📑Terms and Conditions
Last updated April 14, 2024
These Terms and Conditions contain an electronic agreement between you (also referred to as “User”, “you”, “your”, as appropriate), DXS (also referred to as “Service”), the brokerage web application for self-directed financial traders, managed by DXS Brokerage LLC, incorporated under registered number 2853 LLC by the Registrar of Limited Liability Companies, registered by the Financial Services Authority of Saint Vincent and the Grenadines, First Floor, First St Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines, and the Open Liquidity Protocol (also referred to as “Protocol”), the software managed by DXS Brokerage LLC, incorporated under registered number 2853 LLC by the Registrar of Limited Liability Companies, registered by the Financial Services Authority of Saint Vincent and the Grenadines, First Floor, First St Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines.
The Service operates on top of the Protocol. The Service is responsible for web application and customer support. The Protocol autonomously operates the trading engine and handles liquidity settlement.
The Service is exempt from obtaining any financial services licenses or authorisations in Saint Vincent and the Grenadines for offering its products and services globally, subject to the constraints outlined in the Prohibited Persons policy.
The Service does not directly provide any Cryptocurrency or Fiat Exchange or Custody Services. For onramp and offramp purposes, Fiat Exchange Services are provided by Octo Liquidity OU, an Estonian private limited company with Registration No. 14829050, which has its registered office at Peetri tn 7-5, Põhja-Tallinna linnaosa, Tallinn, Harju maakond, 1041. Octo Liquidity OU operates under the license FVT000398 registered at the Financial Intelligence Unit of the Republic of Estonia. Fiat Exchange Services are subject to and governed by Octo Liquidity OU Terms and Conditions and Policies.
The User is solely responsible for understanding and complying with any and all laws, rules and regulations of his/her specific jurisdiction that may be applicable to the User in connection with the use of any and all services, products and content of the Service. The User should be aware that the risk of loss in trading or holding trading positions can be high.
The Service is managed by an organization that is neither established within the European Union (EU) nor regulated by an EU National Competent Authority. This organization operates outside the EU regulatory framework, specifically MiFID II, and does not provide an Investor Compensation Scheme. Consequently, you will not have access to the protective measures typically available to clients of regulated investment services.
IT IS YOUR RESPONSIBILITY TO REVIEW YOUR RESPECTIVE LAWS AND ASSUME FULL LIABILITY FOR ANY ADVERSE EFFECTS ARISING FROM THE REGULATIONS OF YOUR COUNTRY OF RESIDENCE.
By using the Service, you confirm that your choice to do so was entirely autonomous, made without any persuasion or endorsement from the Service or any entity within our group. If this is not accurate, we kindly request that you abstain from using the Service.
IF THE USER DOES NOT ACCEPT AND/OR UNDERSTANDS THESE TERMS AND CONDITIONS, THE USER SHALL NOT ACCESS THIS SITE AND SHALL NOT USE ANY OF DXS SOFTWARE, SERVICES, PRODUCTS AND CONTENT.
These Terms and Conditions are in addition to any other agreements between you, the Service and the Protocol, including any user or account agreements and any other agreements that govern your use of software, products, goods, services, content, tools, and information provided by the Service and the Protocol, including, without limitation, the Prohibited Persons policy available on the Service.
General
The Service may include or make available certain content (or “Content”). Content includes, without limitation: (1) account positions, balances, transactions, confirmations, and order history; (2) general news and information, commentary, research reports, educational material and information and data concerning the financial markets, securities and other subjects; (3) market data, provided by third party services, such as quotations for securities transactions and/or last sale information for completed securities transactions; (4) financial and investment interactive tools, such as price charting tools provided by third party services; (5) account management tools; (6) company names, logos, product and service names, trade names, trademarks and service marks (collectively, Marks) owned by the Service, and Marks owned by third party services; and (7) any other information, content, services, or software.
Acceptance of Terms and Conditions
By using the Service and the Content, you agree to follow and be bound by these Terms and Conditions, including the policies referenced herein. Users of the Service may be granted additional options of use of the web application and their relationship with the Service may be governed by additional agreements and terms of use.
Disclaimer and Limitations of Responsibility and Liability
The Service and the Protocol guarantee that trading activity of its Users and information about their trading positions will not be used by the Service or any other entity or individual for any purposes.
The Service and the Protocol are experimental technologies and trading here, at this early stage, involves respective risks and limited profit potential. Trading liquidity is generated automatically by settling trading losses against trading profits via mutual margin and insurance pools. Lack of losses required to settle profits means that profits will be rebated or deducted. The Service and the Protocol do not guarantee availability of liquidity required to take trading profits.
The Protocol is programmed to automatically settle profits against losses at certain predefined rules as laid out in the Liquidity Mechanism information note available on the Service. The Protocol is designed to run on the Bitcoin SV blockchain and governed by a distributed network of unpredictably selected servers via multi-signature access (or “Network”). At the time of publishing these Terms and Conditions the Protocol is hosted on a single server, maintained by the Company. The Company is responsible for keeping rules programmed in the Protocol, unchanged, until the Network is rolled out.
The Content and the Services are provided on an “as is” and “as available” basis. To the fullest extent permitted under applicable law, the Service expressly disclaims all warranties of any kind with respect to the Content and the Service, whether express or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose and non-infringement. The Service does not guarantee the accuracy, timeliness, completeness or usefulness of any Content on the platform. You agree to use the Content and the Services only at your own risk.
The Content is not intended to provide financial, legal, tax or investment advice or recommendations. You are solely responsible for determining whether any trading, trading strategy or related transaction is appropriate for you based on your personal objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation.
THE SERVICE AND THE PROTOCOL AND THE THIRD PARTY SERVICES WILL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES, INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, REVENUE, INCOME, GOODWILL, USE, DATA OR OTHER INTANGIBLE LOSSES (EVEN IF THE SERVICE HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES), RESULTING FROM: (1) THE USE OF OR THE INABILITY TO USE THE CONTENT OR THE SERVICE; (2) THE COST OF PROCUREMENT OF SUBSTITUTE GOODS AND SERVICES RESULTING FROM ANY GOODS, DATA, INFORMATION, SERVICES PURCHASED OR OBTAINED, MESSAGES RECEIVED OR TRANSACTIONS ENTERED INTO, THROUGH OR FROM THE SERVICE; (3) ACCESS TO OR ALTERATION OF YOUR ACCOUNT, TRANSMISSIONS OR DATA DUE TO YOUR CONDUCT, INACTION OR NEGLIGENCE; OR (4) ANY OTHER MATTER RELATING TO THE CONTENT OR THE SERVICE.
No Recommendations or Investment Advice
The Service provides self-directed traders with brokerage services and does not make recommendations or offer trading advice of any kind. You are solely responsible for evaluating the merits and risks associated with the use of any Content provided through DXS before making any decisions based on such Content. You agree not to hold the Service or the Protocol liable for any possible claim for damages arising from any decision you make based on the Content or other information made available to you through the Services offered. Past performance data should not be construed as indicative of future results.
Content
Content posted on the Service is published as of its stated date or, if no date is stated, the date of first posting. The Service has not undertaken any duty to update any such information. The Service does not prepare, edit, or endorse the Content. The Service does not guarantee the accuracy, timeliness, completeness or usefulness of the Content, and is not responsible or liable for any content, advertising, products, or other materials on or available from third-party sites. You will not hold the Service liable in any way for (a) any inaccuracy of, error or delay in, or omission of the Content; or (b) any loss or damage arising from or occasioned by i) any error or delay in the transmission of such Content; ii) interruption in any such Content due either to any negligent act or omission by any party to any “force majeure” (e.g., flood, extraordinary weather conditions, earthquake or other act of God, fire, war, insurrection, riot, labor dispute, accident, action of government, communications or power failure, equipment or software malfunction), or iii) to any other cause beyond the reasonable control of the Service, or iv) non-performance.
Any price quotes may be delayed 20 minutes or longer, according to the rules and regulations applicable to exchanges and third-party services. DXS does not make any representations, warranties or other guarantees as to the accuracy or timeliness of any price quotes. Content is provided exclusively for personal and noncommercial access and use. No part of the Service or Content may be copied, reproduced, republished, uploaded, posted, publicly displayed, encoded, translated, transmitted or distributed in any way (including mirroring) to any other computer, server, web site or other medium for publication or distribution or for any commercial enterprise, without the team behind DXS express prior written consent. You acknowledge that the Service and other Marks are the property of their respective owners. You agree that you will not use any Marks for any purpose without the prior express written consent of the respective owners.
Bypassing the Service UI
You agree that the Service may freeze and/or terminate accounts as well as reclaim margin, realized profits, unrealized profits and accrued profit deduction balances without notice in the event that the User manually constructs and broadcasts transactions compliant with the Protocol allowing them to bypass the Service’s UI.
Multiple Unlinked Accounts
You agree that the Service may freeze and/or terminate accounts as well as reclaim margin, bounty, realized profits, unrealized profits and accrued profit deduction balances without notice in the event that the User directly or indirectly trades from multiple unlinked accounts for the purposes of bypassing the Service’s limits/restrictions. Additionally, you agree to reimburse the Service for any profits accrued as a direct consequence of using multiple unlinked accounts.
Collusion Between Users (Copy Trading)
You agree that the Service may freeze and/or terminate accounts as well as reclaim margin, realized profits, unrealized profits and accrued profit deduction balances without notice in the event that the User colludes with other Users for the purposes of replicating trades beyond the Service’s limits/restrictions or so-called copy trading.
Currently, the Service does not allow copy trading but the implementation of such a feature is planned along with special conditions in the future.
"Scalping" Frequency Limit
You agree that by using the Service you will be subject to a variable scalping frequency limit, which ranges between 0 to 80 profitable scalping trades permitted within a rolling seven-day period ("Scalping Frequency Limit"). A "scalping trade" is defined herein as a trade executed to capitalize on a market movement ranging from less than 0.1% to 4.0%, the exact threshold of which is determined by the specific market's volatility and will be prominently displayed in the respective market data information box.
Should a Trader exceed the Scalping Frequency Limit within the specified seven-day period or exclusively focus on moves within the allowed Scalping Frequency Limit, he will face certain restrictions as outlined herein.
Specifically, any profits derived from scalping trades that exceed the Scalping Frequency Limit at the time of closing will be considered null and void. Typically, when you exceed the Scalping Frequency Limit, you will be directly notified, with the option to delay the closing of the trade, thereby protecting the profits from being voided. However, such notification is not guaranteed, especially in cases of high-frequency trading or if trades are executed in the background (e.g., triggered by a stop loss or target price).
Phone Number Verification
You agree that the Service may freeze and/or terminate accounts as well as reclaim margin, realized profits, unrealized profits and accrued profit deduction balances without notice in the event that the User uses one-time phone number services for phone number verification on the Service.
Price Feed Malfunction
You agree that the Service may cancel realized and unrealized profits as well as accrued profit deduction balances that result from price feed malfunction.
Fairness and Limitations on Withholding of Funds
With that said, although the Service may withhold your funds in the aforementioned circumstances, the Service will never withhold an amount exceeding your profits gained due to the Service defect, vulnerability, or error, if any. In the event of a violation of this agreement, the Service guarantees that it will not withhold any funds beyond the aforementioned amount of profits taken by the user's account or any accounts associated with the user. The Service commits to always act in good faith and adhere to a strictly fair approach in settling any conflicts triggered by violations of these Terms and Conditions.
Pausing and Delisting
You agree that the Service may pause a price feed and/or delist an asset without notice under conditions of price feed instability and/or extreme price volatility. You agree that the Service may without notice forcibly close existing positions on assets that have been paused and/or delisted at the most recent quoted price. The Service shall not be liable for any missed potential profits.
Automation
You agree that the Service may freeze and/or terminate accounts and reclaim margin and unrealized profits without notice in the event that the User trades with automated processes (also referred to as “trading bots”).
Bugs and Exploits
Upon the identification of any defect, vulnerability, or error within the Service that adversely impacts a user's trading activities, resulting in additional financial losses, the Service is hereby obligated to undertake a thorough investigation of the reported issue. If such investigation substantiates the claim, the Service shall deploy resources from a designated contingency fund ("Bug Fund") to fully reimburse the affected user for such losses. This Bug Fund is expressly established to cover losses directly attributable to malfunctions within the Service's trading engine, including but not limited to scenarios such as:
Execution of orders at incorrect prices,
Failure of stop-loss orders to activate as configured, including instances leading to the unwarranted liquidation of a position due to such failures,
Inability to close a trade, resulting in further losses, particularly those arising from issues with the price feed, for example, incorrect price feeds causing inappropriate liquidation of a position.
Notwithstanding the above, the Service categorically states its inability to provide compensation for unrealized profits or opportunities lost due to issues stemming from platform malfunctions, blockchain inconsistencies, or inaccuracies in the price feed. The Service does not maintain a fund to mitigate risks or cover losses associated with such speculative damages.
Consequently, upon discovery of any usage pattern, defect, vulnerability, or error within the Service that permits non-repeatable profits or the repeatable replication of profits without associated risk, the User is obligated to promptly notify the Service thereof. You consent that, in instances where a User capitalizes on such usage pattern, defect, vulnerability, or error to derive financial gain, the Service reserves the right, at its sole discretion, to suspend or terminate the User's account and to recoup any margins and unrealized profits without prior notification. Additionally, you agree to reimburse the Service for any profits accrued as a direct consequence of such usage pattern, defect, vulnerability, or error.
Bounty Money
Bounty Money (referred to as "Bounty") is a platform credit or trading capital that cannot be withdrawn but can be used to trade for real cash profits. Bounty is available to all trading accounts, except those that are linked to the same User. If a User has multiple accounts, only the first account will receive access to Bounty. In some cases, an account may not be eligible for Bounty even if it isn’t linked to other accounts. This typically occurs when our internal algorithm detects that the account may have been created by an existing User solely to claim additional Bounty Money.
IMPORTANT: By trading with Bounty, you agree to the Terms and Conditions and acknowledge that your Bounty can be revoked if you violate these terms. The Service also reserves the right to revoke Bounty at its sole discretion.
Bounty is credited to your account balance on the platform and can only be used for trading on the Service. Any profits earned from trades using Bounty belong to the User and will automatically be transferred to the User’s private wallet at the end of the relevant trading session.
Users can receive Bounty by activating a Bounty code or completing Bounty tasks, including tasks to collect activity points (referred to as "Points"). Each Bounty code expires after a set period.
The Service may freeze or terminate accounts and reclaim margins, realized profits, unrealized profits, and accrued profit deductions without notice if a User trades from multiple unlinked accounts to obtain multiple Bounty Balances.
Any reclaimed, cancelled, frozen, or terminated Bounty Money cannot be refunded.
The Service and the Protocol do not guarantee Bounty trading profits. Additionally, the Service reserves the right to impose limits on Bounty open interest (market limits), increase Bounty trading fees, and set profit limits at both the global and User level.
The Service reserves the right to cancel or amend the Bounty Trading promotion and any related fees at any time, for any reason. The Service may also add or remove activities that qualify for earning Bounty Money or change the reward amount for these activities.
Activity Points and Referral Program
Selected Users will be offered a special Bounty code, which unlocks the opportunity to earn Points that can be redeemed for trading credit or Bounty.
Activity Points are earned at different rates depending on the type of trade and are calculated per minute for every $100 in open trades:
1 point per minute for crypto trades
0.8 points per minute for stock trades
0.6 points per minute for commodity trades
0.5 points per minute for indices trades
0.2 points per minute for forex trades.
For example, holding a $1,000 crypto trade for exactly 7 days will earn 100,000 Points.
IMPORTANT: Trades opened with Bounty will not earn Activity Points to complete your challenge. Users must fund their trading wallet with assets accepted as collateral and open funded positions in order to collect Activity Points.
Some active Users may be invited to join the DXS Referral Program. Referrers can invite friends who are new to the Service. The number of invitations a referrer can extend is limited and determined on a case-by-case basis. Any referred Users found to be creating multiple accounts to appear as new Users will be disqualified.
Referrers will receive a unique referral code or link. Referred Users must use this code or link, make a deposit, and begin collecting Activity Points. Both the referrer and the referred friend will receive a reward once the referred friend reaches the target number of Activity Points. The reward is paid in Bounty Money.
The target number of Activity Points and the corresponding rewards will be determined individually for each referrer.
In certain cases, at the discretion of the Service, Points may also be deducted at a rate based on closed trade amounts:
1 point for every $1 in closed crypto trades
0.8 points for stock trades
0.6 points for commodity trades
0.5 points for indices trades
0.2 points for forex trades.
The Service reserves the right to modify or terminate the Referral Program at any time without prior notice. Any fraudulent activity or misuse of the Referral Program will result in disqualification and forfeiture of rewards. By participating in the Referral Program, both referrers and their referred friends agree to comply with all Terms and Conditions.
Termination; Modification
You agree that, without notice, the Service may terminate these Terms and Conditions, or suspend your access to the Service or the Content, with or without cause at any time and effective immediately. These Terms and Conditions will terminate immediately without notice from the Service if you, in the Service’s sole discretion, fail to comply with any provision of these Terms and Conditions. The Service shall not be liable to you or any third-party for the termination or suspension of the Service or the Content, or any claims related to such termination or suspension. The Service and/or the Third-Party Providers may discontinue or modify the Content, or any portion thereof, at any time. You release and agree to indemnify and hold harmless the Service for any loss or damages arising from or relating to such discontinuation or modification.
External Links
DXS may provide links to other websites or resources. The Service has no control over such sites and resources, you acknowledge and agree that the Service is not responsible for the availability of such external sites or resources. The Service does not endorse and is not liable for any content, advertising, products, or other materials on or available through such sites or resources. You further acknowledge and agree that the Service shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, goods or services available on or through any such site or resource.
Applicable Policies
In addition to these Terms and Conditions, your access to and use of the Content and the Service is subject to the Services’ then-current policies relating to the Content and the Service, including, without limitation, the Privacy Policy available on the Service. You agree to be bound by these policies and all other policies applicable to the access and use of the Content and the Service. By using the Service, you are consenting to have your personal data transferred to and processed by the Service and the Protocol. As part of providing you services, DXS may need to provide you with certain communications, such as service announcements and administrative messages. These communications are considered part of the Service, which you may not be able to opt-out from receiving.
Indemnification
You will indemnify and hold harmless the Service and the Protocol, and the officers, directors, agents, partners, employees, licensors, distributors, and representatives, from and against any and all claims, demands, actions, causes of action, suits, proceedings, losses, damages, costs, and expenses, including reasonable attorneys' fees, arising from or relating to your access and/or use of, or interaction with the Content, or any act, error, or omission of your use of your account or any user of your account, in connection therewith, including, but not limited to, matters relating to incorrect, incomplete, or misleading information; libel; invasion of privacy; infringement of a copyright, trade name, trademark, service mark, or other intellectual property; any defective product or any injury or damage to person or property caused by any products sold or otherwise distributed through or in connection with the Service; or violation of any applicable law.
Revisions
DXS may at any time revise these Terms and Conditions by updating this document. You agree to be bound by subsequent revisions and agree to review these Terms and Conditions periodically for changes.
Applicable Law and Venue; Severability
You agree that these Terms and Conditions shall be governed by and interpreted in accordance with the laws of Saint Vincent and the Grenadines, without giving effect to principles of conflicts of law. Any legal action or proceeding arising under these Terms and Conditions will be brought exclusively in courts located in Saint Vincent and the Grenadines, and you hereby irrevocably consent to the personal jurisdiction and venue therein. If any provision of these Terms and Conditions is deemed unlawful, void or for any reason unenforceable, then that provision will be deemed severable from these Terms and Conditions and will not affect the validity and enforceability of the remaining provisions.
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