【User agreement Updates】
Latest Update Time: Jun 7, 2020 (UTC+8 )
Summary of Changes: Contract Max. Take Profit Adjustment, Including Isolated Margin/Cross-Margin Mode Trading.
Before using Bingbon contract to trade, users should read and abide by this agreement. Users must carefully read and fully understand the contents of each clause, especially the corresponding clauses that exempt or limit liability, and choose to accept or not accept.
Unless the user has read and accepted all the terms of this agreement, the user has no right to use Bingbon contract service and corresponding services. The user's actions such as logging in, viewing, and posting information on this service are deemed that the user has read and agreed to be bound by this agreement.
1.1 Futures trading is highly risky. As a futures trader, you acknowledge and agree that you shall access and use the futures trading service at your own risks;
1.2 You should fully understand the risks associated with futures trading and solely responsible and liable for any and all trading and non-trading activity on your Bingbon account. Do not enter into a transaction or invest in funds that are above your financial abilities;
1.3 You are solely responsible and liable for knowing the true status of any position, even if presented incorrectly by Bingbon at any time;
1.4 You agree to maintain in your Bingbon futures account a sufficient amount of blockchain assets required by Bingbon for users to engage in futures trading. Failure to maintain a sufficient amount of assets can result in the forced-liquidation of assets in your futures account;You are fully responsible for knowing the true risk status of any token assets ( including but not limited to your deposit assets, assets acquired after spot trading, and profits generated after contract trading) you hold in your Bingbon account, even if Bingbon may present it incorrectly at any time;
1.5 Bingbon may, in its sole discretion, perform measures to mitigate potential losses to you on your behalf, including, but not limited to, transferring balances from your futures to your exchange account and/or from your exchange to your futures account;
1.6 During Bingbon system maintenance, you agree that you are solely responsible and liable for managing your futures account under risk, including but not limited to, keep or close your position.
1.7 You agree that you conduct all futures trading on your own account and claim full responsibility for your activities. Bingbon does not take any responsibility for any loss or damage incurred as a result of your use of any services or your failure to understand the risks involved associated with assets use generally or your use of our services.
1.8 You agree that all investment operations conducted on Bingbon.com represent your true investment intentions and that unconditionally accept the potential risks and benefits of your investment decisions.
1.9 Bingbon reserves the right to pause/stop Bingbon Futures service or take over users’ position. If necessary, Bingbon can pause/stop Bingbon Futures service or take over users’ position at any time.
1.10 Due to network delay, computer system failures and other force majeure, which may lead to delay, suspension or deviation of Bingbon Futures service execution, Bingbon.com will use commercially reasonable effort to ensure but not promise that Bingbon Futures service execution system run stably and effectively. Bingbon.com does not take any responsibility if the final execution doesn’t match your expectations due to the above factors.
2.Forced Liquidation & Risk Reserve & Maximum Take Profit of Contract Trading
2.1 Forced liquidation engine: When the user position loses to 90%, the forced engine will force the takeover of the position to force the liquidation;
2.2 Explosion: When a liquidation position is closed below the bankruptcy price (the price at which the principal loss is 0), a strong surplus will be generated. The surplus will be injected into the risk reserve, and the user will deduct the loss of the position when the settlement is made;
2.3 Risk reserve: The risk reserve is set up by the platform to provide financial guarantees for the maintenance of contractual transactions and to make up for losses due to unforeseen risks on the platform;
2.4 Open position limit protection: The platform will calculate a reasonable opening price based on market conditions, risk reserve status, market depth, etc., so that users can ignore the volatility of the market when opening a position, according to the point displayed on the page. billing.
2.5 Maximum Take Profit of Contract Trading
Isolated Margin: For BTC/USDT trading, the maximum profit rate of a single contract trade is 2000%, and for other trading pairs the maximum profit rate of contract trading is 1000%. If the profit rate exceeds the maximum, the system will take over your position and close your position at the maximum profit rate.
Cross-Margin: The maximum profit for a Cross-Margin contract trade is 2000% of the user’s account funds (the transferred assets in the Cross-Margin account). If the profit rate exceeds the maximum, the system will take over your position and close your position at 2000% profit.
3.Prohibited Trading Matters
3.1 Users are forbidden to use multiple accounts and devices for illegal arbitrage (including but not limited to earning trading fees, commissions, bonuses, hedging, etc.). The platform will take corresponding measures for users who have been detected to be illegally arbitraging in the system. Measures include (but not limited to) restricting accounts, freezing assets, restricting logins, requesting KYC, and more.
3.2 To ensure the normal trading experience of ordinary users, the platform reserves the right to exercise the following measures for users who are detected by the system to use ultra-short-term trading (ultra-short-term frequent opening and closing positions):
1）Immediately terminate your account and access to our servers, and deduct illegal income.
2）Invalidate all trading that constitute ultra-short-term trading activities (i.e. process trading as if it never occurred).
3）According to our current market price, close all trading that constitutes ultra-short-term trading activities.
4）Increase your position time (that is, you can only close the position after a period of time).
3.3 Bingbon strictly prohibits unfair trading behaviors. If you use Bingbon with the following behaviors, Bingbon reserves the right to exercise execute control over your account at its own discretion.
1）Participate in price manipulation or any other malicious market behavior.
2）May damage other users or Bingbon by exploiting vulnerabilities of this service or other unreasonable means.
3）Participate in any other activities that Bingbon deems harmful to the market.
I have read and agreed to the Bingbon Contract Service Agreement. I am aware of these risks and confirm to use this service.