BigONE Margin Trading Agreement

Welcome to use the Margin Trading service (the "Service"). Before you proceed, please read and understand the BigONE Margin Trading Agreement (the "Agreement"). BigONE may modify or update the Agreement at any time without notifying you beforehand. You should check frequently to confirm that your understanding of the Agreement is timely and accurate. After any modification or update taking effect, if you choose to keep using the Margin Trading service provided by BigONE, we will assume that you agree to accept the modified or updated agreement. The official language of this agreement is Chinese. For the convenience of our users, this agreement may be translated into other languages. The other language versions are for reference only. If there is any difference between different language versions, the Chinese version agreement holds the power of final interpretation.

• Risk disclaimer

• When you participate in margin trading on BigONE, you may get higher investment returns, but at the same time, the investment risks is greater. According to the relevant laws and regulations, we hereby state the risks involved in margin trading to give you a better understanding of it. Please read through it carefully. Risks associated with margin trading on BigONE include, but are not limited to:

• Risk of trading digital assets: The digital asset market is a new market, which is highly volatile and speculative. It is a market that is unstable, filled with uncertainty, and extremely risky. At present, digital assets are mainly used by speculators. Therefore, the price of digital assets is prone to fluctuations, which in turn has an adverse effect on digital asset investment. The digital asset market does not have the daily trading limit as the stock market, and trading is open 24 hours. Due to regulations and lack of inherent value, the price of digital assets is susceptible to large fluctuations -- the price may increase several times a day, and the price may drop by half within a day. Therefore, you must understand that you are responsible for the economic losses caused by digital asset market.

• (2) Regulatory risk: Due to changes in laws and regulations on digital assets in various countries, digital asset tradings may be suspended or prohibited by local authority at any time. You must understand that you are responsible for the economic losses caused by changes in laws and regulations.
• (3) Internet & technical risk: BigONE cannot guarantee that all the information, programs, texts, etc. on the BigONE website are completely secure, or safe from any malicious programs such as computer viruses, malware like Trojans, etc. Therefore, you must understand that it is your own decision to log in, use any services on the BigONE website, and use any trading programs, information, data, etc., and that you are responsible for the economic losses caused by any outside malicious programs. Moreover, there are risks of using Internet-based trading system, including, but not limited to, software failure, hardware failure, and unstable Internet connection. BigONE is not responsible for any economic losses caused by any technical problems you have.
• (4) Force Majeure Risk: BigONE is not responsible for any economic losses caused by various force majeure events, such as mass network failures, energy blackouts, hacking attacks, war, riots, lockouts, slowdowns, strikes, unexpected legislation, market collapses, fires, floods, earthquakes, storms, lightning, explosions, etc., which lead to service delay / suspension of BigONE.
• (5) Assessment risk: BigONE does not support or guarantee the accuracy or applicability of any financial analyses of digital assets traded on BigONE. You must understand that you are responsible for the economic losses caused by your own trading decisions.
• (6) Risk of government interventions: when the authority presents the legal investigation documents and requires BigONE to cooperate in the investigation of your account on the BigONE exchange, BigONE will adhere to the law and take corresponding actions, which include, but are not limited to: providing the relevant information (such as your account information, asset details, and trading history) to the authority;  freezing your account; transfer of assets. You must understand that BigONE is not responsible for data breach and economic losses caused by government interventions.
• (7) Other risks: You must understand that you are responsible for the economic losses caused by the following conditions:
• (a) incorrect investment decisions;
• (b) poor user account management that lead to account takeover;
• (c) entrusting others to access your account and trade on your behalf.
• (d) other incidents that are not caused by BigONE.

Reminder: When you participate in Margin Trading service on BigOne, you should control the risks yourself, evaluate the value of digital asset investment and investment risks, and bear the economic risk of losing all your investments; you should conduct transactions based on your own economic conditions and risk tolerance. And clearly aware of the risks of digital asset investment. When you use the Margin Trading service, you have both the possibility of profit and the risk of loss. The risk alert in this agreement does not reveal the full risks of Margin Trading . Please make sure you have a clear understanding of the risky of the market , and investment needing to be cautious.

• 2、Definitions
• In the Agreement, the following terms shall have the following definitions:

• Margin trading is a method of trading assets using funds provided by a third party. Users deposit a certain amount of digital assets as a deposit in exchange for a certain multiple of the available amount of assets to magnify investment returns.
• Margin trading is a method of trading assets using funds provided by a third party with higher risks than normal trading. Therefore, please pay attention to controlling risks when carrying out margin trading
• BigONE provides users with long / short margin trading functions through lending services. The maximum amount of users' borrowing money is determined by many factors, the maximum is 2 times the margin, which is 3 times the leverage. margin trading are carried out with trading pairs as a basic unit. Users can go long or short two currencies in a trading pair ("trading currency" and "valuation currency")

• go long(in a full market): For example, if a trading pair that supports margin is BTC / USDT, and you want to trade BTC as a long currency at this time, borrow the quoted currency USDT, buy all and exchange it for BTC, and sell it after the price of the trading pair rises to the ideal price. Exchange out USDT, after pay back the USDT borrowed previously and interest accrued, the remaining USDT will be the long profit for this trading;
• Go short (in a bear market):For example, if a trading pair that supports margin is BTC / USDT, and you want to short the trading currency BTC at this time, you can borrow the trading currency BTC and sell all of it to USDT. After the price of the trading pair falls to the ideal price, you can buy and exchange it for BTC At this time, after the previous BTC borrowed and interest accrued are returned, the remaining BTC is the proceeds of the short sale.

• 3、risks control
• (1)When users engage in margin trading, BigOne will control the capital risk of users and the platform through the "margin level". BigONE uses the latest spot transaction price of the platform to calculate the leverage margin rate.
• (2)The "margin level" in margin trading refers to the asset-liability ratio of a certain trading pair under "leveraged assets" in the user's currency account. It is an important indicator of the current risk level of margin trading. The relevant calculation formula is:
• (a)Margin Level = Total Asset Value / (Total Borrowed + Total Accrued Interest)
• (b)When the  margin level ＞2.0 , the digital assets under the user's " margin accounts" can be partially transferred out; when  1.3＜margin level≤2.0 , the users’ Digital assets under “margin accounts” can only be traded and cannot be transferred out.
• When 1.15 ＜ margin level ≤ 1.3, our system will trigger a margin call, and you will receive a notification through email and text message.
• (c)When the margin level reaches 1.15, the account is taken over by the liquidation engine. During the liquidation process, all of your open orders are canceled, you can’t trade, borrow, or transfer funds from your margin account to your other accounts. The liquidation process will end only after the total debt is repaid. After liquidation, you can transfer the remaining funds from your margin account to your other accounts as long as the margin level is high.
• If you have borrowed multiple digital assets, they will be repaid according to the currency order of the positions and the chronological order of borrowing, and the digital currency of the same currency and the previous borrowing will be repaid first. If your assets under the "margin account burst" item still have surplus after repaying all their liabilities, BigOne will charge 10% of the remaining part as a liquidation fee.
• (d)In order to protect the interests of BigONE users, BigONE uses a portion of the interest generated by users' borrowing currency as the platform's risk reserve, which is used to compensate wealth management users and advance borrowers when margin tradings occur through positions.(referring to user’s total debt is greater than the liquidated asset under conditions of sharp market fluctuations).BigONE reserves the right to dispose of this risk reserve in the future in other ways.
• (3)BigONE lending service does not limit the time of borrowing, but the interest will be automatically deducted from your margin account every seven days after you borrow funds. It is recommended that users repay interest in advance or leave an available balance in the margin account (requires repayment currency is the same as the currency of the borrowed currency). Before the automatic deduction, the system will send a reminder to the phone number or e-mail reserved by the user to prompt the user to repay. If the available balance of the account is insufficient when the interest is automatically deducted, BigONE will have the right to process the available assets in the margin account of the user, carry out pending order tradings, and directly pay off the interest on the currency.
• (4)When the total assets under the “margin Assets” of the user’s currency account are insufficient to repay the repayable principal and interest, BigONE has the right to restrict the withdrawal and OTC selling functions of the user account until the user repays its liabilities. If all the assets in the user's account are still insufficient to repay all of its liabilities, BigONE reserves the right to recourse debts to it.
• (5)If the user's BigONE account is in an insolvent state for a long time, it may cause the account to be frozen.
• In order to reduce user risk, digital assets borrowed by users cannot participate in activities such as candy distribution and airdrop rewards; however, users' margins can still participate in the above activities normally, and their income will be distributed to the "currency assets" of their corresponding currencies.

• margin assets

• Users can borrow a certain amount of quote currency or transaction currency ("borrowed assets") according to their long or short demand, with a maximum leverage of 3 times. The specific calculation method for the maximum number of currencies that users can borrow is as follows:The amount that can be borrowed = Account Equity * (Leverage - 1) - The amount that has been borrowed. 

• Transfer of margin assets and interest calculation

• The user must transfer the assets that need to be leveraged into the corresponding margin account of BigONE, and use that part of the assets as the margin for margin trading to borrow a certain amount of digital assets.
• After the user clicks "OK" on the borrowed margin asset page, the platform will immediately transfer the margin asset limit and begin interest calculation if the user's margin asset can be borrowed.
• In order to reduce the interest burden on users, BigONE margin tradings are calculated on an hourly basis, as follows:

• Interest will be automatically deducted for the first hour when borrowing money, and interest will be calculated every hour after that.
• The interest rate per hour is 1/24 of the daily interest rate at the moment of interest calculation; users can view the real-time daily interest rate on the leveraged trading platform at any time;
• compound interest are not counted

• tading notes

• When using margin trading, users should abide by the relevant laws and regulations of their countries and the provisions of this agreement to ensure the legality of the source of funds. If a user is found to have violated the law or violated this agreement, BigONE reserves the right to take risk control measures such as freezing, revoking margin trading rights, taking over account credits and debts, and forcibly liquidating positions of specific users when necessary to maintain figures. The stability of the money market.
• When using margin tradings, users should fully understand the risks of digital asset investment and the risks of leveraged transactions, operate with caution and control risks.
• The user agrees that all investment operations performed at BigONE represent his true investment willingness and do not unconditionally accept the potential risks and benefits brought by investment decisions.
• The users confirm that they has clearly understood the relevant fees and other related fees that may occur when borrowing money and leveraged transactions, and agrees to pay the corresponding fees in accordance with the requirements disclosed on the platform.
• When using the margin trading service, the user agrees that BigONE is unconditionally authorized to take risk control measures such as forced liquidation and automatic repayment when the risk of margin assets occurs (that is, the margin rate ≤ 1.15), and accepts the final transaction results unconditionally.
• When using the margin trading service, the user agrees and authorizes BigONE to unconditionally authorize the deduction of the interest under “the currency pair ’s margin account assets” when the interest repayment date expires and the interest is not repaid; The other assets under the “margin Account Assets” will be automatically liquidated; if it still cannot be repaid, it will be repaid through the risk reserve and retain the right to claim the remaining principal and interest funds for life.

• risk warning

• BigONE provides information release, asset supervision and risk control services for users 'margin trading’ . However, BigONE does not provide any revenue guarantee and capital guarantee commitments for users' margin tradings’. Users should fully realize that the risks of margin tradings are higher than ordinary currencies. Trading may lose all investment. Please be sure to trade according to your economic conditions and risk tolerance, and participate voluntarily on the basis of confirming that the risk is controllable and affordable. Users should pay attention to investment risks and adjust the position ratio in time to avoid risks. All losses due to the triggering of an account are borne by the user.

• Others
• (1) This agreement takes effect when the user clicks the OK button on the "Margin Trading Open Confirmation" dialog box on the BigONE margin trading page, which is binding on both BigONE and the user.
• (2) BigONE reserves the right to modify, suspend and terminate the margin trading service at any time.
• (3) BigONE reserves the right of final interpretation of this agreement.