Welcome to the margin trading service ("this service"). Before proceeding to the next step, please make sure to read and thoroughly understand the BigONE margin trading agreement ("this agreement"). Our website can modify or update the agreement at any time without an advanced notification, so please make sure to check manually to confirm that you get to know the latest information about the agreement.
After the effective date of any modification or update, if you continue using the margin trading service of our website, you will be deemed as accepting the revised or updated agreement. If you do not agree to any terms or conditions of this agreement or the "User Agreement", please stop visiting the website and stop using the service. You will be considered as agreeing to the entire content of the agreement and the “User Agreement” as long as you visit our website or use the service. In order to facilitate users understanding the agreement, this agreement will be translated from Chinese to other different languages. As the original version is Chinese, and other language versions are for informational purposes only. If there are inconsistencies between different language versions, the Chinese version shall prevail, thanks for understanding.
- Risk Warning
When you conduct leveraged transactions on our website, you may get higher investment returns, but it also comes with a higher investment risk. According to the relevant laws and regulations, we will make sure that you have fully understood the risk and we will remind you of the risks of leveraged trading. Please read it carefully, the risks of your leveraged trading on the website include but are not limited to:
(1) The risks of digital assets: The digital asset market is a brand-new trading market with high volatility and speculative nature. It is an unstable, uncertain and extremely risky trading market. At present, digital assets are mainly used by speculators in large numbers, and relatively few in retail and commercial markets. Therefore, the price of digital assets is prone to volatility, which in turn has an adverse effect on digital asset investment. The digital asset market does not have the same price limit as the stock market, and trading is open 24 hours a day. Due to the small number of chips, the price of digital assets is susceptible to large fluctuations due to the regulatory policies of various countries and other market factors. That is, the price may rise several times a day, and the price may fall by half in a day. Therefore, you must understand and agree that the economic losses caused to you due to the digital asset itself are all borne by you.
(2) Policy risk: Due to the formulation or modification of laws, regulations, and regulatory documents in various countries for digital assets, digital asset transactions may be suspended or prohibited at any time. You must understand and agree that due to the formulation or modification of national laws, regulations and regulatory documents, the trading of digital assets is suspended or prohibited, and the resulting economic losses are all borne by you.
(3) Internet and technical risks: This website cannot guarantee that all the information, programs or text contained in this website are completely safe, free from any interference and damage by malicious programs such as viruses, Trojan horses, etc., if you log in or use any service or download any programs is your personal decision and you will bear your own risks and possible losses. At the same time, there are risks associated with the use of Internet-based trading systems, including but not limited to the failure of software, hardware, and Internet links. Since this website cannot control the reliability and availability of the Internet, this website will not be liable for distortions, delays and link failures. At the same time, users should bear the risks and losses of the margin account being liquidated due to various factors such as server gateway bottlenecks and unstable website access.
(4) Force majeure risk: This website is not responsible for the maintenance of information network equipment, information network connection failures, computer, communication or other system failures, power failures, hacker attacks, weather reasons, accidents, strikes, labor disputes, riots, and uprisings, riots, insufficient productivity or production materials, fires, floods, storms, explosions, wars, bank or other partner reasons, digital asset market collapse, government actions, judicial or administrative orders, other things that are not within the control of this website. This website does not assume any responsibility for the inability or delay of service caused by behaviors that this website is unable to control or the reasons of a third party, as well as your losses.
(5) Market risk: This website does not guarantee the correctness and applicability of the relevant market analysis, market analysis and other content. For the information or suggestions you have or will obtain from the introducer or any other organization and employee, this website cannot control, nor support or guarantee the accuracy or completeness of the transaction, all risks or consequences arising therefrom shall be borne by you yourself, and have nothing to do with this website.
(6) The risk of being blocked or frozen: When the competent authority produces the corresponding investigation documents and requires this website to cooperate in the investigation of your account, assets or transaction data on this website, or to seal, freeze or transfer your account When taking measures, this website will assist in providing your corresponding data or perform corresponding operations in accordance with the requirements of the competent authority. The user shall bear all responsibility for any privacy leakage, account inoperability and losses caused thereby.
(7) Other risks: You will be responsible for the losses in the following situations:
(a) You have incurred losses due to your lost account, forgotten password, improper operation, incorrect investment decision, etc.;
(b) Loss caused by malicious operations by others without exiting in time after completing online entrusting and hotkey operations;
(c) The losses caused by entrusting others to conduct leveraged transactions on this website for you;
(d) Other accidents and losses not caused by this website.
Special reminder: When you participate in leveraged lending and leveraged transactions on this website, you should control your own risks, evaluate the investment value and investment risks of digital assets, and bear the economic risk of losing all your investment; you should trade according to your own economic conditions and risk tolerance. And soberly recognize the risks of digital asset investment. When you make a leveraged investment in digital assets, there is both the possibility of profit and the risk of loss. The risk warning of this agreement does not reveal all the risks of leveraged digital asset trading. Please be soberly aware of this. The market is risky and investment needs to be cautious.
- Noun explanation
In this agreement, the following terms shall have the following definitions:
(1) Leveraged trading is a spot trading model based on margin lending. Users deposit a certain amount of digital assets as a margin in exchange for a certain multiple of the available quota of assets, thereby magnifying investment returns.
(2) Margin trading is a form of currency trading, and its risk is higher than ordinary currency trading. Therefore, please pay attention to controlling risks when conducting leveraged trading.
(3) BigONE provides users with long/short margin trading functions through lending services. The user's maximum loan amount is determined by many factors, and the maximum is 2 times the margin, that is, 3 times the leverage. Leveraged transactions are all based on the transaction pair as a basic unit. Users can go long or short two currencies in a certain trading pair ("transaction currency" and "quotation currency"):
(a) Long: For example, if a trading pair that supports leverage is BTC/USDT, if you want to do long trading currency BTC, then borrow the currency USDT, buy all into BTC, and wait until the price of the trading pair rises to the ideal price. Then sell it and exchange it for USDT. At this time, the USDT borrowed and interest accrued before will be added, and the remaining USDT will be the gain from this long sale;
(b) Shorting: For example, a trading pair that supports leverage is BTC/USDT, and you want to short the trading currency BTC at this time, then borrow the trading currency BTC and sell all of them to USDT, and wait until the price of the trading pair drops to the ideal price. The purchase is exchanged for BTC. At this time, the BTC that was previously borrowed and the interest has been accrued will be repaid, and the remaining BTC will be the proceeds of this short selling.
- Risk control
(1) When a user conducts a leveraged transaction, the platform will use the "margin rate" to control the capital risk of the user and the platform. BigONE uses the latest transaction price of the platform's spot to calculate the leveraged margin rate.
(2) The "margin ratio" in leveraged trading refers to the asset-liability ratio of a trading pair under the "leveraged assets" item in the user's currency account. It is an important indicator to measure the risk level of current leveraged transactions. The relevant calculation formula is:
(a) Margin ratio = total assets of the trading currency pair margin account / loan principal and interest
(b) When the user's margin rate is more than 200% (excluding 200%), the digital assets under the user's "leveraged assets" can be partially transferred out; when the user's margin rate is below 200% (including 200%) , The digital assets under the user's "leverage assets" can only be traded and cannot be transferred out.
When the user's margin rate reaches 130% (the "warning line"), the system will send a reminder message to the user's reserved contact information to remind the user of risk.
(c) When the user’s margin ratio reaches 115% (the “forced liquidation line”), the system will automatically trigger a liquidation, liquidate the user’s currency-pair margin account positions, and automatically repay the user’s liabilities (borrowed figures) Assets and interest). If the user has borrowed multiple digital assets, they will be repaid in accordance with the position currency and the time sequence of the borrowing, with priority in repaying the digital assets of the same currency and previously borrowed. If the user's assets under the "liquidated leveraged assets" item still have surplus after repaying all their liabilities, the platform will charge 10% of the remaining portion as a liquidation fee.
(d) In order to protect the interests of platform users, BigONE uses a part of the interest generated by users’ currency borrowing as the platform’s risk reserve fund for margin trading (referring to users’ “leveraged assets” under conditions of severe market fluctuations). After the assets under the item are closed, the total amount of assets held is negative) to compensate the platform's wealth management users and advance borrowers who are still unable to repay the borrowed currency after being automatically closed. BigONE reserves the right to dispose of this risk reserve in other ways in the future.
(3) The BigONE loan service does not limit the loan time, but will perform a mandatory interest repayment seven days after the date of the loan. It is recommended that the user repay the interest in advance or leave enough available balance in the leveraged account (required Ensure that the repayment currency is consistent with the borrowed currency), before the automatic deduction, the system will send a reminder to the contact information reserved by the user to remind the user to repay. If the account's available balance is insufficient when the interest is automatically deducted, the platform will have the right to process the available assets in the user's margin account, conduct pending order transactions, and directly pay off the loan interest.
(4) When the total assets under the "leverage assets" of the user's currency account are not enough to repay the principal and interest to be repaid, BigONE has the right to restrict the user's account withdrawing and OTC selling functions until the user repays his liabilities. If all the assets in the user's account are still insufficient to repay all their liabilities, BigONE reserves the right to recover the debts.
(5) If the user's BigONE account is in a state of insolvency for a long time, the account may be frozen.
In order to reduce user risks, the digital assets borrowed by users cannot participate in activities such as the distribution of candies and airdrop rewards; however, the user's margin portion can still participate in the above activities normally, and the proceeds will be distributed to the "coin assets" of their corresponding currencies.
(6) Leveraged asset limit
Users can borrow a certain amount of denominated currency or transaction currency ("borrowed assets") according to their long or short needs, with a maximum leverage of 3 times. The specific calculation method of the user's maximum loanable currency amount is as follows: the highest (remaining) loanable currency amount = the margin account principal * (leverage multiple -1)-the principal and interest of the borrowed asset
(7) Transfer of leveraged assets and interest calculation
Users must transfer the assets that need to be leveraged to BigONE's corresponding margin account, and use this part of the assets as margin for leveraged transactions to borrow a certain amount of digital assets.
After the user clicks "OK" on the page of borrowing leveraged assets, the platform will immediately transfer the leveraged asset quota and start accruing interest when the user's leveraged assets can be borrowed.
In order to reduce the interest burden of users, BigONE leveraged trading adopts an hourly interest calculation method, as follows:
(a) The interest of the first hour will be automatically deducted when borrowing the currency. After that, the interest will be calculated every hour. If it is less than one hour, it will be calculated as one hour;
(b) The interest rate per hour is 1/24 of the daily interest rate at the time of interest calculation; users can check the real-time daily interest rate on the leveraged trading platform at any time;
(c) Compound interest is not calculated.
- Trading instructions
(1) When using leveraged transactions, users should abide by the relevant laws and regulations of the country where they are located and the provisions of this agreement to ensure the legality of the source of funds for the transaction. If a user is found to have violated the law or the agreement in this agreement, BigONE has the right to freeze the account of a specific user, cancel the leveraged transaction authority, take over the account’s creditor’s rights and debts, and force liquidation, etc., to maintain the number The stability of the currency market.
(2) When using leveraged transactions, users should fully understand the risks of digital asset investment and leveraged transactions, and operate with caution and control risks.
(3) The user agrees that all investment operations performed in BigONE represent their true investment intentions and unconditionally accept the potential risks and benefits brought by investment decisions.
(4) The user confirms that he is clearly aware of related fees such as handling fees that may be incurred during currency borrowing and leveraged transactions, and agrees to pay corresponding fees in accordance with the requirements of the platform.
(5) When using leveraged trading services, users agree to unconditionally authorize BigONE to take risk control measures such as forced liquidation and automatic repayment when leveraged assets are at risk (ie, margin ratio ≤ 115%), and unconditionally accept the final transaction result .
(6) When using the leveraged trading service, the user agrees to unconditionally authorize BigONE to automatically deduct the interest under the item "the currency against the margin account assets" when the interest payment date expires and the interest is not repaid; if it cannot be fully repaid, Automatic liquidation of other assets under the item of "the currency against leveraged account assets"; if it still cannot be repaid, it will be repaid through the risk reserve fund, and the right to recover the remaining principal and interest funds is retained for life.
- Risk warning
BigONE provides information release, asset supervision and risk control services for users' leveraged transactions, but BigONE does not provide any guarantees of income or guarantee of capital protection for users' leveraged transactions. Users should fully realize that the risks of leveraged transactions are higher than ordinary currencies. Trading, it is possible to lose all investment. Please be sure to trade according to your own economic conditions and risk tolerance, and participate voluntarily on the basis of confirming that the risk is controllable and tolerable. Users should pay attention to investment risks and adjust the position ratio in time to avoid risks. All losses due to account triggering of liquidation shall be borne by the user.
(1) This agreement takes effect when the user clicks the OK button in the "Confirmation of Opening Margin Trading" dialog box on the BigONE margin trading page and is binding on BigONE and the user.
(2) BigONE reserves the right to modify, suspend or terminate the margin trading business at any time.
(3) The final interpretation right of this agreement is owned by BigONE.