Terms of Service
By registering and activating a Flexcoin account, you agree to be bound by the following terms and conditions…
Flexcoin Inc is a Limited Liability Company Registered in Alberta, Canada
Your Account: When you deposit bitcoins into your Flexcoin account, you will have the ability (after a certain number of confirmations, defined in the next section of these terms) to withdraw an equal number of bitcoins from your account at any time. When you log into the Flexcoin client, you will be able to see both the total number of bitcoins in your account, as well as the number of bitcoins available to you for transfer (see below).
Availability of Funds: Any bitcoins deposited into your Flexcoin account will become available to transfer after FIFTEEN (15) confirmations on the bitcoin network. While you must wait for 15 confirmations before transferring these coins to an external bitcoin address or another flexcoin user, the incoming bitcoins will show on your recent transactions page almost immediately, and their sum will be added into your total balance at that time. ALL COINS in the Flexcoin system will follow this rule, and will not be available to any user until they have reached 15 or more confirmations.
Security: While the only computer that is 100% safe from intrusion is the one that is turned off and unplugged, Flexcoin takes your security very seriously. All transactions are done via HTTPS, using a valid SSL Certificate (w/ 256-bit AES encryption). Whenever you are logging into the Flexcoin client, you should always make sure that the SSL "lock" icon is visible.
We have taken every precaution to defend your bitcoins from hackers and/or intruders. However, Flexcoin Inc is not responsible for insuring any bitcoins stored in the Flexcoin system. You are entering into this agreement with Flexcoin Inc. You agree to not hold Flexcoin Inc, or Flexcoin Inc's stakeholders, or Flexcoin Inc's shareholders liable for any lost bitcoins.
Discount: Flexcoin Inc will deposit into your account a discount payment for each month that it takes in fees from use of the Flexcoin client. This deposit is considered a discount on your transfer fees, and will be made whether or not you have made any transfers. The payment amount will be based on the amount of fees collected by Flexcoin Inc as well as the ratio of bitcoins in your Flexcoin account to the total number of bitcoins in the Flexcoin system. All discount payments will still follow the above stated rule on availability of funds.
Fees: Flexcoin Inc does not charge any fees for incoming bitcoin deposits, nor does Flexcoin Inc charge any fees on transfers from one Flexcoin ID to another Flexcoin ID. When transferring bitcoins from Flexcoin ID to an external bitcoin address, there is a fee of either 0.01 BTC or one-half of one percent of the total transfer amount, whichever is greater. The full fee schedule will always be available on this site, and a link to said fee schedule will be at the end of these terms. Agreement with these terms also constitutes agreement with and to the fee schedule.
Cold Storage:Flexcoin Inc provides a user-defined cold storage solution. Coins can be sent to our offline storage system via the web interface. As this is an external transfer, and requires a considerable amount of man hours to manage the cold storage system, transaction fees will apply. There will be a transaction fee of 1% or 0.02 BTC, whichever is greater, for each transaction where coins are sent to cold storage. Each transaction where coins are requested to be returned from cold storage will incur a transaction fee of 0.5% or 0.01 BTC, whichever is greater.
Requests for coins to be returned from cold storage will be handled as soon as possible (often within 24 hours), but may take up to 72 hours. The cold storage request queue is processed once per business day (Monday-Friday). Any requests made by 9am Mountain Standard Time will be processed in the queue on that business day. Any requests made after 9am Mountain Standard Time will be processed in the queue the next business day.
You may send as many coins to cold storage as you wish, in as many separate transactions as you wish, as long as you have enough coins in your Flexcoin account to do so. However, you may only have one active inbound transfer request at a time.
Coins in cold storage WILL COUNT towards the user’s balance for purposes of calculating a discount payment.
Account Inactivity: Flexcoin Inc reserves the right to close accounts that have had no activity for a period of 1.5 years (18 months). If an account has had no transactions associated with it over the course of 18 months, it will be considered dormant. Flexcoin Inc reserves the right to collect the bitcoins in any such account and label them as fees, which will in turn make the above section on discount payments applicable to any such bitcoins. Discount payments DO NOT QUALIFY as transactions for the purpose of this section. An active account must have at least one deposit, withdrawal, or transfer to another Flexcoin ID over the course of a rolling 18 month period to be considered active. You will be notified at least 72 hours prior to the account being shut down via the e-mail address registered with the account.
Zero-Balance Inactivity: Flexcoin Inc reserves the right to close any account that has a zero balance and is inactive for a duration of two (2) weeks. This includes accounts that have not been activated via the e-mail activation process. You will be notified at least 72 hours prior to the account being shut down via the e-mail address registered with the account.
Lost Passwords: A valid e-mail address is REQUIRED to reset your password. Flexcoin Inc takes no responsibiliy for unlocking your account if you forget your password and do not have access to the e-mail address on file with Flexcoin Inc. If you no longer have access to the e-mail address you have registered with Flexcoin Inc, you should update your e-mail address IMMEDIATELY to prevent losing access to your Flexcoin account.
Law Enforcement: Flexcoin, Inc is located in the Alberta, Canada. Flexcoin Inc will cooperate with any federal and / or provincial authorities as the law requires.
Flexcoin Inc reserves the right to request additional information from and/or suspend or terminate the account of any user suspected of any illegal activity.
Anti-Money Laundering: By accepting this Agreement or accessing the Service, the user agrees and understands that accessing the Service does not violate any law in their home jurisdiction, and the user bears full responsibility for maintaining compliance with their applicable Tax Code and Anti-Money Laundering Policies. The user is required to report any income or profits earned through use of the Service to their respective tax authorities for taxation, and are expressly prohibited from executing any transactions that are defined as Money Laundering in the province of Alberta Canada. Any violation of Taxation and Anti-Money Laundering requirements, as determined at the sole discretion of Flexcoin Inc, shall be immediate grounds for terminating user’s access to the Service. In other words, you agree to to comply with the laws in your jurisdiction.
The Term Bank: Flexcoin Inc is a bitcoin bank, not a physical or a virtual bank. As such, Flexcoin Inc does not operate under any banking laws or regulations. Flexcoin Inc is not a financial firm, or a money transmitting business. Flexcoin does not deal in United States Dollars, Canadian Dollars or any other national currency.
Changes To These Terms:Any changes to the TOS will be posted on this page. Any changes to the fee schedule will be posted on the appropriate page. Flexcoin Inc will provide notice (at the bottom of this page) as to the date of any updates to these terms. Any changes will become effective one (1) week after such changes are made. Your continued use of this service indicates your acceptance of any changes to these terms. If you do not accept such changes, you must notify Flexcoin Inc via twitter that you wish to terminate your account.
updated Thursday March 28 2013