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LEGAL TERMS


In these General Terms and Conditions the following terms have the following meanings, unless expressly stated otherwise:


General Terms and Conditions: The general terms and conditions as set out hereinafter.


MGFTrading: MGFTrading, part of OliNo Energy B.V.

OliNo: OliNo Energy B.V. registered with the Ch. of Comm. under number 17205823.


Service: All work, in whatsoever form, executed by MGFTrading for or for the benefit of the Client.


Client: Those who have accepted the applicability of these General Terms and Conditions and provided an assignment for the provision of the service.


Agreement: Every Agreement concluded between MGFTrading and the Client.


Trader: The fully automatic Bitcoin Trader who trades Bitcoins on behalf of the Client.


 


Scope


These General Terms and Conditions apply to every offer and Agreement concluded between MGFTrading and the Client, unless parties expressly and in writing derogate from these General Terms and Conditions.


These General Terms and Conditions also apply to Agreements with MGFTrading for the performance of which third parties must be involved.


The applicability of any purchase and/or other General Terms and Conditions of the Client is expressly rejected.


If it appears that one or more provisions of these General Terms and Conditions are null and void or voidable, these General Terms and Conditions will continue to be in existence for all the remainder.


Derogations from the Agreement and General Terms and Conditions will only be valid if these have been expressly agreed in writing with MGFTrading.


 


If MGFTrading does not always require strict compliance with these conditions, this will not mean that the provisions thereof are not applicable, or that MGFTrading to any extent would lose the right in other cases to require strict compliance with the provisions of these terms and conditions.


 


Offers


Offers will be made in writing and/or electronically, unless urgent circumstances make this impossible.


All offers from MGFTrading are without obligation, unless a period for acceptance is stated in the offer. If a period for acceptance is set out in the offer, the offer will lapse when this period has expired.


All offers from MGFTrading are valid during the period included in the offer. The offer lapses when this period has expired.


MGFTrading cannot be bound by its offers if the Client, in accordance with the standards of reasonableness and fairness and according to generally accepted standards, ought to have understood that the offer or a part thereof contains an obvious mistake or clerical error.


Account


 


The Client must generate an account to be able to use MGFTrading’s trading. The Client must, in doing this, fill in his/her personal data.


The Client will manage his/her account and must personally set this up.


A minor will always require express permission from his/her parent or guardian.


It is not permitted to provide the login details to third parties and/or to use a third party’s login details.

MGFTrading will never be responsible or liable for the contents and/or information that is placed on the Client’s profile page.


 


Trading


The Client must first generate a personal account with a third party Bitcoin exchange that is supported by MGFTrading, in order to let MGFTrading trade on behalf of the Client. Following this the Client must generate API keys with this exchange with minimal rights, as a result of which users of these API keys will only have the right to trade and request balances on behalf of the Client. The API keys expressly do NOT have the right to remove money or Bitcoins from the exchange. The Client will be personally responsible for generating API keys with minimal rights. The Client is aware that more risks are taken if API keys are generated with too many rights, because any hackers can misuse these keys to remove money or Bitcoins from the Bitcoin exchange account of the Client.


The API keys are transferred to MGFTrading during the registration for MGFTrading. The Client thereby gives MGFTrading the right to and the possibility to be allowed to trade on behalf of the Client.


If generated correctly by the Client, the API keys will not give MGFTrading any possibility of transferring money or Bitcoins to other accounts.


The Client needs at least one credit to be able to trade. If the number of credits is negative or zero, there can be no trading.

The credits purchased by the Client are in any event not refundable.


 

 

Termination of the MGFTrading account

A Client can at any time unilaterally stop the use of the MGFTrading service.


OliNo will be entitled to unilaterally terminate the account with immediate effect if:


  • There is fraud or misuse on the part of the Client.
  • The Client’s actions cause damage for OliNo.
  • An account of the Client has had negative credits for longer than 2 months.

 


Performance of the Agreement


MGFTrading will perform the Agreement to the best of its knowledge and ability and in accordance with high standards.


MGFTrading has the right to have specific work executed by third parties. The applicability of Sections 404 and 407, subsection 2, Book 7 of the Civil Code is expressly excluded.


The work will be executed within a period stated by MGFTrading.


If a period has been agreed or stated for the execution of specific work, this period will only be indicative and is never to be regarded as a final deadline.


If MGFTrading requires data or instructions from the Client, which are necessary for the performance of the Agreement, the execution period will commence after MGFTrading has received this from the Client.


 


Prices and rates


The prices and/or rates are expressed in Euro, including VAT and other duties imposed by authorities, unless stated otherwise.


The prices and/or rates are including travel and accommodation, packaging, delivery, or dispatch costs, and administrative costs, unless stated otherwise.


 


Payment will take place by means of the purchase of pre-paid credits. These credits must be purchased online and paid electronically.


Payment will always take place in advance, unless agreed otherwise.


 


Return


The trader’s annual return will be optimised by conducting simulations with real historical Bitstamp trading data.


 


The trader will only sell bitcoins if profit can be made. By having the strategy to only sell with profit we have made the assumption that Bitcoin will have an increasing price in the long-term. Because of this the trader can wait until the pockets with Bitcoin that have already been purchased can be sold again with profit. This means that in a prolonged monotonous bear market no return can be achieved in the worst case situation.


 


The trader’s return is very dependent on the market. If the Bitcoin’s price fluctuates considerably, the Client will achieve the best return with the trader.


 


Past return on investment is no guarantee for the future.

Investment in Bitcoin is regarded by many people as high-risk and that also applies therefore to using the cryptotraders. Therefore never invest more than you can afford to lose.


 

Liability


MGFTrading will only be liable for direct damage arisen through wilful recklessness or intention on the part of MGFTrading. Direct damage is exclusively taken to mean:


  • damage to property of the Client;
  • reasonable costs incurred by the Client for establishing liability and the (extent of the direct) damage;
  • reasonable costs, reasonably incurred by the Client, which could be and were permitted to be incurred in all reasonableness, for the prevention or limitation of the damage, insofar as the Client demonstrates that these costs have resulted in limitation of the direct damage;
  • reasonable costs, which the Client has incurred in all reasonableness for acquiring payment without the intervention of the courts, as referred to in Section 96, subsection 1, under c, Book 6 of the Civil Code.

 


MGFTrading will never be liable for the loss of money or Bitcoins due to problems with the Bitcoin exchange, or the careless transfer of money or Bitcoins by the Client from – or to – the Bitcoin exchange.


MGFTrading will never be liable for the loss of money or Bitcoins due to problems with Bitcoin or the Bitcoin network or the decrease in value of Bitcoin.


 


MGFTrading will never be liable for indirect loss, including in any event consequential loss, lost profit, lost savings, loss due to business interruption, or intangible loss on the part of the Client.



MGFTrading will not be liable for damage, of whatsoever nature, due to the fact that MGFTrading has proceeded from inaccurate and/or incomplete data provided by the Client, unless this inaccuracy or incompleteness ought to be apparent to MGFTrading.


The limitations of liability included in this article do not apply if the damage can be attributed to intention or gross negligence on the part of MGFTrading or its managerial employees.


If MGFTrading were to be liable for any damage whatsoever, the liability on the part of MGFTrading will be limited to a maximum amount of $ 7,500 or to the amount that the insurance taken out by MGFTrading gives entitlement to, plus the amount of the deductible which is not borne by the insurer under the policy conditions that MGFTrading accordingly must bear.


The client must report the damage, for which MGFTrading can be held liable, as soon as possible but in any event within 10 days from the arising of the damage, to MGFTrading, all this at the risk of forfeiting any right to compensation of this damage.


Any action for liability against MGFTrading lapses within one year after the Client became aware of the damage causing fact or could reasonably have become aware thereof.


 


Indemnity


The client indemnifies MGFTrading against possible claims by third parties, who in connection with the performance of the Agreement suffer damage which is attributable to the Client.


If MGFTrading is held liable by the third parties on that basis, the Client will be obliged to assist MGFTrading at law and otherwise. All costs and damage on the part of the MGFTrading and third parties will further be at the Client’s expense and risk.


 

Confidentiality


MGFTrading as well as the Client will be obliged, during the term and after the termination of the Agreement, to maintain the confidentiality of all facts and particulars concerning the enterprise, regarding which the Client knows or reasonably can suspect that these are confidential. This duty of confidentiality also contains all data of the employees, customers, clients and other business contacts that has come to one’s knowledge on the basis of the Assignment.


 


Limitation period


In derogation from the statutory limitation periods, a limitation period of one year applies to all claims towards MGFTrading and (any) third parties engaged by MGFTrading.


 


Privacy and cookies

The data and information provided by the Client to MGFTrading will be saved by MGFTrading with due care and confidentiality.


MGFTrading is only and exclusively permitted to use the Client’s personal data in the context of the execution of its obligation to supply, or for dealing with a complaint.


During visits to its website MGFTrading can collate, by means of cookies, information from the Client regarding the use of the website.


The information collated by MGFTrading by means of cookies can be used for functional and analytical purposes.


MGFTrading is not permitted to lend, lease, sell, or in another manner disclose the Client’s personal data.


If, on the basis of a statutory provision or a judicial decision, MGFTrading will be obliged to provide confidential information to third parties, and MGFTrading cannot rely concerning this on a statutory right to decline to give evidence, or as the case may be a right to decline to give evidence acknowledged or permitted by the court with competent jurisdiction,


 


MGFTrading cannot be held liable for compensation or indemnification. The Client will also not be entitled to terminate the Agreement on the basis of any damage arisen due to this.


The Client agrees to MGFTrading approaching the Client for statistical research or a client satisfaction survey. If the Client does not want to be approached for research, the Client can make this known.


MGFTrading retains the right to use the other data of the Client in anonymous form for (statistical) research and database.


 

Amendment of the General Terms and Conditions


MGFTrading has the right to unilaterally amend these General Terms and Conditions. Amendments will also apply with regard to Agreements that have already been concluded.


MGFTrading will inform the Client by email of the amendments.

The amendments of the General Terms and Conditions will come into effect thirty days after the Client has been informed of the amendments.

If the Client does not agree to the notified amendments, the Client will have the right to terminate the Agreement.


 

Applicable law and disputes


The law of the Netherlands exclusively applies to all legal relationships that MGFTrading is party to. This also applies if an obligation is wholly or in part executed abroad or if the Client resides abroad.


Risk Warning

Trading on financial markets carries risks. Forex and financial contracts are a complex financial product that are traded on margin. Trading carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, this type of activity may not be suitable for all investors because you may lose all your invested capital. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and taking into account your investment objectives and level of experience