This Agreement sets out the terms (“terms”) of the access offered to you to internal sections of the website Livecoin.net (“Website”) and to its trading platform (“Platform”). Please read these terms carefully and do not use the Website or the Platform, if you do not accept them. The Platform managed by Livecoin (“Service”), enables the buyers (“Buyer”) and sellers (“Seller”) to buy and sell goods online, known as “Cryptocurrency”.
By opening the account (“Account”), the User acknowledges and warrants that:
1. They accept these Terms
2. They are at least 18 years old and they are fully able to accept these Terms and enter into transactions on the platform.
The Service reserves the right at its sole discretion, to change, add or remove portions of these terms at any time. You will be notified of such changes through your contact E-Mail. Your continued use of the Website after the changes made will mean that you accept and agree to the changes. You agree that all subsequent transactions will follow these Terms. As long as you agree with the Terms and any such changes, the Service grants to you a personal and non-transferable limited right to enter and use the Website and the Platform.
Your acceptance of these Terms, as may be amended, entitles the Service to act as an intermediary between buyers and sellers for trading on the platform in accordance with the subclauses laid down below and to perform the functions described below.
The Platform is a technical, functional and organizational structure, managed by the Service to enable the buyers and sellers to enter into transactions for Cryptocurrency sale and purchase.
Cryptocurrency is a type of digital currency, emission and audit of which are based on asymmetrical encryption and appliance of different cryptographic methods of protection, such as Proof-of-work (scheme of evidence of work, where the work is difficult to make, but easy to check) or Proof-of-stake (scheme of evidence of balance on the account, which can be checked easily, but is expensive to save). Functioning of these cryptocurrency systems is decentralized in distributed computer networks. Main cryptocurrencies used by the Service: Bitcoin, BTC, Litecoin, LTC, Altcoin, ALC, Peercoin, PPC, Namecoin, NMC, QuarkCoin, QRK, Feathercoin, FTC, Protoshares, PTS, Worldcoin, WDC, Megacoin, MEC, Freicoin, FRC, Primecoin, FRC etc.
“Bitcoin” is a P2P decentralized digital cash system, described in detail on the following website: http://Bitcoin.org.
“Litecoin” is a P2P decentralized digital cash system, described in detail on the following website: https://Litecoin.org.
“Seller” is a person who placed an offer to sell Cryptocurrency on the platform.
“Buyer” is a person who placed an offer to buy Cryptocurrency on the platform.
“User” means buyers and sellers, as well as any account holder.
“Transaction” means an agreement between the Buyer and the Seller to exchange a Cryptocurrency or for using the Platform at a jointly agreed rate.
“Price” is a price in conventional units, for which Users are willing to buy or sell a Cryptocurrency whilst using the Platform for transactions.
“Commission” is the amount payable to the Service for transactions, including payment of a fee to the commission agent.
“Arbitrage“ is an array of buy/sale operations carried out in a short time within the Livecoin Exchange.
The Users are liable for maintaining confidentiality of their account information, including their password, and for all activities, including transactions effected via their account. Users agree to immediately notify the Service of any unauthorized use of their login or password or any other breach of security. Users will be liable for losses incurred by the Service or by any other user of the Website owing to acts of a third party using the user's password or login. Users should not use any account other than their own account. Users must not attempt to gain unauthorized access to the Website, and any attempt to do so or to assist other users or third parties in doing this (including distribution of instructions, software and tools for this purpose) will result in termination of service for the user and the Service in such case reserves the right to take any other action against the user.
Participants agree to provide the Service with accurate, current and complete information about themselves as may be requested upon registration of the account, and to keep such information updated. Apart from that, users may update any information in their account, or may choose an alternative payment method.
Users may have only one account at a time and may not use or create any account other then their own account. Multiple accounts of the same user shall be blocked by the Service without notice. In case of violation of this rule the Service reserves the right to unilaterally refuse to provide the services to the User without refunding the balance of the account.
A user can be relieved from any one of these rules by making the appropriate request and subject to a prior permit from the Service.
Users acknowledge and agree that in order to ensure the safety of the Users’ accounts, to counteract money laundering and to enforce its internal security policy, the Service by default shall use internal controls and programs for such control to be maintained. The Service, through these programs and controls, shall collect and store information about the Users and their transactions, including personal information about the User, provided to them upon registration of the account or requested by the Service upon transactions effected, as well as indirect information, including IP-addresses, information about the operating system used, software configuration, and other information collected with the use of “cookies” technology to create statistical reports.
The Service may require identification information depending on the amounts placed into the accounts or in case of any suspicious activity that may be indicative of illegal activity. Identification of bank accounts may also be required. The Users accept and agree that in cases where the Service has valid reasons to believe that the User's account is used for money laundering or for any other illegal activity, or that the account holder conceals or reports false identification information and other details, and also if there is a valid reason to believe that the trasactions effected via the User account were effected in breach of these Regulations, the Service shall be entitled to require the Member to provide any additional information and documents to clarify the circumstances. Transactions may be frozen until the documents are reviewed by the Service and accepted as satisfying the requirements of the legislation for counteracting laundering of incomes from criminal activities and financing of terrorism. The
Service can request from the User any additional identifying information and supporting documents at any time at the request of any competent authority or in case of application of any applicable law or regulation, including laws related to anti-laundering (legalization) of incomes obtained by criminal means, or for counteracting financing of terrorism. In this case, if the user does not provide or provides incomplete or false information and documents, the Service shall be free to unilaterally refuse to provide its services to the User.
Accounts can be used exclusively for the purposes specified in these Terms.
PLATFORM FOR SALE-PURCHASE TRANSACTIONS
The platform enables the Buyer to post offers for purchase of Cryptocurrency, and enables the Seller to post offers for sale of Cryptocurrency. The price at which said offer is made to buy or sell Cryptocurrency shall be quoted by the user at his/her own discretion. The Participants acknowledge that their offers should be submitted only after careful consideration, and offers, once submitted by the user, shall be recognized as available for sale or purchase transactions of Cryptocurrency executed by other users. The Seller and the Buyer agree that as soon as their offers match, a transaction is binding and can not be recalled. A transaction for a purchase of Cryptocurrency shall be completed instantly and without notice to the Seller and the Buyer, and will be treated as effected as of the moment it was actually executed.
Acting as the Buyer or the Seller in a transaction for sale and purchase of Cryptocurrency, the participants recognize that they lose the right to cancel the application after the match of prices and automatic transaction execution.
When the buyer’s and the seller’s offers match, the Service shall gain the exclusive right to execute the transaction in the amount equal to the price specified in the transaction, net of commission fee.
RESPONSIBILITIES OF THE SERVICE
The Users acknowledge and agree that in effecting transactions they trade with other users, and acknowledge that the Service shall only act as an intermediary in such transactions, rather than a contractor. Thus, users bear the responsibility to comply with all laws and regulations related to the transactions.
The Service represents and warrants that:
1. It will use all reasonable efforts to facilitate and ensure the transactions be effected between users.
2. All sales-purchase transactions effected on the Platform will be posted anonymously, i.e. so that the Buyers and Sellers remain unknown to each other.
3. A transaction price will be calculated based on the actual relevant offers made by the users and shall include the applicable commission fees.
4. As soon as specific offers for sale and purchase of Cryptocurrency match, such offers may not be recalled.
5. All amounts and all Cryptocurrency deposited by the User into the User’s account shall be stored by the Service on its behalf, in accordance with the data specified in the profile.
6. All laws and regulations related to the offered Platform shall be complied with.
If a user is in breach of these Terms the Service the Platform reserves the right to suspend the User’s account and block all funds therein, including Cryptocurrency.
The Platform is not intended to provide any legal, tax, insurance or investment advice. The history of applications (bids) and tenders is solely for the purpose of providing users with general information related to transactions previously executed on the Platform, and should not be considered as investment advice or advice from the Service. Users are solely responsible for determining the fact that a contemplated transaction is appropriate for them based on their personal objectives, financial position and affordable risks.
The service doesn't take responsibility for sustained casualties due to vulnerability of software, blockchains or any other technical features of cryptocurrency trading at the Exchange. Likewise it's not responsible for the casualties due to late report by cryptocurrency developers or representatives (or no report at all) of any issues with cryptocurrency including all sorts of forks, technical node issues or any other issues having fund losses as a result. In this case there are two ways to refund the losses. The priority option the service is struggling to actualize is having particular cryptocurrency developers or represenatives to refund losses fully. The other option is to charge clients' accounts in accordance with their deposit amounts of this specific cryptocurrency at the Exchange.
RESPONSIBILITIES OF USERS
Users guarantee that they will use the platform solely to effect transactions in accordance with the terms set out in these Terms and that they have the right and are able to enter into transactions on the platform.
The Seller warrants that Cryptocurrency (s) offered for sale or transfer, corresponds to the actual Bitcoin(s), Litecoin(s), or unit(s) of other relevant Cryptocurrency.
The Buyer warrants that the currency used to buy Cryptocurrency corresponds to the Buyer’s actual assets and arrives from legal sources.
The users agree that they will not use the platform to carry out any illegal activities, including, but not limited to money laundering, terrorist financing or deliberately engage in activities designed to adversely effect the performance of the Platform.
If you need more than several thousands of opened orders, please contact support to clarify the reasons.
Opened orders which are absolutely out of market (over 100 times out of market price) can be canceled by support in case of big amount of such orders for one client. Such orders are considered as dust orders. For example BTC/USD buy orders with 1-2$ price will be canceled if you have a lot of such orders.
The users agree that, whenever the transaction is effected, the Platform sends and receives amounts of money, Cryptocurrency (s) on behalf of the Purchaser and on behalf of the Seller, through the IT systems used by the Platform at the time of the transaction's execution.
The Exchange is intended for trade and / or exchange transactions. The Exchange does not impose a ban on a direct transfer of funds from one payment system to another without a tender, however, users abusing this feature will be warned and / or restricted in their activities.
All intellectual property rights, texts, images or any other material posted on / pertaining to the platform are owned by the Service or by the Platform partners. Accordingly, users may not copy, distribute, reproduce, republish, upload, transmit, modify, publish or otherwise use any such content without a prior express authorization granted by the Service.
Users warrant that they are the rightful owners and are entitled to use all moneys and Cryptocurrency, deposited in their accounts, and that the transactions effected do not violate the rights of any third party or the applicable law. The User agrees to indemnify the Service for all losses incurred by the Service for abuse of the rights of third parties or for violation of law due to a fault of the user.
To the extent permitted by law, the Service will not be liable for any damage, loss of profits, loss of revenue, loss of business, loss of data, direct or indirect damage caused to the user if the damage is not caused by a violation of the Terms by the Service.
The Service can not be held liable for a malfunction, damage, delay or interruption of access to the Internet, or if for any reason the site is unavailable at any time or for any period. The website contains links to other websites and resources provided by third parties, but these links are provided solely as a source of information. We have no control over the content of these websites or resources, and accept no responsibility for them or for any loss or damage which may result from their use. We are not responsible for the websites located on any other domains.
In case of fraud, the Service shall communicate all necessary information, including names, addresses and other information requested, to the relevant authorities in charge of suppression of fraud and violations of law. Participants acknowledge that their account may be frozen at any time upon a request of any competent authority to investigate fraud or any other illegal activity.
Exchange can not bear liability for losses caused by vulnerabilities in software or blockchain of third-party, i.e. of any cryptocurrency.
Nothing in these Terms affects the legal rights of users.
Nothing in these Terms shall exclude or limit a liability of either party for a fraud, death or personal injury caused by negligence, violation of laws, or any other activity that can not be limited or excluded by legitimate means.
In view of the above, the total liability of the Service that may result from or in connection with use of the Website and/or Platform by the User, be that in tort (including negligence) or otherwise, under any circumstances, will not exceed the greater of: the total balance of the account of the user (less any commission fees); or 100% of the transaction (s) that are the subject of the claim minus any commission fees.
These Rules may be terminated without cause by any party by a prior written notice to the other party, and receipt thereof shall be acknowledged by the other party. Such termination shall take effect upon receipt by the terminating party of the written confirmation of the warning notice read by the other party. Such termination shall not affect the rights or obligations of either party in accordance with these Regulations before the termination takes effect.
The Service may by a notice to users suspend or modify the Platform and / or revise or terminate these Terms at any time. The users shall be recognized to have accepted these changes or termination if they continue to use the Platform. After such notice the users may request any balances of their accounts be refunded to them by contacting the Service within 60 days of receipt of the notice from the Service about the Platform being suspended or modified. Apart from that, in the event of termination of the Platform the Service shall transfer to all users their account balances by transferring the amounts to the account, which has been most recently used for transactions effected by the user or within 14 days via the interface designated for withdrawal of funds.
If a user does not agree to these Terms the user may close the user account at any time.
Users also agree that the Service may, acting at its sole discretion and by a prior notice, suspend the User's access to the Website, including, but not limited to: restriction, suspension or termination of servicing the accounts, a prohibition of access to the Website and to its contents, and termination of the provision of accompanying services. The Service may take technical and legal measures to prevent the User’s access to the Website if we believe that this creates problems and threats of legal liability, abuses intellectual property rights of third parties or does not act in accordance with the text and spirit of these Terms. In addition, we may in appropriate circumstances and at our discretion, suspend or terminate the User's account for any reason, including, but not limited to:
(1) an attempt to gain unauthorized access to the Website or the account of another participant or to assist others in doing so,
(2) overcoming software security features limiting use of or protecting any content,
(3) use of the Platform to perform any illegal activities, including laundering of illegal incomes, or financing of terrorism or other criminal activities,
(4) violation of these Terms and Conditions,
(5) a failure to pay or fraudulent payment transactions
(6) unexpected difficulties in operation or
(7) inquiries from law enforcement or other governmental agencies.
(8) Active arbitrage (over 100 transactions) in a short period of time (during 24 hours), with an intention to affect the market, to artificially raise the trading volume in particular trading pair(s) or to achieve another malicious goal.
(9) Offensive language usage in conversation with staff or in public towards Exchange and staff.
The Service as a private owner also reserves the right to unilaterally modify or suspend the Website or our Platform, to stop providing services to the User (s) without explaining specific reasons. The Users agree that the Service will not be liable to them or any third party for termination of servicing of their accounts or for the Website being inaccessible.
The Users acknowledge and agree that their accounts can be blocked until their ID documents and/or any other information are delivered to the Service, if the Service deems it necessary for servicing the accounts, for effecting transactions and/or for operation of the Platform.
In the case of force majeure, as defined by applicable laws, performance of obligations before the suffered party under these Terms will be suspended pending resolution of the problem.
If a competent judiciary authority recognizes any provision of the Terms to be unenforceable, such provision shall be enforced to a maximum extent permissible, and all other provisions shall remain in full force and effect.
If you have any questions related to these Terms, your rights and obligations arising from these Terms and / or use of the Website Site and the Platform, your account or on any other matter, please contact the Service Support team.