Arbitrage Terms & Conditions
(Version 1.2, last updated 2022-03-07) By accessing or using www.fivewest.co.za or any of its related blogs, websites, applications or platforms (collectively, “the Website”), owned by FiveWest OTC Desk (Pty) Ltd (reg:2020/573585/07) (“FiveWest”) or any of its Services, you agree that you have read, understood and agree to be bound to the terms and conditions contained herein (“Terms”), in conjunction with any additional FiveWest terms particularly applicable to you and the Services you utilise.
All rights in and to the content of the Website remain at all times expressly reserved by FiveWest. Please see FiveWest distinct sections on Privacy, Intellectual Property, and Disclaimers & Indemnities. Please read these terms carefully before accessing or using the Website or Services. FiveWest will assume you have read and understood these terms should you continue to access or make use of the Website. These terms were last updated on 07 March 2022. FiveWest’s functions: FiveWest is a registered FSP (51619) and a regulated primary accountable institution with the Financial Intelligence Centre (FIC), registration number is 51077. Fivewest holds a mandate from the South African Reserve Bank (SARB) to facilitate international payments. FiveWest Arbitrage Service is strictly a provider of limited intermediary and facilitation services.
INTRODUCTION TO THE FIVEWEST ARBITRAGE SERVICE:
FiveWest provides a facilitation service, including but not limited to, the buying and selling of cryptocurrencies in order to profit from price differences between international and local cryptocurrency exchanges (“Services”). In return for using some of the Services available, the user may have to pay a fee to FiveWest or another third party (“Fee”), but the same Fee will be detailed to you on the Website before you incur such a Fee, or in any further Service-specific agreement you may conclude with FiveWest or another third party. Please see clause 6 below or visit our FAQ page for a breakdown of the Fees. In order to use the Services, users must register on the Website using the prompted methods and submit any required information. The Website and these Terms are subject to change without notice. These Terms are updated or amended from time to time and will be effective upon FiveWest uploading the amended Terms to the Website. Your continued access or use of the Website constitutes your acceptance to be bound by the Terms, as amended. It is your responsibility to read these Terms periodically to ensure you are aware of any changes. Any update or amendment will be emailed directly to the email you used to sign up on FiveWest’s website. Unauthorised use of the Website and/or Services may give rise to a claim for damages and/or be a criminal offence.
RELATIONSHIP BETWEEN THE PARTIES AND LIMITED INTERMEDIARY STATUS:
For the Arbitrage Service provided, FiveWest only provides a facilitation service to the user and does not have an employment, agent, advisory, representative or broker relationship with any user. Your use of the Arbitrage Services is entirely at your own risk and based on your own volition and expertise. When using the Services, you are instructing FiveWest to operate as your limited intermediary by trading your funds on cryptocurrency exchanges on your behalf. FiveWest’s mandate as your intermediary is set out in these Terms, and will automatically terminate when the user terminates their use of the Services. FiveWest facilitates the service by opening accounts on your behalf with foreign exchange Authorised Dealers and cryptocurrency providers. These accounts are opened in the user’s name and using the personal details provided by you. When facilitating the Service, the user’s capital will be dealt into these accounts. Our Forex team facilitates the opening of personal Mercantile or Sasfin Accounts. FiveWest releases the funds on the client's behalf for all our trades for the day and give the instruction to the bank to release the funds from your personal Mercantile Account. If the client wants to handle their own Forex transaction, the client will have to instruct us in writing or via email ([email protected]) to do so in which case they can use their own FOREX provider.
Should you remove the funds from your trading bank account without notifying us first, this could lead to a failed trade for which you will be responsible for the penalties and losses incurred. This is an arbitrage service where we log in the buy and sell transactions simultaneously. If you suddenly pull your funds, we would not be able to honour the transaction because the funds for one side of the transaction are missing. This will lead to penalties and losses for which the client will be liable.
The user assumes the risks associated with any cryptocurrency platforms used to administer the service. As cryptocurrency is a relatively new industry, there are still material risks associated with trading on these platforms including exchange hacks or account closures. FiveWest will adopt the highest security standards when interacting with these platforms. . Before making any financial decisions or implementing any financial strategy, you should obtain advice from your accountant or another financial advisor who are fully aware of your financial circumstances.
USER REGISTRATION PROCESS:
Once the sign-up process is complete, users can make a deposit (minimum of R100,000.00) to their designated bank account. Once the funds reflect, FiveWest will advise the banking Intermediary to release the funds on behalf of the client to the platform you are registered on. No intervention is required from the user making it a seamless process. FiveWest will automatically perform the trades and return the user's initial capital and profit to the Funding account designated by the user in the sign-up form. You agree and understand that any financial or general information provided to any user on the Website or as part of the Services, is general in nature and is not specific to any particular user for any specific financial need of that user. A user is at all times responsible for their own decisions and actions relating to the Website and Services, where any such information provided by FiveWest is only ever general in nature.
USER RESPONSIBILITIES AND WARRANTIES:
By using the Website and/or the Services, you warrant that: you expressly understand the volatility and unregulated nature of trading in cryptocurrencies and expressly accept all inherent dangers and risks associated therewith; you have read and agreed to these Terms and will use the Website and Services in accordance with them; you expressly understand that FiveWest, as your limited service intermediary, will use the independent and distinct services of authorised and regulated third-party service providers to actually transact on exchanges for cryptocurrencies on your behalf, where you will be subject to the additional terms and conditions of use and service from those authorised service providers, which you understand and explicitly agree to adhering to at all times; you have not made any misrepresentations and the information provided in the registration process about you and/or your status is true, accurate and complete in every aspect; you are not considered a United Nations “Specially Designated National” and/or on the United Nation’s “Blocked Persons List” and/or are not confirmed by any government or other national authority to be a person or entity who has any restrictions on their capacity to trade freely and/or internationally, for whatever reason; you are above the age of 18 (eighteen) years old and have the lawful capacity to understand, agree with and be bound with these Terms; you lawfully possess and submit all information to the Website and/or FiveWest for the use of it or the Services; you are aware of and will adhere to any limits applicable to you relating to your foreign capital allowances as prescribed by the South African Reserve Bank from time to time; all funds used by the user to trade using the Services is lawfully theirs to possess and subsequently use, where same funds are not encumbered in any way, and/or are not the subject of any loan, security or credit agreement with any third party; you will not post, upload, replicate or transmit any abusive content on the Website that is or could reasonably be considered to be threatening, harassing, defamatory, abusive, racist, sexist, discriminatory, in breach of confidence, in breach of privacy or restrict any user in any way from properly using the Website; you will not send any unsolicited electronic messages or use any software, routine or device to interfere or attempt to interfere electronically or manually with the operation or functionality of the Website including but not limited to uploading or making available files containing corrupt data or viruses via whatever means or deface, alter or interfere with the front end ‘look and feel’ of the Website or the underlying software code; you are solely responsible for withholding, collecting, reporting and remitting the correct amounts of tax to the appropriate tax authorities emanating from any transactions or actions you have performed on the Website and/or through the Services; you understand that when using the services of any third party connected to the Services that they may have their own terms and conditions of service for their services provided to you, and that you may be simultaneously bound by them; you will not infringe the intellectual property or other rights of any third party or the Website or transmit content that the user does not own or does not have the right to publish or distribute; you will not use the Website platform for any commercial purpose other than as expressly provided for by FiveWest herein; you will not use the Website to breach any applicable law or regulation or perform or encourage any illegal activity including (without limitation) promoting or facilitating money laundering or financial crimes; and/or you will not facilitate or assist any third party to do any of the above.
KYC AND AML REQUIREMENTS:
A user’s ability to make use of various parts of the Website or particular Services, may be regulated by applicable know-your-customer (“KYC”) and/or anti-money laundering (“AML”) laws and the respective rules and regulations. FiveWest may, at various times and depending on a range of factors in its sole discretion, including the amount of a transaction actioned and/or the exact nature of the user, require that a user submit certain information to FiveWest and/or its authorised third-party service providers in order for the user to be verified as not infringing any of FiveWest’s KYC and/or AML requirements and/or local or foreign laws. This information may include identity documents, passport documents and/or bank account information. FiveWest reserves the right to limit or terminate a user’s access and use of the Services should the user fail to adhere to these requirements to the standard required by FiveWest. FiveWest also reserves the right to share this information with any legal authority when required under applicable laws. FiveWest may restrict user transactions that may violate laws or FiveWest’s internal KYC or AML conditions herein and as updated from time to time. Please refer to our KYC, AML and CFT manual.
RECEIPT AND TRANSMISSION OF DATA MESSAGES
Data messages, including email messages, sent by you to FiveWest will be considered to be received only when acknowledged or responded to. Data messages sent by FiveWest to you will be regarded as received when the complete data message enters an information system designated or used for that purpose by the recipient and is capable of being retrieved and processed by the recipient. FiveWest reserves the right not to respond to any email or other data message which contains obscene, threatening, defamatory or otherwise illegal, unlawful or inappropriate content, and to take appropriate action against the sender of such email or data message where necessary. Messages sent over the internet cannot be guaranteed to be completely secure as they can be intercepted, lost or corrupted. FiveWest is therefore not responsible for the accuracy or safety of any message sent by email or automated systems over the internet, whether from FiveWest to a user, between users or from a user to FiveWest. HYPERLINKS, DEEP LINKS, FRAMING The Website may include links to other internet sites (“the other sites”). FiveWest does not own or endorse the other sites and is not responsible for the information, material, products or services contained on or accessible through the other sites. Any such hyperlinks do not imply any endorsement, agreement on or support of the content or products of such target sites. The user’s access and use of the other sites remain solely at the user’s own risk and on the terms set by the relevant third-party operator of the other sites.
ADVERTISING AND SPONSORSHIP
The Website may contain advertising and sponsorship. Advertisers and sponsors are responsible for ensuring that material submitted for inclusion in the Website complies with all applicable laws and regulations. FiveWest, its members, employees, suppliers, partners, affiliates and agents accordingly exclude, to the maximum extent permitted in law, any responsibility or liability for any error or inaccuracy appearing in advertising or sponsorship material.
INTELLECTUAL PROPERTY PROTECTION
All website layout, website content, material, information, data, software, icons, text, graphics, layouts, images, sound clips, advertisements, video clips, user interface design and layout, trade names, logos, trade marks, designs, copyright and/or service marks, together with the underlying software code and everything submitted by a user to the Website and FiveWest in use of the Services, (“the intellectual property”) are owned (or co-owned or licenced, as the case may be) by FiveWest, its shareholders, associates and/or partners, whether directly or indirectly, and as such, are protected from infringement by domestic and international legislation and treaties. Subject to the rights afforded to you in these Terms, all other rights to all intellectual property on the Website are expressly reserved. You may not copy, download, print, modify, alter, publish, broadcast, distribute, sell or transfer any intellectual property, editorial content, graphics or other material on the Website or the underlying software code whether in whole or in part, without the written consent of FiveWest first being granted, which consent may be refused at the discretion of FiveWest. No modification of any intellectual property or editorial content or graphics is permitted. Should you breach these provisions, FiveWest and/or the rightful intellectual property rights owner may launch legal proceedings against you for a breach of contract, resulting in a claim of damages against you. FiveWest reserves the right to make improvements or changes to the intellectual property, information, artwork, graphics and other materials on the Website or to suspend or terminate the Website, at any time without notice; provided that any transactions or functions already concluded through the Website, will not be affected by such suspension or termination (as the case may be). Where any of the Website intellectual property has been licensed to FiveWest or belongs to any third party, other than that which has been submitted by a user to the Website in the use of the Services, all rights of use will also be subject to any terms and conditions which that licensor or third party imposes from time to time and you agree to comply with such third party terms and conditions. Subject to adherence to the Terms, FiveWest grants to users a personal, non-exclusive, non-assignable and non-transferable license to use and display all content and information contained in the Website on any machine which the user is the primary user. However, nothing contained on the Website or in these Terms should be construed as granting any licence or right to use any intellectual property without the prior written permission of FiveWest. Any enquiries regarding any of the above relating to intellectual property must be directed at [email protected]
DATA PRIVACY AND PROTECTION
FiveWest will ensure that we take reasonable measures to protect your personal information. This is further elaborated in our policies document.
DISCLAIMERS AND WARRANTIES
The Website and Services, including any intellectual property appearing therein, are provided “as is” and “as available”. FiveWest makes no representations or warranties, express or implied, including but not limited to warranties as to the accuracy, correctness or suitability of either the Website, the Services or the information contained in it. All information or opinions of users made available on the Website in relation to any of the Services are those of the authors and not FiveWest. While FiveWest makes every reasonable effort to present such information accurately and reliably on the Website, FiveWest does not endorse, approve or certify such information, nor guarantee the accuracy or completeness of such information on the Website. FiveWest, its Shareholders, employees and partners, accept no liability whatsoever for any loss, whether direct or indirect, consequential or arising from information made available on (or by means of) the website. FiveWest takes reasonable security measures to ensure the safety and integrity of the Website and to exclude viruses, unlawful monitoring and/or access from the Website. However, FiveWest does not warrant or represent that your access to the Website will be uninterrupted or error-free or that any information, data, content, software or other material accessible through the Website will be free of bugs, viruses, worms, trojan horses or other harmful components. The user’s access to and use of the Website remains solely at the user’s own risk and the user should take their own precautions accordingly.
DISPUTE RESOLUTION AND GOVERNING LAW
The user’s access and/or use of the Website and/or Services, any downloaded material from it and the operation of these Terms (including any transaction concluded pursuant thereto) shall be governed by and construed in accordance with the laws of the Republic of South Africa only. Should any dispute, disagreement or claim arise between a user and FiveWest concerning the use of the Website or the Services, these parties shall endeavour to resolve the dispute amicably, by negotiation, and with the best interests of both parties in mind. Should these parties fail to resolve such dispute in an aforesaid manner or within such further period as the parties may agree to in their negotiation, the parties will approach an independent industry expert who shall mediate the discussions between them in order to find a mutually beneficial solution. If the dispute is still not resolved after such mediation, the parties will commence and be a party to binding and confidential arbitration in terms of the expedited rules of the Arbitration Foundation of Southern Africa (“AFSA”), with an arbitrator selected by FiveWest OTC Desk (Pty) Ltd. Notwithstanding the above, both parties consent to the non-exclusive jurisdiction of the High Court of the Republic of South Africa, even in the event where the quantum in the dispute may be less than the monetary jurisdiction of that court. Either party may also always use the dispute resolution services of any applicable legislative tribunal or ombud, as provided for in applicable legislation. The parties both agree that in no circumstance will either party publicize the dispute on any social media or another public platform. The parties understand that any publicity of this nature can cause serious damage to the other party, which may result in a financial claim against the infringing party.
TERMINATION OF USE OF WEBSITE OR SERVICES
If you wish to terminate the agreement with Fivewest or end your use of the Services, you may do so by sending an email to [email protected]. Such deregistration from the Website will however not have any effect on the continued and comprehensive functioning or legitimacy of any lawful rights which the parties may have at the time of said termination with the Website. In the event of cancellation, FiveWest will return the funds back to you within 72 hours after acknowledging the email.
NOTICES AND SERVICE ADDRESS
Each of the parties chooses their service address for the purposes of the giving of any notice, the serving of any process and for any other purposes arising from these Terms as being: in the case of FiveWest, emails to be sent to Megan Fleming at [email protected] in the case of the user, at the e-mail and addresses provided by the user to FiveWest in the registration process. Each of the parties will be entitled from time to time, by written notice to the other to vary its service address to any other address which is not a post office box or poste restante, provided that the change will become effective only 14 (fourteen) days after service of the notice in question. Notwithstanding the above, any notice is given in writing in English, and actually received by the party to whom the notice is addressed, will be deemed to have been properly given and received, notwithstanding that such notice has not been given in accordance with this clause.
APPENDIX A: LIST OF CRYPTOCURRENCY PLATFORMS
This list may be updated periodically and not all platforms listed below will inevitably be used to facilitate the Service. Circle, Luno VALR FTX Binance Genesis Enigma Ice3x