Terms of service

1. General

Last updated: October 22 2022 - 21:00 (GMT+1)

These terms of service govern the relationship between you ("user") and Firi AS ("the company"). By creating an account on Firi or other services related to our company, you confirm that you have read and accepted our current terms of service.

Firi offers a safe platform for buying and selling cryptocurrencies (such as bitcoin, litecoin, ether, XRP, ada, dai, solana, and polkadot). We support trading between cryptocurrencies and regular currencies (fiat money, such as NOK and DKK).

In order to use our services, we require that our users are 18 years of age or older, have a valid Norwegian national identity number, and are qualified to enter into legal agreements. We only allow one account per person. The account is personal and should therefore only be used by the registered owner. An account can not be used for trading, transferring or storing funds on behalf of others. If we find that an account does not comply with these requirements, the account will be closed immediately.

2. Accounts

2.1. General

Firi is a safe and secure platform for buying and selling cryptocurrencies. We give our customers the opportunity to buy and sell cryptocurrencies on our platform against fiat money and other cryptocurrencies.

We require 2-factor authentication for all accounts. This is done either with BankID or with a 2-factor authentication app such as Google Authenticator or Authy. Login is done with Vipps or e-mail and password.

We recommend that users of Firi use a password that has not been used elsewhere. We recommend using a password generator and saving your password in a safe place, such as in a password manager like KeePass, 1Password, Dashlane or LastPass.

The company will not be responsible for theft of the users' funds due to negligence on the part of the users, including if the user has a weak password or has not stored BankID and their own cellphone in a secure manner.

2.2. Cryptocurrency storage

The company stores the users' cryptocurrencies in digital wallets. A digital wallet for cryptocurrency is software specifically developed to send and receive cryptocurrencies. A wallet contains keys that are used to sign transactions and thus send cryptocurrency.

The company guarantees that the digital wallets are adequately secured. The majority of funds are secured with encryption keys in cold-storage, so users' funds are protected from theft. Our security system may cause some waiting time for withdrawals during busy hours.

2.3. "Airdrops" and the like

Firi has no control over whether and which "airdrops" etc. are sent to the digital wallets where we hold the customers’ cryptocurrencies. The vast majority of airdropped cryptocurrencies do not meet our requirements to be listed and supported on our exchange. Even if an airdropped cryptocurrency was to meet Firi's requirements for listing and support, Firi has no obligation to credit users for airdrops that have occurred or will occur in the future.

If Firi chooses to a) support an airdropped cryptocurrency and b) offer to distribute such a cryptocurrency to Firi's users, these following conditions must be met:

  • The value of the relevant airdrop exceeds NOK. 500 for the individual user both at the time of the airdrop and when the claim is made, and
  • the user must claim the airdrop in question from Firi within 21 days after the airdrop takes place.

The customer must claim the airdrop by contacting our support in the chat. The user must be logged in to their Firi account.

Firi charges an administration fee for distributing the airdrop to the user. Airdrops that are not claimed within the deadline will not be distributed.

2.4. "Hard forks"

"Forks" are changes in the source code of a cryptocurrency. "Hard forks" add changes to a cryptocurrency that are not compatible with previous versions of the software. This leads to the creation of two different blockchains.

In most cases, protocol changes are planned and accepted by the community without significant disputes, and the new updated blockchain will be dominant shortly after the change has taken place. In such cases, Firi will support the new updated blockchain. Any value of cryptocurrency on the old blockchain will be considered "airdrops" and handled as described in paragraph 2.3.

In situations where there is a contested hard fork and it is not clear which of the new blockchains will become dominant, Firi will normally support both blockchains, provided both meet our requirements to be listed on our exchange.

2.5. Cryptocurrency transactions

When cryptocurrency is deposited or withdrawn, the user is responsible for entering the correct address. After the user has confirmed the transaction, it will not be possible to change the information provided.

The company does not allow transfers to and from addresses and entities that the company's analysis systems and research provide a convincing indication that are linked to activity in violation of our terms. This applies to activities such as money laundering, terrorist financing, fraud, sale of products / services in violation of Norwegian law, gambling companies without a permit in Norway, pyramid schemes and other types of illegal activity.

The company may block withdrawals of cryptocurrencies from accounts based on the company's risk assessment of transactions and the customer relationship as a whole.

We charge a fee for the withdrawal of cryptocurrency. See our page about fees and withdrawal limits for information. The withdrawal fees and limits varies depending on the cryptocurrency the user wants to withdraw. These fees and limits may be changed.

2.6. Handling of incorrect deposits of cryptocurrency

Incorrect deposits can occur if a user does not follow Firi's instructions for depositing. It may be that a user sends cryptocurrency to a wrong address, such as BTC to a LTC address, or that a user sends a transaction with missing additional information for a cryptocurrencies that require this. Examples of cryptocurrencies that require additional information are XRP og XLM.

Firi will not always be able to see where the incorrectly deposited cryptocurrency came from, and it may be very labor-intensive to figure this out. Therefore, Firi will only attempt to credit such incorrect deposits if the value exceeds 5,000 NOK and we are informed of the transaction within 10 days of it being sent. We can not guarantee that such a transaction will be credited, but we will do our best.

2.7. Fiat money

To buy cryptocurrency through our platform, users must have money in their Firi account. Each user's account is linked to a bank account.

The user decides what the money in the account will be used for. The user can only transfer money from his/her Firi account to a Norwegian bank account belonging to the same user. For such a fiat withdrawal to be completed, the user must be able to verify ownership of the bank account he/she wishes to withdraw money to.

Only bank deposits from Norwegian bank accounts are possible. It is a condition that the user owns the bank account the money is transferred from. We may require the user to display valid credentials that the bank account belongs to the user. Money sent from an account not owned by the user will be returned.

Any fraud or attempted fraud will be reported to legal authorities.

See our price list for an overview of the costs for withdrawal of fiat money.

2.8. Termination of accounts

All users of Firi have the right to have their account deleted from the system. All personal information sent to the company by the user is encrypted and stored safely. We are required to store data used in connection with KYC for five years after the customer relationship has been terminated or the last transaction has been completed. User data that we are not required to store will be deleted as soon as possible after the termination of the customer relationship.

The company may block trade and withdrawals from a user account during KYC-investigations. If the system detects that an account is used in connection with illegal activities, such as money laundering or terrorist financing, the system will automatically lock down the account. In these cases, the company reserves the right to report the user to the appropriate legal authorities in Norway.

The company reserves the right to terminate user accounts without notice for breach of the terms of service. An account will generally not lose any funds even if it is terminated. All assets will be exchanged to NOK and transferred back to the owner's bank account as soon as possible. An exception to this is if the authorities have frozen the funds.

3. Buying and selling

Firi charges a fee for trading on the exchange. The user will be able to see the size of this fee before a new order is placed. By buying or selling cryptocurrencies, the user accepts our terms of service.

Trades carried out on the platform are final. The user will is able to see the price that the trade will be carried out at, and in the case of a "limit order", the user can set a limit for the price at which the trade is to be carried out at. In the case of a "market order", the user receives an estimate of price and information on the maximum deviation from this estimate. The user must approve this before the order is executed.

After a trade has been completed, it cannot be reversed, and the company offers no refund if the user wishes to withdraw from a trade after an order is completed.

See our list of fees here.

4. Responsibility and compensation

4.1 General

Buying and selling of cryptocurrencies on Firi take place entirely at the users' own risk. The company will not be liable for any direct or indirect loss the users may experience when trading on our platform.

This means that the company will not be liable if the users suffer losses in investments, profit, data or damage that may result from technical errors, transaction processing time, processing time for KYC, system failure, interrupted network connections, unforeseen events (such as natural disasters) etc.

The company works hard to always have our services available to our users. However, we can not guarantee that the platform will be open at all times. In case of downtime or other issues, we will try to keep all our channels open and update our users as soon as possible.

The company will comply with all applicable laws, regulations, and requirements. The company operates in Norway and follows Norwegian legislation. We will, therefore, fulfill legal requests from the Norwegian authorities to share user information and lock down user accounts.

By accepting these terms of service, the user agrees to comply with these terms of service and all applicable laws and regulations.

4.2 Firi’s tax calculator

Firi AS (Firi) does not provide tax advice. Firi's tax calculation is only intended as a non-binding tool for you when you fill in your tax return. Firi does not guarantee that the calculations as such are correct or that our understanding of the tax rules as a basis for the calculations is correct. Firi cannot be held responsible for any direct or indirect loss and/or damage due to errors in the service itself or for your use of the service. Firi cannot be held responsible for loss of access to the service due to technical issues, user errors or any other reason.

5. Governing law

The terms of service are subject to Norwegian law. Norwegian courts shall settle disputes concerning the interpretation and application of the terms of service.

6. Change of Terms

We reserve the right to change these terms of service. By agreeing to the terms of service, you consent us contacting you by email to inform you about important changes. Feel free to contact support@firi.com if you have any questions.