Terms of Service

Updated: 01 September 2018.

By using the JOULE app or website, you have agreed to all the terms included in this document.

User Account Limits

The platform is only for users above the age of 18. You confirm that yourself and all your referrals are above this age.

Each person can own a maximum of one user account. In case it is found that a user has more than one account, the system reserves to rights to freeze, suspend or close all the accounts involved. The funds in all the accounts will be forfeited.

There is a limit on the maximum number of referrals a user can make. This number can be adjusted in future subject to the discretion of the system taking into consideration the overall development of the user community.

Account Security

Each Joule account has a portfolio of net (Long or Short) positions on various items and an account balance. The Joule app is built on the EOS blockchain. Each Joule account is associated with an EOS account wallet to sign transactions and transfer funds. With the EOS wallet, user can transfer funds in Joule, EOS or other compatible tokens with other EOS wallets. As always, users need to save their EOS private key carefully. Any loss incurred by a lost or compromised private key is the sole responsibility of the user.

Transaction Fees

Each successful trade incurs a transaction fee on each side of Long and Short. Currently, the unit fee is 0.05J per unit transacted. A round-trip trade (e.g. Long, and then Short to close out position) will incur this transaction fee twice. The fee is standardized across all items.

Referrer Commission

Part of the transaction fees contributed by a user is credited to his/her Referrer’s account as a reward. Currently, the Referrer Commission is set at 0.01J per transaction unit during the month. This is a recurring reward each month. Note that if a Referrer’s own transaction volume in a particular month is less than the Referrals’ average, the actual receivable commission will be discounted proportionally by this factor: (Referrer’s own volume) / (Average volume of all Referrals)

Referrer’s Role & Responsibility

In order to earn the recurring reward of Referrer Commissions, a Referrer has the following responsibilities:

  • Teach Referrals about the system and provide basic technical support.
  • In case a Referral has a negative balance and fails to deposit additional fund by the notified deadline, the Referrer will have to bear the shortfall owed to the system. The amount will be deducted from the Referrer’s Available fund.
  • Referrer should also trade actively to get the maximum Referrer Commissions.
  • Referrer also plays a role in social recovery of referrals’ account in case the account is hacked or password is lost.

Updating of Terms of Service

The platform reserves the rights to modify the Terms of Service for the overall development of the user community. The latest version will be published on the official website. By continuing to use platform, you have agreed to the latest Terms of Service.