Terms of use

Last revised: 01 Oct 2018

Thank you for choosing Sociumtrade.com (hereinafter - Website). The following terms and conditions (hereinafter - Terms and Conditions) apply to visitors of the Website. You should read these Terms and Conditions carefully to determine which provisions apply to you. By using any of the services, functions, or features offered from time to time on the Website (collectively or individually, the Services), the visitor (referred to herein as "you" or "your") agrees to these Terms and Conditions.

Interpretation and definitions

In these Terms and Conditions and all documents incorporated herein by reference, the following words have the following meanings unless otherwise indicated:

  • "Associates" means SociumTrade and each and every one of its respective shareholders, subsidiaries, employees, contractors, agents, directors, officers, partners, affiliates, insurers, and attorneys;
  • "SociumTrade" means SociumNet Ltd.;
  • "SociumTrade Marks" has the meaning set out in paragraph 16 of these Terms and Conditions;
  • "Losses" has the meaning set out in paragraph 20 of these Terms and Conditions;
  • "Person" includes an individual, association, partnership, corporation, other body corporate, trust, and any form of legal organization or entity;
  • "Prohibited Jurisdictions" means Bosnia and Herzegovina; Democratic People’s Republic of Korea (North Korea); Ethiopia; Iran; Iraq; Syria; Uganda; Vanuatu, Yemen or any other country subject to UN sanctions, or any country where Services can not be offered to a person, if the person or any created or organized entity, including, without limitation, any company, corporation or partnership is a citizen, resident of, or a person located or domiciled in the country, including its states, territories in or under the laws of the country, where Digital Currency or blockchain technology or ICOs are prohibited, or Token would be considered a security or SociumTrade platform does not meet the legal requirements of the country;
  • "Prohibited Use" has the meaning set out in paragraph 18 of these Terms and Conditions;
  • "Service" means any of the services, functions, or features offered on the Website;
  • "Website" means the Internet website SociumTrade.com;
  • "Terms and Conditions" means these terms and conditions, as they may be changed, amended, or updated from time to time;
  • "you" or "your" means the visitor.

The headings and subheadings in these Terms and Conditions are for ease of reference only and are not to be taken into account in the construction or interpretation of any provision or provisions to which they refer.

Unless otherwise specified in these Terms and Conditions, words importing the singular include the plural and vice versa and words importing gender includes all genders.

Scope of Terms and Conditions

These Terms and Conditions set out rules for participation in SociumTrade Token sale and using the Website

Acceptance and changes to Terms and Conditions

Any and all terms, conditions, licenses, limitations, and obligations contained within and on the Website are incorporated into these Terms and Conditions by reference, including, without limiting the generality of the foregoing, the following Website policies and pages: the Privacy Policy; the Risk Disclaimer, Token sale agreement and any other documents that might be announced in the Website. In particular, please note that all transactions of cryptocurrencies on or off the Website may be subject to fees. In the event of any inconsistency between these Terms and Conditions and any other pages or policies on the Website, Token sale agreement shall prevail.

By creating an account on the Website or by using any of the Services or any associated websites, APIs, or mobile applications, you acknowledge that you have read, understand, and completely agree to these Terms and Conditions in effect from time to time. If you disagree with these Terms and Conditions or with any subsequent amendments, changes, or updates, you may not use any of the Services; your only recourse in the case of disagreement is to stop using all of the Services.

Some of the Services may not work properly from time to time. SociumTrade may not be held responsible regarding any damages you may have because of any failures of the Website or Services.

These Terms and Conditions may be amended, changed, or updated by SociumTrade at any time and without prior notice to you. You should check back often to confirm that your copy and understanding of these Terms and Conditions is current and correct. Your non-termination or continued use of any Services after the effective date of any amendments, changes, or updates constitutes your acceptance of these Terms and Conditions, as modified by such amendments, changes, or updates.

The use of the Website and any Services is void where prohibited by applicable law.

Creating your Account

If you want to start using the Website and/or the Services, you must register at the Website. After you agree to be bound by these Terms and Conditions and complete the registration form, SociumTrade will establish an account for you and provide you with the unique login ID and password.

SociumTrade may, in its sole discretion, refuse to allow you to establish an account, or limit the number of accounts that a single user may establish and maintain at any time.

In order to use certain features of the Services, you may be required to provide SociumTrade with certain personal information for Know Your Client (KYC) purposes, including, but not limited to, your name, address, telephone number, e-mail address, date of birth, taxpayer identification number, government identification number, and information regarding your bank account (e.g., financial institution, account type, routing number, and account number). In submitting this or any other personal information as may be required, you verify that the information is accurate and authentic, and you agree to update SociumTrade if any information changes. You hereby authorize SociumTrade to, directly or through third parties make any inquiries SociumTrade considers necessary to verify your identity and/or protect against fraud, including to query identity information contained in public reports (e.g., your name, address, past addresses, or date of birth), to query account information associated with your linked bank account (e.g., name or account balance), and to take action SociumTrade reasonably deems necessary based on the results of such inquiries and reports. You further authorize any and all third parties to which such inquiries or requests may be directed to fully respond to such inquiries or requests.

Participation requirements

Before taking any action with respect to participation in the Token sale, you shall peruse and understand:

  • These Terms and Conditions;
  • Whitepaper of SociumTrade;
  • Token sale agreement;
  • The Website;
  • and Other relevant documents and information published by SociumTrade.

You shall refrain from purchasing any Token until you understand and accept the documents identified above. By participating in the Token sale you expressly acknowledge and represent that you have carefully reviewed the above mentioned documents and terms and conditions, and fully understand the risks, costs, and benefits associated with Token and you agree to be bound by these Terms and conditions.

You shall meet certain participation requirements set forth Terms and Conditions and/or in the Website to participate in the Token sale. You shall participate in the Token sale only within such period and in such manner as set forth in the Website.

Token is not offered to any citizens and/or residents and/or tax residents of Prohibited Jurisdictions. If you are a citizen, a resident and/or a tax resident of the Prohibited Jurisdictions or otherwise associated with these countries, you are not eligible to participate in the ICO Token sale and cannot use Socium token in any way. Also Socium token is not offered to citizens, residents and/or tax resident of the United States of America (including all territories of this country). If you are a citizen, a resident and/or a tax resident of the United States of America (including all territories of this country) or otherwise associated with these countries, you are not eligible to participate in the Token sale and cannot use Token in any way.

SociumTrade shall reserve the right to refuse selling Token to anyone who does not meet criteria necessary for their buying, as set out in these Terms and Conditions, the Website and by the applicable law.

Token sale conditions

Token sale will be a virtual currency tokens sale known as a Socium token. Funds raised by SociumTrade will be used towards the development of SociumTrade as a project or other projects listed on the Road Map and after SociumTrade platform (hereinafter – Platform) is completed the funds (if any left) will be used according to needs of the business.

During the Token sale SociumTrade as a company will issue tokens on the EOS blockchain operated by a smart contract.

Socium token will be listed on Exchanges with EOS based token support.

The Token sale will be held in two stages:

  • Pre- Token sale. [2018.11.01]
  • Token sale. [2018.12.01]

Token will be allocated among participants of the pre- Token sale, Token sale as well as management and advisors to SociumTrade. Pre- Token sale participants will be allocated 14% of all Token issued via the Token sale. Token sale participants will be allocated 41% of all Token issued via the Token sale. Management team and employees will be allocated 7.5% of all Token over time as a motivational tool to align the interest with the value of Token. A part of these Socium tokens will be used as bounties during pre- Token sale and full Token sale. Advisors will receive 2.5% of all Tokens for their insights and contacts to help SociumTrade succeed.

The number of Socium tokens allowed for purchase by one User is not limited.

The Token sale conditions are indicated in more detail in the Whitepaper, Token sale agreement and the Website which are an integral part of these Terms and Conditions and you agree to be bound by them.

Any detected double spend of cryptocurrency and/or tokens will result in no Token being provided to the relevant party.

Token is available for purchase to eligible buyers only during the announced periods of the Token sale period as indicated in these Terms and Conditions, Token sale agreement, the Whitepaper and the Website.

Limited license to Use the Website

If you comply with these Terms and Conditions, SociumTrade grants you the limited right to use the Website and the Services. The right to use the Website and the Services is a personal, restricted, non-exclusive, non-transferable, revocable, limited license, and it is subject to the limitations and obligations in these Terms and Conditions. Nothing in these Terms and Conditions gives you any license (other than as set out in this paragraph), right, title, or ownership of, in, or to the Website or any of the Services. You agree you will not copy, transmit, distribute, sell, license, reverse engineer, modify, publish, or participate in the transfer or sale of, create derivative works from, or in any other way exploit any of the content, in whole or in part.

The Website and Services accuracy

Although SociumTrade intends to provide accurate and timely information on the Website and while providing Services, the Website (including, without limitation, Services) may not always be entirely accurate, complete or current and may also include technical inaccuracies or typographical errors. In an effort to continue to provide you with as complete and accurate information as possible, information may be changed or updated from time to time without notice, including without limitation information regarding SociumTrade‘s policies, products and services. Accordingly, you should verify all information before relying on it, and all decisions based on information contained on the Website are your sole responsibility and SociumTrade shall have no liability for such decisions. Links to third-party materials (including without limitation websites) may be provided as a convenience but are not controlled by SociumTrade. You acknowledge and agree that SociumTrade is not responsible for any aspect of the information, content, or services contained in any third-party materials or on any third party Websites accessible or linked to the Website.

Risks and Limitation of Liability

Trading and cryptocurrencies markets are volatile and shift quickly in terms of liquidity, market depth, and trading dynamics. You are solely responsible and liable for knowing the true status of any position or contract with any other party on the Website, even if presented incorrectly by the Website at any time.

You acknowledge and agree:

  • to be fully responsible and liable for your actions and inactions on the Website and all gains and losses sustained from your use of the Website and any of the Services;
  • to be fully responsible and liable for all of your obligations with respect to any financing activities on the Website; and
  • to be fully responsible for safeguarding access to, and any information provided through, the Website and any of the Services, including, but not limited to, private keys, usernames, passwords, and bank account details. Any loss or compromise of the foregoing information and/or your personal information may result in unauthorized access to your SociumTrade account by third-parties and the loss or theft of any Digital Currency and/or funds held in your accounts, including your linked bank account(s) and credit card(s). You are responsible for keeping your email address and telephone number up to date in your account profile in order to receive any notices or alerts that SociumTrade may send you. SociumTrade assumes no responsibility for any loss that you may sustain due to compromise of account login credentials and/ or failure to follow or act on any notices or alerts that SociumTrade may send to you. In the event you believe your SociumTrade account information has been compromised, contact SociumTrade‘s Support immediately at [email protected]

There is no guarantee against losses on the Website. SociumTrade cannot guarantee to stop losses. SociumTrade will not be and is not responsible for any other party on the Website.

No Class Proceedings

You and SociumTrade agree that any party hereto may bring claims against the others only on an individual basis and not as a plaintiff or class member in any purported class or representative action or proceeding. No adjudicator may consolidate or join more than one person’s or party’s claims and may not otherwise preside over any form of a consolidated, representative, or class proceeding. Any relief awarded to any one SociumTrade user cannot and may not affect any other SociumTrade users.

Prohibited Uses

You may not:

  • use the Website or any Services in order to disguise the proceeds of, or to further, any breach of applicable laws or regulations, or to deal in any contraband crypto or Fiat Currencies, funds, or proceeds;
  • use the Website or any Services, with anything other than funds, keys, or cryptocurrencies that have been legally obtained by you and that belong to you;
  • use the Website or any Services to interfere with or subvert the rights or obligations of SociumTrade or the rights or obligations of any other Website customer or any other third party;
  • use any inaccurate information presented by the Website or by SociumTrade or take advantage of any technical glitch, malfunction, failure, delay, default, or security breach;
  • use the Website or any Services to engage in conduct that is detrimental to SociumTrade or to any other Website customer or any other third party;
  • falsify any account registration details provided to SociumTrade;
  • falsify or materially omit any information or provide misleading information requested by SociumTrade, including at registration;
  • reverse-engineer, decompile, or disassemble any software running on the Website;
  • attempt to harm SociumTrade or any third party through your access to the Website or any Services, except that nothing in this subparagraph shall be construed as limiting your free speech rights under applicable law;
  • where you are a resident or national of a Prohibited Jurisdiction access the Website or any Services using any virtual private network, proxy service, or any other third party service, network, or product with the effect of disguising your IP address or location;
  • Distribute unsolicited or unauthorized advertising or promotional material, any junk mail, spam, or chain letters;
  • Use a web crawler or similar technique to access SociumTrade‘s Services or to extract data;
  • Take any action that imposes an unreasonable or disproportionately large load on SociumTrade‘s infrastructure, or detrimentally interfere with, intercept, or expropriate any system, data, or information;
  • Transmit or upload any material to the Website that contains viruses, Trojan horses, worms, or any other harmful or deleterious programs;
  • Otherwise attempt to gain unauthorized access to the Website, other SociumTrade‘s Accounts, computer systems or networks connected to the Website, through password mining or any other means; or
  • Transfer any rights granted to you under these Terms;
  • or, violate these Terms and Conditions.

Any use as described in this paragraph shall constitute a "Prohibited Use". If SociumTrade determines that you have engaged in any Prohibited Use, SociumTrade may address such Prohibited Use through an appropriate sanction, in its sole and absolute discretion. Such sanction may include, but is not limited to, making a report to law enforcement or other authorities; terminating your access to any Services.

Anti-Money Laundering and Know your Customer policy

SociumTrade is committed to providing you with safe, compliant, and reputable Services. Accordingly, SociumTrade insists on a comprehensive and thorough customer due diligence process and implementation and ongoing analysis and reporting. This includes monitoring of and for suspicious transactions and mandatory reporting to international regulators. SociumTrade needs to keep certain information and documentation on file pursuant to applicable law and its contractual relationships, and SociumTrade hereby expressly reserves the right to keep such information and documentation. This will apply even when you terminate your relationship with SociumTrade or abandon your application to have an account with SociumTrade. SociumTrade reserves the right to refuse registration to, or to bar transactions from or to, or terminate any relationship with, any customer for any reason (or for no reason) at any time. In lieu of refusing registration, SociumTrade may perform enhanced customer due diligence procedures. At all times, you may be subject to enhanced customer due diligence procedures in your use of the Website and any Service.

Intellectual Property

SociumTrade and the SociumTrade logos, the URLs representing the Website, trade names, word marks, and design marks (the "SociumTrade Marks") are trademarks of SociumNet Ltd or its related companies. In addition, all page headers, custom graphics, design, button icons, scripts, source code, content are copyrighted by SociumTrade. You agree not to appropriate, copy, display, or use the SociumTrade Marks or other content without express, prior, written permission to do so. Unless otherwise indicated, all materials on SociumTrade are © SociumTrade.

You acknowledge and agree that any materials, including but not limited to questions, comments, feedback, suggestions, ideas, plans, notes, drawings, original or creative materials or other information or commentary you provide on Website or one of SociumTrade‘s social media accounts, regarding SociumTrade or the Services (collectively, "Feedback") that are provided by you, whether by email, posting to the Website or otherwise, are non-confidential and will become the sole property of SociumTrade. SociumTrade will own exclusive rights, including all intellectual property rights, and will be entitled to the unrestricted use and dissemination of such Feedback for any purpose, commercial or otherwise, without acknowledgment or compensation to you.

Your Representations & Warranties

You represent and warrant to SociumTrade as follows:

  • that, if you are an individual customer, you are 18 years of age or older and that you have the capacity to contract under applicable law;
  • that, if you are not an individual customer, you have the requisite power and authority to sign and enter into binding agreements for and on behalf of the customer;
  • that you understand the risks associated with using the Website and Services and you are not otherwise prohibited by law from using the Website and Services;
  • that you will not use the Website or any Services in order to disguise the proceeds of, or to further, any breach of applicable laws or regulations, or to deal in any contraband cryptocurrencies or proceeds;
  • that you will not use the Website or any Services with anything other than cryptocurrencies that have been legally obtained by you and that belong to you;
  • that you will not falsify any account registration details provided to SociumTrade;
  • that you will not falsify or materially omit any information or provide misleading information requested by SociumTrade in the course of, directly or indirectly relating to, or arising from your activities on the Website or use of any Services, including at registration;
  • that any instructions received or undertaken through your login credentials or from your authorized e-mail address on file with SociumTrade are deemed to be valid, binding, and conclusive, and that SociumTrade may act upon those instructions without any liability or responsibility attaching to it; and,
  • that you will fairly and promptly report all income associated with your activity on the Website pursuant to applicable law and pay any and all taxes eligible thereon;
  • that you understand that cryptocurrencies are often described in exceedingly technical language that requires a comprehensive understanding of applied cryptography and computer science in order to appreciate inherent risks.

You agree that SociumTrade is not responsible for determining whether or which laws may apply to your transactions, including tax law. You are solely responsible for reporting and paying any taxes arising from your use of the Services.

No Representations & Warranties by SociumTrade

SociumTrade makes no representations, warranties, or guarantees to you of any kind. The Website and the Services are offered strictly on an as-is, where-is basis and, without limiting the generality of the foregoing, are offered without any representation as to merchantability or fitness for any particular purpose. SociumTrade does not represent or warrant that the Services and information contained therein are accurate, complete, reliable, current or error-free. SociumTrade will make reasonable efforts to ensure that transactions on the platform are processed in timely fashion, but makes no representations or warranties with respect to the amount of time needed to process such transactions. Because cryptocurrencies transfers on and off the platform are dependent upon many factors outside of SociumTrade’s control including denial or service attacks, SociumTrade makes no representations or warranties regarding the success of, or the amount of time needed for cryptocurrencies transactions. You also acknowledge that any information that you store or transfer using the Services may become irretrievably lost or corrupted or temporarily unavailable due to a variety of causes, including software failures, third party protocol changes, internet outages, third party denial or Service attacks, acts of God or unscheduled maintenance. You are encouraged to back up and safeguard your information, including login credentials, at all times.

No Advice

SociumTrade does not provide any investment advice or merits of any particular transaction or their tax consequences, trading techniques, models, algorithms, or any other schemes. Any information provided on the Website or received when you are using any of the Services is only for informational purposes and you are solely responsible for any decision you make based on that information.

The purchase price that you pay for the Tokens is exclusive of all applicable taxes. You are solely responsible for determining what, if any, taxes apply to the purchase of the Tokens, including sales, use, value added, and similar taxes. None of SociumTrade parties bear liability or responsibility with respect to any tax consequences to you arising from the purchase of the Tokens.

Limitation of Liability & Release

Important: SociumTrade assumes no liability or responsibility for and shall have no liability or responsibility for any claim, application, loss, injury, delay, accident, cost, business interruption costs, or any other expenses (including, without limitation, attorneys’ fees or the costs of any claim or suit), nor for any incidental, direct, indirect, general, special, punitive, exemplary, or consequential damages, loss of goodwill or business profits, work stoppage, data loss, computer failure or malfunction, or any and all other commercial losses (collectively, referred to herein as “Losses”) directly or indirectly arising out of or related to:

  • these Terms and Conditions;
  • the Website, and your use of it;
  • the Services, Platform, Tokens and your use of any of them;
  • any inaccurate, misleading, or incomplete statement by SociumTrade or on the Website regarding your account, whether caused by SociumTrade’s negligence or otherwise;
  • any failure, delay, malfunction, interruption, or decision (including any decision by SociumTrade to vary or interfere with your rights) by SociumTrade in operating the Website or providing any Service;
  • any stolen, lost, or unauthorized use of your account information any breach of security or data breach related to your account information, or any criminal or other third party act affecting SociumTrade or any Associate; or,
  • any offer, representation, suggestion, statement, or claim made about SociumTrade, the Website, or any Service by any Associate.

You hereby agree to release the Associates from liability for any and all Losses, and you shall indemnify and save and hold the Associates harmless from and against all Losses. The foregoing limitations of liability shall apply whether the alleged liability or Losses are based on contract, negligence, tort, unjust enrichment, strict liability, or any other basis, even if the Associates have been advised of or should have known of the possibility of such losses and damages, and without regard to the success or effectiveness of any other remedies.

No Waiver

Any failure by SociumTrade to exercise any of its respective rights, powers, or remedies under these Terms and Conditions, or any delay by SociumTrade in doing so, does not constitute a waiver of any such right, power, or remedy. The single or partial exercise of any right, power, or remedy by SociumTrade does not prevent either from exercising any other rights, powers, or remedies.

Force Majeure

In addition to applicable disclaimers stated above, SociumTrade is not responsible for damages caused by delay or failure to perform undertakings under these Terms and Conditions when the delay or failure is due to fires; strikes; floods; power outages or failures; acts of God or the state’s enemies; lawful acts of public authorities; any and all market movements, shifts, or volatility; computer, server, or Internet malfunctions; security breaches or cyberattacks; criminal acts; delays or defaults caused by common carriers; acts or omissions of third parties; or, any other delays, defaults, failures or interruptions that cannot reasonably be foreseen or provided against. In the event of force majeure, SociumTrade is excused from any and all performance obligations and these Terms and Conditions.

Assignment

These Terms and Conditions, and any of the rights, duties, and obligations contained herein, are not assignable by you without prior written consent of SociumTrade. These Terms and Conditions, and any of the rights, duties, and obligations contained herein, are freely assignable by SociumTrade without notice or your consent. Any attempt by you to assign these Terms and Conditions without written consent is void.

Severability

If any provision of these Terms and Conditions, as amended from time to time, is determined to be invalid, void, or unenforceable, in whole or in part, by any court of competent jurisdiction, such invalidity, voidness, or unenforceability attaches only to such provision and everything else in these Terms and Conditions continues in full force and effect.

Survival

All provisions of these Terms and Conditions which by their nature extend beyond the expiration or termination of these Terms and Conditions, including, without limitation, sections pertaining to suspension or termination, SociumTrade‘s account cancellation, debts owed to SociumTrade, general use of the Website, disputes with SociumTrade, and general provisions, shall survive the termination or expiration of these Terms and Conditions.

Governing Law and governing language

Jurisdiction of the United States of America (including all territories of this country) is specifically excluded from these Terms and Conditions. SociumTrade reserves the right to change the jurisdiction of SociumTrade and these Terms and Conditions at any time in its own discretion, as well as use any parent companies, subsidiaries and/or other affiliated companies for execution of these Terms and Conditions, SociumTrade’s products and Services and other activities related to SociumTrade’s business. The interpretation, validity and enforcement of these Terms and Conditions, and all legal actions brought under or in connection with these Terms and Conditions, shall be governed by the law of the Malta. Any disagreements or disputes between you and SociumTrade, arising from these Terms and Conditions, shall be settled by negotiations between you and SociumTrade. In case of failure to reach an agreement in 14 (fourteen) days, any disputes, disagreements or claims, arising from this Agreement or related to it, its breach, dissolution or validity, that have not been solved by you and SociumTrade, shall be settled in the competent court of the Malta.

You agree that these Terms and Conditions, SociumTrade Privacy Policy, and other notices posted through the Website and/or Services have been drafted in English. Although translations in other languages of any of the foregoing documents may be available, such translations may not be up to date or complete. Accordingly, you agree that in the event of any conflict between the English language version of the foregoing documents and any other translations thereto, the English language version of such documents shall govern.