Terms & Conditions

OroPocket Account Terms & Conditions

Please read this Agreement carefully. It sets out the terms of a legally binding agreement between you and OroPocket.

This Agreement sets out the terms and conditions upon which you contract with OroPocket and which govern your relationship with OroPocket. By signing up as a OroPocket client, you are agreeing to the terms and conditions of this Agreement. The English language version of the Agreement is the only legally binding version, with any translations in other languages being provided merely for convenience purposes.

If you do not agree to the terms of this Agreement, you should not sign up to become a client of OroPocket. You should not enter into this Agreement unless you understand the nature of this business and the extent of your exposure to risk. The value of Gold can rise or fall when measured against exchange currencies and price movements of exchange currencies may change quickly. You assume any exchange rate risk. If you have any questions, please contact us.

This Agreement may change from time to time. We recommend that you revisit this page periodically and print and save the latest copy of this Agreement for your records. We strongly recommend that you read these terms and conditions in their entirety.

You should refer to Clause 21 in the OroPocket Terms of Use to see the ways in which we may amend these Terms.

Don’t know what something means?

This Agreement uses a number of special words with a particular meaning. You will find a glossary of terms at clause 1 of this Agreement to help you understand what these words mean.

If you do not understand any aspect, you can contact us for further information in the following ways:


DEFINITIONS Interpretation

In this Agreement, unless otherwise expressly stated or the content requires otherwise, the following terms shall have the meanings set out below:

Account” means the electronic record kept by OroPocket of:

(a) the quantity of Gold expressed in grams, kilograms or troy ounces of gold held by or for you or on your behalf at the Vault;

(b) the quantity of Reserved Bars held by or for you or on your behalf at the Vault, which quantity is expressed in whole bars together with corresponding bar serial numbers;

(c) any money held by us on your behalf;

(d) your transactions with us;

(e) our fees for the services provided to you;

(f) any other account held by you in connection with the OroPocket Services.

Agreement” means these terms and conditions, any account-opening documentation (including an online registration form you complete when applying for an Account) and any other documents, terms and conditions, or policies which are expressly stated by OroPocket to form part of the agreement between you and us.

Chain of Integrity Standard” means the minimum standard which Gold must meet before it will be accepted by us, which is currently:

(a) in the case of large gold bars, the Good Delivery standards and refiner standards as prescribed by World Gold Council. (WGC)

Funds” means cash in your Account which is due from a) a sale of Gold that has settled; or b) the crediting of funds to your Account by debit card, direct debit; or bank transfers; and which has cleared the banking process.

Client”, “User”, “you” means a person who has registered and has been accepted by us for the OroPocket Services.

Constructive possession” is a general principle that means a person who has possession of property is to be presumed to be the owner of it. However, the law recognises in some cases that physical delivery would be impractical due to the nature or location of the object. “Constructive possession” occurs when a person who does not physically hold property is yet deemed to be in legal possession of it. By purchasing gold on the OroPocket Platform, you acquire legal possession of your gold held in custody by the vault.

Gold Account” means your Account for gold (other than in Reserved Bars).

OroPocket”, “we”, “us” or “our” means Soul. Machine Ltd, a private limited company incorporated in England.

OroPocket Platform” means the OroPocket Website, the OroPocket Application, Application Programming Interface (“API”)[, and any associated OroPocket systems or mobile applications] (together, the “OroPocket Platform”).

OroPocket Services” means the OroPocket Platform and any of the services provided to you by OroPocket, together with the OroPocket Platform.

OroPocket Website” means the public and private website accessible at www.oropocket.com as amended from time to time.

Gold” means physical gold that meets the WGC Standards. OroPocket records the Gold held by or for you or on your behalf in grams, kilograms or troy ounces.

Gold Transfer” or “Gold Peer-to-Peer” means the transfer of Gold in accordance with clause 4.4 of this Agreement from one User, on their instruction, to another User or OroPocket that is recorded by debiting the corresponding amount of Gold from the transferor’s Account and crediting the same to the transferee’s Account;

Reserved Bar” means a whole bar of Gold, and not a fraction of a bar of Gold, which is recorded in the Account as your exclusive property and in which no other person has any share.

Gold Savings Account” means your Account for Gold in Reserved Bars only.

Security Information” means a user identification name, code, personal identification number, password or such other security information as we may determine for use in connection with the OroPocket Services.

Vault” means the service provider appointed by us in accordance with Clause 2.0 to store Gold for or on behalf of all Clients.


1.1 All Gold Accounts (current or savings accounts) operated by OroPocket are allocated Gold accounts. This means that the Gold is stored under a safekeeping or custody arrangement at the Vault by or for you or on your behalf. The Vault does not retain a proprietary interest in the Gold.

1.2 For your Gold Current Account:

(a) each unit on your Account represents a gram or ounce (or a part thereof) of the Gold constituting varieties of sizes of bars held in a designated precious metals storage facility at a Vault;

(b) units recorded in your Account represent and are evidence of your proportionate share in the Gold. The number of units represented by the credit balance in your Account quantifies the total of all your interests in the Gold at the relevant the Vault;

(c) the number of units held by all Clients which is recorded in the Accounts always represents an identical amount of Gold held in the Vaults;

(d) the Gold held in each Vault is owned in common in proportion to the credit balance of relevant units as recorded on the relevant Account by all the relevant Clients.

1.3 You can obtain units where your Account allows you to make or receive Gold Transfers, receiving units from another User. When you obtain units, you acquire or increase your undivided interest in the relevant Gold (in your Gold Current Account) by an amount equal to the value of the money paid for the purchase.

1.4 Any credits that you obtain through a Gold Transfer represent the transfer of a proportionate share of the relevant Gold from the transferor to your Account whether or not such transfer is made in relation to the sale or purchase of any goods or services or otherwise.

1.5 Reserved Bar(s) in your Gold Savings Account will be reserved exclusively to you as your property. Your ownership of the Reserved Bar will be evidenced by the record in your Account which will record the quantity of Reserved Bars held by you or for you or on your behalf at the Vault, which quantity is expressed in whole bars together with corresponding serial numbers. No fraction of a bar may be held as a Reserved Bar.

2.0 Storage and Insurance  2.1 You authorise us to arrange for the storage, transportation, and insurance of your Gold. This authority shall be deemed to include an authority to enter into contracts on your behalf as your agent in respect of the storage, transportation, or insurance of your Gold but shall not be construed as an obligation to enter into any such contracts.

2.2 Subject to Clause 3.0 (Reserved Bars), title to the Gold in allocated storage at the Vault shall at all times vest in all owners in common of that Gold. If and to the extent that OroPocket has a residual interest in the Gold so held, including any rights against third parties, this will be held on behalf of the owners in common. OroPocket arranges storage of all such Gold for and on behalf of all owners in common (for these purposes, in respect of your share, we act as your agent).

2.3 OroPocket only has a proprietary interest in Gold in storage to the extent that it is entitled to deduct from the proceeds of sale payment for fees owing to us and/or the Vault.

2.4 You agree to keep your Gold (and any interest in it) acquired and held under and in accordance with this Agreement free from any liens, encumbrances, charges, or claims.

2.5 Each Vault is obliged to maintain insurance at least equal to one hundred per cent. (100%) of the value of Gold held for OroPocket and all its Clients.

3.0 Reserved Bars This clause applies only where you have a Gold Savings Account with us.

3.1 You may elect to hold individual Reserved Bar(s) reserved exclusively to you as your property provided that you hold within one Vault sufficient Gold that matches or exceeds the smallest available bar (which meets the Chain of Integrity Standard) in that Vault. All Reserved Bars that you own will be segregated from other Gold held in the relevant Vault.

3.2 A Reserved Bar may not be sold while it is reserved to you until it has been released by you in accordance with your instructions. Where you hold Gold in Reserved Bars only, by giving an instruction to OroPocket to make a payment or a Gold Transfer, you authorise OroPocket to de-register as many Reserved Bars in your Account as is required to make the payment and release them.

3.3 Any tax or duty liabilities or obligations attaching to a Reserved Bar held in your name will be yours, as Client and owner of the Reserved Bar. OroPocket shall bear no responsibility for any tax or duty payable in respect of the Reserved Bar.

4.0 Sale, purchase and transfer of Gold 4.1 You may purchase or sell Gold through the OroPocket Platform in accordance with this Agreement.

4.2 We may transact in Gold acting as principal or as agent following receipt of your order. We shall transfer ownership of the Gold so obtained to you. Upon depositing the Gold purchased with a Vault, delivery shall occur by way of “constructive possession” which means that you will have ownership of the Gold stored in the Vault.

4.3 You agree that OroPocket shall have full authority as your agent and in your name to buy, sell, exchange, redeem, hold, convert or otherwise deal with Gold for your Account.

4.4 If you instruct OroPocket to execute a Gold Transfer (Gold Peer-to-Peer), you authorise OroPocket to transfer a proportionate share of Gold held by you into another Account you have or to another User nominated by you in the instruction. All such Gold Transfers shall be effected by debiting your Account by the amount representing the quantity of Gold transferred by you and crediting the Account nominated by you in the instruction with the corresponding amount. Gold Transfers cannot be made by transferring Reserved Bars.

4.5 When we accept your order, we will use all reasonable endeavours to carry it out. However, we will not be liable to you for any loss or expense you suffer if we are unable to carry out an order for whatever reason (other than as a result of our negligence, fraud or wilful default) or due to a breakdown or failure of transmission or communication systems or where there is a delay or change in Gold market conditions before the transaction is completed.

4.6 No orders can be placed until an Account has been opened and Funds received. By placing an order for the purchase of Gold, you agree that you will have sufficient Funds in your Account required to make the payment including fees to settle the trade.

4.7 You agree that the price for any purchase or sale of Gold for any transaction within your Gold Accounts will be based on real-time market prices, available in the OroPocket app.

4.8 You authorise OroPocket to act upon instructions given securely via your Account. You agree that we are entitled to accept all instructions received by OroPocket without any further enquiry or verification provided that they are, or appear to be, given using your Security Information.

5.0 Fees and charges 5.1 We will charge fees in respect of the services provided to you under this Agreement as specified in our Fee section (as amended from time to time) which is available on the OroPocket Website.

5.2 Unless otherwise agreed by us in writing, all amounts (including, without limitation, all fees and charges) payable by you shall be due on demand without set-off, counterclaim or deduction.

5.3 All payments due from you to us under this Agreement shall be made by you in funds unless otherwise agreed by us in writing.

5.4 We reserve the right to collect fees due under this Agreement in Gold (other than Reserved Bars) or the national currency of any territory which is accepted by us in exchange for Gold. You hereby authorise us to deduct from such Gold or currency in your Account any amounts in respect of fees or charges that you may incur by using the services and all other fees, charges, costs and expenses that we may incur in connection with the services we provide to you or pursuant to our relationship with you.

5.5 You agree that we may, at our sole discretion and without notice to you, appropriate the whole or any part of the Gold or Funds in your Account or, in the case of Gold, sell or convert the same into money and use the Gold so appropriated or the proceeds of that sale or conversion to set-off any of your liabilities or obligations to us whether in respect of fees and charges or any other monies due to us.

Set-off OroPocket may, without limiting its other rights or remedies, set-off any amount owing to it (or to any of its affiliates) by the Client against any amount payable by OroPocket (or its affiliates) to the Client.


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