When You open a Bitflex Account with us, you understand and accept that the Digital Currencies do not necessarily have a specific form of protection or regulation by any governmental body. The value of the Digital Currencies is highly volatile and speculative, extending the possibility of total loss.
Before trading or transacting using our Platform, it is important to understand the risks. We have included below, in more detail, the potential risks in trading or transacting using our Services. You should note that the risks described below are not intended to be exhaustive and are not intended to be presented in any assumed order of priority. We ask you to take time to carefully read them through and to consider whether such trading and transacting on Bitflex is appropriate in your particular circumstances.
1. Trading risks.
1.1. You acknowledge and agree that you shall access and use the Platform at your own risk. The risk of loss in trading the Digital Currencies pairs can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances, objectives and financial resources. You should be aware of the following points:
1.2. You may sustain a total loss of the Funds transferred to, and of all Funds in, your Bitflex Account. The traded price of the Digital Currencies can fluctuate greatly within a short period of time. The traded price of the Digital Currencies also may decrease due to various factors including discovery of wrongful conduct, market manipulation, changes to properties of the Digital Currencies, Attacks (defined in section 4 below), suspension or cessation of support for any Digital Currencies by Bitflex or the External Account providers or other service providers, and other factors outside the control of Bitflex.
1.3. Under certain market conditions, you may find it difficult or impossible to buy or sell Digital Currencies. This can occur, for example, if there is insufficient liquidity in the market. We are not and shall not be responsible or liable for the transferability, liquidity and/or availability of any Digital Currencies.
1.4. Bitflex may suspend trading in or cease to offer the Services in respect of any of the Digital Currencies at any time at Bitflex’s sole discretion. You may be unable to withdraw the Digital Currencies prior to Bitflex’s ceasing to offer the Services in respect of any such Digital Currencies, resulting in the loss of any such Digital Currencies remaining in your Bitflex Account.
This brief statement cannot, of course, disclose all the risks and other aspects associated with these trades. You are solely responsible for ensuring that you understand and accept all risks connected with transacting and trading in the Digital Currencies, and are able and willing to accept and bear for your own account all possible losses that may arise from such transactions and trading in the Digital Currencies.
2. Internet transmission risks and error correction.
You acknowledge that there are risks associated with utilizing an Internet-based trading system including, but not limited to, the failure of hardware, software, and Internet connections. You acknowledge that Bitflex shall not be responsible for any communication failures, disruptions, errors, distortions or delays you may experience when trading via the Platform, howsoever caused.
3. Risks associated with attacks on the Platform or the Bitflex Account.
The Platform and/or the Bitflex Account and the Funds held therein may be subject to attacks on their security, integrity or operation, and you acknowledge and agree that Bitflex shall not be responsible or liable for any losses resulting therefrom.
4. Risks arising from properties of Digital Currencies.
4.1. Any Digital Currencies and the software, networks, protocols, systems and other technology (including, if applicable, any blockchain) used to administer, create, issue, transfer, cancel, use or transact in any Digital Currencies (the “Underlying Technology”) may be vulnerable to attacks on its security, integrity or operation (“Attacks”), including attacks using computational power sufficient to overwhelm the normal operation of a blockchain or other Underlying Technology.
4.2. Any Digital Currencies or Underlying Technology may change or otherwise cease to operate as expected due to a change made to the Underlying Technology, a change made using features or functions built into the Underlying Technology or a change resulting from the Attack. These changes may include, without limitation, a “fork” or “rollback” of Digital Currencies or blockchain.
4.3. Any Digital Currencies may be cancelled, lost or double spent, or have its traded price otherwise diminished, due to forks, rollbacks, Attacks, changes to the functions, characteristics, operation, use and other properties of the Digital Currencies or failure of the Digital Currencies to operate as intended.
4.4. Bitflex may not support related side chains or other Underlying Technology of Digital Currencies that are based on a fork, enhancement, or derivative of different Digital Currencies or Underlying Technology, even if such is based on Digital Currencies that is supported by Bitflex.
4.5. Any Digital Currencies may be lost if sent to the wrong address (for example but without limitation, if the address is improperly formatted, contains errors, or is intended to be used for a different type of digital token).
5. Regulatory risks.
5.1. The regulatory status of the Digital Currencies is unclear or unsettled in many jurisdictions. It is difficult to predict how or whether governmental authorities will regulate the Digital Currencies. It is likewise difficult to predict how or whether any governmental authority may make changes to existing laws, regulations and/or rules that will affect any of the Digital Currencies. The Digital Currencies hence may be securities or be otherwise regulated under the laws of certain jurisdictions.
5.2. The Trade is not available for citizens or residents of Afghanistan, Bosnia and Herzegovina, Central African Republic, China, Cuba, the Democratic Republic of the Congo, Democratic People’s Republic of Korea (North Korea), Eritrea, Ethiopia, Guinea-Bissau, Hong Kong, Iran, Iraq, Libya, Lebanon, Malaysia, Singapore, Somalia, South Sudan, Sudan, Syria, Uganda, United States of America, Vanuatu, Yemen, and the Crimea region or any of their respective states, provinces, territories subject to countrywide or territory-wide sanctions authorised or imposed by Canada and the United Nations (hereinafter the “Restricted Territory”).
5.3. Upon being informed of the fact that a person is a citizen or resident of the Restricted Territory, Bitflex will treat such Trade as void and no Digital Currencies shall be acquired by the citizen or resident of the Restricted Territory.
5.4. The Digital Currencies and Trade may have regulatory burden and control. Bitflex may be a subject of regulatory inquiries and actions of governments, which may lead to difficulties and postpones of the Trade.
6. Counterparty risk.
6.1. We have no control over, or liability for, the delivery, quality, safety, legality or any other aspect of any Digital Currencies that you may purchase or sell to or from a user of the Services. We are not responsible for ensuring that a third-party buyer or a seller you transact with will complete a trade or transaction or is authorised to do so. There is also no guarantee fund established or other arrangement in place to cover or compensate you for any pecuniary loss suffered by you as a result of any defaults by or the insolvency of any other users of the Services.
6.2. The risks described in this Legal Statement may result in loss of the Digital Currencies, decrease in or loss of all value for the Digital Currencies, inability to access or transfer the Digital Currencies, inability to Trade the Digital Currencies, inability to receive any specific utility, access or benefits available to other Digital Currencies holders, and other financial losses to you. You hereby accept and agree that Bitflex will, at all times, have no responsibility or liability for, such risks. You hereby irrevocably waive, release and discharge any and all claims, whether known or unknown to you, against Bitflex and their respective directors, members, officers, employees, agents and contractors related to any of the risks set forth herein.
6.3. You represent and warrant that you have: (a) the necessary technical expertise and ability to review and evaluate the security, integrity and operation of any Digital Currencies that you decide to acquire or trade; and (b) the knowledge, experience, understanding, professional advice and information to make your own evaluation of the merits and risks of any Digital Currencies or trade. You accept the risk of trading the Digital Currencies by using the Services, and are responsible for conducting your own independent analysis of the risks specific to the Digital Currencies and the Services. You should not acquire or Trade any Digital Currencies unless you have sufficient financial resources and can afford to lose all value of the Digital Currencies, or suffer substantial losses.
6.4. Bitflex’s decision to support transfer, storage or trading of any particular Digital Currencies through the Platform does not indicate Bitflex’s approval or disapproval of the Digital Currencies or the integrity, security or operation of the Digital Currencies or its Underlying Technology and Bitflex does not in any way make any representation or warranty as to any Digital Currencies supported or not supported by the Services. The risks associated with Digital Currencies and trading Digital Currencies apply notwithstanding Bitflex’s decision to provide Services in respect of a particular Digital Currency, and risks of all such trading will be wholly yours and yours alone to bear.