Terms of use
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General Provisions
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These Terms define the conditions for Personal Account
registration and use, trading Digital Assets and use of other
services of the Company on the Crypto Platform, operated by the
Company will be subjected to the applicable laws and regulations
in El Salvador.
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Before using the Crypto Platform, the User confirms that he has
carefully read the Agreement and the Policy and fully understands
their meaning. If the User does not accept the provisions of the
Agreement and the Policy, the Company ask such User to immediately
stop using the Crypto Platform.
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The Company has the right to unilaterally amend these Terms at any
time. Changing the Terms unilaterally is carried out by posting
the amended text of the Terms on the Company's website. At the
same time, the Terms are considered changed on the next day from
the date of posting the amended text of the Terms on the Company's
website. If the User continues to use the Company's services after
changes has been made, it is deemed to be User’s acceptance of
changes. If the User does not agree to any changes to the Terms,
he/she must stop using the Company's services immediately. The
User is advised to review the Terms frequently to ensure that
he/she understands the rules that apply to his/her access and use
of the services on the Crypto Platform.
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All official news, announcements, promotions, etc. will be placed
on https://bitritm.com.The Company does not liable for any
personal losses of Users arising from ignorance or negligence of
the news.
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As part of trading in accordance with these Terms, the Company
organizes the execution of transactions for the acquisition
(alienation, exchange) of Digital Assets between the Users, which
represent the execution of two counter Orders.
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A complete list of Digital Assets admitted to trading and
available for trading in accordance with these Terms is presented
on the website of the Crypto Platform.
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Full and unconditional acceptance of the Terms is the performance
by the User of the actions provided for in article 5.1. Terms,
from this moment the User is considered to have entered into an
Agreement with the Company on the terms set forth here. The
Agreement is equivalent to an agreement signed by the Company and
the User.
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On the terms and in the manner established by the Terms, the
Company, for a reward, provides Users with the opportunity to use
the Crypto Platform and performs the following activities:
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Providing access to the Crypto Platform for use of the
Company’s services.
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Acceptance of national according to Article 31 Paragraph (6)
of CoFTRA/BAPPEBTI Regulation No. 8 of 2021, in order to place
User’s funds in segregated accounts, he\she must use
Español Rupiah for making transactions on
the Crypto Platform.
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Implementation of information technology interaction between
the seller and the buyer of Digital Assets.
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Implementation of other procedures in order to create
conditions for the interaction of the Parties within the
framework of the possibilities of the Crypto Platform.
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Definitions
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Agreement/Terms means this Terms of use of the Crypto
Platform.
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Application means an appropriate message of the User in
Order to resolve these claims and disputes.
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Ask means an Order on the Order Book to sell a certain
quantity of the Digital Asset for a specified price denominated in
the Quote Asset.
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Base Asset means an asset in Trading Pair which will be
traded on the Order Book.
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Company means EXCHANGE TECHNOLOGIES, SOCIEDAD ANONIMA DE CAPITAL VARIABLE, registration
number 2025124652, registered address: Avenida La Capilla, Edificio 515, Apartamento 5-B, Colonia San Benito, Distrito de San Salvador, Municipio de San Salvador Centro, Departamento de San Salvador, República de El Salvador.
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Crypto Platform means the crypto-exchange
http://bitritm.com owned by the Company.
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Digital Asset means encrypted or digital tokens or Crypto
Asset with a certain value that are based on blockchain and
cryptography technologies and are issued and managed in a
decentralized form, their derivatives or other types of
digitalized assets with a certain value.
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Fiat Account on Crypto Platform means User’s account for
fiat funds on Crypto Platform which records User’s fiat
currencies’ balance enabled through a crypto-wallet (or similar
account) service that is provided by a Fiat Provider.
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Fiat Provider means service provider, with which the
Company may establish a relationship in connection with Fiat
Services.
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Fiat Services means services stated in article 13.1 of the
Terms.
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Maker Order means an Order on the Order Book available to
be Matched with a Taker Order.
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Order means an offer to buy or sell a tradeable asset on
the Crypto Platform.
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Order Book means the Order book in respect of a particular
Trading Pair maintained by the Company of the Crypto Platform.
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Taker Order means an Order that will be immediately matched
with another Order upon submission to the Crypto Platform.
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Trailing Movement means a relative price movement from the
maximum or minimum in percentage which shall trigger the
submission of the Limit Order.
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Trailing Price means a price that must be reached for the
Trailing Stop Order to be activated.
- Party/Parties means Users and the Company.
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Personal Account means virtual accounts, which the User
should open to record his/her usage of Company’s services,
transactions, asset changes and basic information.
- Policy means the Privacy Policy of the Company.
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Quote Asset means an asset in Trading Pair in which trading
is denominated on the Order Book.
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Spot Trading means buying or selling supported Digital
Assets and/or any supported fiat currency on the exchange for
immediate settlement.
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Stop Price Level means price that must be reached to
trigger the submission of the Limit Order.
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Support Service means a support service for the Crypto
Platform, which the User can contact in case of problems with the
use of the Crypto Platform.
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Trading means the action or activity of buying and selling
Digital Assets on the Crypto Platform.
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Trading Pair means the combination of a Base Asset and a
Quote Asset that is offered for trading on the Crypto Platform.
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User means all individuals, legal entities and other
organizations who use the Crypto Platform and Company’s services
and who meet the terms established by the Company.
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Statements and guarantees
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The Company warrants that:
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The User is the sole owner of Digital Assets on his/her
crypto-wallets;
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The Company is not entitled to use Digital Assets, except in
accordance with User’s actions (instructions) through Personal
Account and with his/her consent.
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By making use of Crypto Platform services, the User acknowledge
and agree that:
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He/she is aware of the risks associated with transactions of
Digital Assets and their derivatives;
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He/she shall assume all risks related to the use of Crypto
Platform services and transactions of Digital Assets and their
derivatives; and
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The Company shall not be liable for any such risks or adverse
outcomes.
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By accessing and using Crypto Platform, the User represents and
warrants that he/she has not been included in any trade embargoes
or economic sanctions list (such as the United Nations Security
Council Sanctions List), the list of specially designated
nationals maintained by OFAC, or the denied persons or entity list
of the U.S. department of commerce.
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The Company reserves the right to choose markets and jurisdictions
to conduct business, and may restrict or refuse, in its
discretion, the provision of services in certain countries or
regions.
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Except for the express representations, agreements and rules set
out in these Terms, the User hereby acknowledges and agrees that
he/she does not rely on any other representations or agreements,
written or oral, regarding the use of and access to the Company's
services.
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Each User indemnifies and agrees to hold harmless the Company, its
affiliates and their shareholders, officers, employees,
representatives, lawyers, agents and contractors from and against
any and all demands, claims, suits, proceedings, investigations,
costs, damages and expenses, including lawyers’ fees, fines, or
penalties imposed by any regulatory authority, arising out of or
related to his/her use of the Company services, breach of the
Terms by the User, or violation of the Terms.
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If the User is liable to pay damages under the Terms, the Company
shall have the right in its discretion to control any action and
to determine on what terms the claim shall be resolved.
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Obligations, responsibilities and liabilities
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The Company has been committed to maintaining the security of
User’s entrusted funds, and has implemented industry standard
protection for its services.
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Due to the rapid development of Digital Assets and the Company,
the Terms between the User and the Company do not enumerate or
cover all rights and obligations of each Party, and do not
guarantee full alignment with needs arising from future
development. Therefore, all other agreements and policies entered
into separately between the User and the Company are deemed
supplementary terms that are an integral part of the Terms and
shall have the same legal effect. User’s use of Crypto Platform is
deemed his/her acceptance of the all terms of the Company.
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The Company cannot and does not guarantee accuracy, applicability,
reliability, integrity, performance or appropriateness of the
information placed on the Crypto Platform. The Company isn’t
liable for any loss or damage that may be caused directly or
indirectly by User’s use of these information because it is
written only to help the User make independent decisions.
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The information about the Crypto Platform services may change
without notice.
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The Company also does not represent or warrant that its Crypto
Platform (website), services or information are free from viruses
or other harmful components.
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Any products, services, information and anything else possible
provided by or on behalf of the Company are offered on an "as is"
basis. The Company represents that it makes no other warranties of
any kind, expressed or implied, including warranties of title or
non-infringement, intellectual property rights, fitness for a
particular purpose, and any other, as well as warranties arising
from trading on the Crypto Platform.
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The Company does not provide investment or consulting advice of
any kind, and is not responsible for the use or interpretation of
information stated on the Crypto Platform or any other resource.
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Each User understands and agrees that the Company shall not be
liable for any loss or damage arising out of or in connection with
any damage caused by the acts, omissions or breaches of these
terms and conditions by other Users, any damage caused by illegal
acts of other third parties or acts without the permission of the
Company, any inaccuracy, error or omission in Digital Asset
pricing data, any error, delay, interruption in the transmission
of such data, scheduled or unscheduled maintenance of the Crypto
Platform that may result in interruption or restriction of service
to Users, and other instances mentioned in disclaimers and Crypto
Platform policies issued by the Company.
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In no event shall the Company, its affiliates and their
shareholders, officers, employees, representatives, lawyers,
agents or counterparties be liable for any incidental, indirect,
special, punitive, consequential or similar losses or liabilities,
including, but not limited to, loss of profits, revenue, data,
information or other commercial or financial benefits, arising out
of services provided by the Company, arising in connection with
services provided by the Company, any performance or
non-performance of such services or any other product, material
provided by or on behalf of the Company and its affiliates, in any
manner and for any reason, even if the Company has been advised of
the possibility of such damages (this rules are implemented to the
extent permitted by applicable law). Loss of information or data
is very minimum potential in order that the Company records and
reports are submitted periodically to The Commodity Futures
Trading Authority (CoFTRA) / Badan Pengawas Perdagangan Komoditi
(BAPPEBTI).
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The rules, stated in article 4.10 do not apply where there is a
final judicial determination that such losses are the result of
fraud, willful misconduct, gross negligence or willful misconduct
on the part of the Company. At the same time in no event shall the
amount of the liability of the persons or entities referred to in
article 4.10 exceed the amount of remuneration paid by the User.
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The Company has been committed to maintaining the security of
User’s entrusted funds, and has implemented industry standard
protection for its services.
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Due to the rapid development of Digital Assets and the Company,
the Terms between the User and the Company do not enumerate or
cover all rights and obligations of each Party, and do not
guarantee full alignment with needs arising from future
development. Therefore, all other agreements and policies entered
into separately between the User and the Company are deemed
supplementary terms that are an integral part of the Terms and
shall have the same legal effect. User’s use of Crypto Platform is
deemed his/her acceptance of the all terms of the Company.
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The Company cannot and does not guarantee accuracy, applicability,
reliability, integrity, performance or appropriateness of the
information placed on the Crypto Platform. The Company isn’t
liable for any loss or damage that may be caused directly or
indirectly by User’s use of these information because it is
written only to help the User make independent decisions.
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The information about the Crypto Platform services may change
without notice.
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The Company also does not represent or warrant that its Crypto
Platform (website), services or information are free from viruses
or other harmful components.
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Any products, services, information and anything else possible
provided by or on behalf of the Company are offered on an "as is"
basis. The Company represents that it makes no other warranties of
any kind, expressed or implied, including warranties of title or
non-infringement, intellectual property rights, fitness for a
particular purpose, and any other, as well as warranties arising
from trading on the Crypto Platform.
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The Company does not provide investment or consulting advice of
any kind, and is not responsible for the use or interpretation of
information stated on the Crypto Platform or any other resource.
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Each User understands and agrees that the Company shall not be
liable for any loss or damage arising out of or in connection with
any damage caused by the acts, omissions or breaches of these
terms and conditions by other Users, any damage caused by illegal
acts of other third parties or acts without the permission of the
Company, any inaccuracy, error or omission in Digital Asset
pricing data, any error, delay, interruption in the transmission
of such data, scheduled or unscheduled maintenance of the Crypto
Platform that may result in interruption or restriction of service
to Users, and other instances mentioned in disclaimers and Crypto
Platform policies issued by the Company.
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In no event shall the Company, its affiliates and their
shareholders, officers, employees, representatives, lawyers,
agents or counterparties be liable for any incidental, indirect,
special, punitive, consequential or similar losses or liabilities,
including, but not limited to, loss of profits, revenue, data,
information or other commercial or financial benefits, arising out
of services provided by the Company, arising in connection with
services provided by the Company, any performance or
non-performance of such services or any other product, material
provided by or on behalf of the Company and its affiliates, in any
manner and for any reason, even if the Company has been advised of
the possibility of such damages (this rules are implemented to the
extent permitted by applicable law). Loss of information or data
is very minimum potential in order that the Company records and
reports are submitted periodically to The Commodity Futures
Trading Authority (CoFTRA) / Badan Pengawas Perdagangan Komoditi
(BAPPEBTI).
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The rules, stated in article 4.10 do not apply where there is a
final judicial determination that such losses are the result of
fraud, willful misconduct, gross negligence or willful misconduct
on the part of the Company. At the same time in no event shall the
amount of the liability of the persons or entities referred to in
article 4.10 exceed the amount of remuneration paid by the User.
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Personal Account registration and use
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This Terms is an agreement with open conditions (framework
agreement) and is considered accepted by the User without any
restrictions and exceptions and is equivalent to the conclusion of
a written agreement at the time of registration of the User on the
Crypto Platform. When registering on the Crypto Platform the User
agrees that he/she have read, understood and accepted all of the
terms and conditions stipulated in the Terms as well as Policy.
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Users use the Crypto Platform at their own will, fully aware of
the goals and consequences. Service, functionality and design are
provided in the proper form in accordance with applicable law and
generally accepted business practices.
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The User acknowledges that he/she is only responsible for legal
compliance in relation to the usage of the Crypto Platform and
Company’s services in User’s local jurisdiction and other laws and
regulations applicable to the User, including taxation
requirements and laws.
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The use of Crypto Platform and any other services may be
restricted or limited according to laws of some countries. The
Company reserves the right to change restrictions and limitations
for use of the Crypto Platform and any other services.
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Before using the Crypto Platform, the User must create a Personal
Account and undergo User’s identification and verification as per
Anti-money laundering and "Know-Your-Client" (AML & KYC) Policy of
Company available at
https://bitritm.com/aml-kyc-policy.
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By creating Personal Account, the User represent and warrant that:
- the User does not have another Personal Account;
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User’s funds come from legitimate sources and do not originate
from illegal activities;
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the User has full legal capacity, all necessary rights and
sufficient authorizations to enter into the Terms;
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the User has not been previously suspended or removed from
using Company’s services;
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User’s use of Company’s services including the use of Crypto
Platform will not violate any applicable law;
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the User is at least 17 years old in accordance with Article
25 Paragraph (6) of CoFTRA/BAPPEBTI Regulation No. 8 of 2021
or are of legal age to form a binding contract under
applicable laws;
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When creating a Personal Account, the User agrees to provide
personal data requested for the purposes of identity verification,
detection of money laundering, terrorist financing, fraud and
other purposes in accordance with the Company’s Privacy Policy.
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By creating Personal Account, the User agrees that he/she:
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will strictly comply with all rules regarding authentication,
charging and withdrawal of funds, trading and security when
using the Company's services;
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is only responsible for complying any restrictions and
requirements imposed on the access to and use of the Crypto
Platform and other services provided by the Company in each
country.
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will report cases of unauthorized use of Personal Account;
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will not share Personal Account details with third parties;
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will report to the Company any breaches of the Terms by the
User, other Users and third parties.
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The Company cooperates with law enforcement authorities around the
world and will not hesitate to seize, freeze, terminate Personal
Account and funds which are flagged out or investigated by legal
mandate.
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If the Company has reasonable doubts about the inaccuracy,
unreliability, irrelevance or incompleteness of the information
provided by the User, the Company has the right to send a request
for correction, deletion, provision of relevant information and,
depending on the circumstances, terminate the Personal Account.
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The Company can also terminate the Personal Account if the Terms
are amended and the User states unwillingness to accept the
amended Terms by applying for cancellation of the Personal Account
or the User request to terminate the Personal Account, or if there
are any circumstances where the Company deems it should terminate
Personal Account and access to Company’s services.
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The account and transactional information that meet data retention
standards will be securely stored for 5 years after termination of
the Personal Account.
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If there are fiat funds and/or Digital Assets on the Personal
Account in time of termination, the User will have 10 working days
to withdraw it from the Personal Account since termination except
unpaid renumeration of the Company.
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The Company maintains full custody of fiat funds, Digital Assets,
and User’s data which may be turned over to governmental
authorities in the event when the Personal Account is suspended or
closed in accordance to fraud investigations, investigations of
violation of law or violation of the Terms.
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The User is solely and fully responsible for any losses or
expenses incurred during the use of the Crypto Platform, in case
of failure to contact the User using the provided contact
information. The User hereby acknowledge and agree that he/she
undertake to update the information provided in case of any
changes.
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The User has the right to create only one Personal Account on the
Crypto Platform.
User's Personal Account
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In the Personal Account, the User has the right to:
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initiate transactions and perform various operations to manage
them;
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track the history of transactions and operations on them;
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replenish and withdraw fiat currencies (funds) and Digital
Assets from the Personal Account;
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control the Digital Assets located on the crypto-wallet;
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to communicate with the Support Service of the Crypto
Platform;
- make changes to personal data and payment details;
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carry out other operations provided for by the Crypto
Platform.
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Users are responsible for their own actions related to the
creation of a Personal Account and the placement of information in
it.
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The Company provides the technical possibility for its use and is
not responsible for the information posted by the User in the
Personal Account.
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In case of loss of the password from the Personal Account, the
User has the right to recover the password by confirming it using
his registered e-mail addresses or phone numbers of his identity.
The User undertakes to immediately notify the Support Service in
case of detection of unauthorized operations, access or security
breach.
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The User has the right to delete the Personal Account at any time.
However, in order to preserve User’s Digital Assets and fiat
currencies, the Company asks the User to cancel or complete all
open Orders and transfer fiat currencies and / or Digital Assets
remaining in his/her Personal Account from it before deleting.
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The User is responsible for any fees, costs, expenses, payments or
liabilities including, but not limited to, court and legal costs
or expenses for the transfer of fiat currency or Digital Assets,
associated with the closure of the Personal Account. The User
acknowledges that until all expenses due are covered, the Personal
Account will not be deleted.
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The Company reserves the right to unilaterally refuse Users to
create and/or process a transaction, delete the Personal Account
in cases of violation of the legislation of the Republic of
El Salvador, violation of the terms of this Terms, violation of the
rights of third parties, etc. In this case, the Company informs
the transaction parties about the decision made by sending
messages to their email, the Transaction itself is canceled and
the Digital Assets are not debited from the Personal Account.
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In addition to the above, in order to fulfill and comply with the
legislation of the Republic of El Salvador, the Company has the
right at any time to suspend the Personal Account, access to the
Crypto Platform, freeze / block funds and assets located on the
Crypto Platform, until a decision is made, if the Company has good
reason to suspect the User of violating:
- Terms;
- Policy;
- Any applicable laws or regulations;
- AML/CFT Policies of the Company;
- Regulatory requirement, court Order, valid subpoena;
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In case when the Personal Account is the subject of any
pending litigation, investigation or government proceeding;
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In case of unauthorized access to the Personal Account or its
use inappropriately.
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The User agrees and acknowledges that the Company has the right to
immediately initiate an investigation in case of detection of
violations specified in article 5.24 of the Terms, take measures
to eliminate them and prevent them in the future.
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In the event that the Personal Account is no longer the subject of
an investigation, court Order or subpoena, the User has the right
to continue using the Crypto Platform.
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The Company stores information about each fact of violation for 5
years from the date of detection of the said fact.
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At the request of the authorized body, the Company undertakes,
within 5 days from the date of receipt of the relevant request, to
provide the authorized body with information about the facts of
violation of the law.
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If signs of a crime are detected, the Company immediately informs
the authorized body and law enforcement agencies in writing in
accordance with the applicable legislation of the Republic of
El Salvador.
Rights and obligations of the User
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The User has the right:
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At any time, contact the Support Service for any questions
related to the use of the Crypto Platform.
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To create accounts within one electronic crypto-wallet in the
Personal Account.
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In case of suspicion of a violation of their rights by the
Crypto Platform, apply with an appropriate Application
addressed to the Company.
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Apply to Commodity Futures Trading Arbitration Board (BAKTI)
or the court if it is impossible to resolve the dispute in a
claim.
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The User undertakes:
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To provide reliable data, including the address for sending
correspondence, telephone, e-mail address.
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To use only one Personal Account. If more than one Personal
Account belonging to one User is found, it is necessary to
select only one and delete the rest.
- Do not use the Personal Accounts of other Users.
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Do not use Company’s services for resale or commercial
purposes, including transactions on behalf of other persons or
entities.
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Do not interfere with the normal and stable operation of the
Crypto Platform by any known means.
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Do not use Company’s services for market manipulation
including but not limited to pump and dump schemes, wash
trading, self-trading, front running, quote stuffing, and
spoofing or layering.
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Do not use Company’s services with violation of public
interests, public morals, or the legitimate interests of
others.
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Do not use Company’s services in any way not expressly
authorized by the Terms.
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Do not use Digital Assets as a means of payment as required by
law and, therefore, do not use the Crypto Platform in
connection with:
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actions that damage the functionality and service of the
Crypto Platform;
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illegal payments and settlements, including, but not
limited to, payment by illegal means, such as a fictitious
transaction, a false price, a refund of a transaction,
etc.;
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illegal activities for cashing funds through a bank
account;
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illegal transfer of funds from the settlement account of a
legal entity to the account of an individual;
- illegal check cashing activities; or
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any other prohibited, illegal, fraudulent or harmful
activity in accordance with applicable law and the rules
of the Crypto Platform.
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Services of the Company
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After registering on the Crypto Platform, identification and
verification of the User, the User has the right to use all the
available functionality of the Crypto Platform. The Company
provides services of Spot Trading and Fiat Services.
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The Company has the right to modify, change and terminate any
services provided by the Company.
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The Crypto Platform is available as per time schedule placed on
the Crypto Platform website. The Company may from time to time
stop the access to the Crypto Platform or some services and
functions of it in time of unscheduled or planned technical
maintenance or due to any other circumstances that the Company
considers requiring such action.
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The Company has the exclusive authority to determine which Digital
Assets are listed on the Crypto Platform and may add or remove
Digital Assets from the Crypto Platform in its sole discretion.
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The Company has the right to change the Order size available for
each Digital Asset. The Company may, but is not obliged to, notify
Users about such additions, removals, or amendments of Order size.
The Company shall have no liability in accordance with such
additions, removals or amendments.
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The Company grants to the User a revocable, limited, royalty-free,
non-exclusive, non-transferable, and non-sublicensable license to
access and use Company’s Services through his/her computer or
other devices for his/her personal/internal purposes when the User
complies with the Terms.
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The Company does not transfer its services, the ownership or
intellectual property rights of any Company’s intellectual
property to the User or anyone else. Any elements that are
protected by law and provided through Company’s services, are
exclusively owned, controlled and/or licensed by the Company or
its affiliates. The Company also owns any feedback, suggestions,
ideas, or other information and materials about the Company or its
services which any User provide to the Company through
communication channels and such User hereby transfers all rights,
ownership and interest of such feedback, suggestions, ideas, or
other information and materials.
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The User should not modify, duplicate, transmit, copy, store,
publish, transfer, disassemble, broadcast, remove or alter any
copyright statement or label of the Company, or license,
sub-license, sell, design, rent, lease any property of the Company
or any part of any property or use it in any other way without
previous written consent of the Company.
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Spot Trading
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Transactions are concluded on the basis of Orders placed by Users
using the Company's Crypto Platform.
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The Crypto Platform allows the User to place Orders for the
acquisition, alienation, exchange of Digital Assets. The value and
extent of the Digital Assets to be made available to the User for
purchase (disposal, exchange) shall be determined by the User at
his/her sole discretion.
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The Company may impose trading and position limits and position
management controls and other controls to mitigate and manage
Company’s liquidity, operational and other risks, at any time, at
its sole discretion without prior notice and without giving
reasons, and Users agree with it and warrants no violation of it.
Any such limits are imposed for Company’s protection and the
protection of the Users. The Company is not obliged to ensuring
User’s fitness with any limits imposed on him/her trading
activities by applicable law or any other requirements.
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The User acknowledge and agree that he/she may be prevented from
submitting an Order or undertaking other steps at certain times if
such actions would cause to exceed an applicable limit, and that
the Company may refuse to take actions submitted by the User that
does not comply with any relevant limits or controls.
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The Company reserves the right, and without liability to Users, to
process an Order, decline to process an Order, suspend, cancel,
reverse, void or partially execute Orders on the Crypto Platform
at its own discretion.
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All transactions are concluded between the Users with the
information and technical support of the Company.
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The following types of Orders can be used in the Crypto
Platform:
Market Orders
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Sell Market Order - an Order to alienate a crypto-asset in
exchange for another crypto-asset or fiat money at the best
price at the time the Order is executed;
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Buy Market Order - an Order to purchase a Digital Assets in
exchange for another Digital Assets or fiat money at the best
price at the time the Order is executed.
A Market Order is not guaranteed to execute at a particular
price.
Limit Orders
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Buy Limit Order – an Order to purchase a Digital Assets in
exchange for another Digital Assets or fiat money at or below
the price the User sets to buy Digital Assets;
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Sell Limit Order – an Order to alienate a Digital Assets in
exchange for another Digital Assets or fiat money at or higher
the price the User sets for Digital Assets;
Limit Orders are not assured to be filled.
Special Orders
-
Buy Stop Limit Order – an Order to place a pending Buy Limit
Order when the price of the crypto-asset reaches the specified
Stop Price Level.
-
Sell Stop Limit Order – an Order for placing a pending Sell
Limit Order when the price of the crypto-asset reaches the
Stop Price Level.
-
Buy Stop Market Order – an Order to place a pending Buy Market
Order when the price of the crypto-asset reaches the specified
Stop Price Level.
-
Sell Stop Market Order – an Order for placing a pending Sell
Market Order when the price of the crypto-asset reaches the
Stop Price Level.
-
Buy Trailing Stop Order – a Buy Limit Order that will be
matched only when the price of the relevant crypto-asset has
moved by an amount equal to, or lower than, the Trailing
Movement from the maximum or minimum price reached after the
Buy Trailing Stop Order is activated.
-
Sell Trailing Stop Order – a Sell Limit Order that will be
matched only when the price of the relevant crypto-asset has
moved by an amount equal to, or higher than, the Trailing
Movement from the maximum or minimum price reached after the
Sell Trailing Stop Order is activated.
-
OCO Order – a submission of a (Buy/Sell) Limit Order and a
(Buy/Sell) Stop Limit Order together, in respect of the same
quantity of the same crypto-asset, where matching,
cancellation or expiry of one of the Orders will automatically
trigger the cancellation of the other Order.
-
To place any Order, the User should submit this information:
- whether he/she wish to buy or sell the Base Asset;
- the Order Type;
-
the Order value (denominated in Base Asset or Quote Asset);
- the Trading Pair;
-
any additional parameters required for the relevant Order
Type.
-
To place a Market Order, the User must specify the volume of the
crypto-asset to be acquired or disposed of at the best available
price. If the User wishes to purchase or dispose of Digital Assets
at a specified price in a larger volume than the available volume,
the User may specify the desired volume before placing a Market
Order. In this case, the available volume will be acquired
(alienated) and the missing volume will be acquired (alienated) at
the next best price.
-
To place a Limit Order, the User must specify the volume of the
crypto-asset to be acquired or alienated and the desired
acquisition (alienation) price. When placing a Limit Order, the
User may also have the option to specify the “time in force” of
the Limit Order, which may be “Good Till Cancelled”, “Immediate or
Cancel” or “Fill Or Kill”. The default setting is “Good Till
Cancelled”, which will apply unless the User specifies a different
“time in force”.
-
“Good Till Cancelled” Limit Order will be matched, in whole or in
part, with the best available Bid or Ask on the Order Book that
satisfies the parameters of the Limit Order, if any, till the
whole quantity of such Limit Order will be matched. If any part of
“Good Till Cancelled” Limit Order is not matched with any Bid or
Ask, then it will be added to Order Book as a Bid or Ask at the
desired acquisition (alienation) price and will become a Maker
Order.
-
“Immediate or Cancel” Limit Order operates like a “Good Till
Cancelled” Limit Order, except that any portion of the “Immediate
or Cancel” Limit Order is not matched with any Bid or Ask shall be
deemed expired and will not be added to the Order Book.
-
“Fill Or Kill” Limit Order will only execute if there are Bids or
Asks which met at the same time both the desired acquisition
(alienation) price, and have the volume of the crypto-asset equal
to or greater than the quantity of the “Fill Or Kill” Limit Order.
If no such Bids or Asks are available, the whole “Fill Or Kill”
Limit Order shall be deemed expired and will not be added to the
Order Book.
-
To place a Stop Limit Order, the User must specify all the
parameters relevant to a Limit Order and the Stop Price Level.
-
To place a Stop Market Order, the User must specify all the
parameters relevant to a Market Order and the Stop Price Level.
-
To place a Trailing Stop Order, the User must specify all the
parameters relevant to a Limit Order and the Trailing Movement,
and a Trailing Price. A Trailing Stop Order is activated in the
event when the price Trailing Price is reached or in time of
placement if the Trailing Price wasn’t stated.
-
To place an OCO Order, the User must specify all the parameters
relevant to a Limit Order and to a Stop Limit Order.
-
Market Orders are Taker Orders and all other Orders can be Maker
Orders or Taker Orders.
-
The placed Order of the User is both an offer and an acceptance
for a transaction for the acquisition (alienation, exchange) of
Digital Assets.
-
A mandatory requirement is that the User has funds to execute the
placed Order. Placement of Orders is made after instant automatic
verification of the availability of a sufficient number of Digital
Assets on the relevant account of the User in his Personal
Account. The User's Order shall not be placed if the number of
Digital Assets on the User's account in his/her Personal Account
is insufficient to carry out the transaction.
-
An Order received by the Company is accepted by the Crypto
Platform only if the following circumstances exist in the
aggregate:
-
The Order complies with the requirements for its content
provided for the form of the Order (including the type and
amount of Digital Assets that constitute the provision for
execution of the Order by the Purchaser);
-
The Company has the ability to execute the Order. This
possibility may not be available, including due to lack of
liquidity (including as a result of liquidity provider not
providing it), as well as for technical and other reasons;
-
The number of the User's Digital Assets accounted for by the
User in his/her Personal Account is sufficient to execute the
Order (unless otherwise provided in the Order form or
otherwise determined by the Company).
-
When conducting transactions, the market price, on the basis of
which transactions are made between the Users, is determined by
supply and demand among the Users and is available on the
Company's website and in the Personal Account of the User. In this
case, the User who placed the Order is automatically matched by
the Crypto Platform, first of all, a counter Order of another the
User, taking into account the best price.
-
Orders are executed by reflecting the Digital Assets (funds) due
to the Users on the accounts in his/her Personal Account. This
reflection is made by the Company automatically at the moment of
execution of the Order, after which the obligations of the Users
to each other are considered fulfilled. Settlement is final and
the Company will not reverse a transaction.
-
The User has the opportunity to revoke (cancel) his Order.
Cancellation of the Order by the User can be made only up to the
moment from which the Order is considered to be executed.
-
The User has the right to edit the Order previously placed by him,
which is in the Order Book, indicating a new price level and / or
Order volume. After setting the new parameters of the Order, the
system checks the availability of a sufficient amount of Digital
Assets (funds) on the account of the User in his/her Personal
Account to execute the Order with the new parameters. If there are
not enough Digital Assets on the User's account in his/her
Personal Account to execute the Order with new parameters, the
Order will not be edited. Editing of the Order is possible only
until the moment from which the Order is considered to be
executed.
-
The entire history of the User's operations is stored and
available for viewing in his/her Personal Account.
-
Procedure for the use of automated trading tools by the Users
-
The Crypto Platform allows the use of automated trading tools by
the Users of Digital Assets.
-
Automated trading provides an automated way to obtain public
information about the state of the market, prices, volumes, Order
book for each crypto-asset, personal statistics and trading
history of the User, and more. Automated trading also makes it
possible to place Orders automatically.
-
If the customer will use the feature as referred to in this
paragraph 8, the Company and the User will submit the requirements
as in CoFTRA/BAPPEBTI Regulation No. 12 of 2022 concerning the
Implementation of Based Advice Management Information Technology
in the Form`of Expert Advisor in the Field of Commodity Futures
Trading.
-
Procedure for execution of Orders and settlements on them
-
The type and amount of Digital Assets (amount of funds and
currency), which will be used by the User to execute the Order,
are determined in the Order.
-
The execution of the Order when selling Digital Assets at the
trading of Digital Assets is carried out automatically by the
Company's system. In case of impossibility to carry out this
execution (due to technical and other reasons), the User shall be
returned the execution performed on his/her part according to the
Order.
-
The Company does not pay interest on the amount (amount) of funds
accounted for by the User in his/her Personal Account
(crypto-wallet).
-
The Company charges remuneration (commission) for making
Transactions. The amount of remuneration (commissions) is brought
to the attention of the Users by posting on the Company's website
in the "Tariffs" section, and can also be reported to the User
automatically when forming the corresponding Order.
-
The Company has the right to charge the appropriate remuneration
(commission) without prior notice to the User, but at the time of
the trading or immediately after it. By participating in the
trading, the User grants the Company the right to deduct from the
number of Digital Assets accounted for by the User on his/her
account in his/her Personal Account, the corresponding amounts as
payment for remuneration (commissions).
-
The procedure for suspension, termination and resumption of trading
in Digital Assets
-
The Company is obliged to suspend trading in the event of
technical failures in the operation of trading systems that affect
or may affect the normal course of trading in relation to the
majority of the User.
-
The Company has the right to suspend trading in the event of,
including, but not limited to, the following circumstances:
-
technical failures in the operation of trading systems
(including failures in the operation of software), if this is
necessary to ensure the security of the Trading System and the
safety of the funds of the Users;
-
failures in the operation of power supply and communication
systems;
- force majeure circumstances.
-
Suspension of trading is possible due to the actual impossibility
of trading in Digital Assets or by the decision of the Company,
which is dictated, including, but not limited to, by the presence
of good reasons to believe that there are unforeseen or
exceptional market conditions. Trading may be suspended in whole
or in part.
-
The Company is obliged to notify all the Users of the problems
that have arisen, the measures taken, the timing of their
resolution and the resumption of trading and (or) access to the
Crypto Platform. The notice may be received in the Personal
Account of the User, and may also be published on the Company's
website, in the Company's messengers, and also be sent as an
individual mailing to the Users to the e-mail addresses specified
by them when creating the Personal Account. Information about the
occurrence of a technical failure may additionally be brought to
the attention of the Users in another available way, if possible.
-
In case of suspension of trading as a result of a technical
failure and (or) by decision of the Company, the Company is
obliged to notify the Users of this no later than 15 minutes after
the technical failure is discovered.
-
After the elimination of the circumstances that caused the
suspension or termination of trading, the Company is obliged to
notify the Users at least 15 minutes before the start of trading.
The notice must contain an indication of the exact time of the
beginning of the trading. The Company, if possible, must provide
the Users with the opportunity to cancel outstanding Orders using
the standard methods provided for these purposes in the Crypto
Platform, at least 15 minutes before the resumption of trading
-
Procedure for taking actions in case of technical failures
(errors)
-
In the event of technical failures (errors), the Company may
temporarily close access to the Crypto Platform, if this is
necessary to ensure the safety and security of the funds of the
Users.
-
If during the execution of the Orde there was a technical failure
(error), the Company has the right to cancel such an Order with
the number of Digital Assets (funds) of the User reflected in the
User's account in his/her Personal Account without taking into
account the execution of such an Order.
-
The User, upon detection of technical failures, errors, sends
notifications with a description of technical failures (errors) to
the following email address of the Support Service or through the
Personal Account.
-
The user is not entitled to use technical failures (errors) in the
Crypto Platform system to obtain any benefit for himself or other
persons or to cause any damage (harm) to other persons.
-
The procedure for accounting for payments made and income received
as a result of trading in Digital Assets
-
All actions of the User when using the Crypto Platform system,
including depositing / withdrawing funds from a crypto wallet on
the Crypto Platform, placing Orders, revoking and editing Orders,
accepting Orders and making transactions, are recorded, recorded
and stored by the Crypto Platform, and are also reflected in the
Personal Account of the User.
-
Full analytical accounting of the movement of funds of each the
User is carried out separately with the possibility of complete
identification of each transaction separately.
-
Accounting for funds of the Company and the Users is kept on
different registers. Unauthorized use of funds of the Users and
the Company is excluded.
-
Fiat Services
-
The Company may provide the following Fiat Services:
-
crediting Fiat Account with one or more fiat currencies either
via a bank transfer, or with User’s debit card or credit card;
-
purchasing Digital Assets at spot prices with one or more fiat
currencies by using either User’s Fiat Account on Crypto
Platform balance, or User’s debit card or credit card;
-
selling Digital Assets at spot prices for fiat currencies and
crediting the corresponding proceeds of sale either to User’s
Fiat Account on Crypto Platform, or to User’s debit card or
credit card;
-
withdrawing one or more fiat currencies from User’s Fiat
Account on Crypto Platform either into User’s bank account, or
to User’s debit card or credit card.
-
By accepting these Terms, the User acknowledge and agree that:
-
the User have read, accepted and will comply with the Terms,
the Policy, and any other Rules stated by the Company related
to Fiat Services;
-
The Company may partner with any Fiat Provider and that, if
applicable, the User will open an account with such Fiat
Provider by completing the relevant registration and identity
verification for such account, and by accepting any user
agreements, terms and conditions, policies and procedures or
similar documents of any Fiat Providers;
-
any payments expressed in any fiat currencies and which have
been made in connection with any Fiat Services may not be
canceled, recalled or refunded, and that any chargeback
requests in connection with any Fiat Services that involve a
Fiat Provider, are subject to that Fiat Provider’s policies
and procedures.
-
Dispute resolution
-
If the User has any claims regarding the services provided by the
Company within the Crypto Platform, the User has the right to
apply to the Company with the Application in the manner prescribed
by the Terms.
-
Users have the right to send an Application to the Company through
the Personal Account.
-
In Order to identify the User, the Company may request a scanned
copy of a document proving his identity and personal
identification number, email address and phone number of the User.
-
The Application must contain a description of the problem,
documents confirming the position of the User, and other documents
related to the subject of the Application. The Company has the
right to request from the User other documents and information
necessary for the consideration of the Application (including,
without limitation, the conclusion of an independent examination,
if such is necessary for the consideration of the application).
-
In Order to pay compensation to the User (in cases provided for by
the applicable legislation), the Company may request information
about the details of the User's bank account.
-
If the User fails to provide the documents and information
requested by the Company, the Company has the right to consider
the User's Application without taking into account such documents
or suspend consideration of the Application until the User
provides the necessary documents or information.
-
The User agrees that he will make every effort to resolve the
dispute as soon as possible and thereby undertakes to provide all
documents and information necessary to resolve the dispute to the
Company within a reasonable time.
-
Disputes and disagreements arising in connection with the
fulfillment of obligations under the Agreement shall be settled
through negotiations. The claim procedure for resolving disputes
is mandatory. The term for consideration and response to claims is
10 calendar days from the date of their receipt. If it is
impossible to resolve the dispute within 30 calendar days, the
unresolved dispute is referred to Commodity Futures Trading
Arbitration Board (BAKTI) or the court at the location of the
Company and subordinate to the Company's jurisdiction.
-
Miscellaneous
-
These Terms were developed in accordance with legislation of the
Republic of El Salvador.
-
The Terms supersede all prior written or oral agreements between
the Parties.
-
According to article 18 paragraph 1 letter (h) of CoFTRA/Bappebti
Regulation No. 8 of 2021, the Company manages and stores Crypto
asset transaction data for period of 5 years.
-
The Company is an independent contractor but not an agent of the
User in the performance of the Terms. These Terms shall not be
interpreted as facts or evidence of an association, joint venture,
partnership, or franchise between the Parties.
-
The Terms can be translated into a language other than the English
language in accordance to Company’s decision. The English text
shall prevail in the event of any ambiguity, discrepancy or
omission as between the English text and any translated text.
-
The Company shall not be liable for any failure or delay in
performance under this Terms if such failure or delay is due to
circumstances beyond its reasonable control, including but not
limited to acts of God, natural disasters, epidemics, pandemics,
acts of war or terrorism, strikes or labor disputes, and
government action.
-
In the event that any provision of the Agreement conflicts with
the law under which the Agreement is to be construed, then such
provision shall be deemed to be restated to reflect as nearly as
possible the original intentions of the Parties in accordance with
applicable law, and the remaining terms, provisions, covenants and
restrictions of the Agreement shall remain in full force and
effect.
-
The User may not assign, delegate or otherwise convey the
Agreement or any of the rights and obligations hereunder, to any
other party without the prior written consent of the Company, and
any attempted assignment or delegation without such consent will
be void. The company may assign or transfer any or all of its
rights or obligations under the Agreement, in whole or in part,
without notice or obtaining User’s consent or approval.
-
The failure to perform any provision of the Terms will not affect
Party’s right to require performance at any time thereafter. The
waiver of one Party to seek recovery for the other Party’s
violation of the Terms or any provision shall not constitute a
waiver by that Party of any subsequent breach or violation by the
other Party or of the provision itself.
-
Any links to third-party websites stated of Crypto Platform or
anywhere by the Company or its affiliates does not imply
endorsement by the Company of any service, product, information or
disclaimer presented therein, nor does the Company guarantee the
accuracy of the information contained on them. If the User suffer
loss from using such links and suggestions of the third parties,
the Company will not be liable for such loss.
-
For more information on the Company and its services, the User may
refer to the Company and license information found on the Crypto
Platform.
-
To get more information about the Terms, contact the Company for
clarification via the Support team at support@bitritm.com.
