Our Swap service allows you to exchange a certain Eligible Digital Asset you loaned to Celsius as part of the Earn Rewards service for another type of Eligible Digital Asset, provided that the exchange is of a Digital Asset pair supported by Celsius (“Supported Pair”). Celsius may choose to add, remove, change or impose any additional limits on Supported Pairs from time to time, in its sole discretion and without providing prior notice.
2. Exchange Rates
At Celsius, we believe in always acting in the best interest of our users. Accordingly, we charge no fees for our Swap feature, and strive to provide you with the best Exchange Rates possible at all times. We seek to source the best rates for a Supported Pair across multiple venues. However, we cannot guarantee that the Exchange Rates offered on our platform would always be the most optimal, and you are advised to check if a better rate is available on another platform. In line with Celsius’ commitment to transparency, the Exchange Rates quoted may include an offset from the prevailing market rate (also known as “the spread”) to mitigate both Celsius’ exposure to price volatility between the time the Exchange Rate is confirmed and the time the transaction is executed.
Exchange Rates available on our platform are moment-in-time specific, and due to the volatility in crypto markets, change constantly and rapidly. An Exchange Rate is only final when you approve the transaction and it has been accepted and confirmed.
3. Swap Transaction are Final
All Swap transactions are final and irreversible once approved by you.
You should therefore carefully review the terms of each transaction before you approve it.
Celsius will not be liable for any errors in your order. If you believe a transaction was executed not in accordance with your instructions, please contact email@example.com.
We may reject or cancel a Swap transaction where we deem it reasonably necessary, e.g. where there was an error in the Exchange Rate or in the execution of the transaction, or where the quoted Exchange Rate is no longer available.
Each Swap transaction is entered into between you and Celsius (as buyer or seller, as applicable), and Celsius does not act as your broker, agent or intermediary.
By entering into any Swap transaction, you instruct and authorize us to
(i) terminate your existing loan of the Swapped Assets to Celsius;
(ii) return to you the Swapped Assets by way of transferring them into a custodial arrangement by Celsius or an Affiliate of Celsius in your benefit for a limited duration and for the sole purpose of exchanging those Digital Assets;
(iii) exchange your returned digital assets in Celsius’ custody for other Eligible Digital Assets at the Exchange Rate; and
(iv) accept the New Assets acquired in the exchange as a new open-ended loan from you under the terms of our Earn Rewards service. Further, by entering into any Swap transaction, you hereby appoint Celsius to act as the custodian of the Swapped Assets for the sole purpose of exchanging those assets, and for the duration necessary to complete the exchange. You understand that Celsius will use reasonable care in connection with the custody of your Digital Assets. However, our services as custodian do not require us to expend or risk our own funds, property, or otherwise incur any financial liability in the performance of our duties as custodian. Your Celsius Account is not a bank account or deposit account, and is not insured by the FDIC, NCUSIF, SIPC, or any other public or private insurer.
By entering into any Swap transaction, you agree, instruct and authorize Celsius to terminate your current loan and temporarily hold your Digital Asset in custody. You further authorize Celsius to exchange the Digital Asset in its custody for another type of Eligible Digital Asset, and borrow the Eligible Digital Asset you receive pursuant to the exchange as an open-end loan subject to the terms and conditions of the Earn Rewards service.
During periods of high volume, illiquidity, or volatility in the marketplace for any Digital Asset, the actual market rate at which trade is executed may be different from the prevailing rate indicated at the time of your order or trade. You acknowledge and agree that Celsius is not liable for any such price fluctuations. In the event of a market disruption or Force Majeure event, Celsius may suspend access to the Swap service and/or prevent you from completing any actions via the Swap services. Following any such event, you understand that prevailing market rates when trading resumes may differ significantly from the rates available prior to such event.
5. Representations and Warranties
By using the Swap feature, you represent and warrant to Celsius that:
The information provided by you to Celsius, including but not limited to regarding your place of residency, is accurate and up-to-date;
You are using Celsius’ Swap feature solely for your own personal purposes, and not on behalf of any other person or for business purposes;
You are aware of, and can withstand, the risks involved in holding, using and trading digital assets, and you have read and understood our Risk Disclosure;
You will NOT use borrowed funds for the purpose of using our Swap features, and particularly you shall NOT use funds borrowed from Celsius for such purpose;
You will be solely responsible for all tax reporting and payment obligations which may apply to you as a result of using the Swap feature;
Your use of the Swap feature shall be at all times in full compliance with all laws and regulations applicable to you, and you shall not use it for any illegal purposes, including but not limited to activities involving financial crime, money laundering or terrorism financing, or the proceeds thereof.
Any breach of these representations and warranties by you shall constitute a breach of your agreement with Celsius, and may result in, among other legal action, the termination of your Celsius Account.
These Swap Beta Terms and your use of any of our Services do not create a fiduciary relationship between Celsius and you. We will hold your Swapped Assets in custody for your benefit only as part of the Swap service, and only for the minimal period of time required for the purpose of completing your Swap transaction. Celsius will not have ownership rights over the Digital Assets you place in its custody for purposes of exchanging them. You will be considered the legal owner of the Swapped Assets in Celsius’ custody when engaged in a Swap transaction. Celsius may hold such Swapped Assets, while in custody, in an omnibus account, together with the Swapped Assets of other Swap users, however, they will never be commingled with the Digital Assets owned by Celsius. We keep an internal record of the Digital Assets held on each user’s behalf while in such omnibus accounts. Swapped Assets, while held in Celsius’ custody (until loaned back to Celsius under the Earn Rewards service), will not be rehypothecated by Celsius .
7. Beta Version
By using the Swap feature during its beta testing phase, you acknowledge and agree as follows:
The access to the Beta testing program is made available to you specifically, and is not granted to all Celsius users. Celsius may grant access to additional users, or revoke your access to the Beta program at any time and without prior notice. You shall not grant any person with access to the Swap Beta program without first obtaining Celsius’ written consent.