Bitcoinica ToS

Bitcoinica Terms of Service

Terms and Conditions

   The following describes the terms and conditions upon which Bitcoinica
   LP ("Bitcoinica" or "the Company" or "we") offers access to its Web
   site to you the customer (hereinafter "you" or "user" or "customer")
   and the use of its services (hereinafter the "Agreement" or "User
   Agreement" or "Online Services Agreement"). This Agreement describes
   the conditions, risks and terms applicable to your use of services
   available at www.bitcoinica.com (the "Site" or "Web site"). If you have
   questions regarding this Agreement please contact us. You must read and
   agree with and accept the terms and conditions contained in this User
   Agreement without modification, including terms and conditions
   expressly set forth below as well as those incorporated by reference
   before continuing to be a customer of Bitcoinica. By continuing to
   access and/or use the Web site, you also agree to follow the Terms and
   Conditions of this Agreement. This Agreement is effective upon
   acceptance of registration for new customers, or upon receipt of e-mail
   notification, or online notification by other users.

[1] Amendments

   By using our services you agree to be bound fully by all terms and
   conditions. Bitcoinica may revise or amend this Agreement at any time
   by posting amended terms on the Site. By continuing to trade through
   the platform, you agree to be bound by any revisions. When such changes
   to the terms & conditions are made the Company will post such changes
   on the Web site. All amended terms shall be effective 10 days after
   their initial posting on the Web site, or as of the first time that you
   use our services after such amendments were made, whichever is sooner.
   If you do not agree to be bound by the terms and conditions of this
   Agreement, do not use or access our services.

[2] Online Services Agreement

   This Online Services Agreement is made by and between Bitcoinica and
   you. This Agreement applies to the Bitcoinica Web site and trading
   platform, as well as to the content and or software currently contained
   on the Web site that provides information about the exchange rate of
   currencies and digital assets, including bitcoin, as well as any other
   features, content or services that the Company may add in the future
   (hereinafter referred to as the "Service").

[3] Membership Eligibility

   Our services may only be used by individuals or entities who can form
   legally binding contracts under the law applicable to their country of
   residence. If you do not qualify, please do not use our site. In
   addition, our services may only be used by individuals who have
   sufficient knowledge in financial matters to evaluate the risks of
   trading via this Site without relying on any information contained on
   this Site. We shall not be responsible for verifying whether you
   possess sufficient knowledge and/or experience, nor shall we be
   responsible for any damage and/or loss incurred by you as a result of
   insufficient knowledge and/or experience. If you do not qualify, please
   do not use our web site. Without limiting the foregoing, our services
   may not be used where they are not legal to use, and the Company
   reserves the right to refuse and/or cancel services to anyone at its
   own discretion.

[4] Legal Restrictions

   You understand that laws vary throughout the world, and it is your
   obligation to ensure that you fully comply with any law, regulation or
   directive, relevant to your country of residency with regards to the
   use of the Web site. The ability to access our Web site does not
   necessarily mean that our Services or your activities are legal under
   the laws or regulations relevant to your country of residency. This Web
   site does not constitute an offer or solicitation to anyone in any
   jurisdiction in which such offer or solicitation is not authorized, or
   to any person to whom it is unlawful to make such an offer or
   solicitation. Access to this Web site, and the offering of services via
   this site may be restricted in certain jurisdictions. Users are
   required to inform themselves and observe such restrictions. You hereby
   declare that the funds deposited to your account with the Company do
   not originate from any criminal or illegal activity.

[5] Limited License

   Bitcoinica grants you a non-exclusive, non-transferable, limited
   personal license to access and use its Web site (the "license"). This
   license is conditioned on your continued compliance with the terms and
   conditions of this Agreement. You agree not to resell or permit access
   of the Web site to others, and not to copy any materials appearing on
   the Web site for resale or for any other purpose to others without the
   prior written consent of Bitcoinica. You are responsible and bound by
   any unauthorized use of the site made in breach of this section. You
   agree to use the information received from the information systems of
   Bitcoinica for the purpose of executing transactions inside and within
   the Bitcoinica Web site only. You further agree not to use any
   electronic communication feature of a Service on the Site for any
   purpose that is unlawful, tortuous, abusive and intrusive on another's
   privacy, harassing, libelous, defamatory, embarrassing, obscene,
   threatening or hateful. The license granted under this Agreement will
   terminate if Bitcoinica believes that any information provided by you,
   including your e-mail address, is no longer current or accurate, or if
   you fail to otherwise comply with any term or condition of this
   Agreement. Upon such violation, you agree to cease accessing Services.
   You agree that Bitcoinica, at its sole discretion and with or without
   notice, may terminate your access to any or all Services, close your
   open transactions and remove and discard any information or content
   within a Service.

[6] Communications

   Unless otherwise indicated, any communications or material of any kind
   that you e-mail or otherwise transmit through the Services, including
   information, data, questions, comments or suggestions (your
   "Communications") will be treated as non-proprietary. Bitcoinica is
   free to use any idea, concept, know-how or technique or information
   contained in your Communications for any purpose including, but not
   limited to, developing and marketing products. Bitcoinica is entitled,
   but not obligated, to review or retain your Communications. Bitcoinica
   may monitor your Communications to evaluate the quality of service you
   receive, your compliance with this Agreement, the security of the Web
   site, or for other reasons. You agree that this does not entitle you to
   any cause of action or other right. In no event will Bitcoinica be
   liable for any costs, damages, expenses or any other liabilities
   incurred by you as a result of this Communications policy.

[7] Obligations of Bitcoinica

   Bitcoinica will use best efforts to supply you with the information and
   technical means to use its Services in a twenty-four-hour mode of
   operation. To the best of its abilities, Bitcoinica will fulfill all
   your trading orders, keep the register of your orders and of their
   fulfillment, and provide you with necessary extracts upon your request.
   Bitcoinica shall provide the following online reports:
     * Open Positions: Report presenting the account's open transactions.
     * Account Statement: Report presenting the account's balance at a
       given point of time.

[8] Tax collection

   You acknowledge, understand and agree that Bitcoinica does not collect
   tax on behalf of any authority in any form or manner. Without limiting
   the foregoing, it is your obligation alone to calculate and pay all
   taxes applicable to you in your country of residence, or otherwise
   arising as a result of your trading activity from the use of the
   Company's Services.

[9] Registration Information and Requirements

   When you register for the service, Bitcoinica will ask you to provide
   certain identifying information ("Registration"). You agree to provide
   true, accurate, current and complete information about yourself during
   the Registration process, and you also agree not to impersonate any
   person or entity, misrepresent any affiliation with another person,
   entity or association, use false headers or otherwise disguise your
   identity from Bitcoinica for any purpose. If you are registering as or
   for a business entity, you hereby declare that you have the authority
   to bind that entity to this Agreement. Bitcoinica will treat with care
   the information you entrust to the Company, in accordance with the
   disclosures it provides during the Registration process and in its
   Privacy Policy. During the Registration process you will be asked to
   choose a user name and password that will be used by you every time you
   access the Web site to use the service. For your protection and that of
   other Web site users, you should not share your Registration
   information (including your password and username) with another person
   or business entity for any purpose including, but not limited to,
   facilitating access and unauthorized use of the Service. You alone are
   responsible for all acts or omissions that occur within the Web site
   through the use of your Registration information. If you believe that
   someone has used or is using your Registration information, user name
   or password to access any Service without your authorization, you
   should notify our Customer Support immediately.

[10] Important information about customer identification

Procedures for opening a new account

   To help governments fight the funding of terrorism and money laundering
   activities, the applicable laws require that all financial institutions
   shall obtain, verify, and record information about each person who
   opens an account. When you open an account, we ask that you provide
   your name, address and other information that will allow us to identify
   you. We may also ask to see your Passport or other identifying
   documents.

Privacy Policy

   Bitcoinica is committed to protecting the confidentiality of any
   customer's information, which it may acquire during the course of
   providing its services. It is the Company's policy not to disclose
   customer's information to non-affiliated third parties, except with the
   explicit prior consent of the customer or when required by law. The
   Company is providing this Privacy Policy to help you understand how we
   protect the privacy of financial and other non-public personal
   information about you.

Information We Collect

   We may collect non-public personal information from you from the
   following sources:
     * Information we receive from you on applications or other forms;
     * Information about your transactions with us

Categories of Information We Disclose

   We do not disclose any non-public personal information about our
   customers, or our former customers, to anyone, except as required by
   law and for authentication of the client's identity.

Confidentiality and Security

   We limit access of non-public personal information about our customers
   to company agents who need to know such information in order to provide
   service to your account. In order to safeguard your non-public personal
   information, we maintain physical, electronic and procedural safeguards
   which comply with or exceed the requirements of the [New Zealand
   Privacy Act
   1993](http://www.legislation.govt.nz/act/public/1993/0028/latest/DLM296
   639.html).

Privacy statement

   Bitcoinica views its customers' privacy and the protection of
   information concerning them, to be of prime importance. We store and
   process your information on computers located in data centers managed
   by third party specialists. In addition, we use industry accepted
   encryption techniques to further protect your data. If you object to
   how we handle your information, please do not use our services. We
   shall not sell or rent your personal information to third parties for
   any purposes and we shall only use your information as described in our
   Privacy Policy.

[11] Indemnity and right of set-off

   The customer hereby agrees to indemnify and hold harmless Bitcoinica,
   its directors, officers, employees or agents from and in respect of any
   loss, damage, liability, cost or expense that it may suffer or incur by
   reason of the Customer failing to discharge its obligations under or
   acting in breach of any of the terms and conditions herein contained or
   as a result of any breach of any applicable laws or regulations. In the
   event that there is any liability of the Customer to Bitcoinica its
   directors, officers, employees or agents under the indemnity provisions
   of the clause hereinabove, Bitcoinica shall have the right to set-off
   that amount against any balance held to the credit of the account
   opened by the Customer with Bitcoinica.

 Limitation of Liability

   IN NO EVENT SHALL BITCOINICA, ITS OFFICERS, DIRECTORS OR EMPLOYEES BE
   LIABLE FOR LOST PROFITS OR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL
   DAMAGES ARISING OUT OF OR IN CONNECTION WITH OUR WEB SITE, OUR SERVICES
   OR THIS AGREEMENT (HOWEVER ARISING, INCLUDING NEGLIGENCE) EXCEPT AS
   STATED IN THIS AGREEMENT. THE LIABILITY OF BITCOINICA, ITS OFFICERS,
   DIRECTORS OR EMPLOYEES, TO YOU OR ANY THIRD PARTIES IN ANY PROVEN
   CIRCUMSTANCE IS LIMITED TO THE AMOUNT OF MONEY YOU TRANSFERRED OR
   DEPOSITED IN YOUR ACCOUNT AT BITCOINICA IN RELATION TO THE TRANSACTION
   GIVING RISE TO SUCH LIABILITY. In the case where you make funds
   available for trading via a voucher, "coupon code", or similar from
   another financial service, banking institution or exchange, you
   acknolwedge that you are providing Bitcoinica access to those funds for
   trading purposes only and that the originating financial institution is
   the holder of such deposits. Bitcoinica is not liable for any loss if
   such institutions fail in honoring withdrawal of customer funds.

 Risk Statement

   You agree to use the Web site at your own risk. Without limiting the
   foregoing, the financial services contained within this site are
   suitable only for customers who are able to bear the loss of all the
   money they invest, and who understand the risks and have experience in
   taking risks involved in financial transactions of this nature. Prices
   of international currency prices and other assets traded at Bitcoinica
   are highly volatile and difficult to predict. Due to such volatility,
   no Service offered on our Web site may be considered as a safe trade.
   Subject to market conditions, Stop Orders shall be executed either at
   the exact exchange rate selected by the customer, where the amount will
   be calculated automatically. A transaction of that nature shall be
   executed as soon as the distinctive ("indicative") exchange rate is
   found on the financial information systems which, including the
   Company's spread, is either identical to the order given by the
   customer, or indicates an identical amount of loss declared by the
   customer. The calculation of the price to be paid (or the payout to be
   received) for trades on this site, at the time the trade is made, will
   be based on the Company's best estimate of market prices and the
   expected level of interest rates, implied volatilities and other market
   conditions during the life of the trade, and is based on a complex
   arithmetic calculation. This calculation will include a spread in favor
   of the Company. The trade prices (or the payout amounts) offered to
   customers, may differ substantially from prices available in the other
   markets where such items are traded, due to the spread favoring the
   Company in the price calculation system referred to above.

 Market information

   Bitcoinica may make available to you through one or more of its
   Services a broad range of financial information that is generated
   internally or obtained from agents, vendors or partners ("Third Party
   Providers"). This includes, but is not limited to, financial market
   data, quotes, news, opinions and reports, graphs or data. ("Market
   Information"). Market Information provided on these Web pages is not
   intended as investment advice. Bitcoinica does not endorse or approve
   the Market Information, and we make it available to you only as a
   service for your own convenience. Bitcoinica and its Third Party
   Providers do not guarantee the accuracy, timeliness, completeness or
   correct sequencing of the Market Information, or warrant any results
   from your use or reliance on the Market Information. Market Information
   may quickly become unreliable for various reasons including, for
   example, changes in market conditions or economic circumstances.
   Neither Bitcoinica nor the Third Party Providers are obligated to
   update any information or opinions contained in any Market Information,
   and we may discontinue offering Market Information at any time without
   notice. You agree that neither Bitcoinica nor the Third Party Providers
   will be liable in any way for the termination, interruption, delay or
   inaccuracy of any Market Information. You will not "deep-link",
   redistribute or facilitate the redistribution of Market Information,
   nor will you provide access to Market Information to anyone who is not
   authorized by Bitcoinica to receive Market Information.

 Use & Access to the Site

   You shall be responsible for providing and maintaining the means by
   which to access the Web site, which may include, but is not limited to,
   a personal computer, and internet access equipment. You shall be
   responsible for all access and service fees necessary to connect to the
   Web site and assume all charges incurred in accessing such systems. You
   further assume all risks associated with the use and storage of
   information on your personal computer or on any other computer through
   which you will gain access to the Web site and the services
   (hereinafter referred to as "computer" or "your computer"). You
   represent and warrant that you have implemented and plan to operate and
   maintain appropriate protection in relation to the security and control
   of access to your computer, computer viruses or other similar harmful
   or inappropriate materials, devices, information or data. You agree
   that Bitcoinica will not be liable in any way to you in the event of
   failure of or damage or destruction to your computer systems, data or
   records or any part thereof, or for delays, losses, errors or omissions
   resulting from the failure or mismanagement of any telecommunications
   or computer equipment or software. You will not transmit to or in any
   way, whether directly or indirectly, expose Bitcoinica or any of
   Bitcoinica's online service providers to any computer virus or other
   similarly harmful or inappropriate material or device. A trade is
   completed when the trade has been authorized, the premium (or the
   margin, as the case may be) has been calculated and payment has been
   verified. You agree to be fully and personally liable for the due
   settlement of every transaction entered into under your account with
   the Company. You are responsible for ensuring that you alone control
   access to your account, and that no other person is granted access to
   trading on the Web site using your account. In any case, you alone
   remain fully liable for any and all positions traded on your account,
   and for any transactions entered into the Site for your account. You
   agree to indemnify the Company fully in respect to all costs and losses
   whatsoever as may be incurred by the Company as a result, direct or
   indirect, of your failure to perform or settle such a transaction. You
   agree that in the case that any trade is executed prices that do not
   reflect its market prices, or that is executed an abnormally low level
   of risk (the "mispricing") due to an undetected programming error, bug,
   defect, error or glitch in our Web site software or any other reason
   resulting in mispricing (for the purpose of this section the "error"),
   Bitcoinica reserves the right to cancel such transactions upon
   notifying you of the nature of the computer error that led to the
   mispricing. You have a duty to report to the Company any problem, error
   or suspected system or other inadequacies that you may experience.

 Company's rights

   Bitcoinica reserves the right to suspend the operation of this site or
   any part or sections of it. In such an event, Bitcoinica may, at its
   sole discretion (with or without notice), close out the customers' open
   trades at prices it considers fair and reasonable at such a time and no
   claims may be entertained against the Company in connection thereto.
   Bitcoinica may, at its sole discretion, impose volume or other limits
   on Customer accounts. Trade payouts shall be determined by Bitcoinica
   by reference to the daily values reported on this Web site relevant to
   the data received by the Company, subject to the proviso that
   Bitcoinica shall have the right to make corrections to such data in the
   event of mispriced or typographically incorrect data.

 Force Majeure

   You agree that Bitcoinica will not be liable in any way to you or to
   any other person in the event of force majeure, or for the act of any
   Government or legal authority, or for the failure of or damage or
   destruction to its computer systems, data or records or any part
   thereof, or for delays, losses, errors or omissions resulting from the
   failure or mismanagement of any telecommunications or computer
   equipment or software. The parties shall be released of all
   responsibilities for partial, full or non-fulfillment, as well as for
   improper fulfillment of the obligations under this Agreement, if such
   non-fulfillment or improper fulfillment was a result of extraordinary
   events, which occurred after this Agreement was concluded and which the
   party could not either foresee or prevent (natural calamities, wars,
   armed conflicts etc.).

 Technical Problems

   You understand that while the Internet and the World Wide Web are
   generally reliable, technical problems or other conditions may delay or
   prevent you from accessing the Web site. Bitcoinica shall not be
   liable, and you agree not to hold or seek to hold Bitcoinica or any of
   its agents or service providers liable, for any technical problems,
   system failures and malfunctions, communication line failures,
   equipment or software failures or malfunctions, system access issues,
   system capacity issues, high Internet traffic demand, security breaches
   and unauthorized access, and other similar computer problems and
   defects. Bitcoinica does not represent, warrant or guarantee that you
   will be able to access or use the Web site at times or locations of
   your choosing, or that Bitcoinica will have adequate capacity for the
   Web site as a whole or in any geographic location. Bitcoinica does not
   represent, warrant or guarantee that the Web site will provide
   uninterrupted and error-free service. Bitcoinica does not make any
   warranties or guarantees with respect to the Web site and its content,
   including but not limited to, warranties for merchantability or fitness
   for a particular purpose. Without limiting the foregoing Bitcoinica
   will not be responsible for an impossibility to execute orders and
   requirements due to failures in the operation of informational systems
   caused by technical faults, which are beyond its control.

 Hyperlinks

   Bitcoinica may provide a link to other sites that are controlled or
   offered by third parties. Such link to a site or sites is not an
   endorsement, authorization, sponsorship or affiliation with respect to
   such site, its owners or its providers. Bitcoinica cautions you to
   ensure that you understand the risks involved in using such sites
   before retrieving, using, relying upon or purchasing anything via the
   Internet. Links to these Web sites are provided solely for your
   convenience, and you agree that under no circumstances will you hold
   Bitcoinica liable for any loss or damage caused by use of or reliance
   on any content, goods or services available on other sites.

[20] Trademarks and Copyrights
     Links:
       20. http://help.bitcoinica.com

   All content, trademarks, services marks, trade names, logos and icons
   are the property of Bitcoinica or its affiliates or agents and are
   protected by copyright laws and international treaties and provisions.
   You agree not to delete any copyright notices or other indications of
   protected intellectual property rights from materials that you print or
   download from the Web site. You will not obtain any intellectual
   property rights in, or any right or license to use such materials or
   the Web site, other than as set out in this Agreement. Images displayed
   on the Web site are either the property of Bitcoinica or used with
   permission. You agree not to upload, post, reproduce or distribute any
   information, software or other material protected by copyright or any
   other intellectual property right (as well as rights of publicity and
   privacy) without first obtaining the permission of the owner of such
   rights and the prior written consent of Bitcoinica. Nothing contained
   on the Web site shall be construed as granting, by implication,
   estoppels, or otherwise, any license or right to use any trademark
   without the written permission of Bitcoinica and/or such third party
   that may own the trademarks. Your use of the trademarks, or any other
   content of the Web site, except as provided herein, is strictly
   prohibited.

[21] Governing Law; Arbitration and Court Jurisdiction

   This Agreement shall be governed by and interpreted in accordance with
   the laws of New Zealand, without regard to conflicts of law principles
   thereof. This is the case regardless of whether you reside or transact
   business with Bitcoinica anywhere else in the world. If any part of
   this Agreement is unlawful, void or unenforceable, that part will be
   deemed severable and will not affect the validity and enforceability of
   any remaining provisions. The parties recognize electronic and magnetic
   recordings as evidence when settling disputable matters, in order to
   state any facts concerning the obligations for trading operations in
   the Services market. Binding Arbitration: For any Claim (excluding
   Claims for injunctive or other equitable relief) where the total amount
   of the award sought is less than $10,000, you or Bitcoinica may elect
   to resolve the dispute through binding arbitration conducted in person,
   on-line or based solely upon written submissions where no in-person
   appearance is required. In such cases, the arbitration shall be
   administered in accordance with New Zealand law or any other
   established Alternative Dispute Resolution provider mutually agreed
   upon by the parties. Any judgment on the award rendered by the
   arbitrator may be entered, exclusively, in any court located within New
   Zealand. Exclusive Court Jurisdiction: Alternatively, you agree to
   submit to the personal and exclusive jurisdiction of the courts located
   within New Zealand to settle any dispute, which may arise in relation
   thereto.

[22] Disclosures

   The services provided under this Agreement, are provided by Bitcoinica
   LP, a company incorporated under the laws of New Zealand, registered
   with the New Zealand Companies Registry.

It is important that you be fully aware of the following points:

     * Trading may be subject to a Fee if specified on the site.
       Bitcoinica via the Bitcoinica Trading platform shall collect such
       Fee from the free balance in your account held with Bitcoinica. In
       the event there are not sufficient funds in your free balance to
       cover such fee(s), you herby agree that Bitcoinica may charge, at
       its sole discretion, such fee(s) from other means of payment
       provided to Bitcoinica.
     * If Bitcoinica is unable to collect such fee(s), Bitcoinica reserves
       the right to close part, or all, of your open positions. You shall
       be liable for promptly paying all fee(s), even if all margins
       previously deposited by you have been lost.
     * The high level of leverage effect possible in conducting
       transactions stems from the fact that it is only necessary to pay
       relatively modest margins or guarantees in relation to the scope of
       the trade.
     * The result of the above is that even a slight fluctuation of the
       market could mean substantial gains when these fluctuations are in
       your favor, but that could also mean considerable losses if the
       fluctuations are to your detriment.
     * No system exists that could assure you that transactions should
       bring you great benefits, nor is it possible to guarantee, that
       your transactions will yield favorable results.
     * Because some available markets are illiquid as compared with other
       financial and exchange markets, the market conditions might at
       times render the execution of an order or of a limit order at a
       stipulated price impossible.
     * The amount you could lose in a transaction carrying limited risk
       will never be more appreciable than that which you can lose in
       transactions having no pre-determined limit on loss. Nevertheless,
       even though the extent of the losses could be subjected to an
       agreed upon limit, the risk of incurring losses could be higher,
       and that loss could occur in a relatively short period of time.
     * It is possible that some unfavorable situations on the market could
       occur, in a relatively short period of time, resulting in the TOTAL
       LOSS of your investment. Since deposit of an additional guarantee
       is not obligatory in this case, Bitcoinica reserves the right to
       close the outstanding balances without the customer's consent.
     * The risk information presented here does not reflect all of the
       risks as well as other important aspects intrinsic to trading.
       Therefore, before starting to trade, you should learn the specifics
       of trading in currency markets in detail.
     * You should conclude an Agreement for opening and/or closing
       transactions only if you are absolutely sure of the size of its
       possible risk and consequences, and if you understand in detail the
       scope and range of your rights and obligations.
     * Phone call recording: Bitcoinica may record, at its sole
       discretion, telephone calls made from and to its offices. You
       hereby agree that telephone calls made, either by you contacting
       Bitcoinica, or when being contacted by Bitcoinica, may be recorded
       by the Company.

[23] Deposits and withdrawals

     * Wire Transfers: When depositing by a Bank Transfer, as required by
       anti money-laundering regulations, you are required to use only one
       bank account, which is in your name. An authentic SWIFT
       confirmation or Transfer Confirmation, showing the origin of the
       funds, may be required by Bitcoinica. Failure to submit such
       SWIFT/Confirmation may result in the return of the deposited
       amount, hence preventing the deposit of such pending amounts to
       your Bitcoinica account. Any withdrawal of funds, from your
       Bitcoinica account to a bank account, can only be refunded to the
       same bank account that the funds were originally received from.
     * Alternative payment methods (e-wallets; money transfer services;
       internet payment vendors; etc.): when depositing funds using a
       facility other than Banks, you agree to, and acknowledge being
       bound by, the regulations and rules of such service, including, but
       not limited to, fees and other restrictions. Bitcoinica, at its
       sole discretion, may execute withdrawals to a facility other than
       the facility used for the original deposit, in accordance with
       Company and Anti money-laundering regulations.

[24] Dormant Accounts Procedure

     * Bitcoinica client accounts in which there have been no transactions
       (trading / withdrawals / deposits), for a set period of 12 months,
       will be considered by Bitcoinica as being dormant accounts.
     * Dormant accounts may be charged an annual maintenance fee of US$25
       or the full amount of the free balance in the account if the free
       balance is less than US$25. There will be no charge if the free
       balance is zero. Consequently, all accounts with a zero free
       balance will be closed.

[25] Termination

   Bitcoinica may exercise full discretion in modifying or discontinuing
   any part or whole of this Agreement at any time without cause.

[26] Software

   You acknowledge and agree that Bitcoinica makes no warranty whatsoever
   that any software (the "Software") downloaded onto your computer
   equipment from or through the website or elsewhere will be compatible
   with, or operate without interruption on, your computer equipment, nor
   does Bitcoinica warrant that the Software is or will be uninterrupted,
   error free or available at all times. You further understand and agree
   that your download and/or use of the Software may expose you to risks
   associated with the download and/or use of software that may not be
   compatible with your computer equipment. You hereby agree to accept
   such risks, including, but not limited to, failure of or damage to,
   hardware, software, communication lines or systems, and/or other
   computer equipment. Bitcoinica expressly disclaims any liability with
   respect to the foregoing, and you hereby agree to fully indemnify,
   defend and hold harmless Bitcoinica from any and all damages,
   liabilities, losses, costs and expenses that may arise therefrom.