Terms & Conditions
Contents
1. Who we are
TOKENSDESK is a trading name of PRIMARYMARKETS PTY LTD, ACN 136 368 244, ABN 24 136 368 244, a proprietary limited company incorporated in Australia and registered with the Australian Securities & Investments Commission (ASIC), with its registered office at Sydney NSW 2000, Australia.
You can verify the company on ABN Lookup or at asic.gov.au before you send us anything.
In these Terms, “we”, “us” and “our” mean PRIMARYMARKETS PTY LTD. “You” and “your” mean the person who holds the account. “Platform” means the TOKENSDESK trading terminal and any related application or interface we provide.
2. Eligibility and restricted jurisdictions
To open an account you must be at least 18 years old, have full legal capacity to enter into this agreement, act on your own behalf and not on behalf of an undisclosed third party, and not be resident, located or a national of a restricted jurisdiction.
2.1 Restricted jurisdictions
We do not accept clients who are resident in, located in, citizens of, or acting from any jurisdiction in which we are not authorised to offer the Services, or in which offering them would require an authorisation, registration or membership we do not hold.
This includes, without limitation, the United States of America, its territories and possessions, and any US person as defined under US law: trading contracts for difference on digital assets is not permitted for US retail persons under the rules of the Commodity Futures Trading Commission and the Securities and Exchange Commission, and we are registered with neither.
We maintain a list of restricted jurisdictions and apply it at onboarding and on an ongoing basis. The list is not published in full and may change without notice. Where your country of residence is restricted, the registration form will tell you so at the point you select it, and access may additionally be blocked by reference to the location your connection originates from.
Separately, and in all cases, we do not open or maintain accounts for any person or entity that is subject to sanctions administered by the Australian Government, the United Nations Security Council, the United States Office of Foreign Assets Control, the United Kingdom or the European Union, nor for any person resident in or located in a territory subject to comprehensive sanctions, nor in any jurisdiction identified by the Financial Action Task Force as subject to a call for action.
2.2 Your obligation
You confirm, each time you use the Platform, that you are not in a restricted jurisdiction. You must tell us within 30 days if you move to one. Using a virtual private network, proxy, false address or any other means to disguise your location in order to obtain access is a material breach of these Terms.
3. Opening an account
An account is opened online. You must give complete and accurate information and keep it up to date. We may refuse any application at our discretion and are not obliged to give a reason.
Before you can trade or withdraw, you must complete identity verification. Our checks are set out in the AML & KYC Policy, which forms part of this agreement. Verification is arranged in three levels:
| Level | What it requires | What it is for |
|---|---|---|
| 1 — Identity | Passport, national ID card, driving licence or residence permit | Establishing who you are |
| 2 — Address | A bank statement or utility bill dated within the last three months | Establishing where you live, which is how a restricted jurisdiction is identified |
| 3 — Source of funds | Evidence of where the money came from | Required only if you want leverage above 1:20 |
Levels 1 and 2 are submitted together and reviewed as a single decision. Level 3 is separate and optional: you can trade at up to 1:20 leverage without it.
One person may hold one account. Accounts are personal and non-transferable. You are responsible for keeping your password and any two-factor authentication device secure, and for everything done through your account by anyone who obtains access to it.
4. What we provide
We provide an execution-only platform for trading contracts for difference on digital assets. A contract for difference is an agreement to exchange the difference in the price of an instrument between the time a position is opened and the time it is closed. You never own the underlying digital asset, you cannot take delivery of it, and you have no rights in it — no voting rights, no staking rewards, no airdrops and no forks.
Execution-only means we do not advise you. We do not assess whether a trade is suitable or appropriate for you, we do not manage your money, and nothing on the Platform is a personal recommendation. Every decision to open, size or close a position is yours.
5. Prices, spreads and costs
Our prices are derived from the order book of the exchange on which we hedge. Around the market mid-price we quote a bid and an ask; the difference between them is the spread, and the spread is how we are paid.
The spread on each market tracks that market's own liquidity, with a minimum per liquidity tier. Deeper markets are quoted more tightly than thin ones, because a thin market costs more to hedge and moves further when it does. The spread applying to any market is shown on the order ticket before you trade.
| Charge | Amount |
|---|---|
| Spread | Variable by market and liquidity; always shown on the ticket before you place an order |
| Commission | None. We do not charge a commission per trade |
| Overnight financing / swap | None. We do not charge financing to hold a leveraged position overnight |
| Deposit fee | None from us. The blockchain network you send on charges its own fee, which we neither set nor receive |
| Withdrawal fee | None from us. Network fees are deducted from the amount sent |
| Inactivity fee | None. See section 17 |
We may change our spreads. Changes take effect when published on the Platform and apply to positions opened after that point.
6. Orders and execution
Market orders are executed at the prevailing bid or ask when the order reaches us. Limit orders rest until the market reaches the price you set, and are then executed.
Stop loss and take profit. A stop loss closes a position when the market moves against you to the level you set; a take profit closes it when the market moves in your favour to the level you set. Both are executed at the level you set. We do not pass on the difference between your level and the price at the moment our system observed the breach, because that difference is the interval of our own monitoring rather than a cost of the market.
The account-level close-out in section 7 is different and is executed at the prevailing market price, because it has no level of its own.
We may decline or cancel an order where the market is closed or suspended, where you have insufficient margin, where the order would breach a position or leverage limit, where we reasonably suspect market abuse, or where a price was manifestly erroneous.
6.1 Manifest error
If a price is clearly wrong — a feed fault, a stale quote, a mis-keyed figure — we may void or re-price any trade executed on it. We will tell you promptly and explain the correct price. We will not use this clause to reverse a trade merely because it was profitable for you.
7. Leverage, margin and close-out
Leverage lets you take a position larger than your deposit. It multiplies gains and losses equally. The margin required to open a position is the position's notional value divided by the leverage you selected.
| Leverage | Available |
|---|---|
| 1:1 to 1:20 | All verified clients |
| 1:100 and 1:500 | Only once Level 3 (source of funds) has been approved |
Maximum leverage also varies by market: thinner markets are capped lower, and the cap applying to a market is shown on the ticket.
Margin level is your equity divided by the margin you are using, as a percentage. Equity is your balance plus or minus the profit and loss on open positions, and includes any Trading Credit.
Negative balance protection. If a market gaps so far that closing your positions leaves the account below zero, we absorb the shortfall. Your balance will not go negative and you will never owe us money as a result of trading losses. This protection does not apply where the deficit results from fraud, market abuse or a breach of section 14.
8. Client money
Client funds are held in segregated client accounts with our custodian banks, separate from the broker's own operating funds. We do not use client money for our own purposes.
Segregation is an accounting and custody arrangement. It is not a guarantee scheme and it is not deposit insurance: there is no government compensation scheme covering your funds with us, and if we became insolvent you would rank as a creditor. We say this plainly because a client is entitled to know what protection they do and do not have.
We do not pay interest on balances held.
9. Deposits
Deposits are made on-chain in the digital assets and networks shown on the funding page. Each deposit address is issued per asset and per network and is not reused across chains.
- Send only the asset and network shown. Funds sent on a different network, or in a different asset, are generally unrecoverable, and we cannot credit or return them.
- Copy the address rather than transcribing it.
- Your deposit is credited once the transaction is confirmed on-chain and checked. The value credited is the value we actually receive, converted at the rate at the time of crediting.
- We credit deposits only from a wallet you control. We do not accept third-party payments.
10. Withdrawals
You may withdraw available funds at any time, subject to verification being complete and to the checks below. Withdrawals are paid to a wallet in your name and, wherever possible, back to the source the funds came from.
- Each payout instruction requires a one-time password from your authenticator app, followed by review and release by our operations team. Your password alone cannot move money.
- The beneficiary address is validated against the selected network before the instruction can be submitted. Transfers settled on the wrong network cannot be reversed.
- The amount is reserved against your balance when you submit the instruction, which is why your available balance falls before the payment settles. If we decline the instruction, the reservation is released in full.
- We aim to process withdrawals within one business day. Additional checks may take longer, and we will tell you if they do.
- Trading Credit cannot be withdrawn. See section 11.
11. Trading Credit and promotions
Trading Credit is a promotional balance awarded through challenges, tasks and account levels. It counts towards your equity and your margin, so it supports larger positions and absorbs losses before your own money does.
Trading Credit is not your money. It cannot be withdrawn, it is not transferable, and we may reduce or remove it — including retrospectively — where it was awarded in error, obtained through abuse, or where the trading behind it was not genuine. Profits genuinely made while trading with credit are yours and are withdrawable in the ordinary way.
12. Risk disclosure
- Leverage. A small move against a leveraged position can consume your entire margin. At 1:100, a 1% adverse move eliminates the margin supporting the position.
- Volatility. Digital assets move further and faster than most other markets, at any hour, including weekends. Moves of 10% or more in a day are ordinary.
- Gapping. Prices can jump without trading through the levels in between. Your stop may be crossed rather than touched, and the account-level close-out may execute far from where you expected.
- No ownership. You hold a contract with us, not the asset. You cannot withdraw the underlying coin, and you have no rights attaching to it.
- Counterparty risk. Your contract is with us. If we failed, you would be a creditor. There is no compensation scheme.
- Technology. Internet access, a device, an exchange or a data feed can fail. Section 15 explains what we do and do not undertake.
- Past performance tells you nothing about future results, whether it is yours, ours or a market's.
Trading these products is not suitable for everyone. If you do not understand the risks, do not trade, and consider taking independent advice from someone licensed to give it.
13. Conflicts of interest
You are entitled to know how we make money and where our interests and yours may differ.
We hedge. Our policy is to offset client positions on an exchange, so that our result does not depend on whether you win or lose. We are paid from the spread — the difference between the price we quote you and the price at which we can hedge.
Two consequences follow, and we state them rather than bury them:
- Because we are your counterparty on the contract itself, we are on the other side of your trade as a matter of contract even when we are hedged as a matter of economics.
- Where a position is not hedged, for any period, our result is the inverse of yours for that period. We manage this by monitoring net exposure, not by taking a view on your trading.
We do not trade against your orders, we do not widen a spread because of who placed an order, and no member of our staff is paid on client losses.
14. Acceptable use and market conduct
You must not:
- use the Platform for money laundering, terrorism financing, sanctions evasion, tax evasion or any other unlawful purpose;
- trade on the basis of inside information, or attempt to manipulate a market or a price;
- exploit a pricing error, latency, a feed fault or a defect in the Platform, or trade on a price you knew or ought to have known was wrong;
- use automated systems, scripts or arbitrage strategies designed to exploit our quotes, without our written consent;
- open more than one account, or use another person's account, or allow another person to use yours;
- disguise your location or identity, or provide false documents;
- attempt to gain unauthorised access to any part of our systems.
If you breach this section we may void the affected trades, suspend or close the account, and where required report the matter to the relevant authority.
15. Platform availability
We work to keep the Platform available and accurate, but we do not guarantee uninterrupted access. Maintenance, upgrades, third-party failures, exchange outages and events beyond our reasonable control can all interrupt service.
We are not liable for losses arising from an interruption we could not reasonably have prevented. You should not rely on the Platform being available at a particular moment as your only means of managing risk; consider using stop losses, which continue to be monitored by our systems rather than by your browser.
16. Information and analysis
The Platform shows market data, technical readings, an automated written analysis and an automated assistant that answers questions about the markets we list.
All of it is information only. None of it is advice, a recommendation, or a forecast. Our automated tools are expressly constrained never to tell you what to trade and never to predict a price, and they will decline to answer such a question. Market data is obtained from third-party sources; we take reasonable care with it but do not warrant that it is error-free, and it may be delayed or interrupted.
17. Inactive and dormant accounts
An account with no login and no trading for 12 months is treated as inactive; after 24 months it is dormant. We do not charge an inactivity or dormancy fee. Your balance remains yours and can be withdrawn once you have re-verified your identity. We may close a dormant account with a zero balance after notifying you at your registered email address.
18. Our liability
Nothing in these Terms excludes or limits any liability that cannot lawfully be excluded, including liability for fraud, fraudulent misrepresentation, death or personal injury caused by negligence, or any right you have under a law that cannot be contracted out of.
Subject to that, we are not liable for indirect or consequential loss, loss of profit, loss of opportunity or loss of data, and our total liability to you in any 12-month period is limited to the total charges you paid us in that period.
We are not liable for losses caused by your own decisions, by your failure to keep your credentials secure, or by circumstances beyond our reasonable control.
19. Complaints
If something has gone wrong, write to [email protected] with your account number, what happened, when, and what you would like us to do.
| Stage | What we do |
|---|---|
| Acknowledgement | Within 5 business days of receiving your complaint |
| Investigation | A written response within 30 calendar days. If we need longer we will tell you why and when to expect an answer |
| Records | Complaints and their outcomes are recorded and reviewed by management |
If you are not satisfied with our final response, you may pursue the matter through the courts identified in section 22. We are not a member of an external dispute resolution scheme, and we say so rather than leave you to discover it.
20. Suspension and closure
You may close your account at any time by writing to us, once open positions are closed and any balance is withdrawn.
We may suspend or close your account, on notice where practicable, if you breach these Terms, if verification cannot be completed, if you are found to be in a restricted jurisdiction, if we are required to by law or by a regulator, or if we reasonably suspect fraud, market abuse or financial crime. On closure we will return the remaining balance to you, less any amount we are lawfully entitled or required to retain.
21. Changes to these Terms
We may change these Terms. We will publish the new version on the Platform and, for a change that materially affects your rights, give you at least 14 days' notice by email before it takes effect. Continuing to use the Platform after that date means you accept the change. If you do not accept it, you may close your account and withdraw your balance.
22. Governing law
These Terms are governed by the laws of New South Wales, Australia. You and we submit to the non-exclusive jurisdiction of the courts of New South Wales.
If any provision is found to be unenforceable, the rest continues in force. Our failure to enforce a provision is not a waiver of it. These Terms, together with the Privacy Policy and the AML & KYC Policy, are the entire agreement between us.
Related documents: Privacy Policy · AML & KYC Policy