1.1 In these terms:
“Company” means Ilocaltrade.
“User” means any person visiting or using ilocaltrade.co.za.
“Coin, Token” means cryptocurrency coin or token.
“Advert, Offer, Order” means an order for either selling or buying
“Wallet” means an online wallet where blackbill coins are stored.
“POP” means proof of payment.
“KYC” means know your customer.
“Seller” means someone who sells coin(s).
“Buyer” means someone who buys coin(s).
2.1 These terms apply to all registered users of Ilocaltrade
2.2 No amendment, alteration or cancelation of any of these terms will be made unless confirmed by the company in writing.
2.3 The user acknowledges that no employee or other of the company has the right to make any representation or promise in relation to membership, trading of the coins other than as contained in there terms.
3.1 Registration of Ilocaltrade accounts is available at no cost.
3.2 Users of the Ilocaltrade platform will be deemed to be active users when they have deposited at 20 BILs into their account within 5 days after registration, of which this balance of 20 BILs will be only withdrawable or tradable 30 days after deposit.
3.3 No user is allowed to register and collect any nature of fees from other users on behalf of the company.
3.4 All accounts with unverified emails will be deleted from our systems after 5 days of creation
3.5 All Users are required to supply their Personal documents for KYC verifications.
4. Offer(buy and sell)
4.1 All buy and sell offers will be deemed to have been created when created through Ilocaltrade website.
4.2 All Offers (both buy and sell) are subject to auto trading.
5.1 Bitcoin fees:
Withdrawal: 0.0004 BTC
5.2 Ethereum fees:
Withdrawal: 0.008 ETH
5.3 Litecoin fees:
Withdrawal: 0.01 LTC
5.4 Stellar fees:
Withdrawal: 1 XLM
5.5 Dash fees:
Withdrawal: 0.009 DASH
5.6 Blackbill fees:
Withdrawal: 0.1 BIL
5.7 ZAR and other Fiats
Deposit: Determined by the bank
6.1 All trades are subjected to a cost of 0.5% of trade value.
7.1 Exchange to all currencies is subjected to a cost of 1% of exchange value.
8.1 The company will not be responsible for any deposits sent to wrong banking accounts or wallet addresses.
8.2 All fiat deposits are subject to duration of 48 hours clearing period, during this period users will not be assisted of any query to clear funds.
8.3 In case of dispute; where the user claims to have made the fiat deposit, the user will be requested to provide POP and the Company will verify the payment with the concerned bank/institution.
Limit: 100,000 per week
Limit: 100,000 per week
Maximum: 65,000 per week
Maximum: 5,500 per week
Maximum: 5,000 per week
10. Base currency changes
10.1 Changing the currency automatically converts the available funds to the new currency.
10.2 All funds are converted at our currency exchange rates.
10.3 Base currency changes are subjected to a 5% exchange fee of the avaiable balance.
11. Risk and Insurance
11.1 The coins are entirely at the risk of the user from the moment they are sent out of Ilocaltrade wallet.
11.2 The company will not be responsible for any systems failures that are caused by any matter or thing beyond company’s control (including but not limited to accidents, wars, acts of God, earthquakes, floods or public authority).
11.3 The company will not be responsible for any coins lost due to users exchange passwords.
12.1 If any provision contained in these Terms is held by the court to be unlawful, invalid or unenforceable, the validity and enforceability of the remaining provisions are not affected.
13. Governing Law
13.1 These Terms shall be governed by the law of South Africa.