We strongly advise you to read the warning advisory on virtual currencies released by Bangko Sentral NG Pilipinas prior to reading our terms and conditions and using BTCExchange.
The advisory can be viewed here: http://www.bsp.gov.ph/publications/media.asp?id=3377
Thank you for your interest in our Philippines Peso based Bitcoin trading services. By using our website you agree to these terms and conditions.
Please read these terms and conditions carefully.
2.1 BTCExchange (“We” or “Us” or “Our”)
Refers to a company registered in the Republic of Philippines with the below details:
Company Name: Bonetto Ventures Inc.
Securities and Exchange Commission Company Reg. No: CS 201318852
Address: McKinley Park Residences #203, 31st Street cor. 3rd Avenue, Bonifacio Global City, Taguig
The internet application(s) and content served at address http://btcexchange.ph and all sub domains.
Bitcoin is a virtual currency. The definition of virtual currencies by Bangko Sentral Ng Pilipinas is as follows:
“A virtual currency is a form of unregulated digital money, meaning it is not issued or guaranteed by a central bank. It allows purchase of both virtual goods (such as in online gaming environments and social network) and real goods and services (such as in retailers, restaurants and other establishments). Unlike electronic money, which is backed by cash for 100% of its stored value, virtual currencies are not backed by any commodity like cash, gold or silver. Rather, they are merely valued subjectively according to one’s ability to exchange them for goods.”
The services offered via the Website or other channels including but not limited to:
2.5 User (“User” or “You” or “Yours”)
Person or persons using the Services via the Website.
In order to use the Services, you must first create a BTCExchange account by providing your first name, last name, email address, password and confirming your acceptance of these Terms and Conditions.
3.2 Account Verification
Prior to using our services, you must go through our account verification procedure which requires you to submit a document for ID verification and another document for address verification./p>
We accept the below for ID verification:
Acceptable proof of address documents: A utility bill registered to your name clearly showing your address or an official government document showing your name and address. Proof of address documents cannot be older than 3 months.
8.1 Limit Orders
A limit order is an order to buy or sell a Bitcoin at a specific price or better. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher. A limit order is not guaranteed to execute. A limit order can only be filled if the Bitcoin’s market price reaches the limit price.
8.2 Market Orders
A market order is an order to buy or sell Bitcoin at the best available price(s). This type of order will be executed immediately. The price at which a market order will be executed is not guaranteed. A market order can be executed in multiple pieces at different prices until the amount of Bitcoin you specified with the order is sold for sell orders or until the total amount you specified in Philippines Pesos is spent for buy orders.
The last-traded price or the “real time” quote on our Website is not necessarily the price at which the order will be executed.
8.3 Price of Bitcoin
The market price of Bitcoin is independently determined on Bitcoin exchanges such as BTCExchange. Bitcoin does not have a central bank or a central exchange which has authority over the price.
The Bitcoin price displayed on our website is the top sell order in our order book. The top bid price is always different from the top ask price and thus your sell orders are not executed at the price displayed on the website.
8.4 Available Funds
The amounts specified in orders are not available for withdrawal until either the order is either cancelled or executed.
8.5 Trading Fees
BTCExchange charges you a fee for each trade on the website. Both the buyer and the seller are changed a fee per trade. The fee schedule we apply is published on the fees page and changes to our fee schedule is announced in the announcements page our website.
You are solely responsible for determining whether, and to what extend any taxes apply to Bitcoin or Philippines Peso transactions to or from your BTCExchange account and Bitcoin or Philippines Peso funds you hold in your BTCExchange account. It is also your sole responsibility to transfer the correct amounts for taxes to the appropriate tax authorities.
As a user of our services, you can receive customer support using Email or Live Chat channels at our Support Center website at: http://support.btcexchange.ph. When you contact us, please provide us with your name, email address and/or any other information to help us identify and resolve your issue faster.
We are committed to the complete privacy of our users.
To the extent permitted by the Law of the Philippines, and unless we are required by law or ordered by a court of the the Law of the Philippines:
13.1 Limited Liability
You agree that under no circumstances shall BTCExchange, its business partners, affiliates, service providers or any of their respective officers, directors, agents, employees, joint ventures or representatives be liable for lost profits or any special, incidental or consequential damages or losses arising out of or in connection with BTCExchange, its Website or Services or these terms and conditions however arising, including negligence to maximum extent as permitted by the Law of the Philippines.
13.2 No Warranty
To the extent permitted by the Law of the Philippines, our services and website are provided ‘as is’ without any warranty (whether express, implied statutory or otherwise) of any kind.
We make no representation or warranties that any part of our Website and Services or any feature of our Website and Services including all types of order execution, price quotes, order book quotes, deposits, withdrawals, account operations will be accessible without interruption, free of errors or secure.
BTCExchange does not control the Bitcoin market and we make no representation or warranties for the current or future value of Bitcoin either on BTCExchange denominated in Philippines Pesos or in any other currency on other venues of Bitcoin trading.
You understand and agree that the market value of Bitcoin is highly volatile and you agree to not hold BTCExchange responsible for any losses or damages arising from buying, selling, holding or investing in Bitcoin even if our website and services are unavailable or interrupted for any reason.
We make no representation or warranties that the graphical or numerical data or information displayed or published on the Website will be accurate, real time, complete, useful or truthful. You understand and agree to not rely on such graphical or numerical data or information and you agree to not hold BTCExchange responsible for any losses or damages arising from delayed, incomplete, not useful or untruthful graphical or numerical data or information displayed or published on the Website.
13.3 Force Majeure
We shall not be liable for delays, failure in performance or interruption of service which result directly or indirectly from any cause or condition beyond our reasonable control, including but not limited to, any delay or failure due to any act of God, act of civil or military authorities, act of terrorists, civil disturbance, war, strike or other labor dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond our reasonable control and shall not affect the validity and enforceability of any remaining provisions.
13.4 Section Headings
Section headings in this Terms and Conditions document are for convenience only, and shall not govern the meaning or interpretation of any provision of its clauses.
13.5 Governing Law
These terms and conditions and all matters arising from them and any dispute resolutions shall be governed by the the Law of the Philippines.
These terms and conditions are made only in the English language. If there is any conflict in the meaning between the English language version of these Terms and Conditions and any version or translation of them in any other language, the English language version shall prevail.