Terms and Conditions

Legal information and risk disclosure.

Terms and Conditions of Botlabs Ltd.

The following Terms and Conditions govern the legal relationship between the user ("User") and Botlabs Ltd, Craigmuir Chambers, Road Town, Tortola VG1110, British Virgin Islands ("Botlabs") for the use of the website and the trading-platform (hereinafter "SmithBot Platform"). Only the provisions in normal print are part of the General Terms and Conditions; sections in italics and the bold printed headings are for explanatory and illustrative purposes only and have no regulatory content of their own.

The following Terms and Conditions are the basis of every contract you enter into with us for the use of the SmithBot Platform. The explanations and headings are provided for better understanding. You will notice that our Terms and Conditions are fair and balanced.

How is a contract with Botlabs concluded? What information is required?

A contract between Botlabs and the User for the use of the SmithBot Platform to gain access to the SmithBot Platform enabling a User with a Basic Account or Pro Account (see below) to allow an automated algorithmic computer program (“Bot”) to buy and sell a mostly decentralized Virtual Currency (“Cryptocurrency”, e.g. Bitcoin, Litecoin, Ripple) on a virtual currency exchange (“Exchange”. e.g. Binance, BitMEX, Kraken, OKEx, Bitstamp, Bitfinex) on behalf of the user is entered into by the user creating a user profile ("SmithBot Account") and clicking the "Register" button. For setting up your SmithBot Account you need to provide Botlabs with a valid email address and your country of residency; Botlabs payment provider may require you to also give a valid billing address. With the registration of the SmithBot Account the User declares that he is over 18 years of age. The User is solely responsible for the use of the SmithBot Account being in accordance with the laws in the country of his residency.

Explanation: For using the services of the SmithBot Platform you need to open a SmithBot Account with us. As we need to communicate with you, we need a valid email address. As we cannot check all the different legislations worldwide whether our service is allowed, you need to be sure, that your local authorities are ok with you using our service. Further, you need to be over 18 years of age as we won’t allow minors to trade with Cryptocurrencies for their own safety.

How does the SmithBot Platform work?

The SmithBot Platform is an online service or SaaS that allows a User to select one or more of the Bots provided by SmithBot and allow SmithBot – if the corresponding functions are enabled by the User – to automatically execute one or several buy or sell orders at the Bots’ command (“Trade Signals”) regarding Cryptocurrencies on Exchanges on behalf of the User based on the analysis of reference Cryptocurrency market data mined by the Bot. The Trade Signals are received by a tool executing the Trade Signals on the Exchanges based on the parameters preset by the User and on behalf of the User (“SmithBot Trade Engine”). Neither Bot nor the SmithBot Platform will ever be programmed or authorized by SmithBot to transfer funds to or from the Exchange. The Bots are programmed and provided to SmithBot by third parties; hence, SmithBot merely facilitates the User to use the Bots on the SmithBot Platform.

Explanation: The Bots monitor the supported markets around the clock and feeds the data into the Trade SmithBot Trade Engine. The Bots generate those Trade Signals based on their algorithm, the SmithBot Trade Engine executes the trades on your behalf on the Exchange you selected.

Do customers have to pay for the use of the SmithBot Platform? Are the Accounts transferrable?

The setting up of the SmithBot Account is free of charge. With the setting up of the SmithBot Account, the User automatically gets a basic subscription (“Demo Account”) allowing the User to access the visualization functions of the SmithBot Platform (e.g. Bot evaluation), also free of charge. The Demo Account can be extended with additional paid subscriptions ("Basic Account", "Pro Account").

By clicking the "Subscribe Plan" button, which completes the booking process for the Basic Account and the Pro Account, the User submits an offer to amend the usage contract subject to the applicable price conditions, available at https://smithbot.com. Botlabs accepts this offer by providing the Basic Account or Pro Account. Botlabs is not obliged to conclude a contract. The SmitBot Account, Demo Account, Basic Account and Pro Account may not be transferred

Explanation: When registering with the SmithBot Platform you automatically get a Demo Account allowing you to explore the functions of the SmithBot Platform. The Demo Account is absolutely free of charge. The Basic Account and the Pro Account can be booked directly online. Current prices and contact information can be found at https://smithbot.com.

What is the difference between the accounts?

The scope of services of SmithBot in relation to the Basic Account and the Pro Account are stipulated on the SmithBot Platform, available under our FAQ-section .

Explanation: While the Demo Account allows you to see the relevant data on the SmithBot Platform (e.g. Bot performance) and allows you to simulate the use of the Bots, you may not actually use the Bots on Exchanges; for this you need either a Basic Account or a Pro Account. The difference between the Basic Account and the Pro Account is that the Pro Account has a higher Combined Trading Limit than the Basic Account and therefore offers you significantly higher maximal combined order volumes. All the other functionalities are the same for the Basic Account and the Pro Account.

How do I chose my Bots? Will the Bots always be the same?

The SmithBot Platform offers a variety of Bots the User may choose from. Further, the SmithBot Platform displays a historical performance review of the various Bots based on market data. This performance review is strictly for informatory purposes; hence, Botlabs assumes no guarantee whatsoever, that the future performance of the specific Bot will align with the historical performance review. Also, Botlabs does not assume any guarantee, that the data of the historical performance review themselves are correct. Botlabs reserves the right to immediately discontinue offering specific Bots or change the algorithm of the Bot responsible for Trade Signals at any time.

Some exchanges do not allow customers from certain countries to have an account with them and/or trade all (globally) available pairs due to legal and regulatory restrictions. The User is required to ensure that all of the following requirements are met

  • the SmithBot Account of the User is only connected to exchange accounts that the User is allowed to have
  • the User is only subscribed to Bots that are trading in pairs the User is allowed to trade in
  • the User is required to periodically check and ensure compliance of their accounts and subscriptions as per applicable laws and regulations

Explanation: You may choose from all the Bots on the SmithBot Platform and allow them to trade for you. As guidance which Bot to choose, the SmithBot Platform offers a ranking of the Bots based on historic data. As we cannot predict the future, we cannot guarantee, that the Bot’s performance will stay the same. As we continuously strive to get the best performance possible from the Bots, we reserve the right to adapt them at any time. As we want our Bots to be perfect, we also reserve the right to remove an underperforming Bot from the SmithBot Platform at any time.

How do the Bots execute trades on the Exchange?

For allowing the SmithBot Trade Engine to send Trade Signals to the Exchange on behalf of the User, the User is required to state his API-Keys for his account on the relevant Exchange (“Exchange Account”). With the provision of the API-Keys the User enables the SmithBot Trade Engine to execute trades via the User’s Exchange Account. The Users have to enable the API-Keys to check the Balance of the User on the relevant Exchange and to place buy- and/or sell-orders on the Spotmarket of the relevant Exchange. Botlabs assumes no liability for the User’s Exchange Account allowing Bots to trade on behalf of the User. Potential fees for executing trades asked by the Exchange or fees for accessing the Exchange are paid by the User.

Explanation: To allow Botlabs to trade on your behalf, you first need to allow us to access your Exchange Account. This happens via an API which connects the SmithBot Platform to your Exchange Account. The Bots will execute trades on your behalf, but never be allowed to transfer any funds to or from your Exchange Accounts; the addition or withdrawal of funds is solely up to you. Further, you may have to pay fees to your Exchange for executing trades or for being able to trade on the Exchange in general. As those exchanges and the potential fees are out of our control, you have to pay for the fees raised by the Exchange you chose. However, the Bots are able to include potential trade fees into their calculations.

Are there any limits for the Bots trading on my Exchange?

When subscribing to a Bot on the SmithBot Platform the user is required to set a volume for the initial individual buy order the Bot is allowed to execute on the Exchange (“Initial Order Volume”); the SmithBot Platform does not set a limit on sell-orders. Further, the User is required to set a limit where the Trade Engine will cap the User’s individual orders (“Maximum Order Limit”). Additionally, the SmithBot Platform sets a limit for the combined Maximum Order Limits of the Bots the User selected (“Combined Trading Limit”); the Combined Trading Limit depends on the type of additional paid subscriptions chosen by the User.

Additionally, the SmithBot Platform requires the User to set a limit where the SmithBot Trade Engine will stop executing the buying Trade Signals of a Bot (“Minimum Order Limit”).

Explanation: The SmithBot Platform requires you to set an Initial Order Volume and a Maximum Order Limit and, to limit your downside risk, a Minimum Order Limit for the individual Bots. Hence, you have control over your funds and how many funds the Bot may use. The SmithBot Platform strives to avoid that the Bots’ trading activity strongly influence the market prices. If many Users subscribe to the same Bot, the SmithBot Trade Engine would trigger orders with large volumes upon a Trade Signal all at the same time. Due to limited liquidity on Exchanges and for some Cryptocurrencies, this could cause abnormal price movements. This would in turn also erode the Bot’s performance.

What is the duration of the contract?

When subscribing to either the Basic Account or the Pro Account the User may also choose the duration of the relevant contract (“Contract Period”) ranging between 1 month and 24 months. After the Contract Period lapsed, the Basic Account or Pro Account ends. The User may resubscribe at any time.

The SmithBot Account and the Demo Account run indefinitely, unless terminated by the User or SmithBot; SmithBot retains the right to terminate the SmithBot Account and the Demo Account at any time.

Explanation: When subscribing to your account, you may choose how long the contract should run. After the Contract period has expired, there is no automatic renewal of your contract, but you may always resubscribe to our services. The Demo Account runs without time limit, but we retain the right to terminate inactive accounts as we are required by some data protection legislations to do so.

How do I pay my subscription?

The User can pay the monthly usage fee for the Basic Account and the Pro Account via the payment tool provided on the SmithBot Platform; such payment shall be subject to the terms and conditions of the third party payment platforms Coinbase Commerce and/or Skrill. Some of those payment platforms might charge a fee for the transaction (e.g. networking/miner fee). It is the responsibility of the User to both transfer the correct subscription payment amount and pay any transaction fees.

In case of over or underpayment, amounts of less than 25 USD cannot be reimbursed. For a reimbursement the User shall contact our SmithBot Support Team.
It is the responsibility of the User to cover any cost (e.g. network/mining fee) involved with the reimbursement transaction.

Explanation: The monthly fee for your account is paid using the platform of one of our payment providers, also accepting payment in Cryptocurrencies.

How can I cancel my subscription to the Basic Account or the Pro Account?

For the Contract Period, neither Botlabs nor the User may ordinarily cancel the contract underlying the Basic Account or the Pro Account; the right to extraordinarily terminate the contract shall remain unaffected.

The User may cancel the Demo Account at any time in text form by email to support@smithbot.com. The User agrees that the user data will not be deleted after termination of the contract; this does not apply to any personal data in the meaning of the General Data Protection Regulation (GDPR). A complete erasure will only take place at the explicit request of the User, which may be addressed to support@smithbot.com.

Explanation: You may terminate the Demo Account any time if you no longer wish to use the services of Botlabs. After the lapse of the Contract Period, your subscription ends automatically; there is no renewal unless you choose to subscribe to the Account of your choice again. You may not terminate the Basic Account or the Pro Account while the Contractual Period still runs. The termination may be done by email.

Is the SmithBot Platform always available (24/7)? What about the Trade Signals?

Botlabs may change, suspend or terminate the SmithBot Platform and consequently the Bots thereon sending Trade Signals if and to the extent that the contractually agreed service is still available to the User. Botlabs strives to make the SmithBot Platform available to the User as uninterrupted as possible; however, from a technical point of view, a continuous uninterrupted availability of the SmithBot Platform and the Bots cannot be guaranteed. In particular, maintenance, security or capacity issues, as well as events beyond Botlabs control (e.g. disruptions to public communication networks, power failures, etc.) may lead to disruptions or temporary suspension of the SmithBot Platform. Futher, Botlabs assumes no liability for the Trade Signals being transferred to the Exchange and / or being executed correctly by the Exchange.

Explanation: We strive to give you the best availability of the SmithBot Platform. However, there are things beyond our control potentially affecting the availability of the SmithBot Platform. Hence, we assume no liability for the availability of the SmithBot Platform and the Bots. Also the Exchanges are run by third parties we have no influence on. So we cannot assume any liability regarding the Trade Signals and whether the Exchange actually creates and executes the orders.

What about the liability of Botlabs?

To the maximum extent permitted by the applicable law, the User expressly agrees that he uses the SmithBot Platform entirely at his own risk and Botlabs and its respective directors, officers, employees or agents shall not be liable to the User for any direct, indirect, incidental, special consequential or other economic loss of any kind which may be incurred by the User or any third party in connection with the use of the SmithBot Platform including, but not limited to any loss of profit, lost opportunities, loss of data suffered or other intangible loss.

To the maximum extent permitted by the applicable law, the User agrees to defend, indemnify and/or hold harmless Botlabs as well as its respective directors, officers, employees or agents from and against any claims, liabilities, damages, judgements, awards, losses, costs, expenses or fees (including reasonable attorneys’ fees) arising out of or relating to the User’s breach of these Terms and Conditions or the use of the SmithBot Platform, including but not limited to the User’s submissions and third party platforms.

Explanation: An exclusion of liability is common in such kind of transactions.

Does Botlabs use subcontractors?

Botlabs has the right to use subcontractors or vicarious agents at any time to fulfill its contractual obligations towards the User without the User's consent.

Explanation: Botlabs cannot provide all services (e.g. web hosting) itself. Botlabs will – in its own interest – select subcontractors very carefully and monitor their reliability, because after all, Botlabs is liable for any fault of the subcontractors towards the User as if it were its own fault.

What happens in case of force majeure?

In cases of force majeure, Botlabs is released from the obligation to provide services for the duration and to the extent of the event. Force majeure is any event beyond Botlabs control that prevents Botlabs from fulfilling its obligations in whole or in part, including fire damage, floods, strikes and lawful lockouts, as well as operational disruptions or governmental orders that are not the fault of Botlabs. Supply difficulties and other service disruptions on the part of Botlabs suppliers are only considered force majeure if the supplier is prevented from providing the service for which he is responsible by an event according to sentence 2. Botlabs will immediately notify the User of the occurrence as well as the cessation of the force majeure and will make every effort to remedy the force majeure and limit its effects as far as possible. The right of each party to extraordinarily terminate the contract in the event of prolonged force majeure remains unaffected.

Explanation: If, for example, an earthquake or fire destroys the IT infrastructure of our provider, we will not be able to provide the services. We are therefore released from our service obligations for the duration of force majeure.

What happens if I do not follow the rules of the SmithBot Platform?

Botlabs reserves the right to investigate any suspicion of misuse or material breach of contract, to take appropriate measures and, if necessary, to block the User's access to the SmithBot Platform if there is a justified suspicion and / or to terminate the contractual relationship without notice in the event of particularly serious breaches. The User has to inform Botlabs immediately of any indications of misuse of the SmithBot Platform.

Explanation: If Botlabs detects that a User provides incorrect information or uses the services for market manipulation, Botlabs will immediately block this User to protect honest Users and terminate the contractual relationship. If you notice any misuse of the SmithBot Platform, you must inform us immediately - also in your own interest and in the interest of every other User.

What rights do I get regarding the Bots or the other software on the SmithBot Platform?

Botlabs reserves all intellectual property rights to the SmithBot Platform, in particular with regard to the structure and design of the SmithBot Platform, the Bots and other software used on the SmithBot Platform unless otherwise expressly stated in these Terms and Conditions. Botlabs does not grant the User any proprietary rights to the Bots and other software used on the SmithBot Platform, in particular to its source code. The User is not entitled to copy, edit (including redesigning the software, converting it to other programming languages and for other operating systems), transfer it to other forms of presentation and otherwise change, continue and supplement the Bots and other software used on the SmithBot Platform, distribute it in unchanged or modified form, reproduce it publicly or transfer the rights of use granted under this usage agreement, Botlabs for payment or free of charge. All rights of use and marketing are the exclusive property of Botlabs. Under no circumstances the User is entitled to decompile and duplicate the software used on the SmithBot Platform.

Explanation: You as a User receive the right to use the SmithBot Platform and the Bots as a service. We have invested a great deal of development effort in the SmithBot Platform and the Bots, hence our developments remain our intellectual property and we do not transfer this intellectual property based on a usage contract.

Are there any special risks involved with using the SmithBot Platform?

The User expressly states that he is aware of the risks of trading in financial markets and/or Cryptocurrencies. The User declares that he never risks more money on the SmithBot Platform than he can afford to lose. Botlabs expressly recommends consulting a qualified financial advisor before using the SmithBot Platform. The User understands trading in Cryptocurrencies as highly volatile asset classes involves the risk of a partial or complete loss of the User’s funds. Hence, using the SmithBot Platform is only suitable for very experienced investors. As Botlabs merely facilitates the Users to use the Bots, any content on the Website shall not considered a trading strategy or any other type of financial advice.

Explanation: As you as a very experienced investor know, the valuation of Cryptocurrencies may fluctuate. Hence, there is a possibility that you will lose your investment partially or completely. Therefore, you should not invest any funds that you cannot afford to completely lose in a worst-case scenario. Cryptocurrencies are highly volatile asset classes. Be aware of the risks involved in trading with leverage. Because of the nature of leverage, small market moves can have a great impact on your account, which can work against you.

Does Botlabs act as a broker or financial advisor?

Botlabs is neither a registered broker, investment advisor, financial advisor nor any other type of financial institution. Botlabs merely facilitates the User using the Bots.

Explanation: We do not give any financial advice. We are not a bank. We just offer you the opportunity to get advantage of carefully selected bots and present you market data.

Why do Botlabs Terms and Conditions apply exclusively?

These Terms and Conditions apply exclusively. Deviating, conflicting or supplementary terms and conditions of the User will only become part of the contract if and to the extent that Botlabs has expressly agreed to their validity.

Explanation: Botlabs has tailored these Terms and Conditions to the SmithBot Platform and found a fair solution for both parties. Botlabs does not have the resources to check for each individual customer whether his terms and conditions are also suitable for the services of Botlabs. Also, a customers terms and conditions may not be tailored to the very specific requirements of the SmithBot platform, so unfortunately, they often contain inappropriate provisions.

Is there anything else (miscellaneous)?

To the maximum extent permitted by the applicable law, the User is not entitled to a right of set-off. The law of the British Virgin Islands applies exclusively, with the express exclusion of the UN Convention on Contracts for the International Sale of Goods. The exclusive venue for all disputes arising in connection with the SmithBot Platform and these Terms and Conditions shall be the courts in Road Town, British Virgin Islands. The Terms and Conditions in English language are exclusively applicable to the contract of use. Translations of these Terms and Conditions are for illustration purposes only. Should single provisions of this contract be or become invalid or void in whole or in part, this shall not affect the validity of the rest of the contract. The parties undertake to replace the invalid or void provision by a valid provision which comes closest to the intended economic purpose. The same applies in the event of a regulatory gap in the contract. Changes and amendments to this contract must be made in writing. This also applies to the amendment or cancellation of this clause.

Explanation: We are pleased that you use or wish to use the SmithBot Platform. The venue for disputes is Road Town, British Virgin Islands. Should you ever be dissatisfied with our services or have suggestions for improvement, please feel free to contact us at any time.