FAQ / Terms & Conditions

Terms and Conditions

Last updated: May 22, 2019

1. Agreement

    1. These terms and conditions (“T&Cs”) create a contract between you and Cypher OÜ, Cypher Technologies (CY) Limited, and its affiliates (together, hereinafter referred to as “Cryptology”, “We”, or “Us”) to regulate the use of our websites, mobile applications, and our services (together, hereinafter referred to as the “Services”). By accessing our websites, downloading our mobile applications and/or by clicking and/or tapping on the “opt-in” checkbox you express your consent to these T&Cs and confirm your understanding and acceptance thereon. If you do not agree with these T&Cs, do not access or use our Services.

    2. Cryptology reserves the right, at its sole discretion, to change, modify, add or remove portions of these T&Cs at any time, with or without prior notice. It is your responsibility to periodically review the Legal & Privacy section to keep yourself apprised of any updates or changes. Your continued use of the Services constitutes acceptance of such changes, modifications or deletions.

    3. Any formal communication with you will be processed via electronic mail and you should send any documents requested by us by the same means.

2. Our Services

    1. Cryptology operates a cryptocurrency exchange that allows the purchase and sale of cryptocurrency in exchange for other cryptocurrency and/or fiat currency (and vice versa). Cryptology does not provide services of exchange of fiat currency for another fiat currency. We provide different services and features depending on your location, such as spot trading, margin trading, and perpetual futures trading [products and features offered by Cryptology may have specific terms and conditions, in case of conflict with these T&Cs, the specific terms and conditions shall prevail].

    2. Cryptology does not provide any investment or legal advice, and we do not operate any brokerage services. We do not accept any liability for any loss or damage which is incurred from your operations using our Services.

    3. Cryptology is not affiliated with any third party, including, but not limited to, regulated or unregulated brokers, investment managers or advisors. It is your sole responsibility to perform your own due diligence and research in respect of third parties advising or offering you brokerage services.

3. Cryptology Account

    1. To use our Services, you will need to register and open an account (“Cryptology Account”). Cryptology will generate an individual alphanumeric string that is associated with the email address you provide, a Unique Identifier or UID ( together, your “Cryptology Account”). You represent and warrant that you have full power and authority to enter into this agreement; that you have not previously been suspended or removed from using our Services; are not located in, under the control of, or a national or resident of any restricted location or any country to which is under Sanctions of the Organization of Foreign Assets Control and/or the United Nations; that you are not identified as a “Specially Designated National”. For any questions in this regard, you may contact support@cryptology.com

    2. Any misrepresentation or fraudulent use of a Cryptology Account is considered a severe breach of our T&Cs. In case Cryptology becomes aware or due to the trading activity it is demonstrated that the purpose of the Cryptology Account is conduct fraud, Cryptology will immediately suspend its services and block the Cryptology Account. We reserve the right to take necessary legal action against any parties to protect our rights, users, and resources.

    3. If you have selected to open a Cryptology Account for a legal entity, your account will be regarded as “Institutional Account”, you represent and warrant that the legal entity which you represent, is a legal entity duly organized and validly existing under the applicable laws of its jurisdiction and that you are duly authorized by such legal entity to act on its behalf.

    4. In order to open an Institutional Account, we may request corporate documents of your organization, as well as, information regarding your business and your intended operations using our Services, volumes and any other information that we consider relevant to establish a business relationship. For any questions in this regard, you may contact institutional@cryptology.com

    5. We do not provide our Services in all markets and jurisdictions, we may restrict or prohibit the use of our Services in certain countries. Cryptology currently does not provide services in the United States of America (“U.S.”) and to any U.S. resident or national. We may restrict or prohibit the use of all or a portion of the Services from restricted locations, which at this time include Afghanistan, Bosnia and Herzegovina, Democratic People’s Republic of Korea, the Democratic Republic of the Congo, Eritrea, Ethiopia, Guyana, Iran, Iraq, Lao PDR, Libya, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Uganda, Vanuatu, Yemen.

    6. We may, at our own discretion, restrict the number of accounts that you may hold, maintain or acquire. You are solely responsible for the password you assign to your account, for its security and protection from disclosure. You must promptly notify us if you discover or otherwise suspect of any security breach related to your account.

    7. Any and all the information that you provide in order to open and operate your account will be processed in accordance with our Privacy Policy. For any questions in this regard, you may contact info@cryptology.com or compliance@cryptology.com

    8. You are solely responsible for all the activities in connection with your use of the Services, through your account and/or using your password, and for the security of your computer systems, and in no event shall Cryptology be liable for any loss or damages relating to such activity. You should not create different accounts for your own use, any malicious, fraudulent, unfair or otherwise detrimental use of our platform may lead in automatic suspension and/or termination of our service.

4. Activity

    1. Cryptology provides an online platform to connect buyers and sellers of cryptocurrency. Buyers and sellers of cryptocurrency conduct trading with each other. Cryptology does not promise, guarantee, or otherwise assure that the Services will be error-free or uninterrupted, or that any defects will be corrected, or that your use of our Services will provide specific results. Our Services are delivered on “as-is” and “as-available” basis. Cryptology disclaims any and all liability from events out of its control, such as transactions processed through the blockchain of a particular cryptocurrency. You acknowledge and accept that any transaction made on the blockchain is irreversible, you are solely responsible to insert the correct wallet information for transfers of cryptocurrency in and out of our Services.

    2. You assume total responsibility for your use of our Services, your activities, orders, transactions, submitted documentation, and overall behavior. Your only remedy against Cryptology for dissatisfaction with our Services is to stop using our Services. This limitation of relief is a part of the bargain between you and Cryptology.

    3. All the orders will be entered into on an execution-only basis and Cryptology shall not be deemed to have made any recommendation to you, advise on the merits of any purchase or sell order, or assess the suitability of any order for you, Cryptology will not assume any liability in this respect. By using our Services, you express your acknowledgment of the risks and Cryptology is entitled to assume that you have sufficient experience and knowledge to understand the risks involved in each order you enter into.

    4. If on any date or time, amounts would be otherwise payable in respect of the orders, any such amount will be automatically satisfied and discharged from your account’s balance.

    5. On the occurrence of an event of default, we may specify a date for the termination and liquidation of all the active orders (the “Liquidation Date”). On or before the Liquidation Date, you are obligated to make any further payments under your active orders. Cryptology may, otherwise, liquidate any open position you hold to cover the necessary payments due.

    6. In case your trading activity is unusual or abnormal, Cryptology, in its sole discretion, is entitled to stop processing your transactions until clarifying the situation, asking for further verification, or any other necessary documentation that it may be required by law or agreements with counterparties, such as, but not limited to, payment processing partners, financial institutions or others.

    7. In case your trading activity is such that might reasonably be considered as abusive or is adopting trading strategies aimed at exploiting misquotations or is generally deemed to be acting in bad faith or attempting to abuse the information or facilities available through our Services (commonly known as “sniping”) Cryptology is entitled to suspend its Services indefinitely, including the permanent closing of the account.

    8. You are strictly prohibited to perform “self-trading” (or “wash-trading”) actions. Cryptology’s system will identify when this type of action occurs and your account will be penalized with an automatic transaction fee on the value of each transaction that is deemed to have been “self-traded”. We reserve the right to suspend access to our Services.

5. Content and Usage

    1. Cryptology hereby grants you a personal, non-exclusive license to access and to use our Services solely to fulfill your operations in compliance with these T&Cs. You may not use our Services for any illegal purpose or another purpose not mentioned in these T&Cs, nor permit any third party to use our Services on your behalf nor use our Services on behalf or benefit of any third party in any way whatsoever.

    2. All Intellectual Property Rights belonging to a Party prior to the entry into force of this T&Cs remain vested in that Party. Cryptology remains the sole owner of any of its data, information or files that you may have access in accordance with these T&Cs.

    3. All text, graphics, user interfaces, visual interfaces, photographs, trademarks, logos, sounds, music, artwork, and computer code (collectively referred to as the “Content”), including but not limited to, the design, structure, selection, coordination, expression, “look and feel”, and arrangement of such Content, contained on the websites and mobile applications are owned, controlled or licensed by or to Cryptology, and is protected by trade dress, copyright, patent and trademark laws, and various other intellectual property rights and unfair competition laws.

    4. No part of the Content may be copied, reproduced, republished, uploaded, posted, publicly displayed, encoded, translated, transmitted or distributed in any way (including “mirroring”) to any other computer, server, website or other medium for publication or distribution or for any commercial use or enterprise, without our express prior written consent.

    5. You may use information purposely made available by Cryptology for viewing on or downloading from our websites or mobile applications provided that you do not remove any proprietary notice language in all copies of such documents; use such information only for your personal, non-commercial informational purpose; make no modifications to any such information; and, do not make any additional representations or warranties relating to such information.

    6. You may not use any “deep-link”, “page-scrape”, “robot”, “spider”, or another automatic device, program algorithm, or methodology, or any similar or equivalent manual process, to access, acquire, copy or monitor any portion of our websites, mobile applications or Content, or in any way reproduce or circumvent the navigational structure or presentation of the websites, mobile applications, or any Content, to obtain or attempt to obtain any materials, documents, or information through any means not purposely made available through our Services. Cryptology reserves the right to block any such activity.

    7. You may not attempt to gain unauthorized access to any portion or feature of our Services, or any other systems or networks connected to our Services or to any server thereto, by hacking, password “mining” or any other illegitimate and illegal means.

    8. You may not probe, scan or test the vulnerability of our Services or any network connected to our Services, nor breach the security or authentication measures. You may not reverse look-up, trace or seek to trace any information on any other user of or visitor to our websites or mobile applications, including any account on our websites or mobile applications not owned by you, to its source, or exploit any service or information made available or offered by or through our Services, in any way where the purpose is to reveal any information, including but not limited to personal identification or information, other than your own information, as provided for through our websites or mobile applications.

    9. You may not use any device, software or routine to interfere or attempt to interfere with the proper working of our Services or any transaction being conducted on our websites or mobile applications. You may not forge headers or otherwise manipulate identifiers in order to disguise the origin of any message or transmittal you send to Cryptology on or through our websites or mobile applications. You may not pretend that you are, or that you represent, someone else, or impersonate any other individual or entity. You may not use our Services for any purpose that is unlawful or prohibited by these T&Cs or to solicit the performance of any illegal activity which infringes the rights of Cryptology or others.

    10. You agree that Cryptology may, in its sole discretion and without prior notice, terminate your access to its Services and/or block your future access to your Cryptology Account if it determines that you have violated these T&Cs or other agreements which may be associated with your use of our Services. You also agree that any violation by you of these T&Cs will constitute an unlawful and unfair business practice, and will cause irreparable harm to Cryptology, for which monetary damages would be inadequate, and you consent to Cryptology obtaining any injunctive or equitable relief that Cryptology deems necessary or appropriate in such circumstances. These remedies are in addition to any other remedies Cryptology may have at law or in equity.

    11. You agree that Cryptology may, in its sole discretion and without prior notice, terminate your access to the Website and/or services, for cause, which includes, but is not limited to, requests by law enforcement or other government agencies, a request by you (self-initiated account deletions), discontinuance or material modification of the Services, or unexpected technical issues or problems.

    12. If Cryptology does take any legal action against you as a result of your violation of these T&Cs, Cryptology will be entitled to recover from you, and you agree to pay, all reasonable legal fees and costs of such legal action, in addition to any other relief granted to Cryptology. You agree that Cryptology will not be liable to you or any third party for termination of your access to our Services as a result of any violation of these T&Cs or Other Terms as defined on Clause 8.

6. Spot Trading and Risk Acknowledgment

    1. You acknowledge and accept that your access to our Services and your use of our Services are at your own risk. You are aware that you may lose all the funds you have deposited to your Cryptology Account. Cryptology is not responsible for your trading activity and the transactions you undertake are irreversible without the possibility for refunds or returns.

    2. Orders are automatically matched with other users’ trades with open orders. You will not be able to predetermine or undertake a trade with a predetermined user. Any of your orders may be partially filled or may be filled by multiple matching orders arising from different users. We endeavor to match orders under the best possible conditions for both parties in the trade.

7. Margin Trading

    1. You acknowledge and accept that your access to our Services and your use of our Services are at your own risk. You are aware that you may lose all the funds you have deposited to your Cryptology Account. Cryptology is not responsible for your trading activity and the transactions you undertake are irreversible without the possibility for refunds or returns.

    2. Cryptology’s margin trading operates on a peer-to-peer basis. We connect users that are willing to use the funding functionality (“Suppliers”) and provide funding to users that want trade on margin (“Receivers”). The balance of your Cryptology Account is regarded as collateral for the funding that you receive. Suppliers will be able to place their financing conditions — repayment timeframe and interest — on the Financing Order Book on the Platform. The Platform will automatically match the Suppliers’ best financing conditions to a Receiver’s financing request.

    3. Receivers will be able to place their bids for financing on the Financing Order Book and the platform will automatically match the bid with the most adequate Supplier.

    4. Cryptology acts as an intermediary connecting Suppliers and Receivers, however, it is not part of the financing arrangement.

    5. The conditions for the financing are commercial terms negotiated between the Suppliers and Receivers, the Receivers do not have any obligation to purchase virtual currencies after obtaining financing and can repay the principal plus interest at any time, as well as, replace financing from one Supplier to another if other Supplier offers more favorable terms.

    6. Cryptology will force liquidation, without notice, of the positions taken by the Receivers when the Receiver’s equity falls below 20% and return the financing to the Supplier with interest and return the balance (if any) to the Receiver.

    7. Additionally, the Platform may force liquidation, without notice, of the positions taken by the Recipient when the Recipient is in breach of these T&Cs and/or in accordance with the AML Policy.

    8. By using the margin trading functionality, you agree to grant Cryptology sufficient powers to implement, levy, monitor and maintain any and all liens in favor of the Suppliers and to force liquidate your positions as Recipient, as necessary to ensure that the Suppliers of your financing are repaid in full.

8. Other Terms

    1. Additional terms and conditions may apply to specific services, promotions, features and/or specific portions of our Services. You agree to abide by such other terms and conditions, including where applicable representing that you are of sufficient legal age to use or participate in such service or feature. If there is a conflict between these T&Cs and the terms posted for or applicable to a specific service or feature the latter terms shall control with respect to your use of those services or that portion of the Services.

    2. Cryptology’s obligations, if any, with regard to its products and services, are governed solely by the agreements pursuant to which they are provided, and nothing in this Website should be construed to alter such agreements.

    3. Cryptology may make changes to any products or services offered, or to the applicable prices or fees for any such product or service, at any time, without notice. The materials on the websites or mobile applications with respect to products and/or services may be out of date, and Cryptology makes no commitment to update the materials on the websites and mobile applications with respect to such products or services.

9. Fees

    1. Trading Fees:

      • Volume: <50,000 [Maker: 0.0020] [Taker: 0.0020]

      • Volume: <100,000 [Maker: 0.0016] [Taker: 0.0018]

      • Volume: <250,000 [Maker: 0.0012] [Taker: 0.0017]

      • Volume: <500,000 [Maker: 0.0010] [Taker: 0.0016]

      • Volume: <1,000,000 [Maker: 0.0008] [Taker: 0.0015]

      • Volume: <2,500,000 [Maker: 0.0006] [Taker: 0.0014]

      • Volume: <5,000,000 [Maker: 0.0004] [Taker: 0.0012]

      • Volume: <10,000,000 [Maker: 0.0002] [Taker: 0.0010]

      • Volume: >10,000,000 [Maker: 0.0000] [Taker: 0.0010]

    2. Trading volume is calculated over a period of 30 days. If there are no trades for the past 30 days, the fees will be set to 0.2% regardless of what the previous level was.

    3. Deposits:

      • Debit/credit card [3.5%]

      • EUR SEPA deposit [0%] (Min: €50 SEPA banks only)

      • Cryptocurrencies [0%]

    4. Withdrawals:

      • Fiat: wire transfer (€7 fee) - only between SEPA European Bank Accounts.

      • Cryptocurrencies [BTC: 0.0005] [BCH: 0.0002] [LTC: 0.003] [ETH: 0.009] [XRP: 0.00002 (min 25XRP)] [XLM: 0.00002 (min 5XLM)] [ZEC: 0.0002]

    5. Cryptocurrency withdrawals are subject to risk management analysis. According to the level of risk, we may increase or decrease the withdrawal fee.

10. Referral Program

    1. After completing your registration, and at any time thereafter, you are allowed to refer Cryptology’s services to other potential users and will be entitled to a reward in accordance with these T&Cs.

    2. The reward will be 30% of the trading fees that Cryptology receives for the trades of the newly registered user (that you have referred). The reward will last for three (3) months. To be entitled to this reward, you should have an active Cryptology Account and provide your referral details to the new user.

    3. In case the new user that you have referred does not input your referral details, Cryptology will not be able to process your referral rewards.

    4. Importantly, your rewards will only be processed in the same currency or virtual currency of the trade fee.

    5. There is no limit on the number of users that you can refer to Cryptology’s services.

11. Liability and Indemnity

    1. Except where prohibited by law, in no event will Cryptology be liable to you for any indirect, consequential, exemplary, incidental or punitive damages, including loss of profit, even if Cryptology has been advised of the possibility of such damages.

    2. You agree to indemnify and hold Cryptology, its officers, directors, shareholders, predecessors, successors in interest, employees, agents, subsidiaries and affiliates, harmless from any demands, loss, liability, claims or expenses, including legal fees, made against Cryptology by any third party due to or arising out of or in connection with your use of our Services.

12. Governing Law & Dispute Resolution

    1. All matters relating to your access to or use of the Website, including the interpretation, existence, validity or termination of these T&Cs and all disputes that may arise thereto, shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre (“SIAC”) in accordance with the Arbitration Rules of the SIAC (“SIAC Rules”) for the time being in force, which rules are deemed to be incorporated by reference in this clause. The seat of the arbitration shall be Singapore, the Tribunal shall consist of three (3) arbitrators. The language of the arbitration shall be English. The applicable and governing law shall be the laws of Cyprus without regard to any conflict of laws.

    2. No recovery may be sought or received for damages other than out-of-pocket expenses, except that the prevailing party will be entitled to costs and attorneys’ fees. In the event of any controversy or dispute between Cryptology and you arising out of or in connection with your use of its Services, the parties shall attempt, promptly and in good faith, to resolve any such dispute. If you and Cryptology are unable to resolve any such dispute within a reasonable time (not to exceed thirty (30) days), then either party may submit such controversy or dispute to Arbitration as referred on the preceding paragraph.

    3. If any of the provisions of these T&Cs are held by a court or other tribunal of competent jurisdiction to be void or unenforceable, such provisions shall be limited or eliminated to the minimum extent necessary and replaced with a valid provision that best embodies the intent of these T&Cs, so that these T&Cs shall remain in full force and effect. These T&Cs shall not be interpreted or construed to confer any rights or remedies on any third parties.

13. Entire Agreement and Non-Waiver

    1. These T&Cs constitute the entire agreement between you and Cryptology with regard to your use of our Services, and any and all other written or oral agreements or understanding previously existing between you and Cryptology with respect to such use are hereby superseded and canceled.

    2. Cryptology’s failure to insist on or enforce strict performance of these T&Cs shall not be construed as a waiver by Cryptology of any provision or any right it has to enforce these T&Cs, nor shall any course of conduct between Cryptology and you or any other party be deemed to modify any provision of these T&Cs.