These Terms and Conditions (the Agreement) operate between you (hereinafter referred to as ‘you’ or ‘your’) and Bitvested B.V. (hereinafter referred to as
Bitvested). By agreeing to use any of the services made available by Bitvested or one of its affiliates through the website (www.bitvested.com), any mobile applications,
or any related services provided by Bitvested or its affiliates (collectively referred to as the Services), you agree that you have read, understood, and unconditionally accepted all of the terms and conditions
Article 1 – General Terms and Conditions
1.1 These Terms and Conditions form a legally binding Agreement between you and Bitvested and govern the use of this website and our Services.
1.2 By registering your details on our website, or using any Services provided by Bitvested, you agree to be bound by these Terms and Conditions. If you do not accept all the Terms and Conditions of service, you must not use or access the website.
1.3 Bitvested remains the right to limit your activity on the website or terminate your registration without notice for any reason, but in any case, following a breach of these Terms and Conditions.
1.5 This Agreement, together with all amendments, all documents referenced in this Agreement, and any other legal notices and agreements published by Bitvested via the Service, shall constitute the entire legal agreement between you and Bitvested concerning the Service.
1.6 In the event that one or more of the provisions in these Terms and Conditions are found to be void, either in whole or in part, the remaining provisions will remain in force. Bitvested will formulate new provisions to replace the voided provisions, during which the scope of the original provisions will be considered carefully.
1.7 Bitvested is permitted to amend these Terms and Conditions unilaterally. The amended Terms and Conditions are immediately applicable to the Agreement between you and Bitvested.
Article 2 – Definitions
2.1 In these definitions
“Account” shall mean the account of a customer with Bitvested, which is created when a Customer registers with Bitvested by completing the registration form available on the Platform;
“AML Documentation” means the documentation required to be provided by the Customer as set out in our Anti-Money Laundering Policy;
“Bitvested”, “we” and “us” are references to Bitvested B.V., a limited company incorporated in the Netherlands with registered number 80795315;
“Bitvested Token” means a digital representation of value that functions as (i) a medium of exchange; (ii) a unit of account; (iii) a store of value, and/or (iv) other similar digital representations of rights or assets. The Bitvested Token is fully integrated in the Platform and no external cryptographic wallet is necessary. The Bitvested Token is priced with reference to the underlying portfolio of cryptocurrencies held by the Traders on the Platform;
“Bitvested Wallet” means a hosted digital wallet enabling you to store electronic money issued by Bitvested payments;
“Cryptocurrency” means any digital asset which we support on the Platform, including Bitcoin;
“Customer”, “Your” and “You” means a user of the Platform who uses the Platform;
“Digital Tokens Address” means an alphanumeric identifier that represents a potential destination for a Digital Tokens transfer, which typically is associated with a Customer’s Digital Tokens Wallet;
“Fiat Currency” means any national government issued currency (such as euros (€)) but not any Cryptocurrency that may be used to purchase or sell Cryptocurrencies via the Platform;
“Order” means any instruction from a Customer to buy or sell any Cryptocurrencies using our platform;
“Platform” means the trading platform published by Bitvested.
“Trader” means a third party that makes Orders on behalf of the other registered Customers of the Platform;
“Trader Agreement” means the Agreement between the Trader and Bitvested for the Trader’s role in the functioning of the Services.
Article 3 – The Scope of the Services
3.1 Bitvested provides a Platform where self-directed investors are collectively funded by the Customers to trade in Cryptocurrencies and thereby facilitates the profitable trading in Cryptocurrencies by inexperienced Customers.
3.2 Bitvested merely provides the Platform to facilitate the trading in Cryptocurrencies, but nothing in these Terms and Conditions suggests that Bitvested is a buyer or seller in any trades completed through use of the Services.
3.3 Bitvested does not provide investment, tax, or legal advice. The Customer is solely responsible for evaluating the merits and risks associated with the use of our Services before making any investment or other decision based on these Services.
3.4 The Customer hereby acknowledges to be aware that the Services offered on the Platform largely fall outside the scope of sovereign regulation.
3.5 Neither Bitvested nor any of its Traders are, in any way, responsible or liable for any losses suffered by Customer as set out under Article 9.
3.6 The Services should not be considered a solicitation to any person in any jurisdiction where such solicitation would be illegal.
3.7 On the Platform provided by Bitvested, you can either (a) place an Order for the purchase of a Bitvested Token, or (b) place an Order for the sale of a Bitvested Token.
3.8 The Bitvested Tokens on the Platform are priced with reference to the underlying portfolio of Cryptocurrencies held by the Traders on the Platform.
3.9 Upon a successful registration of your account following the verification process, you may begin to engage in purchase and/or sale transactions of Bitvested Tokens on the Platform, on a per-transaction basis in exchange for Fiat Money.
Article 4 – Accounts and Registration
4.1 By registering on our website, you represent and warrant that you (a) are at least 18 years old or of legal age to form a binding contract under the applicable law, (b) are an individual, legal person, or other organization with full legal capacity and authority to enter into these Terms and Conditions, (c) provide true, current, and complete information to us during the initial registration process and thereafter, (d) have not been previously removed or suspended from using our Services, and (e) you do not currently have an existing Account already.
4.3 You are responsible to remember your password. Passwords cannot be changed if forgotten or lost, because the Bitvested Wallet is encrypted and can only be opened with the original password. We therefore oblige you to create a cryptographic sentence and store it in a secure space. If you forget or lose your original password, you can use this sentence to restore your Bitvested Tokens.
4.4 Bitvested offers several options to secure your Account. It is your responsibility to activate these functionalities to optimize the security of your Account.
4.5 Bitvested reserves the right to, in its sole discretion, refuse to open an Account for you or to freeze an Account pending further investigation.
4.6 Upon your registration, we may verify your details, at any time, by requesting certain documents from you. These documents may typically include a government issued identity card, proof of address such as an identity bill, and proof of your payment method.
4.7 If you are a United States’ citizen, you must disclose that in your registration and use your United States’ passport as identification.
4.9 By signing up for an Account, you hereby authorize Bitvested to make inquiries, whether directly or through third parties, that Bitvested considers necessary to verify your identify or to protect you and/or Bitvested against money
laundering, terrorist financing, fraud, and other financial crimes, and to take action Bitvested reasonably deems necessary based on the results of such inquiries.
4.10 Bitvested reserves the right to use your information, inter alia, to comply with anti-money laundering regulation. You authorize Bitvested to use such information to perform internal checks.
4.11 Once your Account is registered and verified, you will receive your personal cryptographic wallet on our Platform, which you can immediately use to receive or send Bitvested Tokens.
4.12 The creation or use of an Account without obtaining our prior express permission will result in the immediate suspension of any such Account, as well as pending purchase or sale Orders.
4.13 You further agree that you will not use any Account other than for your own use, or access the Account of any other registered Customer at any time, or assist others in obtaining unauthorized access.
4.14 You agree that you will not use the Services to perform any criminal activity of any sort, including but not limited to, money laundering, illegal gambling operations, terrorist financing, or malicious hacking. In addition, you warrant not to use methods to conceal the location from which you access the Platform and that you will disclose to Bitvested your accurate and true location.
Article 5 – Payments
5.1 You can load Cryptocurrency or Fiat Currency into your Bitvested Wallet using one of the payment methods available on the Platform, such as a credit or debit card or bank transfer. When funds are loaded into the Bitvested Wallet, you will be issued Bitvested Tokens by Bitvested that represent the funds you have loaded with reference to the price of the Bitvested Tokens at that point in time.
5.2 To carry out a Token transaction on the Platform, you must follow the relevant instructions provided on the Platform. A transaction using Tokens should normally be settled no later than one business day after we receive your instructions. You hereby authorize us to debit Fiat Currrency from your Bitvested Wallet. Although we attempt to deliver the Tokens to you as promptly as possible, it might occur that the Fiat Currency is debited from your Bitvested Wallet before the Tokens are delivered to the Bitvested Wallet.
5.3 You may sell your Tokens in exchange for Fiat Currency. You authorize us to debit your Tokens and to credit your Bitvested Wallet with the relevant amount of Fiat Currency. When selling of transferring your Bitvested Tokens on the Platform, you will be charged 5 Tokens for each transaction. Bitvested has the discretion to change this amount without notice.
5.4 You are able to sell your Tokens to the Platform. To guarantee the security of the stored Cryptocurrency and Bitvested Tokens, all transactions of this nature will be verified before you will receive your payment.
5.5 It is your sole responsibility to make the correct cryptographic address known to others in order to receive payments.
5.6 You agree and acknowledge that banks have cut-off times, after which they will not accept same-day payment instructions. It is your responsibility to make yourself aware of, and where necessary, comply with, any applicable cut-off times.
5.7 All payments on the Platform under these Terms and Conditions are to be made in full without any set-off, counterclaim or deduction whatsoever.
5.8 Bitvested shall make payments to you in full respect of an Order less the commission attributable to Bitvested and the Traders (as defined on our fees page) unless (i) it is required by law to deduct sums in respect of taxation, or (ii) it is or will be owed amounts which are incurred in respect of transfer charges that may be levied or (iii) you owe Bitvested amounts in respect of other Orders or commission which have not been settled yet in accordance with these Terms and Conditions.
5.9 If a payment to load funds into your Bitvested Wallet is not successful, you authorize Bitvested, in its sole discretion, either to cancel any related transaction or to debit your other payment methods. You are responsible for maintaining an adequate balance and/or sufficient credit limit in order to avoid an overdraft.
5.10 You may redeem all or part of any Fiat Currency or Bitvested Tokens held in your Bitvested Wallet at any time by selecting the relevant option and following the relevant instructions. Unless agreed otherwise, funds will be transferred to the bank account you have registered with us. If your Account is terminated, we will transfer any remaining funds in your Bitvested Wallet to the bank account you have registered with us.
5.11 Where an incorrect transaction is made as a result of an error on our side, we shall refund to you the amount of that transaction without undue delay.
5.12 Due to the nature of our Services, it is not possible for an unauthorized or incorrect Order to be reversed.
Article 6 – Traders
6.1 Bitvested carefully investigates and selects all its Traders with regard to their previously obtained profits in the business of trading Cryptocurrency. Nevertheless, neither Bitvested nor the Traders are liable for any losses resulting from the Services.
6.2 Bitvested has the sole discretion to, without prior notice or stating its reasons, end the Trader Agreement with a particular Trader.
6.3 A Trader may make an Order on behalf of a Customer to purchase Cryptocurrency. The Trader executes the Order as principal and is responsible to Bitvested for compliance with these Terms and Conditions.
6.4 On receipt of the relevant amount of Fiat Currency from the Trader’s customer, the Trader shall confirm by email or via the platform to Bitvested that it is in receipt of funds in respect of the Order. As soon as reasonably practicable after receipt of such confirmation, Bitvested shall match the order and shall send the Cryptocurrency to the Trader’s customer less any fees or commission due to the Trader and to Bitvested.
6.5 Upon Bitvested’s receival of confirmation in writing or via the platform from the Trader’s customer that payment has been sent, Bitvested will match the order and reserve the Trader’s Cryptocurrency in escrow. On receipt of the relevant amount of Fiat Currency from the Trader’s customer, the Trader shall confirm to Bitvested that it is in receipt of funds in respect of the Order.
6.6 Bitvested shall be permitted to debit the Trader’s Account with the relevant Fiat Currency on or before settlement of the Order.
6.7 Traders can postpone their payments for a maximum of three times per year. The profitable result necessary to trigger payment for the Trader will simultaneously increase as well.
6.8 Traders can use the Platform from Monday 07:00 (CET) to Friday 17:00 (CET). After this period, Bitvested will calculate the turnover made by an individual Trader. Traders will receive their commission every weekend if they did not postpone their payment. Bitvested will charge a fee of 20% over this payment.
6.9 Nothing in this Agreement will constitute a partnership between or joint venture of Bitvested and the Trader or deem either of them to be the agent of the other. The Trader is not an employee of Bitvested and will therefore not be entitled to employment benefits. The Trader will provide the services as agreed under this Agreement on a freelance basis, and therefore is responsible for complying with the relevant tax regulations on his or her profit. If the Trader did not manage to trade all Tokens into Cryptocurrency exchangeable into Dollars ($), Bitvested will trade exchange them into the current market value.
Article 7 – Anti-Money Laundering
7.1 Bitvested employs best-practice anti-money laundering (AML) procedures. We reserve the right to refuse to do business with, to discontinue to do business with, and to reverse any Orders you placed if you do not accept or conform to the following AML requiremens and policies:
i. You must provide us with all requested information upon registration;
ii. Any amounts payable to you as the result of an Order will only be paid to the individual who initially registered to open an Account;
iii. If you deposit funds to your Account by means of wire transfer, any withdrawals from your Account will only be transferred to the holder of the originating bank account of the deposit.
iv. If you deposit funds to your Account by means of credit/debit card, withdrawals from your Account will only be distributed to the individual whose name appears on the card used to make the deposit and only to the same card;
v. Only one Account is allowed per person. No amount may be withdrawn from any Accounts opened in a false name or on multiple Accounts opened by the same person.
Article 8 - Suspension, Termination and Cancellation
8.1 We reserve the right to (a) refuse to complete, or block, cancel or reverse your Order, (b) suspend, restrict, or terminate your access to any or all of the Services, and/or (c) deactivate or cancel your Account with immediate effect for any reason, including but not limited to where:
i. We reasonably believe that we need to do so in order to protect our reputation;
ii. We are required to do so by applicable law, regulation, or any court of other authority to which we are subject in any jurisdiction;
iii. We suspect you are acting in breach of these Terms and Conditions;
iv. We have concerns that a transaction is erroneous or about the security of your Account, or we suspect the Services are being used in a fraudulent or unauthorized manner;
v. We suspect money laundering, terrorist financing, fraud, or any other financial crime;
vi. Use of your Account is subject to pending litigation, investigation, or proceeding and/or we perceive a heightened risk of legal or regulatory non-compliance associated with your Account activity; and/or
vii. You take any action that may circumvent our controls such as opening multiple Accounts.
8.2 On termination of your Account for any reason, unless prohibited by applicable law or by any court to which Bitvested is subject in any jurisdiction, you are still permitted to access your Account for ninety (90) days thereafter for the purpose of transferring Tokens or Fiat Currency. You are not permitted to use the Services or your Account for any other purposes.
8.3 If we suspend or close your Account for any reason, we reserve the right to require you to re-complete the verification procedures set out in Article 4 before permitting you to transfer or withdraw Fiat Currency or Tokens.
Article 9 – Liability
9.1 To the maximum extent permitted under applicable law, the Bitvested Services and Platform are provided on an “as is” and “as available” basis. Bitvested can terminate the trade of Tokens for certain periods of time if deemed necessary to restore the supply/demand balance on the Platform.
9.2 Bitvested expressly disclaims, and you waive, any and all other warranties of any kind, whether express or implied, including implied warranties of merchantability. Without limiting the foregoing, Bitvested does not claim that the Services or the Platform are accurate, complete, reliable, current, error-free, or free of viruses or other harmful components.
9.3 Bitvested does not guarantee that any Order will be executed, accepted, recorded, or remain open.
9.4 Except for the express statements set forth under these Terms and Conditions, you hereby acknowledge and agree that you have not relied upon any other statement or understanding, whether written or oral, with respect to your use and access of the Services. Without limiting the foregoing, you hereby understand and agree that Bitvested will not be liable for any losses or damages arising out of or relating to: (a) any inaccuracy, defect, or omission of price data, (b) any error or delay in the transmission of such data, (c) interruption of such data and (d) any damages incurred through another Customer’s actions, omissions, or violation of these Terms and Conditions.
9.5 To the maximum extent permitted by applicable law, in no event will Bitvested or any of its shareholders, employees, agents, representatives, or contractors be liable for any incidental, indirect, special, punitive, consequential, or similar damages or liabilities whatsoever. This includes, without limitation, damages for loss of data, information, revenue, profits or other business or financial benefit.
9.6 You agree to indemnify and hold harmless Bitvested, its shareholders, members, affiliates, employees, agents, representatives, and contractors from and against any claims, actions, proceedings, suits, costs, investigations, expenses, and damages arising out of or related to (i) your use of or conduct in connection with the Services, (ii) your breach of or our enforcement of these Terms and Conditions, or (iii) your violation of any applicable law, regulation, or rights of any third party during your use of the Service.
9.7 If Bitvested cannot fulfil its obligations arising from the Order in time or properly, due to force majeure, it is not liable for damage suffered by you. Force majeure is in any case understood to mean any circumstance that Bitvested could not take into account at the time of the Order and as a result of which the normal execution of the Order cannot reasonably be required by you, such as, for example, illness, war or danger of war, civil war and riot, sabotage, terrorism, energy disruption, flood, earthquake, fire, government measures, transport difficulties, and other (technical) disruptions within Bitvested.
9.8 Bitvested is not your broker, agent or advisor and has no fiduciary relationship or obligation to you with respect to your use of the Service. No communication or information provided to you is intended as investment advice, financial advice, trading advice, or any sort of advice. You should consult your legal or tax professional regarding your specific situation. Bitvested will not be held responsible for the decisions you make to buy, sell, or hold Bitvested Tokens based on the information provided by us.
Article 10 - Intellectual Property Rights
10.1 All content on our Platform is the property of Bitvested, and it protected by copyright, and any other applicable laws, unless otherwise specified hereby.
10.2 The software, applications, text, images, graphics, data, prices, trades, charts, graphs, video and audio materials used on this Platform belong to Bitvested. Any content on the Platform should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, no matter manual or automated. The use of any content from the Platform on any other site or a networked computer environment for any other purpose is strictly prohibited; any such unauthorized use may violate copyright, patent, trademark and any other applicable laws and could result in criminal or civil penalties.
Article 11 - Affiliate Program
11.1 Bitvested authorizes specific Customers to direct and attract new users to its Platform (the Affiliates). The Affiliate will receive a commission of 1% on the purchase amount of the new user. This commission is paid monthly.
11.2 Bitvested selects these Affiliates carefully, but is nevertheless not liable or responsible for any of their actions, representations, warranties, or behaviour. The Affiliates carry full responsibility in their communications with potential new users. If an Affiliate behaves in such a way that it damages Bitvested, either directly or indirectly, they may be liable for these damages to Bitvested under Article 9.
11.3 Affiliates are solely responsible for complying with the applicable tax laws for the commission they earn from this Affiliate Program.
Article 12 - Miscellaneous
12.1 Bitvested is an independent contractor and not an agent of you in the performance of these Terms and Conditions. These Terms and Conditions should not be interpreted as evidence of an association, joint venture or partnership.
12.2 Our failure to require your performance of any provision herein will not affect our right to require performance at any time thereafter, nor will a waiver of any breach or default of these Terms and Conditions or any provision of these Terms and Conditions constitute a waiver of any subsequent breach or default or a waiver of the provision itself.
12.3 Only Dutch law applies to the legal relationship between Bitvested and you. The court in Amsterdam is authorized (in the first instance) to take cognizance of any dispute between Bitvested and you, unless otherwise required by law.