Effective date: 1st January 2022
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 Days||Trading Start||Trading End|
|Monday to Sunday||07:00 AM||6:59 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
|Property||BTC||All Other Digital Assets|
|Minimum orderquantity for spottrades||None (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 trades||None (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 spottrades||None (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)|
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 Asset||Frequency||Trading Day||Time (UTC)|
|GBP||Hourly||Monday to Friday||9:00AM to 5:00PM|
|Crypto||Hourly||Monday to Friday||9:00AM to 5:00PM|
7. Trading Fees, Charges, and Rebates
7.1 Legal Tender Pair Trading Fees and Charges
|Type of Fee||Transaction||Base Currency||Non-Base Currency|
|Trade Fee*||Spot Trade||Zero||Zero|
- Users’ base currency pair will be determined based on their country of residence (vs. BTC). If a user’s country currency is not supported on Ferriswheel’s platform, the default base currency pair will be BTC/GBP.
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.
- Churning: Placing both buy and sell orders at the same (or similar) prices to increase the price by attracting more traders.
- Pump and Dump: Large scale buying of any Digital Asset to create artificial sentiment around a specified asset to attract other buyers with a view to driving the asset price and volumes higher and then selling the asset at such inflated prices.
- Ramping: Artificially raising the price of a Digital Asset to give the impression of trading volume and/or price increase, in order to make profit.
- Wash Trading: Selling and repurchasing the same Digital Asset to generate trading activity and increase the price.
- Quote Stuffing: Entering and withdrawing large quantities of orders in a short space of time in an attempt to affect the market, thereby gaining an advantage over slower market participants. This may include the use of high frequency trading programs. (Note: High frequency trading is not, in itself, illegal and thus any action by Ferriswheel would be taken in light of the nature and pattern of such trading).
- Market Manipulation: Any trading activity on the part of a user which attempts to interfere with a free, fair and transparent market for all Ferriswheel users or which interferes with Ferriswheel's normal market operations.
9. Governing Language
The governing language of these Rules is English. Any other language translation is provided for convenience only.