Exchange Product Terms

KuCoin EU Exchange GmbH

Agreement on the Exchange of Crypto-Assets for Funds or other Crypto-Assets

  

1              Introduction and Scope of Application

1.1          Agreement Hierarchy. The following "Agreement on the Exchange of Crypto-Assets for Funds or other Crypto-Assets" or "Agreement" supplements the "General Terms", available here.

1.2          Conflict of Terms. In the event of any inconsistency or conflict between the provisions of the General Terms and this Agreement, the provisions of this Agreement shall prevail with respect to the exchange of crypto-assets for funds or other crypto-assets.

1.3          Contracting Parties. The services agreed upon in this Agreement are provided by KuCoin EU Exchange GmbH ("KuCoin EU", "we", "us") to clients who have registered an "Account" with KuCoin EU ("User", "you" and "your").

1.4          Exclusive counterparty. KuCoin EU acts as the exclusive contractual counterparty to the User for all transactions involving crypto-assets executed via the KuCoin EU platform (the "Platform").

1.5          Regulatory Framework. The services provided under this Agreement constitute crypto-asset services within the meaning of Regulation (EU) 2023/1114 on markets in crypto-assets ("MiCAR"), in particular the exchange of crypto-assets for funds and/or for other crypto-assets.

1.6          Competent authority. The national competent authority responsible for supervision of the services regulated in this Agreement on the Exchange of Crypto-Assets for Funds or other Crypto-Assets is the Austrian Financial Markets Authority (Österreichische Finanzmarktaufsicht; "FMA").

2              Interpretation of Agreement & Changes to the Agreement

2.1          Language. This Agreement is made and published in various languages. In case of a dispute or any discrepancies, the German language version of this Agreement shall prevail. Non-German versions may include certain German terms enclosed in brackets and written in italics. These are legal terms under Austrian law and shall have the meaning given to them under Austrian law.

2.2          Definitions. The defined terms shall have the meanings ascribed to them in Annex I.

3              Amendments of this Agreement

3.1          Notification and consent for changes to this Agreement

Whenever we intend to implement a change, we will notify you on paper or on another durable medium about the proposed amendments.

Changes to this Agreement will become effective upon the earlier of (i) your express acceptance of the Agreement or (ii) two months after the notification of the changes, unless you have objected to these changes.

3.2          Objecting to a change / termination of the contractual relationship

Whenever we notify you of any changes, we will also inform you, that (i) if you do not object in writing or on the Platform within two months after our notification to you, you will be deemed to have consented to the changes, and that (ii) you have the right to terminate the entire or parts of your contractual relationship that relate to the change without any notice period until the changes take effect. You will still have access to your Account during this period.

3.3          Exceptions for changes to services and fees

The preceding paragraphs do not apply to restrictions to the services of the KuCoin EU and to the User's fees for existing products.

For the avoidance of doubt, if we introduce a new product or service that does not change this Agreement, we may implement it immediately. We will inform you before you start using it.

4              Order Process

4.1          General. Use of the Platform enables you to exchange Crypto-Assets, including the purchase or sale of crypto-assets, strictly within the scope of the services offered by KuCoin EU. Whenever you wish to exchange a Crypto-Asset for funds or other Crypto-Assets, you can place an order on the Platform.

4.2          Display Prices – no binding offer. All figures, amounts, prices or reference prices displayed on the Platform, including within the Synthetic Liquidity View, do not constitute binding offers by KuCoin EU to enter into an exchange transaction. Such information is provided for indicative purposes only and constitutes an invitation for you to submit an order (invitatio ad offerendum).

4.3          Placing an Order. To place an order, you must (i) provide valid and accurate data for each requirement on the Platform and (ii) click the corresponding confirmation button for the order.

4.4          Time of Order. An order is deemed to be placed at the moment you confirm the order by clicking the corresponding confirmation button on the Platform. For the avoidance of doubt, a Limit Order (as defined below) is considered placed only once all applicable requirements set out below have been fulfilled.

4.5          Minimum Transaction Value. In general, each order must meet a minimum transaction value, which is displayed on the Platform before you place an order. Orders that do not meet the applicable minimum transaction value cannot be submitted. The applicable minimum transaction value may vary depending on the crypto-asset and market conditions and is displayed prior to order submission.

4.6          Limits. To ensure market integrity, prevent market manipulation, and protect Users, there are limits on transactions, amounts, and the number of exchanges of Crypto-Assets for funds or other Crypto-Assets.

4.7          Amendment of Limits. KuCoin EU may amend such limits where required for legal, regulatory, risk management or technical reasons. Any material changes to publicly disclosed limits (if applicable), will be communicated in advance and published on the Platform, unless immediate implementation is required for compliance or security reasons.

4.8          Order Receipt Confirmation. Receipt of an order will be confirmed to you without undue delay via the Platform; however, delays or failures may occur due to technical disruptions, system maintenance, or connectivity issues. . Confirmation of receipt does not constitute acceptance or execution of the order.

4.9          Modification/Cancellation. You may modify or cancel an order at any time free of charge, provided it has not yet been executed.

4.10       Acceptance of an Order through Actual Fulfillment (tatsächliche Erfüllung). KuCoin EU may accept an order by actual fulfilment. Actual fulfilment occurs upon the recording of the relevant transaction data in KuCoin EU’s internal (i.e. off-chain) positions ledger ("Off-Chain Information Ledger"). 

4.11       Rejection of an Order. KuCoin EU may only reject an order in limited circumstances. An order may be rejected, amongst others, in cases of technical disruptions, where there are indications of potential market manipulation or for other compliance related reasons.

4.12       Transaction Information. Immediately after acceptance or rejection of the order, KuCoin EU will notify the User. In the event of acceptance, KuCoin EU will publish the following details of your transactions on the Platform:

·   Asset: The Crypto-Asset(s) involved in the transaction;

·   Date: The date and time when the transaction was executed;

·   Price: The price at which the transaction was completed;

·   Volume: The quantity of Crypto-Assets involved in the transaction.

This information will be made available to Users via the Platform and may be used to track trading history and order fulfilment.

5              Spot Trading via the Synthetic Liquidity View

5.1          No Trading Platform. KuCoin EU does not operate a trading platform for crypto-assets, and orders are therefore not executed directly between Users. All exchange transactions are concluded exclusively between the User and KuCoin EU, which acts as the sole contractual counterparty.

5.2          Synthetic Liquidity View. The Synthetic Liquidity View is an informational interface that displays available liquidity and provides the User with a transparent overview of relevant markets and prices. This view is intended to enhance transparency and does not constitute an order book.

5.3          Pricing Methodology. In the Synthetic Liquidity View, price data from multiple reputable liquidity providers and/or crypto exchanges is aggregated and used as the basis for determining prices for listed Crypto-Assets. The prices are based on market depth, trading volume, and real-time supply and demand dynamics.

5.4          Order Process. If you wish to complete a transaction with KuCoin EU, you must first place an order, whereby the principles for the order process described above in Section 3 apply.

5.5          Order Types. There are different order types to accommodate varying user preferences and market conditions: "Market Orders", "Limit Orders", and "Stop Orders".

All order types described below are executed by KuCoin EU as principal transactions. KuCoin EU acts as counterparty to the User and does not operate a multilateral trading system or an order book in which Users trade with other Users.

5.5.1          Market Order: The User can place a Market Order through the Synthetic Liquidity View; KuCoin EU executes the Market Order as a principal (own-account) transaction. KuCoin EU will fulfil at the order price made available by KuCoin EU at the time of execution (details see below)..

5.5.1.1               Slippage. While a market order allows for rapid fulfilment, the final fulfilment price may differ from the price displayed at the time of submission due to market volatility and the size of the order relative to the available liquidity. The difference between the price displayed in the Synthetic Liquidity View at the time of order submission and the final fulfilment price is referred to as "Slippage". Slippage may be influenced by various factors, including the type of crypto-asset, market volatility, order size and available liquidity.

5.5.1.2               Slippage Control. To protect Users from excessive Slippage, Market Orders are only fulfilled within a range of +/- 5% of the best current price displayed in the Synthetic Liquidity View at the time the Order is submitted. This means that, if the Order is fulfilled, the final Fulfillment Price will never deviate by more than 5% from the initial offer price. If parts of the order would be fulfilled at a price outside the +/- 5% range (unless "Fill or Kill” has been selected as described in Section 4.5), those parts will not be fulfilled. For clarification: an order will not resume later if the price moves back within the threshold.

5.5.2          Limit Order. A Limit Order can be created by the User via the Synthetic Liquidity View by specifying a certain price, Crypto-Asset, and quantity in advance. Once the Reference Market Price in the Synthetic Liquidity View reaches or exceeds the specified price ("Limit Price"), the Limit Order is automatically submitted to KuCoin EU. Subject to acceptance by KuCoin EU, the order will be fulfilled at the Limit Price or at a more favorable price.

The order will be executed at the specified price or at a better price. No slippage can occur. However, fulfilment of a Limit Order is not guaranteed and may be less likely than fulfilment of a market order.

A Limit Order remains valid until canceled ("good-till-canceled"). [

A Limit Order may be fulfilled in whole or in part. If the Reference Market Price does not reach or exceed the Limit Price, no fulfilment will take place. If a Limit Order is fulfilled partially, the remainder of the Limit Order remains valid until fulfilled or cancelled.

5.5.3          Please note: A Limit Order will be executed automatically once the limit price specified by you is reached and will remain valid until it is cancelled. If no timely cancellation is made, the order may be executed even if you are no longer actively monitoring it or no longer wish it to be executed.Fill-or-Kill ("FoK"): The User can also select fill-or-kill , which means that the order is either fulfilled in whole or cancelled.

5.5.4          Immediate-or-Cancel ("IoC"): The User can also select immediate-or-cancel, which means that the order in case of partial fulfillment, the remainder of the Limit Order is cancelled. Stop Order. A Stop Order is submitted by the User in the Synthetic Liquidity View and becomes a Market Order (as defined in Section 5.5.1 above) when a specific price level set by the User in the Synthetic Liquidity View is reached (the "Stop Price"). Once the Market Order is triggered, it will be fulfilled at the next available (best) price on the Platform. There are two types of Stop Orders:

5.5.4.1               A Stop-Loss Order triggers a Market Order to sell when the Reference Market Price falls below the Stop Price;

5.5.4.2               A Buy-Stop Order triggers a Market Order to buy when the Reference Market Price rises above the Stop Price.

5.5.5          Advanced Order Types: KuCoin EU offers the following advanced order types, which are a derived from or combination of the above order types:

5.5.5.1               A Post-Only Order is a conditional Limit Order that may only be accepted by KuCoin EU if it does not result in an immediate execution against the prices quoted by KuCoin EU at the time of submission.

If, at the time of order acceptance, the order price would result in an immediate execution, the Post-Only Order is automatically cancelled.

The Post-Only Order is designed to ensure the application of so-called "maker fees", i.e. fees applicable to transactions that are not executed immediately and are typically lower in accordance with KuCoin EU’s fee schedule.

Please refer to https://www.kucoin.com/en-eu/vip/privilege for an overview of the fees.

5.5.5.2               A Stop Limit Order is a combination of a Stop Order and a Limit Order and allows the User to set a Stop Price and a Limit Price. The Stop Price in a Stop Limit order serves as an internal trigger point. Once the reference market price hits or falls below the Stop Price for a sell order (or reaches or rises above the stop price for a buy order), the Stop Limit Order is activated and converted into a Limit Order.

The Limit Price in a Stop Limit Order determines the maximum or minimum price at which the User is willing to buy or sell the Crypto-Asset. Unlike a traditional stop order, in which the execution price is not guaranteed, a Stop Limit Order allows the User to exercise greater control over the execution price by specifying a fixed limit. 

5.5.5.3               A One-Cancels-Other Order (OCO) is a conditional order instruction of two linked orders, whereas the fulfillment of one order automatically leads to the cancellation of the other order. An OCO order typically consists of a combination of Limit and/or Stop Orders.

For example an OCO Order enables the User to set a Stop-Loss Order at a price higher than the Reference Market Price and a Limit Order lower than the Reference Market Price. If the Reference Market Price reaches the price level of the Stop-Loss Order it is fulfilled and the Limit Order is automatically cancelled. If the Reference Market Price falls and hits the Limit Order price level, the Limit Order is fulfilled and the Stop-Loss Order cancelled.

5.5.5.4               A Trailing Stop Order is a conditional order designed to adjust automatically in relation to price movements in one of the directions, i.e. price rise / price fall, while remaining fixed in the other direction. The User can specify a "delta" percentage, which determines the percentual price movements that should trigger an order.

For example where the Reference Market Price is 100 and the delta percentage is specified as 10%, a Stop Order is set at 90. When the Reference Market Price moves up, the Stop Order automatically adjusts within the delta percentage (e.g. where the Reference Market Price moves to 110, the Stop Order adjusts automatically to 99).

Once the adjusted stop level is reached, the Trailing Stop Order is activated and executed in a transaction with KuCoin EU.

5.5.5.5               A Time-Weighted-Average-Price Order (TWAP) is a Market Order which is submitted gradually (i.e. split up in multiple orders) over a specified period of time and in regular intervals rather than submitted all at once. The User can specify the total order volume, the time period and the interval (e.g. 100, 10 days, every 24h).

6              Fast Trade

6.1          Via the Platform, you may request a direct quote for the exchange of crypto-assets for funds or vice versa. For this purpose, you must select the relevant crypto-asset and the desired amount on the Platform interface for an immediate purchase or sale ("Instant Buy" or "Instant Sell"). Based on the parameters selected, KuCoin EU may provide you with a non-binding direct quote. The quote is valid for a limited period, which will be displayed on the Platform.

6.2          You may place an Instant Buy Order or an Instant Sell Order by confirming the transaction details displayed on the Single Quote interface of the Platform within the indicated validity period. If the order is not placed within that period, the quote and its terms, including the price, will lapse and may be updated to reflect current market conditions. Any updated quote will be subject to a new validity period.

6.3          Acceptance Period. KuCoin EU will decide within 10 minutes after you submit your order whether to accept it or, under certain limited circumstances, such as technical disruptions or potential cases of market manipulation, reject it. During this 10 minutes period, you are bound by your order.

6.4          KuCoin EU may either accept or reject your order (as described in section 4.10 and 4.11 above). If the order is accepted, the transaction will be fulfilled at that price. There are no partially fulfilled Instant Sell or Instant Buy transactions.

6.5          The funds used to settle your Instant Buy Order may either be deducted from the available balance in your Account (existing balance) or paid directly via an ad-hoc payment solution provided.

7              Fees

7.1          KuCoin EU will transparently display the prices and fees applicable on the Platform before a User places an order.

7.2          You can find all fees for exchanging Crypto-Assets into fiat currency or other Crypto-Assets here https://www.kucoin.com/en-eu/vip/privilege.

8              Liability

The use of the Platform and certain transactions involve risks. A non-exhaustive list of these risks is provided in our Risk Disclosure Document that can be accessed here. Any liability of KuCoin EU arising from or in connection with these exchange services is limited in accordance with Section 20 of the General Terms.

Annex I

Definitions

 

Definition	Meaning
Account	means the account you create by you signing up on the Platform.
Actual Fulfilment	means the acceptance of an order by KuCoin EU through the recording of the relevant transaction data in KuCoin EU’s internal Off-Chain Information Ledger.
Agreement on the Exchange of Crypto-Assets for Funds or other Crypto-Assets	means this document including its Annexes.
Buy-Stop Order	means an instruction by the User that automatically triggers a Market Order to buy a Crypto‑Asset when the Reference Market Price rises above the Stop Price set by the User.
Crypto-Asset	means a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology (as defined in Art 3 para 1 no 5 MiCAR).
Delta Percentage	means the percentage value specified by the User in connection with a Tailing Stop Order, which determines the amount by which the Stop Price automatically adjusts relative to changes in the Reference Market Price.
Fill-or-Kill Order	means an instruction by the User that the order must be executed immediately and in full at the specified price (or better). If full execution is not possible at the time of acceptance, the order is automatically cancelled without partial fulfilment.
General Terms	means the general terms and conditions of KuCoin EU, its Annexes and other documents linked to this document (by reference and/or electronic link), which can be found here here.
Good-till-canceled	8.1          means that an Order remains valid until it is revoked or canceled.
Immediate-or-Cancel Order	means an instruction by the User that the order must be executed immediately at the specified price (or better). Any portion of the order that cannot be immediately executed is cancelled.
Instant Buy Order	means an order for the purchase of Crypto-Assets in exchange for funds, which a User can submit to KuCoin EU via the Direct Quote Interface of the Platform.
Instant Sell Order	means an order for the sale of Crypto-Assets in exchange for funds, which a User can submit to KuCoin EU via the Direct Quote Interface of the Platform.
KuCoin EU, we, us, our	means KuCoin EU Exchange GmbH, with its corporate seat in Vienna, registered with the commercial register of the Commercial Court of Vienna under reg. no. 641084x.
Limit Order	means an order that may only be executed when the specified price level has been reached in the Synthetic Liquidity View.
Limit Price	means the price set by the User at which the Limit Order is executed.
Market Order	means an order that is executed immediately after being entered by the User at the best available price or prices for the prevailing available quantity in the Synthetic Liquidity View.
Minimum Transaction Value	means the minimum order amount that must be reached for any transaction to be submitted on the Platform.
Off-Chain Information Ledger	means the internal (i.e., 'off-chain') register of Crypto-Asset positions held by KuCoin EU on behalf of and for the account of its Users.
One-Cancels-Other Order	8.2          means a conditional instruction combining two linked orders whereby the execution of one order automatically cancels the other.
Platform	8.3          means the service platform for Crypto-Assets operated by KuCoin EU, including any website or mobile application of the Platform, which enables users to exchange or invest in Crypto-Assets.
Post-Only Order	8.4          means a conditional Limit Order that will only be accepted if its acceptance does not result in immediate execution against prices quoted by KuCoin EU at the time of submission. If immediate execution occurs, the order is automatically cancelled.
Recurring Buy Plan	8.5          means an order for automatic recurring purchases of selected Crypto-Assets at regular intervals via the Direct Quote Interface on the Platform.
Reference Market Price	8.6          means the price for the relevant Crypto‑Asset displayed in the Synthetic Liquidity View.
Slippage	8.7          means the price difference between the current Reference Market Price in the Synthetic Liquidity View and the actual execution price.
Slippage Control	8.8          means the range of +/- 5% within which a Market Order will only be fulfilled, based on the best Reference Market Price displayed in the Synthetic Liquidity View at the time the Market Order is submitted.
Stop Limit Order	8.9          means a conditional order consisting of two price levels specified by the User (i) a Stop Price that activates the Limit Order once the Reference Market Price reaches the Stop Price and ii) a Limit Price that specifies the maximum or the minimum acceptable execution price. Execution is not guaranteed.
Stop-Loss Order	8.10       means an instruction by the User that automatically triggers a Market Order to sell a Crypto‑Asset when the Reference Market Price falls below the Stop Price set by the User.
Stop Order	8.11       means an instruction from the user to automatically place a Market Order for a Crypto-Asset when a specific price level is reached.
Stop Price	8.12       means the price set by the user at which the user automatically places a Market Order for the next available (best) price.
Synthetic Liquidity View	8.13       means the interface for exchanging Crypto-Assets for funds or other Crypto-Assets on the Platform. It displays the available liquidity and the available prices.
Trailing Stop Order	8.14       means a dynamic Stop-Order in which the Stop Price automatically adjusts in one direction by a fixed percentage or amount set by the User (“delta”), while remaining fixed in the opposite direction. When the adjusted Stop Price is reached, an order is triggered.
TWAP Order (Time-Weighted-Average-Price Order)	8.15       means a Market Order instructed by the User to be executed gradually over a specified period of time in multiple partial transactions at regular intervals, based on a total order volume, time period and intervals selected by the User.
User, you, your	8.16       means any person who has created an Account by signing up on the Platform and who has verified themselves.