Wirex Cryptoassets Terms

Region: Australia

Upd: Mar 5, 2023

1. When These Terms Apply 

These terms apply to you when you buy or sell digital payment tokens (“Cryptoassets”) through the Wirex Service. You should read and understand them before you transact with Cryptoassets through the Wirex Service. 

These terms, combined with the Wirex General Terms of Service and any other documents referred to in these terms (the "Cryptoasset Terms"), set out the legal agreement between: 

You, as the Wirex user; and 

The Wirex company identified in section 3 of the Terms ("Wirex", or “we”, “our”, or “us”). 

Capitalised terms defined in the Wirex General Terms of Service (the "Terms") have the same meanings when they are used in these Cryptoasset Terms. 

2. Warnings about Dealing in Cryptoassets and Important Notices  

Cryptoassets involve significant risk. Prices of Cryptoassets are extremely volatile and change constantly. Most Cryptoassets are not issued by a central authority and are largely unregulated in most jurisdictions.   

Do not buy Cryptoassets if you do not accept the risks associated with Cryptoassets, including the risk that the value of Cryptoassets may fall significantly or the risk that changes in regulation may prevent you from dealing in Cryptoassets in the future. 

You acknowledge that buying, selling, trading in or holding Crypto Assets is risky, Crypto Assets may be subject to extreme price volatility, and that Crypto Assets are not recognised legal tender in Australia and other parts of the world. Further risks in connection with Crypto Assets including Cryptoassets are set out in our Risk Disclosure Statement. You acknowledge and warrant that you have read our Risk Disclosure Statement and, as stated in that document, you have taken any appropriate action in relation to your use of the Wirex Service. You further acknowledge and warrant that you understand the risks associated with Crypto Assets and any other goods, services or products provided in connection with this platform or the App. You agree that before acting on, or relying upon, any materials hosted or made available through the platform or App, you have undertaken your own investigations and enquiries, and sought, as you feel is necessary, any independent legal, accounting, tax, financial, business, technical and other professional advice from an appropriately qualified professional advisor. We do not offer regulated financial products or services under the Corporations Act 2001 (Cth) and, as such do not hold or operate under an Australian financial services licence. We do not provide any advice, including financial product or investment advice. Any recommendations, signals or other market related information distributed on the platform or via the App are general in nature, intended for information purposes only and/or represent the views of customers or third party information providers. Such information may or may not be consistent with our views or those of our affiliates or employees. The provision of such information does not represent our opinion or have our endorsement.  

You are solely responsible for: 

the security and integrity of any wallets or keys that are not associated with a Wirex wallet;  

maintaining the security of any Crypto Assets not held in a Wirex wallet; 

the security and integrity of your computers, devices, software and digital interface.

3. Buying and Selling Cryptoassets 

The Cryptoassets you can buy through the Wirex Service may vary depending on where you are ordinarily resident. You can view the available Cryptoassets that you can buy through the Wirex Service and their current price when you log in to your Wirex Profile. 

To buy Cryptoassets, indicate what type of Cryptoassets you want to buy, how much, and confirm the total price that you will pay in respect of these Cryptoassets. 

Once you tell us these details, we'll buy the Cryptoassets at an exchange on your behalf. You can view what Cryptoassets we hold on your behalf and their current value on your Wirex Profile. 

To sell Cryptoassets in exchange for other types of Cryptoassets or traditional currencies, you will need to select the Cryptoassets you wish to sell and input how much you want to sell using the applicable functionality on the Wirex Service. 

We'll give you a quote of current rates at which you can sell the relevant Cryptoassets, and ask you to confirm the sell order. You'll then need to send the Cryptoassets to the wallet address specified on your Wirex Profile for the corresponding Cryptoassets. Make sure you are using the right address for the right type of Cryptoassets. Sending Cryptoassets to the wrong address may result in a loss of your Cryptoassets and we will be unable to retrieve them for you. 

Sometimes, we may not be able to process your order or may refuse your order for a number of reasons, such as exchange unavailability or market conditions. If this occurs, we'll tell you and you'll be asked to place a new order. 

We will notify you if we have been able to action your request to purchase the Cryptoassets by updating your Wirex Profile. 

4. Storage of Cryptoassets 

When you ask us to buy Cryptoassets on your behalf through the Wirex Service, we will store the Cryptoassets in pooled crypto wallets created and maintained by our third-party wallet custodian or by us. 

If you have supported Cryptoassets in another crypto wallet, you can manage those Cryptoassets through the Wirex Service by transferring the Cryptoassets to the address for that type of Cryptoasset as set out on your Wirex Profile. 

We may convert Cryptoassets held in pooled accounts into traditional currencies and other Cryptoassets as required, for example to comply with law enforcement requests or to ensure day-to-day liquidity. This conversion will not affect your ability to withdraw any Cryptoassets that we hold on your behalf.

5. Transfers and Spending 

You can ask us to transfer any Cryptoassets that we hold on your behalf to a crypto wallet nominated by you using the applicable functionality on the Wirex Service. Please refer to (https://wirexapp.com/help) for instructions on how to do this for different types of Cryptoassets. 

If you transfer Cryptoassets to a different crypto wallet that is not managed by us, you will no longer be able to manage those Cryptoassets through the Wirex Service. 

You must make sure the details and address of the crypto wallet that you provide to us when you withdraw any Cryptoassets are correct. You will not be able to reverse a transfer of Cryptoassets that you have initiated through the Wirex Service. Transferring Cryptoassets to the wrong address could mean that those Cryptoassets will be permanently lost

You can also spend Cryptoassets through your Wirex Multicurrency Account or your Wirex Card by converting them to traditional currencies, where available. We will determine the applicable conversion rate from time to time using the over the counter and exchange rates available to us. The applicable rate will be displayed to you on your Wirex Profile.

6. Fees and Limits 

We will charge you fees in respect of any Cryptoasset transactions that you enter into through the Wirex Service, as set out in our fees section (https://wirexapp.com/pricing). We'll also show you what fees apply before you make the transaction. Fees are paid in the Cryptoasset you are transacting in. 

Limits apply to the amount of Cryptoassets you can buy. You can find these limits when you log into your Wirex Profile. 

7. WXT 

You may use our native WXT Token to earn discounts and other rewards. See our website for more information. (https://wirexapp.com/wirex-token

8. Availability of the Cryptoasset Services 

While we do our best to ensure that all the features and functionalities of the Wirex Service are of a reasonably satisfactory standard, the Cryptoasset features of the Wirex Service may rely on networks and connections that are beyond our control, such as third party Cryptoasset exchange platforms that we use to buy or sell Cryptoasset. 

We do not control these third party platforms and cannot guarantee that all the Cryptoasset functionalities of the Wirex Service will be available all the time, or that we will be able to buy your Cryptoassets at the time of your request. 

The prices of Cryptoassets can change very quickly, and we cannot guarantee that the value of the Cryptoasset you instruct us to buy or sell on your behalf through the Wirex Service will be the same price as displayed to you through the Wirex Service when you initiate the transaction. If this happens, we will ask you to confirm whether you would like to proceed with the transaction at the updated price. 

In order to prevent money laundering, you will not be able to transfer Cryptoassets you have bought through the Wirex Service to anyone that is not a Wirex user or to another wallet that you use outside of the Wirex Service for a period of 5 days after you have purchased them. 

We may also suspend the Cryptoasset functionalities of the Wirex Service for maintenance and will give you notice of this where possible. 

9. Cryptoassets Forks 

Sometimes Cryptoassets fork and a new version of the Cryptoasset is created. When this occurs we will coordinate with our exchange partners to determine the best approach for Wirex users. This approach will be made in our sole discretion and we'll inform you of this approach. More information about forks can be found in our FAQs (https://wirexapp.com/help/article/what-is-a-cryptocurrency-fork-and-how-does-wirex-address-this-0024). 

10. Restrictions on using this Service 

To use the Cryptoasset functionalities of the Wirex Service, you must: 

have created a Wirex Profile in accordance with the Wirex General Terms of Service; 

not be a resident of a country which prohibits the purchase, sale, or custody of Cryptoassets; 

not use the Cryptoasset functionalities of the Wirex Service to violate the general prohibitions regarding your Wirex Profile listed in the General Terms above (Paragraph 13); 

not use the Cryptoasset functionalities to manipulate the Cryptoasset market; 

not use the Cryptoasset functionalities for FX arbitrage; 

not use the Cryptoasset functionalities for any unlawful purpose; 

not circumvent or interfere with our security features; 

be familiar with the technology of Cryptoassets and know how to make transactions with Cryptoassets; and 

be familiar with the risks of Cryptoassets. 

We monitor all transactions for compliance with our terms and to identify suspicious transactions. 

11. Cryptoasset Risks 

Trading in Cryptoassets can be very risky as the price of Cryptoassets can change rapidly. We cannot guarantee that the price of any Cryptoasset will not rise or fall. You therefore buy and sell Cryptoassets at your own risk. 

Cryptoassets are relatively new and unregulated in many countries and their regulatory status could change. If you are in a country where buying and selling Cryptoassets becomes illegal, your service may be suspended and you may lose any rights you may have to the Cryptoassets we store on your behalf. You should make sure you are able to buy and sell Cryptoassets lawfully wherever you are located. 

You are responsible for paying any taxes owed as a result of buying and selling Cryptoassets through our service. If you do not pay tax or report your assets to your tax authority, you may face fines or other penalties. 

12. Our Legal Responsibility to You 

Due to the nature of the Internet and technology, the Cryptoasset functionalities of the Wirex Service are provided on an "as available" and "as is" basis. This means that we are unable to promise that your use of the Cryptoasset functionalities of the Wirex Service will be uninterrupted, without delays, error-free or meet your expectations and we do not give any commitment relating to the performance or availability of the Cryptoasset functionalities of the Wirex Service. To the extent we are able to do so, we exclude any commitments that may be implied by law. 

We will also not be responsible for any events outside our control, such as market conditions or regulatory actions that affect the purchase and sale of Cryptoassets in any jurisdiction. 

Our responsibility to you will, in any event, be limited to any amounts you have paid us in the twelve (12) months leading up to any claim and, in the event you have not paid us anything, we shall not be responsible to you for any claim arising out of the provision of the Cryptoasset functionalities of the Wirex Service. 

In every case, we will never be responsible for any loss or damage that is not reasonably foreseeable, or that is caused by a failure by you to comply with these Cryptoasset Terms. 

13. How to End Our Relationship 

If you feel at any point that you are unable to agree to these Cryptoasset Terms, you can cancel your use of the Cryptoasset functionalities of the Wirex Service by contacting us at supportescalations@wirexapp.com or via the Help Center in the App. 

If you do so, you will not be able to use the Cryptoasset functionalities of the Wirex Service. This will not affect any existing obligation you may have to pay any amounts to us. It will also not affect your ability to use the other functionalities of the Wirex Service. 

14. Cryptoasset Functionality Termination by Wirex 

We may decide to terminate or suspend your access to the Cryptoasset functionalities of the Wirex Service if you fail to comply with any of these Cryptoasset Terms. We will usually notify you if this is the case unless we are prohibited from doing so by law. 

We may also terminate your access to the Cryptoasset functionalities of the Wirex Service if we decide to withdraw the Cryptoasset functionalities of the Wirex Service. We'll give you two months' notice if we do this. 

When you or we decide to end your use of the Cryptoasset functionalities of the Wirex Service, we'll sell all of your Cryptoassets and transfer the balance from the sale to your Wirex Multicurrency Account where available, unless we are prohibited from doing so by law or if we are unable to verify your identity.

15. General 

Complaints: Just let us know about any complaints by contacting us at supportescalations@wirexapp.com and we'll try to sort out any issues you may have. 

Governing Law: Australian law will apply to all disputes and the interpretation of these Multicurrency Account Terms. These Terms shall be regulated by the laws of New South Wales, Australia.  You agree to the non-exclusive jurisdiction of the courts of New South Wales to resolve any disputes or legal issues relating to these Terms. This does not affect any rights you may have under the law of the country where you are resident, including (where applicable) your ability to your ability to seek remedies through your local courts.  

Unenforceable terms: If any part of these Cryptoasset Terms cannot be enforced then the remainder of the Cryptoasset Terms will still apply to our relationship. 

Assignment: You may not assign or transfer any of your rights or obligations from these Terms. We may assign or transfer some or all of our rights as required by us or as required by law. 

No Waiver of Rights: Where we don't enforce our rights or delay in enforcing any rights, legal or contractual, this will not be construed as a waiver of those rights, and we may enforce those rights at any time.