Fee Structure, Terms of Use, KYC/AML Policy, Risk Warning, TWO-FACTOR AUTHENTICATION

FEE STRUCTURE

Bitsewa charge 1% transaction fees when you buy/sell bitcoin/altcoin, this fee is used as a network fee such that your buy transaction gets highest priority (i.e, faster confirmation on the blockchain). For example, if you are buying bitcoin/altcoin for 10,000 NPR, then the transaction fee at 1% will be 100 NPR. Hence you will end up paying 10,100 NPR in total.

NOTE: When you perform NPR Deposit to Bitsewa account via eSewa bank transfer or use Bank deposit as a payment for your bitcoin/altcoin sell order, you will have to pay withdrawal fee which is charged by eSewa and not Bitsewa. Please consult with eSewa for such charges.

TERMS OF USE

By using the website www.bitsewa.com (“Website”), and further by registering to avail the services offered by the Website (“Service”), you are hereby agreeing to accept and comply with the terms and conditions of use stated below (“Terms of Use”). You should read, agree and accept the entire Terms of Use prior to your use of this Website or any of the Service. You are hereby expressly barred from accessing the Website or availing the Service unless you agree and accept to these Terms of Use.

As used herein, “Bitsewa or Company” refers to the holding company of Bitsewa being Bitsewa Private Limited (‘Company’), a private limited company incorporated under the laws of Nepal and having its registered office at Bharatpur, Chitwan, Nepal. Where the context so permits, Depending upon context, “Bitsewa” may also refer to the services, products, website, content or other materials (collectively, “Materials”) provided by the Company.


Service

The Service operated by Company in the name of Bitsewa allows buyers (“Buyers”) and sellers (“Sellers”), to buy and sell Bitcoins (for more information on Bitcoins, please refer to http://www.bitcoin.org).

The Service provided Bitsewa also allows all registered users of the Service (“Members”) to: Buy and Sell Bitcoins.

It is possible that the laws in the country where the user resides do not allow the usage of an online tool with the characteristics of Bitcoin or any of its features. Bitsewa does not encourage the violation of any laws and cannot be held responsible for violation of such laws.

Taxes

It is your responsibility to determine, collect, report, and submit any taxes applicable to the payments you make or receive in connection with the use of the Website and the Service to the appropriate tax authority. Bitsewa is not responsible for determining whether taxes apply to your transaction, or for collecting, reporting or remitting any taxes arising from any transaction.

Identification Verification

To comply with KYC/AML recommendations, we require our clients to verify their identity by uploading your following identification documents:
  1. Clear Scanned Copy of both side of original Citizenship or Driving License or Passport
  2. Recent formal Passport sized photo.
  3. Self photo (selfie) holding your government-issued document.

The above documents provided by the clients shall be kept on the server safely and the Company shall not disclose the same to any third party unless we are mandated to do so under the provisions of any applicable laws.

Bitsewa may use your personal information:
  1. To identify you
  2. To process transactions,
  3. To send periodic emails with updates, promotions, company news, and notices regarding changes to Customize, measure, and improve Bitsewa Service and the content and layout of our Website and To analyze use of the Website,
  4. Prevent potentially prohibited or illegal activities, and
  5. To undertake a verification of your identity with third party electronic identification providers.
By opening an account to use the Service (“Account”), you expressly represent and warrant that:
  1. You have accepted these Terms of Use;
  2. You are at least 18 years of age and have the full capacity to accept these Terms of Use and enter into a transaction involving Bitcoins.

Risks

The use of the Website and the Service may entail the following risks:

  1. Bitcoin transactions are irreversible. The Bitcoins you buy will be sent to your Bitsewa wallet or to your own Bitcoin address provided. If you lose or delete your own bitcoin wallet, you will lose your Bitcoins in it and the same cannot be restored.
  2. Bitcoin value tends to fluctuate on a minute to minute basis, due to which there may be increase or decrease in the value of the Bitcoins. Bitcoins are subject to large swings in value and may even become worthless. There is an inherent risk that losses will occur as a result of buying, selling or trading in Bitcoins.
  3. Bitcoin is an as-yet autonomous and largely unregulated worldwide system of value transfer between individuals. It is not backed by any government or commodities and hence may be susceptible to risks not generally associated with government or central bank backed currencies.
  4. There is also the risk of loss of confidence in Bitcoin trading, which could collapse demand relative to supply. For example, confidence might collapse in Bitcoin because of unexpected changes imposed by the software developers, the creation of superior competing alternatives, a deflationary or inflationary spiral, or due to governmental actions. Confidence might also collapse because of technical problems, for instance, if the anonymity of the system is compromised, or if any entity is able to prevent any transactions from settling.
  5. There may be additional risks that we have not foreseen or identified in these Terms of Use.
You should carefully assess whether your financial situation and tolerance for risk is suitable for buying, selling or trading Bitcoins. We use our banking service providers only for the receipt of client moneys and making payments. Our banking service providers do not transfer Bitcoins, exchange Bitcoins, or provide any services in connection with Bitcoins.

Limited Right of Use

Unless otherwise specified, all Materials on this Website are the property of the Company and are protected by copyright, trademark, and other applicable laws. You may view, print, and/or download a copy of such Materials on any single computer solely for your personal, informational, non-commercial use, provided you keep intact all copyright and other proprietary notices.

The trademarks, service marks, and logos of Bitsewa and others used in this Website (“Trademarks”) are the property of the Company and their respective owners. The software, text, images, graphics, data, prices, trades, charts, graphs, video, and audio used on this Website belong to Company. The Trademarks and Materials should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, whether manual or automated. The use of any such Materials on any other website or networked computer environment for any other purpose is strictly prohibited; any such unauthorized use may violate copyright, trademark, and other applicable laws and could result in criminal or civil legal actions and penalties.

Termination

You may terminate this agreement with Company, and close your Account at any time, following settlement of any pending transactions.

You agree that Company may, by giving notice, in its sole discretion, terminate your access to the Website and to your Account; including without limitation, suspending or terminating the Service and Members’ Accounts, prohibiting access to the Website and its content, services and tools, delaying or removing hosted content, and taking technical and legal actions to keep Members off the Website if we reasonably perceive that such Members are creating any problems, including without limitation, possible legal liabilities, infringement of the intellectual property rights, or acting inconsistently with the letter or spirit of these Terms of Use.

Notwithstanding the above, we may, in appropriate circumstances and at our sole discretion, suspend or terminate Accounts of Members for any reason, including without limitation (1) attempts to gain unauthorized access to the Website or another Member’s account or providing assistance to others’ attempting to do so, (2) overcoming software security features limiting use of or protecting any content, (3) usage of the Service to perform illegal activities such as money laundering, illegal gambling operations, financing terrorism, or other criminal activities, (4) violations of these Terms of Use, (5) failure to pay or fraudulent payment for Transactions, (6) unexpected operational difficulties, or (7) upon the request of law enforcement or other government agencies, if deemed to be legitimate and compelling by Bitsewa, acting in its sole discretion.

Assignment

You acknowledge and agree that the Company can freely assign these Terms of Use or any of its rights under these Terms of Use to any person without your consent. You shall however, not be entitled to assign these Terms of Use, in whole or in part, to another person without the prior written approval of the Company.

Availability

All Services are provided without warranty of any kind, either express or implied. While we strive to provide you with the uninterrupted Service, we do not guarantee that the access to this Website will not be interrupted, or that there will be no delays, failures, errors, omissions or loss of transmitted information.

We will use reasonable endeavors to ensure that the Website can normally be accessed by you in accordance with these Terms of Use. We may suspend use of the Website for maintenance and will make every effort to give you reasonable notice. You acknowledge that such notice, however, may not be possible in case of an emergency.

External Websites

The Website may provide links or other forms of reference to other websites (“External Websites”) or resources over which we may not have control. You acknowledge that Bitsewa is providing any such links or references of External Websites or resources to you only as a convenience and that Bitsewa makes no representations whatsoever about any External Websites which you may access through this Website, including such External Websites being free of such items as viruses, worms, Trojan horses, and other items of a destructive nature. Bitsewa is not responsible for the availability of, and content provided on any External Websites. You are requested to review the policies posted by such External Websites regarding privacy and other topics before use. Bitsewa is not responsible for third party content accessible through the Website, including opinions, advice, statements, prices, activities, and advertisements, and you shall bear all risks associated with the use of such content.

Financial Advice

We do not provide any investment advice in connection with the Service contemplated by these Terms of Use. While we may provide information on the value, range, volatility of Bitcoins, and events that may affect/have affected the value of Bitcoins, this is not considered investment advice and should not be construed as such. Bitsewa will not be liable for any loss suffered by you in connection with any transaction involving Bitcoins.

Financial Regulation

Our business model, and our Service, consists of facilitating the buying, selling, sending and receiving of Bitcoins, and their use to purchase goods in an unregulated yet responsible, international open payment system. The Service we provide is currently unregulated within Nepal.

Miscellaneous

If we are unable to perform the Service outlined in the Terms of Use due to factors beyond our control including but not limited to an event of force majeure, change of law or change in sanctions policy we will not have any liability to you with respect to the Service provided under these Terms of Use and for a time period coincident with the event.

Modification of Terms

Bitsewa reserves the right to change, add or remove portions of these Terms of Use, at any time, in an exercise of its sole discretion. You will be notified of any changes in advance through your Account inbox. Upon such notification, it is your responsibility to review the amended Terms of Use. Your continued use of the Website and Service following the posting of a notice of changes to the Terms of Use signifies that you have accepted and agreed to such changes, and that all subsequent transactions by you will be subject to the amended Terms of Use.

KYC/AML POLICY

We believe in being self-regulated and follow certain customer identification procedure for opening of accounts and monitoring transactions of a suspicious nature for the purpose of reporting it to appropriate authority. We are committed to ensure that our website or services are not used to facilitate money laundering or the funding of terrorism or any other criminal activities. To fulfill this goal, we have designed our own know-your-customer/KYC and anti-money laundering/AML information acquiring system to safeguard our customers and ensure continuous, clean barter.

As a part of identification procedure, we need to obtain certain customer identification documents including a copy of Citizenship/Driving License/Passport and recent formal Passport sized photo. These processes make us know who are paying us money and whom we are sending money, without which our website and services can be used for money laundering and other illicit purposes.

RISK WARNING

There are some things you need to understand before getting started with Bitcoin.
  1. Bitcoin transactions are irreversible.
  2. The Bitcoins you buy will be sent to your Bitsewa wallet or to your own bitcoin address provided. If you lose or delete your own bitcoin wallet, you will lose your Bitcoins in it and we can’t help you to restore them. Remember to backup and secure your wallet.
  3. The Bitcoin market is very volatile and prone to bubbles and rapid price swings. Buying or Selling in these crypto currencies may be considered a high risk activity. Proper and sound judgement should be used in evaluating the risks associated with these activities. The market price changes over time so your Bitcoins may be worth less in the future. In fact, they may even become completely worthless. Bitcoin is not backed by any entity. Bitsewa does not solicit nor make any representation that Bitcoin and crypto currencies are an investment vehicle. Neither Bitsewa nor anyone else has an obligation to buy back your Bitcoins in the future. The decision to trade crypto currencies rests entirely on the users own independent judgement. Never spend more money on bitcoins than you can afford to lose.

TWO-FACTOR AUTHENTICATION (2FA)

For added security on your Bitsewa account, you can enable your smartphone as a second authentication method at login. Once two-factor authentication is setup, you will need to use it with your username and password at login.
  1. Install the free Google Authenticator or Authy App on your phone
  2. Open the app and click "Add Account"
  3. Select "Scan Barcode" or "Enter Key"
  4. Using your phone, scan the barcode or copy/paste key shown on your accounts settings page under 2FA tab
  5. Enter the 6-digit code that appears on your phone on the page, and press "Enable 2FA"