We encourage you to thoroughly review this document (the "Agreement") as it details the conditions under which FOREX PAY SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ, along with its affiliated entities (collectively referred to as "ForexPay"), offers its services (described below) through its digital platforms, including websites, APIs, and mobile apps.

1. Overview

References to "we," "us," or "our" in this document refer to ForexPay, while "Customer," "you," or "your," refers to you as a user of our services. "Service" denotes the services provided via our websites, APIs, or mobile apps. FOREX PAY SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ is established as a private limited liability company under Polish law, with registration number RDWW-1358, and is headquartered at Piotrkowska Street 116-52 Lodz, Lodz Province, 90-006 Poland. The company operates as a virtual currency exchange and a digital wallet provider in compliance with Polish regulations.

This Agreement outlines the terms under which you may use the services provided by ForexPay. By accessing or attempting to use these services, you are agreeing to be legally bound by the terms of this Agreement. The Agreement becomes effective once you electronically confirm your consent. We recommend keeping a copy of this Agreement and records of your transactions for your own reference.

For the purposes of this Agreement, a "Business Day" refers to any day excluding Saturdays, Sundays, or public holidays in Poland when banks are operational.

2. Services Provided

2.1 Under the terms of this Agreement, ForexPay offers services facilitating the exchange between fiat and cryptocurrencies.

2.2 Through ForexPay services, you can engage in transactions directly with ForexPay to purchase specific cryptocurrencies (excluding those deemed securities by regulators in your jurisdiction) using fiat currencies, subject to applicable fees displayed at the time of transaction.

2.3 To make a cryptocurrency purchase, you must provide a valid payment method linked to your ForexPay account. Once verified by ForexPay, this payment method will allow you to proceed with cryptocurrency transactions.

2.4 Current pricing information for cryptocurrencies can be viewed on the Site. Note that cryptocurrency prices are highly volatile and may change frequently throughout the day. Prices displayed on the Site are for informational purposes only and may differ from actual transaction prices due to real-time market changes and applicable transaction fees.

2.5 Acceptance of your order by ForexPay does not guarantee receipt of the corresponding amount of cryptocurrency. Transactions are contingent upon successful receipt of funds through your chosen payment method.

2.6 Subject to successful transaction authorization and receipt of funds, ForexPay will initiate a request to transfer the purchased cryptocurrency to the wallet specified by you at the time of purchase, typically within one hour of payment confirmation. Receipt of cryptocurrencies may be delayed due to factors beyond ForexPay`s control, such as network delays.

2.7 Payment Processing: ForexPay uses third-party processors to handle fiat payments between you and ForexPay.

2.8 ForexPay does not offer trading, investment, or brokerage services, nor does it provide financial advice.

3. Account Setup and Verification

3.1 Account Creation

To access the ForexPay Services, you must first register for an account ("Account"). During the registration process, you will need to provide basic personal information, including your name and email address, and you must agree to the terms and conditions set forth in this Agreement. By creating an Account, you confirm that you will utilize ForexPay Services exclusively for your personal use and not on behalf of any third party. You bear full responsibility for all actions and activities conducted through your ForexPay Account. ForexPay reserves the right, at its sole discretion, to decline to open an Account for you, impose restrictions on the number of Accounts you may hold, or suspend or terminate any Account without prior notice.

3.2 Identity Verification Requirements

To qualify as a customer/user, you are required to furnish ForexPay with specific information as part of the account setup process. This information is necessary to fulfill our "Know Your Customer" (KYC) and due diligence obligations, which are essential for verifying your identity and detecting potential risks associated with anti-money laundering, anti-terrorism financing, fraud, and other financial crimes. You grant us permission to retain records of this information in compliance with applicable laws and regulations.

3.3 Completion of Verification Procedures

Before you are authorized to utilize any ForexPay Services, you must successfully complete all prescribed verification procedures. These procedures are designed to ensure compliance with regulatory requirements and to protect the integrity of the ForexPay platform.

3.4 Information Requirements

We may request various personal details from you, including but not limited to your full name, residential address, phone number, email address, date of birth, taxpayer identification number, government-issued identification number, and details regarding your bank account (such as the bank`s name, account type, routing number, and account number). Additional information that may be required includes your network status, customer classification, role within the account, billing type, mobile device identifiers (such as IMSI and IMEI), and facial characteristics (solely for facial recognition purposes where applicable). By providing us with this information or any other requested details, you affirm that all information is accurate and current. You also agree to promptly notify us of any changes to the information you have provided. All data collected will be handled in accordance with the data protection provisions outlined in this Agreement.

3.5 Authorization for Background Checks

You authorize ForexPay to conduct any inquiries, either directly or through third parties, that we deem necessary to verify your identity, safeguard against fraud, or protect both you and us from financial crime. This may include sharing your personal information with credit reference agencies, fraud prevention agencies, or financial crime detection agencies, which may respond to our inquiries in full. It is important to note that these inquiries are solely for identity verification purposes and should not adversely affect your credit rating. Additionally, there may be a mandatory waiting period after the completion of a transaction before you can access further ForexPay Services or engage in transactions that exceed certain volume limits.

3.6 Non-Compliance and Consequences

Failure to provide any information reasonably requested by ForexPay, in accordance with applicable anti-money laundering laws and regulations, after you have registered as a customer may result in the suspension of your Services (including access to your Account) and/or the termination of this Agreement. The specific information required from you may vary based on the Services you are utilizing under this Agreement and the payment methods employed.

4. Transaction Restrictions and Additional Verification

4.1 Transaction Volume Limits

The utilization of all ForexPay Services is subject to limits on the transaction volume, which are typically denominated in GBP, EUR, or other fiat currencies, that you may process or transfer within a specified timeframe (e.g., daily limits). To view your specific transaction limits, you can log into your ForexPay Account. These limits may fluctuate depending on several factors, including your chosen payment method, the extent of your completed verification steps, and other risk-based assessments. ForexPay retains the right to modify these limits as necessary to maintain security and compliance standards. Should you wish to increase your transaction limits beyond the standard amounts, you may submit a request to ForexPay for consideration.

4.2 Enhanced Due Diligence Requirements

If you seek to elevate your transaction limits, ForexPay may require you to provide additional information and documentation to support your request. This process, known as "Enhanced Due Diligence," involves a more thorough review of your account and personal circumstances. Based on this assessment, ForexPay may, at its discretion, either approve or deny your request to raise limits or, if necessary, subsequently lower your transaction limits, even if Enhanced Due Diligence has been previously completed. Enhanced Due Diligence is conducted to ensure that all transactions are conducted in compliance with international regulatory standards and to prevent fraudulent activities.

By adhering to these processes and requirements, ForexPay aims to maintain a secure and compliant environment for all users engaging in financial transactions on our platform.

5. Order Finality and Refund Policy

5.1 Irrevocability of Orders

Once you have placed an order to purchase Cryptocurrency through ForexPay, this order is considered final. It cannot be cancelled or revoked once it has been initiated.

5.2 Finality of Transactions

All transactions are considered complete and irreversible once the Cryptocurrency has been transferred to the wallet address provided by you at the time of the purchase. Under no circumstances can a refund be issued after the Cryptocurrency has been sent.

5.3 No Retrieval of Transferred Cryptocurrency

Once the Cryptocurrency has been sent to the designated wallet address, the transaction is considered final and irrevocable. There is no mechanism available to recall or retrieve the Cryptocurrency, regardless of the circumstances.

5.4 Acknowledgment of Terms

By engaging in a transaction, you expressly agree that you will not be entitled to any form of refund or credit after the Cryptocurrency has been delivered. The obligations of ForexPay towards you are fully discharged upon the successful transfer of the Cryptocurrency to your specified wallet address, and you relinquish any right to make claims against ForexPay regarding that transaction.

6. Access Restriction, Account Termination, and Service Suspension

6.1 Right to Restrict Access

ForexPay reserves the right to: (a) refuse to process, block, or cancel any transaction you have authorized; (b) suspend, restrict, or terminate your access to any or all ForexPay Services; and/or (c) deactivate or cancel your ForexPay Account immediately for any reason, including but not limited to the following circumstances:

6.1.1 Reputational Protection: If we reasonably believe that such action is necessary to protect our reputation.

6.1.2 Legal or Regulatory Requirement: If, in our reasonable opinion, we are required to take such action by applicable law, regulation, or any court or other authority to which we are subject.

6.1.3 Breach of Agreement: If we reasonably suspect that you are acting in violation of this Agreement.

6.1.4 Security Concerns: If we have concerns about a transaction being erroneous, the security of your ForexPay Account, or if we suspect that ForexPay Services are being used in a fraudulent or unauthorized manner.

6.1.5 Financial Crime Suspicion: If we suspect activities such as money laundering, terrorist financing, fraud, or any other financial crime.

6.1.6 Legal Proceedings: If your ForexPay Account is subject to any pending litigation, investigation, or government proceeding, or if we perceive a heightened risk of legal or regulatory non-compliance associated with your Account activity.

6.1.7 Circumvention of Controls: If you take any actions that may circumvent our controls, such as opening multiple ForexPay Accounts or abusing promotional offers.

6.1.8 Failure to Provide Required Documentation: If you fail to provide, upon request, such documentation as ForexPay or any third party involved in providing the Services reasonably requires complying with applicable anti-money laundering laws and regulations or to ensure the verification of your identity and/or funding sources.

6.1.9 Unusually Large Transactions: If any Cryptocurrency Purchase is significantly larger than typical transactions.

6.1.10 Security and Protection: If ForexPay reasonably believes that it is necessary or desirable to take such action to protect the security of the Account, including situations where any Account details may have been compromised.

6.2 Notification of Suspension

In cases of suspension or withholding of services, ForexPay will make reasonable efforts to inform you about the action, provided that such notification:

6.2.1 Legal and Regulatory Compliance: Does not breach any applicable laws or regulations and does not contradict any directives from a competent authority or regulator.

6.2.2 Security Measures: Does not compromise the reasonable security measures of ForexPay.

6.3 Limitation of Liability

ForexPay shall not be held liable for any losses or damages you may incur as a result of any reasonable actions it takes to suspend an Account or withhold settlement of a Cryptocurrency Purchase in accordance with this clause.

6.4 Reinstatement of Services

Should the reasons for any actions taken under this clause no longer exist, ForexPay may, at its sole discretion, reinstate your access to the Account and Services and/or provide you with new Account details. ForexPay reserves the right to request that you complete the account opening procedures again as outlined in this Agreement and to address any unresolved issues with your Account before any restrictions are lifted.

Additionally, ForexPay may suspend, restrict, or terminate your access to any or all Services, or deactivate or cancel your Account, without providing a reason, by giving you one month`s prior notice. You acknowledge that any decisions to limit access, suspend, or close your Account may be based on confidential criteria essential for our risk management and security protocols. You agree that ForexPay is under no obligation to disclose the details of its risk management and security procedures to you.

By adhering to these terms and conditions, ForexPay maintains a secure and compliant environment for all transactions, ensuring the integrity and reliability of its Services.

7. Fees

7.1 Fee Structure and Payment

Unless explicitly stated otherwise in this Agreement, all fees associated with the Services provided by ForexPay are displayed during the transaction process. These fees are to be paid in Euros or any other currency that has been mutually agreed upon between ForexPay and the Customer. The fees applicable to each transaction are determined by the nature and scope of the transaction and are non-negotiable. The Customer acknowledges that they have reviewed the fees prior to completing a transaction and that proceeding with a transaction constitutes acceptance of the fees displayed.

7.2 Chargeback and Financial Repercussions

ForexPay maintains the right to seek compensation for any financial losses incurred as a result of a chargeback initiated by you with your bank. This may include, but is not limited to, administrative fees charged by the card acquirer and card schemes, as well as the monetary value of the Cryptocurrencies ordered or purchased. By using the ForexPay Services, you agree to be liable for such financial repercussions and understand that these may include additional legal and administrative costs incurred in the recovery of funds.

8. Personal Data Handling and Privacy

8.1 Processing of Personal Data

By using the Services of ForexPay, you acknowledge and consent to the processing of your personal data as necessary for the performance of this Agreement or the Services. ForexPay will process, store, and sometimes update your personal data in accordance with our Privacy Policy. This data processing is crucial to our ability to provide Services, ensure compliance with legal obligations, and protect both you and ForexPay from fraudulent activities.

8.1.1 Compliance with Data Privacy Laws: You confirm that all personal data disclosed to us has been or will be provided in accordance with all applicable data protection and privacy laws. You also guarantee that such data is accurate, up-to-date, and relevant at the time of disclosure.

8.1.2 Acknowledgment of Privacy Policy: Prior to submitting any personal data to us, you acknowledge that you have thoroughly reviewed and understood our Privacy Policy, which is available for review on our website.

8.1.3 Updates to Privacy Policy: From time to time, ForexPay may provide you with updated versions of the Privacy Policy. You agree to promptly read any such notice and to provide updated copies of the Privacy Policy to any individual whose personal data you have provided to us or to direct them to a webpage containing the updated Privacy Policy.

9. Card Information Retention

9.1 Consent to Store Card Details

To comply with legal requirements, we must secure your consent to store your card details for future use. We cannot process your payments without this consent. By accepting this Agreement, you give us permission to store your card details.

9.2 Usage of Stored Details

Your card information will be stored in association with your account for transactional purposes unless you choose to remove it or the card expires. In accordance with our Privacy Policy, we will continue to store records of your transactions for legal and regulatory purposes.

9.3 Facilitating Transactions

We store your card details to facilitate future deposits and withdrawals, ensuring smoother transactions and aiding in the detection and prevention of fraudulent activities.

9.4 Convenience

Storing your details helps to avoid the repetitive task of re-entering information for every transaction.

9.5 Fraud Prevention

Stored details are also used in our fraud detection systems to prevent unauthorized use of your information across different accounts.

9.6 Opt-Out Policy

If you do not consent to us storing your card details, we will not be able to process deposits made using that card.

9.7 Changes in Usage

Any changes to the permitted use of stored details will require your agreement, and we will notify you in advance if any such changes occur.

10. Right of Withdrawal

10.1 Right to Withdraw

You have the right to withdraw from this Agreement within fourteen (14) calendar days without providing a reason or incurring any penalty. This withdrawal period starts the day after your application is accepted by us.

10.2 Service Restrictions During Withdrawal Period

Typically, we will not provide Services during the withdrawal period. Any Services, orders, or purchases fully executed before the withdrawal cannot be reversed.

10.3 Withdrawal Notification

To exercise your right of withdrawal, you must notify us of your intention within the allotted period via email.

10.4 Termination Upon Withdrawal

If you exercise your right of withdrawal, this Agreement will be terminated without any cost to you.

11. Complaints

11.1 Complaint Handling

For any complaints related to the Services, you are encouraged to contact ForexPay directly.

12. Admissibility

To use any of the services provided by ForexPay, you must be at least 18 years old, legally capable of entering into binding agreements, and reside in a country where the relevant ForexPay services are accessible. ForexPay services are NOT available to individuals from or residing in the United States, Syria, Iran, Democratic Republic of Congo, Venezuela, Libya, Russia, Ukraine, North Korea, and other regions subject to European Union sanctions.

13.Risk disclosures

13.1 Market Risks

13.1.1 Cryptocurrencies trading is speculative; prices are volatile and even prices that can go to zero and market movements are difficult to predict. Supply and demand for cryptocurrencies can change rapidly without warning and can be affected by a variety of factors which may not be predictable, including regulation, general economic trends, and developments in the cryptocurrency’s ecosystem. All investments in cryptocurrencies carry the risk of losing all of their principal.

13.1.2 The cryptocurrencies industry is subject to systemic and systematic risk. Systemic and systematic risks are both threats to the cryptocurrencies markets and economy, but the cause of these risks and the approaches for managing them are different. Systemic risk is the risk that a company or industry-level risk could trigger a major collapse. Systematic risk is the risk inherent to the entire market, which can be economic, sociopolitical, technological, or natural in origin. These risks can affect the prices of cryptocurrencies.

13.1.3 Blockchain technology is a relatively new technology that is evolving rapidly and is likely to be subject to continued technological development.  The future development and growth of the cryptocurrencies industry is subject to a variety of factors that are difficult to predict and evaluate. Similarly, the sustainability of cryptocurrencies networks may also be affected by a range of different factors.  All such factors may impact the value of a cryptocurrencies.

13.1.4 Negative perceptions about cryptocurrencies may reduce the confidence of investors in the industry and result in greater volatility of the prices in cryptocurrencies, including possibly a significant depreciation in value.  Any events that trigger negative publicity in respect of cryptocurrencies markets may therefore have an adverse impact on the value of any investment in cryptocurrencies.    

13.2 Availability Risk

While we aim to deliver a seamless user experience, we cannot guarantee that the ForexPay Services will be available at any particular time or that ForexPay Services will not be subject to unplanned service outages or network congestion. It may not be possible for you to buy, sell, transfer, send or receive cryptocurrencies when you wish to do so.

13.3 Third Party Risk

Third parties, such as payment providers may be involved in the provision of ForexPay Services. You may be subject to the terms & conditions of these third parties., Unless expressly provided otherwise, ForexPay will not be responsible for loss that may be incurred by you as a result of or arising from the services provided by such third parties. 

13.4 Security Risk

13.4.1 The nature of cryptocurrencies exposes them to an increased risk of cyberattack. While ForexPay uses all reasonable efforts to safeguard cryptocurrencies and protect the Platform from cyberattack, it is not possible to eliminate security risks entirely. There can be no guarantee that systems in place to mitigate cybersecurity threats will always be effective to prevent improper access to the Platform and cryptocurrencies.   

13.4.2 You are responsible for keeping your ForexPay Account information safe, and you shall be responsible for all the Transactions under your ForexPay Account, whether you authorized them or not. Transactions in cryptocurrencies may be irreversible, and losses due to fraudulent or unauthorized transactions may not be recoverable.

13.5 Risks related to cryptocurrencies

13.5.1 faults, defects, hacks, exploits, errors, protocol failures or unforeseen circumstances occurring in respect of a cryptocurrencies or the technologies or economic systems on which the cryptocurrencies rely;

13.5.2 transactions in cryptocurrencies being irreversible. Consequently, losses due to fraudulent or accidental transactions may not be recoverable;

13.5.3 network delays causing transactions to not be settled on the scheduled delivery date; 

13.5.4 attacks on the protocol or technologies on which a cryptocurrency depends;

13.5.5 cryptocurrencies are subject to the risk of fraud or cyber-attacks; 

13.5.6 cryptocurrencies purchased and held in an account with ForexPay are not covered by any external investor compensation, customer asset protection, deposit protection, insurance, or other similar schemes; and

13.5.7 cryptocurrencies and the cryptocurrencies market are subject to speculative interest, rapid price swings and uncertainty.

13.6 Legal and Regulatory Risks

13.6.1 Most cryptocurrencies operate without a central authority and are generally not backed by any government or authority. Changes in laws and regulations may materially affect the value of cryptocurrencies. This risk is unpredictable and may vary from market to market.

13.6.2 cryptocurrencies may not be considered “property” under Applicable Laws in some jurisdictions. This may affect the nature and enforceability of your interest in the cryptocurrencies.

13.6.3 Legislative and regulatory changes may adversely affect or restrict (as applicable) the use, transfer, exchange, and value of cryptocurrencies, as well as the provision of the ForexPay Services in certain jurisdictions. Legislative and regulatory changes may occur quickly and without prior notice.