This document contains the terms and conditions of the BC Bitcoin Cryptocurrency Brokerage Services (“Services” hereby known after). By using our services, you are agreeing to accept and comply with the terms and conditions. All terms and conditions should be carefully read and understood before using our services.
For the purpose of these terms, BC Bitcoin will be referred to as the “company” and all users of the company’s services shall be referred to as the “customer”. The websites operated by BC Bitcoin at www.bcbitcoin.co.uk, www.bcbitcoinsell.co.uk and www.bitcoinotc.co.uk will be referred to as “website”.
Throughout this document when referenced “we” “us” or “our” it refers to J & M Trading Limited (Trading as BC Bitcoin) and its associated companies. The company is registered under the laws of England and Wales under company number: 11038596 with its registered offices located in Hertfordshire UK.
1. Our services
We offer crypto currency brokerage services allowing customers to buy and sell cryptocurrencies though our website and company email.
You can currently pay (when buying) or be paid (when selling) with US Dollar’s, Euros or Pounds Sterling. Other currencies cannot be accepted currently and would need to be converted into US Dollars, Euros or Pounds before making a payment. In the future more, Fiat currencies will be accepted and when this change we will notify you by email.
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 cryptocurrencies;;
(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 crypto currency 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 cryptocurrency and the funds realised from the sale of any cryptocurrency using are services, are your own funds and you are not buying or selling cryptocurrency 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 cryptocurrency 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 cryptocurrencies. 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) cryptocurrencies are a volatile and relatively immature asset class which are subject to a very high degree of volatility.
(iii) the purchase and sale of cryptocurrencies is not currently a regulated activity under the Financial Services and Markets Act 2000.
(c) To open an account with us, you will need 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 on which you make the application. Any additional documentation or information we require to satisfy our anti-money laundering and know your customer requirements.
(iii) 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.
(e) We do not provide any facility for the storage of cryptocurrencies. Before engaging in a trade with us, you will need to establish or otherwise acquire a wallet for the holding of the specific cryptocurrency, we offer no recommendation as to the merits of any cryptocurrency wallet of any kind.
3. Operating your account with us and making trades
(a) You may make a trade at any time during business hours by contacting us via telephone or email using the contact details on our website.
(b) where you are buying cryptocurrency:
(i) You inform us of the trade you wish to make, specifying:
The cryptocurrency you wish to buy and the amount of coins or fiat currency you wish to achieve (for example, £1000 to BTC); andd
The value of the trade expressed in terms of either the cryptocurrency to be bought (for example, 5 BTC) or the fiat currency equivalent (for example, £10,000 of BTC).
(ii) We will then price the trade based on the information provided and prevailing market buy price of the relevant cryptocurrency and inform you of the value you have to pay. This amount will include all charges for execution and priced in Dollars, Pounds or Euros.
(iii) You must:
Make a bank transfer to our bank account for the full value of the trade value, we will supply details for Dollar’s Euros and Sterling on request.
Accept the trade by email or social media message. Once accepted, a trade cannot be amended or revoked;
Provide a compatible crypto currency wallet address for us to transfer the coins and value over to.
We reserve the right, in our absolute discretion, to perform additional KYC & AML checks before executing any trades.
(iv) Once we have the funds in our account and your instruction to execute we will complete the transaction and hold the cryptocurrency acquired in our company holding accounts until sending it to a wallet address provided.
(v) 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 join 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.
(vi) As soon as the funds are cleared to our bank account, we will release the crypto currency to the instructed receiving wallet.
(vii) We will record the details of each cryptocurrency transfer from us to your provided wallet address. Provided that we have sent cryptocurrency to the correct wallet address specified by you, we will not be responsible for any loss caused by any delays in the crediting of, or failure to credit, your cryptocurrency wallet.
(c) Where you are selling cryptocurrency:
(i) You must inform us of the trade you wish to make, specifying:
The cryptocurrency you wish to sell and the fiat currency in which you wish to be paid in Dollars, Euros or Sterling.
The precise value of the trade expressed in terms of the cryptocurrency to be sold to six decimal places (for example, 1.000000 BTC).
(ii) We will price the trade according to the prevailing market sell price of the relevant cryptocurrency and inform you of the value you can expect to receive. This value will be inclusive of all applicable fees.
BC Bitcoin provides brokerage services to Bitcoin and Bitcoin cash at a rate of 3% below the market execution price. Alternative crypto currency is charged at a rate of 5% below the market execution price, this is subject to the crypto currency coin. We reserve the right, in our absolute discretion, to charge additional rates for any crypto currency based on the market conditions at the time of the trade.
(iii) You must:
Accept the trade by email or social media message. Once accepted, a trade cannot be amended or revoked;
Make a cryptocurrency transfer to our wallet for the full value of the trade, we will supply details of our wallet addresses on request.
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 receiving the funds to our account and direct instruction from you we will execute the trade and send the proceeds of the sale to your bank account. Transfers will typically take 2-3 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 £ or € 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.
(d) (d) Where you are purchasing Cryptocurrency for Bitclub packages.
(i) You must inform us of the trade you wish to make, specifying:
The type and amount of packages and memberships you wish to buy and the currency you wish to make the payment in ( for example 1 $500 package and 1 $99 membership, paid in Euros).
(ii) We will then price the trade based on the information provided and inform you of the value you have to pay in your chosen currency priced in Dollars, Pounds or Euros. This amount will include all charges for exchange rates, brokerage fees, transaction fees and include Bitclub set up and deposits.
(iii) You must:
Make a bank transfer to our bank account for the full amount of the trade value, we will supply details for Dollar’s Euros and Sterling on request. We reserve the right at any time to reprice an order on the basis of changing exchange rates.
Provide the Bitclub username(s) you want us to assign any memberships and packages to and to confirm you accept the trade by email or social media message. Once accepted, the trade cannot be amended or revoked;
You must be aware at all times that we are purchasing Crypto currency on your behalf and transferring those coins to Bitclub to activate your memberships and mining packages.
We reserve the right, in our absolute discretion, to perform additional KYC & AML checks before executing any trades./p>
(iv) Once we have the funds in our account and all the necessary details we will make all the required purchases of Cryptocurrency and transfer the value to Bitclub. When we receive the payment providing we have the required information and authorisation it will be processed the same business day. Payments arriving outside of regular business hours will be completed on the following day.
(e) We retain the right to refuse to accept any request to trade from you at any time in our absolute discretion.
(f) The fees and commissions that we charge 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.
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 and Cryptocurrency are not backed or guaranteed by any financial institution; when purchasing Cryptocurrency, the customer assumes all risks that the currency may become worthless in value. Customers should research and consider the risks before purchasing Crypto currency of any kind, the company makes absolutely no guarantee about the future value of any currency.
6. Customer Input Errors
It is the responsibility of the customer to check the accuracy of information submitted and ensure information provided by 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 customer and shall not transfer additional funds.
7. Customer Refund
When we receive a crypto currency and cant agree a rate of sale or the customer changes his/her mind about proceeding we will return the crypto currency to a wallet address provided by the customer. We will not pay the mining fee for the return of the coin and the fee will be paid for out of the customers balance received by the company.
It is the customers responsibility to pay the correct payment amount. If the customer pays less than the payment amount received for their order the company reserves the right to either:
a) Cancel the order and refund the payment amount
b) Recalculate the price of the order based on the payment value amount received.
9. Order over-payment
It is the customers responsibility to send the correct payment amount. If the customer pays over the payment amount required the company will proceed with the original specified order. The over payment amount will not be incorporated into the execution of the order and the customer will need to provide instruction as to how the overpayment is handled.
10. Invalid customer details
The company reserves the right to cancel and refund any orders with false, or seemly false, customer 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 email@example.com. 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.
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, 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.
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 in these terms and conditions; and (iii) any of your representations or warranties made by you in these terms and conditions being, at any time, untrue or incorrect.
15. Intellectual Property
The BC Bitcoin 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 customer 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 customer 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 customer 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; Algeria, Bolivia, Cambodia, Ecuador, Bangladesh, Nepal, USA.
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 customer 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.
BC Bitcoin reserves the right to change these terms at any time without prior notice or notification of the changes.