Terms of Service
By accessing, viewing, using or clicking “I agree” to any of the services made available on this website, owned and operated by TenB Ltd (hereinafter referred to as “Operator” “we”, “us” or “our”) via address www.monfex.com (hereinafter referred to as “Website”) and using the services (hereinafter referred to as “Service”) our mobile applications, or any other related services you acknowledge that you have read, understand, and unconditionally agree to be bound by the Terms of this Terms and Conditions.
The Operator may at any time, without notice, amend the Terms of this Terms and Conditions. You agree to continue to be bound by any amended terms and conditions and that the Operator may at any time, without notice, amend the Terms of this Terms and Conditions have no obligation to notify you of such amendments.
You acknowledge that it is your responsibility to periodically check these Terms of this Terms and Conditions for changes and that continued use of the Website and Services offered by the Operator following the posting of any changes to the Terms of this Terms and Conditions indicates your acceptance of any such changes. If you do not accept the Terms of this Terms and Conditions, do not access this Website and do not use this Service.
This Terms and Conditions constitutes the Terms and Conditions between you (hereinafter referred to as “Customer”, “You”) and the Operator. All other information provided on the Website, as well as oral/written statements made, are excluded from this Terms and Conditions.
Subject to the terms and conditions of this Terms and Conditions and acceptance of Customer’s application to open an account (hereinafter referred to as “Account”) with the Operator will maintain one or more Accounts in Customer’s name for Non-Deliverable Bitcoin settled products trading with and for Customer and provide such other services and products as the Operator may, in its sole discretion, determine from time to time in the future. Unless expressly stated otherwise in writing, all contracts and other transactions entered into between the Operator and Customer shall be governed by the terms of this Terms and Conditions, as amended from time to time.
In this Terms and Conditions unless the opposite is clear from the context the following rules of interpretation apply:
- Unless the context otherwise requires, words in the singular shall include the plural and in the plural shall include the singular;
- Unless the context otherwise requires, a reference to one gender shall include a reference to the other genders.
- References to clauses and schedules are to the clauses and schedules of this Terms and Conditions and references to paragraphs are to paragraphs of the relevant schedule;
- A reference to any party shall include that party’s personal representatives, successors and permitted assigns.
- The term 'including' does not exclude anything not listed;
- A reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time;
- A reference to a statute or statutory provision shall include all subordinate legislation made from time to time under that statute or statutory provision.
- A reference to writing or written includes e-mail.
- Any obligation on a party not to do something includes an obligation not to allow that thing to be done.
- Any words following this Terms and Conditions including, include, in particular, for example or any similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding or following that Terms and Conditions.
Headings of sections are for convenience only and shall not be used to limit or construe such sections. All the sections in this Terms and Conditions shall survive any termination or expiration of this Terms and Conditions.
Actions - Any Customer’s instructions received through the WebsiteApplicable Law - Law applicable under this Terms and Conditions to any and all relations between the Customer and the Operator Customer - the person who has completed the Registration form and whose application the Operator has accepted. The Operator reserves its right to set forth at any time and upon its own discretion special eligibility conditions or other requirements to certain persons as a Customer. Data - any data input by You or with Your authority into the Website. Intellectual Property Rights - Any invention, patent, utility model right, copyright and related right, registered design, unregistered design right, trade mark, trade name, internet domain name, design right, design, service mark, database rights, topography rights, rights in get-up and trade dress, rights in goodwill or to sue for passing off and any other rights of a similar nature or other industrial or intellectual property rights owned or used by the Operator in any part of the world whether or not any of the same is registered (or capable of registration), including applications and the right to apply for and be granted, extensions or renewals of and rights to claim priority from, such rights and all equivalent or similar rights or protections which subsist now or will subsist in the future. Non-Deliverable Bitcoin Settled Products – products available for trading on the platform and may be named as “CFD’s”, “Forex”, “Indices” and “Cryptocurrencies” for information and marketing purposes. Non-Deliverable Bitcoin settled products trading services are provided by Tenb Ltd. Operator – TenB Ltd. Registration number - 25024 IBC 2018, Legal address - Suite 305 Griffith Corporate Center 1510, Beachmont Kingstown St. Vincent Service – means all services made available (as may be changed or updated from time to time by the Operator) via the Website. Platform – means Website, mobile application and other instruments used by Operator for performing Services Website – A group of interrelated websites owned and operated by TenB Ltd, available in the Internet via address www.monfex.com User – means any person, who uses the Website via address www.monfex.com
By registering as a Customer You covenant, represent, and warrant that (under the Applicable Law and law of the country of Your residence):- that You have accepted the Terms and Conditions; and - that You are of an age of majority to enter into this Terms and Conditions (at least 18 years of age), meets all other eligibility criteria and residency requirements, and is fully able and legally competent to use the Website, enter into Terms and Conditions with the Operator and in doing so will not violate any other Terms and Conditions to which You are a party; - that You are the legal owner of the funds you add to Your account with the Operator and that the same funds derive from a legitimate and legal source; - that using Services does not constitute a breach of your home jurisdictions’ laws; - that You are aware of the risks in using the services provided by the Operator. These risks include the fact that You may lose all of the funds in your trading account if the market moves against You or in the case of failures, technical malfunctions of the site and other technical malfunctions, failures in the supply of quotations, force majeure etc. - that You will not be involved with, or initiate any form of market manipulation, including spoofing orders or otherwise under the threat of blocking the account in any case of identifying such violations; - that if we require any KYC-procedure You will provide correct, genuine and up-to-date information or documents; - that any withdrawal address You provide is Your own and that You are in full control over this address; You are not allowed to access or use the Services if you are located, incorporated or otherwise established in, or a citizen or resident of: the United States of America, the province of Québec in Canada, Algeria, Ecuador, Ethiopia, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea or Sudan; any state, country or other jurisdiction that is embargoed by the United States of America; a jurisdiction where it would be illegal according to Applicable Law for you (by reason of your nationality, domicile, citizenship, residence or otherwise) to access or use the Services; or where the publication or availability of the Services is prohibited or contrary to local law or regulation, or could subject Operator to any local registration or licensing requirements (together, the "Restricted Jurisdictions"). We may, in our sole discretion, implement controls to restrict access to the Services in any of the Restricted Jurisdictions. If we determine that you are accessing the Services from any Restricted Jurisdiction, or have given false representations as to your location of incorporation, establishment, citizenship or place of residence, we reserve the right to close any of your accounts immediately and liquidate any open positions. When accessing and using the Service, You must: not attempt to undermine the security or integrity of the Operator computing systems or networks or, where the Services are hosted by a third party, that third party’s computing systems and networks; not use, or misuse, the Services in any way which may impair or alter the functionality of the Services or Website, or other systems used to deliver the Services or impair or alter the ability of any other user to use the Services or Website; - not attempt to gain unauthorized access to the computer system and servers on which the Website is hosted or to any materials other than those to which you have been given permission to access; - not transmit or input into the Website any files that may damage any other person’s computing devices or software; content that may be offensive; or material or Data in violation of any law (including Data or other material protected by copyright or trade secrets which you do not have the right to use); - not attempt to modify, copy, adapt, reproduce, disassemble, decompile or reverse engineer any computer programs used to deliver the Services or to operate the Website except as is strictly necessary to use either of them for normal operation. You will ensure that all usernames and passwords required to access the Website are kept secure and confidential, and that it is Your responsibility alone ensure this. You will immediately notify the Operator of any unauthorized use of Your passwords or any other breach of security and the Operator will reset Your password and take other steps to ensure the security of your account and the platform. It is your responsibility entirely to provide us with correct details including Your withdrawal address. We accept no liability resulting in You not receiving withdrawal funds due to You providing incorrect or out-of-date details. The Operator excludes all liability for any incorrect transactions to wrong addresses, or any other such mistakes. The Operator reserves the right at any time to verify Your identity for the purposes of complying with the any KYC/AML requirements The Operator reserves the right to impose trading limits and withdrawal limits before You are required to conduct Customer Due Diligence (CDD). You agree to cooperate fully with us throughout this process and that You will provide all documentation/information that we may require in order to verify Your identity and to assess the purpose of the business relationship.
From the date on which Your Account is activated, the Operator will:- Receive and transmit orders on Actions. - Execute orders on Actions. - Provide for safekeeping and administration of Actions for the account of Customers, including Non-Deliverable Bitcoin settled products trading and related Services. - Provide investment Research and financial analysis The Customer acknowledges that the Services do not include the provision of investment advice. Any investment information as may be announced by the Operator to the Customer does not constitute investment advice but merely aims to assist in investment decision making. The Customer agrees and acknowledges that he/she/it is solely responsible for any investment strategy, transaction or investment composition of any account and taxation consequences and he shall not rely, for this purpose on the Operator. It is also understood and accepted that the Operator shall bear absolutely no responsibility, regardless of the circumstances, for any such investment strategy, transaction, investment or information. The Operator may, from time to time in its absolute discretion, withdraw all or any part of the Services on a temporary or permanent basis. Customer authorizes the Operator to purchase and sell Non-Deliverable Bitcoin settled products for Customer’s Account in accordance with Customer’s instructions received through the Website, subject to the terms of this Terms and Conditions. Customer agrees to be conclusively responsible for any instruction received electronically (including, but not limited to, any Order) that is identified with Customer’s password and Account number to Operator from persons that the Operator, in its sole judgment, believes are apparently authorized by the Customer. Pricing Information. The Operator will make available, by posting on the Website, Bid Prices and Ask Prices at which the Operator is prepared to offer the Customer to buy or sell Non-Deliverable Bitcoin settled products at. The Operator expects that these prices will be reasonably related to the bid prices and ask prices available in the market at that time for similar transactions, but a number of factors, such as communication system delays, high volume or volatility can result in deviations between prices quoted by the Operator and other sources. The Operator makes no warranty, express or implied, that Bid Prices and Ask Prices represent prevailing bid prices and ask prices. If the Customer loses his funds due to the difference in quotations, the Operator is not responsible for this. Order Execution. The Operator will attempt to execute all Orders that it may, in its sole discretion, accept from Customer in accordance with Customer’s instructions received through the Website. In cases where the prevailing market represents prices different from the prices the Operator has posted on its Website, the Operator will attempt, on a best efforts basis, to execute trades on or close to the prevailing market prices. This may or may not adversely affect Customer realized and unrealized gains and losses. Customer acknowledges, understands and agrees that the Operator is not acting as an agent, advisor or in any fiduciary capacity. Notwithstanding the provisions of this paragraph, Customer acknowledges, understands and agrees that orders can be executed at prices different from those that the Customer sees on the Website. Trade Matching. The Operator or its affiliates may determine to route Customer’s orders to a trade matching system operated by third parties. In that event, the Operator and/or any one or more of its affiliates, shall have the right (but not an obligation), in the sole discretion of the Operator or any such affiliate, to act for its own account, and as a counterparty or as a broker to Customers in the making of markets, including without limitation, over any trade matching network in use by Customers and/or the general public. Position & Trading Limits. The Operator reserves the right to limit the number of Open Positions that Customer may enter or maintain in Customer’s Account. The Operator reserves the right, in its sole discretion, to refuse to accept any Order opening a new position or increasing an Open Position. The Customer is liable for all the trading losses that occurred due to voluntary or involuntary, but due to the Customer’s fault, provision of access to the trading platform to the third parties
Customer shall provide to and maintain with the Operator margin funds in such amounts, and within such limits as the Operator, in its sole discretion, may from time to time require in order to provide Service. The Operator may change margin requirements at any time, without prior notice to Customer: (x) any time Customer’s margin balance falls below the Operator minimum margin requirement as applied to that Account; and (y) any time the Operator, in its sole discretion, believes that it is prudent to do so. The Operator may at any time liquidate Customer’s open positions or withdraw funds from the Customer’s account without notice: (x) to ensure that actual margin equals or exceeds required margin; and (y) to satisfy any payment obligation to the Operator, including commissions, margin financing and other costs in respect of Customer’s Account.
Commissions, Margin Financing and Other Costs
The Customer shall be obliged to pay the Operator the commissions, margin financing and other costs set out on the Website. The Operator will display all current commissions, margin financing and other costs on its Website. The Operator may vary commissions, margin financing and other costs from time to time and shall provide Customers with notice thereof. All changes in commissions, margin financing and other costs are displayed on the Website.
The Website and the copyright in all software on the Website is entirely owned by the Operator including all trademarks on the Website. All text, graphics, images and any other materials on the Website is entirely owned by the Operator. Materials on this Website may only be used for personal use and non-commercial purposes.You may digitally display or print extracts from the Website for the above-stated purpose, only under the condition that You retain any copyright and other proprietary notices or any the Operator’s trademarks or logos, as shown on the initial printout or download without digital or physical alteration, addition or deletion. Except as expressly stated herein, You may not without the Operator’s prior written permission alter, modify, reproduce, distribute or use in any other commercial context any copyrighted materials from the Website. You acknowledge that the Operator’s logos are trademarks. You may only use and/or reproduce such trademarks without physical or digital alteration on material downloaded from this Website to the extent authorized above, but You may not otherwise use, copy, adapt, change, or erase them. You shall not under any circumstances obtain any rights over or in respect of the Website (other than rights to use the Website pursuant to these Terms and any other terms and conditions governing a particular service or section of the Website) or hold yourself out as having any such rights over or in respect to the Website. All intellectual property rights relating to all the material used on the Website including, but not limited to, design, structure, layouts, graphical images and underlying source code belongs the Operator. All rights are reserved. You acknowledge that, except as otherwise agreed between the parties in writing, all intellectual property rights of the Operator By submitting content to any public area of the Website, including blogs, message boards, and forums, you grant the Operator a royalty-free, perpetual, irrevocable, non-exclusive right and license to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, communicate to the public, perform and display the content (in whole or in part) worldwide and to incorporate it in other works in any form, media, or technology now known or later developed, for the full term of any rights that may exist in such content. You also permit any subscriber to access, display, view, store and reproduce such content for personal use. By submitting any content to the Website You warrant that You are entitled to and have all necessary intellectual property rights over that content.
Third Party Websites
Operator may send e-mail messages to you containing advertisements or promotions including links to third parties. The Operator makes no representation as to the quality, suitability, functionality or legality of the material on third party websites that are linked to, or to any goods and services available from such websites. The material is only provided for your interest and convenience. The Operator does not monitor or investigate such third-party websites and the Operator accepts no responsibility or liability for any loss arising from the content or accuracy of this material and any opinion expressed in the material should not be taken as an endorsement, recommendation or opinion of the Operator.
Under no circumstances are you to create a hyperlink to any of the pages on the Website, without obtaining prior consent to do so from the Operator. If You do create a link to any of the pages on the Website, You acknowledge that You are responsible for all direct or indirect consequences of the link, and you indemnify the Operator for all loss, liability, costs, damages, or expense arising from or in connection with the link.
Warranties and Representations
You acknowledge that:
You are authorized to access and use the Website; In particular, the jurisdiction where you reside, hold citizenship, or conduct business allows You to utilize Services;
Your use of the Website and the Service is at Your own risk. You agree that the Operator is not liable for any damages or harms arising out of Your use of the Website and Service;
The information provided on the Website is for general information purposes only and is given in good faith, You must only act upon such information at Your own risk, knowing that the Operator will not be held liable for any resulting losses or damages. The information is selective and the Operator may not verify all information, which may not be complete or accurate for Your purposes and should not be relied upon without further enquiry.
The Operator does not warrant that the use of the Website will be uninterrupted or error free. Among other things, the operation and availability of the systems used for accessing the Website, including public telephone services, computer networks and the Internet, can be unpredictable and may from time to time interfere with or prevent access to the Website. The Operator is not in any way responsible for any such interference that prevents Your access or use of the Website and the Service. The Operator is not responsible for any losses, expenses, costs, or damages resulting from interruptions, errors, or interferences.
The Operator gives no warranty about the Website. Without limiting the foregoing, the Operator does not warrant that the Website will meet Your requirements or that it will be suitable for your purposes. To avoid doubt, all implied conditions or warranties are excluded insofar as is permitted by law including, without limitation, warranties of merchantability, fitness for purpose, title and non-infringement.
You warrant and represent that You are acquiring the right to access and use the Website and agreeing to these Terms for the purposes of a business and that, to the maximum extent permitted by law, any statutory consumer guarantees, or legislation intended to protect non-business consumers in any jurisdiction does not apply to the supply of the Website or these Terms.
Customer does not intend to hinder, delay or defraud the Operator or any other Customers of the Website or engage in any illegal conduct and or unlawful activity in relation to money laundering, receiving the proceeds of drug trafficking or terrorist activities; receiving the proceeds of criminal activities, terrorist activities or trading with such countries as might from time to time be subject to any embargo imposed by the Security Council of the United Nations, the European Union or in any place of the world.
The Operator denies all liability for the operation and reliability of the Website when used within an Internet environment, where you or a third party is providing the computer equipment and/or internet services upon which the product is dependent upon for any part of its functionality.
By using this Service, You confirm that You understand that the timely operation of the Internet and the World Wide Web is governed by constraints beyond the control of the Operator You accept that Operator is not liable for any perceived slow operation of the Website, or any damages or losses that could result from slow operation of the Website.
By using this Service, You accept that all trade executions are final and irreversible, and that the Operator is not liable for the results of any trades/executions.
By using this Service, You accept that the Operator reserves the right to liquidate any trades at any time regardless of the profit or loss position.
The Operator does not warrant that the Service will meet Your requirements; that the Service will be uninterrupted, timely, secure, or error-free; that the information provided through the Service is accurate, reliable or correct; that any defects or errors will be corrected, or that the Service will be available at any particular time or location. You assume full responsibility and risk of loss resulting from your use of the Service, and the Operator is not liable for any resulting losses or damages.
It is our responsibility to maintain an orderly market and as such we may at our own discretion halt trading on the Website or limit access to the Website due to market disruption, service maintenance or any other relevant events. We exclude all liability for any claimed losses or profits lost as a result of us halting trading. Some jurisdictions do not allow the exclusion of certain warranties or disclaimer of implied Terms and Conditions in contracts with consumers, so some or all of the exclusions of warranties and disclaimers in this section may not apply to the Customer.
Limitation of Liability
To the fullest extent permitted by applicable law:
In no event will the Operator be liable for any indirect, special, incidental, consequential or exemplary damages of any kind (including, but not limited to, where related to loss of revenue, income or profits, loss of use or data, or damages for business interruption) arising out of or in any way related to the form of action, whether based in contract, tort (including, but not limited to, simple negligence, whether active, passive or imputed), or any other legal or equitable theory (even if the Customer has been advised of the possibility of such damages and regardless of whether such damages were foreseeable); and
In no event will the Operator aggregate liability, whether in contract, warranty, tort (including negligence, whether active, passive or imputed), or other theory, arising out of or relating to this Terms and Conditions; The Parties shall be responsible for compliance with terms and conditions, for fulfillment of the Customers commitments and guarantees in the manner and in the amount prescribed by this Terms and Conditions, in particular:
In case of filing accusations, claims or lawsuits to the Operator related to non-compliance by the Customer engagements, the Customer agrees to solve such claims or actions on his own and at his own expense, as well as fully compensate the Operator’s documented proven losses, court fees, legal costs, incurred in connection with the refusal of the Customer or untimely fulfillment of his obligations by the Customer.
In case of the Customer’s violation of his obligations of this Terms and Conditions, the Operator reserves the right to:
- demand full compensation from the Customer for losses caused by every violation;
- bring a case before a court if the compensation doesn't cover the Operator’s loss;
- release the information relating to the Customer identity and location to any authorized officer in accordance with applicable law.
If Applicable law does not allow all or any part of the above limitation of liability to apply to the Customer the limitations will apply to the Customer only to the extent permitted by Applicable law. Customer understand and agree that it is his/her/its obligation to ensure compliance with any legislation relevant to his/her/its country of domicile concerning use of the Website.
Termination & Remedies for Breach of these Terms by You
The Operator reserve the right at our own discretion to close Your Account with at least 24-hour notice. If at the expiry of that period, your positions are still open, the Operator will close them.The Operator may freeze any Account in the event that the Operator suspect or have evidence that You are engaged in suspicious trading or other activity or have breached any of the above terms or warranties. This may result in the unwinding of any trades You have entered into, including the liquidation of any open positions. The Operator expressly exclude any losses or profits You would have made as a result of us closing Your trade positions early or You not being able to trade on the Website and You agree to indemnify the Operator completely against any third-party action resulting from Your conduct or us having to close Your positions early. While Your Account is frozen the Operator will investigate and may require You to cooperate with our enquiries. During the investigation stage You may not be able to make deposits or withdrawals to your Account nor will You be able to trade or open any new positions. At the end of the investigation the Operator may, at our own discretion, decide to close Your Account for which we are not required to provide You with any reasons for the same.
Absence of Waiver
Any failure or delay the Operator to enforce any of the terms or to exercise any right under the Terms and Conditions will not be construed as a waiver to any extent of our rights.
All questions concerning the construction, validity, enforcement and interpretation of this Terms and Conditions shall be governed by and construed and enforced in accordance with the laws of Saint Vincent and the Grenadines.
To resolve any dispute, controversy or claim between the Customer and the Operator shall be held harmless for partial or absolute default on their respective obligations under the Terms and Conditions, if such default is caused by the circumstances of insuperable force that occurred after execution of the terms and conditions as result of extraordinary events, i.e. natural disasters, epidemics, fires, floods, explosions, military activities.The Customer or the Operator affected by the circumstances of insuperable force shall, within five (5) business days, notify the Customer or the Operator on such circumstances providing independent evidence of existence of the circumstances of insuperable force issued by a relevant government or administrative authorities.
Arising out of or relating to this Terms and Conditions or the breach thereof, the Parties agree first to negotiate the issue in good faith for a period of not less than thirty (30) days following written notification of such controversy or claim to the other Party.If the negotiations do not resolve the dispute, controversy or claim to the reasonable satisfaction of all Parties during such period, then the Parties irrevocably and unconditionally submit to the respective claim to the binding arbitration administered by the competent court of Saint Vincent and the Grenadines in accordance with the rules of the arbitral tribunal, in English language, in writing on the basis of the documents submitted.
If any term, provision, covenant or restriction of this Terms and Conditions is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the Terms and Conditions, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions of the Terms and Conditions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.
The English version of this Terms and Conditions shall prevail in case of differences in translation. Any notice or other communication under this Terms and Conditions shall be in writing and shall be considered given and received when sent by email. The Customer’s official email for communication shall be deemed the email specified by the Customer during the registration on the Website. The language of the communication shall be English.Except as otherwise provided in this Terms and Conditions, this Terms and Conditions and the rights and obligations of the parties hereunder will be binding upon and inure to the benefit of their respective successors, assigns, heirs, executors, administrators and legal representatives. Operator may assign any of its rights and obligations under this Terms and Conditions. No other party to this Terms and Conditions may assign, whether voluntarily or by operation of law, any of its rights and obligations under this Terms and Conditions, except with the prior written consent of the Operator.