Terms of Use

Buying

Where your identity has been verified (in accordance with the Identity Verification requirements), you may use Local Currency to buy supported digital currency on Fx Karasell by depositing funds into a Fx Karasell bank account (a “Deposit”).

Details of the Fx Karasell bank account into which you must make the Deposit will be provided to you by Fx Karasell, and any such bank account will be held and operated by a Fx Karasell operating entity in your country or region. You accept and agree that any information you provide to Fx Karasell may be shared with such local entity, which will process Local Currency transactions in accordance with Fx Karasell’s instructions.

The payment methods by which you may Deposit Local Currency will depend upon the country you are in and are set out on the Fees and Features page of the Fx Karasell website (for the purposes of these Terms, the “Supported Deposit Methods”). Where you have made a Deposit using a Supported Deposit Method and have adhered to the Deposit Requirements (explained below), your Deposit will allow you complete the transaction.

Due to legal and operational constraints, you must strictly adhere to the following Deposit requirements (the “Deposit Requirements”):

You may only make a Deposit from a bank account (or other Supported Deposit Method) held in your own name.
you may only Deposit Local Currency from a bank account (or other Supported Deposit Method) compatible with the deposit methods available in your country or region;

You must not use cash or cheques to make a Deposit. Fx Karasell reserves the right to refuse any Deposit made by cash or cheque. Should Fx Karasell decide, in its sole discretion, to allow a Deposit by cash or cheque on an exceptional basis, the allocation of such Deposit will be delayed to allow fraud and compliance checks to take place, and a Cash Deposit Penalty (see the Fees and Features page of the Fx Karasell website) may be deducted from it. Any Fx Karasell Account that receives more than one cash or cheque deposit may, at Fx Karasell’s sole discretion, be suspended indefinitely.

You agree to abide by the Deposit Requirements and agree and accept that failure to do so may cause delay in or failure of any Deposit reflecting in your Fx Karasell Wallet, and/or restriction, suspension or termination of your Fx Karasell Account.

Allocation of deposits. When you request to make a Deposit through Fx Karasell, you will be provided with a Reference Number or Unique Deposit Amount. To permit timely and successful allocation, you must use the Reference Number or Unique Deposit Amount when you make an online bank transfer or use any other Supported Deposit Method. Fx Karasell will not be responsible for any delay in or non-allocation of Deposits to your Fx Karasell Wallet where you fail to specify the required Reference Number or Unique Deposit Amount.

Deposits may take time to reflect due to bank processing times, operational processes, and/or failure by you to adhere to the Deposit Requirements. Under no circumstances will Fx Karasell have any liability to you in relation to any delay in or failure of a Deposit reflecting.

Fx Karasell will make all reasonable efforts to allocate Deposits that do not meet the Deposit Requirements. However, any Deposits less than the Minimum Unallocated Deposit Amount that cannot be allocated within a one-month period will be retained by Fx Karasell and you accept and agree that you shall have no further claim or entitlement to such funds. The Minimum Unallocated Deposit Amount shall until otherwise determined by Fx Karasell be greater than NGN1000 or the equivalent in your Local Currency.

Selling

Where you have added your bank account details to your Fx Karasell Account, you may liquidate supported digital currency on Fx Karasell to your bank account (a “Withdrawal”). Fx Karasell will process Withdrawals in accordance with your instructions. You are solely responsible for ensuring that any Withdrawal instructions provided to Fx Karasell, including the relevant bank account number, are complete and correct and you accept and agree that under no circumstances will Fx Karasell be under any obligation to reverse or amend any Withdrawal.

Fx Karasell will make all reasonable efforts to process Withdrawals each business day, in accordance with the Deposit and Withdrawal Schedule on the Fx Karasell website, but you accept and agree that Fx Karasell provides no guarantee in relation to the Withdrawal processing period.

Withdrawals to the bank account of any third party are expressly prohibited. You agree not to make, or attempt to make, any Withdrawal of funds through Fx Karasell to the bank account of a third party and accept that any such Withdrawal may be refused and/or result in the restriction, suspension or termination of your Fx Karasell Account.

Fees

‍The fees applicable to transactions undertaken on the Fx Karasell Site can be viewed on the Fees and Features page of the Fx Karasell website. Fx Karasell reserves the right to change our fees at any time and will update the Fees and Features page accordingly. In certain circumstances, and at our sole discretion, Fx Karasell may notify selected customers of a specific fee change, where we consider a change to be of particular relevance to such customers.

Buying and Selling fees. All Transactions on Fx Karasell will incur a fee. Such fees differ by country and are set out on the Fees and Features page of the Fx Karasell website.

Account Security

‍Fx Karasell takes security very seriously and the measures we have in place to protect your Fx Karasell Account are explained on the Security page of the Fx Karasell website. However, you are solely responsible for:

Maintaining adequate security and control over your Fx Karasell Account sign-in details, including but not limited to any passwords, personal identification numbers (PINs), API keys, or any other codes associated with your Fx Karasell Account;

Enabling any additional security features available to you, including the activation of two factor authentication on your Fx Karasell account (see the Fx Karasell Help Centre); Keeping your contact details up to date so that you can receive any notices or alerts we may send to you in relation to security (see Electronic Communications);

Maintaining security and control over the email mailbox, phone number and two-factor authentication applications or devices associated with your Fx Karasell Account.

Failure to take the above measures, and any other security measures available to you, may result in unauthorised access to your Fx Karasell Account and the loss or theft of any digital currency and/or Local Currency balances held in your Fx Karasell Wallet or any linked bank account(s). Fx Karasell shall have no liability to you for or in connection with any unauthorised access to your Fx Karasell Account, where such unauthorised access was due to no fault of Fx Karasell, and/or any failure by you to act upon any notice or alert that we send to you.

The security of your Fx Karasell Account may be compromised, or interruption caused to it, by phishing, spoofing or other attack, computer viruses, spyware, scareware, Trojan horses, worms or other malware that may affect your computer or other equipment. Fx Karasell strongly recommends that you regularly use reputable virus screening and prevention software and remain alert to the fact that SMS, email services and search engines are vulnerable to spoofing and phishing attacks.

Care should be taken in reviewing messages purporting to originate from Fx Karasell and, should you have any uncertainty regarding the authenticity of any communication, you should log in to your Fx Karasell Account through the Fx Karasell website (specifically, https://www.cowrie.exchange and not any other domain name or website purporting to be, or to be related to, Fx Karasell) to review any transactions or required actions.

To the maximum extent permitted by applicable law, you accept and agree that you have full responsibility for all activity that occurs in or through your Fx Karasell Account and accept all risks of any unauthorised or authorised access to your Fx Karasell Account.

Service Availability

‍While we will do everything, we can to provide continuous operations, Fx Karasell does not provide any warranty in relation to the availability of the Fx Karasell Site or your Fx Karasell Account. Without limiting the generality of the foregoing, we do not guarantee continuous access to the Fx Karasell Site or your Fx Karasell Account and make no representation that the Fx Karasell Site, Fx Karasell API, your Fx Karasell Account and/or any products or services offered therein will be available without interruption; or that there will be no delays, failures, errors, omissions or loss of transmitted information.

Transaction on digital currency networks

‍When you use your Fx Karasell Account to send or receive digital currency, the transaction must be confirmed and recorded in the public ledger associated with the relevant digital currency network (e.g. the Bitcoin network or the Ethereum network). That digital currency network is solely responsible for verifying and confirming any such transactions. Fx Karasell cannot confirm, cancel or reverse transactions on a digital currency network, other than confirming to you that the network has completed the transaction. You accept and agree that:

Once submitted to a digital currency network, a transaction will be unconfirmed for a period of time pending sufficient confirmation of the transaction by the network. 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 accordingly and will not be a concluded transaction;

When you buy digital currency from Fx Karasell, you are authorising us to submit your transaction request to the relevant digital currency network. Once a transaction request has been submitted to the relevant digital currency network, the network will automatically complete or reject the request and neither you or Fx Karasell will be able to cancel or otherwise modify your transaction.

Digital currency networks are operated by decentralised networks of independent third parties. They are not owned, controlled or operated by Fx Karasell so we cannot ensure that any transaction details you submit will be confirmed by the relevant digital currency network. You agree that any transaction details you submit may not be completed, or may be substantially delayed, by the digital currency network used to process the transaction.

Network protocols and operating rules. The underlying software protocols that govern the operation of the Supported Digital Currencies are open source. Accordingly, anyone can use, copy, modify, and distribute them and Fx Karasell has no ownership of or control over these protocols. By using the Fx Karasell Site, you accept and agree that:

Fx Karasell is not responsible for the operation of any digital currency network’s underlying software protocols and makes no guarantee as to their availability, security, or functionality;

the underlying software protocols are subject to sudden changes in operating rules (known as “forks”), and that such forks may materially affect the value, function, and/or name of any digital currency supported on Fx Karasell Account. Should a fork occur, Fx Karasell may, with or without notice to you, temporarily suspend our operations and, in our sole discretion, decide whether or not to support either branch of the forked protocol entirely; and

in the event Fx Karasell decides not to support a branch of a forked protocol, you will not be given access to the assets on that fork.

Closure of Account

You may close your Fx Karasell Account by submitting a closure request via the Help Centre. Fx Karasell will action such requests once (i) no transactions have taken place in your Fx Karasell Account for a period of at least 30 days. Such requirements are designed to protect you from loss and Fx Karasell will not action a closure request until they are satisfied.

You accept and acknowledge that, once your Fx Karasell Account is closed:

You will have no further access to it; Fx Karasell reserves the right (but has no obligation) to delete all of your information and account data stored on our servers, and also reserves the right to retain any information that is required for legal or operational reasons.

You accept and agree that Fx Karasell shall not be liable to you or any third party in relation to the closure of your Fx Karasell Account, the termination of access to your Fx Karasell Account, or for the deletion of your information or Fx Karasell Account data.

Restriction, suspension and termination

cowrie.exchange reserves the right to restrict, suspend or terminate your cowrie.exchange Account where:

We reasonably suspect your cowrie.exchange Account to be the subject of an operational or other error, in which case we may be required to suspend access to your account until such time as the error is rectified;

We reasonably suspect your cowrie.exchange Account has been or is being used in relation to any unlawful, fraudulent or Prohibited Activity, or in breach of these Terms;

We reasonably suspect you or your cowrie.exchange Account is or has been associated with, or poses a high risk of, money laundering, financing of terrorism, fraud, or any other financial crime;

We reasonably suspect you of taking any action that cowrie.exchange considers to be a circumvention of cowrie.exchange’s controls, including but not limited to opening multiple cowrie.exchange Accounts;

We reasonably suspect your involvement in any attempt to gain unauthorised access to any cowrie.exchange Account; Your cowrie.exchange Account is or appears to be the subject of any legal, regulatory or government process and/or we, in our sole discretion, consider there to be a heightened risk of legal or regulatory non-compliance associated with your cowrie.exchange Account;

We are compelled to do so by a prima facie valid subpoena, court order, or other binding order of a government or regulatory authority; or your name appears on a government or international body sanctions list. cowrie.exchange will make all reasonable efforts to provide you with notice of any decision to restrict, suspend or terminate your cowrie.exchange Account, unless we are prevented from doing so by any legal or regulatory process or requirement, or where doing so may compromise cowrie.exchange’s security and/or risk management procedures. You accept and agree that cowrie.exchange is under no obligation to disclose to you the fact of or reason for any decision to restrict, suspend or terminate your cowrie.exchange Account, and shall have no liability to you in connection with the restriction, suspension or termination of your cowrie.exchange Account.