User Agreement - Bitnex Markets

Client Statement and Warranty

1. I hereby confirm that when browsing this website and completing the account opening procedures, I am not located in Taiwan, Hong Kong Special Administrative Region, nor am I a resident or citizen of Taiwan, Hong Kong, the United States, or Canada.
2. I acknowledge that no offer, solicitation, or promotion has been made to me in respect of any leveraged foreign exchange, precious metals, contracts for difference (CFDs), or any other margin trading and investment products (hereinafter referred to as “Trading Products”) and related services provided on this website.

Description

Important Notice

Risk Disclosure Statement

1. Margin Trading Risk
   Trading CFDs on margin involves a high level of risk. The initial margin required may be small relative to the notional value of the transaction, meaning trades are highly leveraged. Even small market movements can have a significant impact on your deposited funds, potentially working to your advantage or disadvantage. You may incur losses greater than your initial margin and may be required to provide additional funds to maintain your position. If the market moves against you or margin requirements are not met, your position may be liquidated at a loss, and you will be responsible for any resulting deficit.
2. Risk-Reduction Orders or Strategies
   Placing contingent orders such as “stop-loss” or “stop-limit” may not always be effective or executed as intended. For example, limit orders may not guarantee execution at your specified price. Certain trading strategies, including spread or pair trading, may carry the same risks as outright long or short positions, and in some cases, may increase potential exposure.
3. Trading Facilities
   Most electronic trading facilities rely on computer-based systems for order routing, execution, matching, registration, and clearing. Like all such systems, they may be subject to temporary disruption, delay, or failure. Clients’ ability to recover certain losses may be limited by the liability restrictions imposed by the system providers, the market, the clearing house, or the broker. These limitations may vary.
4. Electronic Trading Risk
   Unlike open outcry or floor-based trading, electronic trading carries additional risks, including the risk that client orders may not be executed or may be only partially executed due to hardware, software, or internet transmission errors. Clients must recognize these risks, which cannot be transferred to Bitnex Markets (“BX”).
5. Over-the-Counter (OTC) Transactions
   In some jurisdictions, and under certain conditions, companies may be permitted to offer OTC transactions. Such transactions may expose clients to additional risks, as the company may act as the counterparty. OTC transactions are generally less regulated or may be regulated under a separate framework, which increases counterparty risk. Clients should ensure they have a clear understanding of the rules and potential risks before trading OTC products.
6. Trading in Other Jurisdictions
   Transactions conducted in other jurisdictions, including markets formally linked to domestic exchanges, may expose clients to additional risks. Such markets may provide different or diminished levels of investor protection. Before trading, clients must confirm and understand all relevant rules and regulations of the jurisdictions in which they are trading, as well as the scope of protection available under local regulators or markets.
7. Commissions and Other Charges
   Prior to trading, clients must obtain a clear explanation of all commissions, fees, and other charges for which they may be liable. These costs will directly impact net profits (if any) or may increase overall trading losses.
8. Suspension or Limitation of Trading in Relation to Pricing
   Market conditions (e.g., liquidity constraints) and/or the suspension of certain markets (such as halts due to price limits or regulatory restrictions) may increase the risk of loss by making it difficult or impossible to execute transactions, liquidate positions, or hedge exposures. Normal pricing correlations between the underlying asset and related CFD products may also fail to apply, making it difficult to determine a “fair value” for pricing.
9. Deposited Cash and Property
   Clients must understand the protections available for cash or assets deposited for the purpose of trading, particularly in the event of insolvency or bankruptcy of the Company. The extent to which clients can recover their deposits is subject to specific legislation or local rules. In certain jurisdictions, client assets explicitly identified as such may be pooled with cash and distributed on a pro-rata basis in the event of liquidation shortfalls.
10. Force Majeure Risks
    If trading activities are disrupted due to force majeure, client orders may not be executed, or may only be executed under conditions less favorable than usual. Force majeure circumstances include, but are not limited to:
    1. Temporary closure, damage, or malfunction of quotation sources, leading to suspension of trading operations.
    2. Abnormal price movements in CFD products or a loss of liquidity in the corresponding market.
    3. Publication of significant macroeconomic or political announcements materially impacting product prices.
    4. Failure of trading systems due to hardware or software malfunctions, for which BX accepts no liability.
    5. Internet transmission errors or failures of service providers.
    6. Decisions, regulations, or orders issued by national or administrative authorities.
    7. Failures or breakdowns in telecommunications systems.

Client Warning

1. OTC trading is intended only for professional institutions or individuals with extensive investment experience, and who possess sufficient financial resources to withstand potential losses that may substantially exceed the initial margin or deposit without impairing their normal livelihood.
2. OTC products are not traded on an organized exchange and therefore are not subject to open outcry or centralized public bidding. Quotes and prices are typically provided by electronic trading systems supported by third-party data sources and may differ from actual market prices due to liquidity conditions. BX makes no representation or warranty, express or implied, as to the timeliness, accuracy, adequacy, reliability, or fitness for the purpose of such information. Clients bear all risks associated with reliance on such data.
3. In OTC markets, BX may act as the counterparty to the Client’s trades. Closing or offsetting open positions, assessing fair value, or managing exposure may be difficult or impossible under certain market conditions. These transactions may carry higher risk than exchange-traded instruments and may be subject to different or less stringent regulatory oversight.
4. No assurance can be given regarding the credit standing of counterparties to the Client’s OTC transactions. BX will seek to transact only with reputable institutions and clearing agents, but reduced market liquidity may prevent the closing of unfavorable positions, resulting in significant losses for which BX shall not be held liable.
5. The Client acknowledges that each purchase or sale of OTC products results in a contractual settlement with BX. Settlement risk, including delivery and payment obligations, remains the responsibility of the Client in all circumstances.
6. The Client’s obligation to meet margin requirements is absolute. Failure to meet such requirements may result in forced liquidation of positions and corresponding losses. BX reserves the right to reject orders or impose additional margin requirements at its sole discretion.
7. Transactions conducted via electronic platforms may differ from those executed on interbank or organized exchanges. Clients are exposed to risks associated with system reliability, including delays, hardware or software malfunctions, and internet connectivity failures, which may result in orders being executed at disadvantageous prices or not executed at all. Clients bear all losses arising therefrom.
8. If the Client appoints or relies on an Introducing Broker or third-party manager (“Introducer”) to manage or recommend trades, BX provides no guarantee, warranty, or endorsement of the Introducer’s actions. BX bears no liability for losses incurred due to the Introducer’s conduct. Any delegation of account management authority requires BX’s prior written consent, failing which BX reserves the right to cancel transactions or revoke access without notice.
9. The Client must comply with all applicable laws, regulations, and reporting obligations in their jurisdiction, including payment of any taxes, duties, or charges arising from use of the BX platform. By trading with BX, the Client represents and warrants that they are fully compliant with such obligations. Clients should consult independent professional advisors where necessary.
10. Clients must acknowledge that BX does not guarantee any returns on trading activities. Unless expressly documented in writing and confirmed by BX’s official records, BX disclaims all responsibility for any representations, statements, or guarantees made by BX employees, affiliates, or third parties.

Disclaimer

1. Internet Failure
   Bitnex Markets (“BX”) has no control over the transmission of data signals via the Internet. The stability and reliability of data transmission depend on the client’s equipment and network connection. BX shall not be held liable for any communication failures, delays, or disruptions that occur during online trading.
2. Market Risk and Online Trading
   Trading leveraged products, including foreign exchange and CFDs, carries a high level of risk and may not be suitable for all investors. Please refer to the Client Agreement for a detailed description of the associated risks. The convenience and efficiency of online trading do not reduce the inherent risks of trading financial instruments, including precious metals.
3. Password Protection
   The Client is solely responsible for maintaining the strict confidentiality of their trading password and acknowledges that they are the only authorized user. The Client agrees to bear full responsibility for any instructions placed with BX using their password, whether authorized or not. If the Client discloses their password to any third party, intentionally or otherwise, the Client shall be fully liable for all resulting transactions, losses, costs, and expenses. BX shall not accept responsibility for any losses resulting from unauthorized use of the Client’s trading password.
4. Incorrect Price Quotation
   In the event of errors in price quotations or trade execution, BX shall not be liable for any resulting discrepancies in account balances. Such errors may include, but are not limited to: misquotes by traders, non-market prices, system errors (hardware, software, or network issues), or incorrect data provided by third-party sources. If an order is placed at an incorrect price, or margin requirements are not properly calculated due to such errors, the Client remains responsible for maintaining sufficient margin. BX reserves the right, at its sole discretion, to correct, adjust, or cancel any trades or account balances impacted by erroneous pricing or execution errors.
5. Arbitrage and Latency Trading
   Internet delays and system errors may cause discrepancies between BX’s quoted prices and actual market prices. Practices such as “arbitrage” or “scalping” that exploit price latencies are strictly prohibited on the BX trading platform. BX reserves the right to reject, adjust, or cancel any trades deemed to be executed through latency arbitrage and to freeze client accounts if necessary. The Client shall bear all risks and losses associated with such trading activity.
6. Price, Order Execution, and Platform Manipulation
   BX strictly prohibits any form of price manipulation, order execution manipulation, or platform abuse (including, but not limited to, front-running, spoofing, or coordinated manipulation). If BX suspects a Client of engaging in such activity, BX reserves the right, at its sole discretion, to intervene, adjust account balances, cancel orders, restrict withdrawals, suspend or terminate the Client’s account, and report the matter to relevant regulatory or legal authorities. The Client acknowledges that BX retains all rights to protect its platform integrity and enforce its contractual and legal remedies.
7. Insolvency Disclosure
   The Client acknowledges that transactions with BX are conducted off-exchange and not on a regulated marketplace. In the event that BX becomes insolvent, the Client may not be entitled to priority repayment of funds deposited with BX or any profits accrued from trading. Without priority rights, the Client shall be treated as an unsecured creditor and will only receive repayment after settlement of higher-ranking creditor claims.
8. General Advice Disclaimer
   BX provides only general financial product advice and is responsible solely for the execution of transactions in instruments such as foreign exchange, CFDs, and precious metals contracts. Any financial advice issued by BX is strictly of a general nature and does not take into account the Client’s personal objectives, financial circumstances, or individual needs. Clients must carefully assess their own investment objectives and risk tolerance before engaging BX’s services. Clients should refrain from using BX’s services if they do not fully understand or accept the risks involved.
9. Force Majeure & Market Disruption
   9.1 If BX is unable to perform its obligations under this Agreement due to circumstances beyond its reasonable control (a “Force Majeure Event”), BX will notify the Client as soon as practicable and will use reasonable efforts to refund any amounts paid by the Client in relation to BX’s unfulfilled obligations.
   9.2 Market Disruption Events:
   9.2.1 BX may issue a “Disruption Notice” to the Client if it considers that material disruption has occurred in relevant financial markets.
   9.2.2 Such disruptions may include circumstances where, in BX’s view, it is not possible to obtain or maintain positions in the relevant markets, whether due to domestic or international financial, political, or economic developments, or due to the imposition of foreign exchange or capital controls.
   9.2.3 Upon the issuance of a Disruption Notice, BX’s obligations will be suspended temporarily. BX will then consult with the Client regarding potential alternative arrangements. If the parties cannot agree within the prescribed time, both parties will be released from their obligations with respect to the affected transaction.
10. Limitation of Liability
    10.1 BX will exercise all reasonable efforts to act in accordance with the Client’s instructions and execute payments within the timelines specified. However, BX shall not be liable for any direct, indirect, or consequential losses (including but not limited to loss of profits) resulting from delays in the transfer or crediting of funds to the Client’s designated account.
    10.2 Nothing in this Agreement shall be construed to limit or exclude any statutory rights of the Client, but BX expressly disclaims liability for any losses arising beyond its reasonable control or for any consequential damages.

Referrer Disclosure

1. The Client acknowledges and agrees that if the Client’s account with BX is referred by an Introducer, the Introducer may have access to certain Client information and data relating to the Client’s trading activities. The Client further acknowledges and agrees that the Introducer is not authorized to trade on the Client’s behalf unless expressly permitted by a written authorization signed by the Client.
2. Due to the high-risk nature of trading leveraged financial instruments, including CFDs and foreign exchange products, only risk capital—funds the Client can afford to lose—should be used for such trading. Clients without sufficient risk capital should refrain from engaging in such trading.
3. The Client understands that Introducers, or third parties associated with them, may offer trading systems, courses, programs, or research. Such offerings may not be subject to regulatory oversight by any government or authority.
4. If the Client has been advised or believes that using any third-party trading system, program, or research recommended by the Introducer or other third party will guarantee profits, the Client hereby acknowledges and accepts that all such foreign exchange or CFD trading transactions carry a high level of risk. The Client further acknowledges that BX does not endorse or guarantee the accuracy, effectiveness, or profitability of any such third-party trading system, course, program, or research.
5. If the Client chooses to rely on any information or advice regarding transactions provided by an Introducer or third party, BX shall not be liable for any resulting losses or damages incurred by the Client.
6. The Client acknowledges that BX and its affiliates do not and will not provide any guarantees regarding potential profits or avoidance of losses from trading. The Client accepts that leveraged trading involves significant risk.
7. BX will provide its official risk disclosure materials to every new Client. Clients must carefully read and fully understand these materials and should not rely on any additional information from Introducers or third parties.
8. BX has no control over any information or advice that may be provided by the Introducer or other third parties. BX does not verify, endorse, or guarantee the accuracy or completeness of such information or advice.
9. BX does not endorse or assume responsibility for any services provided by the Introducer. As Introducers are not agents or representatives of BX, Clients are solely responsible for verifying the credibility and reliability of an Introducer before engaging in any services.
10. The Client represents and warrants that they are not a resident of Taiwan, Hong Kong Special Administrative Region, the United States, or Canada, nor affiliated with any citizen, resident, or entity of the United States or Canada. The Client undertakes to promptly notify BX in writing of any change in such status.

Client Agreement

1. Terms and Headings
   The term “BX” includes BX, its subsidiaries, successors, and assigns. The term “Client” refers to the party (or parties) entering into this Agreement. The term “Agreement” includes all other agreements or authorizations entered into by the Client from time to time for the maintenance of the Client’s BX account. The paragraph headings in this Agreement are for reference purposes only and shall not affect the interpretation or enforceability of the provisions.
2. Binding Effect
   This Agreement (including the Risk Disclosure Statement, the Client Notice, the Disclaimer, this Client Agreement, and the Account Opening Form) shall remain in full force and effect and shall cover all accounts that the Client may open or re-open with BX, regardless of any changes in personnel at BX or other successors, assigns, or affiliates. In the event of a merger, acquisition, or any other restructuring, this Agreement (including all authorizations) shall remain binding and continue to benefit BX or its successors and assigns. The Client may only trade with BX after confirming acceptance of this Agreement, and agrees that all Client rights and obligations in relation to trading shall be governed by the terms of this Agreement.
3. Acceptance of Agreement
   This Agreement shall only become effective upon confirmation and approval by BX, and shall then constitute a legally binding contract between the Client and BX.
4. Authority to Trade
   BX may match and/or execute some or all of the Client’s orders in the market. BX is authorized to buy or sell OTC products for the Client’s account with counterparties such as banks, financial institutions, or other professional participants as BX deems appropriate. Unless the Client submits a written objection, BX is authorized to execute all orders with such counterparties.
   The Client authorizes BX to rely on and act upon any instructions, authorizations, or information purportedly issued by an Authorized Person (including the Client’s officers, partners, legal representatives, or authorized agents). Such instructions may be given electronically. The Client therefore agrees that:
   
   1. BX is authorized to act on any instruction and to treat it as valid, as if it had been given by the Client directly;
   2. BX is not required to verify the authenticity or validity of the instruction or the signature in any particular case;
   3. If BX acts in good faith and without negligence, the Client shall bear all risks and remain responsible for any unauthorized instructions or fraudulent transactions issued by its representatives, employees, or agents;
   4. BX reserves the right to impose position limits or margin requirements on the Client’s trading account. BX may refuse to accept or execute certain orders, or decline to guarantee market hedging, without liability for any resulting loss or damage.
5. Government, Interbank Institution, and Market System Regulations
   All transactions under this Agreement are subject to the rules, regulations, by-laws, and interpretations of counterparties, interbank markets, clearing organizations, or any government authority. If any statute, regulation, or directive conflicts with the provisions of this Agreement, the affected provisions shall be superseded or amended accordingly, while all remaining provisions shall remain in full force and effect. The Client acknowledges that all such requirements shall be binding.
6. Consent to Cross-Transactions
   The Client acknowledges and agrees that cross-transactions may be executed where a director, officer, affiliate, associate, employee of BX, a bank or bank employee, dealer, or BX itself may act as the counterparty or principal to transactions in the Client’s account. The Client consents to the execution of such transactions, subject only to any applicable regulations, rules, or restrictions of the relevant banks, institutions, exchanges, or regulatory bodies.
7. Account Liquidation and Payment of Outstanding Debts
   In the event of:
   
   1. the death or judicial declaration of incompetence of the Client;
   2. the Client’s application for bankruptcy or appointment of a trustee, or initiation of any similar proceedings;
   3. the attachment, seizure, or freezing of any of the Client’s accounts with BX;
   4. a margin deficit or BX’s determination that collateral securing the Client’s account is insufficient, regardless of prevailing market conditions;
   5. the Client’s failure to provide BX with any information required under this Agreement; or
   6. any other circumstances in which BX deems it necessary to take protective measures,
   BX reserves the right, at its sole discretion, to take one or more of the following actions without prior notice:
   a) offset the Client’s debts to BX directly against funds or property held by BX on behalf of the Client;
   b) buy or sell any foreign exchange or CFD positions held for the Client;
   c) cancel any or all outstanding orders or other commitments made on behalf of the Client.
   The Client acknowledges and agrees that:
   
   • He/she may be required to provide margin or additional margin, regardless of proprietary interests.
   • BX may close out positions to protect or reduce potential losses.
   • BX may execute such liquidation through any interbank or recognized trading market, or by private sale or public auction, and may itself purchase part or all of such positions.
   • The Client shall remain liable for any debit balance at any time, including all related costs, interest, and collection expenses (such as attorney’s fees, witness fees, and travel expenses).
8. Risk Acceptance
   The Client understands and accepts that leveraged margin trading is highly speculative and involves a significant risk of loss, which may exceed the Client’s initial investment and margin deposits.
   The Client warrants that he/she is financially able to bear such risks and losses, and acknowledges that OTC transactions carry lower margins and higher risks compared to exchange-traded products.
   The Client agrees that BX, its agents, or affiliates shall not be responsible for any losses arising from recommendations or advice. The Client further acknowledges that no guarantees of profit or protection against loss have been made by BX or any introducing broker, and that no such guarantees may be relied upon in making investment decisions.
9. Liability of BX
   BX shall not be liable for any delays, interruptions, or failures in order transmission caused by communication breakdowns, power outages, or any other circumstances beyond BX’s reasonable control or foresight. BX shall only be liable for losses directly resulting from its own gross negligence or willful misconduct. BX shall not be held responsible for any acts or omissions of referrers, introducers, or third parties engaged under this Agreement.
10. Reports and Confirmations
    All trade confirmations, reports, and client account statements issued by BX shall be deemed correct, final, and binding upon the Client unless the Client submits a written objection within one (1) business day of receipt. Such objections must be sent to the latest designated address or contact published on the BX website, and a return receipt should be retained as proof of delivery. Failure to raise an objection within the specified time shall constitute the Client’s acceptance of such reports and confirmations.
11. Communications
    All notices, reports, statements, and other communications from BX may be delivered via email, electronic platform, post, or any other reasonable method of transmission. Once dispatched, such communications shall be deemed duly given by BX and received by the Client, regardless of whether the Client actually receives or reviews them.
12. Fees
    The Client shall be responsible for paying all applicable fees, including but not limited to referral commissions, service charges, spreads, swap fees, transfer costs, and any other expenses arising from services provided by BX. BX reserves the right to adjust or impose additional fees at its sole discretion, in accordance with prevailing market conditions, regulatory requirements, or as otherwise notified on its official website.
    The Client authorizes BX to deduct such fees directly from the Client’s trading account without further notice. The Client shall also remain personally liable for any applicable taxes, duties, or government-imposed charges associated with trading activities, which shall likewise be deducted from the Client’s account balance when due.
13. Interest Expenses on Open Transactions
    For any open positions held by the Client, BX may from time to time credit or debit interest to/from the Client’s account in accordance with prevailing market rates, calculated from the value date to the settlement date. Interest charges shall be applied as follows:
    i. If the interest rate of the currency sold is higher than that of the currency purchased, the Client’s account will be debited.
    ii. If the interest rate of the currency purchased is higher than that of the currency sold, the Client’s account will be credited.
    iii. In the event of negative interest, the debit amount will be calculated and charged by BX at its sole discretion, subject to market conditions.
    iv. In all cases, interest shall be calculated based on rates determined by BX from time to time, and BX shall not be required to provide prior notice of such changes.
14. Forced Liquidation (Close-out)
    14.1 The Client shall at all times ensure that sufficient margin is maintained in the account. BX reserves the absolute right to forcibly close all open positions under the following circumstances:
    (a) If at any time, the margin level required by BX is close to or insufficient to cover the mark-to-market losses of any or all open positions.
    (b) If at any time, the pre-approved credit limit allocated by BX to the Client is close to or insufficient to cover the mark-to-market losses of any or all open positions.
    14.2 BX shall have the sole discretion to revalue open positions on a mark-to-market basis from time to time.
    14.3 Hedging does not completely eliminate the risk of forced liquidation. Changes in interest charges or bid-ask spreads may still trigger forced liquidation. The Client must continuously monitor account equity and maintenance margin levels.
15. Margin and Margin Deposit/Withdrawal Arrangements
    Prior to the execution of any transaction (whether the Client is purchasing or selling a contract), BX may, at its absolute discretion, require the Client to provide margin of between 0% and 100% of the contract value with respect to any anticipated or existing open positions held with BX.
    
    The Client agrees to promptly satisfy all margin requirements demanded by BX in the manner and within the timeframe prescribed by BX, and acknowledges that the Client shall bear all costs associated with the transfer or remittance process, including but not limited to bank charges, exchange rate differences, and related fees. The Client fully understands that BX requires time to process deposits, and that newly deposited funds may not be available for use as initial margin for new positions or as additional margin in real time. The Client accepts full responsibility for any losses, including those arising from forced liquidation, due to the failure to meet margin requirements on time. Such losses may exceed the initial margin deposited by the Client. While the Client’s account balance may become negative, BX reserves the right, at its sole discretion, not to pursue recovery of such negative balances. The failure of BX to enforce such rights shall not constitute a waiver of its entitlement to enforce margin obligations at any time in the future. Any previous margin requirements set by BX shall not prevent BX from increasing such requirements without prior notice.
    
    The Client has the right to withdraw any available cash balance by submitting a withdrawal request to BX. The Client acknowledges and agrees to bear all costs incurred in the withdrawal and remittance process, including but not limited to bank charges, exchange rate differences, and related fees. The Client fully understands that BX requires sufficient time to process withdrawal requests, and therefore the withdrawn funds may not be received in real time. The Client agrees not to hold BX liable for any delays in meeting withdrawal requests. Once a withdrawal request is submitted, BX will immediately deduct the corresponding amount from the Client’s account balance.
    
    The Client must ensure that the designated bank account for deposits and withdrawals is under the Client’s own name. BX does not accept deposits or withdrawals made by any third party (including, but not limited to, an Introducing Broker). If a deposit certificate is provided confirming that funds have been deposited by a third party, BX reserves the sole discretion to take any of the following actions:
    
    (i) If the Client has never conducted any transactions, BX may deduct 10% of all third-party deposits as operating costs and return the remaining balance to the depositing bank account;
    (ii) If the Client has already conducted transactions, BX may cancel all transactions and related offers (including, but not limited to, rebates and bonuses) from the time of the third-party deposit, and deduct 10% of all such deposits as operating costs before returning the remaining balance to the depositing bank account;
    (iii) Freeze the Client’s account for investigation and prohibit any further transactions, and, at its sole discretion, report the matter to relevant regulatory or law enforcement authorities;
    (iv) Require that the weekend margin be maintained at or above 100% of the required level (i.e., the initial margin requirement), otherwise forced liquidation will be triggered to restore the margin to the required level;
    (v) Require that the margin during holidays be maintained at or above 100% of the required level (i.e., the initial margin requirement), otherwise forced liquidation will be triggered to restore the margin to the required level.
16. Modification of the Agreement
    The Client acknowledges and agrees that BX may, from time to time, amend or update the terms of this Agreement. Such amendments or updates will be published on BX’s website and shall take effect immediately upon publication. The Client is responsible for regularly reviewing the Agreement and any amendments thereto and shall be deemed to have accepted and be bound by them. BX will not issue a separate client agreement to reflect such changes. Regardless of whether the Client has previously executed or received a hard copy of the Agreement, all prior terms shall be deemed replaced or modified by the updated version, while all unaffected provisions shall remain valid and enforceable. No course of dealing, oral agreement, or conduct by BX, its affiliates, representatives, or agents shall constitute a waiver, variation, or limitation of BX’s rights under this Agreement unless expressly set forth in writing.
17. Termination
    17.1 This Agreement shall remain in full force and effect unless and until terminated. The Client may terminate this Agreement at any time, provided that no open positions, outstanding balances, or other liabilities remain in the Client’s account, and BX has received formal notice of termination. BX may, at its sole discretion, terminate this Agreement by providing notice to the Client, effective at the close of business on the date such notice is issued. If the Client has no trading or deposit activity for an extended period, BX may designate the account as inactive or dormant without prior notice.
    17.2 BX may immediately terminate this Agreement without prior notice if it knows or reasonably suspects that:
    (a) the Client has provided false, misleading, or inaccurate information to BX;
    (b) the Client has participated in, or is suspected of participating in, money laundering, terrorist financing, or related unlawful activities;
    (c) the Client is subject to formal investigation or regulatory action by any competent authority, in which case BX shall be entitled, at its sole discretion, to suspend or terminate the Client’s account and discharge any related obligations.
    17.3 Within two (2) business days following the effective date of termination, the Client shall return or destroy all materials, documents, and information received from BX in accordance with BX’s written instructions. Obligations relating to settlement of outstanding transactions, payment for materials, or delivery and destruction of materials shall survive termination of this Agreement. Any liability of BX arising prior to termination shall be determined strictly in accordance with this Agreement.
18. Indemnity
    The Client agrees to indemnify, defend, and hold harmless BX, its affiliates, directors, employees, agents, successors, and assigns from and against any and all claims, liabilities, damages, losses, costs, or expenses (including reasonable attorneys’ fees) arising directly or indirectly from:
    
    1. any act, omission, misrepresentation, or breach of obligation by the Client or its authorized representatives;
    2. any forged, falsified, or unauthorized use of signatures, documents, or instructions related to the Client’s account;
    3. any malfunction, failure, or interruption of the Client’s systems, equipment, or network transmission facilities;
    4. any delays, failures, or errors in executing the Client’s instructions;
    5. any incorrect or incomplete instructions provided by the Client.
    BX shall not, under any circumstances, be liable for losses or damages arising from incorrect, incomplete, or unauthorized instructions received from the Client.
19. Trading Recommendations
    The Client acknowledges and agrees that:
    
    1. Any market recommendations or information provided by BX or any of its employees, officers, affiliates, or representatives shall not constitute an offer or solicitation to buy or sell OTC contracts or positions.
    2. Such recommendations and information, although based on sources that BX reasonably believed to be reliable, may be based solely on the opinion of a broker or other third party and therefore may be incomplete or unverified.
    3. BX does not warrant, guarantee, or accept responsibility for the accuracy or completeness of any information or trading recommendations provided to the Client. The Client acknowledges that BX and/or its officers, directors, affiliates, associates, shareholders, or representatives may hold positions in, or may intend to buy or sell, certain foreign exchange products. Such transactions may be influenced by market recommendations. The Client further acknowledges that BX makes no representations regarding the tax consequences or treatment of any Contract.
20. Client Representations and Warranties
    The Client represents, undertakes, and warrants that:
    
    1. The Client is of sound mind, possesses full legal capacity, and is competent to enter into this Agreement.
    2. The Client is the sole beneficiary of the BX account and entitled to all rights and benefits thereof.
    3. The Client has sufficient financial capacity to engage in OTC trading, notwithstanding any subsequent changes to the Client’s circumstances.
    4. The Client is not currently employed by, nor under the control of, any exchange, company in which an exchange holds majority control, bank, trust, or insurance company. If such employment is accepted, the Client must immediately notify BX in writing.
    5. All information provided in the account application and related documentation is true, accurate, and complete as of the date submitted. The Client agrees to promptly notify BX of any changes to such information.
    6. The Client shall at all times comply with applicable local laws and regulations, including obtaining any governmental or regulatory approvals, and shall pay all taxes, duties, and related charges required in connection with the use of the Platform. The Client’s transactions on the Platform shall be deemed to constitute a warranty by the Client that all such legal and regulatory obligations have been satisfied.
    7. The Client is not a citizen or resident of Taiwan, Hong Kong, the United States, or Canada, and does not possess any identifiers of such residency or citizenship (including, but not limited to, place of birth, mailing address, or post office box located in Taiwan/Hong Kong/US/Canada, or a telephone number in these jurisdictions). Furthermore, the Client does not maintain a retained account, valid power of attorney, or any signing authority with a financial institution address in Taiwan, Hong Kong, the United States, or Canada for the purpose of account documentation.
21. Financial Information
    The Client represents and warrants that the financial information disclosed to BX accurately reflects the Client’s current financial condition. The Client further represents and warrants that, in determining his/her net worth, assets and liabilities have been carefully calculated, with liabilities deducted from assets to arrive at the net value provided. In calculating assets, the Client has included cash and cash equivalents, marketable securities, non-primary real estate, and other assets of realizable value. In calculating liabilities, the Client has included all relevant obligations such as secured and unsecured notes payable to banks, promissory notes payable to relatives, and mortgage debt on real property (excluding the Client’s primary residence), as well as other bonds or debts.
    
    The Client declares and warrants that, when calculating liquid assets, only those assets that can be liquidated within one business day have been included. The Client acknowledges and accepts that risk capital refers to funds designated as risk-bearing capital, which, if lost, would not materially impact the Client’s standard of living. The Client agrees to promptly notify BX if there are any changes in the Client’s financial condition that reduce net worth, liquid assets, or risk capital.
22. No Guarantee of Profit or Limitation of Loss
    The Client represents and warrants that he/she has not entered into any side agreements with any introducer, employee, or agent of BX regarding trading in the Client’s BX account, including any arrangement that guarantees profits or limits losses. The Client acknowledges that it is his/her sole responsibility to immediately notify BX in writing of the existence of any such agreement.
    
    The Client further agrees to promptly notify BX in writing of any representations or statements made by any third party in relation to the Client’s BX trading account that differ from, or are inconsistent with, BX’s own disclosures. The Client shall indemnify and hold BX harmless against any loss it may suffer as a result of the Client’s failure to notify BX in a timely manner of any such disputed transactions. Notices under this clause must be delivered directly to BX’s offices.
23. Credit Reports
    The Client authorizes BX, and any agent acting on its behalf, to investigate the Client’s credit standing and financial background, including contacting banks, financial institutions, and credit reporting agencies deemed appropriate by BX. The Client further authorizes BX to investigate the Client’s current and past investment activities, including but not limited to inquiries with futures dealers, exchanges, brokers/dealers, banks, and credit information centers that BX considers relevant.
    
    Upon written request by the Client, BX may permit the Client to obtain copies of such records, with all costs and expenses associated with such reproduction borne entirely by the Client.
24. Recordings
    BX reserves the right to record telephone conversations between the Client and BX or its agents, with or without the use of an automated voice warning system. Such recordings and any copies may be used for any purpose, including but not limited to verifying Client instructions. All property rights in such recordings belong exclusively to BX. The Client acknowledges that BX is under no obligation to retain such recordings or their copies for any extended period, and BX has absolute discretion in determining the retention period.
    
    If any force majeure or circumstances beyond BX’s control (including but not limited to theft, fire, natural disaster, or technical failure of equipment) cause BX to lose or no longer have possession of the recordings or copies, BX shall not be held liable for any losses or responsibilities arising from such circumstances related to the Client’s foreign exchange or derivative contracts.
25. Jurisdiction and Consent to Arbitration
    Any dispute, controversy, or claim arising from or in connection with this Agreement—including but not limited to breaches, termination, or invalidity—shall be resolved by arbitration. Arbitration shall be conducted in accordance with the UNCITRAL Arbitration Rules in effect at the time of arbitration, and the proceedings shall be conducted in English.
26. Margin Call Mechanism
    Under normal market conditions, the margin call mechanism is intended to protect the account by preventing equity from falling below the margin value required to maintain open positions. If account equity falls below 30% of the required margin (as announced on the official website), BX will automatically close the positions with the greatest losses.
    In the event of adverse market conditions, particularly during periods of high volatility, losses realized upon margin call liquidation may exceed the Client’s account balance. BX reserves the right to recover any resulting negative balance directly from the Client.
27. Transfer of Rights
    BX may assign or transfer all or part of its rights and obligations under this Agreement to any third party without prior notice to or consent from the Client.
28. High-Risk Investment
    In addition to the standard risk disclosure contained in this Agreement, the Client acknowledges that trading in margin-based OTC foreign exchange products is among the highest-risk forms of investment in the financial markets and is suitable only for experienced investors and institutions. Accounts opened with BX permit Clients to trade such products with very high leverage. Given the possibility of losing the entire investment, only risk capital should be used—funds whose potential loss will not materially impact the Client’s personal or institutional financial condition.
    
    If the Client has previously invested only in low-risk instruments, the Client may need to gain sufficient understanding of foreign exchange trading before engaging in such activity. The Client understands that if the market does not move in the expected direction, all funds deposited with BX as initial margin may be lost. By proceeding, the Client confirms that the funds deposited are pure risk capital, and that any loss of such funds will not endanger the Client’s lifestyle or future retirement plans. Furthermore, the Client fully understands the nature and risks of investing in foreign exchange products, and that any losses incurred will not affect third parties.
29. Data Confirmation
    If there are any changes to the information provided on the Client’s account application form, it is the Client’s responsibility to notify BX of such changes immediately.
30. Agreement to Receive Transaction Confirmations and Statements via Electronic Transmission
    The Client agrees that BX will not provide paper statements. All account information and trade confirmations will be made available via the BX platform, where the Client can log in to review account details. BX will publish all account activity, enabling the Client to access daily and monthly account reports as well as confirmations of each executed trade. Publication of account information in the Client’s online account shall constitute delivery of trade confirmations and account statements. At any time, account information will include trade confirmations with ticket numbers, bid and ask prices, margin used, margin available, profit and loss reports, and all positions and outstanding orders.
31. Privacy Policy
    BX’s Privacy Policy is designed to protect the interests of Clients in accordance with the Personal Data (Privacy) Ordinance, to facilitate the opening and maintenance of foreign exchange product accounts, and to provide financing and financial advisory services. BX is committed to ensuring the confidentiality of personal information provided by Clients. Except as required by law, BX will never disclose any non-public personal information to any third party.
    When a Client opens or maintains a trading account with BX, the personal information provided will only be used for BX’s internal business purposes, including assessing the Client’s financial needs, processing transactions and other requests, providing relevant products and services, offering general trading services, and verifying the Client’s identity in accordance with regulatory requirements. BX requires Clients to provide the following types of information where applicable:
    
    1. Personal details as requested in account application forms and other BX forms, such as name, address, date of birth, identification number, occupation, assets, and income information;
    2. Information relating to the Client’s dealings with BX and its affiliates;
    3. Information contained in client research reports;
    4. Information verifying the Client’s identity, such as government-issued documents, passports, or driver’s licenses.
    BX will only make such information available to a limited number of employees who are responsible for providing client services and product information. These procedural safeguards are designed to ensure that the Client’s non-public information remains confidential and is protected from unauthorized disclosure. BX will never sell, rent, or otherwise disclose any Client’s name or personal information to any person.
32. Cookies
    Cookies are small tracking files placed on a Client’s device to record and store data related to the Client’s use of BX’s online services. BX may set and access cookies on the Client’s computer to better understand which advertisements and promotions attract Clients to BX’s website. BX and its affiliates may also use cookies within BX’s products and services to track the Client’s browsing activities on BX’s website. All information collected and shared through cookies is aggregated and anonymized, and cannot be used to personally identify any individual Client.
33. Security Technology
    BX employs Secure Socket Layer (SSL) encryption technology to safeguard sensitive information submitted by Clients. This technology ensures that Client data transmitted to BX is protected from interception or unauthorized access. BX is committed to maintaining websites that meet industry-leading security standards and also adopts additional safeguards such as firewalls, authentication systems (e.g., passwords and personal identification numbers), and access control measures to prevent unauthorized system and data access.
    BX may provide financial products and services that require the secure sharing of Client data with third-party service providers. These may include contractual partners delivering messaging services, software providers supporting data processing, or promotional partners. While these third parties may apply confidentiality standards that differ from BX’s, BX will not be liable for any data leaks or losses caused by third-party providers.
    
    Where required by law, BX may disclose Client data to regulatory authorities or law enforcement agencies. Such disclosure may occur, for example, in response to a court order or other official request, or to protect BX’s rights and property. In all such cases, BX will notify clients of the disclosure and provide sufficient time to opt out where applicable.
    
    Before publishing new categories of personal or non-personal data or disclosing Client data to new third parties not affiliated with BX, BX will update its Privacy Policy and provide Clients with a revised opt-out notice. All BX employees are subject to strict oversight to ensure compliance with data protection requirements.
34. MyFaceID Application
    The Client agrees that BX will establish a MyFaceID account on the BX platform for identity verification purposes and securely retain the verification records obtained during the process.
35. Prohibition of External Software Trading
    To ensure fair trading, BX strictly prohibits the use of any external software or automated programs to place orders. If such behavior is detected, the relevant trades will be invalidated, agency qualifications may be revoked, and all associated profits and fees (including deposit handling fees and transaction coding fees) will be recovered.
36. Arbitration Agreement
    Any dispute between the Client and BX shall be resolved by arbitration in accordance with this Agreement. Any arbitral award shall be final, binding, and enforceable in any court of competent jurisdiction.
37. Governing Law and Jurisdiction
    This Agreement and the respective rights and obligations of the parties shall be governed by and construed in accordance with the laws of the country in which BX is located. Nothing in this Agreement shall interfere with, or prevent, the application of any mandatory provisions of law that cannot be varied by contract.
38. Anti-Money Laundering
    All communications and data held by BX relating to the Client may, where appropriate, be disclosed to and inspected by law enforcement and regulatory authorities. The Client further agrees to comply with all applicable anti-money laundering and counter-terrorist financing laws and regulations, including but not limited to providing or obtaining sufficient evidence to verify the identity of any person who may be entering into any transaction with BX on behalf of the Client.
39. Intellectual Property Rights
    Each contracting party shall not, at any time, use or exploit the intellectual property rights of the other contracting party, or act in the name of the other contracting party, for any purpose without prior written approval. Unless expressly provided in this Agreement, each contracting party shall not:
    
    (a) use the name, brand, or intellectual property of the other contracting party without prior written consent;
    (b) represent itself as being associated with, or authorized to act on behalf of, the other contracting party.
40. Suspension of Trading
    BX reserves the right to suspend trading if it suspects that the Client has engaged in, attempted to engage in, or otherwise misused any promotion; or if BX suspects that the Client is using an internal trading account, automated software, a robot, another broker, or any third party to hedge or manipulate positions.

Client Information

1. Deposit
   1）The Client may deposit funds into the trading account using the deposit methods provided on the Company’s official website.
   2）The Company will not be able to process the Client’s deposit unless the Company has verified and confirmed receipt of the deposit funds.
   3）If the Client deposits funds via bank transfer, any handling fees incurred shall be borne solely by the Client.
   4）Third-party bank accounts and/or credit card payments are strictly prohibited. If a violation is discovered, a handling fee of 10% of the amount involved will be deducted.
   5）Any payment to BX in any currency will be converted at the prevailing market exchange rate at the time of the contract.
   6）Before entering into any contract, the Client must maintain sufficient cleared funds in the account designated by BX, unless prior special approval has been obtained from BX. BX will notify the Client of the margin requirement for each specific contract.
2. Withdrawal
   1）Prior to the first withdrawal, the client must submit to BX a copy of a valid identity document recognized by BX and the withdrawal bank card held by the account holder for binding. Otherwise, BX will not process the client’s withdrawal application. All documents and copies submitted by the client are deemed true and valid. To avoid disputes, BX does not accept modifications to the bound personal information, and BX reserves the right to make the final confirmation.
   2）The minimum withdrawal amount shall follow the prompt shown on the withdrawal page.
   3）BX will bear the remittance fee for any single withdrawal of USD 100 or above.
   4）For any withdrawal below USD 100, a handling fee of USD 3 will be deducted.
   5）If the withdrawal amount is less than 50% of the total deposit, BX will charge 6% of the withdrawn amount as a remittance fee.
   6）BX will process and remit the withdrawal within 2 hours from the time the request is received.
   7）Due to third-party factors, bank processing time is beyond BX’s control and may not be predictable. Therefore, clients may not receive funds within 2 hours.
   8）Regardless of market hours, if there are still open positions in the client’s trading account, to minimize the risk of forced liquidation, the client may not withdraw the full amount and must ensure the balance in the “available margin” column of the trading platform does not fall to zero.
   9）If the client submits four or more withdrawal requests within the same day, BX will charge a percentage fee on the withdrawal amount starting from the fourth request. Please confirm the applicable percentage with BX’s online client support.
   10）During weekends, holidays, or specific periods before market opening, withdrawal requests from clients with open positions will be restricted in order to maximize margin availability when trading resumes. Clients without open positions will not be affected.
3. Exchange Rate
   All non-USD deposits will be converted into U.S. dollars. If the Client wishes to withdraw funds in other currency, BX will convert the USD into the designated currency based on the exchange rate of that day. BX reserves the right to adjust the above exchange rate according to prevailing market conditions without prior notice to the Client.
4. Account Closure
   If the Client wishes to close an account, an application must be submitted to a BX representative. The Client must ensure that there are no open positions in the account. BX will process the closure request within 24 hours of receipt.
5. Internet Risk Disclosure Statement
   Due to factors beyond BX’s control, including but not limited to internet signal transmission, connectivity, equipment/system settings, or the reliability of the Client’s connection, BX shall not be liable for communication failures, delays, inaccuracies, or errors in online transactions. Trading in foreign exchange products carries significant risks and is not suitable for all investors. While online trading offers speed and convenience, it cannot eliminate the inherent risks. The Client acknowledges that the spot price of precious metals may vary across institutions and fluctuate from moment to moment due to (but not limited to) transmission latency. Accordingly, the Client agrees to accept the price provided by BX as the best available price at the time of execution.
6. Financial Data and Information
   The Client agrees that, without the prior written consent of BX, he/she shall not use, distribute, reproduce, publish or disseminate to any third party any financial data or other information obtained through the Electronic Trading Services in the ordinary course of business. If the Client breaches this clause, the Client shall be fully liable for any and all losses or damages incurred by BX.
7. Maintenance of Trading Platform
   BX may, at its sole discretion, suspend the provision of all or part of its electronic trading services for scheduled or emergency maintenance when deemed necessary. In such circumstances, BX shall take reasonable measures to notify the Client in advance before suspending the service. The Client understands and agrees that BX may, at any time and without prior notice, suspend, restrict, prohibit or terminate the Client’s use of or access to BX’s electronic trading service system, and may prohibit the execution of any transactions. Such circumstances shall not affect the rights or obligations of either party that arose prior to any suspension, restriction, prohibition, or termination of access. Under no circumstances shall BX be required to pay interest on any client margin deposits or any funds held in the Client’s account.
8. Execution of Trading Orders
   The Client acknowledges that BX does not guarantee the execution of any order placed via the Electronic Trading Service. Neither BX nor its officers, dealers, or agents shall be held responsible for any unexecuted orders, unless BX has clearly confirmed receipt and execution of such orders. Exceptions may arise under circumstances including, but not limited to, system errors, Electronic Trading System failures, or incorrect pricing (e.g., a price inconsistent with the actual international gold market price at the time of the transaction). In such cases, the Client must accept the dealer’s good faith and professional judgment regarding the authenticity of the quoted price. The dealer’s decision shall be final, and the Client shall fully accept the outcome and bear any related responsibilities or liabilities.
9. Risk of Third-Party Agency Transactions
   To safeguard clients’ interests, BX strictly prohibits all accounts from being operated by third parties without the Company’s consent. If BX identifies or suspects that an account is being operated by an unauthorized third party, BX reserves the right to cancel all transactions in the account and to terminate such accounts. BX also reserves the right to deduct an administrative fee of not less than 10% of the account balance, with the remaining funds returned in full to the account holder.
10. Bid-Ask Spread
    All bid/ask spreads are subject to market conditions and may fluctuate. Under certain circumstances—including, but not limited to, major data releases, breaking news, or thin market liquidity—spreads may widen significantly, which should be regarded as normal.
11. Credit Limit
    11.1 The Client understands that:
    
    1. BX may, at its sole discretion, grant a “Credit Limit” to certain Clients. The Credit Limit is a pre-agreed amount in US dollars or any other currency determined by BX, which may be used to offset negative mark-to-market values of open positions or to cover all or part of the Client’s losses on unsettled transactions, either individually or in aggregate.
    2. BX reserves the right, at its sole discretion, to require the Client to make additional margin payments if the negative mark-to-market value of open positions approaches or exceeds the Client’s credit limit.
    3. BX is under no obligation to extend credit to the Client and may, at its absolute discretion, determine the amount of such credit (if any).
    4. BX may at any time reduce or withdraw any established credit limit upon notice to the Client.
    11.2 The Client further acknowledges that if BX executes instructions which result in the credit limit being exceeded:
    
    1. BX is not obliged to remind the Client that the credit limit has been exceeded;
    2. The Client shall remain fully liable to BX for all amounts, including any amounts exceeding the credit limit; and
    3. BX is not obliged to execute any subsequent instructions where there is a risk that the credit limit may be exceeded.
12. Visiting the registered office
    The Client or an Authorized User may not visit BX’s registered office in person to request BX to accept instructions, enter into contracts, or carry out financial transactions.
13. Telephone instructions
    The Client or an Authorized User may request BX to accept instructions and enter into contracts by telephone. BX may verify the caller’s authority by requesting the caller to provide his/her name and other personal details to confirm the caller’s identity, and, where applicable, to confirm that the named person has been notified by the Client as an Authorized User. Once such verification is completed, BX may assume that the caller has full authority as previously indicated by the Client.
14. Online Trading Platform
    14.1 By using BX’s online foreign exchange trading system (the “Online Platform”), the Client acknowledges and accepts the following:
    
    1. The Client will be able to enter into Contracts at the rates quoted on the Online Platform.
    2. All Transactions must be completed using the login name and password allocated to the Client by BX, and valid entry of such login name and password shall constitute the Client’s authorization to complete the specified Contract, regardless of whether the login name and password are entered by the Client or an Authorized User.
    3. The Client must ensure that the Login Name and Password are kept secure and confidential. The Client must also ensure that each Authorized User who has knowledge of the Login Name and Password keeps them secure and confidential. The Client must notify BX immediately if there is any reason to believe that the Login Name and Password allocated to the Client are not being kept secure and confidential.
    4. The Client must ensure that no unauthorized person is able to use the Login Name and Password. As part of this obligation, the Client must ensure that each Authorized User logs out after using the Online Platform.
    5. BX may suspend, withdraw, or deny access to the Online Platform at any time and for any reason without prior notice to the Client, including but not limited to security, service quality, non-payment of due amounts, or breach of any provision of this Agreement by the Client.
15. Client Funds
    15.1 The Client agrees that BX may credit funds into the Client’s account (“Client Funds”), together with funds received from other clients, into any nominated account.
    15.2 The Client agrees to allow BX to retain any interest accruing on Client Funds.
    15.3 Transfer of Ownership
    
    1. If the Client transfers ownership of funds to BX for purposes including but not limited to securing present or future debts, actual debts, contingent or prospective liabilities (such as margin deposits), such funds shall not be deemed Client Funds.
    2. The Client guarantees all current, future, actual, contingent, or prospective liabilities to BX, and accordingly transfers to BX some or all of the Client’s deposited funds. These funds are required to secure the Client’s open positions, calculated daily by BX at its sole discretion, based on open positions, transactions, and market conditions. The amount may exceed the margin required to maintain open positions. Once transferred, the funds are owned by BX, and the Client has no ownership rights to them; such funds will not be segregated.
    3. The Client has no proprietary or ownership claim over any of the monies described in clause 15.3(b), and BX may deal with such funds at its discretion.

Declaration

Important Notice