Terms and Conditions

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Terms and Conditions

Last Updated: March 2025.

Welcome to SomExchange! By accessing or using our platform, you agree to these Terms and Conditions. Please read them carefully to understand your rights and responsibilities while using our peer-to-peer (P2P) trading service.

1. Acceptance of Terms

By registering for an account or using the SomExchange platform, you acknowledge that you have read, understood, and agree to be bound by these Terms. If you do not agree, please do not use the platform.

2. Platform Description

SomExchange is a P2P trading platform where users can buy and sell espees. Users log in via KingsChat, set up their profiles with bank details, and can trade with active merchants. Our platform acts as an escrow, holding espees until trades are successfully completed.

3. User Registration

To use SomExchange, you must:

  • Be at least 18 years old or the legal age in your jurisdiction.
  • Have a valid KingsChat account for login and trade notifications.
  • Provide accurate and complete profile details, including bank information.

You are responsible for maintaining the confidentiality of your login credentials and for all activities under your account.

4. Trading Process

The trading process on SomExchange works as follows:

  1. The buyer selects an active merchant and specifies the amount of espees to purchase.
  2. The merchant is notified via KingsChat and can accept or decline the request.
  3. Upon acceptance, the merchant sends the espees to the platform for escrow.
  4. The buyer is shown the merchant's bank details and makes the payment.
  5. The buyer uploads proof of payment to the platform.
  6. Once the merchant confirms receipt of funds, the platform releases the espees to the buyer, and the trade is marked complete.

5. User Responsibilities

As a SomExchange user, you agree to:

  • Trade honestly and provide accurate information.
  • Upload only legitimate proof of payment for transactions.
  • Not engage in fraudulent, illegal, or abusive activities.
  • Comply with all applicable laws and regulations in your country.

6. Fees and Payments

SomExchange may charge transaction fees for facilitating trades. Any applicable fees will be clearly stated before you confirm a trade. You are responsible for any bank charges or transfer fees associated with your transactions.

7. Dispute Resolution

In case of a dispute between a buyer and a seller, SomExchange will review the transaction, including payment proof and chat history. Our decision on dispute resolution is final and binding. Users must cooperate and provide requested information during the investigation.

8. Platform Availability

We aim to keep the platform running smoothly but do not guarantee uninterrupted service. We may suspend or limit access for maintenance, upgrades, or technical issues. We are not liable for any losses resulting from platform downtime.

9. Termination of Account

SomExchange reserves the right to suspend or terminate your account if you violate these Terms, engage in fraudulent activities, or pose a security risk to the platform. Terminated accounts may lose access to funds or ongoing trades.

10. Limitation of Liability

SomExchange is not liable for losses resulting from:

  • Errors or delays in bank transfers.
  • Incorrect bank details provided by users.
  • Unauthorized access to your KingsChat or SomExchange account.
  • Market fluctuations or changes in espees value.

Our liability is limited to the amount of fees paid by you for the affected transaction.

11. Privacy and Security

We collect and use your data as described in our Privacy Policy. By using the platform, you consent to our data practices and agree to keep your account information secure.

12. Changes to Terms

We may update these Terms and Conditions from time to time. We will notify users of significant changes via the platform or KingsChat. Continued use of the platform after changes take effect constitutes acceptance of the new Terms.

13. Contact Us

If you have questions or need support, please reach out to us:

By using SomExchange, you agree to these Terms and Conditions. Thank you for trusting us with your trades!