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FAQs

How can I be sure that the phone specification is as I expect?

All stock on CloudX is OEM brand new, never locked, no logos. This helps to standardise the stock traded on CloudX.

We operate a triple check QA process to ensure stock arrives as expected. A CloudX QA check is undertaken at the origin warehouse, a second at the destination warehouse and finally, the buyer can perform his own QA before the stock is released.

Finally, in the event that stock still does not arrive as expected any losses will be compensated through our comprehensive platform insurance.

How do I know the companies on the platform are legitimate and I can trust them?

Not only do we do a full KYC (Know Your Customer), we also put the companies that we deal with through an extra layer of KYC from our financial partner The Currency Cloud. This ensures that, from a compliance point of view, we are comfortable with who we deal with.

How can I trust the QA that CloudX undertakes?

We operate a triple check QA process to ensure stock arrives as expected. A CloudX QA check is undertaken at the origin warehouse, a second at the destination warehouse and finally, the buyer can perform his own QA before the stock is released.

During your first few transactions, we invite you to conduct your own thorough inspection in order to familiarise yourself with CloudX's standard specifications. This will ensure your peace of mind during subsequent transactions.

Who are The Currency Cloud and how can I trust them with my money?

The FX transaction is carried out by The Currency Cloud, an FCA regulated CloudX partner. The buyers' funds that are involved in a trade are held in a secure Barclays client account managed by CloudX through platform instructions.

Importantly, this means your money is always safe. Your money is held by Barclays not The Currency Cloud. In the unlikely event that The Currency Cloud folded your money would be returned to you.

See www.fca.org.uk/about/what for information on the UK's Financial Conduct Authority. See www.thecurrencycloud.com for more information about The Currency Cloud. The Currency Cloud's FCA registration number is FRN 531019.

What happens if the buyer is slow with the payment and the market moves? - OR - What happens if the seller is slow with delivery and the market moves?

All members who have been approved to join CloudX have undergone a thorough and stringent registration process. They must also agree to abide by the platform's rules before they can trade.

CloudX is designed for the professional device market and as such members' primary concern should be to complete the transactions as quickly and efficiently as possible. Needless to say, we trust that members abide by our rules and pay and deliver in a timely manner.

However, if there are any delays on the delivery of goods we charge a penalty. If members break the rules consistently we may revoke their membership. In the event that delays lead to losses CloudX members will be compensated through our comprehensive platform insurance.

What happens if either side default on a trade?

All members who have been approved to join CloudX have undergone a thorough and stringent registration process. They must also agree to abide by the platform's rules before they can trade.

We operate a "central counterparty" model. This effectively means that CloudX sits centrally to each transaction to ensure the seller only receives the goods and the buyer only receives the payment once the transaction is complete. This is done by the "release note" system designed by CloudX. The payment is held in a secure Barclays client account managed by The Currency Cloud, an FCA regulated CloudX partner. The logistics are managed by CEVA, one of the world's leading logistics companies, and a CloudX partner.

If there are any unnecessary delays on the delivery of goods we charge a penalty. If members break the rules consistently we have the options of revoking their membership.

Finally, in the unlikely event of a default any losses will be compensated through our comprehensive platform insurance.

How can a buyer be certain that the seller has the stock?

It is against the platform's rules to sell stock that you do not own. We are looking at additional ways to ensure that members only post stock that they own.

However, if stock is sold elsewhere, we encourage members to remove the stock from CloudX straight away. We also recommend that members do not place all their units from a batch onto the platform at once. For example if a member holds 20,000 units we encourage them to place smaller amounts, such as 5,000 units, onto the platform at a time in order to protect themselves, and also protect market prices.

What is the benefit of anonymity?

In order to promote reliable prices which can be used as a reference by the professional industry, there are a few aspects of transactions that we have to “standardise” such as payment terms, shipping terms, quality and specification.

Members who have been approved to join CloudX have undergone a thorough and stringent registration process. They must also agree to abide by the platform's rules before they can trade. This means that knowing who you are trading with becomes less important, allowing the market to function in a transparent way.

After I trade online with CloudX, why would I not next time pick up the phone to the buyer/seller?

Firstly, you do not know that the next time the buyer/seller will offer the best price in the market. He is just one of many members buying/selling on CloudX.

Secondly, CloudX streamlines the trading and distribution process and saves you time. You will not benefit from these efficiencies if you trade offline.

Doesn’t the transparency that CloudX brings to the market reduce my margins?

The current market dynamics mean that there is may be disparities between buyers and sellers over “agreed market” price. CloudX helps establish a transparent and fair market price which is the result of transactions of all market participants.

How can I assess how much stock someone has before making a decision to purchase?

CloudX provides a venue for buyers and the sellers to come together in a secure and reliable marketplace. The ultimate decision to input, review and confirm a transaction is by the client and at no point in time do we advise them one way or another.

CloudX clients can post transactions anonymously enabling them to use innovative strategies to buy and sell without disrupting the market prices. This is only possible through the platform and not traditional ways.

How can I make agreements with buyers to not go and sell the rest in the same region?

CloudX clients are professional companies who know the market, how it works and they mostly have access to mutually exclusive channels. Furthermore, if you are worried about selling on CloudX, we invite you to buy from our trusted and reliable sellers until you feel more comfortable with the CloudX transaction process.

Finally, we believe trying to control the competition in a $400b market can only be successful to some extent and the CloudX process will ensure that this competition is fair and transparent.

Who generates the purchase order and invoice and are they sufficient for my records?

The purchase order and invoice are generated automatically by CloudX's systems and are emailed to the registered members and their finance contact which were set up during the membership process.

CloudX have consulted with the HMRC (www.hmrc.gov.uk) to ensure that this process and the audit trail are above and beyond what is required legally.

Furthermore, CEVA Logistics, our logistics partner, ensure that the import/export process and documentation is according to the high CloudX standards and will keep an extended audit trail.

This is covered in CloudX under the topic of operational excellence which is only possible through centrally applying the power of internet to commerce and will be very costly for each member to do individually.

How does CloudX deal with VAT? Ie some counties charge no VAT on mobile devices and some do

CloudX's "trade agreement stage" is where the paperwork is completed. This step ensures full compliance with the European rules and regulations for the VAT which is built into the CloudX system to automatically generate invoices and purchase orders based on these rules and the location of the registered member. During the pre and post shipping inspection stage the packing list will also be generated automatically which will be required by customs.

We encourage our members to become familiarise themselves with CloudX's pricing and shipping. CloudX terms are FCA (free carrier) at the origin airport as specified in the email notification sent to member at time of transaction confirmation. All prices on the live market exclude any duties and carriage paid. (INCOTERMS 2010: www.iccwbo.org/products-and-services/trade-facilitation/incoterms-2010/the-incoterms-rules/).

I use multiple bank accounts when I trade (eg for different currencies). How does this work with CloudX?

CloudX members will choose their primary currency when they are set up. We recommend that this will be the currency of your accounting practice since this will eliminate any currency risk when the accounts department book transactions.

Current use of multiple currencies is the result of the lack of a central marketplace where the buyers and sellers can come together and trade with each other irrespective of their location, currency preference and OEM direct access. CloudX has invested heavily in its technology to provide a seamless experience as if you are trading with your next door neighbour.

Another benefit of conducting your currency exchange using the CloudX system is the centrally negotiated rates that CloudX will be able to offer you which should be better than the rates you will get from your own bank.

How much time does the other side have to respond to a counter?

The default validity period for a transaction is 7 days. The user has the option of specifying their own validity date which could be more or less. Depending on the value date of the WTB or WTS, the counter is valid for T-1 (so it will expire one day prior to the expiration of the WTB/WTS).

What happens if CloudX is used to sell into markets with sanctions?

Our financial partner, The Currency Cloud, is fully authorised and regulated by the UK financial authority, the Financial Conduct Authority (FCA), and we will only be able to accept membership from the companies who pass their KYC. This will ensure that we are compliant with all the international rules and regulations.

See www.fca.org.uk/about/what for information on the UK's Financial Conduct Authority. See www.thecurrencycloud.com for more information about The Currency Cloud. The Currency Cloud's FCA registration number is FRN 531019.

Will competitors potentially be trading with each other?

This may happen in the current market conditions too. As long as members are able to buy and/or sell stock, achieve their specific objectives and fulfil their channel demand on a liquid, transparent market, CloudX will have done its job, and done so with complete reliability for the members. Members on a financial exchange trade with each other all the time.

What is the pricing for CloudX?

There is a membership fee which is calculated based on the company profile of the member. We are currently offering a fee holiday to encourage new members to engage with the platform.

How many members have signed up?

In order to operate an orderly and fair market and protect its members, CloudX cannot disclose some information. Number of members is one. Furthermore, we believe in quality of our members and not the quantity. This safeguards that every single experience members will have on CloudX, will be a fulfilling and reliable one.

We publish market statistics to the public on the quantity of units transacted through CloudX. Full members will benefit from live pricing information too.