Terms & ConditionsLast modified: November 28, 2022
Welcome to FireBot!
These terms and conditions outline the rules and regulations for the use of FireBot's website, located at https://firebot.gg/.
By accessing this website, we assume you accept these terms and conditions. Do not continue to use FireBot if you do not agree to take all the terms and conditions stated on this page.
The following terminology applies to these Terms and Conditions, Privacy Statement and Disclaimer Notice and all Agreements: "User", "Client", "You", and "Your" refers to you, the person log on this website and compliant to the Company’s terms and conditions. "The platform", "The Company", "Ourselves", "We", "Our" and "Us", refers to our Company. "Party", "Parties", or "Us", refers to both the Client and our stated services. Any use of the above terminology or other words in the singular, plural, capitalization and/or he/she or they, are taken as interchangeable and therefore as referring to same.
Software as a Service (SaaS)
FireBot is a Software as a Service (SaaS) platform, where the user will subscribe to the algorithmic solution. This algorithm is designed to be linked with the user’s Binance account where it can autonomously place trades, in accordance with the user's own decision. We are not financial advisors. FireBot is not a financial product nor an investment vehicle. We only provide a software that can be used to ease decisions taking on a cryptocurrency exchange. The user is solely responsible of the decision he makes to use or not our software.
The solution was developed with the objective of benefiting from statistical inefficiency on the cryptocurrencies' markets, however, there is no guarantee that the solution will perform as expected in the future, as by nature, markets are not predictable. Using FireBot on his own account gives the user exposure to cryptocurrencies which are considered highly volatile and risky assets and should not be suitable for all users.
The user should carefully consider his objectives, level of experience, and risk appetite. The possibility exists that he could sustain a loss of some or all his initial investment and therefore he should not invest money that he cannot afford to lose. He should be aware of all the risks associated with cryptocurrency trading and seek advice from an independent financial advisor. Since any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice.
FireBot will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on its solution. None of the data presented on this site should never be considered as advice in any form. FireBot makes no representation or warranties as to the accuracy and or timelines of the information contained herein. A qualified professional should be consulted before making any financial decisions.
DISCLAIMER: Please remember that past performance is not indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product, will be profitable, equal any corresponding indicated historical performance level, or be suitable for his portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions.
Fair use of our Website and Software
1. By using our website and software, you declare to be at least 18 years old.
2. You may not use the website and software in such way that you violate the UAE law or any other applicable laws and regulations.
3. As a condition for using the website and software, you agree not to provide any information, data or content to us or the website and software that is incorrect, inaccurate, incomplete or that violates any law or regulation. In addition, you agree that you will not, nor allow third parties to:
- a. Enter any non-public/secure areas of the website or software.
- b. Send viruses, worms, junk mail, spam, chain letters, unsolicited offers, or ads of any kind and for any purpose.
- c. Investigate, scan, or test the website or software or any other related system or network, or violate any security or authentication.
- d. Create derivative works of any kind whatsoever (See “License”).
4. You may not create an account under someone else’s name or act like someone else in any other way.
5. In case the account concerns a corporate account, only an authorized person can trade with the corporate account. It is the responsibility of the user of the corporate account that only authorized persons have access to the account.
6. If you receive personal data or other sensitive information from other users, you will keep this information secret.
7. FireBot is entitled to (temporarily or permanently) block your account and deny you access to the Website if we suspect abuse of the account or the Website. We can also block your account or deny you access to the platform if you do not comply with these Terms, including conditions and policies referenced herein.
8. By using our website and software, you declare to be a non-US user, as it would not make you eligible to open a legitimate Binance account, necessary to use the solution.
The Algorithm is available in early access, it is ready for production, but frequent updates are expected. These updates might include and are not limited to a change of name and website, platform design, fee and referral system, algorithmic strategy, or software optimization. This could lead to incorrect data being displayed and/or delays and differences in the software execution. All these updates are made in the best long-term interest of FireBot and its users, and FireBot cannot be held responsible for any damage (including loss of capital) caused directly or indirectly by their implementation.
Agreement to Terms and Conditions
By accessing this platform and any materials presented herein, the user accepts in their entirety and without modification the following terms and conditions pertaining to the use of the platform. FireBot reserves the right to change the terms, conditions, and notices under which this platform is offered without notice at any time.
The user acknowledges and agree that FireBot may restrict, suspend, or terminate the user’s access to, and use of, all or any part of the platform, at any time, with or without cause, including but not limited to any breach of the Terms and Conditions as determined in FireBot’s absolute discretion, and without prior notice or liability.
Each use of the platform constitutes the user’s agreement to be bound by the then-current terms and conditions set forth in these Terms and Conditions. If the user does not agree with the Terms and Conditions, he is not granted permission to access or otherwise use this platform.
FireBot is currently available in early access, meaning that it has reached the necessary confidence level to start being installed on users' Binance accounts, more feature or bug fixes are expected to come in the following weeks to improve our solution and could result in slightly different behaviour.
Here is a non-exhaustive list of the potential risks, the user will be exposed to while using our solution. FireBot must not be held responsible for the loss of some or all his investment from any reason, being mentioned or not in the following list:
- Third-party risk: The user’s funds are on his Binance account, this means that they are exposed to the same risks as when using their website. They are exposed to a hacking or stealing risk (however Binance has an insurance fund that could cover this risk), to a systemic risk if the website happens to go offline for any reason and the funds are not recoverable, or operational risk if after a wrong operation, the assets are locked at an address with unknown or lost access.
- Market risk: The solution was developed to benefit from trends detected in the cryptocurrencies market, however, there is no guarantee that it will perform in the future, moreover, statistically, the user will encounter periods that can extend over several moths where the solution will not make profits, and with the worst investing timing, he could lose part of his portfolio before it starts to perform as expected. The solution is based on known market conditions and volatility; it is possible that the future behaviour of the cryptocurrencies market changes and that our software stops from being profitable.
- Operational risk: The user himself could place unprofitable trades on his account cancelling all purpose of the solution. However, we follow strict testing methodology in our developments, a new feature with unforeseen effect or a bug could be included in an update of the algorithm resulting in an unwanted action on the user's portfolio.
- Hacking risk: The API keys that give access to the user’s Binance account are encrypted before being stored using proprietary asymmetric encryption, this means that hacking into our database would be ineffective in using the user’s keys. However, another way of gathering the user’s information that we are not aware of could exist. If these keys are not handled properly, a malicious third-party could gain access to the account and place unwanted trades. Do not use these keys for anything else and do not store any other copy anywhere.
- Systemic risk: Using our solution, the user will give Binance the instructions to place trades on his portfolio, as with any automatic system, there is a risk it does not act as expected.
- Market manipulation: Cryptocurrencies markets could be subject to manipulation. Our solution can in certain situations predict strong movements by analysing the activity that would precede a market manipulation. However, depending on the type of manipulation, it could be undetected.
- Regulatory risk: Cryptocurrencies are designed to disrupt traditional financial systems and governments; this means many powerful actors could see them as a threat and potentially intent to have them banned or have platforms such as Binance closed. These regulatory events, however useless due to the fundamental censorship resistance of cryptocurrencies, could still have strong temporary impacts on market prices.
- Connectivity The website and software are available on computers and handheld mobile devices running iOS and Android. FireBot will use reasonable efforts to always make the website and software available. However, User acknowledges that the website and software are provided over the internet and mobile networks and thus the quality and availability of the website and software may be affected by factors outside FireBot’s reasonable control. FireBot does not accept any responsibility whatsoever for unavailability of the website and software, or any difficulty or inability to download or access content, or any other communication system failure which may result on the website or software being unavailable. FireBot is not responsible for any support or maintenance regarding the website or software. FireBot may – at its own discretion – update, modify, or adapt the website or software and their functionalities from time to time to enhance the user experience. FireBot is not responsible for any downtime resulting from these actions.
The FireVault’s main objective is to maintain the health of the ecosystem through controlled burning of FBX while letting FBX owners earn additionnal yield on their tokens.
The vault continuously burns FBX in order to mint (create) new EP tokens that are then staked to earn a part of the new FBX emission.
The vault tends to a 50/50 repartition between EPs and FBX by burning more or less of FBX, but this could vary depending on the EP valuation, users deposits and withdrawals.
FBX rewards are automatically added into the vault, compounding the interests. The costs and earnings are shared among the vault's users. They will see their deposited amount regularly increase, tracking their share of the earnings of the vault.
The valuation method for deposits and withdrawals uses the FBX reserves and the EPs owned. As an arbitrary measure, an EP is valued at 270 times its daily rewards.
This vault doesn't charge any management, performance, deposit or withdrawal fees.
- In the event of a bank run when not enough FBX would be available in the vault, a user wanting to withdraw would have to wait for the existing EPs to generate new FBX or decide to sell its fireFBX tokens (receipt of the deposit) on the secondary market. There is a fireFBX/FBX SushiPool for this purpose
- EP valuation could decrease due to a high minting rate of EPs.
- All the necessary precautions have been taken, the smart contracts have been audited, however a hack of the vault or the contract can never be excluded.
- When entering the vault the depositors receive fireFBX tokens in exchange. If they lose these tokens, they wont be able to withdraw their position.
- General risks must also be taken into consideration: hacks, counterparty, liquidity, private keys security, underlying assets, regulations, market risk, or others.
Similar risks apply to the other vaults. Other specific risks as well as the strategies will be detailed in the additionnal information of each vault.
We shall not be hold responsible for any content that appears on your website. You agree to protect and defend us against all claims that is rising on your website. No link(s) should appear on any website that may be interpreted as libellous, obscene, or criminal, or which infringes, otherwise violates, or advocates the infringement or other violation of, any third-party rights.
The data shown, especially relative to historical performances, is indicative. The presented portfolio is constructed with both back tested data and more recent actual traded data. This unaudited performance is indicative of what could have happened following our strategy, given the past market behaviour, however, there is no guarantee the algorithm would have performed exactly this way nor that it will continue performing. The value of the portfolio displayed is different from the actual portfolio we use to keep track of the performance. It is a fictional portfolio with an initial valuation of 1 BTC for presentation only. All the indicators, statistics and other data displayed are derived from this portfolio.
It is understood and agreed upon that FireBot will never be held liable in any case. Specifically, not for the loss of capital, using or not our algorithmic solution nor the data shared on the platform. This Software as a Service is a solution offered "as is" and its use and consequences are sole responsibility of the user. Keep in mind that past performance may not be indicative and is never in any case a guarantee of future results.
Firebot makes no representation or warranty, express or implied, regarding the advisability of investing in securities or financial products. You understand, acknowledge, and agree that use of the product and data is at your sole risk. Actual returns may differ materially from hypothetical, back-tested returns which, by their nature, involve both known and unknown risk, uncertainties, assumptions, and other important factors beyond FireBot’s control. FireBot shall have no liability to any person or entity for any loss, damage, costs, expenses, charges, or other liabilities (whether direct or indirect), in connection with the use of its services and/or provided data.
Users will indemnify, defend, and hold FireBot harmless from and against all liabilities, damages, and costs (including settlement costs and reasonable attorneys’ fees) arising out of third-party claims regarding:
- 1. Any injury or damages resulting from behaviour of user related to the use of our website and software; and
- 2. Breach by User of these Terms or violation of any applicable law, regulation, or order.
To use the service via the platform, the user must first create an account by providing an email address, a password and must subsequently login every time they access the platform. When creating the account, the user must ensure that the data they provide is accurate and complete. The user undertakes to protect their login information and password to maintain their confidentiality as regards third parties.
The user is solely responsible for their login information and for the safety of the access to their account. FireBot will not be held liable in the case of negligence on part of the user in this regard or in the case of a fraudulent access to a user account.
Mode of Operation
The algorithm computes in real time an optimal portfolio based on its proprietary strategy, aiming to identify uptrends in the most liquid cryptocurrencies.
In the future Firebot reserves the right to change these rules, add or remove cryptocurrencies, change the strategy, the time of execution, or the frequency of trades. Firebot will run on a user’s account if the following conditions are met:
- The API keys are stored on the platform.
- Automatic trading is enabled.
- There is a strictly positive amount of fuel on the account.
- The API keys are valid.
To link a Binance and a FireBot accounts, the user will need to store an encrypted version of the Binance API keys in the platform. The solution will then compute and balance the user’s Binance account and start keeping track of the performance. The valuation will be taken according to the midmarket value (in BUSD) of the assets in your portfolio on Binance, at the exact moment of computation. On the following day at 00:00 UTC, the new valuation and composition is computed, and fuel consumption is recorded.
We recommend using different sub-accounts for other operations on Binance. Any other action on the linked account could result in malfunction of the algorithm and fuel consumption wrongfully calculated. There will be no refund and penalties could be applied if manipulation is detected.
At time of rebalancing, the orders are computed in parallel for every user, and executed on different servers, ensuring that no specific user will have his orders executed before others. The sequence at which trade orders are placed is randomized and depend on the system's threads processing or the speed at which Binance accepts and process the orders. All the orders, for every user should arrive in a small time-range to Binance and be executed at similar prices.
However, because of these small time differences between orders, it is expected that two different accounts will not have their orders fulfilled with the same exact prices conditions, resulting in a slightly different return on investment over the long-term, that could be higher or lower than the main portfolio's return, displayed on the index page and used to compute the displayed statistics.
Fees in FireBot are represented by the fuel amount. It is a prepaid credit used to pay for the subscription of the service, 1 unit of fuel is worth 1 BUSD. Fuel is deduced (burned) from the user reserve when a profit occurs on the user’s portfolio. The base fuel consumption rate is 7.50% of the daily expected daily positive benefits, with a minimum of 1.0 units of fuel (0.0 when there is a loss). No fee will be charged if your estiamted lifetime P&L is not positive. The expected benefits are computed comparing the user's portfolio at the start of the day with an existing portfolio running the solution. If the example portfolio makes a 10% profit using the solution, the fuel consumption of the day for all users will be based on these 10%. To use the solution, it is required to have a minimum portfolio of 5'000 BUSD. Smaller portfolios will be accepted, but fees will be charged on the maximum between the portfolio's valuation and 3'500 BUSD. If the fuel amount drops to or under 0, the solution will stop running, leaving the portfolio in its current state, until replenishment from the user.
Excess fuel earned through referrals and not consumed by the solution can be withdrawn as BUSD and sent to the user's linked Binance account. A minimum of 100.00 BUSD is required to remain on FireBot. Withdrawals come from cold wallets for increased security and can take up to a few days to be processed, especially on non-business days. Every fuel withdrawal comes with a processing fee equivalent to 3.00 BUSD. To withdraw fuel, the user needs to have FireBot actively running on his account.
FireBot reserves the right to change the fee system without notice at any time.
Referrals allow the referred users to get a 20% discount on their base fuel consumption. Moreover, the referring user will get a share of the fuel burned by the referred user and all his sub-referrals, as cashback. Here is how the referral benefits are computed:
- The fees are computed every day. 50% of the fees of referred users are consummed (burnt) and the remaining 50% are placed in a redistribution pool.
- Every referrer gets a score based on how much he contributed to bringing new users to FireBot. The score is computed like this: 1 x the fees paid by direct referrals + 0.5 x the fees paid by sub-referrals (when a user you refer, invited someone else) + 0.25 x the fees pay sub-sub-referrals, etc...
- Finally, the fees from the pool are redistributed to the referrers in proportion to their score. If a referrer’s score is 10% of the total scores, he gets 10% of the pool.
This system is made to incentivise users to invite their friends, but also to reward them for the activity of friends they refer. To be eligible for the referral benefits referrers are required to have the solution running on their own: API keys linked and valid, trading enabled, fuel > 0 and portfolio > 1000.
FireBot reserves the right to change the referral system without notice at any time.
Unless otherwise stated, FireBot and/or its licensors own the intellectual property rights for all material on FireBot. All intellectual property rights are reserved. You may access this from FireBot for your own personal use subjected to restrictions set in these terms and conditions.
You must not:
- Republish material from FireBot.
- Sell, rent or sub-license material from FireBot.
- Reproduce, duplicate, or copy material from FireBot.
- Redistribute content from FireBot.
Reservation of Rights
We reserve the right to request that you remove all links or any link to our website. You approve to immediately remove all links to our website upon request. We also reserve the right to amend these terms and conditions and its linking policy at any time. By continuously linking to our website, you agree to be bound to and follow these linking terms and conditions.
Removal of links from our website
If you find any link on our website that is offensive for any reason, you are free to contact and inform us any moment. We will consider requests to remove links, but we are not obligated to or so or to respond to you directly.
We do not ensure that the information on this website is correct, we do not warrant its completeness or accuracy, the data displayed is for information only and does not; nor do we promise to ensure that the website remains available or that the material on the website is kept up to date.
Applicable law and jurisdiction
These Terms shall exclusively be governed by and construed in accordance with the laws of DIFC.
Unless mandatory law compels differently, all disputes resulting from or arising in connection with these Terms shall be exclusively submitted to the competent court of DIFC, in United Arab Emirates, unless the dispute can be settled in an amicable fashion.