Last updated: March 10, 2022.
Please read the Terms of Service carefully. By creating a Wenlite account, or by accessing or using the services, you agree to be legally bound by these Terms of Service and all the terms incorporated by reference.
Summary of Terms of Service
This summary of our Terms of Service offers you an overview of the key terms that apply to your use of our app and trading services. While we hope this summary section is helpful, however, we advise you to read the complete Terms of Service below as they provide important information about how our services work. Please note that we refer to our application service where you can execute trades as “Wenlite“.
- Our Services
Wenlite provides you with a simple and convenient way to trade legal tender (such as USD, GBP and EUR) for digital currencies (such as Bitcoin, Litecoin and Ethereum) and vice versa, and to trade one type of digital currency for another type of digital currency. Our mobile app allows you to store, exchange and trade three major cryptocurrencies. You may also use our Services to purchase and sell digital currencies directly from and to us. Our services do not provide users with the ability to trade one form of legal tender for another form of legal tender. Additionally, the range of services available to you will depend in part upon the country which you access Wenlite.
Wenlite provides you with a platform that matches your trades with open orders from other users of our services at your direction. Users are not able to predetermine a trade with a particular user or with a particular account. Additionally, an order may be partially filled or may be filled by multiple matching orders.
- Eligibility and Acceptable Use
You must meet certain criteria to be eligible use the Wenlite app. For instance, you must be over 18 years old and there are certain locations from which you may not be able to use some or all of Wenlite services. With regards to your registration with the app, the personal information/documents uploaded by yourself, will be vetted and consequently approved subject to compliance review. Please see the acceptable use section for more details. Additionally, while using Wenlite, you cannot engage in illegal activities, lie, or do anything that would cause damage to our services or systems. With regards to funding, Wenlite does not encourage/promote third party funding as a matter of good business practice and it is highly recommended that funds are sent directly from the client. Wenlite adopts a risk-based approach and take appropriate measures when third parties are involved.
- Trading Risks
The risk of loss in trading or holding Digital Currency can be substantial, especially if you engage in any margin trades or use any other sophisticated trading options. Please do not use the Wenlite app or any of the trading options if you do not understand the associated risks.
- Other Important Legal Terms
There are important legal terms provided below in the complete Terms of Service, including your indemnification responsibilities, our limitation of liability and warranty disclaimers, and your agreement to settle most disputes. Please take the time to read these terms carefully. You can always contact us via the details provided should you have any queries: www.wenlite.io
Complete Terms of Service
- KEY DEFINITIONS
Capitalised terms not otherwise defined in these Terms will have the following meaning:
- 1.1 “External Account” means any Financial Account or Digital Currency Account: (i) from which you may load Funds into your Wenlite Account, and (ii) to which you may push Funds from your Wenlite Account.
- 1.2 “Financial Account” means any financial account of which you are the beneficial owner that is maintained by a third party outside of the Services, including, but not limited to third-party payment service accounts or accounts maintained by third party financial institutions.
- 1.3 “Funds” means Digital currency and/or Legal Tender.
- 1.4 “Legal Tender” means any national currency, such as US Dollars, Great British Pounds and Euros, that may be used in connection with a purchase or sale of Digital currencies via the Services, and does not include any Digital currency.
- 1.5 “Wenlite Account” means a user account accessible via the Services where Funds may be stored by Wenlite on behalf of a user.
- 1.6 “Digital Currency” means Bitcoin, Litecoin, Ethereum and any other digital currencies that may be purchased, sold or traded via the Wenlite Services.
- 1.7 “Digital Asset Account” means any Digital currency address or account owned or operated by you that is maintained outside of the Services, and is not owned, controlled or operated by Wenlite.
Wenlite may not make the Services available in all markets and jurisdictions, and may restrict or prohibit use of the Services from certain locations. You further represent and warrant that you: (a) are of legal age to form a binding contract (at least 18 years old; (b) have not previously been suspended or removed from using our Services; (c) have full power and authority to enter into this agreement and in doing so will not violate any other agreement to which you are a party; (d) are not located in, under the control of, or a national or resident of (i) any Restricted Locations, or (ii) any country to which the United States has embargoed goods or services; (e) are not identified as a “Specially Designated National;” (f) are not placed on the Commerce Department’s Denied Persons List; and (g) will not use our Services if any applicable laws in your country prohibit you from doing so in accordance with these Terms.
- Wenlite ACCOUNT
- 3.1 Number of Wenlite Accounts. Wenlite may, in its sole discretion, limit the number of Wenlite Accounts that you may hold, maintain or acquire.
- 3.2 Wenlite Account information and security. In order to engage in any trades via the Services, you must create a Wenlite Account and provide any requested information. When you create a Wenlite 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 Wenlite Account information; (d) maintain the security of your Wenlite Account by protecting your password and restricting access to your Wenlite Account; (e) promptly notify us if you discover or otherwise suspect any security breaches related to your Wenlite Account; and (f) take responsibility for all activities that occur under your Wenlite Account and accept all risks of any authorized or unauthorized access to your Wenlite Account, to the maximum extent permitted by law.
- GENERAL OBLIGATIONS
This Section 5 applies to: (i) all trades completed via the Services, (ii) your purchase and/or sale of Digital currencies directly from Wenlite via the Services, and (iii) any transaction in which you load Funds into your Wenlite Account from your External Account or push Funds from your Wenlite Account into an External Account.
- 5.1 Conditions and Restrictions. We may, at any time and in our sole discretion, refuse any trade submitted via the Services, impose limits on the trade 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 may establish via the Services or we may restrict trades from certain locations.
- 5.2 Accuracy of Information. You must provide any information required when creating a Wenlite Account or when prompted by any screen displayed within the Services. You represent and warrant that any information you provide via the Services is accurate and complete.
- 5.3 Cancellations. You may only cancel an order initiated via the Services if such cancellation occurs before Wenlite executes the transaction. Once your order has been executed, you may not change, withdraw or cancel your authorisation for Wenlite to complete such transaction. If an order has been partially filled, you may cancel the unfilled remainder unless the order relates to a market trade. We reserve the right to refuse any cancellation request associated with a market order once you have submitted such order. In contrast to exchange orders, all trades are irreversible once initiated. While we may, at our sole discretion, reverse a trade under certain extraordinary conditions, a customer does not have a right to a reversal of a trade.
- 5.4 Insufficient Funds. If you have inadequate funds in your Wenlite Account to complete an order via the Services, we may cancel the entire order or may fulfil a partial order using the amount of Funds currently available in your Wenlite Account, less any fees owed to Wenlite in connection with our execution of the trade (as described in Section 9 below).
- 5.5 It is your responsibility to determine what, if any, taxes apply to the trades 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 Wenlite is not responsible for determining whether taxes apply to your trades or for collecting, reporting, withholding or remitting any taxes arising from any trades.
- Wenlite ACCOUNT FUNDS
- 6.1 Funding your Wenlite Account. In order to complete an order or trade via the Services (as described in Section 7), you must first load Funds to your Wenlite Account using one of the approved External Accounts identified via the Services. You may be required to verify that you control the External Account that you use to load Funds to your Wenlite Account. As further described in Section 9, you may be charged fees by the External Account you use to fund your Wenlite Account. Wenlite is not responsible for any External Account fees or for the management and security of any External Account. You are solely responsible for your use of any External Account, and you agree to comply with all terms and conditions applicable to any External Account. The timing associated with a load transaction will depend in part upon the performance of third parties responsible for maintaining the applicable External Account, and Wenlite makes no guarantee regarding the amount of time it may take to load Funds into your Wenlite Account.
- 6.2 Deposit Funds. You are advised to check the beneficiary bank account details appearing on the app at all times before you initiate any transfer of funds to Wenlite to load Funds in your Wenlite Account. Bank details may change and be updated on the app. Wenlite will not be responsible for the delays or returns of funds that may occur on account of missing details, wrong beneficiary details, wrong IBAN/bank account details or missing transaction reference number in your wire transfer instructions. You represent and warrant that you are the lawful owner of the bank account attached to any payment method notified by you.
- 6.3 About Funds Held In Your Wenlite Account. Be advised that fiat funds held in your Wenlite account are exclusively for the purchase of Digital currencies or withdrawal to your approved External Account. Proceeds from the sale of Digital currencies will be credited to your fiat account, less any transactional or other fees. Furthermore, be advised that Wenlite does not pay interest on free fiat balances held in your account.
- 6.4 Pushing Funds to an External Account. Provided that the balance of Funds in your Wenlite Account is greater than any minimum balance requirements needed to satisfy any of your open positions, you may push any amount of Funds, up to the total amount of Funds in your Wenlite Account in excess of such minimum balance requirements, from your Wenlite Account to an External Account, less any fees charged by Wenlite for such transactions (as described in the Fee Schedule at the time of your request to push Funds to an External Account).
- 6.5 Load/Push Authorisation. When you request that we load Funds into your Wenlite Account from your External Account or request that we push Funds to your External Account from your Wenlite Account, you authorise Wenlite to execute such transaction via the Services.
- 6.6 Minimum Threshold for Withdrawal. Any withdrawal of fiat currency from your wallet will be subject to a minimum threshold of $50, £50 or €50 as withdrawals are subject to bank charges.
- EXCHANGE ORDERS AND TRADES
This section only applies when you use our services to trade Digital Currency for Legal Tender or vice versa, or to trade Digital Currency for another form of Digital Currency. Wenlite does not buy, sell, or trade any Digital Currency on its own behalf, except for trades conducted on behalf of Wenlite users where we fulfil every order on a spot basis as the counterparty to both sides of the transaction.
- 7.1 Authorisation. When you submit a new order through our Services, you authorise Wenlite to affect a transaction in accordance with the order on a spot basis and to charge you any applicable fees (as described in Section 10 below).
- 7.2 Independent relationship. You recognise and agree that: (a) Wenlite is not acting as your agent, intermediary, broker, or advisor or in any fiduciary capacity, and (b) no information or communication given to you by Wenlite shall be considered or understood as advice.
- 7.3 Trade confirmation. Once the Services affect your trade, an electronic confirmation will be made available via the Services detailing the specific information regarding the trade. You recognise and agree that the failure of the Services to provide such confirmation shall not change or invalidate the terms of such trade.
- 7.4 Trade options. Please refer to the Trading Guide, for information about the terminology used in connection with the trading options made available via our Services. If you do not understand the meaning of any trade option, we strongly advise against using any of those options.
- 7.5 Market rates. If you select a market trade, Wenlite will attempt, on a commercially reasonable basis, to execute the trade on or close to the prevailing market exchange rate, as defined through the Services. You recognise and agree that the exchange rate information made available via our Services may differ from prevailing exchange rates made available via other sources outside of the Services.
- 7.6 Market volatility. Particularly during periods of high volume, illiquidity, fast movement or volatility in the marketplace for any Digital Currency or Legal Tender, the actual market rate at which a market order or trade is executed may be different from the prevailing rate indicated via the Services at the time of your order or trade. You understand that we are not liable for any such price fluctuations. In the event of a market disruption or Force Majeure event (as defined in Section 21. Limitation of Liability), Wenlite may do any of the following: (a) suspend access to the Services; or (b) prevent you from completing any actions via the Services, including closing any open positions. After any such event, when trading returns to normal, you recognise that prevailing market rates may differ substantially from the rates available prior to such event.
- 7.7 Trade Settlement. . Subject to the terms and conditions in these Terms, we will endeavour to settle trades instantly whenever a user has made a transaction using our Services.
- RISK DISCLOSURE
- 8.1 Trading risks. You recognise and agree that you shall access and use the Services at your own risk. The risk of loss in trading Digital Currency pairs and Digital Currency and Legal Tender pairs can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should be aware of the following points:
- You may sustain a total loss of the Funds in your Wenlite Account, and, in some cases, you may incur losses beyond such Funds. If the market moves against your position, you may be called upon by us to provide a substantial amount of additional margin Funds, on short notice, in order to maintain your position. If you do not provide the required Funds within the time required by us, your position may be liquidated at a loss, and you will be liable for any resulting deficit in your Wenlite Account.
- Under some market conditions, you could find it difficult or nearly impossible to liquidate a position. This can happen if, for example, the market reaches a daily price fluctuation limit (“limit move”), if there is insufficient liquidity in the market.
- All Digital Currency positions involve risk, and a “spread” position may not be less risky than an outright “long” or “short” position.
- The use of leverage can work against you as well as for you and can lead to large losses as well as gains.
- 8.1 Internet transmission risks. You recognise that internet-based trading systems include certain risks including, but not limited to, the failure of hardware, software, and Internet connections. You acknowledge that Wenlite shall not be responsible for any communication failures, disruptions, errors, distortions or delays you may experience when trading via the Services, howsoever caused.
- DIGITAL CURRENCY TERMS OF SALE
This Section only applies when you use the Services in order to purchase or sell Digital Currency directly from Wenlite, a service available in a large number of markets and jurisdictions.
- 9.1 Prices; Availability. All prices reflect the current exchange rates applicable to the purchase or sale of Digital Currency through the Legal Tender or alternative form of Digital Currency recognised in your purchase order. All Digital Currency sales and purchases by Wenlite are dependent on availability, and we reserve the right to terminate the sale and purchase of Digital Currency without notice.
- 9.2 Purchase Quotes. Before completing your purchase or sale of Digital Currency from Wenlite, we will provide notice of the amount of Digital Currency you aim to purchase or sell and the amount of Funds you will be required to pay to Wenlite to receive such Digital Currency or Legal Tender. You agree to comply with any terms and conditions provided within such notice to finalise your purchase transaction.
- 9.3 Errors. In the event of an error, whether through our Services, in an order confirmation, in processing your purchase, or otherwise, we reserve the right to amend such an error and revise your purchase transaction accordingly (including charging the correct price) or to withdraw the purchase and refund any amount received. The only way to remedy this error situation is for you to cancel your purchase order and obtain a refund of any amount charged.
- 9.4 Payment Method. Only valid payment methods specified by us can be used to purchase Digital Currency. By placing an order to purchase Digital Currency from Wenlite, you represent and permit that (a) you are authorised to use the selected payment method and (b) you authorise us, or our payment processor, to charge your chosen transaction method. If the payment or transaction method you selected can’t be verified, is invalid or is otherwise not acceptable, your purchase order may be suspended or withdrawn automatically. You agree to resolve any problems we encounter in order to proceed with your purchase order.
- 9.5 No Returns or Refunds. All sales and purchases of Digital Currency by Wenlite via the Services are final. We do not accept or allow any returns or provide refunds for your purchase of Digital Currency from Wenlite, except as otherwise provided in these Terms.
- 10.1 Amount of Fees. You agree to pay Wenlite the fees for trades exacted via our Services (“Fees“) as detailed below in 10.4, which we can amend from time to time. Changes to the Fee Schedule are effective as of the effective date indicated in the posting of the revised Fee Schedule to the Services, and will apply prospectively to any trades that take place following the effective date of such revised Fee Schedule.
- 10.2 Third-Party Fees. In addition to the Fees, your External Account may impose fees in connection with your use of your designated External Account via the Services. Any fees imposed by your External Account provider will not be reflected on the transaction screens containing information regarding applicable Fees. You are solely responsible for paying any fees imposed by an External Account provider.
- 10.3 Payment of Fees. You authorise us, or our elected payment processor, to charge or deduct your Wenlite Account Funds for any applicable Fees owed in connection with trades you complete via the Services.
- 10.4 Fees. A charge of 0.26% will be applied to any buy or sell transaction.
- ELECTRONIC NOTICES
- 11.1 Consent to Electronic Delivery. You agree and consent to receive electronically all communications, agreements, documents, receipts, notices and disclosures (collectively, “Communications“) that Wenlite provides regarding your Wenlite Account and/or use of the Wenlite Services. You agree that Wenlite can provide such Communications by emailing them to you, and/or by sending an SMS or text message to a mobile phone number that you provide. Your carrier’s standard, messaging, data and other rates and fees could apply to any mobile Communications. You should keep copies of electronic Communications by printing or saving an electronic copy on your personal computer. You may also contact us through support www.wenlite.io to request extra electronic copies of Communications.
- 11.2 Hardware and Software Requirements. In order to access and retain electronic Communications, you will need a 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 Wenlite and have sufficient storage space to save past Communications or an installed printer to print them.
- 11.3 Withdrawal of Consent. You may withdraw your consent to receive electronic Communications by sending a withdrawal notice to support www.wenlite.io. If you decline or withdraw consent to receive electronic Communications, Wenlite may suspend or terminate your use of the Services.
- 11.4 Updating Contact Information. It is your responsibility to maintain updated information pertaining to your email address and/or mobile number with Wenlite so that Wenlite can communicate with you electronically. You understand and agree that if Wenlite sends you an electronic Communication which you do not receive due to incorrect, out of date, blocked or otherwise, will be deemed by Wenlite 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 Wenlite to your email address book so 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 Wenlite Account or by sending such information to support www.wenlite.io. If your contact information becomes invalid such that electronic Communications sent to you by Wenlite are returned, we may deem your account to be inactive, and you may not be able to complete any transaction through our Services until our systems are updated with a valid, working email address or mobile phone number from you.
- UNCLAIMED PROPERTY
If, for whatever reason, we are holding funds in your Wenlite account on your behalf, and we are unable to return your Funds to your designated External Account after a period of inactivity, then we may report and remit such Funds in line with the relevant unclaimed property laws for your jurisdiction.
- ACCEPTABLE USE
When accessing or using the services offered via our Wenlite mobile app, you agree that you will not violate any law, contract, intellectual property or other third-party right or commit an offence, 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 service 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 app in any manner whatsoever;
- Use our service 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 service 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 service that you are not authorized to access;
- Develop any third-party applications that interact with our app without our prior written consent;
- Provide false, inaccurate, or misleading information; and
- Encourage or induce any third party to engage in any of the activities prohibited under this section.
We will own exclusive rights, including all intellectual property rights, to any feedback, suggestions, ideas or any material regarding Wenlite or to our other services that you provide to us either via email on social media or by surveys (“Feedback”).
Any Feedback you submit is non-confidential and shall become the sole property of Wenlite. We will be entitled to the unrestricted use and dissemination of such Feedback for any purpose, commercial or otherwise, without acknowledgment or compensation to you.
You relinquish any rights you may have to the Feedback (including any copyrights or moral rights). Do not send us Feedback if you expect to be paid or want to continue to own or claim rights in them; your idea might be great, but we may have already had the same or a similar idea and we do not want disputes. We also hold the right to remove any posting you make on our website if, in our opinion, your post does not comply with the content standards set out in this section.
15. THIRD-PARTY CONTENT
In using our services, you may view content provided by third parties, including links to web pages of such parties, including but not limited to Facebook and Twitter links (“Third-Party Content“). We do not control, endorse or adopt any Third-Party Content and shall have no responsibility for Third-Party Content, including without limitation material that may be misleading, incomplete, erroneous, offensive, indecent or otherwise objectionable.
In addition, your business dealings or correspondence with such third parties are solely between you and the third parties. We are not responsible or liable for any loss or damage of any sort incurred as the result of any such dealings, and you understand that your use of Third-Party Content, and your interactions with third parties, is at your own risk.
16.DISCONTINUANCE OF SERVICES
We may, in our sole discretion and without liability to you, with or without prior notice and at any time, modify or discontinue, temporarily or permanently, any portion of our Services.
17.DISCLAIMER OF WARRANTIES
Unless expressed to the contrary by us in writing, our services are provided on as ‘as is’ and ‘as available’ basis.
We announce that we disclaim and waive all warranties of any kind (whether express or implied), including, without limitation, implied warranties of merchantability, fitness for a particular purpose, title and non-infringement as to our services, including the information, content and materials contained therein.
You acknowledge that information you store or transfer through our services may become irretrievable, lost, corrupted or temporarily unavailable due to a variety of causes, including software failures, protocol changes by third party providers, internet outages, force majeure event or other disasters including third party DDoS attacks, scheduled or unscheduled maintenance, or other causes either within or outside our own control.
You are thus solely responsible for backing up and or keeping duplicates of any information you store, transfer and or submit to us.
18.LIMITATION OF LIABILITY
UNLESS REQUIRED TO DO SO BY LAW, IN NO EVENT SHALL WENLITE or its DIRECTORS, MEMBERS, EMPLOYEES OR AGENTS BE LIABLE FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY OTHER DAMAGES OF ANY KIND, INCLUDING BUT NOT LIMITED TO LOSS OF USE, LOSS OF PROFITS OR LOSS OF DATA, WHETHER IN AN ACTION IN CONTRACT, TORT (INCLUDING BUT NOT LIMITED TO NEGLIGENCE) OR OTHERWISE, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE USE OF OR INABILITY TO USE THE WENLITE SERVICE, INCLUDING WITHOUT LIMITATION ANY DAMAGES CAUSED BY OR RESULTING FROM RELIANCE BY ANY USER ON ANY INFORMATION OBTAINED FROM WENLITE, OR THAT RESULT FROM MISTAKES, OMISSIONS, INTERRUPTIONS, DELETION OF FILES OR EMAIL, ERRORS, DEFECTS, VIRUSES, DELAYS IN OPERATION OR TRANSMISSION OR ANY FAILURE OF PERFORMANCE, WHETHER OR NOT RESULTING FROM A FORCE MAJEURE EVENT, COMMUNICATIONS FAILURE, THEFT, DESTRUCTION OR UNAUTHORIZED ACCESS TO WENLITE’S RECORDS, PROGRAMS OR SERVICES
You agree to defend, indemnify and hold harmless Wenlite (and each of our officers, directors, members, employees, agents and affiliates) from any claim, demand, action, damage, loss, cost or expense, including without limitation reasonable attorneys’ fees, arising out or relating to (a) your use of, or conduct in connection with, our Services; (b) any Feedback you provide; (c) your violation of these Terms; or (d) your violation of any rights of any other person or entity. If you are obligated to indemnify us, we will have the right, in our sole discretion, to control any action or proceeding (at our expense) and determine whether we wish to settle it.
19. APPLICABLE LAW; ARBITRATION
You and Wenlite agree to arbitrate any dispute arising from these Terms or your use of the Services, except for disputes in which either party seeks equitable and other relief for the alleged unlawful use of copyrights, trademarks, trade names, logos, trade secrets or patents.
ARBITRATION PREVENTS YOU FROM SUING IN COURT OR FROM HAVING A JURY TRIAL. You and Wenlite agree to notify each other in writing of any dispute within thirty (30) days of when it arises. Notice to Wenlite shall be sent to www.wenlit.io
20.1 Amendment. We reserve the right to make changes or modifications to these Terms from time to time, in our sole discretion. If we make changes to these Terms, we will provide you with notice of such changes, such as by sending an email, providing notice on the homepage of the Site and/or by posting the amended Terms via our mobile applications and updating the “Last Updated” date at the top of these Terms. The amended Terms will be deemed effective immediately upon posting for any new users of the Services. In all other cases, the amended Terms will become effective for pre-existing users upon the earlier of either: (i) the date users click or press a button to accept such changes, or (ii) continued use of our Services 30 days after Wenlite provides notice of such changes. Any amended Terms will apply prospectively to use of the Services after such changes become effective. If you do not agree to any amended Terms, you must discontinue using our Services and contact us to terminate your account.
- 20.2 Waiver. Our failure or delay in exercising any right, power or privilege under these Terms shall not operate as a waiver thereof.
- 20.3 Severability. The invalidity or unenforceability of any of these Terms shall not affect the validity or enforceability of any other of these Terms, all of which shall remain in full force and effect.
- 20.4 Assignment. You may not assign or transfer any of your rights or obligations under these Terms without prior written consent from Wenlite, including by operation of law or in connection with any change of control. Wenlite may assign or transfer any or all of its rights under these Terms, in whole or in part, without obtaining your consent or approval.
- 20.5 Headings. Headings of sections are for convenience only and shall not be used to limit or construe such sections.
- 20.6 Survival. 23.8 Sections 2 (Eligibility), Section 3 (Wenlite Account), 8 (Risk Disclosure), 10 (Fees), 12 (Unclaimed Property), 14 (Feedback), 15 (Copyrights), 16 (Trademarks), 17 (Third-Party Content), 20 (Disclaimer of Warranties), 21 (Limitation of Liability); 22 (Indemnity), 23 (Applicable Law; Arbitration) and this Section 24 (Miscellaneous) shall survive any termination or expiration of these Terms.
21. MARGIN DISCLOSURE STATEMENT
We are furnishing this document to you to provide some basic facts about purchasing digital assets or legal tender on margin, and to alert you to the risks involved with trading assets in a margin account. Before trading assets in a margin account, you should carefully review this margin disclosure statement. If you have any concerns and or questions regarding your margin account, then do not hesitate to contact us through our support team via the contact details on our website. www.wenlite.io
When you purchase digital assets for legal tender or vice versa, you may pay in full or you may borrow part of the purchase price from us. If you choose to borrow funds from us, you will open a margin account. The assets purchased are our collateral for the loan to you. If the assets in your account declines in value, so does the value of the collateral supporting your loan, and, as a result, we can take action, such as issue a margin call and/or sell assets in your account, in order to maintain the required equity in the account.
It is important that you fully understand the risks involved in trading assets on margin. These risks include the following:
- It is possible that you may lose more funds than you deposit in the margin account. A decline in the value of assets that are purchased or sold on margin may require you to provide additional funds to us to avoid the forced sale of assets in your account(s).
- We can force the sale of assets in your account. We preserve the right to sell assets in your account if the equity falls below our maintenance margin requirements. You also will be responsible for any shortfall in the account after such a sale.
- We can sell your assets without contacting you. Contrary to what some may believe, it is important for customers to realise that Wenlite are not obligated to contact them for a margin call to be valid and that we can liquidate assets in their accounts to meet the call without needing to contact the customer first. We will attempt to notify you of margin calls, but we are not required to do so. However, even if we have contacted you and provided a specific date by which you can meet a margin call, we can still take necessary steps to protect our financial interests, including immediately selling assets without notice to you.
- We can increase maintenance margin requirements at any time and are not required to provide you with advance written notice. This often takes place with immediate effect and can result in the issuance of a maintenance margin call. Your failure to satisfy the call may cause us to liquidate or sell assets in your account(s). We are not responsible to delays in the release of funds intended to satisfy the call, including but not limited to internal holds on funds exceeding verification limits, delays in the transfer of funds from external accounts maintained by third party financial institutions, and failure of proper routing of funds through financial networks. Furthermore, the funds won’t count towards their maintenance requirements until the funds are released.
- You are not entitled to an extension of time on a margin call. Whilst an extension of time to meet margin requirements may be available to you under certain conditions, a customer does not have a right to the extension.