1.1 Deepcoin USDT Contract Trading (the “Service”) is a Virtual Financial Asset (VFA) derivative trading service launched by DEEPCOIN LIMITED (hereinafter “Deepcoin”). It is designed, managed, and operated by Deepcoin. To enable Deepcoin USDT Contract Trading, you must fully read, understand, and agree to “Deepcoin USDT Contract Trading User Agreement” (the “Agreement”). Please read through all the terms and conditions carefully, before choosing to accept this Agreement.
1.2 Please note that you shall not use the Deepcoin Service before agreeing to the terms of the Agreement. In particular, by accepting the Agreement directly or using the Service, you acknowledge that you have agreed to the terms of the Agreement.
2. Eligibility of Using the Service
- You acknowledge and agree to “Deepcoin Terms of Service”, and you are eligible for and not prohibited from using the “Services” defined therein;
- this Agreement does not contradict with the laws of the country or region where you are from;
- you are the legal owner of the VFAs you have deposited with the Service and aforesaid VFAs are obtained from legitimate sources.
- You are aware of and assume the risks in using the Service, which include but not limited to:
high price volatility of the VFAs and their derivatives could incur a big or total loss in a short period time;
- The insufficiency of VFAs deposited as margin could incur immediately forced liquidation of your positions, and you could lose all VFAs you have deposited with the Service;
- Technology outrage could happen, which may delay or block your use of the Service;
- The market anomaly could happen, which may incur a loss of your VFAs.
- From time to time, in order to maintain the overall well-being of the market, Deepcoin needs to add, remove, or change policies. Such action may be in favor of or against an individual user like you.
2.3 You acknowledge and agree that:
You will not use the Service for any illegal purpose.
You will not initiate or facilitate any form of market manipulation.
3. Using the Service
3.1 Trading Channels
Orders may be placed only through the methods specified in the Services. However, some Services may not be available from certain devices. Deepcoin does not accept orders through customer support, by email, by text message or messaging applications, through social media services, by telephone, or by any other method not approved by Deepcoin.
3.2 Trading Pairs
A “Currency” refers to a specific Digital Asset.
A “Trading Pair” is a set of two Currencies, displayed side by side, that may be traded in a Trade. Each Trading Pair, as shown on the Site, indicates the amount of Currency displayed on the right side of the Currency Pair that is necessary to acquire one unit of the Digital Asset on the left side of the Trading Pair. For example, ETH/BTC indicates the amount of BTC necessary to purchase one ETH, and BTC/USD indicates the amount of USD necessary to purchase one BTC. The Trading Pairs available to you for trading are visible on the Site after you log in.
Additional fees may be charged upon liquidation, as set out on the “Fees” page of the Site. System errors: If procedures for liquidation trades cannot be performed due to system, technical or other issues, there is a risk of users incurring losses that are greater than anticipated or greater than the amount deposited by them. In such cases, Deepcoin bears no liability to compensate for losses incurred by users. Liquidation level and alerts: When the margin coverage has fallen to the alert level, Deepcoin will send a warning email to the user’s registered email address. Alert notifications are sent as a tool to help users manage their open positions. Deepcoin bears no liability whatsoever in cases where notification is delayed or not sent at all due to technical reasons, sudden market changes, or other causes.
4. Risk Management
The Service introduces various measures to control the systematic risks, including but not limited to:
- Margin System with Tiered Maintenance Margin Ratio
- Forced Liquidation Mechanism
Deepcoin will continuously improve its risk-management measures.
4.2 “Margin System with Tiered Maintenance Margin Ratio”. Based on the VFAs you have deposited with the Service, the size of the position you can open is limited. In addition, to avoid Forced Liquidation, your Margin Ratio (defined and calculated by the Service) needs to be kept higher than the Maintenance Margin Ratio, which is the lowest required Margin Ratio for you to maintain your current positions. A Tiered Maintenance Margin Ratio Schedule is adopted by the Service. The larger the position opened, the higher the Maintenance Margin Ratio will be required.
4.3 Liquidation of open positions is initiated when margin coverage is equal to or lower than the liquidation level. The price at which this occurs is referred to as the liquidation price. The profit and loss (P&L) of a position closed by way of forced liquidation is calculated using a bankruptcy price.The bankruptcy price is the price at which the entire margin of the position would be depleted, causing the margin coverage to become 0%.
5. System Maintenance
During scheduled or unscheduled system maintenance, availability of the Services will be affected and Trades cannot be performed. You acknowledge that adverse price movements in your Digital Assets are possible before and after system maintenance is carried out. You must manage your positions with appropriate risk control. Deepcoin will use reasonable efforts to provide notice prior to performing scheduled system maintenance. Deepcoin may cancel unfilled limit orders or stop orders in connection with system maintenance.
6.1 You must indemnify Deepcoin for actions related to your Deepcoin account and your use of the Service.
6.2 You hereby agree to defend, indemnify and hold Deepcoin harmless from any claim or demand (including reasonable legal fees) made or incurred by any third party against Deepcoin due to or arising out of your breach of this agreement, your improper use of the Service, your violation of any law or the rights of a third party and/or the actions or inactions of any third party to whom you grant permissions to use your Deepcoin account or access our website, software, system (including any network and servers used to provide any of the Service) operated by us or on our behalf, or any of the Services on your behalf.
7.1 The contents of this Agreement also include Deepcoin 's various system specifications, other agreements or rules in the annex to this Agreement, and other relevant agreements and rules regarding the Service that Deepcoin may from time to time issue. Once the above content is officially released, it is an integral part of this agreement, and you should also abide by it. In the event of any conflict between the above content and this Agreement, this Agreement shall prevail.
7.2 Deepcoin reserves the right to unilaterally modify this Agreement (including the above contents) if necessary. Such modification could happen at any time without prior notice. In the event that any changes are made, the revised contents shall be posted on Deepcoin 's website immediately. Please check the latest information posted therein to inform yourself of any changes. Your continued use of or access to the Service following the posting of any changes constitutes acceptance of those changes. If you do not accept the revised content, you should stop using the related services.
7.3 You should read the Agreement, and any document referred to in them very carefully. If there is anything that you do not understand in the Agreement and any document referred to herein, you should discuss this matter with Deepcoin and seek the necessary clarification. Any formal communication with you will be undertaken through electronic mail unless otherwise instructed. Documents will be sent to you by electronic mail and you should seek to send any documents to us by the same means. You will also be able to contact us telephonically. Any formal communication with you will, unless otherwise agreed, be made in the English language. In the event of any discrepancy between the English language version of the Agreement or any such communications and any translation of the Agreement or such communications (as applicable) in a foreign language, the respective English version shall prevail. In the event of any discrepancy between communications and the Agreement, the Agreement shall prevail.
7.4 The establishment, validity, explanation, alteration, execution, and dispute resolution of this user agreement shall be governed by the laws of Seychelles.
7.5 If there is any dispute between a user and Deepcoin, both parties should try to work out a resolution through negotiations. However, if the attempt is unsuccessful, both parties should agree to resolve the disagreement or dispute through the Seychelles judiciary.
7.6 All the headings in this agreement are for reading convenience only and shall not affect its interpretation.