Perpetual Futures Trading service (the “Service”) is a Virtual Financial Asset (VFA) derivative trading service launched by CoinW Exchange (hereafter “CoinW”or “the Platform”). It is designed, managed, and operated by CoinW. To enable CoinW Perpetual Futures Trading, you must fully read, understand, and agree to this "CoinW Perpetual Futures Trading User Agreement" (the “Agreement”). Please read through all the terms and conditions carefully, before choosing to accept this Agreement.
This Agreement is part of the "CoinW User Agreement". Using the Platform's futures services indicates that you have read, understood, and accepted both this Agreement and the "CoinW User Agreement", and you agree to participate in and use the Service in accordance with this Agreement and the rules and conditions published by CoinW.
CoinW may periodically revise this Agreement and publish the revised and updated agreement on the Platform. The revised and updated versions become effective upon publication on the Platform. You acknowledge and agree that your continued use of the Service will be considered as your acceptance of and compliance with the periodically updated and revised versions. If you do not fully understand and accept this Agreement or any of its revised and updated versions, please do not use this Service.
Risk Notification and Statement
- Non-Fiat Currency: Digital assets are not issued by governments, financial institutions, or the Platform. Currently, most digital assets are not regulated, and their value and price are not controlled or protected by central banks or other financial institutions.
- Price Volatility Risk: Digital assets experience significant price fluctuations, and investing or trading in digital assets carries extremely high risks.
- Liquidity Risk: There is no guarantee that any digital asset market will have sufficient liquidity. There may be times when there is a lack of trading interest, leading to liquidity issues for digital assets. Markets with low trading activity or insufficient liquidity may result in losses, as virtual assets have high price volatility. In illiquid markets, participants may find it impossible to liquidate market positions unless they accept highly unfavorable prices.
- Technical Risk: Services provided for digital asset trading are based on computer network, blockchain, and other infrastructures. These technologies may encounter failures, defects, hacker attacks, vulnerability exploits, errors, protocol failures, or other unforeseeable risks.
- Network Attack Risk: The intangible nature of digital assets and their heavy reliance on technology may increase their vulnerability to network attacks and theft. Due to the nature of network architecture, digital assets are susceptible to specific types of network attacks.
- Irreversibility Risk: Each digital asset corresponds to a unique deposit address. If users accidentally deposit any other digital assets to that address, these digital assets will be permanently lost and cannot be recovered. Similarly, if users accidentally enter an incorrect withdrawal address, once the transaction is completed, it cannot be reversed, and users cannot retrieve these assets. Finally, for the same reasons, virtual assets stolen through network attacks, and virtual assets with lost, destroyed, or stolen private keys may be unrecoverable.
- Legal and Policy Risk: Digital asset and derivative trading may face legal, policy, and regulatory risks in relevant jurisdictions. Authorities may establish regulations that restrict the use of digital assets or otherwise affect digital asset demand, which may impact digital asset prices and values. Additionally, banks and other financial institutions may refuse to process digital asset transaction funds, handle wire transfers between digital asset trading platforms, digital asset-related companies or service providers, or maintain accounts for individuals or entities conducting digital asset transactions, which may result in you holding digital assets that cannot be converted to legal tender.
- Tax Risk: You should particularly note that profits from trading digital assets and derivatives may be subject to taxes, duties, or other fees as required by relevant jurisdictions. You are responsible for reporting and paying any taxes that may arise from digital asset transactions. If you have any questions about the tax status or tax obligations of digital asset investment or trading, you should seek professional advice.
- Risks of Using This Service:
- Internet and Network Risk: Users may encounter network communication failures, system failures, interruptions, errors, delays, and other communication issues that may lead to losses.
- Network and Hacking Risk: Network attacks in the form of viruses, Trojans, malicious programs, or applications may compromise the security of your account and virtual assets and may result in losses.
- Phishing Risk: Attackers may establish apps or websites with names or domain names similar to this Platform. Attackers create phishing sites and send phishing messages or emails to users, inducing them to input data, personal information, passwords, or other personal sensitive information, resulting in user losses.
- Information or Data Defects: Inaccuracies, defects, errors, interruptions, delays, or losses that may occur in data transmission can cause user losses.
- Security Risk: If you fail to ensure account information security or set weak passwords, your account may be subject to attacks and/or unauthorized logins, which may result in losses.
- Regulatory Risk: This Platform may be subject to regulatory enforcement measures such as suspension or termination of services, which may result in users being unable to access their digital assets, causing losses to users.
- You must meet CoinW Platform eligibility requirements and comply with the "CoinW User Agreement" and its periodically revised and updated versions. If you do not agree with the terms of this Agreement or the "CoinW User Agreement", please stop using this Service immediately.
- If the Platform, based on its unilateral judgment, determines that you have violated this Agreement, or if the services provided by the Platform or your use of the Platform's services is illegal according to the laws of your jurisdiction, the Platform has the right to suspend or terminate your account, or suspend or terminate your use of the Platform's services at any time.
- Digital asset investment and trading carry extremely high risks and are not suitable for most people. You understand and acknowledge that digital asset investment or trading may result in partial or total loss, so you should decide your investment amount based on the level of loss you can afford. You understand and acknowledge that digital assets generate derivative risks, so if you have any doubts, it is recommended to seek professional advisor assistance first.
- In addition to the risks mentioned above, there may be other unpredictable risks in digital asset investment. Please refer to and read the "Risk Disclosure Statement" published on the CoinW website to learn more about specific risks, but the "Risk Disclosure Statement" does not list all risks. You should carefully consider and use clear judgment to evaluate your financial situation and all the above risks before making any decisions to buy or sell digital assets, and bear all losses arising therefrom. We do not assume any responsibility for this.
- The content of this Platform may be changed at any time without notice. We have taken reasonable measures to ensure the accuracy of the website information, but cannot guarantee its degree of accuracy, nor will we bear any direct or indirect losses caused by information on this Platform or delays or failures in connecting to the internet, transmitting or receiving any notices and information.
- www.coinw.com is the Platform's only official external information publishing domain.
- It is prohibited to use this Platform for money laundering, fraud, smuggling, terrorist financing, and all other illegal trading activities or unlawful behaviors. If any suspected illegal transactions or unlawful behaviors are discovered, the Platform will take various available measures, including but not limited to freezing accounts and notifying relevant authorities. We do not assume any responsibility arising therefrom and reserve the right to pursue responsibility from relevant persons.
- It is prohibited to use this Platform for malicious market manipulation, improper trading, and all other unethical trading activities. If such incidents are discovered, the Platform will take preventive protective measures such as warnings, trading restrictions, and account closure against all unethical behaviors such as malicious price manipulation and malicious influence on the trading system. We do not assume any responsibility arising therefrom and reserve the right to pursue responsibility from relevant persons.
- The "Legal Statement" is part of this Agreement. Please refer to and carefully read the "Legal Statement".
1. User Eligibility
1.1 Before activating your futures account and using this Service, you should carefully read and agree to all terms of the "CoinW User Agreement" and this Agreement. If you do not agree with the "CoinW User Agreement" or this Agreement and/or its modifications at any time, please stop using this Service immediately. Once you activate a futures account or begin using this Service or engage in any other similar behavior, it indicates that you have understood and fully agree to all contents of this Agreement, including any modifications made by the Platform to this Agreement at any time.
1.2 Your registration and use of this Service will be considered as you having read, understood, and accepted all terms of this Agreement and additional documents or terms, and you confirm and guarantee:
1.2.1 You confirm that you are at least 18 years old, or have reached the legal age and have full capacity for civil conduct according to applicable laws in your respective region or country. If you have been declared a person with limited or no capacity for civil conduct by a court or competent authority under applicable laws, please do not use this Service and the Platform's services, otherwise you and your legal representative or guardian will bear the legal and financial responsibilities of using this Service and website. If your actions cause damage to the Platform, you or your legal representative or guardian will compensate the Platform for losses suffered. The Platform also has the right to immediately suspend, cancel, or terminate your account and virtual asset wallet (hereinafter referred to as "wallet") on the Platform, and prohibit trading, freeze your virtual assets until the restriction is removed, or your legal representative or guardian can apply to the Platform to withdraw your assets.
1.2.2 If you are an employee or agent of an institutional user and sign this Agreement on behalf of that legal entity, you must be formally authorized as its representative and bind that institutional user by signing this Agreement;
If you do not possess the aforementioned legal capacity, you and your authorized users shall bear all consequences arising therefrom, and the Platform reserves the right to revoke or permanently freeze your account and pursue responsibility from you and your authorized agents.
1.3 According to the laws of your country or region, you may be unable to use this Service, or the Platform reserves the right to impose partial or full functional restrictions on your account. Additionally, the Platform may refuse to provide services to individuals, groups, or regions listed on high-risk or sanctions lists in accordance with anti-money laundering and counter-terrorism financing regulations and recommendations.
1.4 You agree to provide valid information such as email address and phone number as required by the Platform's user registration page. You can use your provided or confirmed email address, phone number, or other means allowed by the Platform as login methods. If necessary, according to relevant laws and regulations in different jurisdictions, you must provide your real name, ID documents, address, and other information required by laws, regulations, privacy terms, and anti-money laundering terms, and continuously update registration materials to meet timely, detailed, and accurate requirements. All originally entered materials will be referenced as registration materials. You shall be responsible for the truthfulness, completeness, and accuracy of such information and bear any direct or indirect losses and adverse consequences arising therefrom.
1.5. You promise and declare:
* You guarantee that virtual assets involved in transactions belonging to you are legally obtained and you have complete ownership.
* You agree to bear full responsibility for any profits or losses generated by your trading or non-trading activities.
* You confirm that the information provided during registration is true and accurate.
* You agree to comply with any relevant legal regulations, including reporting any transaction profits for tax purposes.
* You agree not to engage in or participate in any conduct or activities that harm the Platform's interests, whether or not such conduct or activities are related to the services provided by the Platform.
* Your use of the Platform does not violate any applicable laws and regulations.
2. Using the Service
2.1 You can place trading commission orders through the Platform's website or clients on other operating systems. Once a commissioned trade is executed, you will not be able to cancel or modify the commission.
2.2. When you place and execute an opening position order, you will establish corresponding futures positions. When you place and execute a closing position order, the corresponding position quantity will be deducted from your holdings. This Agreement will provide you with real-time information about your positions and the value of your digital assets and derivatives.
2.3 After opening a position, if market price movements are unfavorable to you resulting in insufficient margin for your position, the Platform may force-liquidate your position.
2.4 In some extreme market conditions, you may find it difficult or impossible to close positions. For example, when your profit ranks first in the entire market's effective leverage PNL, but the counterparty has insufficient margin to cover their liquidation losses.
2.5 After opening positions, the profit and loss of positions change with the market fluctuations of the traded futures. When losses are significant, liquidation may occur. You should bear any losses from liquidation yourself, and the Platform bears no responsibility for any of your losses.
2.6 The Platform assumes no responsibility and/or liability for whether your orders are executed or filled. The Platform bears no responsibility for any and all losses caused by transmission through any device or system or error interception of any orders.
2.7 For specific rules of futures trading services, please refer to CoinW Perpetual Futures Business Rules.
3. Margin
3.1 You should deposit, maintain, and/or otherwise provide the Platform with margin as required by the Platform. The Platform has absolute discretion over the value and type of margin.
3.2 The Platform may, with or without notice to you, decide to change margin requirements for any futures account at any level at any time. You acknowledge and agree that the Platform may change margin limits or levels at any time, and/or require you to deposit additional margin within a specified time.
3.3 You acknowledge that if margin requirements fall below the liquidation level, such that the mark price value equals the liquidation price value, the Platform has the right (but not obligation) to sell or dispose of any or all margin in your futures account to meet margin requirements, regardless of whether the Platform has issued a margin call notice.
4. Fees, Service Charges, and Funding Fees
4.1 You should pay all fees and service charges to the Platform in a timely manner according to the product/service rates published and periodically adjusted by the Platform.
4.2 The Platform has the right to deduct all fees, commissions, interest, penalties, and other outstanding charges under this Agreement or any product terms from your account. If the digital assets in your account are insufficient to pay all outstanding charges, we have the right to require you to pay the corresponding difference.
4.3 The Platform has the right to adjust trading fees and/or service charges from time to time.
4.4 When settling a transaction in the futures account, users holding long and short positions need to pay funding fees to each other.
4.5 Any applicable taxes, expenses, and/or other costs arising from you or your futures account shall be borne by you.
5. Limitation of Liability
5.1. You acknowledge that you fully understand the rules and policies of futures trading. If you misunderstand the rules and policies, the Platform bears no responsibility for your losses. In particular, to open or maintain your positions, the amount of digital assets you deposit as margin needs to meet specific requirements. If requirements are not met, forced position reduction will be triggered. When forced position reduction occurs, you may lose all digital assets deposited as margin.
5.2. All services and content provided by the Platform, even in blockchain and virtual currency fields, may include some undetermined technical issues, new technologies or business areas, or other issues. Therefore, services and content provided by the Platform are provided in their "current" state. You should use the Platform and services cautiously and verify and confirm as needed. The Platform makes no express or implied warranties, modifications, or improvements to any services, content, matters, or information it provides.
5.3. You understand and agree that under no circumstances will we be liable to you or any other person or entity for:
* Loss of income
* Loss of trading profits or futures
* Business interruption losses
* Loss of expected monetary savings
* Losses caused by information issues
* Loss of opportunity, goodwill, or reputation
* Data corruption, loss, inaccuracy, defects, or omissions and any errors or delays in transmitting such data and any interruption of such data
* Theft of devices supporting Platform access or use
* Cost of purchasing replacement products or services
* Functionality, security, or availability of any digital asset underlying protocol
* Any indirect, special, or incidental losses or damages arising from tort (including negligence), breach of futures, or any other cause, whether such losses or damages could reasonably be foreseen by us; whether we were notified in advance of the possibility of such losses or damages; and/or
* Any risks identified in the "Risk Disclosure Statement" as updated from time to time
5.4. You understand and agree that we are not liable for any damages resulting from:
* Your transactions that may involve material illegal or breach situations
* Your behavior on the Platform being suspected of being illegal or unethical
* Your Platform account being involved in any judicial authority investigation or any judicial authority orders the Platform to freeze, stop payment, confiscate, etc.
* Costs and losses from purchasing or obtaining any data, information, or conducting transactions or alternative actions through Platform services
* Your misunderstanding of Platform services; and/or
* Other losses related to services provided by the Platform not caused by us
5.5 We are not liable for any service interruptions, delays, or losses caused by:
- Information network equipment maintenance
- Network connectivity issues
- Computer, communication, or other system failures
- Power failures
- Weather conditions
- Accidents
- Strikes
- Labor disputes
- Riots, uprisings, or civil unrest
- Insufficient productivity or means of production
- Fire, flood, storms, explosions
- War
- Banking or other partner-related issues
- Digital asset market crashes
- Government actions
- Judicial or administrative orders
- Other causes beyond our control or third-party actions
5.6 We cannot guarantee that all information, programs, and text on this Platform are completely secure and free from viruses, trojans, or other malicious programs. Your decision to log in, use any services, or download and use any programs, information, or data is made at your own risk and potential loss.
5.7 We make no guarantees or commitments regarding any third-party websites linked from this Platform, their information, products, services, or other content not owned by us. Your use of any third-party services, information, or products is your personal decision and you bear all resulting responsibilities.
5.8 We make no express or implied warranties regarding your use of Platform services, including but not limited to serviceability, freedom from errors or omissions, continuity, accuracy, reliability, or fitness for a particular purpose. We also make no commitments or guarantees regarding the validity, accuracy, correctness, reliability, quality, stability, completeness, or timeliness of technical and information services. Whether to log in or use our services is your personal decision and risk. We make no express or implied warranties about digital asset markets, value, or prices. You understand that digital asset markets are unstable, prices and values can fluctuate dramatically or crash at any time, and trading digital assets is your free choice and decision made at your own risk and potential loss.
5.9 The warranties and commitments specified in this agreement are our sole guarantees and representations regarding this agreement and Platform services, superseding any other warranties and commitments, whether written or oral, express or implied. All these warranties and representations only represent our own commitments and guarantees and do not guarantee any third party's compliance.
5.10 We do not waive any rights to limit, exempt, or offset our liability for damages within the maximum scope applicable by law that are not mentioned in this agreement.
5.11 Your registration or use of Platform services indicates acceptance that any risks arising from our operations under this agreement's rules are borne by you.
5.12 The above disclaimers shall apply to the maximum extent permitted by law and shall continue to apply after termination or expiration of this user agreement or after users cease using Platform services.
6. Indemnification
6.1 You shall indemnify and hold the Platform harmless from any claims, lawsuits, actions, demands, disputes, accusations, or investigations brought by any third party, government agency, or industry organization. You shall also indemnify against all claims, liabilities, damages (actual and indirect), losses (including any direct, indirect or consequential losses, loss of profits, loss of reputation), costs and expenses, including but not limited to all interest, penalties, legal and other reasonable attorney fees and other professional costs and expenses ("Losses") arising from or related to:
a) Your access to or use of the Platform account and/or services
b) Your violation of any applicable laws
c) Your violation of this agreement or other supplementary documents and terms
d) Your infringement of any third-party rights
6.2 You agree to release the Platform from any and all claims and demands (and waive any rights you may have against the Platform for any losses you may suffer or incur) arising directly or indirectly from any disputes between you and other users or third parties related to Platform services (including any digital asset transactions) or the subject matter of these terms.
6.3 In any case, our liability for direct damages to you shall not exceed the total service fees we charged you for using our Platform services for three (3) months.
7. Applicable Law and Dispute Resolution
7.1 This entire agreement is established under the laws of Hong Kong Special Administrative Region (SAR). Its formation, interpretation, content, and execution are governed by Hong Kong law. Any claims or lawsuits related to services agreed upon in this agreement shall be governed by and interpreted and enforced according to Hong Kong law.
7.2 Any disputes arising from or related to this agreement or any associated documents or transactions (including disputes or claims concerning (i) the existence, validity, or termination of this agreement, and (ii) any non-futuresual obligations arising from or related to this agreement) ("Disputes") shall first be submitted and resolved through friendly negotiation.
7.3 If the dispute cannot be resolved through negotiation, it shall be arbitrated according to the current rules of the Hong Kong International Arbitration Centre ("HKIAC"). The arbitration shall take place in Hong Kong. The arbitration tribunal shall consist of one (1) arbitrator, appointed according to the then-effective HKIAC rules. The arbitration language shall be English. The arbitration award shall be final and binding on both parties. This arbitration clause shall survive the termination of these terms.
7.4 You agree that any claims arising from disputes shall be brought in an individual capacity, and to the extent permitted by applicable law, you further agree to waive any rights to bring claims through class action, collective action, or representative proceedings.
8. CoinW User Agreement
This agreement is part of the "CoinW User Agreement". Users should carefully read the "CoinW User Agreement" before using this service. Any definitions used in this agreement are consistent with the "CoinW User Agreement". In case of conflict between the terms of this agreement and the "CoinW User Agreement", unless otherwise agreed, the terms of this agreement shall prevail.
9. Effectiveness and Interpretation of Agreement
9.1 When you access or log into the Platform's futures account or trading page, click to confirm and accept these agreement terms, or begin any form of futures trading operations through the Platform, you indicate that you have agreed to and accepted all contents of this agreement, and this agreement is legally binding on both parties.
9.2 The Platform reserves the final right of interpretation regarding the rules of use and participation in CoinW futures services and this agreement.