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▶ Future Credits Terms of Services

Christian
  • Updated on

1. General Provisions

1.1 These Terms form an integral part of the WOO X Terms of Service and the Futures Service Agreement. In the event of any inconsistency between these Terms and the WOO X Terms of Service or Futures Service Agreement, these Terms shall prevail with respect to Future Credits services only.

1.2 WOO X reserves the right to update, modify, or replace any part of these Terms at any time. Users will be notified of any material changes through the Platform. Continued use of Future Credits or the Platform in any manner after such changes constitutes acceptance of the updated Terms.

2. Definitions

2.1 In these Terms, unless the context otherwise requires, the following expressions shall have the following meanings:

"WOO", "we", "us", "our" means WOOTECH Limited.

"User", "you", "your" means 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.

"Terms" means 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.

“Trading Rules - Futures” means the future trading rules of the Platform available here.

"WOO X Terms of Service" means the general terms of service of the Platform available here.

"Futures Service Agreement" means the futures service agreement of the Platform available here.

"Future Credits" means promotional instruments provided by WOO X that represent non-withdrawable trading allowances for futures trading on the Platform in accordance with these Terms.

“Future Credits Voucher” means any promotional code, offer, or instrument issued by the Platform that entitles eligible users to redeem Future Credits under specific terms (including these Terms), conditions, and validity periods as determined by the Platform and displayed in the promotional materials and/or on the voucher itself.

"Loss Coverage Ratio" or "LCR" means the percentage of trading losses that will be covered by Future Credits in accordance with these Terms, as specified for each Future Credit allocation.

"Platform" or “WOO X” means the WOO X Cryptocurrency Exchange and all associated services.

“Services” means any services or products offered by WOO and/or through the Platform, including without limitation the Future Credits and Future Credits Vouchers.

"KYC" means Know-Your-Customer verification procedures required by the Platform.

"Voucher" means a promotional code or offer that can be redeemed for Future Credits.

3. Usage and Purpose

3.1 Future Credits are provided by WOO X at its sole and absolute discretion. These credits represent non-withdrawable trading allowances that may be used exclusively for futures trading on the Platform under the conditions specified herein. Users may withdraw the profits (as determined by WOO X at its sole and absolute discretion) generated from using Future Credits.

3.2  Each Future Credits Voucher is subject to specific terms, conditions, limitations and availability periods as stated together with the relevant Future Credits Voucher and/or Future Credits. By redeeming a Future Credits Voucher, you agree to be bound by both these Terms and any additional conditions (including but not limited to eligibility requirements, usage restrictions, expiration dates, and LCR) specific to that Future Credits Voucher and/or Future Credits. Please ensure that you claim the Future Credits Voucher within its period of validity as set out on the Future Credits Vouchers and/or Future Credits itself or you may not be entitled to receive the relevant Future Credits.

3.3 Any withdrawal of funds from your account may result in the invalidation of some or all the use of your Future Credits, potentially leading to:
(a) Forced liquidation of positions utilizing Future Credits; and/or
(b) Inability to maintain open orders utilizing Future Credits.

3.4 We reserve the right to cancel or amend any term or condition (including without limitation, the availability periods and amounts) of the Future Credits Vouchers and/or Future Credits  at its sole discretion at any time and without prior notice, and all Users will be bound by any such changes.

3.5 Future Credits Vouchers, Future Credits and related promotions are strictly only available to eligible Users who are approved to trade futures on the Platform, and may not be available or may be restricted in certain jurisdictions or regions, or to certain Users, depending on any reason(s) determined by WOO X at its sole and absolute discretion, which may include any potential legal and regulatory considerations. These Future Credits and Future Credit Vouchers and related promotions are not intended for users or countries to which applicable restrictions apply.

4. Eligibility and Requirements

4.1 To be eligible for Future Credits, Users must: (a) be eligible for futures trading on the Platform; (b) utilize only their main account; and (c) comply with all Platform rules and regulations.

4.2 Future Credits are non-transferable and non-assignable.

5. Future Credits Operation and Usage

5.1 Permitted Usage and Restrictions

  1. Future Credits may, subject to the Platform’s discretion and ongoing policies, which may be modified from time to time without prior notice, be used for: 
    • Futures trading in both cross and isolated margin modes; 
    • Payment of trading fees  and/or funding fees payment; and/or 
    • Loss coverage determinations as specified in this Section.
  2. Future Credits cannot be used for: 
    • Spot or margin trading; 
    • Withdrawals; or 
    • Transfers to other accounts.

5.2 Loss Coverage and Balance Calculations

  1. Loss Coverage Ratio:
    • Each Future Credit allocation may specify a Loss Coverage Ratio.
    • LCR represents the percentage of trading losses that may be deducted from Future Credits.
    • An LCR of 100% indicates all trading losses (up to the amount of such Future Credits) may be deducted from Future Credits.
    • An LCR less than 100% requires additional User funds as specified in section 5.2(b).
  2. Balance Requirements for Partial Coverage:
    • For LCR less than 100%, users must maintain a minimum balance of real funds to prevent liquidations, determined in accordance with sub-paragraph (ii) below.
    • The required minimum balance is the amount determined in accordance with this formula: (Future Credits Amount) / LCR - (Future Credits Amount).
    • The Platform may restrict the User’s trading activities, force its liquidation or take any other measures it sees fit if the abovementioned balance requirements are not met.

5.3 Profit, Loss, and Fee Processing

  1. Realized trading profits generated using Future Credits are withdrawable. However, Future Credits cannot be withdrawn.
  2. Trading losses are deducted from Future Credits according to the specified LCR. For example, if LCR of the Future Credits is 100%, such Future Credits may be used to deduct all such losses (up to the amount of such Future Credits).  However, if LCR of the Future Credits is 50%, such Future Credits may be used to deduct only half of such losses (up to the amount of such Future Credits).
  3. Trading fees and funding fees may be deducted from the User’s Future Credits balance according to specific terms, conditions, limitations and availability periods as stated together with the Future Credits Voucher and/or Future Credits.

5.4 Balance Maintenance and Calculations

  1. Each User’s Future Credits balance is updated on the Platform in real-time as fees and losses are incurred.
  2. Any withdrawal by a User may invalidate the use of such User’s remaining Future Credits. Forced liquidation may occur if any withdrawal causes the margin ratio in your account to fall below the maintenance margin ratio as specified in the Trading Rules- Futures. Users are solely responsible for ensuring sufficient margin is maintained in their account following any withdrawal.

5.5 Duration and Terminations

  1. Future Credits Vouchers will expire on their specified expiry time. Future Credits will expire on their specified expiry time, unless active futures positions or orders remain open.  Upon closure of all futures positions, any remaining Future Credits will expire immediately if past their specified expiry time.
  2. The Platform reserves the right to: (a) Modify or cancel any Future Credits and/or Future Credits Vouchers at any time; (b) Adjust the LCR or other parameters of Future Credits; and/or (c) Terminate access to any Future Credits and/or Future Credits Vouchers in cases of suspected abuse or violation of these Terms.

5.6 Applicability of Other Terms

  1. All users of Future Credits and/or Future Credits Vouchers are subject to and must comply with these Terms, the WOO X Terms of Service, Future Service Agreement, Futures Trading Rules, and any other relevant terms or rules published on the Platform.
  2. Future Credits are used in conjunction with the Platform's futures trading features, and accordingly, all provisions, restrictions and requirements related to futures trading on the Platform apply in full force and effect to activities conducted using Future Credits.
  3. In the event of any conflict between these Terms and any futures-related provisions, restrictions and requirements with respect to Future Credits usage, these Terms shall prevail in respect of the conflict only.

6. Risk Disclosure

6.1 Users acknowledge and agree that: (a) Trading with Future Credits involves substantial risk of loss; (b) The Platform may hold Users' funds as security against potential losses not covered by Future Credits; (c) Users are solely responsible for understanding the LCR and its implications for their trading activities; and (d) The Platform makes no guarantees regarding the availability or continuity of the Future Credits program.

7. Restricted Activities and Enforcement

7.1 Restricted Activities

WOO X strictly prohibits any form of malicious behavior related to Future Credits, including but not limited to:

(a) Multiple participation in the same event or obtaining Future Credits repeatedly without genuine trading activities;

(b) Using multiple or associated accounts to participate in events or obtain Future Credits;

(c) Exploiting platform mechanisms, products, or event loopholes;

(d) Concealing one’s identity or related activities to obtain Future Credits maliciously or in bad faith; and/or

(e) Obtaining Future Credits through artificial trading patterns, including but not limited to frequent deposits and withdrawals with minimal genuine trading.

7.2 Enforcement Measures. 

To maintain market integrity and user security, WOO X may implement one or more of the following measures for any violation of these Terms:

(a) Disqualification from Future Credits, confiscation or forfeiture of issued Future Credits;

(b) Account freezing and investigation;

(c) Forfeiture of profits obtained through such violations;

(d) Account restrictions or termination;

(e) Asset confiscation or trading limitations;

(f) Mandatory trading activity reports; and/or

(g) Any other measures deemed necessary according to the Platform’s rules.

8. User Warranties and Representations

8.1 You represent and warrant at all times that:

(a) You comply with applicable laws at all times. 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 or any kind of digital currency relevant regulation. You are solely responsible for reporting and paying any taxes arising from your use of the Services or from receiving any incentives.

(b) You will 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.

9. Miscellaneous

9.1 If any malicious behaviors or attempts to reap the Future Credits are detected, WOO X reserves the right to take any necessary measures it deems necessary or desirable against the accounts and Users involved. 

9.2 These Terms constitute a part of the WOO X Terms of Services and it is each User's responsibility to abide by any laws and enforcement regulation applicable in the jurisdiction where they access the Services.

9.3 The headings in these Terms are for convenience only and shall not govern the meaning or interpretation of any provision.

9.4 We shall not be liable for any failure or delay in the performance of these Terms unless solely due to our gross negligence or wilful default.  For the avoidance of doubt, we shall not incur such liability due to causes beyond our reasonable control, including but not limited to technical failures, market volatility, or regulatory changes.

9.5 If any provision of these Terms is found to be invalid, illegal, or unenforceable, the remaining provisions shall continue in full force and effect.

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