other provisions shall not be affected. If any provision is determined to be unenforceable, you agree to an amendment by Phemex of such provision to provide for enforcement of the provisions intent, to the extent permitted by applicable law.

16. Governing Law

16.1 These terms are governed by and construed in accordance with BVI law.

Contact Us

If you have any questions relating to these Terms of Use, your rights, and obligations arising from these terms and/or your use of the website and its services, your Account, or any other matter, please contact support@phemex.com.

 

Updated on March 18, 2020

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