Privacy Policy

Privacy Policy

Last Updated: March 2025.

Welcome to SomExchange! Your privacy is important to us. This Privacy Policy explains how we collect, use, and protect your information when you use our peer-to-peer (P2P) exchange platform. By using SomExchange, you agree to the practices outlined in this policy.

1. Information We Collect

Personal Information

When you register and use our platform, we collect:

  • KingsChat Details (for secure login)
  • Full Name
  • Email Address
  • Phone Number
  • Bank Account Details (for transactions)
  • Trade Preferences (minimum/maximum trade amounts, espees rate)

Transaction Information

We collect details of your trades, including:

  • Trade amount and currency
  • Transaction status (pending, confirmed, completed)
  • Payment proof (uploaded by buyers)
  • Date and time of transactions

Device & Usage Data

We may collect information about your device and how you use the platform, including:

  • IP address
  • Browser type
  • Access times and pages viewed

2. How We Use Your Information

We use the information we collect to:

  • Facilitate secure peer-to-peer trades
  • Notify merchants and buyers of trade updates via KingsChat
  • Process payments and espees disbursement
  • Verify transactions and prevent fraud
  • Improve platform features and user experience
  • Communicate with you about your account, transactions, or support requests

3. How We Share Your Information

We only share your information:

  • With Trade Partners: To complete transactions, buyers and sellers may view each other’s necessary details (e.g., bank account for payment).
  • With Service Providers: For hosting, analytics, or payment processing.
  • For Legal Compliance: If required by law or to protect our platform, users, or rights.

We never sell your information to third parties.

4. Data Security

We take reasonable steps to protect your data:

  • Encryption: For sensitive information like bank details.
  • Access Controls: Limited access to personal data, only by authorized staff.
  • Secure File Storage: For proof of payment uploads and transaction records.

Despite these measures, no system is 100% secure. We encourage users to follow safe practices, like using strong passwords and avoiding public Wi-Fi for transactions.

5. Your Rights

You can:

  • Access, update, or delete your personal information through your profile settings.
  • Request a copy of your data or ask for corrections.
  • Withdraw consent and deactivate your account (this may prevent you from using the platform).

To make a request, contact us at support@somexchange.com.

6. Cookies & Tracking

We may use cookies to:

  • Remember your login session
  • Track platform usage for improvements

You can disable cookies in your browser, but some features may not work properly without them.

7. Changes to This Policy

We may update this Privacy Policy from time to time. If we make significant changes, we’ll notify you through the platform or via KingsChat. Continued use of SomExchange means you accept the updated policy.

8. Contact Us

If you have questions or concerns about this Privacy Policy, please contact us: