Article 5 – Services for buying and selling digital assets in fiat currency
5.1. Your Orders
An Order (including a Recurring Buy Order) is an instruction from you to buy, sell or exchange (a) particular Digital Asset(s) which is made via the Application.
We currently provide Orders that are executed automatically, via API, on our partner Digital Asset Marketplace via our Application.
We will only transmit your Orders to our partner Digital Asset Market Marketplace for execution.
5.1.1. Your Recurring Buy Orders
You may choose to make the instruction of certain Orders automatic by submitting Recurring Buy Orders.
In addition to being subject to the same conditions applicable to so-called classic Orders, Recurring Buy Orders are subject to the following additional conditions:
- You must define in the Application the period during which the Recurring Buy Order is placed and repeated (available periods are provided in the Application);
- All Recurring Buy Orders will be created and transmitted to the Digital Asset Marketplace for execution between 10:15 AM and 10:45 AM CET. Orders are executed 7 days a week.
- If your Electronic Money Account does not have a sufficient balance to pay for a given Recurring Buy Order (including any fees and/or charges applicable to that Order), that particular Recurring Buy Order will be ignored without affecting any future scheduled Recurring Buy Orders.
5.2. Execution of your Orders
If your Order is accepted by us and the Marketplace, it will be executed by the partner Digital Asset Marketplace. We are responsible for the execution of your Order submitted via the Application. We will only execute your Orders on the partner Digital Asset Marketplace with which we have entered into a partnership.
By opening a Crypto-account, you are deemed to consent to us executing your Orders on the partner Digital Asset Marketplace.
5.3. Submitting and cancelling Orders
Orders may only be submitted via the Application. Orders must relate exclusively to Digital Assets available via the Application, which we will make available to you at our sole discretion.
We will provide you with indicative prices of Digital Assets that you can buy, sell or exchange via the Application. We draw your attention to the fact that we do not set these prices and we have no control over them, as long as they are provided to us by the partner Digital Assets Marketplace. The execution prices of the Orders may differ from the prices displayed in the Application.
It is important to note that by submitting an Order to us, you enter into a binding commitment to buy, sell or trade a particular Digital Asset. You may no longer cancel or withdraw an Order when it is executed on the partner Digital Asset Marketplace, and cancellation may only take place, in any event, with our prior consent.
We will not be deemed to have received a request for cancellation or modification of the Order until we notify you of its receipt. Upon receipt of any request to cancel or amend an Order, we may, but will not be obliged to cancel or amend any Order after such Order has been transmitted to us. We will use all reasonable efforts to comply with your request for cancellation or amendment before the Order is executed by the partner Digital Asset Marketplace, but we will not be liable if such cancellation or amendment is not made. In the event that we cancel or amend, attempt to cancel or amend, any Order at your request, you will be required to pay any costs and expenses that we may incur. In other words, you will be bound by the execution by the partner Digital Asset Marketplace of any Order (whether in whole or in part) if and to the extent that such Order (or any part thereof) has not been cancelled or amended in accordance with your request.
For this reason, you must double-check that, before submitting an Order, you:
- Have input the correct values;
- Are able to pay for the Order;
- Are certain that you wish to go ahead with that Order;
- Understand how these Crypto T&Cs applies to that Order;
- Are willing and able to bear the risk of any potential loss associated with that Investment, once such Investment has been made; and
- Understand the risks associated with that investment.
It is therefore your sole responsibility to ensure that all Orders communicated are accurate, correct and clearly transmitted.
Notwithstanding the foregoing, all Orders transmitted to us shall be deemed irrevocable and we will be entitled to transmit such Orders to the partner Digital Asset Marketplace in accordance with the terms and conditions hereof.
5.4. Acceptance of Orders
We, and the partner Digital Asset Marketplace, have the final say on whether or not to accept an Order you have submitted. If we or the partner Digital Asset Marketplace reject an Order, we will not have to explain to you the reason for such rejection, but will notify you of the rejection of the Order.
The partner Digital Asset Marketplace also implements various procedures and limits in terms of risk and tolerance, which govern whether or not it will accept an Order, and we have no control over such trading procedures and restrictions.
Orders may also be rejected by us or the partner Digital Asset Marketplace for reasons relating to:
- Trading restrictions imposed by the competent regulatory authorities on certain investments;
- Trading restrictions imposed on us by the Partner Digital Asset Marketplace; or
- You not having sufficient funds in your Electronic Money Account to pay for this Order; or
- If accepting an Order would violate a limit we have placed on your Crypto-account or User Account.
5.5. Cancellation of Orders/Positions
There may be instances where we, or the partner Digital Asset Marketplace, are required, at the request of third parties and in particular the competent regulatory authorities, to cancel your Orders or Positions. In such circumstances, we will seek to notify you of such request. You then agree to use all reasonable efforts to cooperate with us and, to the extent necessary, the partner Digital Asset Marketplace to comply with any such request relating to the cancellation of your Orders, including with respect to taking any steps we may require you to take to respond to any request from a third party in connection with your Orders and/or Positions.
5.6. Prohibition of short selling
The Application cannot be used to short-sell a Digital Asset, i.e. sell a Digital Asset that you do not already own in anticipation of the price of that Digital Asset will fall, allowing the sale of a Digital Asset at a higher price and giving the opportunity to buy that Investment back in the market at a lower price at a later stage, the profit being the difference between the highest price and the lowest price. To sell a Digital Asset via the Application, you must have previously acquired that Digital Asset by submitting an order to buy that Digital Asset via the Application, which was subsequently executed.
5.7. Price slippage
Due to the inherent nature of a moving market, indicative prices can change, sometimes rapidly and significantly, and it may not be possible to execute your Order at the price shown on the Application before you place your Order. "Price slippage" means that the price at which you submitted your Order may not be the price at which your Order is actually executed. In some circumstances, your Order may be executed at a price that will be better or worse for you than the price that was indicated to you via the Application when you placed your Order. We have no liability to you, and we are not under any circumstances obligated to provide you with the price difference or ensure the maintenance of the price indicated at the time of placing the Order if your Order is executed at a worse price than that indicated at the time you submitted the Order if this is due to exceptional circumstances at the Digital Asset Marketplace or in the case of the suspension or interruption of the services of the partner Marketplace.
5.8. Our reports, notices and other information
5.8.1. Consultation of your Crypto-account
You will be able to see in real time in the Application what Orders have been executed on your behalf by the partner Digital Asset Marketplace, and what you hold in your Crypto-account. Access to the Service of consulting your Crypto-account is a Feature governed by the App T&Cs.
We will send you a transaction confirmation notice for each Transaction carried out under the conditions set out herein. The transaction confirmation notice will be edited by us, and communicated via the Application for each Transaction, where it will be available for download. The transaction confirmation notice shall be made available as soon as possible and in any event not later than the first Working Day following the completion of the Transaction. You can ask us for an update on the status of your Order at any time, by contacting us via the Chat Feature of the Application. It will be your responsibility to notify us, via the Chat function of the Application, of the absence of receipt of a transaction confirmation notice at the end of the normal delivery times.
The notice may mention in particular:
- The Digital Asset(s) concerned and their quantity;
- The nature of the Order (buy, sell, exchange or other);
- Date stamps (day, time) and execution price (unit and total);
- The amount of the transaction with the fees, commissions, taxes and other taxes distinguished from the gross price;
- The exchange rate obtained when the Order involves currency conversion;
- The method of execution of the Order (SDA's own account or on a named third party platform);
- Details of payment by the Customer.
You will have a period of seven (7) Working Days, from the date of delivery of the notice, to make any comments or complaints. After this period, it will be deemed to have accepted the conditions of execution.
5.8.3. Periodic reports
We will send you or make available on a durable medium a report on your Digital Assets and assets, together with your Investments.
You will have a period of thirty (30) calendar days, from the date the report is sent or made available to submit any comments or complaints. After this period, you will be deemed to have approved it unless you can prove an error, omission or fraud from us.
5.8.4. Tax Information
In order to enable you to satisfy your tax obligations relating to the Digital Assets in the account, we will send you or make available on a durable medium, as soon as possible, before the deadline for submitting your annual tax return, a summary of transactions in Digital Assets, which may be in the form of a periodic report referred to in point 5.8.3.
In order to satisfy our own tax obligations, we may require you to provide us with details of your tax residence(s), to provide us, if necessary, with the necessary supporting documents, and to inform us immediately of your changes of residence.
The indicative valuations of your Investments will be provided to you in Euros (€) or US Dollars ($) or any other fiat currency in force in your jurisdiction, applying the rates provided by the Electronic Money Institution and/or the partner Digital Asset Marketplace. Valuations will be updated on a near real-time basis. We cannot commit to the full accuracy of the information provided in this respect, a discrepancy may exist between the valuations indicated and the actual valuation of your Investments at the time you consult them, said valuations being provided to SDA's Customers on the basis, in particular, of the information collected from the partner Digital Asset Marketplace, the accuracy and/or completeness of which we cannot guarantee. SDA shall not be liable to you for any direct or indirect damage and/or loss, if you decide to carry out Transactions, which would prove to be detrimental to you, by relying exclusively in your investment decision on the sole indication of these valuations.
5.10. Submissions of Orders in own name
You must act on your own behalf and for your own accounts in relation to all Orders submitted by you, meaning that you are the person that will buy, trade or sell Digital Asset(s). You cannot submit Orders on behalf of others. No power of attorney can be agreed on the Crypto-account opened with us.
Any Order that we receive through the use of the Application shall be deemed to be given in good faith to have been given by you, except in the event of your death or a revocation by you of any Order documented by the production of a document attesting to one of the aforementioned situations and which has been communicated to us and of which we have acknowledged receipt.
In accordance with the provisions of the App T&Cs and these Crypto T&Cs, we may suspend your ability to transmit Orders through the Application, including if we suspect or have reason to believe that the Orders issued using your Credentials, as this term is defined in the App T&Cs, have not been properly authorised by you. In this case, we will not be responsible for any loss resulting from said suspension.
We are not obliged to verify the identity of the person(s) transmitting the Orders at each Transaction, or the accuracy or truthfulness of these Orders and we shall not be liable for any loss (direct, indirect, special, consequential) that may result from unauthorised Orders.
All Orders shall be deemed to have been made at the time of their receipt. You acknowledge and agree that when placing Orders for Digital Assets, there will be times when a quoted price will change prior to execution of the Order(s) due to market circumstances and that all Orders will be executed in the chronological order in which they are received, the Orders being thus placed.
To the extent permitted by Applicable Regulations, we will not be liable to you for any loss or damage (direct or indirect) resulting from the late receipt of any Order for any reason whatsoever, instruction or communication issued by you, or for any delay, omission, interruption in transmission or improper interception of any Order or instruction through any equipment or system. We will endeavour to resolve any issues or problems arising from the operation of the Application, in accordance with the General Terms and Conditions of Use and, where applicable, will take measures in accordance with market practice.