Risk Disclosure
1. Trading Risk: Trading of digital assets involves significant risk. The risk of loss in trading or holding digital assets can be substantial.
You should exercise prudence in trading in digital assets (as well as any other assets). Prices can and do fluctuate at any moment. Due to such price fluctuations, you may increase or lose value in your assets at any given moment. Any digital asset or trading position may be subject to large swings in value and may even become worthless.
In addition, fraudsters continue to attempt to exploit the rising popularity of digital assets and seek to lure account holders into scams. (Even unwitting) participation in a scam may lead to the complete losses of digital assets (as well as any other assets).
Digital assets are not subject to Federal Deposit Insurance Corporation (“FDIC”), Securities Investor Protection Corporation (“SIPC”), or any other kind of deposit insurance or securities investors protection regimes, or by private insurance against theft or loss, including cyber theft or theft by other means.
2. FX Conversion Risk: You agree and understand that any credit card payments you make using your local currency undergoes a standardized FX conversion process. This FX conversion process may in some circumstances be subject to systemic errors and unexpected failures. In the event of such errors and/or systemic failures, as determined by us in our sole discretion, you may receive a balance in USD or USDT which may be different from the local currency balance you started with at the outset of your payment transaction. This might result in a risk of loss and you agree that you shall bear all costs related to any FX conversion risk resulting from such system errors and/or failure.
3. User Responsibilities: The User shall bear any loss as a result of his/her own actions, including, but not limited to:
- “Fat finger” input or instructions errors, including price, quantity, and/or timing (market vs. limit order specification) errors;
- Mis-timing or mis-submission of trade instructions;
- Forgetting or disclosing your password;
- Computer or network issues, including any hacks or virus issues related to User’s computer or network;
- Transfer-in or withdrawal of digital assets or fiat currencies to or from the wrong account; or
- Third parties accessing and using your account for any reason.
In the event of a User’s malicious, manipulative, or abusive use of the Service, a violation of these Terms of Service, and/or any other behaviors or methods utilized to gain an unfair advantage, as determined at our sole discretion, we reserve the right to take necessary action, including, but not limited to, closing a User’s account, placing restrictions on account transactions, freezing assets in the User’s account, commencing legal action against the User and/or pursuing other measures of recourse.
In the event the User is not cooperative, the User shall bear all costs incurred as a result of any action taken by the relevant Parties, including legal fees.
4. Irrevocability of Transfer: Users shall take full responsibility to ensure the account information is verified before making the transfer so that digital assets or fiat currencies are transferred into the correct account. If a User transfers in digital assets or fiat currencies to a wrong account transfers are typically irrevocable.
If a User transfers digital assets or fiat currencies to a wrong account, and such account is controlled by us, we will have the sole discretion to reject such transfer and return to the User the relevant amount of digital assets or fiat currencies (after deduction of applicable handling fees), as long as the digital assets or fiat currency is still in the account when the User notifies us of their error.
5. Reversals and Cancellations: You agree and understand that you cannot cancel, reverse, or change any transaction that has been marked as complete in your account. We reserve the right to refuse to process, or to cancel or reverse, any transaction conducted under your account in our sole discretion, even after funds have been debited from your account, and we are under no obligation to allow you to reinstate a purchase or sale order at the same price or on the same terms as the canceled transaction:
- if we suspect the transaction involves (or has a high risk of involvement in) suspicious trading activity or violations of these Terms;
- if we have reason to believe there was an obvious error in any term, including but not limited to the price, amount or any other info about the trade;
- if there was disruption or malfunction in the operation of any trading system; or
- if there were extraordinary market conditions or other circumstances in which the nullification or modification of transactions may be necessary.
6. Risk Warning on Digital Payment Tokens (applicable to users of OKCoin Pte Ltd only): The Monetary Authority of Singapore (MAS) requires us to provide this risk warning to You if you are a customer of a digital payment token (DPT) service provider. The MAS states that before you pay your DPT service provider any money or DPT, you should be aware of the following.
(i) Your DPT service provider is exempted by MAS from holding a license to provide DPT services. Please note that you may not be able to recover all the money or DPTs you paid to your DPT service provider if your DPT service provider’s business fails.
(ii) You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by your DPT service provider.
(iii) You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
(iv) You should be aware that your DPT service provider, as part of its license to provide DPT services, may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoin."
Fees
1. Trading Fees: Your trading fees are determined by trailing 30-day volume. All volume is converted to USD using the exchange rate of the digital asset at the time of the transaction. Transactions in non-USD base pair markets are also converted. Your 30-day trading volume is calculated every day at 00:00 (UTC+8).
Fees are charged in the asset you purchase. For example, if you buy BTC/USD the fee is charged in BTC. Rebates are paid in the asset you sold. For example, if you buy BTC/USD the rebate is paid in USD.
Current Fee information is available here.
2. Additional Fees and Charges: Okcoin offers a variety of deposit and withdrawal channels. Deposit and withdrawal fee information can be viewed here.
If you selected Okcoin as your third-party provider, a fee is assessed on Credit/Debit card transactions (Visa only).
Regional or country specific pricing: regional or country-specific pricing may vary, which is determined based on a user’s residence or location. Note that for Brazilian customers of OKCoin Technology Company Limited trading in BRL, an additional fee for buying applies.