Terms of Service
Final revision date: December 1st, 2021.
These Fubit Terms and Conditions are entered into between you (hereinafter referred to as "you" or "you") and Fubit Manager (defined below). Access, download, use, or click on Fubit services (defined below) provided by Fubit "Agreed" Refer to https://fubit.com/privacy's Privacy Policy and Terms and Conditions (hereinafter referred to as "Terms and Conditions"). In addition, when using some functions of the service, certain additional terms and conditions applicable to that function may apply.
Please read the terms and conditions applicable to the use of Fubit service carefully. These terms and conditions contain important provisions, including arbitration provisions that require all claims to be resolved through legally binding arbitration. Like all assets, the value of digital currency (defined below) can fluctuate significantly and there is a significant risk of economic loss when purchasing, selling, holding, or investing in digital currency and derivatives.
Our site and platform are not intended to provide tax, law, insurance, or investment advice, and none of the sites or platforms should be construed as a sales offer, purchase offer recommendation, or recommendation for security or encryption. The company's assets, investments, security, strategies, or other products or services, are entirely responsible for determining whether they are suitable or appropriate for you based on your investment goals and personal and financial situation. You should consult a lawyer or tax expert about your specific legal or tax situation.
By attempting to access, use, or use Fubit services in any way, you acknowledge accepting and agreeing to these terms and conditions. If you disagree, do not access Fubit or use Fubit service.
1. Justice.
1) "Fubit" refers to Fubit websites, clients, and other applications developed to provide Fubit services.
2) "Fubit Manager" refers to all parties that manage Fubit, including, but not limited to, corporations, non-corporate organizations and teams responsible for Fubit services. In these terms and conditions, mention of "Fubit" and "our" refers to the Fubit manager.
3) "Fubit Service" refers to a variety of services we offer you through Fubit websites, clients, and other applications based on the Internet and blockchain technology.
4) "Digital currency" refers to encryption or digital token or cryptocurrency of a certain value issued and managed in a distributed form based on blockchain and encryption technology.
5) "Approved Individual" means anyone authorized to access and use the site or platform on your behalf.
6) "Users" means everyone who has registered with us to use the site and access the platform, and an approved individual on their behalf.
7) "Digital assets" refer to Bitcoin, Ether, or digital currency or derivatives or other types of digital assets with specific value.
8) "Fubit Account" refers to an account opened by Fubit so that users can use, trade, change assets, or store basic information in Fubit. Fubit accounts are the basis for users to access Fubit and exercise their rights.
9) "Personal information" refers to information provided by a user who can directly or indirectly verify the identity of the user.
10) "Personal Information Handling Policy" means additional terms and conditions applicable to the collection, use and disclosure of each user's personal information specified at https://fubit.com/privacy. Each user must read and agree to the privacy policy to use our platform.
11) "Government Authority" means any country, government, local or state or other political sub-division that performs administrative, legislative, judicial, regulatory, or administrative functions related to the government or government, including government agencies, agencies, departments. , Committees, committees, or organizations or their political sub-departments, courts, courts or arbitrators, all self-regulatory organizations.
12) "User Identification Policy" refers to customer knowledge policies and procedures that we frequently adopt regarding user access to the platform.
13) "User credentials" means a collection of user IDs, passwords, personal identification numbers, tokens, and other information or devices provided to users to access the platform.
2. Change.
1) We reserve the right to modify, update, or change the terms of these terms and conditions or our privacy policy.
2) You can modify, update, or change all content or functions of the site and platform, including removal or interruption.
3) We may change these terms and conditions and privacy policies at any time without prior notice. Any changes to these terms and conditions may be notified to you via e-mail to the notice or the email address in your account in the manner of disclosure on our website.
4) After all changes to these terms and conditions, the time of change is indicated, and if disclosed on the website, it will take effect immediately. Pay attention to the renewal timing and renewal of these terms and conditions, and if you do not agree to the change, you must immediately stop using our services. If you continue to use the service, it indicates that you agree to the revised terms and conditions.
3. Compensation.
1) In any case, your direct liability for damages does not exceed the total cost incurred when using our services for three months.
2) In the event of a situation such as a violation of these terms and conditions or other legal regulations, the Company shall bear compensation or any expenses incurred thereby, and if it is not actually sufficient, it shall be supplemented.
4. Account registration and qualification
1) Fubit accounts are only available to account registrants. Fubit reserves the right to pause, freeze, or cancel the use of Fubit accounts by non-account registrants. If you suspect or find out about the unauthorized use of your username and password, you should notify Fubit immediately. Fubit is not liable for any losses or damages incurred by you or a third party using your Fubit account, whether you or your approval is granted.
2) You must be 18 years of age or older to access and use Fubit sites and platforms. You also confirm that you are fully competent and capable of concluding and complying with the terms and conditions, obligations, confirmations, statements and warranties set forth in these Terms and Conditions. You must register with the company to use the site and platform. You agree to provide complete and accurate information and keep it up to date when registering to use the site and platform.
3) We reserve the right to accept or reject your account registration. Only accounts approved by us will be our users.
5. Fee.
1) In exchange for access to platforms and services, you are charged for each payment transaction you initiated (such fees, "transaction fees"). Current transaction fees can be found on the site after logging in to your account. We reserve the right to change, modify, or increase transaction fees from time to time. Such changes, modifications, or increases are effective as soon as such changes, modifications, or increases are posted on the site. If you disagree with the changes, modifications or increases posted, you must stop using the account provided herein. If you continue to use your account after posting the revised transaction fee posted on the site, you will be considered to accept all such changes or modifications.
2) Transaction fees are paid by the parties to the transaction in a given transaction. The parties to the transaction will frequently charge fees in USDT or other currencies approved by us. You are responsible for all fees charged by a third party regarding the transfer of digital assets to your account on the platform. The platform charges a fee to transfer digital assets from your account.
3) If you think the transaction fee has been incorrectly charged, you must immediately notify the platform of the error along with additional information on the transaction. If you do not raise any questions or objections within 30 days of the first appearance of such incorrect transaction fees in your account statement, the fees will be considered acceptable to you for all purposes.
6. It's a gift deal.
1) You fully understand the high risk of futures trading, including, but not limited to, the risk of major fluctuations in digital assets in futures trading and the risk of adverse consequences that worsen when leverage is used.
2) You have sufficient investment knowledge, experience, and ability to take risks arising from futures trading and agree to bear all risks arising from futures trading investments independently.
3) To protect your legitimate interests, you agree and approve that Fubit takes a variety of reasonable actions at its discretion (including, but not limited to, forced liquidation and forced position reduction under certain circumstances) in accordance with Fubit Futures Service Agreement and related Fubit Platform Rules.
4) Prior to conducting futures trading, you have read and understood all of the Fubit gift service contracts and related Fubit platform rules and have consulted with relevant experts to make informed decisions on whether or not to complete futures trading based on your recommendations.
7. Intellectual property rights.
1) All ownership, ownership and intellectual property rights related to our site, all information transmitted by or through the platform, or through the platform, and information about the use of the platform are with the company or its licensing provider. Nothing on the platform shall be construed as granting users licenses for ownership, ownership, and/or intellectual property rights of the company or a third party in estoppel, implied or otherwise, except as explicitly stated herein.
2) Acceptance of this agreement means voluntarily transferring copyrights, issuance rights, rental rights, exhibition rights, performance rights, broadcasting rights, information network dissemination rights, filming rights, reorganization rights, translation rights, editing rights, and other transferable rights to this website. We have the right to file a separate lawsuit for infringement of any subject and receive full compensation. The scope of effect of this Convention is all works protected by the Copyright Act distributed by you on this website, and the contents are irrelevant before and after the conclusion of the Convention.
3) Compliance with these terms and conditions allows you to download and access the site from a single mobile device and access the platform using appropriately issued user credentials. All other rights to the site are held by the company. If you violate these terms and conditions, we may immediately terminate your site and platform use and access.
4) All services provided by us shall not be deemed to have transferred intellectual property rights to you, and you shall not illegally use or dispose of intellectual property rights on our site or others in the course of using the service. Information posted on the site should not be distributed or authorized to other sites and media in any form.
5) Do not attempt to adapt, modify, duplicate, translate, or discover source code of provision or data or content or platform through part of the site or platform, remove copyright marks, trademarks, legends, logos or product identification, or misrepresent our site's design or text as another company site, or use the company logo, trademark or brand name commercially in any way.
8. Service.
1) The use of service notifications includes communication over an unsecured communication network. You must provide a complete and accurate email address or phone number to send you a service notification. To ensure you receive all communications, you agree to keep your email address up to date and notify us immediately if any changes are made. Forwarding communication to the email address in the record is considered valid. If email communication returns as undeliverable, we reserve the right to block access to the platform until you provide and verify a new and valid email address. If you have provided us with multiple email address(s) and phone number(s), you must specify your preferred contact details to receive service notifications. If your account is a joint account,
2) You agree to accept notifications about platforms, accounts, and terms and conditions through service notifications. You agree that such service notifications constitute effective notifications instead of written, mail, or other forms of notification required by the applicable law.
3) It is entirely your responsibility to monitor your email account or phone number without further or repeated notifications from the company. You must immediately report unauthorized use or access of the platform.
4) These terms and conditions only grant limited licenses to access and use Fubit services. Therefore, you agree that Fubit does not transfer ownership or intellectual property rights of Fubit services or Fubit intellectual property rights to you or anyone else when using Fubit services. Any text, graphic, user interface, photo, sound, process flow chart, computer code, program, software, product, information and document, design, structure, selection, coordination, service, or any content included through Fubit Services, or its members, license providers or affiliates exclusively own and control or license it.
5) You exempt the company from liability for losses or damages caused by the use of service notifications to the extent permitted by law. The company is not responsible or does not provide a guarantee that the information provided through service notifications is up-to-date, accurate, or complete.
6) Fubit owns feedback, suggestions, ideas, or other information and materials about Fubit services you provide via email, Fubit services, or other methods. You hereby transfer all rights, ownership and interests of the feedback and all relevant intellectual property rights to Fubit. You do not hold any right to feedback-based approval or compensation and feedback-based modifications and waive your request accordingly.
9. Limitation of liability and immunity.
1) We are not responsible for any of the following matters.
1-1) Transaction profit and contract loss.
1-2) Loss of income.
1-3) Business suspension.
1-4) Loss of anticipated currency that can be saved.
1-5) Loss of information.
1-6) Loss of opportunity, salesperson, and honor.
1-7) Damage and loss of data.
1-8) The cost of purchasing an alternative product or service
1-9) Whether or not such damage or loss has been informed in advance of the possibility of such damage or loss, regardless of whether indirect, special and incidental losses or damage caused by infringement of rights, placebo, or any other cause can be reasonably foreseen.
1-10) In the event of data errors or transaction problems, it is obligated to notify the Fubit. If the transaction continues even after knowing this, it is regarded as a malicious user, and the headquarters can confiscate, deduct, or suspend the asset.
2) We are not liable for any damages for each of the following matters.
2-1) There is a reasonable reason that there may be serious violations or penalties in your specific transactions.
2-2) There is a reasonable reason why your actions are suspected of being illegal or immoral.
2-3) Costs and losses incurred by acts such as purchasing, acquiring, or conducting transactions with data and information through our services.
2-4) Losses related to services provided by this site for reasons other than Fubit.
2-5) Your misunderstanding of our service
3) We cannot guarantee that all information, programs, texts, etc. contained in our company are completely safe without interference and destruction of malicious programs such as viruses and Trojan horses. What services you use on this site or what programs, information, data, etc. you use are all your personal decisions, and you will bear the risks and expected losses yourself.
4) We do not guarantee or accept any information about the third site linked to us, products, work, and other contents that do not belong to our subject. If you use the services, information, and products provided by the third website, this is your personal decision and you will fulfill your responsibilities accordingly.
5) Information network equipment maintenance, information network connection failure, computer, communication or other system failure, power failure, weather cause, unexpected accident, strike, labor dispute, riot, uprising, need, productivity or lack of production material, fire, flood, storm, explosion, war, bank or other cooperative cause, government, judicial or administrative agency order, or control.
10. End of agreement.
1) We have the right to terminate your account pursuant to these terms and conditions, and this contract ends on the day the account is terminated.
2) Under these terms and conditions, we have the right to terminate our entire service, and this agreement ends on the date of service termination.
3) After the conclusion of the consultation, we do not have the authority to continue providing services or to require us to fulfill other obligations. It includes requiring the site to retain and publish information in the site account for you or sending information that has not been read or has been sent to you or a third party.
4) The termination of this Agreement does not affect the user's request for other responsibilities.
5) If the Fubit account is temporarily suspended or closed due to fraudulent investigations, violations of the law, or violations of these terms and conditions, the remaining balance of the account will be paid to Fubit immediately.
11. Possible separation.
1) If any provisions of these terms and conditions are recognized as non-executable, invalid or illegal by a competent court, they do not affect the effectiveness of the remaining provisions, and the invalid or non-enforceable part shall be in full force as much as possible.
12. I give up.
1) Neither we nor you shall recognize or interpret the abstention from this agreement's breach of liability as a waiver of other breach of liability, and at the same time, waiving one party from seeking compensation for breach of the terms or conditions does constitute a subsequent breach or breach of that clause itself.
13. Security.
1) We take reasonable security measures to protect the security and confidentiality of the platform and your personal information under applicable law, but we cannot guarantee the security of any transmission or network or system with your personal information, account, or transaction information. It will be saved or processed. We inform you of any unauthorized access, use or disclosure of your personal information within the limits required by law, and upon receipt of such notification you are responsible for following the instructions set out in the notice, including immediate changes to user credentials and other steps to prevent unauthorized access to your account or personal information.
2) Your personal data is protected and confidential, but Fubit has the right to collect, process, use, or disclose your personal data in accordance with your privacy policy or relevant laws. Depending on the product or service involved, your personal data may be disclosed to a third party.
3) Fubit is doing its best to maintain the security of funds entrusted by users. However, the actions of individual users can pose a risk, and you must agree to treat your access credentials (user name and password) as confidential information and not disclose such information to third parties. We also agree that you are fully responsible for taking the necessary security measures to protect your Fubit account and personal information.
4) You are fully responsible for keeping your Fubit account and password safe. You are responsible for all transactions under your Fubit account, including disclosure or consent to information or submission of various contracts and rules through website clicks, renewal of online contracts, and are not responsible for any losses or consequences arising from unauthorized use of your account credentials.
14. Dispute Resolution
1) These terms and conditions apply to Cyprusan law.
2) Please contact Fubit. Fubit wants to address your concerns, if possible, without relying on formal legal procedures. If you have a dispute with Fubit, you must contact Fubit to resolve it as soon as possible, and we agree to negotiate faithfully to resolve the dispute with you.
3) Any disputes arising in connection with these terms and conditions or platforms, including questions about existence, validity, or termination, will be referred to Cyprus arbitration in accordance with the arbitration rules of the Cyprus International Arbitration Center and finally resolved. The rule is considered to be included as a reference in this provision. The Arbitration Tribunal consists of one arbitrator. The language of intervention is English. The place of arbitration is Cyprus. All judgments are final and enforceable in the competent court. The parties must perform their obligations under this Agreement in a legitimate and timely manner until an arbitration decision is made.
15. Personal information collection policy
1) These terms and conditions, including privacy policies, and other policies incorporated herein constitute a complete and only agreement between you and us on the subject of these terms and conditions; if the terms and conditions are found to be illegal, invalid, or unenforceable for any reason, they are considered separable. These terms and conditions cannot be changed, abandoned, or modified except for the companies stipulated herein. Unless our prior written consent is obtained, any rights, obligations or remedies hereunder shall not be transferred, transferred, delegated, or granted by you a secondary license. And the attempted transfer, transfer, delegation or re-license is invalid. The waiver of a party's rights to a violation or non-performance under this Agreement shall not be deemed a waiver of rights to a previous or subsequent violation or non-performance. All titles, captions, or section titles contained in these Terms and Conditions are inserted for convenience and do not in any way define or explain the sections or provisions of these Terms and Conditions.
The concept of dynamic leverage is used for Fubit Risk Limit. This means the larger the contract value traders hold, the lower the maximum leverage allowed. In other words, the initial margin requirement incrementally goes up by a fixed percentage at every specific increase in contract value level. Each trading pairs have its specific maintenance margin base rate and the margin requirements will increase or decrease accordingly as risk limit changes.
Risk limit is a risk management measure to limit the risk exposure of traders. A large position with high leverage may cause huge contract losses when liquidated in a highly volatile market. Contract losses are created when the position is liquidated beneath the bankruptcy price and coupled with a depleted insurance fund that is insufficient to fully absorb the losses, Auto deleveraging (ADL) system will be triggered. Traders with a large position pose an increased risk of ADL to other traders on the exchange. To minimize the possibility of ADL occurring, Fubit imposes a risk limit on all trading accounts according to their positional contract value held.
As the position contract value increases, the maintenance margin and initial margin requirements will also increase. Users can choose to increase or decrease the risk limit inside their Positions tab. The default risk limit level on Bybit will always start from the lowest risk limit level.
Bybit will perform a laddered liquidation process for traders using higher risk limits, and will automatically reduce the level of maintenance margin by attempting to reduce the risk limit levels to the lowest possible level to avoid an immediate full liquidation of the trader’s position. For more details on the Liquidation process, please click here.
17. Inquiries.
1) You can contact us regarding these terms and conditions, sites, or platforms as follows: [email protected]