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Cryptocurrency the Basics

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Cryptocurrency the Basics Cryptocurrency The basics 1. Why this information is important These terms and conditions govern the relationship between you and us. They apply when you: use the Revolut app to buy, sell, receive or spend cryptocurrency; or send cryptocurrency to other US Revolut accounts. They also set out other important things that you need to know. These terms and conditions, along with our Personal Terms, Fees page and any other documents we give you that apply to our services, form a legal agreement (the agreement) between: you; and Us, Revolut Technologies Inc. If there is any inconsistency between these terms and conditions and our Personal Terms, these terms and conditions will apply. You can ask for a copy of these terms and conditions from one of our support agents through the Revolut app. Please read these terms and conditions carefully. You should be satisfied that crypto is suitable for you in light of your financial services circumstances and attitude towards risk before starting. The cryptocurrency services are solely provided by Paxos Trust Company, LLC (“Paxos” or the "Exchanger") which is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Revolut Technologies Inc., and Metropolitan Commercial Bank do not provide cryptocurrency services. Neither Revolut Technologies Inc. nor Metropolitan Commercial Bank makes any representation regarding the advisability of transacting in cryptocurrency, nor does it guarantee the timeliness, accuracy, or completeness of any data or information used in connection with your cryptocurrency wallet. Cryptocurrencies are not legal tender, are not backed by the government or guaranteed by any bank, and may lose value. The account you establish to trade cryptocurrencies is not a bank account or a deposit account, and value balances are not subject to protection from the Federal Deposit Insurance Corporation or Securities Investor Protection Corporation. We do not provide any investment advice relating to our crypto service. You should carefully consider whether your personal situation and the financial risks you are willing to take mean that you should not buy cryptocurrencies. You may want to speak to an independent financial adviser. No material here should be considered as an offer by Paxos to sell or solicitation by Paxos of any offer to buy bitcoin or other cryptocurrencies. By accepting these Terms of Use, you are also accepting the Exchanger Terms and Conditions available [here]. In the event of any conflict between these terms and the Exchanger terms, these terms will prevail. In addition, these terms are written in the English language; if these terms are translated into another language and there is any conflict between the terms, this English version will prevail. Crypto services are not available in Tennessee. 2. The cryptocurrencies available The following cryptocurrencies are available through our crypto services. Bitcoin Ether Litecoin Bitcoin Cash Click here for more information about these cryptocurrencies. We’ll let you know if we start offering any other cryptocurrencies. To make sure you have safe access to our crypto services, download any updates for your device or the Revolut app as soon as they become available. You can contact us at any time through the Revolut app if you have any questions about our crypto services. We call our services that allow you to buy, sell, receive or spend cryptocurrency our crypto services. Buying, selling, exchanging 3. Buying cryptocurrency You can instruct us to buy cryptocurrencies for you using the fiat currency in your Revolut account. If you do, we’ll follow the procedure below: you tell us how much fiat currency you want to spend and we'll let you know how much cryptocurrency you can buy (using the exchange rate at the time); if you click ‘exchange’, and we accept your instruction, we’ll buy the cryptocurrency from our partnered cryptocurrency exchange, Paxos. Sometimes, for reasons beyond our control, we won’t be able to buy cryptocurrency for you. If this happens we’ll let you know; and if we can buy the cryptocurrency, we’ll take the fiat currency you told us you wanted to spend from your Revolut account and the cryptocurrency will be held for you. Limits We may limit the amount of cryptocurrency you can buy. We will tell you the amount of any limit before we accept your instruction. Fees You can buy and sell cryptocurrencies through the Revolut app without paying any transaction fees. The exchange rate disclosed for your transaction is generated based on market factors and includes a spread of up to 1.5% of the transaction amount that is determined by the volume of crypto transactions, the depth of the Exchanger's market order book, and the volatility of the market pursuant to the Cardholder Agreement and Exchanger Terms. The market is dynamic and may fluctuate both during and between transactions. The exchange rate shown may be different from rates offered by other exchange markets. If you exchange for cryptocurrencies with any supported fiat currency other than USD, the currency selected will first be exchanged with USD to complete the transaction with the Exchanger. For more information, see the Cardholder Terms. Refusing your instructions Sometimes we might refuse your instruction to buy or sell cryptocurrency. If we do, we will not be responsible for any losses you suffer as a result. We may refuse your instruction if: • there is not enough cryptocurrency available in the market; • one of our partnered crypto exchanges is not available (for example, one of them could have a disrupted service); • we have good reason to suspect that your instruction was for illegal purposes (for example, to commit fraud); or • we have good reason to believe that your instruction could badly affect our reputation or goodwill. • Cancelling your instructions You cannot cancel any instructions to buy or sell cryptocurrency except for a scheduled autoexchange for a future date. However, we cannot guarantee that the autoexchange would be cancelled as it is dependent on market conditions. How your cryptocurrency is held Paxos will hold any cryptocurrency you buy from Revolut App on your behalf. This also means you can tell them via Revolut App when to sell or transfer it (within the limits of these terms and conditions). Revolut shall have no responsibility or ability to provide money transmission services or cryptocurrency conversion or custodial services. The cryptocurrency you purchase is held in an account that holds cryptocurrencies for other Revolut customers. You will not have a separate cryptocurrency account. You can use the Revolut app to see the amount of cryptocurrency being held for you. 4. Selling cryptocurrency If you instruct us to sell cryptocurrency we will: • sell the cryptocurrency at the exchange rate at the time; and • add the proceeds from the sale to your Revolut account. You cannot receive the proceeds from a sale in any other way. 5. Transferring cryptocurrency Transferring cryptocurrency to other Revolut customers You can transfer cryptocurrency to other US Revolut customers in the Revolut app. When we accept your instruction, we’ll transfer your beneficial right in the relevant amount of cryptocurrency to them. You can’t transfer cryptocurrency to anyone who does not have an active Revolut account. 6. Spare change round up If you use your Revolut Prepaid Mastercard® and have enabled spare change round up in cryptocurrency, you may choose for the card issuer to round up your transaction to the next dollar amount. The amount of round up will be based on your transaction amount and will range between $0.01 and $0.99, which will be calculated and displayed as a separate transaction. By participating, you authorize the withdrawal of such rounded up funds on a per-transaction basis to be sent to the Exchanger for exchange into cryptocurrency. If the transaction resulting in spare change is due in currency other than USD, the currency selected will be exchanged with USD to complete the transaction with the Exchanger. The round up feature will remain enabled until you choose to turn it off, which you may do at any time, but any completed transactions are non-refundable. 7. AutoExchange AutoExchange automatically exchanges your money from one currency into another based on a target rate you set. Please carefully read and accept the risk disclaimer, set your target rates, and tap the Auto-exchange button to set it live. The exchange will only trigger once your target rate has been reached, but you should be aware that the rate could be slightly different from your target value, when the auto-exchange takes place. This happens because the exchange rate never settles. If the market is particularly volatile, your execution price might have shifted in the brief window between the target value being hit, and the auto-exchange being performed. Risks 8. Risks of cryptocurrencies Cryptocurrency carries significant risks. You should carefully consider whether it is appropriate for you to buy cryptocurrency. These risks include the following: • when you buy, sell or transfer cryptocurrency you are dealing with something digital, not something tangible. This means that, like any other digital system, cryptocurrencies are at risk of being hacked or affected by technical problems. This could result in you losing your cryptocurrency or delay your ability to sell, transfer or spend it; • the regulation (or lack of regulation) of cryptocurrency or crypto exchanges can change at any time. Any change is likely to affect the value of any cryptocurrency we hold for you; and • the value of cryptocurrency can fall. This could happen if, for example: • a new, better cryptocurrency is created; • software developers make unexpected changes to how the cryptocurrency works; or • there is a change in cryptocurrency regulation. The value of cryptocurrencies may be derived from the continued willingness of market participants to exchange fiat currency for cryptocurrencies, which may result in the potential for permanent and total loss of a particular cryptocurrencies should the market for that cryptocurrency collapse.
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