Terms of service — Phorecast

These Terms of Service ("Terms") govern your use of the online cryptocurrency-powered prediction markets platform available at phorecast.io (the "Platform") operated by Phorecast Labs Ltd, a company incorporated in the British Virgin Islands ("Company", "we", "us", or "our"). By accessing or using the Platform, you agree to be bound by these Terms. If you do not agree, you must not use the Platform.

1. Eligibility

To access and use the Platform, you must:

be at least eighteen (18) years of age, or the age of legal majority in your jurisdiction, whichever is higher;
have the full legal capacity to enter into these Terms and form a binding contract under applicable law;
not be a citizen or resident of, or located in, any country or jurisdiction where your use of the Platform would be prohibited by applicable law or regulation; and
not be included on the List of Specially Designated Nationals and Blocked Persons maintained by the United States Treasury Department's Office of Foreign Assets Control (OFAC), or on any list pursuant to European Union or United Kingdom sanctions regulations, or on any other sanctions list maintained by a governmental authority with jurisdiction over you.

⚠ WARNING: The Platform is not available to users accessing it from the following jurisdictions: Russia, Belarus, Cuba, Iran, North Korea, Syria, and the Crimea, Donetsk and Luhansk regions.

⚠ WARNING: The Platform is not available for trading to users from the following jurisdictions: the United States of America, the United Kingdom, and the Canadian provinces of Ontario (ON) and Alberta (AB).

The Company reserves the right to require you to provide proof of age, identity, and/or eligibility at any time. Use of the Platform is void where prohibited by applicable law. You are solely responsible for determining whether your use of the Platform complies with all applicable laws in your jurisdiction.

Any access or use of the Platform in violation of these eligibility requirements is unauthorised and strictly prohibited. The Company reserves the right to terminate your access immediately and without notice if it determines that you do not meet the eligibility requirements.

2. Account Creation and Authentication

To create an account on the Platform (an "Account"), you may register using a supported email address, social login, or by connecting a compatible cryptographic wallet. The Platform supports multiple authentication methods including but not limited to email, MetaMask, Coinbase Wallet, and WalletConnect-compatible wallets. We reserve the right to modify the list of supported authentication methods and wallets at any time.

Where you connect a cryptographic wallet, you acknowledge that this connection is necessary for transaction processing and security. You are solely responsible for maintaining the security of your wallet, including safeguarding private keys, seed phrases, and other access credentials. We shall not be liable for any loss or damage resulting from your failure to maintain adequate security measures.

By creating an Account, you represent and warrant that all information you provide is accurate, current, and complete. You agree to maintain and promptly update your information to keep it accurate. You may not sell, transfer, or assign your Account to another person, nor may you create multiple Accounts or create an Account on behalf of another person without our prior written consent.

The Company reserves the right, in its sole discretion, to suspend, disable, or terminate your Account if we reasonably believe that you have violated these Terms, engaged in fraudulent or manipulative activity, or if your Account presents suspicious behaviour. We may also suspend Accounts to comply with applicable laws, court orders, or regulatory requirements.

3. Use of the Platform

The Platform enables users to participate in prediction markets by staking cryptocurrency on the outcomes of future events ("Prediction Markets"). All Prediction Markets are based on objectively verifiable events and outcomes, determined through reliable third-party data sources ("Oracle Sources"). The Company determines which Oracle Sources are used for each market and will indicate the designated Oracle Source at the time of market creation. Once an outcome has been determined by the designated Oracle Source, it shall be considered final and binding.

By participating in any Prediction Market, you acknowledge and agree that:

you are staking actual cryptocurrency with real monetary value;
all positions are final once confirmed on the applicable blockchain network;
the Company does not guarantee the accuracy of Oracle Sources or any prediction market outcome;
technical delays, blockchain network congestion, or oracle failures may affect the timing of market resolution; and
the Company may suspend or cancel any Prediction Market that cannot be definitively resolved using the designated Oracle Sources.

The Company maintains sole discretion over which types of events may be the subject of Prediction Markets and may remove or suspend any market that violates these Terms or applicable law. Users may not create or participate in markets related to illegal activities, violence, terrorism, or other prohibited subjects as determined by the Company.

4. User-Created Prediction Markets

4.1 Creation of Prediction Markets

The Platform may allow users to create and submit Prediction Markets for publication and participation by other users. A user who creates or submits a Prediction Market is a "Market Creator."

By creating or submitting a Prediction Market, the Market Creator represents and warrants that:

all information, descriptions, questions, rules, and content submitted are accurate, complete, and not misleading to the best of the Market Creator's knowledge;
the Prediction Market is based on an objectively verifiable event capable of being determined through the designated Oracle Source(s);
the Prediction Market and all related content comply with these Terms, applicable laws and regulations, and any additional requirements communicated by the Company;
the Market Creator will not create a Prediction Market for the purpose of manipulating the Platform, influencing market prices or outcomes, or facilitating any prohibited or unlawful activity; and
the Market Creator has the right to submit all information and content provided to the Platform, and such submission does not infringe any third-party rights.

The submission of a Prediction Market does not guarantee that it will be published or remain available. The Company may, in its sole discretion, review, reject, modify, suspend, or remove any Prediction Market at any time, including where necessary to comply with applicable law or to protect the integrity of the Platform.

4.2 Participation in User-Created Prediction Markets

Before participating in a Prediction Market created by another user, you acknowledge and understand that:

the Prediction Market may have been created and submitted by another Platform user and not by the Company;
content provided by the Market Creator constitutes user-generated content and may not have been independently verified by the Company;
the availability of a user-created Prediction Market does not constitute an endorsement or guarantee by the Company of the Market Creator or the accuracy of the content;
you are responsible for reviewing and evaluating all available information before deciding whether to participate;
participation involves financial risk, including the potential loss of all funds staked; and
the outcome will be determined in accordance with the applicable market rules and designated Oracle Source(s).

4.3 User Acknowledgement

Where a Prediction Market has been created by another user, the Company may require you to provide an express acknowledgement before participating. By providing such acknowledgement, you confirm that you understand the market was created by another Platform user, that its content has not necessarily been independently verified or endorsed by the Company, and that you have reviewed the available information and accept the associated risks.

4.4 No Reliance on User-Created Content

User-created Prediction Markets and related content may contain opinions, interpretations, or assumptions provided by individual users. You should not rely solely on such content when deciding whether to participate. Nothing in a user-created Prediction Market constitutes investment, financial, legal, or other professional advice from the Company.

5. Cryptocurrency Transactions

The Platform operates using USDC and other supported cryptocurrencies settled on the Arbitrum network and other supported blockchain networks. Cryptocurrency transactions are irreversible once confirmed on the blockchain. You acknowledge that:

transactions are subject to network congestion, blockchain processing times, and variable network fees;
the Company does not guarantee specific transaction processing times and is not responsible for delays caused by blockchain network conditions;
deposited funds are held in custody by the Company in a tiered wallet architecture and are not held in a regulated custodian arrangement; and
cryptocurrency values are highly volatile and the value of your account balance may fluctuate significantly.

6. Deposits and Withdrawals

Deposits are accepted in supported cryptocurrencies including but not limited to BTC, ETH, USDC, USDT, SOL, BNB, XRP, LTC, and DOGE. Each user is assigned a unique deposit address per supported currency, derived from the Company's HD wallet infrastructure. Deposited funds are credited to your Platform account balance following the required number of blockchain confirmations for the relevant network.

Withdrawals are processed in supported cryptocurrencies to external wallet addresses specified by you. The Company reserves the right to apply withdrawal limits, processing delays for large withdrawals, and identity or security verification requirements before processing any withdrawal request. All withdrawal addresses are screened against applicable sanctions lists prior to processing.

The Company reserves the right to delay, suspend, or refuse any withdrawal where it has reasonable grounds to suspect fraud, money laundering, sanctions violations, or any other prohibited activity. The Company is not responsible for any losses arising from incorrect withdrawal addresses provided by you.

7. Fees

The Company charges transaction fees for use of the Platform. Current fees include a taker fee applied at the time of trade execution. The current fee schedule is displayed on the Platform and may include trading fees, settlement fees, and withdrawal fees.

The Company reserves the right to modify the fee structure at any time in its sole discretion. Any changes will be communicated through the Platform and will take effect upon posting. Your continued use of the Platform following the posting of modified fees constitutes your acceptance of such changes. All fees are non-refundable unless otherwise required by applicable law.

8. Prohibited Activities

You are strictly prohibited from engaging in any of the following activities on the Platform:

Market Manipulation — engaging in any activity intended to artificially influence market prices or outcomes, including wash trading, spoofing, layering, or coordinated trading with other users;
Fraud and Deceptive Practices — providing false or misleading information, attempting to compromise the Platform's security, exploiting technical vulnerabilities, or using the Platform to facilitate money laundering or other illegal purposes;
Multiple Accounts — creating multiple Accounts or using automated bots or scripts to trade on the Platform without express written consent from the Company;
Sanctions Evasion — accessing the Platform using VPNs, proxies, or other means to circumvent jurisdiction-based access restrictions; and
Criminal Activity — using the Platform in connection with any activity that constitutes a criminal offence under applicable law.

The Company reserves the right to monitor all Platform activity. Upon reasonable suspicion of prohibited activity, the Company may, without prior notice: (i) immediately suspend or terminate your Account; (ii) freeze or forfeit any funds in your Account to the extent permitted by law; (iii) share information with relevant legal and regulatory authorities; and (iv) take any other action deemed necessary to protect the integrity of the Platform.

9. Risk Disclosure

⚠ WARNING: THE USER EXPRESSLY ACKNOWLEDGES AND AGREES THAT USING THE PLATFORM AND PARTICIPATING IN PREDICTION MARKETS INVOLVES SIGNIFICANT FINANCIAL RISK. THE USER MAY LOSE PART OR ALL OF THE FUNDS DEPOSITED OR STAKED ON THE PLATFORM.

You acknowledge and accept the following risks:

Cryptocurrency markets are highly volatile. The value of any cryptocurrency held on the Platform may decrease significantly at any time.
Prediction market outcomes are inherently uncertain. Past performance does not guarantee future results.
Oracle failures, smart contract bugs, blockchain network issues, or other technical problems may impact market resolution and settlement.
The regulatory environment for prediction markets and cryptocurrency is evolving. Regulatory changes may adversely affect the availability or operation of the Platform.
The Platform may experience downtime, technical failures, or security incidents that could affect your ability to access funds or place trades.
The Company does not provide investment advice or recommendations. You are solely responsible for all trading decisions.

THE USER ACKNOWLEDGES THAT THEY ARE SOLELY RESPONSIBLE FOR CONDUCTING THEIR OWN DUE DILIGENCE AND ASSESSMENT OF RISKS BEFORE PARTICIPATING IN ANY PREDICTION MARKET OR PLACING ANY STAKE. THE COMPANY DOES NOT PROVIDE INVESTMENT, FINANCIAL, LEGAL, OR TAX ADVICE.

10. Intellectual Property

All content on the Platform, including but not limited to text, graphics, logos, images, data compilations, and software ("Platform Content"), is the property of the Company or its licensors and is protected by applicable intellectual property laws. You are granted a limited, non-exclusive, non-transferable, and revocable licence to access and use the Platform Content solely for personal, non-commercial purposes in connection with your use of the Platform.

You may not copy, modify, distribute, transmit, reproduce, publish, licence, create derivative works from, transfer, or sell any Platform Content without the Company's prior written consent. The Phorecast name, logo, and all related marks are trademarks of the Company. Nothing in these Terms grants you any right to use the Company's trademarks without express written permission.

11. Privacy

The Company's collection, use, and protection of your personal information is governed by our Privacy Policy, available at phorecast.io/privacy, which is incorporated by reference into these Terms. By using the Platform, you consent to the collection and use of your information as described in the Privacy Policy.

12. Representations and Warranties

By accessing or using the Platform, you represent and warrant that:

you meet all eligibility requirements outlined in Section 1 of these Terms, including being at least 18 years of age and not accessing the Platform from a prohibited jurisdiction;
you have full power and authority to enter into these Terms and to perform your obligations under them;
your use of the Platform will not violate any applicable law, regulation, or any obligation you may have to a third party;
you are not subject to economic or trade sanctions administered or enforced by any governmental authority, and you are not named on any applicable sanctions list; and
all information you provide to the Company is true, accurate, current, and complete.

ANY BREACH OF THE FOREGOING REPRESENTATIONS AND WARRANTIES SHALL CONSTITUTE A MATERIAL BREACH OF THESE TERMS AND MAY RESULT IN THE IMMEDIATE TERMINATION OF YOUR ACCESS TO THE PLATFORM AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE FORFEITURE OF ANY FUNDS ASSOCIATED WITH YOUR ACCOUNT.

13. Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE COMPANY AND ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, AFFILIATES, AND REPRESENTATIVES SHALL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, INCLUDING BUT NOT LIMITED TO:

loss of profits, revenue, data, use, goodwill, or other intangible losses;
damages arising from errors, inaccuracies, or omissions in Platform content or market data;
losses resulting from blockchain network delays, oracle failures, or technical issues affecting transaction execution or settlement;
damages resulting from regulatory changes or enforcement actions affecting cryptocurrency or prediction markets;
losses arising from unauthorised access to your Account or wallet; or
any losses arising from your reliance on the Platform for investment or trading decisions.

THE PLATFORM IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS. THE COMPANY MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESS OR IMPLIED, REGARDING THE ACCURACY, COMPLETENESS, RELIABILITY, OR FITNESS FOR PURPOSE OF THE PLATFORM OR ANY CONTENT ON IT.

14. Indemnification

You agree to indemnify, defend, and hold harmless the Company and its officers, directors, employees, agents, and affiliates from and against any claims, liabilities, damages, losses, costs, and expenses (including reasonable legal fees) arising out of or in any way connected with: (i) your access to or use of the Platform; (ii) your violation of these Terms; (iii) your violation of any applicable law or regulation; or (iv) your infringement of any third-party rights.

15. Dispute Resolution

Any dispute, controversy, or claim arising out of or relating to these Terms, or the breach, termination, or validity thereof, shall be finally settled by binding arbitration administered by the International Chamber of Commerce under its Rules of Arbitration. The arbitration shall be conducted in English by a single arbitrator. The seat of arbitration shall be the British Virgin Islands. The arbitrator shall apply the laws of the British Virgin Islands without regard to principles of conflicts of law.

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, YOU AGREE TO WAIVE ANY RIGHT TO PARTICIPATE IN A CLASS ACTION LAWSUIT OR CLASS-WIDE ARBITRATION IN CONNECTION WITH ANY DISPUTE RELATING TO THESE TERMS OR THE PLATFORM.

Notwithstanding the foregoing, the Company reserves the right to seek injunctive or other equitable relief in any court of competent jurisdiction to prevent actual or threatened infringement, misappropriation, or violation of the Company's intellectual property rights or confidential information.

16. Governing Law

These Terms shall be governed by and construed in accordance with the laws of the British Virgin Islands, without regard to its conflict of law provisions. Subject to the dispute resolution provisions in Section 15, you agree to submit to the exclusive jurisdiction of the courts of the British Virgin Islands for any matter not subject to arbitration.

17. Termination

The Company reserves the right, in its sole discretion, to suspend, restrict, or permanently terminate your access to the Platform and your Account at any time, with or without prior notice, for any reason, including but not limited to: (i) violations of these Terms; (ii) suspected fraudulent, manipulative, or illegal activity; (iii) regulatory requirements or changes; or (iv) technical or security concerns.

Upon termination, your right to use the Platform will immediately cease. The Company will use reasonable endeavours to return any undisputed funds held in your Account, subject to applicable law, any ongoing investigations, and any outstanding obligations you may have to the Company. Sections 9, 10, 12, 13, 14, 15, and 16 of these Terms shall survive termination.

18. Changes to Terms

The Company reserves the right to modify, amend, or update these Terms at any time in its sole discretion. Where changes are material, the Company will use reasonable endeavours to provide notice through the Platform or by email to the address associated with your Account. Your continued use of the Platform following the posting of any changes constitutes your acceptance of the revised Terms. If you do not agree to any revised Terms, you must stop using the Platform.

19. General Provisions

These Terms constitute the entire agreement between you and the Company with respect to your use of the Platform and supersede all prior agreements and understandings. If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect. The Company's failure to enforce any right or provision of these Terms shall not constitute a waiver of such right or provision. These Terms are personal to you and may not be assigned or transferred without the Company's prior written consent.

20. Contact Information

For any questions, concerns, or support requests regarding the Platform or these Terms, please contact us at: [email protected]