Terms of Service
OnolyTradeThese Terms of Service were prepared in the English language. In case of any conflict, discrepancy or ambiguity between the English version and any translated version, the English version will prevail.
These Terms of Service apply to the Website and all of your use of the Website and your use of any of our services (including -without limitation- any trade in the Products) offered by Onolytrade. Please read these Terms of Service carefully before you use the Website or any of our services. If you have any questions, please contact us by sending an email to onolytradehelp@gmail.com. By accessing and using the Website and/or using any of our services in any manner, you acknowledge that you have read, understood and agree to these Terms of Service.
This Public Offer Agreement, hereinafter referred to as the Agreement, regulates the procedure and rules for the provision of the service The Platform is made available by OLT Germany Inc., a corporation incorporated under the laws of Germany, registered at the (Mercantile) Record No 145682920 on 11 September 2019, with registered address at aunusanlage 12, 60325 Frankfurt am Main. OLT is the controller for the processing of your personal data., presented on the Internet at: www.onolytrade.com. This Agreement is accepted electronically and does not require its signature by the parties. This Agreement is a translation of the agreement from English and is provided for informational purposes only.
Opening a Client Profile on the official website of the Company means automatic acceptance by the Client of all provisions of this Agreement. The Agreement remains in force until it is terminated by one of the parties.
• General Provisions
1.1 The service provided by the Company is an Internet service that uses the official website of the Company and its trading server to conduct trading operations. Use of the service requires a high-quality and stable Internet connection on the Client's side.
1.2. In its activities, the Company is guided by existing legislative norms regarding combating money laundering and terrorist financing. The Company requires the Client to enter personal data correctly and reserves the right to identify the Client using the means available to it for this purpose, namely:
1.2.1 Uploading scanned copies of documents certifying the Client's identity and actual residential address to the Client's profile;
1.2.2 Calling the Client at the phone number indicated by him;
1.2.3 Other means necessary at the discretion of the Company to confirm the identity and financial activities of the Client.
1.2.4 Filling in the data in writing. In this case, editing the saved data is impossible. The Company shall not be liable for filling in incorrect data. When changing the data after saving, the Client will need to contact support in a convenient way and make a request to change the data. The data change period is set at 90 business days.
1.3 The Client, regardless of his legal status (individual or legal entity), is prohibited from having more than one active trading account with the Company. The Company reserves the right to terminate this Agreement or reset the results of trading operations in the event of an attempt to re-register the Client Profile in the Client Account or in cases of using several trading accounts by the same Client.
1.4 The Client Profile is registered in the secure area of the official website of the Company in the Client Account. The Company guarantees compliance with the requirements for ensuring the confidentiality of all personal data of the Client in accordance with the provisions of Section 8 of this Agreement.
1.5 The Client is responsible for the safety of the key data received from the Company for entering the Client Account; in the event of loss of access to the Client Account, the Client is obliged to immediately notify the Company about this in order to block the funds in his trading account.
1.6 When the Client registers his Client Profile, the Company automatically provides him with a Trading Account, on which the Client carries out all trading and non-trading operations.
1.7 The Company quotes Clients using its own paid quote sources, applying quote flow processing in accordance with the needs of ensuring liquidity of the contracts opened by Clients. Quotes from any other companies, as well as those taken from other, even paid, quote sources, cannot be taken into account when considering disputes.
1.8 The Company provides the Client with a specially prepared web interface (trading terminal) for carrying out trading operations within the Client Cabinet.
1.9 The Company prohibits the Client from resorting to any type of fraud that may be considered as such by the Company in the Client's actions aimed at making a profit using services or actions not provided by the Company, vulnerabilities in the system, speculation on bonuses, collusive trading by a group of persons, including, but not limited to, hedging of trading operations from different accounts, speculation on assets with problematic volatility, etc. In this case, the Company reserves the right to terminate this Agreement or zero out the results of trading operations.
1.10 The Company reserves the right to terminate this Agreement or suspend any communications with the Client in cases of detection of an unfair attitude towards the Company as a whole and towards the services provided in particular, as well as including, but not limited to, insulting the employees and partners of the company, slander, publishing false information about the company, negative reviews, an attempt at blackmail or extortion on the part of the Client.
1.11 The Company reserves the right tothe right to prohibit the Client from copying the trading operations of other traders in the event of speculation and other abuses at the Company's discretion.
1.12 The Client undertakes to comply with the laws of the country in which it operates.
1.13 The Company reserves the right to limit the availability of the offered functions and services, as well as incentive benefits at its own discretion without the need to provide any explanations to the Client.
• Procedure for performing non-trading operations
2.1 Non-trading operations include operations of replenishment of the Client's trading account and withdrawal of funds (deposit and withdrawal of funds). All such operations are final (without the possibility of recall) after their full processing and crediting.
2.2 Non-trading operations are performed by the Client using the functionality of the Client's Account. The Company does not perform non-trading operations using conventional means of communication.
2.3. When performing non-trading operations, the Client is allowed to use only personal funds located in electronic and bank payment accounts belonging to the Client.
2.4 The currency of the trading account is the US Dollar. The balance of funds in the Client's trading account is displayed in this currency. The currency of the trading account cannot be changed. When the Client deposits funds into his trading account, the deposit amount is automatically recalculated from the currency used by the Client to the currency of the trading account. The same operation occurs when processing the withdrawal of funds.
2.5. The Company, if there is a need to recalculate funds from one currency to another, uses the conversion rate of the electronic payment system at the time of the non-trading transaction.
2.6 The Company sets the following minimum amounts (unless otherwise specified) for non-trading transactions: - replenishment of the trading account - 10 USD; - withdrawal from the trading account - 50 USD.
2.7 If the Client uses different wallets to replenish the trading account, the withdrawal of funds to them is carried out in the same proportion in which the replenishment took place. In this case, the amount of trading profit can be divided in half between different wallets. If the Company is unable to ensure the withdrawal of funds to the details specified by the Client, the Company is obliged to notify the Client about this in order to change the selected payment systems or wallets.
2.8 If the Client uses bank cards to replenish the trading account, the Client agrees that the Company can save the payment details of the bank card in order to implement the "quick replenishment" function of the trading account in one click, when the Client uses the corresponding functionality in the Client's Cabinet. The Client can disable this service upon request by contacting the Company's support service. 2.9 At the request of the Company, the Client undertakes to provide confirming scans / photographs of the cards used to replenish the Trading Account, for verification purposes, and also excludes the possibility of any claims against the Company regarding the deposited funds.
2.10 In order to ensure compliance with the requirements of generally accepted legislative norms, as well as to protect the funds of the Clients, the withdrawal of funds is carried out in the same payment system in which they were deposited, using the same payment details.
2.11 The Company does not allow the service it provides to be used as a means of making a profit from non-trading operations, or in a way other than the direct use of the service it provides.
• Relationships between the parties
3.1 The Client has no right to request any trading recommendations or other information from the Company's representatives that motivates the Client to perform trading operations. The Company undertakes not to provide the Client with any recommendations that directly motivate the Client to perform any trading operations. This provision does not apply to the issuance of general recommendations by the Company on the use of trading strategies.
3.2 The Client guarantees the Company protection from any liabilities, expenses, claims, damages that the Company may incur, both directly and indirectly, due to the Client's inability to fulfill its obligations to third parties, both in connection with its activities in the Company and outside of it.
3.3 The Company is not a provider of Internet access services and cannot assume responsibility for the fulfillment of any obligations in the event of any failures in communication channels or other communications.
3.4 The Client is obliged to provide the Company's employees, upon their request, with copies of documents certifying his identity and actual residential address, as well as to comply with any other verification requirements determined by the Company.
3.5 The Client undertakes not to disseminate any information about the Company in any media (Internet forums, blogs, newspapers, radio, television, including but not limited to the above) without prior approval of the content with its official representative.
3.6 The Company reserves the right to change this Agreement in whole or in part, without prior notice to the Client. The current Agreement can be found on the official website of the Company, the revision date is indicated in the relevant section.
3.7 The Company shall not be liable to the Client for any damages or losses incurred by him as a result of using the service provided by the Company; it does not compensate for moral damage or lost profits, unless otherwise specified in the text of this Agreement or in other documents of the Company.
3.8 The Company provides for the following procedure for settlements with Clients:
3.8.1 Replenishment of Clients' trading accounts with funds for work is carried out, mainly, automatically, without the participation of the Company's personnel. In exceptional cases, if there are failures in the software of intermediaries involved in the crediting of funds, the Company, at its own discretion, may credit funds to Clients' trading accounts manually. When crediting funds to the Client's trading account manually, the Client must provide the date and time of the funds transfer, the name of the payment method, the transaction identification number, and the sender and recipient wallet numbers when contacting the support service.
3.8.2 Funds can only be withdrawn from Clients' trading accounts manually after the Client has filled out the appropriate form in the Client's Account. When withdrawing funds, the amount of open trading positions must exceed the replenishment amount, based on compliance with the Anti-Money Laundering (AML) Policy. When withdrawing, the Client cannot withdraw an amount that exceeds the available balance in the Client's trading account. When the Client submits a request for withdrawal of funds, the amount withdrawn from the trading account is debited from the available funds in the Client's trading account. The actual transfer of funds is executed within a period not exceeding three business days. If necessary, the Company reserves the right to increase the processing time for a withdrawal request to 14 business days, having notified the Client in advance.
• Risk Disclosure
4.1 The Client assumes the following types of risks:
4.2 General risks when investing, related to the possible loss of invested funds as a result of completed trading operations. Such risks are not subject to state insurance and are not protected by any Legislative Acts.
4.3 Risks related to providing trading operations in the "online" mode. The Client understands that his operations are provided using the electronic trading system and are not directly connected with any operating global trading platforms. All communications are carried out through communication channels.
4.4 Risks related to the use of electronic payment systems.
4.5 The Client understands that he cannot invest in his trading account funds, the loss of which will significantly worsen his quality of life or create problems for the Client in relations with third parties.
• Validity period and termination procedure of this Agreement
5.1 This Agreement shall enter into force from the moment the Client first logs into his profile at www.onolytrade.com (registration of the Client Profile) and shall be valid for an indefinite period.
5.2 Either Party may terminate this Agreement unilaterally:
5.3 The Agreement shall be deemed terminated at the initiative of the Client within seven business days from the moment the Client Profile is closed in the Client Account, or the Company receives a written notice from the Client containing a statement on termination of the Agreement, provided that the Client has no unfulfilled obligations under this Agreement.
5.4 The Company has the right to terminate the Agreement with the Client unilaterally without giving reasons. In this case, the Company undertakes to fulfill financial obligations to the Client within 90 business days, existing at the time of termination of the Agreement, provided that the Client has no unfulfilled obligations under this Agreement.
5.5 The Company has the right to terminate the Agreement unilaterally without prior notice to the Client in the event of the Client's violation of one or more terms of this Agreement.
5.6 This Agreement shall be deemed terminated with respect to the Parties from the moment the Client and the Company have fully fulfilled their mutual obligations under previously completed Non-trading Operations and have paid off all debts of each of the Parties to the Agreement, provided that the Client has no outstanding obligations under this Agreement.
Article 6. Trading
6.1. No refunds: Placing Orders and making Trades is at your own risk. Any Trade you make, whether on purpose or by mistake, is final and cannot be reversed. No refund of any Trade shall take place.
6.2. Reversing/adjusting Trades: We reserve the right to reverse a Trade or adjust the price of a Trade that we regard as being abnormal in respect of the price level to be expected from an orderly market, without being liable for any damages resulting from such reversal or adjustment.
6.3. Trading pause: We reserve the right to halt or limit the possibility to place Orders or make Trades on the Platform, without being liable for any damages resulting from halting or limiting trading.
6.4. Trading restriction: We reserve the right to (i) limit your right to place Orders; (ii) cancel Orders; and/or (iii) partially or entirely close any or all of your Positions. The latter includes, but is not limited to, a Position that is profitable and/or a Position that does not breach any margin requirements. We can do this -without limitation- in order to reduce or close counterparty Position(s) that have breached the margin requirements. We are not liable for any damages that you might incur due to such measures. In the event we close any Position of you on basis of this clause, we can determine the price you will receive for the Product of which the Position is closed at our sole discretion, but in principle, this will be the Mark Price.
6.5. Forced deleveraging: Under extreme market circumstances, in order to protect the integrity of Onolytrade and the Platform, we reserve the right to partially or entirely close your Position(s) to be able to close positions of counterparties to help prevent counterparty bankruptcies, where the liquidity in the market is not enough to take over positions of counterparties that are on the verge of bankruptcy or already bankrupted. (Bankruptcy is defined in 6.7 below). In the event we close any Position on basis of this clause, we can determine the price you will receive for the Product of which the Position is closed at our sole discretion, but in principle this will be the Mark Price. In case of liquidation on basis of this clause 6.5, whether or not any compensation from the Insurance Fund will be provided will be determined by us at our sole discretion.
6.6. Liquidation: If your available funds are insufficient for your Position(s), then your Position(s) will be incrementally closed against the then-available prices in the market until your funds are sufficient for the remainder of your Positions, in accordance with the applicable terms and policies for the relevant Product.
6.7. Bankruptcy: If your Positions have been liquidated and the amount of Cryptocurrency in your Wallet is insufficient to cover your (additional) losses, your Account is bankrupt. We will reset the balance of the relevant Cryptocurrency in your Account to zero by transferring funds from the Insurance Fund to your account.
6.8. Insurance Fund: The fund that will be used to cover for losses of bankruptcies. The balance of the Insurance Fund and terms that apply are available on our Website. If bankruptcies in a session deplete the Insurance Fund, any further losses will be covered by profits made by traders on the Platform on a pro-rata basis. In such a case, all winning traders of a session would get taxed a percentage on their profits to cover for the bankruptcies of other Accounts.
Article 7. API
7.1. Use & Availability: you acknowledge and accept that the API may not be available at all times. We are not responsible for any wrong Orders or other incorrect actions on our Platform when using our API.
7.2. Costs: Upon notifying you in advance, we are entitled to amend the fees that apply to the use of our API.
7.3. Discontinuation: We reserve the right to, without prior notice, terminate the support of the API and to limit or suspend the functionality thereof.
Article 8. Fees & Withdrawals
8.1. Fees: You acknowledge and agree that fees will apply when you use our Platform. Depending on the type of Trade you conclude on our Platform, we will charge a transaction fee or grant a transaction rebate, which will be deducted from or added to the value of the Trade. The applicable fees and rebates per Product and per type of Trade may be amended from time to time and are available on our Website.
8.2. Withdrawal: You may withdraw your available Cryptocurrency from your Wallet, provided that i) your withdrawal request exceeds the minimum withdrawal requirement as communicated on the Platform; and ii) your available margin balance remains sufficient to uphold your Positions. The fee for a withdrawal depends on the current state of the network of the Cryptocurrency. We are not responsible, nor liable, for any fees that may apply to your withdrawal request or otherwise alienate Cryptocurrency from your Wallet. Except as required by facially valid court order, we will not sell, transfer, loan, hypothecate or otherwise alienate or encumber Cryptocurrency in your Wallet unless specifically agreed with you.
8.3. Delay: You acknowledge and accept that we may not be able to immediately execute any withdrawal request (for instance due to offline storage of Cryptocurrency). We use our best efforts to execute a withdrawal request within 48 hours. We are not liable for any damages incurred due to a delay in executing your withdrawal request.
8.4. Withdrawal freeze: We may suspend a withdrawal request and/or limit your right to withdraw Cryptocurrency for a period of time, for instance, if we are required to investigate a request or suspect a violation of these Terms of Service, applicable law or other applicable terms, or to comply with the terms of any facially valid subpoena or other judicial order.
Article 9. Liability
9.1. Limitation of liability: If we are liable as a result of an attributable breach of our obligations, an unlawful act or otherwise, our liability will be limited to compensation of only your direct damages to a maximum of the fees paid by you to us during the six (6) month period prior to the cause of such liability.
9.2. Indirect damages: Any liability of us for damages other than direct damages (“indirect damages”), including – but not limited to – consequential damages, loss and/or damage of data, loss of profits, business opportunity, revenue or goodwill as well as lost Trades or sales, is excluded.
9.3. Unavailability: We are not liable for any damages you may incur due to (parts of) the Platform or the API being (temporarily) unavailable.
9.4. No limitation: The limitations and exclusions of liability mentioned in the preceding paragraphs of this article will lapse if and in so far as the damages are the result of our intentional or wilful recklessness.
9.5. Notice of liability: In no event, we shall be liable to pay any compensation for your damages before you have reported the damages to us in detail. Any claim for compensation will lapse if you have failed to report such claim to us within three months after such damages arising.
Article 10. Force Majeure
10.1. Force Majeure: any event beyond our reasonable control, such as – but not limited to – flood, extraordinary weather conditions, earthquake, or any other Act of God, fire, war, insurrection, riot, labour dispute, accident, the action of government, failure of our suppliers to comply with their obligations, a communications failure (including internet), power failure, or equipment or software malfunction shall qualify as a “Force Majeure Event”.
10.2. Excused Performance: Any non-performance from our side that is the result of a Force Majeure Event shall not be attributable to us.
10.3. No liability: We shall not be liable for any damages which we could not prevent due to a Force Majeure Event.
Article 11. Warranties & Indemnification
11.1. Your warranties: when using your Account and/or the Platform you represent and warrant that:
a. you have accepted our Terms of Service;
b. you are at least 18 years old (or at least the age to enter into legally binding contracts in your jurisdiction, when higher) and have the capacity to create an Account and use the Platform;
c. you are not a resident or representative of an entity in the sense of article 2.4 of these Terms of Service;
d. if you are using our Platform on behalf of your organization, you are authorized to do so. The relevant organization will be liable for your actions, including any breach of these Terms of Service;
e. you, or any party affiliated to you, are not in any way sanctioned by or under investigation in relation to anti-money laundering laws, counterterrorism financing laws, anti-corruption laws, economic sanctions laws or related regulations;
f. you will not use the Website or API in any way that causes, or may cause, damage to the Website, the Platform or impairment of the availability or accessibility of the Website and/or the Platform, or in any way which is unlawful, illegal, fraudulent or harmful, or in connection with any unlawful, illegal, fraudulent or harmful purpose of activity;
g. you will not use the Website or API to copy, store, host, transmit, send, use, publish or distribute any material which consists of, or is connected to, any spyware, computer virus, Trojan horse, worm, keystroke logger, rootkit or other malicious computer software;
h. you will not perform any (distributed) denial of service or other malicious attacks, or conduct any systematic or automated data collection activities (including without limitation scraping, data mining, data extraction and data harvesting) on our systems;
i. you will only deposit in your Account, trade and withdraw Cryptocurrency from your Account that are your own and that have been legally obtained by you;
j. the Cryptocurrency deposit addresses and withdrawal addresses you have provided to us are your own and that you have full control over these addresses;
k. you are aware of the risks using our Platform, including, but not limited to, high volatility risk of Cryptocurrency and the fact that you may lose all your Cryptocurrency in your Account if the market moves against you;
l. you will at all times comply with applicable laws and regulations;
m. you have knowledge and experience in trading the Products we offer and are aware of the risks related to our Platform and services, including losing all the Cryptocurrency you deposit in your Wallet;
n. you will not be involved or initiate any form of market manipulation, including spoofing orders or otherwise;
o. and the information and documents you provide are correct, genuine and up to date.
11.2. You shall indemnify, hold harmless and defend us from any claim, demand or penalty (including -without limitation- attorneys’ fees and any fines, fees, or penalties imposed by any regulatory authority) arising out of or in connection to your use of the Platform, breach of these Terms of Service, your violation of any law, rule, regulation or the rights of any third party.
Article 12. Privacy
12.1. Use of personal data: You warrant that the personal details you provide to us are at all times correct and up to date. We will at all times process your personal data in accordance with our Privacy Policy. You authorize us to process your personal information in accordance with our Privacy Policy.
Article 13. Intellectual Property Rights
13.1. Ownership: The Intellectual Property Rights in relation to our Platform, are held by us or our licensor(s). Nothing in these Terms of Service may be construed to constitute a transfer of Intellectual Property Rights from one party to the other.
13.2. License: Under the condition that you comply with these Terms of Service, you are granted a non-exclusive, non-sublicensable and non-transferable right to access and use the Platform, including our Website, your Account and all materials made available on our Platform for your own personal use and to the extent required for your use of our services only.
Article 14. Suspension & Termination
14.1. Termination by you: You are entitled to terminate your agreement with us by sending an email to the address provided on our Website.
14.2. Suspension: if we suspect that you have breached these Terms of Service, applicable law and/or the trading terms provided on our Website, we may temporarily suspend your Account and limit your trading. We are entitled to limit your right to place Orders, cancel Orders and/or close your Positions during this investigation. Deposits or withdrawals of Cryptocurrency may be limited by us. We are not liable for any damages you may incur due to such measures.
14.3. Termination by us: We reserve our rights to terminate your Account at any time and without stating reasons. Unless we are required otherwise by applicable law or a judicial order, we will provide a notice period of seven days before your Account is terminated. During this notice period you will be able to close your Positions and withdraw Cryptocurrency from your Wallet. After the notice period has lapsed, we are entitled to immediately close any Positions that may still be open and return any remaining Cryptocurrency to you. We will not be liable for any damages you may incur due to us invoking our right to terminate your Account.
14.4. Survival: The terms of these Terms of Service that are constituted to survive termination of our agreement shall remain applicable in case of termination of such agreement, including, but not limited to, the following articles: Article 2, Article 9, Article 11, Article 12, Article 14, Article 15, Article 16 and Article 17.
Article 15. Enforceability
15.1. Enforceability: If at any time any provision of these Terms of Service is or becomes illegal, void or invalid, such invalidity shall not affect the validity of the remainder of the Terms of Service. We will replace such invalid provision by such other provision which, being valid in all respects, shall have an effect as close as possible to that of the replaced provision.
Article 16. No Waiver
16.1. Any failure or delay by us to enforce any provision of these Terms of Service or to exercise any right under these Terms of Service will not be construed as a waiver to any extent of our rights.
Article 17. Governing Law
17.1. Governing law: These Terms of Service and all of the agreements to which these Terms of Service apply are governed by the laws of the Germany.
17.2 Disputes, conflict, controversies or claims of any kind in connection with these Terms of Service and/or your use of the Platform, whether arising out your use of the Platform, the Products, or otherwise, shall be subject to the sole and exclusive jurisdiction of the Courts of Germany, without regard to choice of law principles. No other Court or Dispute Resolution Forum shall have jurisdiction over disputes between us or claims by you against us.
17.3 We reserve the right to follow up on court orders and to provide information to law enforcement agencies globally if we receive a request from such a law enforcement agency. We require that the request of a law enforcement agency is accompanied by an appropriate legal process. For example, production orders, search warrants, freezing orders, seizure orders and subpoenas, but also requests for voluntary disclosure of data may all amount to legal process.
The latest changes to these Terms of Service were made on 29 January 2021.