1. Separation of technology and payment services
Apex NFT Card Services, LLC provides software, the Apex NEO Card and member services. We are not a bank and we do not take deposits. We are not a cryptoasset exchange, broker or liquidity provider.
Payment, exchange and settlement services are carried out by independent third parties under their own licences and terms:
- Crypto payments. When you pay or top up with crypto, the payment is processed by ForumPay, an independent payment provider, which quotes the rate before you pay. Once ForumPay confirms the payment, we record the amount in your Apex account.
- Stablecoin conversion and card settlement. When card spending goes live, the conversion of stablecoins such as USDC and USDT into fiat currency, and the settlement of card payments, will be carried out by independent liquidity providers and our partner bank, not by us.
- Fiat banking. Fiat accounts, transfers and settlement open only when our partner bank goes live, and are provided by that bank under its own authorisation. Until then these features show Pending Member Approval. We will name the bank here when it does.
- Conversions inside your account. Before you confirm a conversion between balances in your account, we show the rate, its source and when it was updated, and we keep a record of it.
Where a liquidity provider or bank carries out an exchange or settlement, it does so under its own terms. Apex NFT Card Services, LLC is not a party to, broker for, or guarantor of that transaction.
2. Stablecoin and third-party provider risk
Stablecoins such as USDC and USDT are cryptoassets issued by third parties. They aim to keep the same value as the US dollar, but they can lose that link (de-peg), be frozen by their issuer, or become hard to sell. They are not money, they are not bank deposits, and their value is not guaranteed by us or anyone else.
If you are in the UK: you are unlikely to be protected by the Financial Services Compensation Scheme (FSCS), or able to complain to the Financial Ombudsman Service, if something goes wrong with a cryptoasset.
We use stablecoins only as a way to fund and pay with your card. We do not offer them as an investment, and we make no promise about their stability, liquidity or dollar parity.
We are not responsible for failed or delayed transactions, or for the rate you receive, where this is caused by an outage, failure or regulatory action affecting a stablecoin issuer, a blockchain network, a liquidity provider or our partner bank, and is outside our reasonable control. If that happens we will tell you promptly, help you trace the payment, and pass on any refund we receive.
3. Your wallet, keys and leftover balances
- We never ask for, hold or store the private keys or recovery phrase of your crypto wallet. Our team, and Nigel, our assistant, will never ask for them.
- You are responsible for the wallet you use to pay us, and for keeping it secure and compatible with the network you send from.
- Small leftover amounts that stay in your own wallet after a payment ("crypto dust") remain in your wallet and under your control. We cannot reach or recover them.
- Amounts shown in your Apex account are a record of payments confirmed by our payment providers. They are not a bank deposit.
- We are not responsible for losses caused by unauthorised access to your own wallet, by exploits of a blockchain network or smart contract, or by the failure of a third party's pre-funding system, unless the loss is caused by our own breach of these terms or our negligence.
4. Membership by application, and our right to refuse
Membership is by application. We review every application, including identity and anti-money-laundering checks, and we decide whether to accept it. We may decline an application, or later suspend or close a membership, if:
- the required identity, anti-money-laundering or sanctions checks are not passed or cannot be completed;
- the law, a regulator, a card scheme or our partner bank requires it;
- we reasonably suspect fraud, money laundering, terrorist financing, sanctions breaches or other misuse;
- information in the application is untrue or incomplete; or
- we cannot offer membership where you live.
We never refuse membership for a discriminatory reason. If we decline your application, we refund any amount you paid for a card that has not been issued. Where the law allows, we will tell you that we have declined and, where we can, why. If your membership is suspended or closed, you can ask for a review, and then mediation, as set out in Mediation and Account Review.
5. Not an investment
The Apex NEO Card is an NFT payment card. It is not an investment or a security. Nothing on this site is an offer to sell securities, investment advice, or a promotion to buy or hold cryptoassets for profit. Fees, rates and any rewards are shown before you commit and can change.
6. Your legal rights
Nothing in these terms limits or excludes any liability that cannot be limited or excluded by law, including liability for death or personal injury caused by negligence, or for fraud. Nothing in these terms affects your statutory rights as a consumer, including under the UK Consumer Rights Act 2015 where it applies.