BTCExchange.PH - Terms and Conditions

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Bitcoin Price: PHP 133,871.50 24h. Change: PHP 7,151.70 (5.64%)
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BTCExchange Terms and Conditions
Last Update: 30 October 2015


Important Note

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


1. Welcome to BTCExchange!

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. Definitions

  • 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

  • 2.2 Website

    The internet application(s) and content served at address http://btcexchange.ph and all sub domains.

  • 2.3 Bitcoin

    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.”

  • 2.4 Services

    The services offered via the Website or other channels including but not limited to:

    • Exchanging Philippine Pesos with Bitcoin (Buying Bitcoin)
    • Exchanging Bitcoin with Philippine Pesos (Selling Bitcoin)
    • Transferring Bitcoin from your BTCExchange account to a Bitcoin address you provide
    • Crediting the Bitcoin amounts transferred to the unique Bitcoin deposit address provided to you in your BTCExchange account
    • Storing and safekeeping the funds in your BTCExchange account.

  • 2.5 User (“User” or “You” or “Yours”)

    Person or persons using the Services via the Website.


3. Creating a BTCExchange account

  • 3.1 Registration

    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:

    • Passport
    • Driver’s License
    • Professional Regulation Commission (PRC) ID
    • National Bureau of Investigation (NBI) Clearance
    • Police Clearance
    • Postal ID
    • Voter’s ID
    • Barangay Certification
    • Government Service Insurance System (GSIS) e-Card
    • Social Security System (SSS) Card
    • Senior Citizen Card
    • Overseas Workers Welfare Administration (OWWA) ID
    • OFW ID
    • Seaman’s Book
    • Alien Certification of Registration/Immigrant Certificate of Registration
    • Government Office and GOCC ID, e.g. Armed forces of the Philippines (AFP ID), Home Development Mutual Fund (HDMF ID)
    • Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
    • Department of Social Welfare and Development (DSWD) Certification
    • Integrated Bar of the Philippines ID
    • Company IDs issued by private entities or institutions registered with or supervised with or regulated either by the BSP, SEC or IC.

    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.


4. Bitcoin Deposits

  • A unique Bitcoin deposit address will be assigned to your account upon account creation. Any Bitcoin amount transferred to this address will be credited to your BTCExchange account within a reasonable time after receiving at least 3 confirmations by Bitcoin miners on the Bitcoin network.
  • You will be given the right to create a new unique Bitcoin deposit address after using your current Bitcoin deposit address at least once.
  • BTCExchange holds the rights to:
    • Temporarily or permanently increase the number of required confirmations from 3 to a larger number
    • Reject and return a transaction output to its source input after deducting the miners fees without showing cause
    • Reject the transaction and not credit the amount(s) to your account if required by law
    • Introduce a new limit or change existing limits for Bitcoin deposits to your account without prior notice.
    • Charge a fee for deposits.
  • As a user of our services, you accept that a Bitcoin deposit may be delayed up to 72 hours or more and you agree not to hold us responsible for any losses, damages or injury arising out of or related to such delay.
  • While transferring Bitcoin to BTCExchange, users must:
    • Transfer Bitcoin to their Bitcoin deposit address in a manner in accordance with the Law of the Philippines and/or the applicable law in the jurisdiction where the transfer is sourced from.
    • Ensure that the transfers to their Bitcoin deposit address includes enough miner fees for the transaction to be confirmed.
    • Ensure that the transfers to their Bitcoin deposit address are not double spent or fraudulent.

5. Philippines Peso Deposits

  • To be able to buy Bitcoin on BTCExchange, you must first go through the account verification procedure and transfer Philippines Pesos (PHP) to your BTCExchange account.
  • While transferring PHP to BTCExchange, users must:
    • Only transfer PHP from a bank account which belongs to the user. The name of the owner of the bank account must match the name on the BTCExchange account.
    • Add the transfer code displayed to you on the website per your deposit request as a message or a note to the bank transfer.
    • Make transfers adhering to these terms and conditions AND regarding the limits, policies, warnings and instructions outlined on the Policies and Limits page and Deposit PHP page on the website.
  • BTCExchange holds the rights to:
    • Reject and return a bank transfer without showing cause
    • Request additional documentation such as proof of address document before crediting the deposit to your BTCExchange account
    • Reject and return a bank transfer after deducting the transaction costs if the transfer does not adhere to these terms and conditions
    • Forfeit a transfer if the sender cannot be reliably identified
    • Introduce a new limit or change existing limits for PHP deposits to your account without prior notice
    • Charge a fee for deposits.
  • We will credit the amount you transfer to your BTCExchange account within a reasonable time upon receipt. As a user of our services, you accept that a Philippines Peso deposit may be delayed up to 72 hours or more and you agree not to hold us responsible for any losses, damages or injury arising out of or related to such delay.

6. Bitcoin Withdrawals

  • As part of the services, you can send Bitcoin to a Bitcoin address using your BTCExchange account. In order to initiate a Bitcoin Withdrawal, go to the Withdraw Bitcoin page on the website, enter the address you wish to send Bitcoin to and the amount of Bitcoin you want to send. We will automatically verify the validity of the Bitcoin address you entered but we cannot confirm that the address you entered belongs to the intended recipient.
  • BTCExchange processes Bitcoin transactions as per your instructions and cannot confirm the identity or owner of any Bitcoin wallet or address.
  • Bitcoin transaction are irreversible and we cannot cancel a Bitcoin transaction once initiated. Please make sure your instructions are correct before submitting a Bitcoin withdrawal request.
  • BTCExchange securely holds 100% of its users’ Bitcoin balances in a mix of online and offline storage with majority of funds in the offline storage. As a result, we might need to access our offline storage to process your withdrawal. Please note that this process might take up to 72 hours or more.
  • As a user of our services, you accept that a Bitcoin withdrawal may be delayed and you agree not to hold us responsible for any losses, damages or injury arising out of or related to such delay.
  • BTCExchange holds the rights to:
    • Refuse to process a Bitcoin Withdrawal if required to do so by law
    • Charge a fee for withdrawals.

7. Philippines Peso Withdrawals

  • You can transfer the Philippines Peso funds in your BTCExchange account to your bank account. To initiate a PHP Withdrawal, go to the related page, enter your bank account information.
  • You understand and accept that you can only withdraw Philippines Pesos to a bank account registered in your name. The name of the owner of the bank account you want to withdraw your PHP funds to must be the same with the name in your BTCExchange account.
  • We may charge a withdrawal fee to cover the operational or transactional costs.
  • You accept that a Philippines Peso withdrawal may be delayed up to 72 hours or more and you agree not to hold us responsible for any losses, damages or injury arising out of or related to such delay.

8. Trading

  • 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.


10. Taxes

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.


11. Customer Support

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.


12. Privacy Policy

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:

  • The personal information you share with BTCExchange including name, address, phone number, banking information is kept confidential by BTCexchange and its partners.
  • The documents we request from you for the purposes of Account Verification are encrypted and safely stored and are never used for any other purpose other than ID and address verification and the security of your account.
  • Access to your personal information by BTCExchange and its partners is strictly controlled and only given to authorized and vetted personnel.
  • Your information is never shared with a third party for marketing purposes.

13. General Terms and Conditions

  • 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.

  • 13.6 Language

    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.