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Effective Date: 8th of August, 2018

By using this website (“Site”), registering for a User Account (as defined below) or using the Service provided by HotRate, you ("you, your, or yourself") are agreeing to accept and comply with the terms and conditions of use stated below ("Terms of Use"). You should read the entire Terms of Use carefully before using this Site or any of the HotRate Services.
While providing the Service, HotRate does not act as an intermediary or marketplace between other buyers and sellers of Currencies (as defined in section 1 below). When buying or selling Currency (-ies) through Hotrate, you are buying Currency (-ies) from, or selling Currency (-ies) to, HotRate directly.
The text of these Terms of use shall be permanently located at Hotrate and might be updated from time to time.
By using the Site Hotrate you unconditionally accepts these Terms. Please do not use the Site Hotrate if you do not agree to these Terms.
Also depending on your country of residence, you may not be able to use all the functions of the Site. It is your responsibility to follow those rules and laws in your country of residence and/or country from which you access this Site and the Service. As long as you agree to and comply with these Terms of Use, HotRate grants you the personal, non-exclusive, non-transferable, non-sublicensable and limited right to enter and use the Site and the Service (as defined below).
The terms and definitions used in these Terms shall have the following meaning:
  • “Account details” means User data necessary to access and use of the Site – login, password, email and other data indicated during the registration process as well as after it.
  • “HotRate” is an automated web-service located in the Internet at the address https://hotrate.io, which renders its Service to all Users through a special program interface.
  • “Base Currency” means the Currency that User would like to exchange.
  • “Currency” means electronic monetary funds, funds on the bank accounts, electronic payment instruments, special codes that permit transfers of fiduciary funds directly from user to user (p2p), as well as tokens and cryptocurrencies.
  • “Exchange rate” means the price of the Base Currency in the Wallet of one type in terms of the Quote Currency in the Wallet of another type. The exchange rate is fixed by HotRate.
  • “Payment system” means a legal entity that provides its clients with the Wallet and processes the client’s Currency transfer orders to HotRate and/or third parties.
  • “Order” means electronic request on the exchange sent by User to HotRate through the Site.
  • “Parties” means User and HotRate.
  • “User account” means set of protected pages created as a result of User registration on the Site.
  • “Quote Currency” means the Currency that User receives as the result of the Service.
  • “Registration” means the registration procedure of the User on the Site.
  • “Reserve” means the amount of all Currencies stored in every Wallet of HotRate and available for the Service.
  • “Service” means the exchange of the Base Currency to the Quote Currency committed between the User and HotRate, where the latter at all times acts as a direct counterparty to transaction which assumed the exchange of the Base Currency to the Quote Currency
  • “Terms” means these Terms of use.
  • “User” means an individual or legal entity capable to use the Service under the personal law.
  • “Wallet” means an instrument and/or method that enables to prepare, confirm, and send instructions to transfer Currency.
  • “Site” means set of information, texts, graphic elements, design, pictures and other intellectual property, as well as the software in the information system available over the Internet at network address Hotrate
The rest of the terms and definitions in the text of the Terms are interpreted by the Parties according to the current legislation of England and Wales. The headings (of articles) of the terms are for convenience only and shall not in any way affect the meaning or interpretation of the Terms.
The subject matter of this Agreement is the service of exchange of the Base Currency to the Quote Currency committed between the User (-s) and HotRate, where the latter at all times acts as a direct counterparty to transaction which assumed the exchange of the Base Currency to the Quote Currency (also referred to as the “Service”).
For the above mentioned purpose HotRate grants the User a free non-exclusive license to use the Site and User account all over the world for the period of use of the Site. User has the right to use the Site and, if applicable, the User account for the intended purpose, the access to the Site, the use of the explicit functions of the Site including submission of Orders.
HotRate shall render Service to the User based on Orders of the User and according to the rules set forth in these Terms and the User shall pay for the Service HotRate fee and shall observe the Terms. The User is eligible to use the Services if the User has the Wallet (Wallets) to transfer Base Currency and to receive Quote Currency.
To be eligible to use the Site the User must be at least 18 years old. The User may only use his own account and may only have only one account registered with HotRate. The User may only act on his own behalf. User may not use account to act as an intermediary or broker for any person or entity.
User is not allowed to sell, borrow, share or otherwise make available his account or any detail necessary to access his account to third parties. User is responsible for maintaining adequate security and control of any and all his usernames, passwords, two-factor authentication codes or any other codes or credentials that the User use to access the Site.
User account must not contain misleading or fraudulent information. Creating fake information for the User account or providing fraudulent identification documents is prohibited. If HotRate has doubts whether the details are correct, current, and/or complete, HotRate has the right to refuse the User the access to the Site, or any of its resources.
HotRate shall require the User to verify his identity to access the Service which HotRate offers. The verification procedure is defined in detail in the User Account on the verification page.
Exchange rates regarding all Currencies eligible for exchange are available on the Site. The information about the Reserve is also available on the Site. Exchange rates are adjusted automatically or manually.
The User chooses an Exchange rate and submits an Order. The Order is submitted by filling in all the fields of the Order form that is available on the Site and the Base Currency is transferred to the Wallet of HotRate.
Order is considered to be duly submitted if the following information is provided: amount and type of the Base Currency; type and payment details of the Wallet that the User will use to transfer the Base Currency to HotRate; type of the Quote Currency; type and payment details of the User’s Wallet to which HotRate shall transfer the Quote Currency.
HotRate informs the User about the submission of Order on the Site or in the User account and, if applicable, by sending an e-mail to the address of the User. In the same way, HotRate informs the User about period of time that the User has to transfer Base Currency to HotRate. If HotRate receives the Base Currency within the appropriate period, HotRate renders the Service according to the Exchange rate.
The Parties acknowledge that all commissions of Payments systems that accept and transmit Base Currency are charged at the expense of the User. The User acknowledges that HotRate is entitled to deduct from the amount of the Base Currency acquired from the User all commissions of Payment systems that accept and transmit the Quote Currency transfer orders. User acknowledges that the moment of giving a Currency transfer order and the moment of actual transfer of Currency may differ.
User acknowledges that HotRate cannot render Services before the receipt of Base Currency from the User. User acknowledges as well that in case HotRate receives the Base Currency in the amount less than or equal to the minimal Service fee, available on the page with terms on the Service fee rates, as well as commissions of Payment systems, or as alternative, less than the minimal amount of the Base Currency if it is applicable to a particular type of Base Currency, the Service is not provided.
In case of non-receipt from the User of the Base currency within one hour from the moment of acceptance of the User to the details provided by the Service, the Order is considered to be unilaterally terminated without necessity to notify the User.
At any time before the Service is rendered the User may cancel the Order in User account or by sending an e-mail to the address of HotRate support@hotrate.io, provided that such order cancellation is confirmed by response confirming cancellation of a particular order from the mentioned e-mail address prior to the order execution. Upon receipt of such cancellation HotRate shall give a Base Currency transfer order to the appropriate Payment system to pay back to User’s Wallet. The amount of Base Currency returned shall be the same as the amount of received Base Currency deducted, where applicable, on the amount of the commissions of Payment system. HotRate informs the User about the return of Base Currency to the Wallet of the User in the Personal account or by sending an e-mail to the User’s address mentioned in the User account.
If HotRate receives Base Currency in an amount that is less or more than stipulated in the Order, HotRate is entitled to suspend provision of Service under such Order and contact User via sending e-mail to address, mentioned in the User account, in order to determine the further actions for this Order.
If the decision for cancellation of the Order is made between User and HotRate following the above referred negotiations between User and HotRate, the Base Currency will be returned to that account of the User, from which respective Base Currency has been received, and, where applicable, shall be subject to commissions and/or other charges applied by respective Payment system.
Any completed transaction conducted by the Service is considered to be irrevocable, i.e. cannot be canceled by the User after its completion.
HotRate fee shall be calculated in percent from the amount of Base Currency acquired by HotRate from the User. The Service fee rates are appointed by HotRate for each pair of Base Currency and Quote Currency and are published at Hotrate FAQ page. The clause on the HotRate fee is an integral part of the Terms, the acceptance of the Terms is considered as the acceptance of the clause on the HotRate fee.
User is acknowledged about the amount of the fee payable for the Service at the moment of submission of the respective Order. HotRate is not allowed to change the amount of the Service fee once the Order is submitted.
The User agrees that the Service fee is deducted by HotRate from the sum of Base Currency acquired by HotRate from the User.
HotRate takes all appropriate measures and implement the best standards to compliance with all applicable laws and regulations regarding Anti-Money Laundering. HotRate will make reasonable efforts to detect and prevent people engaged in any criminal activity in any jurisdiction from using the Site.
If HotRate has the grounds to suppose that the User is willing to commit a suspicious transaction HotRate may at its sole discretion: refuse to render the Services upon certain Order; request additional information proving legitimate character of the operation; block access of the User to the User account; terminate the Terms without the prior notice of the User.
The User agrees that HotRate processes the personal data provided during the Registration and the verification procedure, including: name and surname; e-mail; country of residence/nationality; payment details of Wallets; mobile phone number; details of the identification document; residential address.
Processing of personal data is any operation or set of operations that is performed upon personal data, whether or not by automatic means, such as collection, recording, organization, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, alignment or combination, blocking, erasure or destruction.
Processing of personal data is carried out in order to fulfill the Parties' obligations under these terms, Registration of User, technical support, submitting Orders, rendering Services, consideration of complaints.
At any time, the User is entitled to withdraw his or her consent for the processing of personal data, ask for deletion or change of the personal data by sending to HotRate an e-mail to the address: support@hotrate.io. The User acknowledges that HotRate may continue to process his or her personal data in cases allowed by the applicable legislation.
HotRate uses cookies to enhance the usability of the Site, analyze and collect statistics of the User’s activities on the Site. Cookies may be used to count the User’s visits of the Site, the duration of User’s sessions, track the pages of the Site visited by the User, the page that led the User to the Site. Cookies will be stored in the personal computer of the User automatically unless the User has declined the cookies at his or her discretion in the personal settings of the web-browser.
The User agrees to receive advertising materials from HotRate or third parties by order of HotRate on the e-mail address and the mobile phone number that the User provided to HotRate throughout the use of the Site. At any time the User is entitled to withdraw his or her consent to receive advertising materials by clicking through the link provided in the advertising materials received by the User.
HotRate may share the personal data with law enforcement officials and other authorities within litigation or as part of the investigation pursuant a court order, injunction or in order of cooperation, as well as in other cases stipulated by applicable law.
HotRate may share the personal data with third parties in order to reveal or suppress fraud or fix technical bugs or eliminate security problems.
HotRate may share the personal data with third parties if it is necessary to perform the obligations of HotRate under the Terms. HotRate is not liable for the processing of personal data of the User by such third parties.
The Site contain fruits of intellectual labor that belong to HotRate, affiliated persons and other related parties, sponsors, partners, representatives, all the parties acting on behalf of HotRate and other third parties.
By using the Site the User acknowledges and agrees that all Site content and the structure of Site content are protected by copyright, trademark and other rights concerning the results of intellectual activity, and that the above mentioned rights are authentic and are protected in their every form, in all carriers and regarding all existing and created later technologies. No rights as well as no Site nor content are committed to the User as a result of Site use or on the conclusion of the Agreement.
The Site can contain external links to other sites on the Internet network (third parties’ sites). The above mentioned third parties’ sites and their content are not checked by criteria of conformity with certain requirements (authenticity, completeness, legality, etc.). HotRate will not be liable for the information and the materials published on third parties’ sites, which the User can access via the Site as well as does not assume any responsibility for expressed opinions or statements, advertising materials, the accessibility and possible consequences of use of third parties’ sites.
HotRate has the right to assign respective rights and obligations under this Agreement. By accepting these Terms the User gives his or her irrevocable consent to HotRate for the referred assignment of rights and obligations to third parties. In case of assignment, HotRate will inform the User about it via publishing the corresponding message on the Site.
Neither HotRate nor any of its affiliates make any specific promises about functioning of the Site. For example, HotRate does not make any commitments about the content of the Site, the specific functions of the Site, or their reliability, availability or ability to meet the User’s needs. HotRate provides the Site "AS IS".
To the extent permitted by law HotRate excludes all warranties, guarantees, conditions, representations, and undertakings.
The User warrants and represents that he or she is capable under personal law, has all the power and authority to enter into the Terms and acknowledges the risk of using the Site.
The User warrants and represents that he or she does not and will not use the Services for illegal purposes, including the money laundering of criminal proceeds, transfer or receipt of payment for planning, preparation or commitment of crime, for financing the terrorism and illegal trade.
The User warrants and represents that he or she will provide only truthful, actual information regarding himself or herself while undergoing the Registration and verification procedure.
User warrants and represents that he or she will not disclose or transfer to third parties or store without adequate security measures the Account details. If the User has lost or compromised the Account details as well as if the Account details have been illegally used by third party the User shall inform HotRate of that fact by sending an e-mail to support@hotrate.io. Unless HotRate receives such message from the User, HotRate considers all the actions made under Account details as the actions of the User.
To avoid any misunderstanding the User is prohibited to:
  • copy and/or diffuse any items of intellectual property published on the Site except when this function is clearly contemplated by the Site;
  • copy or use in any other way the program part of the Site as well as its design;
  • use the personal data of third persons without their permission;
  • change in any way the program part of the Site, take any actions aimed at changing the functionality and usability of the Site, disable or otherwise interfere with the work of the Site;
  • insults or use any words violating rights and liberties of third persons.
To the extent permitted by law neither HotRate nor HotRate's affiliates, and HotRate's suppliers and distributors will be responsible for lost profits, revenues, financial losses, indirect, special, consequential, exemplary damages. HotRate, its affiliates, and HotRate's suppliers and distributors will not be liable for any expense, loss or damage that is not reasonably foreseeable.
To the extent permitted by law the total amount of HotRate liability, its affiliates, and HotRate's suppliers and distributors is limited to the amount you paid to HotRate for all Services provided during 1 (one) month prior to the event giving rise to the liability.
HotRate does not control the moment of crediting of the Wallet of HotRate with Base Currency and, therefore, is not liable for any loss and damage including loss of opportunity arising out of the suspense of transactions or other delays in transfer of Currencies to Wallets.
If the User has provided HotRate with the erroneous payment details of the Wallet HotRate does not bear any liability for any loss and damage including loss of opportunity arising out of such error.
HotRate sets the Exchange rate on its own depending on the demand on the Quote Currency by the Users. HotRate does not guarantee that the Exchange rate is fair, adequate and economically feasible. HotRate is not liable for any loss and damage including loss of opportunity arising out of Exchange rate.
These Terms are governed by, and shall be construed in accordance with the laws of England and Wales. Should there be any disputes regarding matters stipulated herein, the Parties shall take all measures possible to resolve them by negotiations.
These Terms are governed by, and shall be construed in accordance with the laws of England and Wales. Should there be any disputes regarding matters stipulated herein, the Parties shall take all measures possible to resolve them by negotiations.
Should the Parties fail to reach an agreement by means of negotiations, any dispute arising from the Terms or related hereto, including any matters concerning essence, existence, validity or termination of the Terms or this paragraph shall be considered and finally resolved in accordance with the Rules of London Court of International Arbitration (LCIA) in the wording effective as of the moment of consideration, deemed to be part of this clause by reference. The number of arbiters shall be three (3), elected in accordance with the LCIA Rules. The place of arbitration shall be London, United Kingdom. The arbitration shall be held in English, the decision shall be executed in English. The arbitration proceedings shall be regulated by the law of England and Wales.
The Parties shall agree that the information of arbitration, including but not limited to the information of any arbitration decision, shall be deemed confidential and not disclosed to any third parties without the written consent of the Parties, unless required by law. This decision shall be final and binding for both Parties, and may be used or produced for enforcement at any court having respective jurisdiction; an application concerning enforcement order may be filed to such competent court, if required.
HotRate has the right to unilaterally change these Terms. The changes take effect in 3 (three) days after the moment the new version of corresponding documents is published on the Site.
If the User does not accept new edition of Terms, he/she should stop using the Site.
With the exception to the cases defined by the Terms and the current legislation, all the notifications, messages and documents related to the fulfillment of obligations arose out of the Terms should be sent to and are considered as received by the Parties if they have been sent via email from the authorized address of one Party to the authorized address of the other Party. An authorized address can be:
  • for the User: the email address indicated by him/her at the User account;
  • for HotRate: support@hotrate.io
You agree that the laws of England and Wales, excluding conflict of laws provisions, will govern these Terms and all matters arising out of this document.
If any clause of the Terms is found void and unenforceable by a court decision, it will not affect the validity of other clauses of the Terms, which shall remain valid and enforceable.