“As used in these Terms and Conditions, the term “User” includes you, and any other individual utilizing our Services. For convenience, in this Policy we will refer to you, and Users, interchangeably.”
You are only permitted to access the Services if you are an Approved User. This means you must meet all of the following criteria:
By accessing the Services, you:
To use the Services, you must first create your registered User Account and have it activated.
Once established, you can access the Services through your User Account. Specifically, your User Account:
We recommend that you only log into your User Account directly through the CryptoSouk Site and only access the CryptoSouk Exchange through the trading site. This will minimise the risk of you inadvertently exposing your User Account or CryptoSouk Wallets to unauthorised access or attacks.
You confirm that:
You can use your Legal Tender Account to fund the purchase of Digital Currencies, and to receive the proceeds of sale of your Digital Currencies, using the Services.
To activate your Legal Tender Account, you must:
The only Legal Tender which can currently be held in your Legal Tender Account is South African Rand.
CryptoSouk will not charge any fees in relation to deposits into or withdrawals from the CryptoSouk Custodial Bank Account.
You confirm you understand that:
Your Digital Currency Wallet allows you to send supported Digital Currencies to, and to receive and store supported Digital Currencies from, third parties on your instructions, using the Services.
CryptoSouk will charge the Transaction fees set out in the Fee Schedule, accessible here.
In addition, all Transactions need to be confirmed by ‘miners’ which group transactions into ‘blocks’ and add those blocks to the relevant network underlying the specific Digital Currency. When making a Digital Currency Deposit, you may need to pay the applicable ‘miner fee’ (i.e. network fee) to confirm the transaction on the network. To do this, you need to make sure your transaction includes a sufficient miner fee to be confirmed. Insufficient fees will delay the processing of a Transaction. CryptoSouk may charge miner fees to process a Digital Currency withdrawal on your behalf. If we do so, CryptoSouk will calculate the miner fee in our discretion and notify you of the amount of the fee at or before the time you authorise the Transaction.
You confirm that you understand and accept the following:
CryptoSouk maintains a private exchange ledger (the CryptoSouk Ledger) to track each Approved User’s Legal Tender Account balance and the Digital Currencies reflected in his or her Digital Currency Wallet.
Entries in the CryptoSouk Ledger are not recorded on a blockchain or otherwise published. Only transfers of Digital Currencies into, or transfers of Digital Currencies out of, your Digital Currency Wallet will be confirmed and visible on a blockchain.
CryptoSouk offers Approved Users the ability to enter into the following Transactions in accordance with these Terms and Conditions:
CryptoSouk does not currently offer any margin trading, options trading, or shorting.
CryptoSouk does not make any warranty or representation in relation to any Counterparty and cannot confirm that a Counterparty will perform its Transaction obligations.
Please note: A Transaction is not complete while it is in a pending state. Funds associated with Transactions that are in a pending state will be designated as such and will not be available to conduct other Transactions (including withdrawals).
We can impose any conditions or restrictions on your access to the Transaction Services at any time without prior notice. These may include limits on the number or value of Transactions.
We may impose Transaction limits from time to time. In particular, we reserve the right to review any withdrawals and to request further information before releasing funds for regulatory and fraud prevention purposes.
You cannot revoke or cancel an Order once you have placed it. However, you can submit a request to cancel the Transaction to which that Order relates by clicking on the ‘Cancel Sells’ or ‘Cancel Buys’ or ‘Cancel All’ button (as appropriate) on the CryptoSouk Exchange dashboard (a Cancellation Request).
The Cancellation Request will only be effective if you submit it before the Order is filled.
However, CryptoSouk can unilaterally cancel any Transaction if:
CryptoSouk maintains the records of these offers in our Order Book. When CryptoSouk's trading engine matches buy and sell offers in our order book, we record the trade on our CryptoSouk Ledger. This transfers ownership of the seller’s traded Digital Currencies to the relevant buyer.
All Buy Transactions:
You can enter a Stop Limit or an Order Limit for your Buy Transaction on the CryptoSouk Exchange dashboard.
If a Buy Transaction order only partially fills, the amount of Currency required to settle the balance (including fees) will remain on hold until the remaining Buy Order is filled, expires, or is cancelled.
In placing any Buy Order or entering into any Buy Transaction, you confirm your understanding of, and your agreement to, the following:
All Market Sell Transactions:
You can enter a Stop Limit or an Order Limit for your Sell Transaction on the CryptoSouk Exchange dashboard.
Until the Sell Order fills, expires or is cancelled, the value of the Digital Currencies being offered for sale will not be available to be used for any other purpose, including other sell orders or withdrawals. For partially filled sell orders, the unfilled portion of Digital Currencies offered for sale will remain on hold until the remaining sell order is filled, expires, or is cancelled.
In placing any Sell Order or entering into any Buy Transaction, you confirm your understanding of, and agreement to, the following:
CryptoSouk may suspend the Services in any of the following cases without prior notice for any period it determines in its discretion (each a Suspension Event) if it considers it necessary or desirable to do so:
It is prohibited to use the Site or to access any Service for any of the following purposes or uses (each a Prohibited Use):
CryptoSouk may block or refuse any person (including any Approve User) from accessing the Site and/or any Services or any Transaction if it believes in good faith that such person, Service or Transaction is connected with any Prohibited Use. CryptoSouk does not need to provide any prior notice or explanation if it invokes this right.
In addition to exercising our rights under clause 10 (Suspension) and/or clause 11 (No Prohibited Use), in the event we believe you have breached or are breaching any of these Terms and Conditions or any applicable law, we may do any of the following:
This clause 12 does not limit any of our other rights and remedies at law.
You agree to pay all fees associated with or incurred by you in connection with the Orders you place, the Transactions you complete and the other Services we provide you.
Our current Fee Schedule can be found here and is deemed to form part of these Terms and Conditions.
We reserve the right to change, modify or increase our Fee Schedule at any time.
We will update our Fee Schedule no later than fourteen (14) calendar days before changes are to take effect. Your use of the Services following any update to our Fee Schedule is considered to be your acceptance of any such changes.
It is your responsibility to determine what, if any, taxes you must pay in relation to the Transactions and on any of the Digital Currencies you hold in your Digital Currency Wallet, or otherwise.
CryptoSouk makes no representation as to your tax liabilities, or the tax liabilities of any other Approved User.
CryptoSouk assumes no responsibility for the tax liability of you or any other Approved User, not for collecting, reporting, withholding or remitting any taxes arising from any Transactions that you may enter into.
To the extent permitted by law, CryptoSouk and its related companies exclude all liability and responsibility for any loss, damages, costs or expense, whether in tort (including negligence), contract or otherwise and whether direct, indirect, or consequential (including in connection with business interruption), which you or any other person may suffer or incur in connection with the Services the use or inability to use the Site, and in respect of any Digital Currency or otherwise.
Where and to the extent liability for breach or any implied warranty or condition, or otherwise, cannot be excluded, CryptoSouk's liability to you is limited (at your option) to:
CryptoSouk is not liable in any way whatsoever to you or anyone else for any financial decision or action taken by you or anyone else using the Services.
Important: In providing the Services, CryptoSouk is required to provide certain guarantees that cannot be excluded under consumer law, if you are using the Services for personal use, including guarantees as to the acceptable quality and fitness of purpose of the Services. Nothing in these Terms will be read or applied so as to exclude, restrict or modify or have the effect of excluding, restricting or modifying any condition, warranty, guarantee, right or remedy implied by the law and which by law cannot be excluded, restricted or modified, even if any other provision of these Terms and Conditions would otherwise suggest that this might be the case.
To the extent permitted by law we do not warrant the reliability, availability, accuracy, completeness or timeliness of information on the Site. All information is provided “as is” without warranty of any kind, express or implied. This includes (but is not limited to) implied warranties of merchantability, fitness for a particular purpose, title or non-infringement.
WITHOUT LIMITING THE OTHER TERMS IN THESE TERMS AND CONDITIONS, YOU ACKNOWLEDGE THAT CRYPTOSOUK BEARS NO LIABILITY FOR ANY DAMAGE, LOSS (INCLUDING LOSS OF PROFIT), DELAY OR INCONVENIENCE, OR FAILURE IN PERFORMANCE OR INTERRUPTION OF SERVICE OR TRANSACTION, IN EACH CASE CAUSED BY OR RESULTING FROM (DIRECTLY OR INDIRECTLY):
EACH USER AND APPROVED USER INDEMNIFIES CRYPTOSOUK AND HOLDS CRYPTOSOUK HARMLESS FOR ANY LOSS, COST, LIABILITY OR EXPENSE SUSTAINED OR INCURRED BY IT AS A RESULT OF THE RELEVANT USER OR APPROVED USER BREACHING THESE TERMS AND CONDITIONS, INCLUDING BY:
CryptoSouk is committed to providing its Users with a very high level of customer service, and your satisfaction is very important to us.
If you would like to make a complaint, we encourage you to contact us in the first instance by email to [email protected]
We will acknowledge your complaint within 5 business days and make sure your complaint is investigated properly.
We may amend these Terms and Conditions (including the Fee Schedule which is incorporated by reference) at any time in the following circumstances:
If we amend these Terms and Conditions, we will publish the updated Terms and Conditions on our Site. Any subsequent access to or use by you of the Site will constitute an acceptance of the amended Terms and Conditions.
Where it is possible to do so, we will notify you of any changes to these Terms and Conditions by sending an email to the email address linked to your User Account.