Trading rules

Effective date: 1st January 2022

These Trading Rules and any terms expressly incorporated herein ("Rules") apply to your access to and use of any services made available by CEFINE UAB. ("Ferriswheel") through Ferriswheel’s websites, mobile applications, APIs or developer tools, and any other related services provided by Ferriswheel. Certain capitalised words and phrases used in these Rules are defined in the Terms of Use.

These Rules constitute a binding agreement between you and Ferriswheel. By clicking a checkbox or a button that contains words such as "I Agree" when presented with these Rules or, if earlier, by accessing or using any Services, you agree to be bound by these Rules. The Terms of Use, Privacy Policy and all other rules, policies and procedures posted on the Site constitute a part of and are hereby incorporated by reference in their entirety into these Rules.

Please review these Rules periodically to ensure that you understand all the terms and conditions that apply to your access to and use of the Services.

These Rules provide explanations of permitted trading methods, terminology, fees, rules applicable to trades and other important matters so that users can understand the Digital Asset trading that can be performed whilst using the Services.

1 Trading Channels

Trades can be performed online through Ferriswheel's website or a dedicated application using computers, tablets, smartphones, or other devices. However, some Services may not be available from certain devices. Ferriswheel does not accept orders through customer support, by email, by telephone or by any other method not approved by Ferriswheel.

2 Trading Times

Trading DaysTrading StartTrading End
Monday to Sunday07:00 AM6:59 AM following day

Trades cannot be performed during system maintenance. Ferriswheel will, where possible, provide notification prior to performing system maintenance.

Trading times may be changed whenever necessary at Ferriswheel's sole discretion.

3 Trading Currency Pairs

A "Currency" or "[GBP]" refers to a specific Digital Asset or a specific Legal Tender. A "Currency Pair" is a set of two Currencies, displayed side by side, that are traded in a Digital Asset trade.

Each Currency Pair, as shown on the Site, indicates the amount of Currency displayed on the right side of the Currency Pair that is necessary to acquire one unit of the Digital Asset on the left side of the Currency Pair. For example, ETH/BTC indicates the amount of BTC necessary to purchase one ETH and BTC/JPY indicates the amount of JPY necessary to purchase one BTC.

The Currency Pairs available to you for trading are visible on the Site after you log in.

4. Trading Overview

Users can perform spot trades and leveraged (margin) trades for purposes of Digital Asset trading.

4.1 Order Limits

PropertyBTCAll Other Digital Assets
Minimum orderquantity for spottradesNone (For a sale of less than 0.01BTC, the sell order must be for the entire quantity)0.5[GBP] (For a sale of less than 0.5[GBP] or 0.1LTC for Litecoin, the sell order must be for the entire quantity)
Trade limit for spot tradesNone (Combined limit of 500BTC per hour for market takers and/or spot trades)None (Combined limit of [GBP] equivalent of 500BTC per hour for market takers and/or spot trades)
Maximum orderquantity for spottradesNone (Combined limit of 500BTC per hour for market takers and/or spot trades)None (Combined limit of [GBP] equivalent of 500BTC per hour for market takers and/or spot trades)

5. Slippage

Slippage refers to a situation in which there is a difference between the price specified by the user (the price displayed on screen when placing an order) and the actual execution price due to reasons such as market changes after an order is placed. In some cases, slippage may be beneficial to the user, but it may also be detrimental; however, Ferriswheel bears no liability whatsoever in relation to slippage. Slippage can occur with market orders and stop-loss orders. After the order placement, the price designated by the user and the actual contract price might differ, but Ferriswheel will not be liable for that difference.

5.1 Position Management Fees

Position management fees are fees that are incurred when a user takes a new open position and each day that an open position is rolled over to the next trading day. Position management fees are not affected by changes in Digital Asset prices, etc.

Payment of position management fees is made when taking a new open position and when an open position is rolled over to the next trading day.

Position management fees are set out in Article 9 "Fees" below. Ferriswheel determines position management fees based on factors such as the current price and market environment surrounding Digital Assets.

6. Depositing and Withdrawing Legal Tender and Digital Assets

6.1 Depositing Legal Tender

Legal Tender deposited by users must be in Great British Pounds. Legal Tender deposits must be transferred to the bank account designated by Ferriswheel. Legal Tender funding options are subject to change from time to time.

Money transferred to Ferriswheel's designated bank accounts will be reflected in the user's account once payment is confirmed. Users need to be aware that it may take time for transferred amounts to be reflected in user accounts.

6.2 Withdrawing Legal Tender

Users can have all or part of the withdrawable amount in their account returned to them where "withdrawable amount" means the margin deposited in their user account minus required margin, pending order margin, and unrealized losses. However, users cannot request withdrawal if the withdrawable amount is less than the withdrawal fee.

Withdrawals will be transferred to a bank account in the user’s name. The return of deposited funds generally takes three banking days from the date of the request, except in cases where Ferriswheel notifies the user otherwise.

6.3 Depositing Digital Assets to User Accounts

When depositing Digital Assets into a user account, users must transfer the Digital Asset to the Digital Asset address designated by Ferriswheel. Digital Assets transferred to the Digital Asset address designated by Ferriswheel will be reflected in the user's account once the transfer is confirmed during business hours. It may take time for Digital Asset transfers to be reflected in user accounts.

6.4 Withdrawing Digital Assets from User Accounts

Users can withdraw all or part of the Digital Assets deposited in their user account.

To withdraw Digital Assets, users must submit a withdrawal request through the trading screen on the Site.

The withdrawal of Digital Assets generally takes two business days from the date of the request, except in cases where Ferriswheel notifies the user otherwise.

Digital Asset Withdrawal Schedule:

Digital AssetFrequencyTrading DayTime (UTC)
GBPHourlyMonday to Friday9:00AM to 5:00PM
CryptoHourlyMonday to Friday9:00AM to 5:00PM

7. Trading Fees, Charges, and Rebates

7.1 Legal Tender Pair Trading Fees and Charges

Type of FeeTransactionBase CurrencyNon-Base Currency
Trade Fee*Spot TradeZeroZero

8. Prohibited Trading Activity

The following types of trading activity are prohibited. When Ferriswheel determines, in its sole discretion, that a user is engaged in such activity, the user's account may be suspended or terminated and funds (both Legal Tender and Digital Assets) within the user's account may be frozen or appropriated by Ferriswheel as compensation for costs, losses, expenses and any other damage suffered by Ferriswheel or any of its other users.

9. Governing Language

The governing language of these Rules is English. Any other language translation is provided for convenience only.