Terms and Condition

HomeTerms and Condition

Terms and Conditions

Date of the latest revision: 18th of June 2018.

Welcome to byfex.com

BYFEX is a cryptocurrency financial exchange for both beginner and professional traders. A simplified interface allows for an easy to understand introduction and experienced traders will find a full suite of powerful tools and lightning fast trade execution speeds. Featured copy-trading allows traders to seamlessly follow the portfolios of others.
The solid foundation has drawn experts in technology and business from the world’s top organizations, allowing us to offer safe, stable and reliable trading services through internet and mobile solutions. Our team has been deeply immersed in the cryptocurrency community for years, and we understand that it’s an ever-thriving ecosystem that is meant to reward you, the USER.
These Terms of Service ("Agreement") form a legal agreement covering the provision of services ("service" or "services") provided by BYFEX ("BYFEX.com" or "BYFEX" or "us" or "our" or "we") to you as an individual ("you" or "your"). Your use of the services will be governed by this Agreement, along with the BYFEX.com Privacy Policy. Please read through this Agreement and Privacy Policy carefully before accepting them.

Acceptance and Change of Terms

Before you can register an account you must accept our Terms of Service and Privacy Policy. By accepting this Agreement or by using the Service, you expressly acknowledge and agree that you are entering into a legal agreement with BYFEX, and have understood and agree to comply with, and be legally bound by, this Agreement.
For changes to these Terms of Service that will significantly affect your rights and obligations we will strive to notify you before the changes take effect. You can terminate this Agreement at any time by concluding any outstanding trades and other obligations, withdrawing any remaining balances and deleting your account.

Registration and User Account

To use our services, or to access this site or some of the resources it has to offer, you may be asked to provide registration details in order to register a user account ("User Account" or "account"). It is a condition of use of this site and our services that all the details you provide are correct, current, and complete. If we believe the details are not correct, current, or complete, we have the right to refuse you access to the site, or any of its resources, and to terminate or suspend your account.
To be eligible to use our services you must be at least 18 years old. You may only use your own account at BYFEX.com and you may only have one account registered. You may only act on your own behalf. You may not use your account to act as an intermediary or broker for any person or entity. You are not allowed to sell, borrow, share or otherwise make available your account or any detail necessary to access your account to people or entities other than yourself.
You are responsible for maintaining adequate security and control of any and all usernames, passwords, two-factor authentication codes or any other codes or credentials that you use to access the services.
Your account must not contain misleading or fraudulent information, including, but not limited to having a non-personal phone number. Creating fake reputation information for your account, faking your country of origin or providing fraudulent identification documents is prohibited.
Company accounts
If you wish to use our services as a company or other entity you are required to verify your account as a company. A company-verified account is individual and can only be used by the person who registered it. Company accounts are not allowed to be shared with or used by other individuals or entities.
Accounts that are company-verified are allowed the following exemptions from these Terms of Service

  • A company may have several active user accounts at any time, provided they are all company-verified and operated by a single employee of the company. A single employee may only register and operate a single account.

Identity Verification

In order to ensure BYFEX remains a safe platform for all of our customers we may require you to verify your identity to access part of the services we offer. Identity verification may be required when you pass certain trade volume limits, during trade disputes, fraud investigations, and to ensure account ownership. As part of our ID verification process we require you to provide us with your full name as well as documents and photographs that verify your identity.
In certain situations, we may require enhanced identity verification. This may include requirements to verify details or sources of funds regarding payments you have made or received during trades on BYFEX as well as bitcoin transactions that you’ve sent or received from your BYFEX account.
ID verified accounts have a clear owner which makes it easy to return access to you if you lose all access to your account. It is very hard or impossible to return access to accounts that are unverified, even if you know your username, as it is difficult to identify the original account owner.

Limitation, Suspension, and Termination of Your User Account

Occasionally situations arise where we may need to limit, suspend, or terminate your account. Account limitation ("limit", "limitation") results in a temporary or permanent loss of access to a certain specific part or parts of the services we offer. Account suspension ("suspension", "block", "ban") results in a temporary loss of access to most parts of the services we offer. Account termination ("termination", "permanent ban") results in permanent loss of access to all services we offer as well as termination of this Agreement.
We have the right to, limit, suspend, or terminate your account or access to the services that we provide to you if:

  1. we have a reason to believe that you have acted in violation of these Terms of Service or applicable laws or regulations or if we have a reason to believe that any content or material submitted or shared by you in or through the services violates these Terms of Service or applicable laws or regulations or third party rights.
  2. we suspect that you use the services to engage in, attempt to engage in, or in connection with fraudulent activity, money laundering, terrorist financing or other financial crime.
  3. we have reason to believe that you have supplied false, misleading or deceptive information in connection with your registration, identity verification, trades or any other use of our services, either to us or to another user.
  4. we are required to do so under any applicable law, regulation or an order issued by an authority.
  5. make available content or behave in a way that libels, defames, invades privacy, stalks, is obscene, pornographic, racist, abusive, harassing, threatening or is offensive.
  6. if you use the services in a manner which may cause the services to be interrupted or damaged or such a way that the functionality of the services is in any way impaired or attempt to bypass or break any security mechanism of the services or if BYFEX believes in good faith that such action is reasonably necessary to protect the security of its services or its property or brand or the security, property and rights of its users or those of third parties.
  7. attempt any unauthorized access to user accounts or any part or component of the service.

We will normally give you a notice of any limitation, suspension, or termination of your account but we may, if it is reasonable to do so (for example we consider it advisable for security reasons), limit, suspend or terminate your account without prior notice to you.
You acknowledge that our decision to limit, suspend, or terminate your account, may be based on confidential criteria that are essential to our risk management and security protocols and that we are under no obligation to disclose the details of our risk management and security procedures to you.
In the event that we limit, suspend or terminate your account we will lift the suspension as soon as possible once the reasons for the suspension or termination no longer exist.

Limiting Access to Your BYFEX Wallet

In certain situations your ability to access, conduct bitcoin transactions, or start trades using bitcoin held in your BYFEX wallet may be limited.
This limitation may be applied specifically to your account in order to safeguard bitcoin stored in your wallet when we e.g. suspect a third party has gained unauthorized access to your account; if we suspect you of engaging in or being involved in fraudulent or illegal activity; if we are provided with valid legal request from an authority.
This limitation may be applied generally to all users or a subset of our users during service outages or maintenance outages of the website; during bitcoin hardforks or other situations where we believe there is a high risk to your crypto currency balance.
In the event that we limit access to your wallet we aim to remove the limitation as soon as possible once the reasons for the suspension or termination no longer exist.
We will normally give you a notice of any limitation of access to your wallet but we may, if it is reasonable to do so (for example we consider it advisable for security reasons), limit access to your wallet without prior notice.
You acknowledge that our decision to limit access to your wallet may be based on confidential criteria that are essential to our risk management and security protocols and that we are under no obligation to disclose the details of our risk management and security procedures to you.

Fees and Pricing

The services are provided to you against fees determined on a per transaction and/or per trade basis in accordance with the prices and pricing principles set out on our website. Such fees may include fees for incoming and outgoing transactions, percentage based fees for trades completed, and percentage based fees for merchant invoicing services deducted from the paid invoice amount.
Unless otherwise specified fees are automatically deducted from your BYFEX wallet balance or deposit at the time when the service is rendered or completed.

Allowed Jurisdictions

To use services provided by BYFEX you may need to fulfil certain legal obligations in your country and/or state of residence. By accepting these terms and service you confirm that you have reviewed your local laws and regulations and that you are aware of, and fulfill, any and all such obligations.
BYFEX does not offer the use of its services in certain jurisdictions, by accepting these terms of service you confirm that you are not a resident or governed by the laws and regulations of the Federal Republic of Germany as well as the States of New York and Washington in the United States of America.

Intellectual Property Rights

You acknowledge and agree that all copyrights, trademarks and all other intellectual property rights in and related to this site and our services is exclusively the property of BYFEX and our licensors. We grant you a revocable, non-exclusive, non-sublicensable, non-transferable and limited license, subject to the terms of this Agreement, to access and use our site and service, as well as related content, materials and information (collectively, the "Content") solely for approved purposes as permitted by us from time to time. Any other use of the Content is expressly prohibited and you agree not to copy, transmit, distribute, sell, license, reverse engineer, modify, publish, or participate in the transfer or sale of, create derivative works from, or in any other way exploit any of the Content, in whole or in part.

Disclaimer of Warranties and Limitation of Liability

This site and the services are provided on an “as is” and “as available” basis for your information and use without any representation or endorsement. To the maximum extent permitted by applicable law, we make no warranties of any kind, whether express or implied, in relation to the site or the services, including but not limited to, implied warranties of satisfactory quality, functionality, fitness for a particular purpose, non-infringement, compatibility, security, accuracy, condition or completeness, or any implied warranty arising from course of dealing or usage or trade.
BYFEX or BYFEX.com is not associated with or does not itself support or claim to be in partnership with any of the payment methods, services or companies which may appear visible in the Online Payment method lists or advertisement details. Also, services provided by BYFEX or BYFEX.com are not authorized, approved, endorsed or sponsored by any of the payment methods listed on the website or their respective trademark owners. Payment method listings are visible on BYFEX.com for informative purposes only.
BYFEX is not responsible for any user-generated content on its site including but not limited to messages, feedbacks or advertisements but may remove or modify said content without notice or liability at any time in its sole discretion.
This site may contain links to other sites on the Internet. These sites may contain information or material that some people may find inappropriate or offensive. These other sites are not under the control of BYFEX.com and you acknowledge that (whether or not such sites are affiliated in any way with BYFEX.com) BYFEX.com is not responsible for the accuracy, legality, decency, or any other aspect of the content of such sites.
BYFEX.com reserves the right to modify or discontinue, temporarily or permanently, all or any part of this site and/or any software, facilities and services on this site, with or without notice, and/or to establish general guidelines and limitations on their use.
If and to the maximum extent permitted by applicable law, we will not be liable for:

  1. any economic losses (including without limitation loss of revenues, profits, contracts, business or anticipated savings)
  2. any loss of goodwill or reputation
  3. any special or indirect or consequential losses, howsoever arising

Any case whether or not such losses were within the contemplation of either of us at the date on which the event giving rise to the loss occurred. Without limitation, you (and not us) assume the entire cost of all necessary servicing, repair or correction or correction in the event of any such loss or damage arising.
Nothing in these Terms of Service shall exclude or limit our liability based on willful conduct or gross negligence. If and to the extent applicable law does not allow the above limitations of warranty and liability, such limitations shall not apply to you.
Notwithstanding any other provision in these Terms of Service, nothing shall limit your rights as a consumer under mandatory provisions of applicable consumer protection legislation.

Indemnity

You agree to be fully responsible for (and fully indemnify us against) all claims, liability, damages, losses, costs and expenses, including legal fees, suffered by us and arising out of or related to any breach of this Agreement by you or any other liabilities incurred by us arising out of your use of the services, or use by any other person accessing the services using your user account, device or internet access account; or your violation of any law or rights of any third party.

General

We may transfer or assign our rights and duties under this Agreement to any party at any time without notice to you, but this will not affect your rights or our obligations under this Agreement. You may not, however, transfer or assign any of your rights and duties under this Agreement to any other party. This Agreement (as amended from time to time) contains the entire agreement and understanding between us in respect of all matters which are referred to herein and supersedes any prior written or oral agreement between us relating to such matters. No oral explanation or oral information given by either of us shall alter the interpretation of this Agreement. You confirm that, in agreeing to accept this Agreement, you have not relied on any representation that is not expressly included herein and you agree that you shall have no remedy in respect of any misrepresentation which has not become a term of this Agreement. However, nothing in this Agreement purports to exclude liability for any fraudulent statement or act.
If any part of provision this Agreement is deemed unlawful, void or for any reason unenforceable, then that provision shall be deemed to be severable from this Agreement and shall not affect the validity and enforceability of any of the remaining provisions of the Agreement.
Our failure to enforce any right or provision in this Agreement will not constitute a waiver of such right or provision unless acknowledged and agreed to by us in writing. Except as expressly set forth in this Agreement, the exercise by either party of any of its remedies under this Agreement will be without prejudice to its other remedies under this Agreement or otherwise permitted under law.

You agree that this Agreement and any dispute between you and us shall be governed in all respects by the laws of Luxembourg, without regard to their choice-of-law provisions, and excluding the application of the 1980 U.N. Convention on Contracts for the International Sale of Goods. Except if prohibited and without limitation to any statutory rights for consumers under applicable consumer protection laws, you agree that all disputes, claims and proceedings arising out of or relating to the services shall be resolved by the competent courts of LUXEMBOURG. However, we shall always have the right to take legal proceedings in the court of competent jurisdiction of your domicile. All claims shall be brought within one (1) year after the claim arises. Failure of either party to exercise in any respect any right under this Agreement shall not be deemed to be a waiver of such right.
The services are controlled and offered by us from Luxembourg. We make no representations that the services are appropriate or available for use in other countries. Users of BYFEX.com are themselves responsible for making sure they are in compliance with legislation of the jurisdiction they operate and reside in.
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