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Terms of Use

Covesting aims to offer its clients the most transparent framework and discloses all cooperation terms in detail. Creating a secure environment for our clients is our first priority

Terms of use

These Terms of Use constitute an electronic agreement between you (hereinafter the “User”) and Covesting International Limited, of 57/63 Line Wall Road, Gibraltar (hereinafter “Covesting”) that applies to the User's use of this website, any and all services, products and content provided by Covesting.

As used herein, “Covesting” refers to the company Covesting International Limited, including but not limited to, its owners, directors, investors, officers, employees, agents or other related parties, unless otherwise provided herein.

A User may be a physical person or corporate entity represented by a physical person using the Services (as hereafter defined).

These Terms of Use contain important provisions, which the User must consider carefully when choosing whether to visit the Site and use the services, products and content of Covesting. Please read these Terms of Use and the accompanying Risk Disclaimer, which are hereby incorporated into these terms, carefully before agreeing to them.

The User is solely responsible for understanding and complying with any and all laws, rules and regulations of their specific jurisdiction that may be applicable to the User in connection with the use of any and all services, products and content of Covesting.

These Terms of Use incorporate Covesting's Privacy Policy, Risk Disclaimer, as well as any other policies published on the Site by reference, so by accepting these Terms of Use, the User agrees with and accepts all the policies published on the Site.

IF THE USER DOES NOT ACCEPT THESE TERMS OF USE, THE USER AGREES THAT THEY SHALL NOT ACCESS THIS SITE AND SHALL NOT USE ANY OF COVESTING'S SERVICES, PRODUCTS AND CONTENT.

1. Definitions

1.1. Capitalized terms used in these Terms of Use shall be interpreted in accordance with the definitions provided below:

Account: means an account registered by the User on the Platform.

Base Currency: means the first symbol in the trading pair.

Buyer: means the User who submits an Order to buy Cryptocurrencies through the Platform.

Commission: means a fee charged by or on behalf of any third party (e.g. bank, non-bank financial institution, payment service provider, etc).

Corporate User: the legal entity with ultimate responsibility for the Account opened and operated in its name.

Counterparty Exchange: means a partner exchange where Covesting has a corporate account.

Cryptocurrency: means peer-to-peer decentralized digital representation of value (e.g. bitcoins, ethers, etc.).

Deposit: means a Transaction whereby the User makes a transfer of Funds to the Account.

Fee Schedule: means the table of fees published at https://covesting.io/fees or at any other site determined by Covesting from time to time.

Fiat currency: means government-issued currency, that is designated as legal tender in its country of issuance through government decree, regulation, or law.

Financial Institution: means any bank or other financial institution or payment service provider with which Covesting or the User interacts in the course or using or providing the Trading Platform or otherwise receiving or providing the Services, as applicable.

Funds: means Cryptocurrency or Fiat currency or a combination of both.

Market Maker: A liquidity provider that quotes both a buy and a sell price in an Asset.

Model Traders: Traders who make commissions from followers using the Social Trading model.

Order: means the User's instruction to execute a Transaction including, without limitation, the following:

a Market Order which means an instruction to buy or sell an Asset immediately, whereby:

- a Market Buy Order means an instruction to buy immediately, and

- a Market Sell Order means an instruction to sell immediately;

a Limit Order which means an instruction to buy an Asset at a specific price (“Limit Price”), whereby:

- a Buy Limit Order means an instruction to buy at the Limit Price or lower, and

- a Sell Limit Order means an instruction to sell at the Limit Price or higher;

a Stop Order (also referred to as a stop-loss order) is an instruction to buy or sell an Asset once the price of the Asset reaches the specified price (“Stop Price”). When the Stop Price is reached, a Stop Order becomes a Market Order.

Platform: means an environment created by Covesting that allows to trade Cryptocurrencies.

Rollover fee: means estimated fee that is charged by Covesting from the User's balance to rollover a position.

Seller: means the User who submits an Order to sell Cryptocurrencies through the Platform.

Service(s): means all and any service provided by Covesting, as set out at 2.1.

Site: means the Covesting website at https://covesting.io and https://ci.covesting.io.

Social Trading: means the process of engaging in copy trading on the Covesting platform, including assessing Model Traders and making decisions to follow any Model Trader and copy trade.

Token: a cryptocurrency which is listed or which a Corporate User is currently seeking to list on the Platform.

Trade Confirmation: an exchanges written acknowledgment that the trade has been executed. It is in electronic form and records information such as the date, price, commission, fees and settlement terms of the trade. Trading Platform: means the exchange provided by Covesting to the User as a medium for engaging in Transactions.

Transaction: means buying or selling Cryptocurrency on the Trading Platform.

Transaction Fee: means a fee which is payable to Covesting for each completed Transaction.

Transaction Price: means the total price paid by the Buyer in respect to each Transaction performed via the Service.

User: means a person or an entity that uses the Services to follow the Terms of Use and is a holder of an Account.

Withdrawal: means the User´s withdrawal of Cryptocurrencies or Fiat currencies from their Account.

1.2. Where the context so admits words denoting the singular shall include the plural and vice versa.

2. The scope of the services

2.1. These Terms of Use cover the Services, which include allowing all Users of the Platform to trade Cryptocurrencies with other Users, all services provided in connection with the Transaction, the use of Covesting's Social Trading service, downloadable material from the Covesting website, real time information on currency conversion rates, tools for executing Transactions and any other content, services or features that Covesting may add in the future. Corporate Users shall also entitled to make an application to list a proprietary Token on the Platform, subject to acceptance under the Token listing procedure which shall be notified to the User.

2.2. Depending on the User's place of residence, the User may not be able to use all the functions of the Site. It is the User's responsibility to follow those rules and laws in their place of residence and/or place from which the User accesses this Site.

2.3. The User acknowledges and agrees that when completing any Transaction or series of Transactions they are trading with other Users only and that Covesting acts only as an intermediary in such Transactions, not as the counterparty to any trade.

2.4. Specific provisions in respect of Social Trading.

2.4.1. Covesting's Social Trading Services allows the User to view the investment performance of a Model Trader by providing the User with detailed account information, trading history, risk profile and other pertinent information.. By selecting the Social Trading service, the User should bear in mind all aspects and factors including, but not limited to, the risk nature of the copied account and their investment objectives.

2.4.2. The User, while using the Social Trading service, acknowledges that the Social Trading Assessment is performed on the basis of the information and documents provided by the User, and the User confirms the truthfulness, correctness and completeness of such information. The User confirms that Covesting may rely upon such information and that they are responsible for any damages or losses which may result from any inaccuracies. The User can revisit your suitability questionnaire at any time and evaluate whether there has been a change to their experience, trading objectives and/or financial situation.

2.4.3. Covesting will be responsible to the User for:

- informing the User from time to time of the details of their Social Trading Assessment and investment profile; and

- executing all instructions generated by the Social Trading services and reporting to the User on the resulting transactions via the Platform. We do not provide investment advice, nor provide any personalized investment recommendations and/or advise the User on the merits of any investments.

2.4.4. In making a decision to copy a specific trader or traders, strategy and/or portfolio, the User acknowledges that they have considered their entire financial situation including financial commitments and understood that using Covesting's Social Trading service is highly speculative and that the User could sustain significant losses exceeding the amount used to copy a trader or traders. Please note that Covesting is unable to provide any guarantee as to the performance of any particular investment, account, portfolio or strategy. For further information in connection with the risks associated with our Service see the Disclaimer. The User acknowledges that they have considered all risks associated with the Services and Social Trading.

2.4.5. The User hereby authorises Covesting to limit and/or withhold its Social Trading services based on the User's investment profile and Covesting's ongoing suitability assessments in accordance with its policies and procedures.

2.4.6. The User further authorises Covesting to execute any and all Transactions and/or positions undertaken by the trader, account, portfolio and/or strategy the User chooses to follow using the Social Trading Service. All Transactions are done automatically once initiated by the User and do not require any prior consultation, consent or approval of ongoing activity/copied trades. The User hereby confirms that they acknowledge that at any time, upon their sole discretion, they can stop, pause, restrict and/or limit any Social Trading activity performed by you via the Site. The User remains, at all times, solely responsible for both monitoring and selecting and assessing: (i) the suitability of the copied accounts; and (ii) the overall performance of the copied trader, account, portfolio and/or strategy. When copying a transaction in the underlying asset of Cryptocurrencies, such copied transaction shall be a Transaction and shall be subject to the provisions of these Terms of Use.

2.4.7. Covesting shall continue to be committed to exercising reasonable endeavours to monitor the performance of copied trader, account, portfolio and/or strategy, against parameters established by it, which may include, risk behaviour, profitability, drawdown and any other parameters deemed relevant by Covesting and to stock and/or block any trader, account, portfolio and/or strategy from being copied. Covesting reserves the right to pause, to copy or stop copying any trader, account, portfolio and/or strategy, at its sole and absolute discretion.

2.4.8. Without derogating from the generality of the Disclaimer, the provision of Social Trading services does not constitute investment advice on the part of Covesting. The User is using the Social Trading services at their own risk and Covesting and its affiliates, employees, clients and agents will not be liable for any losses that you may sustain as a result of the User using such features. No copied trader, account, portfolio and/or strategy guarantees the future performance of the User's account, or any specific level of performance, the success of any investment strategy or the success of our overall management. Investment strategies are subject to various market, currency, economic, political and business risks. Investment decisions may not be profitable and may result in the loss of your entire invested amount. Past performance is not a guarantee or prediction of future performance.

2.5. The User acknowledges and agree that they have read, understood and accepted the Disclaimer as an inherent part of these Terms of Use. To the maximum extent permissible under the applicable law, neither Covesting nor any of its affiliates will be liable for (i) any loss arising from adhering to the User's written or oral instructions, (ii) any loss that the User may suffer by reason of any decision made or other action taken by an account elected to be copied by the User; or (c) specifically any loss arising from any investment decision made or other action taken or omitted in good faith by any copied account, strategy and/or portfolio. Nothing in these Terms of Use will waive or limit any rights that the User may have under any applicable laws which may not be waived or limited.

3. The User's rights and responsibilities

3.1. The User has the right to enter and use the Site and the Services, as long as they agrees to and actually complies with the Terms of Use. By using the Site, the User agrees to accept and comply with the terms and conditions stated herein.

3.2. The User undertakes to read the entire Terms of Use carefully before using the Site or any of the services provided by Covesting.

3.3. The User undertakes to comply with any and all applicable laws and regulations related to the use of the Services.

3.4. The User undertakes to monitor all and any changes on their Account, including but not limited to the balance matters.

3.5. The User undertakes to immediately (i.e. right after the moment of discovery) inform Covesting about any unusual, suspicious, unclear or abnormal changes on their Account. In case of late informing or non-informing the User will be liable for the breach of the Terms of Use and Covesting will have the right to take any further steps accordingly, including but not limited to report to the relevant state authorities.

3.6. The User agrees that, whenever the Transaction is made, the Platform sends and receives the monetary sums and/or Cryptocurrencies to/from the Buyer's and the Seller's Accounts opened in their name and on their behalf.

3.7. The User is responsible for safely storing any passwords, for choosing complex and difficult to decipher passwords, to ensure inviolability of the User’s account and undertakes to notify Covesting immediately of any unauthorized use of their Account or password, or any other breach of security by email addressed to info@covesting.io. Any User who violates the mentioned rules may be terminated, and thereafter held liable for any losses incurred by Covesting or any user of the Site.

3.8. The User undertakes not to use the Service to perform criminal activity of any sort, including but not limited to, money laundering, illegal gambling operations, financing terrorist organizations, or malicious hacking.

3.9. The User is responsible for any and all damages caused and all liability actions brought against Covesting for infringement of any third party rights or violation of any applicable laws.

3.10. Nothing in the Terms of Use excludes or limits the liability of the User for fraud, death or personal injury caused by your negligence, breach of the terms implied by operation of law or any other liability which may not be limited or excluded by law.

3.11. Users are solely responsible for determining whether any contemplated Transaction is appropriate for them based on your personal goals, financial status and risk willingness.

3.12. All added payment instruments to your Account, be it a bank account, credit card, debit card, or others must be named after the Account holder. Any attempt otherwise will be considered as fraud.

3.13. The User acknowledges that it shall be responsible for all Orders and instructions provided; the accuracy of all information sent via the internet in the User's name; and passwords and any other personal identification means implemented to identify the User.

3.14. The User acknowledges that Covesting may refuse to act upon any instruction from a Client or any person authorized by the User if Covesting reasonably believes that the transaction, pursuant to the instruction submitted, will be in violation of usual market practice, and/or applicable law, including, but not limited to, legislation on money laundering and insider trading.

3.15. The User acknowledges that Covesting cannot be held liable for the number of days passing between the transfer of Funds from their Account until the time that the transferred Funds are booked in the account with the receiving bank or between the transfer of Funds by the sending bank until the time that the transferred Funds are received by Covesting and booked on their Account.

3.16. The User acknowledges that subject to a transfer instruction being complete and correct, incoming transfers of fiat Funds will only be booked on the Account and be at the disposal of the User once Covesting has received the Funds.

3.17. Your acceptance as a Corporate User on our platform shall in no way transfer responsibility to us for your employees or any third parties such as your own clients. A Corporate User applying to list a Token acknowledges that the process for listing a Token takes place at Covesting´s sole discretion and that the Token application may be delayed, subject to due diligence or further due diligence, rejected or the Token listing cancelled for unspecified reasons by Covesting at any stage.

3.18. The User accept that failure to disclose any material information or any material change in your circumstances of which we become aware may result in the suspension or closing of your account immediately even if you are initially successful and that you fully bear all resulting liability for any direct or indirect loss or damage which you or any third party may suffer as a result of such suspension or closure.

4. The User's representations and warranties

4.1. By registering an Account, the User expressly represents and warrants that they:

- follow the rules and laws in their country of residence and/or country from which they access this Site and Services;

- has accepted these Terms of Use;

- if a physical person, is at least 18 years old and has the right to accept these Terms of Use and participate in transactions involving Cryptocurrencies and is of sound mind capable of taking responsibility for their own actions;

- that they are providing us with up to date, complete and accurate information and that you will update our records from time to time when the information submitted is out of date or no longer accurate;

- if a corporation or other legal person, that the physical person accepting these Terms of Use has all the requisite corporate permissions and authorities required to open an Account and enter into these Terms of Use on that entity´s behalf and that the opening of the Account is not in breach of any licence or other regulatory or legal prohibition which will negate such application;

- if a corporation or other legal person applying to list a Token on the Platform, that the physical person making the application has all the requisite corporate permissions and authorities required to list the Token on the proprietary entity´s behalf and that the listing of the Token is not in breach of any licence or other regulatory or legal prohibition which will negate such application or result in the cancellation or suspension of the Token from circulation or the Token listing;

- is not or acting on behalf of a politically exposed person and does not have a relationship (e.g. relative, associate, beneficial owner, etc.) with a politically exposed person. If this statement is untrue or inaccurate, please contact Covesting at info@covesting.io in order to understand how to continue using the Services;

- is not investing or using money through the platform that originated in any way through drug trafficking, abduction, terrorist activity or any other criminal activity that is unlawful or could be considered unlawful by any relevant authority;

- shall comply with all local regulative provisions, restrictions and law in their country of residence and that they have verified that their use of the Services does not violate any such laws or regulations of any jurisdiction that applies to them.

4.2. The User represents and warrants that they will only use the Platform to perform Transactions in accordance with the conditions set forth in these Terms and that they are duly authorised and have the capacity to enter into the Transactions on the Platform.

4.3. The User represents and warrants that any Funds deposited to the Account belong to the User and derived from legal sources.

4.4. The User represents and warrants than they will withdraw any Cryptocurrency from their Account only to their proprietary wallets. Covesting shall have no liability whatsoever for verifying the ownership of any wallet or for any consequences of any Withdrawal made to an Account erroneously or fraudulently notified to Covesting by the User.

4.5. The User represents and warrants that all Transactions being carried out do not violate the rights of any third party or applicable laws.

5. Covesting's rights and responsibilities

5.1. Covesting provides execution-only services to the User unless otherwise agreed.

5.2. Covesting accepts no obligation to provide advice, surveillance, information or recommendations in respect of any Asset or Service. Any information provided on the Site is for information and does not constitute legal or investment advice.

5.3. Covesting accepts no obligation to provide any advice to the User on any tax related matters. Covesting encourages the User to obtain independent advice from its financial advisor, auditor and/or legal counsel with respect to tax implications of the respective Services.

5.4. Covesting shall have the right to refuse any Orders including orders to establish new or larger positions or to buy or sell Assets.

5.5. Covesting shall have the right to reduce the size of the User’s open positions. Covesting will inform the User as soon as practicable regarding such reduction and the reason hereof.

5.6. Covesting may act as a Market Maker in certain assets.

5.7. Covesting, when acting as a Market Maker, may quote the User bid and ask prices. Notwithstanding this, the User agrees that Covesting has no obligation to quote prices to the User at any time in any given market, nor an obligation to quote prices with a specific maximum spread to the User.

5.8. Covesting may, at Covesting's absolute discretion, hedge any User position against the position of another User or a position with one of Saxo Bank's Counterparty Exchange or have a proprietary position with the intention to obtain trading profits from such positions.

5.9. Covesting, as Market Maker, may hold positions that are opposite to positions of the User, resulting in potential conflicts of interest between Covesting and the User.

5.10. Covesting does not guarantee any maximum or minimum quotable spreads on crypto-assets.

5.11. Covesting has the right to suspend the User's Account and block all Cryptocurrency, Fiat currency contained therein in case of non-fulfilment or unduly fulfilment of the Terms of Use by the User or at any other time at Covesting’s discretion, without providing prior notice.

5.12. Covesting undertakes to provide the Services with the utmost effort, due care and in accordance with these Terms of Use.

5.13. Covesting's responsibility shall be limited to using reasonable technical efforts to ensure the receipt of the Cryptocurrency transferred. When initiating Cryptocurrency Transactions to a user who is not the Covesting User, Covesting responsibility shall be further limited to ensuring the transfer of the necessary technical data to the Cryptocurrency network.

5.14. To the fullest extent permitted by law, Covesting is not responsible for any damages, unless the loss suffered is caused by a direct breach of the Terms of Use by Covesting. In no circumstances is Covesting responsible for loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, indirect or consequential loss.

5.15. Covesting is not responsible for any malfunction, breakdown, delay or interruption of the Internet connection or any reason why our site is unavailable at any given time.

5.16. Covesting is not responsible for the delay in the processing of payments made by the fault of any third parties, operators of such transactions.

5.17. In the case of fraud, Covesting undertakes to report all the necessary information, including names, addresses and all other requested information, to the relevant authorities dealing with fraud and breaches of the law. The Users recognize that their account may be frozen at any time at the request of any competent authority investigating a fraud or any other illegal activity.

5.18. The User acknowledged and agrees that once any Order has been placed has been placed, such Orders may not be cancelled or reversed.

5.19. Nothing in these terms excludes or limits the responsibility of Covesting for fraud, death or personal injury caused by their negligence, breach of the terms implied by operation of the law or any other liability which may not be limited or excluded by law.

6. Covesting representations and warranties

6.1. Covesting shall provide the Services with reasonable care and skill and in accordance with these Terms of Use.

6.2. Covesting will endeavour to provide that all Buy and Sell Orders made on the Platform, will be managed in an anonymous manner so that Buyers and Sellers are not acquainted with each other although Covesting cannot prevent and shall in no circumstances be responsible to a User for their own or any other User´s disclosure of any Transaction details of any Transaction to third third parties either directly or on social media.

7. Intellectual property rights

7.1. All content on this Site is the property of Covesting and is protected by copyright, patent, trademark and any other applicable laws, unless otherwise specified hereby.

7.2. The trademarks, trade names, service marks and logos of Covesting and others used on the Site (hereinafter the “Trademarks”) are the property of Covesting and its respective owners. The software, applications, text, images, graphics, data, prices, trades, charts, graphs, video and audio materials used on this Site belong to Covesting. The Trademarks and other content on the Site should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, whether manual or automated. The use of any content from the Site on any other site or a networked computer environment for any other purpose is strictly prohibited; any such unauthorized use may violate copyright, patent, trademark and any other applicable laws and could result in criminal or civil penalties.

7.3. Notwithstanding the provisions of sections 7.1 and 7.2, nothing in this section 7 shall confer proprietary rights on Covesting in the intellectual property of any Token listed on the Covesting Platform.

7.4. Any Corporate User making an application to list a proprietary Token shall be deemed to have granted a licence to Covesting to publish the Token on its Site and to otherwise make reference to the Token on its Site or in its marketing material for the duration that the Token is listed on the Platform. Covesting shall not be obliged to amend any previously published material referencing a cancelled or rejected Token irrespective of whether a Token is currently listed on the Platform.

8. User verification

8.1. Identification and verification procedures (also known as 'Know Your Customer' or 'KYC') are required for all the Transactions. If the User refuses to provide required documents and information under KYC, Covesting reserves the right to immediately terminate the Services provision to the User.

8.2. The User undertakes to provide Covesting with correct and relevant documents and personal information contained therein. In case the User provides counterfeit documents and false personal information, such behaviour will be interpreted as a fraudulent activity.

8.3. The User hereby authorise Covesting to, directly or indirectly (through third parties), make any enquiries we consider necessary to check the relevance and accuracy of the information provided for verification purposes.

9. Account maintenance

9.1. The Site is for the User's personal and non-commercial use only. Covesting is vigilant in maintaining the security of the Site and the Service. By registering with Covesting, the User agrees to provide Covesting with current, accurate and complete personal information as prompted by the registration process and to keep such information updated.

9.2. The User is allowed to register only one Account on the Platform. Thus, any additional Account may be suspended.

9.3. The User agrees that they will not use any Account other than their own or access the Account of any other User at any time, or assist others in obtaining unauthorized access.

9.4. Covesting reserves the right to recommend amount limits for the Account funding/withdrawal. Covesting could recommend daily, monthly and per one-transaction amount limits.

9.5. The User is responsible for maintaining the confidentiality of information on their Account, including, but not limited to their password, email, wallet address, wallet balance and of all activities including Transactions made via their Account. If there is any suspicious activity related to the User's Account, Covesting may request additional information from the User, including authenticating documents and freeze the Account for the review time. The User is obligated to comply with these security requests or accept termination of their Account.

9.6. Creation or use of the Accounts without obtaining a prior express permission from Covesting will result in the immediate suspension of all respective Accounts, as well as all pending buy/sell orders. Any attempt to do so or to assist others (Users or other third parties), or distribution of instructions, software or tools for that purpose will result in termination of such Users' Accounts. Termination is not an exclusive remedy for such a violation and Covesting may decide to take further action against the User.

9.7. In case it has been more than six (6) month since the User signed in with their Account or made a Deposit, Covesting has the right to qualify this Account as abandoned. In that case Storage fee will be applied to such Account with seven (7) days prior email notification to the User. Covesting will charge the Storage fee set forth herein. Abandoned Accounts with zero balances shall be deactivated.

10. Transactions

10.1. The Platform allows the User to submit Orders to buy or sell Cryptocurrencies and to engage in Social Trading.

10.2. The User recognizes that an Order should only be submitted after careful consideration and the User understands and accepts consequences of its execution. The User agrees that as soon as an Order is executed, such transaction is irreversible and may not be cancelled.

10.3. A Market Sell Order for any Asset is executed as soon as possible at the highest Bid price available on the Platform and proceeds to sell the Asset at successively lower prices until the entire Market Sell Order is matched and filled by corresponding Buy Orders for the said Asset or until no Buy Orders remain.

10.4. The User acknowledges and agrees that a Market Order prioritises certainty of execution over the price of execution of the Asset, that the resulting Transaction made may not execute at a price which corresponds to the highest price available on the Platform at the moment the Order is made and that large losses may be sustained by the User as a result; whereas, Limit Orders, conversely, deal primarily with price and that if the Asset´s value is currently resting outside of the parameters set in the Limit Order, a Transaction will not occur.

10.5. Transactions will be executed instantly upon the matching of the Buyer's and the Seller's Orders without prior notice to the Seller or the Buyer and will be considered to have taken place at the execution date and time.

10.6. The User acknowledges that only the Trade Confirmation made available to the User constitutes Covesting's confirmation of the execution of a Contract or order. Confirmation by the Trading Platform itself, when the User transmits instructions via the Trading Platform, does not constitute confirmation of the execution of or order. The User acknowledges and accepts that any Order is not guaranteed executable at the price or amount specified by the User.

10.7. The User acknowledges and agrees that in case the destination tag is not specified, is incorrectly indicated (in particular XRP, XLM) or the reference number is incorrectly specified (for Fiat transactions), the User may lose any Deposit or at least the processing speed of such requests will be made with low priority.

10.8. Minimum and maximum order amount vary for each trading pair.

10.9. The User acknowledges and agrees that Deposit and Withdrawal in Fiat currency or Cryptocurrency may be delayed or, in certain cases, rendered impossible due to the inherent nature of Cryptocurrency networks or third party bank verification and other mandatory or discretionary checks to which the User or Covesting may be subject.

10.10. Unverified Users are not allowed to withdraw from their Account.

10.11. The User shall be wholly responsible for (i) all Orders and other instructions provided; (ii) the accuracy of all information sent via the Internet in the Client's name; and (iii) passwords and any other personal identification means implemented to identify the Client.

10.12. In case the User discovers transaction activity, including but not limited to unknown Deposits and Withdrawals not initiated by the User, the User shall immediately notify Covesting of this fact and follow the instructions sent by Covesting. Otherwise, Covesting reserves the right to freeze the Account until the end of investigation.

10.13. Covesting may be forced to cancel or recall a previously executed Withdrawal at a request of financial institutions, including but not limited to banks, which are involved in settlement of such Transactions. In such cases the User obliges to cooperate with Covesting in order to discover the reasons for such request.

10.14. Covesting may be forced to cancel or recall a previously executed Withdrawal at a request of financial institutions, including but not limited to banks, which are involved in settlement of such Transactions. In such cases the User obliges to cooperate with Covesting in order to discover the reasons for such request.

10.15. Minimum deposit amount for Ethereum (ETH) is 0.001, for other Cryptocurrencies, such as Bitcoin (BTC), Bitcoin Cash (BCH), Zcash (ZEC), DASH and Bitcoin Gold (BTG) minimum deposit amount is 0.0001. If the amount is less than specified, Funds will not be credited to the User's Account. Covesting will not be liable for the Transactions, initiated by the User, below the prescribed limits.

11. Transaction Fee

11.1. The User agrees to pay Covesting the Transaction Fee for each completed Transaction.

11.2. Prior to trading, the User must consider the Transaction Fee rates published on the relevant Fee Schedule page. However, Covesting reserves the right to change the Transaction Fee rates from time to time publishing updates on the Fee Schedule page.

11.3. The Transaction Fee amount is automatically charged off in the currency indicated after symbol “/” in the trading pair after the relevant Transaction. Thus, for BTC/USD the fee is charged in USD; for ETH/BTC the fee is charged in BTC.

11.4. The minimum Transaction Fee equals to minimum currency amount. For Fiat currency it equals to 0.01, for Cryptocurrency it depends on the currency. The Transaction Fee is charged according to the Rounding policy.

11.5. Minimum and maximum price, as well as minimum and maximum order amount vary for each trading pair and can be seen on the Trade Page when placing an order.

11.6. For specific type of orders the Transaction Fee may differ from those published on the Fee Schedule page. Transaction Fee rate shall be disclosed before the order execution.

11.7. The Transaction Fee, other charges, as well as the charge procedure can be changed/reviewed unilaterally by Covesting from time to time and such changes shall become effective the moment they are posted on the Site.

12. Rounding policy

12.1. For all financial calculations Covesting uses the rounding policy in the favour of the Platform. Covesting rounds the Fiat currencies to the 2nd digit after the separator. The Rounding policy for Cryptocurrencies varies depending on Cryptocurrency.

12.2. For the purpose of the processes optimization, transactions on the Platform with regard to some items (including, but not limited to currencies, Cryptocurrencies, etc.) will not be reflected at the User's Account and will appear as soon as a unit is whole in accordance with the rounding standards.

13. Illegal transactions

13.1. Covesting reserves the right to suspend or terminate your Covesting Account at any time if we believe there is reasonable basis to be required to do so by the law or in order to comply with recommendations issued by a relevant government authority or recognized body for the prevention of financial crime.

13.2. It is strictly forbidden to use the Account for any illegal purposes. Covesting will report any suspicious activity to the relevant law enforcement.

13.3. The User shall ensure that they do not use the Services for the transactions relating to:

- money laundering, terrorist financing, proliferation of weapons of mass destruction; human trafficking;

- any goods or services that are illegal or the promotion, offer or marketing of which is illegal or that are offered in connection with illegal, obscene or pornographic content, depict children or minors in sexual postures, depict means of propaganda or signs of unconstitutional organisations glorifying war or violating human dignity;

- any goods or services, promotion, offer or marketing of which would violate copyrights, industrial property rights or other rights of any person;

- archeological findings;

- drugs, narcotics or hallucinogens;

- weapons of any kind;

- illegal gambling services;

- Ponzi, pyramid or any other “get rich quick” schemes;

- goods that are subject to any trade embargo;

- media that is harmful to minors and violates laws and, in particular, the provision in respect of the protection of minors;

- body parts or human remains;

- protected animals or protected plants;

- weapons or explosive materials; or

- any other illegal goods, services or transactions.

14. Security

14.1. The User is responsible for maintaining the confidentiality of their Account's credentials, including, but not limited to a password, email, wallet address, balance and of all activity including Transactions made through the Account. Covesting personnel will never ask the User to disclose their password. Any message the User receives or website that they visits that asks for the password, other than the Covesting Site, should be reported to Covesting. If the User is in doubt whether a website is genuine, it is required to ensure the website is EV SSL compliant (Security Certificate Validation is shown in the address bar of a web browser).

14.2. It is advisable to change the User's password regularly (at least every three (3) to six (6) months) in order to reduce the risk of a security breach in relation to the Account. Covesting also advises the User not to choose a password that is easily guessed from information someone might know or gather about the User or a password that has a meaning. The User must never allow anyone to access their Account or watch the User accessing their Account.

14.3. In addition, the User is responsible for implementing all reasonable and appropriate measures for securing the wallet, vault or other storage mechanism you use to send, receive or store Cryptocurrency, including any requisite private key(s) or other credentials necessary to access such storage mechanism(s). While reasonable measures have been taken to ensure the security of your Account and Deposits, Covesting is not responsible for the efficacy of any security measures relating to your receipt, possession, storage, transfer or potential future use of your Cryptocurrency, nor will we be under any obligation to recover or return any Cryptocurrency lost or stolen.

14.4. If the User has any security concerns about their Account, login details, password or wallet or other security feature being lost, stolen, misappropriated, used without authorization or otherwise compromised, the User is advised to change the password. The User must contact Support Service without undue delay on becoming aware of any loss, theft, misappropriation or unauthorized use of the Account, login details, password or other security features. Any undue delay in notifying Covesting may not only affect the security of the Account, but may result in the User being liable for any losses as a result. If the User suspects that someone else accessed their Account, the User should also contact an appropriate government agency and report the incident.

14.5. The User must take reasonable care to ensure that their e-mail account(s) are secure and only accessed by the User, as their e-mail address may be used to reset passwords or to communicate with the User about the security of the Account.

14.6. Covesting cannot be liable for the breaching of an e-mail account resulting in unauthorized transactions executed with proper confirmation. In case any of the e-mail addresses registered with the User's Accounts are compromised, the User should without undue delay after becoming aware of this contact Support Service and also contact their e-mail service provider.

14.7. Irrespective of whether the User is using a public, a shared or their own computer to access the Account, the User must always ensure that their login details are not stored by the browser, cached or otherwise recorded. The User should never use any functionality that allows login details or passwords to be stored by the computer they is using.

14.8. Additional products or services the User uses may have additional security requirements and the User must familiarize with those as notified to him/her.

14.9. Two-factor authentication must be enabled in order to make any Withdrawal. Covesting reserves the right to make additional due diligence enquiries on the User and to request further documentation from them at any stage prior to or subsequent to a Withdrawal.

14.10. The Company will exercise reasonable endeavours to have the Platform audited and approved by technical experts with regard to both accuracy and security of the underlying code. Notwithstanding, the Covesting Platform and the general Cryptocurrency technology ecosystem is still in an early stage of development and its application is currently of an experimental nature, which carries significant operational, technological, financial, regulatory and reputational risks. Accordingly, while any audit conducted may raise the level of security and accuracy of the Platform, you acknowledge, understand and accept that the audit does not amount to any form of warranty, representation or assurance (in each case whether express or implied) that the Smart Contract System and DEC are fit for a particular purpose or that they are free from any defects, weaknesses, vulnerabilities, viruses or bugs which could cause, inter alia, the complete loss of your Deposit.

15. Termination of the terms of use

15.1. The User may terminate the Terms of Use and close their Account at any time, following settlement of any pending transactions.

15.2. The User also agrees that Covesting may, by giving notice, at its sole discretion terminate their access to the Site and to their Account, including without limitation, our right to: limit, suspend or terminate the service and the Users' Accounts, prohibit access to the Site and its content, services and tools, delay or remove hosted content and take technical and legal steps to keep the Users off the Site if we think that they are creating problems or possible legal liabilities, infringing the intellectual property rights of third parties or acting inconsistently with the letter or spirit of these Terms. Additionally, we may, in appropriate circumstances and at our discretion, suspend or terminate Accounts of Users for any reason, including without limitation: (1) attempts to gain unauthorized access to the Site or another User's account or providing assistance to others' attempting to do so, (2) overcoming software security features limiting use of or protecting any content, (3) usage of the Service to perform illegal activities such as money laundering, illegal gambling operations, financing terrorism, or other criminal activities, (4) violations of these Terms of Use, (5) failure to pay or fraudulent payment for Transactions, (6) unexpected operational difficulties, or (7) upon the request of law enforcement or other government agencies, if deemed to be legitimate and compelling by Covesting, acting at its sole discretion.

15.3. Covesting also reserves the right to cancel unconfirmed Accounts or Accounts that have been inactive for a period of six (6) months or more and/or to modify or discontinue our Site or Service. The User agrees that Covesting will not be liable to them or to any third party for termination of their Account or access to the Site.

15.4. The suspension of the Account shall not affect the payment of the Transaction Fees due for past Transactions. Upon termination, the User shall provide valid bank account details or Cryptocurrency address to allow the transfer of any currencies deposited to their Account. Covesting shall transfer the currencies as soon as possible following the User's request in the time frames specified by Covesting.

15.5. Covesting will send the credit balance of the User's Account to him/her, however in some circumstances a number of intermediaries may be involved in an international payment and these or the beneficiary bank may deduct charges. Covesting will use reasonable efforts to ensure that such charges are disclosed to the User prior to sending the payment; however, where they cannot be avoided, the User acknowledges that these charges cannot always be calculated in advance, and that they agree to be responsible for such charges.

16. Services availability

16.1. All Services are provided “AS IS”, without guarantees of any kind, either expressed or implied.

16.2. Covesting will strive to keep the Site up and running; however, all online services suffer from occasional disruptions and outages and Covesting is not liable for any disruption or loss the User may suffer as a result. Thus, Covesting does not provide any guarantees that access to the Site will not be interrupted or that there will be no delays, failures, errors, omissions or loss of transmitted information.

16.3. Covesting will use reasonable endeavors to ensure that the User can normally access the Site in accordance with the Terms of Use. Covesting may suspend use of the Site for maintenance and will make reasonable efforts to give the User a notice. The User acknowledges that this may not be possible in an emergency.

17. Api, widgets and mobile applications

17.1. API requests are limited to 600 requests per 10 minutes. If this limit is exceeded, it may result to the ban for 10 minutes. For example, if you perform 600 queries in the first minute, the next query is possible only after 9 minutes + 1 second.

17.2. Covesting may provide widgets for the User's use to put our data on the User's Site. The User is free to use widgets in their original unmodified and unaltered state.

17.3. Covesting may provide mobile applications (“mobile apps”), which can be used to get an access to the Account. The use of these mobile apps is the subject to these Terms of Use.

18. Financial or legal advice

18.1. Covesting does not provide any financial, investment or legal advice in connection with the Services provided by Covesting. Covesting may provide information on the price, range, volatility of Cryptocurrencies and events that have affected the price of Cryptocurrencies, but it should not be considered as an investment or financial advice and should not be construed as such. Any decision to buy or sell Cryptocurrencies is the User's decision and Covesting will not be liable for any loss suffered.

19. Taxation

19.1. The User undertakes to pay all their taxes and duties, which can be resulted from the use of Covesting Services and should be paid according to the User's state of residence regulations.

19.2. Covesting is not responsible for any violation made by the User due to their obligation to calculate and pay taxes and duties.

19.3. The User acknowledges that Covesting does not provide any advice to the User on any tax related matters. Covesting encourages the User to obtain independent advice from its financial advisor, auditor and/or legal counsel with respect to tax implications of the respective Services. (10)

20. Communication and Complaints

20.1. Covesting reserves the right to send notices to, and communicate with the User by any means of communication available to Covesting with regard to the contact details provided by the User.

20.2. The User expressly agrees to receive any notices in electronic form and to be bound by these in so far as they relate to the Terms of Use.

20.3 The User´s Complaints should be directed in the first instance to support@covesting.io. We will endeavour to respond to all complaints as soon as possible, and in any case, not later than 2 working days for an initial response. If required, a more detailed review of your complaint will be conducted by Covesting´s head of customer service, who will escalate the complaint to the compliance team in the case that you are not satisfied with the outcome of the review communicated to you.

20.4. The main official information channel of Covesting is Twitter: https://twitter.com/covesting and Blog: https://medium.com/covesting. The User agrees to keep themselves updated on Covesting developments by subscribing to the Twitter account and accessing the Blog on a regular basis.

21. Governing law and dispute resolution

21.1. These Terms of Use shall be governed by and construed in accordance with the laws of Gibraltar, unless otherwise expressly provided. All disputes and controversies arising out of or in connection with this website and these Terms of Use shall be submitted to the courts of Gibraltar. If any portion of these Terms of Use shall be deemed invalid, void or for any reason unenforceable, such portion shall be deemed severable and shall not affect the validity and enforceability of any remaining portion.

22. Limitation of liability

22.1. IN NO EVENT SHALL COVESTING, ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, AND ALL THIRD PARTY SERVICE PROVIDERS BE LIABLE TO THE USER OR ANY OTHER PERSON OR ENTITY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES WHATSOEVER, INCLUDING ANY THAT MAY RESULT FROM (I) ACCURACY, COMPLETENESS OR CONTENT OF THIS SITE, (II) ACCURACY, COMPLETENESS OR CONTENT OF ANY SITES LINKED (THROUGH HYPERLINKS, BANNER ADVERTISING OR OTHERWISE) TO THIS SITE, (III) THE SERVICES FOUND AT THIS SITE OR ANY SITES LINKED (THROUGH HYPERLINKS, BANNER ADVERTISING OR OTHERWISE) TO THIS SITE, (IV) PERSONAL INJURY OR PROPERTY DAMAGE OF ANY NATURE WHATSOEVER, (V) THIRD-PARTY CONDUCT OF ANY NATURE WHATSOEVER, (VI) ANY UNAUTHORIZED ACCESS TO OR USE OF OUR SERVERS AND/OR ANY AND ALL CONTENT, PERSONAL INFORMATION, FINANCIAL INFORMATION OR OTHER INFORMATION AND DATA STORED THEREIN, (VII) ANY INTERRUPTION OR CESSATION OF SERVICES TO OR FROM THIS SITE OR ANY SITES LINKED (THROUGH HYPERLINKS, BANNER ADVERTISING OR OTHERWISE) TO THIS SITE, (VIII) ANY VIRUSES, WORMS, BUGS, TROJAN HORSES OR THE LIKE, WHICH MAY BE TRANSMITTED TO OR FROM THIS SITE OR ANY SITES LINKED (THROUGH HYPERLINKS, BANNER ADVERTISING OR OTHERWISE) TO THIS SITE, (IX) ANY USER CONTENT OR CONTENT THAT IS DEFAMATORY, HARASSING, ABUSIVE, HARMFUL TO MINORS OR ANY PROTECTED CLASS, PORNOGRAPHIC, “X-RATED”, OBSCENE OR OTHERWISE OBJECTIONABLE AND/ OR (X) ANY LOSS OR DAMAGE OF ANY KIND INCURRED AS A RESULT OF THE USER'S USE OF THIS SITE OR THE SERVICES FOUND AT THIS SITE, WHETHER BASED ON WARRANTY, CONTRACT, TORT OR ANY OTHER LEGAL OR EQUITABLE THEORY AND WHETHER OR NOT COVESTING IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN ADDITION, YOU SPECIFICALLY ACKNOWLEDGE AND AGREE THAT ANY CAUSE OF ACTION ARISING OUT OF OR RELATED TO THIS SITE OR THE SERVICES FOUND AT THIS SITE MUST BE COMMENCED WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES, OTHERWISE SUCH CAUSE OF ACTION SHALL BE PERMANENTLY BARRED. IN ADDITION, THE USER SPECIFICALLY ACKNOWLEDGES AND AGREES THAT IN NO EVENT SHALL COVESTING'S TOTAL AGGREGATE LIABILITY EXCEED THE TOTAL AMOUNT PAID BY THE USER FOR THE PARTICULAR SERVICES THAT ARE THE SUBJECT OF THE CAUSE OF ACTION. THE FOREGOING LIMITATION OF LIABILITY SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW AND SHALL SURVIVE ANY TERMINATION OR EXPIRATION OF THIS AGREEMENT OR THE USER'S USE OF THIS SITE OR THE SERVICES FOUND AT THIS SITE.

23. Indemnity

The User agrees to protect, defend, indemnify and hold harmless Covesting and its officers, directors, employees, agents and third party service providers from and against any and all claims, demands, costs, expenses, losses, liabilities and damages of every kind and nature (including, without limitation, reasonable attorneys' fees) imposed upon or incurred by Covesting directly or indirectly arising from (i) the User's use of and access to this Site or the Services found at this Site; (ii) the User's violation of any provision of the Terms of Use or the policies or agreements which are incorporated herein; and/or (iii) the User's violation of any third-party right, including without limitation any intellectual property or other proprietary right. The indemnification obligations under this section shall survive any termination or expiration of the Terms of Use or the User's use of this Site or the Services found on this Site.

24. Modifications and amendments

Covesting reserves the right to amend or modify any portion of these Terms of Use at any time by publishing the revised version of the Terms of Use on the Site. The changes will become effective and shall be deemed accepted by the User, the first time the User uses the Services after the publishing of the revised Terms of Use and shall apply on a going-forward basis with respect to any activity initiated after publishing. In the event that the User does not agree with any such modification, the User's sole and exclusive remedy is to terminate the use of the Services and close the Account. The User agrees that Covesting shall not be liable to the User or any third party as a result of any losses suffered by any modification or amendment of these Terms of Use.

25. Force majeure

If Covesting is unable to perform the Services outlined in the Terms of Use due to factors beyond its control including but not limited to the event of Force Majeure, change of law or change in sanctions policy, Covesting will not have any responsibility to the User with respect to the Services provided hereunder and for a time period coincident with the event.

26. Links to third-party websites

This Site and the Services found at this Site may contain links to third-party websites that are not owned or controlled by Covesting. Covesting assumes no responsibility for the content, terms and conditions, privacy policies or practices of any third-party websites. In addition, Covesting does not censor or edit the content of any third-party websites. By using this Site or the Services found at this Site, you expressly release Covesting from any and all liability arising from the User's use of any third-party website. Accordingly, Covesting encourages the User to be aware when the User leaves this Site or the Services found at this Site and to review the terms and conditions, privacy policies and other governing documents of any other website that you may visit.

27. Nothing in these Terms of Use shall be deemed or construed to create a partnership, agency or joint venture or marketing or other promotional agreement between Covesting or the User.

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