Terms of Use

  1. Terms and Key Definitions
  2. User Registration
  3. Services
  4. Other Clauses

Introduction

Please read these Terms of Use carefully as they govern your use of Klever Exchange Services.

By using Klever Exchange Services you declare to agree to be legally bound to these Terms of Use, including our Privacy Policy, Fee Policy, Risk Disclosure and any other terms or policies related to our Services.

These Terms of Use are entered into Klever Exchange (hereinafter referred to as 'Klever', 'we' or 'us' and 'our') and you.

By clicking in the button 'I accept these terms' or using Klever Exchange Services (as defined below) you accept these Terms of Use and related policies (Privacy Policy, Fee Policy or any other policy created in order to rule the relationship between you and us). You declare that you have fully read, understood, and accepted all terms, policies, and conditions applicable to this Terms of Use.

You also declare to be aware of the risks and high volatility of the crypto market and that you have performed your own and independent research.

Klever Exchange is a platform for Crypto-to-Crypto spot trading and does not contain at the moment capabilities to provide Futures, Leverage, or other non-crypto-to-crypto trading. Whenever new capabilities are introduced in Klever Exchange this Terms of Use and other provisions will be adjusted to reflect new trading options and related policies.

All users must understand the risks involved in Digital Assets trading and are recommended to exercise prudence and trade responsibly within their own capabilities.

The use of Klever Exchange is restricted to people over 18 years old. Some countries may be excluded from the Services due to local legal restrictions.

The use of Klever Exchange is limited to compliant user and any illegal activities or market misconducts are forbidden and may be used as basis for suspension or termination of the Services.

1. Terms and Key Definitions:

  • Klever means Klever Exchange or any other tool or system developed in the Klever Ecosystem. Examples: Klever Wallet, Klever Swap or any new tool and systems yet to be developed and launched by the Klever team.
  • Holdings means any funds composed by digital tokens purchased or transferred from an external account and kept in the Klever Exchange.
  • Digital Assets refers to tokens or digital currencies, their derivatives, or other types of digitalized assets with or without a certain value, such as Bitcoin, KLV, Ethereum.
  • User is the person that have agreed with this Terms of Use and related policies and provided all personal information requested for onboarding and to whom Klever Exchange has granted access to its functionalities.
  • Klever Exchange Account is the group of your personal data informed by you to Klever, your Holdings and any other relevant fact or information that may be related to your relationship with us.
  • Third-Party Service Provider is any kind of service provider you may use that is not part of the Klever Ecosystem.
  • Restricted Locations are jurisdictions whereby Klever restrict or prohibit the use of Klever Exchange for any business or legal reasons.
  • Crypto-to-crypto Trading refers to spot transactions in which one Digital Asset is exchanged for another Digital Asset.
  • Orders An order is an instruction you give to Klever Exchange to sell or buy a specific asset at a specific rate.

2. User Registration and General Clauses

In order to use Klever Exchange you must register and apply for a Klever Exchange Account providing all requested personal information.

By agreeing with these Terms of Use you acknowledge, authorize, and agree that:

  • you are at least 18 years old, have full legal capacity to enter into this agreement; have not been suspended of removed from any system or tool part of Klever Ecosystem; that you will only access Klever Exchange using the authorized website or app for you country; and, that your use of Klever Exchange is not intended to violate any laws or regulations, of any country, as anti-money laundering, anti-corruption and counter-terrorist financing acts.
  • we will collect personal information for identification purposes. Our screening processes aims at identification of users and block any money laundering, terrorist financing or any other illegal or dubious use of financial and crypto finance instruments. As such we may collect and process, including, but not limited to, your name, address, telephone number, email address, date of birth, government-issued identification number, photograph of your government-issued identity card or document or other photographic proof of your identity, and information regarding;
  • we will keep a record of your personal and trade information during the period for which your account is active and within five (5) years after your account is closed, in compliance with global industry standards on data storage. You also authorize us to conduct necessary investigations directly or through a third party to verify your identity or protect you and/or us from financial crimes.
  • we may, in our sole discretion, limit the number of Klever Exchange Accounts that you may hold, maintain, or acquire.

Please refer to our Privacy Policy for information about how we collect, use, and disclose your personal data.

3. Services

Klever Exchange is a platform for crypto-to-crypto spot trading where you and another user of Klever Exchange agree to exchange two different types of Digital Assets by a specific agreed rate. Klever Exchange does not purchase, sell, or exchange digital assets on its own behalf in any circumstances. Klever Exchange provide its services by providing the technical environment and mechanisms for its users to sell and buy Digital Assets.

Orders

Creating an order will automatically update your funds to reflect such order and this order will also be reflected in Klever Exchange Orderbook. When your order is matched, fully or partially, with an order from another user, it will be executed. Orders only partially executed will remain open to be executed until fully executed or cancelled by you. By creating an order, you authorize Klever Exchange to control the funds involved, execute, and settle the trade as instructed by you in your order. Please refer to Types of Orders for different modes of orders, their applications, and functionalities in this link

Cancelations

When trading, the cancellation of orders is possible only before they are executed. Once an order is executed, you cannot change, revoke, or cancel the authorization to the execution of such order. For orders that have been only partially filled, you may cancel the unmatched and unfilled remainder. Klever may cancel or reject orders that are deemed as not compliant with these Terms of Use and other policies applicable. The insufficiency of funds may also be a reason for orders not being accepted and/or executed

Other Relevant Aspects of Orders.

You understand, acknowledge, and agree that:

  • The exchange rates presented in the Klever Exchange Orderbook may differ from other exchanges or third part information providers due to dynamics of the market.
  • Klever Exchange will make all reasonable efforts to set all trades within a reasonable amount of time, however, market conditions, technology failures and other technical events may negatively impact the amount of time of settlements in some situations.
  • In specific moments there may be high volume, illiquidity, fast movement, or volatility in the marketplace and orders created at Market Prices may be executed at different rates from the prevailing rate and that Klever Exchange is not responsible or liable for such rates fluctuations nor for any losses derived from trades settle under these conditions.
  • Although all due diligence and effort put into the development and maintenance of Klever Exchange it is possible that at the event of a market disruption the access to the Klever Exchange may be suspended or some actions, as booking buy or sell orders, may me restricted. In this case Klever Exchange shall not be held responsible or liable for losses incurred due to this kind of events.
  • Klever Exchange, nor any other Klever Tool or item part of Klever Ecosystem, has no responsibility to determine, calculate, estimate, withhold, collect, report nor take any other action regarding tax liabilities that may arise from any of your trades using Klever Exchange.

Transfer of Funds to Klever Exchange

If you decided to trade using Klever Exchange, it is needed to transfer funds to your Klever Exchange Account. This transaction may be subject to fees charged by the service provider of your use (external wallet or third part exchange). Klever Exchange has no kind of relationship with these third-party service providers, their fees, and the security of such tools. Considering that the speed of a transfer may vary depending on the blockchain used by you and on the fees you opt to pay on each transfer you order or instruct, it is important to highlight that Klever Exchange cannot guarantee nor regulate the speed of transfer of funds from any third-party service provider into your Klever Exchange Account. Additionally, it is of your own responsibility to make sure that you are using an address that matches the blockchain of a specific Digital Asset being transferred by you into Klever Exchange since a mistakenly instructed order may cause the permanent loss of your Digital Assets. Therefore, you agree, acknowledge, and declare that you are solely responsible for the management of such funds, their security, and costs of any transfer funds into Klever Exchange.

Transfer of Funds from Klever Exchange

Transfer of funds from your Klever Exchange Account to an account kept by you in a third-party service provider is possible whenever balance is available in your Klever Exchange Account. Balance is considered to be available whenever open orders, trades and fees are fully paid and cleared. Anti-money launder, internal and external compliance norms, security, and identity confirmation controls are applicable to these transactions. In case the transfer order is rejected by an external account, sent to an unavailable account or to a mistakenly informed address you agree that you will not hold Klever Exchange liable for such transactions if your funds are lost. Fess will be charged on the transfer of funds from Klever Exchange account based on the fees applicable on the chosen blockchain or network at the moment of the transaction. Considering that the speed of a transfer may vary depending on the blockchain used by you on a specific transfer you order or instruct, it is important to highlight that Klever Exchange cannot guarantee nor regulate the speed of transfer of funds to a third-party service provided from your Klever Exchange Account and you understand and acknowledge that it may vary depending on general market conditions. The fees applicable to these transactions may also vary depending on the blockchain chosen by you and general market conditions. Additionally, it is of your own responsibility to make sure that you are using an address that matches the blockchain of a specific Digital Asset being transferred by you to transfer your assets from Klever Exchange to a third-party service provider since a mistakenly instructed order may cause the permanent loss of your Digital Assets. Therefore, you agree, acknowledge, and declare that you are solely responsible for the management of such funds, their security, and costs of any transfer funds from Klever Exchange.

Independent Relationship (DYOR)

Klever Exchange is a platform that enable its users to trade Digital Assets. As such Klever Exchange does not constitute or act as a trustee, broker, intermediary, agent, advisor, fiduciary agent or, in any manner, intends to be considered as advisor, financial advisor, investment advisor or any sort of advisor. All communications, letters, e-mails, messages or institutional communication from Klever to you are intended exclusively to guide you on the mechanisms of the Klever Exchange and are not recommendations of trades or orientation to you to buy or sell any asset. You acknowledge and agree that you have conducted your own and independent due diligence and research on the crypto market and that you are fully aware of legal and tax consequences and any other consequence of becoming an investor in the Digital Assets market.

Fees

You agree to pay fees established in this link for the trades using Klever Exchange. These fees may be changed and updated at Klever´s discretion at any time being applicable from the effective date indicate in our communication. By agreeing to this Terms of Use you authorize the deduction of fees from your account when applicable.

Communication

By agreeing to this Terms of Use you agree to receive all documentation related to your relationship, including, but not limited to trades and personal data, with us in the e-mail you provided.

Freezing of Funds, Suspension and Termination

Your Klever Exchange Account may be suspended or terminated, at our discretion, in case of breach of these Terms of Use, other internal policy rules or any laws or regulations that may be applicable. It is also possible that Klever Exchange may be obliged by law oy by a judicial order to report to authorities any suspicious transactions. Additionally in the case of allegations that funds kept by you in your KIever Exchange account are stolen or otherwise are not lawfully possessed by you, we may freeze your account or assets until evidence of the settle of any dispute has been presented. In case of termination all amounts payable by you to Klever Exchange will immediately become due; all open orders and pending transactions will be canceled; Klever Exchange will put all commercially reasonable efforts into trying to return your remaining funds to any external account informed by you, unless prohibited by applicable laws or regulations or by order of law enforcement or governmental authority. In any case, Klever Exchange is not and shall not be responsible or liable for any loss or damages incurred because of or arising from any actions taken under this section. Underclaimed funds and funds which we were unable to return may be appropriated by Klever to and for itself after a period of 5 (five) years after your last login to Klever Exchange if we are able to determine in good faith that it was not possible to trace you. You agree that Klever will have no liability or responsibility for any losses, damages or prejudice arising for acting as above if necessary.

4. Other Clauses

License

All intellectual property involved in the Klever Exchange and other tools in the Klever Ecosystem are property of Klever unless otherwise indicated. Klever Exchange grant you the limited, non-exclusive, and non-sublicensable license to access and use Klever Exchange and its content for your personal use. Such license is subject to these Terms of Use and does not permit any resale, distribution, or any use of it other than for their intended purposes. The license granted under this section will automatically terminate if we suspend or terminate your access.

Language

These Terms of Use, other applicable policies, and other agreements or communications from Klever have been drafted in English. Although translations in other languages of any of the foregoing documents may be available, such translations may not be up to date or complete. Accordingly, you agree that in the event of any conflict between the English language version of the foregoing documents and any other translations thereof, the English language version of such documents shall govern and prevail.

Modifications

Klever reserves the right to make modifications, change, update, revise, suspend or modify these Terms of Use in its discretion at any time. Klever is not obliged to notify such changes in its terms and policies but assure that any modifications will be updated on its website and we will provide you with notice of such changes. Any changes will become valid upon the date you accept such changes or if you continue to use our services for 21 (twenty-one) days after we provide notice of the changes. You must terminate you Klever Exchange Account in case you do not agree to the amended Terms of Use.

Compliance with Local Laws

You hereby declare, agree, acknowledge, and understand that it is your responsibility to comply with your local law, legislation, and regulations regarding all of their aspects. Also, you declare that you will not, in any form, use Klever Exchange in your country if it is prohibited. Additionally, you declare that your funds have legitimate origins and do not originate from any illegal activities and you also represent and warrant that you are not part of any list of trade or economic embargo.

Disclaimer. Damages. Limitation of Liabilities.

You hereby understand and agree that Klever nor our directors, officers, members, employees, agents or contractors will be liable for any damages, losses of profit, losses of data, or any other kind of losses connected or arising from the use or of the inability to use Klever Exchange, regardless the origin or result of such losses, included but not limited to mistakes, omissions, interruptions, deletion of files or email, errors, defects, viruses, delays in operation or transmission, service interruption for scheduled or unscheduled maintenance, other users actions, third-party actions or omissions or any failure of performance, whether or not resulting from a force majeure event, communications failure, theft of, destruction of or unauthorized access to Klever Ecosystem records, programs or services. Additionally, you hereby acknowledge and agree that Klever has no control or liability in relation to any aspect (delivery, quality, safety, legality or other) to the Digital Assets traded in Klever Exchange.

Personal Data

Personal data collect will be properly protected and kept confidential. You hereby agree and acknowledge that Klever has the right to collect, process, use or disclose your personal data in accordance with this Terms of Use and related policies, including but not limited to the Privacy Policy or applicable laws.

Dispute Resolution

Klever Help Center is a 24/7 support tool to address any concerns and questions that may arise from your relationship with Klever Exchange and with any other tool of Klever Ecosystem. It is a fast, personal, and optimal experience to support operations. In this sense you acknowledge and agree that all issues you may have with Klever should first be brought to us through this channel and also that you will always act and negotiate in good faith whenever there is an issue to be dealt with between Klever Exchange and you. Klever will always act in good faith to achieve a good negotiated solution.