Demo Funded Trader Agreement

Demo Funded Trader Agreement

Funded Trader Phase · Simulated

BETWEEN

HYROTRADER TECHNOLOGIES LTD A company incorporated in the British Virgin Islands, company number 2166693, registered at Intershore Chambers, Road Town, Tortola, British Virgin Islands (the “Funded Trader Entity”)

AND

________ (the “Trader”)

COUNTERPARTY: HyroTrader Technologies Ltd

GOVERNING LAW: British Virgin Islands

DISPUTES: BVI IAC arbitration

This Agreement governs the Funded Trader Phase, which is fully simulated. No real capital is placed at the Trader’s disposal and no order placed by the Trader is executed on any live market. It is a separate contract from the HyroTrader General Terms and Conditions, which the Trader holds with HYRO TECHNOLOGIES FZ-LLC.

A. HYRO TECHNOLOGIES FZ-LLC (RAKEZ, United Arab Emirates, licence number 47034334) (the “Provider”) operates the HyroTrader platform and the Challenge and Verification evaluation programmes under the HyroTrader General Terms and Conditions (the “GTC”).

B. The Trader has registered with the Provider, accepted the GTC, and has satisfied the objectives of the Provider’s evaluation programme. The Trader has been invited into the Funded Trader Phase described in GTC §6.1.

C. This Agreement is the Funded Trader Agreement contemplated by GTC §6.4 and §P.4. It governs the Funded Trader Phase only. The Funded Trader Phase is fully simulated. No real capital is placed at the Trader’s disposal, no order placed by the Trader is executed on any live market, and no financial instrument is bought, sold or held for the Trader by the Funded Trader Entity, the Provider or any Affiliate.

D. Rewards under this Agreement are paid in real funds by the Funded Trader Entity and are calculated by reference to the Trader’s simulated results. They are performance-based rewards for skill demonstrated in a simulation. They are not investment returns, profits of a business carried on jointly, wages, salary, guaranteed income, or the return of any amount paid by the Trader. The return of the Refundable Challenge Deposit is a separate matter: it is the return of the Trader’s own money, is governed by §7 and §8 of the GTC, and is dealt with in clause 11.12 of this Agreement.

E. The Provider is not a party to this Agreement and owes the Trader no obligation under it, including no obligation to pay any Reward. The Funded Trader Entity alone is responsible for the payment of Rewards under this Agreement (GTC §P.4, §6.4).

The Parties agree as follows.

1.1 Components. This Agreement consists of (a) this body, (b) Schedule 1 (Parameter Matrix — Allocation and Risk Parameters), (c) Schedule 2 (Risk Rules and Prohibited Trading Practices), (d) Schedule 3 (Reward and Payout Mechanics), and (e) the Execution Page. Each Schedule is an integral part of this Agreement.

1.2 Incorporated documents. The following documents are incorporated into this Agreement by reference, as amended from time to time in accordance with their own terms and with clause 26:

• (a) the GTC (version 1.15, or any later version accepted by the Trader);
• (b) the Trading Rules published on the Platform;
• (c) the Privacy Policy published on the Platform;
• (d) the KYC / AML Policy published on the Platform;
• (e) the Restricted Jurisdictions List published on the Platform; and
• (f) the payout information published on the Platform (GTC §11.7).

The Trader confirms having read and accepted each of them.

1.3 Precedence. In the event of conflict:

• (a) this body and Schedules 1 to 3 prevail on the Simulated Account, the Allocation, the Loss Limits, the Reward calculation and the conditions of entitlement to a Reward, payout mechanics and currency, tax, contractor status, remedies for breach, forfeiture, limitation of liability, indemnity, confidentiality, content and media, data protection in respect of processing by the Funded Trader Entity, amendment of this Agreement, complaints, governing law and dispute resolution, and termination of the Funded Trader Phase;
• (b) the GTC and the Trading Rules prevail on all other matters, including platform use, eligibility, verification, prohibited practices not addressed in Schedule 2, restricted jurisdictions and intellectual property in the Platform;
• (c) as between the GTC and the Trading Rules, the GTC prevails;
• (d) a Schedule prevails over the body only where it states expressly that it does so;
• (e) where this Agreement expressly states a position on a matter listed in clause 1.3(a), that position prevails over the GTC notwithstanding GTC §28.6.

1.4 No amendment of the GTC. Nothing in this Agreement amends the GTC as between the Trader and the Provider, or creates any obligation of the Provider to the Trader.

In this Agreement:

“Affiliate” has the meaning given in GTC §P.5, and includes the Provider and the EEA Commercial Agent.

“Allocation” means the notional size of the Simulated Account stated in Schedule 1, expressed as a currency amount. It is a measurement scale only, and is subject to clause 4.

“Business Day” means a day other than a Saturday, Sunday or public holiday in the British Virgin Islands or the United Arab Emirates.

“Daily Loss Limit” has the meaning given in clause 7.2. It is the limit described as the daily drawdown in the published Trading Rules.

“Daily Reference” means, for a Trading Day, the Opening Equity for that Trading Day, which does not move during the Trading Day and resets once every 24 hours at the start of the next Trading Day.

“Effective Date” means the date on which the Trader accepts this Agreement, as recorded under clause 29.9.

“Equity” means, at any moment, the simulated balance of the Simulated Account plus or minus the aggregate mark-to-market result of all open simulated positions, in each case after application of Simulated Trading Costs.

“Evaluation Phase” means the Challenge phase and, in the Two-step Programme, the Verification phase, in each case as operated by the Provider under the GTC and the Trading Rules and completed by the Trader before the Effective Date. The Evaluation Phases are not governed by this Agreement; they are referred to only where a rule is expressed to apply to them and not to the Funded Trader Phase.

“Indemnified Persons” has the meaning given in clause 24.1.

“Initial Account Balance” means the Allocation stated in Schedule 1 as at the Effective Date or, following an increase under clause 11.5A, as at the date of the amended Schedule 1. It does not change because of simulated profit or loss.

“Loss Limits” means the Daily Loss Limit and the Total Loss Limit together.

“Net Simulated Profit” has the meaning given in clause 11.3.

“Opening Equity” means the Equity of the Simulated Account at 00:00:00.000 UTC on a Trading Day.

“Platform” has the meaning given in GTC §2.

“Prohibited Trading Practice” means any practice listed in Part B of Schedule 2 or in GTC §10.2, and any practice prohibited by the Trading Rules. The term is used in this Agreement in place of “Forbidden Trading Practice”. The risk rules in Part A of Schedule 2, other than the Profit Distribution Rule in S2.A1, are obligations of the Trader in their own right; a breach of one is not automatically a Prohibited Trading Practice, but the same conduct may also fall within Part B, in which case both apply (clause 8.4). The Profit Distribution Rule in S2.A1 is a rule for counting profit toward a profit target and is not an obligation of the Trader, so it cannot be breached.

“Programme” means the evaluation programme under which the Trader qualified for the Funded Trader Phase, being the Zero-step Programme, the One-step Programme or the Two-step Programme, as stated in the per-Trader box in Schedule 1. The Programme determines the Daily Loss Limit, the Total Loss Limit and the Trader’s profit share that apply to the Simulated Account under Part A of Schedule 1.

“Reward” means an amount payable to the Trader under clause 11.

“Reward Baseline” means the amount against which Net Simulated Profit is measured, determined under clause 11.4.

“Reward Period” means the period beginning on the later of (a) the Effective Date and (b) the moment of the last reset of the Simulated Account under clause 11.5, and ending at the earlier of (i) the moment a Reward Request is made and (ii) the Termination Date. A Reward Period is not a calendar period and does not end at any fixed date or interval.

“Reward Request” means a request for payment of a Reward, made by the Trader through the Platform dashboard at a time of the Trader’s own choosing in accordance with Schedule 3. A Reward Request is a “Valid Reward Request” at the moment every condition in clause 11.2 is satisfied or deemed satisfied in respect of it.

“Simulated Account” means the demo trading account made available to the Trader under this Agreement, identified in Schedule 1.

“Simulated Trading Costs” means the estimated spreads, commissions, funding and financing charges, slippage and conversion adjustments applied to simulated positions under GTC §3.7 and the Trading Rules.

“Simulated Trading Data” has the meaning given in GTC §15.1.

“Termination Date” means the date on which this Agreement terminates under clause 25.

“Total Loss Limit” has the meaning given in clause 7.3. It is the limit described as the maximum loss in the published Trading Rules.

“Trading Day” means the period from 00:00:00.000 UTC to 23:59:59.999 UTC on a calendar day. All times and dates in this Agreement are in UTC.

Words defined in the GTC and not defined here have the meaning given in the GTC. “Including” means “including without limitation”.

3.1 Simulation. The Simulated Account is a demo account. All trading activity on it is simulated. No order the Trader places is transmitted to, matched on, or executed against any live market, exchange, venue or counterparty. No securities, commodities, currencies, cryptocurrencies, derivatives or other instruments are bought, sold, borrowed, lent, held, margined or custodied for the Trader or on the Trader’s instructions by the Funded Trader Entity, the Provider or any Affiliate.

3.2 Notional balances. The balance, equity, profit, loss, drawdown, margin, leverage and all other figures displayed for the Simulated Account are fictitious virtual units with no monetary value outside the Platform (GTC §3.3). The Allocation is purely notional (GTC §3.9). It does not represent:

• (a) any sum of money or asset held by the Funded Trader Entity, the Provider or any Affiliate for the Trader or attributable to the Trader;
• (b) any credit, loan, line, deposit or allocation of real capital extended to the Trader; or
• (c) any amount the Trader is entitled to receive, withdraw, control, direct or transfer.

3.3 Real data, simulated execution. The Platform uses real-time market data from live venues in order to make simulated conditions representative. Real order-book data does not mean live execution. The presence of live prices, live depth, live funding rates or live index values on the Platform does not mean that any order is executed anywhere (GTC §3.2).

3.4 Simulated costs. Simulated Trading Costs are applied to the Trader’s simulated positions. They reduce a simulated profit and increase a simulated loss, and are taken into account in determining Equity, any breach of a Loss Limit, and Net Simulated Profit (GTC §3.7).

3.5 Limitations of simulated results. The Trader acknowledges the limitations of simulated and hypothetical results set out in GTC §3.8, including that simulated results do not represent actual trading, that they may have under- or over-compensated for market factors such as lack of liquidity, and that no representation is made that any account would achieve comparable results in live conditions.

3.6 Rewards are real, entitlement is contractual. Rewards are paid in real funds. A Reward is a contractual payment obligation of the Funded Trader Entity, conditional on clause 11. It is not:

• (a) an investment return, yield, dividend, interest payment or distribution;
• (b) a share of profits held as property, or an interest in any partnership, joint venture, fund, pool or collective investment;
• (c) wages, salary, holiday pay, sick pay, a bonus, a commission, or any other employment-related payment; or
• (d) the return of the Refundable Challenge Deposit or of any other amount paid by the Trader.

(GTC §3.6, §13.1.) Nothing in this clause 3.6 affects the Trader’s entitlement to the return of the Refundable Challenge Deposit under §7 and §8 of the GTC, or the operation of clause 11.12.

3.7 No trading capital of the Trader; no pooling; no management; treatment of the Refundable Challenge Deposit. The Funded Trader Entity holds no money or asset of the Trader as trading capital, does not use any amount paid by the Trader as margin or collateral, and does not manage any asset for the Trader. The Refundable Challenge Deposit is received by the Provider, or by the Funded Trader Entity or the EEA Commercial Agent as collection agent for the Provider, is recorded as a liability, is held separately from trading capital, and is dealt with under GTC §7 and §8. Nothing in this Agreement creates a partnership, joint venture, trust, custody, client-money, brokerage or asset-management relationship (GTC §23.4, §28.9).

3.8 No investment services and no advice. Nothing provided under this Agreement or through the Platform constitutes investment advice, a personal recommendation, a solicitation, research, portfolio management, or any regulated investment or brokerage service. Neither the Funded Trader Entity nor the Provider receives or executes trading instructions from the Trader for the Trader’s account, trades on the Trader’s behalf, or accepts assets from the Trader for trading. No employee, contractor or representative of the Funded Trader Entity or of any Affiliate is authorised to provide investment advice, and no dashboard metric, statistic, risk warning, educational item, coaching session, community message or staff comment is to be treated as advice or a recommendation (GTC §3.1, §3.4, §3.5).

3.9 No reliance. The Trader represents that every trading decision on the Simulated Account is and will be the Trader’s own independent decision, and that the Trader does not and will not rely on the Funded Trader Entity, the Provider, any Affiliate or any other person for investment advice in making it.

4.1 Access. The Funded Trader Entity makes the Simulated Account available to the Trader for the sole purpose of demonstrating trading skill under this Agreement. Access is provided through credentials issued by the Funded Trader Entity or the Provider and may be changed, suspended, reissued or withdrawn under clause 10.

4.2 No title of any kind. The Simulated Account, its notional balance, every simulated position recorded in it, and all Simulated Trading Data are and remain the sole property of the Funded Trader Entity. The Trader acquires no ownership, equity, beneficial, security, proprietary, custodial or other interest in the Simulated Account, in the Allocation, in any simulated position, or in any capital of the Funded Trader Entity, the Provider or any Affiliate. The Trader has no right to withdraw, transfer, pledge, encumber or otherwise deal with any notional balance. The Trader’s sole entitlement under this Agreement is to payment of a Reward if and to the extent clause 11 is satisfied.

4.3 Personal, non-transferable, non-inheritable. The Simulated Account and all rights under this Agreement are personal to the Trader. They may not be sold, rented, shared, assigned, sub-contracted, delegated, charged or otherwise transferred, in whole or in part, by operation of law or otherwise, and they do not form part of the Trader’s estate. Any purported transfer is void.

4.4 No third-party access. The Trader must not:

• (a) permit, enable or facilitate any other person to access, operate or place orders on the Simulated Account;
• (b) engage, retain or accept the services of any other person (whether professional or private, whether paid or not) to trade the Simulated Account;
• (c) access, operate or place orders on any account of any other participant; or
• (d) trade on behalf of any other person, manage any account for any other person, or share any Reward or incentive with any person under any business arrangement, except as expressly permitted in the Trading Rules.

4.5 Credential security and responsibility. The Trader must keep all credentials confidential, must enable two-factor authentication where offered, must not disclose credentials to any person or system, and must notify [email protected] immediately on becoming aware of any actual or suspected disclosure, loss, theft or unauthorised use. The Trader is responsible for all activity conducted through the Trader’s credentials, whether or not authorised by the Trader, except to the extent the activity results from the wilful misconduct or gross negligence of the Funded Trader Entity.

4.6 One account. The Trader may hold only one Simulated Account under this tier at any time, and may not participate under more than one identity (GTC §4.5).

5.1 Eligibility. The Trader represents, on the Effective Date and on each day this Agreement remains in force, that the Trader:

• (a) is a natural person aged at least 18, or the age of majority in the Trader’s country of residence if higher, with full legal capacity to enter into this Agreement;
• (b) is not resident in, a citizen of, incorporated in, or physically located in any Prohibited Jurisdiction listed in GTC §12.1 or in the Restricted Jurisdictions List;
• (c) is not a person or entity subject to sanctions administered by OFAC, the European Union, the United Kingdom (OFSI), the United Nations Security Council, the Swiss Confederation or any comparable authority, and is not owned or controlled by, or acting for or on behalf of, any such person;
• (d) has no criminal record relating to financial crime, money laundering, terrorism financing, sanctions evasion or fraud;
• (e) has disclosed any affiliation with a Competing Entity as required by GTC §4.4;
• (f) is not prohibited from participating in the Funded Trader Phase, or from receiving a Reward, by any law applicable to the Trader or by any contract binding on the Trader, including any employer restriction on trading activity; and
• (g) has not previously been suspended or terminated by the Provider, the Funded Trader Entity or any Affiliate for breach.

5.2 Duty to notify. The Trader must notify the Funded Trader Entity in writing within five (5) Business Days of any change that makes, or may make, any statement in clause 5.1 untrue, including any change of residence, physical location for more than 30 consecutive days, nationality, citizenship, tax residence, sanctions status, employment restriction or Competing Entity affiliation.

5.3 Verification. Completion and maintenance of identity verification through the Provider’s nominated verification provider (currently Sumsub), to the satisfaction of the Provider and the Funded Trader Entity, is a condition precedent to access to the Simulated Account and to the payment of any Reward. The Trader must supply on request: government-issued photo identification; a selfie or short live-video verification (and consents to its recording); proof of address dated within the preceding three months; a source-of-funds declaration; tax residence information; and any further document reasonably requested. The Trader must complete a requested verification or re-verification within fourteen (14) calendar days of request, and consents to ongoing sanctions, PEP and adverse-media screening (GTC §11).

5.4 Identity mismatch. If information obtained through verification differs materially from information the Trader has provided, GTC §11.6 applies and this Agreement may be terminated immediately with forfeiture of any unpaid Reward under clause 14.

5.5 No circumvention. The Trader must not use a VPN, proxy, remote desktop, nominee, intermediary, false document or any other means to conceal or misrepresent the Trader’s identity, residence, citizenship, location or tax residence, or to evade any restriction imposed by this Agreement, the GTC or applicable law. VPN use for privacy purposes is permitted on the terms of GTC §10.4.

5.6 Venue and jurisdiction restrictions. Which trading platform, terminal, simulation engine or data source is made available to the Trader is determined by the Provider under GTC §12.6, and may be changed at any time. The Funded Trader Entity may in addition restrict, by jurisdiction or by participant, the instruments, leverage or parameters available on the Simulated Account, and may decline or withdraw participation in this tier where a third-party dependency is unavailable for the Trader’s jurisdiction. No reduction, refund or compensation is payable by reason of any such change. The Trader has no right to any particular platform, venue, instrument or leverage setting.

5.7 US residents. If the Trader is a resident of the United States of America, GTC §23 applies to the Trader and to this Agreement, and prevails to the extent of any conflict except as provided in clause 28.6.

6.1 The Trader will:

• (a) keep all information provided to the Funded Trader Entity and to the Provider accurate, current and complete, including name, residential address, email address, tax residence and payout wallet details;
• (b) comply with this Agreement, the GTC, the Trading Rules and all applicable law;
• (c) trade the Simulated Account personally, in good faith, using the Trader’s own skill and judgement;
• (d) comply with clause 7 and Schedule 1 at all times;
• (e) cooperate with any investigation under clause 9;
• (f) obtain and maintain at the Trader’s own cost any registration, licence, permit or authorisation the Trader requires in the Trader’s own jurisdiction in order to perform this Agreement or to receive a Reward; and
• (g) report promptly to [email protected] any defect, erroneous price, data-feed failure or other malfunction affecting the Simulated Account, and not continue to place simulated orders in reliance on it (GTC §6.5).

6.2 No obligation to trade; inactivity. The Trader is under no obligation to trade on any particular day or to achieve any result, and there is no time limit for meeting a profit target. The Trader must, however, close at least one trade every thirty (30) calendar days: where no trade is closed on the Simulated Account for thirty (30) consecutive calendar days, the stage fails and the Simulated Account is closed. The period restarts on each closed trade, on each Reward payment, and on any reactivation of the Simulated Account. The Trader determines the Trader’s own hours, location, methods, instruments (within Schedule 1), strategy and equipment. Nothing in this Agreement requires exclusivity, and the Trader may trade or work elsewhere.

6.3 Own equipment and connectivity. The Trader supplies, maintains and pays for the Trader’s own hardware, software, internet connectivity, power and data at the Trader’s own risk. The Funded Trader Entity is not responsible for their performance, availability, security or cost.

7.1 Reference amount. All percentages in this clause 7 are calculated on the Allocation stated in Schedule 1, expressed in the account currency stated in Schedule 1. Schedule 1 also states each limit as a currency amount, and contains a worked example. Where the percentage and the currency amount in Schedule 1 conflict, the currency amount prevails.

7.2 Daily Loss Limit. The Trader must not, on any Trading Day, permit the Equity of the Simulated Account to fall below the Daily Reference for that Trading Day by more than the Daily Loss Limit for the Trader’s Programme. The Daily Loss Limit is the Daily Loss Limit percentage stated for the Trader’s Programme in Schedule 1 (3% under the Zero-step Programme; 4% under the One-step Programme; 5% under the Two-step Programme), calculated on the Allocation and not on the Daily Reference. The measurement:

• (a) is taken continuously during the Trading Day, on the prevailing marks used by the Platform;
• (b) counts the aggregate of realised and unrealised simulated losses, together with all Simulated Trading Costs, funding and financing charges and adjustments;
• (c) is not cured by a later recovery within the same Trading Day: a breach occurs at the moment Equity first falls below the level at which the whole of the Daily Loss Limit has been lost, and no breach occurs where Equity falls to that level exactly; and
• (d) is made against the Daily Reference stated in Schedule 1, being the Opening Equity for that Trading Day, which does not move until the next Trading Day begins.

7.3 Total Loss Limit (equity floor). The Trader must not at any time permit the Equity of the Simulated Account to fall below the Total Loss Limit floor stated for the Trader’s Programme in Schedule 1 (a floor at 95% of the Allocation under the Zero-step Programme, being a maximum loss of 5%; a floor at 94% of the Allocation under the One-step Programme, being a maximum loss of 6%; a floor at 90% of the Allocation under the Two-step Programme, being a maximum loss of 10%). This is a static floor measured on the Allocation stated in Schedule 1. It does not trail a high-water mark, and it is not recalculated upwards if the Equity of the Simulated Account rises above the Allocation. A breach of the Total Loss Limit occurs at the moment Equity first falls below the floor, is not cured by any later recovery of Equity, and does not occur where Equity falls to the floor exactly.

7.4 No stop-loss obligation and no mandatory daily stop. The Trader is under no obligation to place a stop-loss order on any simulated position, and no mandatory daily stop applies. The Trader is not required to cease trading at any level above the Daily Loss Limit. The Trader’s exposure to the Loss Limits is accordingly the Trader’s own to manage.

Nothing in this clause 7.4 limits the Funded Trader Entity’s rights under clause 10 to apply a risk-management control to the Simulated Account, or its rights under Schedule 2, Part A (Account Review Process).

7.5 Position, leverage and instrument limits. The Trader must comply with the aggregate exposure limits in clause 7.9 and Schedule 1, Part D, and with the maximum leverage, maximum number of concurrent positions, permitted instrument list and any overnight or weekend position rules stated in Schedule 1, Part C and in the Trading Rules. The Trader must also comply with the low-cap altcoin exposure limit in Schedule 2, Part A (S2.A5). Where technically possible these limits are applied as system controls on the Simulated Account; where a limit is stated to be reviewed manually, it is not so applied.

7.6 Residual standard. In addition to clauses 7.2 to 7.5, the Trader must not take simulated positions that the Funded Trader Entity, acting reasonably and in good faith, determines create a material risk of harm to the Funded Trader Entity, the Provider or any Affiliate, or that are inconsistent with risk management the Trader applies elsewhere (measured objectively, for example by position sizes or numbers of concurrent positions substantially out of line with the Trader’s other recorded activity).

7.7 Consequence of breaching a Loss Limit. Breach of the Daily Loss Limit or of the Total Loss Limit is a material breach. On breach:

• (a) the Simulated Account is closed to new orders and all open simulated positions are closed at the prevailing simulated marks;
• (b) this Agreement terminates automatically under clause 25.2; and
• (c) any Reward for the current Reward Period is dealt with under clause 14.4 (first honest breach) or clause

14.5 (forfeiture), as applicable.

7.8 Changes to parameters. The Funded Trader Entity may change the parameters in Schedule 1 prospectively in accordance with clause 26 and GTC §6.3 (non-retroactivity for active programmes).

7.9 Funded-account exposure limits. In addition to the Loss Limits, and at all times during the Funded Trader Phase, the Trader must observe both of the following:

• (a) Maximum Exposure — the aggregate margin committed across all open simulated positions must not at any time exceed 25% of the Initial Account Balance. On an Initial Account Balance of USD 10,000 that is USD 2,500 of total margin; on USD 100,000 it is USD 25,000.
• (b) Cumulative Open Position Value — the aggregate notional value of all open simulated positions must not at any time exceed two (2) times the Initial Account Balance. On an Initial Account Balance of USD 10,000 that is USD 20,000 of total notional; on USD 100,000 it is USD 200,000.

The two limits are cumulative and are measured independently of each other: compliance with one is not a defence to breach of the other. Both are measured continuously, on the prevailing marks used by the Platform, and a breach occurs at the moment the threshold is exceeded whether or not the position is later reduced.

These limits apply to the Funded Trader Phase only. They do not apply, and are not applied retrospectively, to the Evaluation Phases. Conversely, the Profit Distribution Rule in Schedule 2, Part A applies to the Evaluation Phases only and does not apply to the Simulated Account in the Funded Trader Phase.

7.10 Consequence of breaching clause 7.9. Breach of either limit in clause 7.9 is a breach of this Agreement to which the graduated remedies in clause 14.1 apply. The first breach of each of the two limits in clause 7.9 attracts one formal warning, given in writing or through the Platform dashboard and identifying the limit breached. A further breach of the same limit after that warning may result in termination under clause 25.3(a). The two limits carry separate warnings, so a warning given for one is not a warning for the other. Breach of a limit in clause 7.9 does not trigger the automatic closure and automatic termination in clause 7.7, which is reserved to a breach of a Loss Limit.

7.11 Downgrade and exposure limits on reasonable suspicion. Where the Funded Trader Entity or the Provider reasonably suspects that the Trader has engaged in suspicious behaviour, in gambling-style trading, or in the exploitation of the Service, of the Platform, or of the rules or mechanics of any programme, it may exercise the rights in clause 10.1 for that reason, and in particular may:

This is the same right as the Provider’s right under GTC §10.6A, applied to the Funded Trader Phase and exercised on the same terms. A measure under this clause 7.11 must be proportionate to the behaviour it addresses and applies prospectively only. The Funded Trader Entity will notify the Trader of the measure applied and of the general category of behaviour it relates to; neither the Funded Trader Entity nor the Provider is obliged to disclose the method, data, model, system or indicator by which the behaviour was identified, which is confidential (clause 18, GTC §18).

A measure under this clause 7.11 is not a finding of breach. It does not of itself close the Simulated Account, terminate this Agreement, end a Reward Period, or forfeit, reduce or withhold any Reward, and the Trader may make representations under clause 28.1 after it is applied. Where the Allocation is reduced, the reduced Allocation is the Initial Account Balance from the date of the reduction for the purposes of clauses 7.9 and 11.4 and of Schedule 2, the Loss Limits are measured on it from that date, the reduction is not applied retrospectively to any earlier breach, Reward or calculation, and the reduction does not of itself constitute a breach of a Loss Limit by the Trader.

8.1 The Trader must not engage in any Prohibited Trading Practice. Prohibited Trading Practices are those listed in Part B of Schedule 2, those listed in GTC §10.2, and those prohibited by the Trading Rules. The lists are cumulative and non-exhaustive.

8.2 Determination. Whether particular conduct, orders, strategies or circumstances constitute a Prohibited Trading Practice is determined by the Funded Trader Entity acting reasonably, in good faith, and on evidence which it retains. The Trader may request an internal review under clause 28.1.

8.3 Consequences. The consequences of a Prohibited Trading Practice are set out in clause 14 and in GTC §10.3.

8.4 Risk rules in Part A of Schedule 2. The Trader must comply with the risk rules in Part A of Schedule 2, each of which states the phase or phases in which it applies. In particular:

• (a) the Profit Distribution Rule (S2.A1) applies in the Evaluation Phases only and does not apply to the Simulated Account in the Funded Trader Phase;
• (b) the prohibitions on Martingale (S2.A3), on hedging one account against another (S2.A4(b)) and on low-cap altcoin exposure above the stated limit (S2.A5) apply in every phase; and
• (c) the Account Review Process (S2.A6) is a manual review and the actions available under it are exercisable only on the terms stated there.

Breach of a rule in Part A engages the graduated remedies in clause 14.1. It does not of itself trigger the automatic closure and automatic termination in clause 7.7, which is reserved to a breach of a Loss Limit.

9.1 Monitoring. The Funded Trader Entity and the Provider may monitor, record, analyse and audit all activity on the Simulated Account and on the Platform, by automated and manual means, including order and trade data, timing and latency data, session data, device, IP and location data, and correlation analysis across accounts, participants, devices, networks and households.

9.2 Explanations. The Funded Trader Entity may require the Trader to explain in writing any order, position, strategy, pattern of activity or circumstance. The Trader must respond within seven (7) calendar days of the request, or such longer period as the Funded Trader Entity allows. Failure to respond within that period without reasonable excuse is a material breach and entitles the Funded Trader Entity to apply clause 14.

9.3 Investigation holds. Where the Funded Trader Entity is investigating a suspected Prohibited Trading Practice, a suspected breach of clause 4 or 5, a verification or sanctions matter, or a suspected error in a calculation, it may suspend trading on the Simulated Account and withhold payment of any Reward pending the outcome. It will complete an investigation without undue delay and, save where disclosure would prejudice the investigation or breach applicable law, will inform the Trader of the outcome and of the basis for it (GTC §13.4).

9.4 Records and evidence. The Funded Trader Entity’s and the Provider’s records of the Simulated Account, including order and trade logs, equity curves, marks applied, Simulated Trading Costs and system control events, are conclusive evidence of the matters they record, absent manifest error. Such records are retained for at least twenty-four (24) months from the Termination Date, and for longer where required by applicable law.

9.5 Disclosure. The Funded Trader Entity may disclose information about the Trader and the Trader’s activity to the Provider, to any Affiliate, to a verification provider, to a payment provider, to a professional adviser, to an execution venue or infrastructure provider, and to any regulator, court or authority, where required by law or reasonably necessary to operate the Service, to prevent fraud or abuse, or to comply with an obligation of the Funded Trader Entity or of an Affiliate.

9.6 Trader access to own data. On request to [email protected], the Funded Trader Entity will provide the Trader with the Trader’s own trade history for the Simulated Account and the working of any Reward calculation, in each case within fourteen (14) calendar days.

10.1 Intervention rights. The Funded Trader Entity and the Provider may, at any time, with or without prior notice, and without any obligation to consult the Trader:

• (a) close, reduce, hedge or offset any simulated position on the Simulated Account;
• (b) cancel any working simulated order;
• (c) block or restrict order entry, in whole, by instrument, or by size;
• (d) reduce available leverage or margin, or change position, exposure or concentration limits;
• (e) reduce the Allocation;
• (f) suspend, change, reissue or revoke the Trader’s credentials;
• (g) freeze or close the Simulated Account; or
• (h) apply, modify or remove any other risk-management control.

(GTC §13.3.)

10.2 Grounds and effect. These rights may be exercised for risk-management, legal, regulatory, sanctions, fraud, abuse, technical, venue-driven or operational reasons, or to protect the Funded Trader Entity, the Provider, any Affiliate or other participants. Exercise of a right in clause 10.1 is not a breach of this Agreement by the Funded Trader Entity and gives rise to no claim, including no claim based on the simulated price at which a position was closed, on the timing of any intervention, or on a simulated profit that would hypothetically have accrued.

10.3 Effect on the Trader’s obligations. Where the Trader’s access to the Simulated Account is suspended or withdrawn, or order entry is blocked, the Loss Limits cease to apply to the Trader from that moment, and no breach of a Loss Limit arising after that moment is attributable to the Trader. Where a Reward calculation is affected, Net Simulated Profit is struck at the actual simulated marks at which positions were in fact closed, whoever closed them, or, if positions remain open, at the marks prevailing at the moment access was withdrawn.

10.4 Company error. Where an intervention under clause 10.1 was caused by a demonstrable error of the Funded Trader Entity or of the Provider and materially disadvantaged the Trader, the Funded Trader Entity will, acting reasonably and in good faith, apply one or more of the remedies in GTC §6.5 (disregarding affected results, resetting the Simulated Account to its state immediately before the event, or making an equitable adjustment to the Reward calculation). That is the Trader’s sole remedy, subject to clause 23.4.

10.5 Audit trail. The Funded Trader Entity will log each intervention under clause 10.1, with its time and stated reason, and will retain the log for the period in clause 9.4.

11.1 Economics. Where a Reward is payable, Net Simulated Profit is divided:

• 80% of Net Simulated Profit to the Trader; and
• 20% of Net Simulated Profit to the Funded Trader Entity, calculated in respect of each Reward Request and paid on demand within twenty-four (24) hours of a Valid Reward Request in accordance with clause 11.2A and Schedule 3.

11.1A Higher split by agreement. The percentages in clause 11.1 are the entry split. On the One-step Programme and the Two-step Programme the Funded Trader Entity may, in its own discretion and as the Trader scales, increase the Trader’s share above 80% and up to a maximum of 90%. Any increase is recorded in the per-Trader box in Schedule 1, from which date the percentage stated in Schedule 1 applies in place of 80% and the Funded Trader Entity’s share is 100% minus that percentage. No amendment to the body of this Agreement is required to give effect to it. On the Zero-step Programme the Trader’s share is fixed at 80% and is not increased. An increase is a matter for the Funded Trader Entity alone: the Trader has no right to any increase, meeting any performance level confers none, and the Funded Trader Entity may decline without giving reasons and without compensation.

11.2 Conditions. A Reward is payable in respect of a Reward Request only if all of the following are satisfied:

• (a) the Trader complied with clause 7 and Schedule 1 throughout the Reward Period, and no breach of a Loss Limit occurred in it (subject to clause 14.4);
• (b) the Trader engaged in no Prohibited Trading Practice at any time;
• (c) the Trader was not in material breach of clause 4, 5 or 6;
• (d) all simulated positions on the Simulated Account are closed at the moment the Reward Request is made, and remain closed until the Reward is paid. Unrealised simulated profit is not counted;
• (e) Net Simulated Profit at the moment of the Reward Request is a positive amount;
• (f) verification under clause 5.3 is complete and current, and no sanctions, tax-certification or investigation matter is outstanding;
• (g) the payout details in the Platform dashboard are current and verified, and the Trader has confirmed them as part of the Reward Request in accordance with Schedule 3; and
• (h) the Funded Trader Entity has verified the legitimacy of the entitlement. That verification is to be carried out without undue delay and, in any event, so as not to prevent payment within the period in clause 11.2A. If the Funded Trader Entity has not, within twelve (12) hours of the Reward Request, notified the Trader that an investigation under clause 9.3 or a matter under clause 11.9 is outstanding, this condition is deemed satisfied.

A Reward Request becomes a Valid Reward Request, and the Reward becomes payable, at the moment the last of the conditions in this clause 11.2 is satisfied or deemed satisfied.

If any condition is not satisfied, no Reward is payable in respect of that Reward Request. Where no Reward is payable in respect of a Reward Request, no separate debt arises, the Reward Period does not end, the

Simulated Account is not reset under clause 11.5, and the simulated profit concerned remains capable of generating a Reward on a later Reward Request under clauses 11.3 and 11.4.

11.2A Payment within 24 hours. The Funded Trader Entity will pay a Reward within twenty-four (24) hours of the Reward Request becoming a Valid Reward Request. That period is measured in clock hours and runs continuously, including outside Business Days. It is not extended by weekends or public holidays. It is suspended only:

• (a) for so long as an investigation under clause 9.3, or a withholding, set-off or verification matter under clause 11.9 or clause 13, is outstanding and has been notified to the Trader under clause 11.2(h);
• (b) during a cooling-off period applied under clause 12.2 following a change of payout details; or
• (c) for the duration of a force-majeure event under clause 22.6.

Where the period is suspended, the balance of the twenty-four (24) hours runs from the moment the suspending matter is resolved, and the Funded Trader Entity will notify the Trader of the resolution.

There is no payout window, no payout calendar, no minimum interval between Reward Requests and no maximum number of Reward Requests. Because the Per-Request Profit Cap in clause 11.2C limits the Net Simulated Profit taken into account in any one Reward Request, the Trader is expected to make a Reward Request once Net Simulated Profit reaches the cap, and then to continue trading towards the next Reward Request. That expectation is not an obligation, and nothing in this clause requires the Trader to make a Reward Request at any time.

11.2C Per-Request Profit Cap. The amount of Net Simulated Profit taken into account in any one Reward Request is limited to five per cent (5%) of the Initial Account Balance (the “Per-Request Profit Cap”). The Per-Request Profit Cap applies on every Programme and is stated as a currency amount in the per-Trader box in Schedule 1.

Where Net Simulated Profit at the moment of a Reward Request exceeds the Per-Request Profit Cap:

Because the notional balance of the Simulated Account is reset to the Allocation when a Reward is paid (clause 11.5), Net Simulated Profit above the Per-Request Profit Cap at the moment of a Reward Request is not carried over to any later Reward Request and is not available for withdrawal. The Trader is accordingly expected to make a Reward Request once Net Simulated Profit reaches the Per-Request Profit Cap, and then to continue trading towards the next Reward Request; profit allowed to accumulate above the cap is not paid. That expectation is not an obligation. The Trader may make a Reward Request whenever the Trader chooses, or not at all, and no penalty, forfeiture, breach of this Agreement or other adverse consequence arises from not making one.

11.3 Net Simulated Profit. “Net Simulated Profit” in respect of a Reward Request means: the Equity of the Simulated Account at the moment the Reward Request is made (with no positions open), minus the Reward Baseline, where the Equity figure is net of all Simulated Trading Costs, simulated funding and financing charges, simulated commissions and simulated slippage applied during the period, and takes account only of activity on the Simulated Account. Where the result is zero or negative, Net Simulated Profit is nil.

11.4 Reward Baseline; loss carry-forward. The Reward Baseline is the Allocation stated in Schedule 1. It does not change when the Simulated Account is in profit, and it does not change when the Simulated Account is in loss. Accordingly, where a Reward Request is made at a time when Equity is at or below the Allocation, no Reward is payable, the shortfall is carried forward, and no Reward becomes payable on any later Reward Request until Equity again exceeds the Allocation.

Because clause 7.3 sets a static equity floor on the Allocation, a shortfall carried forward under this clause

11.4 can never exceed the Trader’s Total Loss Limit — 6% of the Allocation under the One-step Programme and 10% under the Two-step Programme; if Equity falls below that floor this Agreement terminates under clause 7.7 and no shortfall is carried forward.

11.5 Post-payout reset. When a Reward is paid, the notional balance of the Simulated Account is reset to the Allocation. All prior simulated profit and loss is annulled for the purposes of clause 7 and clause 11, including any Net Simulated Profit above the Per-Request Profit Cap that was not taken into account under clause 11.2C; that profit is not paid, is not available for withdrawal, and cannot give rise to a Reward on any later Reward Request. The Reward Baseline remains the Allocation (clause 11.4), and the Loss Limits continue to be measured on the Allocation. Simulated profit is not compounded into the Allocation, and any increase in the Allocation is at the sole discretion of the Funded Trader Entity and requires an amended Schedule 1.

11.5A Scaling — increases in the Allocation. An increase in the Allocation is granted at the Funded Trader Entity's discretion, on a case-by-case review of the Trader's performance, and is recorded in an amended Schedule 1. Scaling is manual only. There is no automatic scaling, no tier ladder, and no entitlement to any increase in the Allocation.

• (a) Qualification. The Trader qualifies to be considered for an increase in the Allocation only where both of the following are met:
• (i) the Simulated Account has achieved a total profit of at least 20% of the Initial Account Balance, measured cumulatively from the Effective Date and including simulated profit that has already been the subject of a Reward and annulled on reset under clause 11.5; and
• (ii) the Simulated Account has a positive account balance at the time of the request.
• (b) How an increase arises. Either the Funded Trader Entity offers an increase on its own initiative, or the Trader requests one through the Platform dashboard after the profit goal in (a)(i) is reached. In each case the increase takes effect only when an amended Schedule 1 is issued stating the new Allocation and its effective date.
• (c) Discretion. Meeting the conditions in (a) confers no right to an increase. Whether to grant an increase, and its size, is a matter for the Funded Trader Entity in its own commercial discretion, and it may decline without giving reasons and without compensation. Nothing in this clause 11.5A limits clause 10.1(e) (reduction of the Allocation) or clause 14.1(e).
• (d) Effect of an increase. From the effective date of the amended Schedule 1, the increased Allocation is the Initial Account Balance for clauses 7.9 and 11.4 and for Schedule 2, and the Loss Limits are measured on it. An increase is not applied retrospectively to any earlier breach, Reward or calculation.

11.6 Worked examples. Worked examples of clauses 11.1 to 11.5, including a Reward Request made while the Simulated Account is in loss, are in Schedule 3.

11.7 Reward calculated on the Simulated Account only. A Reward is calculated exclusively on Net Simulated Profit on the Simulated Account. The Trader has no entitlement to any share of, or any payment measured by, any result achieved by the Funded Trader Entity, the Provider or any Affiliate on any other account, whether or not that result was influenced by, derived from, or replicated from the Trader’s simulated activity.

11.8 No transmission of simulated order flow to a live venue. The Funded Trader Phase is conducted entirely within the Funded Trader Entity’s own simulation environment.

Orders placed by the Trader in the Funded Trader Phase are not transmitted to, routed to, mirrored onto, or replicated at any live execution venue, and are not executed against any live order book. Market data obtained from live venues is used to price the simulation; that use of data does not constitute execution.

The Funded Trader Entity may analyse simulated order flow on an aggregated and anonymised basis for the purposes of risk management, product development and its own trading decisions. Any decision the Funded Trader Entity or an Affiliate takes in its own trading is taken independently and on its own account, and the Trader:

• (a) acquires no ownership, beneficial, economic, security or other interest in, and has no claim on or in respect of, any account, position, instrument, order or profit of the Funded Trader Entity or any Affiliate; and
• (b) is entitled to no additional payment, commission or share of any kind by reason of that analysis or of any trading undertaken by the Funded Trader Entity or an Affiliate.

11.9 Withholding and set-off. The Funded Trader Entity may withhold, delay or set off payment of a Reward

• (a) pending completion of verification, sanctions screening or tax certification; (b) pending an investigation under clause 9.3; (c) where the payout details supplied by the Trader do not match the Trader’s verified identity; (d) where a limit published in the payout information on the Platform applies (GTC §11.7); or (e) against any amount the Trader owes the Funded Trader Entity or any Affiliate under this Agreement, including under clause 24.

11.10 Clawback. Where a Reward has been paid and it later appears that a condition in clause 11.2 was not in fact satisfied, or that the calculation relied on erroneous, manipulated or incomplete data, or that a trade taken into account was the product of a Prohibited Trading Practice, the Funded Trader Entity may recalculate the Reward excluding the affected trades and recover the difference, by set-off against future Rewards or as a debt.

11.11 Dispute window. The Trader must notify the Funded Trader Entity of any dispute about a Reward statement, an equity figure, a mark, a Simulated Trading Cost or a Reward calculation within thirty (30) calendar days of the statement being made available in the dashboard. After that period the statement is treated as accepted, absent manifest error or fraud.

11.12 Deposit return milestone. This clause 11.12 applies to the One-step Programme and the Two-step Programme only. It does not apply to the Zero-step Programme, on which the Refundable Challenge Deposit is not returned on or after activation of the Challenge (GTC §8.3(d)), and nothing in this Agreement obliges the Funded Trader Entity or the Provider to return it. The Trader’s right to cancellation and return before activation is unaffected and is governed by §8.1 of the GTC.

On the One-step Programme and the Two-step Programme, where a Reward would have become payable in respect of a Reward Request but for (a) the minimum-payout threshold in S3.6, (b) any condition in clause 11.2(d), (g) or (h), (c) any withholding, (d) any amendment made after the Effective Date, or (e) any termination by the Funded Trader Entity for convenience, the return milestone in §8.3(a) of the GTC is deemed reached and the Funded Trader Entity will procure that the Provider returns the Refundable Challenge Deposit under §8.5 of the GTC.

12.1 Currency — USDT or USDC only. Rewards are paid only in USDT or USDC, on a network supported by the Funded Trader Entity at the time of payment, as listed in Schedule 3. No other payout currency, asset or rail is offered, and in particular Rewards are not paid in fiat currency and not paid by bank transfer. The Funded Trader Entity may add, change or withdraw supported networks, and may choose between USDT and USDC where the Trader’s nominated wallet supports only one of them, in each case on notice through the dashboard. Amounts stated in this Agreement in USD are a unit of account; payment is made in the equivalent amount of USDT or USDC on a one-for-one basis with USD.

12.2 Payout details. The Trader must nominate and verify a receiving wallet address and network in the dashboard, and keep it current. The address must be controlled by the Trader personally and must match the Trader’s verified identity. Payments to a third-party wallet are not made. The Funded Trader Entity may require a confirmation step, a test transfer, or a cooling-off period of up to seven (7) calendar days following any change of payout details before making a payment.

12.3 Irreversibility and misdirection risk. On-chain transfers are irreversible. The Trader bears the entire risk of, and the Funded Trader Entity has no liability for, any loss arising from an incorrect address, an incompatible network, an unsupported asset, a contract address, an exchange deposit address that does not credit the asset, or a wallet the Trader cannot access, where the details were supplied or confirmed by the Trader.

12.4 Fees. The Funded Trader Entity bears the network, gas, intermediary and conversion fees on a Reward payment, and no such fee is deducted from the amount payable to the Trader. Where the Trader nominates a network or asset for which the fee is disproportionate to the amount being paid, the Funded Trader Entity may require the Trader to nominate another supported network or asset before payment.

12.5 Discharge. Transfer of the Reward amount in USDT or USDC to the address and network last confirmed by the Trader discharges the Funded Trader Entity’s payment obligation in full. The obligation is discharged when the transfer is broadcast and confirmed on the relevant network, whatever the time taken by the Trader’s own wallet, exchange or custodian to credit it.

12.6 Request and threshold. Reward Requests are made only through the Platform dashboard, at any time of the Trader’s choosing. There is no request window. The minimum payout amount, the content of a Reward Request, and the circumstances in which a Reward Request may be withdrawn or changed are set out in Schedule 3 and in the payout information published on the Platform. The period for payment is fixed by clause 11.2A (twenty-four hours from a Valid Reward Request) and is not varied by the payout information published on the Platform.

13.1 The Trader is solely responsible for determining, declaring and paying all taxes, levies, duties, social- security and social-insurance contributions and filing obligations arising anywhere in respect of any Reward, and for any registration required in the Trader’s own jurisdiction. Neither the Funded Trader Entity nor any Affiliate is liable for those obligations.

13.2 All amounts stated in this Agreement are inclusive of, and stated gross of, all such taxes and contributions. There is no entitlement to any gross-up, uplift or reimbursement.

13.3 The Funded Trader Entity may deduct or withhold from a Reward any amount it is required by applicable law to deduct or withhold, and payment of the net amount discharges the obligation in full to the extent of the amount withheld.

13.4 The Trader must provide tax residence information, a self-certification, and any tax form or documentation the Funded Trader Entity or an Affiliate reasonably requests. A Reward may be withheld pending it (clause 11.9; GTC §13.4).

13.5 Neither the Funded Trader Entity nor any Affiliate provides tax advice. The Trader should take independent advice.

14.1 Graduated remedies. Where the Trader breaches this Agreement, engages in a Prohibited Trading Practice, or breaches a Loss Limit, the Funded Trader Entity may take one or more of the following steps, cumulatively and in any order, acting reasonably and in good faith and proportionately to the breach:

• (a) issue a warning;
• (b) void the affected simulated trades, remove them from the trading history, and exclude their results from the calculation of Equity, of any Loss Limit measurement and of Net Simulated Profit;
• (c) recalculate any Reward excluding the affected trades;
• (d) reduce available leverage, tighten position or exposure limits, or restrict instruments;
• (e) reduce the Allocation;
• (f) suspend trading rights on the Simulated Account, in whole or in part, for a stated period;
• (g) suspend, change or revoke credentials;
• (h) withhold payment of an unpaid Reward pending investigation;
• (i) forfeit an unpaid Reward, to the extent permitted by clause 14.5;
• (j) recover a paid Reward under clause 11.10;
• (k) close the Simulated Account;
• (l) terminate this Agreement under clause 25; and
• (m) decline to offer the Trader any future participation in the Service, and exercise the corresponding rights under GTC §10.3.

No remedy under this clause 14.1 may be applied disproportionately to the breach, and remedies (i) and (j) may be applied only to the extent clause 14.5 permits.

14.2 Automatic consequence. Clause 7.7 (automatic closure and automatic termination on breach of a Loss Limit) applies regardless of whether any other remedy is taken.

14.3 Reward on clean termination. Where this Agreement terminates otherwise than for a reason listed in clause 14.5, the Reward Period ends on the Termination Date, positions are closed, and clause 11 applies as if the Trader had made a Reward Request at the moment of termination, so that an earned Reward remains payable. No Reward Request by the Trader is required, and the minimum payout amount in Schedule 3 does not apply (clause 25.6(d)).

14.4 First-breach allowance. Where the Trader breaches the Daily Loss Limit for the first time and the Funded Trader Entity is satisfied that the breach was an honest trading failure and not the product of any Prohibited Trading Practice or dishonesty, the Funded Trader Entity may, at its discretion, treat the Reward earned to the date of breach as payable notwithstanding clause 11.2(a). This allowance is available once per Trader, not once per account, and creates no entitlement.

14.5 Forfeiture. Any unpaid Reward is forfeited to the extent provided in the final paragraph of this clause 14.5 where this Agreement is terminated, or where the Trader is found, in either case, to have:

• (a) engaged in a Prohibited Trading Practice;
• (b) made an untrue statement in clause 5.1 or 6.1(a), or supplied false, forged or misleading information or documents;
• (c) failed to complete verification, or been found to have an identity mismatch under GTC §11.6;
• (d) permitted or facilitated third-party access to, or third-party trading on, the Simulated Account, or traded another participant’s account;
• (e) committed a gross breach, meaning any of (a) to (d), any breach of clause 5.5 (concealment or circumvention), any breach of clause 18 (confidentiality), any breach of GTC §14.3, or three or more separate material breaches of this Agreement, each of which was notified to the Trader in writing at the time as a material breach and, where capable of remedy, not remedied within seven (7) calendar days of that notice. A breach of clause 7.9 (funded-account exposure limits) that is remedied promptly on request, and any breach of clause 6.1(a) or 6.1(g) or of a notification or response deadline, is not counted for this purpose; or
• (f) engaged in fraud, dishonesty or wilful misconduct.

Forfeiture under this clause 14.5 is limited to Rewards attributable to, or accrued in the Reward Period affected by, the conduct concerned, together with any Reward accrued after the conduct began. The Trader may make representations under clause 28.1 before forfeiture is confirmed.

14.6 Cross-default across the group. Conduct by the Trader that would entitle the Funded Trader Entity to act under clause 14.1 also entitles the Provider to act under GTC §10.3 in respect of any Challenge, Verification or other account held by the Trader, and conduct entitling the Provider to act under GTC §10.3 entitles the Funded Trader Entity to act under clause 14.1. The Funded Trader Entity and the Provider may aggregate and share information about accounts, participants, devices, networks and households for this purpose.

14.7 Aggregate participation limit. Two aggregate limits apply to one natural person across all accounts held by that person and all connected accounts within the group, as stated in Schedule 1: an aggregate limit across accounts in an Evaluation Phase, and a separate aggregate limit across funded accounts. The two limits are measured independently of each other, and compliance with one is not a defence to breach of the other. Where the Funded Trader Entity reasonably concludes that either limit is exceeded, or that the same strategy is being operated across connected accounts, it may reduce the Allocation on each affected account proportionately, close any of them, disqualify the Trader from an Evaluation Phase, or terminate this Agreement. Where the value of either limit is left blank in Schedule 1, that limit does not apply and no termination, forfeiture or other consequence may be founded on it (Schedule 1, S1.1); the right to act on the operation of the same strategy across connected accounts is unaffected.

15.1 Nothing in this Agreement gives the Trader any right, access, credential or interest in respect of any account of the Funded Trader Entity or of any Affiliate at any execution venue. The Trader is not a customer of any such venue by reason of this Agreement, acquires no rights under any agreement between the Funded Trader Entity and any such venue, and must not represent otherwise or contact any such venue in relation to the Trader’s participation.

16.1 The Trader participates as an independent contractor. Nothing in this Agreement creates any employment, worker, agency, partnership, joint venture, fiduciary, secondment or similar relationship between the Trader and the Funded Trader Entity, the Provider, the EEA Commercial Agent or any Affiliate (GTC §13.5, §28.9).

16.2 Accordingly:

• (a) the Trader is not an employee, worker, officer, director, agent or representative of the Funded Trader Entity or of any Affiliate, and has no authority to bind, contract for, or represent any of them;
• (b) the Trader must not hold himself or herself out publicly or to any third party as staff, an employee, an agent, a representative, a partner or an affiliate of the Funded Trader Entity, of the Provider or of any execution venue;
• (c) the Trader receives no salary, wage, overtime, bonus entitlement, holiday pay, sick pay, parental pay, pension, insurance, expenses, benefits, notice pay or redundancy pay, and no social-security or social- insurance contribution is made for the Trader;
• (d) the Trader determines the Trader’s own hours, days, location, methods and equipment, is under no obligation to trade (clause 6.2), and is subject to no exclusivity;
• (e) the risk parameters in clause 7 and Schedule 1, and the controls in clause 10, are system limits applied to an account, not instructions to a person and not supervision of work, and clause 7.4 confirms that the Trader is under no stop-loss obligation and no mandatory daily stop;
• (f) the reporting obligation in clause 9.2 is an audit right over an account, not managerial supervision, and the media provisions in clause 20 are voluntary; and
• (g) the Trader is responsible for the Trader’s own registrations, licences, insurances, taxes and contributions (clauses 6.1(f) and 13).

17A.1 Your right to review and criticise is protected. You may freely express your opinions about the Funded Trader Phase, the Simulated Account or the Funded Trader Entity, including negative reviews, criticism, complaints and accounts of your experience, on any public platform, review site or social medium. Nothing in this Agreement restricts honest criticism, negative reviews, or disclosure of a dispute, and the Funded Trader Entity will not terminate this Agreement, withhold a payment, or impose any other consequence because you have published an honest review or criticism. This clause prevails over every other provision of this Agreement.

17A.2 Accurate description of the arrangement. When you refer publicly to your relationship with the Funded Trader Entity, you must not misrepresent it. In particular you must not state or imply that:

• (a) the Simulated Account holds, or that you trade, real capital or real client funds — the Funded Trader Phase is conducted in a simulated environment and any statement to the contrary is materially misleading;
• (b) you are an employee, partner, agent or representative of the Funded Trader Entity or of any Affiliate, or that you speak for it;
• (c) the Funded Trader Entity endorses, sponsors or is associated with any product, service, signal group, course, fund or trading offering of yours or of any third party; or
• (d) you are entitled to any capital, account balance or payout that you are not in fact entitled to under this Agreement.

Where you publish results, screenshots or payout evidence, you must not present them in a way that is materially misleading as to what they show.

17A.3 Conduct that is not protected. Clause 17A.1 protects genuine reviews and honest opinion. It does not protect:

• (a) statements about the Funded Trader Entity, its Affiliates or their personnel that you know to be false, or that you make with reckless indifference to whether they are true;
• (b) impersonation, including presenting yourself as a person or customer you are not, or as a representative of the Funded Trader Entity;
• (c) fabricated or procured reviews, including reviews you have paid for, been paid to publish, or organised as part of a coordinated campaign, and reviews published from multiple accounts to create a false impression of independent opinion;
• (d) disclosure of Confidential Information, including the Programme’s risk logic, evaluation methodology, internal communications or commercial terms;
• (e) abuse, threats, harassment or intimidation directed at the Funded Trader Entity’s personnel, or publication of their personal data, home address or family details;
• (f) use of the Funded Trader Entity’s trademarks, brand or materials in a manner that misrepresents association or endorsement; and
• (g) any statement made in the course of an attempt to extract a payment or outcome to which you are not entitled.

Nothing in this clause 17A.3 applies to a statement that is true, to an honestly held opinion, or to a report of a genuine dispute, however unfavourable.

17A.4 Consequences and reserved remedies. Where conduct falls within clause 17A.2 or 17A.3 the Funded Trader Entity may, acting reasonably and proportionately, suspend or terminate this Agreement and exercise any right or remedy available to it at law. The Funded Trader Entity’s rights in respect of defamation, malicious falsehood, harassment, breach of confidence and infringement of its intellectual property are unaffected by this Agreement.

17A.5 The Funded Trader Entity’s commitment where it is at fault. Where a Simulated Account or a Reward is materially affected by an outage, defect, erroneous price or other technical event attributable to the Funded Trader Entity or to infrastructure it relies on, the Funded Trader Entity will remedy it under this Agreement, which may include disregarding affected results, resetting the Simulated Account, adjusting the Reward, or providing a replacement Challenge at no cost to you. The Funded Trader Entity will not require you to withdraw, amend or refrain from making any public statement as a condition of that remedy.

18.1 The Trader must keep confidential, and must not use other than for the purposes of this Agreement, all non-public information about the Funded Trader Entity, the Provider and any Affiliate that the Trader learns in connection with the Service, including the Platform’s technology and architecture, the risk engine and its parameters, the Trading Rules to the extent not published, the Simulated Trading Costs methodology, pricing and commercial structures, staff communications, the commercial terms of this Agreement and the fact of any bespoke term, and anything a reasonable person would understand to be confidential (GTC §18).

18.2 Carve-outs. Clause 18.1 does not apply to information that is or becomes public other than through the Trader’s breach, that the Trader already lawfully held free of restriction, or that the Trader is required to disclose by law, by a court, or by a regulator — in which case the Trader must, where lawful, notify the Funded Trader Entity first and disclose only what is required. The Trader may disclose to the Trader’s professional advisers and tax authorities on terms of confidentiality. Clause 18.1 does not restrict the Trader from publishing the Trader’s own correspondence with the Funded Trader Entity, the Provider or their support teams.

18.3 Not a gag on criticism. Nothing in this Agreement restricts the Trader from expressing opinions about the Service, from publishing factual criticism or a negative review, or from disclosing the existence of a dispute. The Trader must not make materially false or misleading statements of fact about the Funded Trader Entity, the Provider or any Affiliate (GTC §17). Neither Party will make materially false or misleading statements of fact about the other.

18.4 Survival. Clause 18 survives termination without time limit.

19.1 Platform IP. The Platform IP is and remains the exclusive property of HYROTRADER TECHNOLOGIES LTD as Platform IP Owner (GTC §P.2, §14.1). The Trader receives only the limited, non-exclusive, non-transferable, non-sublicensable, revocable, personal-use licence described in GTC §14.2, for the term of this Agreement. No right, title or interest in the Platform IP passes to the Trader, and no right to use any name, logo, trademark or brand of the Funded Trader Entity or of any Affiliate is granted except with prior written permission.

19.2 Restrictions. The Trader must comply with GTC §14.3, and in particular must not copy, adapt, reverse- engineer, decompile, scrape, resell, sublicense or benchmark the Platform or the Platform IP, circumvent any technical protection or geographic measure, or use the Platform IP to build a competing product.

19.3 Simulated Trading Data. All Simulated Trading Data generated through the Trader’s use of the Simulated Account is owned as provided in GTC §15.1, and the Trader grants the Funded Trader Entity and its Affiliates the rights described in GTC §15.2 and §15.3 and in clause 11.8, irrevocably, royalty-free, for no additional consideration. Granting these rights is a condition of participation.

19.4 The Trader’s own strategies. The Funded Trader Entity does not claim ownership of trading strategies, methods or know-how that the Trader developed independently of the Service and brought to it, and the Trader remains free to use them elsewhere. What is owned by the Funded Trader Entity is (a) the Simulated Trading Data, (b) any strategy, tool or material developed using the resources, data, systems or funding of the Funded Trader Entity or of an Affiliate, and (c) the Platform IP.

19.5 Personal data is not property. Nothing in this clause 19 treats the Trader’s personal data as property of the Funded Trader Entity. Personal data is dealt with under clause 21.

20.1 Voluntary participation. The Funded Trader Entity may invite the Trader to take part in content creation, including written case studies, interviews, recordings, streams and promotional material. Participation is entirely voluntary. Declining, in whole or in part, is not a breach of this Agreement and does not affect the Simulated Account, the Allocation, any Loss Limit, any Reward or any future opportunity.

20.2 No required location or travel. Participation, where agreed, takes place remotely by default. Where the Funded Trader Entity requests attendance at a physical location, the location and date must be agreed with the Trader, and the Funded Trader Entity bears the reasonable travel, visa and accommodation costs it requests the Trader to incur, agreed in advance in writing.

20.3 Licence. In respect of any content the Trader submits or in which the Trader participates, the Trader grants the Funded Trader Entity and its Affiliates a perpetual, irrevocable, worldwide, non-exclusive, royalty-free, sublicensable (to Affiliates) and transferable licence to use, reproduce, edit, adapt, distribute, publish, display and otherwise exploit that content in any medium now known or later developed, without payment, together with the right to use the Trader’s name, persona and likeness in connection with it (GTC §16.1, §16.2). The Trader waives, or where waiver is not permitted agrees not to assert, moral rights in that content in a way that interferes with these uses (GTC §16.3), and makes the representations in GTC §16.4.

20.4 Withdrawal of consent. The Trader may withdraw consent to future use of the Trader’s name and likeness by written notice to [email protected]. Withdrawal does not affect content already published, already distributed, or already committed to a media placement, or use of anonymised or aggregated performance data.

20.5 Simulated results must be identified as such. Where the Funded Trader Entity or an Affiliate publishes figures derived from the Simulated Account, it will identify them as simulated results and will apply the disclosure in GTC §3.8.

20.6 Account data. The Funded Trader Entity will take commercially reasonable steps to redact or obscure account identifiers, credentials and personal identifiers in published material (cf. GTC §15.4).

21.1 Controller. The Provider is the controller of personal data processed in connection with the Service (GTC §29.1). The Funded Trader Entity is the controller of personal data it processes for the purposes of this Agreement, including verification records, payout details, tax information and Reward records.

21.2 Purposes and legal bases. Personal data is processed to perform this Agreement, to comply with legal obligations (including KYC, AML, counter-terrorism financing, sanctions screening and tax), and for the legitimate interests of risk management, fraud and abuse detection, security, audit, and the establishment or defence of legal claims.

21.3 Recipients. Personal data may be shared with the Provider and other Affiliates, the verification provider (currently Sumsub), payment and blockchain-analytics providers, infrastructure and hosting providers, professional advisers, execution venues and infrastructure providers where required, and regulators, courts and authorities where required by law (clause 9.5).

21.4 International transfers. The Trader acknowledges that personal data will be transferred to and processed in the British Virgin Islands and the United Arab Emirates, and in other jurisdictions where the Funded Trader Entity, the Provider or their processors operate, subject to the safeguards described in the Privacy Policy (GTC §29.4).

21.5 Retention. Personal data is retained for the period stated in the Privacy Policy, and KYC/AML records for the longer period required by applicable law (GTC §29.5). Trade records are retained under clause 9.4.

21.6 Rights. Where the GDPR or an equivalent regime applies, the Trader has the rights described in GTC §29.3 and in the Privacy Policy. Requests may be sent to [email protected].

21.7 Privacy Policy. The Privacy Policy is incorporated by reference under clause 1.2 and prevails over this clause 21 on the detail of processing.

22.1 As is. The Platform, the Simulated Account, the simulation engine, the dashboards, the market data, the reports and all associated technology are provided “as is” and “with all faults”. To the maximum extent permitted by applicable law, the Funded Trader Entity and its Affiliates disclaim all warranties, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement, accuracy, completeness, security, availability, or uninterrupted or error-free operation, and any warranty that the Platform will meet the Trader’s requirements or that defects will be corrected.

22.2 Third-party dependencies. The Service depends on infrastructure outside the control of the Funded Trader Entity, including trading platforms and terminals, exchange application programming interfaces and market-data feeds (including those of Bybit, BloFin, the Tealstreet terminal, Tiger.com and others), cloud hosting, blockchain networks and payment rails (GTC §6.5, §12.6, §21.3). The Funded Trader Entity and its Affiliates are not liable for any failure, downtime, delay, latency, rate limit, disconnection, erroneous price, index or oracle anomaly, feed interruption, maintenance window, restriction or discontinuation affecting any of them, whether or not it affects the Trader’s simulated results.

22.3 Availability. The Platform and the Simulated Account may be unavailable, in whole or in part, for maintenance, upgrade, technical failure, third-party failure, legal or regulatory reasons, or for any other reason. No compensation, extension, reduction or refund is payable by reason of unavailability, of a change to the Platform or its features, or of an intervention under clause 10, except as clause 10.4 and GTC §6.5 provide. Any goodwill gesture is discretionary as to whether, form and amount, and creates no precedent or entitlement.

22.4 Right to change the product. The Funded Trader Entity and the Provider may modify, replace, add to or remove any element, feature, instrument, parameter or function of the Service and of the Simulated Account at any time, subject to clause 26 and GTC §6.3.

22.5 The Trader’s own trading elsewhere. The Funded Trader Entity and its Affiliates are not responsible for any trading the Trader conducts on the Trader’s own account or anywhere else, including trading based on data, signals, marks, statistics, education or experience derived from the Service. Any such trading is at the Trader’s own risk and cost.

22.6 Force majeure. Neither Party is liable for any failure or delay in performance caused by circumstances beyond its reasonable control, including acts of God, natural disaster, epidemic or pandemic, war, insurrection, terrorism, civil unrest, act of government or regulator, sanctions designation, exchange control, extreme market conditions or market disruption, exchange or venue outage, suspension or delisting, liquidation or auto-deleveraging by a venue, stablecoin depeg, blockchain congestion, halt or reorganisation, freezing of a transfer network or wallet, failure of a payment rail, failure or compromise of any transmission, communication, hosting or computer system (of either Party or of any third party), and cyber-attack. Obligations affected are suspended for the duration of the event, including any obligation to pay a Reward, and the Funded Trader Entity will resume performance without undue delay after it ends (GTC §21.4). Where an event under this clause affects the payout rail for more than fourteen (14) calendar days, the Funded Trader Entity will make the Reward available to the Trader by an alternative method.

23.1 Excluded loss. To the maximum extent permitted by applicable law, neither the Funded Trader Entity nor any Affiliate is liable to the Trader for any indirect, incidental, special, consequential, exemplary or punitive loss, or for any loss of profit, loss of a simulated profit, loss of a hypothetical trading outcome, loss of a Reward that would have been earned, loss of opportunity, loss of a notional balance, loss of data, loss of goodwill, loss of time or business interruption, however arising, whether in contract, tort (including negligence), breach of statutory duty or otherwise, and whether or not the possibility of such loss was known. This clause does not exclude a claim in respect of a Refundable Challenge Deposit that falls to be returned.

23.2 Cap. The total aggregate liability of the Funded Trader Entity and its Affiliates arising out of or relating to this Agreement, the Simulated Account or the Service is limited to the greater of (a) the total Rewards actually paid to the Trader in the twelve (12) months immediately preceding the event giving rise to the claim, and (b) USD 1,000. This cap applies to claims under this Agreement. Claims under the GTC are subject to GTC §21.1.

23.3 Accrued Rewards excluded from the cap. Clause 23.2 does not cap or exclude the Funded Trader Entity’s obligation to pay a Reward that has become payable under clause 11 and has not been forfeited under clause 14.5.

23.4 Mandatory law. Nothing in this Agreement excludes or limits any liability that cannot lawfully be excluded or limited, including liability for fraud, fraudulent misrepresentation, death or personal injury caused by negligence, and — for consumers — liability for gross negligence or wilful misconduct (GTC §21.5).

23.5 Time limit. Any claim by the Trader arising out of or relating to this Agreement must be brought within twelve (12) months after the claim arose, failing which it is barred. This clause 23.5 does not apply where a longer limitation period is mandatory under the law of a consumer’s habitual residence (GTC §25.4).

23.6 Affiliates. Clauses 22 and 23 are for the benefit of, and enforceable by, the Funded Trader Entity and each Affiliate (including HYRO TECHNOLOGIES FZ-LLC and Hyro Finance, j. s. a.), so that they cannot be circumvented by bringing a claim against an Affiliate instead.

24.1 Indemnity. The Trader indemnifies and holds harmless the Funded Trader Entity, the Provider, the EEA Commercial Agent, each other Affiliate, and their respective directors, officers, employees, contractors, service providers and agents (together, the “ Indemnified Persons ”) against all claims, demands, actions, proceedings, liabilities, losses, damages, fines, penalties, costs and expenses (including reasonable legal and professional fees and the costs of defending an allegation, whether or not it is upheld) arising out of or in connection with:

• (a) any breach by the Trader of this Agreement, the GTC, the Trading Rules or applicable law;
• (b) any untrue, inaccurate, incomplete or misleading statement, information or document provided by the Trader, including as to identity, residence, nationality, location or tax residence;
• (c) any Prohibited Trading Practice, fraud, dishonesty, wilful misconduct or negligence of the Trader;
• (d) any access to or use of the Simulated Account by any third party permitted, enabled or facilitated by the Trader, or any misuse, sharing or attempted escalation of credentials;
• (e) any claim by a third party relating to the Trader’s conduct or to content the Trader supplies; and
• (f) any loss, penalty, restriction, suspension, termination or regulatory consequence suffered by an Indemnified Person under any agreement with an execution venue, infrastructure provider or payment provider as a result of the Trader’s conduct or of the Trader’s misstatement of identity, residence, nationality or location.

24.2 Carve-out. This indemnity does not extend to loss caused by the wilful misconduct or gross negligence of the Indemnified Person concerned (GTC §22.2).

24.2A Consumers. This indemnity does not apply to a Trader who is a consumer. Where it applies, the Trader’s aggregate liability under it is limited to loss actually and directly caused by the matters in clauses 24.1(b), (c) and (e) (GTC §22.4).

24.3 Defence. The Funded Trader Entity may assume sole conduct of the defence and settlement of any indemnified claim. The Trader will cooperate reasonably and will not settle any such claim without prior written consent (GTC §22.3).

24.4 Set-off. The Funded Trader Entity may set off any amount owed to it or to an Affiliate by the Trader against any amount payable to the Trader, including an unpaid Reward, and may withhold payment pending resolution of a claim, an investigation, a chargeback, a sanctions or verification matter, or a proceeding.

25.1 Term. This Agreement begins on the Effective Date and continues until terminated under this clause 25.

25.2 Automatic termination. This Agreement terminates automatically, without notice, at the moment the Trader breaches the Daily Loss Limit or the Total Loss Limit, subject to clause 14.4.

25.3 Termination by the Funded Trader Entity for cause — immediate. The Funded Trader Entity may terminate this Agreement immediately by notice where the Trader:

• (a) breaches a Loss Limit, or breaches clause 7.5 or 7.6;
• (b) engages in a Prohibited Trading Practice;
• (c) fails to complete or maintain verification, or where an identity mismatch is found (GTC §11.5, §11.6);
• (d) breaches clause 4.3, 4.4, 4.5 or 5.5 (transfer, third-party access, credential misuse, concealment or circumvention);
• (e) becomes ineligible under clause 5.1, or fails to notify under clause 5.2;
• (f) becomes subject to sanctions, or is found to be in a Prohibited Jurisdiction;
• (g) commits fraud, dishonesty or wilful misconduct, or makes an untrue statement in clause 5.1;
• (h) fails to respond to a request under clause 9.2;
• (i) becomes bankrupt, insolvent or subject to an equivalent process; or
• (j) commits any other material breach that is not remedied within seven (7) calendar days of notice requiring remedy.

25.4 Termination. The Funded Trader Entity may terminate this Agreement on seven (7) calendar days’ written notice where it identifies suspicious activity, suspected fraud, a risk flag raised by its risk team, a breach of the Trading Rules, or where termination is required by Applicable Law. The Trader may terminate this Agreement for any reason on seven (7) calendar days’ written notice. During a notice period the Funded Trader Entity may suspend order entry on the Simulated Account, and the Trader may request immediate closure of the Simulated Account instead of trading out the notice period.

25.5 Related-account termination. Termination under clause 25.3 also entitles the Provider to act under GTC §10.3 in respect of the Trader’s other accounts (clause 14.6), and entitles the Funded Trader Entity to decline any future participation.

25.6 Consequences. On the Termination Date:

• (a) the Trader’s right to access the Simulated Account and to place simulated orders ends immediately;
• (b) all open simulated positions are closed at the prevailing simulated marks, by the Funded Trader Entity if the Trader has not closed them, and the Trader has no claim in respect of the marks obtained or the timing;
• (c) the Reward Period ends and the Reward is calculated under clause 11 and clause 14.3 or 14.5;
• (d) any Reward that remains payable is paid, subject to clauses 11.2, 11.9, 12 and 13, within twenty-four (24) hours of the later of the Termination Date and completion of any outstanding verification, tax certification or investigation, and the minimum payout amount in Schedule 3 does not apply to that payment;
• (e) the Trader must cease all use of credentials, delete any stored copy of them, and disconnect the Simulated Account from any third-party tool, bot, terminal, analytics service or copy-trading service; and
• (f) the Trader must return or delete all confidential material of the Funded Trader Entity and of any Affiliate in the Trader’s possession, and confirm deletion in writing on request.

25.7 Survival. The following survive termination: clause 3 (nature of the account, for any post-termination dispute), 4.2, 4.5, 9.4, 11 (to the extent a Reward remains payable or recoverable), 11.7 to 11.12, 12, 13,

14.5 to 14.7, 16, 18, 19, 20.3 to 20.6, 21, 22.5, 22.6, 23, 24, 25.6, 27, 28 and 29, together with any provision that by its nature is intended to survive.

26.1 Amendment by notice. The Funded Trader Entity may amend this Agreement, Schedule 1, Schedule 2 or Schedule 3 by notice given in writing or through the Platform dashboard, in each case stating the change and its effective date.

26.2 Notice period. A change that is adverse to the Trader takes effect no earlier than seven (7) calendar days after notice, except that a change required by applicable law, by a sanctions measure, by a regulator, by an execution venue or infrastructure provider, or reasonably necessary to prevent fraud, abuse or material harm may take effect immediately.

26.3 Non-retroactivity. A change to a risk parameter in Schedule 1 or to a Prohibited Trading Practice in Schedule 2 is not applied retroactively to simulated trading already completed, and is applied to an active Reward Period only where clause 26.2 permits immediate effect (GTC §6.3, §19.5).

26.4 Right to reject. If the Trader does not accept a change that is adverse to the Trader, the Trader may reject it by notice to [email protected] before its effective date, in which case this Agreement terminates on that date, all simulated positions are closed, and any Reward earned to that date is calculated and paid under clause 14.3. Continuing to place simulated orders after the effective date constitutes acceptance.

26.5 Amendment by agreement. Any other amendment requires the written agreement of both Parties. Written agreement includes electronic acceptance recorded in the Platform.

26.6 Amendment does not defer the Deposit return milestone. No amendment under this clause 26 limits or defers the operation of clause 11.12, and clause 11.12 applies to any threshold or condition as amended after the Effective Date.

27.1 To the Trader. Notices to the Trader are validly given by email to the address recorded on the Execution Page or later notified by the Trader, or by notification in the Platform dashboard. The Trader must keep that email address current and monitored. A notice sent by email is deemed received on transmission, or on the next Business Day if transmitted outside business hours in the Trader’s location.

27.2 To the Funded Trader Entity. Notices to the Funded Trader Entity must be sent by email to [email protected], marked “Funded Trader Agreement — [Trader name]”, and are deemed received on the next Business Day. A notice of a claim must in addition be sent to the registered office in the Parties clause above.

27.3 Writing. “Written”, “in writing” and “notice” include email and in-dashboard notification.

28.1 Internal review and complaints — mandatory first step. Before commencing any formal proceeding, the Trader must submit a complaint or a request for internal review to [email protected], identifying the Simulated Account and the relevant dates, times and figures. The Funded Trader Entity will acknowledge without undue delay and give a written outcome no later than thirty (30) calendar days after receipt, or, where the matter is particularly complex, explain why and give a revised date (cf. GTC §24.2). The Trader may make representations before a forfeiture under clause 14.5 is confirmed.

28.2 Negotiation. If the matter is unresolved, the Parties will attempt in good faith to resolve it by negotiation for a further thirty (30) calendar days from the date of the outcome under clause 28.1.

28.3 Tier 2 — mediation. If the matter is not resolved by negotiation, it is referred to mediation administered by the BVI International Arbitration Centre (BVI IAC) under its then-current mediation rules. The seat of mediation is Road Town, Tortola, British Virgin Islands, and the language is English. Mediation may be conducted remotely.

28.3A Tier 3 — binding arbitration. If the dispute is not resolved through mediation, it is referred to and finally resolved by binding arbitration administered by the BVI International Arbitration Centre under its rules in force at the time of submission. One (1) arbitrator will be appointed. The seat and legal place of arbitration is Road Town, Tortola, British Virgin Islands. The language is English. The award is final and binding, and the arbitration and the award are confidential. Each Party bears its own costs unless the arbitrator determines otherwise. Hearings may be conducted remotely.

28.4 Low-value claims carve-out. Notwithstanding clauses 28.3 and 28.3A, either Party may bring a claim not exceeding USD 5,000 in any court of competent jurisdiction, including a small-claims or equivalent tribunal in the Trader’s country of habitual residence, and the other Party will not object to that forum on the basis of clause 28.3 or 28.3A.

28.5 No class or collective proceedings. To the maximum extent permitted by applicable law, claims are brought on an individual basis only and not as, or as part of, any class, representative, collective, consolidated or mass proceeding (including mass arbitration). This clause does not prevent participation in a class- wide settlement. To the extent it is unenforceable against the Trader as a consumer under mandatory law of the Trader’s habitual residence, it does not apply to the Trader (GTC §27).

28.6 US-resident Traders. If the Trader is a resident of the United States of America, clauses 28.3, 28.3A and 28.4 do not apply, and any dispute is instead resolved by binding arbitration before a single arbitrator administered by JAMS in New York, New York, in accordance with GTC §23.5, together with GTC §23.6 to §23.8. Clauses 28.1 and 28.2 continue to apply as a first step. Clause 28.9 (governing law) is subject to this clause 28.6, as GTC §26 is subject to GTC §23.

28.7 Mandatory consumer law preserved. Nothing in this Agreement deprives the Trader, if a consumer, of the protection of the mandatory law of the Trader’s habitual residence, including any mandatory right of withdrawal, refund, warranty, limitation period, forum or out-of-court dispute resolution. Where a mandatory rule conflicts with this Agreement, the mandatory rule prevails to the extent of the conflict and no further (GTC §24.1). The out-of-court routes described in GTC §24.5 remain available to consumers in the European Union in respect of matters within their scope. This clause 28.7 is supplemented by clause 28.10, which applies the same principle specifically to the choice of law in clause 28.9 and to the arbitration provisions in clauses 28.3 to 28.6.

28.8 Injunctive relief. Nothing in this clause 28 prevents either Party from applying to any court of competent jurisdiction for urgent injunctive or other equitable relief, and in particular prevents the Funded Trader Entity or any Affiliate from doing so to protect intellectual property, confidential information, data rights or system security, or to prevent fraud, abuse, credential misuse or unauthorised use of the Service (GTC §25.5).

28.9 Governing law. This Agreement, and any non-contractual obligation arising out of or in connection with it, is governed by the laws of the British Virgin Islands, without regard to conflict-of-laws principles.

This clause 28.9 is subject to clause 28.10.

28.10 Consumers — mandatory protections of habitual residence unaffected. Where the Trader is a consumer, the choice of law in clause 28.9 and the dispute-resolution provisions in clauses 28.3 to 28.6 do not deprive the Trader of the protection afforded by provisions that cannot be derogated from by agreement under the law of the country in which the Trader has his or her habitual residence. Those mandatory provisions continue to apply for the Trader’s benefit notwithstanding anything in this Agreement, including any mandatory rule as to unfair terms, withdrawal, refund, warranty, limitation period, forum, jurisdiction or out-of-court dispute resolution. Where a mandatory rule of the Trader’s habitual residence conflicts with this Agreement, that rule prevails to the extent of the conflict and no further, and the remainder of this Agreement continues in full force under clause 29.2.

Nothing in clause 28.9 requires a consumer Trader to litigate or arbitrate in a forum other than one available to that Trader under the mandatory law of his or her habitual residence, and the Funded Trader Entity will not object to a competent forum in that country on the basis of clauses 28.3, 28.3A or 28.9. The out-of-court routes described in GTC §24.5 remain available to consumers in the European Union in respect of matters within their scope (clause 28.7).

29.1 No waiver. A failure or delay in exercising a right is not a waiver of it, and a single or partial exercise does not preclude further exercise.

29.2 Severability. If any provision is held invalid, illegal or unenforceable, it is severed or read down to the minimum extent necessary and the remainder of this Agreement continues in full force. Where possible the severed provision is replaced by a valid provision of the nearest equivalent meaning and commercial effect.

29.3 No custom or practice. No prior course of dealing between the Parties, no past forbearance, no practice of the Funded Trader Entity or of any Affiliate, and no custom or practice of the proprietary-trading or funded-trader industry is to be used to interpret, supplement or vary this Agreement.

29.4 Risk acknowledgement. Each Party has assessed the risks of this Agreement, including the risk of a change of circumstances, and accepts them. The Trader accepts that participation may end at any time under clauses 10, 14 and 25 and that no Reward is guaranteed.

29.5 Assignment. The Funded Trader Entity may assign, novate, transfer or subcontract this Agreement or any right or obligation under it, in whole or in part, to any Affiliate or successor without the Trader’s consent, provided the assignee assumes its obligations to the Trader. The Trader may not assign, transfer, charge, delegate or subcontract any right or obligation, and may not factor, sell or encumber any actual or prospective Reward.

29.6 No third-party rights. Except for the rights expressly conferred on Affiliates and Indemnified Persons under clauses 19, 22, 23 and 24, no person other than the Parties has any right to enforce this Agreement.

29.7 Entire agreement. This Agreement, together with the documents incorporated under clause 1.2, constitutes the entire agreement between the Parties in respect of the Funded Trader Phase and supersedes all prior representations, communications, marketing statements, sales discussions and understandings in respect of it. Nothing in this clause limits liability for fraud or fraudulent misrepresentation, or excludes any incorporated document.

29.8 Interpretation. This Agreement is not to be construed against a Party on the ground that that Party drafted it. Headings are for reference only. References to a document include that document as amended in accordance with its terms.

29.9 Counterparts and electronic execution. This Agreement may be executed in counterparts and by electronic signature, electronic acceptance, or click-through acceptance recorded by the Platform, each of which is valid, binding and admissible. The Funded Trader Entity’s record of the version accepted, and of the date, time and originating IP address of acceptance, is evidence of execution (cf. GTC §5.5).

29.10 Language. This Agreement is made in English. If it is translated, the English version prevails.

29.11 Provider not a party. For the avoidance of doubt, HYRO TECHNOLOGIES FZ-LLC is not a party to this Agreement, owes the Trader no obligation under it, and in particular owes no obligation to pay any Reward (GTC §P.4, §6.4). Nothing in this Agreement gives the Trader any recourse against the Provider, the EEA Commercial Agent or any other Affiliate in respect of a Reward.

Part A states the published programme parameters for the three Programmes — Zero-step, One-step and Two-step. Part B states the drawdown mechanism, which is the same on all three. Part C is completed for each Trader and identifies which Programme and which account size apply to that Trader. Part D states the limits that apply to every funded account. This Schedule forms part of the Agreement and may be amended under clause 26.

S1.A1 What is operative under this Agreement. This Agreement governs the Funded Trader Phase only. The rows in Part A that operate as obligations of the Trader under this Agreement are the daily drawdown and the maximum loss for the Trader’s Programme, as inherited by the Funded Trader Phase, together with Part D. The profit targets, the minimum trading days and the phase structure are recorded because the Trader qualified under them, because Schedule 2 distinguishes rules that apply in the Evaluation Phases from rules that apply in the Funded Trader Phase, and because clause 14.6 permits conduct in an Evaluation Phase to be relied on. They impose no continuing obligation on the Trader under this Agreement.

S1.A2 Percentages are measured on the Allocation. Every percentage in Part A is calculated on the Allocation stated in Part C (clause 7.1). The Daily Loss Limit is the stated percentage of the Allocation, measured as a fall from the Daily Reference determined under Part B. The Total Loss Limit is a static equity floor at (100% − the maximum loss percentage) of the Allocation, measured on the Allocation and not on any high- water mark.

S1.A3 Currency values. Currency values for the two most common account sizes, for reference; the figures for the Trader’s own Allocation are stated in Part C and, where they conflict with a percentage, prevail (clause 7.1):

S1.A4 What counts as a minimum trading day. A Trading Day counts toward the minimum trading days stated in Part A only where, on that Trading Day, the Trader closed at least one simulated position which satisfies both of the following:

The Trading Day on which the position was closed is the Trading Day that counts, whatever the holding period. The minimum trading days are an objective of the Evaluation Phases. They are recorded here because the Trader qualified under them, and they impose no obligation in the Funded Trader Phase (S1.A1, S3.3).

The Daily Loss Limit uses the percentage for the Trader’s Programme in Part A, measured from the Daily Reference described below (clause 7.2(d)).

S1.B2 Worked example (Allocation USD 10,000, One-step Programme, daily loss limit 4% = USD 400):

• Opening Equity on a Trading Day is USD 10,000. During the day Equity rises to USD 10,700 and then falls back.
• The reference stays at USD 10,000 for the whole day. The Daily Loss Limit is breached only when Equity falls below USD 9,600 (USD 10,000 − USD 400); a fall to USD 9,600 exactly is not a breach.
• The Total Loss Limit is breached only if Equity falls below USD 9,400 (a static floor at 94% of the Allocation), whatever the account has previously been worth; Equity at USD 9,400 exactly is not a breach.

This Part applies to every Trader and requires no completion. The Programme and the Allocation are those of the Simulated Account to which this Agreement relates, as shown in the Trader’s HyroTrader account. Every other value in this Part is stated below and is the same for all Traders. Where a figure here conflicts with a percentage in Part A, the figure here prevails (clause 7.1).

The first two rows are the limits that apply to every funded account and to no other phase. The remaining rows are included so that the phase scope of each rule can be read in one place.

S1.1 Unpopulated values. Where a value in Part C is left blank, that limit does not apply and no termination, forfeiture or other consequence may be founded on it. In particular, no breach of clause 7.5, no termination under clause 25.3(a), and no forfeiture under clause 14.5 may be founded on a limit whose value is left blank, and the same applies to the aggregate limit in clause 14.7. This paragraph does not affect (a) the Loss Limits, whose percentages are fixed by Programme in Part A and are also stated in clauses 7.2 and 7.3, or (b) the limits in Part D, which are fixed and apply whether or not a currency figure is entered in Part C.

S1.2 Programme must be completed. The Programme must be ticked in Part C. If it is not, the Loss Limits that apply are the most favourable to the Trader of the three Programmes in Part A on each Loss Limit taken separately, being a Daily Loss Limit of 5% of the Allocation and a Total Loss Limit at a static equity floor of 90% of the Allocation, and the Trader’s profit share is 80%. This default operates only until an amended Part C is issued stating the Trader’s actual Programme, and it does not entitle the Trader to the parameters of a Programme other than the one under which the Trader in fact qualified.

Part A states the risk rules, and says for each one whether it applies in the Evaluation Phases, in the Funded Trader Phase, or in both. Part B lists the Prohibited Trading Practices. This Schedule supplements GTC §10.2 and the Trading Rules. It may be amended under clause 26. It is not exhaustive.

Breach of any rule in Part A, and any Prohibited Trading Practice in Part B, engages clause 14.1. Whether particular conduct breaches a rule in this Schedule is determined under clause 8.2 — reasonably, in good faith and on retained evidence — and the Trader may seek internal review under clause 28.1.

S2.A1 Profit Distribution Rule — cap on the profit that counts toward the profit target. (a) One-step Programme and Two-step Programme: daily cap of 40%. On the One-step Programme and the Two-step Programme, the amount of profit from any single Trading Day that counts toward the profit target for an Evaluation Phase is capped at 40% of that phase’s profit target. A day’s contribution is the net result of all trades closed on that day. Profit above the cap is not lost: it remains in the account, but it does not count toward the profit target, so the remainder of the target must be reached on other Trading Days. A Trading Day with a net loss counts in full against the target; the cap applies to profit only. No per-trade cap applies on these Programmes.

(b) Zero-step Programme: per-trade cap of 50%. On the Zero-step Programme, the amount of profit from any single trade that counts toward the profit target for the Evaluation Phase is capped at 50% of that phase’s profit target. For this purpose a trade is a simulated position from its opening until it is fully closed, and its contribution is the realised simulated profit or loss on that position, after Simulated Trading Costs, recognised when it is fully closed. Profit above the cap is not lost: it remains in the account, but it does not count toward the profit target, so the remainder of the target must be reached through other trades. A trade closed at a loss counts in full against the target; the cap applies to profit only. No daily cap applies on the Zero-step Programme. By way of example, on an Allocation of USD 10,000 the profit target is USD 1,000, so no single trade counts for more than USD 500; a trade closed with USD 700 of profit counts USD 500, and the other USD 200 remains in the account. Where S2.A5(c)(ii) also applies to a trade, the cap in this paragraph is applied first, and S2.A5(c)(ii) then applies to the capped amount.

(c) Scope and effect. This rule applies in the Evaluation Phases only. It does not apply to a funded account (clause 7.9). It is a rule for counting profit toward a profit target and not an obligation of the Trader: exceeding the cap on a single Trading Day or on a single trade is not a breach of this Agreement, is not a Prohibited Trading Practice, and engages no remedy under clause 14.1. Accordingly no Reward may be reduced, withheld or forfeited under this Agreement on the ground that a single day contributed more than 40%, or a single trade more than 50%, of the Trader’s result, whether in an Evaluation Phase or in the Funded Trader Phase.

RULES APPLYING IN ALL PHASES

S2.A3 Martingale — strictly prohibited. Martingale strategies are strictly prohibited. A Martingale strategy is one in which the Trader increases position size or stake following a losing trade in order to recover that loss, and in particular any practice of doubling the stake after a losing trade. The prohibition applies whether the increase is applied to the next trade, to a re-entry in the same instrument, or across a sequence of trades forming a single recovery attempt.

S2.A4 Hedging.

• (a) Hedging within a single account is permitted. The Trader may hold opposing or offsetting positions within one and the same account, on any platform whose functionality supports it. Nothing in paragraph (b), in S2.3, or elsewhere in this Agreement prohibits that. The Funded Trader Entity gives no warranty that a platform will recognise, net, margin or display opposing positions as a hedge, and clause 22.1 applies; where a platform does not support the function, the Trader should not expect opposing positions within one account to behave as a hedge.
• (b) Hedging one account against another is prohibited. The Trader must not open opposite positions across two or more different accounts simultaneously, whether those accounts are the Trader’s own, are held under more than one identity, or are held with or by another person acting in concert with the Trader. This includes hedging one Challenge, Verification or funded account against another.
• (c) Consequence. A breach of paragraph (b) is a Prohibited Trading Practice. On a breach, the Funded Trader Entity and the Provider may restrict every account involved with immediate effect, the Provider may retain the Refundable Challenge Deposit for each Activated Challenge involved under GTC §8.3(b), and the Trader may be permanently excluded from the Service. The Refundable Challenge Deposit for any Challenge involved that has not been Activated is returned under GTC §8.5. Those consequences are in addition to, and do not limit, clause 14.1, and clause 14.1’s requirement of proportionality and the Trader’s right to make representations under clause 28.1 apply to them.

S2.A5 Low-cap altcoin exposure — 5% limit.

• (a) Definition. An asset is a low-cap asset if any one of the following is true of it:
• (i) its market capitalisation is below USD 100 million; (ii) its typical 24-hour volume is between USD 500,000 and USD 5,000,000; or (iii) it is listed in the Innovation Zone (newly listed coins).

The three tests are alternative, not cumulative: an asset that satisfies any one of them is a low-cap asset even if it fails the other two.

• (b) Limit. The Trader’s aggregate exposure to all low-cap assets must not at any time exceed 5% of the Initial Account Balance, including leverage — that is, measured on the notional value of the positions, taking the effect of leverage into account, and aggregated across all low-cap assets rather than applied per asset. On an Initial Account Balance of USD 10,000 the limit is USD 500 of notional low-cap exposure. In an Evaluation Phase the same 5% is measured on the starting balance of the account in that phase.
• (c) Consequences of breach. Where the Trader breaches paragraph (b):
• (i) the Trader may be reassigned to a new challenge; and (ii) only 40% of the profit derived from low-cap trades counts toward the profit target.

Consequence (ii) has effect where a profit target applies, and so operates in the Evaluation Phases; consequence (i) may be applied in any phase. Where consequence (i) is applied in the Funded Trader Phase, reassignment to a new challenge ends the Funded Trader Phase, and this Agreement terminates under clause 25.3(a) with effect from the date of reassignment. A breach of paragraph (b) is not conduct listed in clause 14.5(a) to (f), so on such a termination clause 14.3 applies and a Reward already earned remains payable — unless the same conduct independently amounts to a Prohibited Trading Practice or to conduct within clause 14.5.

Neither consequence limits clause 14.1, and neither is a substitute for it. Where more than one consequence is applied to the same conduct, clause 14.1 (proportionality) applies to the combination.

S2.A6 Account Review Process. Accounts are subject to regular manual review for signs of gambling or an all-or-nothing approach to trading. The review is conducted by people, not by an automated system, and may be conducted at any time.

In cases of extremely high risk, the Funded Trader Entity may take any one or more of the following actions:

• (a) issue a warning; (b) remove account profits; (c) adjust the payout; (d) temporarily reduce the profit split; (e) reject withdrawal requests; (f) terminate the account; and (g) apply a measure under clause 7.11 — reduction of the Allocation, a lower exposure limit, reduced leverage, or a restriction on instruments (GTC §10.6A).

Actions (b) to (f) are exercisable only where the Funded Trader Entity, acting reasonably, in good faith and proportionately to the conduct, has concluded that the Trader’s activity presents extremely high risk (clauses 8.2, 14.1). Action (g) is exercisable on the lower threshold of reasonable suspicion stated in clause 7.11, and may be applied with immediate effect. Before an action under (b), (c), (d) or (f) is confirmed, the Trader may make representations under clause 28.1; in the case of action (g) the Trader may make representations under clause 28.1 after it is applied.

Removal of profits under (b) does not reach simulated profit that is already the subject of a Valid Reward Request. Once a Reward Request has become a Valid Reward Request under clause 11.2, the Reward is payable and action (b) cannot be used to remove it. That Reward may be withheld or refused only under clause 11.9 (withholding and set-off) or forfeited only under clause 14.5, and in each case only on the grounds and subject to the safeguards stated there. For the avoidance of doubt, a Reward Request does not become a Valid Reward Request where a Loss Limit was breached in the Reward Period to which it relates (clause 11.2(a)) or where any other condition in clause 11.2 was unmet, and nothing in this paragraph prevents the Funded Trader Entity from declining such a request. A reduction of the profit split under (d) is temporary: it must state the period for which it applies and the split reverts to the percentage in the per- Trader box in Schedule 1 at the end of that period. An action under (e) is a withholding within clause 11.9 and does not extinguish a Reward that has become payable except to the extent clause 14.5 permits forfeiture.

The following are Prohibited Trading Practices:

S2.1 Platform and data exploitation — exploiting any error, bug, defect, mispricing, stale price, latency, feed inconsistency, queue-priority artefact, fill outside the prevailing bid or offer, gap, or absence of real liquidity constraint in the simulation, or any advantage that would not be replicable in live market conditions; failing to report such a matter under clause 6.1(g) and continuing to trade in reliance on it.

S2.2 Simulation-specific abuse — any strategy that depends on the simulated nature of the environment rather than on trading skill, including strategies that rely on unrealistic fills, unlimited depth, absence of slippage, or absence of funding cost (GTC §10.2(k)).

S2.3 Multi-account and coordinated trading — coordinated multi-account trading, mirror trading, group trading, cross-account hedging or arbitrage, taking opposing or offsetting positions in the same or a substantially correlated instrument across two or more accounts; and participation through multiple accounts, identities, devices, networks, households or IP addresses (GTC §10.2(b), (d), (i)).

This item is expressly subject to S2.A4(a): hedging within a single account, on a platform that supports it, is permitted and is not a Prohibited Trading Practice. Opposing or offsetting positions held within one account are prohibited under this S2.3 only where they are used to satisfy an activity, volume or profit requirement while neutralising risk — that is, as a means of gaming a threshold rather than as a trading position.

S2.4 Third-party involvement — any breach of clause 4.4, including permitting third-party access, account sharing, account renting or selling, trading for or on behalf of another person, engaging another person to trade, or sharing a Reward under a business arrangement (GTC §10.2(j)).

S2.5 Automation and signals. The Trader may automate the Trader’s own strategy. Using a trading bot, an expert advisor, an algorithm, a script, an artificial-intelligence agent or an agent token to place orders on the Simulated Account is permitted, provided the strategy it executes is the Trader’s own and the Trader remains responsible for every order it places, for compliance with this Agreement and the Trading Rules, and for the consequences of any malfunction. The following remain Prohibited Trading Practices: executing a strategy that is not the Trader’s own, including running a ready-made or purchased system that implements another person’s strategy; copy trading; account mirroring or replication; subscribing to or acting on a third-party trade-signal, idea or alert service; and mass or ultra-high-speed order entry that exploits the simulation rather than the Trader’s strategy (S2.1, S2.2, GTC §10.2(e)). Automation does not relax any other rule. In particular S2.1 (platform and data exploitation), S2.2 (simulation-specific abuse), S2.3 (multi-account and coordinated trading), S2.4 (third-party involvement), S2.9 (risk abandonment) and S2.11 continue to apply to orders placed by automated means, and an automated system operated by a person other than the Trader is third-party access within clause 4.4.

S2.6 Undisclosed competing affiliation — use of the Service with an undisclosed affiliation to a Competing Entity (GTC §4.4, §10.2(a)).

S2.7 Concealment and circumvention — any breach of clause 5.5, including VPN, proxy, remote-desktop or nominee use with intent to conceal or misrepresent jurisdiction, residence or identity, or to evade applicable law, a jurisdictional restriction, or this Agreement (GTC §10.2(h), §10.4).

S2.8 News trading — news trading is permitted, and the Trader is not required to close or avoid positions around a news event or a scheduled economic release. It is a Prohibited Trading Practice to operate a strategy whose profitability depends solely on news events, or which is directed at exploiting a news event rather than at trading skill, including a strategy directed at a latency, pricing or liquidity artefact in the simulation around such an event (S2.1, S2.2; GTC §10.2(f)).

S2.9 Risk abandonment — abandoning market-standard risk management, measured objectively, including position sizes or numbers of concurrent positions substantially out of line with the Trader’s other recorded activity, one-sided all-in bets, deliberate over-leverage, or account “rolling” strategies whose expected value depends on the Trader bearing no downside. Conduct of this kind is also the subject of the Account Review Process in S2.A6; where both apply, the Funded Trader Entity may act under either or both, but not so as to impose the same consequence twice for the same conduct.

S2.10 Strategy switching — materially changing strategy, instrument set or risk profile between the evaluation phases and the Funded Trader Phase in a manner that defeats the purpose of the evaluation.

S2.11 Conduct harmful to the group’s venue and infrastructure relationships — any conduct, order pattern or strategy that would, if replicated on a live venue, breach that venue’s rules, position limits or risk limits, constitute wash trading or self-matching, constitute market abuse or manipulation, trigger auto- deleveraging, or jeopardise the standing of the Funded Trader Entity or of any Affiliate with an execution venue, infrastructure provider, payment provider or regulator.

S2.12 Platform conduct — any breach of GTC §14.3, including exploiting a bug, scraping, reverse engineering, circumventing a technical or geographic protection measure, or reselling access.

S2.13 Fraud, manipulation and abuse — any activity that the Funded Trader Entity reasonably determines constitutes fraud, manipulation, dishonesty or abuse of the Service (GTC §10.2(l)).

This Schedule may be amended under clause 26.

**S3.1 Split.** 80% of Net Simulated Profit to the Trader; 20% to the Funded Trader Entity. That is the entry split on all three Programmes. On the Zero-step Programme it is fixed and does not increase. On the One-step Programme and the Two-step Programme the Funded Trader Entity may increase the Trader’s share, in its own discretion and as the Trader scales, up to a maximum of 90%; where it has done so, the percentage recorded in the per-Trader box in Schedule 1, Part C applies instead and the Funded Trader Entity’s share is 100% minus that percentage (clause 11.1A).

S3.2 Payment on demand — no payout cycle. There is no monthly cycle, no payout window and no payout calendar. The Trader may make a Reward Request at any time and as often as the Trader chooses. A Reward Period is simply the period from the Effective Date, or from the last reset under clause 11.5, until the Trader makes a Reward Request (clause 2).

S3.3 No minimum activity requirement. There is no minimum number of Trading Days, no minimum number of simulated trades and no minimum holding period required before a Reward becomes payable. A Reward Request may be made at any time from the Effective Date, and after any earlier payout, subject only to the conditions in clause 11.2 and the minimum payout amount in S3.6. The minimum trading days in the published Trading Rules — one on the Zero-step Programme, five on the One-step Programme, and five in each phase on the Two-step Programme, each counted on the basis set out in Schedule 1, S1.A4 — are objectives of the Evaluation Phases and do not apply in the Funded Trader Phase.

S3.4 Statement. The dashboard shows the Trader’s Equity, the Reward Baseline, Simulated Trading Costs applied and Net Simulated Profit on a continuous basis. On making a Reward Request the Trader is shown, and the Funded Trader Entity makes available and retains, a statement for that request showing Equity at the moment of the request, the Reward Baseline, Simulated Trading Costs applied, Net Simulated Profit, the split applied, and the Reward. Clause 11.11 (30-day dispute window) applies to that statement.

S3.5 Making a Reward Request. A Reward Request is made in the dashboard and must confirm the payout asset (USDT or USDC), the network and the receiving wallet address (clause 12.2). All simulated positions must be closed at the moment the request is made (clause 11.2(d)). A Reward Request may be withdrawn or corrected by the Trader at any time before the transfer is initiated, and withdrawing a request does not end the Reward Period or trigger a reset. A change of payout details may engage the cooling-off period in clause 12.2.

S3.6 Minimum payout. USD 100, measured on the amount payable to the Trader after applying the split in S3.1. Where the amount payable to the Trader is below the minimum, no payment is made, no reset occurs under clause 11.5, and the simulated profit remains in the Simulated Account and is capable of generating a Reward on a later Reward Request. The minimum does not apply to a payment on termination under clause 25.6(d).

The cap does not limit how many Reward Requests the Trader may make, and does not extend the 24-hour payment period in S3.7. The Trader is therefore expected to request payment once Net Simulated Profit reaches the cap, and then to continue trading towards the next request. That is an expectation and not an obligation: no penalty or forfeiture follows from leaving simulated profit in the Simulated Account, but profit above the cap is not paid and does not survive the reset.

S3.7 Payment period — 24 hours. Payment is made within twenty-four (24) hours of the Reward Request becoming a Valid Reward Request (clause 11.2A). The period is measured in clock hours and is not extended by weekends or public holidays. If the Funded Trader Entity does not notify the Trader within twelve (12) hours of the Reward Request that an investigation under clause 9.3 or a matter under clause 11.9 is outstanding, the legitimacy condition in clause 11.2(h) is deemed satisfied. Per-payout and cumulative limits published in the payout information on the Platform continue to apply (GTC §11.7; clause 11.9(d)), but that published information does not vary the 24-hour period (clause 12.6).

S3.8 Assets and networks. USDT or USDC only, on the networks listed in the payout information published on the Platform (clause 12.1). No other asset, currency or rail is offered.

S3.9 Worked examples. Assumptions: One-step Programme; Allocation USD 10,000; Reward Baseline USD 10,000; split 80/20; static daily drawdown. Daily Loss Limit USD 400 (4%); Total Loss Limit static equity floor USD 9,400 (maximum loss 6%). Per-Request Profit Cap USD 500 (5% of the Initial Account Balance, clause 11.2C). Minimum payout USD 100 (S3.6). No minimum activity requirement (S3.3).

Amounts are gross of tax (clause 13) and of network fees (clause 12.4), and are paid in USDT or USDC (clause 12.1). Requests 1 and 5 show why the Trader is expected to request payment once Net Simulated Profit reaches the cap and then continue trading: at Request 5 the whole of the USD 500 of Net Simulated Profit is taken into account, whereas at Request 1 the USD 1,000 above the cap is not taken into account, is not paid, and does not survive the reset. Nothing in this Agreement requires the Trader to make a Reward Request at any particular point, and no penalty follows from not making one.

The example assumes no Loss Limit was breached. Every movement in the table is assumed to have occurred across more than one Trading Day, so that on no single Trading Day did Equity fall more than USD 400 below that day’s Daily Reference. The fall that matters is the one before Request 3: from USD 10,000 — the balance after the reset on Request 1 — down to USD 9,600, a fall of USD 400 in total. Spread over two Trading Days of USD 200 each it breaches nothing. Had more than USD 400 of it been lost within a single Trading Day, measured from that day’s Daily Reference, the Daily Loss Limit would have been breached at that moment, the Simulated Account would have closed and this Agreement would have terminated automatically (clauses 7.2, 7.7, 25.2), and no later request in the table could have been made. A higher notional balance creates no extra room: the Daily Loss Limit is USD 400 on every Trading Day whatever the balance, because it is calculated on the Allocation and not on the Daily Reference (clause 7.2), and the Total Loss Limit floor stays at USD 9,400 (clause 7.3). Equity of USD 9,600 at Request 3 is above that floor, so the Simulated Account survives; a fall below USD 9,400 would have ended it.

Timing. If Request 1 is made at 14:00 UTC on a Friday and the Funded Trader Entity gives no notification under clause 11.2(h) by 02:00 UTC on the Saturday, the request is a Valid Reward Request and the USD 400 is paid no later than 14:00 UTC on the Saturday — the weekend does not extend the period (clause 11.2A, S3.7).

Interaction with the Total Loss Limit. Every figure in this example sits above the Total Loss Limit, a static equity floor at USD 9,400 (clause 7.3). That floor is the outer boundary of this example and of clause 11.4: if Equity falls below USD 9,400 at any time the breach occurs at that moment, is not cured by any later recovery, the Simulated Account is closed and this Agreement terminates automatically (clauses 7.3, 7.7, 25.2), no shortfall is carried forward, and no later request in this table can arise. Equity at USD 9,400 exactly is not a breach (clause 7.3; Schedule 1, S1.B2). A carried-forward shortfall can therefore never exceed USD 600 on an Allocation of USD 10,000 under the One-step Programme. The floor does not move with the notional balance of the Simulated Account: the Total Loss Limit is measured on the Allocation throughout (clause 11.5).

Interaction with the Daily Loss Limit. On the Trading Day on which Equity peaked at USD 11,500 before Request 1, the Daily Reference stayed at that day’s Opening Equity and the breach level would have been USD 400 below it (Schedule 1, Part B).

Interaction with the funded-account exposure limits. Throughout the example the Trader must also keep total margin across open positions at or below USD 2,500 (25% of the Initial Account Balance) and total notional at or below USD 20,000 (2× the Initial Account Balance) — clause 7.9 and Schedule 1, Part D.

Two-step Programme variant. On the same Allocation the figures change only in the two Loss Limits: the Daily Loss Limit is USD 500 (5%) and the static equity floor is USD 9,000 (maximum loss 10%), so a carried- forward shortfall can reach USD 1,000. The split, the Reward Baseline, the reset, the minimum payout and the 24-hour payment period are identical.

Zero-step Programme variant. On the same Allocation the Daily Loss Limit is USD 300 (3%) and the static equity floor is USD 9,500 (maximum loss 5%), so a carried-forward shortfall can reach USD 500. The split is fixed at 80% and does not rise. The Per-Request Profit Cap, the Reward Baseline, the reset, the minimum payout and the 24-hour payment period are identical. The Refundable Challenge Deposit is not returned (clause 11.12).

Acknowledgements by the Trader. By ticking the acceptance box in the HyroTrader application, the Trader confirms that the Trader has read and understood this Agreement and the documents incorporated by clause 1.2, and in particular that:

1. the account is a demo account, all trading on it is simulated, and no order the Trader places is executed on any live market (clause 3.1);
2. the balances and the Allocation are notional and have no monetary value, and the Trader owns nothing and may withdraw nothing (clauses 3.2, 4.2);
3. Rewards are real funds, are conditional, and are not investment returns, wages or the return of any amount paid by the Trader (clauses 3.6, 11.2);
4. the Funded Trader Phase is the final stage of the Service and every part of it is simulated, so no real capital is placed at the Trader’s disposal and no order the Trader places is executed on any live market (Recital C, clause 3.1), and completing this tier gives the Trader no right to, and no expectation of, any account at any execution venue or any credential to one (clause 15);
5. the Trader participates as an independent contractor and is responsible for the Trader’s own taxes (clauses 16, 13);
6. every statement in clause 5.1 is true;
7. the profit split is 80% to the Trader and 20% to the Funded Trader Entity — fixed on the Zero-step Programme, and capable of rising to 90% at the Funded Trader Entity’s discretion on the One-step and Two-step Programmes — and Rewards are paid on demand in USDT or USDC within 24 hours of a valid request, with no monthly cycle and no payout window, but subject to a maximum of 5% of the Initial Account Balance of Net Simulated Profit in any one Reward Request, above which the profit is not paid and is annulled when the account is reset (clauses 11.1, 11.1A, 11.2A, 11.2C, 11.5, 12.1);
8. the Trader has read the Parameter Matrix in Schedule 1 and confirms the Programme and the account size recorded in Part C, and understands that the daily drawdown is measured from the Equity at the start of each Trading Day and that the maximum loss is a static floor on the Allocation (Part B); and
8. on the Zero-step Programme the Refundable Challenge Deposit is not returned on or after activation of the Challenge, and the return milestone in clause 11.12 does not apply (clause 11.12).

Trader data (completed by the Trader; required for compliance and payout purposes)

Execution. The Trader accepts this Agreement by ticking the acceptance box in the HyroTrader application. The Platform’s record of that acceptance — the version accepted, and the date, time and originating IP address of acceptance — constitutes execution under clause 29.9.