Quedex Limited is a company registered in Gibraltar with registration number 114763, having its registered office at Suite 9, 4 Giro’s Passage, Gibraltar.
Quedex Bitcoin Derivatives Exchange provides a platform to trade various financial products denominated in virtual currencies, including Bitcoin-denominated futures and options. Thank you for choosing our Services.
These Terms of Service constitute a framework agreement which sets out the terms and conditions of you using, accessing, viewing, or in any way interacting with our Platform including applying for an Account or using our Services in any way e (“Interaction with Quedex”).
These Terms of Service, shall include this document as well as the policies as may be referred to herein or otherwise within the Website and which are to form part of these Terms of Service (“Policies”) including:
By any Interaction with Quedex you agree to be bound by and comply with the terms put forth in the Terms of Service and to accept the decisions of Quedex with respect to all matters related to the provision of the Services and the Platform. You further agree to accept the decisions of Quedex with respect to all matters relating to the Platform including the terms of any third party providers which Quedex may engage with in the provision of the Services.
Before you can create an Account at Quedex and benefit from the use of Quedex’s Services and Platform, you are required to provide us with such documentation and information as we may reasonably request to comply with our regulatory obligations and to confirm the accuracy of any information provided by you. You are also required to read the full Terms of Service and tick the box confirming your agreement with the same.
By agreeing to these Terms of Service and creating an Account you confirm that:
The titles of the sections of these Terms of Service shall not affect interpretation of any provisions of these Terms of Service.
"Account" refers to a contractual arrangement between you and Quedex, wherein you accept the Terms of Service and are granted membership of Quedex and use of its Platform and Services,
"Balance" refers to the total amount of bitcoins held in an Account by the Member.
"Bitcoin" and "bitcoins" refers to the virtual currency so known,
"Member", "Members" or "Membership" refer to any individual or any legal entity, individually or collectively, that has been allowed to open and at any given time retains an Account at Quedex,
"Platform" refers to all components of Quedex’s infrastructure, including software and hardware used by Quedex in connection with the provision of the Services as outlined in these Terms of Service,
"Product" or "Products" refer to bitcoin-only financial products available for trading within the Platform,
"Quedex" refers to Quedex Limited, incorporated in Gibraltar, with registration number 114763 and registered address Suite 4, 4 Giro's Passage, GX11 1 AA, Gibraltar.
"Quedex Bitcoin Derivatives Exchange", "Exchange", "we", "us" and "our" refer to Quedex Bitcoin Derivatives Exchange, a trading platform for various financial products denominated in virtual currencies, including Bitcoin-denominated futures and options, operated by Quedex,
“Service” or “Services” refer to any services offered by Quedex, including use of and access to the Quedex Bitcoin Derivatives Exchange,
"Website" refers to all images, text, software, data and services available at any Quedex websites and Web services, including but not limited to the website identified by universal resource locatorhttps://www.quedex.net/ or any other address it may be moved to,
By using Quedex’s Services and the Platform you acknowledge that you understand and accept all associated risks. The below is not intended to be an exhaustive risk and the risks usually inherent in trading in crypto and in derivatives and financial products apply to use of the Quedex Exchange, Services and Platform. There may be additional risks that we have not foreseen or identified in these Terms of Service or any other risk warnings. You acknowledge and agree that:
You should carefully assess whether your financial situation and tolerance for risk is suitable for any form of exposure to cryptocurrencies.
You agree that you enter each trade and decision within Quedex and the Platform freely and that such trade or decision is entirely at your own risk. You further agree that you will indemnify Quedex from the consequences of the associated risks, and that Quedex is not liable for any losses suffered by you.
Quedex is not a financial advisor. Quedex may occasionally and at its sole discretion provide opinions regarding any theoretical or practical aspects of virtual currencies, Blockchain, technology, finance or economics in general. For the avoidance of doubt, no such opinion shall be construed as a financial recommendation, investment or other advice, or solicitation for any investment decision.
Quedex, Quedex Bitcoin Derivatives Exchange, and the Quedex Logo are trademarks of Quedex Limited. The Website and all its contents, products, indices and financial products, information, data, including market data, layout, design, text, images and menu buttons are copyrighted material (the "Copyrighted Material"). You may view, download, store and print any copies of the Copyrighted Material for personal and noncommercial use. You may not otherwise copy, reproduce, alter, store either in hard copy or in an electronic retrieval system, license, transmit, display, broadcast, create a derivative work (for example, a financial product, service or index) from, publish, rent, sublicense, distribute, or otherwise use in whole or in part in any other manner the Copyrighted Material, except with Quedex's explicit consent in writing.
You acknowledge all responsibility for all direct or indirect consequences of linking to the Website and agree to indemnify Quedex for all losses, liabilities, expenses, costs and fees, including attorney fees arising from or in any connection with that link, unless that link is explicitly mandated by Quedex.
We reserve all of our rights in any intellectual property in connection with these Terms of Service. This means, for example, that we remain owners of them and free to use them as we see fit.
Nothing in these Terms of Service grants you any legal rights in the Quedex Platform and/or the Website, other than as necessary to enable you to access the same and your Account. You agree not to adjust or try to circumvent or delete any notices contained on the Website and/or Platform (including any intellectual property notices) and in particular in any digital rights or other security embedded or contained within the Quedex Website and/or Platform.
The information provided on the Website, while given in a good faith, is for general information only. Quedex is not bound by any of its content.
You agree to notify Quedex as soon as reasonably practicable about any perceived discrepancy between any content of the Website and actual calculations or factual state of the Platform.
You shall not engage in the following activities (the "Prohibited Activities"):
a. register more than 1 Account, unless explicitly allowed by us in writing;
b. register an Account if you have had a previous Account closed by Quedex, unless explicitly allowed by us in writing;
c. initiate or in any way participate in any attempts to manipulate the prices or indices as appear on the Quedex Exchange, or in any way subvert the rights or obligations of Quedex, any other Member or any third party;
d. initiate or in any way participate in any attempts to gain unauthorized access to any part of the Website or any part of the Platform, or in any way impair the security, functionality or performance of the Website or the Platform;
e. infringe Quedex’s or any third party’s copyright, patent, trademark, trade secret or other intellectual property rights, or rights of publicity or privacy;
f. act in a manner that is defamatory, libellous, threatening or harassing with respect to your use of Quedex Services;
g. harass Quedex employees, agents, or other Members;
h. provide Quedex with false, inaccurate or misleading information;
i. refuse to cooperate in an investigation or provide confirmation of your identity or any information you provide to Quedex;
j. use the Platform or any Services in manners contrary to applicable laws.
Quedex has the right to limit, suspend and/or terminate an Account, access to any Account, and use of our Services and/or Website with no prior notice, including in connection to any activity deemed suspicious or fraudulent, or in any way directly or indirectly contrary to the Terms of Service, and in particular with respect to the Prohibited Activities.
If Quedex, in its sole discretion, believes that you may have breached the provisions of these Terms of Service and in particular the Prohibited Activities, we may take action to protect ourselves, other Members and any third parties. In doing so we may for example contact other Members or third parties who may have transacted with you, contact any law enforcement or other relevant agencies and authorities, take legal action against you, restrict your access to our Services and Platform
In the case of termination or cancellation of the Account, any Account Balance, after any liquidation and deducing any applicable fees, will be available for withdrawal by you, unless Quedex reasonably decides otherwise, for example due to any requirements of law enforcement authorities or court processes.
Quedex will not be liable for any losses that may occur due to the suspension of an Account. Quedex may apply any appropriate sanction for engaging in Prohibited Activities, including freezing of any Bitcoins or virtual currency in your Account and making a report to law enforcement and other authorities, and confiscation of any amounts held in your Account should this be required by law or the relevant authorities.
Where possible, we will provide you with the relevant information regarding the actions imposed, but we may be unable to do so in accordance with the appropriate law including avoiding disclosing protected third party information or interfering in the course of an investigation.
It is your sole responsibility to protect access to your Account. While Quedex may assist you, if it is reasonable, in restoring access to your Account, Quedex is not obliged in any way to restore any access to an Account in any event, including in the case of theft or any loss of control of the means of access to the Account. You agree that Quedex is not liable for any damage or losses that are a result of such theft or any loss of control of your Account other than through the fault or negligence of Quedex.
You agree to keep any passwords, PIN codes and/or all Account access codes or information strictly confidential. Quedex shall in no way be liable for access to or use of your Account due to any disclosure of such access information by you or subsequently by any other person to who you provided such information.
For the avoidance of doubt, protecting your Account and any access information with regards to the same includes, but is not limited to:
a. logging out of your Account every time you are not using it;
b. keeping the device you use to gain access to your Account safe and secure and locked with a secure password or other security mechanism and ensuring e-mail account(s) you use to communicate with us are also secure and only accessed by you;
c. not writing down or telling anyone your Account access information;
d. changing your Account access information regularly;
e. if you receive any SMSs or emails, questionnaires, surveys, or other links that require you to provide your Account access information, not providing your information and contacting us immediately at firstname.lastname@example.org; and
f. if at any time you think that your Account access information has been lost, stolen or any other person knows said information or anyone has access to your e-mail account or device you use to communicate with us, informing us immediately at email@example.com.
Transactions and trades made within the Quedex Platform may be processed by automated methods, and anyone who obtains access credentials to an Account could use it to enter into transactions or make trades without your permission. If you notice misuse or unauthorised use of your Account or any other activity that makes you suspicious, you must contact us immediately at firstname.lastname@example.org.
You agree that any information submitted by you is true and that any virtual currency tokens deposited by you to the Account are your rightful possession and that any such virtual currency tokens are from a legitimate source. As indicated in the AML policy, Quedex may require additional information from you for the purposes of verification.
You agree to cooperate with all requests made by us or any of our third party service providers on our behalf in connection with your Account, to identify or authenticate your identity or validate your funding sources, proof of control of your Bitcoin private address, or any transactions on the Quedex Exchange. This may include, but not be limited to, asking you for further information that will allow us to reasonably identify you, including requiring you to take steps to confirm ownership of your phone number or verifying your information against third party databases or through other sources.
We reserve the right to close, suspend, or limit access to your Quedex Account and/or Quedex Services in the event we are unable to obtain and verify such information or you do not comply with our reasonable requests.
We may confidentially verify the information you provide us with or obtain information on you ourselves or through third parties from secure databases. By entering into these Terms, you confirm that you consent to us or a third party on our behalf carrying out such verifications.
You shall ensure the information on your Account is always accurate and up to date. If at any time we believe that your information is outdated or inaccurate, we may contact you and request further information or request that you go through the verification process again. A Transaction limit may be set on your Account, or if already set may be adjusted, while we verify your identify. We shall not be liable for any losses arising out of your failure to maintain up to date information.
If your Account is active and you have a sufficient balance of bitcoins in your Account, you will be able send orders and trade Quedex Products with other Members within the Platform (“Transactions”).
To conduct a trade within the Platform, you must submit an order to the Platform. Once the order is submitted and accepted Quedex will attempt to match the order with the orders that are already live within the Platform. While Quedex may publish general guidance on what orders are likely to be accepted or rejected, and on the matching principles, we are under no obligation to accept or match any order submitted by you, and we maintain sole discretion over whether any order is accepted, matched, or executed. There will be no contract between you and another Member until the proposed trade has been approved by us.
Quedex does not act as a market maker or as a counterparty of any trades that are conducted on the Platform. However, Quedex enforces contracts among Members engaged in trading of the products available at the Platform.
Before entering into any trade or submitting any order you must make your own independent assessment as to whether it is appropriate to enter into said Transaction based upon your own judgment and upon such advice from such advisers as you consider necessary. It is an express term of every Quedex Transaction which you enter into with us that you are not relying upon any communication (written or oral) made by us as constituting advice about or a recommendation to enter into such or any Transaction.
Your Balance will be credited after your deposit is accepted by Quedex. Deposits will be accepted after a number of confirmations determined at the Exchange's discretion. We may refuse to accept any deposit from you if we determine that it may pose any serious risks according to our AML Policy. In such cases, we may request additional details regarding the funds you send to us. If the deposit is not accepted, we may ask you to provide your address to which we may return it, as well as proof of your control of the address, including proof via digital signature. We may also attempt to return it by sending it back to the address it was sent from unless ordered otherwise by lawful authorities.
Your Balance acts as collateral for your open positions. The amount locked for initial margin and maintenance margin will be determined by the Exchange at its sole discretion and may change without notice. The open positions may accrue profits or losses ("Unsettled P&L") depending on:
The Unsettled P&L may affect your Balance and the part of balance available for opening new positions.
When the maintenance margin requirements are not met by you, Quedex may liquidate or forcibly close your positions in part or in total at any price Quedex deems appropriate, including the available market prices, cancel your pending orders and disallow sending new orders. The maintenance margin of the liquidated positions may be partially or fully transferred to the exchange reserve (the "Insurance Fund") for the purpose of covering any future customers' losses.
Your losses will never exceed the amount deposited.
While we welcome feedback on the functioning of the Platform, you agree that any calculations done by Quedex, including calculations within the Platform, are final. The calculations may be further amended by Quedex.
Quedex reserves the right to settle any products traded within the Platform at any moment and price Quedex deems correct, regardless of the Product specification.
Quedex does not guarantee that any gains from transactions or mark-to-market gains from open positions throughout the trading day that are part of Unsettled P&L will be added to the Balance or will be available for withdrawal after the daily settlement or the final settlement at product's expiration. The exchange may adjust the amount of the Unsettled P&L for any serious reason, including adjustments to cover the losses that arise from negative Balance of other Members (so-called "socialized loss system").
In order to minimize the risk of Unsettled P&L adjustment, Quedex implements systems that prevent rapid price fluctuations and maintains the reserve, to which it will allocate part of its revenues. Quedex may publish the balance of the reserve to the general public. Quedex may adjust the reserve at its own discretion.
Your Account will be closed either following a request by you by providing a minimum of 1 (one) month notice in writing via email at email@example.com or closure by Quedex due to any other reasons as may arise in accordance with these Terms of Service and/or applicable law.
You accept that after your Account has been closed, we will store personal data about you and your Account for a period of six years.
If your Account holds a Balance at the time of its closure, we may ask you to withdraw any remaining amounts within a reasonable period of time, during which your Account will be accessible for the purpose of withdrawing the remaining Balance only. After the expiry of this period you will not be able to access your Account but you may withdraw any remaining amounts for a period of six years from the date of closure of your Account by contacting us at firstname.lastname@example.org and requesting that the Balance be sent to you. When your Account is closed, any pending instructions will be cancelled.
You may not close your Account to evade an investigation. If you attempt to close your Account while Quedex is conducting an investigation, it may freeze the Account to protect any and all relevant parties. You will remain liable for any obligations related to your Account even after it is closed.
Quedex may, in its sole discretion, terminate these Terms of Service at any time, by giving you (30) thirty days’ notice. The termination of these Terms of Service will not affect any of our rights or your obligations arising under these Terms of Service.
Without prejudice to any rights that have accrued under these Terms of Service, or any party’s other rights or remedies, either party may at any time terminate these Terms with immediate effect by giving written notice to the other party if:
Without prejudice to any rights that have accrued under these Terms or any of the party’s rights or remedies, we may at any time terminate these Terms with immediate effect by giving written notice to you if:
Other actions we may take. If you have breached the terms of these Terms of Service (including a breach of your obligation to pay us any amount owing), we are otherwise entitled to terminate these Terms of Service, or we may: suspend your use of the Services (in whole or in part) in which case we will not treat any order for a trade or transaction that you may wish to make as being received by us; report any trade or transaction or any other relevant information about you and your use of the Services to the relevant regulatory authority, law enforcement agency and/or government department; and/or if appropriate, seek damages from you.
Termination of these Terms of Service requires the closing of your Account. We will deal with your remaining balance in accordance with these Terms of Service.
Any terms which by their nature should survive, will survive the termination of these Terms.
Using Quedex and the Platform may result in the fees being deduced from your Balance. All fees are collected in Bitcoin. Please see theFees Page for the details of the fees collected, including their applicability and amount. If there is an incease in fees, Quedex will inform you 30 days in advance as set out in Clause 21.
Quedex treats any email you provide in your Account as a primary means of communication with you. It is your duty to protect the access to this email account. You agree that Quedex is not liable for any damage or losses that are a result of any unauthorised use or any loss of control of the email account.
It is your responsibility to ensure that you log onto the Website and your primary email address regularly and open and review communications that we deliver to you through those means. You are obligated to review your notices and transactions, and to promptly report any questions, apparent errors, or unauthorised use of your Account. Failure to contact us in a timely manner may result in loss of funds or important rights.
Quedex Services are provided on an "as is" and "as available" basis without any representation or warranty, whether express, implied or statutory. To the maximum extent permitted by applicable law, Quedex specifically disclaims any implied warranties of title, merchantability, fitness for a particular purpose and/or non-infringement.
Quedex does not guarantee any particular uptime or availability of the Website, Services or any part of the Platform or that any of the materials contained therein, will be continuous, uninterrupted, timely, or error-free. Quedex explicitly excludes without limitation any direct or implied warranties, including any warranties of merchantability or fitness for a particular purpose, for the Website and any and all of its components, and Platform and any and all of its components.
You agree to indemnify Quedex and any associated entities or persons, and their respective directors, shareholders, officers, employees or agents, against any action, including legal action, claim, loss, liability, expense, cost and fee, including attorney fees, arising directly, indirectly or in any connection from the use of the Website,the Platform or any of Quedex's Services.
Any liability arising out of a breach of these Terms of Service will be limited to any loss or damage that is a reasonably foreseeable consequence of such a breach and which arises directly from the actions of the defaulting party.
To the extent permitted by applicable law, Quedex is not liable, and you agree not to hold it responsible, for any damages or losses (including, but not limited to, loss of any virtual currency, goodwill, or reputation, profits, business opportunity, or other intangible losses or any special, indirect, or consequential damages) resulting directly or indirectly from the use of our Services, howsoever arising, including but not limited to:
Neither Quedex nor its officers, authorised representatives or associated entities or persons, is liable for delay or failure in meeting their respective obligations including any withdrawal requests due to any cause outside of its reasonable control, including: any action or inaction by you or any third party; acts of God; war; riots; government intervention; natural disasters; any market movements, volatility or crash; any technological failure, including the failure within the virtual currency ecosystem; any infrastructure failure, including computer, server or network failures beyond our reasonable control; security breaches, acts or omissions of third parties; and any other events that cannot reasonably be foreseen or provided against (“Force Majeure Events”).
For the avoidance of doubt, we use industry standard techniques to protect our Website and Platform and keep them free from viruses and attacks but cannot guarantee that either will be free from viruses or other malicious software. We will not be liable for any loss or damage caused by a virus, distributed denial-of-service attack, or other technologically harmful material that infects your computer equipment, computer programs, data or other proprietary material due to your use of our Website or Services or to your downloading of any content on it, or on any website linked to it.
If any provision of these Terms of Service is to any extent illegal, otherwise invalid, or incapable of being enforced, such provision shall be excluded to the extent of such invalidity or unenforceability; all other provisions hereof shall remain in full force and effect; and, to the extent permitted and possible, the invalid or unenforceable provision shall be deemed replaced by a provision that is valid and enforceable and that comes closest to expressing the intention of such invalid or unenforceable provision.
Any failure or delay in enforcing any part of the Terms of Service by Quedex does not in any way diminish your responsibility to comply with the Terms of Service and shall not be construed as any kind of waiver to any extent.
You may not transfer or assign or sell any rights or obligations you have under these Terms OF Service or otherwise grant any third party a legal or equitable interest over your Account without our prior written consent. Quedex reserves the right to transfer or assign these Terms of Service or any right or obligation under these Terms of Service at any time.
Quedex has right to unilaterally amend these Terms of Service by giving you at least 1 (one) month notice in writing by posting any changes made on our Website and, whenever appropriate, notifying you by email to your primary address as provided in your Account at any given time. You agree that it is your responsibility to regularly check the Website for amendments and to know and adhere to the most recent version of Terms of Service.
Any changes will be deemed to have been accepted by you where you do not, before the proposed date of the entry into force of the changes, notify us to the contrary. If you do notify us to the contrary, your notification will be deemed to be a notice that you wish to close your Account and terminate these Terms of Service on the date upon which the changes are to take effect.
Your non-termination or continued use of any Services after the effective date of any amendments, changes, or updates constitutes your acceptance of these Terms of Service, as modified by such amendments, changes, or updates.
Where an amendment to the Terms is required by law or relates to the addition of a new service, extra functionality to the existing Service, a reduction in the cost of the Services or any other change which neither reduces your rights nor increases your responsibilities, the amendment may be made without prior notice to you and shall be effective immediately.
The Terms of Service shall be construed in accordance with the laws of Gibraltar. The parties agree to irrevocably submit to the exclusive jurisdiction of the courts of Gibraltar.
You and Quedex agree that any party hereto may bring claims against the others only on an individual basis and not as a plaintiff or class member in any purported class or representative action or proceeding. No adjudicator may consolidate or join more than one person’s or party’s claims and may not otherwise preside over any form of a consolidated, representative, or class proceeding. Any relief awarded to any one Member cannot and may not affect any other Members.
Last updated: 26 Mar 18