User Agreement Bitvavo B.V.
Last updated: 08-03-2019
The following User Agreement applies to Users of the Website and the Services. User should read the entire User Agreement carefully before using the Website or Services. The User Agreement should be read in conjunction with:
By using any of the Services offered from time to time on the Website, User agrees to the User Agreement.
- In the User Agreement, and the corresponding documents as mentioned above, the following definitions shall apply:
- 1.1 “Account” indicates a User account, including Bitvavo Digital Currency Wallet and Bitvavo E-Wallet, which gives access to the Services.
- 1.2 “API” indicates an application programming interface as provided by Bitvavo to User to automate instructions to Bitvavo.
- 1.3 “Bitvavo” indicates Bitvavo B.V., a limited liability company incorporated under Dutch law, with its registered office at Herengracht 450, 1017 CA, Amsterdam, and registered with the Dutch Chamber of Commerce under the number 68743424.
- 1.4 “Bitvavo Digital Currency Wallet” indicates the wallet feature offered by Bitvavo, on behalf of the Foundation, to the User for the storage and retrieval of a limited number of Digital Currency as offered within the Bitvavo Platform.
- 1.5 "Bitvavo E-Token" indicates electronic stored monetary value representing a claim on Bitvavo as the issuer of the Bitvavo E-Token, which is issued upon receipt of funds - by the Foundation on behalf of Bitvavo - for the purpose of making payment transactions with respect to purchases of a limited range of Digital Currency as offered within the Bitvavo Platform and that shall in no event be seen as a deposit of any kind.
- 1.6 "Bitvavo E-Token Wallet" indicates the wallet feature offered by Bitvavo to the User for the storage and retrieval of Bitvavo E-Tokens.
- 1.7 "Bitvavo Platform" the online platform of Bitvavo, accessible via the Website, on which a limited number of Digital Currencies are offered and solely - as the platform is exclusively available to Users - can be traded between the Users.
- 1.8 “Digital Currency” indicates a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to a fiat currency, but can be accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically.
- 1.9 “Foundation” indicates Stichting Bitvavo Payments, a foundation incorporated under Dutch law, with its registered office at Herengracht 450, 1017 CA, Amsterdam, and registered with the Dutch Chamber of Commerce under the number 69228922. The foundation operates exclusively for Bitvavo based on the cooperation agreement and functions as a bankruptcy remote vehicle for safeguarding User’s Funds.
- 1.10 “Funds” indicates the funds, which can consist of Digital Currency and/or Bitvavo E-Tokens, as deposited by User on the Bitvavo Digital Currency Wallet and/or Bitvavo E-Wallet as linked to the Account.
- 1.11 “Order” indicates an instruction to buy or sell Digital Currency on the Bitvavo Platform.
- 1.12 “Services” indicates all services as offered by Bitvavo and as specified in article 5, 6 and 11 of the User Agreement.
- 1.13 “User” indicates an individual or a legal entity (represented by an authorised individual) that has created an Account and uses the Services.
- 1.14 “User Agreement” indicates the contractual arrangement between User and Bitvavo in order to open and use an Account and to have access to and use the Services.
- 1.15 “Website” indicates bitvavo.com and all its related subdomains or related services, such as applications, maintained by Bitvavo.
The User Agreement applies, insofar relevant for the activities as provided by the Foundation, also for the services as provided by the Foundation.
- 2.1 Trading of Digital Currency involves a significant risk. Trading markets in Digital Currency are volatile and shift quickly in terms of price, liquidity and market depth. A Digital Currency may even become worthless. User acknowledges to be familiar with Digital Currency, has basic knowledge of Digital Currency and is aware of the risks related to Digital Currency. User should carefully assess whether User’s financial situation and tolerance for risk are suitable for buying, selling or trading Digital Currency.
- 2.2 User is aware of the fact that Bitvavo is neither registered at nor supervised by the Dutch Authority for the Financial Markets or the Dutch Central Bank for the Services it provides and accepts the accompanying risks.
- 3.1 The Accounts are restricted to individuals or legal entities (represented by an authorised individual) who are resident in or established in the European Economic Area.
- 3.2 Depending on the country of residence or the country from which User accesses the Website and/or Services, User may not be able to use the Website or Services. User is responsible to comply with the rules and regulations applicable in his country of residence and/or the country from which User accesses the Website.
- 3.3 User is at least 18 years old or complies with the (additional) conditions of Bitvavo and has full capacity to accept the User Agreement, to use the Services and to enter into a transaction involving Digital Currency and is acting on its own behalf.
- 3.4 If the User is a legal entity, the Account may only be used by a person authorised to act on behalf of the legal entity. It is the responsibility of such User to limit access to the Account to authorised persons only.
- 3.5 User acknowledges and agrees to provide Bitvavo with current, accurate and complete information during the registration and verification process. Additionally, User agrees to keep Bitvavo updated if any of the provided information changes.
- 3.6 User acknowledges and agrees that he will not use the Account and the Services to perform criminal activities of any sort, including but not limited to money laundering, terrorist financing, fraud or any other criminal or illegal activity as excluded in the User Agreement.
- 3.7 User acknowledges and agrees that he may create only one Account and it is not allowed to transfer an Account to another person or entity and can only use the Services acting on its own behalf, unless Bitvavo has granted its prior written permission to do so.
- 3.8 Bitvavo reserves the right to refuse Accounts without reason and to not further process the verification.
- 4.1 The creation of an Account and use of the Services can be subject to several levels of verification. User agrees to provide Bitvavo with the requested information for purpose of Know Your Customer rules, detection of money laundering, terrorist financing, fraud or any other criminal or illegal activity. User is aware of the fact that the verification process can take time and may result in delayed Services.
- 4.2 Bitvavo reserves the right to require User to provide Bitvavo with additional information and/or require User to undergo a background check, in accordance with applicable laws and regulations or the internal rules of Bitvavo, prior to being authorised to use the Services or at any point thereafter.
- 4.3 User acknowledges and agrees that Bitvavo may disclose personal data of User to third parties in order to do several verification checks or to check the relevance and accuracy of the information provided for verification purposes.
- 4.4 Bitvavo reserves the right to amend the verification process and to require additional and/or updated information from verified Users for additional verification.
- 4.5 Bitvavo reserves the right to cancel and/or terminate Accounts that have not been verified or whereby not all required information has been received for additional verification or whereby additional or updated information includes information that is a reason for Bitvavo to cancel and/or terminate the Account.
- 4.6 Information and documentation provided by User will be stored as long as required by law or, if not required by law, no longer than is strictly necessary to realise the objectives for which the information and documentation, including User’s personal data, was obtained.
5. Orders and transactions
- 5.1 The Website allows User to submit Orders.
- 5.2 Bitvavo may apply minimum and maximum order amounts which can vary for each trading pair.
- 5.3 User is aware that an Order should only be submitted after careful consideration and User understands and accepts consequences of its execution. User agrees that as soon as the Order is executed, such transaction is irreversible and may not be cancelled User agrees that after entering into the User Agreement, Bitvavo will directly perform its obligations under the User Agreement. Transactions may be executed instantly and will be considered to have taken place at the execution date and time.
- 5.4 User acknowledges and agrees to be responsible for all Orders and instructions provided, the accuracy of all information sent via the internet in Users name and the passwords and any other personal identification means implemented to identify User.
- 5.5 User is aware of the risk that the execution price of a market order may differ significantly from the given indication price. Additionally, User is aware that market orders are not guaranteed executable due to the availability of sufficient supply or demand.
- 5.6 User acknowledges and accepts that limit orders and stop loss orders are not guaranteed executable at the price or amount specified by User.
- 5.7 User acknowledges and agrees that Bitvavo may, for security purposes, store Digital Currency offline, which can result in delayed executions of withdrawals of Digital Currency.
- 5.8 User is not entitled to take advantages from any errors on or made by Bitvavo. Bitvavo maintains the right to correct any errors, to both the advantage and disadvantage of User, by reverting or reclaiming transactions.
- 5.9 In the case of suspected fraud or misuse, Bitvavo reserves the right to suspend Orders and transactions until the legitimacy has been verified.
6. E-money and payments
- 6.1. Bitvavo offers User the possibility to store Funds on their Account to facilitate User with respect to buying, selling or trading Digital Currency on the Bitvavo Platform. Bitvavo reserves the right, if this might be doubtful or if this is not the case, to return the Funds to the destination of their origin or any other place as suggested by User (e.g. external wallet address) and agreed by Bitvavo.
- 6.2. User agrees and warrants that all (current and future) Funds in the Account are not the direct or indirect proceeds of any criminal or fraudulent activity. User is not allowed to receive Funds in the Account from any third parties. Bitvavo reserves the right to investigate the source of any Funds in the Account and take appropriate measures with a view to mitigate potential integrity risks. Depending on the outcome of this investigation, Bitvavo reserves the right to return the Funds to the destination of their origin or any other place as suggested by User (e.g. external wallet address) and agreed by Bitvavo.
- 6.3. User acknowledges and agrees that he must check all deposits or withdrawals thoroughly before giving any deposit or withdrawal instruction. Once an instruction is provided, deposits or withdrawals can be made final by Bitvavo at any moment and such deposits or withdrawals may not be cancelled and are irreversible. Any mistakes in submitted deposits or withdrawals are the sole responsibility of User.
- 6.4. User acknowledges and agrees that deposits and withdrawals of Funds may be delayed or (temporary) unavailable due to the financial system or due to the inherent nature of the Digital Currency network.
- 6.5. In the case of suspected fraud or misuse, Bitvavo maintains the right to suspend deposits and withdrawals until the legitimacy has been verified.
- 6.6. User acknowledges and agrees that Bitvavo may use a so called ‘cooldown period’ for deposits due to which the withdrawal of Funds can be delayed.
- 6.7. The Foundation is responsible, as concluded in their cooperation agreement, for managing all Funds for and on behalf of Bitvavo.
- 6.8. If an Account remains closed or dormant for a long enough period of time, and Bitvavo is unable to contact User, Bitvavo may be required to report any reaming Funds in the Account as unclaimed property. Bitvavo reserves the right to deduct an administrative fee resulting from such unclaimed funds, if permitted by applicable law. If Bitvavo is unable to contact User and the costs of holding the Funds in an Account and/or the costs of a transfer of the Funds to another party to hold the Funds on behalf of the User are higher than the (estimated) value of the Funds, Bitvavo can close the Account whereby the User has no right to obtain the Funds anymore.
- Bitvavo E-Token
- 6.9. The Bitvavo E-Tokens, which are exclusively offered by Bitvavo and could only be used within the Bitvavo Platform, are designated for support and facilitation reasons with respect to payment transactions of Users related to their transactions (i.e. the purchase or sale of Digital Currency) on the Bitvavo Platform.
- 6.10. The Bitvavo E-Tokens will automatically be issued by Bitvavo upon receipt of a payment in Euro by the Foundation on behalf of Bitvavo and without delay. Bitvavo issues Bitvavo E-Tokens at par value, due to which the Bitvavo E-Tokens will have the same amount as the Euros received, and therefore a Bitvavo E-Token is issued for every euro received. The Bitvavo E-Tokens issued to a User will be added to the Bitvavo E-Token Wallet linked to the Account of User.
- 6.11. The Bitvavo E-Tokens will be shown as an account balance associated with the Account of the User.
- 6.12. User is not entitled to interest or any other compensation for the stored Bitvavo E-Tokens.
- 6.13. Bitvavo E-Tokens can only be used for the Services and cannot be stored for other purposes. In case there are indications that a User uses the Bitvavo E-Tokens for other purposes, Bitvavo will contact the User and request proper use or withdrawal of the Bitvavo E-Tokens.
- 6.14. User could, upon request, be refunded in Euros for his Bitvavo E-Tokens. In such case the Bitvavo E-Tokens will automatically be redeemed from the Account at par value by Bitvavo and the Foundation will transfer the amount in euro corresponding to the value of the redeemed Bitvavo E-Tokens to the User via a bank transfer into the verified bank account of the User.
- Digital Currency
- 6.15. User is not entitled to airdrops, staking rewards or any other compensation for the stored Digital Currency, except if other information is given on the Website.
- 6.16. User acknowledges and agrees that a deposit of Digital Currency is succeeded once a Digital Currency is received at the designated wallet address. A deposit of a Digital Currency will only be added to the Bitvavo Digital Currency Wallet of User once multiple, which number may differ per Digital Currency and to be determined by Bitvavo, network confirmations are received.
- 6.17. User acknowledges and agrees that only Digital Currency can be deposited which are listed on the Bitvavo platform, and this may change from time to time. Under no circumstances User should attempt to deposit Digital Currency or receive Digital Currency in any form (e.g. side chains or forked protocols) that Bitvavo does not support, as these Digital Currencies might be lost in such case).
- 6.18. User acknowledges and agrees that, although the Foundation will take every reasonable measure to secure the Bitvavo Digital Currency Wallet, the Foundation cannot guarantee complete security. User acknowledges and agrees that any use of the Bitvavo Digital Currency Wallet is at the risk of the User.
- 6.19. User acknowledges and agrees that Bitvavo may, for security purposes, store Digital Currency offline, due to which the withdrawal of Digital Currency can be delayed.
- 6.20. User acknowledges and agrees that Bitvavo has fulfilled its obligations, in respect of the withdrawal of a Digital Currency, once the transaction is confirmed by the relevant network. Such confirmation can be received by including the transaction identification code (TX-ID) in the block explorer of the relevant Digital Currency.
7. Fees and Costs
- 7.1 User agrees to pay Bitvavo the transaction fee for each completed transaction, which transaction fee will automatically be paid by withholding the relevant fee.
- 7.2 Prior to trading, User must consider the transaction fee rates published on the Fee Schedule Page. Bitvavo reserves the right to change the transaction fee rates from time to time by publishing updates on the Fee Schedule Page.
- 7.3 The transaction fee as well as the charge procedure can be changed by Bitvavo in its sole discretion from time to time and such changes shall become effective the moment they are posted on the Fee Schedule Page.
- 8.1 The Account and the Services are not allowed to be used in relation with criminal activities of any sort, including but not limited to money laundering, terrorist financing, fraud or any other criminal or illegal activity.
- 8.2 Bitvavo reserves the right to block an Account for the duration of an investigation into misuse of the User Agreement, the Account and/or the Services. Bitvavo reserves the right to suspend or cancel any pending Order and/or to freeze the Funds on the Account for the duration of the investigation. If the legitimacy of User and/or any Order cannot be determined, the right to any Funds may be lost.
- 8.3 Bitvavo is authorized to notify the relevant authorities and will, if required by law and regulations or otherwise agreed with relevant authorities, provide data to the relevant authorities. However, Bitvavo will not comply with any unlawful and/or unsubstantiated requests for information or attempts to gather large quantities of undirected information from the relevant authorities.
- 9.1 User acknowledges and agrees that he is responsible for safely storing any password, for choosing a unique and complex password and to ensure inviolability of the Account.
- 9.2 Bitvavo will never ask User to provide authentication data (passwords and/or two factor authentication) other than when logging in to the Account. User must never respond to a request to provide this data, even if the request appears to originate from Bitvavo.
- 9.3 In the event that User knows or should know that his authentication data has been stolen or may be misused, User must contact Bitvavo immediately.
11. API, widget and mobile application
- 11.1 Bitvavo may offer certain functionalities via an API. In addition to the User Agreement, the use of the API is subject to the API User Agreement.
- 11.2 Bitvavo may provide widgets for Users, which can be used to get access to the Services. The use of these widgets is subject to the User Agreement.
- 11.3 Bitvavo may provide applications, which can be used to get access to the Account and the Services. The use of these applications is subject to the User Agreement.
- 11.4 The User Agreement is applicable to all (future) Services Bitvavo offers to User.
12. Intellectual Property Rights
- 12.1 All intellectual property rights, including, but not limited to, all existing and future rights and claims on, or in relation to, the use of copyrights, trade name rights, trademark rights, domain names, patent rights, design rights or related items will be vested exclusively in Bitvavo.
- 12.2 Bitvavo provides Users with a right of use regarding the Services for the term of the User Agreement, to the extent it is necessary for performance of the User Agreement, provided that User complies with the User Agreement.
13. Change of Services and Termination of the User Agreement
- 13.1 User acknowledges and agrees that Bitvavo may modify part or all of its Services at any moment without prior notice.
- 13.2 User is allowed to terminate the User Agreement and close his Account at any time.
- 13.3 Bitvavo has the right to terminate the User Agreement at any time and for any reason. Bitvavo will, unless otherwise determined in the User Agreement, inform the User of the termination of the User Agreement.
- 13.4 Terminating the User Agreement automatically results therein that the Account will be closed and that the Services will no longer be provided unless this is necessary in relation to any rights and obligations prior to the date of termination of the User Agreement.
- 13.5 Terminating the User Agreement and closing an Account will not affect any rights and obligations incurred prior to the date of termination of the User Agreement and Account closure. The User Agreement applies to those obligations.
- 13.6 If a User Agreement is terminated, User may be required to either cancel or complete all open orders. Further, Funds will be returned to the verified bank account and/or to an external wallet of the User.
- 13.7 In the event that the costs of closing of the Account exceed the value of the Funds, User will be responsible for reimbursing Bitvavo.
- 14.1 If User has any complaints, feedback or questions, these can be reported via firstname.lastname@example.org.
- 14.2 User is required to provide Bitvavo with his name and email address and any other information which may be needed to identify User. When User fails to respond to such request, User acknowledges and agrees that the complaint will not be further processed.
- 14.3 Both Bitvavo and User shall cooperate to achieve a solution to the satisfaction of both parties.
15. No offer of financial instruments
- 15.1 Bitvavo endeavours all possible measures to make sure that the Services are only offered for Digital Currency which do not qualify as a ‘financial instrument’ or other ‘financial product’ on the basis of the applicable laws and regulations.
- 15.2 If there is in view of Bitvavo any risk or if there are any indications that a Digital Currency can be treated as a ‘financial instrument’, or if one of the supervisory authorities might consider it as a financial instrument or other financial product Bitvavo reserves the right to prohibit and discontinue any Services related to such Digital Currency at its sole discretion.
- 15.3 Bitvavo follows the best practices to decide whether a Digital Currency is a ‘financial instrument’ or not. However, Bitvavo gives no warranty that any Digital Currency for which Bitvavo offers Services is not a ‘financial instrument’.
16. Limited Liability
- 16.1 Bitvavo does not provide any investment advice in connection with the Services. Bitvavo may provide information on the offered price, range, and volatility of the Digital Currency that are offered via the Website. However, this must not be considered as investment advice but as information from which no rights can be derived. User is in any event responsible for its Orders.
- 16.2 User acknowledges and agrees that, although Bitvavo intends to provide accurate and timely information on the Site, the content may not always be entirely accurate, complete or current and may also include technical inaccuracies or typographical errors.
- 16.3 User acknowledges and agrees that all Services are provided on an “as is” basis without warranty of any kind. Bitvavo does not guarantee that the Website or the Services will be available 24 hours a day, 7 days a week. Bitvavo will do its utmost best to provide User with the Website and 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, loss or similar of transmitted information. Planned maintenance will be announced timely.
- 16.4 User acknowledges and agrees that information as stored or transferred through the Services may become irretrievably lost or corrupted or temporarily unavailable due to a variety of causes, including but not limited to software failures, protocol changes by third party providers, internet outages, force majeure event or other disasters including third party DDOS attacks, scheduled or unscheduled maintenance, or other causes either within or outside our control. User is solely responsible for backing up and maintaining duplicate copies of any information stored or transferred through the Services.
- 16.5 User acknowledges and agrees that Bitvavo will, insofar Bitvavo is liable in connection with a breach of its obligations or for losses otherwise incurred by User, be liable only for direct loss which is reasonably foreseeable and limited as set out in the remainder of this section.
- 16.6 User acknowledges and agrees that Bitvavo shall not be liable for any damages resulting from any activities which are not in line with the User Agreement.
- 16.7 User acknowledges and agrees that Bitvavo is not liable for any damage or interruption caused by any (i) computer viruses, spyware, Trojan horses or other malware that may affect User’s computer or other equipment or (ii) SMS, email services and two factor authentication services which might vulnerable to spoofing and phishing attacks.
- 16.8 User acknowledges and agrees that Bitvavo cannot be liable for any damages resulting from any third-party for which Bitvavo is not responsible.
- 16.9 User acknowledges and agrees that Bitvavo, nor our affiliates or service providers, nor any of our directors, officers, employees or representatives will in no circumstance be liable for any amount which exceeds the amounts received by Bitvavo under the User Agreement in the last 12 months, exclusive VAT (if applicable).
17. Concluding Terms
- 17.1 User is responsible to determine whether, and to what extent, any taxes apply to any transactions conducted through the Services, and to withhold, collect, report and remit the correct amount of taxes to the appropriate tax authorities.
- 17.2 User acknowledges and agrees to receive all communications, notices and disclosures that Bitvavo provides in connection with the Account electronically. Bitvavo will provide this information to User by posting information on the Website, emailing to User at the primary email address listed in the Account, communicating via instant chat and/or through mobile push notification
- 17.3 User acknowledges and agrees in advance that Bitvavo may at any time transfer the User Agreement, sub-contract or assign any of its rights and obligations under the User Agreement or in relation to the Services to any other third party.
- 17.4 If any article of the User Agreement is deemed to be unlawful, invalid or unenforceable for any reason, such provision shall be deemed to be divisible and shall not affect the legal effect of any other article.
- 17.5 The User Agreement shall be governed and construed in accordance with the laws of the Netherlands. Any claims or disputes will be settled in Dutch Courts.