Terms & Conditions
You are entering into an agreement with Bitcoin Exchange Pte Ltd (BE), the cryptocurrency provided by you is being sold, for the avoidance of doubt, it is not a cryptocurrency loan. The money provided by you is to purchase cryptocurrency, it is not a loan to BE. This agreement will be subjected to the laws in Singapore.
These are the terms and conditions, you will need to accept before any transactions can be approved:
Caution: BE does not offer a protection program for any authorized or unauthorised payments. The transaction cannot be reversed on your part, BE reserve the right to reverse trades that have irregularities.
We reserve the right to change our quantity discount pricing anytime. Currently we have six tiers to cater for your buying needs ranging from 3.58 percent to 2 percent. On the selling side our pricing ranges from 3.58 percent to as low as 2 percent.
Please provide a valid ID that matches the particular in your message, if the information is different from the ID, your account will not be able to trade. When you send your ID, please send front and back, if the exception of your passport.
You can only place one buy and one sell transaction at any given time. If you have an unintended live transaction. You can cancel it, provided deposit hasn’t applied to the transaction. A live transaction will clear the database in 24 hours, automatically. Payment modes are cash. The additional payment mode will be available for select users only.
You will need to transfer the deposit amount in the quote within 15 minutes. We will process your transaction on a best effort basis, to credit your account — once you have transferred the fund on your side. On our side, however, if we are unable to credit your account and lock in the price and the price changes with the latest price updates, we will lock in the subsequent price changes. Please note our team does not look at the market price when processing your transaction.
If you placed a deposit on a transaction, for whatever reason, you fail to fully fund the transaction within 3 hours, your transaction and position will be liquidated. Your deposit will be used to offset the cost of reversing the transaction. Most of the time it is sufficient, the deposit is enough to pay for all of the costs. However, where the cost is greater, we will absorb the cost, liquidate your position, you can start a new transaction, once your old transaction is cleared from our database.
For whatever reason, sometime, our bank’s website is slow and lagging, making it difficult for us to check the balance, or a number of different things that can cause delays or prevents us from verifying your deposit, you agree in advance to accept subsequent price changes, provided that we do not have malicious intent.
We can only verify receipt of BTC when we see it on the blockchain, however, we can only dispense payment once the transaction has at least 1 confirmation. Unless we can verify receipt of BTC, the system cannot lock the price. The updated price will be sent when the transaction has 0 confirmation, The price is locked but no money can be paid out.
In case there is a dispute, you will agree to hold a meeting with BE or its agent, you further agreed no lawsuits, you will agree to a process of mediation outlined in Mediation Act 2017, in accordance with Singapore laws. You further agreed that all cost of the mediation process will be incurred by you.
Account information of BE and its agents are provided to you for the purpose of sending and receiving funds to buy and sell cryptocurrency, it is not intended for you to disclose such information to third party for any reasons. You will need to obtain a written permission from BE prior to discussing or providing any information regarding your transaction with BE.
Please follow the instruction and only enter the transaction details specified in the transaction, provided to you when you fill out your online bank transfer, do not add any additional information, if there are additional fields, please fill in “Others”. If you send a bank transfer and telegraphic transfer with any of the words, “BTC, Bitcoin, Cryptocurrency, or any deviation, on the bank transfer, your transaction will be cancelled and your fund will be held, until the transaction is cleared and BE have reversed it. You will be charged an administrative fee of $50 and any fees the bank charges to reverse the fund.
BE only remit fund (if applicable) to you, that means the bank account has to match your name on the ID. If the bank account changes, then BE reserves the right to agree to cancel the transaction. An administration fee of $50 will be charged and the cost of reversing the transaction.
Time and Date are Important
Transactions on Itsybit follows a structure date and time, please make sure you are aware of the date and time and only proceed if you agree. For example, on a sell order, your money will be released the following business day, if you transact on Saturday, you might have to wait until Monday to get your money, this will give us enough time to go through all of the checks and balances.
You will indemnify BE from any harm resulting from using our service and as a result of your action, with intent or without intent or as a consequence causes harm to BE, any and all reasonable expenses as expressed by a qualify professional as to the cost of the damages, BE has the option to not rectify the damages, you, however, agree to pay for the damages within 24 hours of the assessment of the damages.
You can invite your friends to the platform. You will earn 4 percent of the revenue that we make from the transaction referred by you, your friend will earn 1 percent. This is to pay for your effort in marketing and promoting the transaction. As long as you are active on the platform you will continue to earn from the proceeds. If you are inactive, you will stop earning the commission. We reserve the right to change any and all terms and conditions without prior notice to you.
We are in beta launch and we appreciate you using our service. This is only available to select customers. Please connect with us for any clarification or feedback. We thank you in advance.