Vaultoro.com (Vaultoro Limited) provides an online trading platform that lets members trade between bitcoin and physical vaulted gold from around the globe.
The Service that Vaultoro offers allows buyers (“buyers”) and sellers (“sellers”), to buy and sell the cryptocurrency (“decentralized blockchain based currency”), Bitcoin (see bitcoin.org) and physically vaulted gold held in a member’s name.
All registered users of Vaultoro services (“member(s)”, “user(s)”, “client(s)”, “investor(s)”, “holder(s)”, “trader(s)”) are able to:
Use Bitcoin for purchasing goods and or services outside of the Vaultoro site and framework
Transfer Bitcoin to Bitcoin addresses that might not belong to the member of Vaultoro.
Contextually speaking “Vaultoro” may also refer to the website, content, services, products or other materials and media (collectively, “Vaultoro Services”) provided by Vaultoro.
Some functions of the site might be restricted depending on the country in which you reside. The responsibility resides on you to follow the rules, laws and regulations of the country in which you reside and / or country in which you access Vaultoro and its services.
In order for Vaultoro to provide its services to you, Vaultoro needs to retain certain information about its members.
Vaultoro will not purposefully disclose data to third parties except (1) to insure auditing for proof of solvency (2) to provide general Vaultoro communications using Uservoice.com or (3) required and/or subpoenaed by law.
Vaultoro makes all effort to store your passwords encrypted with the best security the industry has to offer to protect your personal and financial data from unauthorized access. You have a duty to keep your passwords and access credentials secret.
We also employ cookies to measure how the site is being used.
Cookies are tiny packets of data sent securely from Vaultoro servers to a user’s computer, tablet, mobile phone or any other mobile device that enable Vaultoro to, for example, determine which pages on Vaultoro are visited the most, what page a user was on when they left the site and so on. No personal data collected will ever be sold or given away.
We may use Google analytics service to further understand how our site is being used so that we may improve and grow the service for our members.
All Data which passes between you and Vaultoro servers during a logged-in session, in both directions, are transmitted across the internet using the HTTPS protocol, which is an industry standard used by but not limited to all major banks, credit card companies or anyone else who transmits sensitive data. HTTPS is widely accepted as an extremely reliable way to transmit data while maintaining privacy and accuracy between 2 parties.
To communicate with Vaultoro you may use the following channels.
You agree that the email address you have on file is appropriate for receiving reports on your completed business with Vaultoro, offline and after the fact.
Once an email is sent from Vaultoro servers it is your responsibility to make sure you have a working and reliable email service provider that delivers the email to you in a timely manner.
Emails sent from Vaultoro are not encrypted and like any normal email is susceptible to a man in the middle attack by, for example but not limited to, network engineers at your ISP or government agencies.
Vaultoro will never ask for your password via email. If you receive an email from Vaultoro asking you to log in, we always recommend logging in by typing vaultoro.com into a browser and not clicking links in emails. This is because fraudulent emails can look as though they come from Vaultoro and link to a site that looks exactly like our homepage, hoping for you to log in. We also always recommend activating two factor authentication.
You agree that Vaultoro is able to rely on your receipt and acceptance of emails and its content. If we receive no response from you within 3 calendar days of the emails’ transmission then we will assume that you have received the communication. You agree that if we receive a communication about an issue with the content of a Vaultoro email more than 3 calendar days after transmission, that any resolution will be considered within the context of the delay of communication and may influence the outcome of the resolution.
You agree to let Vaultoro contact you via SMS or by voice telephone. In extreme urgency Vaultoro reserves the right to contact you via SMS or telephone, but is not obligated to for any reason. Due to cost restrictions, Vaultoro may not employ SMS or telephone if your account is not funded to a level that makes it viable for Vaultoro to contact you.
You agree to give Vaultoro the right to contact you via traditional Mail (“post”, “snail mail”) delivered to the address you have entered into your Vaultoro account. If we receive no response from you within 10 calendar days of the mail being sent then we will assume that you have received the communication. You agree that if we receive a communication about an issue with the content of a Vaultoro mail more than 10 calendar days after postage, that any resolution will be considered within the context of the delay of communication and may influence the outcome of the resolution.
As a Vaultoro member you agree to have an email on file that works and that you check regularly. You may also enter
a mobile telephone number
a land line telephone number
a home or work address
It is your responsibility to keep your contact details, held by Vaultoro, up to date and accurate, which you can easily do via the account settings page once you log into Vaultoro.com
You acknowledge that Vaultoro is entitled to rely on the accuracy of any contact details you have entered.
Vaultoro will hold your personal account information only as long as it is necessary to protect the user and / or Vaultoro from damages. In accordance with our record keeping obligations we will keep accounts and personal information for, at least a period of five years after a members account is closed.
Trading carries a high degree of risk, and may not be suitable for all investors. Before you decide to trade you should always consider proper education and risk analysis. By trading, the possibility exists of both substantial losses and gains of your investments. You might lose some or all of initial deposit and investments, and therefore, you should not day trade Bitcoin or gold that you can not afford to lose.
There are also risks of online deal execution due to any number of factors. Some examples include, but not limited to, Server lag, internet lag, server down time, software glitches ,user browser crashes, software or hardware failure and internet disconnection. Vaultoro is not responsible for any losses or failures.
In case of any fault in the Vaultoro pricing calculations and process, typing errors and quoting errors, Vaultoro has full right to make any necessary modifications to the member’s account in which mistakes took place.
Vaultoro shall not be held responsible for any losses that arise from trading decisions based to any forecast, recommendation or other information provided by Vaultoro on the site, social media, blogs or any other information aggregation service.
Any conflicts in regard to pricing will be solved by checking the actual prices in the market history at the specific time that the error was thought to have occurred. Members should check their trading history and are solely responsible for reporting any mistakes found on their account. All perceived errors must be reported within 24 hours after the execution of the trade.
If you do not understand the risks involved in trading Bitcoin or gold, then you agree not to trade it. For any questions or clarification, please feel free to contact our support.
Vaultoro does not take any responsibility for either the gold price or the Bitcoin price at any given moment in time.
From time to time governments try to tax gold or Bitcoin. Vaultoro takes no responsibility for either the price of gold or Bitcoin in the geographical location where taxes might arise.
Vaultoro is stays well within the European AML / KYC (anti money laundering and know your customer) laws and regulations.
The European regulations state that customer identification must be taken for high value goods from €7,500 Euro per day.
To ensure that Vaultoro is well within the Law we have capped deposits of unverified users to $5000 USD per day. This limit is reset every 24 hours.
On the deposit page Vaultoro will display how much in bitcoin you are able to send before you reach the daily limit. If you exceed your daily limit Vaultoro will freeze your account until you verify it.
By using the Vaultoro website you agree to limit your deposit to $5000 USD worth of bitcoin per 24 hour period unless you verify your identity in which case you can can deposit an unlimited amount of bitcoin. To make sure you do not overstep the $5000 dollar limit our system will let you know how much in bitcoin you can upload without over reaching the limit.
You agree that your account will be suspended if you deposit more than $5000 in a single 24 hour period.
You agree that your accounts suspension can only be unsuspended by verifying your identity using the verification form on the Vaultoro website, which you will have access to even when suspended.
You agree that if your account is suspended then you are unable to trade, deposit or withdraw any bitcoin or gold until you verify your account according to the European AML/KYC Law.
We highly recommend that you take the easy steps of verifying your self at vaultoro as all gold purchased by unverified users is owned by that users email address only. It can become extremely costly for you to claim your gold if you were to lose access to your email address or if you were to pass away and your estates management tries to claim your holdings.
All users who want to physically withdraw their gold will have to be fully verified.
All local taxes and/or associated charges that may be applied to purchases, sales of, and/or custody of gold bullion are the responsibility of the user (“you”) to research, understand and pay in full.
Vaultoro will not be responsible for any delay or failure in any performance due to, and not limited to, acts of God, war, blockade, embargo's, riots, governmental restriction, labor disturbances, unavailability of anticipated usual means of supplies, transportation or loading facilities, wrecks, epidemics, quarantine, fire, flood, earthquake, explosion, any unforeseen change in circumstances, or any other causes beyond its reasonable control.
Any of the risks described under Force Majeure are not the responsibility of Vaultoro.
Enough market liquidity is in the interest of both Vaultoro and the user. Vaultoro will do its best to promote trading liquidity. Vaultoro is not responsible for any risk or losses that may arise from a lack of liquidity on the Vaultoro order book.
Vaultoro is bank independent for its clients, this means that you never need to worry about bank insolvency or a bank canceling its professional relationship with us, like you have to with fiat exchanges. Vaultoro does have a corporate account to which monthly running costs which can not be paid with Bitcoin are transferred to. If our banking relationship were to fail then Vaultoro would have to find a new banking partner. This however should not affect our users in anyway. Vaultoro keeps a reserve of Euro in place to cover around 2 months of costs to bridge this possibility.
Vaultoro employs multiple levels of industry standard best practice used to secure, encrypt and double salts all personal user data.
Vaultoro strongly suggests enabling 2 factor authentication to protect your account from unauthorized access or withdrawal of your Bitcoin holdings due to you inadvertently leaking your username and / or password.
Vaultoro allows you to lock your Bitcoin payout address with your password and 2 factor authentication code.
You agree to and acknowledge that any Bitcoin withdrawal, loss of private data or anything else as a result of a compromised account is NOT the responsibility of Vaultoro.
Vaultoro implements security measures to ensure the confidentiality of your personal information and to protect that information from loss, misuse, alteration or destruction. All personal information is encrypted and Vaultoro does everything in its power to protect its members. Vaultoro has a strict procedure in place for access to member data by authorized Vaultoro personnel. The security protocols and measures in place will from time to time be audited and reviewed by a third party auditing firm to insure that we comply to and exceed global security standards.
Vaultoro will constantly do everything in its power to secure user data and can not be held liable due to a breach, loss of data, or leak from a malicious outsider.
Vaultoro will never share, publish, or sell any user data contained in its databases except for specific information outlined in the terms of service to be able to deliver the service promised by Vaultoro. However, Vaultoro may be requested at any time to share trade data including, but not restricted to, emails, user transactions, and trade data by law enforcement authorities. Vaultoro will not deny such requests and cannot be held responsible for the leakage of information by third parties whether the action was performed intentionally or not.
Vaultoro runs its business (server costs, programmers, bandwidth, designers, marketing, security and more) by charging an industry standard trading fee of between 0.2% to 0.5% on every trade performed by members of its website. The fee varies on a per account basis depending on volume traded on a 30 day period.
Vaultoro has the right to change these fees, including adding additional fees, at any time and with no notice to you, although Vaultoro will try to make all efforts possible to notify users of any fee changes including, but not limited to, email and notices on the site when a user logs in.
Vaultoro sometimes offers trading fee discounts such as vouchers, promotions or giveaways. These discounts may be the totally trading free to trade or some other type of discount.
Gold storage fees are charged 0.4% of holdings per year. This is calculated on a fifteen minute bases. These charges get deducted in gold at the start of every month for the last months holdings, if no gold is available due to it being traded then the equivalent value will be deducted from the bitcoin holdings.
There are no storage fees for Bitcoin holdings.
To find out more please see our FAQ
Unless otherwise specified, all contents of the Vaultoro website including, but not limited to,
text, images, names, graphics, data, logos, icons, code, prices, charts, methods, techniques, models, video, audio and the underlying software (the "Components"), are proprietary to Vaultoro and are protected by the patent, copyright, trademark and other applicable laws of the UK legal justice system.
You may view, download and / or print a copy of the materials from this site solely for your personal records, interests, educational, non-commercial use, provided that you keep all copyright and other proprietary notices intact.
Vaultoro utilizes some graphics and icons which come with a creative commons license, for example, but not limited to, font awesome icons. These may be used as per the license agreements of the providers.
To create a transparent and vibrant marketplace, Vaultoro makes certain information freely available to the public.
Every user is given a random string of letters and numbers (“Client ID”) which only the user knows is attached to them and their account. This number is shown in the public audit PDF along with how much gold and how many Bitcoin that account had at the end of that day. To the public there is no way to link this number to an actual user unless that user reveals their Client ID outside of Vaultoro. This is necessary for transparency’s sake to prove to the world that Vaultoro is equal to, or above, 100% reserve for both Bitcoin holding and gold holdings without compromising user privacy.
It is the member’s responsibility to keep their Client ID secret and not connect it with their person and or account.
A list of transactions and an order book is visible on the Vaultoro website as well as broadcast out through the API and price feed. This contains prices and sizes of trades which are pending and / or have been executed. Through this, your orders and transactions are visible to others but in no way traceable or attributable to you.
Vaultoro may be requested or subpoenaed by government law enforcement agencies to hand over records. If a government agency chooses to or accidentally releases this information publicly Vaultoro will not be held liable.
Unfortunately due to international and European trade embargoes and sanctions Vaultoro is are not able to do do business with people based in The Democratic People's Republic of Korea, also known as North Korea, Iran or Syria.
The procedure for the collecting of assets held by a deceased person is different depending on the jurisdiction of the deceased person(s). You agree to and allow Vaultoro management to seek legal advice in the territory of your estate’s administration at the expense of your account. These expenses are limited to any charges outlined on our Fees and Charges page
Please refer to our procedures for handling deceased accounts for further details.
Your Bitcoin holdings security is our top priority. To secure the user’s Bitcoin we use an industry standard 3 wallet system: hot, warm and multi signature cold wallets storage.
Vaultoro employs the most stringent security protocols for all wallets.
Public and Private keys to Bitcoin wallets held by Vaultoro are the property of Vaultoro.
Every user on Vaultoro get as many unique deposit addresses as they would like, generated by Vaultoro. A user may generate a new Bitcoin address every time they wish to deposit funds on the Vaultoro platform. A user may send Bitcoin to any address generated in the past without a problem, unless otherwise stated on the site. All Bitcoin deposit addresses generated under a user account, link to that user account and will continue to work even when a new Bitcoin deposit address is generated by the user.
Vaultoro utilizes a hot online wallet which only holds as much bitcoin as currently are processed by users or needed for daily trading activity. The majority (up to 90%) is held in multi signature cold wallets (“cold wallets”, “offline wallets”, “paper wallets”).
Vaultoro takes money laundering extremely seriously and follows EU AML/KYC (Anti-money laundering / Know your customer) regulations very closely.
The regulations state that customer due diligence must be taken for high value goods from €7,500 Euro per day.
To ensure that Vaultoro is well within the Law we have capped deposits of unverified users to $5000 USD per day. This limit is reset every 24 hours.
On the deposit page Vaultoro will display how much in Bitcoin you are able to send before you reach the daily limit. If you exceed your daily limit Vaultoro will freeze your account until you verify your account.
By using the Vaultoro website you agree to limit your deposit to 5000 Euro worth of Bitcoin per 24 hour period unless you verify your identity in which case you can can deposit an unlimited amount of Bitcoin.
If you wish to trade an unlimited amount of Bitcoin and gold then you must verify yourself:
Copy of passport or government issued ID
A utility bill no older than 3 months with your name current address stated clearly.
Vaultoro utilizes multiple levels of security to ensure safety of user funds. To do this we have implemented withdrawal limit tiers
Non verified users can withdraw up to = 5000 Euro worth of Bitcoin per day
FULL Verified Members = unlimited withdrawals
For security reasons Vaultoro only keeps a maximum of 10% of its holdings in the hot wallet. There may be times where you can not instantly withdraw your desired Bitcoin amount.
The hot wallet is replenished every 24 hours.
Vaultoro is not responsible or liable for any losses of opportunity due to time taken to securely deliver your Bitcoin withdrawal.
In the event of our hot wallet not having enough funds to withdraw your desired Bitcoin amount instantly, you agree to wait a maximum of 2 working days for your payment to be delivered to your chosen withdrawal address.
Your responsibilities on withdrawal addresses.
Although Vaultoro has checks in place to validate correct Bitcoin withdrawal addresses, Vaultoro does not guarantee this to work 100% of the time. It is your responsibility to enter a correct and valid withdrawal address to which you (or your beneficiary ) control the private keys or have access to the funds once withdrawn.
If your Bitcoin balance on Vaultoro does not change in 6 years then Vaultoro will try to contact you with the last known email address, phone number and/ or postal address. If we can not get in contact with you or someone representing your estate then Vaultoro reserves the right to cease treating your Bitcoin holdings as client assets and the assets will be taken over by Vaultoro.
Transparency is one of the major reasons Vaultoro was founded. We let the public constantly audit our Bitcoin holdings and our liabilities so that the public can consolidate them and verify that we are over 100% reserves and fully solvent.
To audit our Bitcoin holdings we publish the public keys for our cold wallets on the Vaultoro website.
We also publish an anonymous list of all accounts and holdings which the sum of can easily be crossed checked with our warm and cold wallet holdings.
All users can check their secret client ID on the public audit to make sure their gold and Bitcoin holdings are accounted for in the public audit.
Vaultoro may have hundreds of people creating hundreds of pay in addresses every month. For privacy and technical reasons we do not publish and sign hot wallet addresses. Instead we keep a warm wallet also referred to as a hot proxy wallet with an amount of Bitcoin larger than the the real hot wallet. This wallets public key is published as part of the public audit. The warm wallet acts as a reserve as well as a convenient way to prove solvency. To prove control of this wallet we will be spending a predefined amount of Bitcoin from the warm wallet address at a predefined time.
The sum of the warm (hot proxy) and cold wallets will always be equal to or above the sum of all Vaultoro’s liabilities.
Vaultoro hereby declares and guarantees that it functions at 100% or above full reserves. Vaultoro will never use as collateral, lend out, hypothecate, create a derivative transaction of any type, with any Bitcoin or gold held in bailment. All gold will remain the property of the user through a Vaultoro bailment and held in safekeeping by the Vault Operator until sold or physically withdrawn.
Vaultoro creates a publicly visible Audit which can be compared to the full reserve sheet (PDF) sent by the Vault Operator to insure that both sums match up in full.
Vaultoro also requires a full 3rd party Audit of the Vault Operator every 6 months by one of the biggest and most reputable Auditing firms in the world (BDO), who follow and perform ISA Standards in auditing to ensure that our Vault Operator(s) are in full reserve.
All Vaultoro user’s gold is 100% insured against physical theft and damages. The insurance meets generally accepted bullion industry insurance standards, the cost of which is included in the small vaulting fee charged to Vaultoro members that have a gold holding on Vaultoro. (please see the section on Fees and Charges)
Vaultoro ensures that the “Storage Agreement” with the Vault Operator requires the Vault Operator to provide documented proof that all gold held by Vaultoro users is 100% insured.
Vaultoro will make the documented proof of insurance publicly available and viewable to Vaultoro members on the Vaultoro website.
Your gold is physically stored in Züricher Freilager, one of the worlds largest and most secure gold storage facilities.
Züricher Freilager AG GVZ
All gold bars held by Vaultoro follow the definition of the UK Customs and excise 701/21 Notice by being no less than 99.95% pure gold, of weight and by a manufacturer globally accepted by bullion markets.
The bullion is held in a form generally accepted in settlements of physical bullion markets around the world. All bullion is weighed and numbered.
Vaultoro guarantees that all gold held in your account is of a 99.95% minimum assayed bullion bar held in professional vaults under Swiss jurisdiction.
If there is any breach found in this guarantee, Vaultoro will cover any shortfalls or substandard gold, by replacement through the gold markets and / or partners of Vaultoro. If all else fails Vaultoro will cover any shortfalls out of its own funds.
All Storage Agreements between Vaultoro and Vault Operators acknowledge that your bullion is the subject of a bailment.
Vaultoro’s Vault Operator(s) have warranted that their standing in the gold and precious metals industry permits bullion to be stored within its vaults with the highest level of integrity.
Even in the extremely unlikely failure of a Vault Operator, all gold stored as bailment by Vaultoro is independently insured against theft.
A bailment describes a legal relationship in common law where physical possession of personal property, or a chattel, is transferred from one person (the 'bailor') to another person (the 'bailee') who subsequently has possession of the property. It arises when a person gives property to someone else for safekeeping, and is a cause of action independent of contract or tort.
Vaultoro’s chosen Vault Operator holds and controls your gold in pursuant to a Storage Agreement between Vaultoro and the Vault Operator.
In each Storage agreement, Vaultoro has outlined that all gold held for Vaultoro users is subject of a bailment.
As part of this bailment agreement Vaultoro agrees to pay the storage fees and insurance to the Vault Operator for your gold.
The reason for structuring your gold’s safekeeping as a bailment is purely to arrange the strongest and easiest legal framework and protections for your gold to be held within a professional vault at the cheapest possible price to you.
By purchasing gold within the Vaultoro markets you agree that the ownership of the bullion purchased is transferred by the seller to the buyer within the Vault operator’s premises and becomes a bailment of the buyers property, through the agreement between the buyer and Vaultoro.
You agree that once you have purchased the gold on Vaultoro the Vault Operator agrees to act as a physical custodian of your bullion until the bailment is terminated in part or in full by your action of selling your gold on the Vaultoro trading platform.
By using, buying, selling and storing gold on Vaultoro you agree and acknowledge that any gold that you own does not relate to any one specific bar but rather to portions of bars that when added up is equal to the full reserves of all Vaultoro customers. By the method of measurably subdividing ownership of whole bars among multiple Vaultoro members, Vaultoro achieves its low prices while also giving the option for users to trade milligrams of gold. When taking physical delivery of your gold, Vaultoro automatically consolidates all your holdings into the minimum single bullion bars (100 gram) ready to withdraw and deliver in accordance to minimum physical delivery of 100 grams and all tariffs involved with physical delivery.
You agree that Vaultoro has the authority to act as your agent to arrange custody of your gold holdings acquired using the Vaultoro services with the relevant Vault Operator.
With each purchase order placed and executed on the Vaultoro trading system Vaultoro confirms to you that each Storage Agreement is acknowledged by the Vault Operator and
that the gold vaulted under the storage agreement is allocated and is the property of Vaultoro clients through bailment
that allocated gold can be specifically identified as owned by Vaultoro clients, and physically segregated from other Vault Operator clients at all times
accepts full responsibility for the gold at time of delivery, storage, and transportation until control has been relinquished in writing by the Vault Operator to a third party according to Vaultoro’s request for a physical withdrawal and delivery to a Vaultoro member.
With this confirmation Vaultoro acknowledges that with each withdrawal request by a Vaultoro member, a chain of instruction will be set in motion which includes a reputable 3rd party Law and Auditing firm that must sign all withdrawal transactions. This insures that Vaultoro founders, executives, or other employees do not have legal authority to access any gold without a third signature. In all cases, for a physical gold withdrawal order to be executed, 3 signatures are required:
1 signature from the client requesting the physical withdrawal of their gold holdings.
1 signature from a Vaultoro withdrawal specialist. To gain a signature of execution from a Vaultoro withdrawal specialist the following instructions need to be satisfied:
A Vaultoro withdrawal specialist gets notified of a pending physical delivery withdrawal on the site.
The Vaultoro withdrawal specialist will check
that the member has enough gold on account
that the chain of trades is consistent to the funds being requested
that the member has verified their name and address and uploaded the correct verification documents to meet the KYC (“Know Your Customer”) and AML (“Anti Money Laundering”) regulations
that the member has 2 factor authentication turned on.
that the member has enough funds to pay the appropriate postage and handling fees for the withdrawal amount
If all instructions to this point have been met positively then the withdrawal request is signed and sent through to the 3rd party Law firm.
1 signature from the 3rd Party Law firm is required after the following checks have been made.
That the member is verified on the Vaultoro system in accordance to KYC/AML regulations. As well as the postage address matches verified documents. This is to ensure no Vaultoro employee or insider can withdraw gold that does not belong to them.
that the member identified has the gold balance on Vaultoro to satisfy the withdrawal and fees incurred.
If both above criteria are met then the 3rd party Law firm signs the third signature and forwards the physical withdrawal request onto the Vault Operator.
The vault operator in accord to the Storage Agreement signs, withdraws, packages and ships, with insurance, the gold out to the Vaultoro member's verified shipping address.
In the event that a Vault Operator wants to terminate a Storage Agreement, Vaultoro confirms that the Vault Operator must give Vaultoro 12 months notice prior to termination. In the event of such a termination notice, Vaultoro will find a suitable alternative storage solution for all gold held in bailment at the Vault Operator’s premises in question.
We hereby confirm that Vaultoro will notify all users with a minimum of 3 months prior to the termination of the Storage Agreement if an alternative cannot be found, so that members have the ability to sell, organize for physical delivery and / or arrange an alternative mechanism for securing their gold bullion assets.
At Vaultoro we strive for as much transparency as possible without revealing personal information. This is to prove 100%+ gold and Bitcoin reserves to its creditors.
Every 24 hours, Vaultoro will reconcile and anonymize (“Client ID”) customer records of both Bitcoin and gold ownership and publish the entire list on its website for constant public scrutiny. This will let users personally audit the Vaultoro holdings against the statement of all gold held in bailment for Vaultoro users by the Vault Operator as well as Bitcoin held in the Proxy hot and cold wallets.
To ensure the safety of records, Vaultoro has multiple backups of the full database held in independent remote locations.
Every 24 hours Vaultoro encrypts a copy of all client’s aliases, real identities, gold and Bitcoin balances to our auditors and to the Vault Operator. Neither can decrypt and read the data without the decryption private key. This private key is held in a safety deposit box, and keys to this box are held by Vaultoro lawyers. Our lawyers have been contracted and instructed to provide the private keys in the following instruction set:
Send the private key to Vaultoro, unless Vaultoro is no longer operating, in which case
it shall be sent to the Vaultoro Auditors. If the Auditors are no longer operating then
the keys shall be sent to the liquidator unless one has not yet been assigned, in which case it will be sent to the Vault Operator
If an account exists that has less than 1 gram of gold and the member has not logged into the site for 5 years or more, does not respond to post, emails or telephone calls, then Vaultoro reserves the right to take over ownership of and liquidate the remaining gold. This is because we take a % storage fee so the gold holdings can never reach 0 if we do not take ownership and liquidate.
If Vaultoro manages to contact the owner then no action will be taken and the gold will remain in the possession of the member.
Sometimes Vaultoro may run promotions, where in we give away small amounts of gold for people to get started with trading. Vaultoro reserves the right to reclaim the promotional gold balance if it becomes evident that the account has been abandoned, or that the account was set up for the purpose of abusing the Terms of Service for a particular promotion.
Vaultoro reserves the right to terminate any promotion without prior notice or warning to the public or the users.
Although Vaultoro is not primarily designed as a gold withdrawal system but rather a trading platform, Vaultoro offers the service of physical withdrawal for but not limited to
Clients that wish to take physical possession of their gold holdings for any reason
To highlight that we run at or above full gold reserves at all time
In case of mass systemic failure or an international crisis and users want to collect the wealth held in bailment by Vaultoro
To make it economically viable for both the user and Vaultoro, a minimum withdrawal request is set at 100 grams of gold. The gold will be in the form of whole ingots or coins of no less than 99.95% gold purity, in appropriate sizes and selected at the discretion of Vaultoro.
By requesting withdrawal of physical gold you accept to and agree to pay Vaultoro any of the fees and charges associated to the withdrawal of physical gold and that these fees may vary depending on the type and amount of gold you withdraw. You acknowledge that all fees and charges needed for a physical withdrawal must be paid before a withdrawal can be set in motion.
You acknowledge and agree that all fees and charges are denominated in Bitcoin, and must be paid for in Bitcoin.
Vaultoro acknowledges, and the user agrees that, Vaultoro has been set up primarily as a trading and savings platform and that most users will find it more economical to simply sell their gold on Vaultoro for Bitcoin, transfer the Bitcoin to themselves and buy gold locally, rather than paying the fees for physical delivery. This is a result of the cheap, fast and liquid way the Bitcoin network works.
The user agrees that because of the nature of physical ingots, the user must round withdrawals to the nearest 10 grams (in accordance to and within the gold balance of the user). Any gold funds left over may be kept as gold on the users account or be sold for Bitcoin and withdrawn using the standard selling mechanisms on the Vaultoro market.
In order to facilitate physical withdrawal Vaultoro requires appropriate user identification and address verification. This is needed for multiple reasons:
Vaultoro follows strict KYC and AML regulations as set out by British and international Law
Vaultoro needs to ensure customers gold is withdrawn by the owner of the gold and not a thief.
Vaultoro ships with insurance and needs a verified user for the insurance to be effective
You acknowledge that you cannot request physical gold withdrawal from the Vault Operator itself. The right to withdraw your gold is only effective though the mechanisms of Vaultoro or an associated law firm who hold the responsibility for Identifying and verifying you correctly, as well as in a timely manner.
You acknowledge, by withdrawing gold bullion from Vaultoro that you may become liable to new taxes that you would not have to pay when your gold is held in bailment by Vaultoro. By withdrawing you agree to and permit Vaultoro to charge you or deduct any taxes that are applicable to you.
You acknowledge that by withdrawing gold your privacy may be lost due to transactions being monitored by appropriate organizations and or authorities.
You acknowledge that if a physical gold withdrawal is too large in quantity, you may be asked to provide the address of local bank or equivalent, this is to ensure safe delivery and only for very large amounts of gold bullion.
The withdrawing party (“you”) acknowledge that
you must inspect any package prior to signing for receipt.
that if any person at the delivery address you specify signs for receipt or omission of your delivery, that this will be fairly deemed by Vaultoro to be acts or omissions by you.
It is your responsibility to be available at the address you specify to receive and sign for the goods.
Government or customs agencies who have the authority by law to open and inspect packages might do so and then reseal the package in question. If the package has been tampered with by any other party it is your obligation to refuse to sign and receive the package.
Vaultoro acknowledges that it will pay for all courier charges from the delivery charges paid by you in Bitcoin when initiating the physical gold withdrawal. In some cases, depending on the jurisdiction, you may be liable to pay extra taxes including, but not limited to, customs, delivery company taxes, local government tax, and release charges. By withdrawing physical gold bullion from Vaultoro you agree to educate yourself on all local tariffs that you are liable for and pay them.
You acknowledge and accept that:
A signature of receipt by anyone at your selected delivery address is regarded as evidence and confirmation that you have received the package and that everything in the package is in appropriate condition.
there may be delays in delivery time due to actions or duties from government agencies
you have an obligation to sign a proof of receipt when you receive the package and contents in an appropriate condition.
If you, or someone else at the delivery address specified at Vaultoro, signs for the receipt of the package and its contents, any returns to Vaultoro for whatever reason shall be at your expense. This excludes your refusal to sign for receipt of the package.
To prevent the unauthorized removal of gold bullion from a Vault, Vaultoro accepts the responsibility to implement detailed security procedures.
If Vaultoro needs to move the gold held in bailment for its customers to a new Vault then it will follow the following procedure and rules:
It will never move more than 5% or 15 kg (whichever is larger) per 24 hours out of the vaulting facility at any one time.
Vaultoro will always use multiple checks and checkpoints to determine and make sure that any user requesting a physical gold withdrawal has the amount of gold needed on account and that there is a correct chain of custody attached to this figure, for example, but not limited to, trading and deposit history.
By creating an account on Vaultoro you agree:
To trade at your own risk.
That trading comes at a risk of losing some, or all, of your initial deposit.
That you have educated yourself appropriately on how to trade safely.
That Vaultoro is not liable for any losses due to your trading activity or decisions on Vaultoro
That the internet could slow down or crash during an important trade and that Vaultoro is never liable for any losses for any technical reason.
To take full responsibility for any losses due to information you might have read on the Vaultoro site, on social network accounts run by Vaultoro, or anywhere else online or offline.
You acknowledge that :
Vaultoro will do its best to always keep the site online and responsive but can not guarantee a responsive service all of the time.
Vaultoro is not liable for any losses due to, but not limited to, site bugs, internet lag, server lag, browser crashes, incompatible browser versions, denial of service attacks (DDOS attacks), countrywide firewalls and or site censorship from a government authority.
Vaultoro makes no claim of being 100% reliable and that the technology of the internet, and Vaultoro can and will sometimes act unexpectedly, leading to losses.
When you place an order on Vaultoro you may place two types of orders:
A limit order is an order to buy gold at no more than a specific price, or to sell gold at no less than a specific price (called "or better" for either direction). This gives the trader (user) control over the price at which the trade is executed; however, the order may never be executed ("filled") if the price never reaches the limit because it was set for lower than the current price on the buy side, and higher than the current sell price on the sell side. Limit orders are used when the trader wishes to control price rather than certainty of execution.
A buy limit order can only be executed at the limit price or lower. For example, if an investor wants to buy gold, but doesn't want to pay more than 0.1BTC for it, the investor can place a limit order to buy the gold at 0.1BTC. By entering a limit order rather than a market order, the investor will not buy the stock at a higher price but may get less gold than he wants or not get any gold at all.
A sell limit order is analogous; it can only be executed at the limit price or higher.
A market order is a buy or sell order to be executed immediately at current market prices. As long as there are willing sellers and buyers, market orders are filled. Market orders are therefore used when certainty of execution is a priority over price of execution.
A market order is the simplest of the order types. This order type does not allow any control over the price received. The order is filled at the best price available at the relevant time. In fast-moving markets, the price paid or received may be quite different from the last price quoted before the order was entered.
A market order may be split across multiple participants on the other side of the transaction, resulting in different prices for some of the shares.
All orders on Vaultoro are limited to your Bitcoin holdings or gold holdings. As soon as Vaultoro receives your order to buy or sell gold, the Vaultoro trading engine will try to match your order with other users’ requested price points and limit requests. The Vaultoro trading engine will always try to find you the best price according to your order type and price rules. If your order matches any pre-existing orders in the order book then the order will be matched until the limit is reached, at which point the remaining order will be inserted at the last price reached (your limit).
You may cancel an unfulfilled order at any time.
In the unlikely event that a market order you enter does not get filled in its entirety, then Vaultoro will buy as much as is available on the order book, all remaining unsold gold or Bitcoin will be returned to your holdings and a notification will appear, notifying you of the lack of volume on the market to fill your order in full and requesting that you re-enter a new order.
You acknowledge and accept that the Vaultoro markets work very fast. This means that if you were to cancel your limit order, Vaultoro might receive a matching order milliseconds before we receive your cancel request. In this case your order may be fulfilled before we cancel the order. If however the order is only partially matched then the cancel request will cancel the remainder of your open order.
You agree that Vaultoro reserves the rights to remove any orders from the order book at anytime and for any reason.
You agree that Vaultoro may pause trading for you and/or for every user across the platform at its discretion and is not liable for any losses due to this pause.
You acknowledge that if for any reason trading is paused for more than 1 hour, that some or all open orders may be canceled by Vaultoro to keep the market fair and minimize loss for its customers.
If Vaultoro removes one or more of your orders from the Vaultoro order book then we accept the responsibility to inform you via the email address registered by us.
You authorize Vaultoro to send you emails to do with your orders for for the following reasons:
To acknowledge that an order has been placed
To acknowledge that an order has been filled
To acknowledge that an order has been canceled
You may, at any time, turn these emails off in the preferences. By doing so, you do not void any deals that have been, or will be, filled on the Vaultoro marketplace.
You acknowledge that emails from Vaultoro only act to keep you informed and not as a contract.
By trading on Vaultoro you accept and authorize Vaultoro to settle any order you submit as soon your order becomes matched with another parties’ order, partially or in full. Vaultoro accepts full responsibility for the ability to execute and settle all orders according to your instruction, either by 3rd party API call or through the Vaultoro.com website.
Vaultoro acts as guarantor behind every order. Vaultoro ensures that the buyer and seller in any transaction have the funds, either in gold for the sellers, or Bitcoin for the buyers, to execute and settle.
You acknowledge and agree that:
Vaultoro settles all order book transactions, partially filled or in full, instantaneously and at the point of trade.
No physical changes happen to the gold stored at the Vault as a result of a trade settlement
It is possible to trade with your self by putting a buy and sell order in at the same time at a matching price point.
As soon as a trade is settled, a seller is credited with Bitcoin held in trust and a buyer becomes the owner of the gold held in bailment by Vaultoro. The Vaultoro trading fee is automatically deducted from both parties’ accounts at time of trade.
Settlement of delivered gold bullion is achieved through a Vaultoro book entry. Your gold balance (as shown when logged in on the website), shows your gold bullion custody balance and represents outright ownership of of gold bullion held in bailment by Vaultoro, in a professionally secured and insured Swiss vault.
You acknowledge that any trade done on the Vaultoro trading platform is settled simultaneously and immediately with the delivery of gold, minus the trading fee from both parties.
The Bitcoin and gold balances represented in the top left of the website represents all gold and Bitcoin you have, minus any gold or Bitcoin that you have currently placed into the order book.
All gold which has been settled on Vaultoro is held for you in custody by the Vault Operator. Your settled Bitcoin balance is secured by Vaultoro in offline cold wallets and in online hot wallets. You may withdraw up to 100 Bitcoin per 24 hours.
Any unsettled balances are immediately added and represented in your balance as soon as a trade settles.
Vaultoro endeavors to publish every 24 hours a reconciled and anonymised list of all gold and Bitcoin held by all customers as well as a gold holdings list from the Vault Operator as well as Bitcoin held by our cold and hot wallets.
Vaultoro will not be held liable for any damages to the extent permitted by UK Law, this includes, but is not limited to, loss of opportunity, loss of revenue, loss of profit, loss of data, indirect or consequential loss, loss of business.
Vaultoro will only be liable if the loss suffered arose from wilful deceit or fraud on behalf of Vaultoro.
You agree and acknowledge that Vaultoro is not liable for any harm, self harm or suicide arising from trades or losses in anyway. You take full responsibility for your trading activity.
If you feel you have a problem with gambling you agree to seek help, and that Vaultoro and or any promotion is not responsible for your continued use in any capacity.
The total amount of gold or Bitcoin held on account for the member making the claim, minus any fees or charges owed to Vaultoro for the transactions needed to release the funds; or
120% of the amount of any transaction(s) that are subject of the claim, minus any fees or charges owed to Vaultoro for the transactions needed to release the funds
You acknowledge that Vaultoro may stop or cancel any or your access to the Vaultoro API. Vaultoro is not liable for any losses arising due to the API not working as expected.
Vaultoro is not liable for performance or stability of any 3rd party applications that might utilize the Vaultoro API.
You acknowledge and accept that during trading, some counter parties might be 3rd party trading bots controlled or programmed by other users.
All Vaultoro fees and charges are described and published on its website here.
By agreeing to these terms and conditions you agree to let Vaultoro automatically deduct the appropriate fees and charges, both from your gold holdings and your Bitcoin holdings, for any activity on the Vaultoro platform that attracts its fees or charges.
Vaultoro is designed to run 24/7 under normal circumstances. Sometimes Vaultoro will have planned software upgrades or maintenance where trading will need to be halted. These outages will generally happen on low traffic times, such as on weekends. Vaultoro will always give a minimum of 1 week’s notice (7 days) for planned outages,
In an emergency outage, Vaultoro reserves the right to pause, cancel or restart all trading at its discretion.
In general, no trades will be canceled if there is an outage that lasts 15 minutes or less. If there is an outage longer than 15 minutes but no more than 3 hours we will contact all members that have orders in the order book and give them 1 hour to log in and cancel any trades that are in the Vaultoro order book. If an outage lasts longer than 3 hours, then all trades pending in the order book will be canceled by Vaultoro before trading is resumed to protect its users.
Vaultoro takes outages extremely seriously and will do anything in its power to minimize these happening.
You acknowledge that Vaultoro will not be held liable for any loss of opportunity, loss of revenue, loss of profit, loss of data, indirect or consequential loss, loss of business due to outages by the Vaultoro system.
Vaultoro will do its best to keep you informed during any outage if you have open orders on the order book. You accept that during an unscheduled service interruption or downtime emails may not be sent due to the system being down or out.
You accept that an interruption of service is an inevitable and unavoidable eventuality with networked computer systems. You accept our method of dealing with your open trades during an outage or before trading resumes. You accept and understand the risks of leaving open orders on the Vaultoro system can expose you to risks that are increased during times of maintenance, outages or DDOS attacks to the website, and you accept these risks as your own.
You agree that any damage or interruptions caused by computer viruses, scareware, spyware, Trojan horses, worms or other malware that may affect your computer or other equipment is your responsibility in full and that Vaultoro does not bear any liability, whatsoever, for any losses of moneys, assets, personal identities, opportunities.
This is also the case for any phishing, spoofing or other attack.
Vaultoro recommends the regular use of reputable malware and anti-virus software.
Vaultoro also recommends that you never click a link in an email from Vaultoro. Instead you should open a browser and log into vaultoro.com manually to make sure you are not dealing with a phishing attack email purporting to come from vaultoro.com and made to look like an official Vaultoro email.
If you have any doubt whatsoever about a communication from Vaultoro please don’t hesitate to contact us.
You acknowledge that The Financial Services industry is regulated very differently from Vaultoro’s regulatory status.
Throughout America, Europe and Australia, financial service companies or schemes tend to deal in paper based instruments (“securities”). These are regulated very differently to what Vaultoro offers its clients, which is absolute ownership of physical gold, purchased on the spot market. Like the rest of the physical gold industry in the UK, Vaultoro falls outside any definitions of the formal financial services regulations.
Vaultoro enables its users to trade in the absolute ownership of physical metal (“gold”) and Bitcoin. Vaultoro does not offer credit or paper backed securities.
Vaultoro like the rest of the London physical gold bullion markets are not regulated by the UK’s Financial Services Authority but by traditional English property law.
If a trading engine error is found by you it is your responsibility to report the error as soon as you have found it. PLEASE REPORT IT HERE. It is not within your or Vaultoro’s rights to profit from any trading system vulnerability or error.
Vaultoro has algorithms in place that check for trades that have happened far out of the price range of the wider global markets and will halt all trading if such an error was to arise. In the unlikely event that these protections in the Vaultoro trading system where to fail in anyway then Vaultoro and you agree that reasonable adjustments to user balances may be made by Vaultoro.
The financial liability for the acts and omissions of Vaultoro and/or its subcontractors, agents, freelancers or employees are laid out below in the following provisions:
Subject to the clauses above on Inspection and Acceptance and Risk and Title, all warranties, conditions or other terms implied by statute or common law (save for those implied by Section 12 of the Sale of Goods Act 1979) are excluded to the fullest extent permitted by law.
Nothing in these Terms and Conditions shall exclude or limit our liability for fraud, or death or personal injury caused by our negligence, or for any other liability which cannot be excluded or limited under applicable law.
Subject to the 2nd and 3rd Paragraphs above:
Vaultoro shall not be liable to you for
any pure economic loss,
loss of corruption of data or information;
fall in the value of your gold or Bitcoin,
loss of anticipated savings
loss of business,
loss of profit,
loss of goods
depletion of goodwill or otherwise,
loss of contract
in each case whether indirect,
loss of use
direct or consequential,
No legal proceedings (including any counterclaim) may be brought against Vaultoro unless they are issued and served within nine months of the event giving rise to the claim.