Funds Availability Disclosure
INX SECURITIES, LLC (“INX SECURITIES”) PLATFORM FUNDS AVAILABILITY DISCLOSURE
All cash balances reflected in a User’s Trading Wallet (“Trading Wallet”) on the INX Securities platform are held by Layer2 Financial Inc. (dba “Rail”) and its Partner Financial Institutions (“PFI”). By opening and utilizing a Trading Wallet, you are authorizing your funds to be held in your personal account at Rail’s PFI. Rail does not provide digital currency or conversion services. Rail’s PFI solely provide cash management services for the Trading Wallet. INX Securities does not hold any User funds. All decisions and directions to purchase, sell, deposit and/or withdraw from a User’s Trading Wallet are solely the User’s decision. The User is solely responsible for ensuring that funds are available to cover all trading activity. The User understands it is using the INX Securities platform as a means to send directions to Rail and its PFI if there is a matched transaction and that INX Securities has no control over a User’s Trading Wallet at Rail’s PFI. The United States dollar is the only currency used by Rail’s PFI and the INX Securities platform. See below for discussion of ETH and USDC.
DEPOSITS
Generally, electronic direct deposits are available on the same US business day that the deposit is received into your Trading Wallet with Rail’s PFI; however external User banks generally take between 1-3 business days from the funds transfer request date to get external funds to INXT. ACH service is not available to non-US Users, who may fund their Trading Wallet via SWIFT wire or ETH/USDC conversion. Until deposited funds appear in a User’s Trading Wallet, they are not available for trading activity. User USD funds deposited at Rail’s PFI before 4:00 pm ET on a US business day are typically considered to be deposited that day, however, Users are cautioned that is not always the case, and that the date Rail’s PFI receives a deposit is not always the same day the User can use the deposit for trading (i.e., funds may not always be available in a User’s Trading Wallet the same day a deposit is made). INX Securities is not responsible for funds availability delays at Rail’s PFI. INX Securities is not responsible for the availability or processing times of the funds being requested from another bank or entity as directed by the User.
Longer delays may apply. In some cases, Rail’s PFI may not make some or all of the deposited funds available on the same business day of the deposit. Depending on the type and/or dollar amount of the deposit, funds may not be available until a later date. In addition, funds Users deposit electronically or otherwise may be delayed for a longer period of time under the following circumstances:
- When INX Securities believes a transfer will be returned or not honored by the account holder.
- A User’s account has previously received item returns or chargebacks.
- There are unforeseen circumstances or other technical difficulties, such as processing or communications systems failures.
- When an account has been open for less than 30 days and wire or ACH transfers to the account are delayed.
WITHDRAWALS
All withdrawals are subject to the same deposit restrictions noted above. As such, a User may not be able to withdraw funds the same business day it made the withdrawal request. USD withdrawal requests made during the time Rail’s PFI are open for business are generally executed on the same day, however, delays may apply. External User banks generally take between 1-3 business days from the request date to post funds transfers from Rail’s PFI. INX Securities is not responsible for funds availability or processing delays at Rail or its PFI.
ETH and USDC DEPOSITS and WITHDRAWALS
ETH and USDC conversions to USD deposits in Trading Wallets are executed by an affiliated third-party provider. Withdrawal and deposit USD conversions to/from ETH and/or USDC conversions to USD are not instant and are only available when they are processed ETH/USDC conversion requests typically take less than 3 business days to complete and may take longer. Withdrawal conversions to ETH or USDC can only be sent to a User’s Metamask or Republic wallet.
An affiliated third-party provider executes ETH>USD, USDC>USD while an unaffiliated third-party provider executes USD>ETH, USD>USDC conversions. All conversions are done at an exchange rate solely determined by the third-party providers, who may charge fees for this conversion service. Senders of ETH or USDC to the third-party may be responsible for additional network charges (gas).
IMPORTANT: ETH and USDC transactions requested by INX Securities platform Users to/from Trading Wallets are typically processed during US banking hours. ETH/USDC conversion requests typically take less than 3 business days to complete and may take longer. Any exchange rate will be the rate (as solely determined by the third-party providers) in effect when the exchange is processed, and NOT the exchange rate at the time of the User request. Given the volatile nature of ETH, the exchange rate at processing can differ substantially from the exchange rate at the time the request was made. For example, if an ETH exchange request is made on a Saturday (or any other time outside of INXT business hours), the ETH transaction typically will not be processed until the second or third US business day following the request (i.e. Tuesday or Wednesday), and could take longer. At that time, the third-party provider responsible for the conversion will receive and process the request. The applicable exchange rate will be the exchange rate at the time of processing and NOT the exchange rate at the time of the request. INX Securities is not responsible for the ETH/USDC conversion processing times.
