Acceptance

By using this Site, and further by registering to use our Service, you ("You, Your or Yourself") are agreeing to accept and comply with the terms and conditions of use stated below ("Terms and Conditions"). You should read the entire Terms and Conditions carefully before you use this web site ("Site") or any of the services of this Site. As used herein, "Independent Reserve" refers to the company Independent Reserve SG PTE. LTD, including without limitation thereby, its owners, directors, investors, employees or other related parties. Depending upon context, "Independent Reserve" may also refer to the services, products, Site, content or other materials (collectively, "Materials") provided by Independent Reserve. The Service operated by Independent Reserve allows buyers ("Buyers") and sellers ("Sellers"), to buy, sell and transfer the cryptocurrencies Bitcoin, Ethereum and Ripple (known as “Cryptocurrencies” from herein).

The transfer of these Cryptocurrencies is only supported via the wallet addresses which are visible to you on the "Accounts" page of the Site. These wallet addresses are specific to you and each Cryptocurrency and must be used in accordance with instructions provided to ensure successful transfer. Failure to follow instructions may result in irretrievable loss of Cryptocurrency.

Depending on Your country of residence, You may not be able to use all the functions of the Site. It is your responsibility to follow those rules and laws in Your country of residence and/or country from which You access this Site and Services. As long as you agree to and actually comply with these Terms and Conditions, Independent Reserve grants to you a personal, non-exclusive, non-transferable, and limited right to enter and use the Site and the Service. If you do not accept the terms and conditions outlined in this agreement, do not access this site and do not use this service. By opening an account to use the Service ("Account"), You expressly represent and warrant that You have accepted these Terms.

Risks

The trading of cryptocurrencies involves significant risk. Prices can and do fluctuate on any given day. Due to such price fluctuations, you may increase or lose value in your assets at any given moment. Any currency - crypto 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. Cryptocurrencies trading also has special risks not generally shared with conventional 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 a unique kind of "fiat" currency, backed by technology and trust. There is no central bank that can take corrective measure to protect the value of Cryptocurrencies in a crisis or issue more currency. Instead, Cryptocurrencies are an as-yet autonomous and largely unregulated worldwide 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. Cryptocurrencies trading is probably 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 the 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. There may be additional risks that we have not foreseen or identified in our Terms and Conditions. You should carefully assess whether your financial situation and tolerance for risk is suitable for buying, selling or trading cryptocurrencies. We use our banking providers in order to receive client moneys and making payments. Our banking providers do not transfer Cryptocurrencies, exchange Cryptocurrencies, or provide any services in connection with Cryptocurrencies.

Limited Rights of Use

Unless otherwise specified, all Materials on this Site are the property of Independent Reserve 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, non-commercial use, provided you keep intact all copyright and other proprietary notices. The trademarks, service marks and logos of Independent Reserve and others used in this Site ("Trademarks") are the property of Independent Reserve and their respective owners. The software, text, images, graphics, data, prices, trades, charts, graphs, video and audio used on this Site belong to Independent Reserve. 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

We are vigilant in maintaining the security of our Site and the Service. By registering with us, You agree to provide Independent Reserve 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 the prior express permission from Independent Reserve 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 Independent Reserve 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 for all activity including Transactions that are posted to 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 Independent Reserve immediately of any unauthorised use of Your Account or password, or any other breach of security. Any Member who violates these rules may be terminated, and thereafter held liable for losses incurred by Independent Reserve or any user of the Site. Finally, You agree that You will not use the Service to perform criminal activity of any sort, including but not limited to, money laundering, illegal gambling operations, terrorist financing, or malicious hacking.

FastTrack Terms

By opening a FastTrack account, you agree that the usability of your account is restricted until you have provided all necessary documentation to us to satisfy our AML Policy and complete full user verification. You agree that API access, Premium Account Plans and all withdrawals of AUD, USD and NZD and cryptocurrency will remain restricted on your account until full user verification has been completed.

If you are unable or unwilling to pass the full user verification process, Independent Reserve reserves the right to cease offering any services to you and close your trading account. If you have any fiat or cryptocurrency on your account when it is closed, any fiat or cryptocurrency will be returned to the source. You may be asked to provide evidence of the source of a deposit to enable Independent Reserve to return your funds to you. Normal fees apply to any required liquidation of cryptocurrency assets or fiat payment to you in line with the Fee Schedule.

Debit Account Balances

If at any time your Independent Reserve account has a debit balance, you agree to pay us:

  • An account overdraft fee determined by us from time to time to cover our reasonable costs and expenses arising from the debit account balance
  • The total debit balance including the account overdraft fee

We may suspend your account at any time and without notice to you if you fail to pay the outstanding debit account balance and account overdraft fees.

If, after a demand is made by Independent Reserve, you have not made payment of the outstanding debit balance, then:

  • You authorise us to sell any cryptocurrency assets on your account to recover the outstanding balance; and
  • You agree to indemnify us against all costs, expenses and losses incurred, including brokerage, GST, overdraft fees and any other fees as a result of not paying the outstanding debit balance

In the event where your overdue account is referred to a collection agency and/or law firm, you will be liable for all costs which would be incurred as if the debt is collected in full, including commission on collection of the additional costs and also including legal demand costs.

Termination

You may terminate this agreement with Independent Reserve, and close Your Account at any time, following settlement of any pending transactions. You also agree that Independent Reserve may, by giving notice, in its sole discretion terminate Your access to the Site and to Your Account, including without limitation, our right to: limit, suspend or terminate the service and Members' Accounts, prohibit access to the Site and its content, services and tools, delay or remove hosted content, and take technical and legal steps to keep Members off the Site if we think that they are creating problems or possible legal liabilities, infringing the intellectual property rights of third parties, or acting inconsistently with the letter or spirit of these Terms. Additionally, we may, in appropriate circumstances and at our discretion, suspend or terminate Accounts of Members for any reason, including without limitation: (1) attempts to gain unauthorised access to the Site or another Member'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 law enforcement or other government agencies, if deemed to be legitimate and compelling by Independent Reserve, acting in its sole discretion. We also reserve the right to cancel unconfirmed 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. Members agree that Independent Reserve will not be liable to them or to any third party for termination of their Account or access to the Site. The suspension of an Account shall not affect the payment of the commissions due for past Transactions. Upon termination, Members shall communicate a valid bank account to allow for the transfer of any currencies credited to their account. Said bank account shall be held by the Member. Cryptocurrency may be transferred to a valid bank account only after conversion into a currency. Independent Reserve shall transfer the currencies as soon as possible following the Member's request in the time frames specified by Independent Reserve. Independent Reserve will send to You the credit balance of Your account, however in circumstances a number of intermediaries may be involved in an international payment and these or the beneficiary bank may deduct charges. We will use 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.

Availability

All services are provided without warranty of any kind, either express or implied. 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 loss of transmitted information. We will use reasonable endeavours to ensure that the Site can normally be accessed by You in accordance with these Terms and Conditions. We may suspend use of the Site for maintenance and will make reasonable efforts to give you notice. You acknowledge that this may not be possible in an emergency.

Limitation of Liability

To the extent permitted by law, Independent Reserve will not be held liable for any damages, loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, indirect or consequential loss unless the loss suffered arising from negligence or wilful deceit or fraud. Nothing in these terms excludes or limits the liability of either party for fraud, death or personal injury caused by its negligence, breach of terms implied by operation of law, or any other liability which may not by law be limited or excluded. Subject to the foregoing, Independent Reserve's aggregate liability in respect of claims based on events arising out of or in connection with any single Member's use of the Site and/or Service, whether in contract or tort (including negligence) or otherwise, shall in no circumstances exceed the greater of either (a) the total amount held on Account for the Member making a claim less any amount of Commission that may be due and payable in respect of such Account; or (b) 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).

Indemnity

To the full extent permitted by applicable law, You hereby agree to indemnify Independent Reserve, and its partners against any action, liability, cost, claim, loss, damage, proceeding or expense suffered or incurred if direct or not directly arising from your use of Independent Reserve's Sites, Your use of the Service, or from your violation of these Terms and Conditions.

Treatment of Customer Funds

Independent Reserve, at its discretion can hold on trust for a user, money received in its bank accounts only if, after a specified period, a user has not claimed those funds and those funds have been deemed by Independent Reserve to be Unallocated Deposits, in accordance with our Unallocated Deposits policy.

No trustee relationship exists between users and Independent Reserve at any time and Independent Reserve does not hold any funds deposited by users on trust, other than in accordance with its Unallocated Deposits policy.

Independent Reserve accept no liability or responsibility as a consequence, any personal loss or damages by users if a trustee relationship was found to be established by depositing funds with Independent Reserve.

Any funds held on trust are subject to fees being deducted while those funds remain unallocated.

Premium Account Plans

Your Premium Account benefits commence from the date that you pay the Premium Account fee. Premium Account benefits do not apply if you have an "Expression of Interest" for a Premium Account Plan. The Premium Account Plans include three services: Insurance for assets held on Independent Reserve wallets, reduced trading fees and premium support.

Insurance Service

Independent Reserve maintains an insured custody solution, backed by a leading underwriter, to cover the loss of cryptocurrency private keys generated and stored offline in cold storage wallets. Customers are not a party to Independent Reserve’s insured solution; however the existence of this policy enables Independent Reserve to offer customers the Insurance service as part of the Premium Account Plan.

Your Premium Account Plan ensures you are protected against theft or loss of any digital currency that is held in an Independent Reserve wallet. Either hot wallet or cold storage. Your digital currency is covered by an equivalent AUD value in line with your Premium Account tier. Your insurance service does not cover any losses resulting from change in the market price of your cryptocurrencies or any losses arising from unauthorised access to your Independent Reserve trading account. It is your responsibility to use a strong password and maintain control of all login credentials you use to access your Independent Reserve account. In the event of an incident, you will be compensated for any loss of your cryptocurrency holdings. The basis of valuation of your cryptocurrency holdings is determined by the United States Dollar (USD) price as stated on coingecko.com at the time of the incident. The USD price will be converted to Australian Dollars (AUD) at the USD / AUD exchange rate on the date of the loss event. The FX rate is publicly available on the Independent Reserve website.

In the event that the coingecko.com website is not available, Independent Reserve will select a suitable, independent, publicly available pricing source.

Trade Fee Reduction

Trade fee reductions apply from the date that you pay the Premium Account plan fee and will continue until the expiry date of your Premium Account Plan. Trade fee reductions apply in addition to the existing Trade Volume Discount schedule, down to a minimum fee of 0 %. If the combined Trade fee reduction and trade volume discount would reduce the fee to lower than 0 %, then the fee for that transaction will be 0 %.

Premium Support

We take all reasonable steps to ensure that support tickets raised by Premium Account plan customers who have a plan containing the Premium Support feature are responded to within 1 hour during business hours. During times of extreme market conditions, this may not be possible. During such times, premium support customers will receive priority support.

Business hours are between 8:30am and 6:00pm Sydney time, Monday to Friday, excluding Australian national and New South Wales public holidays.

Independent Reserve Insurance Policy

Independent Reserve has purchased an insurance policy, backed by a leading underwriter, to cover the loss of cryptocurrency private keys for specific set of named cryptocurrencies where the private keys have been generated and stored offline by Independent Reserve in cold storage wallets. This insurance policy provides cover on a named perils basis insuring only against: physical loss or damage; third party theft; and/or deliberate or dishonest acts of named Independent Reserve employees that cause a loss of the private keys needed to propagate a transaction on the blockchain of specific named cryptocurrencies. The insurance coverage is subject to various policy terms, conditions & exclusions and to Independent Reserve following an agreed set of security protocols to generate, store and retrieve private keys. If Independent Reserve fail to generate, store or retrieve private keys in accordance with the agreed set of protocols, the policy may not cover the loss.

The insurance policy referenced above does not cover the loss of cryptocurrency held in the Independent Reserve hot wallets. If you have purchased a Premium Account Plan, any proportion of your cryptocurrency held in a hot wallet, or any cryptocurrencies not specifically named under the cold storage insurance policy regardless of which wallet they are stored in, are underwritten by Independent Reserve operating capital. This process is not a risk transfer and Independent Reserve retain 100% of this risk on their balance sheet. In the event of a loss if Independent Reserve's operating capital is not sufficient to meet all claims then customers may not receive 100% indemnity on their lost assets.

Promotions

These terms, rules, eligibility are incorporated herein for participating in Independent Reserve Promotion Program.

Independent Reserve Promotion Program offers a trading credit of 25AUD which new users/customers can use on the Independent Reserve platform. Further, this Independent Reserve Promotion Program is subject to: i) Successful completion of Know Your Customer (KYC) verification process from Independent Reserve b. User/Customer agrees and accepts that promotion reward has been given gratis and it does not constitute an inducement to invest in crypto, or financial advice in any manner whatsoever.

Promotion Reward: The reward is non-transferable, non-negotiable, and final. Independent Reserve reserves the right to change or substitute the reward in any manner, at any time in any manner of its choosing and reserves the right to withhold the reward, at its sole and absolute discretion, and shall not be liable in any manner whatsoever regarding the same. The promotion rewards given to users under this promotion can be debited back by Independent Reserve if the amount remains unused for a period of 30 days from the date it is credited by Independent Reserve.

Validity: The Independent Reserve promotion expires on September 30, 2019.

Release: Each User/Customer hereby releases and discharges Independent Reserve from any and all claims and/or cause of action, known or unknown, arising from or relating to the reward and/or their participation in the program.

Disqualification: Independent Reserve reserves the right to disqualify any user/customer on the grounds of any alleged fraudulent activities, unfair trading practices, disseminating false information, breach of any terms herein, breach of any terms of Independent Reserve policies available on our website: Participation does not confer any rights or privileges, whether contractual or otherwise, on you. It is clarified that participation in this program does not constitute an offer or an invitation to an offer, nor in any way does your participation in this program constitute a legally binding contract. Independent Reserve at its own discretion reserves the full right to withdraw and/or alter any of the Terms at any time, without prior notice.

Taxes: Independent Reserve shall not be responsible for any tax liability on the user/customer(s) that may be imposed on the reward to recipients under applicable law. User/Customer shall bear all responsibility of payments of all taxes towards their rewards. Independent Reserve in no manner shall provide any tax guidance or advice on this matter to any user/customer and the user/customer may engage independent consultants/advisors to seek any advice in this regard in their sole discretion.

Dispute: In the event of any dispute regarding the Terms and Conditions, rules, conduct, results and all other matters relating to the program, the decision of Independent Reserve shall be final and binding.

Disclaimer: Trading in crypto is subject to market, technical and legal risks. Prices of crypto in Independent Reserve may differ from international prices due to local demand and supply. Please note that Independent Reserve does not regulate prices of crypto/virtual financial assets. Independent Reserve doesn’t guarantee any returns or profits by trading in crypto/virtual financial assets. User/Customer(s) shall use Independent Reserve services to participate in the program or to trade in the crypto/virtual financial asset at their own risk and discretion.

AutoTrader

By electing to use the Independent Reserve AutoTrader service, you are acknowledging that you have read and understood the information contained in the How does AutoTrader work? education page. You also acknowledge that you understand the details of the strategies available with the AutoTrader service and understand the risks involved in using the AutoTrader service.

All AutoTrader strategies create either a buy or sell order on your Independent Reserve account when the trigger event occurs (e.g. a fiat deposit is credited to your account). AutoTrader strategies are accepted on a ‘best endeavours’ basis. In the event of system failure or adverse market conditions, we may cancel existing strategies and prevent any new strategies from being placed.

AutoTrader strategies do not have an expiry date and are valid until you elect to cancel the strategy or your AutoTrader strategy is otherwise cancelled by Independent Reserve. It is your sole responsibility to maintain your AutoTrader strategies and ensure the strategies you have in place remain appropriate for you.

Independent Reserve will use our best endeavours to obtain the best execution for you when your AutoTrader strategy conditions have been met and the orders have been placed. Obtaining the best execution means Independent Reserve will attempt to secure the best price outcome for you taking into consideration time, price, priority and current market conditions.

Your AutoTrader strategy will execute once the conditions for your selected strategy have been met. For example: The AutoBuy strategy will execute after your fiat deposit has been processed by our systems and credited to your account.

It may not be possible for Independent Reserve to use all available fiat or cryptocurrency to execute your AutoTrader strategy and Independent Reserve does not guarantee that an exact value or volume of fiat or cryptocurrency will be traded. If there is any residual balance following our best endeavours to execute your strategy, the residual balance of fiat or cryptocurrency will remain on your Independent Reserve account. Residual balances will not re-trigger your AutoTrader strategies.

AutoTrader Risk Disclosure Statement

This Risk Disclosure Statement does not include all risks associated with AutoTrader strategies and should not be relied on as a complete explanation of all risks associated with the AutoTrader service.

Market conditions may make it impossible for Independent Reserve to execute the orders arising from your AutoTrader strategies. AutoTrader strategies and resulting buy and sell orders do not take any provision for unexpected rises or falls in the price of cryptocurrencies. It is your sole responsibility to monitor market conditions and your AutoTrader strategies to ensure they remain appropriate for your circumstances. Independent Reserve reserves the right to revoke the AutoTrader service at any time without further notice to you. Independent Reserve is not liable for any loss or damage that you may incur as a result of ceasing to provide the AutoTrader service.

To the extent permitted by consumer protection law, Independent Reserve is not liable for any loss or damage (including consequential loss, loss of profit and economic loss) that you incur as a result of delays in executing your AutoTrader strategy, system failures, orders not being executed after your AutoTrader strategy triggers.

Miscellaneous

If We are unable to perform the Services outlined in the Terms and Conditions due to factors beyond our control including but not limited to an event of Force Majeure, change of law or change in sanctions policy we will not have any liability to You with respect to the Services provided under this agreement and for a time period coincident with the event.

Forked Blockchains

Independent Reserve reserves the right to use its own discretion when deciding to support or not support any new token resulting from the fork of a blockchain. Customers are advised to withdraw cryptocurrency to an address under their own control prior to a fork if they wish to have access to any resultant tokens.

Unallocated Deposits

Definition

AUD, USD and NZD and cryptocurrency deposits made to Independent Reserve will be classified as Unallocated Deposits if no claim is made within a period of 18 months.

Cryptocurrency deposits become Unallocated Deposits when, for 18 months following the date of the deposit:

  • A user has deposited to a valid Independent Reserve deposit wallet
  • The deposit record contains no information that allows Independent Reserve to identify the owner of the deposit
  • A customer has not provided evidence that they are the owner of the deposit
  • No customer has made a claim for the missing cryptocurrency

AUD, USD and NZD deposits become Unallocated Deposits when, for 18 months following the date of the deposit:

  • A user has deposited to a valid Independent Reserve bank account without providing a unique deposit code
  • The deposit record contains no information that allows Independent Reserve to identify the owner of the deposit
  • Independent Reserve are unable to identify the owner through the financial institution that holds the bank account
  • A customer has not provided evidence that they are the owner of the deposit
  • No customer has made a claim for the missing funds

Making a Claim for Unallocated Deposits

Customers are able to make a claim for the repayment of the unallocated deposit (less any accumulated fees) by contacting Independent Reserve through the support screen or by email [email protected]

Independent Reserve as Trustee of Unallocated Deposits

After a deposit has been classified as an Unallocated Deposit, the account will be transferred to Independent Reserve as Trustee of the deposit. Independent Reserve, as Trustee, will hold the deposited funds and cryptocurrency on behalf of the depositor and has an obligation to repay the deposit to the owner on demand. The deposit will incur the unallocated deposit search fee of $250 + GST; and a monthly unallocated deposit management fee 1% + GST.

Modification of Terms

Independent Reserve reserves the right to change, add or remove portions of these Terms, at any time, in an exercise of its sole discretion. Your continued use of the Site following any changes to the Terms signifies that you accept and agree to the changes, and that all subsequent transactions by you will be subject to the amended Terms.

Governing Law

You acknowledge and agree that:

  1. Your use of the Site and these Terms and Conditions are governed by the laws of New South Wales; and
  2. You irrevocably submit to the exclusive jurisdiction of the courts of New South Wales and the New South Wales division of the Federal Court of New South Wales, and the courts of appeal from them.