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:
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:
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.
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 (infoCoVEX.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:
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:
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).
5.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:
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.
6. 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.
7. TYPES OF ORDERS
Market buy Order
Market sell Order
8.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.
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:
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.
10.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.
11.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.
12. 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.
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.
14. 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.
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.
16. 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.
17. AMENDMENTS OF THE AGREEMENT
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: [email protected].
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.
CoVEX LEGAL AND RISK DISCLAIMER (“Disclaimer”)
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.
Crypto Currency Trading Risk:
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.
Anti-money Laundering and Know Your Customer Policy
The purpose of the CoVEX Anti-Money Laundering and Know Your Customer Policy (hereinafter - the "AML/KYC Policy") is to identify, prevent and mitigate possible risks of CoVEX being involved in illegal activity.
In conformity with international and local regulations CoVEX has implemented effective internal procedures to prevent money laundering, terrorist financing, drug and human trafficking, proliferation of weapons of mass destruction, corruption and bribery and to react correspondingly in case of any form of suspicious activity from its Users.
AML/KYC Policy includes Verification procedures, Compliance Officer, Monitoring Transactions, Risk Assessment.
Customer due diligence ("CDD") has become one of one of the international standards for preventing illegal activity. Thus, CoVEX has implemented its own verification procedures within the rigorous standards of anti-money laundering and "Know Your Customer" procedures.
The CoVEX identification procedure requires the User to provide CoVEX with reliable, independent source documents, data or information (for example, a national ID card, an international passport, an extract from the bank, a utility bill). For such purposes, CoVEX reserves the right to collect the User's identification information for the purposes of AML / KYC Policy compliance.
CoVEX will take steps to confirm the authenticity of documents and information provided by Users. All legal methods for double verification of identification information will be used, and CoVEX reserves the right to investigate the cases of certain Users whose identities have been identified as dangerous or suspicious.
CoVEX reserves the right to verify the identity of the User on an ongoing basis, especially when its identification information has been changed or its activities appear suspicious (unusual for a particular User). In addition, CoVEX reserves the right to request from the Users current documents, even if they have been authenticated in the past.
After confirming the identity of the user, CoVEX may refuse potential legal liability in a situation where the company's services are used to conduct illegal activities.
In future, Users who intend to use payment cards for the purpose of consuming services must undergo a card check in accordance with the instructions available on the CoVEX website.
The Compliance Officer is the person, duly authorized by CoVEX, whose duty is to ensure the effective implementation and enforcement of the AML/KYC Policy. It is the Compliance Officer's responsibility to supervise all aspects of CoVEX's anti-money laundering and counter-terrorist financing, in particular collecting Users' identification information, establishing and updating internal policies and procedures for the completion, review, submission and retention of all reports and records required under the applicable laws and regulations, monitoring transactions and investigating any significant deviations from normal activity, implementing a records management system for appropriate storage and retrieval of documents, files, forms and logs, updating risk assessment regularly, providing law enforcement with information as required under the applicable laws and regulations.
The Compliance Officer is entitled to interact with law enforcement, which are involved in prevention of money laundering, terrorist financing and other illegal activity.
The Users are known not only by verifying their identity by analysing their transactional patterns. Therefore, CoVEX relies on data analysis as a risk-assessment and suspicion detection tool. CoVEX performs a variety of compliance-related tasks, including capturing data, filtering, record-keeping, investigation management, and reporting. System functionalities include:
In connection with the AML/KYC Policy, CoVEX will monitor all transactions and it reserves the right to ensure that transactions of suspicious nature are reported to the proper law enforcement through the Compliance Officer; request the User to provide any additional information and documents in case of suspicious transactions; suspend or terminate User's Account when CoVEX has suspicion that such User engaged in illegal activity.
However, the above list is not exhaustive, and the Compliance Officer will monitor Users' transactions on a regular basis in order to define whether such transactions are to be reported and treated as suspicious or are to be treated as bona fide.
CoVEX, in line with the international requirements, has adopted a risk-based approach to combating money laundering and terrorist financing. By adopting a risk-based approach, CoVEX is able to ensure that measures to prevent or mitigate money laundering and terrorist financing are commensurate to the identified risks.
Cross-chain deposit means valid depositing of one cryptocurrency to the address of another cryptocurrency in blockchain (e.g. sending bitcoin to Ether wallet).
Recovery of cross-chain deposits is a very dangerous and time-consuming process. Not all deposits may be recovered, and the level of complexity, risk and time frames depend both on the type of currency and the used address for deposit.
Having taken into consideration all the factors the CoVEX team has developed the following fee structure of a cross-chain deposit recovery:
CoVEX will recover only those cross-chain deposits that exceed 50,000 USD now of transaction within a 30-banking day period. CoVEX has developed the following fee structure for all cross-chain recovery requests: the recovery is a flat fee of 5% BTC of the amount sent to the wrong address.
The Users should remember about the described difficulties of the cross-chain recovery process and take into consideration a significant number of deposits mistakenly sent to a wrong address. We aim to execute feasible requests within a 15-day period, but delays may accrue. In this case our support team will inform you appropriately. The CoVEX team dedicates its best efforts to resolve the issue within the shortest time frames. Thus, we ask you to be patient.
Attention: CoVEX will not recover coins and tokens which are not listed and supported by the CoVEX system.