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AltCoinTrader Trading Terms & Conditions

FAIS COMPLAINTS POLICY

Welcome to AltCoinTrader (Pty) Ltd where we undertake to run our operation with honesty and integrity. We undertake to act in a reasonable manner and deliver to our clients the highest level of service!

By using the AltCoinTrader site you acknowledge to have read and understood the following terms and conditions in full and agree to comply with them and be bound by them in so far as they are legally enforceable.

Purpose & Objective

AltCoin Trader (Pty) Ltd (Reg# 2015/418624/07) is licenced under the Financial Sector Conduct Authority (FSCA) (licence# 53614) as a Crypto Asset Service Provider (CASP) and is thus required to have a complaints management policy under the Financial Advisory and Intermediary Services Act (37 of 2002). In terms of the Act we have certain duties to fulfil. One of these duties is to offer our clients a Complaints Resolution Procedure, which will enable our clients to exercise their rights as provided in the Act.

AltCoinTrader is committed to providing a professional efficient service in all areas of its business at all times. The main objectives of the Complaints Policy are to:

  • Ensure AltCoinTrader is in compliance with the relevant laws and legal or regulatory requirements regarding client complaints
  • Protect AltCoinTrader from the possible consequences of being or being perceived to be unreceptive or unresponsive to client complaints;
  • Ensure that clients have access to a formal, fair and transparent complaints procedure should they become unhappy with the service they receive; and
  • Ensure that client complaints are assessed fairly, promptly and impartially, and in line with the relevant legal and regulatory requirements with an emphasis on fairness to customers in accordance with AltCoinTrader's Treating Customers Fairly Policy.
  • Ensure complaints are handled in a consistent manner by AltCoinTrader.

Key Principles

AltCoinTrader deems complainant feedback and complaints resolution to be of utmost importance in terms of its client-centric approach to business and takes responsibility for a quality service to clients based on accountability and transparency. Accordingly, AltCoinTrader is committed to:

  1. Informing complainants of their right to complain and how complaints can be made;
  2. Resolving complaints in a timely and fair manner, with each complaint receiving proper consideration;
  3. Managing complaints promptly, fairly, openly and effectively;
  4. Providing transparency regarding the rights complainants have as well as the handling of complaints.
  5. Informing complainants of any rights they may have to refer their complaints to a local regulatory authority, Ombudsman or equivalent if a complaint cannot be resolved to their satisfaction; and
  6. Maintaining a register of complaints and records of complaints received for a minimum period of five years from the date of the complaint in accordance with legislative requirements.
AltCoinTrader will not impose unreasonable barriers for clients or prospective clients who wish to provide feedback or complaints and will not impose a charge for complainants utilising the process.

Definitions

A “FAIS complaint” means a specific complaint relating to a financial service rendered to the client on or after 12/04/2024 (the Date on which AltCoinTrader is granted its FSP licence by the FSCA) and the complaint alleges that AltCoinTrader;

  1. Contravened or failed to comply with a provision of FAIS and that, as a result the client has suffered or is likely to suffer financial prejudice or damage
  2. Wilfully or negligently rendered a financial service to the client which has caused prejudice or damage to the client or is likely to cause such damage or prejudice
  3. Treated the client unfairly
"complainant" means a person who submits a complaint and includes a-

  1. client;
  2. person nominated as the person in respect of whom a product supplier should meet financial product benefits or that persons' successor in title;
  3. person whose life is insured under a financial product that is an insurance policy;
  4. person that pays a premium or an investment amount in respect of a financial product;
  5. member;
  6. person whose dissatisfaction relates to the approach, solicitation marketing or advertising material or an advertisement in respect of a financial product, financial service or related service of the provider, who has a direct interest in the agreement, financial product or financial service to which the complaint relates, or a person acting on behalf of a person referred to in (a) to (f);
"compensation payment" means a payment, whether in monetary form or in the form of a benefit or service, by or on behalf of a provider to a complainant to compensate the complainant for a proven or estimated financial loss incurred as a result of the provider's contravention, non-compliance, action, failure to act, or unfair treatment forming the basis of the complaint, where the provider accepts liability for having caused the loss concerned, but excludes any-

  1. goodwill payment;
  2. payment contractually due to the complainant in terms of the financial product or financial service concerned; or
  3. refund of an amount paid by or on behalf of the complainant to the provider where such payment was not contractually due;
"goodwill payment" means a payment, whether in monetary form or in the form of a benefit or service, by or on behalf of a provider to a complainant as an expression of goodwill aimed at resolving a complaint, where the provider does not accept liability for any financial loss to the complainant as a result of the matter complained about;

Responsibilities

In accordance with the client complaints management process in place, it is the responsibility of one or more specified members of staff to oversee, implement and monitor complaints. Procedures are in place for the escalation of matters where appropriate.

The allocated staff member/s are required to have the appropriate level of authority, competence and resources to ensure the process is adhered to in a fair, objective and transparent manner.

Any conflict of interest that arises whilst handling complaints will be managed in accordance with AltCoinTrader's Conflicts of Interest Policy.

Only staff members who are not directly involved in the matter, are not the subjects of the complaint and are free from any influence in relation to its resolution will be involved in the investigation and/or resolution of a complaint.

Complaints Procedure


Steps to follow
  1. The first step is to always contact AltCoinTrader Customer Support Support@altcointrader.co.za or alternatively phone +27 (0)11 568 2684 during office hours (09:00-16:00)
  2. If the issue is not resolved by the support team, clients can escalate their issue to the Support Team Manager (At whose discretion may escalate the complaint further and to the appropriate person to resolve the complaint) on request. If the complaint is a FAIS related complaint as defined above, clients can elect to lodge a formal complaint in writing on the official complaints page, located in the AltCoinTrader Help Centre: https://altcointrader.zendesk.com/hc/en-gb
  3. Should the complaint be a FAIS complaint there are specific timelines and procedures that AltCoinTrader must adhere to under the FAIS Act and the General Code of Conduct.
    1. AltCoinTrader must acknowledge receipt of the complaint within 3 weeks of receipt of the complaint in writing from the client. This acknowledgement occurs via email to the clients registered address.
    2. An appropriate senior representative at AltCoinTrader will review the complaint and attempt to resolve the complaint in a matter that is fair to all parties concerned. The complaint is to be resolved within 30 days of receipt of the complaint in writing.
    3. If the complaint is not resolved to the satisfaction of the client, the client has the option of lodging the complaint with the FAIS Ombud within 6 months of the notification of the ruling on the complaint by AltCoinTrader.
    4. After the Ombud has made a determination, the client or AltCoinTrader have 1 month to appeal the ruling.
PARTICULARS OF FAIS OMBUD
PO Box 74571
Lynwood Ridge
0040
Telephone: 012 470 9080 / 012 762 5000
Fax: 012 348 3447
Email: info@faisombud.co.za

TYPE OF COMPLAINTS JUSTICIABLE BY OMBUD

To submit a complaint to the FAIS Ombud:

  • The complaint must fall within the FAIS Act and Ombud's rules.
  • It must be against a person or entity regulated by the Act.
  • The conduct complained of must have occurred while the Ombud's rules were in force.
  • The respondent must have failed to resolve the complaint within six weeks.
Relief sought:

  • A client may request any type of relief.
  • Monetary claims must relate to actual or potential financial loss.
Monetary limit:

  • Claims may not exceed R3,500,000 unless:
    • The respondent agrees in writing to exceed this; or
    • The client abandons any amount above R3,500,000.

AltCoinTrader Handles Support/Queries in the Following Manner

  • Email to Support Team - Ticket number is automatically generated for the query/issue/complaint.
  • Phone call to Support Team - If the issue cannot be resolved immediately, Support Agent will lodge the ticket on the client's behalf and issue email confirmation of the ticket and ticket number to the client.
  • If the issue cannot be resolved by first level support the ticket is assigned to the Support Team Manager.
  • If the Support Team Manager cannot resolve the issue the ticket is escalated to the relevant executive (E.g. Head of Compliance and/or a Director) for resolution.
  • If at any stage of the process after an original support ticket has been created the client wishes to log a formal complaint, they can do so through following the complaints procedure outlined above.
All reportable complaints received will be categorised and recorded in accordance with the following categories:

  • ZAR & Crypto Deposits
  • ZAR & Crypto Withdrawals
  • 2FA (Two-Factor Authentication)
  • Blocked/Frozen Account
  • FICA & Document Verification
  • Account Balances
  • Financial Advice Received
  • Intermediary Services: Custody & Management of Funds
  • Intermediary Services: Easy Save Wallets
  • Intermediary Services: Cash or Legal Tender Deposits
  • Other: Please specify
(Additional categories relevant to our business model, products, services and client base may from time to time be added to support effective management of conduct risks and improved client outcomes.)

AltCoinTrader must:

  • Maintain a record of each complaint for a minimum period of five years. This record will include all relevant details of the complainant and the subject matter of the complaint; copies of all relevant evidence, correspondence and decisions; the complaint categorisation; and progress and status of the complaint, including whether such progress is within or outside set timelines. On an ongoing basis, we will maintain data on: number of complaints received; number of complaints upheld; number of rejected complaints and reasons for rejection; number of complaints escalated by complainants to the internal escalation process; number of complaints referred to the Ombud and their outcomes; number and amounts of compensation payments made; number and amounts of goodwill payments made; and total number of complaints outstanding.
  • Handle complaints from clients in a timely and fair manner. Upon receipt of a complaint, we keep the client informed of the progress and expected timeframes for resolution.
  • Take all necessary steps to thoroughly investigate each complaint. This includes reviewing all relevant information, interviewing involved parties, and assessing any supporting documentation provided by the client.
  • Inform the client of any further steps available to them if a complaint is not resolved to the client's satisfaction. This may include escalation procedures within the FSP, or external avenues such as contacting regulatory bodies or seeking legal recourse as permitted under the Act or any other applicable law. We will provide the client with detailed information on how to pursue these additional steps, ensuring they are fully informed of their rights and options.
  • Take reasonable steps to satisfy ourselves that our representatives and service suppliers have adequate complaints management processes in place to ensure fair treatment of complainants

General

As a reminder, this Complaints procedure is specifically for submitting complaints about your experience with AltCoinTrader's financial services. If you have a general support request or enquiry, please use the appropriate support channels to ensure a faster response. Choosing the above route for general support may result in delays in addressing your query.

Contacts

Should you have any queries about the content of this policy please contact support@altcointrader.co.za