Credit/Debit Card Payment
Terms of Use
This Credit/Debit Card Payment Terms of Use (“Terms of Use”) is subject to Phemex Terms of Use, for more details, please refer to Phemex Terms of Use
Please take a moment to read this Terms of Use carefully, as by accessing this section of our website (the “Site”) and/or using any of the Services we offer, YOU AGREE THAT YOU HAVE READ, UNDERSTOOD, ACCEPT AND WILL COMPLY FULLY WITH ALL THE TERMS AND CONDITIONS CONTAINED IN THIS TERMS OF USE.
As with any asset, the values of digital assets may fluctuate significantly and there is a substantial risk of economic losses when purchasing, selling, holding or investing in cryptocurrencies.
By making use of Phemex credit/debit card payment services, you acknowledge and agree that:
(1) you are aware of the risks associated with transactions of cryptocurrencies ;
(2) you shall assume all risks related to the use of credit/debit card payment services and transactions of cryptocurrencies;
(3) Phemex shall not be liable for any such risks or adverse outcomes; and
(4) you should conduct your own due diligence and obtain independent legal and/or financial advice before entering into any transaction and/or using phemex’s credit/debit card payment services.
Please note that we are not your broker, intermediary, agent, or advisor and has no fiduciary relationship or obligation to you in connection with any trades or other decisions or activities effected by you using Phemex credit/debit card payment service. No communication or information provided to you by Phemex is intended as, or shall be considered or construed as, investment advice, financial advice, trading advice, or any other sort of advice. Unless otherwise specified in this Terms of Use, all trades are executed automatically, based on the parameters of your order instructions and in accordance with posted Trade execution procedures, and you are solely responsible for determining whether any investment, investment strategy, or related transaction is appropriate for you according to your personal investment objectives, financial circumstances and risk tolerance, and you shall be solely responsible for any loss or liability from there. Phemex does not recommend that any cryptocurrencies should be bought, earned, sold, or held by you.
1. ELIGIBILITY
1.1. By using the Services, you expressly represent and warrant that:
● a) you are at least 18 years old or have full capacity for civil conduct according to the laws of your Country of Residence;
● b) you accept all the terms and conditions contained in this Terms of Use; and
● c) you are in full compliance with all applicable laws of your jurisdiction.
2. SPECIAL RISK DISCLOSURE FOR CRYPTO
2.1. You should never trade more than you can afford to lose when purchasing and selling cryptocurrency. Prices are highly volatile, therefore the value of your assets may increase or decrease at any time and any rate.
2.2. Cryptocurrency also subjects you to operational risks, such as the possibility of incurring losses due to hardware, software, or Internet connection failures.
2.3. This is not an exhaustive list of the hazards connected with the purchase and sale of cryptocurrency. Therefore, you should evaluate your financial status, risk tolerance, appropriate expertise, and information BEFORE making a purchase.
3. CREDIT/DEBIT CARD PAYMENT SERVICES
3.1. We provide you a platform to buy or sell supported cryptocurrency (please refer to the platform display for specific content), as may be updated by us from time to time (“Cryptocurrency”).
3.2. You can purchase supported Cryptocurrency on our platform, and we will transfer it to your Spot Wallet Address on our platform (the whole progress shall constitue a “Purchase”). Or you can sell supported Cryptocurency on our plarform, and we will trafer it from your Spot Wallet Address on our platform (the whole progress shall consitute a “Sale”).
3.3. Orders through us are one-off transactions and executed individually.
3.4. Together, the services set out in this clause 3 are referred to as the “Services” in this Terms of Use.
4. Representations and Warranties
4.1. You agree, warrant, and represent that:
● you have the legal authority and capacity to utilize the Service; you will use the Site and Services in accordance with our platform’s Terms of Use and the Terms fo Use of this Service; and you will fulfill your commitments in full.
● your usage of the Services will comply with all laws applicable to you based on your jurisdiction and you will not use the Services for any criminal or unlawful purposes.
● you will only use the Services for your own and not on behalf of any third parties.
● that any Fiat and/or Cryptocurrency you use with the Services is yours and derived from legal sources.
● that you will verify all transaction information prior to submitting an order to us and that we are not responsible for ensuring that the information you provided to us is accurate and/or complete.
5. ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING REGULATIONS (“AML AND CTF REGULATIONS”)
5.1. As part of the global initiative to combat financial crimes, in particular Money Laundering (“ML”) and Terrorism Financing (“TF”), we have regulatory obligations that include implementing Customer Due Diligence (CDD) measures.
5.2. This means we are legally obliged to know who our clients are, and we fulfill this requirement by requesting information from you, including personal information, to authenticate and verify your identity.
5.3. Such information may include your full name, home address, phone number, email address, date of birth, country of residence, nationality, government-issued identification, tax identification number, bank account information, a liveness video or photograph, the purpose of the transaction and the source of your funds (“Customer Due Diligence Documents”).
5.4. The nature and extent of the information we request may differ based on our risk assessment policy and risk control system. In some instances, we may contact you to obtain additional Customer Due Diligence Documents, and we will not be able to process your order until the information requested is provided in a timely manner and to our satisfaction.
5.5. You confirm that all information you provide to us is accurate and complete and agree to keep us updated if any information provided changes.
5.6. You consent to the collection of information and permit us to keep records of such information, which will be stored in accordance with applicable data protection laws. For more details, please read the Privacy Policy.
5.7. You also authorize us to make inquiries, whether directly or through third parties, that we consider necessary to verify your identity. When we carry out these inquiries, you acknowledge and agree that your personal information may be disclosed to credit reference, fraud prevention, or financial crime agencies
6. NO LIABILITY FOR ERRORS
6.1. You agree and declare that you are solely responsible for any inaccuracy in the instructions you supply to us, such as inaccurate, erroneous, or incomplete wallet address and/or card information.
6.2. You acknowledge that your financial losses caused by the inaccuracies mentioned above may be irrecoverable and that the relevant losses are irrelevant with the Platform.
7. SAFETY AND SECURITY
7.1. You agree and represent that we are not liable for damages, losses, or interruptions caused by any computer viruses or other malicious code that may affect your computer or other equipment, or any phishing, spoofing, or another attack. We advise the regular use of reputable and readily available virus screening and prevention software. You should also be aware that websites, SMS, and email services are vulnerable to spoofing and phishing attacks and should use care in reviewing messages purporting to originate from us or supported/endorsed by us.
7.2. You agree to take all reasonable steps to protect your Cryptocurrency, wallet, account, computer, software, card information, address and personal data against theft, fraud, hacking or any criminal or illegal activity.
7.3. You acknowledge that we may at any time and in our sole discretion, refuse any order submitted via the services, impose limits on the transaction amount permitted via the services, or impose any other conditions or restrictions upon your use of the services without prior notice.
8. PAYMENT METHODS
8.1. For credit/debits cards transfer you agree and represent that:
● when you make a Purchase or Sale in connection with your order, you will use:
(i) credit card; or
(ii) debit card;
belonging only to yourself (not that of a third party) and that the name/owner of such card will match the name on the KYC Documents you provide to us; and
8.2. you will not make any charge-backs, and/or deny or reverse any payments or deposits that you have made.
8.3. If you make any inappropriate charge-backs, we reserve the right to place you on a blacklist and to discontinue providing any future services to you. In addition, we shall have the right to deduct the corresponding amount directly from your phemex account and we reserve the right to file a claim for damages against you.
8.4. For card payments, you acknowledge that we shall not be liable for unauthorized use by any third party of credit/debit cards, irrespective of whether or not the credit/debit cards were reported stolen.
9. NO GUARANTEE OF PAYMENT METHODS
9.1. The availability of a particular form of payment is contingent upon a number of circumstances. One of these considerations is the location of the person making the payment, as well as any restrictions imposed by the payment processors and the financial institutions involved.
10. CASH ADVANCE FEES FOR CREDIT CARD PAYMENTS
10.1. Please note that if you use a credit card to Purchase Cryptocurrency, your credit card provider may categorize the transaction as a cash advance. In such circumstances, cash advance fees and higher interest rates (for example, interest accruing as soon as the transaction is executed) may apply. If you want to avoid cash advance fees, we suggest you switch to debit card payments. You acknowledge that you will be responsible for paying any unanticipated expenses that may arise.
11. PRICE
11.1. The price for the Purchase and Sale of Cryptocurrency comprises an exchange rate that we set and our commission fee; additional fees may apply depending on the jurisdiction and transfer method (totally shall be deemed as the “Price”).
11.2. Please note that the initial price displayed on the Site for the Purchase or Sale of Cryptocurrency is merely indicative.
11.3. The final price is the locked-in price that appears on the Site right before your order is executed (the “Final Price”). By clicking the ‘Order’ button you are executing your order (an “Execution”) and authorizing us to process the transaction at the Final Price.
12. EXECUTION
12.1. Until Execution, any order by you shall be considered as pending and not completed.
12.2. Upon Execution, the order is final and binding, and we will process the order (subject to the completion of CDD procedures to our satisfaction) in accordance with the instructions we receive from you.
12.3. Regardless, please note that we reserve the right not to execute any and all transactions.
12.4. In some cases, we may contact you to obtain additional KYC Documents in an attempt to avoid declining a transaction or order. We are unable to guarantee the Final Price if you do not respond immediately and reserve the right to re-quote a new Final Price in instances where there is undue delay.
13. DELIVERY
13.1. After Execution and as soon as reasonably practicable:
● where you Purchase Cryptocurrency, we shall deliver the Cryptocurrency to your spot wallet at Phemex. While we will attempt to transfer the Cryptocurrency without undue delay, please note that the transfer may take some time to be processed;
● where you Sale Cryptocurrency, we shall deliver the relevant Fiat using the payment details you provided during the placement of your Sale order; and
● We shall also provide you, on the Site, with a transaction confirmation, detailing the Final Price and other particulars of the transaction.
14. CANCELLATIONS
14.1. You acknowledge and agree that any order or transaction once marked as executed or completed cannot be canceled, changed, or reversed.
14.2. We may, at any time, cancel or deny processing any order, with immediate effect, for any reason, including but not limited to where we are required to do so by law; where we reasonably believe that we need to do so in order to protect our reputation; and where we reasonably suspect the order or transaction involves illegal activity including ML, TF, fraud or any crime (financial or otherwise).
15. UNSUCCESSFUL PAYMENTS
15.1. You acknowledge and agree that if your payment method is declined, whether due to insufficient funds or deemed unsuccessful for any other reason, we may base on our own and sole discretion to choice one the following solution:
● cancel the transaction;
● fulfill only a portion of the transaction; or
● debit alternative payment methods provided by you, in the amount necessary to complete a pending transaction.
15.2. If any fees are applied on failed payment attempts in the course of executing your Sale order, and such failure is reasonably attributed to an error by you, such fees shall be deducted from either:
● the amount of Fiat that is transferred to you if the order is subsequently executed; or
● the amount of Cryptocurrency that is returned to you if the order is declined and the Cryptocurrency is returned.
16. REFUND POLICY
16.1. Due to the irreversible nature of Cryptocurrency transactions, we are unable to provide any refunds on executed or completed orders, including instances:
● where we have purchased Cryptocurrency on your behalf, and in the case of credit/debit card purchases of Cryptocurrency regardless of receipt of proof of payment; or
● where we have delivered Cryptocurrency to your Nominated Wallet Address.
17. REFUND RIGHTS
17.1. You are entitled to a refund where an unauthorized or incorrect transaction occurs as a result of our fault, provided you have notified us within 7 days of its occurrence, and you have not acted fraudulently, intentionally, or negligently.
17.2. You can only request for a refund within 7 days since the payment was made.
If and only if you have not performed any trading activity nor subscribed to any earning program. You are going to be charged 1 EUR for each refund. The Foreign Exchange Rate (“FX” rate) might be different from the days of your purchase and will be based on the day we execute the refund. For example, during your purchase: 1 USDT = 0.93 EUR. During the day, we execute your refund: 1 USDT = 0.95 EUR.
18. AMENDMENTS TO THIS TERMS OF USE
18.1. Any of the terms and conditions outlined in this Terms of Use are subject to occasional updates, amendments, modifications, and other forms of alteration at our discretion. We shall keep you apprised of any amendments, modifications, updates, and changes to this Terms of Use by either sending you an email or publishing a revised version of the document on this website. Your continued use of the Site and/or the Services after this period will be taken to indicate that you accept the new version of this Terms of Use and any updated version of this Terms of Use will go into effect as soon as they are published on the Site.
19. TERMINATION OF THE SERVICE
19.1. We may, at any time, terminate the Service, with immediate effect, for any reason, including but not limited to where:
● we are required to do so by law, regulation, competent court order, or other competent authority;
● we reasonably believe that we need to do so in order to protect our reputation and other users;
● we consider you to be in breach of the provisions contained in this Terms of Use, or applicable law or regulation or in conflict with our compliance policies;
● we reasonably suspect illegal activity including ML, TF, fraud or any crime (financial or otherwise);
● any of our third-party service providers deny providing you the Services;
● force majeure events, including operational and technical errors occurs; and
● upon our request, you have failed to provide us with information, or the information provided does not meet our requirements.
19.2. Where termination of the Agreement is for reasons listed in item 1, 3 or 4 above, we reserve the right to:
● cancel any outstanding or pending Purchase and/or Sale orders; and
● as applicable, withhold any Fiat which you have paid to us for the purchase of Cryptocurrency, or withhold any Cryptocurrency that you have transferred to us for the Sale of Cryptocurrency, provided, in each case, that we shall not be required to transfer Fiat or Cryptocurrency to you.
