Terms and Conditions

October 10, 2017



This summary of our Terms of Service offers you an overview of the key terms that apply to your use of all our platforms including but not limited to our website and mobile applications and trading services. While we hope this summary section is helpful, you should read the complete Terms of Service below since they provide important information about how our services work. Please note that we refer to our online service where you can execute trades as "UNICORN.NG".

Unicorn.ng provides you with a simple and convenient way to buy, sell, trade and learn about bitcoin and other digital assets in Africa. You may also use our Services to buy and sell digital assets directly from and to us. Unicorn.ng provides you with a platform that matches your trades with open orders from other users of our services at your direction. Users are not able to predetermine a trade with a particular user or with a particular account. Additionally, an order may be partially filled or may be filled by multiple matching orders.


These Terms of Service and any terms expressly incorporated herein ("Terms") apply to your access to and use of the websites and mobile applications provided by Unicorn Bitex Limited. and its wholly owned subsidiaries (collectively, "Unicorn.ng", "Unicorn", "we", or "us"), and the trading and direct sale services provided by Unicorn.ng as described in these Terms (collectively, our "Services").

Key Definitions:

Capitalized terms not otherwise defined in these Terms will have the following meaning:
  • "External Account" means any Financial Account or Digital Asset Account: (i) from which you may load Funds into your Unicorn.ng Account, and (ii) to which you may push Funds from your Unicorn.ng Account.
  • "Financial Account" means any financial account of which you are the beneficial owner that is maintained by a third party outside of the Services, including, but not limited to third-party payment service accounts or accounts maintained by third party financial institutions.
  • "Funds" means Digital Asset and/or Legal Tender.
  • "Legal Tender" means any national currency, such as Nigerian Naira, that may be used in connection with a purchase or sale of Digital Assets via the Services, and does not include any Digital Asset.
  • "Unicorn.ng Account" means a user account accessible via the Services where Funds may be stored by Unicorn Bitex Limited on behalf of a user.
  • "Digital Asset" means bitcoins, ripples and other digital assets that may be purchased, sold or traded via the Services.
  • "Digital Asset Account" means any Digital Asset address or account owned or operated by you that is maintained outside of the Services, and is not owned, controlled or operated by Payward.


  • Only one account is allowed per person. We reserve the right to shut down all accounts of an individual who we discover has multiple accounts. All funds may not be recoverable for such accounts.
  • The information contained on this website does not constitute accounting, legal, financial, consulting investment or other professional advice. You bear all the risks from any decision to hold, purchase or sell bitcoin on this website and Unicorn.ng will not be liable for any loss suffered.
  • You agree that you will not use the products and services to facilitate any illegal activities.
  • You agree that you will not use the products and services to engage in any activities listed on the Prohibited Activities list.
  • In order to engage in any trades via the Services, you must create a Unicorn.ng Account and provide any requested information. When you create a Unicorn.ng Account, you agree to: (a) create a strong password that you do not use for any other website or online service; (b) provide accurate and truthful information; (c) maintain and promptly update your Unicorn.ng Account information; (d) maintain the security of your Unicorn.ng Account by protecting your password and restricting access to your Unicorn.ng Account; (e) promptly notify us if you discover or otherwise suspect any security breaches related to your Unicorn.ng Account; and (f) take responsibility for all activities that occur under your Unicorn.ng Account and accept all risks of any authorized or unauthorized access to your Unicorn.ng Account, to the maximum extent permitted by law.
  • Your account may be terminated if you provide false information or refuse to provide information about your true identity.
  • You agree and consent to receive communications from Unicorn.ng via email and SMS.
  • Unicorn.ng may change the Terms of Use at any time for any reason without notice.

Unicorn.ng Wallet

  • The Bitcoin network is responsible for confirming Bitcoin transactions and Unicorn.ng is not liable for any loss due to, but not limited to, errors in the protocol, delays or any other breakdown relating to the Bitcoin network.
  • You acknowledge that Unicorn.ng cannot confirm, cancel or reverse Bitcoin transactions.
  • You expressly agree that Unicorn.ng is not liable for any errors, loss or omissions due to sending Bitcoin to or receiving Bitcoin from incorrect wallet addresses, e-mail addresses, entering incorrect transaction amounts, or any other information related to Bitcoin transactions by using the service. Please ensure that you use the correct Bitcoin addresses, e-mail addresses, transaction amounts when transacting.
  • Bitcoin is securely stored in a combination of online and offline storage. As a result it may take up to 48 hours or more to facilitate Bitcoin transactions. By using Unicorn.ng you accept the risk that transactions may be delayed and you agree not to hold Unicorn.ng liable for any damages or loss due to delays.

Unicorn.ng Exchange

  • You must be at least 18 years old to use trade on the exchange.
  • Any information that you provide must be true, accurate and correct.
  • You must be resident in one of our supported countries to register and use the service.
  • You acknowledge that trading Bitcoin involves large risks and could result in significant financial losses.
  • Unicorn.ng does not accept cash payments. Cash deposits to our bank account may be delayed and will incur additional processing fees. Incoming payments to Unicorn.ng must be done by means of electronic funds transfer (EFT) from your bank account in your country of residence. The bank account must be opened in your own name.
  • Outgoing payments from Unicorn.ng can only be done by means of electronic funds transfer (EFT) to your confirmed bank account in your country of residence. The bank account must be opened in your own name.
  • Unicorn.ng does not guarantee Bitcoin or bank transfer disbursement times and will not be liable for any delays.
  • You must provide security for trading Bitcoin by funding your account in advance of trading.
  • Trade orders placed on the site are binding and cannot be cancelled or reversed.
  • Unicorn.ng has no obligation to accept orders, in which case the site will not allow the order to be placed.
  • Orders, deposits and withdrawals are subject to limits which may be changed over time.
  • Unicorn.ng may suspend your account at any time for any reason.
  • This service is provided without warranty of any kind and Unicorn.ng does not guarantee that the site will be available 100% of the time. You acknowledge and accept that the website may become unavailable from time to time due to various circumstances and that Unicorn.ng will not be liable for any losses due to the system or service becoming unavailable.
  • Unicorn.ng cannot and does not guarantee the value of Bitcoin and has no obligation to buy back Bitcoin at any time. It is your responsibility to determine, account and pay for any taxes that apply to your trading and Bitcoin transactions.

Prohibited Activities

You may not use Unicorn.ng products or services to engage in any of the following activities:
  • Violation of any laws, statutes, ordinances or regulations.
  • Paying into or otherwise supporting pyramid schemes, Ponzi schemes, matrix programs, "get rich quick" schemes, multi-level marketing programs or high-yield investment programs (HYIP).
  • Transactions involving:
  • Narcotics, steroids, drugs or other controlled substances
  • Drug paraphernalia
  • Items that promote or facilitate illegal activity
  • Stolen goods
  • Items that promote or facilitate hate, violence or racial intolerance
  • Items that are considered obscene
  • Items that are counterfeit or otherwise infringe or violate copyright, trademarks or other intellectual property
  • Ammunition, firearms or other weapons that require licensing
  • Sale of personal information
  • Prostitution or illegal escort services
  • Extortion or blackmail

You may not use Unicorn.ng products or services to engage in any of the following activities unless pre-approved by Unicorn.ng:

  • Operating as a money transmitter, payment service provider, e-money or any other financial service business.
  • Offering gambling or gaming services.


  • Unicorn.ng is Anti-Money Laundering and Know Your Customer Compliant. Check our Privacy Policy for more.