Pay Wallet Terms and Conditions
General Terms and Conditions
a) “Business Day” Monday to Friday, 11:00 hrs to 17:00 hrs GMT, excluding bank and public holidays;
b) “Fee” any fee payable by the Customer;
c) “Payment gateway service” is electronically (including magnetically) stored monetary value, represented by a claim on the issuer, which is issued on receipt of funds for the purpose of making payment transactions, and which is accepted by a person other than the electronic money issuer.
d) “Payment Services” means all payment and Payment gateway service and any related services available to the Customer where applicable through the use of the Account;
e) “CUSTOMER DUE DILIGENCE(CDD)” means to investigate into the Customer’s previous and current situation to carry on the business via all kinds of legal method;
f) “Username and Password” login details selected by the Customer to access their Payment Services online;
g) “User, account holder” who receives the service of payment service as an individual or corporate;
h) “the third Party” means individual or corporate creating the business relation with us. or Andex LLC, it is not user/account holder.
i) “Andex LLC” is the payment gateway service provider;
j) “We” Forex Price Markets Ltd, it supports Payment gateway service business.
k) “You” the individual/corporate who has been provided with a Payment gateway service by Andex LLC and obtain the customer service from Forex Price Markets Ltd. in accordance with these Terms and Conditions.
l) “Money Service Provider”, who provides the money service depending financial license.
m) “Cryptocurrency” means a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.
n) “Cryptocurrency exchange” means Forex Price Markets Ltd provides an access that allows user to access the Site to realize freely trade between virtual or fiat currencies.
- About Andex LLC and Forex Price Markets Ltd
Andex LLC is incorporated in Georgia holding, has right to provide payment gateway service.
Forex Price Markets Ltd is incorporated in Belize, Registration Number is 147906. Registered Office: 16 Hutson St.,Suite304,Belize City,Belize
- Your Agreement with Andex LLC, Forex Price Markets Ltd and and Money Service Provider:
3.1. The Money Service is provided by Money Service Provider, is authorised and regulated as a Money Service Operator by the Customs and Excise Department. Andex LLC only provides you with the payment gateway service, shall not responsibility for the losses and damages from support service and money service.
3.2. Forex Price Markets Ltd provides you with the Support service of Payment service, and Forex Price Markets Ltd guarantee that it is a legal entity to conduct legal activities.
- Your Account with us
4.1. These terms and conditions administer the relationship between you and us for the providing of the Payment Gateway Services by Andex LLC to you. This Agreement also contains important notices and information that may affect your rights and your ability to manage your money. By activating your account, you shall be deemed to have accepted and fully understood the terms and conditions set out in this agreement and you agree to comply with these by your use of Payment gateway service and or by indicating your acceptance.
4.2. When you receive your account, you will need to activate it. The account will normally be ready for use immediately after verified email address to complete the activation. If you don’t activate your account, then any transactions that you attempt to carry out may be declined.
4.3. As the account holder you are responsible for the use of the account and for any applicable fees or charges that you may incur. The use of account by you will be regarded as confirmation to us that you have communicated these terms and conditions of account to them and that you accepted them to carry out transaction.
- Account Structure
5.1. Payment gateway service consists of products and services of the following:
- Card account,
- Currency exchange,
- Money transfer,
- Cryptocurrency exchange,
- Other money services.
5.3. All account holders are required to abide by this Terms and Conditions for each product and service.
- KYC / Know Your Customer requirements
6.1. In order to be the account holder, we may require evidence of who you say you are and of your current address. You must assist us to comply with our regulatory requirements, applicable to KYC and anti-money laundering requirements on our business. Our regulatory requirements require us to keep records of provided information and documents by you which you also agree to.
6.2 The account open will indicate to us that you consent to the checks described in this agreement being undertaken.
6.3 We also have the authority to request additional identification documents from you when a series of linked occasional transactions could meet or exceed the CUSTOMER DUE DILIGENCE(CDD) thresholds of SGD 1,400 or other equivalent currency for wire transfers and SGD 21,500 or other equivalent currency for other types of transactions, or you are confirmed to a special identity by authority or Andex LLC.
6.4 We may request additional identification documents for confirmation purposes in the account opening stage, after opening stage or closing stage. We will contact you through your registered Email address or phone number. If such required documents submit to us remain incomplete within 30 business days after the establishment of business relations, we could suspend business relations with you and refrain from carrying out further transactions; and we could terminate business relations with you if such required documents are not completely submit to us within 120 business days after the establishment of business relations.
- Money Transfer
7.1. Internal Transfer
You shall transfer fund to the account of platform designated by Andex LLC, Andex LLC shall not be responsible for the losses and damages from transferring fund to the undesignated account.
7.2. Wire Transfer
You shall remit fund to your bank account or connectivity card account.
In case of you cannot remit fund to the beneficiary account due to the incorrect or incomplete remittance information within 3 Months which is from the date of remitting into Andex LLC’s account, Andex LLC will refund this fund to the remittance account and you shall bear the transaction cost.
Andex LLC reserves the right to cancel at its own discretion any remittance without notification to you in the case of a request for money to be remitted to high risk countries or regions according to guidelines issued by FATF.
- Cryptocurrency exchange
If you comply with these Terms , Forex Price Markets Ltd grants you the limited right to access the Site of providing service related to Cryptocurrencies. The right to access the Site is a non-exclusive, non-transferable, revocable, limited license, and it is subject to the limitations and obligations. Nothing in these Terms gives you any license (other than as set out in this paragraph), right, title, or ownership of, in, or to the Site or any of the Services.
The Site is a trading environment for Cryptocurrency. The Site permits both unfinanced and financed transactions. Unfinanced purchases are fully funded by trading participants through funds deposited by you. Whether in an unfinanced transaction or a financed transaction, are settled by actual delivery of the full amount by the seller to the purchaser’s account against payment in full by the purchaser to the seller’s account.
You are solely responsible and liable for any and all trading and non-trading activity on the Site and for your account on the Site; and, for knowing the true status of any position or contract with any other party on the Site. You acknowledge and agree to: be fully responsible and liable for your trading and non-trading actions and inactions on the Site and all gains and losses sustained from your use of the Site and any of the Services; to be responsible for any negative balance in your account(s) on the Site; to be fully responsible and liable for all of your obligations with respect to any financing activities on the Site; and, to be fully responsible for safeguarding access to, and any information provided through, the Site and any of the Services, including, but not limited to, private keys, usernames, passwords, and bank account details.
You acknowledge and agrees that the exchange currency/cryptocurrency and rate shall be determined by the Money service provider, and might be changed from time to time depending the business policy of Money service provider
- Fees and Charges
We are in charge of fee renewal, revision and have the authority to withdraw fees from any currency account at any time, and you shall pay attention to the renewal or revision of fee from time to time. Any renewal or revision of fee schedule will be updated on our official website. In case you do not cancel the account in designated period when we issue the renewal or revision of fee schedule on official website, we will assume that you agreed to the revised or renewed fees.
In case of terminating the platform, you need to access the platform for handling fund in your account from the 5th to the 15th of next month of suspending platform. If you cannot transfer out your funds from the account within the said period; Andex LLC will manage the remaining balance in your account after terminating the platform and the account management fee will be deducted from your balance. Management fee includes but is not limited to the management fee, transaction fee and other expense.
- Support Service
The support service of transactions will be executed on our business days by Forex Price Markets Ltd via email. Any requirement of support service submitted apart from business hours will be reflected to us on the next business day.
We do not have the liability regarding the loss or damage caused by system failure, repair or maintenance without prior notice, regardless as mentioned in the above.
Andex LLC has the right to make decisions whether the current case should be refunded when the total amount of refund exceeds the amount of refund requested by Money service Provider under the policy of authority and/or acquire bank/financial institution. Andex LLC shall accept no liability to you for the costs and responsibilities incurred by a dispute caused when there are disputes between a client requesting a refund and Money Service Provider.
In case of you provide the incorrect information to cause trading failure, Andex LLC will refund such fund within 90 days by the time this failure notification reaches to us.
- Retention of Records Regarding Your Identity and Transactions
All documents and records regarding your identity and transactions should be kept throughout the business relationship with you and for a period of six years after the end of such business relationship.
- Cancelling Your Account
13.1 If you wish to cancel the Payment Services at any time, you must request cancellation online by informing us of your wish to cancel and to claim a refund of your unused funds by emailing us. You must e-mail us from the e-mail address you provided when registering your Account. Our Customer Services department will then suspend all further use of your Payment Services.
13.2 You may be asked to provide KYC identity documents to enable us to complete the closure and process a refund for any unspent funds for you.
13.3 Once we have received all the necessary information from you (including KYC) and all transactions and applicable fees and charges have been processed, we will refund to the Customer any available balance less any fees and charges payable to us, provided that:
i. you have not acted fraudulently or with gross negligence or in such a way as to give rise to reasonable suspicion of fraud or gross negligence; and
ii. we are not required to withhold your Available Balance by law or regulation, or at the request of the police, a court or any regulatory authority.
13.4 We have the sole right to cancel account without prior notification to the following:
i. If we find a non-existent account holder or if an account was opened without the account holder will;
ii. If there is false information on opening an account, or if the information is suspicious;
iii. In case a third party was technically using a your account, or regardless the purpose, a third party indicates other person's e-mail address or information to open an account;
iv. If you violated a law, or public order and morality, or is under suspicion;
v. If the account holder is no longer of existence;
vi. If you breaches the debt collect request from us, and is violating the terms and conditions;
vii. If we consider you should be forced to cancel the account;
viii. If you prove to be involved in anti-social groups or have relationship with them;
ix. You were not able to pay specified fees for 6 months.
x. We cannot confirm remittance or other remittance of other transfer methods within 30 days of your login authentication.
xi. we are not required to withhold your Available Balance by law or regulation, or at the request of the police, a court or any regulatory authority.
xii. When you take actions as the followings:
(i) Violent demands
(ii) Irrational demands which is out of bounds of law
(iii) Actions which uses threat or violence
(iv) Actions to destroy our and Andex LLC’s publicity or interfering our and Andex LLC’s business activity by spreading false information, using fraudulent means or threat.
(v) Actions whatsoever which are equivalent to actions (ⅰ) to (ⅳ).
- Process of (Registered) Information Changes
You shall notify us of updates on the registered information when you lose the account Username, Password or if there are changes in the registered information such as name (corporation name), address (office address), phone number, mobile phone number, E-mail address, or any other changes thereafter. You shall provide the documents with regard to information changed to us under the requirement of CDD.
We may notify or send transaction records to the your registered Email address and name based on the application. We shall be entitled to limit your account usage when we receive those notifications or documents back. This solution is also applied when the registered Email address is invalid.
We have no responsibility for damages which you have caused due to your failure on notifying us in time.
- Risk warning
Any trading related to payment gateway service is carried out by you, Forex Price Markets Ltd and Andex LLC shall not involve in your businesses, You acknowledges and agrees that :
i. Any trading related to money service might be affected by marketing, bank policy, regulatory documents and applicable laws and regulations, including but not limited to the exchange rate difference, price fluctuations, trading limit and territory limit,
ii. The cryptocurrency market is undefined, fluctuated largely and supervised scarcely. The trading of cryptocurrency usually involves a significant amount, while is relatively fewer retailed or used by the commercial market. And the exchange rate of cryptocurrency is easy to fluctuate due to Cryptocurrency is an autonomous and mostly unregulated worldwide payment system, operating 24 hours a day, which has an adverse impact on the investment of cryptocurrency..
iii. There may be additional risks, which have not been foreseen or identified in this Terms and Conditions. You have to carefully assess whether your financial situation and tolerance for risk is suitable for buying/selling/trading currency/cryptocurrency and conducting other real money trading. You could bear any loss and damage from trading risk whether or not it is mentioned in this Terms and conditions..
iv. Forex Price Markets Ltd and Andex LLC shall not be responsible for any losses and damages from your tradings.
- Matters Related to Disclaimer
- Andex LLC will execute your account transactions through affiliation with other banks with care. Transactions executed by your account will be assumed as trades executed by its genuine users, which means Andex LLC has no liability to any loss or damage caused by illegal activities conducted by the third party, fraudulent users, access abuse or other cases of abuse regardless of any reason. Andex LLC also has no liability to you regarding irrelevant causes from Andex LLC such as forced transfer, war, disaster, riot, economic sanction, legal restrictions or orders. The same goes with effects from deliberate or delinquent accidents, defaults, bankruptcy of affiliated financial organizations, or orders from the relevant authorities. Andex LLC also does not take any responsibility for the loss or damage of failure of service to you when there are unavoidable reasons for inconvenience with communication equipment, lines, server failures, software failures or outages. You are to agree to Andex LLC’s transaction value records as correct unless there is evident discrepancy with your record proved by written document of transaction records. Andex LLC will assume you have agreed to the trading history as correct when there is no notification by you within 14 days from presented trade history date. Andex LLC does not deal with changes or cancellation of executed transactions after six months of the execution date.
- Anti-money Laundering & Anti-Terrorist Financing
Andex LLC has the right, at its discretion, to cancel the Remittance without notification to you when there is a remittance request under which money will be remitted to high risk countries or regions according to guidelines issued by FATF.
In accordance with relevant guideline on AML/CFT issued by FATF, Andex LLC will disclose its information if requested by the authorities with intention to anti-money laundering and anti- terrorist financing measures.
Andex LLC will conduct its business in conformity with the highest ethical standards in the countries in which it does business, and will adhere to all laws and regulations pertaining to financial organizations. It is vital for all Andex LLC customers, agents and employees and associates to fully understand those actions that may violate applicable AML or counter-terrorism statutes.
We have the right to request evidentiary transaction document support or investigation support from you regarding international transfer. If there is no submission support, we have the right to refuse or limit your transactions. We have no obligation whatsoever to compensate or owe responsibility to you. We may suspend trades or cancel account with its own discretion in accordance with demand from authorities concerning halting money laundering, terrorist financing, all types of warranted individual, funding incorporates and such. We do not have the responsibility to compensate for these losses.
Moreover, you are responsible for indemnifying any damages or loss thereof for Andex LLC.
- Property Inheritance
In the event of the inexistence of individual account holder, including but not limited death or disappearance, the funds of the account shall be transferred to the account of an inheritor who must provide legal documents to prove the demise of the account holder and the inheritor´s relationship to the account holder.
- Changes to the Terms and Conditions:
We may update or amend these terms and conditions. Notice of any changes will be given on the website or by notification by e-mail or by means of mobile device at least 2 months in advance. By continuing to use the Payment Services after the expiry of the 2 month notice period, you acknowledge that you indicate your acceptance to be bound by the updated or amended terms and conditions. If you do not wish to be bound by them, you should stop using the Payment Services immediately in accordance with our cancellation policy.
- Dispute Resolution
Any and all disputes arriving under this terms and conditions shall be resolved by Singapore laws. All disputes hereunder shall be governed by the laws of Singapore. All parties of this terms and conditions consent to jurisdiction in Singapore.
This terms and conditions is executed in English language. In case there is any conflict between English version and other language version, the English version shall prevail. This terms and conditions shall be interpreted in accordance with the plain English meaning of its terms.
We may at its own discretion freeze an account till account holder has received proof of the account holder´s demise and of the inheritor´s relationship to the account holder. When we receive those documentations, we shall transfer the remaining funds on the platform to an account appointed by the inheritor and close the original account.
In the event of inexistence of the authorized representative of corporation account holder, the corporation shall provide us with a warrant of attorney for a new authorized representative. We will then register this, and transfer authorization of account to this new representative.
We will only conduct a formal checking of the legal documents provided by an inheritor or a relevant third party and shall not have responsibility of any virtual checking; so We shall not be responsible for loss or damages caused by false information provided by inheritor or the relevant third party.
We have the right to charge property inheritance.