AstralX is committed to providing safe, transparent, and compliant digital asset and securities trading services to users worldwide. We adhere to strict compliance standards, employ multi-layered risk control systems and fund security measures to protect user assets, and actively cooperate with regulatory requirements in various jurisdictions, implementing anti-money laundering (AML) and know your customer (KYC) policies.
These Stock Trading Online Terms and Conditions and Risk Disclosure (hereinafter referred to as "this document") apply to users (hereinafter referred to as "clients") who open stock accounts and conduct stock trading (including cash transactions and margin financing transactions) through the AstralX online platform. They should be read together with and form part of the Client Agreement signed between the client and AstralX. Unless otherwise indicated by the context, capitalized terms used in this document have the meanings assigned in the Client Agreement.
This document is provided for clients’ reference and understanding. Please read it carefully before using the related services. If there is anything unclear, it is recommended to seek independent professional advice before commencing trading.
Part One: Nature of Services and Accounts
1. Nature of Services
1.1 AstralX acts as an agent for the client and executes stock trading transactions according to client instructions. This document does not constitute AstralX as a trustee or fiduciary of the client, nor does it establish a partnership between the parties.
1.2 Unless otherwise agreed in writing by both parties, AstralX does not provide investment advisory services and does not owe any advisory duty regarding the client’s investment decisions. Before entering into any transaction, clients should assess whether the transaction is suitable for themselves based on their financial condition, risk tolerance, and investment objectives, and may seek independent professional advice if necessary.
2. Stock Account
2.1 Clients may open only one stock account with AstralX for stock trading. This account supports both cash transactions and margin financing transactions. Clients do not need to open separate accounts for margin trading; whether financing is used depends on whether the client has signed the relevant standing authorization and actual operations within the account.
2.2 The client’s stock account is a fully independent account, separate and unrelated to any other accounts held by the client with AstralX (including but not limited to digital asset accounts). AstralX will not consolidate, cross-mortgage, or cross-liquidate assets in the stock account with other accounts. The assets and liabilities within the stock account are determined solely by the status of that account.
2.3 The client confirms that they are the sole ultimate beneficial owner of the stock account and bear full responsibility for all instructions under the account, unless AstralX has received written notice of authorized personnel appointments and has actually acknowledged such notice.
2.4 Buying Power: Buying power represents the total transaction value the client may enter into within their stock account. AstralX calculates this based on cash balance, position market value, margin requirements, and other factors. The buying power level calculated by AstralX is final and binding on the client. AstralX does not guarantee the accuracy or timeliness of the buying power figure, and clients should not rely solely on this number for trading decisions without verifying it themselves.
3. Order Placement and Execution
3.1 Clients may place trading orders through electronic means designated by AstralX. AstralX reserves the right to accept or reject any order at its sole discretion without providing reasons and is not liable for any losses arising therefrom.
3.2 AstralX has the right to partially execute client orders without prior notice. Due to market conditions, insufficient liquidity, or other reasons beyond AstralX’s control, orders may be delayed, partially filled, unfilled, or executed at prices deviating from the instructed price. AstralX is not liable for such occurrences unless caused by AstralX’s gross negligence, fraud, or willful misconduct.
3.3 Clients acknowledge that orders placed via the internet or other electronic means carry risks of interception or unauthorized use, which are borne solely by the client.
4. Settlement
4.1 Fund settlement within the client’s stock account is real-time: after selling stocks, the corresponding funds will be credited immediately and can be used for subsequent trades or withdrawals without waiting for additional settlement periods.
4.2 When buying stocks, the corresponding funds will be immediately deducted from the account; if purchased on margin, the financing amount will be immediately reflected as a liability in the account and interest will accrue from the transaction time as stipulated in Clause 9.
4.3 If the client’s account assets are insufficient to cover payment obligations for a transaction, AstralX has the right to refuse execution of the order or, if already executed, to debit the shortfall from other available assets in the account. Any resulting deficit and related costs are borne by the client.
Part Two: Nature and Risks of Margin Trading
This section is extremely important and clients should pay special attention. The risks involved in margin trading are fundamentally different from regular cash trading, and client losses may exceed their invested principal.
5. Nature of Margin Trading
5.1 Margin trading means that when a client conducts transactions in their stock account, all or part of the purchase price is financed by AstralX. Clients do not need to pay the full value of the stocks but only a certain proportion of their own funds (margin), with AstralX providing financing for the remainder.
5.2 The stocks purchased by the client and other assets in the stock account jointly serve as collateral for the client’s financing debt to AstralX. When the value of the relevant stocks declines, the collateral value shrinks accordingly, and the client may need to provide additional funds to maintain the required equity level; when stock values rise, although equity ratios improve, this does not reduce or exempt the client’s obligation to maintain margin at any time.
5.3 If the client’s collateral value is insufficient, AstralX has the right to take measures such as liquidation, closing positions, or realizing assets in the stock account to restore the required margin level.
6. Losses May Exceed Principal
Clients should be aware that losses from margin trading may exceed the value of assets held in the account. If a deficit remains after liquidation or closing positions, such deficit constitutes a debt owed by the client to AstralX, which is a primary, unconditional, and continuing payment obligation that is not altered by this document or other agreements.
7. Margin Calls and Forced Liquidation Without Notice
7.1 If the client’s account fails to meet applicable margin requirements, AstralX has the right (but is not obligated) to issue a margin call, which may require immediate or very short-term compliance, and AstralX is not obliged to grant any grace period or extension.
7.2 AstralX has the right to liquidate, close positions, or take other risk management measures deemed necessary at any time on any or all holdings in the client’s stock account without prior notice. Clients have no right to decide the targets, timing, sequence, or methods of liquidation. Clients should not rely on prior margin calls from AstralX, and failure to exercise rights previously does not affect AstralX’s right to exercise them at any time thereafter.
7.3 During periods of extreme market volatility, margin sufficiency may be assessed on a real-time or intraday basis. The client’s account may become margin deficient within a very short time, and AstralX has the right to immediately take liquidation measures without prior notice.
8. Margin Requirements May Be Adjusted at Any Time
AstralX has the right to adjust applicable initial margin, maintenance margin, concentration limits, and haircut rates for client accounts at any time without prior notice. Such adjustments may apply immediately to existing positions and may cause accounts to no longer meet requirements even if holdings remain unchanged. AstralX may take immediate liquidation or other measures accordingly.
9. Financing Interest
9.1 Clients bear interest on financing provided by AstralX. Interest is calculated daily from the date the financing debt arises and charged according to the applicable rates and interest periods published by AstralX. AstralX has the right to adjust interest rates at any time without prior notice.
9.2 Availability of financing services is not guaranteed and depends entirely on AstralX’s discretion and market conditions. Even if the client’s account holds sufficient collateral, AstralX may refuse, reduce, suspend, or terminate financing services at any time or impose limits on the client’s borrowing amount.
10. Execution, Market, and System Risks
10.1 AstralX does not guarantee execution of any order at a specific price or time. Due to market volatility, insufficient liquidity, system failures, network interruptions, or other reasons, trade execution may be delayed, fail, or be executed at prices significantly different from quoted prices; liquidation or closing operations may be executed at unfavorable prices.
10.2 AstralX’s trading services may depend on related market infrastructure providers. AstralX assumes no liability for acts, omissions, defaults, or system failures of such third parties.
11. Concentration Risk
If the client’s stock account holdings are concentrated in specific stocks, they may face higher risks—price fluctuations of those stocks could rapidly deteriorate the account status, increasing the risk of margin calls or forced liquidation.
12. No Monitoring or Notification Obligations
AstralX does not undertake any duty to monitor the client’s stock account or holdings, nor does it proactively provide investment advice (unless otherwise agreed). Clients are responsible for monitoring their accounts, maintaining sufficient margin levels, and managing their own risk exposure.
Part Three: Special Risks of Short Selling
If AstralX’s services include short selling, clients should ensure they fully understand the following risks before engaging in any short selling activities:
13.1 Unlimited Loss Risk: Unlike long positions where maximum loss is limited to invested capital, short positions have theoretically unlimited losses since stock prices have no upper limit, and the amount payable to close short positions is unlimited.
13.2 Short Selling Margin Requirements: Short selling is subject to initial and maintenance margin requirements independent of long positions. If the price of the shorted stock rises, required margin increases accordingly. If the client fails to replenish margin timely, AstralX has the right to buy back the relevant stocks at market price to close positions without prior notice.
13.3 Borrowing Costs: Clients must pay borrowing fees for borrowed stocks, which are separate from financing interest and may fluctuate significantly depending on stock supply and demand, especially for “hard-to-borrow” stocks.
13.4 Recall and Forced Buyback: Stock lenders may recall lent shares at any time. If AstralX cannot timely reborrow, it may buy stocks to close short positions on the client’s behalf without notice, and the client must bear all resulting losses and costs.
13.5 Dividend and Corporate Action Payment Obligations: As short position holders, clients must compensate lenders for dividends, distributions, or other entitlements during the holding period and may have similar obligations arising from other corporate actions.
Part Four: Collateral, Lien, and Liability Limitations
14. Collateral
14.1 To secure the client’s debts to AstralX arising from financing transactions and related matters, all assets in the client’s stock account (including stocks, cash, and other property) serve as collateral to AstralX. This collateral is continuous and remains effective even if some liabilities are repaid or account holdings change, until the client fully repays all liabilities under the stock account.
14.2 This collateral applies only to the client’s stock account and does not involve any other accounts held by the client with AstralX.
14.3 Without AstralX’s prior written consent, the client shall not create, transfer, or permit any rights or encumbrances over any assets in the stock account.
15. Lien
Until the client fully settles all amounts owed to AstralX under the stock account, AstralX has the right to exercise a lien over assets held in the client’s stock account. This lien applies only to the stock account and does not involve the client’s other accounts.
16. Liability Limitations
16.1 Except for losses caused by AstralX or its affiliates’ or employees’ gross negligence, fraud, or willful misconduct, AstralX is not liable for any losses resulting from trade execution, acts or omissions of market infrastructure providers, system failures, or market conditions.
16.2 AstralX is not liable for any indirect, special, incidental, consequential, or punitive damages (including loss of profits or trading opportunities) arising from trades or this document.
16.3 If applicable laws prohibit exclusion or limitation of the above liabilities, this clause does not apply to the non-excludable or non-limitable parts.
17. Events of Default and AstralX’s Rights
If an event of default as determined by AstralX occurs (including but not limited to the client failing to meet margin requirements, unauthorized negative balances, or providing false information), AstralX has the right, without prior notice, to:
(a) Demand immediate payment of all amounts owed under the stock account;
(b) Terminate all or part of the services, close or suspend the stock account;
(c) Enforce collateral, sell, realize, or dispose of assets in the client’s stock account;
(d) Cancel any unexecuted client orders.
The client shall be responsible for any deficit arising from AstralX exercising the above rights and pay corresponding costs and expenses (including reasonable legal fees).
Part Five: Comprehensive Risk Disclosure
This section does not disclose or intend to disclose all risks involved in stock and margin trading. Unless the client fully understands the relevant risks and has obtained independent professional advice as needed, such transactions are not recommended.
18. General Risks of Stock Trading
18.1 Stock prices fluctuate and can sometimes be extremely volatile, even becoming worthless. Buying and selling stocks may result in losses rather than profits.
18.2 Past performance does not indicate future results.
18.3 Stocks denominated in foreign currencies are subject to exchange rate fluctuations, which affect investment value.
18.4 Clients should clearly understand transaction fees payable before trading, as these fees affect net profits or increase losses.
19. Summary of Margin Trading Risks
19.1 In addition to general stock trading risks, margin trading may lead to losses exceeding the value of cash and other assets deposited in the stock account.
19.2 Market conditions may prevent execution of stop-loss or other conditional orders. Clients may receive short notice margin calls; failure to meet these may result in liquidation of account assets without further consent.
19.3 Clients remain responsible for any deficits and accrued interest in their accounts and should carefully consider whether margin trading suits their financial condition and investment objectives.
20. Currency and Exchange Rate Risks
If the client’s stock account involves multiple currencies, the client bears foreign exchange and conversion risks. Exchange rate fluctuations may affect account asset values, margin requirements, and total liabilities owed by the client.
21. Risks of Assets Held by AstralX
Clients should be aware that entrusting funds or stocks to AstralX involves inherent risks. For example, if AstralX experiences operational abnormalities while holding client assets, asset recovery may be delayed. Clients should be prepared to bear such risks.
22. System and Electronic Service Risks
22.1 Clients should understand that using AstralX’s electronic trading systems carries inherent risks including interruptions, delays, errors, failures, or unavailability, whether caused by AstralX’s systems, third-party systems, or market infrastructure systems.
22.2 Clients are responsible for the confidentiality and security of their login information and passwords. If they suspect leakage, loss, or unauthorized use, they should immediately notify AstralX.
23. Risks of Authorizing Third Parties to Operate Accounts
Allowing authorized third parties to operate client accounts or trade on behalf of clients carries significant risks, including the risk that instructions may be given without proper authorization. Such risks are borne solely by the client.
Part Six: General Terms
24. Fees
24.1 AstralX charges only transaction fees for trades within the client’s stock account, with specific rates as published in AstralX’s fee schedule. No additional transaction taxes or fees are charged.
24.2 Clients using financing functions must pay financing interest separately under Clause 9. This interest is not part of transaction fees and is charged separately.
24.3 AstralX reserves the right to modify transaction fee rates and financing interest rates from time to time and will notify clients as agreed.
25. Communications and Notices
Notices sent by AstralX to clients will be delivered to the addresses, phone numbers, or electronic means provided by the client and are deemed delivered within the agreed timeframe. Likewise, client notices to AstralX should be in writing or as otherwise agreed.
26. Amendments
AstralX may unilaterally amend this document and related terms and will notify clients in advance. If clients disagree with the amendments, they should submit written objections within the agreed period; otherwise, acceptance of the amended terms is presumed.
27. Termination
Either party may terminate services under this document with the agreed advance notice. Upon termination, all amounts payable by the client to AstralX become immediately due. After AstralX settles all liabilities owed by the client under the stock account, remaining assets will be returned to the client. Risks and costs arising from this are borne by the client.
This document is provided for client reference and understanding of relevant terms and risks and does not constitute a separate document requiring signature; specific account opening and financing transaction authorizations are governed by the Client Agreement and related standing authorization documents signed between the client and AstralX. This document serves as a template; specific terms should be adjusted in accordance with AstralX’s actual registered entity and applicable regulatory requirements. Prior to official external release, it should be reviewed and confirmed by legal counsel qualified in the relevant jurisdiction.