28 October 2021
IDATCo offers Xago’s clients skills-based cryptocurrency trading services, using a beta version of automated trading bots, called the Momentum and the Arbitrage trading bots (“beta Automated Bots”). For detail description of the beta Automated Bots, please refer to our How-To Guide.
The beta Automated Bots monitor examine prices across cryptocurrency exchanges and, depending on the Bot used, makes trades to take advantage of price disparities between crypto- and FIAT currencies.
The beta Automated Bots function according to algorithms and pre-set parameters.
Your use of the IDATCo’s beta Automated Bots is subject to the following terms of service.
Where we refer to “you” in these terms of service we mean you, Xago’s Client and the subscriber to IDATCo’s beta Automated Bots.
Where we refer to “we” we mean ourselves, IDATCo, with South African company (registration pending).
A reference to “us” means you and/or we, as indicated by the context.
1. XAGO EXCHANGE ACCOUNT REGISTRATION AND IDATCO TRADING FEES
1.1. To get access to and utilise the beta Automated Bots, Momentum and Arbitrage versions, you must have a Xago Exchange account, and you must have completed the KYC (Know-Your-Customer) and AML (Anti-Money Laundering) procedures and checks applicable to Xago Exchange account holders.
1.2. Accessing and utilising the beta Automated Bots is optional and at your own risk. You can access the beta Automated Bots on the IDATCo’s South Africa based website at www.idatco.co.za.
1.3. Your use of the beta Automated Bots is free, however trading fees set by IDATCo will be deducted from your Xago Exchange account. Current trading fees can be accessed at <fee schedule link>.
2. OPERATION OF THE IDATCO AUTOMATED BOTS
2.1. Once you have opened an account on IDATCo, you will be able to allocate funds or acceptable cryptocurrencies from within your Xago Exchange account to be traded.
2.2. You will be able to choose to trade either using the Momentum or Arbitrage bot or select one or other pre-set parameters or trading strategies that may be published on the IDATCo website from time to time.
2.3. You authorise IDATCo and/or its associates to acquire or to obtain any foreign (FIAT) currency to be used to facilitate the acquisition and/or trading in of any market-favourable cryptocurrency for the beta Automated Bots. Note that for South African citizens and legal residents, procurement of foreign currency must be in compliance with your single discretionary allowance or foreign investment allowance.
2.4. To give effect to the authorisation in 2.3, you:
2.4.1. consent to any enrolment with any of IDATCo’s associates or foreign exchange providers or partners as a direct customer or user, and you agree to co-operate fully in the enrolment process;
2.4.2. agree to be bound by the separate and applicable terms of IDATCo’s associates or foreign exchange providers or partners, insofar as they apply to their direct customers or users, as required to execute trades and value transfers.
2.5. Any profit earned by the beta Automated Bots through automated trading on your behalf will accumulate in your Xago exchange account as and when it is earned, less any applicable trading fees, and at IDATCo’s discretion.
2.6. Other than the trading parameters or pre-set strategies that you select on the IDATCo user interface (website), you have no right to any trade records or data, algorithms and functional parameters of the beta Automated Bots in respect of its automated trading activities on your behalf.
2.7. IDATCo does not guarantee that you will receive profits or will not lose from your use of the beta Automated Bots.
3. WITHDRAWAL AND CANCELLATION OF ACCOUNT
3.1. You can terminate your account on IDATCo at any time, provided that you have no open trades.
3.2 To remove the link between Xago and IDATCo, you may remove the beneficiary IDATCo from your Xago account.
4. DISCLAIMERS AND WARRANTIES
4.1. The beta Automated Bots are provided “as is” and without warranty of any kind.
4.2. IDATCo specifically makes no warranties as to the beta Automated Bots’ functionality and fitness for purpose.
4.3. To the maximum extent applicable by law, IDATCo disclaims all implied warranties regarding the beta Automated Bots.
4.4. IDATCo specifically does not give any trading, market, or financial advice in connection with the beta Automated Bots and its use, through any channel or means.
5.1. Nothing in these terms of service exclude or limit IDATCo’s liability when it cannot be excluded or limited by law.
5.2. IDATCo is not liable to you or to anyone else for any direct or indirect damage or loss that you suffer as a result of your use of the beta Automated Bots, including the lack of financial or other similar benefit derived from your use of the beta Automated Bots, whether executing Momentum or Arbitrage trades.
5.3. IDATCo is not liable to you or to anyone else for any direct or indirect damage or loss that you suffer as a result of a failure or delay by IDATCo to meet any of its obligations in these terms of service, and where the failure is due to events beyond IDATCo’s reasonable control. This extends to where the failure by IDATCO to meet any of its obligations can be solely attributed to you, any third parties, any third party cryptocurrency exchange, any regulatory authority, any data or security breach on or affecting a third party, any data or security breach on or affecting any cryptocurrency exchange, or a combination of the aforementioned.
6.1. By registering an account and IDATCo and using the beta Automated Bots, you accept and agree to these terms of service completely.
6.2. IDATCo specifically reserves the right to terminate, amend or vary these terms of service. When we change these terms of service significantly, we will notify you by email or through your Xago Exchange account or IDATCo user communications of the updated terms of service.
6.3. By continuing to use the beta Automated Bots, you acknowledge and agree to the most recent version of these terms of service.
6.4. If IDATCo does not enforce these terms of service or any part of them, it will not be understood as consent or waiver of the right to enforce them at a later time.
6.5. You cannot transfer your rights and obligations from these terms of service to third parties.
6.6. The invalidity or unenforceability of any provision or part of these terms of service will not affect the validity or enforceability of any other provision of them.
6.7. Any invalid or unenforceable provision will be replaced or be considered to be replaced by a provision which is considered to be valid and enforceable and which’s interpretation will be as close as possible to the purpose of the invalid provision.
6.8. These terms of service are applicable in conjunction with IDATCo’s and the Xago’s Exchange’s general terms and conditions or terms of service, and which apply generally to all Xago Exchange users.
6.9. These terms of service are subject to South African law.