Terms of Use

1. General Use

1.1 Eligibility

‍You are only permitted to access the Services if you are an Approved User. This means you must meet all of the following criteria: 

• If you are an individual, you must be aged 18 years or older. 
• You must have the capacity and, in the case of an entity, be authorized, to enter into and to be bound by the Terms and Conditions and the Privacy Policy. 
• You must provide all of the information required to set up a User Account under clause 2.1. 
• K2016527054(SA)t/a ICAP Wealth must be satisfied with the outcome of the identity, fraud, background checks, and other money-laundering and terrorist financing checks it (or any third party) conducts in relation to you at any time. 

1.2 Your general agreements and promises 

By accessing the Services, you: 

• Warrant that, if you are an individual, you are aged 18 years or older with the capacity to enter into and be bound by these Terms and Conditions and the Privacy Policy; 
• Warrant that you have capacity and are authorized to enter into and be bound by these Terms and Conditions and the Privacy Policy; and, if applicable, the person acting on your behalf is authorized to do so; 
• Authorize K2016527054(SA)t/a ICAP Wealth to make any inquiries it considers necessary, from time to time, to verify your identity, undertake fraud checks, and to meet its anti-money laundering and other legal obligations; 
• Agree to be bound by these Terms and Conditions and our Privacy Policy, which is deemed to occur when you access our Site and/or use our Services, and promise to comply with them; 
• Agree to pay all fees associated with the Transactions and the Services which are set out in the Fee Schedule and any additional miner fees. 
• Agree to ensure that any personal information you provide to K2016527054(SA)t/a ICAP Wealth is accurate, current and complete and relates solely to you, and to update us if it changes; 
• Agree to provide us with any additional information which we request to comply with our legal responsibilities as soon as is reasonably practicable; 
• Confirm that you have sufficient knowledge of Digital Currencies to enter into Transactions, and understand that you are solely responsible for determining the nature, potential value, suitability, and appropriateness of the Services; 
• Confirm that you accept the risks of using the Services and accessing the Site, and have read and understand the “Risks of Use” set out here; 
• Agree to arbitration on the terms set out in clause 16.2 (Arbitration) of these Terms and Conditions; 
• Acknowledge that K2016527054(SA)t/a ICAP Wealth has not advised you to, nor recommended to you that you should, use the Services or deal in Digital Currencies. 

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2. Your User Account

2.1 Creating a User Account

‍To use the Services, you must first create your registered User Account and have it activated. 

• To set up your User Account you must provide your name, an email address, set a password and affirm your acceptance of these Terms and Conditions and the Privacy Policy. 
• To have your User Account activated, we must receive the following verified information: 
  • for an individual, your full name, gender, date of birth and occupation, and government issued identity document or passport 
  • for an entity, your legal registration number and VAT registration number (if applicable) 
  • your phone number
  • your residential or business address and previous addresses
  • confirmation as to whether you are the beneficial owner of the account (that is, confirmation that are you the sole person who exercises effective control over the account and owns the account) and, if not, the equivalent information for each other beneficial owner of the account 
  • any additional information, such as photo identification, needed to comply with laws (such as enhanced due diligence requirements under the anti-money laundering laws, or source of funds information). 

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3. K2016527054(SA)t/a ICAP Wealth Transactions

3.1 Transaction Services‍

K2016527054(SA)t/a ICAP Wealth offers Approved Users the ability to enter into the following Transactions in accordance with these Terms and Conditions: 

• Buy Transactions 
• Sell Transactions; and 
• Exchange Transactions. 

K2016527054(SA)t/a ICAP Wealth does not currently offer any margin trading, options trading, or shorting. 

K2016527054(SA)t/a ICAP Wealth does not make any warranty or representation in relation to any Counterparty and cannot confirm that a Counterparty will perform its Transaction obligations.
Please note: A Transaction is not complete while it is in a pending state. Funds associated with Transactions that are in a pending state will be designated as such and will not be available to conduct other Transactions (including withdrawals). 

3.2 Access to Transaction Services 

We can impose any conditions or restrictions on your access to the Transaction Services at any time without prior notice. These may include limits on the number or value of Transactions. 

3.3 Transaction Limits 

We may impose Transaction limits from time to time. In particular, we reserve the right to review any withdrawals and to request further information before releasing funds for regulatory and fraud prevention purposes. 

3.4 Cancellation of Transactions 

You cannot revoke or cancel an Order once you have placed it. However, you can submit a request to cancel the Transaction. The Cancellation Request will only be effective if you submit it before the Order is filled.
However, K2016527054(SA)t/a ICAP Wealth can unilaterally cancel any Transaction if: 

• it considers this necessary or prudent due to a suspicion that the Transaction involves money laundering, terrorist financing or another illegal activity; 
• it relates to a Prohibited Use; or 
• it is required to do so by a court order or government agency. 

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4. Buy Transactions

4.1 Nature of a Buy Transaction 

All Buy Transactions: 

• involve the purchase of supported Digital Currencies with Currency from your Bank Account at the Market Rate; and 

• settle immediately, provided a sufficient amount of Currency has been received into our bank    account and 

4.2 Buy Transaction process 

• You can place an order to buy Digital Currency (a Buy Order) via our OTC desk 
• When you place a Buy Order, the full amount of purchase price and associated fees in Currency must be received and be cleared into our bank account. 
• After your Buy Order has been placed, we will send you an email or notification when it has completed, or if it has only been partially filled, as applicable. 
• We will use all reasonable efforts to fulfil any Buy Order. However, if we cannot fulfil your Buy Order, we may notify you by email or notification and seek your order to fulfil the Buy Order at the Market Price. 
• K2016527054(SA)t/a ICAP Wealth reserves the right to unilaterally cancel any unfilled portion of any Buy Order that changes the best bid or best offer by more than twenty percent (20%) in either direction, or is otherwise clearly erroneous. 

4.3 Your confirmations in relation to Buy Transactions 

In placing any Buy Order or entering into any Buy Transaction, you confirm your understanding of, and your agreement to, the following: 

• It is your responsibility to confirm the Buy Transaction details are accurate, including the number of Digital Currencies you intend to buy, the amount of any fees, the gross purchase price for your Buy Order, and the amount and nature of the Digital Currencies to be transferred into your Digital Currency Wallet after completion 
• Once placed, a Buy Order cannot be revoked; it can only be cancelled by submitting a separate cancellation request 
• It is solely your responsibility to cancel any Buy Order (or part of Buy Order) that you do not want filled 
• K2016527054(SA)t/a ICAP Wealth has no liability or responsibility to you in the above circumstances. (This does not limit the other terms in these Terms and Conditions) 

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5. Sell Transactions

5.1 Nature of a Sell Transaction

‍All Market Sell Transactions: 

• involve the sale of supported Digital Currencies for Currency at the Market Price; 
• settle immediately 

5.2 Sell Transaction process 

• You can place an order to sell Digital Currency (a Sell Order) via K2016527054(SA)t/a ICAP Wealth’s OTC desk. 
• You will receive an email or notification if your order has been accepted. 
• When you place a Sell Order, the full amount of Digital Currencies must be transferred to the wallet address provided. 
• After you have placed your Sell Order, we will send you an email when it has completed and settled, 
• K2016527054(SA)t/a ICAP Wealth reserves the right to unilaterally cancel any unfilled portion of any Sell Order that changes the best bid or best offer by more than twenty percent (20%) in either direction, or is otherwise clearly erroneous. 

5.3 Partial completion 

Until the Sell Order fills, expires or is cancelled, the value of the Digital Currencies being offered for sale will not be available to be used for any other purpose, including other sell orders or withdrawals. For partially filled sell orders, the unfilled portion of Digital Currencies offered for sale will remain on hold until the remaining sell order is filled, expires, or is cancelled. 

5.4 Your confirmations in relation to Sell Transactions 

In placing any Sell Order or entering into any Buy Transaction, you confirm your understanding of, and agreement to, the following: 

• It is your responsibility to confirm the Sell Transaction details are accurate, including the number of Digital Currencies you intend to sell, the amount of any fees, the gross sale price, and the net sale proceeds to be transferred to your Legal Tender Account 
• Once placed, a sell order cannot be revoked and is only able to be cancelled by submitting a separate cancellation request 
• It is solely your responsibility to cancel any Sell Order (or part of any Sell Order) that you do not want filled 
• K2016527054(SA)t/a ICAP Wealth has no liability or responsibility to you in the above circumstances. (This does not limit the other terms in these Terms and Conditions) 

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6. Suspension

6.1 Suspension Events

‍K2016527054(SA)t/a ICAP Wealth may suspend the Services in any of the following cases without prior notice for any period it determines in its discretion (each a Suspension Event) if it considers it necessary or desirable to do so: 

• as a result of any Prohibited Use; 
• following a “hard fork” or other sudden change in operating rules in any underlying digital asset network 
• following a force majeure event or a market disruption event 
• to comply with law, whether or not following a change in applicable law or regulator guidance 

6.2 Consequences of a Suspension Event 

• If a Suspension Event occurs, K2016527054(SA)t/a ICAP Wealth can suspend one or more Services to one or more (or all) Approved Users for so long as K2016527054(SA)t/a ICAP Wealth determines, in good faith, as is required or prudent in view of the interests of K2016527054(SA)t/a ICAP Wealth and its Approved Users (or affected Approved Users). 
• K2016527054(SA)t/a ICAP Wealth will not be liable to any Approved User or other person for any loss (including any loss of profit), liability or inconvenience arising as a result of any Suspension Event, or the suspension of any Services or access to the Site arising from action taken following a Suspension Event. 
• If K2016527054(SA)t/a ICAP Wealth considers that it is practicable and prudent for it to do so in the circumstances of the Suspension Event, and in view of the interests of K2016527054(SA)t/a ICAP Wealth and its Approved Users (or the affected Approved Users), it will give you the opportunity to request your Digital Currencies or currency to be returned to you. 

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7. No Prohibited Use

7.1 Prohibited Use

‍It is prohibited to access any Service for any of the following purposes or uses (each a Prohibited Use): 

• To conduct or engage in any illegal activity; 
• To hide or disguise the proceeds of any illegal activity; 
• To infringe our proprietary intellectual property, or the proprietary intellectual property of any other person; 
• To engage in gambling; 
• To engage in any deceptive, fraudulent or malicious activity, including by launching malware or viruses, or seeking to hack into any Wallets or steal any Digital Currencies or funds held by any other Approved User; 
• To promote any securities; 
• To harm K2016527054(SA)t/a ICAP Wealth, any person associated with K2016527054(SA)t/a ICAP Wealth or any third party; 
• If you are not an Approved User; 

• To offer, or to purport to offer, any Service to any person who is not an Approved User; or 
• To engage in any other use or activity which breaches these Terms and Conditions. 

7.2 Consequences of engaging in any Prohibited Use 

K2016527054(SA)t/a ICAP Wealth may block or refuse any person (including any Approve User) from accessing any Services or any Transaction if it believes in good faith that such person, Service or Transaction is connected with any Prohibited Use. K2016527054(SA)t/a ICAP Wealth does not need to provide any prior notice or explanation if it invokes this right. 

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8. Our Rights and Remedies

8.1 Additional rights

‍In addition to exercising our rights under clause 10 (Suspension) and/or clause 11 (No Prohibited Use), in the event we believe you have breached or are breaching any of these Terms and Conditions or any applicable law, we may do any of the following: 

• limit your access to our services; 
• warn any Users or Approved Users of your actions; 
• issue a warning to you; 
• suspend or cancel your access to our services 
• advise any regulators and co-operate fully with any law enforcement authorities which may include disclosing information we hold about you. 

8.2 Additional rights 

This clause 12 does not limit any of our other rights and remedies at law. 

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9. Our fees

9.1 You agree to pay fees

‍You agree to pay all fees associated with or incurred by you in connection with the Orders you place, the Transactions you complete and the other Services we provide you. 

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10. Taxes

10.1 You are responsible for paying all applicable taxes

‍It is your responsibility to determine what, if any, taxes you must pay in relation to the Transactions. 

10.2 K2016527054(SA)t/a ICAP Wealth makes no representations in relation to tax liabilities 

K2016527054(SA)t/a ICAP Wealth makes no representation as to your tax liabilities, or the tax liabilities of any other Approved User. 

10.3 K2016527054(SA)t/a ICAP Wealth assumes no tax liability to any Approved User 

K2016527054(SA)t/a ICAP Wealth assumes no responsibility for the tax liability of you or any other Approved User, not for collecting, reporting, withholding or remitting any taxes arising from any Transactions that you may enter into. 

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11. Liability and Indemnity

11.1 Exclusion of liability

‍To the extent permitted by law, K2016527054(SA)t/a ICAP Wealth and its related companies exclude all liability and responsibility for any loss, damages, costs or expense, whether in tort (including negligence), contract or otherwise and whether direct, indirect, or consequential (including in connection with business interruption), which you or any other person may suffer or incur in connection with the Services and in respect of any Digital Currency or otherwise. 

Where and to the extent liability for breach or any implied warranty or condition, or otherwise, cannot be excluded, K2016527054(SA)t/a ICAP Wealth’s liability to you is limited (at your option) to: 

• the total amount of the fees we have earned from you as a result of supplying the Services to you; or 

• the supply of the Services to you again.
K2016527054(SA)t/a ICAP Wealth is not liable in any way whatsoever to you or anyone else for any financial decision or action taken by you or anyone else using the Services. 

11.2 No warranty 

To the extent permitted by law we do not warrant the reliability, availability, accuracy, completeness or timeliness of information or services. All information is provided “as is” without warranty of any kind, express or implied. This includes (but is not limited to) implied warranties of merchantability, fitness for a particular purpose, title or non-infringement. 

11.3 K2016527054(SA)t/a ICAP Wealth’s liability is limited 

Without limiting the other terms in these Terms and Conditions, you acknowledge that K2016527054(SA)t/a ICAP Wealth/Truro bears no liability for any damage, loss (including loss of profit), delay or inconvenience, or failure in performance or interruption of Service or Transaction, in each case caused by or resulting from (directly or indirectly): 

• any computer virus, spyware, scareware, Trojan horse, worms or other malware or cyber, phishing or spoofing attack that may affect your computer or other device, or the data held by K2016527054(SA)t/a ICAP Wealth 
• any cause or condition beyond our reasonable control, including but not limited to, any delay or failure due to any act of God, act of civil or military authority, act of terrorism, civil disturbances, war, strike or other labour dispute, fire, interruption in telecommunications or internet services or network provider services, failure of equipment or software, cyber-attack, or other occurrence or catastrophe; 
• any “hard fork”, “soft fork”, or other change in the operating rules of an underlying Digital Currency network; 
• our good faith election not to support an unsupported branch of a forked protocol, or to configure or reconfigure our systems as a result of the forked protocol or other change to the operating rules; 
• any suspension of Services following a Suspension Event or as otherwise permitted under these Terms and Conditions; 
• inaccurate Orders being placed; and/or 
• you not meeting your legal obligations, including your tax obligations 

11.4 Indemnity 

Each User and Approved User indemnifies K2016527054(SA)t/a ICAP Wealth and holds K2016527054(SA)t/a ICAP Wealth harmless for any loss, cost, liability or expense sustained or incurred by it as a result of the relevant User or Approved User breaching these Terms and Conditions, including by: 

• engaging in any Prohibited Use; 
• any other breach by you of the Terms and Conditions or of the Privacy Policy; and/or 
• any reliance by you on any information obtained through the services. 

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12. Complaints and Disputes 

K2016527054(SA)t/a ICAP Wealth is committed to providing its Approved Users with a very high level of customer service, and your satisfaction is very important to us.
If you would like to make a complaint, we encourage you to contact us in the first instance by email to zubin@icapfinance.co.za

We will acknowledge your complaint within 5 business days and make sure your complaint is investigated properly. 

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13. We Buy/Sell 

• We pay-out instantly. The time taken for funds to reflect is determined by your bank and their operating hours. 
• Quotes are only processed during our service hours - we cannot guarantee instant cash-out on a live quote that has been accepted outside of our service/trading hours.
• Any quotes accepted outside service hours will be recalculated by our trade team for a new live spot rate before processing. 
• Live rates can only be guaranteed for a maximum of 15 minutes due to live market changes and volatility. 

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14. Amendments to these Terms and Conditions 

We may amend these Terms and Conditions (including the Fee Schedule which is incorporated by reference) at any time in order to meet our legal obligations.

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