Disclaimers
The User is advised to read this section carefully and to consult legal, financial, tax or other professional advisors if in any doubt as to the action they should take.
References to defined terms are to terms as defined in the LMEX Markets Terms of Service, of which these Disclaimers form a part.
These Disclaimers should be read in conjunction with the Risk Warning, which sets out the specific risks of trading leveraged perpetual contracts.
Disclaimer of Liability
The following disclaimers are in addition and without prejudice to any exclusions of liability set out in the Terms of Service.
1. The Interface and Services provided by the Platform and its Affiliates are provided on an "as is" and "as available" basis. The Platform and its Affiliates do not grant any warranties or make any representation as to the accessibility, quality, suitability, accuracy, adequacy, or completeness of the Interface or the Services, and expressly disclaim any liability for errors, delays, or omissions in, or for any action taken in reliance on, the Interface and the Services.
2. The Platform, its Affiliates and its directors, officers and employees do not make and hereby disclaim any representation, warranty or undertaking in relation to (i) the accuracy and completeness of any of the information set out on the Interface, including but not limited to price data, Mark Price computation, Index Price feeds, Funding Rate calculations and Liquidation parameters; and (ii) the time taken to effect any transactions involving third parties outside the Platform's control. Information may be changed or updated by the Platform from time to time without notice. The User should verify all information before relying on it, and all decisions based on information contained on the Interface are the User's sole responsibility.
3. The Platform shall not bear any liability for any damage or interruption caused by computer viruses, spyware, scareware, Trojan horses, worms or other malware that may affect the User's computer or other equipment, or any phishing, spoofing or other attack. The User should be aware that SMS, SIM and email services are vulnerable to spoofing, phishing attacks, SIM swap, SIM jacking and account takeover. The User should always log into their account directly on the Interface to review any transactions or required actions when in doubt about the authenticity of any communication.
4. The User shall be responsible for maintaining adequate security of all credentials including passwords, two-factor authentication seeds, personal identification numbers, API keys, and any other access codes. Any loss or compromise of the foregoing may result in unauthorised access to the User's Collateral and the loss or theft of any Collateral held on the Platform. The Platform assumes no responsibility for any loss sustained due to compromise of account login credentials through no fault of the Platform.
Potential Risks
Trading leveraged perpetual contracts and forex pairs entails substantial risk. By using the Services, the User expressly acknowledges and assumes these risks. The risks set out below are not exhaustive and supplement the more detailed Risk Warning published separately.
Market Risk
The market for leveraged perpetual contracts is volatile. The risk of loss in trading or holding leveraged positions can be substantial. The User should carefully consider whether use of the Services is suitable for them in view of their financial condition. The Platform and its Affiliates shall not bear any liability for losses incurred by the User in connection with the Services.
Trading Risk
Values across cryptocurrency, equity, commodity, index and forex markets are volatile and can shift quickly. Users are warned to pay close attention to their open positions and how those positions may be impacted by sudden adverse shifts. The User is referred to the Risk Warning for the specific mechanics of Liquidation, Funding, Mark Price, Insurance Fund and other derivative-specific risks.
System Failure Risk
The Platform and its Affiliates may experience system failures, unplanned interruptions in their network or services, hardware or software defects, security breaches or other causes that could adversely affect the Interface or Services.
The Platform and its Affiliates are unable in all cases to anticipate or detect hacks, cyber-attacks, distributed denials of service, errors, vulnerabilities or defects in the Interface or any technology on which the Platform relies. While the Platform takes steps to defend against malicious attacks, there is no assurance that such attacks will not occur or that defences will always be effective. The Platform makes no representations as to the usability, stability or security of the Interface.
Regulatory Uncertainty
The regulation of leveraged crypto derivatives, equity perpetuals, commodity perpetuals, index perpetuals and forex pairs varies significantly between jurisdictions and is subject to rapid change. Failure by the Platform or the User to comply with any laws, rules and regulations, some of which may not exist yet or are subject to interpretation, could result in adverse consequences against the User, including civil penalties and fines. The Platform shall not be responsible for such consequences.
To the extent the Platform and its Affiliates may be required to obtain licences, permits or approvals in any jurisdiction to offer the Services, but are unable to obtain such approvals, or if such approvals are not renewed or are revoked, Users in such jurisdiction will be unable to access the Services.
If the costs (financial or otherwise) of complying with newly implemented regulations exceed a certain threshold, provision of the Services may no longer be commercially viable in the relevant jurisdiction and the Platform may discontinue offering the Services to Users in that jurisdiction.
Tax Uncertainty
The tax treatment of trading in leveraged perpetual contracts and forex pairs remains uncertain in many jurisdictions. The User must seek their own tax advice in connection with the trading of derivatives and the Services, which may result in adverse tax consequences or reporting requirements for the User.
Force Majeure
The Interface or the Services may be interrupted, suspended or delayed due to acts of God, natural disasters, wars, terrorist attacks, riots, civil commotions, widespread communicable diseases and other events beyond the control of the Platform and its Affiliates. In such events, the market price and demand for any contract on the Interface may be materially affected.
No Advice
The Platform and its Affiliates do not provide investment advice or advice on trading techniques, models, algorithms, or any related aspects. No information on the Interface should be considered to be business, legal, financial or tax advice regarding the use of the Services or the trading of perpetual contracts or forex pairs. The User should consult their own legal, financial, tax or other professional advisors before using the Services.