Upd: Jan 21, 2024
Wirex makes available a service, through the Wirex Service, that allows you to multiply the cryptocurrencies managed through your Wirex Profile temporarily when you invest them, so that you can amplify the impact of price changes in the cryptocurrency market on that investment (the "Wirex Multiply Service").
These terms apply to your use of the Wirex Multiply Service. It is important that you read this document and any documents referred to within it (the "Wirex Multiply Terms") alongside our General Terms and Cryptoasset Terms, as they set out additional terms that apply to your relationship with us when you access and use the Wirex Multiply Service and form the legal agreement between:
You, as the Wirex user; and Wirex Digital Services s.r.l., a company incorporated under the laws of Italy ("Wirex", "we", "our", or "us").
Please ensure that you have read and understand these Wirex Multiply Terms before using or accessing the Wirex Multiply Service.
Capitalised terms defined in the General Terms shall have the same meanings when they are used in these Wirex Multiply Terms.
Cryptocurrency markets are volatile and the prices of cryptocurrencies can rise or fall rapidly.
All transactions associated with an investment through the Wirex Multiply Service are executed using cryptocurrencies only. Holding and dealing in cryptocurrencies can involve significant risk. Before using the Wirex Multiply Service, you should ensure that you understand the risks associated with cryptocurrencies.
Cryptocurrency markets can be volatile and prices can fluctuate significantly, which could result in sudden and significant increases or decreases in the value of your cryptocurrencies. The value of your investment through the Wirex Multiply Service, and the value of any other cryptocurrencies that you manage through your Wirex Profile can therefore change rapidly.
Using the Wirex Multiply Service can amplify your losses as well as your gains
Investing cryptocurrency through the Wirex Multiply Service involves a series of loan transactions between you and us. We lend you cryptocurrency to allow you to invest more cryptocurrency alongside your own stake of cryptocurrency, so that you can temporarily increase the value of the cryptocurrencies you have invested.
While borrowing and investing more can increase the returns on your investment, as you have more exposure to the cryptocurrency market, it can also amplify your losses if the market moves against you. As mentioned above, cryptocurrency markets can move very quickly. You should ensure that the amount you borrow from us compared to the amount you stake (your "Multiplier") is aligned with your financial situation and risk tolerance. You can select the Multiplier you want to use when you set up an investment on the Wirex Multiply Service. If you are new to trading, it is strongly recommended that you keep your Multiplier low.
Please see our FAQs for a description of how different Multipliers may affect gains and losses in the event of price changes in the cryptocurrency market.
Rapid market movements can mean the gain or loss shown you see on the Wirex Service is different to the actual gain or loss when you close your position.
Rapid fluctuations can also mean that the return or loss on your investment can be different to what is displayed to you on the Wirex Service when you withdraw your investment (i.e. close your position). While we make every effort to execute any instructions that you give us to close your position as quickly as possible, market prices can change in the time between you instructing us to close your position and the position actually being closed. This is because it may not be possible to execute certain cryptocurrency transactions immediately.
It may not be possible to execute certain cryptocurrency transactions on the Wirex Multiply Service immediately.
When you make an investment through the Wirex Multiply Service you will need to select a particular cryptocurrency pair. Whether you make a gain or a loss on your investment depends on how the relative values of the two cryptocurrencies in your cryptocurrency pair change from when you make your investment to when you close your position. The prices of some less commonly-traded cryptocurrencies may not always be available. If we are unable to obtain market prices for certain cryptocurrencies when you ask us to close your position, there may be a delay between you submitting your request and us being able to close your position when those prices become available.
Some transactions in cryptocurrencies may be subject to minimum thresholds.
Some exchanges set minimum transaction thresholds for trades in certain cryptocurrency pairs. If you have made a gain on your investment, but that gain is lower than the threshold set by the relevant exchange, we may be unable to convert your gains into the cryptocurrency you originally staked. You may therefore receive your gain not in the cryptocurrency you originally staked but in the other cryptocurrency in the cryptocurrency pair you selected when you initially set up the investment.
Cryptocurrencies are unregulated and do not benefit from the protections offered to other investments
Cryptocurrencies are unregulated in many jurisdictions and their regulatory status can change. If you are in a country where buying and selling cryptocurrencies becomes illegal, your service may be suspended and you may lose any rights you may have to the cryptocurrencies we store on your behalf. You should make sure you are able to buy and sell cryptocurrencies lawfully wherever you are located.
Wirex is not regulated by financial regulators in relation to the provision of the Wirex Multiply Service or the crypto features of the Wirex Service. Cryptocurrencies do not benefit from any financial protections such as those provided for checking, savings, bank or deposit accounts with a bank. Your cryptocurrencies are not covered by insurance against loss or by any banking protections or compensation schemes.
You should carefully assess whether your financial situation and risk tolerance is suitable for investing cryptocurrencies through the Wirex Multiply Service, and buying, selling or holding cryptocurrencies generally, including the possibility that the cryptocurrencies you hold lose all of their value or that you are unable to exchange or sell those cryptocurrencies.
Do not invest cryptocurrencies through the Wirex Multiply Service, or buy or hold cryptocurrencies generally if you do not accept the risks associated with investing cryptocurrencies (whether generally or with a Multiplier), including the risk that the value of cryptocurrencies may fall significantly or the risk that changes in regulation may prevent you from dealing in cryptocurrencies in the future.
You must have registered with us and set up a profile on the Wirex Service (your "Wirex Profile") in accordance with the General Terms to use the Wirex Multiply Service. You may not use the Wirex Multiply Service if:
An investment through the Wirex Multiply Service (a "Multiply Transaction") is a series of cryptocurrency loan transactions between you and us. The initial amount of cryptocurrencies you stake is used by us as collateral to loan you an amount of the other cryptocurrencies in your chosen cryptocurrency pair. This loan is then used to buy and invest on your behalf a corresponding amount of the cryptocurrencies you originally invested. The process is repeated multiple times through a series of loans against the cryptocurrencies purchased with the borrowed amounts.
You can set up a Multiply Transaction using the applicable functionalities of the Wirex Service. To set up a Multiply Transaction, you will need to:
All Multiply Transactions are subject to acceptance by us. We will notify you by either push notification, within the Wirex Service, or by email to confirm acceptance or otherwise confirm to you in writing when we have agreed to perform the Multiply Transaction you have set up. The contract between you and us in respect of this Multiply Transaction will only be made when we send you this confirmation of acceptance.
By setting up and confirming that you wish to proceed with a Multiply Transaction, you:
All Multiply Transactions that you set up are subject to the availability of trades between the cryptocurrencies in the applicable Crypto Pair to determine the relative prices of those cryptocurrencies. We will inform you as soon as possible after you set up a Multiply Transaction if, for any reason, we are unable to fulfil a Multiply Transaction or the Multiply Transaction will be delayed.
Your Multiply Transaction will be closed automatically if:
the gain on your Investment Amount reaches your selected Take Profit;
the loss on your Investment Amount reaches your selected Stop Loss; or
the Tenor you selected expires.
You can also close any of your Multiply Transactions at any time using the applicable functionalities of the Wirex Service.
When you close a Multiply Transaction or your Multiply Transaction closes automatically, we will offset the Transaction Cryptocurrency invested on your behalf against the loans we made to you as part of the Multiply Transaction.
Making a gain
If, in the period from when the Multiply Transaction was initiated to the time when the Multiply Transaction closes, the value of the Transaction Cryptocurrency has increased compared to the value of the other cryptocurrency in your Crypto Pair, the total value of the Transaction Cryptocurrency invested on your behalf (your "Multiplied Cryptocurrency") will be greater than the value of the loans we made you.
If this happens, we will credit your Wirex Profile with:
your Investment Amount; and
any difference between: (i) the value of the Multiplied Cryptocurrency at the time your Multiply Transaction closes and (ii) the loans we made you (your "Gain"), less any Roll-Over Fees owed.
If your Gain is higher than the Roll-Over Fees owed, your "Return" is the Gain you have made less the Roll-Over Fees owed. We will normally credit the Return to your Wirex Profile in the Transaction Cryptocurrency. However, some exchanges set minimum transaction values for certain Crypto Pairs. If your Return is lower than the transaction threshold set by the applicable exchange, we will credit the Return to your Wirex Profile in the other cryptocurrency in your Crypto Pair.
Making a loss
If, in the period from when the Multiply Transaction was initiated to the time when the Multiply Transaction closes, the value of the Transaction Cryptocurrency has decreased compared to the value of the other cryptocurrency in your Crypto Pair, the value of your Multiplied Cryptocurrency will be lower than the value of the loans we made you.
If this happens, we will credit your Wirex Profile with your Investment Amount, less:
the amounts you owe us, namely the difference between the value of your Multiplied Cryptocurrency and the value of the loans we made you; and
any Roll-Over Fees.
If you made a Gain, but that Gain is less than the Roll-Over Fees owed, we will deduct the difference between the Roll-Over Fees owed and your Gain from the Investment Amount credited to your Wirex Profile.
Any amounts deducted from your Investment Amount under this paragraph will be your "Loss".
We will charge you an hourly fee for each open Multiply Transaction, calculated as a percentage of your Investment Amount based on your chosen Multiplier (the "Roll-Over Fee"). The hourly Roll-Over Fee will be displayed to you on the Wirex Service when you initiate a Multiply Transaction.
The Roll-Over Fee will be applied at the start of each hour that a Multiply Transaction remains open. If a Multiply Transaction closes before the end of the hour, you will be charged the portion of the hour that passed prior to the Multiply Transaction closing but you will not be charged the next Roll-Over Fee, and you will also not receive a refund of any part of the Roll-Over Fee already applied prior to the moment the Multiply Transaction closed.
You are solely responsible for any taxes owed on the Return paid to you. If you do not pay tax or report your earnings to your tax authority, you may face fines or other penalties.
If at any time you do not feel that you can agree to these Wirex Multiply Terms or any changes made to the Wirex Multiply Terms, you must immediately stop using the Wirex Multiply Service.
You will also lose your right to use the Wirex Multiply Service if:
If you or we terminate your access to the Wirex Multiply Service while you have pending or unexpired Multiply Transactions:
We may also, however, suspend your use of the Wirex Multiply Service, and withhold the payment of any Returns or repayment of any Investment Amounts:
if we are required to do so to comply with a court order, law, regulation, regulatory decree or ombudsman’s orders; or
while we investigate any suspected breach of these Wirex Multiply Terms, General Terms or Cryptocurrency Terms, or suspicious activity relating to your Wirex Profile, in each case if continuing to provide you with access to the Wirex Multiply Service while we conduct these investigations is likely to harm us, the Wirex Service or another user of the Wirex Service, or may cause us to be in breach of applicable law.
We will normally notify you if we suspend or terminate your use of the Wirex Multiply Service as set out in this clause; however, there may be circumstances where we are prohibited from doing so under applicable law.
We may also terminate your use of the Wirex Multiply Service at any time by giving you 2 months' notice.
Nothing in this paragraph 10 affects any legal rights you may have under the law of the country in which you are resident.
We do our best to ensure that:
However, due to the nature of the internet and technology in general, the Wirex Multiply Service may be unavailable if we need to undertake any emergency or scheduled maintenance on our systems. This means that we are unable to promise that your use of and access to the Wirex Multiply Service will always be uninterrupted, without delays, error-free or meet your expectations. We will notify you of any planned outages; however, we may not be able to do this if any outages are caused by circumstances outside of our control.
The values of Transaction Cryptocurrencies and other currencies in the relevant Crypto Pair are derived from public exchanges. Pricing for cryptocurrencies in Crypto Pairs that are less commonly traded may not always be available. While we do our best to execute and close all Multiply Transactions in accordance with your instructions as quickly as possible, there may be a delay between you asking us to close a Multiply Transaction through the Wirex Service and us being able to close that transaction.
The value of cryptocurrencies can also fluctuate rapidly. If the relative values of the cryptocurrencies in your Crypto Pair change between the point at which you ask to close your Multiply Transaction and your Multiply Transaction closes, your Return or Loss may be higher or lower than the amount displayed to you on the Wirex Service.
In every case, we will never be responsible for any loss or damage that:
The above does not affect your rights under the applicable law of the country in which you are resident, including our responsibility to you if we deliberately breach our commitments in these Wirex Multiply Terms.
We may revise these Wirex Multiply Terms from time to time but the most current version will always be at https://wirexapp.com/legal.
Changes will usually occur because of new features being added to the Wirex Multiply Service, changes in the law or where we need to clarify the position on something.
Where possible, we will notify you at least one week in advance of the date of these changes. If you do not agree to the changes, you must stop using Wirex Multiply Service before the changes to the Wirex Multiply Terms take effect.
Certain changes may occur immediately and without notice. This may happen when we are required to make changes by law, or where we make minor changes to these Wirex Multiply Terms that do not impact your rights and remedies or our obligations. When such changes occur, we will notify you as soon as reasonably practicable.
Any changes to the Wirex Multiply Terms will not affect any past or pending Multiply Transactions that you have set up and we have accepted in accordance with paragraph 4 above.
We hope you enjoy your use of the Wirex Multiply Service. If, however, you have a complaint or dispute with us relating to the Wirex Multiply Service, we would welcome the opportunity to make things right. Please contact us at supportescalations@wirexapp.com so that we can investigate and try to resolve the complaint or dispute.
In the unlikely event that we have not been able to resolve your complaint or dispute, we can then discuss and agree with you the most effective way of resolving our dispute.
Croatian law will apply to these Wirex Multiply Terms, including all disputes and the interpretation of these Wirex Multiply Terms. The courts of the country where you are resident will have non-exclusive jurisdiction over any dispute arising from or related to your use of the Wirex Multiply Service.
The current version of the Wirex Multiply Terms contains the only terms and conditions that apply to our relationship with you in relation to the Wirex Multiply Service.
We intend to rely on these Wirex Multiply Terms as setting out the written terms of our agreement with you for the provision of the Wirex Multiply Service. If part of the Wirex Multiply Terms cannot be enforced then the remainder of the Wirex Multiply Terms will still apply to our relationship.
If you do not comply with these Wirex Multiply Terms and we do not take action immediately, this does not mean we have given up any right we have and we may still take action in the future.