Terms of Use
This is a contractual agreement between the User on the one hand and Spargold GmbH, hereinafter referred to as Spargold.
Terms and Conditions (AGB) for the use of the Spargold website
1. Terms of Use
The use of this website is subject to the following conditions. By accessing the website, you agree to these terms.
2. Intellectual Property
The content of this website, including texts, graphics, logos, and images, is protected by copyright and belongs to the website operator. Any use without prior permission is prohibited.
3. Disclaimer
The information on this website is for general informational purposes only. The website operator assumes no liability for the accuracy, completeness, or timeliness of the provided information.
4. External Links
This website may contain links to external websites. The website operator has no control over the content of external pages and assumes no responsibility for their content.
5. Data Protection
The processing of personal data is done in accordance with applicable data protection regulations. For more information, please refer to our privacy policy.
6. Changes to the Terms and Conditions
The website operator reserves the right to change these terms and conditions at any time. Changes will be published on the website.
7. Severability Clause
If any provision of these terms and conditions is found to be ineffective, the validity of the remaining provisions shall remain unaffected.
8. Applicable Law
These terms and conditions are subject to German law, and the place of jurisdiction is Jever.
General Terms and Conditions (GTC) for the use of the Spargold App and Platform
This agreement has been drafted in German and other languages. In case of discrepancy, the German version shall prevail.
These Terms of Use apply to all users of the Services. By opening an account and using any of the offered Services, the User agrees to these Terms of Use. Users should read the entire Terms of Use carefully before using the Services.
The Terms of Use apply together with all its annexes (the 'Annexes') and the following related documents:
1. Risks
1.1
Users may only use the Services if they understand the associated risks. Users should carefully consider whether their financial situation and risk tolerance are suitable for the use of the Services. Users should not use funds for the Services that they are not prepared to lose in full.
1.2
The use of the Services involves risks. There is a risk that losses may occur through the use of the Services. For the Services, Users should only use funds that they can afford to lose. A completed transaction cannot be refunded, canceled, or reversed.
1.3
To understand the risks associated with the Services, please read the Risk Disclosure.
2. Opening, Use, and Termination of the Account and Access to It
2.1
The opening or use of an account is restricted to natural persons or legal entities (represented by an authorized person) who have their residence or registered office in the European Economic Area, Switzerland, or the United Kingdom. By opening and using an account, the User declares that they meet this requirement.
2.2
Depending on the country in which the User has their residence or registered office or from which country they access the Services, the User may not be permitted to use the Services. The User is responsible for complying with all regulations and ordinances applicable in the country of their residence or registered office and/or the country from which they access the Services. The User represents and warrants that their use of the Services is permissible under applicable legal regulations.
2.3
The User assures Spargold that they are not a resident of or based in the United States of America, or otherwise qualifies as a 'US citizen,' 'person with indefinite residence permit,' 'permanent resident alien,' or 'US person' within the meaning of applicable legal regulations. The User shall indemnify Spargold against any damages incurred by Spargold if this assurance is untrue.
2.4
To accept the Terms of Use, use the Services, and conduct a transaction with precious metals, the User must have full legal capacity. If the User is a natural person, they must be at least 18 years old.
2.5
If the User is a legal entity, the account may only be used by a person who is solely authorized to represent the legal entity. It is the User's responsibility to restrict access to their account to authorized persons.
2.6
As part of the registration and verification process, the User shall provide Spargold with current, accurate, and complete information. Furthermore, the User shall keep Spargold updated in case of changes to the information provided.
2.7
The User may create and use only one (1) account. The only exception to this is the 'Grandchild Savings Account,' to which parents and grandparents may contribute.
2.8
The User may only act in their own name. The User is not permitted to transfer an account to another natural or legal person or to allow another natural or legal person to use their account, regardless of whether such use is in the name of the User, unless Spargold has given prior written permission.
2.9
Spargold may decline to grant an account for any reason or without reason.
2.10
The User and Spargold may terminate the Terms of Use and the User's account:
2.10.1
for compliance reasons;
2.10.2
at any time for any reason or without reason, unless prohibited by applicable regulations.
2.11
Termination of the Terms of Use automatically results in the closure of the account and the Services no longer being provided, unless, due to rights and obligations existing before the time of expiry of the Terms of Use, the account cannot be closed or the Services must continue to be provided.
2.12
The termination of the Terms of Use and the closure of an account do not affect rights and obligations that arose before the time of termination of the Terms of Use and the closure of the account.
2.13
Upon termination of the Terms of Use, the User may be required to cancel or complete all open transactions. The funds will be transferred to the verified bank account. For compliance reasons, this process may take longer. It is at Spargold's discretion whether the existing assets must first be exchanged, e.g., precious metals to Euro.
2.14
In the event that the costs for closing the account exceed the value of the User's funds and assets, the User shall reimburse Spargold for the costs accordingly.
2.15
The User may not use the account and the Services for any kind of criminal activities, in particular not for the purposes of money laundering, terrorist financing, circumvention of sanctions, fraud, or other criminal or illegal activities, the existence of which is determined by Spargold at its own discretion. This includes, but is not limited to, the actions listed below:
2.15.1
Actions that violate or contribute to a violation of any regulation, law, directive, or other requirement in connection with sanctions programs in the countries where Spargold operates, including but not limited to the EU sanctions list.
2.15.2
Actions that violate or contribute to a violation of any regulation, law, directive, or other requirement in connection with terrorist financing in the countries where Spargold operates.
2.15.3
Actions that violate or contribute to a violation of any regulation, law, directive, or other requirement in connection with money laundering in the countries where Spargold operates.
2.15.4
Fraudulent actions such as activities aimed at defrauding Spargold, the User, and/or other persons. This also includes the transmission of false, inaccurate, or misleading information to Spargold by the User.
2.15.5
Actions in connection with drugs such as the sale of narcotics and/or intoxicants and items intended for the production or consumption of drugs.
2.15.6
Activities associated with multi-level marketing, such as pyramid schemes and network marketing.
2.15.7
Activities related to unfair, reckless, or fraudulent practices, such as investment opportunities or other services that promise (too) high profits, and websites that Spargold at its own discretion classifies as unfair, fraudulent, or reckless towards users.
2.15.8
Activities associated with illegal gambling, such as lotteries not subject to any restrictions, sports predictions or betting odds, and similar activities.
2.15.9
Activities associated with high-risk businesses, such as businesses that, in Spargold's opinion, lead to increased financial risk or legal liability or violate banking guidelines.
2.15.10
Activities related to (attempts) to reverse engineer, modify, translate, or disassemble the (software behind the) Spargold environment in whole or in part.
2.16
The User may not use the account and the Services for any business actions or activities unless otherwise agreed with Spargold.
2.17
Spargold may suspend or block individual or all uses of an account, suspend or cancel open transactions, suspend or cancel deposits or withdrawals, freeze funds associated with an account, or suspend the deletion of an account for the duration of an investigation regarding misuse of the account or the Services. If the legitimacy of the User or a transaction, an order, or the use of the Services cannot be determined, the User may lose all rights to their funds.
2.18
Spargold is authorized to notify the competent authorities and will transmit data to them insofar as this is required by law and regulatory requirements.
3. Verification and Restrictions
3.1
Spargold uses systems and procedures to collect and verify information about Users, to protect Users and Spargold from fraudulent activities, and to maintain appropriate records on Users.
3.2
Both before opening an account and on an ongoing basis, the User agrees to provide Spargold with all necessary information for the purpose of complying with the applicable regulations on customer identification and in relation to the detection of money laundering, terrorist financing, sanctions, fraud, or other criminal or unlawful activities.
3.3
The initial verification process and all further verification procedures take time and may lead to a delay in the Services, which may have adverse consequences for the User. The User is aware of these risks and accepts them. They acknowledge and agree that Spargold assumes no liability for delays in the Services and resulting adverse consequences for the User.
3.4
Spargold reserves the right to delete and/or terminate unverified accounts if not all required information has been received or if deletion/termination is required due to the information received.
3.5
By visiting or signing up for the Services, you agree to the collection, use, and disclosure of information in accordance with our Privacy Policy. The current version of our Privacy Policy is available to you on our website. Spargold processes your personal data in accordance with the Privacy Policy.
3.6
The User's access to one or more Services may be subject to restrictions - based on the information provided by the User and the available information about the User - including daily, weekly, monthly, annual, and total (i) trading restrictions, (ii) deposit restrictions for funds, and/or (iii) withdrawal restrictions for funds.
3.7
Spargold may indicate the various limits of trading restrictions as a reference on its website. Spargold reserves the right to change procedures and limits from time to time without prior notice.
3.8
The User may apply for higher limits. Spargold may require the User to submit further documents in this context and does not guarantee that the limits will be increased.
3.9
Spargold may require the User to provide or verify additional information, or to wait for a certain period after completing a trade or transaction before the User is permitted to use Services and/or conduct transactions beyond certain quantity-related limits.
4. Funds
4.1
The User can store funds in their account, which may only be used for Spargold Services. The precious metals and the Spargold balance are displayed as the account balance on the User's account.
4.2
The User guarantees that all (present and future) funds in the account are not direct or indirect proceeds from criminal or fraudulent actions and are kept exclusively for the User and not for third parties.
4.3
Spargold reserves the right to investigate the origin of any funds in the account and to take appropriate measures to limit potential integrity risks. Spargold may return the funds to their place of origin or, at the User's request and at Spargold's sole discretion, to another location. Spargold may, at its own discretion, determine that funds must be withdrawn from the account in the form of funds (Euro or precious metals) corresponding to a deposit to this account.
4.4
Spargold may force a conversion of the User's precious metals into a corresponding Euro amount or vice versa:
4.4.1
to fulfill its legal obligations;
4.4.2
to fulfill its obligations arising from this agreement;
4.4.3
if this is necessary, in Spargold's discretion, for the proper provision of the Services; and
4.4.4
to enable Spargold to deduct an amount to settle an unpaid debt of the User to Spargold.
4.5
Spargold may deduct an amount from the User's funds in their account to settle an unpaid debt of the User to Spargold.
4.6
In case of suspected fraud or abuse, Spargold has the right to suspend or cancel deposits and withdrawals until legitimacy has been verified. Spargold may, at its own discretion, decide that a transfer requires additional verification or must be canceled or returned.
4.7
The User may only transfer funds to or from bank accounts that are under the sole control of the User and/or are fully owned by them. Spargold is not obligated to verify which party or parties control the bank accounts to which funds are transferred or, among other things, whether the recipient's intentions are legitimate.
4.8
The User must and will thoroughly review all deposits or withdrawals, including the respective destination address, before issuing a deposit or withdrawal instruction on the Spargold trading platform. Once an instruction has been issued, deposits or withdrawals are final, cannot be canceled, and are irreversible. Any errors in the transmission of deposits or withdrawals and their consequences are the sole responsibility of the User.
4.9
After a User has deposited funds into their account, Spargold may introduce a so-called 'cooling-off period' for compliance reasons. During the cooling-off period, funds cannot be withdrawn in the form of precious metals or possibly at all from the account.
4.10
If an account is not used for a certain period of time and Spargold is unable to contact the User, Spargold may report all funds remaining in the account as abandoned property. Spargold may deduct an administrative fee for such abandoned funds. If the costs for the safekeeping of the funds in an account or the costs for a transfer of the funds to another party who holds them on behalf of the User are higher than the estimated value of the funds, Spargold may close the account, whereby the User loses all rights to the funds.
5. Spargold Balance
5.1
The Spargold Balance can only be offered by Spargold in accordance with applicable financial regulations and can only be used within the Spargold environment, and is to be used by Users only for the purchase of precious metals via Spargold's Services.
5.2
The purpose of the Spargold Balance is to acquire precious metals on the Spargold platform; long-term storage of Spargold Balance for the User is not intended, especially for larger amounts of Spargold Balance.
5.3
Spargold Balance may only be used for Spargold Services and not stored for other purposes. The User is not entitled to interest or any other compensation for the stored Spargold Balance. If there are indications that the User is using the Spargold Balance for other purposes, Spargold may, at its own discretion, i) contact the User and request them to use the Spargold Balance properly or withdraw it, or ii) return the funds to their place of origin or to another location agreed between the User and Spargold.
5.4
The Spargold Balance is booked by Spargold automatically and in the name of Spargold immediately after receipt of a Euro payment from the User and credited to the customer. Spargold may temporarily block the trading and payout of Spargold Balance and precious metals until the User's payment in Euro has been made. Should the User receive Spargold Balance without a corresponding Euro payment being made, Spargold may deduct an amount of Spargold Balance and precious metals from the User's funds or precious metals corresponding to the value of the received Spargold Balance.
5.5
Spargold issues Spargold Balance at face value; as a result, the Spargold Balance has the same value as the received Euro amount. Accordingly, for each Euro received, a 'Euro' in Spargold Balance is issued. The Spargold Balance issued to a User is added to the User's account.
5.6
The deposited funds are held in trust by Silver Bullion Pte Ltd in bank accounts. Silver Bullion Pte Ltd currently also manages other customer deposits in the double-digit million range, is ISO 9001 certified, and manages precious metals worth over two billions USD.
6. Precious Metals
6.1
After the User has acquired precious metals from Spargold, Spargold stores these physical precious metals for the User. The User has a direct claim against Spargold for the safe storage of the precious metals.
6.2
Users acquire shares in physically existing precious metals from Spargold, mainly in the form of bars. Acquired precious metals are always backed 1:1 with physical precious metals; there may be brief deviations that are technical or procedural in nature, such as when a new bar is added or an existing bar is sold, etc.
6.3
The acquired shares in grams or kilograms do not refer to a specific bar but can change dynamically over time. This is because several Users can own shares in a bar, and shares can change through purchases and sales. Or Spargold may need to sell a physical precious metal bar to fulfill sales orders from Users. The shares of Users in this bar who are not selling then automatically and dynamically change to another existing bar that is not yet fully allocated to Users.
6.4
The User has no right to participate in voting or other governance functions with respect to the precious metals in their account.
6.5
Spargold may add or remove additional precious metals to or from the Services and discontinue the Services with respect to certain precious metals, insofar as this is necessary to comply with regulatory or technical measures, or at its own discretion, without requiring a reason.
6.6
The User acknowledges that storing precious metals in the Spargold App involves risks, which are described in more detail in the Risk Disclosure. Although Spargold takes reasonable security measures to protect the stored Spargold precious metal reserves, complete security cannot be guaranteed. The User acknowledges that any use of the Spargold precious metal storage is at their own risk.
6.7
The precious metals stored on behalf of Spargold for customers are expressly not part of Spargold's balance sheet and belong to the respective Users of the platform in terms of ownership rights. In the unlikely event of insolvency of Spargold GmbH, an insolvency administrator is not authorized to access the customer precious metals. The customer then has the right to receive their precious metals in physical form, for which a fee may be charged, or, especially for smaller precious metal amounts, to receive the corresponding Euro amount of their stored precious metal. Spargold strives, when selecting service providers, such as for the storage of precious metals, to ensure that the stored precious metals are also not part of the corporate balance sheet of the service provider.
6.8
For safety and efficiency reasons, Spargold stores precious metals with the external custody provider 'The Safe House SG Pte Ltd'. This may lead to a delay in withdrawing and paying out precious metals. Spargold has no influence on the quality, safety, availability, and/or continuity of such custody services from third-party providers and is not liable for damages arising in connection with and/or through (i) lack of quality of these third-party providers of custody services, (ii) their downtimes, or (iii) other problems in connection with these providers of custody services.
6.9
All precious metals stored by Spargold are fully insured by the respective third parties. In the event of a loss of the precious metals, there is an entitlement to compensation from the insurance company.
6.10
Spargold strives to avoid that the Services in relation to precious metals are provided as 'financial instruments' or 'financial products' within the meaning of applicable laws and regulations. Spargold does not guarantee that a precious metal that is on the Spargold trading platform or for which Spargold otherwise offers Services does not qualify as a 'financial instrument' or 'financial product'.
7. Orders, Transactions, and Trading on the Spargold Trading Platform
7.1
Users can issue instructions to buy or sell precious metals (an Order) using Spargold Balance on the Spargold trading platform.
7.2
The initiation and execution of Orders is subject to generally recognized rules and standards, including with respect to execution, fees, and integrity.
7.3
Users can place a buy or sell Order. An Order is an instruction from the User to execute a transaction immediately and at the price available at that time.
7.4
The execution price of an Order is carried out at the specified price, which is logged in for a certain time and then automatically updates.
7.5
Since sufficient supply or demand must be present, the executability of Orders is not guaranteed.
7.6
The Orders may be executed immediately or after a certain time and are considered to have occurred on the date and time of execution.
7.7
Spargold may set minimum and maximum amounts for an Order, which may vary depending on the precious metal trading pair.
7.8
Spargold is responsible for the correct execution, settlement, and processing of the purchase and sale of precious metals on the Spargold trading platform.
7.9
The User bears sole responsibility for issuing Orders, deposits, and withdrawals, as well as for issuing other instructions. Spargold may provide information on precious metals, such as price, spread, and volatility. This information is not to be understood as investment advice, but rather as pure factual information or expression of opinion.
7.10
Third parties may provide information about the price of precious metals independently of Spargold. In case of discrepancies, the price indicated on the Spargold trading platform takes precedence.
7.11
In exceptional cases, there may be errors on the Spargold trading platform, including with respect to the displayed prices or the way Orders are matched. Furthermore, the precious metals on the Spargold trading platform may be subject to unusual price movements, including due to market manipulations or sudden drops or spikes in liquidity. In such cases, Spargold may, at its own discretion (without being obligated to do so in any way):
7.11.1
subsequently correct such errors or rectify such price movements, including by changing or reversing transactions, which may be to the advantage or disadvantage of the User;
7.11.2
temporarily or indefinitely suspend trading on the platform for one or more precious metals.
7.12
Particularly in times of high volumes, illiquidity, rapid movements, or volatility, the price of precious metals traded on the platform may deviate from the price at the time of the User's Order through the Services.
7.13
In case of suspected fraud or misuse, Spargold reserves the right to suspend or cancel Orders and transactions until their legitimacy has been verified.
7.14
Transactions are only possible at times when the global precious metals market is open, as this defines the currently applicable precious metal prices. The Spargold App displays whether the markets are currently open. Generally, the markets are closed on weekends, and no trading takes place.
8. Price Guarantee
8.1
On the Spargold trading platform, Users can submit instructions to buy or sell precious metals from or to Spargold, whereby Spargold guarantees the price during a preset time span (currently 60 seconds).
8.2
In exceptional cases, there may be errors in the price guarantee service, including with respect to the displayed prices or the way price guarantee requests are executed. In such cases, Spargold may, at its own discretion (and is in no way obligated to):
8.2.1
retroactively correct such errors or rectify such prices, including by changing or reversing transactions, which may be to the advantage or disadvantage of the User;
8.2.2
at its own discretion, temporarily or indefinitely suspend trading in the price guarantee service for one or more precious metals or discontinue the price guarantee service altogether.
9. Storage of Precious Metals
9.1
When a User acquires precious metals through the Spargold platform, these are automatically in physical form in storage by Spargold or the service provider commissioned by Spargold after the purchase. By purchasing precious metals from Spargold, the User agrees to the storage of these precious metals under the conditions defined by Spargold.
9.2
The storage of the precious metals ends with the sale of the respective precious metals by the User.
9.3
A storage fee is charged for the storage of the precious metals, as the stored precious metals must be stored, guarded, audited, and insured, among other things, which incurs costs. Higher costs are incurred for the storage of silver than for gold and platinum because significantly more storage space is needed to store the same value.
9.4
The Spargold storage fees are not determined and calculated in money, such as EUR amounts, but as a percentage value deducted from the stored precious metal holdings of a User. For example, if 0.5% is charged annually as a storage fee for the storage of gold, then 0.5% of the stored gold is deducted as a storage fee.
9.5
The storage fee is deducted daily from a User's own precious metal holdings, but the billing and creation of the invoice is only summed up once per month. Daily, 1/365 of the annual storage fees is charged, so that summed up over the entire year, the storage fee of, for example, 0.5% is paid. The daily payment of the storage fees makes it easier to levy the correct storage fee when the User's precious metal holdings change.
9.6
Payment of the storage fee through the stored precious metal itself ensures that the storage fees are paid to Spargold in a timely manner and also ensures that the process is simpler and automated for the customer, without having to pay the invoice and requiring additional transfers.
9.7
Spargold may set minimum and/or maximum amounts for precious metals in storage.
9.8
The stored precious metals are the property of the customer and not of Spargold.
9.9
The stored precious metals are adequately insured by the service provider commissioned by Spargold (The Safe House SG Pte Ltd), so that in the event of a loss due to internal or external theft or other reasons, there is an insurance claim.
10. Fees and Costs
10.1
The User incurs fees when using the Spargold Services, including for trading (buying or selling) and storing precious metals.
10.2
All fees and their amounts are published by Spargold on the designated fee information pages on the website and/or the Spargold environment in the current version or otherwise made available to the User. Spargold may make changes at its own discretion from time to time. All changes made accessible to the User take effect immediately.
10.3
Spargold may charge fees and deduct these from the User's funds in the Spargold App, from an amount of precious metals resulting from a trade, from the stored precious metals, or otherwise.
11. Security
11.1
The User is solely responsible for protecting access to their account. This includes, among other things, choosing sufficiently complex and difficult-to-decipher passwords, keeping them secure, preventing third-party access to their email accounts, not keeping, storing, or recording their individual combination of username and password electronically or otherwise together with other documents of the User in relation to Spargold, not leaving the device from which the User is logged into the platform unattended, and taking all reasonable measures to avoid loss, theft, or misuse of the electronic devices that the User uses to access the platform. Spargold cannot be held liable for the misuse of the User's login data by third parties. Without information to the contrary, Spargold assumes that the person who has logged into the User's account with the correct login data is the User. The User assumes responsibility and bears the full risk for all activities that take place on the User's account and all transactions that are entered on the User's account.
11.2
Spargold strongly recommends activating and using two-factor authentication to increase the security of your Spargold account and other accounts connected to your Spargold account, such as your email account. For clarification: Spargold is not liable for damages that arise because the User does not activate and use two-factor authentication.
11.3
Spargold will never ask the User to provide passwords and/or information for two-factor authentication except when logging into the account to use the Spargold Services or when changing the login data. The User must never respond to any other request to provide these authentication data, e.g., by email, even if the request appears to come from Spargold.
11.4
If the User knows or should reasonably know that their authentication data has been stolen or may have been misused, the User must contact Spargold immediately.
12. Data Protection
12.1
When providing the Services, Spargold may collect and process personal data. The main purpose of data collection is to provide the Services to the User. The Privacy Policy and the Cookie Policy apply to the entire use of the Services. The policies inform the User about which data is collected, how it is used, and with which parties it is shared.
13. Confidentiality
13.1
The User may receive information relating to Spargold or the Services or otherwise become aware of information that is not known to the general public. The User hereby undertakes to use such confidential information only to the extent necessary for the use of the Services and undertakes not to disclose any of this confidential information to other legal entities and natural persons unless Spargold has explicitly permitted this in writing. All confidential information remains the property of Spargold.
14. Intellectual Property Rights
14.1
Spargold owns all rights, titles, and interests, including all associated intellectual property rights, relating to the (content of the) Spargold trading platform, Spargold App, Spargold website, the Spargold environment, and the Services offered by Spargold, with the exception of those mentioned in 15.2 below. The same applies to suggestions, ideas, extension requests, feedback, recommendations, or other information that the User provides in relation to the Services. These Terms of Use do not transfer any ownership rights with respect to Spargold's intellectual property rights. No right or license to use intellectual property rights owned by Spargold is granted unless it is absolutely necessary for the use of the Spargold trading platform, the Spargold environment, and the Services in accordance with these terms. In the case of such a license, it is not sublicensable and can be revoked by Spargold. The name Spargold and the Spargold logo are trademarks of Spargold, and no right or license is granted for their use.
14.2
The Services may contain open-source software or software from third-party providers; in this case, the corresponding software is made available to the User under the terms of the applicable licenses.
15. Disputes
15.1
Users can submit complaints, feedback, or questions via support@spar.gold.
15.2
When contacting Spargold, the User is obligated to provide Spargold with their name and email address, as well as any other information necessary to identify the User. If the User does not respond to such a request, the complaint will not be processed further.
15.3
Both Spargold and the User will cooperate to find a solution that is satisfactory to both parties.
15.4
These Terms of Use and all other contractual relationships between the User and Spargold, as well as matters regarding the existence and formation of such relationships, are exclusively subject to German law, with the exception of the rules of private international law. This does not exclude that the User is protected by mandatory legal provisions of the country in which they have their habitual residence.
15.5
If the User is not a consumer, disputes will be submitted to the competent court in Oldenburg (Germany). This does not affect Spargold's right to initiate proceedings against the customer at their place of residence or habitual abode.
16. Services
16.1
Spargold may, at its own discretion, for any reason and without liability to the User i) temporarily or permanently change, interrupt, or terminate the Services in whole or in part and ii) suspend, restrict, or terminate the User's access to the Spargold Services or terminate the Terms of Use at any time and without prior notice.
16.2
All Services are provided 'as seen' and 'as available' without any guarantee. Spargold does not guarantee that the website, the Spargold environment, the Spargold App, or the Services are available for a specific absolute or relative period of time. Spargold guarantees neither uninterrupted access nor the absence of delays, failures, errors, losses, or similar in connection with the transmitted information. This may include, but is not limited to, the unavailability of the Services in times of high volumes, illiquidity, rapid movements, or volatility. Spargold makes no implied warranty with respect to defects of title, marketability, suitability for a particular purpose, and/or non-infringement of third-party rights.
16.3
Any materials on the Spargold environment are for informational purposes only and may change without prior notice. The User is always solely responsible for assessing the relevance, accuracy, appropriateness, and reliability of the materials provided on the Spargold environment. Spargold is not liable for losses that arise directly or indirectly from the User working with these materials. The User should always conduct their own reasonable research before using any of the Services. Spargold is not liable for information that is provided for convenience but not controlled by Spargold, such as links to third-party websites.
16.4
Spargold strives to provide the User with accurate and up-to-date information. However, the content may not always be entirely accurate, complete, or current and may contain inaccuracies or errors.
16.5
Spargold is entitled at any time to transfer, subcontract, or assign its rights and obligations under the Terms of Use, the Annexes, and the related agreements or otherwise in relation to the Services to third parties without requiring the User's consent.
16.6
Information that is stored or transmitted through the Services may be irretrievably lost, damaged, or temporarily unavailable for various reasons. Reasons may include, among others, software errors, protocol changes by third-party providers, Internet outages, force majeure events or other disasters, including DDoS attacks by third parties, planned or unplanned maintenance work, or other causes that are either within or outside Spargold's sphere of influence. The User is solely responsible for creating and maintaining backup copies and duplicates of all information that is stored or transmitted through the Services.
16.7
Spargold is not obligated to provide Services if Spargold could reasonably assume that this would violate applicable laws and regulations.
16.8
The User must check whether the information provided by Spargold is correct and whether the information is sent by Spargold at the expected time.
17. Limitation of Liability
17.1
Spargold strives to serve its Users according to its high standards. Nevertheless, there are risks associated with the use of the Services and trading in precious metals, as described in more detail in the Risk Disclosure. For this reason, Spargold and its affiliated companies must limit their liability as set out in this article.
17.2
Spargold is not liable for damages unless they arise due to intent or gross negligence on the part of Spargold. In addition, Spargold is not liable for any damages:
17.2.1
arising from actions of the User that violate the Terms of Use;
17.2.2
arising from actions of the User that fall under the sole responsibility of the User, including but not limited to the transfer of funds by the User to a fraudulent or otherwise dishonest third party;
17.2.3
arising from a temporary inaccessibility, malfunction, or suspension of parts or the entirety of the Services, including but not limited to (i) damages that arise because it is not possible to deposit, withdraw, or trade with funds, (ii) damages that arise because it is not possible to log in to the Services or use them, (iii) damages arising from the cancellation or non-execution of an Order, and (iv) price differences arising from the delayed processing of Orders, price guarantee requests, deposits, or withdrawals;
17.2.4
arising from the execution of an Order or price guarantee request initiated by a User, including but not limited to damages arising from the execution of a Market Order at a price that deviates from the reference price shown to the User at the time of initiating the Market Order;
17.2.5
in the form of lost profits or lost expected revenues or earnings, including the loss of expected trading profits and/or actual or hypothetical trading losses, whether direct or indirect, including, for example, missed trading opportunities or actions that the User could have taken if a certain circumstance had not occurred;
17.2.6
as a result of force majeure;
17.2.7
arising from a delay or cancellation of a transaction, deposit, or withdrawal of funds for compliance reasons;
17.2.8
due to (i) computer viruses, spyware, trojans, or other malware that may affect the User's computer or other devices, or due to (ii) SMS, email services, and two-factor authentication services that may be susceptible to spoofing and phishing attacks;
17.2.9
as a result of the temporary or indefinite inability of the User to trade precious metals on the platform;
17.2.10
arising from a non-fulfillment of one or more lending partners; and
17.2.11
arising from the actions of a third party for which Spargold is not responsible.
17.3
The liability of Spargold and towards the User is limited to:
17.3.1
all fees and other amounts that Spargold has received from the User in the preceding twelve months under the Terms of Use, excluding value-added tax;
17.3.2
in the case of damage that could have been limited to a reasonable extent if the User had promptly indicated and reported it, to the amount of damage that would have occurred if the User had reported the error to Spargold within 24 hours after the User became aware or should have become aware of the fact(s) that led to the damage; and
17.3.3
to direct damages that were reasonably foreseeable and that directly result from a violation of the Terms of Use by Spargold.
17.4
Spargold may, in certain cases, decide at its own discretion to reimburse the User for damages or losses without being obligated to do so and without creating a precedent by doing so. Spargold may also establish policies for the reimbursement of damages without being obligated to do so, and again without assuming an obligation to reimburse damages in the future. Spargold may revoke or change such policies at any time.
18. Indemnification
18.1
The User agrees to indemnify, defend, and hold harmless Spargold and all our officers, directors, members, employees, agents, and partners with respect to any claims, actions, reviews, demands, damages, losses, investigations, costs, or expenses, including but not limited to reasonable attorneys' fees, or other proceedings initiated by a natural or legal person, arising from or relating to (i) an actual or alleged violation of the representations, warranties, or obligations of the User set forth in these Terms of Use, (ii) unlawful or improper use of the Services by the User, or (iii) a violation of rights of other natural or legal persons by the User.
19. Miscellaneous
19.1
The User is responsible for determining whether and to what extent taxes apply to transactions conducted through the Services and must, if applicable, withhold, collect, report, and remit the correct tax amount to the relevant tax authorities.
19.2
Spargold transmits all communications, notifications, and disclosures in connection with the account electronically. Spargold may provide the User with relevant information by posting on the website, by email to the first email address of the User specified in the account, by instant chat, or via a mobile push notification.
19.3
Should an article of the Terms of Use, the Annexes, and the related agreements be found to be unlawful, invalid, or unenforceable for any reason, such provision shall be deemed severable, and the legal validity of the other articles shall remain unaffected thereby.
19.4
A missed or delayed exercise of rights, powers, or privileges under these Terms of Use by Spargold does not constitute a waiver thereof.
19.5
The Terms of Use, Annexes, related agreements, and the provision of the Services are subject to the laws of Germany and shall be construed accordingly. All claims or disputes shall be negotiated before the competent court in Oldenburg, Germany, unless legislation or international conventions mandatorily prescribe otherwise.
19.6
Spargold reserves the right to change, add, or remove parts of the Terms of Use, the Annexes, and the related agreements at any time and at its own discretion. The User will be notified of all changes, and although Spargold strives to notify the User in advance, Spargold may indicate that the amended Terms of Use, the amended Annexes, and the amended related agreements take effect immediately. If the User does not agree with such a change, they must close their Spargold account and cease using the Services. If the User continues to use the Services after a change, it is assumed that they accept and have agreed to the change. It is the User's responsibility to review the amended Terms of Use, the amended Annexes, and the amended related agreements. Should a provision of these Terms of Use be or become invalid or unenforceable, the validity of the remaining provisions shall remain unaffected. These shall continue to have unrestricted validity and binding force.
20. Important Definitions
20.1
'Account' refers to an account with Spargold, including Spargold Precious Metal Storage, which grants access to the Services.
20.2
'Spargold' is Spargold GmbH, a limited liability company established under German law with its registered office in Jever.
20.3
'Spargold Balance' is an electronically stored monetary value that represents a claim against Spargold as the issuer of the Spargold Balance. The Spargold Balance is issued after receipt of funds at Spargold to conduct payment transactions in connection with the acquisition of precious metals, as offered exclusively on the Spargold trading platform. The Spargold Balance is in no way to be viewed as a form of balance as held, for example, in a payment or savings account.
20.4
'Spargold environment': the website, the mobile application, or another technical environment through which Spargold offers the Services.
20.5
'Spargold trading platform': the multilateral trading platform on which precious metals can be traded and on which Spargold executes, settles, and processes such transactions.
20.6
'Precious metals' is a physical representation of a value that is not issued by a central bank or a public entity.
20.7
'Funds' refers to the funds that the User deposits into their Spargold account and also precious metals present in the account.
20.8
'Incident' means that a third party without permission i) gains access to the User's account and ii) withdraws funds from this account.
20.9
'Intellectual Property Rights' are patents, copyrights, trademarks, trade names, service marks, service names, brand marks, brand names, logos, company names, internet domain names, or industrial designs, all related registrations and pending applications (as applicable), as well as all other intellectual property rights (in particular know-how, trade secrets, software (including API), databases, or data rights).
20.10
'Order' refers to an instruction to buy or sell precious metals on the Spargold trading platform.
20.11
'Services' are all services offered by Spargold and its affiliated companies as part of the use of the website or a mobile app through a third party or otherwise connected with the Spargold trading platform.
20.12
'User' refers to a natural or legal person who has successfully created an account and uses the Services.
20.13
'Website' refers to https://spar.gold and all related subdomains.