Terms and Conditions
F1Cryptos provides an online service (the “Platform”) that allows Users to exchange between themselves different blockchain tokens, which are data that typically represents transaction, access, or other participation rights on corresponding blockchain networks (collectively, “Tokens”). F1Cryptos may make available to Users other ancillary services to facilitate the exchange of tokens like lending, limit orders, and stop orders.
These Terms of Service and any terms expressly incorporated herein (“ Terms ”) apply to your access to, and use of, any services provided by F1Cryptos, (a subsidiary of Scandinavian Capital Markets AB), (“F1Cryptos,” “we,” “us” or “our”), including but not limited to our websites located at www.F1Cryptos.com (the “Site”) and mobile applications, our Hosted Wallet services, and the exchange services provided by us as described in these Terms (collectively, the “Services”). These Terms do not alter in any way the terms or conditions of any other agreement you may have with F1Cryptos for products, services or otherwise. If you are using the Services on behalf of any entity, you represent and warrant that (a) such legal entity is duly organized and validly existing under the applicable laws of the jurisdiction of its organization and (b) you are authorized to accept these Terms on such entity’s behalf and that such entity agrees to be responsible to us if you violate these Terms. F1Cryptos reserves the right to change or modify these Terms at any time and in our sole discretion. If F1Cryptos makes changes to these Terms, we will provide notice of such changes, such as by sending you a notification, providing notice through the Services, and/or updating the “Last Updated” date at the top of these Terms. Your continued use of the Services will confirm your acceptance of the revised Terms. If you do not agree to the amended Terms, you must stop using the Services. We encourage you to frequently review the Terms to ensure you understand the terms and conditions that apply to your access to, and use of, the Services. If you have any question regarding the use of the Site, please contact [email protected]
Risk of Trading Tokens
F1Cryptos provides an execution-only service and does not advise on the merits of any particular transactions or their tax consequences. As a general matter, Users should be aware of the following prior to utilizing our Services. Trading Tokens (also can be ICO’s (Initial Coin Offerings)) can be extremely risky. Each particular Token has a unique feature set that makes it more or less likely to fluctuate in value. In addition, factors beyond F1Cryptos’s control may affect market liquidity for a particular Token, such as regulatory activity, market manipulation, or unexplainable price volatility. Blockchain networks may go offline as a result of bugs, hard forks, or a number of other unforeseeable reasons. F1Cryptos does not assume the risk of losses due to trading or due to factors beyond its control regarding the viability of specific blockchain networks. As a general matter, we advise Users with limited trading experience and low risk tolerance not to engage in active trading. Speculating on the value of Tokens is high risk and Users should never trade more than they can afford to lose.
Understanding Tokens requires advanced technical knowledge. Tokens are often described in exceedingly technical language that requires a comprehensive understanding of applied cryptography and computer science in order to appreciate inherent risks. Listing of a Token on F1Cryptos does not indicate approval or disapproval of the underlying technology regarding any Token, and should not be used as a substitute for your own understanding of the risks specific to each Token. We give you no warranty as to the suitability of the Tokens traded under these Terms and assume no fiduciary duty in our relations with you.
You accept the risk of trading Tokens. In entering into any transaction on the Platform, you represent that you have been, are, and will be solely responsible for making your own independent appraisal and investigations into the risks of the transaction and the underlying Tokens. You represent that you have sufficient knowledge, market sophistication, professional advice and experience to make your own evaluation of the merits and risks of any transaction or any underlying Token.
You are responsible for complying with applicable law. You agree that F1Cryptos is not responsible for determining whether or which laws may apply to your transactions, including tax law. You are solely responsible for reporting and paying any taxes arising from your use of the Services.
You are aware of and accept the risk of operational challenges. F1Cryptos may experience sophisticated cyber attacks, unexpected surges in activity, or other operational or technical difficulties that may cause interruptions in the Service. You understand that the Service may experience operational issues that lead to delays on our platform. You agree to accept the risk of transaction failure resulting from unanticipated or heightened technical difficulties, including those resulting from sophisticated attacks. You agree not to hold F1Cryptos accountable for any related losses.
F1Cryptos does not advise on trading risk. If at any point F1Cryptos or its representatives do provide trading recommendations, market commentary, or any other information, the act of doing so is incidental to your relationship with us and imposes no obligation of truth or due diligence on behalf of F1Cryptos or its representatives.
F1Cryptos is a registered entity under its parent company and must comply with applicable law. Applicable law, regulation, and executive orders may require F1Cryptos to, upon request by government agencies, freeze withdrawals or trading (or both), or provide information regarding your account. Further, our recordkeeping and customer verification procedures are subject to change at any time as required by law or industry practices. We must comply with the law and you accept any inconveniences to you or other consequences resulting from our compliance.
Users accept all consequences of sending Tokens to an address off our platform. Token transactions may not be reversible. Once you send Tokens to an address, you accept the risk that you may lose access to your Tokens indefinitely. For example, an address may have been entered incorrectly and the true owner of the address may never be discovered, or an address may belong to an entity that will not return your Tokens, or an address belongs to an entity that may return your Tokens but first requires action on your part, such as verification of your identity.
F1Cryptos Account Information and Security.
In order to engage in any exchange transactions via the Services, you must create a F1Cryptos Account and provide all of the required information that we request. By creating a F1Cryptos Account, you agree to: (a) create a strong password that you do not use for any other website or online service; (b) provide accurate and truthful information; (c) maintain and promptly update your F1Cryptos Account information; (d) maintain the security of your F1Cryptos Account by protecting your password and restricting access to your F1Cryptos Account; (e) promptly notify us if you discover or otherwise suspect any security breaches related to your F1Cryptos Account; and (f) take responsibility for all activities that occur under your F1Cryptos Account and accept all risks of any authorized or unauthorized access to your F1Cryptos Account, to the maximum extent permitted by law.
Conditions and Restrictions
We may, at any time and in our sole discretion, refuse any exchange transaction or exchange bid submitted via the Services, impose limits on the exchange amount permitted via the Services or impose any other conditions or restrictions upon your use of the Services, without prior notice. For example, we may limit the number of open orders that you can establish via the Services or we may restrict exchanges from certain locations.
Accuracy of Information
You must provide any information required when creating a F1Cryptos account or when prompted by any screen displayed within the Services. You represent and warrant that all information you provide via the Services is accurate and complete.
You may only cancel an order initiated via the Services if such cancellation occurs before we execute the transaction. Once your order has been executed, you may not change, withdraw, or cancel your authorization for us to complete such transaction. If any order has been partially filled, you may cancel the unfilled remainder of that order at any time. We reserve the right to refuse any cancellation request associated with a market order once you have submitted such order.
If you have an insufficient amount of Virtual Currency in your Hosted Wallet to complete an order via the Services, we may cancel the entire order or may fulfill a partial order using the amount of Virtual Currency currently available in your Hosted Wallet, less any fees owed to F1Cryptos in connection with the execution of the exchange.
It is your responsibility to determine what, if any, taxes apply to the exchange transactions you complete via the Services, and it is your responsibility to report and remit the correct tax to the appropriate tax authority. You agree that we are not responsible for determining whether taxes apply to your trades or for collecting, reporting, withholding, or remitting any taxes arising from any trades.
F1Cryptos may open or close any market for a Virtual Currency on the Site at any time, in its sole discretion. If a market for a particular Virtual Currency is closed, any open orders that you may have for such Virtual Currency will be credited back to your F1Cryptos Account.
F1Cryptos retains the right, in its sole discretion, to include a Virtual Currency on the Site, and may remove any Virtual Currency from the Site at any time for any reason. Unless otherwise required by law or law enforcement, F1Cryptos will make reasonable efforts to notify you of the likely removal of a Virtual Currency. If the market for a Virtual Currency is closed on the Site, you will have 14 days to push the amounts remaining in your F1Cryptos Account associated with such Virtual Currency to your External Virtual Currency Address. F1Cryptos will not be liable to you for any losses, liability or expenses related to the removal of a Virtual Currency.
Funding your F1Cryptos Account
In order to complete an exchange via the Services, you must first load FIAT or Virtual Currency to your Hosted Wallet. You may be required to verify that you control the External Virtual Currency Address that you use to load Virtual Currency to your Hosted Wallet.
Sending Virtual Currency to an External Virtual Currency Address
Provided that the balance of Virtual Currency in your F1Cryptos Account is greater than any minimum balance requirements needed to satisfy any of your open positions, you may send any amount of Virtual Currency, up to the total amount of Virtual Currency in your F1Cryptos Account, in excess of such minimum balance requirements, from your Hosted Wallet to an External Virtual Currency Address, less any fees charged by F1Cryptos for such transactions at the time of your request to push Virtual Currency to an External Virtual Currency Address. You are solely responsible for the accuracy of the External Virtual Currency Address that you provide, and F1Cryptos shall not be liable for sending Virtual Currency from your Hosted Wallet to an incorrect External Virtual Currency Address if that address matches the address you provided to us.
Load/Push Authorization. When you request that we send Virtual Currency to your External Virtual Currency Address from your F1Cryptos Account, you authorize F1Cryptos to execute such transaction using your Hosted Wallet via the Services.
Amount of Fees
You agree to pay F1Cryptos the fees for exchanges completed via our Services (“Fees”) as made available via the fee schedule at www.F1Cryptos.com/fees (“ Fee Schedule ”), which we may change from time to time. Any changes to the Fee Schedule will become effective as of the expiration of such notice period. The revised Fee Schedule will apply prospectively to any exchanges that take place following the effective date of such revised Fee Schedule.
Payment of Fees
You authorize us, or our designated payment processor, to charge or deduct funds from your Hosted Wallet for any applicable Fees owed in connection with exchange transactions you complete via the Services.
Consent to Electronic Delivery
Hardware and Software Requirements
In order to access and retain electronic Communications, you will need computer with an Internet connection that has a current web browser with cookies enabled and 128-bit encryption. You will also need to have a valid email address on file with F1Cryptos and have sufficient storage space to save past Communications or an installed printer to print them.
Updating Contact Information
It is your responsibility to keep your email address and/or mobile phone number on file with F1Cryptos up to date so that F1Cryptos can communicate with you electronically. If we send you an electronic Communication but you do not receive it because your email address or mobile phone number on file is incorrect, out of date, blocked by your service provider, or you are otherwise unable to receive electronic Communications, we will be deemed to have provided the Communication to you. Please note that if you use a spam filter that blocks or re-routes emails from senders not listed in your email address book, you must add F1Cryptos to your email address book so that you will be able to receive the Communications we send to you. You can update your email address, mobile phone number, or street address at any time by logging into your F1Cryptos Account or by sending such information to [email protected] If your email address or mobile phone number becomes invalid such that electronic Communications sent to you by F1Cryptos are returned, we may deem your account to be inactive, and you may not be able to complete any transaction via our Services until we receive a valid, working email address or mobile phone number from you.
If for any reason F1Cryptos is holding Virtual Currency in your Hosted Wallet on your behalf, and we are unable to return your Virtual Currency to your designated External Virtual Currency Address after a period of inactivity, then we may report and remit such Virtual Currency in accordance with applicable state unclaimed property laws.
When accessing or using the Services, you agree that you will not violate any law, contract, intellectual property or other third-party right, or commit a tort, and that you are solely responsible for your conduct while using our Services. Without limiting the generality of the foregoing, you agree that you will not:
Use our Services in any manner that could interfere with, disrupt, negatively affect, or inhibit other users from fully enjoying our Services, or that could damage, disable, overburden, or impair the functioning of our Services in any manner;
Use our Services to pay for, support, or otherwise engage in any illegal gambling activities; fraud; money-laundering; or terrorist activities; or other illegal activities;
Use any robot, spider, crawler, scraper, or other automated means or interface not provided by us to access our Services or to extract data;
Use or attempt to use another user’s account without authorization;
Attempt to circumvent any content filtering techniques we employ, or attempt to access any service or area of our Services that you are not authorized to access;
Introduce to the Services any malware, virus, trojan worms, logic bombs, or other harmful material;
Develop any third-party applications that interact with our Services without our prior written consent, or unless otherwise agreed;
Provide false, inaccurate, or misleading information;
Post content or communications that are, in our sole discretion, libelous, defamatory, profane, obscene, pornographic, sexually explicit, indecent, lewd, vulgar, suggestive, harassing, hateful, threatening, offensive, discriminatory, bigoted, abusive, inflammatory, fraudulent, deceptive or otherwise objectionable;
Post content containing unsolicited promotions, political campaigning, or commercial messages (SPAM) or any chain messages or user content designed to deceive or trick the user of the Service;
Post content containing private information of any third-party including, but not limited to, addresses, phone numbers, email addresses, Social Security numbers and credit card numbers; and
Encourage or induce any third party to engage in any of the activities prohibited under this Section.
Margin trading on F1Cryptos is HIGH RISK. As a borrower, you may sustain a total loss of Tokens, or owe Tokens beyond what you have deposited to your Account. The high volatility and substantial risk of illiquidity in markets means that you may not always be able to liquidate your position.
You agree to maintain a sufficient amount of Tokens at all times to meet F1Cryptos’s minimum balance requirements, as such requirements may be modified from time to time. If the value of the assets in your Account falls below the minimum balance requirement or F1Cryptos determines, at its sole discretion, that your Account appears to be in danger of defaulting on a loan, F1Cryptos may seize and liquidate any or all of your positions and assets on any balance in your Account in order to settle your debt to other Users. If, after your positions and assets are liquidated, your Account still contains insufficient Tokens to settle your debts to other Users, you will be responsible for any additional Tokens owed. Intentionally defaulting on a loan may result in F1Cryptos reporting your activities to authorities and/or in legal prosecution.
Although F1Cryptos takes several precautions to prevent a User from defaulting on a loan, the high volatility and substantial risk of illiquidity in markets means that F1Cryptos cannot make any guarantees to any Users using the Services against default. When you lend Tokens to other Users, you risk the loss of an unpaid principal if the borrower defaults on a loan and liquidation of the borrower's Account fails to raise sufficient Tokens to cover the borrower’s debt.
Under certain market conditions, you may find it difficult or impossible to liquidate a position. This can occur, for example, if there is insufficient liquidity in the market or due to technical issues on our platform. Placing contingent orders, such as ""stop-loss"" or ""stop-limit"" orders, will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders. The use of leverage can work against you as well as for you and can lead to large losses as well as gains.
All Users understand that the technology underlying Tokens is subject to change at any time, and such changes may affect your assets stored on our platform. You claim full responsibility for monitoring such technological changes and understanding their consequences for your Tokens. Users conduct all trading, margin trading, lending, and/or borrowing on their own account and F1Cryptos does not take any responsibility for any loss or damage incurred as a result of your use of any Services or your failure to understand the risks involved in Token use generally or your use of our Services.
Attacks on Blockchain Networks
F1Cryptos does not have any ability to prevent or mitigate attacks on blockchain networks. With respect to its platform, F1Cryptos reserves the right to take the following commercially reasonable actions in the event of an attack: (i) If F1Cryptos is able to confirm that a Token active on the Platform has been compromised or is under attack, F1Cryptos may immediately halt trading, deposits, and withdrawals for such Token; (ii) if it is determined that such an attack caused the Token to greatly decrease in value, F1Cryptos may discontinue trade activity on such Token entirely. F1Cryptos does not have any obligation to engage in activity in relation to attacks on blockchain networks.
Resolutions concerning deposits, withdrawals, and User balances for an attacked Token will be determined on a case-by-case basis by F1Cryptos in its sole discretion. F1Cryptos makes no representation and does not warrant the safety of the Platform and is not liable for any lost value or stolen property, whether or not F1Cryptos was negligent in providing the proper security.
Third Party Content
F1Cryptos and its Users may provide third party content on the Site and may provide links to web pages and content that are not owned or controlled by F1Cryptos (collectively the ""Third Party Content"") as a service to those interested in this information. F1Cryptos does not control, endorse, or adopt any Third Party Content and makes no representation or warranties of any kind regarding the Third Party Content, including but not limited to its accuracy or completeness. You acknowledge and agree that F1Cryptos is not responsible or liable in any manner for any Third Party Content and undertakes no responsibility to update or review any Third Party Content. You acknowledge that your use of such Third Party Content is at your own risk. Your business dealings or correspondence with, or participation in promotions of, any third parties, and any terms, conditions, warranties, or representations associated with such dealings or promotions, are solely between you and such third parties. F1Cryptos is not responsible or liable for any loss or damage of any sort incurred as the result of any such dealings or promotions or as the result of the presence of such Third Party Content on the Site.
User Conduct & Obligations
In connection with your use of the Services, you will not:
Violate or assist any party in violating any law, statute, ordinance, regulation or any rule of any self-regulatory or similar organization of which you are or are required to be a member through your use of the Services;
Provide false, inaccurate, incomplete or misleading information;
Infringe upon F1Cryptos’ or any third party’s copyright, patent, trademark, or intellectual property rights;
Distribute unsolicited or unauthorized advertising or promotional material, any junk mail, spam, or chain letters;
Use a web crawler or similar technique to access our Services or to extract data,
Reverse engineer or disassemble any aspect of the Site or Services in an effort to access any source code, underlying ideas and concepts, and algorithms;
Take any action that imposes an unreasonable or disproportionately large load on our infrastructure, or detrimentally interfere with, intercept, or expropriate any system, data, or information;
Transmit or upload any material to the Site that contains viruses, Trojan horses, worms, or any other harmful or deleterious programs;
Otherwise attempt to gain unauthorized access to the Site, other F1Cryptos Accounts, computer systems or networks connected to the Site, through password mining or any other means; or
Transfer any rights granted to you under these Terms.
Electronic Trading Terms
F1Cryptos does not own or control any of the underlying software through which blockchain networks are formed and Tokens are created and transacted. In general, the underlying software for blockchain networks tends to be open source such that anyone can use, copy, modify, and distribute it. By using the Services, you acknowledge and agree (i) that F1Cryptos is not responsible for operation of the underlying software and networks that support Tokens and that F1Cryptos makes no guarantee of functionality, security, or availability of such software and networks; and (ii) that the underlying protocols are subject to sudden changes in operating rules (a/k/a “Forks”), and that such Forks may materially affect the value, function, and/or even the name of the Tokens you store in your Account. In the event of a Fork, you agree that F1Cryptos may temporarily suspend the Services (with or without advance notice to you) and that F1Cryptos may, in its sole discretion, (a) configure or reconfigure its systems or (b) decide not to support (or cease supporting) the Forked network entirely, provided, however, that you will have an opportunity to withdraw Tokens on at least one of still existent underlying networks. You acknowledge and agree that F1Cryptos assumes absolutely no responsibility whatsoever in respect of any underlying software protocols, whether Forked or not.
F1Cryptos may delist a Token at any time in its sole discretion based on a number of factors, one of which may include changes in a given Token’s characteristics after F1Cryptos has listed the Token.
A transaction on the Platform may fail for several reasons, including but not limited to change in seller prices, insufficient margin, or unanticipated technical difficulties. We make no representation or warrant that any transaction will be executed properly. F1Cryptos is under no circumstances liable for any loss or injury suffered by a failure of a transaction to complete properly or in a timely manner. Further, F1Cryptos is in no way responsible for notifying you of a transaction failure. The User has full responsibility to determine and inquire into the failure of any transaction the User initiates.
In the event that you receive any data, information, or software through our Services other than that which you are entitled to receive pursuant to these Terms, you will immediately notify us and will not use, in any way whatsoever, such data, information, or software. If you request a withdrawal of Tokens and we cannot comply with it without closing some part of your open positions, we will not comply with the request until you have closed sufficient positions to allow you to make the withdrawal.
F1Cryptos may refuse to execute a trade, impose trade amount limits or restrictions at any time in its sole discretion without notice. Specifically, F1Cryptos reserves the right to refuse to process, or the right to cancel or reverse, any transaction or disable a User’s deposit address on the Platform where F1Cryptos suspects the transaction involves money laundering, terrorist financing, fraud, or any other type of crime or if F1Cryptos suspects the transaction relates to a prohibited use as stated in our Terms, including transactions involving the opening of an Account and subsequent closure without any actual trading occurring. F1Cryptos provides deposit Accounts to enable trading using the Services and does not allow Users to use such Accounts as a web wallet or address changing service. We reserve the right to halt deposit activity at our sole discretion. While F1Cryptos may in its discretion reverse a trade, a User may not change, withdraw, or cancel its authorization to make a transaction, except with respect to partially filled orders.
F1Cryptos may correct, reverse, or cancel any trade impacted by an error in processing your purchase or otherwise. Your remedy in the event of an error will be limited. You may seek to cancel your order or obtain a refund of any amounts charged to you, although we cannot guarantee such cancellations or refunds will always be possible. F1Cryptos provides its Users with a platform that allows their orders to be matched with the orders of other Users. Orders may be partially filled or may be filled by a number of orders, depending on the trading activity at the time an order is placed.
The Tokens that are available for purchase through the Services may be subject to high or low transaction volume, liquidity, and volatility at any time for potentially extended periods. You acknowledge that while we are using commercially reasonable methods to provide exchange rate information to you through our Services, the exchange rate information we provide may differ from prevailing exchange rates made available by third parties. Similarly, the actual market rate at the time of your trade may be different from the indicated prevailing rate depending on the velocity of trading in the Tokens involved in your trade. You agree that F1Cryptos is not liable for price fluctuations or differences in actual versus indicated rates.
Permanent Withdrawal Of services
F1Cryptos may (a) suspend or terminate your access to the Services, and (b) deactivate or cancel your Account as required by a valid subpoena or court order, or if F1Cryptos suspects you or others of using your Account in furtherance of illegal activity. You will be permitted to transfer Tokens associated with your Account for ninety (90) days after Account deactivation or cancellation unless such transfer is otherwise prohibited (i) under the law, or (ii) by a valid subpoena or court order. If any transaction is in a pending state at the time your Account is cancelled or suspended, such transaction may be cancelled and/or refunded as appropriate. You may not cancel your Account if F1Cryptos believes in its sole discretion that such cancellation is being performed in an effort to evade an investigation or avoid paying any amounts otherwise due to F1Cryptos. Upon cancellation of your Account, you authorize F1Cryptos to cancel or suspend pending transactions and, after providing electronic notice to you, return the Tokens associated with such transactions to the wallet address you provide to F1Cryptos. In the event that you or F1Cryptos terminates this agreement or your access to the Services, or deactivates or cancels your Account, you will remain liable for all amounts due hereunder. In the event that a technical problem causes system outage or Account errors, F1Cryptos may temporarily suspend access to your Account until the problem is resolved.
Ownership of Tokens
You hereby certify to us that any Tokens used by you in connection with the Platform are either owned by you or that you are validly authorized to carry out transactions using such Tokens, and that all transactions initiated with your Account are for your own Account and not on behalf of any other person or entity.
You agree to indemnify, defend and hold F1Cryptos, its affiliates and service providers, and each of their respective officers, directors, agents, joint venturers, employees, and representatives, harmless from any cla"