The Service operated by RexBit allows buyers ("Buyers") and sellers ("Sellers") to buy and sell Cryptocurrencies such as "Bitcoins", XRP, Ethereum, Litecoin and Stellar.
The Service operated by RexBit also allows all registered users of the Service ("Members") to:
• Transfer the above-mentioned Cryptocurrencies to other Members or other users of such cryptocurrencies outside the RexBit site.
• Use Bitcoins or the other Cryptocurrencies for purchasing goods.
• Access and use the Ripple system.
By opening an Account, you expressly represent and warrant:
• That you have accepted these Terms; and
• That you are at least 18 years of age and have the full capacity to accept these Terms and enter into a transaction involving Bitcoins, XRP, Ethereum, Litecoin and Stellar.
The trading of goods and products, real or virtual, as well as virtual currencies involves significant risk. Prices can and do fluctuate on any given day. Such price fluctuations may increase or decrease the value of your assets at any given moment. Any currency - virtual or not - may be subject to large swings in value and may even become worthless. There is an inherent risk that losses will occur as a result of buying, selling or trading anything on a market.
Cryptocurrency trading also has special risks not generally shared with official currencies or goods or commodities in a market. Unlike most currencies, which are backed by governments or other legal entities, or by commodities such as gold or silver, Cryptocurrencies are unique type of "fiat" currency, backed by technology and trust. There is no central bank that can issue more currency or take corrective measures to protect the value of Cryptocurrencies in a crisis.
Instead, Cryptocurrencies are an as-yet autonomous and largely unregulated global system of currency firms and individuals. Traders put their trust in a digital, decentralised and partially anonymous system that relies on peer-to-peer networking and cryptography to maintain its integrity.
The trading of Cryptocurrencies is often susceptible to irrational (or rational) bubbles or loss of confidence, which could collapse demand relative to supply. For example, confidence might collapse in Cryptocurrencies because of unexpected changes imposed by software developers or others, a government crackdown, the creation of superior competing alternative currencies, or a deflationary or inflationary spiral. Confidence might also collapse because of technical problems: if the anonymity of the system is compromised, if money is lost or stolen, or if hackers or governments are able to prevent any transactions from settling.
You should carefully assess whether your financial situation and tolerance for risk is suitable for buying, selling or trading Bitcoins, XRP, Ethereum, Litecoin and Stellar.
We use our banking providers in order to receive client funds and make payments. Our banking providers DO NOT transfer, exchange, or provide any services in connection with Cryptocurrencies.
LIMITED LIABILITY COMPANY RIGHT OF USE
Unless otherwise specified, all Materials on this Site are the property of RexBit and are protected by copyright, trademark and other applicable laws. You may view, print and/or download a copy of the Materials from this Site on any single computer solely for your personal, informational and/or non-commercial use, provided you comply with all copyright and other proprietary notices.
The trademarks, service marks and logos of RexBit and others used in this Site ("Trademarks") are the property of RexBit and their respective owners. The software, text, images, graphics, data, prices, trades, charts, graphs, video and audio used on this Site belong to RexBit. The Trademarks and Material should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, whether manual or automated. The use of any such Materials on any other Site or networked computer environment for any other purpose is strictly prohibited; any such unauthorised use may violate copyright, trademark and other applicable laws and could result in criminal or civil penalties.
MAINTAINING YOUR ACCOUNT: OUR RULES
This Site is for your personal and non-commercial use only. We are vigilant in maintaining the security of our Site and the Service. By registering with us, you agree to provide RexBit with current, accurate and complete information about yourself, as prompted by the registration process, and to keep such information updated. You further agree that you will not use any Account other than your own or access the Account of any other Member at any time or assist others in obtaining unauthorised access.
The creation or use of Accounts without obtaining prior express permission from RexBit will result in the immediate suspension of all said Accounts, as well as all pending purchase/sale offers. Any attempt to do so or to assist others (Members or otherwise), or the distribution of instructions, software or tools for that purpose, will result in the Accounts of such Members being terminated. Termination is not the exclusive remedy for such a violation, and RexBit may elect to take further action against you.
You are also responsible for maintaining the confidentiality of your Account information, including your password, safeguarding your own Cryptocurrencies, and all activity including Transactions that are posted to your Account. Any actions on the Site, transactions, orders and operations initiated from your Account or using your password (1) will be considered to have been made by you, and (2) is irrevocable once validated using your password or made through your Account. If there is suspicious activity related to your Account, we may, but are not obligated to, request additional information from you, including authenticating documents, and to freeze any transactions pending our review. You are obligated to comply with these security requests or accept termination of your Account. You are required to notify RexBit immediately of any unauthorised use of your Account or password, or any other breach of security, by email to [email protected] Any Member who violates these rules may be terminated, and thereafter held liable for losses incurred by RexBit or any user of the Site.
RexBit similarly reserves the right to freeze Ripple accounts in accordance with the new policy announced by Ripple Labs, which took effect on 15 September 2014. Please see the explanation provided by Ripple Labs below:
The freeze protocol extension gives gateways the ability to 1) globally freeze all their issued funds or 2) freeze funds issued to a specific user. Frozen funds may only be sent back to the issuing gateway. The global freeze feature allows a gateway to freeze all balances it issues. The gateway may still issue payments. Accounts holding frozen balances may return the funds to the gateway. This feature is useful for migrating users from one account to another and to safeguard users in the event that the gateway account is compromised. The individual freeze is primarily intended for compliance with regulatory requirements, which may vary from one jurisdiction to another. It also allows gateways to freeze individual accounts issuances in order to investigate suspicious activity. These features allow gateways to better operate in compliance with laws and regulations.
Lastly, you agree that you will not use the Service to perform criminal activity of any sort, including but not Limited Liability Company to, money laundering, illegal gambling operations, terrorist financing, malicious hacking or any criminal or illegal activity.
The minimum allowable trade is USD 50.
VERIFICATION OF ACCOUNTS
TERMINATION AND ESCROW OF UNVERIFIED ACCOUNTS
You may terminate this agreement with RexBit, and close your Account at any time, following settlement of any pending transactions.
We expressly reserve the right to cancel and/or terminate Accounts that have not been verified by the Client despite efforts made in good faith by RexBit to contact you to obtain such verification (“Unverified Accounts”). All Unverified Accounts which have been inactive for a period of 6 months or more are further subject to transfer to a third-party escrow (the "Unverified Escrow”), and will no longer be maintained or under the legal responsibility of RexBit. The administrator/trustee of the Unverified Escrow shall make any and all additional reasonable efforts required by law to determine and contact each Unverified Account owner and, after suitable effort and time has been expended, we may be required to convert the residual Cryptocurrencies into fiat and send it to a national authority responsible for the safekeeping of such funds.
The suspension or escrow of an Account shall not affect the payment of commissions due for past Transactions. Upon termination, Members shall send details of a valid bank account to allow for the transfer of any currencies credited to their account. This bank account must be held by the Member. Bitcoins may be transferred to a valid bank account only after conversion into a fiat currency. RexBit shall transfer the currencies as soon as possible following the Member's request and within the time frames specified by RexBit.
RexBit will send you the credit balance of your Account; however, in certain circumstances a number of intermediaries may be involved in an international payment and these or the beneficiary bank may deduct charges. We will make all reasonable efforts to ensure that such charges are disclosed to you prior to sending your payment; however, where they cannot be avoided, you acknowledge that these charges cannot always be calculated in advance, and that you agree to be responsible for such charges.
Upon Account closure, any amount less than USD 50 in value will not be returned.
RexBit reserves the right to not convert Cryptocurrencies into fiat and to return them to a Wallet that belongs to the Customer.
AVAILABILITY OF SERVICES
All services are provided without warranty of any kind, either express or implied, and in particular without implied warranties of merchantability and fitness for a particular purpose. We do not represent that this Site will be available 100% of the time to meet your needs. We will strive to provide you with the Service as soon as possible, but there are no guarantees that access will not be interrupted, or that there will be no delays, failures, errors, omissions or a loss of transmitted information.
APIS AND WIDGETS
We may provide access to certain parties to access specific data and information through our API (Application Programming Interface) or widgets. We also may provide widgets for your use to enter our data on your Site. You are free to use these in their original unmodified and un-altered state.
RexBit makes no representations whatsoever about any external or third-party website you may access through the Site. Occasionally, the RexBit website may provide references or links to other websites ("External Websites"). We do not control these External Websites or third-party sites or any of the content contained therein. You agree that we are in no way responsible or liable for the External Websites referenced or linked from the RexBit website, including, but not Limited Liability Company to, website content, policies, failures, promotions, products, opinions, advice, statements, prices, activities and advertisements, services or actions and/or any damages, losses, failures or problems caused by, related to, or arising from those sites. You shall bear all risks associated with the use of such content.
Our business model and our Service facilitate the buying, selling and trading of Bitcoins and their use to purchase goods in an unregulated, international open payment system. The Services we provide are currently unregulated within the UK.
Unencrypted email messages sent over the Internet are not secure and RexBit is not responsible for any damages incurred by the result of sending email messages in this way. We suggest sending email in encrypted formats; you are welcome to send PGP encrypted emails to us. The instructions and keys to do so are available upon request.
If you send unencrypted or unsecured email or other types of communications to us, we may respond using the same channels and you hereby accept the risks associated therewith.
DISCLOSURES TO LEGAL AUTHORITIES AND AUTHORIZED FINANCIAL INSTITUTIONS
We may share your Personal Data with law enforcement, data protection authorities, government officials, and other authorities when:
• Required by law;