Terms of use

Introduction

The Terms of Use described below apply to all transactions and activities engaged by the users of Vaultoro.com and with its subsidiaries and to all data gathered by Vaultoro and the support system (3rd party).

Acceptance of the terms of use

By using the Vaultoro website (“site, “us”, “we”, “our”, “trading system”, trading engine” ), signing up and creating a Vaultoro Account (“account”), or using any other Vaultoro Limited service, you (“yourself”, “you”, “your”) are accepting and agreeing the terms and conditions of use outlined and documented below (“Terms of Use” , “terms and conditions”). You must read the whole terms of use in its entirety carefully and fully understand it before you use this site, any of the subdomains or services run or owned by Vaultoro Limited.

The word “Vaultoro” as used in this Terms of Use document refers to the company Vaultoro Limited, its subsidiaries, including and without limitation, its employees, Directors, Investors, or directly related parties substantially important for the business activity and 3rd parties.

The Service that Vaultoro offers allows buyers (“buyers”) and sellers (“sellers”), to buy and sell the cryptocurrency (“decentralised blockchain based currency”), Bitcoins (see bitcoin.org) and physically vaulted gold.

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 or your legal status within or outside of your jurisdiction.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.

By agreeing to and complying with these Terms of Use, Vaultoro grants to you a personal, non-sublicensable, non-exclusive, non-transferable and limited right to become a member, enter and use the site and the services it offers. We may, at any time, and at our sole discretion, modify these Terms and Conditions of Use, including our Privacy Policy, with or without reasonable (in time) notice to the User. Any such modification will be effective immediately upon public posting. Your continued use of our Service and this Site following any such modification constitutes your acceptance of these modified Terms.


The Purpose of our business relationship

You must become a Vaultoro member in order to benefit from Vaultoro’s Terms of Use for trading in and storing gold and Bitcoin. The expectation of Vaultoro members is to enjoy a transparent, efficient trading experience while paying low commission rates and low custody charges in comparison to alternative services for trading or holding gold and bitcoin. For Vaultoro to deliver these expectations Vaultoro’s trading platform, trading engine, payment input and output, graphing engine are all highly automated across the internet to keep costs as low as possible.

Data about you - Privacy Policy

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 the support system  or  (3) required and/or subpoenaed by law  or (4) compliance with the gold vaulting facilities jurisdiction and laws regarding “Know your customer” and “Anti-Money-Laundering” laws


Security and communication

Passwords

Vaultoro makes all effort to store your passwords encrypted with industry standards to protect your personal and financial data from unauthorized access. You have the duty to keep your passwords and access credentials secret.

In order to provide reliable customer access to accounts, Vaultoro employs a procedure for re-issuing forgotten passwords. By accepting these Terms of Use, you accept the form of the password reset procedure.


Use of cookies and similar technologies

Vaultoro utilises a browser feature known as a “cookie” This allows Vaultoro to keep members logged in when navigating around the site. Without the use of cookies a member would have to log in to the site with each page they click on which would make the site unusable.

We also employ cookies to gauge 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 or similar analytic services to further understand how our site is being used so that we may improve and grow the service for our members.

By using Vaultoro you agree that we may use cookies to provide you with the best service possible.

Data Transmission

All Data which passes between you and Vaultoro servers during a logged-in session, in both directions, are transmitted across the internet using the SSL protocol, which is an industry standard. SSL is widely accepted as an extremely reliable way to transmit data while maintaining privacy and accuracy between 2 parties. Vaultoro is not responsible for any existing our future bugs or exploits that could be used for frauds within the SSL software.


To communicate with us

To communicate with Vaultoro you may use the following channels.

Visit http://support.vaultoro.com

Email: support@vaultoro.com

Email

By registering with Vaultoro you accept and agree to receiving occasional emails to the email address you use to sign up with. These emails include information about, but are not limited to: statements, confirmations of changes to your account settings, login notifications, order confirmations, security advice, monthly statements, critical news about and changes to terms and conditions. These emails will be written in an easy to comprehend, open format feedback to the email address you have on record. By accepting these Terms of Use you accept that you cannot unsubscribe from emails that relate to the administration of your account and or emergency emails. You do, however, have the option to unsubscribe from general updates. To do this simply follow the instructions at the end of these types of emails.

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 https://www.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 2 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.


Telephone or SMS

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.

Mail (post)

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.

Contact details

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 landline 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.  

By accepting these Terms of Use you accept that your failure to maintain correct and up to date contact details may invalidate some of the protections Vaultoro offers. You hereby agree that Vaultoro will not be held responsible in any way for losses which arise out of your failure to maintain your correct contact details.


Retention of account information

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.


Risks for the User

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.



Buying gold or trading with a non verified account

To comply with Swiss AML/KYC (anti money laundering and know your customer guidelines) you need to be verified with your name, address, birthdate and country of residence before you can buy and sell assets in Vaultoro


Verifying yourself

Verification ensures that  all gold purchased is recorded as your legal property .

All users who want to physically withdraw their gold will have to be fully verified.



Taxes

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.



Force Majeure, acts of God or vis major  

Vaultoro will not be responsible for any delay or failure in any performance due to, and not limited to, acts of God, war, blockade, embargoes, 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.


A lack of liquidity

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.

 

Identity theft

Vaultoro employs multiple levels of industry standard best practice used to secure, encrypt and double salts all personal user data.

Vaultoro ly 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.

Security

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.

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.

Fees and Commissions

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 month's  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

Proprietary Rights

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 utilises some graphics and icons which come with a creative commons licence, for example, but not limited to, font awesome icons. These may be used as per the licence agreements of the providers.



Publicly visible data

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 Bitcoins 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 orderbook 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.



Jurisdiction and Law

Availability of Service

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 Vaultoro reserves it´s right to stop providing all or part of  the Vaultoro services to any country, anytime or any user any time if after a certain time the user is identified later as a political exposed person or bad actor.

Death or incapacity

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

Your Bitcoin holdings security is our top priority. To secure the user’s Bitcoins 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

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 Bitcoins 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.

Bitcoin withdrawals

Vaultoro utilises a hot online wallet which holds around 10% of the funds held in trust by Vaultoro users. The other 90% is held in multi signature cold wallets (“cold wallets”, “offline wallets”, “paper wallets”). The percentages are examples and do not reflect real values. Any wallet can hold any percentage of customers funds.

Deposit Limits for unverified users

Vaultoro takes money laundering extremely seriously and follows EU AML/KYC (Anti-money laundering / Know your customer) regulations very closely.

If you wish to trade bitcoin and gold you must verify yourself:

  • Full name

  • Address

  • Telephone number

  • Copy of passport or government issued ID

  • A utility bill no older than 3 months with your name current address stated clearly.

Daily withdrawal limits

For security reasons Vaultoro only keeps a minimum of Bitcoin in the hot wallet. There may be times where you can not instantly withdraw your desired Bitcoin amount.

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.

Unclaimed or static Bitcoin funds

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.

Auditing and proof of solvency

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 anonymised 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.


Warm wallet (HOT PROXY).

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. In high volume trading times and transaction times the cold and warm wallets total Bitcoin might be lower than the sum of all Vaultoro`s liabilities. In this case the majority of users funds are held in the hot wallet.



Your Gold Holdings

100% full reserves.

Your gold holdings are held by a vault operator. The only access to the gold holdings is through the Vaultoro platform. Your gold holding are managed by a subsidiary of Vaultoro:
Vaultoro Clients Limited, Ravensberger Str. 17A, 10709 Berlin. Vaultoro Clients Limited is 100% owned by Vaultoro Limited and agrees to manage all Vaultoro`s customers gold as written in these Terms of Use.

Vaultoro and its subsidiaries hereby declare and guarantee 100% or above full reserves, that means never sell gold to users, that has not or will not be acquired.

In certain high volume times Vaultoro  and its subsidiaries  reserves the right to sell gold to it`s users that has not yet been acquired by Vaultoro and its subsidiaries. This creates a contract that Vaultoro and its subsidiaries need to buy the gold as soon as possible from a gold provider. Vaultoro and its subsidiaries  will never use customers assets as collateral, lend out, hypothecate, create a derivative transaction of any type, with any Bitcoin or gold held in bailment. All gold holdings are stored by the vault operator. Vaultoro Clients Limtied is the only party that has a vaulting contract with the vault operator. By law, the vault operator is informed of the holdings of each user, but a user can not contact the vault directly to access its holdings or get information about Vaultoro or its subsidiaries due to data protection laws. Vaultoro and its subsidiaries reserve the right to change vault operator and place of gold holdings anytime. The vault operator has a contract with a third party to insure the gold and to audit the gold.  


Insurance

All user’s gold is 100% insured against theft and damages through the gold insurance contract the vault operator has with its insuring company. 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 and its subsidiaries ensure to comply with the vault operators legal obligations (know your customer and anti money-laundering laws and other laws) so the contract with the vault operator can be maintained by each party.

Vaultoro and its subsidiaries will make the documented proof of insurance publically available and viewable to Vaultoro members.


Location

Your gold is currently physically stored in Zürcher Freilager

Address

Zürcher Freilager AG GVZ

8424 Embrach

Switzerland

Vaultoro and its subsidiaries reserve the right to change the location of the user's holdings.

Form

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.


Bullion content

Vaultoro guarantees that all gold held in your account is of a 99.95% minimum purity

If there is any breach found in this guarantee, Vaultoro will cover any shortfalls by replacement through the parties responsible providing lesser quality bars.



Vault Operators

Vaultoro employs the services of professional vault operators of the highest reputation. Vault operators are in the business of managing the logistics and storage of bullion bars. By accepting this Terms of Use agreement, you agree and accept that Vaultoro and its subsidiaries have a contract with a vault operator(s). The storage agreement(s)between Vaultoro / its subsidiaries and vault operator is between Vaultoro/its subsidiaries and the vault operator only. The agreement to manage customers gold is only between Vaultoro/and its subsidiaries and the user (“you”)


Your gold is held in bailment.

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. I

Vaultoro’s chosen Vault Operator stores your gold in pursuant to a storage agreement between Vaultoro and the vault operator. By accepting these terms of use you acknowledge that your gold is only accessible to you through the Vaultoro platform.

The reason for structuring your gold’s safekeeping as a bailment is purely to arrange the est and easiest legal framework and protections for your gold to be held within a professional vault at the cheapest possible price to you.



Bailments within Vaultoro

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 Vaultoro`s system and becomes a bailment of the buyer's property, through the agreement between the buyer and Vaultoro.

You agree that once you have purchased the gold on Vaultoro, that Vaultoro stores your gold within the vault operators storage facilities.

By agreeing to these Terms of Use you acknowledge that Vaultoro will be responsible for all record keeping in terms of the creation and termination of the bailment according to these Terms of Use

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.



Vaultoro’s storage contracts with the Vault Operator.

You agree that Vaultoro has the authority to store your gold with any vault operator that Vaultoro chooses.

With each purchase order placed and executed on the Vaultoro trading system Vaultoro confirms that a storage agreement with a vault operator exists and that the gold is or will be stored by a vault operator.


Contractual rules for physical gold withdrawal

Physical delivery is possible under certain circumstances but is not guaranteed, but the possible depending on your geographical location and geopolitical situation within your area. You acknowledge the possibility that the gold might be delivered from a gold merchant in your country.

Vault operators Storage Agreement termination

In the event that a Vault Operator wants to terminate a Storage Agreement, Vaultoro confirms that the Vault Operator must give Vaultoro 1 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  1 months prior to the termination of the Storage Agreement if an alternative cannot be found, so that members have the ability to sell, organise for physical delivery and / or arrange an alternative mechanism for securing their gold bullion assets.


Record keeping and database security

Vaultoro maintains and controls the master copy of the gold and Bitcoin ownership database. The only way Vaultoro can modify this database of records is by the execution of a members trade order made in accordance to these Terms of Use.  

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




Dormant accounts with small amounts of gold

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.



User bullion withdrawal rights

Although Vaultoro is not primarily designed as a physical bullion gold delivery system but rather a trading platform, Vaultoro offers the service of physical delivery 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 delivery 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 delivery of physical gold you accept to and agree to pay Vaultoro any of the fees and charges associated to the delivery of physical gold and that these fees may vary depending on the type and amount of gold you want to have delivered. You acknowledge that all fees and charges needed for a physical delivery must be paid before a delivery can be set in motion.

You acknowledge and agree that all fees and charges are denominated in Bitcoin or gold, and must be paid for in Bitcoin or gold.

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 delivery amounts  to the nearest 100 grams (in accordance to and within the gold balance of the user). Any gold funds left over may be kept as gold on the user's account or be sold for Bitcoins and withdrawn using the standard selling mechanisms on the Vaultoro market.

You acknowledge that the gold which will be delivered must not have the same origin as the gold that is stored by Vaultoro.

In order to facilitate physical delivery 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 organisations 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.



Logistics and delivery of physical gold

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 when initiating the physical gold delivery. 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.


Vaultoro’s rights and obligations to users for moving gold to another Vault.

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:

  • Vaultoro will always use multiple checks and checkpoints to determine and make sure  that any user requesting a physical gold delivery 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.


Trading

Risk when trading

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 firewalling 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.



Order book


When you place an order on Vaultoro you may place two types of orders:

A limit order

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

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.


Your Orders

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.


Unfulfilled market order

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.


Timing Risks

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.


Vaultoro’s right to remove orders at its discretion

You agree that Vaultoro reserves the rights to remove any orders from the order book at anytime and for any reason.


Vaultoro’s right to pause trading for single users or all users.

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.


Communications about orders

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.


Settlement

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.

Trades

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.


Limitations of liability

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.

Subject to this Terms of Use document, Vaultoro’s collective liability in respect of claims that arise out of any single user’s use of the Vaultoro site and/or platform, in contract, wrongful conduct, negligence or anything else, shall in no circumstances exceed the greater of either:

  1. 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

  2. 100% 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


Trading bots and API access

You acknowledge that the API on api.vaultoro.com is used by you or 3rd parties at your own risk. Vaultoro is not responsible for proper implementation, can not offer technical support and is not liable for any damage that arises by using the Vaultoro API at any capacity.

Fees and Charges

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.


Downtime and Availability

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,

In an emergency outage, Vaultoro reserves the right to pause, cancel or restart all trading at its discretion.

Vaultoro takes outages extremely seriously and will do anything in its power to minimise 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 orderbook. 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.


Computer Viruses

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 antivirus 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.

Regulations and Vaultoro

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.



Trading errors or corrections

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.



Limited and exclusions of liability

  1. 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:

    1. any breach of these Terms of Use

    2. any representation, statement, tortious act or omission (including negligence), arising under or in connection with these Terms of Use

  2. 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.

  3. 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.

  4. Subject to the 2nd and 3rd Paragraphs above:

    1. Vaultoro’s total liability in contract, tort (including negligence or breach of statutory duty), misrepresentation, restitution or otherwise, arising in connection with the performance or contemplated performance of these Terms of Use shall be limited to the value of your Bitcoin balance and/or gold from time to time deposited with or by Vaultoro; and

    2. Vaultoro shall not be liable to you for

      1. any pure economic loss,

      2. loss of corruption of data or information;

      3. fall in the value of your gold or Bitcoin,

      4. loss of anticipated savings

      5. loss of business,

      6. loss of profit,

      7. loss of goods

      8. depletion of goodwill or otherwise,

      9. loss of contract

      10. in each case whether indirect,

      11. loss of use

      12. direct or consequential,

      13. or any claims for consequential compensation whatsoever (howsoever caused) which arise out of or in connection with these Terms of Use.

  5. If Vaultoro’s performance of its obligations under these Terms of Use is prevented or delayed by any act or omission of the Customer or any agent, subcontractor or employee of the Customer, Vaultoro will not be liable for any costs, charges or losses whatsoever sustained or incurred by the Customer arising directly or indirectly from such prevention or delay.

  6. 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.


Governing Law

This Agreement (“Terms of Use”) shall be governed, construed, and enforced in accordance with the laws of The United Kingdom, without regard to its conflict of laws rules. All disputes in hereof shall be governed exclusively by courts within the jurisdiction of The United Kingdom.

Governing Law for it´s subsidiary Vaultoro Clients Limited is the same as above, except for the branch maintained in Germany (Vaultoro Clients Limited, Ravensberger Str. 17A,10709 Berlin), where the governing law is german law.


Company Details

Vaultoro Limited
The Loft at The Maltings
East Tyndall street
Cardiff CF24 5EZ
Company number: 09369786

The Terms of Use described below apply to all transactions and activities engaged by the users of Vaultoro.com and with its subsidiaries and to all data gathered by Vaultoro and the support system (3rd party).

Acceptance of the terms of use

By using the Vaultoro website (“site, “us”, “we”, “our”, “trading system”, trading engine” ), signing up and creating a Vaultoro Account (“account”), or using any other Vaultoro Limited service, you (“yourself”, “you”, “your”) are accepting and agreeing the terms and conditions of use outlined and documented below (“Terms of Use” , “terms and conditions”). You must read the whole terms of use in its entirety carefully and fully understand it before you use this site, any of the subdomains or services run or owned by Vaultoro Limited.

The word “Vaultoro” as used in this Terms of Use document refers to the company Vaultoro Limited, its subsidiaries, including and without limitation, its employees, Directors, Investors, or directly related parties substantially important for the business activity and 3rd parties.

The Service that Vaultoro offers allows buyers (“buyers”) and sellers (“sellers”), to buy and sell the cryptocurrency (“decentralised blockchain based currency”), Bitcoins (see bitcoin.org) and physically vaulted gold.

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 or your legal status within or outside of your jurisdiction.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.

By agreeing to and complying with these Terms of Use, Vaultoro grants to you a personal, non-sublicensable, non-exclusive, non-transferable and limited right to become a member, enter and use the site and the services it offers.