Terms of service
Terms of Service
Welcome to Upctox! These Terms of Service ("Terms") govern your access to and use of our website, products, and services ("Services"). Please read these Terms carefully before accessing or using our Services.
1. Acceptance of Terms
By accessing or using our Services, you agree to be bound by these Terms. If you do not agree to these Terms, you may not access or use our Services. These Terms constitute a legally binding agreement between you and Upctox.
2. Eligibility
You must be at least 18 years old to access or use our Services. By accessing or using our Services, you represent and warrant that you are at least 18 years old and have the legal capacity to enter into these Terms.
3. Registration and Account
To access certain features of our Services, you may be required to register an account. You agree to provide accurate, current, and complete information during the registration process and to keep your account information updated.
You are responsible for maintaining the confidentiality of your account credentials and for all activities that occur under your account. You agree to notify us immediately of any unauthorized use of your account or any other breach of security.
4. User Conduct
You agree to use our Services only for lawful purposes and in accordance with these Terms. You may not:
Use our Services in any manner that could interfere with, disrupt, or damage our servers or networks.
Attempt to gain unauthorized access to any part of our Services or bypass any security measures.
Use our Services to engage in any illegal activities or to transmit any unlawful, harassing, defamatory, or obscene content.
Impersonate any person or entity or falsely state or misrepresent your affiliation with any person or entity.
4.1 Understanding Upctox Fees Before Cash Out
At Upctox, transparency and user satisfaction are our top priorities. We aim to provide a clear and straightforward fee structure to ensure our users are well-informed about any costs associated with their transactions. Before you proceed with a cash out, it's important to understand the various fees that may apply.
### Types of Fees
1. Card Fees
- Green Card Fee: UGX 400,000 or USD $112
- Blue Card Fee: UGX 260,000
- These fees cover the cost of issuing and maintaining your Upctox card, which is essential for processing withdrawals. The fee amount depends on the type of card you hold. It is crucial to ensure you have paid the correct card fee to avoid any delays in your cash out process.
2. Transaction Fees
- Withdrawal Fees: A standard fee applied to each withdrawal transaction to cover processing costs. The exact fee may vary depending on the amount being withdrawn and the method chosen.
- Deposit Fees: While Upctox typically does not charge for deposits, your bank or payment provider might apply a fee. Be sure to check with them for any applicable charges.
3. Account Upgrade Fees
- Demant Account Upgrade: Required for users from Kenya, Uganda, and Rwanda to comply with local banking regulations. The upgrade fees are as follows:
- Uganda: $25 (UGX 100,000)
- Kenya: $200
- Rwanda: $150
- This upgrade is necessary to enable higher transaction limits and ensure compliance with regional financial regulations. Without this upgrade, trading, deposits, and withdrawals will be restricted.
4. Monthly Maintenance Fees
- A fee of USD $20 is deducted from your account each month for account maintenance and support services.
5. Annual Fees
- An annual fee is charged at a rate of 12% on your total withdrawal amount. This fee is deducted once a year to cover ongoing service and operational costs.
### Why These Fees Are Necessary
The fees associated with Upctox services are essential for several reasons:
- Security: Ensuring the safety of your funds and personal information through robust security measures.
- Compliance: Adhering to financial regulations set by local authorities to prevent fraud and money laundering.
- Operational Costs: Covering the costs of transaction processing, customer support, and maintaining the Upctox platform.
### How to Avoid Delays
To ensure a smooth and timely cash out process, please ensure that:
- You have paid the correct card fees and account upgrade fees if applicable.
- Your account information is up-to-date and matches your KYC (Know Your Customer) details.
- You have sufficient funds to cover any transaction fees, including monthly maintenance and annual fees.
### Conclusion
At Upctox, we strive to make our fee structure as transparent and straightforward as possible. Understanding these fees will help you plan your transactions better and avoid any unexpected charges. If you have any questions or need further clarification, please do not hesitate to contact our support team.
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By staying informed and proactive, you can make the most of your experience with Upctox while ensuring compliance with all necessary regulations. Thank you for choosing Upctox as your trusted trading platform.
5. Intellectual Property
All content, trademarks, logos, and other intellectual property appearing on our Services are the property of Upctox or its licensors and are protected by copyright and other intellectual property laws. You may not use, reproduce, modify, or distribute any content from our Services without our prior written consent.
6. Privacy
Your privacy is important to us. Please review our Privacy Policy to understand how we collect, use, and disclose your personal information when you use our Services.
7. Disclaimer of Warranties
OUR SERVICES ARE PROVIDED "AS IS" AND "AS AVAILABLE" WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. WE DISCLAIM ALL WARRANTIES, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.
8. Limitation of Liability
IN NO EVENT SHALL UPCTOX OR ITS AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, OR AGENTS BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES ARISING OUT OF OR IN CONNECTION WITH YOUR USE OF OUR SERVICES.
9. Indemnification
You agree to indemnify and hold harmless Upctox and its affiliates, officers, directors, employees, and agents from and against any claims, liabilities, damages, losses, costs, or expenses arising out of or in connection with your use of our Services or your violation of these Terms.
10. Governing Law and Dispute Resolution
These Terms shall be governed by and construed in accordance with the laws of Uganda. Any dispute arising out of or in connection with these Terms shall be resolved exclusively by the courts of Uganda.
11. Withdrawal Policy For Contract Holders
Contract holders are required to withdraw using the mobile money number that was used to sign up for their Upctox account. This number must match the number provided in the KYC process. If a withdrawal is initiated with a different mobile money number, the system will ignore it, and the funds will automatically be sent to the mobile money number registered with your Upctox account. This policy also applies to bank accounts. Only users with corporate contracts have the flexibility to withdraw to any number they choose. This ensures compliance with our security protocols and protects your account from unauthorized transactions. Please ensure your details are updated and correct to avoid any disruptions in your withdrawals.
11.1. Upctox Policy on Multiple Contracts and Accounts.
Each individual is allowed a maximum of three Upctox accounts. These accounts can all have active contracts. When it comes to withdrawals, if you have more than one contract, regardless of their individual end dates, you are required to withdraw all at once. This policy aims to streamline the withdrawal process and ensure compliance with our terms of service. Managing multiple contracts across multiple accounts can become complex, and our goal is to simplify this for our users. By mandating a single withdrawal for all active contracts, we reduce the administrative burden and potential confusion for our clients. It also helps us maintain a clear and efficient operational process. Each account must adhere to Upctox’s verification procedures, including providing accurate KYC (Know Your Customer) information. This ensures that all accounts are properly authenticated and reduces the risk of fraudulent activities. When you have multiple contracts ending on different days, you do not need to wait for each contract to end individually before making a withdrawal. Instead, you can consolidate the withdrawal process to include all contracts from all three accounts at the same time. This policy also applies to any profits or funds available in these accounts. Consolidated withdrawals will be processed in accordance with our standard timelines and procedures. Users should ensure that their accounts and contracts are up-to-date with all necessary information and compliance requirements. Failure to comply with Upctox’s policies and guidelines may result in delays or complications in the withdrawal process. This policy is designed to provide a seamless experience for users who manage multiple contracts and accounts. It helps to maintain transparency and efficiency in the financial management of your investments with Upctox. We understand that managing multiple accounts and contracts can be challenging, and this policy is intended to make the process more straightforward and less burdensome for our clients. By consolidating withdrawals, we can ensure that all users have a consistent and reliable experience when accessing their funds. It is important to regularly review the status of all your contracts and accounts to ensure that you are in compliance with Upctox’s policies. Any discrepancies or issues should be addressed promptly to avoid potential complications during the withdrawal process. Upctox is committed to providing a secure and efficient platform for our users. This policy on multiple contracts and accounts is part of our ongoing efforts to enhance the user experience and maintain the integrity of our services. We appreciate your understanding and cooperation in adhering to these guidelines. If you have any questions or need further clarification on this policy, please do not hesitate to contact our support team. They are available to assist you with any concerns or issues you may have. Thank you for choosing Upctox and for your continued support.
11. Upctox Referral Policy
At Upctox, we appreciate our customers' efforts to spread the word about our services. Our referral program is designed to reward you for inviting new users to join the Upctox community. Please carefully review the following terms and conditions before participating in our referral program.
11.1 Eligibility
- The referral program is open to all registered users of Upctox.
- The referred individual must be a new user who has not previously registered or used any of Upctox's services.
11.2. How the Referral Program Works
- Registered users (referrers) will be provided with a unique referral link or code to share with friends, family, or others interested in joining Upctox.
- When a referred user signs up using the referrer’s link or code and successfully completes their first deposit or transaction, both the referrer and the referred user will receive rewards as described in this policy.
- If the referred users submit a contract (either 14 days, 21 days, or premium), the user who invited them will earn UGX 100,000.
11.3. Referral Rewards
- The reward amount for the referrer will be 10% of the referred user’s first deposit, credited to the referrer’s Upctox account.
- The referred user will also receive a 5% bonus on their first deposit when signing up through a referral.
- Referral rewards will be credited within 48 hours after the referred user’s first transaction is verified as complete.
11.4. Inviting Users Without Internet Access or Smartphones
- If the user invites others who do not have access to the Internet or a smartphone, the invited user must verify their identity by providing any government-issued ID.
- Acceptable government-issued IDs include:
- Passport
- National ID
- Driving License
- Voter’s Slip
- This is to confirm that the inviter is not inviting themselves, which violates our terms of service.
- If the user fails to verify their identity, they will need to submit a contract directly, with a minimum contract submission amount of UGX 150,000.
- Referrers can still invite users without a government-issued ID, but those users must submit a contract directly. However, when it comes to biometric updates, all Upctox users are required to verify their identity.
11.5. Referral Limits
- There is no limit to the number of people you can refer to Upctox.
- Rewards will only be provided for successful referrals, i.e., when the referred individual makes a valid deposit or completes a transaction.
11.6. Restrictions
- Self-referrals or referrals between multiple accounts owned by the same individual are not allowed. Such actions will result in the cancellation of rewards.
- Referral rewards will not be issued for fraudulent accounts or accounts created with false information.
- Upctox reserves the right to disqualify referrals or participants who attempt to abuse or manipulate the referral system.
11.7. Program Integrity
- Referrals must be genuine and involve personal communication. The referral program should not be used for mass promotion or spamming.
11.8. Referral Fraud and Violations
- Any attempts to exploit the referral program, including creating fake accounts, providing false information, or engaging in fraudulent activity, will lead to the forfeiture of rewards and possible suspension or termination of the user’s Upctox account.
- Upctox regularly monitors accounts for referral fraud and reserves the right to investigate suspicious activity.
11.9. Modification of Terms
- Upctox reserves the right to modify, pause, or cancel the referral program at any time without prior notice.
- Changes to the referral program will be communicated through official Upctox channels such as email or dashboard notifications.
11 10. General Terms
- Participation in the referral program is subject to Upctox's general Terms of Service and policies.
- Any disputes or concerns regarding the referral program will be addressed in accordance with Upctox's dispute resolution policies.
12. Changes to These Terms
We reserve the right to update or modify these Terms at any time without prior notice. Your continued use of our Services after any such changes constitutes your acceptance of the revised Terms.
13. Contact Us
If you have any questions or concerns about these Terms, please contact us at support@upctox.com.