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Home » Announcements » OKCoin Margin Lending Finance Service Agreement Add New Post

OKCoin Margin Lending Finance Service Agreement

Moderator published on OKCoin Announcements Announcements 2014-07-24 19:09 11311

1)Margin trading products are created and managed through OKCoin (HK) Company Ltd. and the OKCoin Bitcoin currency trading platform, and provide long / short leveraged trading tools to OKCoin users.

2) The amount of leverage available to a user depends on their VIP level. The maximum currently ranges between 2.2x (times) and 3x (times).

3) OKCoin (HK) Company Limited provides risk management services to leveraged finance users

4) OKCoin will exercise its right to use such risk management services when a user’s trading account risk (user Assets / Liabilities) falls below 110%. OKCoin has the authority to reduce, liquidate or execute any other risk control mechanisms necessary to mitigate such risks

5) If users are using borrowed funds for leveraged transactions, they must comply with the "OKCoin (HK) Company Limited financial currency financing business rules".

6) When using leverage, users shall comply with all relevant laws in their jurisdiction to ensure full legal compliance.

7) When using leverage for trading purposes, users must be fully aware of the risks associated with the magnification of capital. Users must exercise caution and trade within their own financial capacity.

8) By using any of the financial tools provided on the OKCoin trading platform, users are demonstrating their own willingness to invest and therefore unconditionally accept the potential risks and benefits arising from all investment decisions.

9) Users are fully aware that fees and other related costs may arise when using leveraged financial transactions. Users therefore agree to pay the appropriate fees in accordance with the requirements of such transactions

10) OKCoin retains full authority to restrict a user’s leverage options if it deems that the user poses a risk to his/her own financial situation. OKCoin has the authority to reduce, liquidate and execute any other risk control mechanisms to mitigate such risks.

11) OKCoin reserves the right to terminate permission or suspend a user at any time due to violations of this agreement. OKCoin also reserves the right to suspended or terminate leveraged transactions from its platform at any time.

Annex 1: OKCoin (HK) Company Limited Financial Currency Financing Business Rules

1 - General

1.1 The purpose of these rules is to regulate the behavior of virtual currency asset financing, maintaining market order, protect the legitimate rights and interests of investors, in a fair, open and impartial manner.

1.2 Leverage tools are defined as those that are available to users of OKCoin (HK) Company Limited (hereinafter referred to as “the Company”) as to provide collateral to borrow assets and for the execution of transactions on the OKCoin trading platform (hereinafter referred to as “OKCoin”).

1.3 OKCoin trading platform reserves the right for the oversight of and application of this rules.

2. Leverage

2.1 Investors must sign the "OKCoin (HK) Company Limited Financial Currency Financing Agreement" in order to use leverage and participate in the asset financing.

2.2 Investors must only use financial credits which have been commissioned by OKCoin, borrowed RMB or other virtual assets. Entrusted types include RMB, BTC, LTC. OKCoin reserves the right to add or remove any currency types at any time.

2.3 OKCoin does not provide a guarantee or protection of gains to users. All users must be fully aware of leverage risk, and should exercise self-assessment, voluntary control and risk management of probable and real losses.

3 Commissioned Financial Credits

3.1 Through the development of the PC client, API, etc. OKCoin has provided a generally recognisable method to execute financial trades

3.2 Unless otherwise specified by the Company, each leveraged transaction should contain the following information:

(1) Investor trading account

(2) Type of financial currency

(3) The borrower and the number of coins

(4) The lender and the currency rates

(5) Any other requirements specific to the platform used

3.3 Leverage trades may only be placed using limit orders; market orders are not accepted.

3.4 Leverage commission may be revoked or withdrawn by the Company at any time it deems necessary

3.5 Obtaining leverage:

The minimum amount of cash leverage available is $20, with an accuracy of $0.01.

The minimum amount of BTC leverage is 0.1, with an accuracy of 0.01 BTC.

The minimum amount of LTC leverage is 1, with an accuracy of 0.01 LTC.

For the reported rates on a particular day, the minimum commission rate will be 0.01%, with an accuracy of 0.01%. The maximum commission rate is 100%.

3.6 OKCoin is end to withdraw investor financing whenever it deems necessary.

4. Bidding

4.1 4.1 CoinFinance bidding uses the lending party as the seller and the borrowing party as the borrower. The interest rate acts as the price. The trades are conducted using the "price" and time as the two major factors.

Price at transaction: The offers provided by the borrowing party with a higher price take precedence over those with a lower price. The offers provided by the lending party with a lower price take precedence over those with a higher price.

Time: When the two parties have the same offered price, the bids put in first take precedence over those offered later. The transactions will follow chronological order going from those submitted first to last.

5. Settlement and clearing

5.1CoinFinance uses the funds in users' OKCoin Trading Account as collateral for margin trading.

5.2 Immediately following a CoinFinance order's succesful matching interest starts accruing and time to settlement starts counting down. The loaned funds will immediately be transfered to the borrowing party's Trading Account. The borrowing party can immediately use these funds to start trading.

5.3The borrowing party is held responsible for paying back the loan plus interest immediately once due. Fees are calculated using the price and interest rate on the day the transaction took place. Interest-bearing days and the time duration of loan is calculated using 24 hours as one day(disregarding day of the week)

5.4The borrowing party can choose to repay the loan early and pay fees according to the actual number of days the funds were borrorwed. In this case anything less than 24 hours is still considered one day.

5.5 Immediately following repayment, the loanded funds plus interest will be deducted from the borrowing party's Trading Account and transfered to the lending party.

5.6 In the situation that the borrowing party's funds are insufficient to repay debts, The Company will automatically place another loan on your behalf, the funds of which will be used to repay the user's outstanding debt. The user's outstanding debt will now be owed to the new lending party. By using CoinFinance the user grants permission to The Company to perform such an action, furthermore the user accepts the results of such action.

5.7 In the case that CoinFinance's liquidity is not sufficient enough to find another loan and the borrowing party has no way to repay their debt, The Company will automatically place transactions on the users behalf to attain enough funds to repay outstanding debts. By using CoinFinance the user grants permission to The Company to perform such an action, furthermore the user accepts the results of such action.

6. Risk Control

6.1Users who participate in CoinFinance are required to provide collateral in the form of the funds in their Trading Account. Funds in other accounts will not be included as collateral.

6.2 Users' net asssets are calculated by their OKCoin Trading Account's USD+(BTC*current market rate). Users' total liability is calculated by the total USD borrowed+(BTC borrowed*current market rate). Users' liability ratio is calculated by (net assets' value)/(liabilites' value)

6.3The most an investor can borrow is 200% of its OKCoin trading account's net assets. The amount each user is able to borrow is dependent on their VIP level, for more details please visit the rewards page.

6.4 When users funds reach 20% of the original amount a warning will be issued, at 10% all remaining funds will be liquidated.

The warning informing the user of the risk of liquidation will be sent using the contact methods already provided by the user.

When the user's fund reaches liquidation levels, the system will automatically liquidate the user's funds by closing any open positions, as well as automatically payback the outstanding loans. Loans will be paid back in chronological order starting from the earliest loan taken out to the most recent. If the user's funds are insufficient to repay all debts, the lending parties have the right to pursue their debt.

6.5 Investors should take note of the risks they are undertaking, and at the same time should revise their held positions as to avoid risk. Users shall be the sole bearer of responsibility for all funds lost by account liquidation.

6.6 The Company will oversee the sum total value of all loans. When the sum total reaches the upper limit established by The Company, future loans will automatically be prohibited from taking place until which point the sum total falls below the limit. However, when users’ total funds are over 300% of that being loaned to him/her, the loan is not subject to the limitation.

6.6 The Company will change the limit of the sum total of all loans according to the condition of the markets and the level of risk. This limit will take effect after being published by The Company

7. Conduct Oversight

7.1 Users in the process of using CoinFinance need to abide by the laws of their respective countries as well as the rules and regulations of using margin and transacting set forth by OKCoin. The Company reserves the right when necessary to temporarily freeze, revoke the right of margin trading, manage account debts, liquidate open positions and use other means of risk control of certain OKCoin accounts.

8. Supplementary Details

8.2 These terms were created by The Company, after being presented to investors these will be put into effect, modify accordingly.

8.3 These terms are provided by The Company(OKCoin)

8.4These rules are effective starting 15/06/2014


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