Terms of Service
CloakFX (https://cloakfx.com) is a corporation that runs multiple services within the cryptocurrency environment.
The use of all websites and the services offered on websites/applications run by CloakFX are governed by the terms on this Terms of Service page.
CloakFX may at any time change these Terms of Service and has no obligation to notify you of such amendments. You acknowledge that it is your responsibility to check these terms periodically for changes and that your continued use of services provided by CloakFX indicates your acceptance of any such changes.
The following terminology applies to these Terms of Service, Privacy Statement, Risk Disclaimer, and all other Agreements: “Client”, “Customer”, “Trader”, “You” and “Your” refers to you, the person accessing our websites and accepting the company’s Terms of Service. “The Company”, “Ourselves”, “We” and “Us” refers to CloakFX “Party”, “Parties”, or “Us” refers to both the Client and ourselves, or either the Client or ourselves. Any use of the above terminology or other words in the singular, plural, capitalization and/or he/she or they are taken as interchangeable and therefore as referring to same.
By creating an account for any service provided by CloakFX you agree:
- That you are at least 18 years old.
- That if you create an account on behalf of an organization you have the right to do so and that organization will be liable for your actions including any breach of these Terms of Service.
- That you are the owner of all cryptocurrency and items of value that you transfer to CloakFX and that all cryptocurrency and items of value derived from a legitimate source.
- That you are aware of all risks involved using services provided by CloakFX and that it is possible to lose all funds deposited to services provided by CloakFX.
- That using services of CloakFX does not breach any law or regulation in your country of residence. It is your responsibility to verify that you are allowed to use the services provided by CloakFX.
Identity verification and anti-money laundering
We reserve the right to verify your identity and your physical address at any time and you are obligated to cooperate and provide all requested information and documents in this process. During this process, you may be unable to use our services or initiate withdrawals.
Users sending cryptocurrency to our services through the use of cryptographic algorithms and distributed networks take full responsibility for the risks involved. By using our services you implicitly accept liability of any loss or damages incurred through the use of cryptocurrency. CloakFX cannot be held liable for any loss of cryptocurrency.
Service accessibility and uptime
Use of our services may be subject to limitations, including but not limited to transaction volumes and the number of calls permitted to be made against our servers. CloakFX does not guarantee that provided services will be accessible or error-free or can be used uninterrupted at any particular time or location and denies all resulting liability unless explicitly specified otherwise in another part of these Terms of Service.
We advise that you keep your login details secure and never reveal them or write them down. You use our service at your own risk and liability. Every effort has been taken to ensure your account is secure and our servers and software are tested regularly. As such, should your account be compromised as a result of your negligence we deny all liability and will not refund losses. If you lose access to your email address, phone, phone number or any device that is required for accessing your account (e.g. Two-Factor Authentication device) we do not guarantee that you will be able to regain access to your account. While we manually review all related requests, we might not be able to help if you cannot prove beyond a reasonable doubt that you are the original account owner.
External links and services
Although we only try to include high-quality, safe and relevant external links to other websites and services, you should always adopt a policy of caution before clicking or using any external websites or services mentioned throughout our websites or in messages you receive from us. We cannot guarantee or verify the contents of any externally linked website despite best efforts. When clicking on external links we cannot be held liable for any damages or implications caused by visiting these links or by using services offered on the linked websites.
Irreversibility of trades and transactions
All trades and transactions are irreversible if our systems operated correctly. Deciding whether our system operated correctly in a certain situation is at our sole discretion. Due to the irreversible nature of transactions in cryptocurrency networks, we cannot be held liable for deposits or withdrawals made to incorrect addresses.
All service fees are listed on the “Fees” page on the websites operated by CloakFX. We reserve the right to change fees without prior notifications.
Multiple accounts per person are strictly prohibited without express written permission from us. If you lose or forget your login details please use the relevant links to recover your login credentials or contact us for help. If you are suspected of using our services with multiple accounts you are violating our terms (see Violating the Terms of Service).
Any attempt to circumvent our trading limits (maximum position sizes, market-wide maximums, etc.) is a violation of our Terms of Service (see Violating the Terms of Service). It is also not allowed that another person or legal entity is making the underlying trades or transactions on your behalf in order to circumvent these limits.
Market manipulation and system abuse
If you are suspected to be trading in a manner that, intentionally or not, manipulates the market in any way or a system error provides you with an unfair advantage or reduces other clients legitimate trading experience or puts CloakFX’s services at risk or in any other way is deemed unfair, manipulative or malevolent by us is a violation of our terms (see Violating the Terms of Service).
Although in the future, we will try to process all withdrawals instantly, currently withdraws are being paid after certain controls from 9 am-5 pm weekdays. Therefore, your withdrawal requests will be queued, then after certain admin checks, it will be confirmed. Withdrawals are not being sent by admin, it is an auto process after confirmation. There might be some delays due to administration control.
it is possible that a withdrawal attempt is delayed/blocked for various reasons. This includes but is not limited to software or network issues of the underlying cryptocurrency, a high number of withdrawal requests, large withdrawal amounts, suspected violations of our terms and system maintenance.
Rollback of trades and transactions
We reserve the right to rollback transactions and trades at any time at our sole discretion. Reasons for such a rollback include but are not limited to:
- System and software errors.
- System software errors of 3rd party services that are required for the services of CloakFX.
- Human error by an employee of CloakFX.
- High price volatility of an underlying market.
Violating the Terms of Service
If we detect or suspect a violation of our Terms of Service, we reserve the right to suspend, delete or temporarily disable all related accounts without warning, recourse or refund. All cryptocurrency, assets, mediums of exchange or items of value will be held by us pending our inquiries and may be used to cover any incurred losses. Open trades and positions might be force closed at the current market price. During the investigation, you might not be able to log into your account or make trades or transactions. We decide how much of the aforementioned seized assets we will keep and you agree that our decision is final. If the aforementioned seized assets do not cover the damages resulted from the violation of our terms, we reserve the right to file a civil lawsuit for recovering all damages and/or report the case to authorities. You may not be able to re-register a new account with us.
Server security and loss of customers’ assets
Our servers and software are tested regularly and we believe we have very high standards of security. In the unlikely event that customers’ cryptocurrency or items of value are stolen, we will notify all affected customers. If the situation arises where withdrawal requests cannot be executed anymore all existing assets of CloakFX will be used to cover the liabilities. If necessary and if it can be expected that CloakFX can operate profitably after such an event, we reserve the right to pay back liabilities with the ongoing company revenue with the help of IOU tokens.
Terms specific to services offered on CloakFX.com
Trading halt and force close of positions
We reserve the right to halt trading and/or force close all positions at the current index price at any time. Reasons for such a halt/force-close include but are not limited to:
- Software updates.
- System or software errors.
- An ongoing attack of our system by a malicious entity (e.g. a DDOS attack).
- Upon a request of a national authority.
Terms specific to services offered on CloakFX.com
Loss of service and refunds
You can request a refund if:
- CloakFX has an unscheduled outage or trading interruption and you are not able to close a position.
- CloakFX has an unscheduled outage or trading interruption and the trading engine executes a Take Profit or Stop Loss order delayed in a worse condition.
The refund will only cover the lost amounts during the outage. In any event, you have to contact us immediately after noticing the problem. If our access log shows that you intentionally left a position open after all services were restored, we will not refund any losses. A service outage is defined as a malfunction of regular trading on CloakFX.com during our market hours. If the outage is caused by a 3rd party and users outside of CloakFX.com are affected, we will not refund any losses. This includes but is not limited to:
- Outages of underlying exchanges
- Outages of our CDN provider, currently Cloudflare Inc.
- Global internet issues.
Trading on cloakfx.com means that you agree to the shown market prices and accept us as the market maker. If our system has no system errors all trades are irreversible. Our platform does not manipulate prices, order executions spread or anything else to our advantage. All spreads can change at any time depending on the underlying market conditions.
When a position on cloakfx.com loses too much of its initial value, the position gets automatically closed at a predefined price with a market order. This predefined “Stop Loss” price is displayed in the user interface. The Stop Loss price is never a guaranteed exit price and it is possible to lose more than your initial margin. We make no refunds or exceptions when a position was automatically closed. Trading on cloakfx.com means that you explicitly agree to this implementation.