Terms and Conditions / User Agreement
For the purpose of these terms, Cointessa.com Ltd. will be referred to as the "company" or "Cointessa.com Ltd." and all users of the company's services shall be referred to as "you" or "customer". The website managed by Cointessa.com Ltd. https://www.coinvertit.com will be referred to as "we", "website" or "Coinvertit".
This Agreement is provided to you and established in English. You may find this document on other languages such as Romanian and Hungarian. We will communicate with you in English, Romanian or Hungarian, for all matters involved to your use of our Services. For your benefits, our staff is fluent in English, Romanian and Hungarian. If we have provided you with a translation of the English, Romanian and Hungarian language version of this Agreement, you agree that the translation is provided for your convenience only and that the English, Romanian and Hungarian language version of the Agreement will govern your use of the Services. This Agreement sets forth the entire understanding and Agreement between you and Coinvertit as to the subject matter hereof, and supersedes any and all prior discussions, agreements and understandings of any kind (including without limitation any prior versions of this Agreement), and every nature between and among you and Coinvertit. If after reading this Agreement in its entirety you are still unsure of anything or you have any questions, you should contact our support and state your questions. If you don't understand this agreement it doesn't absolve you from abiding it.
To enter the website and accept the agreement, you must be at least or over 18 years of age. By using our services you represent and accept that you are 18 or older. Some services such as trading via fiat currencies (EUR, RON, HUF) is only allowed to residents of the European Union.
Risks of holding cryptocurrencies
Cryptocurrency is a not backed or value guaranteed by any financial institution. When you are purchasing cryptocurrencies the customer assumes all risk that the cryptocurrencies may become worthless in value. Customers should research and consider the risks before purchasing any. The company makes absolutely no guarantee about the future value of the cryptocurrencies purchased.
To use any of our services, you must first register by providing your e-mail address and your desired password. You can open only one account. If you open more than one then such additional accounts may be suspended at our discretion. After a successful registration process we will establish your account and for our own good we can refuse to allow you to establish a Coinvertit account.
We may also require you to give out further information as a condition for continued use of our services. If you want to convert your local currencies to cryptocurrencies, or cryptocurrencies to local currencies you authorize Coinvertit to make sure we validate your identity. This may be such as your date of birth, your name, phone number, email address, physical address, tax identification number, government identification number, and bank account information. We might make you answer some basic questions in order to verify your identity. By going through this process, and submitting this or any other information that might be required, you verify that the information is accurate and real. You confirm to inform us about any changing information.
Keeping your contact information secured
You are responsible of keeping your contact information up to date. Be aware of our updates, in order to receive any notifications of our changes that we may send you. You are responsible for maintaining sufficient security of any passwords, hints, IDs, personal numbers such as your PINs or any other codes. Any loss of these may result in unauthorized access to your Coinvertit account by third-parties. We will not be accountable for any loss arising from your failure of protecting your account information. We will not be responsible for any notifications that we send you will remain unseen by you. If you believe that your account information is endangered, immediately contact our support. We are not responsible for any damage or interruptions caused by any computer viruses, spyware, or other malware that may affect your computer or other equipment. We advise you to periodically change your password to our services, to prevent account theft.
Suspension and closure
We may, in our sole and absolute discretion, refuse to let you open an Account, suspend your Account, or terminate your Account, or your use of one or more of the Services. It can happen as a result of failing to respond to our customer support requests, account inactivity, violating the terms of this Agreement, or we notice that you use your account for illegal actions, or opening multiple Convertit online Accounts, or you take an advantage of our promotions that we may offer from time to time. You are able to recover your unsettled transactions from your suspended account, unless it's prohibited by law or court order.
If you are buying or selling cryptocurrencies through our service, you are buying from or selling to us directly. We are not a marketplace between other buyers and sellers of cryptocurrencies. Our site has a Conversion Rate / Exchange Rate that is the price in terms of local currency at which you sell cryptocurrencies to Coinvertit. You agree, as a condition of using any Coinvertit Services, to accept the Conversion Rate / Exchange Rate as the sole conversion metric. All rates mentioned on the site are subject to misprint. Coinvertit does not accept any liability for the consequences of misprints.
Right to suspend any transactions or settlements
We have the right to cancel or to settle any ongoing / pending cryptocurrency or local currency transaction connected to your account as required by law, court order or any other binding government order.
We have the right to refuse to process or cancel any transactions that you make with cryptocurrencies, if our website suspects that the transaction involves terrorist financing, money laundering, fraud or any other type of financial crime.
We may, in our sole discretion, delay transactions or settlements if we believe the transaction is suspicious, may involve fraud, violates applicable laws, or violates the terms of this Agreement.
If we have technical difficulties with our site, or your account, Coinvertit may suspend your account temporarily until the problem is resolved. We try to not let this happen.
You need to be aware that, by making a local currency payment to Coinvertit Bank Accounts, you are making an order to buy cryptocurrencies or sell cryptocurrencies at the "Conversion Rate" that is applicable at the time we fully process your order (receive the payment and process the exchange), and not the conversion rate applicable at the time you initiated your transaction. We will do our best to finalize your order in the shortest possible time but there can be substantial delays between the time we receive your order or payment and process the exchange. Your orders are processed during our business hours as stated on the website. In connection with any purchase or sell of cryptocurrencies through the service, we will try to fullfill such purchase orders at the applicable Conversion Rate / Exchange Rate. However, from time to time, it may be necessary for Coinvertit to delay fulfillment of a purchase / sell order, until such time as we are able to execute, make the transaction happen. We will send you directly the amount of cryptocurrency or local currency that you will receive either to your cryptocurrency wallet or your provided bank account.
You need to be aware that, by making a local currency payment to Coinvertit Bank Accounts, you are making an order to buy cryptocurrencies at the "Conversion Rate". It will be based on the applicable Conversion Rate at the time Coinvertit accomplishes your order, not the applicable Conversion Rate that was at the time we received your payment or your order. Local currency payments may take up to a few days to reach our Bank Accounts, in this situation again the Conversion Rate might be different from the time we receive such payment.
Local currency payments that might not originate from the correct User Bank Account or an unidentified Account, will be sent back to the original account. We only accept payments that originate from your Bank Account that is under your control, and your name. The only way you can purchase cryptocurrencies is by using the bank account that is registered under the name you registered your Coinvertit Account with. We have the right to delay or cancel any settlement if it observes a risk of fraud or illegal activity.
The market rates of the cryptocurrencies fluctuate, the values vary at any given moment. General rules when buying cryptocurrencies:
- Coinvertit does not guarantee the future value of any cryptocurrency in any way.
- Coinvertit uses current market rates. These can vary at any given moment.
- Customer should always enter his / her own address when buying cryptocurrencies. By entering an address that is not his / her, customer does so entirely at his / her own risk.
- In the event of suspicion of abuse or fraud, Coinvertit reserves the right to suspend transactions until the legitimacy of the transaction has been verified.
- A bank account can only be used for one Coinvertit account.
- Customer declares to be the owner of the bank account that is used and to have truthfully entered all the required information.
Once the cryptocurrencies are sent out to the address specified by you we can't refund your order. Please make sure you spell your cryptocurrency address properly, we can't give refunds if you misspelled your cryptocurrency addresses. We do check if your cryptocurrency address is a proper address, however we have no way of checking if you really control it.
You need to be aware that, by selling cryptocurrencies, and converting them into local currencies, you'll sell them at the "Conversion Rate" that is applicable at the time we finalize your order (receive the payment and process the exchange), and not the conversion rate applicable at the time you initiated your order or initiated the payment. Cryptocurrency payments may take up to a few days to reach our service (depending on network congestion and other factors that are or are not under our control). The local currency that you receive for your sold cryptocurrencies, may take up to a few days too, to reach your registered Bank Account, in this situation again the Conversion Rate might be different from the time we receive such payment.
We have the right to delay or cancel any settlement if it observes a risk of fraud or illegal activity.
A processed payment is not reversible. It is your own responsibility to enter in all the required information correctly.
Our company, won't charge you any trading fees. However, your bank and / or cryptocurrency wallet provider may charge you fees for payments or transactions on cryptocurrency networks. Cryptocurrency networks usually require a fee in order to make payments from your cryptocurrency wallet. It is your responsibility to make sure that you have enough local currency or cryptocurrency in your bank account or your cryptocurrency wallet in order to enter buy / sell or trade transactions. In certain cases we might charge you another fee. If this applies, we will clearly state this before you initiate and confirm your order, giving you a chance to accept or decline the respective order.
If you make a Coinvertit account, you confirm that you will not use our services in connection with any of the following activities:
High risk businesses: any business that we consider possess elevated financial risk, legal liability, or violates card network or bank policies.
You verify to us that any funds used by you in our Services, are owned by you or that you are validly authorized to carry out transactions using such funds.
Participate in any transaction that involves the proceeds of any unlawful activity.
Attempt to fraud Coinvertit or any users of Coinvertit.
Provide false or any inaccurate information.
Upload any material to the site that contains viruses, worms, Trojan horses or any other harmful programs.
Use the account information of another party to access or use any of our Coinvertit Services.
If you are uncertain as to whether or not your use of our services involves a Prohibited Business, or have questions about how these requirements apply to you, please contact our support.
You verify to us that any funds, payments used by you on our Services are owned by you or you are validly authorized to make transactions using such funds. We reserve the right at all times to close your account, ongoing payments or trades if we observe that you're not transacting with your own money.
We have the right to review, retain and/or disclose any information as necessary to satisfy any applicable law, regulation, legal process or governmental requests.
In no circumstances shall Coinvertit, and it's service providers, or any of their directors, employees or representatives are liable for your lost profits or any incidental damages arising out of Coinvertit site, services and this agreement.
We will manage to make efforts to ensure that your requests for trades and settlements are completed in the fastest possible time period, although we make no representations or warranties regarding the amount of time needed to complete processing. Our services are dependent upon many other factors that are out our control (for example: cryptocurrency network or banking system delays).
Please always contact our Coinvertit Support if you have any complaints or requests or queries and we will resolve the problem as quickly as possible. Always provide us with your contact information (such as your name, address, identification, etc.) when you want to get in touch with us.
Applicable law / competent judge
All agreements are subject to Romanian law.
Any disputes arising from this agreement between Coinvertit and the customer which cannot be settled in mutual negotiation will be heard by the competent judge within the jurisdiction of Satu Mare, Romania, unless Coinvertit prefers to present the dispute before the competent judge in the city of residence of the buyer, with the exception of those disputes that fall under the competence of the district court judge.
Information posted on Coinvertit (such as your personal data and trading data) is not publicly available. We collect and store the following personal information:
E-Mail Address, contact information, copies of your personal documents
computer sign-on data, statistics on page views, traffic to and from Coinvertit and ad data (all through cookies - you can take steps to disable the cookies on your browser although this is likely to affect your ability to use the site)
other information, including users IP address and standard web log information.
We use users personal information to:
-provide our services
-resolve disputes and troubleshoot problems
-encourage safe trading and enforce our policies
-customize users' experience, measure interest in our services and inform users about services and updates
-communicate marketing and promotional offers to you
-do other things for users as described when we collect the information.
We don't sell or rent users' personal information to third parties for their marketing purposes without users explicit consent. We may disclose personal information to respond to legal requirements, enforce our policies, respond to claims to protect anyone's rights, or safety. We may also share personal information with:
-corporate affiliates who help detect and prevent potentially illegal acts and provide joint services. (Our corporate affiliates will market only to users who ask them to)
Cookies and Sessions
-service providers who help with our business operations.
Coinvertit does store some information in "cookies" and "sessions" on your computer. It does not store any personally identifible information. If you use a section of our website that requires a login, your login information may be stored in a cookie for the duration of your browser session.
-recognize you as a Coinvertit customer
-customize Coinvertit services, content, and advertising
-measure promotional effectiveness
-collect information about your computer or other access device to mitigate risk, help prevent fraud, and promote trust and safety.
AML and KYC Policy
This policy is the Anti Money Laundering (AML) and Know Your Customer (KYC) Policy of Cointessa.com Ltd.
Money laundering is the process of transforming the profits of crime and corruption into ostensibly "legitimate" assets. In a number of legal and regulatory systems, however, the term money laundering has become conflated with other forms of financial and business crime, and is sometimes used more generally to include misuse of the financial system (involving things such as securities, digital currencies, credit cards, and traditional currency), including terrorism financing and evasion of international sanctions. Most anti-money laundering laws openly conflate money laundering (which is concerned with source of funds) with terrorism financing (which is concerned with destination of funds) when regulating the financial system. (Wikipedia).
Although Cointessa.com Ltd. is currently unregulated and do not fall within the scope of the AML obligations in Romania, we have implemented systems and procedures to prevent money laundering and not be used by criminals to launder proceeds of crime of finance terrorism. The purpose of this AML is to ensure not only that Cointessa.com Ltd. are compliant with current legislation and requirements, but also to show that they take any form of illegitimate use of their services seriously.
If Cointessa.com Ltd. suspect any customer is abusing their services for the purposes of money laundering, Cointessa.com Ltd. reserve the right to suspend any transactions pending the outcome of an internal investigation. Cointessa.com Ltd. reserve the right to report any suspicious activities to the police or relevant authorities without the customer's knowledge.
In accordance with the current industry best practice guidelines, Cointessa.com Ltd.:
- Have established a risk based approach towards assessing and managing the money laundering risks to the business
- Have established and maintain risk based customer due diligence and obtain identification and proof of address in accordance with KYC (know your customer) which includes enhanced due diligence checks for customers which may present a higher risk, this will be determined at the sole discretion of Cointessa.com Ltd.
- Have established and maintain risk based systems and procedures to monitor ongoing customer activity
- Have procedure for flagging and (if needed) reporting suspicious activity
- Pay special attention to all complex, unusually large transactions
- Employ proper care in the hiring of new staff
- Assist law agencies and authorities to trace and seize the proceed of criminal activities
Cointessa.com Ltd. prohibits anonymous accounts and accounts in obviously fictitious names. Cointessa.com Ltd. undertakes customer due diligence measures when establishing business relations or performing transactions, when there is a suspicion of money laundering or terrorist financing, or when it has doubts about previously obtained customer information. If Cointessa.com Ltd. is unable to verify the identity of a customer, then it will not establish business relations or perform transactions with this customer, and it will consider reporting to competent authorities.
As part of our AML policy, we ensure that any customer agreeing to use our services, is also agreeing - if it is requested by Cointessa.com Ltd. - to provide us with identification documentation, including but not limited to the high resolution color scan of all sides of the following Personal Identity Documents and/or Proof of Address Documents:
Personal Identity Documents:
- Current valid full EU or non EU Passport
- Current valid National ID card
- Current valid Driving License
Proof of Address Documents:
- Recent Utility Bill, Gas, Electricity, Water, Telephone (Not mobile phones)
- Bank Statement
We reserve the right to require additional information at any time to verify the customer's identification and any further information that may be required to satisfy the Money Laundering Regulations.
In order to have adequate due diligence checks in place Cointessa.com Ltd. set up the following step by step verification process:
Verified e-mail address
Verified mobile phone number
High resolution color scan of all sides of Government issued Photo ID
Bank account number under customer name
High resolution color scan of all sides of Proof of Residence
Photo of customer holding his / her IDs and a handwritten paper showing a text that Cointessa.com Ltd. provide OR Face-to-face meeting with one of Cointessa.com Ltd. designated employees for due diligence.
Cointessa.com Ltd. includes required and accurate originator and beneficiary information on bank transfers, and monitors bank transfers to detect those lacking required and accurate originator or beneficiary information. Cointessa.com Ltd. does not conduct business with sanctioned persons and entities.
Cointessa.com Ltd. may rely on third parties to perform elements of the customer due diligence measures (like SEPA bank transfers).
Cointessa.com Ltd. maintains transaction records and customer due diligence information for at least 7 years. Cointessa.com Ltd. makes this information available to competent authorities upon request.
Cointessa.com Ltd. takes reasonable measures to determine whether a customer is a politically exposed person and applies additional measures to establish business relations or perform transactions.
Cointessa.com Ltd. may impose limits on the amount of cryptocurrency that customer may buy or sell in a given day / month. Cointessa.com Ltd. reserves the right to change the amount of cryptocurrency that customer may buy from, or sell to, Cointessa.com Ltd., or through any of its Services as we deem necessary or appropriate from time to time.
Cointessa.com Ltd. policy is to comply with applicable laws and regulations regarding AML and identity verification (KYC), and to detect and prevent the use of its service to launder money, commit fraud or other crimes. We are committed to protecting the privacy of our users, but we will not allow anybody to use our services to launder money, commit fraud, or other crimes or illegal conducts.