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Service & Products
The first in the world to realize blockchain trust maintenance using an escrow-based deposit guarantee system and Ethereum smart contracts
Through the provision of highly effective, transparent trust maintenance methods, DealFX does not use trust maintenance services of financial institutions such as banks or trust agencies. When a customer deposits their fund with DealFX, the funds are temporarily held by an escrow agent. DealFX does not receive any amount of the deposit from the customer until the customer returns the deposited funds to their own bitwallet account or until a trading loss has been finalized. Through this mechanism, even in the event of bankruptcy or other unforeseen circumstances DealFX, where the customer is unable to withdraw their funds properly, they may receive reimbursment, up to the amount deposited, from the escrow agent.In addition, we have developed an escrow system using Ethereum's smart contract blockchain technology. By utilizing this technology, DealFX offers the most easily understandable, highly transparent system of fund protection and security.
Guarantee of client funds. Deposit guarantee system realized using escrow
In the event of the bankruptcy or any other unforseen circumstances of DealFX, a customer may demand reimbursement of funds deposited into their DealFX trading account, from a bitwallet account in the same name.
The deposit amount guarantee system provides reinbursement for the amount deposited, should the deposit not be returned (i.e., obligation was not performed) to the customer of the bitwallet account for abovementioned reasons. (This system does cover profit or loss amounts incurred through trading.)
|Maximum Reimbursment Amount||Reinbursment Right Validity Period||Amount Subject to Reinbursment||Rights to Reinbursment|
|USD 20,000.00||The earlier of 90 days from date of deposit to cutomer's trading account or the fulfilment of the termination conditions||All payments made in legal tender
|When funds are deposited to the customer's trading account||
The escrow system is a service under which a settlement agent (bitwallet Pte. Ltd.) serves as an intermediary (the escrow agent) between the remitter (the customer) and the beneficiary (DealFX) in a transaction involving the transfer of funds, to guarantee safe handling of the funds. It does not guarantee against losses from trading or guarantee profits from trading, and only guarantees the deposited amount in the event of unforseen circumstances with the beneficiary.
Commencement of Escrow Arrangement
Reimbursement of Depositied Funds
As soon as the customer's funds are deposited from the cutomer's bitwallet account to the customer's DealFX account, the funds automatically becomes subject to the escrow arrangement (escrow rights arise). At this point, only the transaction data is conveyed from the escrow agent (bitwallet) to the merchant (DealFX). No funds are transfered to DealFX and the deposited funds are held by the escrow agent.
Profits from Trading
Amounts Not Subject to Reimbursement
Even if the customer gains a profit by trading, only the original deposited amount transferred is subject to escrow.
Expiration of Escrow Rights
Escrow terminates (rights expire) when the customer transfers funds from his or her DealFX to his or her bitwallet account. At this point in time, the escrow agent (bitwallet) pays the original deposited amount to the merchant (DealFX), while the customer's funds are transfered from DealFX to bitwallet.
Application for Reimbursement of Deposited Funds
Reimbursement of Depositied Funds
In the event of bankruptcy or other unforeseen incidents affecting DealFX, where a customer is unable to withdraw their funds, the customer may receive the amount deposited from the escrow agent (bitwallet) into the customer's bitwallet account.
Beta version release planned for Q4 2019
Using smart contracts to secure funds deposited utilizing blockchain technologies
As a new initiative, DealFX is making progress and development of technologies that use Ethereum smart contracts to realize escrow services for client funds. A smart contract is a blockchain protocol that makes it possible to secure the validity of contracts themselves.
We are researching schemes to use this technology to secure clients' balances in real time and to keep trading account balances stable, so that in the event of an unforeseen situation affecting DealFX, coins could be exchanged for legal tender.
PIArQ is a registered trademark of bityours Ltd.
DealFX is a member of an independent agency, the Financial Commission (TFC), that resolves disputes between member companies and their customers.
Customers may file complaints with the Financial Commission, an independent agency specializing in the resolution of disputes between investors and brokers, in the event that they have been unable to resolve a dispute filed with us regarding any DealFX service (such as trading or funds management).
The goal of the Financial Commission is to resolve, swiftly and expertly, any disputes between investors and brokers, from a neutral standpoint. If the results of its investigation into the cause of the dispute show that a member company (i.e. DealFX) was at fault, the Commission will pay compensation for damage directly to the customer from a special compensation fund funded by member companies, up to a maximum of EUR20,000 per complaint.
The Financial Commission name and logo are registered trademarks of Finacom Management Ltd.