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AYEDEX terms

The agreement between you and the company that runs AYEDEX. Please read section 9 on risks in particular: digital assets can lose all their value, and an exchange that holds your funds carries risks of its own.

1 · The agreement

AYEDEX (ayedex.com) is operated by Distributed Ledger Technologies, a Wyoming company ("DLT", "we", "us"). By opening an account or using AYEDEX you agree to these terms and to the Privacy policy. If you do not agree, do not use AYEDEX.

2 · Who can use AYEDEX

You must be at least 18 and able to enter a binding contract.
You may not use AYEDEX if you are located in, ordinarily resident in, or a citizen of a country or region under comprehensive sanctions (currently Cuba, Iran, North Korea, Syria, and the Crimea, Donetsk and Luhansk regions of Ukraine), or if you appear on a sanctions list. You may not use a VPN, Tor or any other tool to hide where you are in order to get around this.
One account per person, used only by you and only for yourself, not for anyone else.
The identity details you give must be true and your own. They cannot be changed later.
You are responsible for following the laws that apply where you live, including on digital assets and taxes.

3 · What AYEDEX is

AYEDEX is a marketplace where customers trade XID (the xCoin) against USDC (a US-dollar stablecoin issued by Circle, on the Stellar network). It has one market, XID/USDC. We do not trade against you: there are no house market makers.

AYEDEX holds your funds while they are on AYEDEX. Deposits go to accounts and wallets we control, and your balance is our record of what we owe you. We are not a bank: balances are not insured by the FDIC, SIPC or any other scheme, and they earn no interest.

4 · Your account and its security

Signing in needs your password and a hardware security key; trading needs your PIN. Keep them private. Anything done with them is treated as done by you.
If you lose every security key, the recovery process (your identity details, three photos, our manual review and a 72-hour wait) is the only way back in; withdrawals are then held for 7 days.
Tell us at once at [email protected] if you think someone else has access.

5 · Deposits

USDC: send only USDC on Stellar, with your AYEDEX deposit memo. USDC on another network, other assets, or a payment without the right memo may be lost or delayed.
XID: send only XID to your own AYEDEX deposit address. A deposit counts after 10 confirmations under 50 XID, 30 under 1,000 XID, and 100 at or above 1,000 XID; AYEDEX may change these numbers for future deposits, and will show the current ones on the deposit screen. If a deposit is later reversed on the chain, the account is frozen until it is settled.

6 · Trading and fees

You can place limit and market orders. Trades are final once matched.
Trading fee: 1.25% on each side (maker and taker), taken from what you receive. Withdrawal fees: 0.50 USDC per USDC withdrawal and 0.001 XID per XID withdrawal. The current fees are always shown on AYEDEX; we will give at least 30 days' notice before raising them.
Minimum order: 0.10 USDC. Prices move fast and the market may be thin: a market order can fill at a worse price than the last trade.

7 · Withdrawals

Withdrawals are sent to the address you give and cannot be reversed. Check it carefully.
For your protection, withdrawals may be held or reviewed: from new accounts, after password, PIN or key changes, above review limits, or above daily limits. We may also pause withdrawals for security reasons, network problems, or when the law requires it.

8 · What you may not do

Get around sanctions; launder money or fund crime; defraud anyone; manipulate the market (wash trading, spoofing, coordinated pumps); use someone else's account or let others use yours; attack, probe or overload AYEDEX; or use AYEDEX in breach of any law.

9 · Risks

Digital assets can lose all their value. XID is a new coin with a small market; its price may swing widely or fall to nothing, and you may be unable to sell when you want.
Custody risk: while funds are on AYEDEX you depend on us. If DLT were hacked, failed or became insolvent, you could lose some or all of them.
Stablecoin risk: USDC depends on its issuer, Circle, which can freeze tokens and whose reserves we do not control.
Network risk: the Stellar network or the xCoin chain may slow down, fail, or reverse recent transactions.
Software risk: AYEDEX's software has not yet had an independent security audit.

More detail: How AYEDEX works, "What can go wrong".

10 · No advice

Nothing on AYEDEX is investment, financial, legal or tax advice. You decide what to trade and are responsible for your own taxes.

11 · Our rights

We may refuse, suspend, freeze or close an account, cancel open orders, or hold funds when we reasonably believe it is needed to protect customers or AYEDEX, to investigate misuse, or to comply with the law or an authority's request. Where the law allows, we will tell you why. When an account is closed, you can withdraw your remaining balance unless the law prevents it.

12 · Trial assets and currency requests

Trial XID and test-network USDC handed out during testing have no value and cannot be withdrawn as real money. Requesting the next currency to list is a show of interest only: it is not a deposit, an order or a promise that we will list it.

13 · Liability

AYEDEX is provided "as is". As far as the law allows, DLT is not liable for indirect or consequential losses, lost profits, or losses caused by market movements, network failures, or events outside our reasonable control; and our total liability to you is limited to the trading fees you paid us in the 12 months before the claim. Nothing in these terms limits liability that cannot be limited by law. You agree to cover our losses caused by your breach of these terms or of the law.

14 · Law and disputes

These terms are governed by the laws of the State of Wyoming, USA. Please contact [email protected] first; most problems can be solved there. Disputes that cannot be resolved are for the courts located in Wyoming, unless the law where you live gives you the right to use your local courts.

15 · Changes and notices

We may update these terms; we will post the new version here with a new date and email you about material changes before they apply. Notices to you go to your account's email. Legal notices to DLT: Registered Agents Inc, 30 N Gould St, Ste R, Sheridan, WY 82801, USA.

AYEDEX is operated by Distributed Ledger Technologies, a Wyoming company. Questions: [email protected] · Privacy policy · How it works