Terms & Conditions

By registering to the SpotX platform and using the Services, you agree that you have read, understood, and accepted all of the Terms and Conditions of SpotX. At any time SpotX have the right to modify Terms and Conditions.

1. DEFINITIONS

  1. Account Information refers to a password and such information which may be provided by you as part of our security and verification procedures.
  2. Business Day refers to official working day of the week in SVG.
  3. Company refers to SpotX
  4. Crypto-to-crypto trading refers to transactions in which one virtual currency is exchanged for another virtual currency.
  5. Crypto-to-fiat trading refers to transactions in which virtual currency is exchanged for fiat.
  6. Digital Assets refer to Virtual Currencies that exist or are stored in digital form, and are digital representations of values that are not issued or guaranteed by a central bank or public authority.
  7. Digital Currencies refer to digital or virtual currency that is secured by cryptography, refer to their derivatives or other types of digitalized assets with a certain value.
  8. Eligibility Criteria refers to set of requirements that must be met.
  9. Fiat-to-crypto trading refers to transactions in which fiat is exchanged for virtual currency.
  10. Services refer to various services provided to you by SpotX that are based on Internet and/or blockchain technologies and offered via SpotX websites, platform and mobile application. SpotX Services include but are not limited to such ecosystem components as Digit Asset Exchange Platform, Wallets and novel services to be provided by SpotX.
  11. Site/Platform referts to www.spotx.ai website.
  12. SpotX Capital Markets is SpotX trading name.
  13. Transaction Charges refers to any fee charged by a bank/financial institution upon processing a valid refund request.
  14. User refer to all individuals or organizations that access, download or use SpotX Services and are identified, verified and approved by SpotX Compliance Team.
  15. Users Accounts refer to an account that will be created for users use on the platform and users will be provided with required Account Information to enable access to the Account.

2. USER AGREEMENT

These Terms of User Agreement (hereinafter “Agreement”) along with our Company Privacy Policy, constitutes a legally binding agreement between you, whether personally or on behalf of an entity and SpotX and its affiliated companies, websites, applications and tools, concerning your access to and use of the www.spotx.ai website as well as any other media form, media channel, mobile website or mobile application related or connected thereto.

Company makes no representation that the Sites is appropriate or available in other locations other than where it is operated by Company. The information provided on the Sites is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Company to any registration requirement within such jurisdiction or country. Accordingly, those persons who choose to access the Sites from other locations do so on their own initiative and are solely responsible for compliance with local laws, if and to the extent local laws are applicable.

2.1. USER ACCOUNT

An account will be created for your use on the Site and you will be provided with required Account Information to enable your access to the User Account. To access any Services, you must activate your User Account by following the identity verification process. Failure to complete the User Account activation identification process as per the specified process will entitle the Company to terminate the said User Account. If you register on the Site through any third-party website, for example, Gmail, the login information of such third-party account shall be considered part of the Account Information. You must always treat Account Information as confidential and must not disclose it to any third party. Any access to them through your User Account shall be considered as access by you or on your behalf and you shall be solely responsible for any activity carried out in, by or through your User Account on the Site.

3. ELIGIBILITY

By registering to use a SpotX User Account, you represent, consent and warrant that:

  • as an individual, you are at least 18 or are of legal age to form a binding contract under applicable laws;
  • as an individual, legal person, or other organization, you have full legal capacity and sufficient authorizations to enter into these Terms;
  • you have not been previously suspended or removed from using SpotX Services;
  • you do not currently have a SpotX User Account;
  • you are not located in, or a resident of any Restricted jurisdictions;
  • you will not use the SpotX Services if any applicable laws in the User jurisdiction prohibit the User from doing so;
  • you are a non-U.S , non-China

You are solely responsible for ensuring that you are compliant with these Terms of Use with all laws, rules, and regulations applicable to you. If your right to access the Services is revoked or use of the Services is in any way prohibited, in such circumstances, you agree not to use or access the Site and use the Services in any way;

4. PROHIBITION OF USE

SpotX restrict and prohibit the use of our services from, and by residents or nationals of the following jurisdictions: Afghanistan, Balkans, Belarys, Burma, China (Mainland), Cote D’Ivoire (Ivory Coast), Cuba, Crimea, Democratic Republic of Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, Zimbabwe and the State of New York. 

By accessing and using SpotX services, you represent, consent and warrant that you have not been included in any economic sanctions list. SpotX reserves the right to choose markets and jurisdictions to conduct business with.  

5. ACCESS TO THE SITE

We do not guarantee that your use of the Site will always be available or be uninterrupted. We may suspend, withdraw, discontinue, or change all or any part of the Site without notice. We will not be liable to you including without limitation for any losses incurred due to the volatility of prices of the Digital Asset if for any reason the Site is unavailable at any time or for any period.

You are also responsible for ensuring that all persons who access the Site through your internet connection are aware of these Terms and Conditions of SpotX and other applicable terms and conditions and that they comply with them.

6. LIABILITY

Users are responsible for their actions in connection with the use of the Site, service, and their Accounts. Users are also responsible for protecting access information to the Site including, but not limited to, usernames, passwords, and bank account details. The Company is not responsible for the outcome, whether positive or negative, of any action performed by any of its users within or related to the Site. Some deposits and withdrawal methods require the Company to use personal details of the user including, but not limited to, name, address, email, phone number, and bank account number, etc. and you agree that Company can use this information to facilitate deposits and withdrawals. The Company shall be in no manner be liable for any transaction failure or loss caused due to any fault on part of the User including for the User providing any wrong information or detail. In the event the User deliberately provides false information and/or provides any misrepresentation and/or attempts to create false identity/ID and/or impersonate any other person and/or attempts to breach the SpotX Terms and Conditions, the User shall be liable to indemnify the Company and the Company may take all necessary legal actions against the User, including any criminal action.

The parties agree that in no event shall the Company or its affiliates, officers, directors, agents, employees, and suppliers be liable for lost profits or any special, incidental, or consequential damages arising out of or in connection with the use of our Site, Service, or these Terms and Conditions. In case the applicable laws do not permit the limitation or exclusion of damages as described above, our aggregate liability (including the liability of our affiliates, officers, directors, agents, employees, and suppliers) in respect of claims based on events arising out of or in connection with any single member’s use of the Website, whether in contract or tort or otherwise, shall in no circumstances exceed the amount of the transaction(s) that are the subject of the claim less any amount of commission that may be due and payable in respect of such transaction(s).

We have no control over, or liability for, the delivery, quality, safety, legality, or any other aspect of Digital Assets that You may purchase or sell to or from a third party (including other users of the Services). We are not responsible for ensuring that a third-party buyer or seller You transact with on the Site will complete a transaction or is authorized to do so. We shall not be liable or responsible for any risk associated with such third-party transaction, including any issue that may arise in respect of banking transactions that You may undertake in pursuance thereof.

7. IDENTIFICATION

You agree to provide us with the information we request (which we may request at any time deemed necessary) for the purposes of identity verification and the detection of money laundering, terrorist financing, fraud, or any other financial crime and permit us to keep a record of such information. You will need to complete certain verification procedures before you are permitted to start using the SpotX  Services and to access specific SpotX Services, including certain transfers of E-Money and Digital Currency, and the limits that apply to your use of the SpotX Services may be altered as a result of information collected on an ongoing basis.

SpotX in some cases is obliged to perform person’s verification with information technology means and the Client and its representative agrees to the conditions of identification of a person and verification of person’s identity with information technology means (which includes necessity to use video camera with appropriate resolution and light level, show Your identification documents and perform other necessary activities, if requested). The Client and its representative also agrees that his or her personal data will be processed and recorded in the course of the procedures of such identity verification and that such procedures are performed by third party specifically assigned by the SpotX.

The information we request may include (but is not limited to) personal information such as your name, residential address, telephone number, email address, date of birth, taxpayer identification number, government identification number, information regarding your bank account (such as the name of the bank, the account type, routing number, and account number) network status, customer type, customer role, billing type, mobile device identifiers (e.g. international mobile subscriber identity and international mobile equipment identity) and other subscriber status details, and any such information that SpotX is required to collect from time to time under applicable law.

You may also be required to undergo “Enhanced Due Diligence”, where SpotX may request that you submit additional information about yourself or your business, provide relevant records, and arrange for meetings with SpotX staff so that SpotX may, among other things, establish the source of your wealth and source of funds for any transactions carried out in the course of your use of SpotX. 

In providing us with this or any other information that may be required, you confirm that the information is true, accurate and complete, and you have not withheld any information that may influence SpotX evaluation of you for the purposes of your registration for a SpotX Account or the provision of SpotX Services to you. You undertake to promptly notify in writing and provide SpotX with information regarding any changes in circumstances that may cause any such information provided to become false, inaccurate or incomplete and also undertake to provide any other additional documents, records and information as may be required by SpotX and/or applicable law. You permit us to keep records of such information.    

You authorise us to make enquiries, whether directly or through third parties, that we consider necessary to verify your identity or protect you and/or us against fraud or other financial crime, and to take action we reasonably deem necessary based on the results of such enquiries. When we carry out these enquiries, you acknowledge and agree that your personal information may be disclosed to credit reference and fraud prevention or financial crime agencies and that these agencies may respond to our enquiries in full. This is an identity check only and should have no adverse effect on your credit rating. Additionally, we may require you to wait some amount of time after completion of a transaction before permitting you to use further SpotX Services and/or before permitting you to engage in transactions beyond certain volume limits.

8. PAYMENTS & TRANSACTIONS

By making use of SpotX Services, you acknowledge and agree that:

  1. You are aware of the risks associated with transactions of digital currencies and other derivatives
  2. You shall assume all risks related to the use of SpotX services and transactions of digital currencies; and
  3. SpotX shall not be liable for any such risks or adverse outcomes.

The use of all SpotX Services is subject to a limit on the volume, stated in USD/EUR or other fiat currency or Digital Currency, you may transact or transfer in a given period (e.g. daily, monthly). Your transaction limits may vary depending on your payment method, verification steps you have completed, and other factors. We reserve the right to change applicable limits as we deem necessary. If you wish to raise your limits beyond the posted amounts, you may submit a request to support@spotx.ai  

We may require you to submit additional information about yourself or your business, provide records, and arrange for meetings with SpotX staff if you wish to raise your limits (“Enhanced Due Diligence”). In our discretion, we may refuse to raise your limits, or we may lower your limits at a subsequent time even if you have completed Enhanced Due Diligence.

9. RESOLUTION OF DISPUTES & APPLICABLE LAW

  • SpotX and the User agree that any disputes arising between them shall initially be attempted to be resolved by mutual negotiations. In such a case, the User shall contact. SpotX by sending an email describing the dispute to the support@spotx.ai SpotX will contact the User via the email that was used for registration or any other information channel that the User provided to SpotX in order to access the Platform.
  • The provisions of the Services shall be governed by and interpreted in accordance with SVG Law and the parties submit to the exclusive jurisdiction of the SVG Court.
  • If You experience a problem in buying or selling Digital Assets from or to a third party or If You believe a third party has behaved in a fraudulent, misleading, or inappropriate manner, you may notify us via support@spotx.ai that We may consider what action to take. Our decision in relation to such dispute shall be final and binding on You.

Notwithstanding anything contained herein, we reserve the right to decide if a dispute exists in relation to any transaction undertaken on the Site by You with a third party and our decision in relation to the same shall be final and binding on You.

10. COPYRIGHTS AND OTHER INTELLECTUAL PROPERTY RIGHTS

Unless otherwise indicated by us, all copyright and other intellectual property rights in all content and other materials contained on our website or provided in connection with the Services, including, without limitation, the SpotX logo and all designs, text, graphics, pictures, information, data, software, sound files, other files and the selection and arrangement thereof (collectively “SpotX Materials”) are the proprietary property of SpotX  or our suppliers.

We hereby grant you a limited, nonexclusive and non-sublicensable license to access and use the SpotX Materials for your personal or internal business use. Such license is subject to these Terms and does not permit

  • (a) any resale of the SpotX Materials;
  • (b) the distribution, public performance or public display of any SpotX Materials;
  • (c) modifying or otherwise making any derivative uses of the SpotX Materials, or any portion thereof; or
  • (d) any use of the SpotX Materials other than for their intended purposes. The license granted under this Section will automatically terminate if we suspend or terminate your access to the Services. 

11. AMENDMENT AND CHANGES

We may revise these Terms and Conditions at any time by amending this page. Please check this page from time to time to take notice of any changes we made, as they are binding on you.

We may, without prior notice, change the Services; add or remove functionalities or features; stop providing the Services or features of the Services, to you or to Users generally; or create usage limits for the Services.

12. TAXES

It is Your responsibility to determine, collect, report, and submit any taxes applicable to the payments You make or receive in connection with the use of the Site and the Service to the appropriate tax authority. The Company is not responsible for determining whether taxes apply to your transaction, or for collecting, reporting or remitting any taxes arising from any transaction.

13. FEES

You agree to pay SpotX the fees as per live rate. SpotX may, in its discretion, update the fees at any time. Any updated fees will apply to any sales or other Transactions that occur following the effective date of the updated fees. You authorize SpotX to deduct from your account any applicable fees that you owe under these Terms. Fees are calculated as a percentage of the trade’s quote currency volume (by default).

Additional fees might be applicable for corporate customers that will be determined separately from this User Agreement.

14. SUSPENSION, CANCELLATION, AND TERMINATION

You may cancel services and/or terminate this agreement with the SpotX, and close your User Account at any time, following the settlement of any pending transactions.

You agree that SpotX may, by giving notice, in its sole discretion, terminate your access to the Site and to your User Account; including without limitation, suspending or terminating the Service and Users’ Accounts, prohibiting access to the Site and its content, services and tools, delaying or removing hosted content, and taking technical and legal actions to keep Users off the Site if we reasonably perceive that such Users are creating any problems, including without limitation, possible legal liabilities, infringement of the intellectual property rights, or acting inconsistently with the letter or spirit of these Terms of Conditions.   

Notwithstanding the above, we may, in appropriate circumstances and at our sole discretion, suspend or terminate Accounts of Users for any reason, including without limitation

(1) attempts to gain unauthorized access to the Site or another User’s account or providing assistance to others’ attempting to do so,

(2) overcoming software security features limiting use of or protecting any content,

(3) usage of the Service to perform illegal activities such as money laundering, illegal gambling operations, financing terrorism, or other criminal activities,

(4) violations of these Terms and Conditions,

(5) failure to pay or fraudulent payment for transactions,

(6) unexpected operational difficulties, or

(7) upon the request of any governmental authority, if deemed to be legitimate and compelling by the Company, acting in its sole discretion.

We also reserve the right to cancel unverified Accounts or Accounts that have been inactive for a period of 6 months or more, and/or to modify or discontinue our Site or Service. Users agree that the Company will not be liable to them or to any third party for termination of their Account or access to the Site.

You hereby agree that the suspension of an Account shall not affect the payment of the commissions due for past transactions. Upon termination, Users will receive any monies owed to them via their registered bank account with the Company.

We may suspend, restrict, or terminate your access to any or all of the SpotX Services and/or deactivate or cancel your SpotX Account without reason. You acknowledge that our decision to take certain actions, including limiting access to, suspending, or closing your SpotX Account, may be based on confidential criteria that are essential for the purposes of our risk management and security protocols. You agree that SpotX is under no obligation to disclose the details of its risk management and security procedures to you.

15. RISKS

A considerable loss may be sustained/incurred while trading in SpotX, hence you are advised to determine your financial circumstances and risk tolerance before trading and carefully consider the following risks: Digital Assets are currently unregulated, holding and transferring some or all Digital Assets may be deemed illegal in the future. You are encouraged to obtain appropriate legal counsel regarding the same before using the Site. ‘Virtual currencies’ (including all cryptocurrencies) have not been recognized or authorized as a medium for payment, as a commodity for trade, or in any form, by the central bank, monetary authority, or governmental or regulatory body. The value of any Digital Asset is very volatile and you may sustain a total loss of your Funds. Digital Assets are not backed by a central bank or any other financial regulator and as such, there is no third party that may take any corrective action upon the occurrence of a global/regional crisis. Since Digital Assets are held online, they are susceptible to security breaches and government crackdowns that may end up compromising the integrity or anonymity of the system that produces such Digital Assets.

You acknowledge that the aforementioned is an inexhaustive statement of risks associated with the trade of Digital Assets and that there may be additional risks not listed or foreseen by the Company. By creating User Account, you acknowledge that you have carefully assessed your financial standing and risk tolerance and you confirm that the same is suitable for trading in Digital Assets.

16. COMMUNICATION

When you visit the Site or send e-mails to us, you are communicating with us electronically. You also consent to receive communications from us electronically. We will communicate with you by e-mail or by posting notices on this Site. You agree that all agreements, notices, disclosures and other communications that we provide to you electronically satisfy any legal requirement that such communications be in writing. You agree that in case there are any changes in any information provided by you to us, including your e-mail address and other contact details, you will be solely responsible to update them regularly. If we send any communication by e-mail, it shall be sent to your e-mail address available on the records created by you on the Site and the App and it shall be deemed to have been received by you once it is reflected assent in the outbox of our e-mail id.

These Terms and Conditions govern your use of service provided by SpotX Capital Markets LLC company (Reg.Nr. 1774 LLC 2022) whose registered address is First Floor, First St. Vincent Bank Ltd, James Street, Kingstown, St. Vincent and the Grenadines Tel: +447736220386. SpotX provides services with the help of which a person exchanges a virtual currency against a fiat currency or a fiat currency against a virtual currency or a virtual currency against another virtual currency (hereinafter “The Services”). The Services allow all registered users to purchase and sell Digital Assets as further specified under these Terms and Conditions. This User Agreement is governed by and construed in accordance with the laws of SVG.

17. ASSIGNMENT

You acknowledge and agree that the Company can freely assign these Terms of Use or any of its rights under these Terms of Use to any person without your consent. You shall, however, not be entitled to assign these Terms of Use, in whole or in part, to another person without the prior written approval of the Company.