More and more people are turning to companies like Prescott Regency to trade in cryptocurrency. Because of this surge in usage, however, a number of platform have been developed that don’t offer the best services. As a conscientious shopper, you need to research the different platforms that are out there and find the one most suitable to your needs. One way to do this, is by investigating their terms of services. Prescott Regency, for instance, have made those clearly available on their website.
Terms of Services to Expect
The first thing to expect is a clear explanation of what the platform does, which, in this case, is exchanging regular money for virtual currency. Secondly, it should explain exactly what you are and are not allowed to do, and what is expected of you. This includes:
- Being at least 18 years old and being of full mental capacity.
- Trading only funds that are yours and that have been legally obtained.
- Taking responsibility for any gains or losses yourself.
- Providing only accurate and true information.
- Being a resident of an authorized country.
- Agreeing to uphold and laws and regulations pertaining to your jurisdiction.
One of the key things to investigate is that of territories. Certain countries, for instance, prohibit the use of trading platforms for cryptocurrencies. The complication is that those countries in which cryptocurrency trading is not accepted, do allow access to the websites that enable these types of trades. Hence, it is not unheard of for someone to unwittingly break the law, simply because they didn’t properly investigate the rules and regulations. This is another reason why it is so important that you complete your own research before signing up to a platform. The usage of VPN systems or other systems that masque physical location, is, naturally, completely prohibited.
The Rights of the Platform
Finally, you have to have an in-depth understanding of what the rights of the platform are. For instance, it is common to see that they can change their terms and conditions in any way, at any time. However, they do have the obligation to notify you of those changes and to accept the new terms of conditions. You should, at all times, be in your right to decline those conditions, but that would mean no longer being able to use the service either. Any transactions made after new terms and conditions come into force, will be guided by them as well.
Furthermore, trading platforms are allowed to close accounts if they suspect illegal usage, or if they believe it is no longer in use. In the latter case, a notification should be sent to the account holder, to which they will have a limited time to response through agreed channels. Any funds held in the account must be removed by the account holder within a set period of time as well. This is a very important caveat, because it may mean accounts are closed and funds are lost to the holder due to inactivity.