Welcome and thank you for choosing vhcex.com (the “Site”). The following terms and conditions of service (these “Terms of Service”) apply to all customers and users of the Site. You should read these Terms of Service carefully to have a clear understanding of the Terms of Service. By using any of the services, functions, or features offered from time to time on the Site which is also extended through the VHCEx mobile app (collectively or individually, the “Services”), the customer (referred to herein as “you” or “your”) agrees to these Terms of Service.
1. Terms of Service and Execution
The content of this Terms of Service includes main body of this Terms of Service and various rules that have been posted or may be posted from time to time by VHCEx. All these terms shall be an integral part of this Terms of Service and shall have the same legal effect as the main body of this Terms of Service. Unless otherwise expressly provided, any service provided by VHCEx and its affiliates (hereinafter referred as “VHCEx Service”) shall be bound by this Terms of Service.
You agreed to carefully read through and understand this Terms of Service before using any VHCEx Service. You may consult VHCEx if you have any question regarding this Terms of Service. This term of Service will take effect so long as you are using services provided by VHCEx.
You shall not claim to void or rescind this Terms of Service on the ground that you did not read this Terms of Service or you did not receive any respond from VHCEx to your consultation. You hereby promise to accept and observe this Terms of Service. If you do not agree to this Terms of Service, you shall immediately stop registration/activation or stop using any of VHCEx Services.
VHCEx reserves the rights to make or amend this Terms of Service and various rules from time to time as needed, and announce the same on the website, without any individual prior notice to you. The amended Terms of Service and rules shall come into effect immediately and automatically upon being updated on the website. If you do not agree to the relevant amendment, you shall immediately stop using VHCEx Service. If you continue using VHCEx Service, you shall be deemed as having accepted the amended Terms of Service and rules.
2. Registration and Account Eligibility of Registrants
You hereby confirm that you are an individual, legal person or other organization with full capacity for civil rights and civil conducts when you complete the registration or while using VHCEx Services in any other way allowed by VHCEx. If you do not have the said capacity, you and your guardian shall undertake all the consequences resulted therefrom, and VHCEx shall have the right to cancel or permanently freeze your account and claims against you and your guardian for compensation.
As an individual you are required to be at least 18 years of age and a valid email address or mobile phone number for correspondence, verification and a form of a confirmed and secure communication channel. All competitions and promotions that are running on VHCEx is open to all its registered and verified users unless stated otherwise.
Registration and Account
You shall be bound by this Terms of Service once you have filled in information, read and agreed to this Terms of Service and completed the registration process following the instructions on the registration page or you have filled information, read and agreed to this Terms of Service and completed the activation process following the instructions on the activation page, or upon any use of VHCEx Service in a way permitted by VHCEx. You may log in VHCEx with your email address that you have provided or confirmed or any other means permitted by VHCEx.
Upon first time signing in you must complete your profile by providing your real name, ID type, ID number and other information required by the laws and regulations. If any information you have provided during the registration is inaccurate, VHCEx is not responsibility of any loss, direct or indirect, and adverse consequence resulted therefrom will be borne by you. VHCEx accounts can only be used by the person whose name they are registered under. VHCEx reserves the right to suspend, freeze, or cancel accounts that are used by persons other than the persons whose names the accounts are registered under. VHCEx will also not take legal responsibility for these accounts.
During the registration or activation, you shall accurately provide and timely update your information by following the instructions on the relevant page according to the laws and regulations to make it truthful, timely, complete and accurate. If there is any reasonable doubt that any information provided by you is wrong, untruthful, outdated or incomplete, VHCEx shall have the right to send you a notice to make enquiry and demand corrections, remove relevant information directly and terminate all or part of VHCEx Service to you.
VHCEx is not responsible for any loss, direct or indirect, and adverse consequence resulted therefrom will be borne by you. You shall accurately fill in and timely update your email address, telephone number, contact address, postal code and other contact information so that VHCEx or any other user will be able to effectively contact you. You shall be solely and fully responsible for any loss or extra expenses incurred during the use of VHCEx Service by you if you cannot be contacted through this contact information. You hereby acknowledge and agree that you have the obligation to keep your contact information effective and to take actions as required by VHCEx if there is any change or update.
You are advice and is highly recommended to complete the email verification, 2 factor authentication, phone number verification and profile to secure your account. You shall be solely responsible for the safekeeping of your VHCEx account and password on your own, and you shall be responsible for all activities under your log-in email, VHCEx account and password (including but not limited to information disclosure, information posting, consent to or submission of various rules and Terms of Services by clicking on the website, online renewal of Terms of Service or online purchase of services, etc.).
You hereby agree that:
- You will notify VHCEx immediately if you are aware of any unauthorized use of your VHCEx account and password by any person or any other violations to the security rules;
- You will strictly observe the security, authentication, dealing, charging, withdrawal mechanism or procedures of the website/service; and
- You will log out the website by taking proper steps at the end of every visit.
VHCEx shall not and will not be responsible for any loss caused by your failure to comply with this provision. You understand that VHCEx needs reasonable time to take actions upon your request, and VHCEx will not undertake any responsibility for the consequences (including but not limited to any of your loss) that have occurred prior to such actions.
3. Insurance Policies
VHCEx does not have added external protection by any insurance policies or companies for its system, and does not provide any additional insurance protection to any digital assets placed on the entire platform. Any risk of hardware or software hacking or any reason that results in a loss of monetary value is at the sole risk of the user and will not be borne by VHCEx. Any reimbursement or ex gratia payments provided (if any) will be at the sole discretion of VHCEx.
4. VHCEx Service
Through VHCEx Service and other services provided by VHCEx and its affiliates, members may post deal information, access to the pricing and dealing information of a deal and carry out the deal, participate in activities organized by VHCEx and enjoy other information services and technical services.
If you have any dispute with other members arising from any transaction on VHCEx, once such dispute is submitted by one or both of you and the other member to VHCEx for dispute resolution, VHCEx shall have the right to make decision at its sole discretion.
You hereby acknowledge and accept the discretion and decision of VHCEx. You acknowledge and agree that, VHCEx may, on requests from governmental authorities (including judicial and administrative departments), provide user information provided by you to VHCEx, transaction records and any other necessary information. If you allegedly infringe upon any other’s intellectual rights or other legitimate interests, VHCEx may provide the necessary ID information of you to the interest holder if VHCEx preliminarily decides that the infringement exists.
All the applicable taxes and all the expenses in relation to hardware, software, service and etc. arising during your use of the VHCEx Service shall be solely borne by you. By using this service, you accept that all trade executions are final and irreversible. By using this service, you accept that VHCEx reserves the right to liquidate any trades at any time regardless of the profit or loss position.
VHCEx is a cryptocurrency exchange platform providing a medium for users to buy or sell their various cryptocurrencies with users from around the world. Its primary platform is the exchange where market orders are filled according to the supply and demand of the actual market movement. VHCEx Contracts – CFD VHCEx Contracts offers users the opportunity to trade contracts for difference (CFD) for cryptocurrency which takes into account the movement of the market, be it long or short. CFD is a complex financial trading instrument that allows the user to trade with leverage of up to 150 times their stipulated capital. Profit and losses may be amplified by the leverage. A user may incur more losses than funds allocated and available in the account.
VHCEx Contracts – CFD
VHCEx Contracts offers users the opportunity to trade contracts for difference (CFD) for cryptocurrency which takes into account the movement of the market, be it long or short. CFD is a complex financial trading instrument that allows the user to trade with leverage of up to 150 times their stipulated capital. Profit and losses may be amplified by the leverage. A user may incur more losses than funds allocated and available in the account.
VHCEx Mirror Trades
VHCEx Mirror Trades is a copy trader function that allows users to copy every trade of another trader who is then referred to as a Mirror Trader and Lead Trader, respectively. Every trade the lead trader makes will be automatically followed by the mirror trader who is copying the lead trader. The lead trader’s results and vital information is displayed for the users to make a decision to copy.
Once a user chooses to copy and become a mirror trader, an allocation of funds will be held and be used by the lead trader for trading purposes, until the mirror trader chooses to unfollow the lead trader.
VHCEx Lead Trader Programme
VHCEx Lead Trader programme is a reward system developed to provide lead traders incentives, bonuses and rewards for sharing their trading skills and knowledge to the users in the VHCEx Mirror Trades community feature. All lead traders is required to have a certain amount of trading experience and results. VHCEx reserves the sole right to approve or reject a lead trader at its discretion for whatever reason it deems fit.
VHCEx charges fees on market orders that are executed. The exchange charges maker and taker fees for orders that are executed. No fees are charged to orders that are left idle in the order book. VHCEx also charges for additional services like token recovery due to a mistake or lack of information in the deposit process made by the client. Please note that the fee structure may vary from time to time due to promotional activities being run.
VHCEx contracts, also known as CFD trading incurs a trading transaction fee upon closing a trade, and an overnight funding fee for trades that go beyond the end of day as defined as at 00:00 (GMT+8).
For all VHCEx Mirror Traders, all transactions done will incur overnight funding charges, transaction fees and a trading commission charge. The commission charge is borne by the mirror trader and paid to the lead trader for profits made on each transaction.
Please refer to www.vhcex.com/fee-structure for all the updated charges and fees being imposed for the usage on VHCEx.
In order to enjoy a high withdrawal limit and fiat currency withdrawals, the user is required to complete the various tiers of Know Your Customer (KYC) sections. This is a precautionary measure that allows the rightful user to regain access their accounts should they lose their credentials and provides the rightful authorities a watchful eye on any suspicious or illegal activities that may take place on the platform.
|KYC Tier||Deposit||Withdrawal||Daily Withdrawal Limit|
|Tier 0||Enabled||Not available||No withdrawal allowed|
|Tier 1||Enabled||Enabled||2 BTC/ Day (Combined Limit)|
Consumer redress mechanisms are in place to ensure that all clients are treated equally and has the utmost priority to ensure a smooth user experience. Users may submit their feedback or issues faced to the support team that will assist promptly without bias or special treatment of any kind. All complaints received will have an acknowledgement notice within five (5) working days. Upon receiving any issues or complaints, the issue at hand will be dealt within a time frame of not more than a total of twenty (20) working days.
5. Third Party Services
VHCEx employs Third-Party Services, strategic partners and expertise to consult in the development of features for its exchange and other mediums related to the platform. Users agree and allow all necessary data provided to be used by the said parties on a need basis and will not be divulged for any other purposes besides of the development and usage of VHCEx services.
6. Governing Laws & Regulations
VHCEx is licensed under the central bank of Philippines, Bangko Sentral ng Pilipinas (BSP) and abides by the governing laws of Philippines. VHCEx is also compliant with the international standards of the Anti-Money Laundering Act (AMLA) to ensure the funds on the platform are not illegal in nature and does not support funding of any terrorist efforts.
Prohibition and Infringement of VHCEx Services
All users are expected to abide by the rules and regulation of the governing country (Philippines), Anti-Money Laundering Act (AMLA) and VHCEx platform regulations. Any users deemed to be operating their account in an illegal manner or are infringing any of the international governing laws and policies of VHCEx will result in the user’s account being banned and removed immediately.
In the case of disputes and indemnification, the laws and regulatory framework of the Bangko Sentral ng Pilipinas in the Philippines will take precedent over any other legal jurisdiction locally or internationally. Should there be disputes that are not identifiable under the said framework, VHCEx has the sole right to ratify the cases as it sees fit and fair to all parties.
7. User’s Guide of VHCEx Service
You hereby promise to observe the following covenants during your use of VHCEx Service on VHCEx: All the activities that you carry out during the use of VHCEx Service will be in compliance with the requirements of laws, regulations, regulatory documents and various rules of VHCEx, will not be in violation of public interests, public ethnics or other’s legitimate interests, will not constitute evasion of payable taxes or fees and will not violate this Terms of Service or relevant rules.
If you violate the foregoing promises and thereby cause any legal consequence, you shall independently undertake all of the legal liabilities in your own name and hold VHCEx free of liability from any loss resulted from such violation. During any transaction with other members, you will be in good faith, will not take any acts of unfair competition, will not disrupt the normal order of online transactions, and will not engage in any acts unrelated to online transactions.
You will not use any data on VHCEx for commercial purposes, including but not limited to using any data displayed on VHCEx through copy, dissemination or any other means without prior written consent of VHCEx. You will not use any device, software or subroutine to intervene or attempt to intervene the normal operation of VHCEx or any ongoing transaction or activities on VHCEx. You will not adopt any action that will induce unreasonable size of data loading on the network equipment of VHCEx.
You acknowledge and agree: VHCEx shall have the right to unilaterally determine whether you have violated any of the covenants above and, according to such unilateral determination, apply relevant rules and take actions thereunder or terminate services to you, without your consent or prior notice to you. As required to maintain the order and security of transactions on VHCEx, VHCEx shall have the right to close relevant orders and take other actions in case of any malicious sale or purchase or any other events disrupting the normal order of transaction of the market. Should you be involved in any criminal or illegal activity deemed unlawful under the Philippine’s regulatory laws, you will be in violation and infringement of the usage of VHCEx user policy and may face termination and, or legal action in accordance to the law. If your violation or infringement has been held by any effective legal documents issued by judicial or administrative authorities, or VHCEx determines at its sole discretion that it is likely that you have violated the terms of this Terms of Service or the rules or the laws and regulations, your account will be terminated indefinitely.
As to any information you may have published on VHCEx that allegedly violates or infringes upon the law, other’s legitimate interests or this Terms of Service or the rules, VHCEx shall have the right to delete such information without any notice to you and impose punishments according to the rules. As to any act you may have carried out on VHCEx, including those you have not carried out on VHCEx but have had impacts on VHCEx and its users, VHCEx shall have the right to unilaterally determine its nature and whether it constitutes violation of this Terms of Service or any rules, and impose punishments accordingly.
You shall keep all the evidence related to your acts on your own and shall undertake all the adverse consequences resulted from your failure to discharge your burden of proof. If your alleged violation to your promises causes any losses to any third party, you shall solely undertake all the legal liabilities in your own name and hold VHCEx harmless from any loss or extra expenses.
If, due to any alleged violation by you to the laws or this Terms of Service, VHCEx incurs any losses, is claimed by any third party for compensation or suffers any punishment imposed by any administrative authorities, you shall indemnify VHCEx against any losses and expense caused thereby, including reasonable attorney’s fee.
The privacy practices described in this Statement are designed to comply with the Data Privacy Act of 2012 (R.A. 10173) and its implementing rules and regulations. When accessing our websites and/or availing services, you acknowledge and agree that your information may be transferred to and processed following legal and regulatory standards for data protection that may differ from your current or home country’s jurisdictions.
8. Scope and Limitation of Liability
VHCEx will provide VHCEx Service at an “as is” and “commercially available” condition. VHCEx disclaims any express or implied warranty with regards to VHCEx Service, however, including but not limited to applicability, free from error or omission, continuity, accuracy, reliability or fitness for a particular purpose.
Meanwhile, VHCEx disclaims any promise or warranty with regards to the effectiveness, accuracy, correctness, reliability, quality, stability, completeness and timeliness of the technology and information involved by VHCEx Service. You are fully aware that the information on VHCEx is published by users on their own and may contain risks and defects.
VHCEx serves merely as a venue of transactions. VHCEx serves merely as a venue where you acquire coin related information, search for counterparties of transactions and negotiate and conduct transactions, but VHCEx cannot control the quality, security or legality of the coin involved in any transaction, truthfulness or accuracy of the transaction information, or capacity of the parties to any transaction to perform its obligations under the transaction documents.
You shall cautiously make judgment on your own on the truthfulness, legality and effectiveness of the coin and information in question and undertake any liabilities and losses that may be caused thereby. Unless expressly required by laws and regulations or any of the following circumstances occurs, VHCEx shall not have any duty to conduct preliminary review on information data, transaction activity and any other transaction related issues of all users: VHCEx has reasonable cause to suspect that a particular member and a particular transaction may materially violate the law or Terms of Service. VHCEx has reasonable cause to suspect that the activities conducted on VHCEx by a member may be illegal or improper.
You acknowledge and agree, VHCEx shall not be liable for any of your losses caused by any of the following events, including but not limited to losses of profits (including expected gains or revenue from lost opportunities), goodwill, usage or data or any other intangible losses (regardless whether VHCEx has been advised of the possibility of such losses): use or failure to use VHCEx Service. Unauthorized use of your account or unauthorized alternation of your data by any third parties. expenses and losses incurred from purchase or acquisition of any data or information or engagement in transaction through VHCEx Service, or any alternatives of the same, your misunderstanding on VHCEx Service, any other losses related to VHCEx Service which are not attributable to VHCEx.
In no event shall VHCEx be liable for any failure or delay of service resulted from, connection error of information network, error of computers, communication or other systems, power failure, strike, labor disputes, riots, revolutions, chaos, insufficiency of production or materials, fire, flood, tornado, blast, war, governmental acts or judicial orders. You agree to indemnify and hold harmless VHCEx, its contractors, and its licensors, and their respective directors, officers, employees and agents from and against any and all claims and expenses, including attorneys’ fees, arising out of your use of the Website, including but not limited to out of your violation this Terms of Service.
Claim and Liability Cap
VHCEx will not be liable for any amount greater than the assets / funds in your account or specific transaction at the time of the event giving rise to the claim.
Should there be any disputes that are beyond an agreeable notion between VHCEx and the said user(s), the statutory law of Philippines as guided by the Bangko Sentral ng Pilipinas will prevail, as stated in clause no.6 of Governing Laws & Regulations.
9.Risk Disclosure Statement
Using the Services of VHCEx which include transfer, trading, and holding of digital assets or any other services provided by VHCEx may involve significant risks. By using the Services, you accept all risks of acquiring, trading, holding or otherwise transacting with digital assets on VHCEx.
You must be aware that your digital assets may lose some or all of their value, you may suffer other types of financial losses through trading and other various fees for services rendered on VHCEx that are beyond the balances of your VHCEx account. You are responsible for making an independent evaluation of the merits and risks, and the security, integrity and operation and platform of any digital assets that you decide to acquire or trade.
You represent and warrant that you have sufficient knowledge, experience, understanding and information to make such evaluations and have taken such professional advice as you deem necessary and will not hold VHCEx accountable for any errors in judgment or losses that may have come from trading news, tips, training and other sources that consequentially derive losses to your trades.
In addition to trading risk and knowledge of market evaluation, users should also be aware of the following risk in relation to blockchain-cryptocurrency trading.
51 % Attack
A 51% attack or also known as a majority attack, is a theoretical issue that attacks the blockchain and manipulates the journal entries on the chain. It can only happen when a large group of miners with extremely powerful computing resources work together and influence a total of at least 51% of a blockchain.
By doing so, they would be able to manipulate the journal entry and cheat the system into believing that the new blockchain is the authentic journal. This will cause the previous blockchain to be disregarded by the system. Attackers would be able to halt payments, confirm other payments and manipulate the blockchain while having control of the network.
However, it is merely impossible to orchestrate a 51% attack in a blockchain such as bitcoin, Ethereum or other coins which operate in a larger network. It would take millions of users and computing power to achieve 51% of the mining hashrate to manipulate the data.
Blockchain congestion depends on the mining speed and traffic being processed by the blockchain at a given time. Depending on the available resources to process a blockchain, a rush of transactions or journal entries could take far longer to process.
A typical cryptocurrency transaction which could typically be transferred in a minute, could take up to three days or longer during a blockchain congestion. When this happens, those who are willing to pay a premium in fees would be given priority to be processed first. This automatically rises the cost of the said transaction.
This creates an issue for people who are investing or trading coins. During a blockchain congestion, it could cause users to experience issues funding their accounts. This could cause them to lose out on market movement and ultimately lose out on opportunities due to the delay from a blockchain congestion.
Cryptocurrency has a volatile nature and could suffer from a huge value fluctuation. This makes it difficult to determine a stable rate for transfers. As it is controlled by the free market and lacks a central authority to navigate its value, the people dictate its natural value. Depending on external factors, the value of cryptocurrency may experience surges or plunges. Most of it depends on market sentiment at the given time. Market sentiment tends to originate from country regulations, adoption of cryptocurrency, or hard fork splits which have caused the commodity to spike or plunge.
All calculation performed by the VHCEx trading platform is deemed as final and shall not be liable due to any issues, interruption or error in service that may arise through any unforeseen circumstances.
11. Termination of Terms of Service
You hereby agree that, VHCEx shall have the right to terminate all or part of VHCEx Service to you, temporarily freeze or permanently freeze (cancel) the authorizations of your account on VHCEx at VHCEx’s sole discretion, without any prior notice, for whatsoever reason, and VHCEx shall not be liable to you; however, VHCEx shall have the right to keep and use the transaction data, records and other information that is related to such account.
In case of any of the following events, VHCEx shall have the right to directly terminate this Terms of Service by cancelling your account, and shall have the right to permanently freeze (cancel) the authorizations of your account on VHCEx and withdraw the corresponding VHCEx account thereof: after VHCEx terminates services to you, you allegedly register or register in any other person’s name as VHCEx user again, directly or indirectly; the main content of user’s information that you have provided is untruthful, inaccurate, outdated or incomplete; when this Terms of Service (including the rules) is amended, you expressly state and notify VHCEx of your unwillingness to accept the amended service Terms of Service; any other circumstances where VHCEx deems it should terminate the services. After the account service is terminated or the authorizations of your account on VHCEx is permanently froze (cancelled), VHCEx shall not have any duty to keep or disclose to you any information in your account or forward any information you have not read or sent to you or any third party.
You agree that, after the termination of Terms of Service between you and VHCEx, VHCEx shall still have the rights to: keep your user’s information and all the transaction information during your use of VHCEx Service. Claim against you according to this Terms of Service if you have violated any laws, this Terms of Service or the rules during your use of VHCEx Service.
After VHCEx suspends or terminates VHCEx Service to you, your transaction activities prior to such suspension or termination will be dealt with according to the following principles and you shall will take care of on your own efforts and fully undertake any disputes, losses or extra expenses caused thereby and keep VHCEx unharmed from any losses or expenses: VHCEx shall have the right to delete, at the same time of suspension or termination of services, information related to any un-traded coin tokens that you have uploaded to VHCEx prior to the suspension or termination.
If you have reached any purchase Terms of Service with any other member prior to the suspension or termination but such Terms of Service has not been actually performed, VHCEx shall have the right to delete information related to such purchase.
Terms of Service and the coins in question. If you have reached any purchase Terms of Service with any other member prior to the suspension or termination and such Terms of Service has been partially performed, VHCEx may elect not to delete the transaction; provided, however, VHCEx shall have the right to notify your counterparty of the situation at the same time of the suspension or termination.