BTCX obviously wants to provide reliable and secure services to all our customers. It should be pointed out, however, that the digital assets that often pass under the name cryptocurrencies are something completely new to most people and that there are risks that consumers must understand. In some ways, cryptocurrencies are similar to other types of assets, such as commodities or stocks, but there are also differences that one needs to understand and get knowledge about.
Below we list some of what you need to know.
- BTCX services may only be used by adults (18 years +).
- It is speculative to trade in cryptocurrency and historically there has been high volatility. As with many other investments, you can lose all or part of your capital and it is safest to invest only the capital you can afford to lose.
Even though we use the collective term "cryptocurrencies" here, bitcoin and other assets should not be confused with ordinary money, neither legally or practically. Cryptocurrencies and their price are not guaranteed by any state or the like.
The documented high volatility can also come into play when you place an order; In the short time it takes to process your transaction, rapid price movements can occur. This means that there may be differences in your exchange rate upon delivery relative to the order placed.
- As a customer, you must keep yourself updated on tax law rules that are relevant to trading cryptocurrencies in the area where you live. Cryptocurrencies are very much a global phenomenon, but there are places where they are banned, and you must always be careful to know your local rules and any changes in them.
- You also need to be aware of the general risks involved in using the internet. Cryptocurrencies are digital and can be considered internet-based, with this comes risks associated with errors in computers, software or your internet connection. Such errors may cause communication problems or other disruptions when you want to use our services.
An important detail to consider and understand is the irreversible nature that can be associated with cryptocurrencies and blockchains. Most of us are used to being able to restore most things if we make a mistake. This is not the case with bitcoin, for example. If BTCX has completed a transaction on bitcoin's blockchain, it cannot be revoked or canceled.
Another important thing is that cryptocurrency is a digital product that is considered consumed immediately at the time of delivery. There is thus no right of withdrawal or return policy of your purchase.
- As we mentioned earlier, cryptocurrencies are internet based and so are BTCX services. With this comes risks as with all internet-based activity, such as e-commerce.
Never use BTCX services through, or under the instruction of a third party. If BTCX has collaborations with other suppliers, this will be made clear when you use our services. Anyone who contacts you unannounced and claims to collaborate with us is lying to you.
We have gathered a lot of information about dishonest players who unfortunately act in our market, please read more about this: read about frauds: https://bt.cx/sv/fraud/.