Last updated: 25-07-2019
XP INVEST Limited, a private limited company with its operating address to be incorporated in the AIFC, shall be referred as “the Company”, “we” or “our”.
XP INVEST, a product of the Company, shall be referred as “XP INVEST” or “the Platform”.
1. ACCOUNT ELIGIBILITY
By opening an account to use the Services (the “Account”), you expressly represent and warrant that:
1.2. you are at least 18 years of age (or the age of majority in your country of residence and no younger than age 18;
1.4. all information and details that you submit to us during the initial registration process, and thereafter (including as part of any use of the Services), are true, current, complete and not misleading and; will promptly notify the Company of any information changes; and authorizes the Company to make any inquiry to verify information;
2. REGISTRATION AND PERSONAL USE OF YOUR ACCOUNT
2.1. The Account is for your own personal and non-commercial use only.
2.2. You may only open one Account, and you acknowledge that multiple or linked accounts are not allowed.
2.3. You agree that you will not use any Account other than for your own use or access the Account of any other registered user (a “Member”) at any time, or assist others in obtaining unauthorized access.
2.4. Unless specified in writing, the Client or any of their family members are not a member of any major stock exchange.
2.5. Confidentiality of your Account. You understand that the Company may be required under the applicable rules, laws or regulations to disclose the name and beneficial identity or such other information concerning the Client as necessary. You agree that such information shall be provided to the Company and consent for the Company to disclose such information to relevant exchange, clearing house or regulator if necessary in accordance to law. The Client irrevocably authorizes the Company to make any such disclosure.
2.6. Verification Process. We may verify your details, at any time, by requesting certain documents from you. These documents may typically include a government issued identity card, proof of address, such as a utility bill, and proof of your payment method. We may request that copies of such documents are notarized at your own expense, with a stamp and attestation or certification by a public notary. Should the documents fail our internal security checks for any reason, such as upon suspicion of tampering, or due to suspicious or proven misrepresentation, we shall be under no obligation to accept such documents as valid, and under no obligation to provide feedback on the exact nature of our findings with regards to these documents. In addition, we may request that you participate in a phone or video call to verify your identity. We may also perform further background checks on you and request any relevant documentation from you for any reason related to your use of the Services and/or as supporting evidence for any information you provide.
3. SERVICES. XP INVEST is not currently available across all jurisdictions. The platform will determine and update from time to time a list of served countries. If you are a client of a country not served, your account opening application will be rejected.
3.1. Scope. Client hereby requests XP INVEST to open and maintain on its books one account per individual in the name of the Client for the purpose of purchasing, investing in, selling, exchanging or otherwise disposing of and generally dealing in derivatives and structured products in accordance with this Agreement from time to time. Client confirms that the Account is not operated for the benefit of any person other than the Client. , unless indicated by XP INVEST or specified in this Agreement in the contract note for the relevant transaction or otherwise.
3.2. You will be able to view all previous transactions, open positions, charges levied for fee and commission on your XP INVEST platform.
3.3. No Advice. Nothing on the XP INVEST website is intended as, or should be interpreted as being, a recommendation or solicitation to buy or sell any financial instrument such as securities, derivatives of securities or structured products. Client understands that no ‘XP INVEST’ employee(s) will solicit the sale of or recommend any financial product to you. Any decision taken on the investment into financial products is your exclusion decision at your own risk and should be reasonably suitable for you having regard to your financial situation, investment experience and investment objectives. You should consult your own legal and/or tax advisors concerning your specific financial situation.
3.4. Authorization to debit from Account. By using the Services, the Client authorises the Company to debit the Account on the platform against fees and commissions charged by the platform and debit the Account against shortfall of margin for leveraged transactions.
3.4.1. In the event that your initial margin is not sufficient to cover your open positions, the Company reserves the right to close all open positions to recover the margin.
3.4.2. You acknowledge that by clicking on the ‘Buy’ or ‘Sell’ button, you authorise the Company to initiate the transaction at the quoted ‘Buy’ or ‘Sell’ price and debit the Client account any fees that might be associated with the transaction as mentioned in section 9.3 in this Term of Use .
3.5. Purchase and Sale of Exposure of Shares. You may make purchases and sales against the value assigned to you on the platform at your decision. Your purchase of exposure of shares on the platform does not involve the purchase or receipt of shares, ownership or equivalent in any existing public or private company. Similarly, when trading commodities and indices, you do not own the index or underlying commodity. You are purchasing exposure to its price movement.
3.6. Your Account balance is equal to the value of the digital assets or fiat currency that you have transferred to our custody solution, banking partner minus network fee or bank charges.
3.7. Wallet Address. An identifier of alphanumeric characters which represents a possible destination for Bitcoin Storage is a “Wallet Address”. You understand and accept that once the Company is satisfied with your status in accordance with applicable rules, regulations and laws, you will transfer Bitcoin into the Company’s centralized Wallet. In return, the Company will grant your equivalent Account Balance to carry out transactions on the platform. “Available Balance” shall mean the amount you can use to open positions.
3.8. Misuse. If you believe a transaction has occurred on your account that was not self-initiated, you may immediately contact the operations and support team and we will investigate the origin of the transaction. As a security measure, all transaction reconciliation occurs at the end of the day while funds are parked in cold storage. In the event that someone else has placed a trade on Client account who is not the owner of the account, your funds will still be safe with the firm. Subject to Clause 3.10, the Company only accepts withdrawal requests from officially registered E-mail addresses with additional security checks to ensure that your funds remain secure.
3.8.1. When an incorrect transfer is made during a deposit or withdrawal on account of an error by a member of the XP INVEST team, we will credit the Client with the required funds after conducting our own internal investigation on the matter.
3.8.2. You acknowledge that digital transaction entries cannot be reversed, if incorrect information is provided to XP INVEST platform and the funds are transferred to the wrong location, the Company bears no responsibility or liability for the error. While we may assist the Client to return the funds, we cannot guarantee your return.
3.9. Trading Hours. Availability of trading hours is available at https://support.xpinvest.io/hc/en-gb/articles/360023055533-What-are-the-trading-hours-for-XP-Invest- and may be impacted by public holidays. All service-related requests such as deposits and withdrawals will be possessed on Business Days only.
3.10. Operating Hours. The term shall mean Monday through Friday, from 9 am to 6 pm (GMT +8), subject to public holidays in Hong Kong. We process all deposits within 1 business day of the receipt of the funds.
3.11. Withdrawal. We process withdrawals on a daily basis. For Digital Assets, all withdrawal requests need to be submitted by 3 pm (GMT+8) to be processed on the same day. All requests submitted after 3pm will be processed on the following business day. For fiat currencies, withdrawals might take 3-5 business days on account of processing times from our partner banks.
3.12. No Guarantee of Payment Methods. The availability of payment methods for account funding purposes will depend on several factors, including but not limited to your location, the identification information you have provided the Company, and certain limitations imposed by third party payment processors, if any. .
3.13. No Guarantee of Value or Liquidity. You understand and accept the risks involved in buying and selling Digital Assets. You accept and bear the responsibility around potential appreciation and depreciation of the value of assets on the XP INVEST platform. The Company will not be liable or accountable for any loss of profit, revenue or income arising due to the Client’s inability to use the content or service on the platform, the transmission of data through the platform or pricing fluctuation on the market and platform.
4. MARKET DATA
4.1. XP INVEST may choose to make certain market data information available to the Client, the data includes but not limited to
a. The historical prices of derivative instruments traded on the platform.
b. A liquidity ladder consisting of the last traded units on the platform.
c. Indicative market price for tradeable instruments on the platform.
4.2. The customer understands that the platform cannot take any guarantee on the market data being disseminated regarding the timelines, sequence, accuracy or completeness.
4.3. The customer may not publish or furnish the market data to any further person or entity. The data published is exclusively for personal consumption of the user on the platform and may not be further published for commercial purposes.
4.4. Neither XP INVEST nor any of its service providers bear any responsibility to update this posted data, nor is there any guarantee on the accuracy of this data published. Client should not solely rely on the data provided.
5. ORDER ROUTING
5.1. XP INVEST will select the market(s) or dealer(s) to which to route Client's orders.
5.2. We will make reasonable efforts to ensure that all orders submitted by customers are fulfilled on our platform or through our execution partners, however we cannot however guarantee the fulfilment of all transactions on account of market volatility and liquidity conditions at the time of the transaction.
6. SUSPENSION, MODIFICATION OF SERVICES AND CLOSING OF POSITIONS
6.1. You acknowledge that it may not be possible to cancel/modify an order after you have placed that order and that you are responsible for executions notwithstanding a cancel/modify request.
6.2. You acknowledge that, at any time, the Company will be entitled to:
a. refuse to complete, or block, cancel or reverse any transaction you have authorised, regardless if corresponding funds have been debited from your Account;
b. suspend your Account and your access to the Site and the Services;
c. freeze or liquidate funds or assets, or may utilize any of the remedies in this Term of Use for your default(s);
e. take technical and legal measures to keep users off the Site, all of the aforementioned for any reason whatsoever, all subject to the Company’s sole discretion, including without limitation as a result of the following:
ii. attempts to gain unauthorized access to the Site or another Member’s account or to provide assistance to others’ attempt to do so;
iii. the Company has reasonable suspicion that a transaction involves illegal activity, including but not limited to money laundering, terrorist financing, fraud, or any other crime;
iv. the Company reasonably suspects that your Account or any transaction is related to prohibited use or is non-compliant with any applicable laws or regulations;
v. the Company is requested to do so by a court order, law enforcement or other government or regulatory order or if your Account is subject to litigation or investigation;
vi. you abuse the Services provided by the Company, including by opening multiple accounts and/or taking advantages of promotions in bad faith;
vii. any of the Company’s third party providers denies providing you the Services;
viii. the Company believes you are creating problems or possible legal liabilities;
ix. the Company reasonably believes that you adversely affect its reputation;
xi. you did not provide information upon the request of the Company or the information provided does not meet the Company’s requirements; or
xii. the Company believes your Account and/or transaction does not meet the Company's risk tolerance.
6.3. Notwithstanding the abovementioned, the Company may, in its sole discretion to suspend or reserves the right to close any open Client position in a financial instrument on the platform for any reason at any time.
6.4. In the abovementioned event, the Company will (unless it would be unlawful for us to do so) provide you with notice of our actions and the reasons for refusal, suspension or closure, and where appropriate, with the procedure for correcting any factual errors that led to the refusal, suspension or closure.
6.5. We will lift the suspension or complete the transaction as soon as reasonably practicable once the reasons for refusal and/ or suspension no longer exist. However, we are under no obligation to allow you to reinstate a transaction at the same price or on the same terms as the suspended, reversed or cancelled transaction.
7. SAFEKEEPING OF CLIENT FUNDS
7.1. The Client appoints XP INVEST to act as custodian for the Client to provide custody of Client’s Digital Asset holdings. XP INVEST securely stores Client’s Digital Asset holdings using a combination of custody, 2-factor authentication and advanced encryption techniques.
7.2. The Client agrees not to pledge, charge, sell, grant an option or otherwise deal in any holdings held by the Company as custodian.
9. COMMISSION, FEE & INTEREST
9.1. All commissions, fees and interest rates are subject to change from time to time and will be clearly published for client review.
9.2. XP INVEST does not charge commission on regular trades made on the platform.
9.3. The Company offers margin trading at a rate of 5-15%.
9.4. The Company charges no fee for making deposits or withdrawals on the platform.
9.5. For Clients wishing to deposit funds in fiat currency and convert to Bitcoin, we will provide an exchange rate which is a factor of the existing market price and our margins which we will need to pay to our service providers.
9.6. For processing all Bitcoin deposits and withdrawals, we will be required to charge our customers network fee.
9.7. For processing all Fiat Currency deposits and withdrawals, we will be required to charge our customers standard banking charges.
10. USE OF YOUR PERSONAL DATA
10.1. The Company intends to use your name and email address to send you information relating, but not limited, to new product announcements, market updates, upcoming the company webinars and other relevant information relating to the company’s services. By accepting this Term of Use, you acknowledge that you have read and understand that the Company may use your personal data for direct marketing purposes and consent to such use of your personal data by XP INVEST. If you do not agree to such use of your personal information, you can exercise you opt-out option by emailing us at firstname.lastname@example.org.
10.2. You authorize the Company to disclose your personal information to:
a. any international financial market participant and any affiliate of the Company, whether local or overseas;
b. any clearing or settlement participant responsible for the clearing or settlement of the transactions;
c. the Company’s service providers (including marketing companies, data consultants and IT contractors);
d. the Company’s agents, contractors, and external advisers;
e. government and other regulatory bodies and authorities whether local or elsewhere;
f. payment system operators; other financial institutions and credit providers;
g. on a confidential basis, a prospective purchaser of, or investor in, the company or an affiliate or all or part of the business of the company or an affiliate; and any other relevant person to the extent required by applicable law.
10.3. By using the Services, you agree and consent to any form of recording or retention of any communication, information and data exchanged between you and the Company and/ or its representatives.
11. KNOW-YOUR-CUSTOMER ("KYC"), ANTI-MONEY LAUNDERING (“AML”) AND COUNTER TERRORIST FINANCING (“CTF”) PROCEDURES
11.1. The Company is obliged to combat financial crimes and has implemented procedures and systems aimed at allowing us to identify and mitigate the risks our Site and Services being misused for illegal purposes. These include our KYC, due diligence checks, AML and CTF procedures, which are based on our collection of information about our Users, the assessment of AML/CTF risks associated with their activities, and the ongoing monitoring of transactions made by them.
11.2. Where we have any have any suspicion that our business relationship with you, or a specific transaction which you wish to make, involve any risk of money laundering, terrorism financing or any other financial crime or prohibited activity, we may, at our sole discretion, refuse to accept you as a customer, terminate any engagement with you, refuse to process any transaction, and take any other action we deem necessary, including reporting our suspicion to the competent legal authorities. We will not be obligated to inform you of any such action we choose to take, nor to provide you any explanation of our reasons for taking them or for our suspicions.
11.3. For the purpose of conducting the abovementioned checks, we may collect certain personal information about you, either from you or from external sources. Any such information about you shall be kept and utilized in accordance with Section 13 in this Term of Use. Where the Company utilizes another broker or entity, who may be an affiliate, to facilitate execution of your instructions or provision of services to you under this Term of Use, you authorize the Company to disclose your information to the relevant broker or entity as necessary, including but not limited to the purpose of satisfying the broker or entity’s obligations under any applicable Rules, laws or regulations.
11.4. By making any use of the Site and the Services you represent and warrant that all information provided by you to us is correct, accurate and complete, and explicitly consent to the collection of additional information about you from third parties, including financial and credit institutions, governmental authorities and external databases.
12. MODIFICATIONS OF TERM OF USE
13. GENERAL PROVISIONS
13.1. No Waiver. This Term of Use cannot be amended or waived by a Client at any level. The Company has the discretionary power to offer amended terms to its existing or new customers. A fresh Client agreement may be provided to the Client in the event of updated terms and conditions of the company. Our failure to exercise or enforce any right or provision of these Terms will not constitute a waiver of that right or provision.
13.2. Severability. If for any reason a court of competent jurisdiction finds any provision of these Terms invalid or unenforceable, that provision will be enforced to the maximum extent permissible and the other provisions of these Terms will remain in full force and effect.
13.3. Disputes and Governing Law. This Use of Terms, and any dispute, controversy, proceedings or claim of whatever nature arising out of or in any way relating to this Term of Use or its formation, shall be governed by and construed in accordance with the laws of Hong Kong Special Administrative Region of the People’s Republic of China. Both parties irrevocably submit to the exclusive jurisdiction of the courts of Hong Kong for the purpose of hearing and determining any suit, action or proceedings and/or settling any disputes arising out of or in connection with this Term of Use.
13.4. Limitation of Liability. In no event will the total aggregate liability for XP INVEST for any individual claim or series of connected claims for losses, costs, liabilities or expenses which the Client may suffer arising out of, or in connection with, any breach by XP INVEST of this Term of Use, exceeds the maximum aggregate value of the combined value of the Digital Assets and Fiat currency on deposit with the platform by the Client making that claim at the time of the relevant claim. Where we are considering a specific claim relating to a specific transaction this sum shall be further limited to the purchase / sale amount (as relevant) of the transaction in dispute. This amount will not include any applicable leverage multiplier.
13.5. Force Majeure. Company shall not be liable for delays, failure in performance or interruption of service which results directly or indirectly from any cause or condition beyond its reasonable control, including, but not limited to, any delay or failure due to any act of God, act of civil or military authorities, act of terrorists, civil disturbance, war, strike or other labour dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond Company’s reasonable control and shall not affect the validity and enforceability of any remaining provisions.
To offer shorting and leverage, we charge a small (0.0137% per day) holding cost for keeping positions open overnight.
Other than holding cost, there is nothing else.
So if you only trade intraday and close your positions before market closes, it is completely free to use all the features.