Terms & conditions
Last updated: August 8th, 2018
Donut ("us", "we", or "our") operates the www.trydonut.com website (the "Service").
PLEASE READ THESE TERMS OF SERVICE CAREFULLY. BY CREATING AN ACCOUNT OR BY ACCESSING OR USING THE SERVICES, YOU AGREE TO BE LEGALLY BOUND BY THESE TERMS OF SERVICE AND ALL TERMS INCORPORATED BY REFERENCE.
Summary of Terms of Service
This summary of our Terms of Service offers you an overview of the key terms that apply to your use of our website and trading services. While we hope this summary section is helpful, you should read the complete Terms of Service below since they provide important information about how our services work. Please note that we refer to our online service where you can execute trades as "Donut".
Unless otherwise specified, we grant you a non-exclusive, non-transferable, limited right to access, use and display the Platform and the material provided therein, and the Services that you subscribed to, for your personal, non-commercial use, provided that you comply fully with the provisions of these Terms. You agree not to assign, transfer or sublicense your rights as a registered user of, or subscriber to, the Platform and/or our Services. You understand that only you may use your user account and password, and that your subscription to our Services is only valid for your personal, noncommercial use and may not be shared with others. You agree to be financially responsible for all usage or activity of Services subscribed to by you.
You are solely responsible for evaluating the merits and risks associated with the use of the Platform, any Content (as defined below) on the Platform and any Services provided through the Platform before making any investment, financial or other decision based upon the same. Your election to engage any Services are subject to your explicit enrollment and acceptance of separate agreements, related fee schedules and/or other additional documents applicable to the Services for which you choose to enrol.
Donut provides you with a simple and convenient way to trade legal tender (such as British Pounds and Euros) for a selection of digital assets (such as Bitcoin) and vice versa. Our services do not provide users with the ability to trade one form of legal tender for another form of legal tender.
Donut provides you with a platform that understands your investment goals and allows users to determine what a collection of digital assets suits their investment needs.
Eligibility and Acceptable Use
You must meet certain eligibility criteria to use Donut. For instance, you must be over 18 years of age and be living in United Kingdom, France or Germany. Additionally, there are certain things you cannot do when using Donut, such as engage in illegal activities, lie, or do anything that would cause damage to our services or systems. Please see the acceptable use section for more details.
Engaging in portfolio creation and trades may be risky. Please don't use Donut if you do not understand these risks.
Other Important Legal Terms
There are important legal terms provided below in the complete Terms of Service, including your indemnification responsibilities, our limitation of liability and warranty disclaimers, and your agreement to arbitrate most disputes. Please take the time to read these terms carefully. You can always contact us through support if you have any questions at email@example.com.
Complete Terms of Service
These Terms of Service and any terms expressly incorporated herein ("Terms") apply to your access to and use of the websites and mobile applications provided by Elephant Invest Holdings Limited and its wholly owned subsidiaries (collectively, “Donut", "we", or "us"), and the trading and direct sale services provided by Donut as described in these Terms (collectively, our "Services").
Capitalized terms not otherwise defined in these Terms will have the following meaning:
1.1 "External Account" means any Financial Account or Digital Asset Account: (i) from which you may load Funds into your Donut Account, and (ii) to which you may push Funds from your Donut Account.
1.2 "Financial Account" means any financial account of which you are the beneficial owner that is maintained by a third party outside of the Services, including, but not limited to third-party payment service accounts or accounts maintained by third party financial institutions.
1.3 "Funds" means Digital Asset and/or Legal Tender.
1.4 "Legal Tender" means any national currency, such as British Pounds or Euros, that may be used in connection with a purchase or sale of Digital Assets via the Services, and does not include any Digital Asset.
1.5 "Donut Account" means a user account accessible via the Services where Funds may be stored by Donut on behalf of a user.
1.6 "Digital Asset" means Bitcoin and other digital assets that may be purchased, sold or traded via the Services.
1.7 "Digital Asset Account" means any Digital Asset address or account owned or operated by you that is maintained outside of the Services, and is not owned, controlled or operated by Donut.
Donut may not make the Services available in all markets and jurisdictions, and may restrict or prohibit use of the Services from certain countries ("Restricted Locations"). If you are registering to use the Services on behalf of a legal entity, you represent and warrant that (i) such legal entity is duly organized and validly existing under the applicable laws of the jurisdiction of its organization; and (ii) you are duly authorized by such legal entity to act on its behalf.
You further represent and warrant that you: (a) are of legal age to form a binding contract (at least 18 years old); (b) have not previously been suspended or removed from using our Services; (c) have full power and authority to enter into this agreement and in doing so will not violate any other agreement to which you are a party; (d) are not located in, under the control of, or a national or resident of any Restricted Locations; and (e) will not use our Services if any applicable laws in your country prohibit you from doing so in accordance with these Terms.
2.1 Number of Donut Accounts. Donut may, in its sole discretion, limit the number of Donut Accounts that you may hold, maintain or acquire.
2.2 Donut Account information and security. In order to engage in any trades via the Services, you must create a Donut Account and provide any requested information. When you create a Donut Account, you agree to: (a) create a strong password that you do not use for any other website or online service; (b) provide accurate and truthful information; (c) maintain and promptly update your Donut Account information; (d) maintain the security of your Donut Account by protecting your password and restricting access to your Donut Account; (e) promptly notify us if you discover or otherwise suspect any security breaches related to your Donut Account; and (f) take responsibility for all activities that occur under your Donut Account and accept all risks of any authorized or unauthorized access to your Donut Account, to the maximum extent permitted by law.
GENERAL OBLIGATIONSThis Section 5 applies to: (i) all trades completed via the Services and (ii) any transaction in which you load Funds into your Donut Account from your External Account or push Funds from your Donut Account into an External Account.
3.1 Conditions and Restrictions. We may, at any time and in our sole discretion, refuse any trade submitted via the Services, impose limits on the trade amount permitted via the Services or impose any other conditions or restrictions upon your use of the Services without prior notice. For example, we may limit the number of open orders that you may establish via the Services or we may restrict trades from certain locations.
3.2 Accuracy of Information. You must provide any information required when creating a Donut Account or when prompted by any screen displayed within the Services. You represent and warrant that any information you provide via the Services is accurate and complete.
3.3 Taxes. It is your responsibility to determine what, if any, taxes apply to the trades you complete via the Services, and it is your responsibility to report and remit the correct tax to the appropriate tax authority. You agree that Donut is not responsible for determining whether taxes apply to your trades or for collecting, reporting, withholding or remitting any taxes arising from any trades.
DONUT ACCOUNT FUNDS
4.1 Funding your Donut Account. In order to complete an order or trade via the Services, you must first load Funds to your Donut Account using one of the approved External Accounts identified via the Services. You may be required to verify that you control the External Account that you use to load Funds to your Donut Account. As further described in Section 9, you may be charged fees by the External Account you use to fund your Donut Account. Donut is not responsible for any External Account fees or for the management and security of any External Account. You are solely responsible for your use of any External Account, and you agree to comply with all terms and conditions applicable to any External Account. The timing associated with a load transaction will depend in part upon the performance of third parties responsible for maintaining the applicable External Account, and Donut makes no guarantee regarding the amount of time it may take to load Funds into your Donut Account.
About Funds Held In Your Donut Account - Be advised that fiat funds held in your Donut account are exclusively for the purchase of Digital Assets or withdrawal to your approved External Account. Proceeds from the sale of Digital Assets will be credited to your fiat account, less any transactional or other fees. Furthermore, be advised that Donut does not pay interest on free fiat balances held in your account.
Digital Assets Only Accounts - If you have opened a Donut Account designated as Digital Assets Only, you may only fund your account with digital assets. Donut will not accept fiat to fund a Digital Assets Only Account. If fiat is transmitted to fund such an account, it will be returned to the sender, less applicable transfer fees.
4.2 Pushing Funds to an External Account. Provided that the balance of Funds in your Donut Account is greater than any minimum balance requirements needed to satisfy any of your open positions, you may push any amount of Funds, up to the total amount of Funds in your Donut Account in excess of such minimum balance requirements, from your Donut Account to an External Account, less any fees charged by Donut for such transactions (as described in the Fee Schedule at the time of your request to push Funds to an External Account).
Digital Assets Only Accounts - If your Donut Account is designated as Digital Assets Only, you may only withdraw digital assets from your account to another account eligible to receive digital assets. Donut will not accept instructions to transmit fiat from such an account.
4.3 Load/Push Authorization. When you request that we load Funds into your Donut Account from your External Account or request that we push Funds to your External Account from your Donut Account, you authorize Donut to execute such transaction via the Services.
4.4 Rejected Transactions. In some cases, the External Account may reject your Funds or may otherwise be unavailable. You agree that you will not hold Donut liable for any damages resulting from such rejected transactions.
5.1 Trading risks. You acknowledge and agree that you shall access and use the Services at your own risk. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should be aware of the following points: You may sustain a total loss of the Funds in your Donut Account. Under certain market conditions, you may find it difficult or impossible to liquidate a position. This can occur, for example, when the market reaches a daily price fluctuation limit ("limit move"), if there is insufficient liquidity in the market.
ALL OF THE POINTS NOTED ABOVE APPLY TO ALL DIGITAL ASSET TRADING. THIS BRIEF STATEMENT CANNOT, OF COURSE, DISCLOSE ALL THE RISKS AND OTHER ASPECTS ASSOCIATED WITH THESE TRADES.
5.2 Internet transmission risks. You acknowledge that there are risks associated with utilizing an Internet-based trading system including, but not limited to, the failure of hardware, software, and Internet connections. You acknowledge that Donut shall not be responsible for any communication failures, disruptions, errors, distortions or delays you may experience when trading via the Services, howsoever caused.
DIGITAL ASSET TERMS OF SALE
This Section applies only when you use the Services to purchase or sell Digital Assets directly from Donut, a service available in limited jurisdictions only.
6.1 Prices; Availability. All prices reflect the exchange rates applicable to the purchase or sale of Digital Assets using the Legal Tender or alternative form of Digital Assets identified in your purchase order. All Digital Asset sales and purchases by Donut are subject to availability, and we reserve the right to discontinue the sale and purchase of Digital Assets without notice.
6.2 Purchase Quotes. Prior to completing your purchase or sale of Digital Assets from Donut, we will provide notice of the amount of Digital Assets you intend to purchase or sell and the amount of Funds you will be required to pay to Donut to receive such Digital Assets or Legal Tender. You agree to comply with any terms and conditions provided within such notice to complete your purchase transaction.
6.3 Errors. In the event of an error, whether via our Services, in a purchase order confirmation, in processing your purchase, or otherwise, we reserve the right to correct such error and revise your purchase transaction accordingly (including charging the correct price) or to cancel the purchase and refund any amount received. Your sole remedy in the event of an error is to cancel your purchase order and obtain a refund of any amount charged.
6.4 Payment Method. Only valid payment methods specified by us may be used to purchase Digital Assets. By placing an order to purchase Digital Assets from Donut, you represent and warrant that (a) you are authorized to use the designated payment method and (b) you authorize us, or our payment processor, to charge your designated payment method. If the payment method you designate cannot be verified, is invalid or is otherwise not acceptable, your purchase order may be suspended or cancelled automatically. You agree to resolve any problems we encounter in order to proceed with your purchase order.
6.5 No Returns or Refunds. All sales and purchases of Digital Assets by Donut via the Services are final. We do not accept any returns or provide refunds for your purchase of Digital Assets from Donut, except as otherwise provided in these Terms.
7.1 Amount of Fees. You agree to pay Donut the fees for trades completed via our Services ("Fees") as made available via the Fees info ("Fee Schedule"), which we may change from time to time. Changes to the Fee Schedule are effective as of the effective date indicated in the posting of the revised Fee Schedule to the Services, and will apply prospectively to any trades that take place following the effective date of such revised Fee Schedule.
7.2 Third-Party Fees. In addition to the Fees, your External Account may impose fees in connection with your use of your designated External Account via the Services. Any fees imposed by your External Account provider will not be reflected on the transaction screens containing information regarding applicable Fees. You are solely responsible for paying any fees imposed by an External Account provider.
7.3 Payment of Fees. You authorize us, or our designated payment processor, to charge or deduct your Donut Account Funds for any applicable Fees owed in connection with trades you complete via the Services.
7.4 Collection-Related Costs. If you fail to pay Fees or any other amounts owed to Donut under these Terms and Donut refers your account(s) to a third party for collection, then Donut will charge you the lesser of an 18% collection fee or the maximum percentage permitted by applicable law, to cover Donut's collection-related costs.
8.1 Consent to Electronic Delivery. You agree and consent to receive electronically all communications, agreements, documents, receipts, notices and disclosures (collectively, "Communications") that Donut provides in connection with your Donut Account and/or use of the Donut Services. You agree that Donut may provide these Communications to you by posting them via the Services, by emailing them to you at the email address you provide, and/or by sending an SMS or text message to a mobile phone number that you provide. Your carrier's normal, messaging, data and other rates and fees may apply to any mobile Communications. You should maintain copies of electronic Communications by printing a paper copy or saving an electronic copy. You may also contact us through firstname.lastname@example.org to request additional electronic copies of Communications or, for a fee, paper copies of Communications (as described below).
8.2 Hardware and Software Requirements. In order to access and retain electronic Communications, you will need a computer with an Internet connection that has a current web browser with cookies enabled and 128-bit encryption. You will also need to have a valid email address on file with Donut and have sufficient storage space to save past Communications or an installed printer to print them.
8.3 Withdrawal of Consent. You may withdraw your consent to receive electronic Communications by sending a withdrawal notice to email@example.com. If you decline or withdraw consent to receive electronic Communications, Donut may suspend or terminate your use of the Services.
8.4 Requesting Paper Copies. If, after you consent to receive Communications electronically, you would like a paper copy of a Communication we previously sent you, you may request a copy within 30 days after the date we provided the Communication to you by contacting support at firstname.lastname@example.org. In order for us to send paper copies to you, you must have a current street address on file with Donut. Please note that Donut operates exclusively online and it is very burdensome for us to produce paper copies of Communications. Therefore, if you request paper copies, you understand and agree that Donut may charge you a processing fee, in the amount described in the Fee Schedule, for each page of Communication requested.
8.5 Updating Contact Information. It is your responsibility to keep your email address and/or mobile phone number on file with Donut up to date so that Donut can communicate with you electronically. You understand and agree that if Donut sends you an electronic Communication but you do not receive it because your email address or mobile phone number on file is incorrect, out of date, blocked by your service provider, or you are otherwise unable to receive electronic Communications, Donut will be deemed to have provided the Communication to you. Please note that if you use a spam filter that blocks or re-routes emails from senders not listed in your email address book, you must add Donut to your email address book so that you will be able to receive the Communications we send to you. You can update your email address, mobile phone number or street address at any time by logging into your Donut Account or by sending such information to support at email@example.com. If your email address or mobile phone number becomes invalid such that electronic Communications sent to you by Donut are returned, Donut may deem your account to be inactive, and you may not be able to complete any transaction via our Services until we receive a valid, working email address or mobile phone number from you.
When accessing or using the Services, you agree that you will not violate any law, contract, intellectual property or other third-party right or commit a tort, and that you are solely responsible for your conduct while using our Services. Without limiting the generality of the foregoing, you agree that you will not:
Use our Services in any manner that could interfere with, disrupt, negatively affect or inhibit other users from fully enjoying our Services, or that could damage, disable, overburden or impair the functioning of our Services in any manner; Use our Services to pay for, support or otherwise engage in any illegal gambling activities; fraud; money-laundering; or terrorist activities; or other illegal activities;
Use any robot, spider, crawler, scraper or other automated means or interface not provided by us to access our Services or to extract data;
Use or attempt to use another user's account without authorization;
Attempt to circumvent any content filtering techniques we employ, or attempt to access any service or area of our Services that you are not authorized to access;
Develop any third-party applications that interact with our Services without our prior written consent;
Provide false, inaccurate, or misleading information; and
Encourage or induce any third party to engage in any of the activities prohibited under this Section.
We will own exclusive rights, including all intellectual property rights, to any feedback, suggestions, ideas or other information or materials regarding Donut or our Services that you provide, whether by email, posting through our Services or otherwise ("Feedback"). Any Feedback you submit is non-confidential and shall become the sole property of Donut. We will be entitled to the unrestricted use and dissemination of such Feedback for any purpose, commercial or otherwise, without acknowledgment or compensation to you. You waive any rights you may have to the Feedback (including any copyrights or moral rights). Do not send us Feedback if you expect to be paid or want to continue to own or claim rights in them; your idea might be great, but we may have already had the same or a similar idea and we do not want disputes. We also have the right to disclose your identity to any third party who is claiming that any content posted by you constitutes a violation of their intellectual property rights, or of their right to privacy. We have the right to remove any posting you make on our website if, in our opinion, your post does not comply with the content standards set out in this section.
Copyrights and Other Intellectual Property Rights
Unless otherwise indicated by us, all copyright and other intellectual property rights in all content and other materials contained on our website or provided in connection with the Services, including, without limitation, the Donut or Donut logo and all designs, text, graphics, pictures, information, data, software, sound files, other files and the selection and arrangement thereof (collectively, "Donut Materials") are the proprietary property of Donut or our licensors or suppliers and are protected by UK copyright laws and other intellectual property rights laws.
In using our Services, you may view content provided by third parties, including links to web pages of such parties, including but not limited to Facebook and Twitter links ("Third-Party Content"). We do not control, endorse or adopt any Third-Party Content and shall have no responsibility for Third-Party Content, including without limitation material that may be misleading, incomplete, erroneous, offensive, indecent or otherwise objectionable. In addition, your business dealings or correspondence with such third parties are solely between you and the third parties. We are not responsible or liable for any loss or damage of any sort incurred as the result of any such dealings, and you understand that your use of Third-Party Content, and your interactions with third parties, is at your own risk.
DISCONTINUANCE OF SERVICES
We may, in our sole discretion and without liability to you, with or without prior notice and at any time, modify or discontinue, temporarily or permanently, any portion of our Services.
DISCLAIMER OF WARRANTIES
EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY IN A WRITING BY US, OUR SERVICES ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS. WE EXPRESSLY DISCLAIM, AND YOU WAIVE, ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT AS TO OUR SERVICES, INCLUDING THE INFORMATION, CONTENT AND MATERIALS CONTAINED THEREIN.
YOU ACKNOWLEDGE THAT INFORMATION YOU STORE OR TRANSFER THROUGH OUR SERVICES MAY BECOME IRRETRIEVABLY LOST OR CORRUPTED OR TEMPORARILY UNAVAILABLE DUE TO A VARIETY OF CAUSES, INCLUDING SOFTWARE FAILURES, PROTOCOL CHANGES BY THIRD PARTY PROVIDERS, INTERNET OUTAGES, FORCE MAJEURE EVENT OR OTHER DISASTERS INCLUDING THIRD PARTY DDOS ATTACKS, SCHEDULED OR UNSCHEDULED MAINTENANCE, OR OTHER CAUSES EITHER WITHIN OR OUTSIDE OUR CONTROL. YOU ARE SOLELY RESPONSIBLE FOR BACKING UP AND MAINTAINING DUPLICATE COPIES OF ANY INFORMATION YOU STORE OR TRANSFER THROUGH OUR SERVICES.
Some jurisdictions do not allow the disclaimer of implied terms in contracts with consumer, so some or all of the disclaimers in this section may not apply to you.
LIMITATION OF LIABILITY
(a) EXCEPT AS OTHERWISE REQUIRED BY LAW, IN NO EVENT SHALL DONUT, OUR DIRECTORS, MEMBERS, EMPLOYEES OR AGENTS BE LIABLE FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY OTHER DAMAGES OF ANY KIND, INCLUDING BUT NOT LIMITED TO LOSS OF USE, LOSS OF PROFITS OR LOSS OF DATA, WHETHER IN AN ACTION IN CONTRACT, TORT (INCLUDING BUT NOT LIMITED TO NEGLIGENCE) OR OTHERWISE, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE USE OF OR INABILITY TO USE OUR SERVICES OR THE Donut MATERIALS, INCLUDING WITHOUT LIMITATION ANY DAMAGES CAUSED BY OR RESULTING FROM RELIANCE BY ANY USER ON ANY INFORMATION OBTAINED FROM DONUT, OR THAT RESULT FROM MISTAKES, OMISSIONS, INTERRUPTIONS, DELETION OF FILES OR EMAIL, ERRORS, DEFECTS, VIRUSES, DELAYS IN OPERATION OR TRANSMISSION OR ANY FAILURE OF PERFORMANCE, WHETHER OR NOT RESULTING FROM A FORCE MAJEURE EVENT, COMMUNICATIONS FAILURE, THEFT, DESTRUCTION OR UNAUTHORIZED ACCESS TO Donut'S RECORDS, PROGRAMS OR SERVICES.
Some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for incidental or consequential damages. Accordingly, some of the limitations of this section may not apply to you.
(b) TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL THE AGGREGATE LIABILITY OF DONUT (INCLUDING OUR DIRECTORS, MEMBERS, EMPLOYEES AND AGENTS), WHETHER IN CONTRACT, WARRANTY, TORT (INCLUDING NEGLIGENCE, WHETHER ACTIVE, PASSIVE OR IMPUTED), PRODUCT LIABILITY, STRICT LIABILITY OR OTHER THEORY, ARISING OUT OF OR RELATING TO THE USE OF, OR INABILITY TO USE, Donut OR TO THESE TERMS EXCEED THE FEES PAID BY YOU TO DONUT DURING THE 12 MONTHS IMMEDIATELY PRECEDING THE DATE OF ANY CLAIM GIVING RISE TO SUCH LIABILITY.
You agree to defend, indemnify and hold harmless Donut (and each of our officers, directors, members, employees, agents and affiliates) from any claim, demand, action, damage, loss, cost or expense, including without limitation reasonable attorneys’ fees, arising out or relating to (a) your use of, or conduct in connection with, our Services; (b) any Feedback you provide; (c) your violation of these Terms; or (d) your violation of any rights of any other person or entity. If you are obligated to indemnify us, we will have the right, in our sole discretion, to control any action or proceeding (at our expense) and determine whether we wish to settle it.
9.1 Entire Agreement; Order of Precedence. These Terms contain the entire agreement, and supersede all prior and contemporaneous understandings between the parties regarding the Services. These Terms do not alter the terms or conditions of any other electronic or written agreement you may have with Donut for the Services or for any other Donut product or service or otherwise. In the event of any conflict between these Terms and any other agreement you may have with Donut, the terms of that other agreement will control only if these Terms are specifically identified and declared to be overridden by such other agreement.
9.2 Amendment. We reserve the right to make changes or modifications to these Terms from time to time, in our sole discretion. If we make changes to these Terms, we will provide you with notice of such changes, such as by sending an email, providing notice on the homepage of the Site and/or by posting the amended Terms via the applicable Donut websites and mobile applications and updating the "Last Updated" date at the top of these Terms. The amended Terms will be deemed effective immediately upon posting for any new users of the Services. In all other cases, the amended Terms will become effective for preexisting users upon the earlier of either: (i) the date users click or press a button to accept such changes, or (ii) continued use of our Services 30 days after Donut provides notice of such changes. Any amended Terms will apply prospectively to use of the Services after such changes become effective. If you do not agree to any amended Terms, you must discontinue using our Services and contact us to terminate your account.
9.3 Waiver. Our failure or delay in exercising any right, power or privilege under these Terms shall not operate as a waiver thereof.
9.4 Severability. The invalidity or unenforceability of any of these Terms shall not affect the validity or enforceability of any other of these Terms, all of which shall remain in full force and effect.
9.5 Assignment. You may not assign or transfer any of your rights or obligations under these Terms without prior written consent from Donut, including by operation of law or in connection with any change of control. Donut may assign or transfer any or all of its rights under these Terms, in whole or in part, without obtaining your consent or approval.
9.6 Headings. Headings of sections are for convenience only and shall not be used to limit or construe such sections.