MEXC Pre-Market Trading Service Agreement
MEXC Pre-Market Trading Service Agreement
This MEXC Pre-Market Trading Service Agreement (“Agreement”) is a contract between you (“you”, “your” or “User”) and MEXC (“we”, “our”, “us” or “MEXC”). It sets out the terms and conditions that govern your use of MEXC Service (“Services”) through MEXC.com or any of our associated platforms, application programming interfaces or mobile applications (collectively the "Platforms"). Pre-Market Trading service is a Service that allows a user to make or take an Order with another user to buy or sell Digital Assets that are listed on the Platform but are not yet available for secondary market trading and/or instant settlement. The terms and conditions in this Agreement are to be read in conjunction with the User Agreement, Privacy Policy, and Risk Disclosure Statement (collectively, the “Legal Documents”) and shall form an integral part thereof. Therefore, unless otherwise stated in this Agreement, the capitalized terms used in this Agreement shall have the same meaning given to them under the Legal Documents, unless such capitalized terms have been re-defined. If the terms in this Agreement vary from that of the Legal Documents or such other agreement or publication pertaining to MEXC’s Pre-Market Trading Service as may be published by MEXC from time to time (the “Terms”), the terms in this Agreement shall prevail. Before you use the Services, we advise you to carefully read and make sure you understand the provisions of this Agreement and the Terms.
BY ACCESSING OR USING ANY OF THE SERVICES OR UNDERTAKING ANY PRE-MARKET TRADING TRANSACTIONS, YOU ARE DEEMED TO HAVE, WHERE POSSIBLE WITH INDEPENDENT COUNSEL, READ, UNDERSTOOD, AND AGREED TO THE PROVISIONS CONTAINED HEREIN.
PRE-MARKET TRADING ARE COMPLEX AND NOT SUITABLE FOR THE MAJORITY OF ORDINARY PERSONS. THE RISK OF LOSS IN CONNECTION WITH SUCH CAN BE SUBSTANTIAL. YOU SHOULD CAREFULLY EXAMINE YOUR INVESTMENT OBJECTIVES, FINANCIAL RESOURCES AND RISK TOLERANCE AND CONSIDER WHETHER UNDERTAKING SUCH TRANSACTIONS ARE SUITABLE FOR YOU. YOU SHOULD BE CAPABLE OF BEARING THE FULL LOSS OF THE AMOUNTS INVESTED AS A RESULT OF OR IN CONNECTION WITH ANY ORDER.
1 DEFINITIONS
Save as defined below, all terms and references used in this Agreement shall have the meaning given to them in this Agreement.
(a) Account means all accounts registered, applied for and opened with us and/or on the Platform under your name.
(b) Buyer means a user who makes or takes an Order to buy Pre-Market Assets with Supported Assets.
(c) Collateral means a pre-determined sum of Supported Assets provided by a user as security for placing an Order as a Seller.
(d) Counterparty means the counterparty of an Order and/or Executed Order with you.
(e) Executed Order means the matching of a Maker Order to a Taker.
(f) Maker means a user who places or makes an Order.
(g) Order means an instruction, application, request or order to initiate an offer of Pre-Market Assets in relation to the Service as a maker or taker, sent, given or transmitted by you or on your behalf to MEXC or which MEXC reasonably believes to have been sent, given or transmitted by or on your behalf, including any instruction, request or order to revoke, ignore or vary any previous offer, instruction, request application or order.
(h) Pre-Market Assets means the Digital Assets made available for the Services.
(i) Purchase Price means the consideration comprising of Supported Assets paid by the Buyer to the Seller in an Order to buy Pre-Market Assets.
(j) Seller means a user who makes or takes an Order to sell Pre-Market Assets with Supported Assets.
(k) Settlement means a settlement of an Executed Order where the agreed Pre-Market Assets and consideration of the Executed Order is exchanged.
(l) Settlement Period has the meaning given to it under clause 2.5.
(m) Supported Assets means the Digital Assets known as Tether (“USDT”) or any other form of Digital Assets as approved and advised to you by us from time to time.
(n) Taker means a user who takes an Order.
2 Service
Our Service enables users to engage in the buying and selling of Digital Assets approved for listing but not yet available for secondary market trading and/or instant settlement. The Service is designed to facilitate these transactions under a structured set of rules and procedures as outlined herein.
2.1 Pre-Market Trading Period
Pre-Market Trading Period is the designated timeframe within which Participants may submit a Maker or Taker Order, as a Buyer or as a Seller, for Pre-Market Assets through the Platform and shall conclude upon the official listing of the Pre-Market Assets for secondary market trading and instant settlement (the “Pre-Market Trading Period”). The specific duration of the Pre-Market Trading Period is determined and managed through the Platform, which are therefore subject to change based on our unilateral determination, as may be commercially necessary.
Our Service enables Users to engage in the buying and selling of Digital Assets approved for listing but not yet available for secondary market trading and instant settlement. The Pre-Market Trading Service is designed to facilitate these transactions under a structured set of rules and procedures as outlined herein.
2.2 Placing an Order
When you place an Order, you will be required to determine the quantity of Pre-Market Assets you wish to buy or sell and the price of the Pre-Market Assets at which you wish to buy or sell. To successfully make an Order as a Buyer of Pre-Market Assets, you will be required to put up the Purchase Price. Once an Order has been placed, the Purchase Price will be withheld and will not be available for any forms of use, including withdrawals or trading.
To ensure the successful execution of transactions, Sellers are mandated to deposit a Collateral equivalent to 100% or higher (or another percentage as advised by MEXC on its Platform, relevant landing pages of the Service, or through official announcements, emails or other communication channels deemed reasonable by MEXC from time to time. Please note, however, that under certain circumstances MEXC may not communicate to you aforesaid percentages prior to the changes therein) of the total value of the Pre-Market Assets that they wish to sell when placing an Order. This Collateral serves as a security to guarantee the delivery of Pre-Market Assets to the Buyer upon Settlement. We reserve the right to adjust the rate of Collateral for future transactions in our sole discretion, which may vary based on the specific Pre-Market Asset involved. Once an Order has been placed, the Collateral will be withheld and will not be available for any forms of use, including withdrawal or trading.
2.3 Transaction Fees
A transaction fee payable in Digital Assets (the “Fees”) will be paid to the Platform by both a Seller and a Buyer in an Order of a Pre-Market Assets transaction. Such Fees will be charged at a certain percentage of the total value of an Order for facilitating the relevant Pre-Market transactions, which will be advised and solely determined by MEXC from time to time on its Platform, relevant landing pages of the Service, or through official announcements, emails or other communication channels deemed reasonable by MEXC. Please also note that under certain circumstances MEXC may not communicate to you aforesaid percentages prior to the changes therein. The Fees will be deducted from the transaction amount at the time an Order becomes an Executed Order. You shall carefully consider the Fees when placing an Order and using our Service.
2.4 Settlement Deadline
The settlement deadline of an Executed Order is the date by which the Seller must complete the transfer of the agreed quantity of Pre-Market Assets to the Buyer (“Settlement Deadline”) in accordance with the Executed Order. In the case of MEXC, a fixed settlement deadline is applied, where the Seller must ensure that there are sufficient pre-market assets in the account before this deadline for the settlement to occur. Failure to meet this deadline will result in the transaction being void, and the Seller shall forfeit the Collateral as further described in Clause 2.6.
2.5 Default on Delivery
In the event that a Seller ("Defaulting Seller") fails to transfer the specified Pre-Market Assets to the Buyer ("Affected Buyer") of an Executed Order before the designated Settlement Deadline as prescribed by MEXC’s transactional protocols, the Defaulting Seller shall be deemed to have defaulted on its delivery obligations hereunder. Upon such default, any and all forms of Collateral, previously deposited by the Defaulting Seller to secure the Order, shall be immediately forfeited in full. The Collateral shall then be allocated in the following manner:
(a) Service fee to MEXC: A sum determined by MEXC in its absolute sole discretion (or another percentage as advised by MEXC on its Platform, relevant landing pages of the Service, or through official announcements, emails or other communication channels deemed reasonable by MEXC from time to time) of the forfeited Collateral shall be retained by us as a non-refundable service fee for processing the transaction and handling the default; and
(b) Damages to the Affected Buyer: The remaining sum, after deduction of the abovementioned service fees (or another percentage as advised by MEXC on its Platform, relevant landing pages of the Service, or through official announcements, emails or other communication channels deemed reasonable by MEXC from time to time) of the forfeited Collateral shall be transferred to the Affected Buyer as liquidated damages, constituting compensation for the Defaulting Seller's failure to fulfill their contractual delivery obligations of the Executed Order.
2.6 Order Cancellation
You may cancel any unmatched Orders as a Maker any time before an Order becomes an Executed Order on the Platform. Once an Order has been executed in the form of an Executed Order, resulting in a binding agreement for the transaction of Pre-Market Assets for both the Buyer and the Seller, such Executed Order shall be irrevocable. The Buyer and the Seller of an Executed Order shall be obligated to complete the Executed Order before the Settlement Deadline in accordance with the Settlement terms as detailed in this Agreement and/or the Platform.
2.7 Delay or Cancellation of Listing of Pre-Market Asset
Should the official listing of a Pre-Market Asset be delayed or canceled, all Executed Orders will retain their validity, and a new Settlement Period will be communicated to the respective Buyer and the Seller of the Executed Order. In the event of a cancellation of the listing of the Pre-Market Assets, a full refund of the Collateral to the Seller and return of Purchase Price to the Buyer will be carried out as soon as practicable.
REPRESENTATIONS AND WARRANTIES
3.1 Acknowledgement
(a) You acknowledge that trading with respect to Pre-Market Assets is a highly speculative activity involving highly leveraged and rapidly fluctuating markets. Despite such risks, you acknowledge, understand and agree that you are willing and able to assume the financial risks and other hazards of trading with respect to Pre-Market Assets and agree that you will in no manner hold MEXC responsible for losses howsoever incurred by you under or in connection with this Agreement, the User Agreement or otherwise.
(b) You acknowledge and agree that no information provided by MEXC, whether or not included in this Agreement or any other document or statement, shall be deemed as business, legal, financial or tax advice. You may and should consult your own business, legal, financial or tax advisers regarding especially, inter alia, the particular opportunities, risks, obligations or further costs arising from the reception of and in connection with Digital Assets under the Service. You acknowledge and agree that for any transactions or other decisions or activities through which you use any Pre- Market Trading Services, MEXC does not have a fiduciary relationship with or fiduciary duty towards you. No communication or information provided by us to you, whether or not included in this Agreement or any other document or statement, shall be deemed, considered or interpreted as investment, business, legal, financial, tax, trading, or any other type of advice. You shall determine whether any investment, investment strategy or related transaction is appropriate for you based on your personal investment objectives, financial condition and risk tolerance, and you shall be solely responsible for any and all losses or liabilities.
(c) In addition and without prejudice to any other right or remedy which MEXC may have under this Agreement, the User Agreement, applicable laws or otherwise, so long as MEXC acts in good faith, it shall not be liable to you in any respect for any loss suffered by you, including, without limitation, any loss resulting from default, insolvency or analogous proceedings of, or action or inaction by any intermediary (including wrongful or unlawful action or inaction) or howsoever otherwise suffered and/or incurred by you under or in connection with this Agreement and/or the User Agreement. MEXC shall only be liable to you if MEXC is proven to have been fraudulent or to have acted in willful default.
(d) Without prejudice to the generality of the foregoing, MEXC shall not in any event be liable to you for any indirect or consequential loss, or for any anticipated profits or punitive damages.
3.2 Your representations and warranties
You represent, warrant, agree and undertake that:
(a) you have full capacity and authority and have obtained (and will maintain) and are in compliance with all necessary authorisations, consents, licenses or approvals (whether under applicable laws or otherwise) required to:
(i) accept and agree to the terms of this Agreement;
(ii) receive and/or use the Service;
(iii) to initiate any Orders;
(iv) to enter into Executed Orders;
(v) to open, maintain and/or continue to maintain a Account with MEXC; and
(vi) to transfer Collateral to MEXC;
(b) you have made your own independent decisions to accept the terms of this Agreement, open and maintain an Account(s), to receive the Service and to initiate or issue Orders from time to time and decide as to whether the Service are suitable or appropriate for you or the entity for whom you are acting based on your own judgment and advice from advisers as you deem necessary. You are not relying on any communication (whether written or oral) from MEXC as investment advice or as a recommendation to enter into any transactions in relation to the Pre-Market Assets or as an assurance or guarantee of any expected results of such transactions or any Orders;
(c) you have read and understood all the terms and conditions of this Agreement and on relevant pages of the Platform and accept the conditions and limitations for each and every service available to you in connection with the Service;
(d) you are not an employee of any governmental or self-regulatory organization in any jurisdiction, including any exchange or a member firm thereof, or engaged in the business of dealing (either as agent or principal), that prohibits you from establishing a relationship with MEXC, in dealing in any of the Pre-Market Assets traded in connection with your Account, and you shall promptly notify MEXC if you become so employed;
(e) you shall comply with all applicable laws and regulations and cease to access any Services where such compliance becomes impossible;
(f) you do not reside in the Restricted Locations as set out in the User Agreement, or in any other jurisdictions in which MEXC has restricted the offering of the Service provided under this Agreement;
(g) any Order placed or any other dealings with respect to your Account is solely and exclusively based on your own judgment and after your own independent appraisal and investigation into the risk associated with such Orders and your own independent determination of the Order being specifically suitable for you based on your own assessment of your financial resources, ability and willingness to take relevant risks and financial objectives;
The above representations, warranties, agreement and undertakings shall be deemed repeated whenever you place Orders or enter into any transactions in relation to the Pre- Market Assets.
3.3 Separate Warranties
Each warranty and representation in this Agreement is construed independently and is not limited by reference to another warranty or representation.
3.4 Reliance on Representations
You acknowledge and agree that MEXC provides the Pre-Market Trading Service to you in reliance on the warranties, representations and undertakings provided hereof.
RISK STATEMENT
Apart from any risks disclosed in the User Agreement, on our Platform and through our communications to you from time to time in relation to Pre-Market Assets and markets, the following risks are likely to be associated with the Service and your transactions of Pre-Market Assets:
(a) Market Risks
You acknowledge that Pre-Market Asset transactions carry inherent market risks, including but not limited to significant price volatility. Such volatility can arise from market demand fluctuations, technological advancements, changes in market sentiment, macroeconomic factors, etc . You accept that this volatility may affect the value of Pre-Market Assets both positively and negatively, and you enter into transactions with full awareness of the possibility of rapid and substantial asset value changes.
(b) Regulatory Risks
The regulatory environment governing Pre-Market Assets and Digital Assets is subject to ongoing evolution and change. Such regulatory changes, including but not limited to the imposition of new compliance requirements, restrictions, or outright bans on the trading of certain assets, may materially impact the value, legality, and transferability of Pre-Market Assets. You agree to bear all risks stemming from legal and regulatory modifications and confirm that we bear no liability for losses arising from such changes.
Your order may be cancelled spontaneously when the opposite party`order is cancelled under circumstances of regulation risk.
(c) Operational Risks
There may be potential delays or interruptions in the operation of the Platform due to various factors including but not limited to technical malfunctions, maintenance periods, or cybersecurity incidents. While MEXC takes reasonable measures to ensure the continuity and security of its operations, you accept that such risks may result in delayed transactions or loss of access to their assets or accounts on a temporary basis.
(d) Listing and Settlement Risks
The Listing of Pre-Market Assets may be delayed or canceled by MEXC or the issuer of such Pre-Market Assets at any time. Additionally, there may be unforeseen circumstances that could prevent timely settlement of transactions. You understand and agree that the Settlement Period may vary or be delayed in some circumstances, including but not limited to events of extreme market volatility, network delays, a significant number of simultaneous instructions to redeem from other users, or any other unanticipated events. You understand that such delays or cancellations may adversely affect the value of Pre-Market Assets and your Purchase Price or Collateral may be held on the Platform longer than intended. You will not be able to make any returns, transfers, or other instructions regarding Collateral or Purchase Price and that MEXC shall not be liable for any losses or damages incurred as a result of these listing and settlement risks.
(e) Liquidity Risks
Pre-Market Assets may have limited liquidity which can lead to substantial slippage in prices or the inability to buy or sell the desired amount of assets without a significant impact on market prices. MEXC does not guarantee the liquidity of any Pre-Market Asset and you must consider the potential for illiquidity when entering into Orders and related transactions.
(f) Counterparty Risks
In any Pre-Market Asset transaction, there is a risk that the counterparty may default on their obligations under the terms of the Executed Order. While MEXC employs mechanisms such as the Collateral requirement and Early Termination Penalty to mitigate such risks, it cannot provide an absolute guarantee that counterparty risk can be eliminated.
(g) Risk of Loss
In engaging in Pre-Market Asset transactions, you acknowledge that they are doing so at your own risk and that you bear full responsibility for any loss of capital that may occur. You shall carefully assess their financial circumstances and risk tolerance before entering into transactions and to consider seeking advice from financial, legal, and tax advisors.
(h) Inability to trade Supported Assets
While the Supported Assets of your Account are placed as Collaterals or Purchases Price in an Order or Executed Order, you may suffer loss from the risks associated with the inability to trade such Supported Assets. You are willing to bear the funding risks and potential losses caused by depositing the Supported Assets and using the Service.
(i) Other risks
Other risks inherent in the use of Service include but are not limited to any limitations to your (or any person’s) ability to predict correctly how particular Pre-Market Assets will change in value and the impact on Settlement. You must carefully assess your own ability to initiate any Orders or enter into any transactions under the Service.
LIMITATION OF LIABILITIES AND DISCLAIMER
(a) YOU EXPRESSLY AGREE THAT YOUR USE OR NON-USE OF THE PRE-MARET TRADING SERVICES AND RELATED SERVICES ARE AT YOUR OWN RISK. EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY UNDER THIS AGREEMENT. ALL PRODUCTS AND SERVICES PROVIDED TO YOU THROUGH THE SERVICE AND RELATED SERVICES PROVIDED TO YOU ARE STRICTLY OFFERED ON AN “AS IS” AND “AS AVAILABLE” BASIS, AND MEXC. COM AND ITS AFFILIATES OR ITS SERVICE PROVIDERS OR SUPPLIERS MAKE NO REPRESENTATIONS, WARRANTIES, OR GUARANTEES TO YOU OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, MERCHANTABILITY, QUALITY OR FITNESS FOR A PARTICULAR PURPOSE, TITLE, OR NON-INFRINGEMENT, NO ERRORS OR OMISSIONS, CONTINUITY, ACCURACY, RELIABILITY OF THE SERVICE. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF IMPLIED WARRANTIES IN CONTRACTS, SO THE ABOVE EXCLUSION MAY NOT APPLY TO YOU. MEXC.COM DO NOT ASSUME ANY UNDERTAKINGS AND WARRANTIES TO THE VALIDITY, ACCURACY, CORRECTNESS, RELIABILITY, QUALITY, STABILITY, COMPLETENESS OR TIMELINESS OF THE TECHNOLOGY AND INFORMATION IN CONNECTION WITH THE Service OR OTHER SERVICES PROVIDED BY MEXC.
(b) NOTHING IN THIS AGREEMENT SHALL EXCLUDE OR LIMIT LIABILITY OF EITHER PARTY FOR FRAUD, DEATH OR BODILY INJURY CAUSED BY GROSS NEGLIGENCE, VIOLATION OF LAWS, OR ANY OTHER ACTIVITY THAT CANNOT BE LIMITED OR EXCLUDED BY LAW OR REGULATIONS.
(c) You agree and accept that the aggregate liability of MEXC shall not exceed the Fees that MEXC has received from you when this Agreement is terminated.
(d) You agree and accept that if the Platform cannot function properly or the Services is interrupted arising from the following conditions, such that you are unable to use the Services or cannot make commands or perform related trading operations, including but not limited to failure, delay, interruption, no system response, delayed system response or any other abnormal circumstances, MEXC and its affiliates shall not be liable for any losses. These circumstances include but are not limited to:
(i) Service suspension for maintenance;
(ii) Hacker attack(s) on MEXC for purposes including but not limited to stealing user account passwords, secret keys, API key(s), and other information, that result in losses caused by illegal hacking into the user’s accounts and / or illegal transfer of Digital Assets;
(iii) System failure to transmit data as a result of telecom equipment failures;
(iv) Force Majeure events or accidents, such as but not limited to typhoons, earthquakes, tsunamis, flooding, plagues, epidemics, power outage, war, turmoil, government actions, terrorist attacks and any other events that may lead to the suspension of MEXC and/or its Services;
(v) Service interruption or delay arising from hacking, computer virus, technical adjustment or failure, website upgrades, banking issues, temporary closure arising from government regulations and any other reasons;
(vi) Losses arising from technical problems that cannot be predicted or solved by existing technical forces in the industry;
(vii) Losses suffered by you or other third parties arising from including but not limited to the fault or delay of the third party, changes in applicable laws, force majeure events or accidents caused by other objectively unforeseeable, unavoidable and/or unsolvable circumstances,etc.;
MISCELLANEOUS
a) If any portion of this Agreement is declared invalid, illegal, or otherwise unenforceable by a court of competent jurisdiction, the remaining provisions shall continue in full force and effect.
b)This Agreement has been drafted in English. Although translations in other languages of this Agreement may be available, such translations may not be up to date or complete. Accordingly, you agree that in the event of any conflict between the English language version of this Agreement and any other translations thereof, the English language version of this Agreement shall prevail.
c) It is your responsibility to stay up-to-date with any changes to this Agreement or other Legal Documents as changes hereto may not be expressly communicated to you. You hereby undertake to review, on a regular basis, this Agreement and the Legal Documents for any changes made thereto.
c) MEXC expressly reserves all the rights for final explanation of this Agreement within the scope of law.