Last updated on December 22, 2022
1. General Information & Scope
1-FIRST, is a company organized and existing under Swiss law with its registered office in Baar (ZG) in Switzerland. (“1-FIRST“), offers access to several so-called on-chain asset management depots, for the one-time and/or recurring investment opportunity in cryptocurrencies via the 1-FIRST website and/or the 1-FIRST mobile application (the “App“). The following terms and conditions (the “Terms“) define the rights and obligations of the parties in connection with the use of the 1-FIRST App and the 1-FIRST website mentioned under 1-FIRST.is accessible online (the “Website“).
Your agreement to these Terms and conditions is given when you tick the box in the pop-up window that appears on your first connection and which says: “I assure that I have read and understood the General Terms and Conditions of 1-FIRST regarding the use of the website and the application and that I agree with them”.
By ticking the box, you (the “User“) agree to be bound by the Terms as amended and published on the Website and to comply with these Terms and all applicable laws and regulations. If you do not agree with the Terms, you should refrain from using the App and/or the Website.
In particular, you confirm that you have read and understood the clauses in the conditions regarding the limitation of liability of 1-FIRST.
By using the App, the User expressly warrants that he is at least eighteen (18) years of age and of legal capacity and that he is not prohibited from using the App or the Website under applicable law.
1-FIRST makes every effort, as far as possible, to keep the app and the Website accessible 7 days a week and 24 hours a day. However, access to the App and the Website may be temporarily suspended due to technical maintenance, migrations or updates, or due to failures or restrictions related to the operation of the Internet. 1-FIRST is not liable for disruptions or the impossibility of accessing the app and the website that are due to third parties, to inappropriate equipment of the user or to other circumstances for which 1-FIRST is not responsible.
Although 1-FIRST intends to provide accurate and up-to-date information on the App and the Website, the App and the Website may not always be completely accurate, complete or up-to-date and may also contain technical inaccuracies or typographical errors. Accordingly, the user must check all the information before relying on it, and all decisions based on the information contained in the app and on the website are the sole responsibility of the user, and 1-FIRST does not assume any liability for such decisions.
3. No investment advice
The information in the app and on the website does not constitute legal, financial or investment advice and is not intended as a recommendation to buy, trade or sell cryptocurrencies. 1-FIRST recommends getting the advice of legal and financial experts before you start buying, trading or selling crypto assets. Crypto assets are volatile. The buying and selling of crypto assets carries a high degree of risk. The user should be aware of the level of risk before trading crypto assets. Any loss of data, crypto assets or profits is the sole responsibility of the user. 1-FIRST is not responsible for the consequences of relying on an opinion or statement contained here or for an omission.
There is always a possibility that something unexpected will happen in relation to crypto-assets, as a result of which the user’s cryptocurrencies will be lost. 1-FIRST strongly recommends the user not to invest more than he/she is willing to lose. The user is solely responsible for all investment decisions.
4. Study aid
1-FIRST can publish a learning guide on basic blockchain and cryptocurrency topics in the app and/or on the website. The user can use the Learning Guide free of charge. The information contained therein comes from publicly available sources and may be changed from time to time by 1-FIRST, without the need for prior notice. 1-FIRST does not guarantee the accuracy, correctness and completeness of the information provided and is not responsible for it.
The Learning Guide contains only basic topics on cryptocurrencies and does not constitute legal, financial or investment advice. The Learning Guide does not replace the advice of qualified consultants and the examination of whether cryptocurrencies meet the user’s own requirements in terms of their own goals, willingness to take risks, experience and/or knowledge.
5. Simulation tool
1-FIRST may publish a simulation tool in the App and/or on the Website in which the User can track his investments and get an overview of the progress already achieved. In addition, the user can freely choose between different time periods and hypothetical amounts to see what progress he would have made with the chosen parameters in the past. The simulation tool does not simulate the future of the investment. It does not make predictions. The user can use the simulation tool for free.
1-FIRST uses the financial data of Coin Market Cap for the simulation tool, in particular, but not exclusively, for the exchange rates (https://coinmarketcap.com /) or other similar financial data providers. 1-FIRST does not guarantee the accuracy, correctness and completeness of the financial data provided by Coin Market Cap (or other similar financial data providers) and is not responsible for it.
6. Buying Crypto Assets
6.1 – General
1-FIRST allows the user to purchase cryptocurrencies by placing a transaction (order/bill of exchange) at the user’s bank. The one-time or recurring purchase amount is determined by the user. The one-time or recurring order must be placed in Swiss francs (CHF) or euros (EUR).
1-FIRST does not sell cryptocurrencies to users. 1-FIRST acts only as an intermediary between the user, the user’s bank and Onramp Bank. Onramp Bank sells the ordered cryptocurrencies directly to the user and the entire purchase process is provided by Onramp Bank. Therefore, the user must agree to the General Terms and Conditions of Onramp Bank before purchasing cryptocurrencies via the 1-FIRST page or app. The Terms and conditions of OnRamp Bank are available on the OnRamp Bank website
6.2 – Purchase process
After registration and verification, the user can use the app on 1-FIRST, provided that it concerns crypto assets and the value does not exceed CHF 1’000.00. Should a) the daily investment amount exceed CHF 1’000.00 and/or b) the annual investment amount exceed CHF 100’000.00, an additional registration and verification on the website is required. It is at the discretion of 1-FIRST and OnRamp Bank whether to accept a user or not and what kind of possible additional information is needed for a successful registration of the user. 1-FIRST does not guarantee a successful registration with Onramp Bank.
Before starting the deposit in FIAT, the user must provide 1-FIRST with his valid IBAN number from the bank account he uses for the one-time or recurring order. 1-FIRST will assign a reference number (the “Reference Number“) to the User and provide both the reference number and the IBAN number of the ONRAMP Bank.
The user can create a one-time or recurring purchase order for his deposit. The user may not create a purchase order for less than the minimum amount of CHF 10.00 and/or EUR 10.00. The user receives the transfer information via the app in order to create an order with his bank. The User expressly acknowledges and agrees that he is solely responsible for providing the bank with the correct transfer information – in particular, but not exclusively, the reference number. The User expressly acknowledges and agrees that the amount of money transferred by the Bank must exactly match the investment amount specified by the User in the App. Otherwise, OnRamp Bank will not be able to assign the payment to the user and will refund the payment to the user’s bank account. Any bank charges that may be incurred are therefore to be borne by the user. The user’s bank will transfer the specified amount directly to OnRamp Bank without 1-FIRST ever having access to the user’s money.
The exchange rate for cryptocurrencies is set at the time when the Onramp Bank receives the user’s payment and therefore may differ significantly from the exchange rate estimated by the app. The transaction costs of the cryptocurrencies transmitted to the User are included (see section 6.4). OnRamp Bank will execute the purchase order within five working days after receipt of payment and assign the cryptocurrencies to the user’s wallet.
6.3 – Cancellation, Rejection of orders
The purchase of cryptocurrencies through the 1-FIRST Web app is final, and there are no refunds or cancellations. By placing a purchase order for cryptocurrencies, the user makes a binding offer to purchase the cryptocurrencies he has selected.
6.4 – User’s conversion fee
Any purchase of cryptocurrencies is subject to a fee (the “Conversion Fee”). The applicable conversion fee is 3% of the invested amount (+0.00002 BTC fixed fee). 1-FIRST and ONRAMP Bank will not process a transaction if the conversion fee and all other related fees together would exceed the value of the user’s transaction. This conversion fee includes the transaction costs of the cryptocurrencies transmitted to the user, as well as the Onramp Bank referral fee and the 1-FIRST service fee.
During a deposit, the User interacts with the Site or the App via a digital wallet (“Wallet”), which allows the User to store access to the cryptocurrencies purchased via the App.
7.1 – Non-Custodial Wallet
With non-custodial wallets, access to the values always remains in the hands of the user. The User does not create a value account and does not give 1-FIRST or third parties his cryptocurrencies for safekeeping, nor does the user give 1-FIRST or third parties an order as a financial intermediary, value intermediary or intermediary of cryptocurrencies. The user acts independently and on his own responsibility. 1-FIRST or third parties do not have access to the user’s assets at any time.
As the owner of a so-called non-custodial wallet, you yourself have full responsibility over your private key. Thus, non-custodial wallets can be compared with a personal safe. If the private key is lost in non-custodial wallets, you lose access to the safe, so that you no longer have access to your tokens stored there.
The wallet is created directly on the user’s device (computer, tablet, smartphone, etc.). No data will leave this device. In the case of a hardware wallet, the private keys are also never online. 1-FIRST explicitly supports the use of hardware wallets. If the User loses access to his device, the User understands and expressly acknowledges and agrees that all cryptocurrencies that the user has connected to this wallet will become inaccessible. Unless he/she has created a backup of the wallet, he/she has written down the private key of the wallet and/or kept recovery codes. The user expressly acknowledges and agrees that he is solely responsible for the safe storage of the device and for securing his private key in order to be able to restore his crypto assets.
The wallet does not manage account data with information such as passwords or e-mails and does not have access to them. In order to ensure the security and privacy of the user, no sensitive data is stored, stored or transmitted in connection with the wallet when the user uses the wallet. 1-FIRST only has access to information that a) has been entered into the app by the user or b) is publicly available on the blockchain. 1-FIRST never holds the user’s cryptocurrencies. Only the user himself can access and control his cryptocurrencies. The user can transfer his cryptocurrencies freely from his wallet to another wallet at any time.
8. Termination of service
The User may at any time, at his own discretion, stop using the Site or the App or terminate his account. Access to the user’s values is possible at any time without using the 1-FIRST page or app. It is at the sole discretion of the user whether he wants to continue using the site or the app or not.
1-FIRST may also terminate its Services to the User at any time for any reason at its sole discretion. Such measures can be taken if 1-FIRST believes that the User has violated the Terms in any way. In addition, 1-FIRST may at any time, at its sole discretion, temporarily or permanently suspend the operation of the Service or any part of it, without prior notice. The User agrees and acknowledges that 1-FIRST assumes no responsibility or liability in relation to or in connection with the termination of the services offered on the Website or with the App.
However, a termination of the account has no influence on the user’s access to his deposits via his wallet. The user can still freely dispose of his cryptocurrencies at any time, transfer the values or transfer them from his wallet to another wallet.
It is the sole responsibility of the user to define whether and to what extent taxes are incurred for transactions that he carries out via the Site or the App. The calculation of the correct tax amount, a corresponding notification to the competent tax authorities and the payment of taxes are the sole responsibility of the user. The user’s transaction history is available in detail in the application.
10. Any guarantees
By using the Website or the App, the User warrants that:
- The User has a good understanding of the German language (or any other language into which the Website, the App, these Terms and Conditions are translated) and has read and understood these Terms and Conditions;
- The user has sufficiently informed himself about cryptocurrencies in order to make an informed decision to purchase the cryptocurrencies;
- The user has made a check to see whether cryptocurrencies meet the user’s own requirements with regard to the user’s own goals, willingness to take risks, experience and/or knowledge;
- The purchase of Cryptocurrencies by the User complies with the applicable laws and regulations in the User’s jurisdiction; and
- if the User purchases Cryptocurrencies on behalf of a legal entity, (i) this legal entity is properly organized and validly exists in accordance with the applicable laws of the jurisdiction in which it is organized, (ii) the User is duly authorized by this legal entity to act on its behalf and accept these Terms, and (iii) this legal entity is responsible for the violation of these Terms by the User or another employee or representative of this legal entity.
11. Intellectual Property Rights
1-FIRST is the sole owner of all intellectual property rights related to the Website and the App. All content that is currently displayed or will be made available by 1-FIRST in the future, such as texts, logos, images, music, digital downloads and data compilations, are the property of 1-FIRST, its partners or suppliers and are protected by Swiss and international intellectual property law. The names and logos of 1-FIRST are trademarks of 1-FIRST. 1-FIRST’s trademarks and logos may not be used for products or services that are not manufactured or offered by 1-FIRST, or in a way that could cause confusion among the public, or in a way that denigrates or discredits 1-FIRST.
Accordingly, the User agrees not to reproduce, display, extract and use in any way the trademarks, logos, the Website or the services of 1-FIRST.
12. Limitation of liability
To the extent permitted by law, any liability of 1-FIRST or of persons acting on behalf of 1-FIRST is hereby excluded. 1-FIRST rejects any liability for loss of profit, income, value or data as well as for indirect, special, consequential, exemplary or punitive damages.
In particular, the User expressly agrees that 1-FIRST or a person acting on behalf of 1-FIRST shall in no case be liable for any loss or damage caused by technical or other errors, transmission errors, system overloads, usage problems, interruptions of services (including, but not limited to system maintenance services), any delay in the transmission of information, incompatibility between the Website and its files and/or software (in particular your browser) and/or your computer, Malfunctions, malfunctions, transmission of a virus to your computer, unauthorized access (e.g. by hacking or piracy) or other failures or shortcomings on the part of telecommunications or network service providers.
The user is aware that 1-FIRST neither manages nor is responsible for the blockchain associated with the cryptocurrency.
In no event will the total liability of 1-FIRST, whether under contract, warranty, tort (including negligence, whether active, passive or imputed) or any other theory arising out of or in connection with these Terms or the use of the App, exceed the amount you have invested in cryptocurrencies through the App.
If any provision of these Terms and Conditions is invalid, illegal or unenforceable in one jurisdiction, this shall only apply to the minimum extent required by law, and such invalidity, illegality or unenforceability shall not affect other provisions of these Terms and Conditions or render such provision invalid or unenforceable in another jurisdiction. After the invalidity, illegality or unenforceability of a condition or provision has been established, the Contracting Parties will negotiate in good faith in order to amend these Conditions in such a way that the original intention of the parties is realized as much as possible, so that the transactions provided for herein can be carried out to the maximum extent as originally provided.
14. Applicable law and place of jurisdiction
These Terms and conditions and the use of the Website and the App are subject to the laws of Switzerland and will be interpreted and enforced in accordance with them, without any choice of law or conflict of law being applicable. All disputes arising from or in connection with these Terms and Conditions and the use of the Website and the App, including disputes about their conclusion, binding effect, modification and termination, will be decided by the ordinary courts in Zurich, Switzerland.