Welcome to use BitZ contract transaction service (“the Service”), before you continue to next step, please read Contract Transaction Service Agreement (“the Agreement”) carefully and fully understand the Agreement. BitZ can revise or update the Agreement at any time without advance notice to you. You should often check the Agreement to make sure that your understanding of the Agreement is timely and accurate. After effective date of any revision or update, if you continue to use margin trading function of the Website, you are deemed to accept the revised or updated Agreement.
2.1 You understand and confirm:
The Agreement doesn’t conflict with the laws of the country or region where you locate;
You are the legal owner of the virtual assets you deposit to the Agreement, and you guarantee that all the virtual assets are from legal source.
2.2 You understand the risk of using the Service, including but not limited to:
The volatile price fluctuation of virtual assets and derivatives may cause heavy loss or complete loss in a short time;
Insufficient deposit of virtual assets might force you to sell position, and you might lose all virtual assets you deposit to the Service.
There might be technical exception, which might delay or deny your access to the Service;
There might be market exception, which might cause damage to your virtual assets;
To maintain overall health of the market, BitZ needs to add, remove or revise policies from time to time, which might benefit or cause damage to the same users like you.
2.3 You guarantee:
You will use the Service in accordance with laws of the country or region where you locate and the Agreement.
You will not use the Service for illegal purpose.
You will not initiate or promote market manipulation in any form.
3. Use of the Service
3.1 The service provides you real time market price, market depth and other information, and you can review or download the information for your own analysis.
3.2 You can place orders on Web, APP, api. Once your orders are settled, you can’t cancel or revise your order.
3.3 When you place and settle an open position order, you will have corresponding contract position. When you place and settle a closing position order, corresponding amount of position will be deducted from the position you hold. The Service will provide you information of position you hold and value of your virtual assets and derivatives.
3.4 Multi position owners of perpetual contracts and short position owners will pay each other capital spending every 8 hours, at 00:00, 08:00, 16:00 (BTC+8). For detail please refer to “Transaction Guide”.
3.5 Perpetual contracts use fair and reasonable marking system. Fair price decides unrealized gains and losses, and price to close position. Please refer to “Transaction Guide” for detail.
3.6 You shall pay commissions to BitZ for using the Service, please refer to “Commission” for details.
4. Rules of Risk Control
4.1 BitZ perpetual contracts adopt multiple system to control risk, including but not limited to:
Reasonable fair marking system
Automatic Reducing position system
BitZ will constantly improve rules of risk control base on market conditions.
4.2 Reasonable Fair Marking System. BitZ adopts special designed Reasonable Fair Marking System to avoid unnecessary forced closing position of high leveraged products. Without the system, market manipulation or lack of liquidity might cause unnecessary deviation between fair value and price index, leading to unnecessary margin calls. The system sets mark price as fair price rather than newest transaction price, to avoid unnecessary forced closing position. Please refer to “Transaction Guide” for details.
4.3 Automatic Position Reducing Mechanism. When investors are forced to close position, their remaining position will be taken over by Forced Closing System of BitZ. If your position cannot be closed at market, and when fair price falls to the price at which you might go broke, Automatic Reducing Position System will reduce positions of those investors who hold the opposite positions. Reducing position sequence will be depended by leverage and earnings ratio. Automatic Position Reducing System will close position at liquidation price. For detail, please refer to "Transaction Guide".
4.4 Risk Fund. BitZ uses risk fund to prevent investors’ position being automatically closed. The fund is used for improving unexecuted forced closing price, thus keeping them from taking over by Automatic Position Reducing System. Risk fund comes from settlement of forced closing order at prices superior to liquidation price. For details please refer to “Transaction Guide”.
4.5 When you have tremendous amount of holdings or orders, in which BitZ identifies serious risk towards system and other users, you understand and agree that BitZ has the right to ask you to revoke or close position or take other measures; if BitZ finds necessary, BitZ has the right to impose restriction on individual user’s total position, order amount, opening position, revocation, closing position and so on for risk control.
5. Limitation of Responsibility
5.1 You acknowledge that you fully understand the Agreement and Transaction Guide and rules related to the Service, BitZ shall not assume any liability for your misunderstanding for the above contents. Specifically, you have to deposit virtual assets under certain requirement as your margin, if you fail to meet the requirement, margin call will be triggered, causing you to loss all your deposited virtual assets.
5.2 To meet the requirement of laws, regulations and policies updated from time to time and to maintain a healthy market, BitZ will revise the terms of the Agreement or implement emergency rules. This kind of revision or implementation might temporarily cause your account unable to use the Service, apportion your account, close some of your positions or deny your access to other service. BitZ shall not assume any liability for the above loss.
5.3 If system platform do not function normally in situations stated below, causing you unable to use the service or place order, BitZ shall assume not liability of compensation for the loss, the situation includes but not limited to:
A. During downtime system maintenance announced by BitZ platform;
B. Denial of data transmission due to telecom equipment failure;
C. BitZ cannot operate due to system obstacle caused by typhoon, earthquake, tsunami, flood, power off, war, terrorist attach or any other force majeure.
D. Interrupt or delay of service caused by hacker attach, computer virus intrusion, obstacle or technical adjustment of telecom department, bank issues, temporary close due to government regulation which influences the normal operation of the website;
E. Loss caused by unpredictable issues or problems that cannot be solved due to limitation of available technic in the industry;
F. Loss of you or other parties caused by the mistake or delay of third parties.
5.4 For unusual transaction, market disrupt and any other possible exceptional situation caused by system crash, internet failure, DDos hacker attach and other accident that BitZ shall not take credit of, BitZ has the right to cancel transactions or rollback deals settle during certain period according to actual situation. BitZ shall not assume any responsibility of the above loss.
5.5 You understand that there might be technical issues by accident. For any loss caused by technical issues, BitZ shall bear no responsibility, include but not limited to:
Failure, delay, interrupt or other obstacles of connection to the server.
Shut off, tardiness caused by overload or other obstacles caused by overload.
Obstacles due to the Service being unable to access to necessary data from third party.
5.6 BitZ strictly forbid any unfair practices. If you engage in the following practices, BitZ shall reserves the right to keep high supervision and control over your account:
Engage in price manipulation or other market conducts;
Cause damage to other user or BitZ by making use of loophole of the Agreement or through other unreasonable means;
Engage in any other activities that BitZ deems harmful to the market.
To eliminate negative factors that influence overall health of the market, BitZ reserves the right to take the following measures, including but not limited to closing your account, restricting, suspending, or canceling deals, rolling back deals. And BitZ shall assume no responsibility for your loss caused by those actions.
6. Compensation Liabilities
6.1 When you use the Service, you shall take any possible measures to keep BitZ from damages caused by your use of the Service or your other operations related to your BitZ account, or you shall bear the liability of compensation for loss of BitZ.
6.2 You confirm and agree that for any claim for compensation or any request (including reasonable legal expenses) caused by your breach of the Agreement, improper use of the Service, violation of any laws or regulations, invasion of right of any third parties, any third parties using your account or log in BitZ website, APPs, system (including all websites and servers used for providing BitZ services, no matter the websites, APPs, systems are maintained by BitZ or operating for BitZ or providing you BitZ services), you shall demur and compensate, and try your best to prevent BitZ from suffering loss.
7.1 The Agreement shall take effect once users click “OK” on confirm page of starting contract transaction, and be binding on BitZ and BitZ users. The contents of the Agreement include BitZ’s User Agreement, Privacy Statement, and any other agreements, guides, rules and announcements, statements that are related to the Service issued on BitZ website. Once the above contents are officially published, they shall become indivisible parts of the Agreement. If the above content conflicts with the Agreement, the Agreement shall prevail.
7.2 If necessary, BitZ has the right to make unilateral revision to the Agreement without notice in advance. If BitZ unilaterally revise the contents of the Agreement, revision will be immediately issued on BitZ website, you should review and pay attention to the revision of the Agreement from time to time to acquire the newest version. After the above revision, if you continue to use the Service, you are deemed to agree with the revision. If you disagree with the revision, please stop accessing to the Service.
7.3 You shall read this Agreement and any other agreements, rules and other contents mentioned in term 7.1 and term 7.2 that consist of the contents of the Agreement carefully. If you have any question in regard of the contents mentioned above, please contact BitZ, BitZ will provide reasonable and necessary explanation. Unless otherwise noted, you shall contact BitZ through email, and use email for file transfer (“formal communication”). Or you can call BitZ by phone informally (“informal communication”). If the contents of formal communication and informal communication conflicts with each other, the contents of this Agreement shall prevail.
7.4 All items related to this Agreement including but not limited to establishment, effectiveness, fufillment, modification, interpretation and dispute resolution, shall be in accordance to laws and regulations in Hong Kong.
7.5 If there are any disputes or controversies related to or caused by the Agreement between you and BitZ, we shall first settle disputes through friendly negotiation. If fail to reach settlement, you and BitZ are both entitled to submit the disputes to HKIAC. Dispute shall be resolved by arbitration with the HKIAC Administered Arbitration Rules in force as at the date of this Agreement. The place of arbitration shall be in Hong Kong. The number of arbitrators shall be three (3).The arbitration hearing shall be conducted in English. The Arbitral award is final and binding upon.
7.6 Article headings of this Agreement are for convenience only, and have not practical implication, and shall not serve as substance of interpretation of this Agreement.
7.7 For the convenience of users, this Agreement is available in multiple languages. In case of any conflict between different versions of such content or any omission in any language version, the Chinese version of such content shall prevail.
7.8 For participants of Bi-Z Perpetual Contract Simulate Trading Competition, the Agreement is only for reference and shall not be binding.