PREAMBLE
The WOO X Social Trading is a social trading service, available within the WOO X platform (the “Platform”), designed to provide the participating users with the possibility to share trading ideas and to interact with, follow and copy other participating users and their respective trading ideas on the Platform (hereinafter as: “Social Trading” or the “Services”).
- General Terms
(1) These Terms, as updated from time to time and supplemented by any other guidelines, rules, instructions, materials and official communication on the Platform constitute an agreement between you and WOOTECH Limited and apply to your use of Social Trading and its associated services.
(2) By participating in Social Trading, you acknowledge that you have read, understood and accepted the Terms and acknowledge that you will be bound by and will comply with the Terms. If you do not understand and accept the Terms in their entirety, you cannot participate in Social Trading. You are deemed to have read, understood and accepted the Terms by clicking the consent button prior to your first use of the Services.
(3) The generally applicable WOO X Terms of Service and WOO Futures Service Agreement shall apply accordingly. In case of conflict between them and these Terms, these Terms shall prevail.
- Definitions
For the purposes of these Terms, the following words shall have the following definitions:
“Participating User”, “you”, “your” – a registered and KYC-ed user of the Platform (minimum Level 1 KYC) that is to accept these Terms to participate in and use the Services.
“WOOTECH Limited”, “we”, “us”, “our” – WOOTECH Limited.
“Terms” – these terms of service, along with applicable general terms they incorporate, as updated from time to time and supplemented by any other guidelines, rules, instructions, materials and official communication on the Platform.
“WOO X Terms of Service” – the general terms of service of the Platform available here.
“WOO Futures Service Agreement” – the futures service agreement of the Platform available here.
“Digital Assets” – Digital Assets as described in the WOO X Terms of Service.
“Subscription Trade Order” – a trade order of the Participating User as part of the Social Trading functionality. Subscription Trade Orders are automated (not made directly by the Participating User) and are separate from standard orders.
“Trading Position” – an open trading position of the Participating User created as a result of executing a Subscription Trade Order.
“Lead Trader” – a Participating User that can be subscribed to as part of one or more Strategy/Strategies.
“Copier” – a Participating User that subscribes to one or more Strategy/Strategies.
“Strategy” – an account or subaccount of the Lead Trader, which can be subscribed to by the Copiers through the Social Trading functionality.
“Subscription”, “subscribing to” – an activity consisting of subscribing to replicate the Subscription Trade Orders of a Lead Trader in a chosen Strategy. A Subscription is authorized by the Copier to automatically attempt to replicate the Strategy under their own account and can be customized.
“Virtual Subaccount” – a separate subaccount of the Copier on the Platform created automatically in order to replicate the Strategy when a Subscription is made.
“Performance Fee“ - a fee paid automatically from the Copier’s account to a Lead Trader’s account as a remuneration for the Lead Trader under the profit-sharing mechanism.
“Net Value” - a value calculated as the sum of (i) the value of all Digital Assets assigned to the Virtual Subaccount, (ii) the sum of all withdrawals made from the Virtual Subaccount, and (iii) the sum of already paid Performance Fees, reduced by the sum of all deposits made to the Virtual Subaccount.
“High Watermark” - the highest Net Value of a Virtual Subaccount from the day when a Subscription was made, excluding the current day (D-1).
- Assumption of Risks
Please be advised that by using the Services, you accept the following associated risks:
(1) Social Trading is commenced at the Participating User’s own, exclusive initiative to take part in Social Trading. In making a decision to subscribe to a specific Lead Trader's Strategy, you should consider your financial situation, including your financial commitments. Before making any decisions that can impact you financially, please carefully assess all necessary risks and always do your own research.
(2) Social Trading involves automated trading execution in which trades are opened and closed in your account without your manual intervention or your further instructions. In case you make any manual modifications, the result achieved may be materially different than that of the Lead Trader you initially copied.
(3) Social Trading is highly speculative. Your losses cannot exceed the initial amount but your Trading Positions may be liquidated in accordance with the general margin rules.
(4) The past performance of any Lead Trader is not an indicator of future results. There is no guarantee that you will achieve the results of the Lead Traders whose Strategy you subscribed to.
(5) Social Trading in principle encourages Lead Traders to pursue high returns, which in turn benefit the Copiers. However, it is possible for Lead Traders to behave irrationally, make mistakes or pursue particular private interests. Therefore – we cannot vouch for them and we make no representations as to the level of expertise, skill or care of any particular Lead Trader at any given time. .
(6) There is no guarantee that the Subscription Trade Orders will have the same opening/closing price, opening/closing time and profit/loss ratio due to changes in market conditions, changes in market depth and time-delayed execution of system instructions. Therefore, there is no guarantee that you will achieve the results of the Lead Traders you follow.
(7) Digital Assets in general are subject to additional risks related to: high price volatility, lack of regulation and rapidly changing regulatory environment, improper methods of management or operation of Digital Asset projects, forks, rollbacks, exploits, hacks or network attacks.
- General Rules for Social Trading
(1) Social Trading is a social trading service which may provide you with an interface disclosing leaderboard name, trading history, risk profile and other information (such as holding portfolio) on the Lead Traders and Strategies, subsequently allowing you to make a Subscription. The disclosing information of the Lead Traders may vary depending on the parameters set by the Lead Traders. Lead Trader's Strategy may be either conducted manually by the Lead Trader or automatically via bot trading.
(2) By making a Subscription, you explicitly authorize us to automatically try to recreate (copy) the Strategy of the selected Lead Trader in your Virtual Subaccount without any prior consultation, consent or approval from you – by submitting Subscription Trade Orders on behalf of the Copier. We will make our best efforts for your Subscription Trade Orders to accurately reflect the Strategy but we cannot guarantee it. You also authorize us to set limits to any of your Trading Positions in accordance with general margin rules.
(3) Copiers can customize the Subscription in terms of: copy type, leverage, slippage protection, total stop loss and other factors made available. If the Copier deactivates the Subscription, all of their Trading Positions resulting from a Subscription will be closed. Copiers cannot subscribe to one Strategy multiple times.
(4) All Subscription Trade Orders are executed on the Platform and are subject to the same fees and rules that apply to standard orders of the same type and are not subject to any additional fees. We may however provide you with promotional discounts on fees on the Platform related to the Services.
(5) All Subscription Trade Orders are executed on a Virtual Subaccount of the Copier, which is accessible through a separate Social Trading interface and has a separate balance. All Digital Assets assigned to a Virtual Subaccount are a collateral for Trading Positions.
(6) We may provide Lead Traders and Copiers with the necessary tools and information to evaluate their Social Trading performance and notifications, overviews, summaries or similar regarding their following. Lead Traders may also inform potential Copiers about the recommended settings for their Strategies.
(7) The Lead Trader status is obtained after making an application and successfully passing an evaluation made by us, on the evaluation rules described on the Platform. By making the application, you agree to share with us your account data and history. The evaluation shall be in our sole and absolute discretion and we may change the evaluation rules at any time.
Any Participating User can make an application to become a Lead Trader but you cannot become a Lead Trader if you currently copy the Strategies of any other Lead Trader.
(8) Lead Traders’s accounts or subaccounts may be subject to restrictions as communicated on the Platform. The Lead Traders are obliged to strictly follow any such requirements imposed by us. These requirements may be changed at our discretion at any time. We reserve the right to remove your status as Lead Trader at any time in case of non-compliance with the Terms or applicable laws.
(9) Granting of the Lead Trader status does not constitute an additional contractual relationship between us and the Lead Trader – it is strictly a functionality of the Platform and not an endorsement of any kind. If you want to receive the status, you agree to make available to the Participating Users the metrics and data related to your Strategies.
(10) The Lead Trader is obliged to act in good faith and bears all the liabilities, responsibilities that may be involved in becoming a Lead Trader, knows the related risks and agrees to comply with the Terms and applicable laws.
We do not assume any liability, responsibility or compensation for the actions of the Lead Traders. Lead Traders undertake not to violate the legal rights and interests of any user or third party and in case of damage caused by the actions of a Lead Trader, we reserve the right to make and secure our legal claims.
(11) We reserve the right to cancel or roll-back any Strategies or Subscription Trading Orders, if any of them (i) has the potential to cause unforeseen damage or loss to any user of the Platform or us, or (ii) constitutes misrepresentation, fraud or any illegal act under these Terms or any applicable laws, or (iii) are used in any kind of exploit or hack.
(12) Social Trading is a constantly developed product and is subject to change. At this time, Social Trading is a functionality available only for the futures market and the spot market and other markets are not supported.
- Profit Sharing
(1) We provide incentives for the Lead Traders to share their Strategies and to participate in Social Trading. These incentives include a profit-sharing mechanism, as described below, where the Lead Trader receives a portion of the profit generated by the Copiers subscribing to their Strategy (the Performance Fee).
(2) We use an innovative methodology to calculate the Performance Fee for the Lead Traders. For each Copier’s Virtual Subaccount, we calculate its Net Value every day at 00:00:00 (UTC+0) and if the Net Value increases from the previous High Watermark, the surplus will be a base for calculating the Performance Fee. The Performance Fee is a set profit-sharing ratio (percentage) of the surplus defined above. That profit-sharing ratio is determined for each Strategy and may be changed by the Lead Trader, but in any case shall not exceed 50%. If the Performance Fee is due, it will be transferred from the Copier’s account to the Lead Trader’s account automatically. To find out more details about the Performance Fee logic and the High Watermark, please refer to our support center and its materials available here.
(3) If the profit-sharing ratio used to calculate the Performance Fee is changed during an existing Subscription, the change will take effect immediately and its Copiers will be immediately informed about the change through a notification.
- Eligibility
(1) Social Trading is not available to persons who are not eligible to use the Platform in accordance with the WOO X Terms of Service.
(2) In addition, you are not eligible to use Social Trading if you are incorporated or otherwise established in, or a citizen or a resident of, including but not limited to, one of the Social Trading unsupported countries/regions listed here.
(3) Social Trading is not available to any users that are located in the Social Trading unsupported countries/regions. Users shall be aware of the risk that Social Trading UI and account may not be available while changing his/her location to the unsupported countries/regions, including but not limited, travel or change of IP location.
We reserve the right to update this list at any time, in particular if it is assessed that publication or availability of the Services is restricted or contravenes applicable local laws.
(4) We reserve the right to suspend or terminate you from the Services at our discretion at any time in case of your non-compliance with these Terms, applicable laws or instructions issued by our representatives.
- Disclaimers
(1) We are not responsible or liable for any losses (including, without limitation, any direct or indirect damages, including loss of profits) resulting or arising directly or indirectly from your participation in Social Trading.
(2) To the maximum extent permitted under applicable laws, Social Trading is not intended to amount to securities of any form, collective investment schemes, portfolio or asset management services, investment services or any form of investment in any jurisdiction. We do not offer any investment, tax or financial advice and any information provided on the Platform is solely for informational purposes.
(3) Social Trading is commenced at the Participating User’s own, exclusive initiative to take part in Social Trading. Any information provided within the Services does not constitute investment advice or any marketing, promotion or offer of any Digital Asset, investment, personal brand or person.
(4) Any information concerning the Lead Traders or the Copiers is provided only upon their express consent to accept these Terms and to participate in Social Trading. The essence of Social Trading is to share information with other users, to which you hereby agree in order to participate. If you want to withdraw from the publishing of any data or metrics, please resort to the options available under your account, such as opting-out from the Services.
(5) All information on Social Trading is provided on an “as is” and “as available” basis, with no further promises made by us regarding the accuracy of the information or the availability of Services.
(6) You are responsible for complying with applicable laws. You agree that we are not responsible for determining whether or which laws may apply to any of your transactions or orders, including but not limited to tax law. You are solely responsible for reporting and paying any taxes arising from your use of the Services or from receiving any incentives.
(7) You agree that you shall not use the Services for any illegal purposes, nor conduct, initiate or promote any forms of market manipulation, including but not limited to wash trading, pump-and-dump, illegal gambling, money laundering, fraud, extortion, data breaches, terrorist financing, and any other violent activities or any business activities prohibited by these Terms or applicable laws.
(8) You will not be able to access the Social Trading UI and account, and no cancellation, modification or any other changes can be made as long as you are in the Social Trading unsupported countries/regions. All Strategies and all Subscription Trade Orders will remain unmodified and will continue to work in accordance with Social Trading rules during your stay in the unsupported countries/regions. You shall be cautious of the risks and manage your positions accordingly.
- Miscellaneous
(1) These Terms constitute a part of the WOO X Terms of Services and it is each Participating User’s responsibility to abide by any laws and enforcement regulation applicable in the jurisdiction where they access the Services.
(2) We may modify these Terms from time to time without prior notice. Your continued usage of the Services means you agree with any such changes and all subsequent actions by you shall be subject to the amended Terms.
(3) The headings in these Terms are for convenience only and shall not govern the meaning or interpretation of any provision.