& Conditions

1. Basic rules.

By using the eXlama Exchange, platform or website you expressly agree to the terms and conditions of use as described below.

  • You must be at least 18 years old.

  • You must verify your identity to withdraw fuands (check the limits section).

  • We reserve the right to limit orders and sales at our discretion.

  • Incoming Euro payments to eXlama must be done by electronic funds transfer (EFT) from a bank account or payment processor under your name.

  • Outgoing Euro payments from eXlama must be done by electronic funds transfer (EFT) to a bank account or payment processor under your name.

  • Orders placed on the site are binding and can be cancelled before sending Fiat or Bitcoin but cannot be reversed ones already purschaed.

  • Orders are subject to limits (check bellow) or stock availability which could change over time.

  • eXlama has no obligation to accept orders.

  • Only one account is allowed per person.

  • We will not divulge your data to any third party unless ordered to do so by a high court order.

  • eXlama may change this Terms of Use at any time.

2. The Platform.

These Terms of Service ("Terms") set out the conditions under which (the "Company") offer the use of its trading and payment platform (the "Platform") to Users.

The Company reserves the right, at its sole discretion, to change, add or remove portions of these Terms, at any time. You will be notified of such changes two business days in advance through your Account and upon such notification it is your responsibility to review the amended Terms.

Your continued use of the Platform, including by giving Instructions or entering Transactions, following the posting of changes will mean that you accept and agree to the changes. You agree that all subsequent Instructions given by you and Transactions entered by you will be subject to the Terms then in effect. As long as you comply with these Terms as modified from time to time, the Company grants you a personal, non-exclusive, non- transferable, non-sublicensable, limited right to enter and use the Platform

Your acceptance of these Terms, as amended from time to time, gives the Company a mandate to bring together Users to trade on the Platform according to the following clauses as well as perform the functions described herein.

HIGH RISK INVESTMENT WARNING: Holding and trading Bitcoins carries a high level of risk and may not be suitable for all investors. Before deciding to hold or trade Bitcoins you should carefully consider your objectives, financial situation, needs and investment experience. The value of Bitcoins may rise or fall, and will be affected by matters outside of the Company's control. By trading or holding currencies, you could sustain losses of all of your invested funds.

3. User's regulations:

  • 3.1. Use of the Website and Platform: Jurisdictional Limits

    The information in this website and the use of the Platform is not intended for any person in any jurisdiction where its distribution or use would be contrary to any law or regulation. Nothing in this website or the Platform should be considered an offer or solicitation to buy or sell any service or product to any person in any jurisdiction where such offer or solicitation would be unlawful.

  • 3.2. Company's Authority

    The Company is not a principal in any Transaction. In giving an Instruction, the User appoints the Company as its agent to match the User's Instructions to buy or sell the Bitcoins at the price nominated by the User against Instructions from other Users.

    Upon matching, all Transactions will be subject to immediate settlement and delivery, and any Instruction is irrevocable authority from the User to the Company to access the User's Account to settle the Transaction and deduct any Commission or Fee or other amount owing to the Company under these Terms or for any other reason.

    The Platform is not offered or available to any person who resides in a Country that currently has international sanctions imposed on them.

    The Company is not licensed as Financial Services Board Licensee and it does not offer general or personal financial advice. Nothing in this website is intended to be or should be taken as financial, legal or taxation advice. Users should seek their own financial, legal, tax and accounting advice as to the likely outcomes for them of trading Bitcoins.

  • 3.3. Who May Be a User of the Platform

    A User must be an individual or business, which has met the Company's Account opening procedures, including, if required, any client verification procedures (KYC), and which is authorized to use the Platform by the Company. The Company retains absolute discretion in determining who may be a User of the Platform and may cease to allow a User to transact through the Platform at any time without prior notification. The Company shall have absolute discretion in accepting or rejecting an application to be a User or any Instruction.

    Users agree to provide the Company with accurate, current and complete information about themselves as prompted by the registration process, and keep such information updated.

4. Users' Accounts

Users are responsible for maintaining the confidentiality of their Account information, including their password, and for all activity including Instructions and Transactions which occur on their Account. Users agree to notify the Company immediately by email of any unauthorized use of their Account or password, or any other breach of security. The Company will not be liable for any loss a User may incur as a result of unauthorized use of that User's Account's credentials. Users will be held liable for losses incurred by the Company or any other User of the Platform due to someone else's unauthorized use. Users shall not use any Account other than their own or access the Account of another User at any time. Users may not attempt to gain unauthorized access to the Platform, and any attempt to do so or to assist others (Users or otherwise) to do so, or distribution of instructions, software or tools for that purpose, will result in the accounts of such Users being terminated, and this does not limit the right of the Company to take any other action against you.

Users may not create or use any Account other than their own. For a User to be exempt from any of these rules, the User must request express and prior permission from the Company. The creation or use of multiple Accounts without obtaining such prior express permission from the Company will lead to the immediate suspension of all User Accounts on the Platform, as well as all pending trades.

A User's ability to operate into its Account may be regulated by applicable know-your-customer or anti-money laundering laws including:

- Money Laundering and Terrorist Financing Prevention Act, 2007


- Criteria of low risk of money laundering and terrorist financing which allows the application of simplified customer due diligence measures. Minister of Finance Regulation No 11 of 3 April 2008

The Company may restrict Transactions that may violate those laws or its internal KYC-AML policies. The Company's KYC-AML policy is located on its website. The Company may restrict any Transaction that is flagged as a suspicious activity by the Company's internal processes and/or file suspicious activity reports on flagged Transactions.

5. Account Transfers

Purchases and sales of Bitcoins made by way of bank transfer are subject to the relevant bank's transfer terms and conditions.

Purchases and sales are made within the Platform. Upon sign up, the User designates a bank account or Bitcoin address. Users must not disclose their designated address to any person other than when transferring funds to or from their Account. 

6. Execution Policy

In general, the Company will execute Transactions in the order in which they are placed by Users, but having regard to the price at which the Instructed Transaction is placed. However, the Company reserves the right to put Instructed Transactions on hold, or only fill them in part. This would usually occur where the Instructed Transaction is large and /or there is insufficient demand from other Users to transact in that volume or at that price.

7. Fees and Commissions

The User acknowledges that the Company may charge Fees in respect of the Account and Commissions on Transactions. Such Fees and Commissions are set out in the Company's website and may be updated from time to time by the Company. Any updated Fees and Commissions apply from the date that the updated Fees and Commissions are set out on the Company's website. The Company will endeavor to notify Users through their User Accounts in advance of any changes to Fees or Commissions.

The Company is authorized to deduct from the proceeds of any Transaction or from a User's Account the Commission payable in respect of any Transaction and any other Fees levied upon the User's Account.

8. Limitations on the Use of the Platform

The Company in its absolute and sole discretion may: 1) restrict the number of open Instructions a User may have on the Platform at any one time; 2) restrict the ability of a User to change or cancel a posted Instruction per any unit of time; 3) periodically define the incremental values for Instructions on the Platform; and 4) cancel in whole or in part Instructions that do not adhere to these limitations.

Paying into or withdrawing from or otherwise supporting pyramid schemes, Ponzi schemes, "get rich quick" investment schemes, multi-level marketing programs or high-yield investment programs (HYIP) or any sort of matrix program, is strictly prohibited and accounts found taking part in such actions will be frozen.

The Company will at no time be responsible or liable for any losses as a result of any Bitcoins sent to wrong addresses used by the company to facilitate client deposits.

9. The Company's Obligations

The Company warrants and represents:

  • it will use all reasonable care and skill in facilitating the matching of Instructions of the Users via the Platform to conclude Transactions.

  • the trading price for a Transaction is calculated on the basis of actual matched offers made by other Users participating in the bidding process on the Platform combined with the applicable Company's commission (if any).

  • it shall comply with the laws and regulations relating to offering the Platform in Estonia.

10. User's Obligations and Acknowledgements

The User acknowledges that once an Instruction is placed it is irrevocable, and once a Transaction is matched, it will proceed immediately to settlement and delivery through the Platform. The User acknowledges that, when a Transaction is entered, the Platform sends and receives the funds from the buyer's and the seller's respective.

The User represents and warrants that:

  • (i) it will only operate an Account and use the Platform to perform trades of currencies for the purposes and in accordance with the conditions set forth in these Terms

  • (ii) it is duly authorized and has the capacity to provide each Instruction and enter into each Transaction on the Platform

  • (iii) it will comply with all applicable laws of Estonia and any other jurisdiction in which or from which it seeks to operate its Account, give Instructions or enter Transactions

  • (iv) all amounts operated, whether as Bitcoin or fiat, come from legal sources which the User owns or otherwise has full legal authority to deal with

  • (v) the User's use of the Platform, provision of Instructions or entering any Transaction does not infringe the rights of any third party or any applicable law.

The User will not:

  • (i) use the Platform to perform any illegal activity of any sort, including, but not limited to, money laundering or terrorism financing; or

  • (ii) give any Instruction or enter any Transaction or do or undertake any other activity, whether or not through the Platform, which would or may negatively affect the performance of the Platform or the reputation of the Company.

The User confirms that in using the Platform and transacting in currencies, it has considered the risks posed by such actions, including the risks that:

  • The value of currencies may rise or fall

  • The value of currencies will be affected by factors outside of the control of the Company

  • The value of currencies may be affected by new forms of digital currencies or similar commodities being developed

  • Currencies may not be transferrable or accepted for transfer by any third party

  • Currencies may not be accepted as payment for goods and services by any person

The User is responsible for any tax liability arising from its holding or Transactions in currencies, and will indemnify the Company where the Company is obliged to pay tax on behalf of the User in respect of the User's Account or bought or sold by the User.

11. Intellectual Property

All intellectual property rights vested in texts, images or any other content found on or related to the Platform are owned by the Company. Accordingly, Users may not copy, distribute, reproduce, republish, upload, transmit, modify, post, frame-in or otherwise use in any way any such content without the prior express authorization of the Company.

The Company's property or that of our vendors or licensors is protected by patent, trademark and/or copyright laws of Estonia and may not be used without the Company's express written consent.

The Company may take any action available in law or equity to protect its intellectual property and to remedy any breach or potential breach of its rights, including by seeking an injunction to prevent a breach of its rights.

12. Website Commentary

The website may include commentary and information on currencies, the market, and other information, interactive tools, quotes, reports and data concerning currencies and trading. Some of this information may be supplied by entities not affiliated with the Company (Third Party Information). To the maximum extent possible, the Company will identify and attribute all information sourced from third parties. The Company does not explicitly or implicitly endorse or approve the Third Party Information. While the Company takes reasonable steps to ensure that the Third Party Information on its website is correct and up to date, the Company does not verify or validate such information and takes no responsibility for its content or any consequence of any person placing reliance on the Third Party Information. The Company is not obliged to remove or update such Third Party Information where it becomes aware that it is incorrect, misleading or incomplete.

13. Liability

The User indemnifies the Company and each of its directors, officers, shareholders, advisers, consultants, agents and contractors (each a "Company Indemnitee") against all liabilities, claims, losses and expenses (Losses) which may be incurred or suffered by the Company Indemnitee directly or indirectly arising out of any failure by the User to maintain sufficient funds in its Account or otherwise for failing to meet its obligations under these Terms. Such Losses may include legal fees incurred in defending or responding to such Losses and consequential losses. This indemnity will apply regardless of whether a Transaction was entered in error, but will not apply to the extent that Losses were incurred or suffered by a Company Indemnitee due to its own fraud or willful default.

To the extent permitted by law, none of the Company or the Company Indemnitees will be held liable for any damages, losses, costs, loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, or any other direct, indirect or consequential loss to any person including the User arising out of use of the Platform, the Company acting on any Instruction, any Transaction, any failure of the Platform, any failure or lack of any security measures or for any other reason, except to the extent of the Company's fraud or willful default. The Company shall not be liable for any perceived loss as a result of cancelling in whole or in part a User's Instructions.

The Company will not be held liable for any malfunction, breakdown, delay or interruption to the Internet connection, or if for any reason the Platform is unavailable at any time or for any period. The Company makes no representation that its website or the Platform is free from errors, viruses, worms or other technical anomalies which may cause problems or damage to User's own computer hardware or software, and the Company accepts no liability for such errors, viruses or worms.

While the Company takes appropriate measures to ensure the website, the Platform and all of the Company's systems are properly secured and protected against attack, it gives no warranty that its security systems are impregnable and loss of funds and data referring to or belonging to Users may occur.

Where the Company's website contains links to other sites and resources provided by third parties, these links are provided for your information only. We have no control over the contents of those sites or resources, and accept no responsibility for them or for any loss or damage that may arise from your use of them.

In the case of fraud or other suspicious activities, the Company will report all necessary information, including names, addresses and all other requested information, to the relevant authorities dealing with fraud and breaches of the law. Users recognize that their Account may be frozen at any time at the request of any competent authority investigating a fraud or other suspicious activity.

Nothing in these terms excludes or limits the liability of either the Company or the User for fraud, or any other liability which may not by law be limited or excluded.

Subject to the foregoing, the Company's aggregate liability in respect of claims based on events arising out of or in connection with a User's use of the Platform, whether in contract or tort (including negligence) or otherwise, shall in no circumstances exceed the greater of either (a) the total amount held in the User's the Platform Account for the User making a claim less any amount of commission that may be due and payable to the Company in respect of such account; or (b) 125% of the value of the Transaction(s) that are the subject of the claim less any amount of commission that may be due and payable to the Company in respect of such Transaction(s).

14. Termination

A User may close its Account at any time by notification to the Company in the form determined by the Company.

The Company may suspend or terminate a User's Account at any time immediately upon written notice to the User for any reason, including without limitation: (1) attempts to gain unauthorized access to the Platform or another User'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 Platform to perform illegal activities such as money laundering, terrorism financing or other criminal activities, (4) violations of these Terms; (5) failure to pay or fraudulent payment for Transactions, (6) unexpected operational difficulties; or (7) requests by law enforcement or other government agencies.

The Company may by notice to Users discontinue or modify the Platform and/or revise or terminate these Terms at any time. Users are deemed to have accepted these revisions or termination to the extent that they continue using the Platform.

The User also agrees that the Company may, in its sole discretion by giving notice, terminate Users' access to the Platform, prohibit access to the Platform and its content, services and tools, delay or remove hosted content, and take technical and legal steps to prevent the User's access to the Platform if the Company -- in its exclusive discretion -- believes that the User has breached or may breach these Terms or is otherwise acting inconsistently with the intentions of these Terms.

The Company also reserves the right to terminate Accounts that have been inactive for a period of 6 months or more, or to modify or discontinue the System. Users agree that the Company will not be liable to them or to any third party for termination of their accounts or access to the System.

Notwithstanding any suspension or termination of a User's Account, the User remains liable for all fees and commissions payable in respect of the Account or any Transaction entered prior to the suspension or termination.

15. Governing Law

These Terms and User's use of the website and the Platform will be governed by the laws of Estonia. All Users submit to the non-exclusive jurisdiction of the courts of Estonia.

16. Severability

If any provision of these Terms is deemed invalid or unenforceable by a court of competent jurisdiction, the provision will be enforceable to the maximum extent permissible and the remaining provisions remain in full force and effect.

17. Definitions

In these Terms:

  • Funds means the authorized currency of Estonia or such other sovereign nation as is acceptable to the Company.

  • Commission means an amount levied as payment to the Company for arranging and matching a Transaction. A Commission is generally levied as a percentage of the value of a Transaction.

  • Fee means an amount levied by the Company in relation to a User's Account. It may be levied against a particular User's Account or in respect of a class of Accounts or across all Accounts. Fees may also be levied in respect of specific services provided to Users.

  • Instruction means an offer to buy or offer to sell Bitcoins through the Platform at the price, if any, nominated in such Instruction plus any applicable Commission.

  • Transaction means the purchase or sale of currencies arising from an Instruction.