Exchange of Cryptoassets for Funds or Other Cryptoassets
1. INTRODUCTION
As part of the service Exchange of Cryptoassets for Funds or Other Cryptoassets (hereinafter referred to as the “Exchange”), which is not available in the Advanced Trading Interface, you (“you”, “client”, or “customer”) can buy and sell certain DCs using the quick-buy and quick-sell orders. Such a trade will not be settled on our market by matching the order with another Platform user, but the counterparty to the trade will always be Coinmate.
The Exchange service is available to all registered users who meet the identity verification requirements and other conditions, particularly in accordance with anti-money laundering and counter-terrorism financing rules and other applicable laws. Coinmate reserves the right to suspend the Exchange Service for a user if it believes that the user is using it to launder proceeds of crime or is committing another criminal offense or misdemeanor in connection with its use.
2. OPERATION OF THE EXCHANGE SERVICE
2.1 USE OF THE EXCHANGE SERVICE
Before executing an exchange, Coinmate displays the current exchange rate for each transaction. This rate includes all Coinmate fees and margins. All Exchange rates and any limits on the amount being exchanged are displayed directly on the Platform and are determined based on Coinmate’s methodology, taking market conditions into account. The methodology for determining the Exchange rate is available here.
After the customer enters the desired exchange parameters (DC trading pair name, transaction direction, and amount), Coinmate displays an offer with the final DC price. This offer is locked in for the customer for 10 seconds from the time the offer is displayed („Price Fixation„). After the Price Fixation period expires, the customer is automatically shown a new, updated offer reflecting current market conditions.
Customer exchange orders are executed at the price displayed at the moment the order is considered final. By confirming the exchange order, the customer agrees to the price listed on the Platform. Once an order is confirmed, it cannot be canceled by the customer, and the price is binding on them. An order is considered final when the customer accepts the exchange rate by clicking the „Sell“ or „Buy“ button.
2.2 REJECTION AND CANCELLATION OF EXCHANGE ORDERS
Coinmate reserves the right to reject an exchange order in extreme cases. An exchange order may be rejected in the following cases:
a) During the Price Fixation period, there is a significant change in the DC rate that exceeds the pre-set volatility limits;
b) Coinmate does not have sufficient liquidity to settle the exchange order;
c) There is reasonable suspicion of market manipulation or other violations of applicable rules.
A final exchange order may be canceled by Coinmate during the settlement of the exchange if an extreme change in the DC rate occurs between the confirmation of the order and its settlement.
In the event of a rejection or cancellation of an exchange order, the customer will be immediately notified via the Platform and offered a new exchange rate, which they may either accept or reject. The customer is not entitled to any compensation for damages solely due to the rejection or cancellation of the exchange order.
Upon placement of the final exchange order, a deposit equal to the exchange price is automatically deducted from the customer’s account. This deposit serves to secure the customer’s obligation and is held separately from Coinmate’s assets.
In the event that Coinmate does not have sufficient liquidity at that moment to settle the final exchange order using its own funds, it may, with the customer’s prior express consent, use this deposit to secure the liquidity necessary to execute the exchange. The customer grants this consent as part of the confirmation of the final exchange order.
2.3 SETTLEMENT OF THE EXCHANGE ORDER
Upon successful settlement of the exchange, the corresponding value of the exchanged cryptoasset, or funds, is credited to the customer’s account. In the event that the final exchange order is canceled, the deposit will be refunded in full to the customer’s account.
Coinmate publishes summary information on the volume of exchange transactions and their prices. This information is available on the Platform, allowing customers to gain a transparent overview of trading conditions and market trends.
