Terms of Service
Effective [FOUNDER: effective date]. By creating a Folio account you agree to these terms.
What Folio is
Folio is a brokerage you carry in your pocket. You can hold cash, stocks and crypto, and margin trading is coming soon. Your money and your positions are held in markets run by the providers named below. Folio is the front end: it prices, plans, submits and reconciles what you ask for.
Eligibility
You must be of legal age in your jurisdiction and able to form a binding contract to open a Folio account. You are responsible for providing accurate information and for keeping it current. Folio is available in [FOUNDER: jurisdiction(s) where Folio operates], and some features vary by jurisdiction.
Your account
Logging in sets up secure access through Privy. Folio never holds your assets or receives your private access credentials. You are responsible for the actions you confirm in the app.
Orders and funding
When you place a trade, you see an estimate first: the size, the price Folio found, the cost to borrow and what the trade does to your account. Nothing moves while you look at it. When you confirm, your trade is checked and submitted, and Folio settles your account using the completed trade. Prices move between the estimate and completion; your final price is the executed price.
Review the details and hold to confirm each action. Releasing early cancels the confirmation. Withdrawals, opening an account and closing a position all require your confirmation.
Adding cash sends funds to the address Folio shows you on the Deposit screen. Folio credits your account when it receives that transfer. Sending to any other address, or sending any other asset, puts it beyond Folio’s reach. Withdrawing requires your confirmation and sends to the destination you choose.
Borrowing and margin
A margin or short position borrows against the collateral you supply. Interest accrues on that debt for as long as you hold it, at the rate the market sets, and appears in your account as Carry. Buying Power is what those markets will lend you against what you hold today, and it moves with prices and with the market’s own rules.
Health is how much room your collateral has above the debt it secures. As Health falls toward 1.00, the market can close part or all of your position to repay the debt. Folio does not liquidate positions. The lending provider liquidates under its published rules. You can lose everything you put up as collateral.
Fees
Folio’s current fee schedule is published here: [FOUNDER: link to fee schedule].
Risks
Investing involves risk, including loss of the money you invest. Borrowing amplifies losses as well as gains. Crypto assets are highly volatile, and protections differ by account type. [FOUNDER: crypto protections by account type, if any]
Providers
Opening and using a Folio account puts you under the terms of the providers Folio relies on:
- Privy — provides login and secure access to your assets. Privacy policy · User terms
- Stripe and Bridge — take your card or bank payment when you add cash. Stripe consumer terms · Bridge user terms
- xStocks — issues the stock holdings you buy and sell. Asset terms of service
- Backpack — lists those assets and prices them on its exchange. User agreement
- Kamino — holds the lending markets behind margin, and is the one party that can liquidate. Terms
- Jupiter — finds the best price across available markets. Terms of use
Termination
Folio may suspend or close your account for breach of these terms, suspected fraud, or as required by law or by one of the providers above. You may close your account at any time by withdrawing your balance and contacting us.
Liability
Folio’s services are provided as described, without guarantee of profit or uninterrupted availability. To the extent permitted by law, Folio’s liability to you is limited to direct damages arising from your use of the service.
Governing law
These terms are governed by the laws of [FOUNDER: governing law], without regard to conflict-of-laws principles.
Changes to these terms
When these terms change, Folio asks you to agree again before your next trade, and your account keeps the version and date you accepted. Agreeing is how Folio opens trading and funding for you; until you do, both stay closed.
Contact
Questions about these terms: [FOUNDER: contact email]