# Terms and conditions
In case of any discrepancies, the German version shall prevail.
DFX AG (company identification number: CHE-429.856.521, hereinafter DFX), with its registered office at Bahnhofstrasse 7, 6300 Zug, Switzerland operates the website DFX.swiss, and the associated subdomains such as services.dfx.swiss and payment.dfx.swiss. DFX uses these websites to provide financial services. Access to and use of these services are subject to the important legal notices contained herein (the "Terms and Conditions").
Furthermore, DFX additionally provides software such as DFX Wallet free of charge as an open source product. This software may be used by any user free of charge and without permission, which is not equivalent to a business relationship with DFX, as DFX has no control over how this software is used by other users. The use of open source software is subject to the DFX disclaimer in the first instance. https://docs.dfx.swiss/de/disclaimer.html
# Important legal information
These General Terms and Conditions are an integral part of all special agreements that apply or are concluded in connection with the services or products offered by DFX. However, in the event of a conflict, the provisions of such special agreement shall prevail.
By accessing and using the Website, the Payment Page and the DFX App, respectively, and by downloading information, data and documents from the Website, the Payment Page and the DFX App, respectively, Customers acknowledge that they understand and accept the disclaimer and the Terms and Conditions. Furthermore, they accept that DFX may change the General Terms and Conditions at any time. Changes to the Terms and Conditions are accepted at the latest when the customer initiates the next transaction.
# Local restrictions
The products and services offered on this website, the payment page and in the DFX app are only authorized for sale in Switzerland. Persons who access the Website, the Payment Page or the DFX App from abroad do so on their own responsibility. DFX disclaims any responsibility in connection with the use of the Website, the Payment Page or the DFX App outside Switzerland. In particular, it is pointed out that each foreign user is obliged to clarify for himself whether he may use the services and products offered by DFX based on the applicable legislation at his place of residence or registered office, or based on the legislation of his home country.
# No advice for the purchase of cryptocurrencies
DFX expressly states that no investment advisory services are provided on its part. In no event shall the information provided on the Website be construed as advice or recommendations to buy or sell any particular cryptocurrency or to effect any transaction, nor shall the information provided be construed as advice of any other nature, for example, tax or legal. DFX does not recommend Bitcoin or any other cryptocurrency in any way.
Any investment decisions that clients make are based solely on their own assessment of their financial situation and investment objectives. They bear sole responsibility for such decisions. DFX provides its services exclusively at the express, independent request of the customer, without verifying the customer's financial situation, technical understanding, suitability or appropriateness of the investment.
Investments and investments in cryptocurrencies presented on the website, payment page and DFX app are speculative and associated with significant risks. These may be economic as well as human and technical in origin. Cryptocurrencies are subject to significant volatility. The price of cryptocurrencies may fall as well as rise. The future performance of cryptocurrencies cannot be guaranteed by past performance. Therefore, it is possible that the invested amount may not be recovered and instead may be lost altogether. By using DFX's services, clients acknowledge that Bitcoin, Ether or other cryptocurrencies are experimental, alternative currencies currently under development and that their performance is unpredictable. We strongly recommend that customers seek professional advice before making any investment decisions.
By accepting the GTC's, the customer declares to have been informed about the above risks, to have understood them and to be aware of their implications. The customer declares that he himself is the beneficial owner of the assets to be traded and the desired recipient address and that he can freely dispose of them.
# Links
Activation of certain links on the Website, the Payments Page or in the DFX App may cause you to leave the Website, the Payments Page or the DFX App, respectively. DFX does not review any of these linked websites and does not warrant or guarantee, expressly or impliedly, the quality, relevance, accuracy, completeness, availability, correctness, update status or legality of the content of such websites, nor is DFX responsible in any way for the products, services, information and other content offered through these linked websites. The same applies to websites that provide links to the DFX website.
# Confidentiality and encryption
We would like to point out that the data exchanged between the respective customer and DFX is transmitted via open, public networks (e.g. the Internet), which are not subject to any control or verification on the part of DFX. The transmitted data may go beyond the borders of Switzerland, even if both the customer and DFX are located in Switzerland. Furthermore, even if the transmitted data is encrypted, it is not guaranteed that it will necessarily remain encrypted for the entire duration of the transmission, nor that it will remain encrypted on the Customer's side. It is possible that data may be intercepted. In addition, Customers hereby acknowledge that they understand that applicable laws in your country may prohibit or restrict the import, export, or use of encryption algorithms. DFX shall in no event be responsible for any violation of measures regulating the import, export or use of encryption algorithms. In the event of such a violation, customers are solely responsible.
# Confidentiality of user data
Customers are required to keep user IDs, passwords and other means of identification such as blockchain addresses confidential. To this end, they must not store your user IDs, passwords or other means of identification such as blockchain addresses unencrypted in your browser and they must delete all temporary files stored in your cache memory and your browsing history. Customers are solely responsible if such means of identification are disclosed to third parties, discovered or misused. Likewise, they are solely responsible for any resulting losses and damages.
# Proper use of the Website
Customers agree to use the Website and the Payments Page in an orderly manner and not to misuse or use the Website or the Payments Page in any way that could, for example, overload the Website, delay the transmission of information, interrupt service, block access to the Website, or cause any other harmful effects to DFX or the users of the Website or the Payments Page. In particular, it is prohibited to: carry out e-mail bombing or a denial of service attack (in particular flooding) or to make a similar attempt to infect the Website or Payment Page with a virus, worm, Trojan horse or other software or to make a similar attempt to gain or attempt to gain unauthorized access to the servers that manage the Website or Payment Page; to circumvent or deactivate the security functions of the Website or Payment Page or to attempt to do so. attempt to do so (hacking); update the information provided on the Website or Payment Page using automatic update programs, e.g. as provided by other websites; or use offline readers or similar software, in particular in such a way that a mass download of data from the Website or Payment Page to the Customer's hard disk is possible. DFX reserves the right, in case of such improper use of the Website or the Payment Page, to deny the relevant Customer access to the Website and the Payment Page, even if the Customer is a registered customer of DFX.
# General handling of customer-related data
Customers acknowledge that DFX may record and analyze all of its customers' actions on DFX-owned websites, APIs, applications, and other direct marketing campaigns for purposes of security, system monitoring, administration, marketing, and compliance with legal and regulatory requirements.
DFX will store this information under appropriate security conditions for a limited period of time. DFX will not disclose personal data to third parties unless DFX is required to do so by law and/or regulation. See details under Handling customer data in bank/blockchain transactions.
The authentication of the identification documents submitted by customers as part of the registration process is performed by a specialized external company. Consequently, this company has access to (exclusively) these documents.
Other necessary external providers may also have access to customer data as part of the maintenance and management of current processes, the product and service offering, and the DFX user base. In such cases where the use of an external provider or service is required, DFX will ensure that the external provider exercises the same level of vigilance with respect to privacy and data security as DFX does. Customer data and/or contact information is not sold by DFX in any way.
# Handling transaction data
For all digital asset transactions, the following information is made publicly available:
- Input Asset
- Input Amount
- Output Asset
- Output Amount
- Transaction ID
This information does not allow direct identification of the person who executed the transaction.
# Handling customer data during bank transactions
When transactions are executed, customer data is automatically sent along with the transaction. Specifically, the following information is usually sent from the sending bank to the receiving bank during bank transactions:
- Name of the sender and the recipient
- Address of the sender and the recipient
- Account data such as IBAN, reason for payment, reference.
This information is exchanged between the bank and DFX and shared with other banks involved in processing the transaction. DFX shares additional data with the bank if necessary to comply with applicable laws. All data available to DFX may be shared with the bank in order to comply with the statutory audit obligations. In concrete terms, this means that the data is shared with the bank that processes the payments. DFX has several bank accounts with different banks, one of which is located in Luxembourg. Thus, data is also transferred abroad when a foreign bank is used. Which bank it is can be recognized by the IBAN address.
# Handling customer data in blockchain transactions
Just as with bank transactions, basic transaction data must be sent along with the transaction for blockchain transactions. When using a self-hosted wallet such as DFX Bitcoin Wallet, MetaMask, Ledger, Bitbox Hardware Wallet, the data exchange can be waived. In all other cases, data exchange is mandatory. This means that it is mandatory to send the personal data along with blockchain transactions from non-self-hosted wallets to DFX. The data must be transmitted to DFX simultaneously with the execution of the Blockchain transaction in a standardized format to compliance(at)dfx.swiss or by another suitable method.
At least the following information is required:
- Name of the sender and the recipient
- Address of the sender and the recipient
- Blockchain data such as blockchain address, transaction ID, reference.
For blockchain transactions from DFX to non-self-hosted wallets, this data is automatically transmitted by DFX to the hosting provider. Unless otherwise agreed, the data will be transmitted by email to compliance(at) "provider.domain". DFX customers who do not wish to agree to this transfer are advised to use a self-hosted wallet.
# User registration
Before DFX's financial services can be used, the customer must register via the DFX app or on the payment page. Registration is free of charge and leads to the creation of a user profile after acceptance of the current terms and conditions. In addition, a non-custody wallet is created. DFX has no access to this, only the customer. When a customer registers, the information and documents that the customer must submit to DFX and the maximum amount for which the customer can buy or sell cryptocurrencies depend on his identification level:
Registration is basically done via the blockchain address, specifying the customer's email or phone number. This registration is considered standard - light KYC (Know-your-Customer) - and allows the customer to buy/sell cryptocurrencies up to the set daily limit, which can be seen on the customer's personal payment page. Transfers of cryptocurrencies to an unverified public address are not accepted.
For the purchase/sale of cryptocurrencies above this daily limit, more detailed registration is required, which is considered an Enhanced - full KYC (Know-your-Customer) - process. As part of this process, the following information in particular must be disclosed to DFX:
- Address, with their proof of delivery of a letter to the specified address.
- Copy of identification document (ID card or passport), which must have a signature, a legible MRZ code and a photo.
- Recent photograph of the customer.
- Duly completed DFX registration form (so-called chatbot form according to the requirements of the Association for Quality Assurance of Financial Services (VQF)).
- Properly completed beneficial owner form.
- First transaction from a bank account in the customer's name to DFX.
- In case of registration of the customer by phone number, the customer has to confirm the code received by SMS (so called TAN code) to DFX.
Up to which limits the purchases/sales of cryptocurrencies are executed is decided by DFX on a user-specific basis. Detailed information is available from support.
DFX reserves the right to conduct a video conference to verify the identity of the customer, including if: DFX believes that the documentation provided is incomplete; the customer's place of residence or business is in a country of risk; or the first transaction made on the part of the customer was from a country of risk or through a bank account not in the customer's name.
The complete and correct submission and validation of these documents is required for the initial purchase and sale of cryptocurrencies, as well as for the conversion of cryptocurrencies, or at DFX's request at any time without giving any reason.
The data provided must be complete and valid at all times. Changes to personal data as well as all data underlying the light or full KYC must be communicated by the customers to DFX without delay.
DFX employees never ask the customer for passwords, private keys or seeds. Such requests are to be ignored and reported to DFX.
Customers are not authorized to allow other persons to access their account. They are responsible for all activities performed with their respective account.
DFX may reject any registration without giving any reason, exclude any registered customer - including in case of fraud, attempted fraud, forged securities or forged certificates - or refuse to execute any transaction.
DFX reserves the right to refuse any registration without giving any reason as well as to exclude any registered customer and to terminate the business relationship. This right exists explicitly if DFX determines in the course of its checks that a customer is on a FATF list (black or grey), has been convicted of a criminal offense or sanctioned in connection with an administrative proceeding, or if criminal or administrative proceedings are pending against the customer. Furthermore, DFX reserves the right to terminate the business relationship if DFX would violate mandatory regulations, in particular Swiss and international sanction regulations, due to the business relationship with the customer. DFX also reserves the right to refuse the execution of a transaction in such cases.
Blocked customers are not allowed to register again via the DFX app or the payment page. If they do so, these users may be prosecuted. Only natural persons or legal entities may register via the DFX app or the payment page.
Natural persons must also be capable of acting (capable of judgement and at least 18 years old). Persons under 18 years of age may not register on the website.
Each customer profile is unique, personal and non-transferable. The creation and use of multiple accounts by the same person is prohibited.
Customers may delete or deactivate their account at any time by submitting a request to DFX technical support. DFX is required to keep records of transactions for ten years. This period starts from the end of the execution of the transactions or, if more than one transaction forms a whole, from the end of the last transaction. Only after the expiration of this ten-year retention period will the account finally be deleted.
# Process for the purchase of cryptocurrencies
The customer shall execute the purchase by following the instructions in the DFX app or on the DFX payment page, respectively. In case of invalid or incorrect information, the funds may be lost. DFX may make inquiries to attempt to recover lost cryptocurrencies, but is under no obligation to do so. These inquiries are at DFX's sole discretion. Customer shall pay for the cost of any investigation, which shall take into account the technical complexity and time required for the investigation.
If the required payment purpose does not appear on the payment order, the money will be refunded to the corresponding customer. Bank fees will be charged to the customer, and an additional administrative fee may also be charged. A transaction to the DFX Wallet without a previously created purchase route will not be accepted by DFX and will be immediately refunded to the customer. Any bank charges incurred in the process will be borne by the customer. If necessary, administrative fees will also be charged to the customer.
DFX provides its service to the extent of the amount actually received by it on the DFX Wallet. The bank charges or transaction fees shall be borne by the customer and shall be deducted directly from the amount originally paid in, provided that this had not yet been done when the transaction was received. If applicable, administrative fees will also be charged to the customer. DFX will then exchange the equivalent value of the amount actually received, minus any additional bank or transaction fees and minus DFX's own fees (see below), into the desired cryptocurrency. The cryptocurrency exchange for Bitcoin is done via Kraken and for all others via Uniswap.
DFX points out that the purchase may take several business days until the desired cryptocurrency arrives in the customer's wallet.
The transaction costs of the cryptocurrencies transmitted to the client are included in the base price. Prices are in Euros, US Dollars or Swiss Francs or any other currency that is acceptable for payment. [For crypto-to-crypto transactions, prices are in the cryptocurrency to be exchanged]. Likewise, the price includes Swiss value added tax (hereinafter: VAT), if applicable.
Posted buy routes will be processed by DFX within seven business days of the transaction taking place. If the purchase route is not processed within the aforementioned period, the customer is obliged to inform DFX immediately. If the customer does not comply with this obligation, he cannot make any claims regarding the change in the exchange rate.
Purchase routes can be cancelled as long as the amount has not been received by DFX. Bank fees will be charged to the customer, and the customer may also be charged an additional administrative fee.
Network fees related to the creation of the purchase routes DFX reserves the right to charge the network fee to the customer at the time of making the transaction.
# Process when selling cryptocurrencies
The customer has to execute the sale following the instructions on the payment page/in the app. In case of invalid or incorrect information, the funds may be lost. If a transfer is executed without first creating an appropriate sale route to the DFX wallet, or if a transfer is made to an address other than the one specified by DFX, the amount transferred may be lost. DFX may make inquiries to attempt to recover lost cryptocurrencies, but is under no obligation to do so. These inquiries are at the sole discretion of DFX. Customer shall pay for the cost of any investigation, which shall take into account the technical complexity and time required for the investigation.
DFX will provide its service to the extent of the amount actually received by it on the DFX Wallet. The bank charges or transaction fees will be borne by the customer and will be deducted directly from the amount originally paid in, if this had not already been done when the transaction was received. If applicable, administrative fees will also be charged to the customer. DFX will then exchange the equivalent of the amount actually received less any additional bank or transaction fees and less DFX's own fees (see below) into the desired foreign currency [or cryptocurrency].
If the customer wishes to withdraw in a currency other than EUR, additional exchange fees may apply, which will also be deducted directly from the deposited amount. The cryptocurrency exchange for Bitcoin is made via Kraken and for all others via Uniswap.
After creating the sales route, the amount paid in by the customer in this context and after adjustment for all applicable fees, DFX will sell the cryptocurrencies specified in the sales route for its own holdings in the sense of a principal transaction and subsequently transfer the foreign currencies [or converted cryptocurrencies] to the [wallet/]account specified by the customer.
DFX notes that the sale may take up to seven business days for the amount to reach the recipient.
Sale routes will be processed by DFX within seven business days of the transaction being made to the DFX Wallet. If the sale route is not processed within the aforementioned period, the customer is obliged to inform DFX immediately. If the customer does not comply with this obligation, he cannot make any claims regarding the change in the exchange rate.
Sell routes can be cancelled as long as the cryptocurrency to be converted has not been received by DFX.
The transaction costs of the [crypto or] foreign currencies transmitted to the customer are included in the base price. The prices are in the cryptocurrency permitted for the transaction and include Swiss value added tax (hereinafter: VAT), if applicable. After the transfer [of the desired cryptocurrency respectively] of the desired foreign currency to the account[/wallet] of the customer has taken place, the sale is considered completed. The customer will receive a confirmation of the transaction completion by e-mail, including a transaction summary.
DFX points out that there is a maximum sales volume per day and per customer, which can be viewed by the customer on the payemn page. The customer has the possibility to request a higher sales volume. This request will be individually assessed and discussed by DFX.
Chargebacks of sales to customers of DFX AG are made exclusively in the cryptocurrency that has been transferred to DFX for sale. The amount of the chargeback corresponds exactly to the amount transferred to DFX for sale.
# Fees
Our fee structure applies to payments in the SEPA payment system [as well as crypto-to-crypto transactions]. DFX reserves the right to charge additional fees in case of transfers with other payment systems. The transaction volume is indicated in the tables below in EUR. [In case of a crypto-to-crypto transaction, the volume would be converted accordingly with the exchange rate in EUR (www.kraken.com) in order to be able to determine the amount of the fees].
DFX charges 0.99% fees for purchases of bitcoin and 1.49% for all others*. For sales, the above fees plus 0.5% apply, so for bitcoin 1.49% and all others* 1.99%. Corporate clients will be charged an additional flat 0.5% on top of the applicable fee structure.
Fee overview as of 01.12.2022
# DFX Fees Private Investors
| Bitcoin | Others | |
|---|---|---|
| Purchase | 0,99 % | 1,49 % |
| Sale | 1,49 % | 2,49 % |
# DFX Fees Corporate Clients
| Bitcoin | Others | |
|---|---|---|
| Purchase | 1,49 % | 1,99 % |
| Sale | 1,99 % | 2,49 % |
# Minimum fees
| Minimum fees | |
|---|---|
| Bitcoin | 5 EUR |
| Lightning | 0 EUR |
| Ethereum | 5 EUR |
| Arbitrum | 1 EUR |
| Optimism | 1 EUR |
| Polygon | 1 EUR |
# additional blockchain fee
In addition to the DFX fees, there may be a blockchain fee. This fee is incurred in order to be able to pay for the blockchain transaction. The fee changes continuously and is displayed to the user on the graphical user interface when the purchase is concluded.
# Referral System
Our referral program pays customers 0.25% on the purchase/investment volume purchased by a new customer through the customer's referral link.
# Risks
DFX points out that the cryptocurrencies offered are on various blockchains, such as the Bitcoin Blockchain, Ethereum Blockchain, and Binance Smart Chain. Decentralized Finance is a novel construct where it is not yet fully clear what the legal and regulatory implications will be for users and businesses in this business space.
DFX always complies with the current Swiss law and is in constant exchange with the authorities to implement this. DFX reserves the right to suspend trading of individual cryptocurrencies at any time or to add additional cryptocurrencies or products to its offering. Customers of the DFX Brokerage Service are not entitled to trade cryptocurrencies if they have previously been suspended from trading. This also applies if these cryptocurrencies have previously been purchased via the DFX Brokerage Service.
Furthermore, cryptocurrencies that originate from the Decentralized Finance construct, e.g. by trading on a Decentralized Exchange (DEX) or by an exchange through an Atomic Swap, may be declared as Coins with increased risk and may be treated differently in the future than Coins that have not been in such DeFi protocols. DFX has no control over how the DeFi market will be regulated in the future and what consequences may arise from the use of DeFi protocols for users in the future. DFX cannot guarantee to continue operating the Service at all times, nor can DFX guarantee to take back sold Coins if the regulatory environment changes.
# Partial invalidity and choice of law
If any clause of the Terms and Conditions is void, waived or otherwise invalid, the validity of the remaining Terms and Conditions shall not be affected or impaired thereby.
# Applicable law and place of jurisdiction
The General Terms and Conditions shall be governed by and construed in accordance with Swiss law, excluding the conflict of laws provisions of Switzerland or the Customer's actual country or state of (residence) domicile. Any disputes arising out of or relating to the General Terms and Conditions, Customer's relationship with DFX, including non-contractual obligations, shall be subject to the exclusive jurisdiction of the courts of Zug, Switzerland.