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FiveWest Earn

FiveWest Earn

Last updated: 2025-02-12

  1. General

  1. These Product Terms for the FiveWest Earn Service shall be supplemental to and is read together with the Terms of Service and Additional Documents. The Product Terms, Terms of Service and Additional Documents constitute a legally binding agreement between you and FiveWest.
  2. This version of the Product Terms for the FiveWest Earn Service shall replace and supersede any previous agreements between us with respect to the FiveWest Earn Service that may have been accepted, or otherwise made available on, the Site or Portal. By utilising the FiveWest Earn Service, you agree that you have read, understood and accepted the Product Terms and agree to be bound and act in accordance with them.
  3. FiveWest may amend these Terms from time to time without providing any prior notice. Therefore, it is your responsibility to ensure that you regularly check the Site or Portal to determine if the Terms have been updated.
  4. FiveWest will do their best to notify you of any changes to the Terms that will materially affect your rights and obligations, however we cannot provide such guarantee.
  5. The continued use of the FiveWest Earn Service after any amendment to the Terms constitutes your acceptance of such Terms as modified by such amendment. If you do not accept the Terms or any amendment thereof, you must immediately stop using the FiveWest Earn Service and notify FiveWest accordingly.

  1. The Service

  1. The FiveWest Earn Service allows you to earn a yield on USD denominated stablecoins currently being USDC and USDT and bitcoin (BTC) (“Supported Crypto Assets”) in a wallet which has been designated for this purpose. The Supported Crypto Assets are subject to change at FiveWest’s sole discretion.
  2. The Supported Crypto Assets will be held in safe and secure custody using the Ceffu Platform.
  3. The Supported Crypto Assets being deposited to utilise the FiveWest Earn Service shall be utilised in the business operations of FiveWest to create liquidity for FiveWest’s OTC Desk in order to assist with trades and/or settlements.
  4. FiveWest reserves the right to refuse access to its FiveWest Earn Service at its sole discretion.

  1. Calculation and Crediting Yield

  1. The yield rate offered on the FiveWest Earn Service is determined by the prevailing interest rate, which can be changed at any time and at FiveWest’s sole discretion and is calculated on a simple interest basis. The yield rate will be communicated to you upfront and can be found on the FiveWest Portal however, due to the fact that there is no fixed term in respect of the FiveWest Earn Service, the yield rate may change during the deposit term.
  2. We will determine the applicable interest rates, in our sole discretion, and you acknowledge that such rates may not be equivalent to benchmark interest rates observed in the market for fiat currency bank deposits.
  3. Yield is credited daily and is accumulated in your FiveWest Wallet which can be viewed on the Portal.

  1. Deposits and Withdrawals

  1. You can utilise the FiveWest Earn Service as follows:
  1. by depositing ZAR (Rands) into your FiveWest Wallet and utilising the Request for Quote Service to convert the ZAR (Rands) into a Supported Crypto Asset; or
  2. by transferring the Supported Crypto Asset into the FiveWest Earn Wallet.
  3. The total Supported Crypto Assets transferred into the FiveWest Earn Wallet will be regarded as the Principal Amount.
  1. The minimum Principal Amount that can be deposited is 500 USD.
  2. You are permitted to withdraw the yield accrued on the Principal Amount at any time. The yield can be withdrawn at any time via the ‘claim yield’ facility on the FiveWest Earn Service interface.  
  3. In the event that you wish to withdraw the Principal Amount and yield thereon from the FiveWest Earn Service,  FiveWest shall process the withdrawal in 14 (fourteen) business days from the date of receipt of a withdrawal request (“Locked in Period”) or if sooner reasonably possible. After the Locked in Period has lapsed, the principal amount and the yield accrued thereon will be transferred into your FiveWest wallet. Yield will stop accruing on the Principal Amount from the date of receipt of the withdrawal request.

  1. FiveWest does not guarantee the above mentioned time period for the processing of withdrawals and you expressly indemnify FiveWest for any loss, liability or damage, whether direct, indirect or consequential, which you may suffer as a result of any delay of processing a withdrawal request.

  1. Risk Warning

  1. It is imperative that you review the Risk Warnings as contained on FiveWest’s website, which may be updated and amended from time to time.
  2. Volatility and Market Risk: Cryptocurrency markets are known for their extreme volatility. Prices of cryptocurrencies can experience significant changes within short periods. Market risks are inherent and sudden price movements can result from various factors including regulatory change, technological developments, market sentiment and macroeconomic events.
  3. Regulatory and Legal Risks: The regulatory landscape for cryptocurrencies is subject to change. Regulatory interventions such as bans, restrictions or increased scrutiny could impact the availability, trading and value of cryptocurrencies. There may also be additional amendments to the applicable laws which may impact the provision of the Services.
  4. Technology and Security Risks: Cryptocurrencies rely on blockchain technology, which is susceptible to technological vulnerabilities, hacking, cybersecurity threats.
  5. FiveWest’s Technological Security: FiveWest is committed to maintaining security and has implemented industry standard protection when providing you with the Instant Buy/Sell Service.
  6. Past performance is not indicative of future results. Historical performance of trading strategies should not be considered a guarantee of future results.The cryptocurrency market’s behaviour may not accurately predict its future performance.
  7. It is essential to assess your own financial situation and risk tolerance before participating in the FiveWest Earn Service. Only invest what you can afford to lose without affecting your financial well-being.

 

  1. Limitation of Liability and Risk Warning

  1. You acknowledge and agree that the use of the FiveWest Earn Service is entirely at your own risk, which such risks you are aware of, and accordingly, you assume full responsibility and risk of loss resulting from or relating to such use of the Earn Service.
  2. The FiveWest Earn Service is not a checking account nor a traditional bank savings account and it is not covered by insurance against losses.
  3. By utilising the FiveWest Earn Service you indemnify FiveWest, its operating entities or any other affiliates (including their respective directors, members, employees or agents), to the maximum extent permitted by law, against any loss, liability action, cost, claim, damages, proceedings or expense that you may suffer, directly or indirectly, in connection with the Earn Service  and you accordingly hereby waive any claim that you may have against FiveWest arising therefrom (including in respect of any claim for direct, indirect, consequential or pecuniary damages).
  4. You acknowledge that you cannot abuse the FiveWest Earn Service by repeatedly withdrawing and depositing the Supported Crypto Asset in order to create compound interest.
  5. In no event shall FiveWest, its operating entities or any other affiliates (including their respective directors, members, employees or agents) be liable to you for any direct, indirect, special, consequential or punitive damages or any other damages of any kind, including but not limited to loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, whether in contract, delict or otherwise:
  1. arising out of or in any way connected with your use of, inability to use, or unavailability of the FiveWest Earn Service  and/or your FiveWest Account;
  2. arising out of or in any way connected to or resulting from any reliance upon any information received from FiveWest, or that result from mistakes, omissions, interruptions, deletion of files or email, errors, defects, viruses, delays in operation or transmission or any failure of performance, whether or not resulting from a force majeure event, communications failure, theft, destruction or unauthorised access to FiveWest’s records, programmes or services;
  3. as a result of an action or inaction caused by the Ceffu Platform or any other third party utilised to provide you with the FiveWest Earn Service Service. You indemnify and hold FiveWest harmless in the event that Ceffu Platform or any other third party utilised to provide the Earn Service Service is liquidated, placed in business rescue or curatorship or any other similar event.

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