Copy Trading Service Agreement
This Copy Trading Service Agreement (this “Agreement”) is entered into by and between you (Name: [ ]; ID Number: [ ]; BIT Platform Account: [ ]) (the “User”) and [Smart Vega Holding Limited] (“BIT”, together with you, the “Parties”, and individually, a “Party”). This Agreement sets forth the terms and conditions regarding the copy trading service.
By clicking “[AGREE]”, you agree that you have read, understood and accepted this Agreement, the BIT Platform Terms and Conditions (https://www.bit.com/userAgreement) (the “Platform Terms and Conditions”), and our Privacy Policy (available at https://www.bit.com/privacyPolicy) (the “Privacy Policy”). If you have any question regarding the copy trading service and/or this Agreement, please contact our customer service by sending email to [support@bit.com].
Article 1 Definition
1. “Lead Trader” means a trader on the BIT platform whose trading can be copied by a customer.
2. “Automated Trading Program” means a program in which the positions in a user’s account can be automatically opened and closed without any manual intervention or further instructions from the user.
Article 2 Information on Copy Trading Service
1. BIT’s copy trading service provides a platform for you to interact with, follow and copy the orders of other Lead Traders and trading strategies through the use of the relevant information and provides you with copy trading function. You may, at your discretion (subject to this Agreement), copy the orders placed under a Lead Trader’s account and/or strategy (“Selected Lead Trader”) and carry out copy trading. If you choose to use BIT’s copy trading service, you authorize BIT to perform Automated Trading Program on your BIT account to mirror the account configuration of your Selected Lead Trader to the fullest extent permitted by the service and/or relevant laws and regulations, without further inquiry for or consent or approval of you.
2. Under the following circumstances, BIT will be unable to perform the Automated Trading Program according to the account configuration of the Selected Lead Trader:
a) The slippage in copy trading exceeds the set value;
b) The copy trading amount is smaller than the minimum order amount (according to the provisions of the platform);
c) Your margin is insufficient;
d) Your existing positions exceed the maximum position limit for the current leverage level;(https://helpcenter.bit.com/hc/en-us/articles/21140817176089-Important-Notice-BIT-to-Adjust-Perpetual-Contract-Leverage-and-Margin-Rules-on-Aug-11 for more information)
e) You or your account is unable to carry out such transaction due to applicable law or otherwise;
3. The transaction fails due to network congestion or platform/trading channel failure. With regard to the use of the copy trading service, BIT shall have the right to charge you any transaction fee incurred in the course of transaction and to withhold the floating service fee charged to the Selected Lead Trader (please refer to the calculation standards disclosed on the BIT platform). You acknowledge and agree that BIT, when carrying out transactions according to the copy trading service you have selected, shall have the right to set aside a potion from your funds in digital currency for payment of floating service fees, transaction fees, or other fees accrued or to be accrued on transactions carried out or to be carried out by BIT.
4. You understand and agree that the returns you may receive through the use of the copy trading service may differ from the returns received by your Selected Lead Trader for the following reasons. Therefore, BIT and/or its affiliates do not make any representation, warranty or undertaking concerning your ability to produce returns or losses similar to those of the Selected Lead Trader.
a) After a transaction has been completed by the Selected Lead Trader, you will copy the transaction in the form of market price order, however, the buy-in price of which is not guaranteed to be the same as the transaction price of the Selected Lead Trader;
b) After you have selected the Selected Lead Trader and followed all outstanding transactions of such Selected Lead Trader, BIT will open positions for you at the best price at the time of copying the transaction. However, the opening price may not be the exactly same as the transaction price of the Selected Lead Trader;
c) Your buy-in price is subject to slippage. Without additional setting, the maximum slippage for users is 0.5% (closing orders are not subject to slippage);
d) If you manually close a position on any copied order, the result may differ significantly from the result obtained by your Selected Lead Trader;
e) Any transaction failure due to any of the circumstances described in Article 2.2;
f) If the Selected Lead Trader cashes out or withdraws coins;
g) There is a difference between you and the Selected Lead Trader in terms of initial balance, trade ratio, lower limit of trade size, account setting, service fee rate, spread at the time of investment, interest and investment price;
h) Your ultimate objectives or intentions or financial circumstances are different from those of your Selected Lead Trader; and/or
i) The Selected Lead Trader may trade in or contain products which are not available to you (due to applicable laws or otherwise). i.e. equivalent substitute transactions cannot be carried out, which may result in differences in your portfolio’s underlying returns, portfolio composition, risk level and other factors from those of the Selected Lead Trader.
5. BIT only provides a platform for customers to interact with, follow and copy trading of other Lead Traders and trading strategies by using the relevant information, and does not make any representation or warranty to the professional competence, skills and prudence of any Lead Trader and trading strategy. BIT does not make any warranties and commitments in connection with any of the information, products and business of any third party websites linked to this platform, as well as any other forms of content that not drafted and prepared by BIT (including but not limited to, any content posted by Lead Trader); your use any of the services, information, and products provided by a third party website is your personal decision and therefore you shall assume any and all the responsibilities arising therefrom. You understand and agree that, before using the copy trading service, you should, based on your knowledge, expertise, financial situation and risk appetite, determine whether it is appropriate for you to put your digital assets into the copy trading service and review and select the appropriate Selected Lead Trader. You understand and agree that under no circumstances shall BIT and/or its affiliates be responsible or liable to the user or any other person for any loss whatsoever arising out of or in connection with the use of or reliance on the copy trading service, including, without limitation, for or in connection with: (1) any action taken for copying orders through your use of the copy trading service; or (2) any decision made or action taken by your Selected Lead Trader.
6. BIT and its affiliates shall not be liable for damages if you fail to use various services or give instructions, carry out relevant transactions and other operations normally (including, without limitation, failure, delay, interruption, discontinuance, unresponsive system, slow system response or any other circumstances of failure to use the service normally), as a result of BIT’s failure to operate normally or service interruption due to the following circumstances, including, without limitation:
a) BIT announces periods of downtime for maintenance on its systems;
b) BIT is attacked by hackers, including but not limited to theft of user account password, secret key, API key, secretkey and other information, and illegal invasion into account and/or illegal transfer of digital currency;
c) Telecommunication equipment fails to transmit data due to breakdown;
d) BIT system and/or services may be disturbed and cannot be performed due to force majeure including, without limitation, typhoon, earthquake, tsunami, flood, epidemic, power failure, war, turmoil, government action, terrorist attack or any other unexpected events;
e) Suspension or delay of the services caused by hacker attacks, invasion or attack of computer viruses, technological adjustment or failure of telecommunication department, website upgrades, problems with banks, temporary shutdown due to government restrictions and other reasons affecting normal network operation;
f) Service interruption or delay caused by the destruction, breakdown or failure for normal use of the computer system of BIT system platform;
g) Losses caused to you or other third parties due to the fault or delay of a third party;
h) Losses caused to you or other third parties due to the change of applicable laws;
i) Losses caused to you or other third parties by other force majeure or accidents that cannot be objectively foreseen, avoided and/or overcome;
j) Other losses not attributable to BIT due to external uncontrollable events.
7. You agree and accept that, in case of abnormal trading, disruption of market quotations and any other possible abnormal situations arising out of reasons specified in Article 2.6, BIT shall have the right not to execute your order as the case may be. You acknowledge and agree that BIT will not be liable for any losses (including, without limitation, any direct or indirect losses, actual losses or anticipated profits losses and any related losses) caused to you arising out of the foregoing.
8. BIT’s total compensation (if any) to you shall not exceed the total amount of the service fees which BIT has received from you at the time of termination of the service.
9. BIT may, at its sole discretion, early suspend and/or terminate the copy trading service and any outstanding orders if:
a) The service is required to be terminated as required by regulatory authorities in relevant jurisdiction or any applicable law or regulation;
b)Force majeure and/or other unforeseen events prevent BIT from continuing to perform and/or provide the service;
c)There are prohibited trading activities, including (i) manipulative or abusive trading practices conducted or reasonably believed likely to have been conducted; (ii) incorrect information provided or reasonably believed likely to have been provided in opening the account, which could constitute fraud; or (iii) your other bad faith conduct;
d) Occurrence of other circumstances which, based on market conditions or in the opinion of BIT, require the termination of the service..
10. BIT shall have the right to amend this Agreement at its sole discretion at any time without further notice to the user. BIT shall not be liable to you for any damages resulting from your misinterpretation of this Agreement or any changes thereto or your failure to read the revisions to these Terms in a timely manner.
Article 3 Rights and Obligations of Users
1. The User shall be solely responsible for any applicable taxes and fees.
2. The User has read, understood and accepted the terms and conditions of this Agreement as well as the risks set out in the Risk Warning which are deemed to be incorporated by reference herein.
3. The User hereby makes the representations and warranties set out in clause 2 (Account Registration) of the Platform Terms and Conditions.
Article 4 Governing Law and Jurisdiction
1. This Agreement and all non-contractual obligations arising out of or in connection with this Agreement are governed by Seychelles law.
2. The courts of Seychelles have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including any dispute regarding the existence, validity or termination of this Agreement) or any non-contractual obligation arising out of or in connection with this Agreement (a "Dispute"). Each of the Parties hereby irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or hereafter have to the laying of venue in any such court and any claim that any such court is an inconvenient forum.
Article 5 Miscellaneous
1. Any notice, consent or other communication required or permitted hereunder shall be in writing and shall be deemed to have been duly given at the time it is sent by BIT via the BIT platform or via email.
2. The Parties agree that the User’s acceptance or signature may be made and delivered electronically, whether digitally or otherwise (including where the User clicks “[Agreed]” on the BIT platform), and this method of execution or signing shall have the same legal validity and enforceability as a manually executed signature and the Agreement shall be effective and binding on all Parties.
3. Should any part of this Agreement be determined to be illegal, invalid or unenforceable, such determination shall not affect the remaining part of this Agreement.
4. The English language version of this Agreement shall prevail over its translations.