Terms and Conditon

BitGold International legal identity

BitGold International is a registered company with company number 11584006 registered in England and Wales. In these Terms and Conditions references to BitGold International mean BitGold International Limited and its subsidiaries wherever the context requires a legal entity, unless a specific subsidiary is named or referenced.

Deemed acceptance and prevailing versions

You become a new Customer of BitGold International by registering for an account online at the company website https://www.mybitgold.com In becoming a Customer you are deemed to accept that BitGold International Terms and Conditions define the entire business relationship between BitGold International and you.

These are BitGold International Terms of Business as of 1st October 2018.

BitGold International may from time to time modify its Terms and Conditions without prior notice. The company will however communicate new update to its customers via email..

The purpose of our business relationship

You have chosen to become a BitGold International Customer in order to benefit from BitGold International terms for trading in and storing gold, buying gold products and other products as available on the BitGold International online store or gold bullion or services provided by BitGold International. You expect to enjoy efficient and substantially automated service, and pay low levels of commission or mark-up and low levels of custody charges by comparison with alternate mechanisms for buying, holding and selling gold, silver and platinum bullion.

In order to deliver against your expectations BitGold International offers a service designed for high levels of automation across the internet and expects to earn a profit from the commissions or mark-ups and custody fees it charges.

Data about you

Privacy policy

To provide the service BitGold International needs to retain on its computers information about you and any other parties associated with your BitGold International account (including but not exclusive to: beneficial owners or agents operating your account on your behalf) and you permit BitGold International to do so.

If any personal data or sensitive information relating to you or any other associated parties is provided to us, you confirm that you and each such person is aware of and consents to the collection and use of their data for the purposes of maintaining and operating your account. BitGold International undertakes not to disclose data about you or any other parties associated with your BitGold International account to third parties except (i) in order to set-up or administer your account (ii) to allow payments to be made in or out of your account (iii) to provide general BitGold International communications (iv) to allow us to comply with any regulatory or legal obligations required of us.

BitGold International does not use your personal data to make decisions that could impact the price or weight of bullion you are able to buy, store and sell.

BitGold International will retain information about you for at least five but no more than ten years following the closure of your account, after which time your personal data will be deleted from BitGold International computers.

Use of cookies

BitGold International uses cookies. By using our websites and applications, you consent to the use of cookies in accordance with the terms of our Cookie Policy .

Recording the source of your incoming money

Where supplied by your bank on your incoming payment you permit BitGold International to both record your banking details and to check them against identity documents you submit.

Identifying yourself

You undertake to identify yourself and all other relevant parties no later than 2 weeks after first funding your account, and according to the identity verification procedures required by BitGold International. You authorize BitGold International to make such enquiries as it may feel necessary to satisfy itself about the validity of your identity.

You will provide BitGold International with such information as BitGold International requires or requests in relation to this agreement, including all information required to comply with all applicable laws and regulations, including all applicable anti-money laundering regulations. In particular, you undertake to provide accepted photographic proof of identity and proof of address.

You understand and accept that where an ownership interest is shared or where other parties are involved in the operation or administration of the account, you may be required to provide additional photographic identities of all joint owners and any other relevant parties involved in the operation or administration of the account. Business and trust account owners must also provide any requested institutional documentation - for example copies of trust deeds or incorporation documents, as well as photographic identification of beneficial owners and those operating or controlling the account.

Where you are operating the BitGold International account on behalf of another party, who may be the beneficial owner, you confirm that you do so with their approval and with appropriate legal authorization and will provide evidence of such authorization upon BitGold International request.

During the period your account is open, you agree to provide additional or updated documents or information about you or other parties associated with the account which BitGold International may need to maintain accurate records in accordance with UK law.

You accept that your documents should be written in English, or any other language that BitGold International actively supports. Where this is not so you undertake to provide certified translations along with your documents, at your expense. No withdrawal of funds will be allowed without proof of identification by the account owner/s.

>Where these procedures cannot for any reason be met but where, for whatever reason, your original linked bank account cannot be used for the return of your money from BitGold International, then BitGold International is entitled to use an appropriate process and/or seek appropriate insurance cover against identity fraud, all at your expense. Under these circumstances BitGold International is also entitled to charge you on a time and materials basis according to the published tariff.

If you fail to validate your account

You understand and accept that BitGold International will ordinarily refuse to pay monies requested for withdrawal from an un-validated account.

You understand and accept that a persistent failure by you to validate your account, after having received reminders, may incur the penalty charges described in the tariff and could lead to the suspension or closure of your account.

BitGold International acknowledges that no such penalty charge will be applied where it is clear you are making a genuine effort to validate your account, but are being prevented from doing so by circumstances beyond your reasonable control.

You understand and accept that were you to fail to validate your account in suspicious circumstances then BitGold International would be legally obliged to notify anti-money-laundering authorities, without notifying you.

You hereby indemnify and keep indemnified BitGold International against any and all losses and costs which arise out of your failure to identify yourself and validate your account promptly.

Contact details

BitGold International maintains contact details for you at an email address, an address and optionally at

You accept a duty to keep your name, address and other contact details held by BitGold International up to date and accurate. BitGold International is entitled to rely on the accuracy of the details supplied.

BitGold International accepts an obligation to notify changes to your contact details to your contact email address, and a further obligation to notify changes to your contact email address itself to both your old and new contact email addresses.

You accept that your failure to maintain your contact details correctly may negate some of the protections you seek in BitGold International. You hereby indemnify and keep indemnified BitGold International against losses which arise out of your failure to maintain your contact details correctly.

Security & privacy

Passwords

Your personal and financial data held at BitGold International are protected from unauthorized access by a password and other access data which you have a duty to keep secret.

You accept that in order to provide reliable customer access BitGold International must have a robust procedure for re-issuing forgotten passwords.

You accept that the re-issue of a password entitles BitGold International to suspend your right to immediate withdrawal for a period not exceeding six weeks.

Communication between us

Contact BitGold International through the following channels:

Email: support@mybitgold.com

Transmissions

You accept that during a logged-in session on BitGold International all data which pass between you and BitGold International, in either direction, are passed across the internet using the https protocol, which incorporates a level of security widely accepted as offering extremely reliable privacy and accuracy in data transmission.

Email

You accept that BitGold International will send off-line information to you by email, including - but not limited to - acknowledgements of changes to your key account settings, login notifications, order confirmations, execution advices, contracts, monthly statements, price alerts, and changes to Terms and Conditions. You may not unsubscribe from emails relating to your account and its administration. BitGold International may also send you general information regarding updates to its products and services. You may unsubscribe from these general updates by following the instructions included in such emails. The BitGold International system records all outward email transmissions.

It is your responsibility to ensure that you have a reliable email service provider that allows messages from BitGold International and properly displays them to you in a timely fashion.

BitGold International is entitled to rely on your receipt and acceptance of the content of an email if within 3 calendar days of the transmission no response from you has been received by BitGold International.

In the event that you communicate an issue with content of a BitGold International email after this date any resolution will be considered in the context of the delay, which you accept may have a bearing on the value of any resolution proposed either by BitGold International management, or through complaints arbitration.

You understand and accept that email is not encrypted and that it operates with a similar degree of privacy as physical post, in that a network engineer, like a postman, has the ability to see email and attachments if he chooses to open your mail. You accept and understand that easily comprehended open format feedback to a known and used address is appropriate for reporting your completed business to you, off-line, and after the event.

SMS

BitGold International may use voice or SMS on mobile phones as a means of contacting you rapidly.

BitGold International is entitled to rely on your receipt and acceptance of the content of SMS communications if within five minutes of the transmission no rejection of the information has been received by BitGold International. BitGold International is entitled to rely in this regard on the accuracy of its own transmission records when backed up by the independent confirmation of its telecommunications provider's records.

BitGold International is responsible for initiating SMS messages correctly according to the settings on your account, and ensuring that they are received by its SMS technology provider. But BitGold International is not responsible for losses you may incur as a result of an SMS message not being delivered in circumstances beyond BitGold International direct control. This might occur if your mobile phone was switched off, or was operating in a zone or on a service technology which was not reachable via the SMS technology providers employed by BitGold International.

If your account diminishes in size below a level at which it is reasonable to communicate via SMS then BitGold International reserves the right to suspend SMS outputs.

Mail

BitGold International may send information to you by mail to your address on BitGold International records. BitGold International is entitled to rely on your receipt and acceptance of the content of posted communications if within 7 calendar days of the communication being sent no rejection of the information by you has been received by BitGold International.

If your account diminishes in size below a level at which it is reasonable to communicate via the mail then BitGold International reserves the right to suspend posted outputs.

Special measures for your extra protection

Account feedback

You are entitled to rely on BitGold International sending you emails in confirmation of any changes to the contact details, Burglar Alarm and the linked bank account settings on your BitGold International account.

A failure by BitGold International in these obligations, and resulting in loss to you, is the financial responsibility of BitGold International, subject to the provisions of these Terms and Conditions.

Acceptable ways of making deposits

You agree to fund your BitGold International account from your linked bank account.

Your money deposits are acceptable only through recognized banking channels which may change from time to time according to the details on BitGold International website.

Whether depositing through a physical paper transaction, or by electronic transfer, you understand that your bank will be expected to identify standard banking data on each incoming payment to BitGold International, including (i) your bank name (ii) your branch identifying code, (iii) your account name (iv) your bank account number and (v) your BitGold International user name (as the payment reference).

You accept that a failure by your bank to identify the source of your money may delay your BitGold International account being credited. Then BitGold International will place your money safely in suspense, pending your contact with us, at which time your advice of the correct remittance details will cause the money to be placed directly into your BitGold International account where it will be capable of being used to buy bullion immediately.

You accept that where you have provided us with necessary details independently of the actual bank transfer on which your money was received BitGold International is entitled to suspend your right to immediate withdrawal for a period not exceeding 60 days.

Your deposit and your linked bank account

You agree that you will not merge funds belonging to different parties within a single BitGold International account.

You agree that you will not deposit in any way which obscures the source of your funds. For example, you will not deposit cash, bankers' drafts or make anonymous/unreferenced credits at a counter. All your deposits must come from a clearly identifiable source.

You accept that where deposit by debit card is offered, you must only make a card deposit using a debit card associated with your linked bank account. If you use a card that is not associated with your linked bank account or that is not a card permitted by BitGold International (as stated on the deposit page) then BitGold International is entitled to apply a fee according to the published tariff and may return the funds to source.

Nevertheless BitGold International may exercise its discretion to allow the funds to be applied to your BitGold International account, provided it is our reasonable belief, supported by evidence you provide, that the deposit has come from you. BitGold International may also seek additional information concerning the deposit's source, which you agree to provide.

You accept that BitGold International retains the right to 'bounce back' funds to the originating bank account if deposits are made from a bank account other than your linked bank account or when insufficient information is provided regarding the source of those funds. Whenever this occurs, you accept that BitGold International is entitled to apply a fee according to the published Tariff. You also accept that the bank(s) involved in returning those funds may deduct a fee which will not be refunded by BitGold International.

If you have purchased bullion with funds which we determine have come from an account other than your linked bank account, BitGold International reserves the right to sell your bullion and return the funds to source.

You hereby indemnify and keep indemnified BitGold International against any and all losses which arise out of your failure to fund your BitGold International account directly and identifiably from your linked bank account.

Reversible international deposits

BitGold International recommends that wherever possible you deposit funds by wire.

Where you do not fund by wire (for example, where you deposit by check, by BillPay, or by e-check from the USA) you acknowledge that BitGold International may apply special security procedures before processing any subsequent withdrawal request.

Under some jurisdictions (e.g. in the USA) there is a right to repudiation by your bank of a fraudulent check debited to your bank account. Instead of accepting the loss itself your bank transmits the cost internationally, in this case to BitGold International, exercising a unilateral right to debit BitGold International British bank accounts with funds previously paid to us by check, and duly cleared. This right does not apply to funds remitted to us by wire, because you and your bank are deemed sufficiently protected from fraud when using wire transfers.

Accordingly, if you have deposited money in BitGold International by a method on which this repudiation right applies, and if you seek to withdraw within the period of possible repudiation (e.g. 60 days from the USA), then we will require formal notice from your bankers that your earlier deposit will not be repudiated. You will therefore be required to provide details to us of a named staff member at your bank who can provide this notice. Otherwise you accept that the repudiation delay will expire before you will be allowed to withdraw.

You accept that BitGold International is entitled to charge according to the published tariff for contacting your bank in these circumstances.

Unidentifiable deposits

Where we are unable to identify the BitGold International account to be credited, and it is not possible to return the funds to their source, client funds remaining in our suspense account for a period of 5 years or more may - at BitGold International discretion - be accumulated and irrevocably contributed in a single payment to a recognized children's charity, on Customers' joint behalf.

Withdrawing your money

Subject to your previous and correct verification of your identity, and to the irrevocable clearance of your deposited funds, you may make withdrawals of your available money balance to your linked bank account.

You undertake to re-check the details of your linked bank account presented to you as you make your withdrawal request during a logged-in session, and you undertake to confirm your withdrawal only if you are satisfied with the linked bank details presented to you. Provided that it is satisfied with the security of your withdrawal request BitGold International will remit funds to your linked bank account via SWIFT (international), CHAPS, BACS or other banking system generally considered appropriate to the payment.

BitGold International is entitled to subtract bank transfer costs from the sum to be remitted.

If your withdrawn funds are to be received outside the UK and your bank is not itself a SWIFT participant you accept that a correspondent bank - being a bank in your country which receives money via the international SWIFT transfer system, and which routes it to your bank - may deduct from the money sent a fee consistent with normal international banking practice.

You accept that BitGold International may need to perform additional security checks and there may be some delay prior to sending you your money. Any delay will depend both on the recent operation of your BitGold International account and on other circumstances of the withdrawal. Where your BitGold International account was promptly validated, and where your linked bank account has been long-standing and stable, you have the right to expect your money to leave BitGold International by the end of the business day following a request for payment received before midnight GMT.

Account suspension and closure

BitGold International reserves the right to suspend or close any account for reasons including, but not limited to:

You acknowledge that the suspension of your account will prevent further deposits or withdrawals and the ability to buy or sell bullion. You accept that applicable fees will continue to be charged. You accept that BitGold International is not under any obligation to disclose the details of its risk assessment to you.

If BitGold International suspends your account it will not result in the expropriation of your property. BitGold International will remove the suspended status from your account as soon as the reason for suspension is remedied.

If BitGold International closes your account we will sell any bullion in the account and, if the account has been validated and it is legal to do so, we will return the cash balance to your linked bank account by bank transfer.

Confidentiality, money laundering, and the linked bank account

BitGold International is designed to be a very secure home for legally acquired wealth. It is not a useful or secure resource for money launderers.

For reasons relating to both security and anti-money-laundering legislation BitGold International requires deposits to come from a single bank account, or, after prior approval by BitGold International when the account was first set up, from a second bank account listed under identical name(s) and address as the linked bank account.

For reasons relating both to security and anti-money-laundering legislation BitGold International enforces the exit of funds to the linked bank account.

There is no capability for transferring funds or bullion between accounts at BitGold International even where commonly owned.

BitGold International recognises your right to confidentiality where your identity has been validated. However, where for whatever reason BitGold International becomes suspicious of an attempt at money laundering, terrorist financing or other breach of law, you understand that BitGold International will actively assist the appropriate authorities in their efforts to detect and prosecute it. BitGold International also keeps comprehensive records of cash and bullion dealing activity in order to assist the authorities in this regard.

Care of your bullion

Form and location

You are entitled to expect that BitGold International takes assayed bullion bars as good delivery from recognized market professionals, and according to the practices which exist in the local market.

Bullion which you buy through BitGold International remains in the location which was selected by you on your order.

This bullion is held as weighed and numbered bars in a form generally acceptable in settlement of local bullion markets sales.

Gold bars constitute investment gold bullion (as defined by UK Customs and Excise 701/21) being not less than 99.5% purity and of a weight and manufacturer accepted by the bullion markets.

BitGold International accounting units of gold, in line with standard bullion-market practice, are expressed in fine gold content. The fine gold content of each bar is its weight multiplied by its purity. The resulting units of gold applied on your BitGold International account are 100% pure gold, and are denominated in kilograms and grams.

Silver bars are not less than 99.9% pure and of a weight and manufacturer accepted by the bullion markets.

BitGold International accounting units of silver, in line with standard bullion-market practice, are expressed in gross weight, not fine. They are denominated in kilograms and grams.

Platinum bars are not less than 99.95% pure and of a weight and manufacturer accepted by the bullion markets.

BitGold International accounting units of platinum, in line with standard bullion-market practice, are expressed in gross weight, not fine. They are denominated in kilograms and grams.

Warranted bullion content

BitGold International warrants that:

Any breach of this warranty shall be remedied by BitGold International itself arranging a replacement through the procedures of the professional bullion markets, or, failing that, by replacing any shortfall, or substandard material out of its own funds.

Vault Operators

A Vault Operator is a professional organization of the highest reputation which is in the business of managing the receipt, storage and re-delivery of bullion bars according to the practices of a local professional bullion market.

You accept the Vault Operator(s) engaged by BitGold International for each metal and storage location

Each Vault Operator has warranted to BitGold International that its status within the bullion industry permits bullion stored within its vaults to retain the high levels of integrity expected by the professional bullion market.

Your bullion is held as a bailment

Your bullion is held in vaults controlled by each Vault Operator pursuant to a Storage Agreement [the "Storage Agreement"] executed between BitGold International and each Vault Operator.

In each Storage Agreement, the Vault Operator acknowledges that your bullion is the subject of a bailment.

BitGold International undertakes to pay fees to the Vault Operator on your behalf to cover the costs of storage and insurance of your bullion, and thereby evidence the bailment nature of the storage service provided by the Vault Operator.

BitGold International confirms that your bullion safekeeping is structured as a bailment for the purpose of arranging the h3est and simplest legal protection for your bullion within a professional bullion vault, and for no other reason.

Bailments in BitGold International

You agree that when your purchase of bullion is transacted within the BitGold International system, the bullion purchased is to be delivered by the seller within the Vault Operator's premises, so as to become a bailment of your property, according to your instructions submitted exclusively to BitGold International.

From that point forward the Vault Operator has agreed to act as physical custodian of your bullion until the bailment is terminated at your instruction, again submitted exclusively via BitGold International.

You agree that when your sale of bullion is transacted within the BitGold International system, the bullion sold is to be delivered to the buyer, within the Vault Operator's premises, on your behalf, terminating your bailment to the extent sold, as per your instructions submitted exclusively to BitGold International.

You agree that the record keeping of the creation and termination of the bailment is to be performed by BitGold International according to these Terms and Conditions, while the bullion rests throughout with the Vault Operator.

You acknowledge that your ownership does not necessarily relate to a specific bar but to a specific quantity of bullion in a specific vault. BitGold International acknowledges that the bullion you own exists, is in the vault, is yours, and that being physical it is ultimately capable of being sub-divided into measurable amounts of material which you could take into your possession, subject to paying the physical withdrawal fee according to the Tariff.

Your right of individual bar ownership

BitGold International allows you to own specific whole bars of gold, silver or platinum outright.

When you have within one vault an available balance of gold, silver or platinum which matches or exceeds in fine gold, gross silver or gross platinum content the smallest unreserved gold, silver or platinum bar in that vault, then you may elect to have individual bar(s) reserved exclusively to you as your property.

You will undertake the reservation process online. When you do so the specific bar(s) you select becomes your property. Your ownership will be evidenced publicly on the Daily Audit, under your nickname.

The bar you own in this way will be eliminated from the pool of liquidity on BitGold International - meaning no-one, including you, can sell it while it is reserved.

You will be able to release this bar, which you will again be able to do online, and thereafter you will be able to sell it through the BitGold International system.

You accept the charges applied for individual bar ownership according to the published Tariff.

BitGold International Storage Agreement(s) with the Vault Operator(s)

You authorize BitGold International to act as your agent for arranging custody of your bullion with the relevant Vault Operator. BitGold International confirms to you that in each "Storage Agreement" it is acknowledged by the Vault Operator that the bullion stored under the agreement is allocated and is the property of BitGold International Clients.

BitGold International confirms to you that in each "Storage Agreement" it is acknowledged by the Vault Operator that this allocated bullion shall be specifically identified, and physically segregated at all times.

BitGold International confirms to you that in each "Storage Agreement" the Vault Operator accepts responsibility for the bullion from the time of full custody and control of the consignment, through transportation and storage, until the custody and control has been relinquished by the Vault Operator to a third party, according to BitGold International instructions for making a withdrawal.

BitGold International confirms to you that in each "Storage Agreement" the Vault Operator undertakes that prior to executing any authorized withdrawal of bullion from a vault, the Vault Operator will, independently of BitGold International, satisfy itself:

(i) that BitGold International has publicised the withdrawal on the BitGold International website; and (ii) that the holder identified has a sufficient gold, silver or platinum balance according to the website's Daily Audit; and (iii) that, for gold, the withdrawal does not cause more than both 25 kilograms and 5% of the gold in the vault to be withdrawn on any one day; (iv) that, for silver, the withdrawal does not cause more than both 1 tonne and 5% of the silver in the vault to be withdrawn on any one day; (v) that, for platinum, the withdrawal does not cause more than both 25 kilograms and 5% of the platinum in the vault to be withdrawn on any one day.

BitGold International confirms to you that a minimum of 12 months' notice from a Vault Operator is required to terminate the "Storage Agreement". In the event that such notice has been received by BitGold International, and if no alternate storage solution has been put in place in the intervening period, then a minimum of 3 months prior to the termination of the storage service BitGold International undertakes to inform you of the situation, thereby allowing you such time as you may need to arrange an alternate mechanism for owning and storing your bullion.

BitGold International undertakes that your bullion will not be subject to any kind of lending, collateral, hypothecation, or derivative transaction of any type and will remain your property in the safekeeping the Vault Operator(s) until sold or withdrawn according to your instructions received via BitGold International.

Insurance

BitGold International undertakes to ensure your bullion is insured against theft and damage according to the accepted insurance standards of the bullion industry, and at a cost which is included in the charge you pay to BitGold International in respect of custody of your bullion.

BitGold International confirms to you that in each "Storage Agreement" the Vault Operator undertakes to provide documentary Evidence of Insurance.

BitGold International undertakes to you to make available the Evidence of Insurance for each Vault Operator to be viewable on BitGold International website by BitGold International Clients who have an interest in the insurance cover provided.

Ownership records

BitGold International maintains the master copy of ownership records. BitGold International agrees with you that in so far as they relate to you these records shall only be modified upon the execution of your valid instructions, made according to these Terms and Conditions.

On a daily basis, or as near to daily as reasonably practicable, BitGold International shall publish on its website reconciled and aliased customer-by-customer records of ownership of all the bullion in the vaults and all the money in the segregated client bank accounts.

BitGold International makes available an RSS link to your specific record in the DAILY AUDIT, allowing you to receive automatically to your preferred news reader software a formal statement of your bullion ownership and money balances every day.

BitGold International ensures that at least two widely separated data storage sites receive duplicates of the full BitGold International database.

Every day BitGold International sends an encrypted, electronic copy of all clients' identities, aliases and their balances both to its auditors and to a Vault Operator. Neither can interpret or use this data without the decryption key. The decryption key is held by BitGold International lawyers, with a copy both in their London and New York offices. These lawyers are under instruction to release the decryption keys as follows:

  1. Only to BitGold International, unless it is no longer operating, in which case
  2. To our auditors, unless they are no longer operating, in which case
  3. To a liquidator unless one has not and will not be appointed, in which case
  4. To the Vault Operator itself.

Your general right of bullion withdrawal

You have a right of withdrawal of your gold, silver and platinum from BitGold International, but you acknowledge BitGold International is not designed primarily as a service for those who wish to take physical possession of bullion.

Your wish to withdraw gold will be accommodated only for quantities above 50 grams and in the form of whole numbers of appropriate gold bars of varying sizes and of generally accepted gold bullion coins to be selected at BitGold International discretion.

Your wish to withdraw silver will be accommodated only in the form of whole numbers of 1,000 troy oz bars.

Your wish to withdraw platinum will be accommodated only in whole-kilogram quantities and in the form of whole numbers of platinum bars.

You understand and accept that BitGold International charges withdrawal fees according to its published tariff, and that these vary according to the type of bullion you are withdrawing.

By using standard bullion products of its choice BitGold International undertakes to meet your withdrawal request to the nearest 10 grams, and to debit your BitGold International account to the nearest gram of the actual delivery made. It further undertakes that to the extent that rounding in whole grams favours either party, through the acquisition or disposal of partial grams of gold, silver or platinum, BitGold International will adjust the monetary balance on your account to within $2 of the value of the partial gram so acquired or disposed.

To make physical withdrawals you will be required to provide reliable forms of identification, address verification and, depending on the amount being withdrawn, professionally certified source of funds and source of wealth declarations (for which evidence may be required). In addition, you may in addition be required to indemnify BitGold International against identity fraud through the purchase of appropriate insurance.

You understand that you cannot claim withdrawal directly from a Vault Operator. Your right to withdrawal is to be effected through BitGold International who have the means and responsibility for identifying you reliably. Depending upon the quantity withdrawn you may be required to identify a local bank or equivalent institution to which your bullion can be delivered.

Upon withdrawing bullion you accept that you may lose anonymity where these transactions are monitored by appropriate authorities.

Upon withdrawing bullion you accept that you may become liable to taxes which you would otherwise not become liable to, and you permit BitGold International to deduct those taxes where appropriate.

Deliveries to your verified address

Where you have requested a BitGold International delivery to your address you accept that the acts or omissions of any person at that address are fairly deemed by BitGold International to be acts or omissions by you.

You accept an obligation to inspect your package prior to signing for receipt. You understand that government or customs agencies may have opened (and re-sealed) your package. If the package has been opened or visibly damaged by any other party then you will refuse to receive the package, and you will not sign for receipt.

BitGold International agrees with you that it is responsible for paying the courier's ordinary charges out of the delivery fees charged to you upon your request to withdraw. But you acknowledge that you may still be liable for any customs, tax, delivery, release or other charges which may be applied as a result of action by any government agency in the course of making your delivery. Whether such charges are applied to you upon receipt, or by demand to BitGold International, you indemnify BitGold International against those charges.

You accept delays which may arise as a result of action of government agencies.

You accept an obligation to sign for receipt where a delivery appears to be in good order.

You acknowledge that a signature applied by a package recipient at your address evidences a receipt of a package in appropriate condition.

You agree that, excluding your rightful refusal to sign for receipt of the package, any returns to BitGold International for whatever reason shall be at your expense.

How your orders are processed

You acknowledge your competence to trade having read and understood relevant aspects of the operation of the BitGold International system

You understand that you may enter orders to buy and sell bullion on the BitGold International platform, at quantities, prices and physical locations under your control, but only when having sufficient resources already at BitGold International to effect immediate settlement. You understand that you may enter orders to buy or sell at the London Prices, published daily on the London Bullion Market Association's website, at quantities or values under your control, but only when having sufficient resources already at BitGold International at the time the order is submitted.

You agree that your orders are to be submitted to BitGold International servers by yourself via the internet.

Dealing Advice and Contract

BitGold International will acknowledge executed orders and parts thereof to you via email shortly after each execution occurs.

The completion of an order - either through deal executions or order cancellation when only part executed - will result in BitGold International sending you, via email, a formal contract after settlement in respect of the complete amounts traded as a result of the original order.

Commission or mark-up?

To satisfy HMRC's VAT regulations we do not charge commission on silver and platinum trades. Instead the monetary amount of any charges is added to your purchase price as a mark-up, or deducted from your sale price as a mark-down. The resulting net price is the basis of our contract, and no commission is charged. You are not disadvantaged by this re-classification of our fees. All silver and platinum trades are dealt on a matched principal basis.

Settlement

Order Board Trades

You authorize BitGold International to accept your Order Board order as an instruction to settle immediately in the event that your order executes, whether in whole or in part. BitGold International accepts full responsibility for the ability of executed orders to settle. It stands as guarantor behind any purchase that the seller is able to deliver bullion to the purchaser in the quantity purchased. It stands as guarantor behind any sale that the purchaser is able to pay currency to the seller for the consideration of the sale.

Settlement of a BitGold International Order Board transaction happens instantaneously at the point of trade.

The inward delivery of bullion for a buying customer is always matched exactly with a simultaneous but opposite outward delivery of bullion for a selling customer. No material changes arise at the vault as a result of instantaneous settlement of your bullion trade.

Daily price trades

Settlement of a daily price order transaction usually happens after two working days. For a purchase the money required to settle your transaction plus expenses will be reserved in your trust account until settlement of the bullion occurs. For a sale, the bullion required to settle your transaction will be reserved in your custody account until settlement of the money net of expenses occurs.

The Settlement Due Date shall be defined by the prevailing conditions in the spot market, which ordinarily shall be on the second business day following the trade.

BitGold International may at its discretion settle your trades early.

BitGold International will ordinarily settle your trade on the Settlement Due Date or as soon thereafter as practicable.

Provided that it continues to hold your required resources segregated in your favour until such time as your deal may be capable of settlement, BitGold International may at its discretion and without penalty settle your trades late, up to a maximum of 5 working days after their Settlement Due Date. Where a delay past the Settlement Due Date restricts your ability to deal you have the right to ask for a priority settlement, and BitGold International undertakes to use its best endeavours to fulfil your request.

Where a delay extends past 5 business days you are entitled to compensation in respect of reasonable claims for loss of interest applying from that fifth day. You are not entitled to compensation arising from loss of interest during the first five days of delay, or for losses or lost profit opportunities arising from price movements while your trade remains unsettled.

All Trades

Upon settlement a buyer receives and becomes the owner of bullion and a seller is credited with money held in trust, net of trading expenses. Similarly a buyer is debited with money previously held in trust, net of expenses, and a seller makes delivery of bullion.

The delivery of bullion in settlement is effected by book entry within the BitGold International system. Your resulting bullion custody balance represents outright ownership of bullion held at the relevant vault.

BitGold International instructs each Vault Operator in BitGold International capacity as your agent.

The payment of money is effected by book entry within the BitGold International system. Your resulting BitGold International money

balance represents your currency assets of segregated Client money held at the relevant bank in trust.

BitGold International instructs the bank in BitGold International capacity as your agent.

BitGold International guarantees that the settlement of funds occurs simultaneously with the delivery of bullion.

Your overall balance is composed as the sum of your custody balance and your unsettled balance. An overall balance is maintained for each of the currencies and classes of Bullion you hold.

Your settled balance of Bullion is held for you in custody by the Vault Operator. Your settled balance of cash is held for you in trust by the bank.

Your unsettled balance is applied to your custody balance when your trade settles.

You can see your new custody bullion and trust money balances on the BitGold International system immediately after settlement occurs.

Each business day BitGold International undertakes, so far as is practicable, to publish online a full customer by customer reconciliation of bullion and money to the underlying currency statements from the bank, and bar lists from the vault, in both cases as at the close of business on the previous business day.

Termination of this Agreement

The prevailing Terms and Conditions remain in effect until your account is closed.

You may close your account by following the steps outlined on the BitGold International website.

Risk warnings

The following lists indicate such risks as BitGold International considers material. It does not constitute a statement of all possible risks.

Risks which are not a BitGold International responsibility

Gold, silver and platinum price movements-

You are exposed to the risk of potential loss arising from a falling bullion price during the time in which you own bullion. This risk is not a BitGold International responsibility.

Money politics-

Governments and other agencies seeking currency stability, or for other reasons, might seek to constrain or tax the ownership of bullion to the disadvantage of its owners. BitGold International provides for multiple locations from which you may choose one or more. The actuality or fear of government action might affect the value of bullion stored in a given location. This risk is not a BitGold International responsibility.

Bank insolvency-

Your cash balances at BitGold International are deposited in segregated accounts at a highly rated bank, but your money's safety is dependent on bank integrity. All banks are subject to possible failure. Depending on a number of factors in the event of bank failure you might be entitled to receive compensation from appropriate authorities, but the terms of such compensation are complex and the timescale for receiving compensation might be long. This risk is not a BitGold International responsibility. [Note that when your money is used to buy bullion your exposure to bank insolvency ceases.]

Identity theft-

If your BitGold International account number and password are compromised, you are at risk of unauthorized access to your account. Such access will be alarmed within minutes by SMS messages if both your BitGold International Burglar Alarm is enabled and your account is of sufficient size. Any change of your account details would be acknowledged to you. Any withdrawal resulting from use of a compromised password would only be to your linked bank account. As a result the most serious risk arising from the theft of a password are (i) loss of privacy and (ii) the entering of mischief orders on BitGold International - which would execute at market prices and thereby potentially switch you between bullion and money - or vice versa - at prevailing values but not according to your wishes. An attempt to bleed your account of value in favour of another account would be reversed whenever advised in reasonable time, and would of course lead to detection and prosecution of any criminal activity without gain. In these ways BitGold International seeks to minimise the risks to you associated with identity theft but these are not a BitGold International responsibility unless the breach of security can be shown to have occurred because of BitGold International error.

Liquidity risk-

The risks associated with a lack of immediate liquidity are not a BitGold International responsibility.

System availability-

BitGold International computerized machinery, which is accessed by you across the internet, might become inaccessible for periods of time. This could prevent you from executing a transaction which you would otherwise have made. This risk is not a BitGold International responsibility.

Insurance exclusions-

As your property your bullion is subject to insurance exclusions imposed by insurance underwriters in line with established insurance practice regarding the physical protection of your bullion. These excluded risks are presented on the evidence of insurance published on the BitGold International site and include events like nuclear war. These risks are not a BitGold International responsibility and are risks you undertake with respect to your bullion, except that no exclusion absolves BitGold International in undertaking its correct duties of care in arranging the security of your property to levels considered commercially acceptable.

Force Majeure-

The risks described under Force Majeure are not BitGold International responsibilities.

Risks which are a BitGold International responsibility

BitGold International accepts it has duties of care with regard to aspects of risk to your property and undertakes to manage risks so as to contain them at minimal levels, consistent with best business practices.

Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions BitGold International accepts liability for failing in this duty.

Physical bullion theft-

Your bullion could conceivably be stolen from a vault by determined thieves. It is the Vault Operator which accepts a duty to retain sufficient security measures, and to maintain cover against such an eventuality either in terms of its own resources or its insurance policies. BitGold International accepts a duty to regularly monitor the Vault Operator to ensure the maintenance of a limit sufficient to cover at least the value of the bullion stored.

Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions BitGold International accepts liability for failing in this duty.

Theft of Customer money-

Money held in the segregated Client accounts could be illegally transmitted through the banking system by a determined thief, or thieves, operating within BitGold International.

Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions BitGold International accepts liability for failing in this regard.

BitGold International segregation management-

A failure by BitGold International system to prevent a customer from over-purchasing beyond his cash balance, or over-selling beyond his bullion balance would render a segregated account temporarily incapable of meeting its obligations to other customers. All BitGold International software is designed to eliminate this eventuality. Moreover BitGold International checks its accounts daily for such eventualities. The risk of material loss is extremely small, because any such over-trading would be substantially offset by a surplus in the opposite segregated account.

Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions BitGold International accepts liability for failing in this duty.

BitGold International record keeping-

A risk in all business record keeping systems is that internal records may show a position which satisfies the organization's officers but does not represent the real world, and where the problems only come to light when it is too late. The risk rises with increasing complexity of transactions and the availability of credit, neither of which apply to BitGold International. For all businesses the record keeping risk is statutorily addressed by annual audit. In addition BitGold International controls its record set by voluntarily submitting its daily reconciliations of Customer property to public inspection on the web.

Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions BitGold International accepts liability for failing in this duty.

BitGold International insolvency-

BitGold International will maintain sufficient funds to pay for all its planned operations, even in the absence of all operating revenue. This makes it an exceptionally h3 business in financial terms.

However unforeseen events could conceivably damage that financial strength, rendering BitGold International insolvent.

The insolvency of BitGold International

would not affect your property rights with regard to money or bullion in a BitGold International account, but it would be likely to create some inconvenience and delay for you in taking hold of that property.

Disastrous data loss-

BitGold International system contains data in electronic form which could conceivably be lost in a widespread and catastrophic machinery failure. BitGold International operates a redundant machinery policy which means that every component of its data storing capability is protected by both local and remote data duplication. The likelihood of a simultaneous loss of all data copies is extremely low. However, in addition to this the system sends an encrypted copy of full ownership records to remote data vaults identified to BitGold International auditors and Vault Operators, ensuring that data loss is a temporary inconvenience, not a disaster. Moreover you can save the published reconciliation of your property on your own computer, thereby duplicating that part of the records which relates to your own property.

In the event of your death or incapacity

In the event that you become incapacitated you permit BitGold International to allow your account to be maintained on your behalf by your duly authorized attorney.

In the event of your death there are different procedures depending on the jurisdiction in which you die.

BitGold International undertakes to process your BitGold International account in accordance with the instructions of your authorized executors or administrators.

You permit BitGold International to seek legal advice in the jurisdiction of your estate's administration, at the expense of your account but limited to the relevant charges detailed in the Tariff.

For further information please refer to our procedure for handling deceased accounts.

Affiliate sales / the Marketing Programme

BitGold International runs an affiliate / marketing programme which allows BitGold International clients to earn gold and cash, commission on trades made by customers they have referred to us.

By becoming an affiliate, you consent to the Terms and Conditions of our marketing programme .

Reselling the BitGold International Service

If you operate one or more BitGold International accounts on behalf of customers of yours, whether as a reseller or otherwise, you must inform BitGold International and obtain permission to do so.

Price alerts and chart data

If you subscribe to BitGold International price alerts or use our price charts you accept that BitGold International makes no guarantees of the stability, availability or accuracy of the data provided.

You also accept that these services are provided on a best endeavours basis and that BitGold International is not liable for any loss that may occur as a result of any action you may or may not take as a result of receiving or not receiving price alerts or relying on chart data.

Tariff

The prevailing BitGold International tariff is published on the BitGold International website, here

Charges are ordinarily settled out of your cash resources on BitGold International. In the event that charges are outstanding because you have neither paid money in, nor raised cash by selling bullion, BitGold International has the right to sell bullion to raise money sufficient to pay the charges.

System availability and downtime

The system is scheduled to operate continually except where planned software updates and maintenance is necessary, usually carried out on weekends. BitGold International will always provide an advance warning notice via the website for planned downtime. There may also be planned service interruptions at other times where maintenance requires urgent action which cannot wait until a weekend. Such service interruptions will where possible be planned at times of lower public demand for the service.

Where service interruption is planned and you have an open order your order will ordinarily survive the service interruption.

When an unscheduled service interruption occurs and you have an open order your order will ordinarily survive. However, in some instances these orders may be removed at the resumption of the service and any un-traded element of the order will be treated as cancelled.

We will endeavour to keep you informed via email when you have open orders during a period of unscheduled service interruption, but you accept that the nature of the service interruption may make it impractical for us to do this.

You accept that service interruption is an unavoidable event on networked computers. You accept our terms for handling service interruption vis-a-vis your open orders. You understand that leaving a firm order on the Order Board can expose you to risks which are increased in the event of a service interruption, and you accept those risks.

You understand and acknowledge that together with the whole of the London bullion market, BitGold International regulatory status is markedly different from the financial services industry.

Modern financial services businesses throughout Europe and America tend to be companies which deal in paper based instruments generally called 'securities', and these are subject to increasing legal sophistication and regulation.

Because BitGold International offers a credit-free environment, and because it deals in the absolute ownership of physical metal acquired on the spot market, and not paper based contractual rights extending beyond the normal settlement period of the spot market, it falls outside the defined scope of formal financial services regulation, as does the rest of the spot physical bullion industry in London.

The London bullion market - which is the biggest in the world - is instead regulated by traditional English property law, and not by the United Kingdom's Financial Conduct Authority.

Correction or Errors

Record Keeping Error

In the event of administrative error BitGold International is entitled after the event to make appropriate adjustments to records of your account.

Trading System Error

Neither BitGold International nor you have the right to make profits from trading system failures.

The BitGold International system is designed to protect all users from clear trading errors by rejecting orders priced substantially away from the prevailing bullion price. This protection depends on receiving currency and bullion market price data from a variety of digital sources. The effectiveness of this protection is to an extent out of BitGold International reasonable control. In the event of a failure to protect participants in this way both BitGold International and you accept that reasonable adjustments may be made after the event in order to ensure the marketplace operates fairly to all participants.

Exclusions and Limits of Liability

(a) The following provisions set out the entire financial liability of BitGold International (including any liability for the acts or omissions of its employees, agents and sub-contractors) to you in respect of: (i) any breach of these Terms and Conditions; and (ii) any representation, statement or tortious act or omission including negligence arising under or in connection with these Terms and Conditions. (b) All warranties, conditions and other terms implied by statute or common law (save for the conditions implied by section 12 of the Sale of Goods Act 1979) are, to the fullest extent permitted by law, excluded herefrom. (c) Nothing in these Terms and Conditions excludes or limits the liability of BitGold International: (i) for death or personal injury caused by BitGold International negligence; or (ii) under section 2(3), Consumer Protection Act 1987; or (iii) for any matter in which it would be illegal for BitGold International to exclude or attempt to exclude its liability; or (iv) for fraud or fraudulent misrepresentation. (d) Subject to paragraphs (b) and (c) above: (i) BitGold International total liability in contract, tort (including negligence or breach of statutory duty), misrepresentation, restitution or otherwise, arising in connection with the performance or contemplated performance of these Terms and Conditions shall be limited to the value of your cash balance and/or bullion from time to time deposited with or by BitGold International; and (ii) BitGold International shall not be liable to you for any pure economic loss, fall in the value of your bullion or currency, loss of profit, loss of business, depletion of goodwill or otherwise, in each case whether direct, indirect or consequential, or any claims for consequential compensation whatsoever (howsoever caused) which arise out of or in connection with these Terms and Conditions.

Tax

You are responsible for paying such local taxes as are or may be applied on bullion purchases, bullion sales and bullion custody, and on any associated charges, and such taxes are added to charges where appropriate.

Force Majeure

BitGold International shall not be liable to you for any delay or failure by it to perform its obligations if such delay or failure arises from any unforeseeable causes beyond its reasonable control including, but not limited to, acts of God, floods, lightning, earthquakes, labour disputes, shortages, rationing, utility failures, war, terrorism, riot, embargoes, and actions of any government agency or subdivision thereof.

Language

You are entitled to consider that reasonable care has been taken by BitGold International in the translation into different languages of BitGold International procedural and operational material, and that these translations fairly reflect the underlying meaning of an original document in the reference language of BitGold International, which is English. In the event of any differences between the English version of these Terms and Conditions and any non-English versions, the English version shall prevail.

You can contact BitGold International in any language in which the BitGold International site is published.

You can make informal complaints in any language in which the BitGold International site is published.

You can make formal complaints in any language in which the BitGold International site is published.

You will provide a translation into English to enable the adjudicating council to assess your complaint fairly in words submitted by you or your translator.

Dispute resolution shall take place in English and communicated to you in English, and also in the language of your complaint.

Law

The law governing the provision of the BitGold International service to the Customer is the law of England and any disputes arising in respect hereof shall be governed exclusively by the English courts.

You agree to comply with all relevant laws of any territory in which you make use of the BitGold International service.