Terms of Service

§ 1 Scope of Application

These general terms and conditions ("General Terms and Conditions") apply to the entire business relation between the customer and Bitwala GmbH ("Bitwala") in its capacity as the operator of the www.bitwala.com web application (the "Web Application") and Bitwala's mobile application (the "Mobile Application"); the Web Application and the Mobile Application are hereinafter also collectively referred to as "Bitwala Online Media" or individually as a "Bitwala Online Medium", unless expressly agreed otherwise. The scope of application includes both Bitwala GmbH's activities as a tied agent of solarisBank AG ("solarisBank") in relation to the purchase and sale of bitcoins and other cryptocurrencies on Bitwala Online Media and the services provided by Bitwala in its own name. The customer's contractual relationship with solarisBank will additionally be governed by the general terms and conditions of solarisBank and other contracts to be concluded separately with solarisBank. The sole parties to this contract are the customer and Bitwala. The customer will enter into a separate agreement on the management of the private keys for the customer's cryptocurrencies stored in a wallet (the "Customer Wallet"). The sole parties to the latter agreement will be the customer and BitGo, Inc. ("BitGo"). The legal relationship between the investor and BitGo will be exclusively governed by the contractual terms, in particular BitGo's general terms and conditions, as amended from time to time ("BitGo Terms of Use"). The BitGo Terms of Use are available at https://www.bitgo.com/info/terms. Bitwala is the sole and exclusive responsible party for the contents relating to the operation of Bitwala Online Media and any and all contents provided on said media.

§ 2 Bitwala's Activities as a Tied Agent of solarisBank

Bitwala shall broker business transactions involving the purchase and sale of financial instruments as defined in section 1 (1a), sentence 2, no. 1 of the German Banking Act (Kreditwesengesetz; "KWG") using Bitwala Online Media. For this purposes, Bitwala will act exclusively for the account and under the full liability of solarisBank as a tied agent of solarisBank within the meaning set out in section 2 (10) of the German Banking Act. In the context of investment brokerage, Bitwala will act as a representative of solarisBank. solarisBank is a CRR credit institution supervised by the German Federal Financial Supervisory Authority (BaFin) and the European Central Bank. solarisBank will assume civil liability to the customers of brokerage services in respect of any breach of duty committed by Bitwala and directly connected with their activity as a broker of business transactions involving the purchase or sale of cryptocurrencies. The customer may hence bring any claims on account of breaches of duty relating to Bitwala's brokerage services directly against solarisBank. solarisBank has notified the Federal Financial Supervisory Authority of its assumption of liability. Bitwala has been registered as a tied agent of solarisBank with the public register of tied agents, which is available on BaFin's website (https://portal.mvp.bafin.de/database/VGVInfo/).

In regard to the solarisBank bank account, that is required for the usage of the Bitwala Online Media, and any additional services provided by solarisBank, the dedicated terms and conditions from the solarisBank apply: (https://www.solarisbank.com/en/customer-information/).

Bitwala is not authorized to procure ownership or possession of customers' monies or securities. Apart from providing investment brokerage services in respect of cryptocurrency transactions in its capacity as a tied agent of solarisBank, Bitwala also provides other services, which are not subject to license requirements, in its own name. solarisBank shall not be liable for any breaches of duty committed by Bitwala in respect of such additional services.

§ 3 Amendments to the Present General Terms and Conditions

Any amendments to the present General Terms and Conditions will be notified to the customer by no later than two months prior to their proposed effective date on Bitwala Online Media and made available on the e-mail address provided by the customer. Amendments will be made available in a form that allows customers to save and print them in a readable format. Any amendments notified to the customer in accordance with para. 1 above will be deemed accepted, unless the customer objects within the time period specified in para. 3 below in text form. In its notification Bitwala will specifically inform the customer that consent will be deemed given in the absence of objection. Customers who do not wish to accept an amendment proposed to them will have to notify their objection in text form to Bitwala within six weeks after the amendment has been proposed to them by e-mail. In the absence of objection within the aforementioned time period, the amendments will be deemed accepted by the customer.

§ 4 Cryptocurrencies

Cryptocurrencies are electronic forms of money which are generated via a decentralized peer-to-peer network on the internet and encrypted on the basis of digital signatures and whose development is based on a white paper by Satoshi Nakamato. Cryptocurrencies are no legal tender recognized and backed as an official means of payment by any government agency ("Money"). Ownership of cryptocurrencies does not found or prove any claim against an issuer within the meaning of section 1 (2) of the German Payment Services Supervision Act (Gesetz über die Beaufsichtigung von Zahlungsdiensten; "ZAG"), either. Bitwala Online Media give customers the opportunity to purchase or sell cryptocurrencies for euros. The trade is subject to the relevant terms and conditions of solarisBank.

§ 5 Technical Requirements

Access to the Web Application is only possible via a web browser running on a computer or mobile device with an internet connection or via the Mobile Application. No other access procedures are supported.

Once a customer has set up an account with Bitwala, any and all communications between Bitwala and the customer in connection with the purchase and sale of cryptocurrencies will be exclusively in electronic form using an online inbox on Bitwala Online Media or via e-mail, unless expressly otherwise provided in the present General Terms and Conditions. Notifications will not additionally be sent to the customer in paper form, unless otherwise required by law.

As a consequence, Bitwala will not be liable for any damage resulting from the foregoing.

§ 6 Legal Requirements for the Registration

Natural persons with full legal capacity may register with Bitwala. Natural persons are required to have a permanent residence in the Federal Republic of Germany or any other member state of the European Economic Area, Switzerland or the United Kingdom.

§ 7 Customer's Duties of Cooperation and Diligence

A proper processing of business transactions requires customers to notify Bitwala without delay of any changes of their names or addresses. Customers have to check the messages received in the inbox of their Bitwala Online Medium or by e-mail on a regular basis.

Customers can protect certain transactions using their mobile phones ("Mobile Phone") by generating a one-time password with the aid of special apps, like Google Authenticator.

Bitwala recommends its customers to increase the security of their accounts by adding a two-factor authentication feature. It is the customers' responsibility to keep their individual combination of username and password in safe custody. They have to take all possible care and all appropriate precautions to ensure that the individual combination of username and password is not retrieved by any unauthorized party. In particular, customers must not keep, store, or record their individual combination of user name and password by electronic or other means together with their other documents relating to Bitwala, and they shall be required to choose their personal and individual combination of username and password in a way that cannot be easily be retrieved by unauthorized parties. Customers who have logged in to the Web Application using their username and password ("login") shall not leave the computer, from which they are logged in, unattended. In case of any non-compliance with the foregoing rules of conduct, the customer will be liable for all risks and damages associated with such non-compliance. Customers having installed the Mobile Application on their Mobile Phone shall have to use a code.

A customer, who discovers that his individual combination of username and password has been retrieved by an unauthorized party or that his account with Bitwala has been used in an unauthorized manner, shall have to inform Bitwala immediately and, if possible, change his individual combination of username and password without delay. If such change is not possible, Bitwala will immediately upon receipt and acknowledgement of the customer's corresponding notification and upon verification of the customer's identity during usual business hours block the customer's access to his account on Bitwala Online Media until further notice.

Bitwala shall be authorized to block a customer's account at any time when it discovers an unauthorized use of the account. In such case, Bitwala will inform the customer of the steps required to prove his lawful ownership beyond doubt, which will be necessary for unblocking the account. If there are indications of any unauthorized use of an access, Bitwala will be authorized to block the cryptocurrencies in the customer's wallet to make an outflow of cryptocurrencies impossible.

Customers may use any contents published on the Web Application subject to Bitwala's written permission only.

§ 8 Cryptocurrency Risk Notices; No Investment Advice

The current value of a cryptocurrency will be determined by the respective number of the cryptocurrency on offer and in demand on the market. More specifically, the value of a cryptocurrency may depend on whether and, if so, how many suppliers of goods and services accept the respective cryptocurrency as a means of payment. As a result, the value of a cryptocurrency, like the value of securities, derivatives or other financial instruments traded on financial markets, is subject to price fluctuations. Investments in cryptocurrencies are highly speculative and associated with risks of loss even including total loss.

Unlike money or e-money, which are backed by state-owned central banks or private issuers, respectively, acceptance of cryptocurrencies as a means of payment is not guaranteed in any way. Hence, Bitwala is no issuer, backer, or creator of cryptocurrencies and has no responsibility for the cryptocurrency product in any other way, either.

The customer acknowledges the above-mentioned risks and agrees that use of Bitwala Online Media is at the customer's own risk.

The customer acknowledges and agrees that Bitwala does not provide investment advice. Information provided by Bitwala on Bitwala Online Media or in any other way is not intended to provide a personal recommendation to any customer relating to cryptocurrency transactions based on an assessment of the customer's personal circumstances or presented as suitable for that customer. In fact, it is given as legally non-binding information or as risk notice which Bitwala is legally required to provide. Where Bitwala provides the customer with additional information beyond these statutory requirements, e.g. by way of market comments, charts or analyses, such information does not constitute any form of investment advice but is intended to support the customer's independent investment decision.

§ 9 Registration

When registering for the use of Bitwala Online Media by means of the Web Application, customers will be required to carry out the following steps:

  1. The customer registers on the www.bitwala.com domain and follows the instructions for opening an account.
  2. The customer goes through the opening procedure for the customer bank account with solarisBank and enters the data required for this purpose.
  3. These data will then be verified by solarisBank using video identification.
  4. Once the account has been successfully opened, the customer will be given access to Bitwala Online Media.

When registering for the use of Bitwala Online Media by means of the Mobile Application, customers will be required to carry out the following steps:

  1. The customer goes to the respective app store (Google Play or Apple App Store) and downloads the Mobile Application.
  2. The customer registers to the Mobile Application and follows the instructions for opening an account.
  3. The customer goes through the opening procedure for the customer bank account with solarisBank using the Bitwala Mobile Application and enters the data required for this purpose.
  4. These data will then be verified by solarisBank using video identification.
  5. Once the account has been successfully opened, the customer will be given access to Bitwala Online Media.

By using the link contained in the confirmation e-mail sent to the customer, the customer confirms the identity of his e-mail address. With the confirmation of his registration, the customer accepts these General Terms and Conditions.

For the purposes of registration, the customer is required to use an e-mail address with an inbox to which only he himself has access.

§ 10 Authentication

When opening a customer bank account with solarisBank, customers will have to prove their identity in compliance with the requirements set out by the bank.

§ 11 Services Provided by Bitwala

Bitwala offers its customers the opportunity to purchase cryptocurrencies from solarisBank or to sell cryptocurrencies to solarisBank by using Bitwala Online Media. Bitwala will receive and transmit the respective orders in its capacity as a tied agent of solarisBank.

Bitwala also offers its customers a service for the safekeeping of their cryptocurrencies in a wallet. Bitwala uses various security measures to protect their customers' cryptocurrencies from loss (e.g. theft by hackers). The use of customer wallets is offered free of charge.

Bitwala explicitly draws the customer's attention to the fact that neither Bitwala nor solarisBank, BitGo or any other party know or will be able to restore the private keys of a customer's wallet. A customer, who loses both his private keys and his password, will no longer be able to access his wallet and, as a result, the cryptocurrencies stored in that wallet.

Bitwala reserves the right to alter or discontinue any of the services provided by it or to add other services. In particular, Bitwala reserves the right to temporarily or permanently cease the purchase or sale of cryptocurrencies through the Web Application or the Mobile Application.

§ 12 Other Prices and Costs; Schedule of Prices and Services

The amounts of all commissions, fees, charges and expenses are shown in the current schedule of prices and services which is available at www.bitwala.com. Bitwala is entitled to charge a “High Deposit Fee” if the average monthly balance on the customer bank account exceeds the threshold specified in the schedule of prices and services. The amount of the “High Deposit Fee” is based on the deposit rate of the European Central Bank; the “High Deposit Fee” will not apply if the deposit rate is greater than or equal to zero. The “High Deposit Fee” is collected from the customer's bank account by Bitwala on a monthly basis by direct debit.

Unless otherwise agreed, payment of commissions, fees, charges and disbursements shall be made by direct debit. In the case of payment by direct debit, the customer gives Bitwala a direct debit authorisation to collect the amount from the customer's bank account. The customer authorizes Bitwala to use this SEPA Direct Debit Mandate, to collect the direct debit payment from the customer bank account and instructs solarisBank to redeem this direct debit. The customer may revoke such a direct debit up to 8 weeks after the debit date. Bitwala will inform the Customer together with the payment confirmation about the amount of the direct debit and the time frame within which the direct debit will be collected.

In the event of a returned direct debit which the customer has not initiated, the customer authorises Bitwala to carry out a new direct debit at a later point in time unless the customer has already settled the outstanding amount in another way. Bitwala will not refer separately to the amount and the time before resubmitting the direct debit.

§ 13 Privacy

The current Privacy Policy is available for consultation at www.bitwala.com/privacy.

§ 14 Liability of Bitwala

Bitwala is seeking to ensure a continuous access to Bitwala Online Media, but cannot guarantee permanent availability. This primarily applies in cases of attacks to the network infrastructure, e.g. by so-called DDoS attacks that may occur with varying degrees of seriousness.

Bitwala cannot take any responsibility for the contents provided on Bitwala Online Media being complete, accurate or up to date. Using these contents is at the user's own risk.

Bitwala does not accept liability for damages arising to a customer as a result of using the services provided or contents published by Bitwala. This disclaimer shall not apply however in cases of intentional or grossly negligent behavior on the part of Bitwala or any of its vicarious agents. In addition, this disclaimer does not apply to any damage arising from injury to life, body, or health resulting from a breach of duty by Bitwala or any of its vicarious agents. Furthermore, the above disclaimer does not affect Bitwala's liability for the breach of any obligations, the proper fulfillment of which is essential for the proper performance of the contract and on the fulfillment of which the customer may reasonably rely.

§ 15 Customer's Termination Rights

Provided no term or other termination clause has been agreed between the parties, the customer may terminate the entire business relationship at any time without observing a notice period. Notice of termination may be given to Bitwala over the Web Application or in text form. Bitwala will also act as a messenger for communicating the customer's notice of termination to solarisBank. The customer's statutory termination rights shall remain unaffected.

§ 16 Bitwala's Termination Rights

Bitwala may terminate its business relationship with the customer at any time by way of an ordinary termination giving no less than two months' prior notice. When determining the notice period, the bank will take account of the customer's legitimate interests.

Bitwala may terminate its business relationship with the customer without observing a notice period if there is an important reason for which Bitwala cannot be reasonably expected to continue the business relationship even in consideration of the customer's legitimate interests. Repeated violations of these General Terms and Conditions shall be deemed to constitute such important reason. A serious one-time violation of the General Terms and Conditions, including deception or attempted deception of solarisBank or Bitwala by a customer deliberately providing false information, for example, also constitutes an important reason for the purposes hereof. Another important reason for termination is when a customer revokes his consent to the collection and use of data by Bitwala because Bitwala will no longer be able to provide the services it offers without storing and using the customer's data.

Notice of termination will be given by e-mail to the e-mail address provided by the customer.

§ 17 Interdependent Effects of Termination

As of the effective date of the termination of the contract relating to the Bitwala Account, the contract relating to the bank account will also be deemed effectively terminated.

As of the effective date of the termination of the contract relating to the bank account, the contract relating to the Bitwala Account will also be deemed effectively terminated.

§ 18 Settlement Following Termination

The customer's bank account will be settled in accordance with the rules of solarisBank. The customer may continue to use the wallet through the wallet provider BitGo. For this purpose, the customer may visit BitGo's website at https://www.bitgo.com/ and use the recovery tool.

§ 19 Governing Law

The contractual relationships between the customer and Bitwala shall be governed by German law excluding the UN Convention on Contracts for the International Sale of Goods.

Support and Complaints

Bitwala's objective is to provide products and services that fulfill the needs of each of their customers. If you still have questions or wish to file a complaint to Bitwala, it will be Bitwala's ambition to treat the matter and clarify the issue in a prompt and transparent manner. Every customer is invited to contact Bitwala at support.bitwala.com to present any questions or complaints using various channels.

The European Comission has set up a European Online Dispute Resolution (ODR) Platform at http://ec.europa.eu/consumers/odr/. We do not participate in dispute resolution proceedings with any consumer conciliation board.