Terms & Conditions Bitnymex

1. ACCEPTANCE

Bitnymex reserves the right to update and change, from time to time, these Terms and Conditions, the Privacy Policy, the KYC and Anti Fraud Policy and all other documents incorporated herein by reference without any notice to or re-acceptance from the User. By registering with Bitnymex and creating your account ("Account") to use the live trade engine for trading in Virtual Currencies ("Trade Engine"), you ("User") are hereby agreeing to be bound by these terms and conditions ("Terms and Conditions").

2. DISCLAIMER

Bitnymex only provides a platform for trading in virtual currencies and crypto assets (hereby referred as 'Virtual Currencies'). The User hereby expressly agrees and warrants that: The User is aware that Virtual Currencies are volatile commodity whose price is subject to sharp changes which may cause large profits or losses to the user; Bitnymex has in no way induced or lured the User into opening an Account with Bitnymex to trade in Virtual Currencies; The money used to buy the Virtual Currencies has been received by the User through legal means and channels is not in any way connected with any illegal or fraudulent activity; The User is the legitimate owner and is allowed to use all Virtual Currencies deposited on his/her Account and that the transactions being carried out by the User do not infringe the rights of any third party or any applicable laws; All information provided by the User to Bitnymex including all identity, personal and bank information as well as documents are true and accurate in all respects; The Users shall use the Account with Bitnymex only for non commercial activities; The User is above 18 years of age and has the legal and mental capacity to enter into legally binding contracts with third parties; and The User is aware that Bitnymex may change these Terms and Conditions at any time.

Bitnymex and its owners/affiliates are not liable for any damages caused by any performance, failure of performance, error, omission, interruption, deletion, defect, delay in transmission or operations, computer virus, communications line failure, and unauthorized access to the personal accounts. Bitnymex is not responsible for any technical failure or malfunction of the software or delays of any kind. We are also not responsible for non-receipt of registration details or e-mails. Users shall bear all responsibility of keeping the password secure. Bitnymex is not responsible for the loss or misuse of the password.

Bitnymex is not responsible for the content of any of the linked sites. By providing access to other web-sites, Bitnymex is neither recommending nor endorsing the content available in the linked websites.

Bitnymex and the User are aware that although there is no legal bar or impediment to trading in Virtual Currencies in India at the moment, the Reserve Bank of India (RBI) has issued a press release no. 2013-2014/1261 dated 24th December 2013 whereby it has stated that "The creation, trading or usage of VCs including Bitcoins, as a medium for payment are not authorised by any central bank or monetary authority. No regulatory approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities. As such, they may pose several risks to their users". The press release further states that the RBI is still "examining the issues associated with the usage, holding and trading of VCs under the extant legal and regulatory framework of the country". The full text of the said press release can be found at Here The User is hereby made aware of the nebulous legal situation regarding Virtual Currencies and Bitnymex shall not be liable for any proceedings against the User in any Court of law or before any governmental, administrative, regulatory, judicial or quasi judicial authority.

Although the press release by the RBI mentions the risks associated with all virtual currencies including Virtual Currencies, it does not specifically bar them. Keeping in mind some of the risks mentioned in the press release by the RBI Bitnymex has drafted a Privacy Policy as well as a KYC Policy which are available on the Bitnymex website and the User specifically agrees to the terms contained in both the above mentioned policies.

3. RISKS

The User acknowledges that he is fully aware of the risks involved in online trading activities, including the risk involved due to unauthorized access or any technical difficulties. Furthermore, in a technical environment, should an error occur with respect to the tracking of any account holding or order entry, the true, actual and correct transaction or position may not be restored. It is the User's responsibility to ensure account correctness and accuracy and to contact Bitnymex immediately in respect of any discrepancies.

Users are advised to use the content and data on the website for the purpose of information only and rely on their own judgment while making investment or trading decisions. In case Bitnymex gives any information on the website, such information shall not be considered as advice of any kind and the User shall use its own judgment to make all decisions.

Bitnymex does not make any personal recommendations. The information on our website is provided solely to enable Users to make their own investment or trading decisions and does not constitute a recommendation to buy, sell or otherwise deal in Virtual Currencies.

The price and value of investments in Virtual Currencies and the income derived from them can go up or down and you may not get back the capital invested. Changes in the rate of exchange may have an adverse effect on the value, price and value of your investment. Past performance is not necessarily an indicator of future performance. The services and investments in Virtual Currencies may have tax consequences and it is important to bear in mind that Bitnymex does not provide any tax advice regarding Virtual Currencies and the increase or decrease in their value. The level of taxation depends on individual circumstances and such levels and bases of taxation can change. You should consult your own Tax Advisor in order to understand any applicable tax consequences.

Virtual Currencies trading has specific risks, which are not shared with other official currencies, goods or commodities in a market. Unlike most currencies, which are supported by government reserves or other legal entities, as well as commodities such as silver and gold, Virtual Currencies is a "flat" currency, which is only backed by mathematics, technology and trust. The currency is absolutely decentralized, which means there is no authority that can take corrective measure to protect the Virtual Currencies value in a crisis or issue more currency. When using Virtual Currencies - traders put their trust in the digital, decentralized and mostly anonymous system, which relies on P2P networking and cryptography to maintain its integrity. Trading in Virtual Currencies is susceptible to irrational or rational bubbles or absolute loss of confidence, which could collapse demand/supply. Any actions, even remotely connected to Virtual Currencies can crash confidence in this currency, such as unexpected changes imposed by the currency developers, a government crackdown, the creation of a superior competing Virtual Currencies alternative, or even a deflation or inflation spiral. Confidence might also collapse because of various technical problems: if the anonymity of the system can be compromised, funds lost or stolen, or in the event that hackers or governments become able to prevent Virtual Currencies transactions from settling. Bitnymex shall not be liable for any loss caused to the User due to any of the risks related to trading in Virtual Currencies, whether currently known or unknown.

Virtual Currencies purchased using a bank account or credit card or any other deposit method may be reversed at a later time, for example, if such a payment is subject to a chargeback, reversal, claim or is otherwise invalidated. A Virtual Currencies transaction may be unconfirmed for a period of time (usually less than one hour, but up to one business day) and never complete if it is in a pending state.

The content of the website cannot be copied, reproduced, republished, uploaded, posted, transmitted or distributed for any non-personal use without obtaining prior permission from Bitnymex. We reserve the right to terminate the accounts of Users who violate the proprietary rights, in addition to necessary legal action.

Users agree that the information gathered from the Users' profiles may be used to enhance their experience on the website. Bitnymex will not rent or sell the profile to any third party other than in accordance with the Privacy Policy. In case of a contest or a promotion scheme, Bitnymex reserves the right to share the User profiles with the sponsors. In the event of necessary credit checks or collection of payments or taxes, Bitnymex can disclose such information to other authorities including income tax department in good faith.

Price and availability of products and services offered on the site are subject to change without prior notice. Bitnymex may provide information about the availability of products or services to a certain extent but the Users should not rely on such information. Bitnymex will not be liable for any lack of availability of products and services the User may order through the site.

Users agree that they understand the meaning of Limit Order and Market Order and the risk involved in placing orders in the order book. Bitnymex shall not be liable for any loss caused to the User due to any of the risks involved while placing orders.

4. REGISTRATION

General: The User hereby agrees and warrants that all information and particulars provided by the User has been provided voluntarily without any inducement or pressure and is true to the best of his/her knowledge and belief. In case of any particulars provided by the User being incorrect or fraudulent, Bitnymex shall be at liberty to terminate the User's account. Bitnymex further reserves the right, at its sole discretion, to deny the User access to the Trade Engine or any portion thereof without notice for the following reasons: (a) any unauthorized or illegal access or use by the User; (b) any assignment or transfer (or attempt to do the same) of any rights granted to the User under these Terms and Conditions; (c) any violation of these Terms and Conditions.

Using Google ID: Users may be given the option of signing in using their Google IDs. Logging on to Bitnymex with the Gmail account gives the User the convenience of not having to remember yet another password - without compromising on privacy, or the safety of the individual email account. Bitnymex does not store the User's Google password information. The password of every User who chooses to log in using the Google ID is sent to Google for verification, and is not saved on our systems.

Single Registration: Each individual is allowed to register only once and no person is allowed to create multiple Accounts. If any User is found to be using or registered with multiple Accounts, such User's access to the Trade Engine may be terminated. The use of scripts or any automated system to register is strictly prohibited. Bitnymex assumes no responsibility for lost, late, incomplete, incorrect, or misdirected registrations. Bitnymex is not responsible for technical, hardware or software malfunctions, misdirected entries, lost or unavailable network connections, or other communications or other technical problems related to the registration.

Change of e-mail ID is not permitted. Bitnymex is not responsible for any loss to the users if the users account is compromised.

Deposits and Withdrawals of INR: All the withdrawal requests for INR may take upto 24 hours to process. Only "authorized" withdrawal requests will be considered for withdrawal. Bitnymex can not guarantee a withdrawal in the said time frame and may take upto a week based on the bank's discretion. Deposits of INR may be reflected in the user's wallet within 24 hours from the time Bitnymex receives the funds in the mentioned bank account. Bitnymex does not guarantee for the user's balance to get updated in the said time frame.

5. LINKING OF BANK ACCOUNT

Bitnymex shall accept deposits from an account held by the User in any scheduled Indian bank. The process of linking shall be as follows: Click on the "My Profile" link in the dropdown menu under "Account" on the web page after logging into your Account. Clock the "Bank" link on the "My Profile" page. Fill in the bank details requested on the web page including bank account number, IFSC Code, etc. and submit the same. Your Bitnymex Account will, after verification, automatically get linked to your Bank Account.

Bitnymex shall accept deposits from the verified bank accounts only. Any deposit made from unverified bank account may not be credited to user's wallet. For change of bank account, an user must send an e-mail to Bitnymex stating the reason and attaching relevant bank documents.

Bitnymex expressly disclaims all responsibility for any loss caused to the User due to the linking the User's Bitnymex Account with the User's bank account or while executing any trades using Bitnymex, for whatever reason, unless the same has been caused due to the gross negligence of Bitnymex.

Directing the proceeds of a sale to a third party is expressly prohibited and will result in immediate suspension of the Account. A third party is any party other than the User and Bitnymex. The User is expressly prohibited from opening an account under a third party or fictitious name for the purpose of using this service to pay a third party. Users are expressly prohibited from registering a payment method for a third party in their Bitnymex Account for the purpose of using this service to pay a third party. Third party transactions are expressly prohibited and will result in immediate suspension and termination of the Account.

6. RULES

"The Trade Engine" is a live Virtual Currencies trading platform whereby the Users can use real money to buy and sell actual Virtual Currencies from their Accounts with Bitnymex.

Opening Account And Starting –

Once the User creates an Account by registering with Bitnymex, the User will be allowed to place orders in the exchange area. Each Account will be linked with the User's bank account as per the details provided by the User who can use the money in such linked bank account and start trading with other users. Once the User enters the trading area the User will see the following displays:

My Wallet –

The Users will also be able to view the available and on hold balance in their account at all times. A Users account balance shall display the Virtual Currencies balance as well as INR balance currently in the User's account.

Markets –

The Users will also be able to view the available markets where he/she can trade at any time. The market will display the "Last Price", "Best Bid" and "Best Ask" as per Bitnymex. We do not show any other exchanges' prices.

Orders –

"Orders" is the trade book where an user can see the available orders from all other users to be fulfilled. "Orders" shows "Bid" and "Ask". A "Bid" table contains the details of the orders which shall be filled by placing a "Sell order". An "Ask" table contains the details of the orders which shall be filled by placing a "Buy order". When an order is placed, the trade engine automatically matches it with other orders in the trade book at best prices and available volumes.

My Orders –

"My Orders" displays all of the User's pending trade requests (Both Buy and Sell transactions) that are yet to be executed/ completed /cancelled/ partially filled. In the event that a User's trade has not been completed/ partially filled, the User can choose to cancel the order by clicking on the 'X' icon corresponding to such trade request that is pending. Please note that a trade request can only be cancelled when it's still pending and reflecting under the 'Open' link in 'My Orders'. Once a transaction has been executed/ completed, it may no longer be cancelled. Under the 'Closed' link in 'My Orders', users will be able to see all the completed/ cancelled trades (both Buy and Sell transactions) pertaining to the User.

Buying Virtual Currencies

Step 1: In the event that User intends to purchase Virtual Currencies, the User is required to place a trade request with the exchange platform for the same. User can choose to place orders at Limit or at Market. In order to place a limit order, user shall specify the amount of Virtual Currencies and the price at which user intends to buy. In order to place a market order, user shall specify how much he/she is willing to pay in total for the order. User shall understand the risk of any losses occured due to lack of knowledge of the "Limit Order" or "Market Order". User can place order in the order book by clicking the button "Buy".

Step 2: Once the User clicks on "Buy", the trade engine automatically picks the order and executes it with other orders in the order book if orders match or keep it in the order book for future executions.

Step 3: In the event that there is a pending "Sell Order" for the price at which the User's bid has been placed, the order would be executed immediately and the User's balance would reflect the updated statistics. This can be achieved by matching the User's order with a single order of such quantity and price, if available or if a single order with the required price and amount is not pending, the trade engine will complete the User's order by matching it with multiple orders and then complete the User's order in multiple tranches.

Step 4: If a User's trade request does not match with any of the existing requests on the trading platform, then such request shall automatically move into the waiting list of pending transactions for it to be matched with an appropriate "Sell Order" as and when such a request is received. In this case, the User's balance would remain intact until the transaction is completed. While the transaction is pending, the User may cancel the transaction through the "My Orders" section as explained above.

Selling Virtual Currencies

Step 1: In the event that User intends to sell Virtual Currencies, the User is required to place a trade request with the exchange platform for the same. User can choose to place orders at Limit or at Market. In order to place a limit order, user shall specify the amount of Virtual Currencies and the price at which user intends to sell. In order to place a market order, user shall specify how much volume of Virtual Currencies, he/she is willing to sell in total for the order. User shall understand the risk of any losses occured due to lack of knowledge of the "Limit Order" or "Market Order". User can place order in the order book by clicking the button "Sell".

Step 2: Once the User clicks on "Sell", the trade engine automatically picks the order and executes it with other orders in the order book if orders match or keep it in the order book for future executions.

Step 3: In the event that there is a pending "Buy Order" for the price at which the User's bid has been placed, the order would be executed immediately and the User's balance would reflect the updated statistics. This can be achieved by matching the User's order with a single order of such quantity and price, if available or if a single order with the required price and amount is not pending, the trade engine will complete the User's order by matching it with multiple orders and then complete the User's order in multiple tranches.

Step 4: If a User's trade request does not match with any of the existing requests on the trading platform, then such request shall automatically move into the waiting list of pending transactions for it to be matched with an appropriate "Buy Order" as and when such a request is received. In this case, the User's balance would remain intact until the transaction is completed. While the transaction is pending, the User may cancel the transaction through the "My Orders" section as explained above.

8. GENERAL INDEMNITY AND WAIVER

By registering and creating an account the Users assume sole liability for and agree to indemnify and hold Bitnymex, its affiliates, officers, directors, employees and agents, harmless from and against any and all claims, damages, obligations, losses, injuries, costs or debt, and expenses (including but not limited to attorney's fees) claimed to be caused from usage of the Trade Engine or the acceptance, possession and handling, loss, use or misuse of any money or Virtual Currencies in their Account. Bitnymex reserves the right to cancel, suspend the exchange platform, or any part of it, if any fraud, technical failures, computer virus, bug, tampering, or any other factor impairs the integrity or proper functioning of the promotion, as determined by Bitnymex in its sole discretion. By participating registering and creating an account, the Users agree to be bound by these Terms and Conditions and the decisions of Bitnymex and to be contacted by Bitnymex or its agents by telephone, sms, mail and/or email regarding the Trade Engine or any other products that Bitnymex may offer now or in future.

The User specifically agrees that Bitnymex shall not be liable for any loss, actual or perceived, caused directly or indirectly by government restriction, exchange or market regulation, suspension of trading, war, strike, equipment failure, communication line failure, system failure, security failure on the Internet, unauthorised access, theft, or any problem, technological or otherwise, or other condition beyond the control of Bitnymex. The User further agrees that it will not be compensated by Bitnymex for "lost opportunity" viz., notional profits on buy/sell orders which could not be executed.

9. ELIGIBILITY

The registrations are open to persons from countries where virtual currencies are not illegal, are 18 years of age or older at the time of registration and are of sound mind and able to enter into legally enforceable contracts. Users residing within the territorial borders of India shall only be allowed to make deposit and withdrawal requests of INR.

10. NO INDUCEMENT OF THE USER

The User hereby expressly acknowledges and agrees that the User has initiated the act of registering on Bitnymex entirely of his/her own free will and Bitnymex has not caused, induced, urged, prompted, instigated, drawn, compelled, persuaded or engendered the User to open an Account and trade in Virtual Currencies in any manner or form.

11. DOWNTIME

The User acknowledges and agrees that Bitnymex may from time to time need to make structural changes to the trading platform that could result in system downtime, i.e. the website and the trading platform being unavailable for access. Any such changes will (where possible or necessary) be broadcast in advance to all Users, and carried out at times which Bitnymex considers will cause the least disruption.

Bitnymex shall have no liability to the Users for any downtime to the trading platform for any reason whatsoever, nor for any downtime caused by general Internet failure, the failure of any Internet connection or the failure of any User equipment.

12. GRIEVANCE REDRESSAL

In case of any grievance or complaints with the website or its performance please contact Bitnymex at support[at]Bitnymex[dot]com. Once a complaint has been received, all endeavors will be made to address the complaint as soon as possible.

13. GENERAL CONDITIONS

Bitnymex may prohibit any User, if Bitnymex is of the opinion that the User is showing a disregard for these Terms and Conditions, or acts (1) in an unfair or fraudulent manner; (2) with an intent to annoy, abuse, threaten, or harass any other User or Bitnymex; or (3) in any other disruptive manner.

The use of software, machines, computers, scripts or any automated system is strictly prohibited. If any User tries to influence the rate of exchange of Virtual Currencies or gain an unfair advantage in any manner whatsoever, such User shall be liable to be prohibited from conducting any further transactions on the Trade Engine and may be reported to the appropriate authorities. Any decision in this regard shall be taken at the sole discretion of Bitnymex and shall be final.

Any attempt by a User or any other individual to deliberately damage the website or undermine the legitimate operation of Bitnymex is a violation of criminal and civil laws and should such an attempt be made, Bitnymex reserves the right to seek damages from any such User to the fullest extent permitted by law.

Completion of a transaction may be stopped by Bitnymex at any time if Bitnymex, in good faith, believes that such transaction may be fraudulent or may adversely impact the Virtual Currencies economy, or may adversely impact the exchange rate of Virtual Currencies, etc.

The Bitnymex website is for the exclusive purpose of transactions to be carried out within the territorial jurisdiction of India and all such transactions shall be governed by the laws in India. Notice is hereby given that Non Resident Indians (NRI's) and Foreign Nationals accessing this web site and opting to transact thereon shall do so after due verification at their end of their eligibility to do so. Bitnymex undertakes no responsibility for such pre-eligibility of qualification on part of Non-Resident Indians (NRI's) or Foreign Nationals to transact on this website.

The User agrees that, whenever a transaction is made, the Trade Engine sends and receives the monetary sums and/or Virtual Currencies from the User's Account in the User's name and on the User's behalf, through the system.

The User is responsible for maintaining the confidentiality of information on his/her Account, including, but not limited to the password, email, wallet address, wallet balance, and of all activity including transactions made through the Account. If there is suspicious activity related to the User's Account, Bitnymex may request additional information from the User, including authenticating documents, and freeze the Account for the review time. The User is obligated to comply with these security requests, or accept termination of the Account.

The User shall be solely responsible for ensuring that any transfer of Virtual Currencies to a transferee shall be a valid and legal transaction not infringing any laws including money-laundering laws and regulations of India or any other applicable jurisdiction.

Bitnymex reserves the right to cancel unconfirmed Accounts or Accounts that have been inactive for a period of six (6) months or more, and/or to modify or discontinue exchange platform or the Trade Engine. The User agrees that Bitnymex will not be liable to them or to any third party for termination of their Account or access to the website. The suspension of an Account shall not affect the payment of the commissions due for past transactions. Upon termination, Users shall communicate a valid bank account to allow for the transfer of any currencies credited to their account. Virtual Currencies may be transferred to a valid bank account only after conversion into a currency. It can be transferred through Virtual Currencies too at the sole discretion of Bitnymex, if it feels such a transfer is more convenient.

14. NO LIABILITY

Bitnymex is not responsible for any incorrect or inaccurate registrations, whether caused by the User or by any of the equipment or programming associated with or utilized in the Trade Engine or by any technical or human error which may occur in the operation of the Trade Engine. The User expressly understands and agrees that under no circumstances shall Bitnymex be liable to any User on account of that User's use or misuse of and reliance on the Bitnymex website. Such limitation of liability shall apply to prevent recovery of direct, indirect, incidental, consequential, special, exemplary, and punitive damages (even if Bitnymex has been advised of the possibility of such damages), whether the damages arises from use or misuse of or reliance on the Trade Engine, from inability to use the Trade Engine, or from the interruption, suspension, of the Trade Engine (including such damages incurred by third parties), or from a sudden loss in the price of Virtual Currencies, or any technical failure or hacking attacks on the Bitnymex Servers, or any change in law or regulatory framework in India.

All information is provided on an "as is" basis, with no warranties whatsoever. A possibility exists that the site could include inaccuracies or errors. Additionally, a possibility exist that unauthorized additions, deletions or alterations could be made by third parties to the site. Although Bitnymex attempts to ensure the integrity, correctness and authenticity of the site, it makes no guarantees whatsoever as to its completeness, correctness or accuracy. In the event, that such an inaccuracy arises, please inform Bitnymex so that it can be corrected.

All express, implied, and statutory warranties, including, without limitation, the warranties of merchantability, fitness for a particular purpose, and non-infringement of proprietary rights, are expressly disclaimed to the fullest extent permitted by law. To the fullest extent permitted by law, Bitnymex disclaims any warranties for (i) the security, reliability, timeliness, and performance of the Trade Engine; (ii) other services or goods, as well as for any information or advice received through Bitnymex or through any links provided herein.

Bitnymex cannot and does not guarantee or warrant that the files available for downloading through the Trade Engine or the Trade Engine itself will be free from infection by software viruses or other harmful computer code, files or programs. Bitnymex shall not be responsible for any software viruses or other harmful computer code, files or programs that the user may encounter due to your visiting this trade engine.

Bitnymex has not reviewed all of the sites linked to its trade engine and is not responsible for the contents of any such linked sites. The inclusion of any link does not imply Bitnymex's endorsement of the site. Use of any such linked website(s) is at your own risk.

16. NO WAIVER

No omission or delay on the part of Bitnymex in enforcing any of its rights or powers hereunder shall be deemed to constitute a waiver of any of Bitnymex's rights to exercise such rights and powers and, in any event, shall not constitute or be construed as a continuing waiver.

17. CONTROLLING LAW AND JURISDICTION

These Terms and Conditions and any action related hereto will be governed by the laws of India without regard to its conflict of laws provisions. The exclusive jurisdiction and venue of any action with respect to the subject matter of these Terms and Conditions will be the courts in New Delhi, India and you hereby waive any objection to jurisdiction and venue in such courts.

By clicking on the "Submit" button during sign-up, you hereby give your informed consent to the terms and conditions contained herein.