|1.1)||Welcome to the Nubex Digital Gold Trading (the “Platform”). The customers are advised to read and understand these Terms and Conditions Nubex Digital Gold before using the services.|
|1.2)||Ace Capital Growth Sdn. Bhd. may revise these Terms and Conditions of use from time to time, the changes will be effective when posted on the Platform with no other notices provided. If you continue to use the Platform or communicate with us, you will be deemed to have agreed to the changes upon our publication on the Platform.|
In these Conditions:
|Currency||Transaction in Malaysia Ringgit (MYR) only.|
|Customer (you/your)||Any individual who transacts using the Platform for buying and/or selling back the Digital gold or any other party as outlined in these Terms.|
|Custodian||ACE acts as the custodian of the Nubex Digital Gold to identify, arrange and pay to security vault service provider to safe keep the physical gold bars.|
Any events or situation that is beyond the reasonable control of the ACE and shall include, without limitation:
|Security||The Digital gold sold under the Platform will be backed by casted gold bars weighing 1,000 gram/1 kg that will be kept in the dedicate security vault on behalf of the customers.|
|Nubex Digital Gold||Account created on the Platform for purposes of purchase and sale of the Digital gold.|
|Gold Bar Fulfillment||Refers to a redemption of your ownership in the Nubex Digital Gold account to the Physical minted gold bar and it does not involve any buy and/or sell transactions|
|Gold Supplier (we/us)||Ace Capital Growth Sdn. Bhd. Company Registration No. 200901037559 (ACE), a subsidiary of Ace Innovate Asia Berhad.|
|Gold Amount||All transaction is in Ringgit Malaysia which shall be equal to the quantity of gold to be transacted multiplied by the live market gold price quoted by ACE.|
|Initial Purchase||First-time purchase of Digital gold that made by you during the Nubex Digital Gold account opening|
|LBMA||The London Bullion Market Association (LBMA), established in 1987, is the international trade association representing the global Over the Counter (OTC) bullion market, and defines itself as "the global authority on precious metals". It has a membership of approximately 150 firms globally, including traders, refiners, producers, miners, fabricators as well as those providing storage and secure carrier services.|
|Transaction History||Displays transaction history of purchase and sale of Digital gold and Physical minted gold bar fulfilment.|
|Security Vault||Safeguards G4S Malaysia (SG4S) appointed by ACE to safe keep the physical gold bars.|
|Terms||Terms and Conditions.|
To be eligible to register a customer account, you must meet the following criteria and represent and warrant that:
If you are an individual, you:
We reserve the right to reject an application and freeze or close a customer account at our sole discretion and without reason.
Third Party Access
You are encouraged to fill up your personal representative/successor details when registering your account in case of unforeseen event happened. You should inform your personal representative/successor, he/she may be subject to the same criteria as a customer including being subject to personal identity and residency checks.
A dormant customer account is the one that has a nil gold balance in the account and has not been any debit or credit entry in the customer’s account in the last 6 months, excluding of storage fees. Customer will receive a notification as a reminder to active the account or option to close the account.
Customer hereby express consent and authorize ACE to disclose your financial condition, details of Nubex Digital Gold account and relationship for the following uses of your personal data:
Customer undertake that you will not breaches any applicable law or regulation:
|4.1)||Use Nubex Digital Gold account directly or indirectly for transaction involving any unlawful activities;|
|4.2)||Concealing or disguising activities that are in fact unlawful;|
|4.3)||Utilize any fund from Nubex Digital Gold account related money laundering or unlawful purpose activity.|
ACE will not be liable to any customer or any third party for any loss or damage in connection with inability use of Platform, loss of anticipated savings/earnings, any indirect or consequential loss or damage, liability, injury, expenses if ACE is unable to perform to provide any services due to Force Majeure.
ACE reserves the right to change any or all the above Terms whenever deemed necessary.
These Terms shall be subject to, governed by and construed inaccordance with the Laws of Malaysia.
These terms apply in relation to the purchase of Digital gold, the customer should read and understand the Terms prior to start the purchase of Digital gold.
You acknowledge that, with regards to Nubex Digital Gold account:
|8.2)||You are offered to purchase Digital gold worth 0.1 gram or equivalent to approximately 0.1 grams at the live market gold price shown on the Platform. Live market gold price means that these quotes are linked to the prices of gold in the LBMA in London.|
|8.3)||The purchase price quoted on the Platform will be determined by the ACE at its discretion by taking into account all the relevant factors.|
|8.4)||You are offered an option to purchase the Digital gold in either Gram or Ringgit Malaysia.|
|8.5)||Transaction may be made on a business day from 8.30 am to 11.59 pm, 365 days a year.|
|8.6)||Your daily purchase transaction limit is up to 1000 gram/1 kg during the trading hours and/or business day. ACE has the right to cancel and reverse any of your purchase which is exceed the daily transaction limit.|
|8.7)||Ace reserves the rights to vary the daily transaction limit as may be reasonably necessary by posting notices on the Platform.|
|8.8)||You are responsible for ensuring that the Price and Transaction are in order before committing to the purchase. Cancellation and refunds will not apply once a transaction is confirmed.|
You acknowledge that the initial purchase and subsequent purchase is subject to the ACE’s discretion from time to time by posting notices on the Platform. These are the minimum amount of
gold you need to purchase in order to start a Nubex Digital Gold account.
|9.1)||Your legal right, title, interest and property in the Nubex Digital Gold shall be vested with you at all times|
|9.2)||You hereby agree to appoint ACE, and we agree to act, as the custodian of the Nubex Digital Gold to identify, arrange and pay the Security vault service provider to safe keep your physical gold bars.|
|9.3)||As part of the ACE’s safe-custodian role, the ACE shall ensure the security of the gold bars is protected either through insurance/Takaful|
|9.4)||You will not hold ACE liable for any loss, charge and liability resulting from the negligence of the security vault service provider.|
|9.5)||Ace may at any time in our absolute discretion prescribe the relevant procedures in relation to the deposit and/or withdrawal of the physical gold bars whenever ACE deems reasonably fit and appropriate|
|9.6)||In the event, ACE cease its business or operations or liquidated, ACE would assign a legal entity to act as an administrator to liquidate the gold owned by customers in Ringgit Malaysia according to market value which the cost of liquidation shall be borne by customers.|
|10.1)||You agree and undertake to pay, in grams of gold, monthly storage fee of the Nubex Digital Gold Account.|
Storage fee is 1% per annum based on your daily gold holding. The storage fee will be accrued daily and debited from the account monthly at the end of the month or RM1
equivalent in gram subject to whichever is higher or upon closure of account. For account closure, the storage fee would be calculated on a pro-rata basis.
For illustration purpose only.
If you are holding on to 100 grams of gold throughout the month of January, the storage fee would be the higher of:
This means that the month storage fee for 100 grams would be 0.085 grams of gold.
This storage fee is calculated at such rate and subject to such minimum charges per month, as may be determine from time to time. ACE will notify you by posting on the Platform by at least five (5) business days prior to the effective date of change.
|10.3)||The arrangement of storage fee of the Digital gold is terminated if a request to buy back the Digital gold and/or physical gold fulfilment has been made by you pursuant to Terms.|
|11.1)||You must be the legal owner of the Nubex Digital Gold and acting on his/her own behalf, not as the agent, representative of another person, individual and organization.|
|11.2)||The price which the customer is offered is the live market gold price shown on the Nubex Digital Gold Platform.|
The proceed of sale will be made into the Nubex Digital Gold account using the available payment methods.
Personal Bank Account (FPX)
The amount will be reflected T+2 business day. You are undertaking to pay the processing fee MYR1.20 for each successful transaction if you elect the FPX services.
You shall be responsible to pay:
|11.5)||ACE reserves the right to reject any sale request from any of its customers if the said sale of gold transaction cause the daily aggregate sale of gold transaction from all of its customers to exceed the Daily aggregated limit or whenever the ACE deems appropriate. The maximum Daily aggregated limit is 1,000 grams and is subject to the ACE’s discretion from time to time.|
|12.1)||You are offered to convert available gold balance in the Nubex Digital Gold account to Physical minted gold bars.|
|12.2)||Each minted bar is bearing the exclusive branded IGR™ logo and sealed in protective Certificate or certiIGR security packaging that guarantee the 999.9 purity and weight. All the IGR bars are meet the LBMA Good Delivery Standard to ensure the highest levels of purity and quality.|
You acknowledge the role of LBMA, the global authority for Nubex Digital Gold physical:
|12.4)||Nubex shall not be liable to the specification of the IGR gold distributed if sold in the secondary market to 3rd party (other than the Nubex).|
Fulfilment of gold account to Physical minted gold bars may only be executed by customers who are registered the Nubex Digital Gold account:
|12.6)||For the customer who complains that the delivered Physical minted gold bar is authentic (i.e., the gold is counterfeit), and/or loss, he/ she shall make a police report and lodge a complaint to customer services team. Nubex is also legally permitted to contact the legal, government or regulatory authorities on the said complains.|