Bitcoin Retirement Solutions LLC
Bitcoin Retirement Solutions LLC and its affiliates (collectively “BCRS”) and Investor agree that the following terms will govern the current and all future transactions between the parties involving cryptocurrency and/or precious metals.
The following definitions govern this Account Agreement:
“Cryptocurrency” will mean, for the purposes of this Account Agreement, any cryptocurrency, in any form, that is the subject of a transaction between BCRS and Investor, and shall include, but is not limited to, Bitcoin, Litecoin, Ethereum and other cryptocurrencies whether or not in existence at the time of this writing.“Good Funds” may be delivered by personal check, cashiers check, bank wire, Bitcoin, Litecoin, Ethereum or another Top tier cryptocurrency.
“Investor” refers to that individual or entity described herein under “Investor Information.”
“Precious Metals” will mean, for the purposes of this Account Agreement, any precious metal, in any form, that is the subject of a transaction between BCRS and Investor, and shall include, but is not limited to, bullion bars and coins, numismatic bars or coins, “junk silver” bags and partial bags of coins. This Account Agreement applies to purchases from and sales to BCRS, and the warranties and certifications are intended to be applicable.
Customer Identification Program Notice for Cryptocurrency Transactions Only:
Important Information You Need to Know about Opening a New Account. To help the government fight the funding of terrorism and money laundering activities, federal law requires financial institutions to obtain, verify and record information that identifies each person who opens an account.
What types of information will I need to provide? When you open an account, BCRS Exchange maybe required to collect the following information: Name, date of birth, address, Identification number, U.S. citizen: taxpayer identification number (Social Security number or employer identification number). Non-U.S. citizen: taxpayer identification number; passport number and country of issuance; alien identification card number; or government-issued identification showing nationality, residence and a photograph of you. You may also need to provide a copy of your driver’s license or other identifying documents. A corporation, partnership, trust or other legal entity may need to provide other information, such as its principal place of business, local office, employer identification number, certified articles of incorporation, government-issued business license, a partnership agreement or a trust agreement. U.S. Department of the Treasury, Securities and Exchange Commission, and FINRA rules already require you to provide most of this information. Applicable investing rules also may require you to provide additional information, such as your net worth, annual income, occupation, employment information, investment experience and objectives, and risk tolerance.
What happens if I don’t provide the information requested or my identity can’t be verified? BCRS Exchange may not be able to open an account or carry out transactions
Independent relationship: You agree that: (a) BCRS is not acting as your broker, intermediary, agent, or advisor, or in any fiduciary capacity, and (b) no communication or information provided to you by us shall be considered or construed as advice for you.
III. Delivery of Cryptocurrency and/or Precious Metals Purchased.
Investor must have “Good Funds” available in their account before any order is placed or confirmed. Due to the irreversible nature of cryptocurrency transactions, as well as the chance for BCRS to incur loss due to unsatisfied obligations, all sales are final upon taped confirmation (i.e., the products purchased cannot be exchanged or returned for a refund.). Checks should be made payable to Bitcoin Retirement Solutions LLC. For bank wire instructions and Cryptocurrency payment instructions, please contact your BCRS sales executive. BCRS will deliver the Precious Metals, Cryptocurrency (Non- IRA cryptocurrency will be delivered on cold storage wallet) specified in Investors order to a suitable delivery service, wherever applicable, (UPS, USPS, FedEx) for delivery to Investor no more than twenty-eight (28) days after BCRS verifies the receipt of funds. It may take up to ten (10) business days for verification of personal checks; it may take longer than the ten (10) business days if further delayed by the issuing bank.
Delivery of an Order: Unless otherwise specified in writing at the time of Investor’s confirmation of purchase, BCRS will deliver the agreed upon purchased and paid for assets set forth in Investor’s order to the delivery address as instructed by Investor.
(i) Delivery of Precious Metals: Unless otherwise specified in writing at the time of Investor’s order, BCRS shall cause all Precious Metals purchased and paid for to be delivered to Investor’s address set forth above. BCRS only uses reputable, nationally recognized delivery services to deliver its Precious Metals. If, however, Investor’s order is lost prior to delivery, Investor is instructed to notify BCRS, in writing, immediately. Notice of any such alleged loss should be sent to: Bitcoin Retirement Solutions LLC., Attention: Customer Service, 12121 Wilshire Blvd Suite 208, Los Angeles, CA 90025. If the delivery service verifies that Customer’s Precious Metals were never delivered, BCRS shall, within sixty (60) calendar days of such verification, in its sole discretion, either refund to Customer the full purchase price for such undelivered Precious Metals or replace such Precious Metals with other Precious Metals of the same denomination/type and grade. BCRS assumes no responsibility for Precious Metals lost after delivery to Customer. BCRS assumes no risk of loss for any Precious Metals purchased from a Customer until such materials are delivered to and accepted by an authorized representative of BCRS
(ii) Lost Packages. Report of alleged lost package should be mailed to Bitcoin Retirement Solutions LLC, Attention: Customer Service, 12121 Wilshire Blvd Suite 208, Los Angeles, CA 90025 . If the provided carrier verifies Investor’s order was in fact lost, BCRS will issue a full refund after receiving funds from the insurance claim. BCRS assumes no responsibility for Cryptocurrency or Precious Metals lost after the delivery to Investor. BCRS assumes no risk of loss for any Cryptocurrency or Precious Metals purchased from Investor until such assets are delivered to, signed for and accepted by an authorized representative of BCRS Exchange, LLC. Cryptocurrency transactions will not be refunded at the same purchase price as original order and will be subject to the new market conditions at the time of the replacement trade.
(iii) Remedy for Investor’s Failure to Perform. If Investor refuses delivery of Cryptocurrency, /or Precious Metals ordered from BCRS, or in any way impedes the transfer of funds from either Custodian to BCRS or BCRS to Custodian, after an obligation has been made, BCRS may, at its discretion, may cancel the transaction and sell the products on a wholesale basis. If the wholesale total of such resale is less than the original contract price with Investor, BCRS is entitled to recover the difference of funds as an offset to incidental damages caused by Investor’s failure to perform. If the wholesale total is higher than the original contract price, BCRS is entitled to keep the difference between the Investor’s invoice price and the wholesale total as an offset to incidental damages.
Purchase Price. Direct acquisitions: The purchase price Investor has been quoted and has
agreed to pay includes BCRS’s margin. General ranges are provided below:
Cryptocurrency: Cryptocurrency transactions are margin based. Transactions margins range from 5% to 15% based on availability and market conditions at the time. For example: If a particular cryptocurrency is selling on the exchange for $100, the client’s cost on that transaction would be $111.11. $100 represents 90% of $111.11.
Precious Metals: Similar to the above illustration transactions in the precious metals industry are subject to a “Spread.” The “Spread” refers to the difference between the retail price quoted to investor and the cost BCRS incurred to acquire the precious metals investor has agreed to buy on the day of the purchase. Spreads are also inclusive at BCRS which means no hidden fees, no delivery fees and no insurance fees. In order for Investor to make a profit, the Investor must be able to sell the precious metals in the future at a value that is higher than the initial purchase price. The current spread on all precious metal products is between 5% and 20%. For example: if a 1 oz bullion bar has a retail price of $300 and has a 10% spread, BCRS’s purchase back from Investor of the same asset at the same exact moment is $270. Spreads may fall outside of that range given market conditions at the time.
(i) Grading: Grading precious metals is a subjective determination made by one or more of the recognized grading services listed herein. Grading is an art, not a science, and as such can sometimes vary widely even among experts. BCRS does not participate in the grading of Precious Metals and thereby relies on grading services for accuracy and expertise. The grade reflects the general condition of a coin bar as assessed by a leading expert in the field. Any coin that is encapsulated by a grading service and has an accompanying grade issued by that grading service (not BCRS) attached to that coin. Investor acknowledges that and agrees that other grading services may have a different qualification or grade for the same product at the same time. Additionally in describing the product to Investor, BCRS only uses the description provided by the applicable grading service when describing the product to Investor. Investor also acknowledges that BCRS does not represent that a precious metal has or has not been cleaned nor does BCRS represent that toning or tarnish is or is not a natural part of the aging process of certain products. Investor also acknowledges that BCRS makes no warranty as to the accuracy of the grade assigned by the applicable grading service.
IRA acquisitions: While Individual Retirement Account (“IRA”) transactions take longer to process and may cause BCRS to assume certain investment risk with the transaction, BCRS’s spread on any IRA transaction will be is exactly as indicated directly above. Our clients will not pay a higher fee or spread above our normal pricing.
Limited Liability Company IRA acquisitions: Investor agrees that in creating a limited liability company (“LLC”), Investor is doing so at their own volition. Coordinating LLC documentation with a retirement account custodian is more complicated than other types of transactions. LLC Individual Retirement Account transactions take longer to process and may cause BCRS to assume certain investment risk with the transaction. Investor is responsible for all fee payments required to process and open said accounts. BCRS’s spread on any IRA transaction will be is exactly as indicated above. Our clients will not pay a higher fee or spread above our normal pricing.
Liquidations: Even though BCRS has never refused to buy back products from an Investor in good standing, the law prohibits BCRS from guaranteeing to buy back the Precious Metals and Cryptocurrency it sells and BCRS does not guarantee that it will buy back any products that Investor purchased. If Investor wishes to liquidate the product or products acquired from BCRS in the future, BCRS urges Investor to offer them to BCRS first. All liquidations are subject to a 1% liquidation fee or $35, whichever is higher. Should BCRS offer to purchase back the metals Investor originally purchased from BCRS, its is BCRS’s current practice, which is subject to change at any time, to offer Investor the highest wholesale price as listed through BCRS’s providers for the Cryptocurrency or Precious Metals being repurchased. BCRS’s purchase- back price, if applicable, should BCRS decide to offer to purchase back the products in question, can change on a second to second basis based on prevailing market conditions, inventory needs, and the price and availability of similar products on the open exchange. BCRS does not in any way guarantee that the offer BCRS makes to purchase back Investor’s products will be the same value that BCRS would pay to acquire the same products from a wholesaler or exchange. BCRS does not in any way guarantee that the offer BCRS makes to purchase back Investor’s products will be a higher or equal value that another entity might offer for the same products.
Certifications: Investors who were selling Cryptocurrency or Precious Metals (should BCRS decide to make a market for Investor, which BCRS is under no obligation to do so at any time) to BCRS do declare under penalty of perjury pursuant to 28 USC 1746 that Investor either deals in such assets by vocation or otherwise by Investors respective occupation or as a result of Investor’s avocation as a collector, speculator, or investor has and holds him or herself out as having knowledge or skill peculiar to such assets or practices involved in the sale of such assets and any sale to BCRS of any form or type of Cryptocurrency or Precious Metals. Any sale of Investors who were buying Cryptocurrency or Precious Metals from BCRS declare under penalty of perjury pursuant to 28 USC 1746 that Investor either deals in such assets casually or otherwise by Investors respective occupation or as a result of Investor’s avocation as a collector, speculator, or investor has and holds him or herself out as having knowledge or skill peculiar to such assets or practices involved in the purchase of such assets and any purchase from BCRS of any form or type of Cryptocurrency or Precious Metals that BCRS may offer. Any purchase of Numismatic Precious Metals Coins is done solely for their collector or Numismatic value.
Classifications as Bullion (high mintage and low mintage) or Numismatic: The qualification of a precious metals asset to be classified as either high mintage bullion, low mintage bullion, or Numismatic, may be driven by a number of subjective and objective factors including age, mintage population, condition, chance of future production, pertinent historic events, country or mint of origin, population within a relevant collection, and Investors personal propensity toward a given asset. BCRS’s classification of Precious Metals is only an opinion and is subject to potential change at any time. Additionally, because of the subjective nature of the classification process, other dealers may have differing opinions at the same time regard the same or similar products. BCRS’s costs and spreads are solely based on BCRS’s determined classification of such products chosen by Investor at the time of Investor’s transaction.
Investment Objectives and Risk Disclosure. BCRS is a retailer or seller and purchaser of Cryptocurrency and Precious Metals. While BCRS is always willing to give general market comparisons based on the different type of products that are available for purchase, Investor recognizes and agrees that no fiduciary relationship exists between investor and BCRS. Furthermore, the decision to purchase or sell Cryptocurrency or Precious Metals and which products specifically to purchase or sell, is Investor’s decision alone. Purchases and sales are subject to investor’s own due diligence and good judgment. BCRS always encourages Investor to do their own due diligence. Precious Metals and Cryptocurrency can be highly volatile, long term Investors should be prepared to hold and products purchased from BCRS for a minimum of 3-5 years and preferably 5-10 years in order to maximize Investor’s potential for realized profit in the market. BCRS believes client should only invest using funds that can be committed for this period of time unless market conditions permit otherwise. Should the investor wish to exit their position before the recommended time frame, BCRS will require notice in wiring of investor’s wish to liquidate prematurely and BCRS could respectfully decline to repurchase the products in question (subject to change at any time).
Volatility. Cryptocurrency and Precious Metals are investments and can be highly volatile, are not FDIC insured, and carry capital risk. Cryptocurrency and Precious Metals may appreciate, depreciate, or stay the same value depending on many numbers of factors. BCRS does not guarantee and makes no representation that the products purchased will appreciate at all or appreciate sufficiently to make the Investor a profit a the expiration of this or any other period of time. BCRS believes an Investor should allocate no more than 20% of an overall investment portfolio to each of these asset categories.
No Yield. Cryptocurrency and Precious Metals do not carry a yield or pay interest and thus are not an appropriate mechanism for investors that are seeking recurring or immediate income.
Outside Economic Forces. The success of an investment in Cryptocurrency or Precious Metals depends on outside economic forces including but not limited to international monetary conditions, supply, demand, inflation or the expectation thereof, and many other factors outside the control of Investor or BCRS. Investor acknowledges that the Cryptocurrency and Precious Metals markets are highly volatile and carry significant investor risk. Prices can rise and fall over time and past performance in no way is an indicator of future results.
BCRS and its Commissioned Sales Representatives Roles; Investor Should Seek Independent Tax Advice. BCRS does not provide recommendations, tax, legal or investment advice and no employee, consultant or contractor of BCRS is authorized such services or advice to investor in any fashion. Any verbal or written statements from BCRS or any employee or representative of BCRS are not factual and are only opinions held by the individual not the position of BCRS or its affiliates. BCRS sales representatives are commissioned salespeople and are paid commission based on the margin in the transaction of the Precious Metals and/or Cryptocurrency they sell to investors. BCRS representatives can also receive bonus compensation based on overall sales figures and incentives tied to inventory and a type of product that they sell within a given incentive period. BCRS sales representatives are not licensed, have no fiduciary responsibility to investor and their knowledge may vary considerably from representative to representative. BCRS makes no representations regarding the tax consequences of holding precious metals or cryptocurrency inside of an existing retirement account or otherwise. BCRS makes no representations regarding the tax consequences of owning Cryptocurrency with discretionary funds. Additionally BCRS makes no representations regarding the tax consequences of holding precious metals or cryptocurrency inside of an LLC held by an IRS approved retirement account custodian. Investor should seek their own independent tax advice with either a CPA or their tax advisor.
BCRS’s Representations and Warranties. BCRS represents and warrants that upon the delivery of “Good Funds”, as specified in Section III, and subject to the other terms and conditions set out in this Account Agreement, BCRS will cause to be delivered to the Investor’s specified address provided the type of product (Cryptocurrency and/or Precious Metals), grade and denomination (if applicable) indicated on Investor’s order. If Investor is ordering a graded Numismatic coin, the grading services used will be Pacific Coin Grading Systems, INC, Numismatic Guaranty Corporation of America or another grading service of similar standing. The only representation or warranty Investor may rely on in purchasing Precious Metals from or selling Precious Metals to BCRS is the representation set forth in this paragraph. Neither BCRS nor any of its representatives are authorized to make any other representations or warranties concerning any Cryptocurrency or Precious Metals that BCRS is selling or purchasing pursuant to this Account Agreement.
VII. Term and Termination.
Term. This Agreement shall be effective from the date first listed above and will continue indefinitely (“Term”).
Termination. This Agreement is terminable by either party at any time, with or without cause. If PPG exercises its right to terminate the Agreement, any obligation it may otherwise have under this Agreement shall cease immediately, except that PPG shall be obligated to refund any amounts paid to it pursuant to which the purchased asset was not delivered to Investor. If Investor exercises its right to terminate this Agreement, it will be unable to purchase any additional Cryptocurrency and/or Precious Metals from PPG, however, it will still be subject to the Refund and Exchange Policy in VIII.b. Additionally, this Agreement shall automatically terminate upon Investor’s death. In such event, PPG shall be obligated to refund to Investor the amount of any purchased assets that was not delivered to Investor at the time PPG was notified of Investor’s death.
VIII. Miscellaneous Provisions.
Call Consent and Do Not Call Policy: Investor expressly authorizes BCRS Exchange to contact Investor at the telephone numbers provided in this Agreement regardless whether these numbers are listed on any state or federal Do Not Call list. If Investor requests that BCRS Exchange no longer contact customer, BCRS Exchange will promptly place customer on BCRS’s internal do not call list.
Refund / Exchange Policy: Because of the irreversible nature of Cryptocurrency and Precious Metals transactions and because of the loss that BCRS may incur in the event of an unsatisfied order from BCRS’s provider, all Cryptocurrency and/or Precious Metals transactions are not subject to cancellation and are final after taped confirmation. Products may not be returned for a refund. Order may not be revised or amended at a later date. In the event Investor is dissatisfied with the grade assigned to a Precious Metal purchased from BCRS, Investor is able to be exchange their purchase in kind only. In the event that Investor wishes to exchange their order of Precious Metals and provided the protective packaging for an applicable coin, bar, has not been tampered with, removed, or touched in any form, Investor must notify BCRS immediately by fax, email, or mail postmarked no later than the 7th business day after the delivery was signed for by Investor. After receiving the original product in the exact same condition as when delivered, BCRS will issue a full exchange of products in kind only within 7 business days after receiving new metals or from the wholesale provider whenever satisfied.
Disclaimer of Express and Implied Warranties: Except as previously defined above, the Cryptocurrency and Precious Metals sold by BCRS pursuant to this Account Agreement are sold on an “as is” basis and BCRS makes no warranties, express or implied, and specifically disclaims any warranty of merchantability and or fitness for a particular purpose.
No Liability For Consequential Damages / Limitation of Liability: In no event should BCRS have any obligation or liability (whether in tort, contract, warranty, or otherwise, and notwithstanding any fault, negligence, or strict liability), for any indirect, incidental, special or consequential damages sustained or arising from or related to any transaction covered by this Account Agreement, even if BCRS is advised of the possibility of such damages. Further, BCRS’s liability to Investor for any reason and upon any claims shall at all times be limited to the amount actually paid by the Investor for the Precious Metals or Cryptocurrency in dispute.
Future Transactions: This Account Agreement will control all transactions between Investor and BCRS unless and until such a time as it is amended by BCRS. Investor agrees that BCRS may amend this Account Agreement at any time and that at any point BCRS see fit. Should BCRS amend this Account Agreement, BCRS will require Investor to sign an amended version of this agreement before any future orders will be confirmed. Any amended versions will govern all future transactions between Investor and BCRS.
Force Majeure: Neither investor nor BCRS should be found liable for any failure or delay in its or their performance(s) under this Account Agreement due to any cause beyond its or their respective reasonable control. This includes acts of God, acts of vandalism, acts of war, terrorism, earthquake, flood, embargo, riot, sabotage, labor shortage or dispute, governmental act or failure of the internet, including, but not limited to, any failure and/or disruption or error in or of BCRS’s internal computer systems, or any disruption, failure and/or error in or of any third party Internet Service Providers that BCRS may use at any given time.
Arbitration of Disputes: Any dispute claim or controversy arising out of or relating to this account agreement or the termination, breach, enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this agreement to arbitrate, or any other dispute, claim or controversy arising out of an interaction BCRS and Investor, shall be brought and be determined by arbitration in Los Angeles, CA, before one arbitrator. The arbitration shall be administered by Jams pursuant to its comprehensive arbitration rules and procedures (If the amount in controversy is over $250,000) or its streamlined arbitration rules and procedures (if the amount in controversy is less than or equal to $250,000). BCRS and Investor hereby waive their respective rights, if any, to bring any claim that is subject to this arbitration provision as a class action or otherwise on a representative basis. Judgment on any award may be entered in any court having jurisdiction. This clause cannot preclude parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction.
Choice of law (Individual and Class Claims): The internal, substantive law of California shall govern all individual claims brought by or against BCRS in connection with this Account Agreement or otherwise arising out of any transaction between Investor and BCRS, without regards to California’s conflict of law principles/
Time Limitation to Bring Forth Claim: Except where the law prescribes a shorter applicable statute of limitation, or prohibits shortening the otherwise applicable longer statute of limitations, any claim or legal action of any kind arising in connection with or relating to in any way the purchases from or sales to BCRS or any other conduct of BCRS must be brought within one year after purchase, sale or other event giving rise to the claim or legal action. Notwithstanding the immediately preceding sentence, if the law of the applicable jurisdiction has a “discovery rule,” whereby accrual of the claim is deferred, which is applicable to one or more claims, then the one year (or shorter, if applicable) limitation period specified herein begins running from the date of accrual for such claim or claims as determined by the law of the applicable jurisdiction. If this clause is determined to be unenforceable as to any particular claim or claims under the law of the applicable jurisdiction, it shall remain fully enforceable as to all other claims.
Jurisdiction and Venue: Jurisdiction and venue for any claim, dispute, or controversy arising out of or relating to this account agreement or the termination, breach, enforcement, validity or interpretation thereof, or any other interaction between BCRS and Investor, will be in Los Angeles, California, and any party making a claim against BCRS in whatever form hereby submits to personal jurisdiction in that forum for any and all purposes.
Integration Clause: This Account Agreement is intended by BCRS and investor as a final expression of their agreement concerning the matters set forth herein, and is also intended as a complete and exclusive statement of the terms of their agreement. This Account Agreement supersedes any oral or written statements made prior to, contemporaneous with, or in the future regarding this Account Agreement or the transactions covered hereunder. Investor shall not rely on any statement made by or on behalf of BCRS that is inconsistent with this Account Agreement.
Severability: If any provision of this Account Agreement is by any court of competent jurisdiction or arbitrator to be invalid, illegal, or unenforceable to any extent, that provision shall, if possible, be construed as though more narrowly drawn, if a narrower construction would avoid such invalidity, illegality, or unenforceability, or, if that is not possible, such provision shall, to the extent of such invalidity, illegality, or unenforceability be severed, and the remaining provisions of this Account Agreement shall remain in full force and effect.
ACCOUNT AGREEMENT INVESTOR ACKNOWLEDGMENT
Investor acknowledges and agrees that he or she has read and understands all of the terms and conditions of this Account Agreement and shall be bound by them. The parties agree to arbitrate all claims and controversies as set forth in this Account Agreement (VIII.g.), agree to limitation on damages (VIII.d.) and agree to the refund and exchange policy contained herein (VIII.b.)
If Investor is an LLC or a Trust, Investor Name should be full name of the LLC or Trust, and signature of the Investor should be respectively authorized Managing Member or Trust.
If investing in Cryptocurrency please attach:
A Government Issue Driver License or Identification number, U.S. citizen: taxpayer identification number (Social Security number or employer identification number). Non-U.S. citizen: taxpayer identification number; passport number and country of issuance; alien identification card number; or government-issued identification showing nationality, residence and a photograph of you. You may also need to show your driver’s license or other identifying documents. A corporation, partnership, trust or other legal entity may need to provide other information, such as its principal place of business, local office, employer identification number, certified articles of incorporation, government-issued business license, a partnership agreement or a trust agreement.
For your security, upon receipt of any and all information provided to BCRS Exchange will be stored electronically in a server or hard driver that is not connected to the internet.
Office Address: 12121 Wilshire Blvd suite 208 Los Angeles, CA, 90025
www.BCRS.com | info@BCRS.com Bitcoin Retirement Solutions LLC D.B.A. BCRS and Affiliates,