Reviewed on August 19,2016
Coinfox Limited (hereinafter referred as the "CoinFox
") that specifies User's (as defined below) rights and obligations and constitute a legally binding agreement for both parties. These Terms affect User's rights and impose certain obligations while using the Website, so the User must read them carefully.
- Terms and Definitions
Scope of Use
- The following terms used in these Terms have the following meanings:
A program that securely stores personal information of the User (Orders, Transactions) related to the use of the Website.
A cryptocurrency accepted by persons as a mean of payment for goods and services, a unit of account, a store of value or a commodity.
Client-server software application available at AppStore, Google Play or other digital distribution platforms.
- "CoinFox App"
Any government-issued currency.
- "Fiat currency"
A loan made by CoinFox to the User for the purposes of entering into the Transactions.
- "Margin loan"
Request sent by the User to Coinfox to commit a Transaction on the specified terms made either through the Website directly or through any application programming interface (API).
Fees payable to CoinFox for each completed Transaction.
Mayzus Financial Services Ltd, a company incorporated and registered under the laws of the United Kingdom with company number 06721866 whose registered address is 869 High Road, London, N12 8QA, UK.
- "Tariff plan"
Sale, purchase, deposit or withdrawal of Bitcoin through the Website under these Terms.
- The headings of the clauses of these Terms are for convenience only and shall not affect the meaning or interpretation of these Terms.
- The Website and CoinFox App are Internet-based platforms that can be used for the purposes of obtaining information about the Transactions and entering into them.
- Users may use the Website and CoinFox App to place Orders and make Transactions upon acceptance of these Terms and opening the Account.
- The Website and CoinFox App has not been designed for and cannot be used by individuals and/or corporate and non-corporate entities that are regulated by the laws of the countries where transactions with Bitcoin are restricted. The User is solely responsible for understanding and complying with any and all laws, rules and regulations of his/her specific jurisdiction that may be applicable to the User in connection with the use of all services, products and content of the Website and CoinFox App. CoinFox, as well as any other person, authorized by CoinFox to administer the Website and CoinFox App, could not be held liable for any legal risks and disputes arising in the jurisdiction of User's residency.
- The Website and CoinFox App has not been designed for and cannot be used by residents of Russia, United States, Iceland, Bolivia, Dominican Republic and Ecuador. If a person/legal entity is a citizen or a resident of the abovementioned jurisdictions, he/she shall stop using the Website and CoinFox App immediately. CoinFox, as well as any other person, authorized by CoinFox to administer the Website and CoinFox App, under no circumstances can be held liable under any laws, including but not limited to the regulations contained in the 16 U.S. Code Chapter 4 (FATCA), in case a citizen or a resident of the United States of America violates this clause 2.5.
- The Website and the CoinFox App has not been designed for and cannot be used by legal entities incorporated in the People's Republic of China as well as by citizens of the People's Republic of China for their business purposes If a legal entity is incorporated in the People's Republic of China as well as citizen of the People's Republic of China use the Website of CoinFox App for business purposes they shall stop using the Website and CoinFox App immediately. CoinFox, as well as any other person, authorized by CoinFox to administer the Website and CoinFox App, under no circumstances can be held liable under any laws of the People's Republic of China.
- The Website and CoinFox App are designed for legally capable Users under personal laws. If a User is not legally capable, he or she shall immediately stop using the Website and CoinFox App.
- The User shall create an Account in order to access all functions of the Website and CoinFox App and make Transactions. The User is entitled to use all functions of the Account upon completion of the verification procedure as described on the Website and CoinFox App. As part of the registration and account creation process necessary to obtain access to certain pages of the Website and CoinFox App, the User shall select a username and a password. The User shall provide CoinFox with certain registration information, all of which must be accurate, truthful, and complete information:
- Full name;
- Date and place of birth;
- Passport (or other document) number and country of issuance;
- Residential address;
- E-mail address;
- Telephone number.
- The User shall not:
- Select a username already used by another person;
- Use a username in which another person has rights without such person's authorization;
- Use a username or password that CoinFox, at its sole discretion, deems offensive or inappropriate.
- CoinFox reserves the right to deny creation of an Account based on CoinFox's inability to verify the authenticity of the registration information or request additional information and/or documents from the User. In case the User provides counterfeit documents and false personal information, such behavior will be interpreted as a fraudulent activity.
- The User ensures the confidentiality of its user name and password, and do not allow using this information without its consent. Any person that has used this information to log in the Website and CoinFox App is considered to be acting as the agent of the User unless the User has informed CoinFox of suspected unauthorized use of its user name and password. The User is responsible for maintaining adequate security and control of any and all IDs, passwords, personal identification numbers, or any other codes that it uses to access the CoinFox services.
- CoinFox allows Users to submit Orders to purchase/sell Bitcoin for Fiat currency and vice versa. Bitcoin exchange rate is available on the Website and is adjusted at Coinfox discretion.
- The User acknowledges and agrees that all transactions with Fiat currency are administered and executed by MoneyPolo subject to its regulations as a payment services provider. All Fiat currency transactions made by the User are initially processed by MoneyPolo and then credited to CoinFox account. In order to start making transactions with CoinFox the User shall unconditionally accept legal documents of MoneyPolo available at https://moneypolo.com.
- Financial (money transmission) services provided by MoneyPolo are regulated by separate agreement between User and Money Polo. MoneyPolo is duly licensed (authorized) and regulated by the Financial Conduct Authority under the Payment Services Regulations 2009 FRN 566505 for the provision of payment services. CoinFox and MoneyPolo act as independent entities cooperating for rendering different services for its clients.
- The User makes Orders through the Account. The Transactions are made automatically when the matching Orders have placed through Accounts of Users.
- A Transaction can be accomplished only if the Accounts involved in such a Transaction are credited with sufficient amount of Bitcoin and/or Fiat currency for the purposes of this Transaction (balance sufficiency). The balance sufficiency is defined automatically after charging all relevant fees and charges under the Tariff plan. If a User is engaged in margin trading as per the clause 6 of these Terms, a Transaction can be accomplished even if there is no balance sufficiency of the Accounts involved in such a Transaction.
- Orders can be processed either in full or in part. Orders may be aggregated when it is unlikely that such an aggregation would cause any damages for the Users.
- The User is entitled to cancel his/her Orders at any time before such Order has been processed for the purposes of accomplishing a Transaction.
- Once the Transaction has been processed, the Accounts involved in it shall be credited with Bitcoin and/or Fiat currency according to the terms and conditions of the Transaction.
- The User is entitled to withdraw Bitcoin and/or Fiat currency from his/her Account using any available means of transfer (bank transfer, credit cards, electronic wallets etc.). CoinFox may introduce restrictions as to the frequency or amount of such withdrawals. Bitcoin and/or Fiat currency held on the Accounts are property of Users that opened these Accounts.
- Margin trading means entering into the Transactions with certain leverage ratio provided by CoinFox to the User (Margin loan). CoinFox has an absolute discretion with regards to providing a Margin loan to the User, as well as establishing ratios provided under the Margin loan and changing it at any time regardless of the amount of collateral delivered by the User to CoinFox. Margin loans shall be kept in the Account separately and cannot be withdrawn by the User.
- Margin loans are subject to collateral delivered by the User to CoinFox. User shall at all times maintain sufficient collateral at his/her Account. CoinFox is entitled to modify requirements with regards to collateral at any time, in its sole and absolute discretion.
- In the event the value of the collateral falls below the 10% (ten percent) of the amount provided to the User under the Margin Loan, CoinFox is entitled to demand for additional collateral and suspend processing of the Orders until the User provides this additional collateral (margin call).
- In the event the value of the collateral falls below the 5% (five percent) of the amount provided to the User under the Margin loan, CoinFox is entitled to process Transactions with all Fiat currency and Bitcoin held on this User's Account at a current market price notwithstanding the terms of the Orders placed by his User (force liquidation).
- The User agrees to pay CoinFox the Fees for each completed Transaction under the Tariff Plan.
- CoinFox reserves the right to change Fees from time to time by publishing updates of the Tariff Plan.
- Fees shall be paid before processing any Transaction or any withdrawal from the Account.
- All fees owed by the User to the third parties (including MoneyPolo or/and other financial institutions) are not covered by this Terms.
Copyright and Intellectual Property Right Ownership
- A User agrees to use the Website and CoinFox App and the Account according to the laws of the Isle of Man and these Terms. The User shall not be allowed to:
- perform illegal activities, including but not limited to fraud, money laundering and financing terrorism;
- Introduce or broadcast through the Internet, distribute any data programs (viruses, harmful software etc.) that potentially threat CoinFox systems, its providers, third parties and/or Users of an internal network, the Website or CoinFox App;
- Reproduce, duplicate, copy, sell, resell or explore for commercial purposes partial or complete contents of the Website or CoinFox App;
- Use any programs, robots or other automated means in order to collect and/or record the information from the Website or CoinFox App, except for special means provided by CoinFox for these purposes.
- CoinFox reserves the right (at its sole discretion) to suspend the Account (or certain functionalities thereof such as depositing, receiving, sending and/or withdrawing Bitcoin of Fiat currency) at any time where it is required to do so under relevant and applicable laws and regulations or having grounds to believe that the User uses the Account for illegal purposes. CoinFox will make reasonable efforts to inform the User of any such suspension unless CoinFox is prohibited from doing so by law or under an order from a competent court or authority.
- The Website and CoinFox App in its entirety, its domain name, its contents and any information on it are protected under the relevant copyright, trademark and other intellectual property laws.
- The Users may not use any name, logo, image, trademark or any other intellectual property object used on the Website and CoinFox App without prior written consent of CoinFox.
- The access to the Website and CoinFox App under no circumstances shall be construed as the acquisition by a User of ownership title, right or interest of any kind in or to the Website or CoinFox App, its contents and any information on it.
- It is the User's responsibility to determine which, if any, taxes apply to the payments received, and to report and remit the correct tax to the appropriate tax authority. CoinFox is not obligated to determine whether taxes apply, and is not responsible to collect, report, or remit any taxes arising from any Transactions.
- No information on the Website or CoinFox App is intended to provide Users with investment, tax, accounting or legal advice or be interpreted as a recommendation or endorsement with regards to Bitcoin. Any decision to buy or sell Bitcoin is the User's decision and CoinFox will not be liable for any loss suffered.
- A User understands and accepts the fact that trading with Bitcoin offered via the Website or CoinFox App involves significant risks. CoinFox recommends the Users to ask for a professional financial and/or legal advice before trading via the Website or CoinFox App.
- Everything on the Website and CoinFox App shall be regarded "as is" without any express or implied representations or warranties of non-infringement, merchantability of the Website or CoinFox App and its fitness for a particular purpose.
- CoinFox may remove or suspend at any time and without any prior warning the services provided to Users under these Terms.
- The Website and CoinFox App reflects the state of Bitcoin exchange market, however, CoinFox cannot and therefore does not guarantee the adequacy, timeliness, accuracy or completeness of any information on the Website or CoinFox App.
- CoinFox shall not be liable for any losses or damages incurred as a result of any interruption, errors, or lack of security in the operation of the Website or CoinFox App.
Links to Other Websites
- CoinFox shall not be responsible or liable for any direct, indirect, incidental, consequential, special, exemplary, punitive or other losses or damages (including, but not limited to, damages for loss of profits, loss of business, use, data or other intangible damages), under any contract, tort (including, without limitation, negligence and strict liability) or other legal theory, howsoever caused, arising out of or relating in any way to the Website and CoinFox App or its contents or any information on the Website and CoinFox App, or any errors or omissions therein. Herewith, CoinFox guarantees secure storage of your Bitcoin transferred through the Website or CoinFox App and takes all reasonable measures to make the process as safe as possible.
- The User's sole remedy for dissatisfaction with the Website or CoinFox App is to stop using the Website.
- CoinFox shall not be liable for: (a) hardware, software or internet connection is not functioning properly (b) any suspension or refusal to accept payments which CoinFox reasonably believes to be made fraudulently or without proper authorization (c) unforeseen circumstances preventing the proper performance despite any reasonable precautions taken by CoinFox (power outages, fire, flood, theft, equipment breakdowns, hacking attacks, internal mechanical or systems failures as well as downtimes of the Website or CoinFox App) (d) incorrect functioning of Blockchain (as a public ledger of all Bitcoin transactions) or serious delays.
Changes, Duration and Termination
- The Website and CoinFox App may contain links to third-party internet websites, resources, advertisers, services, special offers, or other events or activities that are not owned or administered by CoinFox. CoinFox is not responsible for the contents of such third-party websites, materials, information or services. The access and use of such websites, materials, information or services are at User's own risk.
- These Terms are subject to changes, amendments and modifications. By continuing to use the Website or CoinFox App a User is considered to be bound by the amended version of these Terms. If any changes to these Terms are not acceptable to a User, the User's only remedy is to cancel his/her account and stop using the Website or CoinFox App. We recommend to check these Terms periodically for changes.
- The services and the information included in the Website or CoinFox App have an indefinite duration. CoinFox may terminate or suspend the service or the information, posted in the Website or CoinFox App totally or partially at any time and without prior notice.
- If a dispute, disagreement or claim arises out of the Terms or related to its execution, termination or rescission of the Terms both parties agree to try in good faith to settle any dispute, disagreement or claim through negotiation. If the claiming party is CoinFox, it sends a message with its claim to User. The message in question shall contain the essentials of the claim and proofs supporting the claim.
- The party which has received the claim shall reply to the claiming party within 5 (five) working days upon the receipt of the claim.
- In absence of reply to the claim within 10 (ten) working days since the sending date, or if the Parties have failed to resolve the dispute, the claim shall be lodged with the courts in the Isle of Man.