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AllXBTUSD12830.5+4.63%XBTZ2012956.0+4.53%XBTH2113009.5+4.35%ADAUSDTZ200.11409+3.55%ADAZ200.00000830-2.92%BCHUSD268.10+6.66%BCHZ200.02004+2.87%EOSZ200.0002067-1.34%EOSUSDTZ202.7590+4.00%ETHUSD396.95+3.80%ETHUSDZ20433.75+3.78%ETHZ200.03109-0.19%LINKUSDT10.9515+4.74%LINKUSDTZ2011.7955+5.49%LTCUSD55.99+14.43%LTCZ200.004335+9.19%TRXZ200.00000208-1.89%XRPUSD0.2569+3.59%XRPZ200.00001994-0.05%XTZUSDTZ202.3200+1.00%.BXBT12828.23+4.66%.BETH396.31+3.78%.BVOL24H3.91+73.01%Funding: 05:07:53 @ 0.0100%Time: 6:52:06 AM
Risk Disclosure

This Risk Disclosure Statement provides you with information about some of the risks associated with use of the “BitMEX” Trading Platform and other services offered by HDR. The information presented in this Risk Disclosure Statement is not comprehensive and does not reflect all of the risks (or other important factors) you should consider before using the Services. You must make your own independent decision to access or use the Services and should seek any advice that you consider necessary or desirable (including financial and/or legal advice) from independent advisers. Your capital is at risk. Terms not otherwise defined in this Risk Disclosure Statement shall bear the same meanings attributed to them in the Terms of Service.

A. General trading and financial risks

1. Trading risk

You use the Services at your own risk. There can be no assurance that use of the Services will provide a positive return or profit, that significant losses will not be incurred, or that your objectives will be achieved. All contracts traded on the Trading Platform are margined and settled using bitcoin (“XBT”) only.

It is also important to have sufficient relevant experience when entering into financial contracts and transactions. Contracts traded on the Trading Platform are derivative contracts and are not suitable for everyone. You should only fund your wallet and trade with XBT that you own and can afford to lose. It is possible that you may lose a substantial proportion or all of your capital. In addition, use of our Services involves a high risk of loss inherently associated with the contracts that are available for trading. As a result, you should carefully consider whether you can afford to bear the risks of loss involved in using the Services and, in particular, trading cryptocurrency derivatives contracts.

The Trading Platform is designed so that the maximum risk associated for any Member with respect to an open position on the Trading Platform shall not exceed the actual amount of XBT allocated to the relevant position (by way of fees, funding, margin and/or premium). A Member will have a single net position in any given contract at any time. If a position is liquidated, then the XBT allocated to that position as margin will be lost, up to the entire amount of the Member’s account balance. Please refer to the description of the liquidation process on our website.

2. Risks associated with Indices

Some of the Services, and contracts traded on the Trading Platform, rely on an “Index Price”, for example to derive valuation for margin and/or settlement purposes - for more information on our use of indices in respect of any contract type, please see the relevant contract description pages on our website; details of specific indices, including their composition and how the Index Price is calculated, as well as how certain safeguards are incorporated, can be found here (each, an “Index”). The methodology for calculation and publication of each Index may mean that it does not track other publicly-reported prices of its underlying cryptocurrency. The Index and its value may deviate substantially from the publicly reported price of cryptocurrency from any given price source. In addition, as the methodology for determining each Index uses information from specifically identified third party exchanges, movements in the value and volume of cryptocurrency transactions on such exchanges and any Index calculation failures may affect, for example, the profit, loss, margin and settlement of contracts traded on the Trading Platform.

The composition, calculation, and safeguards incorporated within any Index are subject to change at any time without notice in HDR’s sole and absolute discretion.

Trading a cryptocurrency derivatives contract is not the equivalent of purchasing a cryptocurrency nor any of the components which comprise the Index of that product and does not entail ownership of cryptocurrency or any such components. The return on contract positions may not reflect what a Member would realise if they owned (or sold short) cryptocurrency.

The Indices may be administered and calculated by HDR or any third party service providers. Index administrators (including HDR) can add, delete or substitute the components of the Indices or make other changes to the methodology of calculating the value of the Index at any time. The modification of the components of the Index may affect its value, as a newly added component may perform significantly worse or better than the component it replaces. HDR may also alter, discontinue or suspend calculation or dissemination of an Index at any time. HDR may take any action in respect of the Indices without regard to the interests of a Member. Any change in the methodology used may affect the Index value and may result in a Member incurring losses or gains. HDR is not responsible for any direct or consequential losses a Member may incur as a result (directly or indirectly) of a change in the Index methodology.

Additionally, because cryptocurrency derivatives generally (including contracts traded on the Trading Platform) are relatively new products, the degree to which they are likely to provide exposure to movements in the price of the underlying cryptocurrency of the relevant Index is uncertain.

3. Accuracy of information

While HDR endeavours to keep information displayed on the Services as accurately as possible, there is a risk that this may not be correct, complete or updated.

4. Price volatility

The price of cryptocurrencies can be highly unpredictable and volatile when compared to other assets such as stocks, bonds and other tradeable instruments. You should not deal in cryptocurrency derivatives unless you understand their nature and the extent of your exposure to risk. Any spreads or other fees associated with contracts traded on the Trading Platform may make them more volatile.

5. Liquidity risk

Cryptocurrency derivatives (including those traded on the Trading Platform) may be riskier, less liquid, more volatile and more vulnerable to economic, political, market, industry, regulatory and other changes than other derivatives contract types. The liquidity of the market for contracts on the Trading Platform will depend on, among other things, supply and demand on the Trading Platform and the commercial and speculative interest in the market for these contracts. As contracts traded on the Trading Platform are traded on a closed trading system, there is a risk that there may be limited volume and liquidity.

A lack of liquidity in any market for contracts traded on the Trading Platform may result in delays in order execution and some orders may not execute at all; these effects may be exacerbated where an order is larger.

6. Deposits and insurance fund

The XBT that you transfer to the deposit address(es) associated with your account(s) will not be segregated from, and may be commingled with, other client funds; there are no trust, fiduciary, or other custodial arrangements or rights associated with or applicable to the Services and your wallet balances (including deposits, any realised profits, affiliate income and/or fees) and you do not have any proprietary claim in respect of any XBT transferred to HDR or any wallet balance. There are no deposit protection schemes that are applicable to the Services and your wallet balances are uninsured unless you specifically obtain third party private insurance with respect to them. Your wallet balance is at risk of total loss, from, among others things, security breaches (whether in respect of your accounts specifically or the Services generally), electronic, technological or systems failures (including book- or recordkeeping errors), and insolvency or bankruptcy, or equivalent formal proceedings, in respect of HDR.

It is your responsibility to ensure that you use the correct address for any deposit, withdrawal, or transfer, and that the address you use is a valid XBT address. Any inaccuracy in a specified address, or in the cryptocurrency (or other digital token or asset) that you attempt to transfer between addresses, may result in total loss of the cryptocurrency (or token or asset) concerned.

Any XBT transferred to or between your account(s) will only be available for margin or withdrawal purposes when it has been credited to your account. We require one Bitcoin block confirmation before a deposit can be credited to an account; however, the period between block confirmation and account credit is variable and depends on a number of factors, including factors that are not within our control. We do not offer any assurance or guarantee in relation to the timeframe for a deposit or transfer to be credited or for a withdrawal to be broadcast and confirmed. For example, deposits, transfers, and/or withdrawals may not be credited or may be delayed if: there are delays, high demand, or technological issues affecting the Bitcoin network; you have allocated a network fee to the transaction that is insufficient to ensure that your transaction is confirmed according to your expectations (our recommended network fee for withdrawals is not a recommendation or assurance in respect of the processing time of any transaction(s)); variation in the processing time in our systems, which may be increased by high demand, technological issues or other conditions that impact processing time; if we believe that you are engaged in any suspicious activity or a breach of our Terms of Service. You may be at risk of loss if a deposit is not credited to your account and you are unable to manage the risk of a position or open order.

The insurance fund that forms part of the Trading Platform is not an insurance product and Members have no interest in the funds comprising the insurance fund. For a description of the insurance fund and its operation, please refer to the relevant page of our website. For a description of Auto Deleveraging, please refer to this page.

The Bitcoin protocol underlying XBT may change or otherwise cease to operate as expected due to changes made to its underlying technology or changes resulting from an attack. These changes may include, without limitation, a “fork”, a “rollback”, an “airdrop”, or a “bootstrap”. Any such change, or any failure in the Bitcoin protocol, may dilute the value of your XBT and/or your positions and may result in total loss. HDR will not support any such change (unless HDR chooses to do so in HDR’s own discretion) and any cryptocurrency (or other digital token or asset) that you may expect to be distributed or transferred to you in respect of any wallet balance may not be credited to your account or transferred to you, resulting in a total loss of, without any right to claim or request compensation for, that cryptocurrency (or token or asset).

7. Support of traded contracts

If at any time any of the contracts that form the subject of your order is delisted or the Trading Platform no longer supports the trading in such contract for any reason, then the applicable order will be cancelled.

B. Regulatory and Oversight Risk

1. General regulatory risk

The regulatory environment concerning cryptocurrencies continues to develop. The application and interpretation of existing laws and regulations are often largely untested and there is a lack of certainty as to how they will be applied. New laws and regulations will be promulgated in the future that apply to blockchain technology and cryptocurrencies, and related services providers, and no assurance can be given that any such changes will not adversely affect cryptocurrencies generally or the Services. It is not possible to predict how such changes would affect the price and liquidity of cryptocurrency derivatives, cryptocurrencies generally, or the Services.

Regulatory actions could negatively impact cryptocurrencies in various ways, including, for purposes of illustration only, through a determination (with retrospective or prospective effect) that cryptocurrencies or their derivatives are regulated financial instruments requiring registration or licensing in certain jurisdictions. HDR may have to limit the availability of certain contracts or disallow Members based on their citizenship, residence or location from engaging in any transactions on the Trading Platform if doing so becomes commercially unsustainable or legally prohibited, which could materially affect the price and liquidity of contracts traded on the Trading Platform.

You understand that ultimately it is your responsibility to make sure that you comply with any and all local regulations, directives, restrictions and laws in your place(s) of residence before using our Services. We strictly state that we do not permit the use of our Services by users from a jurisdiction in which the use of our Services is not permitted (including, without limitation, Restricted Jurisdictions). We are not offering or soliciting the use of our Services to any person located in any Restricted Jurisdiction or any other jurisdiction in which the specific use of our Services is not authorised or is otherwise prohibited by local laws.

C. Cyber Risk

1. Risks relating to cybersecurity

Malicious individuals, groups or organisations may attempt to interfere with the Trading Platform in a variety of ways, including, but not limited to, malware attacks, denial of service attacks, coordinated attacks, account takeovers and submitting fake transactions (including spoofing) which could negatively affect the operation of the Trading Platform, the availability of the Services and the value of contracts traded on the Trading Platform.

With the increased use of technologies and the dependence on computer systems to perform necessary business functions, cryptocurrencies and the Services are susceptible to operational and information security risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyberattacks include but are not limited to gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyberattacks may also be carried out in a manner that does not require gaining unauthorised access, such as causing denial of service attacks on infrastructure. Cyber security failures or breaches of the third party service providers (including, but not limited to, software providers, cloud services providers, index providers, the administrator and transfer agent) could have a negative impact on cryptocurrencies and the Services.

It is your responsibility to ensure (i) that your access credentials are kept secure and confidential, including your email, username, and password, as well as access to or use of any two factor authentication hardware, software, or secret and (ii) the security and integrity of any systems (both hardware and software) or services that you use to access the Services.

2. Risks relating to platform downtime and IT maintenance

HDR Group may, from time to time, perform maintenance on the Trading Platform, routine or otherwise. This may lead to platform downtime and lack of access to the Trading Platform, potentially resulting in a delay or cancellation of a submitted order yet to be processed and orders placed during maintenance or downtime.

D. Risks relating to leveraged trading

Leverage allows trading in certain contracts on the Trading Platform with relatively modest margins in relation to the position size. The result of this is that even a slight fluctuation of the Index Price could mean substantial gains on leveraged positions when these fluctuations are in your favour but could also mean loss of the allocated margin if the fluctuations are to your detriment.

Under certain market conditions, particularly given the high volatility and substantial risk of illiquidity in cryptocurrency derivatives markets, you may find it difficult or impossible to close a position in the market above the liquidation price. For example, if there is insufficient liquidity in the market or technical issues with the orders that you attempt to place, you may not be able to manage the risk on open positions. Placing contingent orders, such as “stop-loss” or “stop-limit” orders, will not necessarily limit your losses to the intended amounts, since these order types are not guaranteed and market conditions may make it impossible to execute such orders. The use of leverage can work against you as well as for you and can lead to large losses as well as gains.

The conduct of all trading on your accounts is at your own risk and HDR Group does not take any responsibility for any loss or damage incurred as a result of your use of the Trading Platform or your failure to understand the risks involved in cryptocurrency markets generally or your use of our Services.

We may not accept any orders which would increase your aggregate risk above the risk limit set by you or by us.

HDR does not make any assessment as to the appropriateness of the risk limit set by you, or the appropriateness of risk limits set by us as those risk limits apply to your specific circumstances. You must make your own independent assessment as to what level of risk is appropriate for yourself. The customisable risk limit is a tool to enable you to better manage your overall risk appetite. For a fuller description of how the risk limits operate, please refer to this webpage.

You must ensure that you are able to monitor positions on your account at all times. HDR is not responsible for monitoring any positions on your account.

E. Access risks

There are a series of inherent risks with the use of the mobile and/or web-based trading technology such as latency in the prices provided, and other issues that are a result of connectivity (including, without limitation, the use of mobile networks).
Prices displayed on the Trading Platform are solely an indication of the executable rates and may not reflect the actual executed or executable price of an order.

The Trading Platform utilises public communication network circuits for the transmission of messages. HDR shall not be liable for any and all circumstances in which you experience a delay in price quotation or an inability to trade caused by network transmission problems or restrictions or any other problems outside our direct control, which include but are not limited to the strength of the mobile signal, network latency, or any other issues that may arise between you and any internet service provider, phone service provider or any other service provider.
Please note further that some of the features available on the Trading Platform may not be available on any mobile application.

HDR mobile applications may require Members to download and install updates to the application or to their device’s operating system as such updates are made available. Failure to do so might lead to certain parts of the Services (including trading functions) becoming inaccessible to Members until such update has been successfully downloaded and installed. Performance issues and security risks may arise if HDR mobile applications are used on devices with customised or otherwise non-standard operating software or as a result of other software installed on such devices.