1.1 Coincall Options Trading Service (the “Service”) is a Virtual Financial Asset (VFA) derivative trading service launched by Coincall. It is designed, managed, and operated by Coincall. To enable Coincall Options Trading, you must fully read, understand and agree to “Coincall Options Trading Service Agreement” and the contents included in Article 7.1 herein (the “Agreement”). Please read through all the terms and conditions carefully, before choosing to accept this Agreement.
1.2 Please note that you shall not use the Service before agreeing to the terms of the Agreement. In particular, by accepting the Agreement directly or using the Service, you acknowledge that you have agreed to the terms of the Agreement.
2. Eligibility of Using the Service
2.1 You acknowledge and agree that:
- you have agreed to “Coincall Options Trading Service”, and you are eligible for and not prohibited from using the “Services” defined therein;
- this Agreement does not contradict the laws of the country or region where you are from;
- you are the legal owner of the VFAs you have deposited with the Service and aforesaid VFAs are obtained from legitimate sources.
2.2 You are aware of and assume the risks in using the Service, including but not limited to:
- high price volatility of the VFAs and their derivatives could incur a big or total loss in a short period of time;
- the insufficiency of VFAs deposited as margin could incur immediate liquidation of your positions, and you could lose all VFAs you have deposited with the Service;
- technology ages could happen, which may delay or block your use of the Service;
- market anomalies could happen, which may incur the loss of your VFAs.
- from time to time, in order to maintain the overall well-being of the market, Coincall needs to add, remove, or change policies. Such action may be in favor or against an individual user like you.
2.3 You acknowledge and agree that:
- You will not use the Service for any illegal purpose.
- You will not initiate or facilitate any form of market manipulation.
3. Using the Service
3.1 The Service provides you with a real-time order book along with other information. You may view or download information for your own analysis. Coincall is not responsible for any judgment or analysis you make based on the information provided by the Service.
3.2 You may place orders, in the form required by Coincall, via the website, client software, API, or any other channels. Once an order is filled you will not be able to cancel or amend it.
3.3 Once your open order is filled, the corresponding position is opened. Once a close order is filled, the corresponding position is closed. The Service will provide you with information about your positions, and the value of your VFAs and their derivatives, on a real-time basis.
3.4 The options contract will be settled at 08:00 (UTC) daily. Then, the Unrealized PnL (Unrealized Profit and Loss) and PnL (Realized Profit and Loss) will be reset to 0. After the settlement, the accumulated profits from this settlement cycle can be withdrawn. (For definitions and calculations of Unrealized PnL and PnL, please refer to the Coincall Options Guide).
3.5 You shall pay Coincall for the Service. As for the payment arrangement, please refer to Coincall Fee for details.
3.6 If market anomalies occur before settlement and delivery, including but not limited to the acute fluctuation of the underlying index or abnormal clawback rate, Coincall may, under its sole discretion, decide to settle at a proper time with a commercially reasonable method. Coincall shall post an announcement regarding such detailed rules.
4. Risk Management
4.1 The Service introduces various measures to control systematic risks, including but not limited to:
- Mark Price Mechanism
- Liquidation Mechanism
- Insurance Fund Mechanism
Coincall will continuously improve its risk-management measures.
4.2 "Mark Price Mechanism". Coincall adopts Mark Price Mechanism to avoid users' potential loss caused by price manipulation or other malicious wrongdoings to the market. Mark Price is calculated from the B-S model and adjusted with the overall change of options price expectations, not determined by transaction or quotation of one single instrument. Coincall applies Mark Price on a calculation of position value, PnL(Profit and Loss), and margin as the basis of risk control.
4.3 "Liquidation Mechanism". When the account equity falls below the liquidation level, Liquidation will be triggered. All positions in your account will be transferred to the Service’s Risk Management Engine for subsequent liquidation. After the transfer, all your positions will be wiped out and account equity will be zero. Please refer to the Coincall Options Guide for details.
4.4 “Insurance Fund Mechanism”. When an account is in a state of liquidation, in order to improve position handling efficiency, the platform risk control engine will take over all positions in the account for centralized processing. At the same time, a portion of the assets from the insurance fund account will be used to offset the negative assets of the liquidated account.
4.5 If the size of your positions or open orders accumulates to a level which poses considerable threat to other users, Coincall, under its discretion may request you to cancel your orders or close part of your positions. As a final measure, the Service reserves the right to limit or cancel your positions or orders to reduce the risk in the system.
5. Limitation of Liability
5.1 You acknowledge that you understand the rules and policies thoroughly relating to the Service. Coincall will not be liable for your loss due to misunderstanding of the rules and policies. In particular, to open or maintain your positions, the amount of VFAs you deposited as margin will need to meet certain requirements. If the requirements are not met, Liquidation will be triggered. When a Liquidation happens, you could lose all the VFAs you have deposited as margin.
5.2. Your accurate transaction information will only be displayed after the final settlement. The information displayed between two consecutive settlements is only for reference and cannot be guaranteed to be an official result. You may suffer losses if you operate based on such information and Coincall shall not be responsible for such losses.
5.3 To comply with the changes in laws or regulations, or to maintain the overall well-being of the market, Coincall will need to, under its sole discretion, change policies, rules or implement emergency rules from time to time. Such changes or implementations could lead to temporary inaccessibility of your account, clawback from your account, immediate closure of your certain positions, or other interruption of the Service. Coincall will not be liable for your loss incurred.
5.4 Coincall will not be liable for any loss incurred by uncontrollable situations, including but not limited to:
- system maintenance announced in advance;
- internet device malfunctions which disabledata transfer;
- war, riots, floods, earthquakes or any other unexpected disruptions;
- hacking attacks, computer virus, internet network malfunctions, banking issues, website updates, service suspension, delay or cancellation due to the interruption of government;
- unpredictable or unresolvable issues with the technologies currently available;
- situations caused by third parties including inappropriate or delayed
5.5 Network failures, system failures, hacking attacks, and other unforeseen factors have the potential to cause abnormal turnover, market interruptions and other possible anomalies. Coincall reserves the right to cancel and/or roll back transactions over a period of time in which it deems sufficient to mitigate any detrimental market effects. Coincall will not be liable for any loss incurred thereby.
5.6 You are aware that technology outages can happen unexpectedly. Coincall will not be liable for any loss incurred by technology outages including but not limited to:
- loss, delay, interruption, or other malfunction of the connection to the Service.
- stopping, slowness, no response, or other malfunction of the Service, due to overloading.
- malfunction due to the Service’s incapability to retrieve necessary data correctly from a third party through internet.
5.7 Coincall strictly prohibits unfair trading behaviors. Coincall reserves the right to enact, under its sole discretion, executive control over your account, if you
- are involved in price manipulation or any other malicious wrongdoings to the market;
- might be harming other users or Coincall by exploiting the Service’s vulnerabilities or by other unreasonable means;
- are involved in any other activities that Coincall deems harmful to the overall well-being of the market.
Coincall also reserves the right to take actions including but not limited to closing your accounts, limiting trading, halting trading, canceling transactions, and rolling back transactions to eliminate any adverse effects on the overall well-being of the market. Coincall will not be liable for any loss incurred when such action against you happens.
6.1 You must indemnify Coincall for actions related to your Coincall account and your use of the Service.
6.2 You hereby agree to defend, indemnify and hold Coincall harmless from any claim or demand (including reasonable legal fees) made or incurred by any third party against Coincall due to or arising out of your breach of this agreement, your improper use of the Service, your violation of any law or the rights of a third party and/or the actions or inactions of any third party to whom you grant permissions to use your Coincall account or access our website, software, system (including any network and servers used to provide any of the Service) operated by us or on our behalf, or any of the Services on your behalf.
7.1 The contents of this Agreement also include Coincall's various system specifications, other agreements or rules in the annex to this Agreement, the Options Guide and other relevant agreements and rules regarding the Service that Coincall may from time to time issue. Once the above content is officially released, it is an integral part of this agreement, and you should also abide by it. In the event of any conflict between the above content and this Agreement, this Agreement shall prevail if no opposing statements are made.
7.2 Coincall reserves the right to unilaterally modify this Agreement (including the above contents) if necessary. Such modification could happen at any time without prior notice. In the event that any changes are made, the revised contents shall be posted on Coincall's website immediately. Please check the latest information posted therein to inform yourself of any changes. Your continued use of or access to the Service following the posting of any changes constitutes acceptance of those changes. If you do not accept the revised content, you should stop using the related services.
7.3 You should read the Agreement, and any document referred to in them very carefully. If there is anything that you do not understand in the Agreement and any document referred to herein, you should discuss this matter with Coincall and seek the necessary clarification. Any formal communication with you will be undertaken through electronic mail unless otherwise instructed. Documents will be sent to you by electronic mail and you should seek to send any documents to us by the same means. You will also be able to contact us telephonically. Any formal communication with you will, unless otherwise agreed, be made in the English language. In the event of any discrepancy between the English language version of the Agreement or any such communications and any translation of the Agreement or such communications (as applicable) in a foreign language, the respective English version shall prevail. In the event of any discrepancy between communications and the Agreement, the Agreement shall prevail.
7.4 The establishment, validity, explanation, alteration, execution and dispute resolution of this user agreement shall be governed by the laws of the Bahamas.
7.5 If there is any dispute between a user and Coincall, both parties should try to work out a resolution through negotiations. However, if the attempt is unsuccessful, both parties should agree to resolve the disagreement or dispute through the Bahamas judiciary.
7.6 All the headings in this agreement are for reading convenience only and shall not affect its interpretation.
7.7 This Agreement does not apply to users of the Options Trading Simulation.