Please review our updated terms and conditions for:
Independent Reserve is bound by Australian law to take steps to ensure that it is not involved in the facilitation of money laundering or terrorist financing.
Various AML measures are in place designed to articulate our commitment to detecting, preventing and reporting attempts to use our financial services platform to launder money, to finance illegal activities such as terrorism and drug trafficking, or to commit fraud.
The following is a list of some of these measures:
Independent Reserve is bound by Singapore law to take steps to ensure that it is not involved in the facilitation of money laundering or terrorist financing.
Various AML measures are in place designed to articulate our commitment to detecting, preventing and reporting attempts to use our financial services platform to launder money, to finance illegal activities such as terrorism and drug trafficking, or to commit fraud.
The following is a list of some of these measures:
We also use your personal information to:
We also use your personal information to:
Independent Reserve Pty. Ltd. (we, us or Independent Reserve) is bound by the Privacy Act 1988 (Cth), including the Australian Privacy Principles. This Policy describes our policies and practices for collecting, handling, storing, using and disclosing personal information for the purposes of our functions and activities. It also deals with how you can complain about a breach of the privacy laws, access the personal information we hold about you and have that personal information corrected (where necessary).
'Personal information' is information or an opinion about an identified individual, or an individual who is reasonably identifiable, whether the information or opinion is true or not and whether the information or opinion is recorded in a material form or not. Examples include an individual name, address, contact number and email address.
‘Sensitive information’ is a special category of personal information. Sensitive information includes health information and information about an individual’s race or ethnic origin, philosophical beliefs, membership of a professional or trade association, membership of a trade union, religious or philosophical beliefs.
We collect and hold a range of personal information in carrying out our business and functions as a cryptocurrency and Bitcoin exchange. The kinds of personal information we collect and hold about you will depend upon the nature of our relationship with you and the circumstances of collection, including whether we collect the information from you as a customer, supplier, job applicant or some other capacity.
For example, if you are a customer:
If you apply for a job with us, we may collect your name and contact details as well as information in relation to your past or current employment. If you are or become an employee, the handling of your personal information may be exempt from the APPs if it’s directly related to your current or former employment relationship with us.
If you deal with us in some other capacity, we may collect your name and contact details and any other information you choose to provide to us.
We do not generally collect sensitive information and we will only collect sensitive information about you with your consent (unless we are otherwise required or authorised by or under law to do so).
If you provide us with personal information about another person, please make sure that you tell them about this privacy policy.
We collect personal information in a variety of ways, including:
We collect, hold, use and disclose personal information for a range of purposes including:
As a part of verification processes for the purpose of complying with the Anti-money Laundering and Counter-terrorism Financing Act 2006 (Cth) (AML/CTF Act) and associated rules and regulations, we may need to disclose your full name, residential address and date of birth to a service provider, who may provide such information to a credit reporting agency for the purpose of providing an assessment of whether this identification information matches (in whole or in part) personal information held by the credit reporting agency. Further document verification services may be conducted involving personal details being checked with the document issuer or official record holder. The credit reporting agency may compare your details with personal information held by the agency (being the names, residential address and dates of birth of other individuals) for the purposes of making this assessment. The assessment will be provided to Independent Reserve, or its agent, for the sole purpose of verifying your identity. If Independent Reserve, or its agent, is unable to verify your identity using information held by a credit reporting agency, Independent Reserve will provide you with a notice that an alternative means of verifying your identity may be required for the purposes of complying with the AML/CTF Act. By proceeding with your application, you are confirming you have read and accept the Privacy Policy and provide your express consent to Independent Reserve disclosing your personal information to a credit reporting agency or document issuer or official record holder for the purposes of the AML/CTF Act.
We may use and disclose your personal information for other purposes required or authorised by or under law (including purposes for which you have provided your consent).
We may use your personal information so we can contact you with information about our products and services, special offers, promotions and events that may be of interest to you.
We may contact you by email, mail or telephone .If you do not wish to receive promotional offer you may unsubscribe from receiving these communications at any time by contacting us at support@independentreserve.com.
If you do not provide us with some or all the personal information that we ask for, we may not be able to verify your identity and as such you may not be able to open a trading account with Independent Reserve or use our Platform.
You can contact us to make a general query without using your name or by using a pseudonym. However we may need your name or contact details to respond to you.
If you ask us to, we will share your personal information with your financial adviser, or other professional and business advisers (such as lawyers and auditors). This could include making information held in your Independent Reserve account available for viewing by your advisers through the Iress Platform.
In conducting our business, we may disclose your personal information to third parties for the purposes outlined above. These third parties may include, where appropriate:
our contracted service providers, including:
We may disclose your information to law enforcement agencies in Australia if requested as part of an investigation or to other third parties and for other purposes where we are required or authorised by or under law to do so (including where you have provided your consent).
We do not sell, trade, or rent your personal information to others.
Some of our service providers and related companies are located outside Australia. As a result, personal information collected and held by us may be transferred to recipients in other countries. In particular, we may disclose personal information to our related companies located in Singapore. We may also use service providers located in a range of countries to conduct identity verification.
We may disclose personal information to external service providers located overseas in New Zealand and the United States so that they can provide us with services in connection with the operation of our business, such as marketing services and data storage.
We generally hold personal information in computer systems, including computer systems operated for us by our service providers. We take reasonable steps to protect personal information from misuse, interference, loss, and unauthorised access, modification or disclosure. This includes taking appropriate security measures to protect electronic materials and requiring our service providers to do so.
We store hardcopy files in offices and cupboards within an access controlled premises. Under our records managements system, access to files is appropriately limited. We may apply additional security measures limiting access to information about files or store files in locked cupboards or access restricted rooms as necessary or desirable based on our clients' needs.
We store electronic records within our own secure network and through third party data storage providers. Personal information within our network is password protected and access is appropriately limited.
Our third party data storage providers are required to protect personal information in accordance with applicable laws and take appropriate technical and organisation measures against unauthorised or unlawful use of personal information or its accidental loss, destruction or damage.
You have a right to request access to personal information that we hold about you and request its correction if it is inaccurate, out of date, incomplete, irrelevant or misleading.
To protect your privacy and the privacy of others, we may require evidence of your identity before we can give you access to information about you or change it.
If you wish to access or correct your personal information, you should contact us via the Support screen or by contacting us at support@independentreserve.com. We do not charge for receiving a request for access to personal information however we may charge you for our reasonable expenses incurred in providing you with access to your information. Charges will include the cost of our staff to compile the records requested, any postage charges and development costs for any bespoke data requests.
In some limited situations, we may need to refuse access to your personal information or refuse a request for correction. We will advise you as soon as possible after your request if this is the case and the reasons for our refusal.
We use technology to collect, store and use anonymous data about how you use our website / mobile technology. For example, when you browse our website our service provider logs your server address, the date and time of your visit, the pages and links accessed and the type of browser used. We use this information to recognise you as a customer and user of the Independent Reserve’s platform, and to improve the content and functionality of our website, to better understand our clients and markets and to improve our services. This information alone cannot be used to discover your identity.
Cookies are small pieces of information which are sent to your browser and stored on your computer’s hard drive. Cookies allow websites and browsers to operate more efficiently, improve your browsing experience as well as to provide anonymised information to the owners of the site.
We may use cookies on our website to recognise you as a customer and user of Independent Reserve’s Platform, to customise our services and advertising, and to collect information in order alleviate the risk of fraud and illegal conduct.
We may also utilise cookies to assist in delivering targeted advertising campaigns at certain times through third party sites.
You can set your browser to notify you when you receive a cookie so that you can decide if you want to accept it. You can also de-activate the use of cookies if you do not want to receive targeted advertising however; although this may impact the operation of the website. In order to provide a more user-friendly experience and enhance security, cookies will also be used to allow our website to recognise your computer when you return in the future.
We welcome your questions and comments about how we manage your privacy. If you have any concerns about whether we have complied with the Privacy Act, the Australian Privacy Principles or this Privacy Policy, please contact our Privacy Officer at support@independentreserve.com.
We will consider your complaint through our internal complaints resolution process and we will try to respond with a decision within 30 days of you making the complaint. If you are not satisfied with our response, you can contact us to discuss your concerns or lodge a complaint with the Australian Information Commissioner (oaic.gov.au).
If you would like to complain about a breach of the Australian Privacy Principles, you may contact our Privacy Officer at the details below. We will respond to complaints within a reasonable period of time (usually 30 days). If you disagree with our decision, you may refer your complaint to the Office of the Australian Information Commissioner by visiting www.oaic.gov.au, calling 1300 363 992 or by emailing enquiries@oaic.gov.au.
We may from time to time vary this Privacy Policy. Please check our website regularly for an up-to-date version of our Privacy Policy.
Independent Reserve SG PTE. LTD (“Independent Reserve”, “we”, “us” or “our” or us) works together with banks and financial institutions that are required by law to take steps to prevent fraud, money-laundering and terrorist-financing. Given the nature of our core business, we take the privacy and security of an individual’s personal information very seriously.
This Privacy Policy has been drafted solely in accordance with the laws of Singapore and the Personal Data Protection Act (PDPA). We do not represent or warrant that this Privacy Policy complies with the privacy laws of any other jurisdiction The PDPA governs the way in which we may collect, use and disclose personal data about any individual (you). This Privacy Policy sets out the manner in which we comply with our obligations under the PDPA.
We are committed to protecting your personal information and your right to privacy.
If you have any queries or concerns about our policy or our conduct pertaining to your personal information, please contact us.
This Privacy Policy governs the privacy policies and practices of this website (“the Site”).
Please read our Privacy Policy carefully as it will help you make informed decisions about sharing your personal information with us.
“Personal Information” shall mean personally identifiable information relating to yourself that Independent Reserve shall require from time to time in order to comply with its “Know Your Client/Client Due Diligence” policy and/or any relevant law, regulation, notice or guideline issued by any competent authority, relating to money laundering and the prevention of terrorist financing.
You expressly acknowledge, agree and understand that we shall retain your Personal Information on our electronic database and in respect of which, you expressly agree as follows:
That we, our employees, representatives, and/or our affiliates shall, insofar as shall be necessary to enable the Personal Information to be utilised in accordance with the clause above, be released from any and all laws and regulations in Singapore, related to our legal and professional secrecy obligations in connection with such Personal Information, in so far as we, our employees, representatives and/or any of our affiliates protect your Personal Information in accordance to the same standards as that accorded under the Personal Data Protection Act 2012.
We understand and acknowledge that to the extent that performance of our obligations hereunder involves or necessitates the processing of your Personal Information we shall, and shall procure that our employees, representatives, affiliates and/or subcontractors, if any, shall act only on instructions or directions received from us (or, in the case of processing by our subcontractors, directions from us) and shall comply promptly with all such instructions or directions received from us from time to time and shall take and implement, and procure the taking and implementing by subcontractors of, such reasonable security procedures and measures as may be necessary or appropriate to preserve the security and confidentiality of such Personal Information processed and to protect such Personal Information against unauthorized or unlawful access, processing, accidental loss, destruction or damage. We may from time to time transfer Personal Information that we process under these terms of services outside Singapore for processing either by our affiliates, subcontractors and/or third parties, and you the user acknowledge that you are aware of such proposed data transfers in respect of all data processing activities by Independent Reserve and our employees, representatives, affiliates and/or subcontractors under the Personal Data Protection Act 2012.
We will notify you as soon as reasonably practicable upon becoming aware of any adverse event involving the use of your Personal Information, including but not limited to, events which may disrupt normal operations leading to potential prolonged service failure or disruption and breaches of confidentiality.
We collect personal data from customers for identity verification purposes under anti-money laundering and fraud prevention laws and for establishing your account with FAST transfer, our Singapore payment gateway provider.
We only use and disclose personal data collected in this manner insofar as necessary in order to integrate with identity verification and related services, establishing a payment gateway account for you, or as otherwise required by law, including compliance with the laws governing transfers of virtual assets to third party Virtual Asset Service Providers.
There are also a few limited circumstances in which we may collect personal data directly from you. This is limited to circumstances where you make direct contact with us by telephone or in writing, or via our website at independentreserve.com.sg. We will only use personal data collected in this manner for the purpose of communicating with you or otherwise in accordance with the purpose for which you provided your personal data.
The type of personal data which we may collect from customers includes your name, current and previous addresses, date of birth, telephone number, National Registration Identity Card (NRIC) number, driver licence number, passport number and any other data which may be relevant for the purpose of verifying your identity. We require our third party providers and corporate customers to comply with all relevant privacy and data protection laws (including, where necessary, obtaining the appropriate express or implied consent from you at the time your personal data is collected) in order for such information to be lawfully used for identity verification and related purposes.
We do not collect, use or disclose any sensitive data about any person. This includes a person’s racial or ethnic origin, political opinion, political association, religious belief or affiliation, philosophical belief, professional or trade union or association, sexual preference, criminal record or health information.
We do not use or adopt as our own identifier any individual identifier assigned by any other organisation.
We take all reasonable steps (including the employment of appropriate security systems and procedures) to ensure all data held by us is safe and secure. Such security measures include physical protection and electronic encryption to prevent any unauthorised access.
We take all reasonable steps to ensure that any personal information that we collect and use is accurate, complete and up-to-date.
You have a right to access your personal information, subject to some exceptions allowed by law. If you wish to access your personal data, you should contact us via the Support screen. We reserve the right to charge a fee for searching for and providing access to your information.
Where we determine, acting reasonably, that personal data held in respect of an individual is no longer needed for our functions or the services we provide, we will permanently destroy or de-identify that data.
We collect anonymised data, through the use of "cookies". Cookies are small pieces of information which are sent to your browser and stored on your computer’s hard drive. We may use cookies to recognise you as a customer and user of Independent Reserve SG’s Service, to customise our services and advertising, and to collect information in order to alleviate the risk of fraud and illegal conduct.
We may also utilise cookies to assist in delivering targeted advertising campaigns at certain times through third party sites. Personally identifiable data is not captured by the cookies used for advertising.
You may opt-out of receiving targeted advertising by visiting the NAI and AdChoices opt-out pages.
We may from time to time vary this Privacy Policy. Please check our website regularly for an up-to-date version of our Privacy Policy.
Bitcoin.com.au (we or us) works together with banks and financial institutions that are required by law to take steps to prevent fraud, money-laundering and terrorist-financing. Given the nature of our core business, we take the privacy and security of an individual’s personal information very seriously.
We are bound by the provisions of the privacy laws in the State of New South Wales, Australia and the National Privacy Principles. These laws govern the way in which we may collect, use and disclose personal information about any individual (you). This Privacy Policy sets out the manner in which we comply with our obligations under these laws.
We collect personal information from customers for identity verification purposes under anti-money laundering and fraud prevention laws.
We only use and disclose personal information collected in this manner insofar as necessary in order to integrate with identity verification and related services, or as otherwise required by law.
There are also a number of limited circumstances in which we may collect personal information directly from you. This is limited to circumstances where you make direct contact with us by telephone or in writing, or via our website at independentreserve.com. We will only use personal information collected in this manner for the purpose of communicating with you or otherwise in accordance with the purpose for which you provided your personal information.
The type of personal information which we might collect from customers includes your name, current and previous addresses, date of birth, telephone number, driver licence number, passport number and any other information which may be relevant for the purpose of verifying your identity. We require our third party providers and corporate customers to comply with all relevant privacy and data protection laws (including, where necessary, obtaining the appropriate express or implied consent from you at the time your personal information is collected) in order for such information to be lawfully used for identity verification and related purposes.
We do not collect, use or disclose any sensitive information about any person. This includes a person’s racial or ethnic origin, political opinion, political association, religious belief or affiliation, philosophical belief, professional or trade union or association, sexual preference, criminal record or health information.
We do not use or adopt as our own identifier any individual identifier assigned by any other organisation.
If you ask us to, we will share your personal information with your financial adviser, or other professional and business advisers (such as lawyers and auditors).
In conducting our business, we may disclose your personal information to third parties for the purposes outlined above. These third parties may include, where appropriate:
our contracted service providers, including:
We may disclose your information to law enforcement agencies in Australia if requested as part of an investigation or to other third parties and for other purposes where we are required or authorised by or under law to do so (including where you have provided your consent).
We do not sell, trade, or rent your personal information to others.
We take all reasonable steps (including the employment of appropriate security systems and procedures) to ensure all data held by us is safe and secure. Such security measures include physical protection and electronic encryption to prevent any unauthorised access.
We take all reasonable steps to ensure that any personal information that we collect and use is accurate, complete and up-to-date.
You have a right to access your personal information, subject to some exceptions allowed by law. If you wish to access your personal information, you should contact us via the Support screen in the Bitcoin.com.au app. We reserve the right to charge a fee for searching for and providing access to your information.
Where we determine, acting reasonably, that personal information held in respect of an individual is no longer needed for our functions or the services we provide, we will permanently destroy or de-identify that information.
We collect anonymised data, through the use of “cookies”. Cookies are small pieces of information which are sent to your browser and stored on your computer’s hard drive. We may use cookies to recognise you as a customer and user of Independent Reserve’s Service, to customise our services and advertising, and to collect information in order to alleviate the risk of fraud and illegal conduct.
We may also utilise cookies to assist in delivering targeted advertising campaigns at certain times through third party sites. Personally identifiable information is not captured by the cookies used for advertising.
You may opt-out of receiving targeted advertising by visiting the NAI and AdChoices opt-out pages.
We may from time to time vary this Privacy Policy. Please check our website regularly for an up-to-date version of our Privacy Policy
Changes
You may only make changes to your Account with our consent. We may require you to comply with our security procedures before we consent to any changes.
If there is a period of high market volatility, high volume trades, rapid movements or illiquidity in the market, the market rate in which you are able to buy, sell or trade Cryptocurrency may vary from the price indicated on our Platform. We are not liable for any price variation due to market volatility, market or technology disruptions, delays or any other matters caused by things that are outside of our control. You acknowledge and agree that we will process your transaction at the current price. In certain circumstances, we may decide not to execute a trade if the market rate significantly increases or decreases or in the event of a market disruption or an event which is outside of our control and, in such cases, we may cancel any order and return the funds to your Account. We will exercise reasonable care to notify you of these events and when you receive a notification you must check your Account and any pending or cancelled transactions.
You are able to make a claim for the repayment of an Unallocated Deposit (less any accumulated fees) by contacting us through the support screen or by email support@independentreserve.com.
The Unallocated Deposit will incur:
When you use the Independent Reserve Platform, we will collect personal information about you. Independent Reserve’s Privacy Policy is available at http://www.independentreserve.com/help/privacy-policy and Privacy Collection Notice is available at http://www.independentreserve.com/help/privacy-collection-notice
We reserve the right to use our own discretion when deciding to support or not support any airdrop event. We may decide to provide any airdropped Cryptocurrency to you following an airdrop event. If we decide to provide any Cryptocurrency as part of an airdrop event, you may opt-out of receiving any of the Cryptocurrency that results from the airdrop event by contacting the support team.
You acknowledge and agree that we are not responsible or liable for:
We reserve the right to change, amend, modify, add or delete any of these Terms and Conditions, at any time, in an exercise of our sole discretion. These amendments, modifications, additions or deletions apply to your use of the Platform and Services as soon as they are displayed on the Platform (whether or not you are aware of those amendments, modifications, additions or deletions) and will be notified to you on the first log-in to your Account after the change has occurred. Your continued use of the Platform and Services following any changes to the Terms and Conditions signifies that you accept and agree to the changes, and that all subsequent transactions by you will be subject to the amended Terms and Conditions.
You acknowledge and agree that:
"Account" means a FastTrack Account and Standard Account.
"API" means an application programming interface, which is made available by us from time to time.
"App" means a mobile application made available by us that can be downloaded from the Apple App Store, Google Play Store or any other app store or market from time to time.
"Autotrader" means our automatic trading service, which allows you to create automated trading strategies.
"Cryptocurrency" means the coins, tokens, crypto, digital currency, or digital assets listed by us on our Platform from time to time.
"Entity" means one of the following:
"FastTrack Account" means a limited functionality account that allows you to deposit and trade on our Platform but not to withdraw from our Platform.
"FastTrack Information" means the information required for us to satisfy our anti-money laundering and counter-terrorism financing obligations that we request from you during your on-boarding.
"Platform" means the Website, App or other API made available by us from time to time.
"Privacy Policy" means the privacy policy that we have available on our Website from time to time, accessible at https://www.independentreserve.com/help/privacy-policy.
"Services" means:
"Standard Account" means an account that we have created to enable you to use the Platform.
"Terms and Conditions" means these terms and conditions.
"Unallocated Cryptocurrency Deposit" means Cryptocurrency that:
"Unallocated Deposit" means Unallocated Cryptocurrency Deposits and Unallocated Fiat Deposits made into our Platform where no claim of ownership is made within a period of 18 months.
"Unallocated Fiat Deposit" means fiat currency that following the date of the deposit:
"Website" means the internet site at the domain https://www.independentreserve.com or any other site or operated by us.
"we, us or our" means Independent Reserve Pty. Ltd., ABN 46 164 257 069.
"you or your" means any user of the Platform.
Changes
Business hours are between 9.00am and 6:00pm Singapore time, Monday to Friday, excluding Singapore public holidays.
RISK WARNING ON DIGITAL PAYMENT TOKEN SERVICES
The Monetary Authority of Singapore (MAS) requires us to provide this risk warning to you as a customer of Independent Reserve. Before you pay Independent Reserve any money or DPT, you should be aware of the following.
The trading or holding of Cryptocurrencies involves significant risk. Prices can and do fluctuate on any given day. Due to such price fluctuations, you may increase or lose value in your assets at any given moment. Any currency - crypto or not - may be subject to large swings in value and may even become worthless. There is an inherent risk that losses will occur as a result of buying, selling or trading anything on a market.
If there is a period of high market volatility, high volume trades, rapid movements or illiquidity in the market, the market rate in which you are able to buy, sell or trade Cryptocurrency may vary from the price indicated on our Platform. We are not liable for any price variation due to market volatility, market or technology disruptions, delays or any other matters caused by things that are outside of our control. You acknowledge and agree that we will process your transaction at the current price. In certain circumstances, we may decide not to execute a trade if the market rate significantly increases or decreases or in the event of a market disruption or an event which is outside of our control and, in such cases, we may cancel any order and return the funds to your Account. We will exercise reasonable care to notify you of these events and when you receive a notification you must check your Account and any pending or cancelled transactions.
You are able to make a claim for the repayment of an Unallocated Deposit (less any accumulated fees) by contacting us through the support screen or by email support@independentreserve.com.
We reserve the right to use our own discretion when deciding to support or not support any airdrop event. We may decide to provide any airdropped Cryptocurrency to you following an airdrop event. If we decide to provide any Cryptocurrency as part of an airdrop event, you may opt-out of receiving any of the Cryptocurrency that results from the airdrop event by submitting contacting the support team.
We reserve the right to change, amend, modify, add or delete any of these Terms and Conditions, at any time, in an exercise of our sole discretion. These amendments, modifications, additions or deletions apply to your use of the Platform and Services as soon as they are displayed on the Platform (whether or not you are aware of those amendments, modifications, additions or deletions) and will be notified to you on the first log-in to your Account after the change has occurred. Your continued use of the Platform and Services following any changes to the Terms and Conditions signifies that you accept and agree to the changes, and that all subsequent transactions by you will be subject to the amended Terms and Conditions.
You acknowledge and agree that your use of the Site and these Terms and Conditions are governed by the laws of Singapore and that you irrevocably submit to the exclusive jurisdiction of the courts of Singapore.
"Account" means a Standard Account.
"API" means an application programming interface, which is made available by us from time to time.
"App" means a mobile application made available by us that can be downloaded from the Applestore, Google Store or any other app store from time to time.
"Autotrader" means our automatic trading service, which allows you to create automated trading strategies.
"Cryptocurrency" means the coins, tokens, crypto, digital currency, or digital assets listed by us on our Platform from time to time.
"DPT" means Digital Payment Token as defined under s.2 of the Payment Services Act 2019.
"Entity" means one of the following:
"Platform" means the Website, App or other API made available by us from time to time.
"Privacy Policy" means the privacy policy that we have available on our Website from time to time, accessible at https://www.independentreserve.com/sg/help/privacy-policy.
"Services" means:
"Standard Account" means an account that we have created to enable you to use the Platform.
"Terms and Conditions" means these terms and conditions.
"Unallocated Cryptocurrency Deposit" means Cryptocurrency that:
"Unallocated Deposit" means Unallocated Cryptocurrency Deposits and Unallocated Fiat Deposits made to into our Platform where no claim of ownership is made within a period of 18 months.
"Unallocated Fiat Deposit" means fiat currency that following the date of the deposit:
"Website" means the internet site at the address https://www.independentreserve.com/sg or any other site operated by us.
"we, us or our" means Independent Reserve SG PTE. LTD, UEN 201942383Z.
"you or your" means any user of the Platform.
Changes
You may only make changes to your Account with our consent. We may require you to comply with our security procedures before we consent to any changes.
Use
If there is a period of high market volatility, high volume trades, rapid movements or illiquidity in the market, the market rate in which you are able to buy, sell or trade Cryptocurrency may vary from the price indicated on our Platform. We are not liable for any price variation due to market volatility, market or technology disruptions, delays or any other matters caused by things that are outside of our control. You acknowledge and agree that we will process your transaction at the current price. In certain circumstances, we may decide not to execute a trade if the market rate significantly increases or decreases or in the event of a market disruption or an event which is outside of our control and, in such cases, we may cancel any order and return the funds to your Account. We will exercise reasonable care to notify you of these events and when you receive a notification you must check your Account and any pending or cancelled transactions.
but you will not be liable for any Loss to the extent such Loss is the direct result of our negligent or wrongful acts or omissions.
Making a Claim for Unallocated Deposits
You are able to make a claim for the repayment of an Unallocated Deposit (less any accumulated fees) by contacting us through the support screen or by email support@bitcoin.com.au.
When you use the bitcoin.com.au Platform, we will collect personal information about you. bitcoin.com.au’s Privacy Policy is available at https://bitcoin.com.au/help/privacy-policy/ and Privacy Collection Notice is available at https://bitcoin.com.au/help/privacy-collection-notice/
Airdrop
We reserve the right to use our own discretion when deciding to support or not support any airdrop event. We may decide to provide any airdropped Cryptocurrency to you following an airdrop event. If we decide to provide any Cryptocurrency as part of an airdrop event, you may opt-out of receiving any of the Cryptocurrency that results from the airdrop event by contacting the support team.
Acknowledgement
You acknowledge and agree that we are not responsible or liable for:
We reserve the right to change, amend, modify, add or delete any of these Terms and Conditions, at any time, in an exercise of our sole discretion. These amendments, modifications, additions or deletions apply to your use of the Platform and Services as soon as they are displayed on the Platform (whether or not you are aware of those amendments, modifications, additions or deletions) and will be notified to you on the first log-in to your Account after the change has occurred. Your continued use of the Platform and Services following any changes to the Terms and Conditions signifies that you accept and agree to the changes, and that all subsequent transactions by you will be subject to the amended Terms and Conditions.
You acknowledge and agree that:
"Account" means a FastTrack Account and Standard Account.
"App" means a mobile application made available by us that can be downloaded from the Apple App Store, Google Play Store or any other app store or market from time to time.
"Recurring Buy or Recurring Buys" means our automatic trading service, which allows you to create automated trading strategies.
"Cryptocurrency" means the coins, tokens, crypto, digital currency, or digital assets listed by us on our Platform from time to time.
"Entity" means one of the following:
"FastTrack Account" means a limited functionality account that allows you to deposit and trade on our Platform but not to withdraw from our Platform.
"FastTrack Information" means the information required for us to satisfy our anti-money laundering and counter-terrorism financing obligations that we request from you during your on-boarding.
"Platform" means the Website, App made available by us from time to time.
"Privacy Policy" means the privacy policy that we have available on our Website from time to time, accessible at https://bitcoin.com.au/help/privacy-policy/.
"Services" means:
"Standard Account" means an account that we have created to enable you to use the Platform.
"Terms and Conditions" means these terms and conditions.
"Unallocated Cryptocurrency Deposit" means Cryptocurrency that:
"Unallocated Deposit" means Unallocated Cryptocurrency Deposits and Unallocated Fiat Deposits made into our Platform where no claim of ownership is made within a period of 18 months.
"Unallocated Fiat Deposit" means fiat currency that following the date of the deposit:
"Website" means the internet site at the domain https://www.bitcoin.com.au or any other site or operated by us.
"we, us or our" means Independent Reserve Pty. Ltd, trading as bitcoin.com.au, ABN 46 164 257 069.
"you or your" means any user of the Platform.
Leveraged trading is a process where you trade on “margin”, that is, buy investments (in this case cryptocurrency) using borrowed funds or sell investments using borrowed assets. If you use our leveraged trading service, you will need to provide a percentage of the trade as margin (your contribution) and we will advance to you the balance of the trade and will take security over the full amount of the trade. You can select different leverage ratios, and the amount you can borrow will depend on the leverage ratio you choose. For example, if you contribute $10,000 to buy cryptocurrency using our leveraged trading service and select a 2x leverage ratio, you can buy $20,000 of cryptocurrency where we advance you $10,000 for the trade and take security over the $20,000 of cryptocurrency you buy. When you open a leveraged trade (which we call a ‘leveraged position’), your contributed margin is locked and you cannot buy, sell or transfer the assets in your account that we take as security for the leveraged trade until your leveraged position is closed. The security is either the assets you buy with the leveraged trade, or the assets you acquire as the result of making a sale using a leveraged trade. If the value of your security falls too far, we may make a “margin call”, that is, notify you that your margin percentage has fallen and your position is in danger of reaching the mandatory liquidation level, or being closed out by us. Once you receive a margin call, you can top up your position with additional collateral (which we will also lock), take action to close your position, or do nothing and run the risk of your position reaching mandatory liquidation or being closed by us.
Leveraged trading is a sophisticated trading strategy, which can magnify your gains and losses, if you are not familiar with leveraged trading. Please ensure you read our explanation of the leveraged trading service here.
Leveraged trading is subject to a range of risks. Please read the risk section below which outlines some of the risks that may be relevant to leveraged trading for cryptocurrency but is not intended to be an exhaustive list of all relevant risks. You should consider all the risks that may be relevant to leveraged trading for cryptocurrency and assess whether those risks are acceptable to you having regard to your financial circumstances and risk tolerance. If you are unsure, you should consider obtaining financial, tax or professional advice.
These terms and conditions will apply when you use our leveraged trading service.
To create a new position using leveraged trading, you must provide collateral to us in either fiat or cryptocurrency. Collateral is a percentage of the leveraged position that you contribute to the leveraged trade for the assets we advance you and we take security against the full amount of the leveraged trade. The collateral must be held in your account and it will be allocated to a leveraged position (see below for more details). The amount of collateral you need to contribute will depend on the leverage ratio you select. Your account will specify what leverage ratios are available to you and the amount of collateral you need to contribute for a particular leverage ratio.
When creating a new position using leveraged trading, we will automatically reserve your collateral from your account. The asset we automatically reserve changes depending on whether you elect to open a leveraged buy or leveraged sell position.
When contributing additional collateral to one or more of your positions, you can choose to reserve either cryptocurrency or fiat to increase your margin percentage. Please note that when you choose to contribute cryptocurrency as collateral, the cryptocurrency you reserve must be the same cryptocurrency as your current open leveraged position. This also applies to fiat, when you choose to contribute fiat as collateral, the fiat you contribute must be the same fiat as your current open leveraged position.
If you are opening a leveraged buy, we will first use fiat in your account for your collateral contribution. If sufficient fiat is not available on your account to open the leveraged position, we will then use cryptocurrency for the remainder of your collateral contribution; or use cryptocurrency for your entire collateral contribution if your fiat balance is zero.
Example:1: You elect to open a new leveraged position to buy $30,000 of Bitcoin and select the 2x leverage ratio, and you only have a fiat balance of $15,000 in your account.
We will automatically reserve the fiat $15,000 (50% of $30,000) and then provide you fiat $15,000 and will then take security over the $30,000 of Bitcoin purchased when you open the leveraged position. The $30,000 of Bitcoin will be locked in your account until your leveraged position is closed.
Example:2: You elect to open a new leveraged position to buy $30,000 of Bitcoin and select the 2x leverage ratio, and you have a fiat balance of $10,000 in your account and $10,000 worth of Bitcoin on your account.
We will automatically reserve collateral in fiat of $10,000 and $5,000 worth of Bitcoin ($10,000 + $5,000 being 50% of $30,000) and then we will provide you fiat $15,000 and will then take security over the $30,000 of Bitcoin purchased when you open the leveraged position. The $30,000 of Bitcoin will be locked in your account until your leveraged position is closed.
Note: In this scenario, you cannot elect to use the $10,000 of Bitcoin as collateral when opening your position, we automatically use all available fiat first before using cryptocurrency as your collateral contribution for leveraged buys.
Example:3: You elect to open a new leveraged position to buy $30,000 of Bitcoin and select the 2x leverage ratio, and you have no available fiat balance in your account and $50,000 worth of Bitcoin in your account.
We will automatically reserve $15,000 worth of Bitcoin (50% of $30,000) and then we will provide you fiat $15,000 and will then take security over the $30,000 of Bitcoin used to open the leveraged position. The $30,000 of Bitcoin will be locked in your account until your leveraged position is closed.
If you are opening a leveraged sell, we will first use cryptocurrency in your account for your collateral contribution. If sufficient cryptocurrency is not available on your account to open the leveraged position, we will then use fiat for the remainder of your leveraged contribution or use fiat for your entire leveraged contribution if your cryptocurrency balance is zero.
Example:1: You elect to open a new leveraged position to sell 1 Bitcoin and select the 2x leverage ratio, and you have 2 Bitcoin on your account only.
We will automatically reserve 0.5 Bitcoin (50% of 1 Bitcoin) then provide you 0.5 Bitcoin and will then take security over the fiat sale proceeds of the Bitcoin sold when you open the leveraged position. The fiat sale proceeds will be locked in your account until your leveraged position is closed.
Example:2: You elect to open a new leveraged position to sell 1 Bitcoin and select the 2x leverage ratio, and you have 0.25 Bitcoin on your account and fiat of $50,000 on your account.
We will automatically reserve 0.25 Bitcoin and fiat to the value of 0.25 Bitcoin (0.25 Bitcoin + fiat value of 0.25 Bitcoin being 50% of 1 Bitcoin), and then we provide you 0.5 Bitcoin as a loan and will then take security over the fiat sale proceeds of the Bitcoin sold when you open the leveraged position. The fiat sale proceeds will be locked in your account until your leveraged position is closed.
Note: In this scenario, you cannot elect to use the $50,000 fiat as collateral when opening your position, we automatically use all available Bitcoin first before using fiat as your collateral contribution.
Example:3: You elect to open a new leveraged position to sell 1 Bitcoin and select the 2x leverage ratio, and you have no Bitcoin on your account and fiat $50,000 on your account.
We will automatically reserve fiat to the value of 0.5 Bitcoin (50% of 1 Bitcoin) and then we will provide you 0.5 Bitcoin and will then take security over the fiat sale proceeds of the Bitcoin sold when you open the leveraged position. The fiat sale proceeds will be locked in your account until your leveraged position is closed.
When you contribute collateral to your account, you must elect which leveraged position your collateral is to be applied to. We calculate the margin percentage of each leveraged position separately. We do not offset multiple leveraged positions on your account against one another.
So, while you can have multiple leveraged positions open at any one time, you must contribute collateral for each leveraged position individually and ensure each position has sufficient collateral contributed at all times.
When contributing additional collateral to one or more of your positions, you can choose to reserve either cryptocurrency or fiat to increase your margin percentage.
If you contribute fiat, your total margin value will be increased by the value of fiat you have elected to contribute. There is no fee to contribute additional fiat margin to your positions.
You may also contribute cryptocurrency to increase the value of your contributed margin. For a leveraged buy, your contributed cryptocurrency will increase your margin value by the fiat equivalent of the contributed cryptocurrency. For a leveraged sell, your contributed cryptocurrency will increase the total cryptocurrency reserved as margin against your position and increase your margin.
There is no fee to contribute additional cryptocurrency margin to your positions.
Please note that when you choose to contribute cryptocurrency as collateral, the cryptocurrency you contribute must be the same cryptocurrency as your current open leveraged position.
For example: If you have a leveraged position in Ethereum, the only cryptocurrency you can contribute as collateral is Ethereum. You will not be able to use Bitcoin as collateral for an Ethereum position.
You can contribute collateral to your account in fiat (AUD only) or cryptocurrency. All collateral must be in single fiat currency. E.g. if your leveraged position was in AUD, then your margin percentage will be calculated in AUD.
For cryptocurrency collateral contributions, the cryptocurrency valuation is based on the amount of fiat currency that would be generated if your cryptocurrency were to be sold using a market sell order at the time of the margin calculation. The valuation gives consideration to the current bids on the market and the available depth. Your cryptocurrency is not valued using the last traded price because this price is not necessarily an accurate representation of the value of your cryptocurrency should it need to be sold immediately to meet a margin call or mandatory liquidation.
When you hold either a buy or sell leveraged position, we regularly calculate your margin percentage. This is important because if the margin percentage for a leveraged position falls below the required percentage, we make a “margin call” – that is, we ask you to make a contribution to your account for the leveraged position.
The margin percentage is calculated as your:
(Current position value minus Outstanding Loan Value minus accrued fees)
divided by:
Current value of your open leveraged position
The margin percentage is calculated as the percentage of collateral remaining against your open position value. The required percentage for a leveraged position will vary depending on the leverage ratio selected for the position. If we make a margin call, you will need to contribute additional collateral to your account to act as security for the leveraged position. Any additional contributions you make to your account for the leveraged position will be locked, If your margin percentage falls further, mandatory liquidation may be triggered. Refer below for more detail.
It is your sole responsibility and obligation to ensure your collateral for each leveraged position is above the required margin percentage to avoid margin calls and mandatory liquidation.
If you have multiple leveraged positions, each of your positions will have a separate margin percentage. We will not offset unrealised profits and unrealised losses across multiple leveraged positions. For both buy and sell positions, as the market price of the cryptocurrency fluctuates, your unrealised profit and loss will change. Unrealised profits are added to your collateral value and unrealised losses are subtracted from your collateral value.
For example, if your collateral was $10,000 and you selected 2x leverage ratio to buy $20,000 of Bitcoin, and the value of Bitcoin goes down, then your margin percentage will be less than 50%. Alternatively, if the value of Bitcoin goes up, then your margin percentage will be more than 50%.
All fees associated with opening and maintaining your open positions are subtracted from your collateral and will impact your margin percentage.
In calculating your margin percentage, we do not consider the value of any cryptocurrency or fiat in your account that is not contributed as collateral to a specific leveraged position. This is because these assets can be moved in and out of your account and collateral must be contributed to and reserved against your leveraged position(s).
It is your sole responsibility and obligation to contribute collateral to each leveraged position you hold and to ensure each position has sufficient collateral to avoid margin calls and mandatory liquidation.
Independent Reserve continually monitors the value of your leveraged positions and your margin percentage. If your margin percentage falls, you may be subject to either a margin call or mandatory liquidation. If any of your open leveraged positions reach the margin call or mandatory liquidation levels, then the leveraged position will be subject to the below conditions:
Margin call: Is reached when your margin percentage falls to or below 20% and is approaching the mandatory liquidation level, if action is not taken by you. A margin call indicates that your leveraged position has lost a majority of the contributed collateral from unrealised losses due to market movements and/or fees paid by you in relation to your open leveraged position. At margin call level, an email notification is sent to you and a warning is also displayed under the Leveraged Trading tab in the position history table after you log in.
When your leveraged position falls below 20% but has not fallen below the mandatory liquidation level (10%), that is when your leveraged position is considered to be in margin call. When your position is in margin call, you are approaching the mandatory liquidation level and should consider contributing additional collateral against the leveraged position to move your margin percentage above the 20% margin call threshold, or, close your leveraged position. Independent Reserve may elect to close your position to protect against further losses of your leveraged position at any time in its absolute discretion.
If your position is at or below the margin call level, you have the option to:
In extreme market conditions, it may not be possible for us to notify you of a margin call prior to your leveraged position reaching the mandatory liquidation level. We will notify you of a margin call on a best endeavours basis by email. It is your sole responsibility and obligation to continually monitor your leveraged positions and your margin percentages for those positions at all times. While we will endeavour to provide you with timely notifications, we provide this service for your convenience only and we are not liable for any loss or damage (including any consequential loss, indirect loss, loss of profit or economic loss) that you incur as a result of failing to receive or receiving a delayed a margin call notification.
Mandatory liquidation: Is reached when your margin percentage falls below 10%.This margin percentage level is where we will close your leveraged position to prevent further losses. When your margin percentage falls below 10%, we will place a market buy (if your leveraged position was a sell) or market sell (if your leveraged position was a buy) sufficient cryptocurrency to return your leveraged position to above mandatory liquidation levels, approximately 12.50% margin at the time the order is placed.
If due to the current market price or market conditions, we are unable to execute a market buy or market sell to return your margin percentage above 12.50%, then we will fully close your leveraged position. All market orders placed to liquidate your leveraged position are subject to the current market depth and the prevailing market conditions. You acknowledge and agree upon liquidation of your leveraged position that your losses may not be limited to the value of the remaining collateral for your leveraged position. Standard trade commission fees apply to all liquidation trades executed by us.
Please note: Even if we execute a market buy or market sell to increase your margin percentage to approximately 12.50% this is not a guarantee that additional actions will not be taken by us on your open leveraged position or that market conditions will not further deteriorate your margin percentage resulting in additional mandatory liquidation events occurring. In times of extreme market volatility, there may be multiple mandatory liquidations in quick succession.
Any remaining collateral for your leveraged position following the liquidation will be returned to your account. In extreme market conditions, closing of your leveraged position may result in losses greater than the total collateral contributed against the leveraged position. You are liable for any losses arising from your use of the leveraged trading facility including any losses incurred as a result of mandatory liquidation.
Your liability in respect of leveraged positions is not limited to the amount, if any, of any collateral provided. You are responsible and liable for paying us any deficit owing to us after a leveraged position is closed. If you fail to pay any deficit, we may:
If there are insufficient assets in your account to fully discharge the amount of a deficit, you understand and agree that you are immediately required to deposit fiat currency or cryptocurrency to the value of the deficit in order to discharge your obligations to us. We may lock your account and prevent you from making any further trades until you have fully discharged any deficit you owe us.
We will only include additional contributions of collateral against a specific leveraged position you hold after you have allocated the fiat or cryptocurrency to a specific leveraged position. Any fiat or cryptocurrency held on your Independent Reserve trading account will not automatically be considered as collateral or security for any leveraged positions. It is your responsibility to maintain the margin percentage of all of your open leveraged positions at all times.
If you choose to contribute additional collateral from your trading account to one of your leveraged positions, you acknowledge that there may be a minor delay between when you elect to contribute the collateral and when that collateral contribution is allocated to your leveraged position. In limited circumstances and times of extreme market movements, the leveraged position you are contributing additional collateral towards may reach the mandatory liquidation level before the contribution is allocated to your leveraged position due to the timing delay. We are not liable for any loss or damage (including consequential loss, indirect loss, loss of profit or economic loss) that you incur as a result of any timing delay between when you contribute additional collateral and when the additional collateral is allocated to a leveraged position.
If you choose to deposit additional fiat from your bank account to us to contribute additional collateral or to service a margin call, you acknowledge that the fiat transferred to us is subject to the normal processing times for fiat deposits. Fiat deposits are only available to transfer to your leveraged positions once they are cleared in your trading account. Fiat deposits being credited to your trading account are subject to normal processing times and are subject to delays from time to time. We are not liable for any loss or damage (including consequential loss, indirect loss, loss of profit or economic loss) that you incur as a result of any delay in you being able to contribute additional collateral to your leveraged positions as a result of any perceived or actual delay in processing a new fiat deposit.
If you choose to deposit additional cryptocurrency from your external wallet to us to contribute additional collateral or to service a margin call, you acknowledge that the cryptocurrency transferred to us is subject to the normal processing times for cryptocurrency deposits. Cryptocurrency deposits are only available to transfer to your leveraged positions once they are cleared in your trading account. Cryptocurrency deposits being credited to your trading account are subject to normal processing times and are subject to delays from time to time. We are not liable for any loss or damage (including consequential loss, indirect loss, loss of profit or economic loss) that you incur as a result of any delay in you being able to contribute additional collateral to your leveraged positions as a result of any perceived or actual delay in processing a new cryptocurrency deposit.
In addition to the normal trade commission fees, there are leveraged trading fees that apply to open leveraged positions. All fees for leveraged trading will be applied in AUD regardless of whether you have borrowed fiat (buy position) or cryptocurrency (sell position) to create your leveraged position. Even though your leveraged position may not be at the margin call or mandatory liquidation levels, you must always ensure there is sufficient collateral contributed against the leveraged position to cover all fees. You must always have available collateral contributed against all leveraged positions to cover the rollover fees or you risk us closing your leveraged position(s).
The fees for leveraged trading are:
Position open fee:
This fee is applied to the value we advance you for your leveraged position and it is charged at the time you create your new leveraged position.
Example: You elect to open a new leveraged position to leverage buy $30,000 of Bitcoin and select the 2x leverage ratio, and you use fiat of $15,000 for your collateral contribution and we provide you fiat $15,000. The position open fee is calculated using $15,000 as this is the value of fiat we have advanced to you.
Position close fee:
This fee is applied to the value we advance you for your leveraged position at the time it was created and it does not take into consideration the unrealised profits/losses on the position. It is charged at the time you fully close your open position..
Example: You have an open 2x leverage buy for $30,000 of Bitcoin; and you have an unrealised gain of $5,000, meaning your total position value is now $35,000. The position open fee is calculated using $15,000 as this is the value we advanced you.
Interest fee:
This fee is applied to the loan/borrowed value of your leveraged position while the position has an outstanding loan amount. The fee is charged only on the outstanding loan amount and is rounded down to the nearest cent. It is charged at the time you fully close your open position.
Mandatory liquidation fee:
This fee is applied to the value of the outstanding loan amount of your leveraged position at the time it is closed by us. This fee is applied only when your position is automatically liquidated or partially liquidated when your position margin falls below mandatory liquidation level. This fee is not charged when you close your position yourself or using triggers.
Fees are accrued against the profit/loss of your position:
All fees are calculated and accrued against the profit/loss of your position while it is open. They are charged against the position when the position is partially or fully closed.
| Fee Name | Fee Amount | Timing of Fee Payment |
|---|---|---|
| Position Open Fee | Percentage of the total opening loan amount. Currently free. | Accrued against profit/loss when you create a new open position, charged when the position is closed |
| Position Close Fee | Percentage of the total loan amount at the time of closing or partially liquidating the position. Currently free. | Applied when either you or we close an open position |
| Mandatory liquidation fee | 1% of the total loan amount at the time of closing or partially liquidating the position. | Applied when we close or partially close an open position because it has reached a mandatory liquidation level. |
| Interest Fee | 0.05% per day, accrued every 10 seconds. | Applied when your position is closed. |
If you have sufficient fiat or cryptocurrency in your account to create a new leveraged position, you can create a new leveraged position up to your applicable leveraged position limit. Different leveraged position limits apply to each fiat and cryptocurrency. Note: all limits apply to the size of the initial position, not the current value of your open position.
For example: If we advance you $1,000 to buy Bitcoin and you contribute $1,000 as collateral, your Bitcoin limit will be used. If the price of Bitcoin goes up 10% and your leveraged position is showing an unrealised gain of $200, your leveraged position is AUD$2,000 of your Bitcoin leveraged position limit, not AUD$2,200. This is because your limit does not change in response to unrealised profits and losses on your leveraged positions.
If you try to open a new leveraged position that will take you over your single cryptocurrency leveraged position limit, you will receive an error message advising of this.
There may be times when you have sufficient fiat or cryptocurrency in your account to open a new leveraged position and you have not reached your single cryptocurrency leveraged position limit, but you are unable to create any new open leveraged position. This is because we maintain a global leveraged position limit that is applied across all customers. This limit is in place to ensure the integrity and stability of the markets we offer to our customers.
If you try to open a new leveraged position after we have reached the global leveraged position limit, you will receive an error message advising of this.
We are not liable for any loss or damage (including consequential loss, indirect loss, loss of profit or economic loss) that you may incur as a result of not being able to create a new leveraged position due to any of the leveraged position limits being reached.
We may (in our absolute discretion) close out one or more of your open leveraged positions at the prevailing market price without further notice to you in the following circumstances:
In extreme market conditions, the lack of liquidity may result in your position being closed below the current market price. Any residual funds, cryptocurrency and collateral will be returned to your trading account. Importantly, your liability in respect of leveraged positions is not limited to the amount, if any, of any collateral provided. You are responsible and liable for paying us any deficit owing to us after a leveraged position is closed.
Excluding fees, the unrealised profit and loss of your open leveraged position is calculated as the difference between the current market value of your leveraged position and the value of the leveraged position at the time you opened the leveraged position.
Fees are always deducted from your unrealised profit and loss.
A leveraged buy position is where you borrow fiat to open a buy trade.
A leveraged sell position is where you borrow crypto to open a sell trade.
Leveraged Buy Position: (Leverage Value x Market Price) minus (Leverage Value x Position Opening Price) where the Leverage Value is a multiple of the collateral contributed. For example, if the collateral contributed is 50% based on the margin percentage, the Leverage Value is x2. The below examples are exclusive of any fees.
Example 1: You take a 2 x leveraged buy position on Bitcoin at $12,000 per Bitcoin. The current price of Bitcoin has moved up and is now $12,350:
Your unrealised profit = (2 x $12,350) minus (2 x $12,000)
Your unrealised profit = $24,700 minus $24,000
Your unrealised profit = $700
Example 2: You take a 2 x leveraged buy position on Bitcoin at $12,000 per Bitcoin. The current price of Bitcoin has moved down and is now $11,500:
Your unrealised loss = (2 x $11,500) minus (2 x $12,000)
Your unrealised loss = $23,000 minus $24,000
Your unrealised loss = -$1,000
Leveraged Sell Position: (Leverage Value x Position Opening Price) minus (Leverage Value x Market Price) where the Leverage Value is a multiple of the collateral contributed. For example, if the collateral contributed is 50% based on the margin percentage, the Leverage Value is x2.
Example 3: You take a 2 x leveraged sell position on Bitcoin at $15,000 per Bitcoin. The current price of Bitcoin has moved down and is now $12,200:
Your unrealised profit = (2 x $15,000) minus (2 x $12,200)
Your unrealised profit = $30,000 minus $24,400
Your unrealised profit = $5,600
Example 4: You take a 2 x leveraged sell position on Bitcoin at $15,000 per Bitcoin. The current price of Bitcoin has moved up and is now $15,100:
Your unrealised loss = (2 x $15,000) minus (2 x $15,100)
Your unrealised loss = $30,000 minus $30,200
Your unrealised loss = -$200
We may (in our absolute discretion) change the margin percentage, margin call level, mandatory liquidation level, leveraged trading limits or any other terms that apply to our leveraged trading service and the change may apply to new leveraged positions as well as open leveraged positions. We will endeavour to provide you with as much notice as possible before implementing a change. However, we may provide very short notice of a change, or no notice at all, where an exceptional event occurs. For this purpose, an exceptional event includes:
We will notify you of any changes via your account and whether it only applies to new leveraged positions or if it will apply to any open leveraged positions. If we change any of the leveraged trading terms, this may impact your open leveraged positions, any unrealised gains or losses and leveraged trading limits. It is important that you regularly check your account to monitor your open leveraged positions and are aware of any changes to our leveraged trading service that may impact your positions.
We do not provide any form of advice to our customers in relation to our products or services. We may sometimes provide factual information and market commentary to you directly or via our website; and information about procedures, market conventions and guidance on how you can protect yourself against the potential risks involved in trading cryptocurrencies. This information should not be construed as advice and any decision you make to use our products or services is made by you based on your own research, inquiries and assessments.
We also do not provide advice regarding your personal tax affairs, regulatory filings, disclosures or legal matters that may arise as a result of you using our products and services. It is your responsibility to ensure you comply with applicable laws and regulations. If you are unsure, you should seek independent tax, financial or professional advice.
For more information about risks, please refer to clause 2.6 of our Terms and Conditions.
All the cryptocurrencies we make available for leveraged trading are not financial products and are unregulated. As these products are unregulated, we are not required to hold an Australian financial services licence and you will not have the benefit of any of the protections that apply to financial products under the Corporations Act 2001 (Cth).
Before we permit you to use Leveraged Trading, we require you to read and understand this Risk Disclosure Statement, the Leveraged Trading terms and conditions and to pass a suitability test to ensure you have been provided with the appropriate information to make a decision as to whether leveraged trading products are suitable for you. The suitability test is a tool that you can use to make a self-assessment as to whether leveraged trading is suitable for you and it is your sole responsibility to understand the risks involved with the leveraged trading product. By providing you with access to the suitability test, we are not providing you with any opinion or recommendation about whether leveraged trading is suitable for you.
The trading or holding of cryptocurrencies involves significant risk. Prices can and do fluctuate on any given day. Due to such price fluctuations, you may rapidly increase or lose value in your assets at any given moment. Cryptocurrency is subject to large swings in value and may even become worthless. There is an inherent risk that losses will occur as a result of buying, selling or trading any products we offer.
Using the Leveraged Trading product carries a high degree of risk because the leverage means that a relatively small movement in underlying prices of cryptocurrency can lead to a proportionately larger movement in the value of your leveraged position. This can work against you as well as for you. There is a high risk of losing (and making) money quickly using leverage. The higher the leverage ratio you select, the greater impact any market movements may have on your leveraged position.
Due to market conditions (please refer to the "General Trading Risks" section for more details) the use of Stop Loss orders will not guarantee that your losses (or profits) are capped at that level. Extreme volatility and 'gapping' may mean that after the stop trigger is reached, the price achieved from the set limits may not be possible and your losses (profits) may continue.
Similarly, if your leveraged position reaches a point where mandatory liquidation is triggered, we cannot guarantee that your leveraged position will be closed at the mandatory liquidation level. Prevailing market conditions at the time of the liquidation may mean that your leveraged position is closed below the mandatory liquidation level. In extreme circumstances, when closing your leveraged position, you may end up in an overall loss position and will be required to provide additional collateral to make up the loss amount on your position.
It is imperative that you monitor all of your leveraged positions closely. It is your sole responsibility and obligation to monitor all your leveraged positions. While you have any open leveraged positions, you should regularly access your trading account to actively monitor all your leveraged positions.
It is important that you understand the risks associated with trading in cryptocurrencies because fluctuations in the price of cryptocurrencies can and do affect the value of your leveraged positions. Please refer to clause 2.6 of our Terms and Conditions for more details of the risks associated with cryptocurrencies.
The value of your leveraged positions can go down as well as up and, in extreme circumstances, you may end up with less than you originally invested. The higher the leverage ratio you select, the greater impact any market movements may have on your leveraged position.
Movements in the price of cryptocurrency markets can be volatile and unpredictable. This volatility will have a direct impact on the profit and loss of your leveraged trading positions. You should be familiar with the volatility of the market and assign an appropriate Stop Loss and Take Profit order level and assign collateral to maintain your leveraged position
Gapping in one or more markets is a sudden shift in the price of an underlying market from one level to another. Gapping in cryptocurrency markets is generally experienced more frequently than with traditional financial markets (such as ASX-listed shares). Cryptocurrencies trade 24 hours a day and a gapping event can happen at any time.
When a market gaps, it can have a large impact on the value of your leveraged positions and can cause unexpected losses, where for example: The market gaps past your Stop Loss or Stop Loss trigger causing your position to be closed at a greater loss than if the Stop Loss was executed at the price or PnL Value you assigned. It is for this reason that all Stop Loss and Take Profit triggers are offered on a best endeavours basis and we cannot guarantee that your position will be closed at the Stop Loss price or PnL level. You are liable for any losses beyond a set Stop Loss order (and are entitled to keep profits). Stop Loss or Take Profit orders will not always protect you against the risk of gapping.
We operate an open order book exchange and, as a result, we cannot guarantee liquidity at any price level for any cryptocurrencies. Market conditions can change significantly in a very short period of time. If you attempt to close a leveraged position, you may not be able to do so at or close to the last traded price if there is a lack of liquidity. Under certain trading conditions, it may be difficult or impossible to close your leveraged position.
In Australia, cryptocurrency exchanges are only subject to anti-money laundering and terrorism financing requirements, unless the exchange offers trades in cryptocurrencies that are regulated financial products There is a risk that a change in laws and regulations will materially impact the products we offer. A change in laws or regulations made by the government or a regulatory body can increase the costs of offering our services, require additional disclosures to our customers, reduce the attractiveness of our products and, in some extreme cases, mean we need to withdraw the product from the market.
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I also understand that Iress (as the operator of the Iress Platform) will be able to view the above personal information. I acknowledge and agree that once Independent Reserve makes my personal information available through the Iress Platform, my personal information will be managed by Iress and the Iress Privacy Policy will apply. This may include that Iress and my financial adviser(s) can view and use my personal information for the purposes described in the Iress privacy policy.
Independent Reserve encourages you to read the Iress Privacy Policy for more information.
If you would like to know more about how Independent Reserve handles personal information, including how you can access and correct the personal information Independent Reserve holds about you, or make a privacy complaint, please see our Privacy Policy.