Notice Of Risk
Introduction.This notice provides you with information about the risks associated with Mybitstore Services Each Mybitstore Service has its own distinct risks. This notice provides a general description of the risks associated with using Mybitstore Services. This notice does not explain all of the risks or how such risks relate to your personal circumstances. It is important that you fully understand the risks involved before making a decision to use Mybitstore Services.
No Personal Advice.We do not provide personal advice in relation to our products or services. We sometimes provide factual information, information about transaction procedures and information about the potential risks. However, any decision to use our products or services is made by you. No communication or information provided to you by Mybitstore is intended as, or shall be considered or construed as, investment advice, financial advice, trading advice, or any other sort of advice. You are solely responsible for determining whether any investment, investment strategy or related transaction is appropriate for you according to your personal investment objectives, financial circumstances and risk tolerance.
No Monitoring.Mybitstore is not your broker, intermediary, agent, or advisor and has no fiduciary relationship or obligation to you in connection with any trades or other decisions or activities undertaken by you using Mybitstore Services. We do not monitor whether your use of Mybitstore’s Services is consistent with your financial goals and objectives. It is up to you to assess whether your financial resources are adequate for your financial activity with us, and to your risk appetite in the products and services you use.
No Tax, Regulatory or Legal Advice.The taxation of Digital Assets is uncertain, and you are responsible for determining what taxes you might be liable to, and how they apply, when transacting through the Mybitstore Services. It is your responsibility to report and pay any taxes that may arise from transacting on the Mybitstore App, and you acknowledge that Mybitstore does not provide legal or tax advice relative to these transactions. If you have any doubts about your tax status or obligations when using Mybitstore Services, or with respect to the Digital Assets held to the credit of your Mybitstore account, you may wish to seek independent advice.
Report.You acknowledge that, when, where and as required by applicable legislation, Mybitstore shall report information regarding your transactions, transfers, distributions or payments to tax or other public authorities. Similarly, when, where and as required by applicable law,. Applicable legislation could also prompt Mybitstore to request you for additional tax information, legal status, certificates or documentation. You acknowledge that failure to answer these requests within the timeframe defined, may result in Mybitstore acting within its legal capacities to release such information as require by the Public body. You are encouraged to seek professional and personal tax advice regarding the above and before making any digital asset transaction.
Market RisksDigital Asset trading is subject to high market risk and price volatility. Changes in value may be significant and may occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and any returns can go down as well as up, and you may not get back the amount you had invested.
Liquidity risk.Digital Assets may have limited liquidity which may make it difficult or impossible for you to sell or exit a position when you wish to do so. This may occur at any time, including at times of rapid price movements.
Fees & Charges.Our fees and charges are set out on our website and the Mybitstore App. Mybitstore may, in its discretion, update the fees & charges from time to time. Please be aware of all costs and charges that apply to you, because such costs and charges will affect the gains you generate from using Mybitstore Services.
Availability Risk.We do not guarantee that the Mybitstore Services will be available at any particular time or that Mybitstore Services will not be subject to unplanned service outages or network congestion. It may not be possible for you to buy, sell, store, transfer, send or receive Digital Assets when you wish to do so. There are legal requirements in various countries which may restrict the products and services that Mybitstore can lawfully provide. Accordingly, some products and services and/or certain functionality within the Platform may not be available or may be restricted in certain jurisdictions or regions or to certain Users and any Mybitstore campaigns, user competitions or other promotions will not be open to (and are not targeted at or intended for) Users to whom restrictions apply. Users are responsible for informing themselves about and observing any restrictions and/or requirements imposed with respect to the access to and use of the Platform and the Mybitstore Services in each jurisdiction from which the Platform and the Mybitstore Services are accessed by or on behalf of the User. Mybitstore reserves the right to change, modify or impose additional restrictions with respect to the access to and use of the Platform and/or the Mybitstore Services from time to time in its sole discretion without notification.
Third Party Risk.Third parties, such as payment providers, custodians, banking and fintech partners and any other service providers of Mybitstore may be involved in the provision of Mybitstore Services. You may be subject to the terms & conditions of these third parties, and Mybitstore may not be responsible for any loss that these third parties may cause to you.
Security Risk.It is not possible for Mybitstore to eliminate all security risks. You are responsible for keeping your Mybitstore Account password safe, and you may be responsible for all the transactions under your Mybitstore Account, whether you authorized them or not. Transactions in Digital Assets may be irreversible, and losses due to fraudulent or unauthorized transactions may not be recoverable.
Risks related to Digital Assets.Given the nature of Digital Assets and their underlying technologies, there are a number of intrinsic risks, including but not limited to:
- faults, defects, hacks, exploits, errors, protocol failures or unforeseen circumstances occurring in respect of a Digital Asset or the technologies or economic systems on which the Digital Asset rely;
- transactions in Digital Assets being irreversible. Consequently, losses due to fraudulent or accidental transactions may not be recoverable;
- technological development leading to the obsolescence of a Digital Asset;
- delays causing a transactions not be settled on the scheduled delivery date; and
- attacks on the protocol or technologies on which a Digital Asset depends, including, but not limited to: i. distributed denial of service; ii. sybil attacks; iii. phishing; iv. social engineering; v. hacking; vi. Smurfing; vii. Malware; viii. Double spending; ix. Majority-mining, consensus-based or other mining attacks; x. misinformation campaigns; xi. forks; and xii. Spoofing.