Date of last revision: 9 May 2021.
Article 1: Definitions and Applicability
Your personal Coinvert account;
the fee Coinvert charges over any conversion of Fiat Currency to Digital Currency;
a cryptocurrency available on the Platform;
the real currency as accepted by Coinvert;
a payment request sent to a third party using the Service;
has the meaning as assigned to it in the European General Data Protection Regulation;
Coinvert’s web based platform, as available via its website, application and/or API;
an order to convert Digital Currency to Fiat Currency;
the service provided by Coinvert to You, as described in Article 3;
"You" and "Your"
the person using the Service.
Article 2: Account Setup
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.
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.
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
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
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.
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.
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.
Your Digital Currency will be stored using partner services. At least 98% of your Digital Currency will be stored in cold storage.
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.
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.
Coinvert has no control over, or liability for, the performance of the Payment Service Provider. You accept and acknowledge that any disputes about the performance of the Payment Service Provider will have to be resolved with the Payment Service Provider.
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: Your Obligations
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.
In order to use the Service, You must connect a Dutch bank account to the Service.
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.
You guarantee that:
Article 5: Inactivity and Compensation
Other than the Conversion Fee, Your use of the Service by You 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.
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 6: Term of the Agreement and Termination
The Agreement is entered into for an indefinite period of time.
You may terminate the Agreement with immediate effect, by using the functionality of the Platform to terminate Your Account.
Upon termination of the Agreement for whatever reason, Coinvert will immediately convert the balance of Digital Currency to Fiat Currency, and will pay the balance of Fiat Currency on Your bank 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.
Article 7: Security
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.
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.
Coinvert is responsible for safekeeping of Personal Data and API keys.
Article 8: Privacy
Article 9: Intellectual Property Rights
Coinvert grants You only a limited, non-exclusive, non-transferable license to use the Service, which cannot be sublicensed, for the term of the Agreement as stipulated in Article 5.
Article 10: Indemnification
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 11: Liability
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.
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.
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 12: Complaints procedure
If You have a legitimate complaint with regard to the provision of Service by Coinvert, You may contact Coinvert’s support team via email@example.com.
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.
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 13: Various
The Agreement and Your use of the Service is subject to Dutch Law.
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).
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.