The BitTap Futures Service Agreement outlines the rights and obligations between the platform and users regarding futures trading. Below are the key elements of the agreement to help users understand its essential contents:
Service Scope
BitTap provides futures trading services, allowing users to take long or short positions based on market fluctuations. Users can leverage margin to trade crypto assets, with contract services covering various types such as USDT-margined and coin-margined futures.
User Responsibilities
Users are solely responsible for the risks associated with futures trading. BitTap is not liable for any losses incurred from trading activities. Users must ensure sufficient margin in their accounts to prevent liquidation risks. Additionally, users are required to provide accurate personal information and comply with the laws and regulations of their respective jurisdictions.
Risk Disclosure
Futures trading involves high risks, especially when leverage is used. Market volatility may lead to significant losses within a short period. Users must fully understand the rules of futures trading and invest according to their risk tolerance.
Trading Fees
BitTap charges trading fees, funding fees, and forced liquidation fees for using futures services. The specific calculation methods and standards vary depending on the user’s trading behavior and contract type.
Margin Mechanism
Users must deposit a corresponding margin for each futures trade. The initial and maintenance margin levels are adjusted based on market fluctuations and the selected leverage ratio. BitTap reserves the right to enforce liquidation if a user’s margin falls below the required threshold to ensure overall risk control on the platform.
Forced Liquidation
If a user’s margin balance falls below the maintenance margin requirement, the system will automatically trigger a forced liquidation. BitTap will execute the liquidation at market prices and charge applicable fees. Forced liquidation may result in the complete loss of the user’s margin.
Agreement Modifications
BitTap reserves the right to modify or update the futures service agreement at any time. Any changes will be announced on the platform. Users should regularly review the agreement to stay informed about the latest terms and ensure compliance.