Crypto Terms and Conditions

Last updated: 10 October 2025

1. About these Crypto Terms

1. The terms set out in the General Terms and Conditions (General Terms) apply to your use of the Crypto Service. These Crypto Terms and Conditions (Crypto Terms) are a supplement to, and must be read together with, the General Terms, which sets out the general terms relating to use of our Services. The meaning of capitalised words used in the Crypto Terms is set out in the Dictionary at the end, or are defined in the General Terms.

2. By accessing or using our Crypto Service you agree that:

• the Crypto Terms and the General Terms apply between you (the person using our Crypto Service and any entity you’re authorised to represent that is approved by us) and Sharesies Crypto Limited (Sharesies/us/we), a New Zealand-based entity, which provides the Crypto Service to you; 

• additional terms may also apply to your use of the Crypto Service (which we will communicate to you through the Services) and should be read together with the Crypto Terms, for example any special terms that apply if you participate in a promotion, or use special features. 

2. Support Crew for the Crypto Service

You are the beneficial owner

1. You are the beneficial owner of the Digital Assets and USD money in your Account (provided you don’t owe any amounts to us—see sections 6(16) to 6(18) ‘Our rights if you owe us money’ below). The Digital Assets and USD money in your Account will be held on bare trust for you as the ultimate beneficial owner by Sharesies Crypto Custody Limited, or by another related or approved third party at our discretion, in accordance with these Crypto Terms. Each provision of the Trusts Act 2019 that may be:

• excluded from applying to these Crypto Beta Terms is excluded; and

• modified (but not excluded) is modified to the extent that it is inconsistent with these Crypto Beta Terms.

2. We work with others—our Support Crew—to make the Crypto Service available to you, including:

3. If we use separate or third-party custodians to hold Digital Assets, the custodian may hold them in an account for us in a variety of different ways, including across multiple blockchain protocols. You agree that all forms of the same Digital Asset may be treated as fungible and the equivalent of each other, including those that are held and made available across multiple blockchain protocols.

3. Getting started with our Crypto Service

Opening an Account 

1. To open an adult Account and use our Crypto Service you’ll need to meet our eligibility criteria to have an Account with us, by being an existing NZ Sharesies customer or:

• be 16 or older and living in New Zealand;

• be a natural person (not a business, company, trust, or similar sort of organisation unless otherwise agreed in writing with us);

• have a New Zealand bank account;

• have a New Zealand residential address;

• provide the information we request;

• agree to and comply with the Crypto Terms and Sharesies’ Community Code of Conduct; 

• provide accurate and current tax information (if you’re a foreign tax resident you’ll need to provide a relevant tax identification number (TIN)).

2. To open a Sharesies Kids Account you will need to provide the child’s IRD number and also agree to and comply with the Kids Accounts Terms and Conditions. For the purposes of these Crypto Terms:

• the references to ‘Account’ in the Kids Account Terms and Conditions should be read as meaning the Account for Digital Assets as defined in these Crypto Terms; and

• the fees described in these Crypto Terms apply.

3. Please also note:

• we don’t have to open an Account for you or give reasons if we decide not to do so;

• we can in our sole discretion change or waive any criteria from time to time; 

• you must only use our Crypto Service for your own personal Digital Assets. If agreed in writing with us, you may be permitted to use our Crypto Service for a trust, group investing or business purpose (this may be subject to additional terms). 

You must give us certain information about you

4. You must provide us with the information we request and promise this information is true and complete. If you don’t give us this information, we may suspend your access to or use of the Crypto Service and/or sell any Investments you may own and close your Account. You must tell us promptly if your information changes or update this in the Crypto Service.

5. We may share your information with third parties that help us to offer and carry out the Crypto Service. If a member of our Support Crew requires more information about you, your Account, or any Order or Trade, you must promptly provide that information, including the identity of any person with access to your Account.

We pool your money and Digital Assets 

6. Your money and Digital Assets may be pooled with the money and Digital Assets of our other customers and ourselves and held in ‘pooled accounts’. 

7. Your money and Digital Assets are individually identifiable to us in the records we maintain but typically aren't individually identifiable in third party registries (such as bank accounts or on-chain) because the legal title is held in the name of Sharesies Crypto Custody Limited or a separate or third party sub-custodian. 

8. Under the Crypto Service, you will not have direct access to our Trading Service Provider or Storage Service Provider or the private cryptographic key related to any Digital Assets you purchase.

Rounding

9. Many Digital Assets are fractionalised to many decimal places.

10. We or the Trading Service Provider may apply rounding to your Digital Assets. The decimal place rounded to may be different for different types of Digital Assets. Sometimes we round to more decimal places in the background than in the displayed values that you see. 

We have measures in place to identify financial crime 

11. We may ask for further information about you, the use of your Crypto Account, or any transaction and may restrict transactions while we wait for this information. 

Earning income 

12. If your Digital Asset earns money when you sell it, we will deduct any applicable fees and costs (see section 6 ‘Fees and taxes’ below for more details) and add the balance to your Wallet, unless you have previously instructed us to do otherwise.

13. In some cases you may receive no money if the value of that sale minus applicable fees and costs is less than $0.01.

14. There may be a delay between your Digital Asset being sold and the money being available in your Wallet. Delays happen for reasons including the processing times for us, our Support Crew, or the bank. The length of this delay can vary across Digital Assets.

15. If your consent is required to receive the proceeds of sale you agree we can provide that consent for you. 

What if my Digital Asset gives me extra Digital Assets (not money)?

16. If your Digital Asset delivers additional Digital Assets, for example from forks, airdrops, staking gains or other proceeds from offshoots or otherwise, in a Digital Asset we provide in our Crypto Service and supported by our Trading Service Provider or Storage Service Provider, those Digital Assets may be added to your Account. 

17. If your Digital Asset delivers additional Digital Assets or other items of value that we or our Trading Service Provider or Storage Service Provider do not hold or support, we may try to get that item to you, but we may not reasonably be able to do so given technical or other constraints (including restraints imposed by Applicable Law, Support Crew Terms, or due to our own (or our Support Crew’s) commercial decisions—see sections 5(35) and 5(36) ‘Delisted or otherwise not available to hold through our Crypto Service’ for more details). If we do make this available, it may be subject to additional terms and limitations; these may be imposed by our Trading Service Provider or Storage Service Provider and/or by us.

4. Risks

Investing in Digital Assets isn’t always straightforward

1. You acknowledge and agree that:

• Investing involves risk and crypto is a high risk asset class. Investing in Digital Assets is different to investing in other traditional asset classes (such as shares or interests in funds) and carries specific risks—it’s generally more volatile. Digital Assets can rapidly go up and down in value (even to zero), or stay the same. You may not make any money and you could get back less money than you put in, or no money;

• You’re exposed to market risk when using Sharesies, and therefore the Digital Assets you own may have decreased in value when you want to sell or exchange them;

• Digital Assets might change in value (or even cease to exist or be delisted on a trading venue) for lots of reasons, including political, economic, tax, legal or technology reasons. Changes might impact a specific Digital Asset, exchange, or sector or be wide reaching; 

• Digital Assets are a digital, intangible asset—they’re not tangible like traditional money. Like other digital systems, Digital Assets could be at risk from attacks by hackers, technical failures, or availability issues. This could mean you lose all your Digital Assets, or are delayed in being able to sell them. Advances in code cracking, or technical advances such as the development of quantum computing, may present risks to Digital Assets, and could result in the theft or loss of your Digital Assets. We will not be responsible for any loss you may suffer in any such cases, or in the event of any other failure of our Support Crew;

• Sharesies cannot and does not guarantee the value of Digital Assets. We do not control the relevant Digital Asset markets and therefore we are not responsible for the services provided by those markets—in particular, verifying and confirming transactions that are submitted to the market;

• The Digital Assets available via the Crypto Service are not shares, interests in funds, or any other class of regulated financial product for New Zealand law purposes, therefore they are not subject to the same legal and regulatory regimes or protections that apply to buying, selling and holding shares or interests in funds. Digital Assets are not legal tender and are not backed by any government. Laws and regulations relating to Digital Assets could change and affect your investment;

• Fees and taxes apply. Local and overseas taxes and legal requirements may impact the overall return on your Digital Assets. Income from selling Digital Assets is taxable (unlike profits on sales of shares for example, which may not be), and you will be responsible for your tax obligations, and reporting and paying tax to the IR;

• Each time you exchange currency to buy or sell Digital Assets you do so at the exchange rate offered at that time, and are exposed to the risk of exchange rates being unfavourable for your circumstances. Sharesies’ standard currency exchange fee will also apply;

• Digital Assets will generally not pay a dividend or interest;

• Where your portfolio has limited exposure across Digital Assets and/ or your portfolio is concentrated on a few Digital Assets, you risk your portfolio dropping disproportionately in value if a particular Digital Asset is negatively impacted by a market movement;

• There may be times where a Digital Asset can’t be sold in a reasonable time period. This may be due to issues impacting our Trading Service Provider, our Storage Service Provider or other third parties, or market fluctuations that reduce the buyers on the market looking for a particular Digital Asset, making your Digital Asset harder to sell;

• We don’t issue or manage the Digital Assets on our Crypto Service and we don't have any responsibility for the performance of your Digital Assets. Past performance of a Digital Asset is not a guarantee of future performance;

• Our Crypto Service has limits, and doesn’t work perfectly all of the time.

• There are benefits and limitations in the way your Digital Assets are held for you when you use our Crypto Service, compared to you investing directly;

• Transaction requests submitted to a Digital Asset market may not be completed, or may be substantially delayed, by that market and we will not be responsible for any delay or any failure of completion caused by that market;

• Pricing information for Digital Assets may also be less reliable than the price of a share listed on a single exchange. Prices displayed on the Crypto Service may be delayed and are provided by a third party. This means the price you see in the Crypto Service may not be the market price of the Digital Asset (and also may not be the price that your Trade is executed at);

• Digital Assets may be subject to on-chain events such as chain splits or soft/hard forks. In the event of a fork, our Trading Service Provider and Storage Service Provider have discretion, under Support Crew Terms, to decide whether or not to support (or cease supporting) either branch of the forked protocol entirely. We’ll try to give you notice in such a case;

• You should consider seeking independent legal, financial, taxation, or other professional advice and ensure that you have the risk appetite, relevant experience and knowledge before you decide to invest in Digital Assets. We don’t give financial, legal, tax, or technology advice or recommendations.

2. In summary, Digital Assets and the underlying technologies (including blockchains and smart contracts) are new and evolving. In addition to the risks included here, there are other risks associated with Digital Assets, including those that we cannot anticipate. These risks may further materialise as unanticipated variations or combinations of the risks discussed here.

3. Sometimes you may not be able to buy or sell Digital Assets at the time you want or at the price you want. This might be because: 

• you need to wait on a corresponding buyer or seller. Sometimes there may be no one who wants to buy or sell at or near the price you’ve set; 

• the status of a Digital Asset may mean you’re prevented from trading, for example if our Trading Service Provider has suspended trading or in the case of on-chain events such as chain splits or soft/hard forks; 

• our Crypto Service or a party we rely on may not be working properly. 

Our Crypto Service has limits 

4. Our Crypto Service does some pretty amazing things, connecting you with a range of Digital Asset Opportunities, however it doesn’t do everything. For example, our Crypto Service doesn’t currently let you:

• buy, sell or hold Digital Assets directly in or via your own crypto wallet(s)—your Digital Assets are bought, sold and held for your benefit with the help of our Support Crew under Sharesies Crypto Custody Limited’s, or a related or third party sub-custodian’s, names;

• participate in all types of Digital Asset Opportunities or exercise other rights that you may have if you held your Digital Assets directly in your own wallet(s);

• transfer any Digital Assets (or fractions of Digital Assets) that you own into or outside of the Crypto Service.  

What happens if Sharesies or our Support Crew become insolvent or default on their obligations

5. You are the beneficial owner of the money in your Wallet and Digital Assets in your Account: Sharesies Crypto Custody Limited holds these on bare trust. If we or any of our sub-custodians (including third party sub-custodians) were to go broke, the money in your Wallet and Digital Assets in your Account cannot legally be used to pay Sharesies’ debts (or any debts of the sub-custodians). 

Your Account is protected from:

• our general creditors;  and

• the general creditors of our sub-custodians. 

6. Other than as you agree in these Crypto Terms or the General Terms (for example to pay fees), we, and our Support Crew, aren’t allowed to use your Digital Assets or any money in your Wallet for ourselves or for any other person. 

7. If we become insolvent or materially default on our obligations (or other parties involved in your Order or Trade do), then we (or others) may cancel your Orders or Trades that haven’t settled and we may suspend trading. If a third party that holds money or Digital Assets for you becomes insolvent or materially defaults on material obligations, we will where practicable use commercially reasonable efforts to try and enforce our rights against them under applicable contracts and Applicable Law.

5. Investing

You pick Digital Assets available on the Crypto Service

1. We make a selection of Digital Assets available to you through the Crypto Service. We may change the Digital Assets (and the Support Crew) available in our Crypto Service from time to time. Neither Sharesies Crypto Limited, nor any other Sharesies Group entity, is the issuer or offeror of these Digital Assets.

2. We try to help you understand Digital Assets, including terminology and processes, however it is your responsibility to understand the way the Digital Assets work in our Crypto Service.

You tell us what to do with your Digital Assets 

3. When it comes to your Digital Assets and your money—you tell us what to do and we act on your instructions provided we can within our Crypto Service’s existing capability, and that your instructions are consistent with our obligations under Applicable Law, these Crypto Terms and Support Crew Terms.

4. We don’t provide discretionary investment management services for your Digital Assets—we act on your instructions under these Crypto Terms.

5. You tell us to buy or sell Digital Assets for you by making an Order through the Crypto Service:

• to make a buy Order you need enough money in your Wallet to cover the value of the Digital Asset and our fees;

• to make a sell Order you need the Digital Assets in your Account to sell. 

6. For a buy Order, you instruct us on your behalf through the Crypto Service to:

• instruct Sharesies Limited to transfer USD from your Wallet to us to use for the purposes of your Order;

• place your Order with our Trading Service Provider;

• once the Order is settled, instruct our Storage Service Provider to hold the Digital Assets from your Order in Storage in the name of Sharesies Crypto Custody Limited or a separate or third party sub-custodian.

7. For a sell Order, you instruct us on your behalf through the Crypto Service to:

• place your Order with our Trading Service Provider;

• once the Order is settled, instruct our Storage Service Provider to remove the Digital Assets related to your Order from Storage; and

• transfer the proceeds of sale to us, to transfer to your Wallet (less any applicable fees).

We try our best to complete your Order (in accordance with these Crypto Terms)

8. When you make an Order we work with our Support Crew to try and place that Order, but note we are subject to the terms in these Crypto Terms, Applicable Law, Support Crew Terms, and our and our Trading Service Provider’s technical limitations and legal obligations. 

9. You agree that we may:

• delay acting on your Orders for any reason; 

• pool your money and Digital Assets with those of our other customers and ourselves;

• set and change limits for your Orders (including the amount you can buy/sell using your Crypto Account). We can do this generally or for particular Digital Assets or customers. For example, we may limit the dollar value, number of Digital Assets, frequency, or type of Orders you can make.

10. You can override our discretion to accumulate, bundle or delay your Order by cancelling your Order before it starts processing.

Orders to buy or sell Digital Assets

How do Orders for Digital Assets work?

11. Our Trading Service Provider places your Order on the relevant Digital Asset market. You may be able to place a market or limit Order:

How your Digital Asset Order becomes a Trade 

12. You authorise us to place your Order with our relevant Trading Service Provider. Sometimes your Order may process almost immediately and become a Trade, but it can take longer. Reasons for this may include because your Order may be waiting on a corresponding buyer or seller in the market, our Trading Service Provider may have suspended trading, or third-party systems or our systems may be unavailable or experiencing delays. 

What happens after we get your Order

13. After we get your Order, we send it to our Trading Service Provider as soon as we reasonably can.

14. If we receive your Order during a halt or an interruption of our Trading Service Provider or the relevant Digital Asset market, or when there are technical issues, for example, our Trading Service Provider is down or a relevant Digital Asset market has suspended trading or there are issues affecting our Trading Service Provider’s ability to place Orders, we may:

• not let you submit an Order; 

• reject your Order; 

• hold your Order; or

• place it on the relevant Digital Asset market to queue for when trading resumes.

15. When you place your Order, you acknowledge that: 

• we might not have direct contact with the actual buyer or seller on the other side of the Trade;

• each exchange has different rules and processes that you, we, our Trading Service Provider and Storage Service Provider, and third parties need to comply with;

• the processing time for your Trade will depend on our requirements and the requirements of third parties.

When you get the money for a completed sell Order

16. For Digital Assets, we show the money (less fees) for a completed sell Order to your Wallet. We may do this shortly after the Trade has executed (before the Trade settles). If we show the money in your Wallet before a Trade settles, we might put some limits on that money, such as not allowing you to trade or withdraw that money, until the Trade has settled. 

17. The Crypto Service generally operates on a “T+1”. This means that the money and Digital Assets for Trades are generally settled one Business Day after the Trade occurs. Trades can fail or be late to settle. 

Prices for Digital Assets change

18. Prices shown in the Crypto Service are generally live, however the process for an Order to become a Trade takes time. During that time the price of the Digital Asset can change a little or a lot. 

19. The price we show on the Crypto Service when you place an Order may not be the final price. If your market Order Trades, it's at the market price. If your limit Order Trades, it’s at the price you’ve set or better. 

Cancelling your Order 

20. You can instruct us to cancel an Order via the Crypto Service before the Order has filled and become a Trade. Where this is possible, you can do this from within your Account. We do not guarantee that your instruction to cancel will be successful—for example, market Orders may fill and become a Trade almost instantly. You cannot edit an Order—you’ll need to cancel it and place it again. 

21. You can't cancel any part of an Order that has filled and become a Trade.

22. Orders may expire or be cancelled by us or our Trading Service Provider in certain circumstances, including where a Digital Asset is subject to on-chain events such as chain splits or soft/hard forks.

We might cancel or delay your Order or Trade

23. We may refuse to action, cancel or void all or part of any action or instruction (including any deposit, withdrawal, Order, or Trade) and we don't have to give you reasons for doing so. For example, we may refuse to act on your instructions or cancel an Order or Trade if:

• it is likely to breach these Crypto Terms, Support Crew Terms or Applicable Law, or we reasonably suspect it is illegal activity or is being used to support illegal activity;

• cancellation is required or may be permitted under Support Crew Terms;

• our Support Crew recommend or require cancellation;

• it contains, or is based on, an obvious error;

• it could cause or contribute to market stability or system integrity concerns;

• our Trading Service Provider, Storage Service Provider, or another third party has or will restrict a Digital Asset;

• we know or suspect there has been a security breach; 

• it (or a remaining part) does not complete after 30 calendar days;

• it is a limit Order set at a price we (or our Trading Service Provider or another third party) consider to be too far outside the prevailing market price. 

24. Nothing in these Crypto Terms requires us to refuse to action, cancel or void all or part of any action or instruction (including any Order or Trade).

What happens if you don't give us what we need to settle a Trade

25. If we're unable to deliver Digital Assets for a Trade by the necessary time because you do something you shouldn’t do, or don’t do something you should do, then we may cancel the Trade (if possible), or buy back, sell, or take possession of the relevant Digital Assets involved and you must immediately pay any direct Loss we incur as a result.

Trade confirmation 

26. We provide a paperless service and make information about your Account, trading, and Digital Assets available to you exclusively through our Crypto Service or email (we are not required to send you paper statements or hard copies).

27. We confirm your Trades via email or through our Crypto Service with a trade confirmation notification called a “Contract Note”. It is your responsibility to promptly check the Trade details in the Contract Note are correct. If you believe the Trade is incorrect in any way, you need to let us know ASAP, and ideally within one Business Day.

28. If an Order is partially completed during a Business Day, then you will receive a Contract Note for only the completed part of the Order. You’ll get a Contract Note if other parts of your Order are completed on following Business Days. 

29. We may show the Digital Assets in your Account before settlement has happened or we may wait until settlement has happened. If we do show the Digital Asset before settlement, we may impose restrictions, such as not trading those Digital Assets until settlement has happened.

Settlement

30. ‘Settlement’ is when ownership is transferred and we receive the Digital Assets or money to hold for you (settle / settles and settled have a corresponding meaning). We're not responsible for any delay in Settlement resulting from circumstances beyond our control, or the failure of any other person or party (including you) to perform all the necessary steps to settle your Trade. 

Restructures 

31. If your Digital Asset is restructured including via on-chain events such as chain splits or soft/hard forks the number and value of your Digital Assets may change, or they may be replaced by different Digital Assets.

Digital Asset Opportunities 

32. If your Digital Asset provides a Digital Asset Opportunity, we may or may not make this available to you. If we do make this available, participation may be subject to additional terms and limitations; these may be imposed by our Trading Service Provider or Storage Service Provider, and/or by us. If there are inconsistencies between our additional terms and the offer terms provided by our Support Crew, our additional terms and these Crypto Terms take precedence (in that order).

33. Where we facilitate participation in Digital Asset Opportunities through the Crypto Service, eligibility criteria and limitations may be communicated to you through the Crypto Service or other means. 

34. Except to the extent that we have responsibility in accordance with section 5(3) ‘Liability’ of the General Terms, we are not responsible for any delay or issues relating to your participation in these Digital Asset Opportunities.

Delisted or otherwise not available to hold through our Crypto Service 

35. Your Digital Asset might be removed from support (including where a token is delisted on a trading venue) or otherwise become unavailable to hold through our Crypto Service. Your Digital Asset may also deliver additional Digital Assets or other items of value that we do not hold or support in our Crypto Service. If this happens to a Digital Asset in your Account, we will usually try to let you know in advance if reasonably possible.

36. If you hold a Digital Asset (or any additional Digital Assets or other items of value associated with the Digital Asset) in our Crypto Service at a time when it is, or will soon be, no longer eligible to be held though our Crypto Service, we may (to try to protect your beneficial interest) attempt to sell or write off that Digital Asset (and/or any additional Digital Assets or other items of value associated with the Digital Asset) on your behalf and add the proceeds received from any such sale (less fees) to your Wallet (our third party sub-custodian may also at its discretion sell or write-off non-supported Digital Assets in such a case and provide any money received from this). This might happen, for example: if your Digital Asset (or any additional Digital Assets or other items of value associated with the Digital Asset) is delisting or transferring from being listed on an exchange we offer to an exchange we do not offer or support, due to technical or other constraints (including restraints imposed by Applicable Law), or if we (or our separate or third party sub-custodian) make a commercial decision to no longer allow a Digital Asset to be held on our Crypto Service. 

Errors 

37. If we incorrectly put money in your Wallet or Digital Assets in your Account that do not belong to you, you agree we can remove that money or those Digital Assets without notice. If you withdraw the money or trade the Digital Assets before we can do so, you will owe us the value of that money or those Digital Assets.

Communications about your Digital Assets

38. Because your name is not on third party registries in respect of your Digital Assets, you will not receive communications directly from our Trading Service Provider or Storage Service Provider, as these communications will be directed to Sharesies. 

39. We don't have to forward to you, or act on, any action, rights or other communications we receive about your Digital Assets. Where we do, we may take such steps as we consider, at our discretion, to be commercially reasonable taking into account technical, legal and other constraints.

6. Fees and taxes

We make money from fees you pay

1. When you use our Crypto Service, you agree to pay us the fees we set. You pay a transaction fee in USD to buy and sell Digital Assets on the amount bought (or sold)—there’s no fee cap. The transaction fee is separate to and independent of the Sharesies plans for the Invest Service. Buy and sell orders for Digital Assets are not included in any Sharesies plan. If you’re on a Sharesies plan, Digital Asset orders do not count towards your plan’s coverage. 

2. Please see the Crypto section of the Pricing page on the Website for information on the transaction fee.

3. You are ultimately legally responsible for all applicable taxes and other charges related to your Digital Assets.

Fees for Buy and Sell Orders

4. Each Order incurs a separate transaction fee. If you place two Orders for the same Digital Asset, you will be charged two transaction fees (one for each Order). 

5. We show you estimated transaction fees before you confirm a buy or sell Order. The final fees for Trades are shown in your Contract Notes. 

6. For a buy Order, the transaction fee is calculated as a % of the amount we invest for you: 

• For buy Orders in dollars, we calculate the transaction fee on the amount invested (the net amount) and deduct it from the order amount you enter (the gross amount) and we take it out before we invest for you. For example, if you enter USD $10 as the order amount, if the full Order trades you’ll be charged USD $10 and this will include our transaction fee; 

• For limit buy Orders in Digital Assets, we calculate the transaction fee on the amount to invest (the net amount) and add the fee on top of the order amount you enter. For example, if you enter USD $10 as the order amount, if the full Order trades you’ll be charged USD $10 plus the additional amount of our transaction fee. 

7. For a sell Order, the transaction fee is calculated as a % of the amount we receive for you. The value of your completed sell Order that we put into your Wallet is the amount we receive for your completed sell Order, minus our fees. For example, if your Order sells for USD $10, you receive USD $10 minus our transaction fee. 

Currency exchange fee

8. All buy and sell Orders for Digital Assets are in USD and the transaction fee is also charged in USD—you’ll need to exchange money into USD to place an Order. You use the money in your Sharesies Wallet to buy Digital Assets and the proceeds of any sale of Digital Assets go back to your Sharesies Wallet.

9. When you exchange money into USD to buy Digital Assets (if you don’t have USD already in your Sharesies Wallet), or from USD into NZD when selling Digital Assets (unless you wish to hold the proceeds of sale as USD in your Sharesies Wallet), you're also charged Sharesies’ standard currency exchange fee. The currency exchange fee is calculated as a % of the amount to exchange, which is deducted from the amount you enter (we take our currency exchange fee out before the amount is exchanged).

10. You can exchange money any time in your Wallet, prior to a buy Order being placed. If you don’t do this beforehand and don’t have enough (or any) USD in your Wallet, you agree that we will instruct Sharesies Limited on your behalf in accordance with the Invest Terms and Conditions to:

• automatically convert any other available currency in your Wallet to USD when you place a buy Order for a Digital Asset (any available USD will be used first); and

• transfer that USD from your Wallet to us to use for the purposes of your buy Order. 

11. Please note, however, we will not automatically exchange any USD back to local currency if the Order for the Digital Asset fails or is cancelled.

12. When you sell a Digital Asset, you’ll receive the proceeds of sale as USD in your Wallet (less any applicable fees).

13. Please see the Crypto section of the Pricing page on the Website for information on the currency exchange fee.

Other ways we make money

We make money from interest on our customers’ money

14. Money we receive from you (or from a third party) in relation to the purchase or sale of Digital Assets may earn interest from the bank where it is deposited. You accept that we keep any interest on the money we (or our related or third party sub-custodians) hold for you when using our Crypto Service.

Sometimes we make money from third parties

15. Third parties may pay us a fee to do something, which could include: 

• making their Digital Asset Opportunities available to our customers;

• referring our customers to use their services;

• providing services, such as carrying out research and development or advertising;

• advising on market behaviour and opportunities. 

Our rights if you owe us money

16. If you owe us money, for example if you fail to settle or pay any amount due in respect of an Order or Trade, or any applicable fees, costs or taxes (including any cancellation fees, levies or other costs that we may have incurred), we’ll let you know, sometimes by showing a negative balance in your Account or sending you a request to pay us. 

17. If your Account has a negative balance you must repay the amount owing to us immediately. If you top up or receive money into your Wallet, we’ll use some of this money (or all, as relevant) as payment against your negative balance.  

18. If you owe us money, we may take reasonable steps to recover the amount owing to us (and offset any money you owe us and have failed to pay against any money we may owe you from time to time), including:

• directing Sharesies Crypto Custody Limited to pay us using the money in your Wallet (including converting currency to local currency first at our applicable FX rate at that time and subject to our currency exchange fees);

• selling (or otherwise dealing with) or directing our Trading Service Provider to sell (or otherwise deal with) Digital Assets in your Account and directing Sharesies Crypto Custody Limited to repay us with money from this;

• cancelling or suspending your access to our Crypto Service and / or any of your Orders without any responsibility to you;

• taking legal action against you or using debt collection services, and charging you for the costs and expense we incur in recovering the debt.

Additional services

19. We may charge a fee for any additional services provided to you. Additional services may be subject to additional terms. 

You need to pay tax on your Digital Assets

20. We don’t provide you with any tax advice. You are responsible for understanding and meeting your tax obligations—we do not accept any responsibility for any taxation obligations or liabilities that you may incur: 

• you should seek professional tax advice if you are unsure about your tax obligations;

• you may have other tax obligations relating to Digital Assets you buy, sell and own through our Crypto Service; 

• we may provide easy access to data and reporting on your Digital Assets, which may help you to assess your tax obligations and complete your tax return.

7. Crypto Service principles

1. To the extent permitted by Applicable Law, you agree that:

• by using our Crypto Service, you accept the risks of investing in Digital Assets;

• you’re fully responsible for your Digital Asset decisions, and any obligations relating to your Digital Assets;

• we’re not responsible for how your Digital Assets perform;

• you will comply with the rules and requirements of good trading practice, and you won’t breach or cause us to breach any Applicable Law or the relevant Support Crew Terms, by doing something you shouldn’t do or by not doing something you should do.

2. You are responsible for all activity on, and use of, your Crypto Account—we will deem any use, activity, actions, or instructions related to your Account to have been authorised by you, unless you promptly tell us otherwise. Each time you log in to your Account, you confirm to us you're the beneficial owner of your Account, or you're the sole trustee on behalf of the beneficial owner, and that no one else has any rights of any kind over the Digital Assets in your Account.

8. Goodbye: Closing accounts

What happens when your Account is closed?

1. Whether you close your Account or we close your Account, in addition to section 12 ‘Goodbye: Closing Accounts’ in the General Terms, the following terms apply:

• we may cancel or complete any incomplete Orders (in our discretion);

• you cannot currently transfer any Digital Assets (or fractions of Digital Assets) that you own outside of the Crypto Service to your personal crypto wallet—you will have to sell any remaining Digital Assets in your Account and transfer the proceeds of sale (less any applicable fees) to your Wallet;

• if you have not already sold your Digital Assets, we may sell your Digital Assets at the market rate applicable at the time we sell. If we sell your Digital Assets the money resulting (less our fees) will be transferred to your Wallet; 

• you agree to pay us any money you owe us, including after your Account (and any Kids Accounts under your Account) is closed;

• you authorise us to do these things and to instruct our Support Crew as needed to do these things on your behalf;

• we will also close any Kids Accounts you have under your Account and the above applies to those Kids Accounts (unless the beneficiary of the Kids Account has reached the transfer age, and either you or the beneficiary requests that the Kids Account is transferred to the beneficiary to become an adult account).

9. Dictionary

Some capitalised words in these Crypto Terms have a special meaning. Each capitalised term used but not defined in the Crypto Terms will have the meaning set out in the General Terms, save as amended below.