XSATS Terms and Conditions
Effective date: 6th September, 2019
This document contains the terms and conditions of the XSATS LTD bitcoin brokerage services (“Services” hereby known after). By using our services, you are agreeing to accept and comply with these terms and conditions. All terms and conditions should be carefully read and understood before using our services.
For the purpose of these terms, XSATS LTD ("we", "us" or "our") will be referred to as the “company” and all users of the company’s services shall be referred to as the “client” ("you"). The websites operated by XSATS at www.xsats.com will be referred to as “website”.
Throughout this document when referenced “we” “us” or “our” it refers to XSATS LTD (trading as xsats) and its associated companies. The company is registered under the laws of England and Wales under company number: 12058842 with its registered offices located in Cumbria UK.
0. Agreement for services
The subscriber hereby authorises XSATS to convert any funds that the client has transferred to XSATS’s bank account into Bitcoin (BTC) (‘the Agreement’). XSATS shall ensure that the equivalent of the transferred funds in BTC (taking into account XSATS's spread) is deposited into the client’s bitcoin address (the client’s wallet).
The Agreement comes into force by transferring funds to XSATS's bank account. The Agreement of assignment shall solely be accepted by XSATS.
The Agreement shall be concluded when XSATS has deposited the BTC equivalent of the transferred funds into subscriber’s wallet.
1. Our services
We offer bitcoin brokerage services allowing clients to buy bitcoin through our Website.
You can currently pay (when buying) with Pounds Sterling. We reserve the right to support other currencies at our discretion.
2. Opening an account with us
(a) When you open an account with us, you warrant and represent that:
(i) You have accepted these terms and conditions.
(ii) You are at least 18 years of age and have the full capacity to accept these terms and conditions and enter into a transaction involving the sale or purchase of bitcoin;
(iii) You have obtained, and will comply with the terms and conditions of, all licences, consents, registrations, authorisations, recognitions and exemptions necessary when engaging in bitcoin transactions.
(iv) Any information you provide to us at any time will be true and accurate in all respects;
(v) The funds you are using to buy bitcoin and the funds realised from the sale of any bitcoin using are services, are your own funds and you are not buying or selling bitcoin on behalf of any other third party.
(vi) You are not using and will at no time use our services for any transaction which is illegal or contrary to any law or regulation in force in the United Kingdom or in any jurisdiction in which you are resident at the time when the transaction is entered into;
(vii) You are not using and will at no time use our services to perform criminal activity of any sort, including but not limited to, money laundering or terrorist financing;
(viii) You have the capability to take delivery of any bitcoin you purchase through your use of the services.
If at any time after we have opened your account, we become aware that any of the warranties and representations you have made is untrue, we reserve the right, without notice to you, to cease processing any transactions for you, immediately close your account and take such further action at our absolute discretion.
(b) By opening an account with us, you also acknowledge and accept that:
(i) we are not providing you or anyone else with any investment advice in connection with the sale or purchase of bitcoin. You enter any trades initiated entirely at your own risk and we are an execution only broker and not liable for any profit or loss as a result your trading activity.
(ii) bitcoin is a volatile and relatively immature asset which is subject to a very high degree of volatility.
(iii) the purchase and sale of bitcoin is not currently a regulated activity under the Financial Services and Markets Act 2000.
(c) To increase your account limits, we may ask you to:
(i) Complete our KYC verification when registering your account, by becoming KYC verified you are in acceptance of these terms and conditions.
(ii) Provide a copy of your passport or driving licence, valid and within date when the application is submitted. Any additional documentation or information we require to satisfy our anti-money laundering and client due diligence requirements.
(iii) Provide an image of yourself holding a note reading “I have read and agree to the XSATS KYC Contract”. The individual opening the account must clearly display acceptance to these terms and conditions.
(iv) Consent to us carrying out any credit and identity check and you also consent to us holding copies of identification documentation.
(d) We are not obliged to open an account for you and may refuse your application for any reason without providing the reason for the decision. We may also impose restrictions as a condition of agreeing to open an account for you at our discretion.
3. Operating your account with us and making trades
(a) You may make a trade at any time (24/7) through the website.
We reserve the right at our discretion to process your order when the payment is received. Depending on the trade, value and its nature we reserve the right to require additional KYC checks to be completed before the trade is executed.
(b) Where you are buying bitcoin:
(i) You inform us of the trade you wish to make, specifying:
The amount of fiat currency you wish to spend (for example, £100 to spend on bitcoin).
(ii) The trade will be priced based on information provided, the fees charged are included in the price as a spread. This amount will include all charges for our service and execution, priced in the chosen Fiat currency.
(iii) The current price displayed on the website may differ from the rate when the trade is completed. The rate displayed is not guaranteed and subject to change due to the volatile nature of bitcoin. The execution rate will be confirmed once a payment has been received and the order completed.
(iv) You must:
Make a transfer to our bank account, bank details will be displayed through the website or can be provided on request.
Provide a valid and compatible bitcoin wallet address for us to transfer the purchased coins. We will not be held responsible for any incorrect wallet address information supplied.
We reserve the right, in our absolute discretion, to perform additional KYC & AML checks before executing any trades.
(v) Once the payment arrives and clears to our account bitcoin will be purchased at the best available market rate. The amount of coins acquired will be sent to the wallet address provided.
(vi) Trades can only be executed, when the funds have arrived in full to our bank account. We cannot be held responsible for any delay in payment arising from additional checks or from the halting or return of funds by any bank or payment institution.
(vii) We can only accept funds from an account in a name which corresponds to the details supplied to us during the KYC verification process. If funds arrive to us from an account not in your registered name, we will ask you to provide evidence of your association to the account and authorisation. If the funds are sent from a joint account you must inform us in advance to sending the funds, we reserve the right, at our absolute discretion to require a KYC verification on the other account holder before proceeding with any order.
(viii) We will record details of each bitcoin transfer from us to your provided wallet address. Provided that we have sent bitcoin to the correct wallet address specified, we will not be responsible for any loss caused by any delays in the crediting of, or failure to credit, your bitcoin wallet.
(viii) We are unable to refund any completed bitcoin purchases. Once the order is complete you will be exposed to the price volatility of the purchased bitcoin.
(c) Where you are selling bitcoin (not currently supported):
(i) You must inform us of the trade you wish to make, specifying:
The Fiat currency which you want to receive payment in.
The precise value of the trade expressed as the exact amount of bitcoin to be sold to eight decimal places (for example, 1.00000000 BTC).
(ii) We will price the trade according to the prevailing market sell price of bitcoin and inform you of the value you can expect to receive. This value will be inclusive of all applicable fees. We reserve the right, to charge additional rates for bitcoin based on the market conditions at the time of the trade.
(iii) You must:
Accept the trade via the website, phone, email or social media message. Once accepted, a trade cannot be amended or revoked; If we have not received acceptance of the trade, within a period of 1 hour from the trade being initiated the coins will be sold.
Make a bitcoin transfer to our wallet for the full value of the trade, we will supply details of our wallet address on request. You must take care to ensure you only send bitcoin to the supplied address.
Provide your bank account details for us to transfer the funds to which must be an account in a name which corresponds to the details supplied to us during the KYC verification.
We reserve the right, in our absolute discretion, to perform additional KYC & AML checks before initiating any transfer of funds.
(iv) Upon successfully receiving bitcoin in our wallet, the trade will be executed and proceeds from the sale sent to your bank account. Transfers will typically take 1 days to complete, although where possible we will use the Faster Payment Service for transfers of Sterling within the UK banking system or Single Euro Payments Area (SEPA) transfers for Euro payments to banks located within the European Union or European Free Trade Area.
(v) We will use all reasonable endeavours to provide our services to you on a best execution basis. However, provided that we have sent the requested Fiat currency to the correct bank account specified by you, we will not be responsible for any loss caused by any delays in the crediting of, or failure to credit, your bank account.
(vi) We are unable to refund any completed bitcoin sales. Once coins have been received the transaction cannot be reversed.
(d) We retain the right to refuse to accept any request to trade from you at any time in our absolute discretion.
(e) The fees and commissions that we charge (represented in our price spread) may be subject to change from time to time. We shall notify you of any changes to the rates by email as soon as reasonably practicable. Any changes to the rates will be effective immediately.
(f) We are not affiliated, associated, endorsed by, or in any way officially connected with Green Wallet, or any other third party applications and/or service providers mentioned on the website
4. Confidentiality and Disclosure of Information
We agree to keep confidential and not disclose any personal information relating to you, including name, address, email address and banking details, or any of the trades you have made with us (“Personal Information”) without your written consent.
When legally obligated to the company will disclose, in our absolute discretion and without notice to you, Personal information with law enforcement, taxation authorities, data protection authorities, government officials and other regulatory authorities.
5. Risk Notice
Bitcoin is not backed or guaranteed by any financial institution; when purchasing bitcoin, the client assumes all risks that the currency may become worthless in value. Client should research and consider the risks before purchasing bitcoin, the company makes absolutely no guarantee about the future value of any currency.
6. Client Input Errors
It is the responsibility of the client to check the accuracy of information submitted and ensure information provided to the company is correctly imputed. In the case that this information is incorrect, and funds are transferred to an unintended destination, the company shall not reimburse the client and shall not transfer additional funds.
7. Refund Rights
Where an incorrect transaction is made as a result of our action or error, we shall refund you the amount of that transaction. We reserve the right to allow reasonable time to investigate the issue and rectify the situation. Due to the nature of bitcoin we are unable to refund any completed orders.
8. Order Below Minimum Purchase Quantity
It is the client's responsibility to pay at least the quantity of Fiat indicated as the minimum order quantity. If the client pays less than the minimum order quantity, the company reserves the right to cancel the order and refund the payment amount.
9. Order Above Maximum Purchase Quantity
It is the client's responsibility to send the correct payment amount. If the client pays over the maximum purchase quantity, the company reserves the right to either:
a) cancel the order and refund the payment amount.
b) request further details (KYC or otherwise) before either proceeding with the purchase order or a refund of the payment amount.
10. Invalid client details
The company reserves the right to close any account, cancel and refund any order, where false or seemly false, client information, including incorrect or invalid name, address, nationality, or ID numbers.
If you wish to make a complaint against us, you should inform us via email immediately at . In order to allow us to investigate your complaint promptly and effectively you should provide the full details of the circumstances giving rise to your complaint. Where applicable you should provide details of the time, date and any relevant actual or purported order or trade information.
We reserve the right to not commence investigations until sufficient details are provided. We will investigate the complaint promptly and fully and provide a written response to your complaint. We are not covered by the Financial Services Compensation Scheme.
12. Force Majeure
If we are unable to perform the services due to factors beyond our control including but not limited to 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 period of time coincident with the event. Force Majeure is defined as any cause or condition beyond reasonable control, including but not limited to, any delay or failure due to any act of god, act of civil or military authorities, act of terrorists, natural disaster, civil disturbance, war, strike or other industrial dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond our reasonable control.
13. Limitation of Liability
(a) To the extent permitted by law, we 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 our negligence or wilful deceit or fraud.
(b) 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.
(c) Subject to the foregoing, our aggregate liability in respect of claims based on events arising out of or in connection with any single trade, whether in contract or tort (including negligence) or otherwise, shall in no circumstances exceed 100% of the amount of the transaction in question.
(d) XSATS shall not accept any liability for any fluctuations in the value of the subscriber’s BTC-wallet.
(e) XSATS shall not accept any liability for financial loss regarding the client’s wallet. The client is ultimately responsible for the access to and management of his own wallet. The client is always responsible for the safety of his own wallet.
You agree to defend, hold harmless and hereby indemnify us and each of our directors, employees, agents and brokers (each an "Indemnified Party") from and against any loss, damage, cost, claim, proceeding, penalty, fine or expense, including legal fees, incurred by or suffered by any Indemnified Party which arises out of, or relates to, directly or indirectly; (i) your use of the services, (ii) your failure to fully and timely perform any of your obligations to these terms and conditions; and (iii) any of your representations or warranties made by you in these terms and conditions, at any time, untrue or incorrect.
15. Intellectual Property
The XSATS trademarks and logos are our property. They should not be copied, reproduced, modified, republished, uploaded, posted, or distributed in any form or by any means, whether manual or automated.
16. Our Relationship
We are an independent contractor for all purposes. Nothing in these terms and conditions shall be deemed or is intended to be deemed, nor shall it cause, you and us to be treated as partners, joint ventures, or any other affiliation to any other venture.
It is your sole responsibility to determine and report any taxes implications from the transactions you conduct through our services, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities.
18. Anti-Money Laundering (AML)
It is absolutely prohibited for the client using our services for the purpose of; cleaning money, hiding money, in any way attempting to obscure the source of funds, or attempting to circumvent financial regulations or restrictions.
Any client whom, in the opinion of the company, has attempted to deceive or engage in money laundering activities or terrorist financing will have their verification revoked and account blacklisted from any business services.
19. Prohibited Nationalities
We do not engage in any business activity with any; individual, group or entity found to be on either the US or EU sanctions lists.
Any client holding citizenship, permanent residency, or who has been a tax resident in any the following countries is prohibited from using any of the services provided by the company;
Afghanistan, Algeria, Bahamas, Bangladesh, Bolivia, Bosnia & Herzegovina, Botswana, Cambodia, Ecuador, Ethiopia, Ghana, Guyana, Iran, Iraq, Laos, Nepal, North Korea, Pakistan, Serbia, Sri Lanka, Syria, Trinidad & Tobago, Tunisia, Uganda, United States, Vanuatu, Yemen.
We reserve the right to amend or change these terms and conditions at any time by notifying you with the revised terms and conditions. Such notification may be provided by email and your continued use of services shall constitute acceptance of any such amendments.
(a) If any provision of these terms and conditions is or becomes (whether or not pursuant to any judgment or otherwise) invalid, illegal or unenforceable in any respect under the law of any jurisdiction: (i) the validity, legality and enforceability under the law of that jurisdiction of any other provision; and (ii) the validity, legality and enforceability under the Law of any other jurisdiction of that or any other provision, shall not be affected or impaired in any way thereby.
(b) If any provision of these terms and conditions shall be held to be void or declared illegal, invalid or unenforceable for any reason whatsoever, such provision shall be divisible from this Agreement and shall be deemed to be deleted from these terms and conditions and the validity, legality and enforceability of the remaining provisions shall not be affected.
(a) These terms and conditions constitute the entire agreement between the parties with respect to the matters covered hereby and supersedes all previous written, oral or implied understandings between them with respect to such matters.
(b) The operation of the Contracts (Rights of Third Parties) Act 1999 is hereby excluded.
(c) These terms and conditions shall be governed and construed in accordance with English law. The parties agree to irrevocably submit to the exclusive jurisdiction of the English courts.
The company will take no responsibility for losses resultant from a security breach outside of servers owned and operated by the company.
The company does not offer any refund service. All exchanges processed for the client will be final and irreversible.
No Guarantee of Future Service
The company may any time temporarily or permanently disable the merchant service for some or all merchants. The merchant has a guarantee of receiving their previously exchanged balance; but has no guaranteed right to future service.
XSATS reserves the right to change these terms at any time without prior notice or notification of the changes.