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Terms of Use - Qovex Europe S.A.

Acceptance of Terms of Use

By using this website (“Site”), registering for a Qovex Account (“Account”) or using any other services, products, data, content or other material available through the Site (“Services”) and provided by Qovex Europe S.A. (“we”, “us”, “our”), you (“you, your, or yourself”) are agreeing to accept and comply with the terms and conditions of use stated below (“Terms of Use” or “Terms”). You should read the entire Terms of Use carefully before using this Site or any of the Services.

IF YOU DO NOT ACCEPT THE TERMS OF USE AND CONDITIONS OUTLINED BELOW, YOU MAY NOT ACCESS THIS SITE NOR USE THIS SERVICE.

These Terms of Use were last updated on March 27, 2024. We reserve the right to change, add or remove parts of these Terms at any time and at our sole discretion. You will be notified of any changes in advance through your Account or by sending you an email. In case changes relate to services referred to under a) and c) below, you will be notified of such changes two (2) months in advance per email. Upon such notification, it is your responsibility to review the amended Terms. Your continued use of the Site two months after receiving the notice of relevant changes to the Terms signifies that you accept and agree to the changes, and that all subsequent transactions by you will be subject to the amended Terms.

About Qovex and the Services

Qovex Europe S.A. is a payment institution authorised and regulated by the Luxembourg financial regulator, the Commission de Surveillance du Secteur Financier (hereafter “CSSF”) and a virtual asset service provider, registered with CSSF for AML/CFT supervision. Qovex Europe S.A. is registered with the Luxembourg Trade and Companies Register under the number B196856, VAT number LU 27823117, with its registered address at 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg (“Qovex”).

Qovex provides the following Services as its core business to all registered users of the Service (“Members”):

  1. Funding of Accounts in a selected number of fiat currencies and withdrawal in such currencies;

  2. Trading a selected number of Virtual Assets for other Virtual Assets;

  3. Trading a selected number of fiat currencies for other such fiat currencies;

  4. Trading a selected number of fiat currencies for Virtual Assets and vice-versa;

  5. Funding, transferring and withdrawal of virtual currencies where no fiat currency flow is taking place;

  6. Custody Virtual Assets and Digital Assets listed on the Site and enter into arrangement with a third-party sub-custodian.

The Services referred to under a) and c) above are subject to regulatory oversight by the CSSF in accordance with the Law of 10 November 2009 on payment services, as amended. The Services referred to under b), d), e) and f) above are registered with CSSF for AML/CFT supervision in accordance with the Law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended.

For the avoidance of doubt, we do not provide any investment advice in connection with the Services described in these Terms of Use. We may provide information on the price, range and volatility of Virtual Assets and other Digital Assets that are available on our platform and events that have affected the price of such Virtual Assets and Digital Assets, but this must not be considered investment advice nor should it be construed as such. Any decision to purchase or sell Virtual Assets and other Digital Assets is solely your decision and we shall not be liable for any loss suffered.

As of March 24, 2023, residents of Canada are not permitted to open new accounts on the Site.

General Terms to the Site

Depending on your country of residence, incorporation or registered office, you may not be able to use all the functions of the Site. It is your responsibility to follow the rules and regulations applicable in your country of residence, incorporation or registered office and/or country from which you access the Site and the platform. As long as you agree to and comply with the present Terms of Use, we grant you a personal, non-exclusive, non-transferable, non-sub licensable and limited right to enter and use the Site and the platform.

You acknowledge that Qovex may not be permitted to actively solicit business from individuals or entities located in jurisdictions where our services are not authorized or regulated. Accordingly, you represent and warrant that (1) you chose to enter and use the Site and the Services on you own initiative and/or (2) any Transaction that you initiate on the Site is the result of your own initiative, and not the result of our solicitation or promotion of our Services.

All our Services are provided without warranty of any kind, either express or implied, and, in particular, without implied warranties of merchantability and fitness for a particular purpose. We do not guarantee that the Services as well as the Site will be available 100% of the time to meet your needs. We will strive to provide you with the Services as soon as possible, but there are no guarantees that access will not be interrupted or that there will be no delays, failures, errors, omissions or loss of transmitted information.

We will use reasonable endeavours to ensure that the Services and the Site can be accessed by you in accordance with the present Terms of Use. However, we may suspend the use of the Site and Services for maintenance and will make reasonable efforts to give you a prior notice of this. You acknowledge in this context that this may not be possible in case of an emergency, and accept the risks associated with the fact that you may not always be able to use the Services and the Site, or carry out urgent transactions using your Account.

Your Qovex Account

Opening of your Account

By opening an Account, you expressly represent and warrant:

  • That you have accepted these Terms;

  • If you are an individual, that you are at least 18 years of age;

  • If you are a legal entity or acting in the name of a legal entity, that you are duly authorised to act on behalf and in the name of the legal entity, and bind the latter validly;

  • That you have the full legal capacity to accept these Terms of Use, either in your own name or in the name and on behalf of the legal entity you represent, and enter into transactions involving Virtual Assets and other Digital Assets; and

  • That you acknowledge and agree that all information provided, communicated, and exchanged with you, including but not limited to any contractual information, disclaimers, marketing actions and customer support, is conducted in English and that you expressly renounce to any other language.

How We Verify Your Account

The creation and use of your Account are subject to verifications, as required by statutory and regulatory obligations incumbent on us. You agree to provide us with the information we request for the purposes of identity verification, compliance with know-your-customer rules, as well as detection of money laundering, terrorism financing, fraud or any other financial crime. The requested information may include Personal Data (please refer to our Privacy Policy). By providing us with the information we request, you confirm that it is true and accurate, and agree to inform us in case of change concerning such information. Your Account will be blocked until we are satisfied with the information you have provided and determine in our sole discretion that it is sufficient to validate your Account. In the meantime, you will not be allowed to terminate your Account or request the deletion of the Personal Data processed in the course of verification operations.

We expressly reserve the right to cancel and/or terminate Accounts that have not been verified by the Member despite efforts made in good faith by us to contact you to obtain such verification (“Unverified Accounts”). All Unverified Accounts which have been inactive for a period of 6 months or more are further subject to transfer to a third-party escrow (the “Unverified Escrow”), and will no longer be maintained or under our legal responsibility. The administrator/trustee of the Unverified Escrow shall make any and all additional reasonable efforts required by law to determine and contact each Unverified Account owner and, after suitable effort and time has been expended, we may be required to convert the residual Virtual Assets or other Digital Assets into fiat and send it to a national authority responsible for the safekeeping of such funds.

The suspension or escrow of an Account shall not affect the payment of commissions due for past Transactions.

Funding Your Account

You can fund your Account by wiring fiat currency by way of wire transfer (whether either SEPA or international wire transfer) from your bank account to your Account. Our fees for accepting and processing such wire transfers are detailed in our Fee Schedule.

We do not accept fiat currency deposits from third-party bank accounts. The name on your linked bank account must match the name verified on your Account.

Some Virtual Assets may be deposited to your Account directly and free of charge, unless otherwise stated in our Fee Schedule.

If you have any questions on how to deposit funds to your Account, see our FAQ page.

Your Account, once funded, does not and will not earn interest.

Placing an Electronic Purchase

If you are an individual, you can perform an instant Purchase Transaction using your credit or debit card (“Card Purchase”), Google Pay, Apple Pay, or other valid form of payment available on the platform (each a “Valid Payment Method”). The availability of Apple Pay or Google Pay (applicable to credit or debit cards issued by Visa or Mastercard only) depends on your device and your place or residence. For more information on the availability of Apple Pay see /apple-pay/, or https://pay.google.com/ for Google Pay. The Fees we charge to process instant Purchase Transactions are detailed in our Fee Schedule. We will withhold any Virtual Assets and/or Digital Assets bought using a Valid Payment Method from withdrawal for up to fourteen (14) days from the initiation of the Valid Payment Method. After that period, this restriction will be lifted and withdrawals will be re-enabled.

When making a Card Purchase on our website or mobile app, your card data is automatically stored by our card payment service provider via a tokenization process. This means that a sensitive data element (PAN-card number) is substituted with a non-sensitive equivalent called a token. This tokenization process is designed to keep your data safe and secure from unauthorised access by a third party. You can only register a credit or debit card held on your name.

Our appointed payment services provider may save and store payment information, such as credit card or debit card numbers and card expiration dates, entered by you on our website when you make a Card Purchase. Such stored payment information may be used as your default payment method for further Card Purchases on our website or mobile app. At any time, you can delete your card information or enter new card information. If your card has expired, the payment information relating to that particular card will not be stored anymore by our payment service provider and you will be prompted to indicate your new card information the next time you want to proceed with a Card Purchase. You are responsible for maintaining your card information up-to-date and accurate. You consent to Qovex updating such stored information from time to time based on information provided by you, your bank or other payments services providers. You will only provide information about payment methods that you are authorized to use.

If you have any questions on how to make a Card Purchase, see our FAQ page.

Recurring Buy and Recurring Sell

If you are an individual, you can set up recurring buys or sells to periodically buy or sell Virtual Assets or Digital Assets, in the amounts and at the frequency that you choose, either by performing an instant Purchase Transaction using your Account balance or a Valid Payment Method as made available by Qovex for recurring buy transactions (“Recurring Buy”); or by selling Virtual Assets or Digital Assets using your Account balance (“Recurring Sell”). You can manage your Recurring Buy and Recurring Sell in your Account, under Account Settings, “Recurring Buy/Sell” section. 

When setting up a Recurring Buy or Recurring Sell, you will be asked to:

  • For Recurring Buy: choose the fiat currency and amount that will be used for payment, specify the Virtual Assets or Digital Assets you wish to buy, select the payment method, and indicate the frequency (daily, weekly, every other week, or monthly), which includes specifying the particular day of the week or month when the Recurring Buy shall occur;

  • For Recurring Sell: choose the Virtual Assets or Digital Assets and/or amount that you wish to sell, specify the fiat currency and/or amount for which the Virtual Assets or Digital Assets will be sold, and indicate the frequency (daily, weekly, every other week, or monthly), which includes specifying the particular day of the week or month when the Recurring Sell shall occur.

By clicking “Confirm Recurring Buy” or “Confirm Recurring Sell”, you will confirm your Recurring Buy or Sell setup as you defined it, confirm the initial transaction’s price quote and initiate the execution of the first transaction, and you will authorize Qovex to initiate and execute your next recurring transactions on your behalf, against your designated Valid Payment Method or Account balance, in the amounts and at the frequency you indicated in your Recurring Buy or Recurring Sell setup.

The price quote shown in the user interface at the time of setting up the Recurring Buy or Recurring Sell will be valid for the initial transaction only, and not for your future recurring transactions. Due to the inherent price fluctuations of Virtual Assets and Digital Assets, the quoted price for your future recurring transactions shall be determined at the time of each respective transaction, it will not be displayed at the time of setting up the Recurring Buy or Recurring Sell and will differ from the quote provided for your initial transaction. The timing of your subsequent recurring transactions will generally align with the time when you set up your Recurring Buy or Recurring Sell. If, at the scheduled time, a transaction cannot be executed, Qovex will make a subsequent attempt to execute the transaction within 24 hours. If the transaction remains non-executable after this attempt, it will be rejected, and you will be promptly notified of the outcome via email. In the event of asset delisting, Qovex reserves the right to cancel the Recurring Buy or Recurring Sell setup and you will be notified of such event via email.

Your first transaction will occur immediately upon confirming your  request, and your next recurring transactions will occur at the frequency you selected during your Recurring Buy or Recurring Sell setup. If you specified a day of the week or month for the Recurring Buy or Recurring Sell to occur after the initial set up date, the first scheduled transaction will be skipped, as the first transaction is considered fulfilled upon your confirmation of the Recurring Buy or Recurring Sell setup. For example, if you set up Recurring Payments on 1st January with a scheduled occurrence on the 10th of each month, your first transaction will occur on 1st January, and the subsequent one will occur on 10th February. If you specified the Recurring Buy or Recurring Sell to occur on the 29th, 30th or 31st of a month, the recurring transaction will occur on the actual last day of the month, as applicable. 

It is your responsibility to ensure that sufficient funds are available to cover your recurring transactions, and that the payment details are accurate and up-to-date at all times. If Qovex is not able to collect the required funds to complete a recurring transaction, including instances of failed Card Purchases, that recurring transaction will not be processed, and Qovex reserves the right to cancel your Recurring Buy or Recurring Sell setup should this occur for consecutive recurring periods. You will be notified of the unsuccessful transaction and/or the cancellation of the Recurring Buy or Recurring Sell setup via email. You should regularly review the status of your Recurring Buy and Recurring Sell in your Account. Qovex has no responsibility regarding the information submitted by you in your Recurring Buy and Recurring Sell setup.

You may cancel your active Recurring Buy and Recurring Sell setup in your Account, under Account Settings, “Recurring Buy/Sell” section, at any time with no charge, penalty or fee. If you cancel a Recurring Buy or Recurring Sell setup during the transaction execution time, the transaction scheduled for that time interval will be executed, and the cancellation will be effective for the subsequent scheduled transactions. Qovex reserves the right to suspend or cancel your individual recurring transactions and/or Recurring Buy or Recurring Sell setup at any time without notice and Qovex has no obligation to allow you to reinstate a buy or sell order at the same price or on the same terms as the unsuccessful transaction.

Maintaining Your Account

Keep Your Information Up-to-Date

We are vigilant in maintaining the security of our Site and the Service. By registering with us, you agree to provide us with current, accurate and complete information about yourself, including, for legal entities, information on directors, key personnel and beneficial owners, as prompted by the registration and verification process, and to keep such information updated by communicating, without delay, any subsequent changes to us.

You represent and warrant to us in opening and using an Account with Qovex that you are acting on own account and that you are not acting on behalf of or for the benefit of, anyone else, unless you are opening and using the Account for and under the direction of a legal entity that has duly authorized you as their legal representative to open and use an Account with Qovex in their name and on their behalf. Qovex reserves the right to request proof of such authorisation and to carry out any necessary verification in relation to the above.

You further represent and warrant that you will not access the Account of any other Member at any time or assist others in obtaining unauthorised access.

The creation or use of Accounts without obtaining our prior express permission will result in the immediate suspension of all said Accounts, as well as all pending purchase/sale offers. Any attempt to do so or to assist others (Members or otherwise), or the distribution of instructions, software or tools for that purpose, will result in the Accounts of such Members being terminated. Termination is not the exclusive remedy for such a violation, and we may elect to take further action against you.

Maintain the Confidentiality of Your Account Information

You are also responsible for maintaining the confidentiality of your Account information, including your password, safeguarding your own Virtual Assets and Digital Assets, and all activity including Transactions that are posted to your Account. Any actions on the Site, transactions, orders and operations initiated from your Account or using your password (1) will be considered to have been made by you, and (2) is irrevocable once validated using your password or made through your Account. If there is suspicious activity related to your Account, we may, but are not obligated to, request additional information from you, including authenticating documents, and to freeze any transactions pending our review. You are obligated to comply with these security requests or accept termination of your Account. You are required to notify Qovex immediately of any unauthorised use of your Account or password, or any other breach of security, by email to . Any Member who violates these rules may be terminated, and thereafter held liable for losses incurred by Qovex or any user of the Site.

You acknowledge that you will only credit your Account from a bank account that is in your own name and that you will instruct payments from your Account only to a bank account that is in your own name.

We reserve the right to cancel transfers which are made by or sent to third parties.

Keep Your Virtual and Digital Assets Safe

Our role is limited to providing you with a platform via the Services under which we act solely as a service provider, and in accordance with your Instructions for the management and transfer of Virtual Assets and other Digital Assets.

In relation to the custody of your Virtual Assets or other Digital Assets, we are acting as custodian of your Virtual Assets or other Digital Assets. Under this service, we are your contractual counterparty for custody services, and we owe you duties in relation to the safekeeping and custody of your Virtual Assets or other Digital Assets, albeit you accept to solely bear the risks affecting our sub-custodians or the Virtual Assets or other Digital Assets held with them.

Where you Instruct us to arrange for any Virtual Assets or other Digital Assets owned by you (including any bought on your behalf) to be held until we receive further Instruction from you to sell or transfer them (with any deposit of Digital Assets and/or Virtual Assets being deemed to be such an Instruction), we will provide you with custody services.

You expressly agree and accept that we may appoint sub-custodians to hold your Virtual Assets or other Digital Assets. Whilst we act with reasonable care in selecting such sub-custodians, a list of which is available here, we do not accept any liability towards you in case of any event affecting Virtual Assets or other Digital Assets at the level of the sub-custodians and/or in case of their inability to satisfy any of their obligations, whether such events or inability is due to force majeure or not. You accept to solely bear the risks of any such events and/or such inability. You accept that your Virtual Assets or other Digital Assets will be held in omnibus accounts held by us with sub-custodians. If for any reason it is possible to retrieve only part of the Virtual Assets or other Digital Assets held in the omnibus account, you accept to share the loss proportionately to your share in the Virtual Assets or other Digital Assets held in the omnibus account.

Given the specific nature of Virtual Assets or other Digital Assets, the custody of such assets consists in storing and keeping confidential private keys in respect of such Virtual Assets or other Digital Assets. We do not, and you agree that we do not, have or acquire any rights, title or interest in any Virtual Assets or other Digital Assets that are held on your behalf by the sub-custodian(s).

In order to satisfy our duty of restitution as custodian in relation to Virtual Assets or other Digital Assets, it is sufficient for us to either, amongst others:

  • transfer the Virtual Assets or other Digital Assets to a wallet which is not held with us (including but not limited to a private wallet or a wallet held with a third-party provider) as instructed by you; or 

  • sell the Virtual Assets or other Digital Assets and transfer the proceeds of such sale in fiat currency to you in accordance with your instructions.

We may at our sole discretion select the way in which we satisfy our duty of restitution.  

In order for us to manage the Site and provide the Services, you appoint Qovex as your agent with a perpetual but revocable (in the event of Account termination) agency authority to act as your agent for the following tasks:

  • Access and/or transfer Virtual Assets or other Digital Assets as required for the operation of the Site and provision of the Services; 

  • Transfer Virtual Assets and Digital Assets to a wallet or to other users of such Virtual Assets and Digital Assets outside the Site; 

  • Otherwise, unless specified otherwise herein act on your instructions in respect of any Virtual Assets or other Digital Assets, including in respect of:

    •  Any buying or selling of Virtual Assets or other Digital Assets;

    •  The accessing or transferring of Virtual Assets or other Digital Assets between wallets; and/or

    •  Any other purpose or action as instructed by you.

By agreeing to these Terms of Use you acknowledge and agree that in doing so, you instruct us on an ongoing basis to undertake all of the above-mentioned actions on your behalf. You can revoke this ongoing Instruction by closing your Account, in which case it will lapse only when your Account is closed.

We reserve the right to take any of the following actions at any time:

  • Freezing of Ripple accounts in accordance with Ripple Labs policy

  • Termination of our relationship with you and/or your Account;

  • Suspension of our relationship with you and/or your Account;

  • Prohibiting wash trading and other activities;

  • Requiring minimum trade sizes;

  • Blocking or freezing Accounts in certain circumstances;

  • Applying service downtime and unavailability restrictions;

  • Complying with enforcement-agency orders or regulatory actions, which may include converting any Virtual Assets or other Digital Assets in your Account to fiat currency, if required;

  • Offsetting any outstanding obligation you have to Qovex, which may include the sale of any Virtual Assets or other Digital Assets in order to cover the outstanding obligation you have.

For certain Digital Assets, we enable deposits and withdrawals on different blockchains, and we hold them on multiple blockchains at all times. To be able to maintain cross-chain liquidity for these select Digital Assets, we engage third-party service providers. They provide us with a swapping mechanism whereby the Digital Assets being swapped are temporarily held by them as necessary to effectuate the swap.

For the purpose of maintaining sufficient liquidity of your Digital Assets across different blockchains, you give us authorization to transfer your Digital Assets to and from such third-party providers without your specific instructions. With respect to select Digital Assets that we enable cross-chain liquidity for, we are not liable for any loss or limited availability of your Digital Assets, to the extent that such loss or limited availability occurs while your Digital Assets are held by the third-party service providers. We are not liable for the potential unavailability of your Digital Assets on a particular blockchain.

Keep Your Fiat Currency Safe

Qovex as a licensed payment institution safeguards all fiat currency you hold in your Account in accordance with applicable legislation. When you hold fiat currency in your Account, we do not hold that fiat currency ourselves but fiat currency is deposited in separate accounts segregated from our corporate funds with one or more Banking Providers. You, in any event, remain the beneficial owner of the rights to fiat currency that we hold on your behalf with our Banking Providers and will remain absolutely beneficially entitled to the rights we have with respect to that fiat currency to the fullest extent permissible under applicable laws.

When we hold your fiat currency with Banking Providers, you acknowledge and agree that your fiat currency will be commingled with fiat currency deposited by or otherwise held by us on behalf of other Members, and each of you shall have a pro rata entitlement to the fiat currency held in the account(s) with the relevant Banking Provider(s) where your fiat currency is held. We use different Banking Providers depending on the currency in which you deposit and hold funds. You hereby acknowledge that your fiat currency is not held only at the Banking Provider at which you deposit your fiat currency and fund your Account but may be distributed by us across several different Banking Providers. We use multiple different Banking Providers in order to achieve diversification and reduce the exposure and risks posed to you by the insolvency of any single Banking Provider. For the avoidance of doubt, you will have no rights to or interest in any Banking Provider account that we hold on behalf of our Members which holds funds in currencies other than the currency or currencies that you have chosen to hold.

Although we will use reasonable care in selecting the Banking Providers, we cannot protect your fiat currency from the insolvency of any Banking Provider where we hold your fiat currency. You acknowledge and agree that in the event of a Banking Provider's insolvency, we shall not be liable to you in respect of any losses that you suffer as a result of such Banking Provider insolvency. You will share pro rata in any losses caused by the Banking Provider's insolvency with all other Members who hold fiat currency denominated in the same currency at the insolvent Banking Provider (according to our internal books and records). In the event of the insolvency of a specific Banking Provider you may, depending on the circumstances, be eligible to claim compensation from a relevant deposit guarantee scheme or similar compensation scheme. Where we determine that it is possible and feasible to do so, we may be able to assist you in bringing any such claim for compensation. You should note that some Banking Providers may not be covered by guarantee or compensation schemes and whether or not you are able to make a claim under such a scheme will depend on the overall circumstances, including your personal circumstances.

In case of our insolvency, bankruptcy or in any other situation of equal ranking, fiat currency in your Account is not part of the mass of Qovex's assets. Fiat currency of Members we hold with Banking Providers is identified by Banking Providers as assets of our Members, and therefore, it can neither, with the consequence of nullification, be used as a guarantee by us to cover our own obligations or those of third parties, nor be seized whether by our creditors or creditors of our Members.

Our Fees

We charge Fees for our Services. Fees are described and available in our Fee Schedule. We reserve the right to change our Fees at any time and at our sole discretion. You will be notified of any changes in advance through your Account or email. Upon such notification, it is your responsibility to review the amended Fee Schedule. Your continued use of the Site following the posting of a notice of a Fee changes signifies that you accept and agree to the changes.

We will not charge you any fees other than the Fees set out in the Fee Schedule. We may not use Digital Assets and/or Virtual Assets in any way to generate revenue other than in connection with the charging of Fees as set out in the Fee Schedule.

Subject to applicable laws and regulations and as determined by us in our sole discretion, we reserve the right to offer negotiated fee schedules, discounts, or other incentives to certain customers which may not be available to all customers

By using certain parts of the Services, you acknowledge that Qovex or an affiliate of Qovex may be a counterparty in a transaction and thus act as a principal. Qovex may charge a spread that is already included in the received quote, whereby you acknowledge that the purchase quote may not be the same as the sell quote at any given time due to added spread. The quote may display a value approximation of the quoted amount and may not represent a guaranteed value, whereby such condition will be disclosed at the stage of quote confirmation. By confirming the transaction, you accept the quote, whereby the quote may be guaranteed, or it may display an approximation value and you acknowledge that the final amount may deviate from the displayed quote. Qovex reserves the right to suspend a quote at its sole discretion.

Closing Your Account

You may close your Account at any time.

You may terminate this agreement with Qovex and close your Account at any time here, following settlement of any pending transactions.

We may close or suspend or freeze your Account on notice.

We may, by giving notice, at our sole discretion:

  • Limit, suspend or terminate your access to the Service, the Site and/or to your Account;

  • Prohibit access to the Site and its content, services and tools;

  • Delay or remove hosted content; and

  • Take technical and legal steps to keep Members off the Site if we suspect that they are creating problems or possible legal liabilities, infringing the intellectual property rights of third parties, or acting inconsistently with the letter or spirit of these Terms.

Additionally, we may, in appropriate circumstances and at our discretion, suspend or terminate Accounts of Members for any reason, including without limitation:

  • Attempts to gain unauthorised access to the Site or another Member's account or providing assistance to others attempting to do so;

  • Overcoming software security features limiting use of or protecting any content;

  • Usage of the Service to perform illegal activities such as money laundering, illegal gambling operations, financing terrorism, or other criminal activities;

  • Violations of these Terms of Use;

  • A failure to pay or a fraudulent payment for Transactions;

  • Unexpected operational difficulties; or

  • Upon the request of law enforcement or other government agencies.

The suspension or escrow of an Account shall not affect the payment of Fees due for past Transactions.

If your Account has been suspended or frozen, and we subsequently decide to close your account, we may not be able to close your Account until we have completed our enquiries. In some cases, this process can take several weeks to complete. 

Following account termination, unless restricted from doing so for regulatory reasons, we remit any balances in your account to your bank account. You are required to send details of a valid bank account to allow for the transfer of any currencies credited to your Account. This bank account must be held by you. To enable us to do so, we will perform a conversion of your Virtual Assets or other Digital Assets into fiat currency at any time, and we shall not be responsible for the changes in price or the fluctuations in the value of any Virtual Assets or Digital Assets that may occur before or after the time when conversion takes place.  

We also reserve the right, but not the obligation, to remit any Virtual Assets or other Digital Assets to an external wallet held by you. Where we have agreed to transfer any Virtual Assets or Digital Assets to an external wallet held by you, you are required to send us an external wallet address held by you.  

We reserve the right to validate the ownership of your bank account and/or an external wallet address held by you. We do not provide any assurances as to when the repayment or transfer will be completed. 

We will arrange to send you the credit balance of your Account; however, in certain circumstances a number of intermediaries may be involved in an international payment and these or the beneficiary bank may deduct charges. We will make all reasonable efforts to ensure that such charges are disclosed to you prior to sending your payment; however, where they cannot be avoided, you acknowledge that these charges cannot always be calculated in advance, and that you agree to be responsible for such charges.

Upon Account closure, any amount less than 25 EUR in value will not be returned.

We reserve the right to not convert Virtual Assets or other Digital Assets into fiat and to return them to a Wallet that belongs to the Member.

We similarly reserve the right to freeze Ripple accounts in accordance with the Ripple Labs policy, which took effect on 15 September 2014. Please see the explanation provided by Ripple Labs below:

The freeze protocol extension gives gateways the ability to 1) globally freeze all their issued funds or 2) freeze funds issued to a specific user. Frozen funds may only be sent back to the issuing gateway. The global freeze feature allows a gateway to freeze all balances it issues. The gateway may still issue payments. Accounts holding frozen balances may return the funds to the gateway. This feature is useful for migrating users from one account to another and to safeguard users in the event that the gateway account is compromised. The individual freeze is primarily intended for compliance with regulatory requirements, which may vary from one jurisdiction to another. It also allows gateways to freeze individual accounts issuances in order to investigate suspicious activity. These features allow gateways to better operate in compliance with laws and regulations.

For the avoidance of doubt, any action taken by us to suspend, delay, cancel or freeze any instructions and/or to suspend your Account will not affect your rights, title or interest in respect of your Virtual Assets and other Digital Assets which are held by a third-party custodian(s) on your behalf, but may affect our ability to execute your Instructions, which you hereby acknowledge and agree.

Trading with Qovex

Risks

The trading of goods and products, real or virtual, as well as virtual currencies involves significant risk (click here for more information). Prices can and do fluctuate on any given day. Such price fluctuations may increase or decrease the value of your assets at any given moment. Any currency – virtual or not – may be subject to large swings in value and may even become worthless. There is an inherent risk that losses will occur as a result of buying, selling or trading anything on a market.

Virtual-Asset and Digital-Asset trading also has special risks not generally shared with official currencies, goods or commodities in a market. Unlike most currencies, which are backed by governments or other legal entities, or by commodities such as gold or silver, Virtual Assets and Digital Assets are a unique type of asset, backed by technology and trust. There is no central bank that can issue more currency or take corrective measures to protect the value of Virtual Assets and Digital Assets in a crisis.

Instead, Virtual Assets and Digital Assets are an as-yet autonomous and largely unregulated global system of currency firms and individuals. Traders put their trust in a digital, decentralised and partially anonymous system that relies on peer-to-peer networking and cryptography to maintain its integrity.

The trading of Virtual Assets and Digital Assets is often susceptible to irrational (or rational) bubbles or loss of confidence, which could collapse demand relative to supply. For example, confidence in Virtual Assets and Digital Assets might collapse because of unexpected changes imposed by software developers or others, a government crackdown, the creation of superior competing alternative currencies, or a deflationary or inflationary spiral. Confidence might also collapse because of technical problems: if the anonymity of the system is compromised, if money is lost or stolen, or if hackers or governments are able to prevent any transactions from settling.

There may be additional risks that we have not foreseen or identified in our Terms of Use and in our Risk Warning Statement available here.

Make sure you are sufficiently knowledgeable about crypto market, Virtual Asset and Digital Asset trading and our Services, and you are able to make informed decisions based on timely and accurate information.

You should carefully assess whether your financial situation and tolerance for risk is suitable for buying, selling or trading Virtual Assets or Digital Assets.

The CSSF’s regulatory competence, and indeed our payment institution license, is limited to the payment services provided in fiat currency and does not extend to the virtual currency transactions per se in which no fiat currency is involved. Such services are not subject to regulatory oversight by the CSSF.

Virtual Assets or other Digital Assets do not qualify as deposit or an investment under Luxembourg law, hence you will have no recourse to the Luxembourg deposit guarantee or investor indemnity schemes administered by the Conseil des Protection des Deposants et des Investisseurs or any equivalent scheme in the EEA.

We use Banking Providers in order to receive funds from Members and make payments to Members. Banking Providers DO NOT transfer, exchange, or provide any services in connection with Virtual Assets or Digital Assets. Your fiat currency will be held in account(s) at our Banking Providers in the name of Qovex together with fiat currency deposited by or otherwise held by us on behalf of other Members. Where possible in a relevant jurisdiction which recognises the concept of client account, we will notify the relevant Banking Provider that the bank account is a client account in which we hold fiat currency on behalf of Members. You will, in any event, remain the beneficial owner of the rights to fiat currency that we hold on your behalf with our Banking Providers and will remain absolutely beneficially entitled to the rights we have with respect to that fiat currency to the fullest extent permissible under applicable laws. We will maintain detailed records of all fiat currency held on behalf of Members. Qovex uses reasonable care in the appointment of its Banking Providers. In the event of a Banking Provider becoming insolvent or entering into an insolvency process in a relevant jurisdiction, Members’ fiat currency balances may be at risk subject to any protections provided at law in the relevant jurisdiction. It is possible that you may be entitled to claim compensation from a relevant deposit guarantee or compensation scheme in respect of any losses arising from such Banking Provider's insolvency, depending on the circumstances, the Banking Provider, your eligibility and the terms of any such compensation or guarantee scheme. We cannot guarantee that you will be able to claim compensation.

We engage with third-party custody providers in order to hold Virtual Assets and Digital Assets on your behalf as sub-custodians of Qovex. Your Virtual Assets and Digital Assets will be held on your behalf in a wallet in the name of Qovex together with other Members’ Virtual Assets and/or Digital Assets. They may also from time to time be held in the wallet together with Qovex Virtual Assets and/or Digital Assets which reflect Qovex fees, but which are recorded on Qovex ledger as belonging to Qovex, and which you instruct Qovex to collect by withdrawing them from the wallet. We will maintain detailed records of all Virtual Assets and Digital Assets which Members hold with sub-custodians appointed by us.

As set out above, we will act only on your Instructions in respect of Virtual Assets and Digital Assets, and does not otherwise acquire any right, title or interest in them. Whilst Qovex uses reasonable care in the appointment of sub-custodians, in the event of a third-party custodian becoming insolvent or entering into an insolvency process in a relevant jurisdiction, you or we may have only an unsecured claim against the sub-custodian, and Members’ Virtual Assets or Digital Assets may be at risk subject to any protections provided at law in the relevant jurisdiction. The same risks exist in case the sub-custodian is for any other reason not able to meet its obligations towards you or us.

Risks related to Fraud and Scams.

At Qovex, we strive to provide our customers with the highest levels of Account and trading safety. As fraudsters and scammers do not avoid trading platforms, our approach is to raise awareness among our customers about common fraudulent practices and offer suggestions on how to avoid being defrauded. For more information about common fraudulent practices and tips for recognizing and avoiding scams, see our FAQ page and Blog post.

Before you engage in using our Services and by confirming these Terms of Use, you agree and acknowledge that:

  1. Qovex will not be responsible for any loss or damage suffered by you, due to any illicit or fraudulent activity of third parties - you are solely responsible for your behavior and usage of your Account;

  2. Qovex operates giveaways, official promotions and referral programs only through Qovex-owned channels, e.g. the Site;

  3. Qovex only communicates with you through the @bitstamp.net or @team.bitstamp.net addresses;

  4. Qovex will never call you unexpectedly and without prior notice, regardless of cause or reason;

  5. Qovex will never ask you to disclose any of your sensitive authentication credentials, regardless of cause or reason, and will never demand remote access to your device or advise you to change your security settings;

  6. Your Account credentials should be solely used by you and you shall not disclose your login credentials to any third person or entity. You will ensure that the email and phone number which you used for registering a Qovex Account will be exclusively operated and kept in private by you;

  7. You will set the 2-factor authentication solely on the devices which are possessed and controlled exclusively by you and you will not permit anybody to access or use the devices you use for the 2-factor authentication;

  8. Any attempt of providing instructions to any person (Members or third party), or distribution of instructions, software or tools, related to onboarding process, operating of the Account and security measures, regardless of purpose, may result in the Accounts of both the defaulting and affected Members being terminated, at the sole discretion of Qovex.

Our Approach to Forks or Airdrops in Virtual Assets

We have no control over the software protocols which govern or constitute the framework of virtual currencies. Therefore, we assume no responsibility for the update or any modification of the underlying protocols, and we are not able to guarantee their functionality, security or availability.

By accepting the present Terms of Use, you acknowledge and accept the risk that underlying software protocols relating to any of the virtual currencies available on the platform are likely to be subject to sudden changes in operating rules (hereafter “fork”) or distribution of Virtual Asset event (“airdrops”), and such forks or airdrops may materially affect the value, function and/or the name of the virtual currencies that are exchanged or acquired on the platform.

Qovex will use reasonable endeavours to provide you with notice of forks or airdrops by publishing such a notice on the Site, including, to the extent possible, whether Qovex intends to support airdrops, either or both branches of a fork, and you agree that you will read such notices in order to make a decision in that respect. However, we have no obligations to support any specific forks, airdrops or similar distribution events.

It is your responsibility to make yourself aware of, and consider how to deal with, upcoming forks or airdrops, including whether to give us Instructions for the withdrawal of the balance of any Virtual Assets or other Digital Assets. In the event of a fork or airdrops, there is a risk that we may need to temporarily suspend operations in relation to that fork or airdrops without providing advance notice to you. we may, in our reasonable discretion, decline to support either or both branches of a fork or airdrops.

You acknowledge that third-party custodian-service providers may operate fork or airdrops policies and, under their terms, may not be obliged (or able) to support all or any forks. You should ensure you check their fork or airdrops policies regularly and whenever you become aware of a forthcoming fork or airdrops. Notwithstanding that a third-party custodian-service provider may support a particular cryptocurrency, including a fork or airdrops, this will not oblige Qovex to support that cryptocurrency, airdrop or fork.

In the event of a fork or an airdrop which affects Virtual Assets or other Digital Assets pursuant to these Terms of Use, and which is unsupported by Qovex:

  • We will not acquire any right, title or interest in the unsupported forked or airdropped Virtual Asset and/or other Digital Assets; and

  • We may be unable to give effect to any Instructions given in respect of those Virtual Assets or other Digital Assets and we will have no liability to you in respect of the unsupported forked or airdropped Virtual Assets or other Digital Assets.

In the event that we subsequently decide to support the forked or airdropped Virtual Assets or other Digital Assets, we will then give effect to your Instructions to the extent possible or practicable.

By agreeing to the present Terms of Use, you acknowledge the risks presented by forks and airdrops and you accept that we have no responsibility to assist you to move or sell Virtual Assets of an unsupported branch of a forked protocol or airdropped protocol.

Acceptable Use of Our Services

Wash Trading

We do not allow you to cross trade, either alone or in collusion with others or to place an order, which would result in a self-execution—i.e., where the same trader or group of traders would act as both the maker and taker for the trade.

If two orders of opposing sides would result in a crossed trade, both orders are subject to specific measures, ranging from scrutiny, cancellation, suspension or prohibition to trade on our platform. If two orders of the same quantity would result in self-execution, both orders are subject to specific measures, ranging from scrutiny, cancellation, suspension or prohibition to trade on our platform.

Market Manipulation

You are prohibited from engaging or attempting to engage in Market Manipulation. This prohibition applies to any kind of activity that results in or has the purpose of:

  • Artificially controlling or manipulating the price or trading volume of any of the virtual currencies listed on our platform; and

  • Manipulating of a benchmark including but not limited to the transmission of false or misleading inputs, or any other action that manipulates the calculation of a benchmark.

Market manipulation will trigger specific measures, ranging from scrutiny, cancellation of orders, suspension or prohibition to trade on our platform and disclosure to third parties including full disclosure to competent authorities.

We reserve the right to suspend, delay or cancel an Instruction or series of Instructions issued by a Member or colluding Members which if executed would result in a price swing of 5% or more of the value of a crypto-currency available on the Qovex platform.

You will not take, directly or indirectly, any action designed, or that might reasonably be expected, to cause or result in destabilization or manipulation of the price of Virtual Assets, which are available on the Qovex platform.

Minimum Trade Size

The minimum trade size is defined by our Fee Schedule.

Prohibited Activities

You agree that you will not use the Services to perform criminal activity of any sort, including but not limited to, money laundering, illegal gambling operations, terrorist financing, malicious hacking or any criminal or illegal activity.

You will refrain from using your Account, the Site and Services for any other use than your personal use, unless you are a legal entity that has opened a corporate account with us.

Limited Right of Use

Unless otherwise specified, all materials on this Site, including, but not limited to, text, graphics, logos, icons and images (“Materials”), are the property of Qovex and are protected by copyright, trademark and other applicable laws. You may view, print and/or download a copy of the Materials from this Site on any single computer solely for your personal, informational and/or non-commercial use, provided you comply with all copyright and other proprietary notices.

The trademarks, service marks and logos of Qovex and others used on this Site (“Trademarks”) are the property of Qovex and their respective owners. The software, text, images, graphics, data, prices, trades, charts, graphs, video and audio used on this Site belong to Qovex. The Trademarks and Material should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, whether manual or automated. The use of any such Materials on any other website or networked computer environment for any other purpose is strictly prohibited; any such unauthorised use may violate copyright, trademark and other applicable laws and could result in criminal or civil penalties.

Transaction Recovery

You are fully responsible for any mistakes, errors or defects which may arise in the course of any transaction that leads to partial or complete loss of your Digital Assets and/or Virtual Assets. Qovex shall not be liable for any damages resulting from any actions previously described. Qovex shall in no case be liable for any loss, including, but not limited to, transfers between addresses, transactions, deposits or withdrawals resulting from your improper actions or activities, or erroneous transactions, deposits or withdrawals resulting in your Digital Assets and/or Virtual Assets being lost. Qovex shall not compensate you for any losses resulting from such actions or activities.

Qovex may provide, in certain circumstances, an investigation and possible recovery of the lost Digital Assets and/or Virtual Assets as a payable service. Therefore, Qovex may, upon the request of a Member, utilize its best efforts to attempt to return misdirected Digital Assets and/or Virtual Assets to the Member. Requests for transaction recovery shall be sent to . After receiving the transaction recovery request, Qovex will make a preliminary assessment for each transaction and reserves the right to refuse the recovery of a particular transaction.

Qovex will charge an investigation fee for any such investigation. The fee shall amount to 10% of the value of lost Digital Assets and/or Virtual Assets, but in no case less than 100.00 EUR. The fee will be charged and shall be paid by the Member in Digital Assets or Virtual Assets which are subject to the transaction recovery. Qovex may investigate transactions that occurred not more than thirty (30) days prior to the date of the request for the recovery of Digital Assets and/or Virtual Assets. Qovex will not attempt to recover transactions with the value below 100.00 EUR. Due to the specifics and case-by-case nature, Qovex does not, in any way, guarantee success and shall not be liable if the investigation is ineffective or unsuccessful, nor can Qovex provide the exact timing for such investigations, but will strive to provide feedback within a reasonable time.

Other Services

Qovex Earn 

Qovex Earn is a part of the Qovex platform that enables you to earn cryptocurrency rewards in exchange for holding or lending assets for a certain amount of time. These rewards can be earned in many different ways including but not limited to staking, inflation, governance and lending as Qovex: 

i. participates in different blockchain protocols that allow participants to earn additional cryptocurrency by contributing to the network; and 

ii. cooperates with providers of crypto lending services, 

and passes on the particular participating protocol’s rewards and/or lending rewards to eligible Qovex clients who have requested participation in those features (or have not opted out for some protocols where their participation is automatic). 

Qovex Earn Services are provided under Qovex Earn Terms, which form an integral part of these Terms of Use. By agreeing to these Terms of Use, you agree to accept and comply with the Qovex Earn Terms available here. 

Keep you informed about digital assets

We want you to be informed about latest developments and news related to the digital-assets industry and cryptocurrencies in general. Therefore, we may from time to time provide you with the digital assets related industry news, insight, research and/or reports in written, audio or video format. Such communication can be provided to you within the platform or by sending emails or push notifications. You can always unsubscribe from this service by clicking an unsubscribe link at the bottom of communication we sent you.

Collection and Use of Your Data

Privacy is very important to us. Full details of our Privacy Policy can be found at Privacy Policy. We recommend that you read the Privacy Policy carefully, so that you know the data that we collect, how we use the data and who we share your data with.

Confidentiality

You agree that all information, materials and documents, that due to its character and nature, a reasonable person under such circumstances would treat as confidential, shall be kept confidential and shall not be shared with anyone except your relevant employees, attorneys, accountants, business advisors, group companies (if any), but all on a strict need-to-know basis and then subject to the condition that they agree to keep all materials and documents exchanged confidential at all times.

Miscellaneous

APIs and Qovex Connect

You may generate API keys that provide you access to Qovex Services through third party applications. This means that you can view and see your personal data and transactions and perform trades through such third-party applications. The scope of access you permit by such API key is defined by you when you create API Key (/settings/access-control/api/).   

In addition, Qovex provides possibility to third parties (integrators) to connect their applications through API Keys (“Qovex Connect”). In the event you are the user of both Qovex and integrator, you may connect your accounts and set the permission level you wish for the purposes of such integration. When we receive a request from the integrator to connect your account using Qovex Connect, we will also require your consent on Qovex platform before the connection will be established. In the event you didn’t request the integration, report it immediately to Qovex.   

By using API Keys or Qovex Connect you acknowledge, Qovex is not responsible for any activity that occurs under any of API key generated by you or by using Qovex Connect functionalities, including but not limited to unauthorized access to or use of your account, data breaches and/or loss of funds and Qovex will not be liable for any losses or damages (direct or indirect, accidental, special or consequential damages) resulting from use or instructions submitted through API Keys or Qovex Connect. It is your sole responsibility for any losses caused as a result of, or in connection with, but not limited to, any trading activity initiated through API keys or Qovex Connect.   

In the event you lose the API key or suspect any misuse of API Keys or Qovex connect, report it immediately to Qovex. Qovex may suspend any API keys or Qovex Connect integration, without prior notice, if Qovex has a reason to believe compromised security. 

External Websites

We make no representations whatsoever about any external or third-party website you may access through the Site. Occasionally, the Site may provide references or links to other websites (“External Websites”). We do not control these External Websites or third-party sites or any of the content contained therein. You agree that we are in no way responsible or liable for the External Websites referenced or linked from the Site, including, but not limited to, website content, policies, failures, promotions, products, opinions, advice, statements, prices, activities and advertisements, services or actions and/or any damages, losses, failures or problems caused by, related to, or arising from those sites. You shall bear all risks associated with the use of such content.

External Websites have separate and independent terms of use and related policies. We request that you review the policies, rules, terms and regulations of each site that you visit. It is up to you to take precautions to ensure that whatever you select for your use is free of items such as viruses, worms, Trojan horses and other items of a destructive nature.

Means of Communication

Unencrypted email messages sent over the Internet are not secure and we are not responsible for any damages incurred by the result of sending email messages in this way. We suggest sending email in encrypted formats; you are welcome to send PGP encrypted emails to us. The instructions and keys to do so are available upon request.

If you send unencrypted or unsecured email or other types of communications to us, we may respond using the same channels and you hereby accept the risks associated therewith.

Limitation of Liability

To the extent permitted by law, Qovex will not be held liable for any damages, loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, indirect or consequential loss unless the loss suffered arose from gross negligence, wilful deceit or fraud. Nothing in these terms excludes or limits the liability of either party for fraud, death or personal injury caused by its gross negligence, breach of terms implied by operation of law or any other liability which may not be limited or excluded by law. Although we endeavour to provide accurate and timely information on the Site, the Site may not always be entirely accurate, complete or current, and may include errors. We may change or update the Site at any time without notice, and you should accordingly verify with independent sources all information before relying on it to take decisions or actions. You remain entirely responsible for your decisions and actions. Subject to the above, you also agree and acknowledge that we have no liability or responsibility in respect of the custody of any Virtual Assets and/or Digital Assets. We are only liable for the reasonable selection of sub-custodians under these Terms of Use.

Subject to the foregoing, our aggregate liability for claims based on events arising out of or in connection with any single Member's use of the Site and/or Service, whether in contract, tort or otherwise, shall in no circumstances exceed the fees paid by you to us during the 12 months immediately preceding the date of any claim giving rise to such liability.

Indemnity

To the full extent permitted by applicable law, you hereby agree to indemnify Qovex and its partners against any action, liability, cost, claim, loss, damage, proceeding or expense suffered or incurred if directly or indirectly arising from your use of the Site or the Services or from your violation of these Terms of Use.

Taxes

It is your responsibility to determine whether, and to what extent, any taxes apply to any transactions you conduct through the Services, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities. Your transaction history is available through your Account.

As Client of Qovex, you duly undertake to be solely responsible for declaration of any inflow and outflow of fiat or crypto assets for the purpose of your domestic tax returns and any related declarations.

You assume full responsibility to determine whether, and to what extent, any taxes apply to any transactions you conduct through the Qovex services, to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities and release Qovex from any liability in the event of non-compliance with these provisions. Qovex waives any responsibility arising from its client's failure to meet its responsibilities hereunder.

Force Majeure

If we are unable to perform the Services outlined in the Terms of Use due to factors beyond our control including but not limited to an event of Force Majeure, change of law or change in sanctions policy, we shall not be liable for the Services provided under this agreement during the time period coincident with the event.

Transfer

We may transfer our rights and obligations under the Terms of Use, which are not subject to regulatory oversight by the CSSF (as described above) to other entities. This includes (but is not limited to) Qovex Ltd, Qovex UK Ltd, Qovex USA, Inc., Qovex Asia Pte. Ltd., or any other firm or business entity that directly or indirectly acquires all or part of the assets or business of Qovex Europe S.A. Any transfer of the rights and obligations of Qovex Europe S.A., will be binding upon you. If you do not agree to any transfer, you may terminate this agreement and close your Account.  

Complaints

In case you are dissatisfied with our services, you may submit a complaint in writing via the following channels:

  • E-mail:

  • Postal address: Qovex Europe S.A., 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg

However, you may also inform us of your complaint via a phone call to the following numbers: / /

You can read more about our complaint resolution procedure here.

Governing Law and Jurisdiction

The Terms of Use shall be governed and construed in accordance with the law of Luxembourg. The parties hereto agree to irrevocably submit to the exclusive jurisdiction of the court of Luxembourg.

Jurisdiction Specific Terms

Netherlands

Qovex is registered as a Virtual Asset Service Provider in the Netherlands and is therefore subject to the supervision of Dutch National Bank (De Nedelandsche Bank) and requirements of the Netherlands regulation. If you are located in the Netherlands, the following provisions apply to you in addition to other terms stated in these Terms of Use.

We attribute a unique deposit address to you for each Virtual Asset or other Digital Asset on the platform. Therefore, you shall keep exclusive access to your Account which includes also secrecy to the account screens where your personal deposit addresses are visible. Your personal deposit addresses shall be kept secret by you and not shared with others by any means. We reserve a right to intermittently change your deposit addresses. You shall always check your deposit address before sending any Virtual Asset or other Digital Asset to your Account.

We do not accept third-party crypto transactions for either deposits or withdrawals. You are only allowed to transfer Virtual Asset or other Digital Asset in from and/or out to your own external wallet or account. When using the Account, you guarantee that you are the owner of the originating wallet or account from where Virtual Asset or other Digital Asset are received to your Account and/or receiving wallet or account to where Virtual Asset or other Digital Asset are transferred from your Account. If a crypto transfer is received from and/or sent to a third-party wallet address, we will reject and return the transfer as soon as practically possible.

Spain

Qovex is registered as a Virtual Asset Service Provider in Spain and is therefore subject to the supervision of the Bank of Spain and requirements of the Spanish regulation. If you are located in Spain, the following provisions apply to you in addition to other terms stated in these Terms of Use.

You will have recourse to the Spanish courts and the dispute resolution bodies of your location (Spain) in the event of a complaint, claim or dispute.

Italy

Qovex is a Virtual Asset Service Provider registered in Italy in the Virtual Currency Operators Register (“Register”) established and managed by the Organismo per la gestione degli Elenchi degli Agenti in attività finanziaria e dei Mediatori creditizi ("OAM") (https://www.organismo-am.it/elenchi-registri/operatori_valute_virtuali/dettaglio_elenco.html). If you are located in Italy, the following provisions apply to you in addition to other terms stated in these Terms of Use.

If you qualify as a “Consumer” pursuant to the Legislative Decree No. 206/2005 (the “Italian Consumer Code”), you accept that the right of withdrawal is excluded in light of the application of the cases referred to in Article 59, letter a), and letter o) of the Italian Consumer Code. In this regard, after the full performance of the Transaction, the right of withdrawal foreseen in Article 59, letter a) of the Italian Consumer Code is excluded considering your acceptance of these Terms of Use, where you expressly agree and accept the loss of such right of withdrawal. In addition, the right of withdrawal foreseen in Article 59, letter o) of the Italian Consumer Code is also excluded with respect to the supply of digital content by means of a non-durable medium, considering your acceptance of these Terms of Use where you expressly agree and accept the loss of such right of withdrawal.

Pursuant to and in accordance with articles 1341 and 1342 of the Italian Civil Code, you declare that you have read and understand, and expressly accept the following provisions of these Terms of Use: Opening of Your Account, How We Verify Your Account, Closing Your Account, Limitation of Liability, and Governing Law and Jurisdiction.

In cases where you qualify as a Consumer, the jurisdiction is also determined according to the Italian Consumer Code (“foro del consumatore”).

In respect of this section of the Terms of Use, the following term shall have the meaning ascribed to it below:

“Consumer” means any natural person who, in commercial practices covered by the Italian Consumer Code, is acting for purposes which are outside its trade, business, craft or profession.

Definitions

Account. The contractual arrangement wherein a Qovex Member has accepted our Terms of Use, Fee Schedule, and Privacy Policy, and received approval to use the Services, including the purchase and sale of Virtual Assets and other Digital Assets, and to perform associated Transactions.

Banking Provider. Third party credit institution with whom your fiat currency is held in our name on your behalf, and any other electronic money institution, payment institution or other payment services provider with whom we may hold your fiat currency for a limited amount of time in accordance with applicable law, as further described in these Terms.

Buyer(s). Member(s) that submit an offer to buy Virtual Assets or other Digital Assets through the Service.

Digital Asset(s). Digitalised right to use in a binary format.

External Website(s). Websites not owned or owned by Qovex.

Fee(s). Refers to the fee which is payable to Qovex as further defined and detailed in our Fee Schedule.

Instructions. Means:

  • Instructions received or directed via the Site or as received directly from you in any medium other than via the Site, where Qovex has expressly agreed in writing to accept such instructions from you;

  • Acts Qovex may take as set out in these Terms of Use or in any other form of documentation establishing the legal relationship between you and Qovex, including instructions within the remit of our agency authority; and

  • Instructions mandated by law, regulatory authority or enforcement agencies.

Member(s). Refers to Buyers and Sellers as well as any registered holders of an Account.

Personal Data. Information that identifies an individual, such as name, address, email address, trading information and banking details. “Personal Data” does not include anonymised and/or aggregated data that does not identify a specific user.

Price. The “price per coin” for which Members are willing to buy or sell a Virtual Asset or another Digital Asset. The Price may be expressed in any of the currencies deposited by Members in their Account and supported by the Service. See our Site for a full list of currencies.

Seller(s). Member(s) that submit an offer to sell Virtual Assets or other Digital Assets through the Service.

Service(s). The technological platform, functional rules and market managed by Qovex to permit Sellers and Buyers to purchase and sell Virtual Assets.

Site. Qovex exchange platform as made available on websites www.bitstamp.net and www.bitstamp.com.

Transaction(s). Includes the following:

  • The agreement between the Buyer and the Seller to exchange currencies, Virtual Assets, or Other Digital Assets through the Service for currencies at a commonly agreed rate (“Purchase Transaction”);

  • The conversion of currencies into Virtual Assets deposited by Members on their Account (“Conversion Transaction”);

  • The transfer of Virtual Assets among Members (“Transfer Transaction”);

  • The transfer of currencies among Members (“Currency Transfer Transaction”); and

  • The purchase of ancillary products (“Purchase Transaction”).

Qovex may not offer all these transaction types at this time or in all locations.

Transaction Price. The total price paid by the Buyer for each Transaction performed through the Service.

Virtual Asset(s). Digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes. Virtual Assets such as cryptocurrencies are a form of digital assets designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units and verify the transfer of assets. Virtual Assets use decentralised control as opposed to centralised digital currencies and central banking systems.

Contact Us

If you have any questions relating to these Terms of Use, your rights and obligations arising from these Terms and/or your use of the Site and the Service, your Account or any other matter, please contact .