Terms & Conditions

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1. Acceptance

  1. By using the Platform, you expressly represent and warrant that you are agreeing to accept and comply with these Terms and Conditions.
  2. You should read the entire Terms and Conditions carefully before you use the Platform or any of the Services.
  3. Our Platform allows you to buy, sell, trade, hold and transfer Cryptocurrency ("Services").
  4. The transfer of Cryptocurrencies is only supported via the wallet addresses, which are visible to you on the "Accounts" page of the Platform. These wallet addresses are specific to you and each Cryptocurrency must be used in accordance with instructions provided to ensure successful transfer. Failure to follow instructions may result in irretrievable loss of Cryptocurrency.

2. Account

  1. Eligibility and application

    1. You must register for an Account to access the Platform and our Services. You can register for an Account via our Website.

    2. There are three types of Accounts:

      1. Standard Account;
      2. FastTrack Account;
      3. Multi-user Account.

    3. To be eligible to open an Account with us, you must:

      1. be an individual who is at least 18 years old; or
      2. be an Entity.
    4. The Platform is available only to residents located in the countries listed on https://www.independentreserve.com/au/help/getting-started and is not intended to be offered or made available to any person who resides outside of these countries. If you access this Platform outside of these countries, then you do so at your own risk and it is your responsibility to follow those rules and laws in your country of residence and/or country from which you access this Platform and Services.

    5. When applying for an Account, you must provide any information requested by us in order for us to provide complete access to the Platform and Services. You consent to your personal information being collected and used in accordance with Independent Reserve’s Privacy Policy. In addition, for the purposes of verifying your identity, you consent to:

      1. the verification of your personal information with credit bureau header files (for verification only);
      2. against records held by official document issuers or official record holders via third party systems; and
      3. your verification agent(s) acting as a nominated intermediary in accordance with Australian Privacy Act 1988, to access your personal information which is held by third parties. You also consent to the use by third parties of the results of any verification checks on your identity for the purposes of monitoring and improving their verification services.
    6. You may be eligible for a FastTrack Account, subject to the terms of these Terms and Conditions. A FastTrack Account gives you limited access to the Platform and Services (see clause 2.5 below for more detail). To be eligible for a FastTrack Account you must provide us with the FastTrack Information. We will only open a FastTrack Account for you if we have discharged all our anti-money laundering and counter-terrorism financing obligations. To access the full functionality of the Platform and Services, you will need to complete the further steps required by us to upgrade to a Standard Account.

  2. Changes

    1. You may only make changes to your Account with our consent.
    2. The type of changes that can be made by you will depend on whether you are the Account Owner or a secondary user. Clause 3 sets out the set-up of Multi-user Accounts and the authority that attaches to each type of Secondary User Account.
    3. We may require you to comply with our security procedures before we consent to any changes.

  3. Use

    1. Your Account is to be used only by you, any secondary user or any person nominated by you and approved by us in accordance with our policies and procedures.
    2. You may not assign or otherwise transfer your Account to any other person or entity.
    3. You are solely responsible for maintaining and protecting the confidentiality and security of your Account (including, but not limited to, your login credentials, two factor authentication device, linked email account, any bank account used in connection with your Account, phone number and any information you have provided in connection with your Account). We are not responsible or liable for any unauthorised access to, or use of, your Account (even where you may not be aware of such unauthorised access) except to the extent we have failed to take reasonable steps to secure the Platform.
    4. You must only deposit fiat currency into your Account from a bank account that is in the name of the Account holder or any other bank account nominated by you and approved by us in accordance with our policies and procedures.
    5. We may refuse to accept any fiat currency deposit that is received and marked for your Account from a bank account that is owned or operated by a third party. If we refuse to accept a deposit, the deposit will be returned to the originating bank account and will not be credited to your Account.
    6. You must link a bank account to your Account as part of the Account registration process and before any fiat currency withdrawals can be processed. This bank account will need to be in the name of the Account holder or an account we have otherwise approved for use in accordance with clause 2.3.4. All fiat currency withdrawals requested by you will be paid to your linked bank account. We will not process any fiat currency withdrawals to any other bank account.
    7. Before crediting or debiting any funds from your Account, we may, at any time, request additional information to verify whether you are the owner of a bank account or are authorised to operate a bank account.

  4. Agency

    1. You warrant that if you are creating an Account on behalf of an Entity you are authorised to create an Account and to use the Platform as an agent of the Entity.
    2. We may, in our complete discretion, require you to produce evidence that you are authorised to act on behalf of the Entity and you must provide us with any information we reasonably request for this purpose.

  5. FastTrack Account

    1. A FastTrack Account gives you limited access to some parts of the Platform and Services. You will not be able to access all parts of the Platform and Services until such time as you provide us with information (in addition to the FastTrack Information) that we require to assess your eligibility to be registered for a Standard Account and we have opened a Standard Account for you.
    2. By opening a FastTrack account, you acknowledge and agree that the usability of our Platform and Services is restricted until you have provided all necessary information. You agree that access to the API and all withdrawals of fiat currency and Cryptocurrency will remain restricted on your Account until you are issued with a Standard Account.
    3. If you are unable or unwilling to pass the full user verification process, Independent Reserve reserves the right to cease offering any Services to you and close your Account. If you have any fiat or Cryptocurrency in your Account when it is closed, any fiat or Cryptocurrency will be returned to the source address or bank account (as applicable). You may be asked to provide evidence of the source of a deposit to enable Independent Reserve to return your funds or Cryptocurrency to you. Normal fees apply to any required liquidation of Cryptocurrency or fiat if we close your Account.
    4. You are not permitted to appoint any Multi-user if you hold a FastTrack Account.

  6. Risks

    1. This clause outlines some of the risks (in no particular order of importance) that may be relevant to your use of the Platform and Services. This is not intended to be an exhaustive list of all relevant risks. You should consider all of the risks that may be relevant to your use of our Platform and Services and assess whether those risks are acceptable to you having regard to your financial circumstances and risk tolerance. If you are unsure, we strongly recommend that you do your own research and obtain your own financial, investment or professional advice.
    2. The trading or holding of Cryptocurrencies involves significant risk. Prices can and do fluctuate on any given day. Due to such price fluctuations, you may increase or lose value in your assets at any given moment. Any currency ‑ crypto or not ‑ may be subject to large swings in value and may even become worthless. There is an inherent risk that losses will occur as a result of buying, selling or trading anything on a market.
    3. Cryptocurrency trading also has special risks not generally shared with conventional currencies or goods or commodities in a market. Unlike most currencies, which are backed by governments or other legal entities, or by commodities such as gold or silver, Cryptocurrencies are a unique kind of currency, backed by technology and trust. There is no central bank that can take corrective measure to protect the value of Cryptocurrencies in a crisis or issue more currency. Instead, Cryptocurrencies are an as-yet autonomous and largely unregulated worldwide system of currency firms and individuals.
    4. Traders put their trust in a digital, decentralised and partially anonymous system that relies on peer-to-peer networking and cryptography to maintain its integrity.
    5. Due to the significant risks associated with trading Cryptocurrency, as well as the impact of technology and the international market, we do not warrant or guarantee that particular Cryptocurrencies will be available on our Platform.
    6. We reserve the right to stop offering trades in relation to particular Cryptocurrencies on our Platform at any time for any reason. We will use our reasonable endeavours to notify you if we cease to support trading in particular Cryptocurrency. If this is the case, you will not be able to buy, sell, trade or transfer Cryptocurrency into any other currency, however you will be given the option to move the Cryptocurrency to another platform or third party.
    7. Cryptocurrency trading is susceptible to irrational (or rational) bubbles or loss of confidence, which could collapse demand relative to supply. For example, confidence might collapse in Cryptocurrencies because of unexpected changes imposed by the software developers or others, a government or regulator crackdown, the creation of superior competing alternative currencies, or a deflationary or inflationary spiral. Confidence might also collapse because of technical problems such as if the anonymity of the system is compromised, if money is lost or stolen, or if hackers or governments are able to prevent any transactions from settling.
    8. You agree to indemnify and hold us harmless for any losses incurred as a result of technical failures, hacks, government or regulator intervention or any other issue that negatively impacts the underlying blockchain, smart contracts or network of a Cryptocurrency listed on our Platform.
    9. While we endeavour to keep any Cryptocurrencies we hold for you safe (whether in cold storage, smart contacts in the blockchain or otherwise), there is a risk that the Cryptocurrencies may be lost, compromised, slashed or hacked for reasons outside of our control. This may result due to underlying issues or vulnerabilities in a network (including smart contracts), any actions or omissions from third party service providers or from intentional acts from hackers or other bad actors. Where possible, we will implement controls to mitigate the occurrence or potential impact of these risks. Despite this, there is still a risk that any Cryptocurrencies you hold with us may nonetheless be impacted. In these circumstances, you may seek to access any rights you have under these Terms and Conditions or at law.
    10. In the unlikely event we suffer a financial failure, we may not be able to settle our obligations under these Terms and Conditions as and when those obligations become due. This may mean we may not be able to meet any of our obligations under these Terms and Conditions (including any indemnity). This is often referred to as counterparty risk and is something that exists in every contract or agreement.

    11. There is also the risk that the regulatory landscape changes and any change may impact:

      1. our ability to comply with these Terms and Conditions;
      2. impact the value of your Cryptocurrencies;
      3. require additional disclosures;
      4. reduce the attractiveness of the Platform or Services; and

      5. in some extreme cases, may mean:

        1. the Platform or Services may need to be changed or withdrawn from the market; or
        2. conditions need to be imposed on your access to our Platform or Services.
    12. There may be additional risks that we have not foreseen or identified in our Terms and Conditions. You should consider all potential risks and you may wish to consult a professional adviser if you are unsure.
    13. You should carefully assess whether your financial situation and tolerance for risk is suitable for buying, selling, trading or holding cryptocurrencies.
    14. We use our banking and payments providers in order to accept deposits from you and make payments to you in fiat currency. Our banking providers do not transfer Cryptocurrencies, exchange Cryptocurrencies, or provide any services in connection with Cryptocurrencies.
    15. We are not required and do not hold an Australian Financial Services Licence and we do not provide any financial product advice, any financial products or any financial services. Nothing on our Platform is intended to be or should be taken as legal, financial, business or taxation advice. You should seek your own legal, financial, business, tax and accounting advice in relation to any Cryptocurrency activities.

  7. Credit and Debit Card Transactions

    1. You may be eligible to deposit fiat currency into your Account from a credit card or debit card.
    2. Fiat deposits made by credit card or debit card attract a transaction fee. You can view our full list of fees here.
    3. Your financial institution may charge you a transaction fee, cash advance fee, or similar, when you make a fiat deposit by credit card or debit card. These fees are not charged by us. Please check with your financial institution what fees may be charged prior to initiating a fiat deposit using your credit card or debit card.
    4. We use PayPal to securely process card deposits. Independent Reserve does not hold or store your card details.
    5. As the payment processor, PayPal’s involvement in the transaction is to facilitate the top-up of your fiat balance. PayPal’s service is considered complete once your account balance has been updated. Once complete, any issues related to your fiat account balance are outside of PayPal’s control, and PayPal is not responsible for any resulting consequences.
    6. After the card transaction has been successfully made, any transactions using your deposit balance are completed by Independent Reserve.
    7. A secondary user may not deposit fiat currency to your Account using any credit card or debit card in accordance with this clause 2.7 on your behalf.

  8. PayPal Transactions

    1. You may be eligible to deposit fiat currency into your Account from your PayPal account.
    2. Fiat deposits made by PayPal attract a transaction fee. You can view our full list of fees here.
    3. Your financial institution may charge you a transaction fee, cash advance fee, or similar, when you make a fiat deposit by PayPal depending on how you elect to fund your PayPal account. These fees are not charged by us. Please check with your financial institution what fees may be charged prior to initiating a fiat deposit using your PayPal account.
    4. We use PayPal to securely process these deposits. Independent Reserve does not hold or store your PayPal wallet details.
    5. As the payment processor, PayPal’s involvement in the transaction is to facilitate the top-up of your fiat balance. PayPal’s service is considered complete once your account balance has been updated. Once complete, any issues related to your fiat account balance are outside of PayPal’s control, and PayPal is not responsible for any resulting consequences.
    6. After the PayPal transaction has been successfully made, any transactions using your deposit balance are completed by Independent Reserve.
    7. A secondary user may not deposit fiat currency to your Account using any PayPal account in accordance with this clause 2.8 on your behalf.

3. Multi-user Accounts

  1. Appointment of secondary users

    1. We may allow you to nominate additional users to access your Account (each a "secondary user").
    2. Each secondary user will be required to create a separate Account with us in order to act as your secondary user using an invite link generated by us.
    3. Each secondary user must set-up a Secondary User Account for each time they are invited to become a secondary user regardless of whether that secondary user holds their own Standard Account or is an existing secondary user for another Multi-User Account.
    4. Where an individual is nominated as a secondary user for multiple Multi-User Account holders they are required to hold a separate Secondary User Account for each nomination.

    5. Any nominated secondary user must be:

      1. an individual who is at least 18 years old; and
      2. a resident located in one of the countries listed on https://www.independentreserve.com/au/help/getting-started.
    6. Your Account must be fully verified to nominate a secondary user. FastTrack Account holders are not able to nominate any secondary users.

    7. Provided that your Account is fully verified, you may nominate a secondary user either:

      1. at the time that you open a Standard Account and we have carried out all identification and verification procedures in accordance with these Terms and Conditions and our policies; or
      2. at a later time by following the instructions we provide to you through the Platform.
    8. A secondary user can only be nominated following the process that we detail from time to time in the Platform.
    9. We must consent to any nominated secondary user before that secondary user is provided with a link to set up their own log-in credentials for a Secondary User Account. As part of the set-up process, secondary user must agree to operate their Secondary User Account in accordance with these Terms and Conditions.

  2. Secondary user Types and Permissions

    1. When nominating an individual as a secondary user you must select what type of secondary user you want.

    2. You are able to nominate an individual as one of the following three secondary user types on your Account:

      1. Viewer

      2. Trader (Three different tiers of Trader are available):

        1. Trader with no withdrawals
        2. Trader with restricted withdrawals
        3. Trader with unrestricted withdrawals
      3. Administrator
    3. We will provide the details on the applicable permissions of each secondary user type in the "Manage Users" tab of your Account on the Platform. We strongly encourage you to read this information before selecting the secondary user type that will apply to any particular individual you wish to nominate as a secondary user.
    4. You may change the secondary user permissions at any time via the "Manage User" tab of your Account. Where you change a secondary user’s permission from "Viewer" to "Trader" or "Administrator", the secondary user must first meet the requirements set out in clause 3.6.1 before their access is changed.
    5. You may be appointed a secondary user of more than one Account. You will receive a separate invitation for each Secondary User Account and will have separate log-in credentials for each Secondary User Account.
    6. A secondary user that also holds a Standard Account for their personal trading is not able to access their Account whilst using the Secondary User Account. A secondary user will only be able to access one Secondary User Account at a time.

  3. Security Requirements

    1. To nominate secondary users on your Account, you must have two-factor authentication activated.
    2. Any Secondary User Account must also have two-factor authentication activated.
    3. Any secondary user will only be able to access your Account with their own log-in credentials for the Secondary User Account that is linked to your Account and the obligations in clause 2.3.3 apply to you and each of your secondary users. For the avoidance of doubt, this means you must not share your Account credentials with any person (including a secondary user) and a secondary user must not share their Account credentials with any person (including you or any other secondary users).

  4. User Management

    1. You are solely responsible for selecting a secondary user and agreeing to any terms and conditions between you and your secondary user (to the extent applicable) in which they may view, trade via or administer your Account.
    2. You are solely responsible for the administration and maintenance of all secondary users linked to your Account.
    3. You may, at any time, deactivate any secondary users from your Account by accessing the "Manage Users" tab of your Account.
    4. You must approve the linking of any secondary user, even if that secondary user was nominated by an existing "Administrator" type secondary user on your Account.
    5. Where a secondary user has their own Multi-user Account which has granted access to other secondary users, the secondary user under that Multi-user Account is not a secondary user of your Account and will not have any access rights to your Account.
    6. We do not in any way endorse, verify, attest, warrant or otherwise indicate that a secondary user nominated by you is appropriately skilled, competent or capable of operating your Account in accordance with the type of Secondary User Account and / or your needs and instructions.
    7. You are solely responsible for determining whether each secondary user you nominate is appropriately knowledgeable, skilled and trustworthy and has sufficient experience to operate, trade via or administer your Account in accordance with your needs and instructions.
    8. You indemnify and hold us harmless in respect of any acts or omissions of your secondary users and we will not be liable for any loss suffered by you as a result of any acts or omission of your secondary users, except to the extent that it directly arises from our negligent or wrongful acts or omissions.
    9. We may suspend or terminate your secondary user’s access to your Account if any of the circumstances in clause 8 apply or we otherwise reasonably form the view such suspension or termination is required to protect your Account or the Platform.

  5. Multi-User Account Limits

    1. Individual accounts:

      1. Only 1 "Administrator" type secondary user per Multi-user Account;
      2. Only 1 "Trader" type secondary user per Multi-user Account, irrespective of which type of "Trader" subauthorisation is granted;
      3. There is no limit to the amount of "Viewer" type secondary users per Multi-user Account.

    2. Company accounts:

      1. Up to 2 "Administrator" type secondary users per Multi-user Account;
      2. Up to 2 "Trader" type secondary users per Multi-user Account, irrespective of which type of "Trader" subauthorisation is granted;
      3. There is no limit to the amount of "Viewer" type secondary users per Multi-user Account.

  6. Secondary user Registration and Verification

    1. Any secondary user with "Trader" or "Administrator" access to your Account will be subject to identity verification checks and will be approved at our sole discretion in accordance with the applicable laws and our policy.
    2. Secondary users must provide Independent Reserve with all reasonably requested, identification documentation, personal details and other information that may be required to identify and screen the secondary user for the purposes of clause 3.6.1.
    3. Each nominated secondary user must be approved by us and is subject to us conducting the required identity verification checks in accordance with purposes of clause 3.6.1.

  7. No Change in Ownership or Obligations

    1. The existence of a secondary user does not in any way transfer, assign, encumber, dispose of or hypothecate any of the fiat currency or Cryptocurrency (or any rights in, or interests to, the fiat currency or Cryptocurrency) held in your Account at any time to any of the secondary users.
    2. The existence of a secondary user does not in any way change, reduce or assign any of the obligations that apply to you under these Terms and Conditions.
    3. A secondary user is not able to terminate your Account under these Terms and Conditions.
    4. A secondary user is able to add any linked bank account or external wallet without your express approval.

  8. Acknowledgement

    You acknowledge and agree:

    1. That your secondary users must read and agree to these Terms and Conditions before gaining access to their Secondary User Account;
    2. We are not involved, responsible or liable for any secondary user that is nominated by you and approved by us;
    3. We may provide personal information held about you to any one or more of your secondary users in accordance with our Privacy Policy.
    4. All secondary users will have access to your Account information including personal information;
    5. Any activity performed by a secondary user is taken to be performed on your behalf in accordance with your express instructions and consent;
    6. You will continue to be responsible and liable for any activity that is conducted by a secondary user in relation to your Account and any related activities and all such activities will be attributed to you;
    7. We, in our absolute discretion, may decline any trading or transfer instruction given by a secondary user, at any time. You agree that we may, at our discretion, require from you written or verbal confirmation of any instruction given by a secondary user. If we don’t request written or verbal confirmation for a trading or transfer instruction given by a secondary user, this does not imply that we endorse or otherwise take any responsibility or assume any liability for that trading or transfer instruction;

    8. We are not responsible or liable for:

      1. any loss or damage that may arise from your decision or non-decision to appoint a secondary user;
      2. any information or reporting that is provided to you by a secondary user;
      3. any trading or transfer of Cryptocurrency initiated by your secondary users;
      4. any loss or damage that may arise from any decision, activity, action or omission made by a secondary user on your Account;
      5. any applicable fees, commission, expenses or any other payments to your secondary user; and
      6. any tax liabilities that may arise or accrue as a result of any trading activity undertaken or transfer instruction initiated by a secondary user on your Account,

      except to the extent that it is a direct result of our negligent or wrongful acts or omissions.

4. Limited Rights of Use

  1. Rights

    1. We grant to you a personal, non-exclusive, non-transferable, revocable and limited right to enter and use the Platform and our Services. We reserve all rights, title and interest not expressly granted under this licence to the fullest extent possible under law. Any use of the Platform or Services not specifically permitted under these Terms and Conditions is strictly prohibited.
    2. You acknowledge and agree that the Platform and the Services are our property and are protected by copyright, intellectual property and other applicable laws.
    3. You may view, print and/or download a copy of any materials from the Platform on any single computer solely for your personal, informational, noncommercial use, provided you keep intact all copyright and other proprietary notices. You agree not to modify the material on the Platform in any manner or form, or to use modified versions of the Platform or any materials on the Platform, including without limitation for the purpose of obtaining unauthorised access to the Platform.
    4. You agree not to access our Services by any means other than through the Platform.
    5. The trademarks, service marks, product names, company names and logos used on the Platform are either owned by us or are licenced or used with permission from a third party owner. Any third party trademark, service mark, product name, company or logo remains the property of the respective owner.
    6. The software, text, images, graphics, data, prices, trades, charts, graphs, video, audio or other similar information used, displayed or otherwise made available on the Platform belong to us or is available to us under licence, unless otherwise stated. This information should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected, or distributed in any form or by any means, whether manual or automated.

5. Maintaining Your Account

  1. Obligations

    1. By registering and holding an Account with us, you agree to:

      1. maintain and promptly update any information in your Account to keep it current, accurate, and complete;
      2. check your Account and monitor the movement of your Cryptocurrency including any pending, lapsed or cancelled transaction through your transaction history and to re-execute any transactions which fail;
      3. make deposits into your Account only in accordance with any instructions provided by us from time to time;
      4. not to allow others to access your Account at any time other than a secondary user that has been granted access to your Account in accordance with clause 3;
      5. not assist others in obtaining unauthorised access to any persons Account (this includes access between different Multi-user Accounts);
      6. fully cooperate with us in investigating any improper, unlawful or fraudulent access to or use of your Account or any other Account;
      7. contact us immediately if you believe that your Account (or a Secondary User Account) may be subject to any unauthorised access or other type of fraudulent activity or security breach. Failure to notify us in a timely manner may limit the options available to us to protect your Account. We will not be responsible or liable for any loss you suffer from any unauthorised access, fraudulent activity or security breach, except to the extent that such loss arises from our failure to take reasonable steps to secure the Platform;
      8. cooperate fully with us to investigate any suspected unlawful, fraudulent or improper activity on the Account;
      9. not open more than one Account (excluding Secondary User Accounts) for yourself, by using a name that is not yours, using a temporary phone number or providing any other falsified personal information;
      10. not use the Services or Platform for any unlawful, fraudulent or improper activity, including for any experimental, testing or research purposes or otherwise in a manner for which the Services or Platform have not been designed;

      11. not use the service to engage in any criminal or restricted activities, including (but not limited) to:

        1. terrorist financing;
        2. money laundering;
        3. illegal gambling;
        4. distributing or funding drugs;
        5. malicious hacking; or
        6. other illegal or prohibited activities;
      12. not act in a manner that is defamatory, threatening or harassing;
      13. not cause or permit any damage to or otherwise interfere with our Platform, including the software and user interface by which you submit your information;
      14. not take advantage of any technical or technological error, loophole or glitch on the Platform or Services and, where you do take such advantage, we reserve all our rights to recover any proceeds that you make (whether or not they remain in the Platform);
      15. provide us with accurate, correct and valid information that we require and promptly notify us of any changes and you will not provide us with any false, inaccurate, misleading or deceptive information; or
      16. if you provide any inaccurate or incomplete information to us, or we have reasonable grounds to suspect you have, we may suspend or terminate your Account.
    2. The creation or use of Accounts without obtaining the prior express permission from us will result in the immediate suspension of all said Accounts, as well as all pending purchase/sale offers. Any attempt to do so or to assist others (Account holders or otherwise), or the distribution of instructions, software or tools for that purpose, will result in the Accounts of such Account holders being terminated. Termination is not the exclusive remedy for such a violation, and we may elect to take further action against you.
    3. You are also responsible for maintaining the confidentiality and security of your Account information (including your password, two factor authentication device, linked email account, phone number, bank account used in connection with your Account and any other information that is provided in connection with your Account), safeguarding your own cryptocurrencies, and for all activity including Transactions that are posted to your Account. If there is suspicious activity related to your Account, we may, but are not obligated, to request additional information from you, including authenticating documents, and to freeze any transactions pending our review. You are obligated to comply with these security requests, or we may terminate your Account. You are required to notify us immediately of any unauthorised use of your Account or Secondary User Accounts, log in credentials, two factor authentication device, linked email account, bank account used in connection with your Account, any other information that is provided in connection with your Account or any other breach of security. If you violate these rules, your Account may be terminated and you indemnify us for any losses that we or another Account holder may suffer as a result of you failing to notify us of any unauthorised access, fraudulent activity or security breach.

6. Trading

  1. You may buy or sell any Cryptocurrency by initiating a trade from your Account or by accessing our OTC Services.

  2. A trade may be made at:

    1. for trades initiated via your Account, the market price or by setting a limit price (where available); or
    2. for OTC Trades, at the price we quote.

  3. Once the trade has been executed, any:

    1. Cryptocurrency bought by you will be credited to your Account; and
    2. Cryptocurrency sold by you will debited from your Account and the sale proceeds will be credited to your Account in the fiat currency chosen by you. You may withdraw that fiat currency under clause 8.
  4. Once Cryptocurrency bought by you has been credited to your Account under clause 6.1.3(a), you may transfer that Cryptocurrency to another wallet or trading platform under clause 8 or sell that Cryptocurrency under clause 6. If you don’t transfer or sell that Cryptocurrency, then clause 7 will apply to any Cryptocurrency credited to and held in your Account.

7. Holding

  1. If you keep your Cryptocurrency in your Account and don’t sell it under clause 6 or transfer it out under clause 8, then we will hold that Cryptocurrency for you on a 1:1 basis until you transfer or sell that Cryptocurrency in accordance with these Terms and Conditions.
  2. We will hold all private keys for any Cryptocurrency we hold for you. We hold a majority of Cryptocurrency in secure offline cold storage protected in underground vaults.
  3. We don’t charge any fees for holding your Cryptocurrency. However, from time to time we may store some of your Cryptocurrency in smart contracts for on-chain staking protocols.
  4. If you choose to hold Cryptocurrency in your Account, you acknowledge and agree that we can store your Cryptocurrency in smart contracts for on-chain staking protocols and we don’t need to obtain any further consent from you to do so or provide you with any notice or details.
  5. If you don’t want us to store your Cryptocurrency in smart contracts for on-chain staking protocols, then you must immediately transfer out your Cryptocurrency under clause 8 or sell your Cryptocurrency under clause 6.

  6. If we store some of your Cryptocurrency in smart contracts for on-chain staking protocols, then we may earn staking rewards for doing so. You acknowledge and agree that we are absolutely entitled to those staking rewards and that:

    1. you do not have any entitlement to those staking rewards; and
    2. there is no intent or expectation by you or us that any staking rewards will be generated for you, for your benefit or on your behalf.
  7. If any of the Cryptocurrencies we hold for you under this clause are lost, compromised or slashed solely due to our own negligent or wrongful acts or omissions, we will indemnify you for that loss.
  8. While we will take all reasonable steps to protect any Cryptocurrency we hold for you, there are risks with us holding your Cryptocurrency. Please make sure you read the risks in clause 2.6 in relation to us holding your Cryptocurrency. If these risks are not acceptable to you, then you must immediately transfer out your Cryptocurrency under clause 8 or sell your Cryptocurrency under clause 6.

8. Transfers out of Platform

  1. Transfer

    1. You are responsible for the transfer of any Cryptocurrency by you or any secondary user out of your Account to another wallet or trading platform.
    2. You acknowledge and agree that we will not be responsible or liable for any fiat currency or Cryptocurrencies once you or any secondary user has transferred them from your Account to your linked bank account or other wallet or trading provider.

    3. You are solely responsible for ensuring that:

      1. your linked bank account details are correct for any fiat withdrawal; and
      2. any recipient wallet address is correct for any Cryptocurrency withdrawal, prior to submitting any withdrawal transaction.
    4. All Cryptocurrency transactions are irrevocable once sent and we take no responsibility for verifying recipient addresses for withdrawals from your Account. We are not able to cancel a transfer once it has been made.

    5. You must take precautions when withdrawing and storing your Cryptocurrency, especially when withdrawing from your Account to an overseas-based provider. We have prepared education articles on the dangers of withdrawing to overseas providers on our Protect your account and How to spot a Bitcoin scam pages. These articles are updated from time to time. You acknowledge and agree that:

      1. it is your responsibility to read these articles and to keep up to date on any changes;
      2. these articles are an educational tool only and are not intended to be a comprehensive list of all potential scams;
      3. the Australian Securities and Investment Commission or other regulators or government bodies may provide information or alerts about current scams, and it is your responsibility to review any such information prepared from time to time;
      4. it is your responsibility to ensure that any withdrawals from your Account are sent to a valid and correct address and for a valid purpose;
      5. we are not under any obligation to verify a withdrawal address or identify whether a withdrawal may be the subject of scam regardless of whether a scam has been listed in these articles or published elsewhere; and
      6. under no circumstances, will we be responsible or liable to you for any loss resulting from any transfer from your Account regardless of whether the scam is specifically contemplated in our articles or published elsewhere.

9. Debit Account Balances

  1. Debit Balances

    1. You are required to have sufficient funds in your Account to make any trade using the Platform.

    2. If at any time your Account has a debit balance, you agree to pay us:

      1. An Account overdraft fee determined by us from time to time to cover our reasonable costs and expenses arising from the debit Account balance; or
      2. The total debit balance including the Account overdraft fee.
    3. We may suspend or terminate your Account at any time and without notice to you if you fail to pay the outstanding debit Account balance and Account overdraft fees.

    4. If, after a demand is made by us, and you have not made payment of the outstanding debit balance, then:

      1. You authorise us to sell any Cryptocurrency in your Account to recover the outstanding balance; and
      2. You agree to indemnify us against all costs, expenses and losses incurred, including brokerage fees, taxes, overdraft fees and any other fees in connection with any transaction executed by us in accordance with this clause to recover the outstanding balance where you do not pay the outstanding debit balance.
    5. We reserve the right to engage a third party collection agency to recover any amounts you owe us under these Terms and Conditions without your consent. You will be liable to pay on demand all costs incurred by us in recovering the amounts you owe us under these Terms and Conditions, including debt collection fees and enforcement costs.

10. Termination

  1. You may terminate these Terms and Conditions, and close your Account at any time, following settlement of any pending transactions.

  2. You agree that we may, by giving notice, in our sole discretion terminate your access to the Platform, Services and Account, including without limitation to:

    1. limit, suspend or terminate your access and any or all of your secondary users’ access to the Services or Account;
    2. prohibit or restrict access to the Platform and its content, services and tools;
    3. delay or remove hosted content; and

    4. take any technical or legal steps to keep you from accessing the Platform or Services if we are of the reasonable belief that you are:

      1. creating problems or legal liabilities;
      2. infringing the intellectual property rights of us or any third parties; or
      3. acting in a manner that is inconsistent with or in breach of these Terms and Conditions.

  3. Additionally, we may, at our complete discretion, suspend, restrict, limit or terminate your Account for any reason, including without limitation, where:

    1. there are attempts to gain unauthorised access to the Platform, Services or another user’s Account (including any secondary user’s Account) or providing assistance to others who are attempting to do so;
    2. there are attempts to overcome software security features limiting the use of or protecting any content;

    3. there are attempts to use the Platform, Service or Account to perform any illegal activities such as:

      1. money laundering;
      2. illegal gambling operations;
      3. financing terrorism;
      4. funding drugs;
      5. malicious hacking; or
      6. any other criminal or prohibited activities,
    4. there is a violation of these Terms and Conditions, our Privacy Policy or our security procedures by you or any of your secondary users;
    5. there is a failure to pay for any transaction;
    6. there are unexpected technical or operational difficulties; or
    7. there is a request of law enforcement or other government agencies, if deemed to be legitimate and compelling by us, acting in our sole discretion.
  4. We also reserve the right to cancel unconfirmed Accounts or Accounts that have been inactive for a period of 6 months or more, and/or to modify or discontinue our Platform or Service. You agree that we will not be liable to you or to any third party for termination, suspension or restriction of an Account or access to the Platform and Services in accordance with these Terms and Conditions.
  5. The suspension of an Account shall not affect the payment of any fees due for past transactions that have been made on the Platform.
  6. Upon termination, you must provide us with all reasonable assistance to allow for the transfer of any fiat currency or Cryptocurrency credited to your Account. Cryptocurrency may not be transferred to a valid bank account. Cryptocurrency must be converted to fiat currency or sold before it can be transferred to your linked bank account.
  7. If you terminate your Account, we will sell all Cryptocurrency at the current market rate (less any applicable fees) into the fiat currency that you used to initially fund your Account.
  8. We will transfer fiat currency as soon as practicable following your request upon termination of your Account.
  9. We will send to you the credit balance of your Account, however, in some circumstances, a number of intermediaries may be involved in an international payment and these intermediaries or the beneficiary bank may deduct charges. We will use reasonable efforts to ensure that such charges are disclosed to you prior to sending your payment. However, you acknowledge and agree that these charges cannot always be calculated in advance, and that you are solely responsible and liable for such charges regardless of whether we disclose them to you.

11. Availability

  1. The Platform and Services are provided without warranty of any kind, whether express, implied, statutory or otherwise.
  2. We do not represent that the Platform and Services will be available 100% of the time to meet your needs or requirements.
  3. We will strive to provide you with the Service and access to the Platform as soon as possible but there are no guarantees that access will be uninterrupted, secure, or that there will be no delays, failures, errors, omissions or loss of transmitted information.
  4. We will use reasonable endeavours to ensure that the Platform and Services can normally be accessed by you in accordance with these Terms and Conditions.
  5. You agree that we are not responsible for temporary interruptions in service due to failure beyond our control including, but not limited to, the failure of interconnecting operating systems, computer viruses, and forces of nature, labour disputes, pandemics and armed conflicts.
  6. We may suspend use of the Platform or Services for maintenance and will make reasonable efforts to give you notice. You acknowledge and agree that this may not be possible in an emergency.

12. Market Volatility

If there is a period of high market volatility, high volume trades, rapid movements or illiquidity in the market, the market rate in which you are able to buy, sell or trade Cryptocurrency may vary from the price indicated on our Platform. We are not liable for any price variation due to market volatility, market or technology disruptions, delays or any other matters caused by things that are outside of our control. You acknowledge and agree that we will process your transaction at the current price. In certain circumstances, we may decide not to execute a trade if the market rate significantly increases or decreases or in the event of a market disruption or an event which is outside of our control and, in such cases, we may cancel any order and return the funds to your Account. We will exercise reasonable care to notify you of these events and when you receive a notification you must check your Account and any pending or cancelled transactions.

13. Limitation of Liability

  1. Limitation on Liability

    1. To the maximum extent permitted by law, we will not be held liable for any fines, penalties, taxes (except GST) and any exemplary, aggravated or punitive damages, liquidated damages or any indirect or consequential loss (including but not limited to loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, loss of contract, loss of production and loss of Cryptocurrency).

    2. Our total aggregate financial liability in respect of claims based on events arising out of or in connection with your use of the Platform or Services, whether in contract or tort (including negligence) or otherwise, will in no circumstances exceed the lesser of:

      1. the total amount held in your Account less any amount that may be due and payable to us in respect of your Account under these Terms and Conditions; or
      2. the amount of the transaction(s) that are the subject of any claim less any fees that may be due and payable in respect of such transaction(s).

14. Indemnity

  1. Indemnity

    1. To the maximum extent permitted by law, you hereby agree to indemnify us, and our partners, officers, directors, employees and agents against any action, liability, cost, claim, demand, loss, damage, proceeding or expense (Loss) of any nature arising under tort, statute, equity, contract or some other cause of action that we suffer as a result of:

      1. your and (your secondary users’) negligent or wrongful acts or omissions;
      2. your breach of any law, regulation or rules;
      3. any damage that you cause to our Platform or any other user, person or entity;
      4. your use of the Platform or Services; or
      5. your violation of these Terms and Conditions or Privacy Policy,
      but you will not be liable for any Loss to the extent such Loss is the direct result of our negligent or wrongful acts or omissions.

15. Treatment of Unallocated Deposits

  1. Treatment

    1. We may, at our complete discretion hold on trust for a user, Unallocated Deposits received in our bank accounts in accordance with our Unallocated Deposits policy.
    2. No trust relationship exists between us and you at any time and we do not hold any funds deposited by you on trust, other than in accordance with our Unallocated Deposits policy.
    3. We accept no liability or responsibility as a consequence of any personal loss or damages suffered by users if a trustee relationship was found to be established by depositing funds with us.
    4. Any funds held on trust by us in accordance with this clause are subject to fees being deducted while those funds remain unallocated.
    5. We are also entitled to any interest earned on the Unallocated Deposits.

  2. Making a Claim for Unallocated Deposits

    You are able to make a claim for the repayment of an Unallocated Deposit (less any accumulated fees) by contacting us through the support screen or by email support@independentreserve.com.

  3. Trustee of Unallocated Deposits

    1. After a deposit has been classified as an Unallocated Deposit, the deposit will be transferred to us as trustee of the deposit.
    2. We, as trustee, will hold the Unallocated Deposit on behalf of the depositor and we have an obligation to repay the Unallocated Deposit to the owner on demand.

    3. The Unallocated Deposit will incur:

      1. an unallocated deposit search fee of $250 (excl GST); and
      2. a monthly unallocated deposit management fee of 1% (excl GST).

16. AutoTrader

  1. Terms

    1. By electing to use our AutoTrader service, you are acknowledging that you have read and understood the information contained in the How does AutoTrader work? education page. You also acknowledge that you understand the details of the strategies available with the AutoTrader service and understand the risks involved in using the AutoTrader service.
    2. All AutoTrader strategies create either a buy or sell order in your Account when the trigger event occurs (e.g. a fiat deposit is credited to your account). AutoTrader strategies are accepted on a ‘best endeavours’ basis. In the event of system failure or adverse market conditions, we may cancel existing strategies and prevent any new strategies from being placed.
    3. AutoTrader strategies do not have an expiry date and are valid until you elect to cancel the strategy or your AutoTrader strategy is otherwise cancelled by us. It is your sole responsibility to maintain your AutoTrader strategies and ensure the strategies you have in place remain appropriate for you.
    4. We will use our best endeavours to obtain the best execution for you when your AutoTrader strategy conditions have been met and the orders have been placed. Obtaining the best execution means we will attempt to secure the best price outcome for you taking into consideration time, price, priority and current market conditions.
    5. Your AutoTrader strategy will execute once the conditions for your selected strategy have been met. For example: The AutoBuy strategy will execute after your fiat deposit has been processed by our systems and credited to your Account.
    6. It may not be possible for us to use all available fiat currency or Cryptocurrency to execute your AutoTrader strategy and we do not guarantee that an exact value or volume of fiat currency or Cryptocurrency will be traded. If there is any residual balance following our best endeavours to execute your strategy, the residual balance of fiat currency or Cryptocurrency will remain in your Account. Residual balances will not re-trigger your AutoTrader strategies.
    7. A secondary user acting on your behalf will be able to create an AutoTrader strategy for you unless they have a "Viewer" only authorisation. Any instruction to establish or cancel an AutoTrader strategy by a secondary user is taken to be an instruction by you in accordance with these Terms and Conditions. You indemnify and hold us harmless for any Loss suffered from any acts or omissions by a secondary user in relation to any AutoTrader strategy set-up, amended or removed by a secondary user, but you will not be liable for any Loss to the extent such Loss is the direct result of our negligent or wrongful acts or omissions in reflecting your AutoTrader strategies whether initiated by you or your secondary users.

  2. AutoTrader Risk Disclosure Statement

    1. This Risk Disclosure Statement does not include all risks associated with AutoTrader strategies and should not be relied on as a complete explanation of all risks associated with the AutoTrader service. You should consider all potential risks associated with AutoTrader having regard to your personal circumstances.
    2. Market conditions may make it impossible for us to execute the orders arising from your AutoTrader strategies. AutoTrader strategies and resulting buy and sell orders do not take any provision for unexpected rises or falls in the price of Cryptocurrencies. It is your sole responsibility to monitor market conditions and your AutoTrader strategies to ensure they remain appropriate for your circumstances. We reserve the right to revoke the AutoTrader service at any time without further notice to you. We are not liable for any loss or damage that you may incur as a result of ceasing to provide the AutoTrader service.
    3. To the extent permitted by consumer protection law, we are not liable for any loss or damage (including consequential loss, loss of profit and economic loss) that you incur as a result of delays in executing your AutoTrader strategy, system failures, and/or orders not being executed after your AutoTrader strategy triggers.

17. Privacy

When you use the Platform, we will collect personal information about you and your secondary users. Independent Reserve’s Privacy Policy is available at https://www.independentreserve.com/au/help/privacy-policy and Privacy Collection Notice is available at https://www.independentreserve.com/au/help/privacy-collection-notice

18. Miscellaneous

  1. If we are unable to perform the Services outlined in these Terms and Conditions due to factors beyond our control including but not limited to an event of Force Majeure, change of law or change in sanctions policy we will not have any liability to you with respect to the Services provided under these Terms and Conditions and for a time period coincident with the event.
  2. It is also your responsibility to seek professional advice with respect to your Account as well as to ensure that you are compliant with any obligations you may have.
  3. These Terms and Conditions published on the date you view them on our Platform supersede all prior versions.
  4. If any provision of the Terms and Conditions are held to be invalid, unenforceable or illegal for any reason, the remaining parts of the Terms and Conditions will be in full force and effect.

19. Forked Blockchains and Airdrops

  1. Forked Blockchain

    1. We reserve the right to use our own discretion when deciding to support or not support any new token resulting from the fork of a blockchain.
    2. Customers are advised to withdraw Cryptocurrency to an address under their own control prior to a fork if they wish to have access to any resultant tokens.
    3. If we decide to support a forking event, you may opt-out of receiving any of the Cryptocurrency that results from the forking event by contacting the support team.

  2. Airdrop

    We reserve the right to use our own discretion when deciding to support or not support any airdrop event. We may decide to provide any airdropped Cryptocurrency to you following an airdrop event. If we decide to provide any Cryptocurrency as part of an airdrop event, you may opt-out of receiving any of the Cryptocurrency that results from the airdrop event by contacting the support team. A secondary user is not able to provide any instructions in relation to opting-out of an airdrop event on your behalf.

  3. Acknowledgement

    You acknowledge and agree that we are not responsible or liable for:

    1. any loss that may arise from your decision to participate or not participate in a forking event or airdrop event;
    2. any loss that may arise from any decision we make not to support any forking event or an airdrop event; and
    3. any tax liabilities that may arise or accrue as a result of any token that is issued arising from a forking event or an airdrop event and that you are fully responsible and liable for paying any applicable taxes in relation to any forking event or airdrop event, including at the time you sell, trade or transfer such token. You further acknowledge and agree that we do not and will not provide any tax guidance or advice in relation to any forking event or airdrop event to you and you may wish to consider engaging independent consultants/advisors to seek any advice in this regard in your sole discretion.

20. Modification of Terms

We reserve the right to change, amend, modify, add or delete any of these Terms and Conditions, at any time, in an exercise of our sole discretion. These amendments, modifications, additions or deletions apply to your use of the Platform and Services as soon as they are displayed on the Platform (whether or not you are aware of those amendments, modifications, additions or deletions) and will be notified to you on the first log-in to your Account after the change has occurred. Your continued use of the Platform and Services following any changes to the Terms and Conditions signifies that you accept and agree to the changes, and that all subsequent transactions by you will be subject to the amended Terms and Conditions.

21. Governing Law

You acknowledge and agree that:

  1. Your use of the Site and these Terms and Conditions are governed by the laws of New South Wales; and
  2. You irrevocably submit to the exclusive jurisdiction of the courts of New South Wales and the New South Wales division of the Federal Court of New South Wales, and the courts of appeal from them.

22. Definitions

"Account" means a FastTrack Account, Standard Account and Multi-user Account.

"Account Owner" means the individual or Entity who owns the Standard or Multi-User Account.

"API" means an application programming interface, which is made available by us from time to time.

"App" means a mobile application made available by us that can be downloaded from the Apple App Store, Google Play Store or any other app store or market from time to time.

"Autotrader" means our automatic trading service, which allows you to create automated trading strategies.

"Cryptocurrency" means the coins, tokens, crypto, digital currency, or digital assets listed by us on our Platform from time to time.

"Entity" means one of the following:

  1. a proprietary company;
  2. an unlisted public company;
  3. a listed public company;
  4. a trust;
  5. a partnership;
  6. an association; or
  7. a cooperative.

"FastTrack Account" means a limited functionality account that allows you to deposit and trade on our Platform but not to withdraw from our Platform.

"FastTrack Information" means the information required for us to satisfy our anti-money laundering and counter-terrorism financing obligations that we request from you during your on-boarding.

"OTC Services" means any over-the-counter trading services we provide for Cryptocurrencies, which may be subject to additional terms and conditions.

"Platform" means the Website, App or other API made available by us from time to time through which we may provide our Services.

"Privacy Policy" means the privacy policy that we have available on our Website from time to time, accessible at https://www.independentreserve.com/au/help/privacy-policy.

"Services" means:

  1. the exchange services used to buy, sell, trade or transfer Cryptocurrency;
  2. the wallet services provided by us to hold Cryptocurrency; and
  3. any other services that are incidental to any of the above services.

"Standard Account" means an account that we have created to enable you to use the Platform.

"Secondary user" means an individual person that has been granted access to your Multi-user Account in accordance with clause 3 of these Terms and Conditions.

"Multi-user Account" means an account that we have created in accordance with clause 3 of these Terms and Conditions for a Multi-user.

"Secondary User Account" refers to the account created by a secondary user linked to a Multi-user Account by invitation of the Account Owner.

"Terms and Conditions" means these terms and conditions.

"Unallocated Cryptocurrency Deposit" means Cryptocurrency that:

  1. A user has deposited to a valid deposit wallet;
  2. The deposit record contains no information that allows us to identify the owner of the deposit;
  3. Despite reasonable inquiries, we have been unable to identify the owner of the deposit after the date the deposit was made;
  4. A customer has not provided evidence that they are the owner of the deposit; and
  5. No customer has made a claim for the missing cryptocurrency.

"Unallocated Deposit" means Unallocated Cryptocurrency Deposits and Unallocated Fiat Deposits made into our Platform where no claim of ownership is made within a period of 18 months.

"Unallocated Fiat Deposit" means fiat currency that following the date of the deposit:

  1. A user has deposited to a valid Account without providing a unique deposit code;
  2. The deposit record contains no information that allows us to identify the owner of the deposit;
  3. Despite reasonable inquiries, we have been unable to identify the owner of the deposit after the date the deposit was made;
  4. A customer has not provided evidence that they are the owner of the deposit; and
  5. No customer has made a claim for the missing funds.

"Website" means the internet site at the domain https://www.independentreserve.com or any other site or operated by us.

"we, us or our" means Independent Reserve Pty. Ltd., ABN 46 164 257 069.

"you or your" means any user of the Platform, including a secondary user unless expressly provided otherwise.