Terms of Service
Date of the last revision: 23rd October 2017.
Welcome to Elcoin.Trade
Elcoin.Trade is a platform service enabling its users to exchange their local currency to the Bitcoin cryptocurrency and vice versa by way of trades carried out between users. The service allows users to set up trades by posting advertisements where they state the exchange rate, payment method(s) and other terms for buying or selling Bitcoins. Other users can then reply to these advertisements and the parties can agree to meet to buy Bitcoins with cash, or trade directly with online banking or any another available method. In order for a user to sell Bitcoins he or she (“seller”) must store the Bitcoins in a Elcoin.Trade web wallet from where the Bitcoins are transferred to the user purchasing the Bitcoins (“buyer”) upon confirmation of the receipt of the trade price by the seller. All trades on this site are concluded solely between users of the service, and while Elcoin.Trade may help in resolving disputes between the parties, it does not itself become a party to such transactions, contracts or relationships. Elcoin.Trade is not a Bitcoin marketplace but a service enabling its users to set up markets for peer-to-peer exchange by way of creating advertisements for trades directed to other users.
It is important to us that you, and our other users, have the best possible time while using our site and services, and that when you use this site you are fully aware of your respective legal rights and obligations. For that reason, we have created these Terms of Service as the legally binding terms to govern your use of this site and our services. Please read these Terms of Service carefully before using the site because they affect your legal rights and obligations.
Acceptance and Change of Terms
If you do not agree with any of these Terms of Service please do not use this site. By using this site or our services you will be deemed to have irrevocably agreed to these terms and conditions. Please note that these Terms of Service may be revised and reissued without notice at any time. You should visit this page regularly, and before engaging in any trades in particular, to review the current Terms of Service, since your continued use of the site will be deemed as an irrevocable acceptance of any revisions. Notwithstanding the above, we will strive to notify you of any changes to these Terms of Service which significantly affect your rights and obligations. Such notices will be sent to the email address you have provided us through your account settings, and it is your responsibility to keep your contact information up to date.
Services provided by Elcoin might not be legally allowed in certain jurisdictions. By accepting these terms and conditions you confirm that you are not a resident of a such jurisdiction, including, but not limited to the Federal Republic of Germany as well as the States of New York and Washington in the United States of America.
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 (“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.
You may only act on your own behalf. Your account may not be used to act as an intermediary or broker for any person or entity.
You may only use your own account to trade at Elcoin.Trade and you may only use one user account at a time for trading. You are responsible for maintaining adequate security and control of any and all IDs, passwords, personal identification numbers (PINs), or any other codes or credentials that you use to access the services. 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.
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.
We may at any time require you to complete our ID verification process and may also require you to submit additional identification documents to us if we deem it necessary. Failing to complete ID verification will be considered a violation of this Agreement.
Advertisements and Trading
With a registered account you can create Bitcoin trade advertisements (“advertisement” or “ad” or “ads“) to advertise that you are purchasing or selling Bitcoins. You may initiate Bitcoin trades (“trades“) by contacting advertisements created by other users or wait for users to initiate trades with you by contacting ads created by yourself.
By initiating a Bitcoin trade you agree to be bound by the terms and conditions of the trade as selected and determined by the advertiser (whether by selecting from options available to advertiser for advertisements or by any freeform terms and conditions set out by the advertiser under the “Terms of trade” field) and displayed on the advertisement page. The terms of trade as determined by the advertiser are valid in all cases except when the terms contradict these Terms of Service or are illegal or if both parties of the trade consent to alter the terms of trade.
The price or price equation that is defined in the advertisement must contain any and all fees that the advertiser requires the user initiating the trade to pay. After initiation of a trade the Bitcoin price is locked and cannot be changed or any additional fees added without consent from both parties of the trade and Elcoin.Trade.
Bitcoin advertisements must be placed in the correct payment category. If a category does not exist for the payment method, it must be placed in the Other category.
Valid payment details must be provided through the Elcoin trade system. It is a violation of these Terms of Service to provide payment details through other communication channels.
Bitcoin is held in escrow during the whole trade process until the seller has confirmed the receipt of payment in full.
Buyers must be able to, upon our request, provide adequate proof of payment for up to 180 days after the trade has been completed.
In cases where we have reason to believe a buyer may be engaging in fraudulent activity, including without limitation where the buyer’s payment is frozen, held, reversed, charged back or in other ways withheld from the seller, and in particular, if we in these circumstances deem that the buyer is not cooperating to the fullest extent to resolve the issue, we may provide the buyer’s information to the seller for the purposes of recovering the funds and/or preventing or investigating fraudulent activity. The information will be disclosed to the extent we deem it is necessary for the afore-mentioned purposes and may include without limitation the buyer’s contact details, login and transaction records and/or any details and records we have obtained about the buyer through our identity verification measures.
Local Cash Advertisements
Local Cash advertisements are advertisements in the categories “Buy Bitcoins locally” and “Sell Bitcoins locally” or any other advertisement where the payment method is specified as cash or where the advertisement type is local sell or local buy.
- You are allowed to have active ads with only one account at a time.
- Multiple ads per city are not allowed unless the ads are limited to different customer groups and have a price difference of at least 3 %.
Online advertisements are advertisements in the categories “Buy Bitcoins online” and “Sell Bitcoins online” or any other advertisement where the payment method is any other than cash or the advertisement type is online buy or online sell.
- You are allowed to have active ads with only one account at a time.
- You must place your ads in the correct payment category.
- Multiple ads for the same payment method are not allowed in the same country unless the ads are limited to certain customer groups and the advertisements have a price difference of at least 3%.
Accounts verified as company
A user account can be verified as a company account. 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 an employee of the company. Each company-verified account is personal to the employee operating it.
A company may have active advertisements from several accounts with the following exceptions:
- Ads are not allowed to overlap between accounts. E.g. you’re not allowed to create advertisements using the same limits with the same price in the same payment method category in the same country.
Disputes on Bitcoin Trades
If the buyer and seller are in disagreement over a trade, either party or Elcoin may initiate a dispute. Disputed trades are resolved by Elcoin.Trade support staff.
If the seller turns unresponsive, we will resolve the dispute to the buyer if we are confident that the seller has received valid payment from the buyer. If the buyer is unresponsive, the seller may dispute the trade and we will resolve the dispute to the seller.
After the trade has been released by the seller, cancelled by the buyer or automatically cancelled due to not being marked as paid, the trade is considered finished and cannot be disputed, reversed or altered.
Providing fraudulent information or documents in a dispute or making false claims or otherwise trying to force a certain outcome of a disputed trade is considered a violation of this Agreement. If payment details are provided outside of Elcoin, the dispute may be resolved without taking the payment details into consideration.
Monitoring, Suspension and Termination
We use automated fraud and risk modeling when assessing the risk associated with your account, your ads and your trades. If we find your account to pose a fraud risk or a risk to Elcoin or our customers, the use of your account and the service may be temporarily limited pending our manual review and/or additional identity verification measures required from you.
Furthermore, we have the right to, at our sole discretion, suspend, limit or terminate the use of your account and/or suspend the use of, hide or remove any advertisements or other material you have submitted to the services, if:
- we have reason to believe that you have acted in violation of these Terms of Service or that any content or material submitted or shared by you in or through the services violates these Terms of Service or the intellectual property rights, other property rights or the right to privacy of any third party;
- we have reason to believe that your use of the services is in violation of any applicable law or regulation, or that you are using the services in a fraudulent manner or otherwise contrary to the purpose of this Agreement;
- we have reason to believe that you have supplied false, misleading or deceptive information in connection with your registration, identity verification, transactions or any other use of the services, either to us or to another user;
- you have not responded to our inquiries or supplied the information requested by us within a reasonable period of time; or
- we are required to do so under any applicable law, regulation or an order issued by an authority.
Our above right includes the right to limit access to your account balance for up to 180 days, or even longer if pursuant to a court order or other legal process or obligation, or if you have not completed the additional identity verification measures we have requested from you, or if we have reason to believe that you do not have the right to access or control the account or the Bitcoin funds on that account.
If we determine that you have at any previous point in time violated this Agreement or any other agreement that you have entered into with us, we will immediately close, suspend or limit your account and Bitcoin balance.
Although we reserve the right to terminate your use of the services immediately and without hearing you in any of the above circumstances, we wish to deal with such situations in a fair and proportionate manner. Depending on our legal and contractual obligations, the urgency of the issue and the way we decide to balance the interests requiring protection, we will usually strive to inform and hear you before we take actions based on our above-mentioned rights under this Section, particularly if it involves the permanent termination of your account and/or any content or materials associated with it. By using the services, however, you agree and acknowledge that this is not always possible and that we are not in any circumstance liable for any damage, losses, expenses or harm resulting from the use of our rights under this Section.
Fees and Pricing
The services are provided to you against fees determined on a per transaction and/or per advertisement basis in accordance with the prices and pricing principles set out on the Elcoin.Trade website at the time of the relevant transaction, creation of advertisement or the fulfilment of any other fee basis. Such fees may include e.g. percentage-based fees for incoming and outgoing transactions or advertisements created and they may be deducted from your Elcoin wallet balance or deposit. In addition, the fees may include percentage-based fees for merchant invoicing services deducted from the paid invoice amount as well as hourly fees for any custom work you decide to order from us.
Any amounts charged by us will be displayed to you on our site prior to the transaction, submission of advertisement or other action or service on which the fee is based. By engaging in or ordering any of the afore-mentioned actions or services you will be deemed to have irrevocably agreed to the applicable pricing.
Supporting Blockchain, Block.io Forks and Other Cryptocurrencies
From time to time, new and alternative cryptocurrencies and/or forks of the Bitcoin blockchain may be created, including in ways that allow persons who have access to a private key holding a Bitcoin balance to receive a corresponding amount of the new cryptocurrency on the other blockchain (“air-drop”). We have the right, in our sole discretion, to decide on whether and how we support new cryptocurrencies and/or blockchain forks in our services, including also, if necessary, the determination of which blockchain shall be deemed as Bitcoin within the meaning of this Agreement. In any case, we will strive to communicate our decisions concerning any significant new forks or cryptocurrencies on our website reasonably in advance. If we decide not to support a new cryptocurrency, we may decide, but are not obligated, to compensate customers who held Bitcoin on their Elcoin account at the time of the air-drop in a manner deemed appropriate by us, such as by converting all of the available new cryptocurrency to Bitcoins and sharing all of the converted Bitcoins between the users who held a Bitcoin balance on their accounts at the time of the creation of the new cryptocurrency. In such cases, we have the right to charge you a processing fee for such conversion in any amount deemed reasonable to us in our sole discretion but not exceeding the amount of compensation payable to you.
If we decide to support a new cryptocurrency, unless otherwise communicated by us, these Terms of Service, including any reference to Bitcoin, shall be equally applied to the new cryptocurrency.
In order to handle a blockchain fork in a way that ensures the security and reliability of our services, we may deem it necessary to temporarily suspend the services. In such cases, we will resume the services as soon as reasonably possible in our discretion.
We cannot guarantee that the decisions we take under this Section will be suitable, desirable or practical to you. If you are concerned about our decisions, stances or the lack thereof regarding any given blockchain fork or new cryptocurrency, we recommend that you withdraw your balance and handle the situation on your own as you see fit. We are not in any circumstance liable for any damage, losses, expenses or harm resulting to you from the use of our rights under this Section.
Without limitation, you agree not to, and not to encourage or allow any other user of the services to
- use the services or the site (or any part of them) for any illegal purpose;
- use the services in a manner which may cause the services to be interrupted, damaged, rendered less efficient or such that the effectiveness or functionality of the services is in any way impaired;
- attempt any unauthorized access to any part or component of the services, bypass or break any security mechanism of the services or use the services in any other manner that poses a security risk to us or any of our users;
- misrepresent your identity or credentials, or use those of another person, in engaging with us or any other persons on the site or via the services;
- use the services to harvest or otherwise collect information about others;
- use the services to engage in or in connection with fraudulent activity;
- reverse-engineer the services to find limitations or vulnerabilities;
- launch or facilitate, whether intentionally or unintentionally, a denial of service attack on the services or engage in any other conduct that adversely impacts the availability, reliability, or stability of the services;
- send, create or reply to so called mailbombs (i.e., emailing copies of a single message to many users, or sending large or multiple files or messages to a single user with malicious intent) or engage in spamming (i.e., unsolicited emailing or messaging for business or other purposes) or undertake any other activity which may adversely affect the operation or enjoyment of this site by any other person;
- alter or modify any part of the site or the services; or
- reproduce, sell, resell or otherwise exploit any resource, or access to any resource, contained on this site.
Any passwords used for this site are for individual use only. You shall be responsible for the security of your password (if any). Elcoin.Trade shall be entitled to monitor the use of your account and your password and, at its discretion, require you to change the password. If you use a password that Elcoin.Trade considers insecure, Elcoin.Trade will be entitled to require this to be changed and/or terminate or suspend your account. You are prohibited from using any services or facilities provided in connection with this site to compromise security or tamper with system resources and/or accounts. The use or distribution of tools designed for compromising security (e.g. password guessing programs, cracking tools or network probing tools) is strictly prohibited. If you become involved in any violation of system security, Elcoin.Trade reserves the right to release your details to system administrators at other sites in order to assist them in resolving security incidents.
Elcoin.Trade reserves the right to investigate suspected violations of these Terms of Service, including without limitation any violation arising from any submission, posting or e-mails you make or send to any forum on the site. Elcoin.Trade may seek to gather information from the user who is suspected of violating these Terms of Service, and from any other user. Elcoin.Trade may suspend any users whose conduct or postings are under investigation and may remove such material from its servers as it deems appropriate and without notice.
The materials, information and opinions included and/or expressed in or on the messages, feedbacks, advertisements or other pages on this site are not necessarily those of Elcoin.Trade or its affiliated or related entities or content providers. Elcoin.Trade is not responsible for monitoring or reviewing the messages, feedbacks or advertisements and the content of the messages, feedbacks or advertisements is not the responsibility of Elcoin.Trade. Elcoin may remove or modify any content without notice or liability at any time in its sole discretion. Any use of the messages, feedbacks, advertisements or any other content on this site will be at your own risk and will be subject to the disclaimers and limitations on liability set out above.
Submissions, Postings and Emails
Please act responsibly when using this site. You may only use this site and its contents for lawful purposes and in accordance with applicable law and you are prohibited from storing, distributing or transmitting any unlawful material through this site. You recognize that storing, distributing or transmitting unlawful material could expose you to criminal and/or civil liability. You agree that if a third party claims that material you have contributed to the site is unlawful, you will bear the burden of establishing that it is lawful. You understand and agree that all materials publicly posted (other than by Elcoin.Trade) or privately transmitted on or through this site are the sole responsibility of the sender, not Elcoin.Trade, and that you are responsible for all material you upload, post or otherwise transmit to or through this site.
We at Elcoin.Trade require that you do not post advertisements or submit to or publish through forums or otherwise make available on this site any content, or act in a way, which:
- libels, defames, invades privacy, stalks, is obscene, pornographic, racist, abusive, harassing, threatening or offensive;
- seeks to exploit or harm children by exposing them to inappropriate content, asking for personally identifiable details or otherwise;
- infringes any intellectual property or other right of any entity or person, including violating anyone’s copyrights or trademarks or their rights of publicity;
- violates any law or may be considered to violate any law;
- you do not have the right to transmit or make available under any contractual or other relationship (e.g., inside information, proprietary or confidential information received in the context of an employment or a non-disclosure agreement);
- advocates or promotes illegal activity;
- impersonates or misrepresents your connection to any other entity or person or otherwise manipulates headers or identifiers to disguise the origin of the content;
- advertises any commercial endeavor (e.g., offering for sale products or services) or otherwise engages in any commercial activity (e.g., conducting raffles or contests, displaying sponsorship banners, and/or soliciting goods or services) except as specifically authorized on this site;
- solicits funds, advertisers or sponsors;
- includes programs which contain viruses, worms and/or ‘Trojan horses’ or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of any computer software or hardware or telecommunications;
- disrupts the normal flow of dialogue, causes a screen to scroll faster than other users are able to type, or otherwise act in a way which affects the ability of other people to engage in real time activities via the site;
- copies any other pages or images on this site except with appropriate authority;
- amounts to a ‘pyramid’ or similar scheme;
- disobeys any policy or regulations established from time to time regarding use of this site or any networks connected to this site; or contains links to other sites that contain the kind of content, which falls within the descriptions above.
This site may link you 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 Elcoin.Trade, and you acknowledge that (whether or not such sites are affiliated in any way with Elcoin.Trade) Elcoin.Trade is not responsible for the accuracy, copyright compliance, legality, decency, or any other aspect of the content of such sites. The inclusion of such a link does not imply endorsement of any site by Elcoin.Trade or any association with its operators.
Elcoin.Trade cannot ensure that you will be satisfied with any products or services that you purchase from any third-party site that links to or from Elcoin.Trade since other sites/stores are owned and operated by independent web masters/retailers.
Online Payment Methods
Elcoin Oy or Elcoin.Trade is not associated with any of the trademarks which might appear visible in the Online Payment method lists or advertisement details. Including, but not limited to Alipay, AstroPay, BPAY, CashU, Chase Quickpay, Dwolla, Easypaisa, EgoPay, Amazon Gift Card Code, Apple Store Gift Card Code, Ebay Gift Card Code, iTunes Gift Card Code, Starbucks Gift Card Code, Steam Gift Card Code, Walmart Gift Card Code, Google Wallet, Hal-cash, hyperWALLET, Interac e-transfer, MobilePay FI, MobilePay, MobilePay NO, Moneybookers / Skrill, Moneygram, MoneyPak, M-PESA Kenya (Safaricom), M-PESA Tanzania (Vodacom), Neteller, NetSpend Reload Pack, OKPay, Paxum, Payeer, Paym, Paypal, PayPal My Cash, PaySafeCard, Payza, Perfect Money, Pingit, PYC, PostePay, QIWI, Reloadit, RIA Money Transfer, Serve2Serve, SolidTrustPay, Square Cash, Superflash, Swish, Tigo-Pesa Tanzania, Transferwise, Ukash, Vanilla, Venmo, Vipps, Walmart 2 Walmart, WebMoney, Western Union, Xoom, Yandex Money or any other payment method. Elcoin.Trade does not itself support these payment methods, or claim to be in partnership with them. Also, services provided by Elcoin Oy or Elcoin.Trade are not authorized, approved, endorsed or sponsored by any of the payment methods listed above or their respective trademark owners. Payment method listings are visible on Elcoin.Trade for informative purposes only. Trademarks which might appear visible on Elcoin.Trade website belong to the respective trademark owners alone.
How to Contact Us
This site is owned and operated by Elcoin Oy, a Finnish limited liability company. You can contact us at any time. Please send us any questions, requests, general correspondence, or notices under or in connection with this Agreement, by contacting our support. Particularly in the case of sending any notices under this Agreement, please ensure that you have received an acknowledgement from us, which we will aim to send to you within 5 working days of our receipt and should be retained by you.
By using the services, you agree that any notice, disclosure, agreement or other communication that we deliver to you electronically to the email address you have defined in your account settings will satisfy any legal communication requirements, including that such communications be in writing.
Changes in Service
Elcoin.Trade 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.
Intellectual Property Rights
You acknowledge and agree that all copyright, trademarks and all other intellectual property rights in and related to this site and our services shall remain at all times owned by us and/or our licensors. You are permitted to use the site and our services only as expressly authorized by us. We reserve all rights not expressly granted in and to this site, the services and the content on this site.
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, 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.
To the maximum extent permitted by applicable law, we make no warranty that the site or the services will meet your requirements or will be uninterrupted, timely, secure or error-free, that defects will be corrected, or that the site or the server which makes it available are free of viruses or bugs or are fully functional, accurate, or reliable. We will not be responsible or liable to you for any loss, destruction or alteration of content or material as a result of uploading to or downloading from the site.
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.
If and to the maximum extent permitted by applicable law, we will not be liable for:
- any economic losses (including without limitation loss of revenues, profits, contracts, business or anticipated savings); or
- any loss of goodwill or reputation; or
- any special or indirect or consequential losses, howsoever arising
in 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.
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.
Rights of Transfer and Assignment
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.
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.
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.
You agree that this Agreement and any dispute between you and us shall be governed in all respects by the laws of Finland, 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 Helsinki, Finland. 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 Finland. We make no representations that the services appropriate or available for use in other countries. Users of Elcoin.Trade are themselves responsible for making sure they are in compliance with legislation of the jurisdiction they operate and reside in.
Incase of more information or queries , please send email to email@example.com