Terms of Service
When accessing, viewing, and clicking "I agree" to any of the services provided on this Website through the address www.monfex.com (henceforth referred as "Website") and using services (henceforth referred as "Service"), our mobile apps or any other services, you confirm that you have read, understood, and agreed to meet the conditions of these Terms and Conditions (Agreement).
Without prior notice, we may change these Terms and Conditions. You agree to continue to comply with any amended conditions, and that the Company may at any time, without any advance notice, make changes to these Terms and Conditions. We are not obligated to notify you of such changes.
You recognize that it is your obligation to check these Terms and Conditions for changes and that ongoing utilization of this Website and the Service that the Company offers means that you acknowledge any changes to the current Terms and Conditions. If you do not agree to the Terms and Conditions changes, please discontinue using the Website and our Services.
These Terms and Conditions comprise the Terms and Conditions between you (henceforth referred to as "You," "Client") and the Company.
Following the rules of current Terms and conditions, and the Client's application for opening an account, the Company will maintain one or more accounts in the Client's name for Non-Deliverable Bitcoin Settled Products traded with and for the Client and provide other services and products that the Company may define at its discretion from time to time in the future. Unless some other conditions and services are not specified in the written statement, all contracts and other transactions concluded between the Company and the Client are governed by the terms of these Terms and Conditions, which are amended occasionally.
In these Terms and Conditions, unless otherwise is clear from the context, the following rules of interpretation are applied:
- If the context doesn't require otherwise, words in the singular shall include the plural, and words in the plural - the singular;
- If the context doesn't require otherwise, a link to one gender should include a link to all other genders.
- References to paragraphs and graphs refer to paragraphs and tables of the current Terms and Conditions, and references to paragraphs refer to paragraphs of the corresponding graph;
- A reference to any party should include personal representatives and the authorized successors of that party.
- The 'including' term doesn't exclude anything not specified;
- A reference to a statute or legislative regulation is a reference to it with amendments, additions or periodic actions;
- A reference to a statute or legislative regulation shall contain all subordinate provisions drawn up occasionally under that statute or legislative regulation.
- A reference to writing shall include e-mail.
- Any commitment of a party not to take any action includes an obligation not to allow this thing to be done
- Any words following these Terms and Conditions, including but not limited to, for example, or any similar expression, should be understood as illustrative and should not restrict the meaning of words, depiction, definitions, phrases, or terms preceding or following these Terms and Conditions. Section headings are designed for convenience only and should not be used to limit or interpret such sections. All sections of these Terms and Conditions shall remain in force after the termination or expiration of these Terms and Conditions.
Absence of activity means absence of any orders (buy or sell assets) from the side of the Client. The absence of activity period starts from the last order of the Client. Absence of activity fee means fee, which the Company has a right to charge from an account of the Client in case with the Absence of activity of the Client. The minimal amount of the absence of activity fee is 100 USD.
Actions – Any directions that the Client got through the Website
Applicable Law – Law, applied under these Terms and Conditions to all relations between the Client and the Company.
Client – The individual who has finished the registration and whose application was accepted by the Company. The Company retains the right at any time and at its discretion to establish special conditions of qualification acceptability or other requirements for individuals as a Client.
Data – An indication of any information by You or with Your authority on the Website.
Intellectual Property Rights – Any innovation, patent, utility model, copyright and related rights, registered
design, unregistered design right, trade name, trademark, Internet domain name, design, design right, service mark, rights to topography, database rights, rights in get-up and trade dress, rights to goodwill or trial for the transfer of rights and any other rights of a similar nature or other industrial or intellectual property rights, owned or used by the Company in any part of the world, regardless of whether the same is registered (or can be registered), including applications and the right to apply and be granted, renewals, and the right to claim priority, such powers and all equivalent or similar rights or defenses that currently exist or will exist in the future.
Non-Deliverable Bitcoin Settled Products – Items accessible for exchanging on the platform, which can be named as "CFD's," "Forex," "Indices," and "Cryptocurrencies." Monfex provides services for trading these products.
Services – implies all services made accessible (that the Company may change or update at any time) utilizing the Website.
Platform – implies to the Website, mobile apps, and different instruments utilized by the Company to provide Services.
Website – A group of sites possessed and controlled by Monfex, accessible on the Web under the www.monfex.com address.
User – implies any individual who utilizes the Website via the www.monfex.com address.
By registering as a Client, you agree, acknowledge, and guarantee that (under the Relevant Law and the legislation of your country of residence) that:
- You have accepted the Terms and Conditions; and
You are above 18 years old, meet all other qualification criteria and residency prerequisites, are completely capable and legitimately allowed to utilize the Website, are going into Terms and Conditions with the Company and won't disregard some other Terms and Conditions which you're a Party to;
You are the lawful proprietor of the assets you add to Your Account with the Company, and the aforementioned assets have been obtained from an authorized source;
- The use of the Services is not a violation of the laws of your jurisdiction;
- You know about the risks in utilizing the services the Company provides. You're aware that you may lose all your money on your trading account if the market moves against You or if failures, technical breakdowns on the Website or other breakdowns, problems with the quotations supply, force majeure occur.
- You will not be involved in or perform any manipulations with the market, including falsification of orders or under the threat of blocking your account in any case, the identification of such violations;
- If we need any KYC procedure, you will provide accurate, reliable and up-to-date information and documents;
- Any withdrawal address that you provide is yours and that you have full control of this address;
You are not permitted to access or utilize the services of the Company if you're situated in or are a resident or occupant of the USA, Algeria, Ecuador, Ethiopia, Cuba, Crimea, Iran, Syria, Sudan, North Korea; any state, country or other jurisdiction that is embargoed by the USA; jurisdiction in which, in accordance with applicable law, it would be illegal for you (due to your nationality, place of residence, citizenship, etc.) to access or use our Services; or if the publication or availability of the Services is prohibited or contrary to local law or regulation or may lead to the situation when the Company is subject to any local registration or licensing requirements (collectively, "Limited Jurisdictions"). We may, at our discretion, apply control measures to restrict access to the Services in any of the Limited Jurisdictions. If we find that you are accessing the Website and Service in any Limited Jurisdiction, or have provided false information regarding your place of registration, institution, citizenship or place of residence, we possess the right to close any of your accounts and any open positions immediately. While accessing and utilizing our Service, you are obliged to:
-not attempt to undermine the security or integrity of the Company's computer systems or networks or, if the Services are hosted by a third party, the computer systems and networks of this third party;
-not use the Services so that your actions could worsen or alter the performance of the Platform, or other systems used to provide the Services or prevent any other user from using the Services or the Website;
-not attempt to get unauthorized access to the computer system and servers where the Website is hosted, or to any materials other than those to which you have permission to access;
-not transfer or enter any files on the Website that could damage the computer devices or software of any other person; Content that may be offensive or material or Data violating any law (including Data or other materials protected by copyright or trade secret that you are not authorized to use);
-not change, copy, adapt, reproduce, disassemble, decompile or reengineer any computer programs used to provide the Services or for the Website performance unless it is strictly necessary to use any of them for regular operation.
You provide a guarantee that all usernames and passwords required to access the Platform are kept safe and confidential and that you are responsible for it. You will immediately notify the Company of any unauthorized use of your password or any other invasion, and the Company will reset your password and take additional steps to ensure the safety of your account.
You bear responsibility for providing us with the correct data, including the address for withdrawing funds. We are not responsible if you do not receive withdrawal funds in case you've provided incorrect or outdated data that you provided. We exclude all liability for any improper transactions to the wrong addresses or any other similar errors.
The Company retains the right to verify your identity at any time to comply with any KYC/AML requirements.
The Company reserves the right to impose trade restrictions and withdrawal limits before you perform Client Due Diligence. You agree to cooperate with us throughout this process entirely, and you will provide all the documentation/information that we may need to verify your identity and evaluate the aim of the business relationship.
From the day your account is activated, the Company will:
- Receive and transfer orders on Actions.
- Fulfill orders on Actions.
- Ensure the safety and administration of Actions for the Client's Account, including trading products with Non-Deliverable Bitcoins.
- Provide investment research and financial analysis.
The Client accepts that the Service does not include the provision of investment recommendations. Any investment information that is announced by the Company to the Client is not an investment recommendation but aimed at facilitating the adoption of an investment decision.
The Client agrees and accepts that he/she is solely responsible for any investment strategy, transaction, or investment composition related to any account and tax consequences, and he/she should not rely on the Company for this purpose. You understand and acknowledge that the Company bears no responsibility, regardless of the circumstances, for any such investment strategy, transaction, investment, or information.
The Company may, at its discretion, pull back all or any part of the Services momentarily or permanently.
The Client authorizes the Company to purchase and sell Non-Deliverable Bitcoin products for the Client's Account following the instructions the Client provided through the Website, under the terms of the current Terms and Conditions.
The Client agrees to be ultimately liable for any instructions received in the electronic form that is identified with the Client's password and account number for the Company from persons who, as the Company considers, were authorized by the Client.
Price information. The Company will make it accessible by posting Bid and Ask prices on the Website at which the Company is ready to offer the Client to buy or sell Non-Deliverable Bitcoin settled products. The Company expects these prices to be reasonably related to demand and supply prices that are available on the market at the time for similar transactions. Still, many factors, such as delays in the communication system, and large volume or volatility can lead to deviations in prices. The Company gives no warranties, distinct or implied, that Bid and Ask prices represent prevailing Bid and Ask prices. If the Client loses his money due to the difference in quotes, the Company bears no responsibility.
Order execution. The Company will endeavor to execute all orders that it may, in its sole discretion, accepted by the Client following the instructions of the Client which the Client got through the Portal. When prices on prevailing markets differ from the prices that the Company has posted on its Website, the Company will make every effort to make transactions at prices close to the market prices. This may or may not negatively affect the profits and losses of the Client.
The Client acknowledges, understands, and agrees that the Company is not an agent, consultant, or a fiduciary body. Notwithstanding the provisions of this paragraph, the Client acknowledges, understands, and agrees that orders may be executed at prices that differ from those that the Client sees on the Website. Trade compliance. The Company or its affiliates may decide to forward the Client's orders to a third-party trading compliance system. In this case, the Company and/or any or more of its affiliates has the right (but not the obligation) at the discretion of the Company or any such member to act on its behalf and as a counterparty or as an intermediary for Clients in the formation of markets, including without restrictions, through any distribution network used by Clients and/or the public.
Position and trade restrictions. The Company has the right to limit the number of open positions that the Client can open or maintain on the Client's Account. The Company reserves the right at its discretion to refuse to accept any Order that opens a new position or increases the Open position.
The Client is liable for all trading losses incurred as a result of voluntary or involuntary, but due to the fault of the Client, providing access to the trading platform to third parties.
You acknowledge that the minimal timeframe for manual execution of the transaction on the webplatform is 3 minutes. We reserve a right to cancel transactions in cases where the timeframe between the opening of the transaction and its manual closure was less than 3 minutes.
You acknowledge and agree that in the event that any Transaction is completed at prices that do not reflect actual market prices due to any reason, including an undetected programming error or glitch or any other reason which results in a mispricing, we reserve the right to cancel or roll-back such Transactions.
The Client is obliged to provide and maintain margin funds with the Company in such amounts and within such limits that the Company may at its discretion require to provide its Services. The Company may change the margin requirements at any time without prior notice to the Client: (x) whenever the margin balance of the Client falls below the minimum margin requirement of the Company concerning this account; and (y) at any time when the Company, at its discretion, considers that it is reasonable to do so. The Company may at any time close the Client's open positions or withdraw funds from the Client's Account without prior notice: (x) to ensure that the actual margin equals or exceeds the required margin; and (y) fulfill any payment obligation to the Company, including commission fees, margin financing, and other expenses concerning the Client's Account.
Commissions, Margin Financing and Other Costs
The Client is obliged to pay the Company fees, margin financing, and other expenses indicated on the Website. The Company will display all current commissions, margin financing, and other expenses on its Website.
The Company may change commissions, margin financing, and other expenses and notifies the Clients herewith. All changes in commissions, margins, and other expenses are displayed on the Website.
The Company reserves the right to charge an account maintenance fee in the amount of 15% of the account balance for each calendar month, in the absence of activity by the Client within 90 days. The commission begins to be charged on day ninety-one (91) and stops when activity is resumed.
The Company reserves the right to charge an account for the absence of activity by one payment for all period of inactivity of the Client in any point of time, when the Client was inactive. For avoidance of any doubts, the Company has the right to charge absence of activity fee for more than 3 months of absence of activity of the Client by one payment for all period of absence of activity.
The Website and copyrights for all software on the Website are wholly owned by the Company, including all trademarks on the Website. The Company entirely owns all content, graphics, images, and any other materials on the Website. The materials on this site may be used only for personal use and non-commercial purposes.
You may digitally display or print excerpts from the Website for the above purpose, only if you have the copyright or other proprietary notices, as well as any trademarks or logos of the Company, as shown on the initial print or download without digital or physical alteration, addition or deletion. Except as expressed herein, you may not, without the prior written permission of the Company, change, reproduce, share or use in any other commercial context any copyrighted material from the Website.
You confirm that the logos of the Company are trademarks. You may use and/or reproduce such trademarks only without physically or digitally altering the materials downloaded from this Website to the extent permitted above. Still, you may not otherwise use, copy, adapt, modify, or delete them.
Under no circumstances, can you obtain any rights to the Website (except for the rights to use the Website following these Terms and Conditions and any other terms and conditions governing a specific service or section of the Website).
All intellectual property rights relating to all materials used on the Website, including but not limited to design, structure, layouts, graphic images, and source code, belong to the Company. All rights reserved.
You acknowledge that, unless otherwise agreed in the written statement between the parties, all intellectual property rights belong to the Company.
By posting content in any public domain of the Website, including blogs, message boards, and forums, you grant the Company a free, perpetual, irrevocable, non-exclusive right and license to use, reproduce, modify, adapt, publish, translate, create derivative works, distribute, transmit them to the public, perform and demonstrate content (in whole or in parts) around the world and include it in other works in any form, on media or in technology known or developed by more complete for the full duration of any rights that may exist in such content. You allow any subscriber to access, display, view, store, and play such materials for personal use.
By providing any content to the Website, you warrant that you have the right and all necessary intellectual property rights to this content.
Third Party Websites
The Company may send you e-mail messages containing advertisements or promo materials, including links to third parties. The Company does not declare the quality, suitability, functionality, or legality of the materials on third-party websites that are linked to or about any goods and services available on such websites. The material is provided only for your interest and convenience. The Company does not control or investigate such third-party websites, and the Company does not bear any responsibility for any losses occurring from the content or accuracy of these materials, and any opinions expressed in these materials should not be considered as approval, recommendation or opinion of the Company.
Under no circumstances can you create hyperlinks to any pages of the Website without the prior consent of the Company. If you put a link to any page on the Website, you accept that you bear responsibility for all direct or indirect consequences of the link, and you release the Company from liability for all losses, liability, expenses, damages, or expenses resulting from or in communication with the link.
Warranties and Representations
You accept that:
- You have the right to access and use the Website; In particular, the jurisdiction in which you reside, have citizenship or conduct business, allows you to use the Services;
- You use the Website and its Services at your own risk. You accept and agree that the Company is not responsible for any loss or damage resulting from utilizing the Website and the Services;
The information presented on the Website is given for general informational purposes only. You should use such information at your own risk, knowing that the Company will not be liable for any possible loss or damage. The information is selective, and the Company may not confirm that all information is complete or accurate for your purposes and which cannot be relied on upon without further request.
The Company does not guarantee that the use of the Website will be uninterrupted or error-free. Among other things, the performance and accessibility of the systems used to access the Website, including public phone services, computer networks, and the Internet, may be unpredictable and may occasionally interfere with access to the Website. The Company doesn't bear responsibility for any such interferences with your access to or use of the Website and the Services. The Company isn't responsible for any losses, expenses, costs, or damages resulting from interruptions, errors, or failures.
The Company makes no warranties regarding the Website. Without limiting the preceding, the Company does not guarantee that the Website will meet your requirements or that it will meet your goals. To avoid doubts, all implied conditions or warranties are excluded to the extent permitted by law, including, but not limited to, guarantees of merchantability, fitness for aims, title, and wrongdoings. You guarantee and confirm that you acquire the right to access and use the Website and agree to these Terms for commercial purposes. Also, you acknowledge that, to the maximum extent permitted by law, any statutory consumer warranties or legislation aimed at protecting Business consumers in any jurisdiction does not apply to this Website or these Terms and Conditions.
The Client does not intend to prevent, delay or deceive the Company or any other Clients of the Website, as well as engage in any illegal behavior and/or illegal activities related to money laundering, obtaining earnings from drug trafficking or terrorist activities; receiving earnings from crime, terrorist activity or trade with such countries, which may from time to time be subject to any embargo imposed by the United Nations Security Council, the European Union or anywhere in the world.
The Company declines all responsibility for the operation and reliability of the Website when it is used in the Internet environment, where you or a third party provide the computer equipment and/or Internet services that the product depends on concerning any part of its functionality.
You confirm that you understand that the operation of the Internet and the World Wide Web is governed by restrictions beyond the control of the Company. You accept and agree that the Company is not responsible for the slow operation of the Website or losses occurring as a result of the slow operation of the Website.
Using this Service, you agree that all trade transactions are final and irreversible and that the Company is not responsible for the results of any trade operations/transactions.
Using this Service, you agree that the Company retains the right to close any transactions at any time, regardless of profit or loss.
The Company does not guarantee that the Service will meet your requirements; that the Service will be uninterrupted, timely, safe or error-free; that the information provided through the Service is accurate, reliable or correct; or that the Service will be available at any particular time or anywhere. You understand and take full responsibility and risk of loss as a result of your use of the Service, and the Company is not responsible for any possible loss or damage.
We are responsible for maintaining an orderly market. Therefore we may, at our discretion, stop trading on the Website or restrict access to the Website due to disruption of the market, services, or any other relevant events. We exclude all liability for any claimed loss or gain lost as a result of trading termination.
Some jurisdictions do not allow the exclusion of certain guarantees or the disclaimer of implied terms in contracts with consumers, so some or all exclusions of warranties and disclaimers in this section may not apply to the Client.
Limitation of Liability
Under no circumstances will the Company be liable for any indirect, special, incidental, indirect losses of any kind (including the loss of income or profit, loss of use or data, business interruption) arising whether based on a contract, tort (including negligence, active, passive or imputed), or from any other legal or fair theory (even if the Client was informed of the possibility of such losses and regardless of whether such damage was predictable); and
Under no circumstances, the Company is collectively liable, whether under a contract, guarantee, tort (including negligence, active, passive or imputed) or other theories arising from or relating to these Terms and Conditions;
The parties are responsible for compliance with the Terms and Conditions, for the fulfillment of the obligations and guarantees of the Client in the manner and amount established by these Terms and Conditions, in particular:
- In the event of bringing an accusation, lawsuits or claims against the Company, related to non-compliance with obligations by the Client, the Client shall resolve such claims or actions independently and at his own expense, and fully compensate the Company's losses, court commissions, legal costs incurred in connection with the Client's refusal or untimely fulfillment by the Client of his obligations.
If the Client violates his/her obligations under these Terms and Conditions, the Company reserves the right to:
- demand the full compensation from the Client for losses caused by each violation;
- transfer the case to court if the compensation does not cover the damage of the Company;
- provide information regarding the identity and location of the Client to any authorized official in accordance with applicable law.
If the Applicable Law does not allow to fully or partially apply the above limitation of liability to the Client, the restrictions will apply to the Client only to the extent permitted by the Applicable Law. The Client understands and acknowledges that he/she is obliged to ensure compliance with any legislation relating to his/her country of permanent residence regarding the use of the Website.
Termination & Remedies for Breach of these Terms by You
The Company reserves the right, at its sole discretion, to close your account with a notification at least 24 hours in advance. If, after this period, your positions are still open, the Company will close them.
The Company may block any Account if the Company suspects or has evidence that you are involved in suspicious trading or other activities or have violated any of the above conditions or guarantees. This may lead to the cancellation of any transactions that you entered, including the liquidation of any open positions. The Company expressly excludes any losses or profits that you may have received as a result of the fact that we closed your trading positions early, or you cannot trade on the Website. You agree to completely release the Company from any third-party actions caused by your behavior, or we have to close your positions earlier. While your account is locked, the Company will conduct an investigation and may require you to cooperate with our requests. At the investigation stage, you will not be able to deposit or withdraw funds from your account, and you will not be able to trade or open new positions. At the end of the investigation, the Company has the right to close your account without providing you with any reasons.
Absence of Waiver
Any refusal or delay of the Company in applying any conditions or providing any rights under the Terms and Conditions will not be considered as a waiver of any degree of our rights.
All matters concerning the construction, validity, operation, and interpretation of these Terms and Conditions are governed by and construed and applied following the laws of Saint Vincent and the Grenadines.
In order to resolve any disputes, disagreements or claims between the Client and the Company, it is considered harmless for partial or absolute failures to fulfill their respective obligations following the Terms and Conditions, if such non-compliance is caused by force majeure circumstances arising after the execution of the Agreement conditions resulting from emergency events, such as natural disasters, epidemics, fires, floods, explosions, or military operations.
The Client or the Company affected by force majeure circumstances must notify the Client or the Company of such circumstances within five (5) business days by providing independent evidence of the existence of force majeure circumstances issued by the relevant government or administrative authorities.
Settlement of a dispute
Based on these Terms and Conditions or related to them or their violation, the Parties agree to first in good faith to discuss the matter within at least thirty (30) days after written notification of such a contradiction or claim to another Party.
If discussion between parties does not resolve the dispute, contradiction or claim to the reasonable satisfaction of all Parties during such a period, the Parties unconditionally submit a corresponding claim to the mandatory arbitration conducted by the competent court of Saint Vincent and the Grenadines per the rules of the arbitration court, in English, in a written statement based on the submitted documents.
If any term, provision, agreement or restriction of these Terms and Conditions is considered to be illegal, invalid, or unenforceable by a jurisdiction court, the rest of the Terms and Conditions outlined in this document remains in full force and shouldn't be affected, depreciated or invalidated in any way, and the parties to this Agreement must make their commercially reasonable efforts to find and use alternative means to achieve the same or essentially the same result as provided by such term, provision, or limitation. The parties hereby stipulate and declare the intention that they would fulfill the remaining terms, conditions, obligations, and restrictions of the Terms and Conditions, not including any of those that may be declared void, illegal, invalid, or null.
The English version of this Agreement is considered to be prevailing in the event of a translation discrepancy. Any notice or other communication under these Terms and Conditions shall be in writing and shall be deemed sent and received when sent by e-mail. The Client's official e-mail address is considered the e-mail address specified by the Client when registering on the Website. The language of communication is English.
Unless otherwise provided, these Terms and Conditions, as well as the rights and obligations of the parties to this Agreement, will be obligatory and will come into force in the interests of their successors, assigners, heirs, performers, administrators, and legal representatives. The Company may assign any rights and obligations under these Terms and Conditions. No other party to these Terms and Conditions may assign, voluntarily or by force of the law, any of their rights and obligations following these Terms and Conditions, except with the prior written consent of the Company.