These Terms of Service ("Terms") govern your use of Peerlyx, a peer-to-peer marketplace where people buy and sell crypto with each other, and the Peerlyx wallet. Peerlyx ("Peerlyx", "we", "us") operates it. By creating an account or using Peerlyx, you agree to these Terms. If you do not agree, do not use Peerlyx.
1. Who can use Peerlyx
- You must be at least 18 years old and able to enter a binding contract where you live.
- You may open one account, for yourself only. Accounts cannot be shared, sold or transferred.
- You may not use Peerlyx where buying, selling or holding crypto is prohibited, or if you are subject to sanctions.
- The information you give us must be accurate and kept up to date.
2. Your account and its security
- You must verify your email address and turn on an authenticator app (two-factor authentication) before trading or withdrawing.
- Keep your password, authenticator and email account secure. Actions taken with your credentials are treated as yours.
- Releasing escrow, withdrawing crypto and changing saved payment details ask for your password and a current authenticator code.
- Tell us immediately at support@peerlyx.com if you think your account has been accessed without your permission.
3. Verification and limits
Peerlyx uses verification levels to keep the marketplace safe and to meet legal obligations.
- Level 1: a verified email and two-factor authentication. Trading and withdrawals are limited to a lifetime total of US$500.
- Level 2: a verified phone number and identity check. Higher limits apply.
- Level 3: proof of address in addition to Level 2.
We may ask for more information at any time, and may limit or decline services until a check is complete. Limits may change; the current limits are shown in your account.
4. Your Peerlyx wallet
- Peerlyx keeps the crypto in your wallet in custody with our custody provider. Your balance is recorded in our ledger, and we regularly check that the crypto we hold covers every customer balance.
- Your balance is held per coin (for example USDT), not per network. You choose a network only when you deposit or withdraw.
- Only send a coin on a network shown for that coin in your wallet, to the deposit address shown for that network. Crypto sent on another network, of another coin, or to an old or wrong address may be lost and may not be recoverable.
- Deposits are credited after enough confirmations on the network. If a network later removes a confirmed deposit (a "reorganization"), we may reverse the credit and recover it from your balance.
- Crypto in escrow or in a pending withdrawal cannot be used for anything else until it is released.
5. Withdrawals
- You are responsible for the address you enter. Crypto sent to a wrong address cannot be returned.
- Each withdrawal pays the blockchain network fee. The fee is shown before you confirm and is deducted from the amount sent. Peerlyx may add a small margin to cover fee changes before the transfer.
- Networks have minimum amounts. A network may only be able to send a limited amount at a given time; if so, choose another network for the same coin or a smaller amount.
- Withdrawals may be reviewed or delayed for security, legal or compliance reasons, and large withdrawals may require approval.
- Once a withdrawal is sent on the blockchain it cannot be cancelled or reversed.
6. Peer-to-peer trading
Peerlyx is a marketplace. Trades are agreements between buyers and sellers. Peerlyx is not a party to your trades and does not buy or sell crypto from you.
- Offers. Sellers and buyers publish offers with a price, limits, a payment method and terms. You are responsible for the offers you publish and must be able to complete them.
- Escrow. When a trade starts, the seller's crypto is locked in escrow. It can only be released to the buyer or returned to the seller under these Terms.
- Paying. The buyer pays the seller off-platform, within the payment window, to the payment details shown in the trade, and then marks the trade as paid. Never pay to details given anywhere else.
- Releasing. The seller releases the crypto only after confirming that the full payment has arrived in their own account. Release cannot be undone.
- Cancelling. Only the buyer can cancel a trade. A trade the buyer has not marked as paid when the payment window ends is cancelled automatically and the crypto returns to the seller. Do not mark a trade as paid unless you have paid.
- Disputes. Either party can open a dispute 45 minutes after the buyer has marked the trade as paid. Peerlyx staff review the trade, its chat and the evidence both parties provide, and decide whether to release the crypto to the buyer or return it to the seller. Respond to requests for evidence promptly. Our decision on how escrow is released is final on Peerlyx.
- Chargebacks and reversals. Payments that can be reversed after a trade (for example card payments or disputed bank transfers) carry a risk for sellers. Sellers choose which payment methods to accept.
7. Fees
Peerlyx does not currently charge a fee for trades. Withdrawals pay the network fee described above. Instant swaps between coins include a price spread, shown in the quote before you confirm. We will show any fee before you confirm an action, and we may introduce or change fees with notice.
8. Prohibited use
You may not use Peerlyx to:
- break any law, including laws on money laundering, terrorist financing, sanctions, fraud or tax;
- buy or sell with money or crypto obtained illegally;
- open more than one account, or use another person's account;
- deceive, harass or threaten other users, or ask them to trade outside Peerlyx;
- manipulate prices, publish offers you do not intend to complete, or abuse disputes;
- interfere with Peerlyx, its security or other users' accounts.
9. Restrictions, suspension and closure
- We may restrict, suspend or close an account, refuse or reverse an action, or freeze crypto where we reasonably believe it is needed to protect users, investigate a problem or comply with the law.
- We may pause new trades and offers across Peerlyx in an emergency. Open trades can still be completed.
- You may close your account at any time once no trades, disputes or withdrawals are open. Remaining crypto must be withdrawn first, subject to these Terms.
10. Risks
- The value of crypto can change quickly and you can lose money.
- Blockchain transactions cannot be reversed. Networks can be congested, change their fees, or have outages.
- Trading with other people carries a risk of fraud. Follow the instructions in each trade, use only the payment details shown in it, and open a dispute if something is wrong.
11. Our responsibility
- Peerlyx is provided "as is". We do not guarantee that it will always be available or free of errors.
- To the extent the law allows, we are not liable for indirect or consequential losses, lost profits, or losses caused by other users, payment providers, blockchain networks, or events outside our reasonable control.
- To the extent the law allows, our total liability to you is limited to the fees you paid us in the 12 months before the claim.
- Nothing in these Terms limits liability that cannot be limited by law.
12. Your responsibility to us
You agree to cover losses we suffer because you broke these Terms or the law, to the extent the law allows.
13. Privacy
We process your personal data as described in our Privacy Policy. This includes the information needed for verification, security and preventing fraud.
14. Changes to these Terms
We may update these Terms. We will show the date of the latest version on this page and, for important changes, tell you in advance. Continuing to use Peerlyx after a change means you accept the updated Terms.
15. Contact
Questions about these Terms: support@peerlyx.com