This User Agreement (the "Agreement") is an electronic contract between the User and the Service and contains the rules of work on the Site and the terms of access to the services provided by the Site. Before using the Site, any person-user of the Site ("User") must carefully read and accept this Agreement. If the User does not accept the Agreement and is not obliged to observe all conditions of the present Agreement, he/she should immediately stop using the Site.
The Administration reserves the right to update and change the Agreement at its sole discretion without notice to Users. New version of the Agreement comes into force immediately after its publication on the Site. User is obliged to independently monitor new versions of the Agreement. By continuing to use the Site after the changes take effect, User automatically accepts the new version of the Agreement. If the User does not agree with the terms of the new version of the Agreement, he/she should deactivate his/her account, if any, and not use the service.
Terms and Definitions
1.1 Service - OTC Platform for searching counterparties and making over-the-counter transactions.
1.2 The User is any person who is registered on the Platform and agrees to the terms and conditions of this Agreement, has reached the age of 18, the laws of his/her country of residence do not prohibit the use of the Service, and the User does not plan to carry out any illegal activities using the Service.
1.3 Title sign is a conventional unit of the payment system of electronic and other types of currencies, which corresponds to the settlement of electronic systems and denotes the volume of rights, corresponding to the agreement of different payment systems and its owner.
1.4 Payment system - online service that implements payment for goods and services by means of electronic money transfers.
1.5 Service - transactions for depositing and withdrawing electronic currencies as well as other services, the information about which can be found on the Service website.
1.6 Payment - funds transfer carried out with the help of a payment system.
1.7 OTC Platform - a trading platform for searching counterparties and making over-the-counter transactions.
1.8 Personal Data - information which identifies a person, such as name, address, e-mail address, trading information and bank details. The term "Personal Data" does not include anonymous and/or aggregated data that does not allow identifying a specific User.
1.9. Agreement means this User Agreement and its integral parts, subject to any additions and/or amendments that may be made in the manner specified in their terms.
1.10. Intellectual Property - all materials published on the Site and all Services provided by the Service are the property of the Service and are not subject to third party use: publication, distribution, duplication.
1.11. Application means the User's proposal to buy or sell cryptocurrencies using the Services provided by the Service.
1.12. Electronic Document - information in electronic digital form.
2.1 This Agreement regulates the relations between the User and the Service in the context of the services provided by the Service to the User, and cancels all previous agreements between the Service and the User on this subject.
3. Subject matter of the Agreement
3.1 The subject of this Agreement is the Services provided by the Service, as described on the website of the Service.
3.2 The Service offers its services to all the Users, does not check the User's right to dispose of their funds, and does not control the User's transactions in any Payment System.
Payment systems and/or financial institutions are fully responsible for the funds entrusted to them by the User. The Service cannot be a party to the agreement between the Payment system and/or financial institution and the User, and is not responsible in any way for incorrect or unauthorized use of the capabilities of the Payment system by the User, as well as for misuse of the functionality of the Payment system by the User. Mutual rights and obligations of the User and the Payment system and/or financial institution are regulated by the relevant agreements.
3.4 Any funds exchange transaction initiated by the User, as well as any other transaction offered to the User by the Service, cannot be cancelled by the User.
4. Rights and obligations of the Parties
4.1 By accepting this Agreement, the User confirms that he understands the principles of the Service and assumes full responsibility for all risks and losses related to the use of the Service.
5. Services of the Service
5.1 Ordering Services and receiving information about the User's transactions is only possible by contacting a representative of the Service.
5.2 The Service provides its services in accordance with the Service's internal working hours.
5.3 Questions and complaints about the exchange requests are accepted within 24 hours from the moment of their processing. After 24 hours, the exchange requests are considered as properly fulfilled or unpaid, depending on their status at the moment of the expiration of this term.
6. Service Fees
6.1 The Service administration determines the tariffs and fees, which are published at the website of the Service. The Service management has the right to change the tariffs without any additional notice.
6.2 The Service is not responsible for the Customer's expectations about the changes in the tariff plans and the cost of services.
7. Warranties and responsibilities of the parties
7.1 The Service guarantees the fulfillment of their obligations to the User only within the amounts the User has entrusted to the Service for the transaction within the terms of the Service documentation.
7.2 The Service guarantees and ensures the confidentiality of the information concerning the User and their transactions.
7.3 The Service makes every effort to ensure uninterrupted functioning of the Service; however, it does not guarantee the absence of technical problems resulting in full or partial suspension of the Service. The Service is not responsible for any losses, lost profits or other User costs incurred as a result of the Service's inability to access the Site or its services.
7.4 The Service is not responsible for any damage caused to the User, even if the User was aware of the possibility of such damage in advance. The Service is not responsible for obtaining information about the User's activities by third parties in case of hacking and data acquisition by third parties.
7.5 The Magnetic Exchange assumes no responsibility for any losses, lost profits or other User's expenses caused by their false expectations in respect of the fees, profitability of the transactions or other subjective factors.
7.6 By visiting the Service, using the Service and making exchanges, the User guarantees the reimbursement of losses and damages of the Service (the management company, managers and employees) in case of claims or complaints, directly or indirectly related to the use of the Service by the User.
7.7 The User accepts that the Service is not responsible in case of communication breakdown or Internet failure, or in case of force majeure.
7.8 The User guarantees that they own or have legal rights to dispose of funds used in their transactions, bank transfers, etc.
7.9 The User undertakes not to falsify the communication flows related to the operation of the Service.
8. Acceptance of service conditions
8.1 Acceptance of the terms of the "User Agreement" when creating an application is automatically considered by the service as an agreement with all documentation governing the service.