Version twelve (12), applicable from 2023-03-01

Quickbit App Terms and Conditions

1. About these Terms

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 Quickbit account through the Quickbit app (the “App”).

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

between:

You (the account holder); and
Depending on your country of domicile;

- For Sweden: QB Europe AB, a company incorporated in Sweden with company registration number 559265-3793 and whose registered office and head office is at Lästmakargatan 20, 111 44 Stockholm, Sweden,

- For Finland: QB Finland Oy, a company incorporated in Finland with company registration number 3204467-3 and whose registered office is in Helsinki and whose postal address is Lästmakargatan 20, 111 44 Stockholm, Sweden,

- For Netherlands: The business is operated by QB Europe AB which is the registered legal entity. For more information about QB Europe AB, see above,

- For Norway: Balder Solutions AS (under name change to QB Norway AS), a company incorporated in Norway with company registration number 921711425 and whose registered office is at Svalestien 27, 1407 Vinterbro, Norway,

(jointly “Quickbit”) which are both fintech companies registered as virtual currency service providers with the Financial Supervisory Authority in their respective market (listed below). Balder Solutions AS and QB Finland Oy are both wholly (100%) owned subsidiaries of QB Europe AB which is a wholly (100%) owned subsidiary of Quickbit eu AB (publ).

Sweden: The Swedish Financial Supervisory Authority (Sw. Finansinspektionen).
Finland: The Finnish Financial Supervisory Authority (Fi. Finanssivalvonta).
Netherlands: The central bank of the Netherlands (Nl. De Nederlandsche Bank).
Norway: The Financial Supervisory Authority of Norway (No. Finanstilsynet).

You can always find these Terms through the App.

We think it's important for you to understand how your Quickbit 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. Can I open a Quickbit account?

You must be a private individual, 18 years or older and living within the European Economic Area to open a Quickbit account.

When you submit an application to us to open a Quickbit account, we will ask for information about you, such as your name, address, contact details and where the money you will put in your Quickbit 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 Notice 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.

3. Products and services

Quickbit account - 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.

Intergiro Payment Services

You may also apply for a euro payment account and a Quickbit debit card (the “Payment Services”) offered by our partner Intergiro Intl AB (publ) (Intergiro). For available Payment Services and applications please see the App. We will share certain personal data about you with Intergiro when you apply for the Payment Services (such as your name, contact details and KYC information). If you are onboarded for Payment Services, Intergiro’s Terms & Conditions and Privacy Policy will apply for these Payment Services.

4. Using cryptocurrency in your Quickbit account

Once you have cryptocurrency in your Quickbit account, you will 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;
Hold cryptocurrency; and
Earn interest on cryptocurrency deposited in your earn wallet; and
Make recurring purchases of a chosen cryptocurrency, and for a chosen FIAT amount, on a daily, weekly or monthly basis.

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

Earn wallet

The earn wallet is a function within the App that enables you to deposit cryptocurrency and, in return, earn interest. The interest will be earned “in kind”, meaning that if you deposit Bitcoin into the earn wallet, you will get the interest paid out in Bitcoin. By depositing cryptocurrency into your earn wallet, you agree to lend out the amount deposited to Quickbit, this is how the interest is earned. You can withdraw the cryptocurrency that you have deposited in your earn wallet, as well as any earned interest, at any point in time.

In order to gain the interest, we will use third-party yield providers (centralized crypto lending platforms), so please pay extra attention to our risk section below. However, you will only have a customer relationship with us.

The interest that we offer will depend on the interest that we from time to time receive from the third-party yield providers, meaning that it is a variable interest rate (in other words, the interest you receive will vary over time). The current interest rate will be showcased in the App daily. Your interest payout will be showcased in the App each week and the payout will go directly into your earn wallet and will be automatically compounded.

Recurring purchase plan

The recurring purchase function within the App enables you to set up a plan so that you can make recurring purchases. To set up a recurring purchase plan in the App you need to:

Choose a cryptocurrency available in the App (it is possible to set up one recurring purchase plan for each available cryptocurrency).

Choose an interval (daily, weekly or monthly) for each recurring purchase plan.

Choose an amount in FIAT (available in the App) for each recurring purchase plan. The amount has to be the same for each purchase plan, e.g. 500 SEK per day, week or month. We have a limit of minimum one (1) EUR, or the equivalent in any other accepted FIAT currency, per recurring purchase. If a maximum limit applies, this will be displayed in the App when you set up your plan.

Register a credit or debit card that you want to use for making the recurring purchases.

The cryptocurrency price applied for each purchase is determined by the rate applicable at the time when we process the purchase each day. The current cryptocurrency price will be showcased in the App daily.

Your recurring purchased cryptocurrency will be stored in the relevant cryptocurrency wallet in your Quickbit Account.

It is possible to cancel an existing recurring purchase plan in the App at any time. If you would like to change an existing recurring purchase plan, you first have to cancel the plan and thereafter set up a new plan with new variables. We will process all scheduled purchases at the same time of the day, once per day. If you would like to cancel an existing recurring purchase plan, this must be made at least the day before the next scheduled recurring purchase.We have the right to cancel a recurring purchase plan due to a failed transaction (can be different reasons, for instance if your registered card has been expired or if your bank account has insufficient funds). We will notify you thereof.

5. Pricing, fees and taxes

When you are 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 are using at the moment (for instance if you intend to buy, exchange, earn interest, set up a recurring purchase plan or send cryptocurrency to an external wallet).

The amount of the service fee will always be available to you prior to a transaction. For the current prices and fees please see Pricing and fees.

You are responsible for determining your own tax liability with regard to the Services in order to be compliant with the tax regulation in your jurisdiction. Quickbit do not provide any tax-related advice or information and will not be responsible for assessing, collecting, reporting, withholding or remitting any taxes on your behalf as a result of your transactions.

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 Quickbit 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 Quickbit 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, money laundering, terrorist financing or proliferation financing);
to send or receive transactions to/from sanctioned countries or persons;
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 Quickbit account and/or the App.

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

9. Transfer funds into my Quickbit 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 are 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. It is also extremely important that you only send cryptocurrencies that are supported in the App since we neither can block such transfers nor return any cryptocurrencies that we do not support.

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 Quickbit account in our FAQ's

Are there any limits when transferring funds into my Quickbit account?

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

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 Quickbit delay or refuse a transaction?

We must refuse to perform a transaction (including deposits to your earn wallet or recurring purchases), 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 violated 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 violate 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 Quickbit account.

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

12. Can Quickbit block or freeze my Quickbit account?

We have a right to block or freeze your Quickbit account, which are temporary actions.

A block means that you cannot access the App and your Quickbit account.

A freeze means that you can access the App to view your Quickbit account information but cannot make any transactions.

We may block or freeze the App and your Quickbit account if, for instance:

we are concerned about your safety;
that it might be used fraudulently;
that it might be used without your permission; or
you do not provide the requested information.

We might also have to block or freeze the App and your Quickbit account to meet our legal obligations.

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

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.

13. When can Quickbit suspend or close my Quickbit account?

We have a right to suspend or close your Quickbit account for any reason by giving you two (2) months’ notice.

We also have a right to close or suspend your Quickbit account immediately, and end your access to the App, in the following cases:

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 have violated 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 Quickbit 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.

For termination of the Payment Services please see Intergiro’s Terms & Conditions.

14. Changes to these Terms

We will 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 of 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.

When we make any changes to these Terms that could affect your current use of the App and your Quickbit account you will be notified two (2) weeks in advance in the App or by email. By continuing using the App after the two (2) week’s period you are deemed to have accepted the updated Terms. However, you can always terminate the App and your Quickbit account with immediate effect. Please see section 7.

For changes in Intergiro’s Terms & Conditions please see http://intergiro.com/baas-terms-and-conditions-quickbit.

15. If something goes wrong with my Quickbit account, the App or my virtual assets?

We will do as much as reasonably possible to make sure that the Services are not interrupted and that your virtual assets are safeguarded. 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 Quickbit account due to:

a legal or regulatory requirement;
unforeseeable events outside our control, which were unavoidable at the time, including but not limited to an event of force majeure;
criminal or any other illegal actions of third parties resulting in damage to you or any other person; or
the blocking of your Quickbit account when implementing legal requirements, including those in relation to anti-money laundering and counter-terrorist financing.

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 savings due to our dependencies on third party providers;
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. Customer support and communication

We provide customer support services for the App and the Payment Services provided by Intergiro and you are welcome to contact us if you have any questions or issues. For contact information and opening hours see Contact information and opening times. All communication will be conducted in English. Quickbit will use e-mail as a general communication channel with you. When sending personal information to us, we recommend that you send the e-mail in an encrypted format due to security reasons.

18. Complaints

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

Complaints regarding the App

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;
phone number and email address associated with your Quickbit account;
what the problem or issue is;
when the problem or issue arose.

Complaints regarding the Payment Services

For complaints regarding the Payment Services please email the information above to complaints@intergiro.com.

19. Permission for us to process your personal information

In order for us to provide the Services we need to collect information about you, both from you yourself and third parties, including our partner Intergiro. For more information about how we use your personal information, see our Privacy Notice.

By accepting these Terms you acknowledge that we will gather and store your personal information for the purpose of providing the Services to you.

You further acknowledge that we may disclose your personal data to other entities within the Quickbit Group.

We retain your personal data for the duration of providing the Services to you until you have requested the deletion of your Quickbit Account. Please note that some of your personal data will still be retained after deletion of your Quickbit account due to legal reasons.

20. 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.

21. Risks

The trading of goods and products, real or virtual, as well as virtual currencies involves significant risk. Currency prices can and do fluctuate on any given day and historical increases in value and returns cannot be used as indicators of future developments. Due to such price fluctuations, the value of your assets may increase or decrease at any given moment. You must therefore consider if our Services are suitable for you in light of your financial circumstances and appetite towards risk.

Recurring purchases may be a way to spread the risk over time. When cryptocurrency prices fall, you buy cryptocurrency cheaper and when the price rises again, the value of your cryptocurrency also increases. However, recurring purchases are no guarantee for increase in value of your cryptocurrency.

Virtual currencies 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, lending or trading anything on a market. Also, online trading platforms themselves may be vulnerable from both a security and technical perspective, for example risk of hacking, which could lead to transactions not being executed and, in the worst case, assets being lost or stolen. Please note that there is a higher risk profile connected to the earn wallet due to us using third-party yield providers whose safeguarding measures we are not in charge of.

It is also important to remember that, in the event of loss, virtual currencies are neither protected by the governmental investor protection schemes nor deposit guarantee schemes.

22. 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 the EEA country in which you reside shall apply to these Terms. Any disputes that may arise under these Terms shall be resolved in the courts of the EEA country in which you reside.

As a consumer you also have the right to file a complaint with your local consumer authority should you wish to have your case assessed by an independent third party. An assessment by these authorities is given free of charge to consumers.

Sweden: The National Board for Consumer Disputes (Sw. Allmänna reklamationsnämnden (“ARN”)). 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.

Finland: The Consumer Disputes Board (Fi. Kuluttajariitalautakunta). You may reach them through their website, https://www.kuluttajariita.fi, or by sending a letter to the following address: Consumer Disputes Board, Hämeentie 3, P.O. Box 306, 00531 HELSINKI. Before doing so, you must contact the Consumer Advisory Services in Finland, https://www.kkv.fi/kuluttajaneuvonta.

Netherlands: The European Online Dispute Resolution provided by the European Union. You may reach them through their website, https://ec.europa.eu/consumers/odr/main/?event=main.home2.show

Norway: The Norwegian Consumer Authority (No. Forbrukertilsynet). You may reach them through their website, https://www.forbrukertilsynet.no/english.

No right to withdrawal

Please be aware that the provisions regarding the right to withdrawal of financial services in the following laws are not applicable on the Services due to fluctuations in the currency market which Quickbit cannot influence;

- The Swedish act on distance contracts and off-premises contracts (Sw. Lag om distansavtal och avtal utanför affärslokaler)

- The Finnish Consumer Protection Act (Fi. Kuluttajansuojalaki),

- The Civil Code of the Netherlands (Nl. Burgerijk Wetboek),

- The Norwegian Cancellation Act (No. Angrerettloven).