cointrade

Trading Policy

The website and mobile app operated under the brand name – “CoinTrade” (“Platform”) is owned and operated by FALCON CAPITAL VENTURES an Indian PRIVATE LIMITED Company (hereinafter, “Company”, “We”, “Our”, which expression refers to all its affiliates, successors and assigns).

OUR POLICY DESCRIBES OUR METHODS AND PROCEDURES FOR COLLECTING, USING, PROCESSING, STORING, DISCLAIMER, AND PROTECTING PERSONAL DATA AND INFORMATION, INCLUDING, BUT NOT LIMITED TO, BUSINESS, FINANCIAL, OR OTHER SENSITIVE PERSONAL DATA AND INFORMATION (COMMONLY CALLED “PERSONAL INFORMATION”)

THIS POLICY CONSTITUTES A LEGAL AGREEMENT BETWEEN YOU, AS THE USER OF THE PLATFORM, AND US, AS THE OWNER AND OPERATOR OF THE PLATFORM. BY IF YOU CREATE AN ACCOUNT WITH US OR VISIT / ACCESS THE PLATFORM, YOU CONSENT TO PROVIDE US WITH YOUR PERSONAL INFORMATION AND ALLOW US TO COLLECT, ACCESS, PROCESS, STORE, USE, DISCLOSE AND PROTECT IT IN ACCORDANCE WITH THIS POLICY. LINKS TO THE PLATFORM MAY CONNECT TO THIRD-PARTY PLATFORMS (WHO MAY HAVE OTHER PRIVACY POLICIES OR PRIVACY NOTICES) THAT DO NOT FOLLOW THIS POLICY.

IF PLEASE DO NOT USE/ACCESS THIS PLATFORM IF YOU DO NOT AGREE WITH THIS POLICY. WE WILL NOT BE ABLE TO PROVIDE SERVICES TO YOU IF WE DO NOT RECOGNIZE YOUR ACCEPTANCE OF THIS POLICY. IN ADDITION, YOU WILL HAVE THE OPTION TO NOT PROVIDE YOUR CONSENT, OR TO WITHDRAW ANY CONSENT YOU HAVE ALREADY GIVEN, PROVIDED THAT THE DECISION TO NOT GIVE CONSENT / TO WITHDRAW CONSENT IS INFORMED TO US IN WRITING.

IF WHERE YOU DO NOT PROVIDE US WITH YOUR PERSONAL INFORMATION OR WITHDRAW YOUR CONSENT TO PROVIDE US WITH YOUR PERSONAL INFORMATION AT ANY TIME, WE MAY NOT PROVIDE THE BENEFITS OR SERVICES FOR WHICH THE SAID PERSONAL INFORMATION WAS REQUESTED.

YOUR USE OF THE PLATFORM WILL BE GOVERNED BY THIS POLICY IN ADDITION TO THE TERMS OF USE AS APPLICABLE TO YOU.

THIS POLICY IS IN ACCORDANCE WITH THE INFORMATION TECHNOLOGY ACT, 2000 AND THE RELEVANT RULES MADE THEREUNDER.

1. User’s Crypto and Fiat Currency;
1.1.
At As an outright principle, for the purpose of buying or selling Crypto, (a) You shall only use Indian Rupees to enter into such buy or sell transactions where Cryptos are bought or sold with a fiat currency, in which case You shall maintain in Your Account only the amount of Indian Rupees necessary for immediate trades, and b.(By using CoinTrade’s Crypto custody services (which are provided either directly or through its technology partners / subcontractors), You shall keep (for the purpose of selling Cryptos on the Platform) and receive (in connection with purchasing Cryptos on the Platform) Cryptos (which You own and control in Indian territory) in the Crypto custody services provided by CoinTrade. To the extent applicable law permits, CoinTrade may permit, suspend, or disable any inflow or outflow of Indian Rupees and/or Cryptocurrencies from Your CoinTrade Cryptocustody Wallet and the verified CoinTrade account. CoinTrade at the time of this policy update prohibits users from depositing or withdrawing Cryptos via wallet-to-wallet. If and when CoinTrade permits the same (including any related conditions), CoinTrade will inform Users

1.2.
The CoinTrade Crypto Custody Wallet and, more generally, how cryptos are used by users on the platform:

1.2.1.
After the activation of Your Account and for as long as your Account remains active and valid, We will provide You with access to the CoinTrade Crypto Custody Wallet, which will allow You to store Cryptos purchased by You on the Platform. In some cases, CoinTrade may provide such a service either directly or through its technology partners / subcontractors. As a custodian, we will hold the Cryptos stored in CoinTrade Crypto Custody Wallet in trust. Cryptocurrency can be purchased or sold through CoinTrade’s Crypto Custody Wallet. Upon request, we will provide you with the details of the Cryptos that you have purchased or sold, or that are still in your possession.

1.2.2.
As CoinTrade and the User agree that it is the User who owns and shall hold title to the respective User’s Crypto in the CoinTrade Crypto Custody Wallet. The only person authorized to transfer Crypto is the user. It is your responsibility to execute all debit (selling Crypto) and credit (buying Crypto) transactions directly, and the Platform only facilitates transactions with technology and other value-added services (such as custodial services, CoinTrade Crypto Custody Wallet services, Assured Quantity services, etc.) for ease of use. The Platform / CoinTrade does not transfer any title or possession of the coin to the User. Every transaction on the third-party Crypto exchange is between the User and the counter-party.

1.2.3.
An individual can buy or sell Crypto in exchange for fiat currency, which is rupees (INR). Crypto held in the CoinTrade Crypto Custody Wallet does not accrue any interest or benefits.

1.2.4.
It is not possible for you to transfer, store or receive any cryptocurrency that is not supported by our Platform. If you violate this Clause, this Policy, and/or the Terms of Use, you acknowledge that CoinTrade will not be liable for any losses you suffer as a result.

1.2.5.
CoinTrade Crypto Custody Wallet is specifically for You to use for availing Platform services only and not for the purpose of acquiring, selling, transferring, or trading any crypto-assets.
1.2.6.
In You acknowledge that in the event that it is made possible for You to transfer your Cryptos accounted for You in CoinTrade Crypto Custody Wallet to another Crypto wallet outside the country of India, You will not transfer or transmit the Cryptos accounted for You from CoinTrade Crypto Custody Wallet to any other Crypto wallet outside the country of India. By making use of the CoinTrade Crypto Custody Wallet you agree that all Cryptos received from external wallets (and credited to Your Account) shall not come from persons outside of India.
1.2.7.
CoinTrade is not aware of the source of the cryptos exchanged / credited / debited by you on the Platform, and you hereby agree to ensure that it always comes from reputable sources in India. Your accounts should be reported immediately if they are used in an unauthorized or illegal manner.

1.2.8.
The user, in the event that any Crypto is erroneously credited to his Account or, if and when permitted, to his CoinTrade Crypto Custody Wallet, must report the same and arrange for a refund or transfer. By failing to take these steps, CoinTrade would be in breach of applicable laws and would be entitled to additional rights and remedies.

1.3.
Terms of Fiat Currency Use

1.3.1.
In order to purchase Crypto on the Platform, you will need Indian Rupees in Your Account, which you can transfer from your own bank account. If there is a delay in the relevant banking channels, payment gateways, and/or other legal restrictions, will reflect the fiat currency transferred from your own bank account in your Account. The funds reflecting in your tradable balance on your Account on the Platform may be withdrawn at any time by making a formal request to have such funds transferred into your own bank account via the Platform (“Withdrawal Request”). If there are delays in the relevant banking channels, payment gateways, and/or other legal impediments, CoinTrade will make every effort to process each withdrawal request as soon as possible.

1.3.2.
CoinTrade is hereby duly authorized to collect the payment for the aforesaid limited purpose, and You agree and understand that CoinTrade does not operate a payment system.

1.3.3.
CoinTrade is not liable to you in any way if the fiat currency top-up from Your banking account or transfer from your User Account is subsequently invalidated for any reason, and you have no recourse against CoinTrade. If You lose a claim or a chargeback, or if the top-up is reversed, you will also be responsible for the amount of the top-up, plus any applicable fees. Your debit or credit card issuer, the bank that originated the top-up, or CoinTrade will determine whether the dispute is valid and who is liable for payment if you dispute the top-up. By debiting your fiat currency balance, you agree CoinTrade may recover any amounts owed to Us. CoinTrade agrees to reimburse you through another method if your account does not have enough funds to cover your liability. To the extent allowed by the applicable law, CoinTrade may attempt to contact you and/or collect the funds from your alternate funding sources if it cannot recover the funds from your primary funding source. Our Platform or Services may be suspended or terminated, as well. You must use any fiat currency funds paid by you on the Platform within 360 days, otherwise the funds will be returned to your original source of banking. Unless we are able to return the funds with reasonable effort, we will forfeit the funds with notification to you.

1.4.
Other Terms

1.4.1.
Fiat currency transfers or withdrawals (to the extent permitted on the Platform from time to time) may be subject to such limitations and restrictions as may be notified on the Platform from time to time.

1.4.2.
Whether there are reasonable grounds to believe that such are in violation of applicable law, or if it is suspected that the user is misusing or fraudulently transacting, we reserve the right to block any individual’s ability to make bank transfers. Regulatory/law enforcement agencies may be notified of such suspicious activities.


1.4.3.
We will hold back and reverse any fiat currency withdrawal deemed suspicious. Fiat currency operations will also be suspended until an investigation is completed. If you are the subject of an investigation, you may receive a notification. Upon providing CoinTrade with a valid reason for the withdrawal, your account may be removed from suspension and you will be free to transact. If you do not provide any information regarding a suspended Account, the account will continue to be suspended until its validity expires.

2. Terms for buying or selling of Cryptos:

2.1.
Instant Orders and Limit Orders:

2.1.1.
Limit orders and instant orders are both options for placing buy / sell orders. When you place a limit order, you specify the price at which the order is to be executed (regardless of whether the price is the market price at the time you place the order), while when you place an instant order, you choose to buy or sell immediately based on the price displayed on the Platform at the time you place it.

2.2.
Assured Quantity Services for Instant orders:

2.2.1.
Assured Quantity Service is a value-added service offered by CoinTrade to its users. Through this service, CoinTrade ensures that the quantity and price provided on the Platform for Instant Orders will remain unchanged regardless of market deviations.

2.2.2.
CoinsSwitch specifically agrees that it is not a representative agent of the User, but rather executes a specific Crypto transaction on the user’s instructions at the price specified by the user.

2.2.3.
By aggregating and providing last traded prices of Crypto on a variety of third-party Crypto exchanges, CoinTrade facilitates the sale and purchase of Crypto by its Users. Users are given an estimate of the amount of Cryptos they can buy/sell for their Indian Rupee (INR) balance.

2.2.4.
CoinTrade receives specific instructions from the User concerning the quantity of coins to be bought / sold. In response to instructions from the User, CoinTrade executes crypto trades on a third party exchange on behalf of the User. Based on various factors, including high volatility and fluctuation in the Crypto market, exchange fees, etc., the CoinTrade algorithm calculates the price of a specific quantity of Crypto. Upon execution of a trade on a third-party crypto-exchange, the specific price displayed on the CoinTrade platform may change. A Contract Note issued by CoinTrade to the User will provide details of the transaction.

2.2.5.
CoinTrade is hereby authorized to execute multiple interrelated trades and transaction legs on third party Crypto exchanges to achieve the assured quantity. For the Assured Quantity Service, the User further authorizes CoinTrade to supply the assured quantity and to retain any excess quantity of Crypto or INR as a service fee. In the event of a market deviation, CoinTrade will compensate the User for any shortfall quantity of Crypto or INR.

2.2.6.
The price of Crypto is determined by an algorithm used by CoinTrade to provide Assured Quantity Service. If there is a negative deviation of price variation, CoinTrade will absorb it, and if there is a positive deviation, it will retain it under this Assured Quantity Service. CoinTrade will issue a Contract Note to You detailing the transactions executed in accordance with Your instructions. The Contract Note, Your Rupees and Crypto Balances in Your Account provide details of the account, record and ledger available with CoinTrade regarding Transaction History and express authorization for the Assured Quality Services and retention of excess quantity as a service fee.

2.3.
Before executing any transaction from the CoinTrade Crypto Custody Wallet, ensure there are sufficient Cryptos in your Account credit.

2.4.
We reserve the right to verify the time and/ or authenticity of any disputed transaction reported or conducted on the CoinTrade Crypto Custody Wallet or any other matter relating to the CoinTrade Crypto Custody Wallet.

2.5.
In When CoinTrade is attempting to fulfill the completion of a single trade by a User (i.e. a buy or a sell order), at times it might need to execute multiple interrelated trades (either fiat currency to crypto or crypto to fiat currency) on different third party crypto exchanges. To execute the User’s transaction, CoinTrade may purchase and convert one Crypto into another Crypto on third party Crypto exchanges. CoinTrade shall be deemed to carry out on the User’s behalf all purchases of Crypto used to exchange/convert Crypto for the purchase of determined quantities of Crypto as instructed by the User.

2.6.
We Cryptos / funds / your Account / CoinTrade Crypto Custody Wallet or any other service we provide or part thereof may be refused without notice or restricted, and we can limit or suspend your use at any time. It is possible for CoinTrade to delay a transaction if it is considered suspicious, may involve fraud or misconduct, violates applicable laws, or does not comply with the terms of this Policy and/or the Terms of Use, or is otherwise deemed necessary. It is understood that CoinTrade is not responsible for any termination / suspension or losses that may result from it.

2.7.
On the Platform, all sales and/or purchases are final, irreversible, non-refundable and non-cancelable. You are entirely responsible for the consequences of any sale/purchase and/or act/omission on the Platform that is initiated by you. You are unable to request a refund or reversal for any reason whatsoever, nor are We/any third-party able to cancel, modify, or reverse it based on any request by You/third-parties.

2.8.
According to this Policy and the Terms of Use, Users authorize CoinTrade to incur reasonable expenditures on their behalf for the purpose of fulfilling their trades. As CoinTrade makes payments to third-party crypto exchanges in relation to trade execution, it is acting solely on the instructions of Users. Users instruct CoinTrade to make such payments to third-party Crypto exchanges in connection with the fulfillment of their trades on the Platform. A contract note issued by CoinTrade with respect to each trade can include details of payments made to third parties on behalf of Users by CoinTrade.

2.9.
For the sake of clarity, CoinTrade is only permitted to buy and sell Cryptos on third-party crypto exchanges based on the instructions of Users. From CoinTrade’s existing inventory of Cryptocurrencies, no User trades are processed.

2.10.
Upon accepting this Policy and Terms of Use, Users authorize CoinTrade to enter into agreements or arrangements with third party service providers for the provision of a Crypto custodial service and ledger service.

2.11.
CoinTrade is unable to undertake any transaction for the User without his or her express permission.

2.12.
We agree that we may monitor transactions made by You to identify suspicious or illegal transactions and transactions that violate our Terms of Service. Should we, in our sole discretion, deem a transaction suspicious, illegal, or in violation of this Policy and/or the Terms of Use, we may take appropriate action, in our sole discretion, including but not limited to placing a hold on the transaction, requesting more information about You and Your funding source, suspending your Account and freezing any balances within it, or terminating this agreement and your right to access the Platform.

2.13.
If we receive any complaints from banks / payment gateways / regulatory authorities regarding transactions suspected to be of a fraudulent nature, we will be entitled to block a User’s Account and CoinTrade Crypto Custody Wallet / fiat currency balances to the account of such User until such time as the enquiry is completed and take appropriate steps thereafter.

2.14.
You authorize CoinTrade to hold Crypto in CoinTrade Crypto Custody Wallet on behalf of You in order to undertake transactions quickly and seamlessly. You shall have the authority to instruct CoinTrade for undertaking transactions with the Crypto held in CoinTrade Crypto Custody Wallet.
2.15.
We reserve the right to refuse to execute any order and/or transaction initiated by You, if they are in contravention of this Policy and/ or the Terms of Use, the policy of the Platform, or fail to comply with directions of appropriate enforcement authorities, or appear suspicious or malicious, or as per the instructions of any law enforcement or judicial authority whether in India or in any jurisdiction, or without any rationale or basis or otherwise deemed necessary by Us in our reasonable discretion.

2.16.
By executing Crypto transactions for specific prices specified by the User, CoinTrade acts on instructions from the User and is not acting as an agent for the User in general. With the help of technology and value-added services, CoinTrade Platform facilitates the transaction. Coin Switch does not transfer ownership. It is therefore not liable for the actions of the User under any laws, including tax laws such as GST and Income Tax laws. The parties are not acting as agents except to receive the payment of users and to hold the funds in trust.

3. Severability and Exclusion
This Policy complies with all applicable laws to the greatest extent possible. This Policy shall not be affected or prejudiced by the invalidity or unenforceability of any part thereof