Last updated: 2021-09-14

Terms and Conditions for Quickbit App

1. Why this information is good to have

This document sets out the user terms and conditions (these “Terms”) for your personal Quickbit account and its related services. It also sets out other important things that you need to know when you manage your account through the Quickbit app (the “App”).

These Terms, together with the Privacy policy and any other terms and conditions that might apply to our services and products, form a legal agreement between:

  • You (the account holder); and

  • Us, Quickbit (a company incorporated in Sweden with company number 559265-3793 and whose registered office and head office is at Norrlandsgatan 12, 111 43 Stockholm) a Swedish fintech company registered as a virtual currency exchange provider with the
    Swedish Financial Supervisory Authority.

You can always find these Terms through the App.

We think it's important for you to understand how your account works, for more information please read our FAQs.

By applying for a Quickbit account you expressly represent and warrant that you have accepted these Terms if and when your application is approved by us. 

2. A virtual wallet

Your account is similar to a virtual wallet that enables you to use your cryptocurrency in different ways, specified in these Terms, through the platform operated by us and accessible for you through the App.

3. Using crypto in your account

Once you have cryptocurrency in your account, you'll be able to view balances, other information and manage your funds in several ways which currently include following activities (the “Services”):

  • Buy cryptocurrency;

  • Swap (exchange) cryptocurrency from one cryptocurrency to another;

  • Send cryptocurrency to and receive cryptocurrency from other Quickbit accounts and non-Quickbit accounts; and

  • Hold cryptocurrency

If we add new features and services, you will learn about these through the App.

4. Can I open a Quickbit account?

You must be 18 years or older to open a Quickbit account.

When you submit an application to us to open an account, we will ask for information about you, such as your name, address, contact details and where the money you will put in your account comes from. We do this for a number of important reasons, including to check your identity, and to meet our legal and regulatory requirements. Our Privacy Policy explains more about how we use your information for these and other purposes.

Please note that you can’t:

  • open more than one Quickbit account; or

  • open a new Quickbit account if we've previously terminated your Quickbit account.

5. Service fees

When you’re using the Services through the App, we will in some cases charge you a service fee. The amount of the service fee differs depending on which service you’re using at the moment (for instance if you intend to buy, exchange or send cryptocurrency to an external wallet).

The amount of the service fee will always be available to you prior to a transaction.

6. How do I get information on transactions into and out of my account?

You can see all transactions into and out of your account through the App and if you prefer a notification, you can activate notifications in the App.  

Please keep your contact details up to date and let us know as soon as possible if any information you've given us changes.

7. How do I close my account?

You can close your account at any time. You can do this through the App or by emailing us at support@quickbit.com.

When you inform us that you want to close your account, we will give you the opportunity to withdraw any cryptocurrency we hold for you. In order for you to transfer your cryptocurrency from your Quickbit account you need to provide a third-party wallet to which your cryptocurrency will be transferred.

When you close your account, the agreement between you and us will consequently be terminated. 

8. Are there any restrictions on using the App?

The App must not be used (directly or indirectly) as follows (please note that the list below contains examples):

  • for illegal purposes (such as committing fraud);

  • in a way that we believe might harm our ability to provide the Services;

  • to control or use a Quickbit account that doesn't belong to you;

  • to allow anyone else to have access to or use your account and/or the App.

Any violations of these rules may result in us preventing you from making any transactions to and from your account and, if deemed necessary, we might have to block your account and your access to the App without further notice.

9. Transfer funds into my account

You can add cryptocurrency to your Quickbit account using a debit card or credit card. You can also do this by sending cryptocurrency to your Quickbit account from an external wallet. 

Any transactions will be executed instantly as soon as you have confirmed the transaction order. 

Please note that when you’re sending cryptocurrency to a wallet, whether it's a Quickbit account or a third-party wallet, it’s extremely important that you provide the correct wallet address. It’s not possible to redeem an incorrect transaction order. 

If you want to add cryptocurrency to your Quickbit account using a debit card or credit card, we will add the equivalent value of your chosen cryptocurrency to your Quickbit account upon receiving the card transaction.

We will consider that you gave us your consent and authorized us to execute the transaction, including the debiting of any related fees, once you submit your transaction order in the App.

There is more information on adding cryptocurrency to your account in our FAQ.

Are there any limits when transferring funds into my account? 

When adding funds to your Quickbit account, we have a limit of minimum one (1) Euro per transaction. More information about limits is found in our FAQ. 

10. Transferring funds between Quickbit accounts

You can send cryptocurrency to, and receive cryptocurrency from, other Quickbit accounts.

We will consider that you gave us your consent and authorized us to execute the transaction, including the debiting of any related fees, once you submit your transaction order in the App.

11. Can we delay or refuse a transaction? 

We must refuse to perform a transaction, or delay a transaction, in the following circumstances:

  • if your instruction doesn't contain all the information we need to execute the transaction;

  • if legal or regulatory requirements prevent us from making the transaction or demand us to carry out further controls;

  • if you have broken these Terms in a way that in our assessment justifies us delaying or refusing your transaction;

  • if we assess that the processing of your instruction would break these Terms; 

  • if a bankruptcy order is issued against you or you've entered into an individual voluntary arrangement with your creditors;

  • if, even after doing everything reasonably possible, we won't be able to make the transaction on time;

  • if a third party prevents us from making the transaction;

  • if we have asked you for important information that we reasonably need in order to carry out your transaction and you have not given us that information; or

  • if we have frozen, blocked, or suspended your account.

We won't be responsible for any losses you suffer as a result of us delaying or refusing a transaction.

12. Can we block or freeze your account?

We might prevent you from making transactions from your Quickbit account if, for instance:

  • we're concerned about its safety;

  • or that it might be used fraudulently;

  • or without your permission. 

  • We might also have to block your account to meet our legal obligations.

We will unblock or unfreeze your account as soon as the reasons for blocking or freezing your account no longer exist.

13. When could you suspend or close my account?

We may close or suspend your Quickbit account immediately, and end your access to the App, in exceptional circumstances such as, but not limited to, following: 

  • if we have good reason to suspect that you are behaving fraudulently;

  • if you haven't given us any information we need, or we have good reason to believe that information you have provided is incorrect or not true;

  • if we have asked you for important information we reasonably need and you haven't given us that information;    

  • if you've broken these Terms in a serious or persistent way and you haven't put the matter right within a reasonable time of us asking you to;

  • if we have good reason to believe that your use of the App is harmful to us;

  • if we have good reason to believe that you continuing to use your account could damage our reputation or goodwill;

  • if you've been declared bankrupt;

  • if you’ve been declared deceased; or

  • if we have to do so under any law, regulation or due to court order. 

We may also decide to close or suspend your account for other reasons.

Please note that from the time we ask you to provide us with certain information we expect you to provide us with this information immediately but no later than within fourteen (14) days from our written request thereof.

14. Changes to these Terms

We will probably make changes to these Terms from time to time. For instance:

  • if we think it will make them easier to understand or more helpful to you;

  • to reflect the way our business;

  • to reflect legal or regulatory requirements that apply to us and our business; or

  • because we are changing or introducing new services or products.

If and when we make any changes to these Terms you will be notified in the App and asked to accept the new Terms before you can continue to manage your account. 

15. If something goes wrong with my account or the App?

We'll do as much as reasonably possible to make sure that the Services are not interrupted. However, we can't promise that this will always be the case or that the Services will be free from faults. In short, we cannot guarantee that the Services won't be interrupted or that you will not experience any delays etc. 

We will not be responsible for losses resulting from us failing to meet our obligations for transactions into and out of your account because:

  • of a legal or regulatory requirement;

  • unforeseeable events outside our control, which were unavoidable at the time;

  • of criminal or any other illegal actions of third parties resulting in damage to you or any other person; or

  • of the blocking of your account when implementing legal requirements, including those in relation to anti-money laundering and counter-terrorist financing.

Please note that we will only be responsible for foreseeable losses.

We won't be responsible to you for any of the following, whether direct or indirect, that arises in connection with these Terms:

  • loss of income or profit;

  • loss of goodwill or damage to your reputation;

  • loss of business contracts or opportunities;

  • loss of anticipated savings; or

  • consequential loss.

16. Your responsibility towards us

If you breach these Terms you may be responsible to us for certain losses. In such cases we may, at our discretion, do following: 

  • hold you responsible for any losses, including losing profits, we suffer as a result of your action; and

  • hold you responsible for any legal costs that arise as a result of our losses.

17. Complaints

We understand that sometimes we might not agree on different matters concerning the Services.

In order for us to process your complaints we need information. Please email the information to support@quickbit.com. To handle your case, you might have to answer further questions.

As a start we need the following information:

  • your full name;

  • the phone number and email address associated with your account;

  • what the problem or issue is;

  • when the problem or issue arose.

18. Permission for us to process your personal information

In order for us to provide the Services we need to collect information about you. For more information about how we use your personal information, see our Privacy Policy

By accepting these Terms you’re giving us permission to gather and store your personal information for the purpose of providing the Services to you.

You can withdraw your permission by closing your account. However, we may need to keep your information for other legal reasons. 

By accepting these Terms, you give us permission to disclose to other entities within the Quickbit Group the following information:

  • the fact that you are our client; 

  • the services we provide to you; 

  • the account number;

  • your account balance(s); 

  • activities performed by us on your behalf; and

  • your activities and transactions with other persons.

We treat your information with confidentiality.

19. Intellectual property

The trademarks, service marks, copyright, intellectual property rights and logos accessible to you in the App or otherwise whilst using the Services (“Trademarks”) are the property of us. The software, text, images, graphics, data, prices, trades, charts, graphs, video and audio used in the App belongs to us. The Trademarks and material 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. The use of any such materials outside of the App for any other purpose than using the Services is strictly prohibited; any such unauthorized use may violate copyright, trademark and other applicable laws and could result in criminal or civil penalties.

20. Risks

The trading of goods and products, real or virtual, as well as virtual currencies involves significant risk. Prices can and do fluctuate on any given day. Due to such price fluctuations, the value of your assets may increase or decrease at any given moment. Any currency – virtual 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.

21. Miscellaneous

This agreement is only between you and us. You cannot transfer any rights or obligations under this agreement to any third party without our prior written consent. 

You however permit us to transfer or assign all of our rights and obligations under these Terms to any third party.

Governing law, dispute resolution and consumer rights

The laws of Sweden shall apply to these Terms. Any disputes that may arise under these Terms shall be resolved in the courts of Sweden.

As a consumer you also have the right to file a complaint with the National Board for Consumer Disputes (ARN) should you wish to have your case assessed by an independent third party. An assessment by ARN is given free of charge to consumers. You may reach ARN through their website, www.arn.se, or by sending a letter to the following address: ARN, Box 174, 101 23 Stockholm.

No right to withdrawal 

Please be aware that the provisions in the Swedish act on distance contracts and off-premises contracts (Sw. lag (2005:59) om distansavtal och avtal utanför affärslokaler) regarding the right to withdrawal of financial services are not applicable on the Services, due to fluctuations in the currency market which Quickbit cannot influence.

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