Terms of service

Updated June 14th, 2018

  1. Introduction

This page sets out the service terms for LocalCoinBazar.com account-holders. By signing up for a LocalCoinBazar.com account, you accept all of these terms. A reference in these Service Terms to 'we', 'us' or 'our' means "LocalCoinBazar.com" or "LocalCoinBazar.com" and its directors and officers.

Separate terms of use apply to website visitors. These Service Terms apply if you create a LocalCoinBazar.com account. The website Terms of Use also apply to the use of the services. In the event of conflict between these Service Terms and the website Terms of Use, the Service Terms prevail.

LocalCoinBazar.com is a service that enables its users to find others interested in trading CryptoCurrencies for local currencies and vice versa. We do not facilitate the exchange of fiat currency for a digital currency, and we do not provide a digital currency exchange service. LocalCoinBazar.com does not purchase any CryptoCurrencies from, or sell CryptoCurrencies to, its account holders.

Nothing on our website is intended to constitute legal or financial advice. The information on our website, and the posting and viewing of any the information on our website, should not be construed as, and should not be relied upon for, legal, financial or taxation advice in any circumstance.

  1. Your account

You will need to register and create an account in order to access the LocalCoinBazar.com platform as a user. When you register as a member and create your profile, you will need to provide us with your email address, and password. You must log in using your email address and password to access the services.

You must maintain the confidentiality of your password and you are responsible for all activities that are conducted through your account, whether or not you have authorised such use.

You must remember your password. If you lose your password, you will not be able to access your encrypted communications or wallet, and there is no way for LocalCoinBazar.com to recover access.

You must be at least 18 years old to sign up for a LocalCoinBazar.com account. If you sign up for an account, you warrant that you are at least 18 years old.

  1. Posting offers

LocalCoinBazar.com users may post offers to buy or sell CryptoCurrencies in exchange for local currencies using the marketplace. Offers on the marketplace are made publicly available, and can be viewed by anyone who accesses the website.

When an offer is displayed, we may also display symbols next to the offeror's usernumber such as a symbol to indicate the offeror's trade activity, response rate or standard hours.

Offerors can write their own terms and conditions of sale, which may be published with the offer or negotiated with the other party to the transaction. However all terms and conditions of sale must include the mandatory terms specified in these Service Terms regarding CryptoCurrencies' fee and the process for resolving disputes.

Offers displayed on the CryptoCurrencies website have CryptoCurrencies' fee priced into them by default, which is why buyers and sellers will see a different rate for the same trade. The prices you see are what you should expect to receive after LocalCoinBazar.com's fee has been charged, however they are not inclusive of CryptoCurrencies network transaction fees.

LocalCoinBazar.com reserves the right to delete offers from the marketplace at its discretion. Generally, it will delete offers if they appear to be unlawful, non-genuine, fraudulent, spam or are otherwise incorrect.

  1. Communications between parties

LocalCoinBazar.com users can communicate over the LocalCoinBazar.com platform.

All communication made between buyers and sellers on LocalCoinBazar.com are end-to-end encrypted. No third parties, including us, have the technical ability to decipher and/or read these messages unless we are given the shared secret to do so by one party.

It is the responsibility of a user to make and keep adequate records of communications, details of transactions and financial history to the extent that they are required to do so in their jurisdiction.

Once the shared secret used to encrypt the messages is destroyed, that conversation is gone forever and cannot be recovered.

You must not be engage in communication with other LocalCoinBazar.com users which is offensive, abusive, unlawful, defamatory, indecent or inappropriate.

You acknowledge that we are unable to provide you with any other information about the identity of another LocalCoinBazar.com user other than what is made available to you on our website.

  1. Trades of CryptoCurrencies

The parties of a trade are referred to as "buyers" (those who are interested in trading local currency for CryptoCurrencies) and "sellers" (those who are interested in trading CryptoCurrencies for local currency).

When trading with a user located with the aid of LocalCoinBazar.com's services, payment instructions can only be communicated directly between the buyer and seller. We do not have any bank accounts that hold users' funds, nor do we facilitate or escrow any local currency payments between buyers and sellers. At no point during the course of a trade does the buyers' or sellers' ether enter our control, unless we direct CryptoCurrencies to resolve a dispute.

CryptoCurrencies trades are conducted via the CryptoCurrencies distributed computing network, which we cannot and do not control. When a seller sends CryptoCurrencies to a buyer during the course of a trade, the seller transfers CryptoCurrencies directly to an escrow CryptoCurrencies blockchain Network. LocalCoinBazar.com cannot access CryptoCurrencies held in escrow without explicit digital permission from the buyer or seller. It is impossible for us to have CryptoCurrencies directed to anyone other than the seller or the buyer.

  1. Terms of the transaction

Once CryptoCurrencies is transferred into escrow, the trade should proceed in accordance with the terms agreed between the buyer and the seller. This will ordinarily require:

  1. person trading local currency should make payment;
  2. Once local currency payment is received in full and in cleared funds, the CryptoCurrencies held in escrow must be released.

If the buyer does not represent that local currency payment is made within a defined time period, the escrow may be cancelled by the seller. The buyer may cancel the escrow at any time.

If you are the party selling CryptoCurrencies, it's important to make sure you and the other party have agreed all relevant terms of the trade before you fund the escrow, as you will be charged a fee by the CryptoCurrencies network to fund an escrow even if it ends up being cancelled.

Sales between buyers and sellers are subject to:

  • the payment of CryptoCurrencies's fee;
  • the process for resolving disputes set out in these Service Terms; and
  • The seller's terms and conditions, or any other terms and conditions agreed between the buyer and the seller. In the event of inconsistency, the higher in the list of terms prevails.
  1. Security

You must comply with all reasonable security requirements prescribed from time to time by LocalCoinBazar.com.

  1. Disputes

A dispute may arise about a trade if:

  • A party to a trade transfers local currency but the escrow isn't released;
  • Local currency payment isn't received and the CryptoCurrencies remains in escrow; or
  • Local currency is only part paid.

The contract of sale is between the seller and the buyer. Accordingly, the parties are required to first use best efforts to resolve the dispute between themselves.

If the parties have not resolved the dispute and have not agreed on an alternative dispute resolution process, either party may refer the dispute to LocalCoinBazar.com.

The party referring the dispute to LocalCoinBazar.com must give LocalCoinBazar.com access to a digital signature that allows LocalCoinBazar.com limited control of the escrow and the key material used to encrypt communications between the buyer and the seller. Both parties agree to give LocalCoinBazar.com access to their conversation history and all other information required by LocalCoinBazar.com to resolve the dispute, including evidence of payment. LocalCoinBazar.com will review the evidence and it will direct the CryptoCurrencies to the party who in LocalCoinBazar.com's reasonable opinion is entitled to own it under the terms of sale.

Parties must respond to LocalCoinBazar.com's requests for information promptly (and at least within 24 hours). If a party does not respond to a request within that timeframe, LocalCoinBazar.com may resolve the escrow in favour of the other party to the dispute.

The parties agree that except in cases of gross negligence or fraud, LocalCoinBazar.com's decision is final and binding on the parties and there is no appeal from such decision.

LocalCoinBazar.com reserves the right to refuse to resolve a dispute where LocalCoinBazar.com, in its sole discretion, considers that:

  • the issue is best resolved through other methods;
  • one or both parties have not provided all required or requested information;
  • the ownership of CryptoCurrencies is not clear from the information provided;
  • the contract between the parties is unlawful;
  • a party is acting unlawfully or fraudulently;
  • LocalEthereum has a legal obligation to do so; or
  • Directing CryptoCurrencies to a party would cause LocalCoinBazar.com to breach any law.

Where LocalCoinBazar.com exercises its right to refuse to resolve a dispute, LocalCoinBazar.com will notify both parties of this. Either party may then apply for a court order resolving the dispute.

If a party provides a copy of a court order to LocalCoinBazar.com along with access to a digital signature that allows LocalCoinBazar.com limited control of the escrow, LocalCoinBazar.com will resolve the escrow in accordance with the court order.

This process for resolving disputes is incorporated in all contracts between buyers and sellers arranged through LocalCoinBazar.com.

  1. Other taxes

By using LocalCoinBazar.com, you are responsible for determining what taxes apply to any trades you conduct with other LocalCoinBazar.com users. You must pay for all taxes applicable to all trades in which you participate.

You indemnify LocalCoinBazar.com for any claim, loss or damage arising from your failure to pay applicable taxes.

  1. Suspending and deleting your account

We may suspend or delete your account if:

  • we consider that you are using the LocalCoinBazar.com platform to scam other users or for any other unlawful purpose;
  • we receive reports that you are communicating offensive, abusive, unlawful, defamatory, indecent or inappropriate messages to other users;
  • LocalCoinBazar.com is required by law to do so;
  • there is any change in law that adversely affects LocalCoinBazar.com's operating model or would make it unlawful to continue the service without materially changing the LocalCoinBazar.com platform or regulatory license required to operate; and
  • for any other reason in our absolute discretion.

Once your account is deleted, we destroy any information we hold in relation to it after any legal requirement imposed on LocalCoinBazar.com to retain it has expired.

After suspension of your account, you are entitled to limited access for the purpose of managing existing trades however you may not open new trades or post to the marketplace.

  1. Compliance with laws

Services provided by LocalCoinBazar.com might not be legally allowed in certain jurisdictions. By accepting these terms and conditions you confirm that you are not a resident of a such jurisdiction, including, but not limited to the Federal Republic of Germany as well as the States of New York and Washington in the United States of America.

  1. Risks associated with dealing with other users

CryptoCurrencies transfers are irreversible. If you release or send CryptoCurrencies to somebody else, it is generally not possible for LocalCoinBazar.com, nor yourself, to recover the funds. This also applies to sending CryptoCurrencies  to an incorrect address. You transfer any CryptoCurrencies at your own risk.

If someone gains access to your account and uses your wallet, we will have no way to recover your funds.

We strongly recommend that if you do not have a strong understanding of the underlying "blockchain" technology that supports cryptocurrencies such as Bitcoin and Ethereum, you do not use our services. Cryptocurrencies can be subject to extreme price volatility. You should consider your financial circumstances and tolerance to risk before acquiring and trading in cryptocurrencies.

  1. Disclaimer of warranties

LocalCoinBazar.com does not facilitate or provide brokerage, exchange, payment, escrow, remittance or merchant services.

LocalCoinBazar.com is only an introductory and information service, and, to the maximum extent permissible by law, is not responsible for any actions of its users including, without limitation, representations by any users regarding funds (CryptoCurrencies or currency) having been transferred or any ownership of CryptoCurrencies or funds.

To the maximum extent permitted by law, LocalCoinBazar.com does not guarantee the quality or fitness for purpose of its services. LocalCoinBazar.com is provided on an "as is" and "as available" basis and you agree to use it at your sole risk. While we strive to make the services available to you at all times, we do not make any representations as to the availability of the services, or that your access or use of the website will be uninterrupted or timely. There may be delays, failures, errors, omissions or loss of transmitted information.

We make no warranties, claims or guarantees related to any of our users, including but not limited to:

  • the merchantability or fitness of the user;
  • the identity of the user;
  • the location of the user;
  • the reliability and timeliness of the user;
  • the accuracy of any information the user presents; or
  • the accuracy of any information we provide about the user.

To the maximum extent permitted by law, we make no guarantees to the safety, reliability, availability or longevity of any of the data we collect or store. We strongly recommend that you keep a back up of your logIn and user details so, if required, you can interact with the Contract independently of LocalCoinBazar.com.

Our Website Terms of Use contains some disclaimers of warranties in relation to our website and the content on it.

  1. Privacy

Personal information we collect about you through the services (if any) will be dealt with in accordance with our Privacy Policy.

  1. Notices

You agree that an email sent to the email address nominated when you created your account is a valid notice under these Service Terms.

You should exercise reasonable caution when reviewing emails and SMSs purporting to originate from LocalCoinBazar.com as emails can be vulnerable to phishing, spoofing and additional viruses.

  1. Changes to these terms

We reserve the right, at our sole discretion, to update, change or replace any part of these Service Terms by posting updates and changes to our website. If there is a change which has a material adverse impact on you, we will notify you by emailing you and providing 30 days' notice. If you do not agree to the changes, your only remedy is to discontinue using the services.

It is your responsibility to check our website periodically for changes. Your continued use of or access to our website or the services following the posting of any changes to these Service Terms constitutes acceptance of those changes.

These Service Terms were last updated in June 2018.

  1. Terms that survive account closure

The following terms in these Service Terms continue to apply after the closure of your account:

  • Disputes;
  • LocalCoinBazar.com fees; 
  1. Entire understanding

These Service Terms contain the entire understanding between the parties as to the subject matter of this terms.

  1. Contact

Please send any questions, comments, issues, or general correspondence via email to [email protected].