Translation Disclaimer: This document is a translation into English of the original document. This translation is provided solely for the convenience of English-speaking readers and is in no way binding. The German version is the only prevailing and binding version. Neither Bitpanda Financial Services GmbH nor any other party can be made liable for error or ambiguity deriving from the English translation.
1.1 These general terms and conditions (“GTC”) shall apply exclusively and to all transactions, contracts and business relationships between Bitpanda Financial Services GmbH, FN 551181 kwith its registered office in A-1020 Vienna, Campus 2, Jakov-Lind-Strasse 2 (“Financial Services” or the “Financial Services Provider”), and its customers (“the Customer” or “Customers”), in particular for transactions and business relationships with regard to the provision of financial services in return for payment (as defined in section 3 of these GTC) via/on the online or electronic platform https://www.bitpanda.com or the mobile applications of Bitpanda and the associated technical interfaces/APIs of said platform or applications (“Bitpanda Systems”).
1.2 Financial Services also offers services in collaboration with third parties, in particular, with the Bitpanda GmbH (“Bitpanda”), which issues financial instruments, among other things (“Product Manufacturer”). The general terms and conditions of such third party providers may apply to services provided by them in addition to the GTC. In particular, reference is made in this context to the application of the Bitpanda GTC as well as to the contractual provisions relating to the Bitpanda products brokered by Financial Services.
1.3 Financial Services only offers services to persons of legal age and contracts are only legally valid with said persons. Furthermore, it is explicitly pointed out that Customers may only use Financial Services on their own behalf.
1.4 The supervisory authority responsible for Financial Services is the Financial Market Authority (FMA), Otto-Wagner-Platz 5, 1090 Vienna.
2.1 Amendments and additions to these GTC, including this clause, may be made by Financial Services at any time and shall take effect at the earlier event of: (i) the acceptance of the amended GTC online by the Customer; (ii) one month after the publication of the amendments or additions to the GTC.
2.2 The Customer is entitled to terminate all contractual relationships with the Financial Services Provider with immediate effect before such changes come into force, without the need to comply with any agreed termination dates or periods and without incurring any costs for such a termination.
2.3 The Financial Services Provider shall notify the Customer of any amendments to the GTC that are intended to introduce new fees or increase existing fees. With this notification, the Financial Services Provider will ask the client to accept the amended fees online within one month. If the client does not agree, all contractual relationships shall be deemed to be terminated upon expiry of the one-month period.
The GTC apply to financial services with regard to the acceptance and transmission of orders for financial instruments pursuant to section 1 (3) item a of the Securities Supervision Act 2018 ("WAG").
4.1 When accepting and transmitting orders, Financial Services brings the Customer together with the Product Manufacturer or a trading platform insofar as it forwards the Customer's order for the execution of a certain transaction to the Product Manufacturer or a trading platform. This means that, pursuant to section 1 (3) lit. e WAG, the Financial Services Provider does not provide the Customer with a recommended course of action, as is the case with investment advice, but instead merely the acceptance and transmission of the order.
4.2 Financial Services notes that the Customer's status as a customer only exists after the first acceptance of an order for the execution of a specific transaction to the Product Manufacturer or to a trading platform has been carried out by Financial Services.
4.3 It is emphasised that the financial services provided by Financial Services described under section 4 (1) of these GTC refer to financial instruments which are exposed to particular risks in terms of their specific characteristics or the transactions to be carried out or the price of which is subject to fluctuations on the financial market, over which neither Financial Services nor the Product Manufacturer or a trading platform have any influence. Furthermore, it should be noted that returns generated by a product in the past are not an indicator of future returns.
5.1 The legal relationship between Financial Services and the Customer with regard to contractual obligations ends with the conclusion of the acceptance and transmission of the order to the Product Manufacturer or to a trading platform, whereby the Customer has no legal claim to further services after this conclusion. There is no obligation to accept and transmit further orders or to provide other financial services.
5.2 There is the possibility of extraordinary termination for good cause with immediate effect, where such cause exists in particular if
a) insolvency proceedings are opened over the assets of a contracting party, or the application for the opening of such proceedings is rejected for a lack of assets to cover the costs, or the conditions for the opening of such proceedings or the rejection of such an application are met and the contracting party ceases to make payments;
b) the Customer is in arrears with a payment based on a contractual relationship of more than four weeks compared to the original payment date, even after a written reminder and a grace period of at least two weeks;
c) exceptional reasons make such steps necessary, for example, suspicion of criminal offences or risk escalation;
d) other material contractual violations have occurred.5.3 In the case of business customers, section 5 item 2 lit. a of these GTC shall apply, provided that the requirements set out in section 25a IO (Austrian Insolvency Act) must be observed when the contract is terminated.
6.1 Due to professional regulations, Financial Services does not provide information or advice on tax or legal issues that are restricted to tax advisors or lawyers. The Customer is advised to contact their tax advisor or lawyer themselves about the tax or legal consequences of their investment.
6.2 In addition, it is explicitly stated that Financial Services does not provide any other advisory services. The Customer therefore exclusively decides which financial instruments they will acquire themselves. Financial Services merely accepts and transmits the orders to the Product Manufacturer or to a trading platform.
Financial Services classifies Customers as retail customers, professional clients or eligible counterparties. In doing so, the classification of Customers is intended to provide various safeguards. Financial Services is entitled by law to treat all Customers as retail customers, and Financial Services will do so unless a different classification is requested by the Customer in an individual case. Any classification other than retail customers is subject to internal review and approval by the Financial Services Management.
8.1 Financial Services is required to obtain Customer information by law in order to assess the appropriateness of Customers' investment decisions. However, this is not mandatory for simple execution transactions (such as the acceptance and transmission of orders initiated by Customers) with regard to non-complex financial instruments.
8.2 With regard to complex financial instruments, Financial Services is required to perform an appropriateness test taking into account the information to be obtained from the Customer. In order to carry out the appropriateness test, the Customer's knowledge and experience in relation to complex financial instruments must be ascertained. If Customers do not provide this information, an equivalent assessment cannot be performed, triggering a warning. Financial Services is legally entitled to rely on the accuracy of the information provided by the client and therefore uses the information provided by the client in the framework of the appropriateness test.
8.3 If the provided information leads Financial Services to determine that the complex financial instruments are not appropriate, Financial Services will warn the Customer accordingly. Financial Services therefore reserves the right not to permit Customers to services that relate to complex financial instruments and are not appropriate.
The Financial Services Provider will perform the service honestly, fairly and professionally in the best interest of the Customer and will use its expertise to provide a solution that best meets the Customer's needs.
10.1 Pursuant to the Capital Markets Act 2019 ("KMG"), the Financial Services Provider is not obliged to commission its own expert opinion or to conduct any other review to verify the accuracy and completeness of the prospectus provided by the issuer of the financial instruments, but instead makes use of the prospectus which has been reviewed for completeness and accuracy by an auditor or a credit institution pursuant to KMG or the Investment Funds Act and is therefore not liable for the accuracy and completeness of the prospectus.
10.2 The liability for prospectuses under KMG therefore remains unaffected by this. Thus, pursuant to section 22 (1) item 4 KMG, the party who has accepted the contractual agreement of an investor in their own name or on behalf of a third party and the intermediary of the agreement shall be liable, provided that the person who a claim is made against trades or acts as an intermediary for securities or investments on a professional basis and that they or their associates were aware that the information provided is incorrect or inaccurate as defined by section 22 (1) item 1 KMG or of any checks or were unaware of this as a result of gross negligence.
10.3 The same shall also apply to any respective comparable client information documents, in particular the Key Information Document (KID) pursuant to the PRIIPs Regulation (Regulation (EU) No 1286/2014).
11.1. Orders shall only be placed via the Bitpanda Systems, in particular, the platform www.bitpanda.com.
11.2. The placing of orders by telephone, fax or email is explicitly excluded.
11.4. The Client agrees that all information and documents, including all relevant contracts and notifications of material changes to documents and contracts and changes to Financial Services' policies, will only be provided electronically and will not be provided as a hard copy.
12.1 Financial Services shall endeavour to immediately accept and transmit the Customer's orders to the Product Manufacturer or to a trading platform, provided that this is possible. This means that Financial Services will do so without delay, at the latest on the subsequent banking day in Austria following the receipt of the order for acceptance and transmission, unless Financial Services immediately notifies the Customer that the execution will not take place or that the order will not be accepted.
12.2 The requirement to execute the order without delay shall not apply if Financial Services is prevented from executing the order due to force majeure or if the Customer's account is not sufficiently funded for any reason whatsoever or if there are other material or legal reasons against any such execution. If it is not possible to carry out the acceptance and transmission of the order(s), Financial Services shall inform the Customer of this as soon as possible. As a rule, this shall be done directly via the Bitpanda Systems.
12.3 In all other circumstances, the Financial Services Provider will process the Customer's orders in accordance with the Financial Services Provider’s execution policy.
Financial Services shall not be liable if Customers incorrectly provide information that is relevant for the appropriateness test for the service or generally as part of the business relationship or if any other information was wrongly provided by Financial services, provided that the omission or incorrectness of said information was neither known nor unknown due to gross negligence. Furthermore, neither Bitpanda nor Financial Services shall be liable for the Customer's investment decisions. The Customer is responsible for these decisions and must bear any damages themselves.
14.1 In order to perform the acceptance and transmission of orders to the product provider in a thorough and diligent manner, Financial Services requires information in order to verify the appropriateness of the service pursuant to section 57 of the Austrian Securities Supervision Act (WAG). The Customer is obliged to provide Financial Services with this information in a timely manner, in full and without special request and to inform Financial Services of all circumstances that may be relevant for the provision of the services.
14.2. The Customer shall also be obliged to provide the information specified in Annex I of this document to email@example.com in a timely manner, in full and without special request.
14.3 The Customer shall immediately notify Financial Services of any amendments to their name, company, email address and address. For as long as the Customer does not disclose amendments to their email address or address, declarations from Financial Services shall continue to be sent to the previous email address or address. These declarations shall be deemed to have been received by the Customer if Financial Services was neither aware of an amendment to the email address or address nor where Financial Services was unaware of such an amendment due to gross negligence.
14.4 Any loss or restriction of the Customer's contractual capacity must be disclosed to Financial Services without delay.
14.5 If the Customer is a legal entity, the commencement of dissolution proceedings and the termination of the legal entity shall be disclosed to Financial Services without delay
14.6. All communication to be made by the Customer to Financial Services shall be made via the Bitpanda Systems (support contact form) or via email (firstname.lastname@example.org). The submission of the information referred to in Annex I shall be carried out exclusively by email.
15.1 The Customer must ensure that their orders are specified as clearly and unambiguously as possible. Unclear and ambiguous specifications shall be at the Customer's expense, unless Financial Services has recognised the lack of clarity or ambiguity or should have recognised it under the circumstances. Any errors on the part of the Customer, in particular typing errors, confusion and incorrect amounts shall also be the responsibility of the Customer.
15.2 When placing an order, the Customer shall take appropriate precautions to avoid errors during transmission or improper use. This also applies to access to the Bitpanda account. The disclosure of accounts, account information or passwords, as well as any shared accounts is prohibited. Bitpanda, as well as Financial Services, do not assume any liability for any damages in such cases.
16.2. The Customer agrees to the automated use of their data pursuant to the relevant provisions of data protection law. This consent may be revoked by the Customer at any time - even without giving reasons.
17.1 Pursuant to section 8 of the Austrian Distance Financial Services Act ("FernFinG"), the Customer, who is a consumer pursuant to the Austrian Consumer Protection Act (Konsumentenschutzgesetz) combined with FernFinG, is generally entitled to withdraw from contracts concluded with regard to financial services within 14 days, with the withdrawal period commencing on the day on which the contract is concluded. Within the withdrawal period, the performance of a contract may only be initiated with the explicit consent of the Customer.17.2 Pursuant to Section 10 FernFinG, however, there is no right of withdrawal for contracts involving financial services where the price is subject to fluctuations on financial markets which the business owner has no influence over and which may occur within the withdrawal period, including, but not limited to, services in connection with forward financial transactions. Here, cancellation is excluded for Customers in connection with financial services (pursuant to section 4 of these GTC). The Customer is therefore aware that they cannot withdraw from orders placed by them in connection with the A-Token, pursuant to FernFinG.
Should individual conditions within these GTC be or become invalid or unenforceable, this shall not affect the remainder of the contract.
19.1. When providing investment services, attention is paid to acting professionally in the interests of the Customers. Should complaints arise during the provision of these services, Financial Services will be at the Customer's disposal for assistance in such cases. In the event that disputes arise between Financial Services and the Customer, the Customer can contact Financial Services accordingly via the Bitpanda Systems (support contact form) or by sending a complaint by email (email@example.com). Financial Services will endeavour to resolve any complaints amicably. If no agreement can be reached, consumers can also turn to the arbitration or ombudsman offices listed below.
19.2. The following organisation has jurisdiction for complaints relating to investment services: Schlichtung für Verbrauchergeschäfte (Mediation for consumer transactions), Mariahilfer Straße 103/1/18, 1060 Vienna, which can be reached via: Tel.: +43 (0)1 890 63 11, firstname.lastname@example.org and also via the website www.verbraucherschlichtung.at.
19.3. In addition, the Ombudsstelle des Fachverbands Finanzdienstleister in der Wirtschaftskammer Österreich (Ombudsman's office of the Professional Association of Financial Services Providers in the Austrian Federal Economic Chamber) can be contacted at email@example.com.
20.1. Pursuant to section 73 (1) WAG, investment firms must be affiliated with a compensation scheme which has a licence covering, among other things, the acceptance and transmission of orders, provided that these activities include one or more financial instruments as their objective. Both of these apply to financial services.
20.2. The Austrian company for the compensation scheme is the Anlegerentschädigung von Wertpapierfirmen GmbH (AeW)(Compensation scheme for securities companies), FN 187473x, Lambrechtgasse 1/10, 1040 Vienna. Financial Services is a member of this investor compensation institution.
20.3. Financial Services shall at no time become a debtor of its customers. Activities of any of the Bitpanda companies including the issuing Bitpanda GmbH are not attributed to Financial Services. Therefore, if customers do not recover funds from one of the Bitpanda companies, there will be no compensation through the statutory investor compensation of investment firms (AeW). This is especially true because the customer does not acquire any securities, but only a claim against Bitpanda, based on which it is intended to participate in the price development of securities.
21.1. The contractual relationship between Financial Services and the Customer shall be governed by Austrian law.
21.2. If the Customer is a private consumer, the applicable law choice shall not deprive them of the protection afforded by the applicable provisions under the laws of the country in which they have their habitual residence.
22.1. Where Financial Services takes action against the Customer arising from or in connection with contractual relationships, the court in whose jurisdiction the business premises of Financial Services are located shall have jurisdiction. This shall only apply to consumers pursuant to the Consumer Protection Law (KSchG) if the consumer's permanent address, place of residence or place of employment is located in the jurisdiction of that court.
22.2. Financial Services is entitled to bring any action against Customers who are business owners before an appropriate court.
22.3. Actions by a business owner against Financial Services may only be brought before the court with jurisdiction over the subject matter and in the area where Financial Services' place of business is located.
1. Obligation to cooperate within the scope of reporting requirements As a regulated investment firm, Financial Services has a duty to report transactions involving financial instruments where the underlying is an instrument traded on a trading platform. The information that must be reported includes a unique national number for natural persons, whereas, in a large number of European countries, the CONCAT ID is approved as an identifier for the fulfilment of regulatory reporting obligations for financial markets. The CONCAT is determined using an individual's citizenship, first name, last name and date of birth.
2. The following countries require the CONCAT ID as a "1st priority identifier":
3. The following countries require a different identification number than the CONCAT ID to be used as the "1st priority identifier". Customers who are citizens of the following countries are asked to send the respective identification number to firstname.lastname@example.org after registering for the Bitpanda Systems.
Belgian National Number (Numéro de registre national – Rijksregisternummer)
National Passport Number
National Identification Number (Rodné číslo) or Passport Number
Personal Identity Code (10 alphanumeric digits: DDMMYYXXXX)
Personal Identity Code
UK National Insurance number
10 DSS Digit Investor Share
Personal Identification Number (OIB - Osobni identifikacijski broj)
Personal Identity Code (Kennitala)
National Passport Number or National Identity Card Number
Personal code (Asmens kodas) or National Passport Number (Asmens kodas)
Personal code (Personas Kods)
National Passport Number or National Identity Card Number
11 Digit Personal id (Foedselsnummer)
Tax Number (Número de Identificacao Fiscal) or National Passport Number
National Identification Number (Cod Numeric Personal) or National Passport Number
Personal Identity Number
Personal Identification Number (EMŠO: Enotna Maticna Stevilka)
Personal Number (Rodné číslo) or National Passport Number
4. Customers who are citizens of countries that do not accept the CONCAT ID for regulatory reporting purposes are required to provide the following identification numbers/codes after the appropriateness test has been performed. The use of the services offered by Financial Services is not possible without the provision of the respective identification number.
Estonian Personal Identification Code (Isikukood)
Fiscal Code (Codice Fiscale)
National Identification Number or National Passport Number
National Identification Number (PESEL) or Tax Number (Numer identyfikacji podatkowej)
Fiscal Code (Código de identificación fiscal)
Financial Services' execution policy implements sections 62 to 65 WAG 2018 and the relevant sections of the Delegated Regulation (EU) 2017/565. The execution policy describes the principles of executing client orders to acquire and dispose of the financial instruments offered by Financial Services in the client's best interest.
By executing an order, a contract is concluded between the customer and Financial Services. Financial Services is obliged to transmit the order to Bitpanda and the customer is obliged to pay the agreed purchase price for the financial instruments.
By agreeing to the GTC, the customer has agreed to Financial Services' execution policy in the respective applicable version. In the event that consent is not granted by the customer, Financial Services cannot accept customer orders from the customer. If consent is revoked, Financial Services will no longer accept purchase orders or will continue to accept termination orders and orders for the closing of open derivative positions and execute them in accordance with the explicit instructions of the client.
1. Scope of application
Financial Services applies this execution policy to the execution of orders related to A-Token. FOr all other assets and products offered on the Bitpanda plattform, the principles set forth in this policy do not apply.
2. Precedence of client instruction
In principle, it is assumed that the customer's instructions comply with the Financial Services execution policy. However, it is possible for the customer to issue explicit instructions to Financial Services regarding the execution of their order. If this instruction deviates from the execution policy of Financial Services, the customer is explicitly informed of the fact that Financial Services is released from any obligation to comply with the execution policy to the extent of the instruction and thus the attainment of the best possible result for the customer can no longer be ensured. As the client order is executed by Bitpanda, it should be noted that the Bitpanda platform or systems are the only place of execution.
Financial Services reserves the right to reject instructions in individual cases or the orders associated with them, in particular if the execution of the client order is not operationally possible.
3. General execution policy
Financial Services shall, in the absence of instructions, execute all assignments in accordance with the Execution Policy and shall endeavour to achieve the best possible result for each individual instruction.
In order to determine the best possible result, the factors taken into account are in particular the price of the financial instrument, the execution costs, the promptness and probability of execution and settlement, as well as the type and size of the order.
The aim of Financial Services is to allow customers to invest in financial instruments while providing the following, currently uncommon, benefits to customers:
1) Fractional shares: This means that the customer is able to make an investment in stocks and market values by means of a derivative without having to purchase them in units of whole stocks or ETFs. Bitpanda customers are used to being able to determine the exact amount of the investment themselves, and will also be able to transfer this principle to selected financial instruments.
2) 24/7 trading: This means that customers can purchase and return the financial instruments at any time. Bitpanda's customers are regularly active in the evening or at weekends. A customer experience is marred if they can place an order but its execution does not take place until the next day. This means that the exact price is unknown and, in the event of a return, the customer's liquidity is bound for longer and they cannot use the liquidity for other investments at the same time. Financial Services would like to offer the customer the possibility to purchase and return the financial instruments at any time. The only exceptions to this are relevant and external events, such as a suspension of the market or similar events, which do not allow a reliable price to be set.
3) Immediate execution of orders: Orders being executed immediately is associated with 24/7 trading; customers should not only be able to purchase and return the financial instruments at any time, but the immediate execution of their orders should also be possible. This means that the customer's liquidity is only bound for as long as they wish.
4) One-stop shop and quick processing: In tandem with the above aspects, the focus of Financial Services is also on user-friendliness and the simplicity of using the services provided. The fact that all payments and dividends are processed via one platform is also an advantage. In this respect, however, a corresponding linked account with a third party (e.g. via a technical interface) would be seen as equivalent. Furthermore, the one-stop shop, i.e. the lack of necessity for further contracts and, therefore, further costs on the part of the customer, should be noted as an advantage.
By entering into a business relationship and purchasing through Financial Services, the customer therefore accepts the above items taking precedence over other aspects, such as the best available price or the fact that the customer does not acquire actual stocks / ETFs nor ownership of the stocks/ETFs.
Exceptional market conditions, a market disruption or other special circumstances may necessitate an execution that deviates from the Financial Services execution policy. This applies in particular in the event of significant intraday price fluctuations, significant temporary increases in the number of orders to be processed, a computer failure, system bottlenecks or software errors. Even under such circumstances, Financial Services will endeavour to execute orders in the best possible manner.
4. Execution outside normal trading hours
In order to ensure that, even outside normal trading hours, orders are executed in the customer's best interests, the last available price of the financial products on the relevant trading day will be maintained by Financial Services until the next possible trading day and guaranteed until the relevant trading venue opens on the next possible trading day after the order is placed.
5. Execution venues
Financial Services is not a member of any exchange, regulated market or other regulated trading facility. The only execution venue in relation to the A-Token for Financial Services' services is the Bitpanda systems.
6. Price information service provider
Price determination in relation to the A-Token offered on the Bitpanda platform is carried out in accordance with the general contract provisions. One or more price information service providers will be used to determine the price. Which specific price information service providers are used at which time or in which competition is published on the Bitpanda platform. In this contact, it should be noted that the only venue through which A-Token can be acquired and returned is the Bitpanda platform. The aforementioned principles refer exclusively to which price information service provider offers the better outcome for the user in relation to the individual A-Token.
7. Notification of changes to the execution policy
If Financial Services makes material changes to the execution policy that has already been outlined, customers will be informed of these changes. Material changes are only defined as those which are relevant to the customer, such as participation in regulated markets or multilateral trading facilities. All customers shall be informed of the changes. In the case of material changes to the execution policy pursuant to Section 64 para. 1 WAG, the customer's consent is not required for the changes to take effect.