Terms of Use: summary

We value your time. Here are our Terms of Use (“Terms”) in a nutshell.

You can:

open an account if you are a valid South African citizen/ resident of 18 years or older.
operate only one (your own) account.
deposit your own (local) funds into your account using electronic funds transfer (EFT) and your unique transaction reference provided by us to you.
send or withdraw your funds only if you verify your identity.
use our platform at the agreed fees found in our Fee schedule.
secure your account by setting up two-factor authentication.
accept the risks of trading cryptocurrencies outlined in the Risk Acceptance section outlined below.
choose to not accept these Terms or any changes to them, by Closing your account.

We may suspend, restrict or close your account if your account is at risk or in breach of any of our Terms and/or other policies and/or any law or regulation.

Please also value our time and read the full Terms of Use carefully before reaching out.

You can also visit our Help Centre and browse through the FAQs.

If you are still not sure or have any other questions, we want to hear from you!

You can contact us here.

Terms of Use: The detail

Updated: 5 November 2020.

These Terms are an agreement between you, the account holder, and us, Cape Crypto, a digital currency exchange incorporated and registered in South Africa with registration number 2020/475679/07.

When you create an account with us, you expressly acknowledge that you have read, understood and accepted, in full, our Terms and other relevant policies.

Eligibility

You can only create an account with us if you are:

18 years of age or older;
a valid South African citizen or resident; and
not a “Prohibited Person” (i.e. a citizen of the United States or a Sanctioned individual).

Creating an account

You are only allowed one account and by creating an account, you agree to:

provide us with your full name, valid email address and mobile phone number.
ensure your personal details are accurate, valid and always kept up to date in order for us to communicate with you.
create and fully operate the account on your own accord.
not allow anyone to create or operate an account on your behalf.
not act on behalf of anyone else unless you have been duly authorised to do so.

Cape Crypto does not take any responsibility for the loss of funds derived from accounts created using your identity or acting on your behalf.

Depositing funds into your account

You can deposit funds into your account by using electronic funds transfer (EFT) from your own verified South African bank account.

We will provide you with a unique reference number that will allocate the funds to you.

It is your responsibility to ensure that the funds deposited into your account derive from legal sources. Any funds found to be derived from a fraudulent source will be confiscated, in full.

Please note that we do not allow international, third party or cash deposits.

We will return only up to 80% of the total value of these deposits to you and a further R100 penalty will be deducted from your account.

Sending funds out of your account

You need to verify your identity when sending out cryptocurrency or withdrawing funds, by providing us with a valid Identity (ID) number and current physical address.

Successful verification

Once you have been successfully verified, you will be able to send funds out of your account.

Please note that cryptocurrency transactions are processed immediately, however withdrawals are processed once a day and therefore can take up to 24 - 48 hours to reflect in your account.

Unsuccessful verification

If your verification request is unsuccessful or you refuse to verify, we will return the funds to you, within 3 to 5 working days, subject to you providing us with a valid proof of payment.

A valid proof of payment can either be a copy of your payment notification or bank statement, indicating:

Your full name
Bank account number
Transaction amount
Transaction date
Unique reference number

If the funds are then found to be third party deposits or you refuse to provide us with a valid proof of payment, we hold the right to suspend or close your account, as well as:

return the funds to you subject to the penalties outlined above.
return the funds to the third party depositor’s account.
confiscate the funds, partially or in full, if the funds are found to be derived from fraudulent sources or obtained by means of any illicit activity.

Fees

Cape Crypto charges fees on the transactions performed on our platform and by accepting our Terms, you agree to the fees as set by us, at our own discretion.

We may update the fees at any time with changes effective from the date which they are published on our website. The current fees can be found in our Fee schedule.

We will notify you of any significant changes to our fees by sending you an email to your email address verified on your account.

Keeping your account safe

Keeping your account safe is the responsibility of both parties to this agreement.

We make use of multi-factor authentication to verify and provide you access to your account. You will need your mobile phone and then follow the steps set out here.

We agree to:

protect your personal information. You are welcome to refer to our Privacy and Cookies Policy which sets out how we handle any personal data you provide to us.
ensure that all funds paid to your account will be maintained in a bank account with a reputable deposit-taking institution.
never divulge your account data to any third party unless expressly ordered to do so by court order or an authority in furtherance of a fraud or related matter.
manage access controls, rights and permissions to the data stored on our platform.
communicate with you only via the email domain containing "@capecrypto.com" and website URLs: https://capecrypto.com and https://trade.capecrypto.com and all of its subdomains for example https://support.capecrypto.com.
seek to provide you with relevant information regarding your account security.

You agree to:

enable the security features (including multi-factor authentication) on your account.
keep your personal and account details (username and password) confidential.
only deposit to your account using your unique transaction reference.
not allow anyone else to deposit to, access or operate your account.
never sign-in, access or use the account of another account holder.
ignore communication sent to you where the email domain or website URL differ to that which we have committed to using as indicated above.
accept the risks of trading cryptocurrencies as outlined in the Risk Acceptance below.

Therefore, you acknowledge and agree that Cape Crypto will not be held liable, and is indemnified from, any financial or other loss or damages derived from the voluntary or involuntary sharing of your personal or account details or where access was granted to third parties and/or services provided by such third parties.

Risk acceptance

By accepting our Terms, you agree that you understand and accept that there are inherent risks involved in dealing with cryptocurrencies and that Cape Crypto will not be held liable for any losses associated with these risks.

Cryptocurrency transactions and trading

Cryptocurrency transactions are irreversible due to the nature of blockchain technology.

You accept that the onus is on you to ensure that you enter the correct amount and wallet address and that you can trust the individual or organisation to whom you want to send your funds.

The content we provide on this site is for general information only.

We do not offer any advice or make any recommendations about trading in cryptocurrencies.

Cape Crypto can not be held responsible for any transactions that have been processed erroneously or fraudulently using our platform or for any trading or investment you engage in or instruct on or agree to on your behalf.

You undertake to independently evaluate what and how you invest in cryptocurrencies in order to avoid any unforeseen or unfortunate financial circumstances. It is wise to perform your own due diligence and obtain independent legal and/or financial advice.

Market

The cryptocurrency market can be affected by economic, social, legal and political, regulatory and even natural events that may occur nationally or internationally.

Therefore, you may experience changes in the value of your cryptocurrency investment due to the movements in any of these markets at any given time. These movements may change the value of your investment in your favour, however conversely so, they may without warning, decrease the value of the currency you are holding quite significantly.

Liquidity

Cape Crypto will do its best to offer you the liquidity to fulfil your order and match your instructions on the buying or selling of cryptocurrencies at the price requested at the given time.

Due to the nature of the market, there may be particular times where there is a limit to the liquidity that is available to trade. This may result in you experiencing a delay in trading your cryptocurrency at the time or price that seemed best to do so.

We will not be held liable for any delay experienced due to a movement of liquidity on the Cape Crypto exchange.

We may hold your funds on different exchange platforms or choose to participate as a buyer or seller to provide liquidity, in order to limit any market or operationally related risk.

Exchange services

Cape Crypto is a digital currency exchange service where you may buy and sell cryptocurrency in order to trade with other users.

Please note that our services are available at all times unless we are experiencing technical or operational issues and we will communicate any maintenance required in advance.

Rules of the exchange

By using our exchange, you acknowledge that you understand and accept the transaction fees as set out in our Fee schedule.

You also accept that prices may change at any given time, due to processing delays and/ or market movement and that depending on the currency pairs that you choose to trade in, exchange rate changes may apply.

We aim to maintain a fair market and therefore, orders will only be processed when instructions are received and matched, in the order that they are received on the exchange. The prices set by traders should not deviate significantly from the market price and an order should be executed with the intention of trading with others.

We reserve the right to limit or refuse orders and sales at our discretion, including if we detect that you are placing orders against your own trades (i.e. self-trading) or using our platform for any fraudulent or illicit trading activity.

Suspending, restricting and closing your account

Suspending or restricting your account

We hold the right to suspend or restrict your account (including delaying or canceling) a transaction in the following circumstances:

There are technical or operational reasons that place your account at risk or prevent us from processing a transaction.
We reasonably believe or have confirmed that:

your account is at risk of unauthorised access.
you are in breach of our Terms or other policies.
your account is involved in Prohibited activity and/or a transaction may be subject to fraudulent, illegal or illicit activity.

We have been requested by the relevant authorities to do so because your account is subject to a pending investigation or other proceeding.

In the event that we require more information from you, we will request this information by reaching out to you to your verified email or mobile phone number.

Closing your account

We hold the right to close your account for any of the above reasons. Furthermore, we may return or confiscate any funds and/or proceeds (fiat or digital currency) at our own discretion.

You may also choose to close your account at any time by notifying us of this decision. Refer to our Help Centre for more information on Closing your account.

You may not open another account once your account has been closed. If you attempt to do so, continue to access your account or use our platform, this will be deemed as prohibited activity and you may be subject to penalties under applicable Laws.

Any action taken by us in this regard, including immediate suspension of any trades and account activity, shall not be the basis for the assertion or recognition of any interest, right, remedy, power, or privilege.

Prohibited activity

We do not allow the following:

Opening more than one account or opening another account once your account has been closed.
Accessing the accounts of other account holders or initiating transactions on behalf of other account holders unless expressly authorised by them, in writing, to do so.
Disputing transactions allocated to your account with your bank or payment provider. Any disputes raised by you will be subject to a R100 penalty raised against your account which may be deducted from any available funds held in your account.
Using your account, another account or our platform for any fraudulent, abusive, illicit or illegal and criminal activity, including but not limited to money laundering, terrorist financing, drug and/or human trafficking, illegal gambling or data hacking.
Holding us responsible for any tax liability arising from your transactional activity.
Any action or activity that may negatively impact the performance of our platform, the services we provide or our company reputation.

Changes to our Terms

Please note that we may make changes to these Terms from time to time. Your continued access and use of your account and our services provided on our website and mobile platforms (and respective API’s) indicates to us that you are still in agreement with our latest Terms.

You are welcome to check this page for any updates effective from the date of publication and we will communicate any significant changes to you by sending you an email to your verified email address.

Non-acceptance of our Terms

You should independently decide whether you accept these Terms.

If you disagree with or do not want to accept our Terms, or any changes made to them, you must not continue to access or use this platform after this date or the effective date of any changes.

If this is the case, you agree to let us know so we can proceed to close your account.

Breach of our Terms

If we have found you to be in breach or violation of any of our Terms outlined above, we hold the right to suspend, restrict or close your account and request more information from you in the event that this is required for investigation or reporting purposes.

Indemnity and limitation of liability

By entering into this agreement, we acknowledge and accept that we shall each not be held liable for any innocent or negligent misrepresentation on the basis of these terms, including intellectual property rights, defamation and breaches of privacy. This excludes any actions found to be fraudulent and/or in breach of these Terms or any applicable laws and have therefore caused or contributed to any loss or damage suffered by either party.

This indemnity applies even in the event that the loss could be foreseen and includes without limitation, any conditions, warranties, guarantees or representations or other terms which may apply, whether expressed (orally or in writing) or implied.

Cape Crypto will not be held liable for any loss or damage caused by the use of any content of sites linked to our platform (including websites that purport to be Cape Crypto, as well as any content of harmful or other electronic material that may affect the running of your computer software and equipment and cause any information or funds held on these devices to be at risk.

In the event that Cape Crypto is liable to you for any contractual or breach of statutory duty, or these Terms, our liability is limited to the balance held in your account at the date of the claim to the liability.