In consideration of ETR AG (“we”, “our”, “us”, “ETR AG”) providing access to crypto assets exchange platform technology under the registered trademark blocktrade.com and ancillary services, with the undersigned (hereinafter referred to as the “User”, “you”, “your”), User acknowledges, understands and agrees that:
This notice provides you with a non-exhaustive information about the risks associated with the services provided by ETR AG. Whenever in doubt you should seek professional advice.
It is important that the User fully understands the risks involved before deciding to use services provided by ETR AG. It is important that you remain aware of the risks involved, that you have adequate financial resources to bear such risks and that you monitor your positions carefully.
Subject to our obligations regarding KYC and/or AML checks, any decision whether or not to open an account, and whether or not you understand the risks involved, is solely borne by the User.
There are no limitations on deposits and withdrawals. It is up to an individual User to assess whether his/her financial resources are adequate for the level of risk taken.
Cryptocurrencies trading carries a high degree of risk. Your capital may be at risk, large or complete losses are possible.
External software flaws
Cryptocurrencies are characterized by open-source development, community consensus and semi-anonymity of project leaders. Unlike traditional financial instruments, there is usually no issuing entity. Should there be a flaw in the software code of an individual cryptocurrency, large or complete losses of your capital are possible. There is generally no legal recourse in such cases.
Though ETR AG conducts thorough due diligence, it assumes absolutely no liability, legal or otherwise, for capital losses stemming from such flaws in the software code of the instruments it lists.
The User is warned that when trading in an electronic platform he assumes risk of financial loss which may be a consequence of amongst other things:
- Failure of User’s devices, software and poor quality of connection;
- ETR AG or User’s hardware or software failure, malfunction or misuse;
- Improper work of User’s equipment;
- Wrong setting of User’s interface;
- Delayed updates of User’s interface;
- Abnormal market conditions;
- Severe security breaches;
- Force majeure events;
- Judicial orders;
Though ETR AG conduct its operations with due care and skill, it assumes absolutely no liability, legal or otherwise, for capital losses stemming from the factors above, except to the extent that it is caused by the fraud, negligence or dishonesty by ETR AG.
Price slippage and Order book depth
Slippage is the difference between the expected price of a transaction, and the price the transaction is actually executed at. Slippage often occurs during periods of higher volatility, making an Order at a specific price impossible to execute, when market Orders are used, and also when large Orders are executed when there may not be enough interest at the desired price level to maintain the expected price of trade.
Each User should check market metrics before placing a specific trade, notably order book depth and trade volume, as well as educate him-/herself about the properties about the individual order types. ETR AG, assumes absolutely no liability, legal or otherwise, for capital losses stemming from price slippage and order execution. Such trades, unless clearly erroneous as defined in the Rulebook, will not be rolled back
Order execution in abnormal market conditions
The User acknowledges that under abnormal market conditions the latency between Order submission and execution may be extended or it may be impossible for Orders to be executed at declared prices or may fail to execute.
Because cryptocurrencies may exhibit high price volatility and therefore the speed at which profits or losses can be incurred it is important that you monitor your positions closely.
Operational risks regarding functionality of User’s electronic device through which he/she accesses the Platform, as well as the Platform’s internal system setup, are inherent in every transaction. Disruptions in ETR AG operational processes such as communications, computers, computer or mobile networks or external events may lead to delays in the execution and settlement of a transaction. Except to the extent that it is caused by the fraud, negligence or dishonesty by ETR AG, ETR AG assumes absolutely no liability, legal or otherwise, except to the extent that it is caused by the fraud, negligence or dishonesty by ETR AG, in relation to the operational processes failures, including, but not limited to:
- In connection with the use of computer equipment and data, the User bears the following risks amongst other risks, in which cases ETR AG has no liability of any resulting loss;
- Power cut of the equipment on the side of the User or the provider, or communication operator (including voice communication) that serves the User;
- Physical damage (or destruction) of the communication channels used to link the User and provider (communication operator), provider, and the trading or information server of the User;
- Outage (unacceptably low quality) of communication via the channels used by the User, or ETR AG or the channels used by the provider, or communication operator (including voice communication) that are used by the User or ETR AG;
- Wrong or inconsistent with requirements settings of the User Interface;
- Untimely update of the User Interface;
- The use of communication channels, hardware and software, generate the risk of non- reception of a message (including text messages) by the User from ETR AG;
- Malfunction or non-operability of the Platform, which also includes the User Interface.
Digital asset custody
Due to market specifics, all Users’ crypto assets have to be stored internally. ETR AG will undertake highest care and diligence regarding access procedures and technological protective measures against security breaches, hacks and related attacks. ETR AG, however, assumes absolutely no liability, legal or otherwise, for any losses stemming from such breaches, except to the extent that it is caused by the fraud, negligence or dishonesty by ETR AG.
ETR AG employs a third-party payment provider for handling FIAT deposits and withdrawals. Though the FIAT gateway provider is a EU/EEA licensed payment institution, the account where Users’ funds are deposited is not a fiduciary account and thus prone to bankruptcy claims should the FIAT gateway provider enter insolvency procedures. ETR AG assumes absolutely no liability, legal or otherwise, for any losses stemming from such events, except to the extent that it is caused by the fraud, negligence or dishonesty by ETR AG.
ETR AG’s payment service provider is EU licensed Payment Institution.
Should a quoting error occur, ETR AG is not liable for any resulting errors in account balances and reserves the right to make necessary corrections or adjustments to the relevant account. Any dispute arising from such quoting errors will be resolved on the basis of the fair market value, as determined by ETR AG in its sole discretion and acting in good faith, of the relevant market at the time such an error occurred.
This may or may not adversely affect the User’s realized and unrealized gains and losses.
Communication between the user and ETR AG
The User shall accept the risk of any financial losses caused by the fact that the User has received with delay or has not received at all any notice from ETR AG.
The User acknowledges that the unencrypted information transmitted by e-mail is not protected from any unauthorized access.
ETR AG takes no responsibility if unauthorized third persons have access to information, including electronic addresses, electronic communication and personal data, access data when the above are transmitted between ETR AG and the User or when using the internet or other network communication facilities, or any other electronic means. Furthermore, while ETR AG will undertake all reasonable measures to lock/freeze a compromised account, ETR AG takes no responsibility for the trades, deposits and withdrawals that have been executed with User’s stolen credentials.
Force majeure events
In case of a Force Majeure Event ETR AG may not be in a position to arrange for the execution of User Orders or fulfil its obligations under the agreement with the User. As a result the User may suffer financial loss.
ETR AG will not be liable or have any responsibility for any type of loss or damage arising out of any failure, interruption, or delay in performing its obligations under the User Agreement where such failure, interruption or delay is due to a Force Majeure event.
Users should be aware that trades denominated in a currency other than their home currency have the additional risk associated with currency fluctuations, especially if such quote currency is itself a cryptocurrency.
Non-advice and recommendations
ETR AG will not advise the User about the merits of a particular transaction or give him any form of investment advice and the User acknowledges that the Services do not include the provision of investment advice neither in markets that ETR AG operates in nor in general. The User alone will enter into Transactions and take relevant decisions based on his own judgement. He represents that he has sufficient knowledge, market sophistication, professional advice and experience to make his own evaluation of the merits and risks of any Transaction. ETR AG gives no warranty as to the suitability of the products traded under this Agreement and assumes no fiduciary duty in its relations with the User.
ETR AG will not be under any duty to provide the User with any legal, tax or other advice relating to any Transaction. The User should seek independent expert advice if he is in any doubt as to whether he may incur any tax liabilities. The User is hereby warned that tax laws are subject to and may change from time to time.
There is a risk that the User’s trades in any Financial Instruments may be or become subject to tax and/or any other duty for example, due to changes in legislation or User’s personal circumstances. ETR AG does not offer tax advice.
The User is responsible for any taxes and/or any other duty which may accrue in respect of his trades.
ETR AG may, from time to time and at its discretion, provide the User with information, news, market commentary or other information, either in direct communication or in public posts. Where it does so:
- ETR AG will not be responsible for such information;
- ETR AG gives no representation, warranty or guarantee as to the accuracy, correctness or completeness of such information or as to the tax or legal consequences of any related Transaction;
- This information is provided solely to enable the User to make his own investment decisions and does not amount to investment advice or unsolicited financial promotions to the User;
If the document contains a restriction on the person or category of persons for whom that document is intended or to whom it is distributed, the User agrees that he will not pass it on to any such person or category of persons.
It is understood that market commentary, news, or other information provided or made available by ETR AG are subject to change and may be withdrawn at any time without notice.
No guarantees of profit
ETR AG provides no guarantees of profit nor of avoiding losses when trading. User has received no such guarantees from ETR AG or from any of its representatives. User is aware of the risks inherent in trading and is financially able to bear such risks and withstand any losses incurred