Terms of use
These Coinvert Terms of Use apply to the Agreement between You and Coinvert, a limited liability company under the laws of the Netherlands, having its registered address at Keizersgracht 482, 1017EG Amsterdam, the Netherlands (“Coinvert”). These Terms of Use govern Your use of the Service as described herein. The Service is a crypto service under Dutch law. Coinvert is registered as a crypto service provider with the Dutch supervisory authority De Nederlandsche Bank.
Article 1: Definitions and Applicability
1.1. Throughout these Terms of Use the following capitalized terms will have the meaning assigned to them below, regardless of whether the term is used in plural or in singular form
“Account” Your personal Coinvert account;
“Agreement” the Agreement for the use of the Service on the Platform, to which these Terms of Use apply in full;
“Article” an article of these Terms of Use;
“Conversion Fee” the fee Coinvert charges over any conversion of Fiat Currency to Digital Currency or vice versa;
“Digital Currency” a cryptocurrency available on the Platform;
“External Wallet” A hosted or self-hosted wallet outside of Coinvert’s platform and control;
“Fiat Currency” the real currency as accepted by Coinvert;
“Payment Request” a payment request sent to a third party using the Service;
“Personal Data” has the meaning as assigned to it in the European General Data Protection Regulation;“Platform”
“Platform” Coinvert’s web based platform, as available via its website, application and/or API;
“Referral” A new user who signed up for Coinvert’s services using a referral code;
“Rewards” Rewards can be discounts on trading, fiat transactions, etc and can be accumulated by person’s signing up for Coinvert's services using a referral code;
“Sale Order” an order to convert Digital Currency to Fiat Currency;
“Service” the service provided by Coinvert to You, as described in Article 3;
“Terms of Use” these Terms of Use;
“You” and “Your” the person using the Service.
1.2. These Terms of Use may be amended from time to time, and when revised will be brought to Your attention upon Your renewed use of the Service. You have thirty (30) days to review the revised Terms of Use. If You do not agree with the revised Terms of Use, Your only option is to stop using the Service. If you do not terminate your account after the revised Terms have come into effect, the revised Terms shall be applicable to You from the effective date.
Article 2: Account Setup
2.1. To use the Service, You must register for an Account by providing the information requested upon registration. By using the Account, you warrant that you will use the Service only for Yourself, and not on behalf of a third party. You are fully responsible for all activity on the Platform by use of Your Account.
2.2. Before You can use parts of the Service, Coinvert will verify Your identity. The authentication process consists of uploading a copy of Your passport or legal identification document to the Service, upon which Coinvert will verify the authenticity of such document. Coinvert may at its sole discretion require additional documents from You.
2.3. Coinvert may at its sole discretion, and without being required to state reasons for doing so, refuse to accept your authentication, or refuse to accept Your Account.
Article 3: The Service
3.1. The Service allows You to send Payment Requests to other people, which Payment Requests may be paid in Fiat Currency. Paid requests (“Payments”) will then be converted into the digital currency of Your choice (a “Conversion”), against the conversion rates and subject to the Conversion Fee as indicated on the Platform. The Conversion Fee will be automatically withheld during the transaction.
3.2. The Service additionally allows you to hold a fiat wallet, which will be hosted on the Coinbase platform. You can deposit and withdraw fiat funds to/from Your bank account, or use the fiat wallet to buy cryptocurrencies. Deposits to your fiat wallet are free, and withdrawals are subject to a fixed fee. Coinvert reserves the right to unilaterally make changes to respective fees.
3.3. Coinvert aspires to execute Conversions as soon as possible. Coinvert does not guarantee, and you accept that Coinvert cannot guarantee that Conversions will be executed immediately. Coinvert attempts to execute most Conversions within one working day.
3.4. The fiat wallet feature and conversions will be executed using Coinbase’s crypto service. Coinvert reserves the right to replace Coinbase with another crypto service provider. Coinvert will inform You if the service provider changes.
3.5. Sale Orders have a limit of € 9.999,99 per Conversion and a minimum of € 1,00 per Conversion. There is no limit to the number of Sale Orders You may issue.
3.6. Your Digital and Your fiat Currency will be stored using partner services. At least 98% of your Digital Currency will be stored in cold storage.
3.7. You may use the Service to pay out these Digital Currency to You in Fiat Currency, but only if You have successfully completed Your identity verification in accordance with Article 2.2. The funds will be transferred to the bank account connected to Your Account. Payments to Your bank account are limited to € 5.000,00 per payment. Payments above this threshold must be approved by Coinvert’s compliance department.
3.8. All Fiat Currency payments will be processed by Coinvert’s payment service provider Online Betaal Platform (the “Payment Service Provider”). You acknowledge and agree that these payment services will be subject to the terms and conditions of the Payment Service Provider. The terms and conditions of Online Betaal Platform are available here.
3.9. Fiat currency payments will only be processed once Coinvert’s payment service provider has received the funds from the crypto service provider Coinbase. Coinvert accepts no liability in failures to process funds.
3.10. Coinvert has no control over, or liability for, the performance of the Crypto service provider nor the Payment Service Provider. You accept and acknowledge that any disputes about the performance of the Crypto service provider or Payment Service Provider will have to be resolved with the respective party.
3.11. Coinvert will be entitled to make changes to, replace, interrupt and in particular to block the Service or access to the Service from time to time. In case of material changes to the Service, Article 1.3 will apply in full.
Article 4: External wallet transactions
4.1. In addition to the previous article, it is also possible to transfer acquired cryptocurrency to a hosted or self-hosted wallet outside of Coinvert’s platform (external wallets).
4.2. You may use the Service to withdraw funds to your external wallet, but only if You have successfully completed Your identity verification in accordance with Article 2.2. The funds will be transferred to the wallet connected to Your Account. External wallet transactions are limited to € 5.000,00 value per transaction. Transactions above this threshold must be approved by Coinvert’s compliance department.
4.3. You hereby declare that you shall only transfer acquired cryptocurrency to a wallet that is owned by you. Transactions to wallets that are not owned by you are not allowed.
4.4. Coinvert is not responsible for and does not accept liability for withdrawals made to wrongful wallets. You are responsible for adding the correct information in the beneficiary wallet address.
Article 4: Referral program
5.1. Coinvert account holders are eligible to refer people under the program by using their personal referral code. The referral code can be found in the Coinvert app.
5.2. The referral program consists of several layers, where the first layer consists of people referred by you directly (e.g. people who used your referral code). The second and next layers are indirect referrals, e.g. referred by your referrals.
5.3. You can refer an infinite amount of people, as long as the people you refer;
Are brand new Coinvert customers (register a new account); and
Are eligible for a Coinvert account (must be a resident of a country where Coinvert operates);
5.4. You will receive a referral fee for each direct (and indirect) successfully onboarded referral. A successfully onboarded referral is someone who;
Successfully signed up for a Coinvert account using your referral code (first layer) and/or a referral code from someone you referred (second and subsequent layers);
Performs at least one trade in cryptocurrency;
5.5. Your referral fee consists of an in-app defined percentage of the revenue of all trading volume of the users you directly or indirectly onboard in all layers for a period of which the duration can be found in the Coinvert app. Trading volume relates to the transactions made to buy or sell cryptocurrency and do not include transactions to or from fiat wallet(s).
5.6. The applicable referral percentage is visible in your personal referral statistics in the Coinvert app. Any wrongfully received referral fees may be corrected by Coinvert. We may, at our sole discretion, make changes to the referral percentage and/or duration.
5.7. The duration period starts on the day the first time your referral code has been used to register.
5.8. Referral fees shall be automatically added to your fiat wallet on your Coinvert account on a daily basis.
5.9. If you think you are owed a referral fee that has not yet been granted then please reach out to our customer support so that we can help
5.10. Please note that if you delete your account and sign up for a new one, you will lose all your referrals and fees accumulated. Additionally, you do not have a claim on any referral fees accumulated or generated after your account has been deleted (by you), suspended or terminated.
Article 6: Rewards
6.1. If you sign up for Coinverts services using a referral code, you may be eligible for rewards, like discounts on trading. Rewards are shown in the Coinvert app, and can be activated at any time.
6.2. A reward is only applicable for a limited period of time, which can be viewed in the Coinvert app. Once activated, a reward cannot be deactivated and reused at a later stage.
Article 7: Your Obligations
7.1. The Service is available only for natural persons above the age of eighteen (18) years, and not to legal persons. You warrant that You act on Your own behalf, and not on behalf of any other (legal) person.
7.2. In order to use the Service, You must connect a Dutch bank account to the Service.
7.3. You are solely responsible for determining if any taxes apply to Your use of the Service. An overview of all Payments on Conversions is available for tax filing purposes in Your Account.
7.4. You guarantee that:
The bank account provided by You is owned by none other than You;
The identification documentation You provide in accordance with Article 2.2 will be valid and complete;
Your Fiat Currency has been legitimately obtained;
You are a natural person, at least 18 years of age;
You understand that the value of Digital Currencies may fluctuate heavily, and that Coinvert in no way guarantees that Your Digital Currency will not drop;
Your use of the Service is in compliance with all relevant legislation.
Article 8: Inactivity and Compensation
8.1. Other than the Conversion and fiat wallet Fee(s), Your use of the Service is free of charge. However, in case of no login activity for a long period of time (in excess of twelve (12) months), Coinvert reserves the right to charge a dormancy fee for storing Your Digital Currency and Fiat Currency. Coinvert will inform you of any pending dormancy fee to be charged due to Your inactivity.
8.2. After a period of inactivity in excess of twelve (12) months, You have another period of twelve (12) months, until Coinvert will close Your Account. Coinvert will inform You by email of Coinvert’s intention to terminate Your Account.
Article 9: Term of the Agreement and Termination
9.1. The Agreement is entered into for an indefinite period of time.
9.2. You may terminate the Agreement with immediate effect, by using the functionality of the Platform to terminate Your Account.
9.3. Coinvert will be entitled to terminate the Agreement with immediate effect, in case Coinvert has reason to believe that Your use of the Service violates these Terms of Use or applicable law, or
we reasonably believe that we need to do so in order to protect our reputation;
we are, in our reasonable opinion, required to do so by applicable law, regulation or any court or other authority to which we are subject in any jurisdiction;
we reasonably suspect you of acting in breach of this Agreement;
we have concerns that a transaction is erroneous or about the security of your Account or we suspect the Service is being used in a fraudulent or unauthorized manner;
we suspect money laundering, terrorist financing, fraud, or any other financial crime;
use of your Account is subject to any pending litigation, investigation, or government proceeding and / or we perceive a heightened risk of legal or regulatory non-compliance associated with your Account activity; and / or
you take any action that may circumvent our controls such as opening multiple Accounts or abusing promotions which we may offer from time to time.
9.4. Upon termination of the Agreement, Coinvert will convert the balance of Digital Currency to Fiat Currency, and will pay the balance of Fiat Currency on Your bank account if there are no indications for illegitimate use of the account. If Your identity has not been verified in accordance with Article 2.2, You must complete this process before Coinvert will pay out Fiat Currency. If Coinvert has reason to believe that the Fiat balance should be paid (back) to the originator, Coinvert is allowed to do so at its sole discretion.
Article 10: Security
10.1. You are solely responsible and liable for keeping the login details to your Account safe. If You suspect that Your Account has been compromised, You will inform Coinvert immediately, so Coinvert can temporarily disable Your Account.
10.2. Coinvert does not use passwords. Instead, Coinvert uses magic links and Facebook, Google or Apple Sign-in. Coinvert uses passcodes (PIN) for executing important actions such as Sale Orders and removing Your account.
10.3. Coinvert is responsible for the safekeeping of Personal Data and API keys.
Article 11: Privacy
11.1. During the provision of the Service, Coinvert will process Your Personal Data. The Personal Data will be processed in accordance with Coinvert’s privacy policy, available via the Platform. Coinvert will ensure that Personal Data is processed in accordance with applicable law.
Article 12: Intellectual Property Rights
12.1. Coinvert grants You only a limited, non-exclusive, non-transferable license to use the Service, which cannot be sub-licensed, for the term of the Agreement as stipulated in Article 7.
12.2. The Intellectual Property Rights with regard to the Service, including the Intellectual Property Rights regarding the information made accessible via the Service such as the texts, the look-and-feel, templates, video-, audio- and image- or photo material, are vested in Coinvert and/or its licensor(s). Nothing in these Terms of Use intends the transfer of any Intellectual Property Right.
Article 13: Indemnification
13.1. If you have a dispute with one or more users of the Service (including the people You send Payment Requests to), you release Coinvert, its affiliates and service providers, and each of their respective officers, directors, agents, joint ventures, employees and representatives from any and all claims, demands and damages (actual and consequential) of every kind and nature arising out of or in any way connected with such disputes. You agree to indemnify and hold Coinvert, its affiliates and third-party service providers, and each of its or their respective officers, directors, agents, joint ventures, employees and representatives, harmless from any claim or demand (including attorneys' fees and any fines, fees or penalties imposed by any regulatory authority) arising out of or related to your breach of this Agreement or your violation of any law, rule or regulation, or the rights of any third party.
Article 14: Liability
14.1. In no event shall Coinvert, its affiliates and service providers, or any of their respective officers, directors, agents, joint ventures, employees or representatives, be liable (a) for any amount greater than the value of the supported digital currency on deposit in your Coinvert account or (b) for any lost profits or any special, incidental, indirect, intangible, or consequential damages, whether based in contract, tort, negligence, strict liability, or otherwise, arising out of or in connection with authorized or unauthorized use of the Platform or the Service, or this agreement, even if an authorized representative of Coinvert has been advised of or knew or should have known of the possibility of such damages. This means, by way of example only (and without limiting the scope of the preceding sentence), that if you claim that Coinvert failed to process a buy or sale transaction properly, your damages are limited to no more than the value of the supported Digital Currency at issue in the transaction at the time of the transaction, and that you may not recover for lost profits, lost business opportunities, or other types of special, incidental, indirect, intangible, or consequential damages in excess of the value of the supported digital currency at issue in the transaction some jurisdictions do not allow the exclusion or limitation of incidental or consequential damages so the above limitations may not apply to you.
14.2. The Service is provided on an "as is" and "as available" basis without any representation or warranty, whether express, implied or statutory. To the maximum extent permitted by applicable law, Coinvert specifically disclaims any implied warranties of title, merchantability, fitness for a particular purpose and/or non- infringement. Coinvert does not make any representations or warranties that access to the platform, any part of the Coinvert services, or any of the materials contained therein, will be continuous, uninterrupted, timely, or error-free.
14.3. Coinvert makes no representations about the accuracy or completeness of historical Digital Currency price data available on the platform. Coinvert will make reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts, credit cards, and check issuances are processed in a timely manner but Coinvert makes no representations or warranties regarding the amount of time needed to complete processing which is dependent upon many factors outside of our control.
Article 15: Complaints procedure
15.1. If You have a legitimate complaint with regard to the provision of Service by Coinvert, You may contact Coinvert’s support team via support@coinvert.me.
15.2. When you contact us please provide us with your name, email address, and any other information we may need to identify you, your Account, and the transaction on which you have feedback, questions, or complaints.
15.3. Within 15 business days of our receipt of your complaint Coinvert will address all points raised in your complaint by sending you an email ("Resolution Notice") in which Coinvert will: (i) offer to resolve your complaint in the way your requested; (ii) make a determination rejecting your complaint and set out the reasons for the rejection; or (iii) offer to resolve your complaint with an alternative solution. In exceptional circumstances, if Coinvert is unable to respond to your complaint within 15 business days for reasons beyond Coinvert’s control, Coinvert will send you a holding reply indicating the reasons for a delay in answering your complaint and specifying the deadline by which Coinvert will respond to your complaint (which will be no later than 35 business days from our receipt of your complaint).
Article 16: Various
16.1. The Agreement and Your use of the Service is subject to Dutch Law.
16.2. Any translation of this Agreement is provided for Your convenience. The meanings of terms, conditions and representations herein are subject to definitions and interpretations in the English (US) language. Any translation provided may not accurately represent the information in the original English (US).
16.3. In the event that Coinvert is acquired by or merged with a third-party entity, we reserve the right, in any of these circumstances, to transfer or assign the information we have collected from you as part of such merger, acquisition, sale, or other change of control.
16.4. Coinvert is entitled to transfer the rights and obligations arising from these Terms of Use to a third party and Coinvert will inform You about this as much as possible. If You believe that this transfer of obligations to a third party is unacceptable, You can terminate the Agreement in accordance with Article 8.2.