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Contents
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Definitions and Interpretation .............................................................................................................6
Parties to the Agreement and its Severability ................................................................................ 11
The Services Provided ....................................................................................................................... 12
Market Making ..................................................................................................................................... 13
Electronic Signatures and Acceptance of Agreement(s) ............................................................. 14
Acceptance and Scope of the Agreement(s) .................................................................................. 14
Authorisation ....................................................................................................................................... 15
Limitation on Investment Guidance and Professional Advice .................................................... 19
Legal Restrictions ............................................................................................................................... 19
Copyright, licenses and trademarks ................................................................................................ 20
Registration and Eligibility ................................................................................................................ 21
Experience and Knowledge .............................................................................................................. 23
Your Account with Us ........................................................................................................................ 24
Islamic / Swap-Free Accounts .......................................................................................................... 24
Special provisions for managed accounts, introduced accounts or third-party vendors ...... 25
Client’s Orders/Instructions & Execution of Orders ..................................................................... 26
CryptoCFDs ......................................................................................................................................... 29
Rollover and Offset Instructions ...................................................................................................... 31
Prices and Open Positions ................................................................................................................ 31
Margin and Collateral ......................................................................................................................... 32
Negative Balance Protection............................................................................................................. 33
Security ................................................................................................................................................ 33
Commissions, Fees and Charges .................................................................................................... 35
Payments.............................................................................................................................................. 37
Deposits, Refunds and Withdrawals ............................................................................................... 38
Chargeback .......................................................................................................................................... 40
Complaints Handling Procedure ...................................................................................................... 40
Termination of Business Relationship ............................................................................................ 41
Client Money and Assets ................................................................................................................... 41
Dormant and Archiving Policy .......................................................................................................... 42
Affiliates / Introducers of Business ................................................................................................. 43
Conflicts of Interests .......................................................................................................................... 43
Risk Disclosures, Acknowledgement and Warranties .................................................................. 43
Indemnity and Limitation of Liability ............................................................................................... 50
Technical Issues ................................................................................................................................. 53
Manifest Errors .................................................................................................................................... 53
Hyperlinks to other sites controlled and/or offered by third parties .......................................... 54
Software ............................................................................................................................................... 54
Electronic Trading Terms .................................................................................................................. 55
Recording of Telephone Conversations, Electronic Communications and Meetings............. 57
Corporate Events and Actions ......................................................................................................... 57
Prohibited Trading Technics ............................................................................................................. 58
Amendments to the Agreement(s) ................................................................................................... 60
Information Disclosure ...................................................................................................................... 60
FATCA................................................................................................................................................... 61
Common Reporting Standards (‘CRS’) ........................................................................................... 61
TAX Implications ................................................................................................................................. 61

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50.
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Privacy and Data Protection ............................................................................................................. 62
Event of Default ................................................................................................................................... 65
Force Majeure ...................................................................................................................................... 67
Notices .................................................................................................................................................. 68
Survival................................................................................................................................................. 69
Governing Law and Jurisdiction ...................................................................................................... 69

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CLIENT AGREEMENTTERMS & CONDITIONS OF BUSINESS
These are the entire terms and conditions that apply to the access and/or use of any of the website(s),Electronic Trading Platform(s), Software and/or Services (hereinafter, collectively, referred to as our “Online
Trading Facility”) that are provided by Fintrade Limited.
FinTrade Limited is a limited liability company incorporated and registered under the laws of Mauritius, with
Company number 0447 and whose registered address is at c/o Amicorp (Mauritius) Limited, 6th Floor,
NeXTeracom Building, Ebene, Mauritius. The Company is authorized and regulated by the Financial Services
Commission in Mauritius (“FSC”) under the license number GB20025835 as Investment Dealer (Full Service
Dealer excluding Underwriting) (hereinafter referred to as the “Company” and/or “Fintrade” and/or“XMTRADING” and/or "we" and/or “our” and/or "us"). The Company will provide the services specified inthis Client Service Agreement (hereafter the "Agreement").
Please read these Terms and Conditions completely and carefully before accessing and/or using our Online
Trading Facility. You must read, agree with and accept all of the terms and conditions contained in thisAgreement without modifications, which include those Terms and Conditions expressly set out below, andthose incorporated herein by reference, before you seek to become a client of the Company.
IF YOU HAVE OBJECTIONS TO ANY OF THESE TERMS AND CONDITIONS, OR ANY PART THEREOF,
AND/OR IF YOU DO NOT AGREE TO BE BOUND BY THESE TERMS AND CONDITIONS, OR ANYPART THEREOF, DO NOT ACCESS AND/OR USE OUR ONLINE TRADING FACILITY IN ANY WAY
AND INFORM US IN WRITING IMMEDIATELY.
Your access and use of our Online Trading Facility constitute your acceptance of these Terms andConditions and any other legal notices and statements contained on or in our Online Trading Facility. Your
access and use of or Online Trading Facility is governed by the version of these Terms and Conditions
that is in effect on the date on which our Online Trading Facility is accessed and/or used by you. Pleasefeel free to contact our customer support team at support@xmtrading.com for any clarifications before
you continue to access and/or use of our Online Trading Facility.
We reserve the right to amend, alter, modify, delete or add to any of the provisions of these Terms andConditions at any time, in accordance with the Terms hereof. When these Terms and Conditions are
modified (hereinafter referred to as “Changes”) we will post such Changes on our Online Trading Facility
and/or otherwise notify you of such Changes. Each such notification shall be deemed as sufficient notice
and it is your duty to consult and/or to check regularly this Agreement on our Online Trading Facility regarding
any such Changes. Therefore, you should review these pages from time to time so as to ensure that you will
be aware of any such Changes. All amended terms shall be effective five (5) calendar days after their initial
posting on our Online Trading Facility, or as of the first time that you access and/or use our Online Trading
Facility after such amendments were made, whichever is sooner. Your continued use of our Online Trading
Facility after the publication of any Changes shall be considered as your agreement to such modified Terms
and Conditions and shall be governed by those Terms and Conditions, as modified. If you do not wish to bebound by those Changes, you should cease to access and/or use our Online Trading Facility and inform us
in writing, immediately.
Some areas or parts of our Online Trading Facility may have different specific terms of access and/or use
posted on them. If there is a conflict or discrepancy between these Terms and Conditions and any suchspecific terms of access and/or use, the latter shall have precedence with respect to your access and/or useof such relevant area or part of our Online Trading Facility.
Trading on any financial market involves a significant level of risk. Please be aware then that the contents of
our Online Trading Facility are neither a solicitation, nor an offer to enter into any transactions on the financial
market(s).
The contents of our Online Trading Facility and of any communications you may receive from us, via Electronic
Messaging, website postings, e-mail, telephone, telefax or otherwise, and any part of any member’s area on
our Online Trading Facility, in particular, are for general information and educational purposes only and do

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not amount to investment advice or unsolicited financial promotions to you. Please do read our “Risk
Disclosure Notice” on our Online Trading Facility, before accessing and/or using our Online trading Facility.

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1. Definitions and Interpretation
In this Agreement:
1.1. "Account" when used in this Agreement, unless the context otherwise requires, shall mean a trading
account maintained by the Client with the Company;
1.2. "Account Opening Application Form(s)", when used in this Agreement, unless the context otherwise
requires, shall mean the account opening documentation and forms posted on our Online Trading
Facility, which need to be completed by prospective clients for the purpose of opening an Account withus; we reserve the right to refuse and/or decline your account opening application(s), at our sole discretionand for any reason, without being obliged to provide any explanation or justification;
1.3. "Act", when used in this Agreement, unless the context otherwise requires, shall mean, the Securities Act
2005, as the same may be modified and amended from time to time;
1.4. "Affiliate / Introducer of Business" when used in this Agreement, unless the context otherwise requires,shall mean the individual or entity which applies for membership to the Company’s Affiliate Program inaccordance with the terms and conditions set therein and agrees with and accepts these Terms andConditions and the Company approves his/her/its application for membership. Such individual/entity may
be remunerated by the Company by receiving a one-fixed payment with respect to each introduced Client
as identified and approved by the Company and no other payment shall be payable or paid;
1.5. "Agent" and/or "Authorised Third Party-Representative", when used in this Agreement, unless thecontext otherwise requires, shall mean an individual person or legal entity undertaking a transaction on
behalf of another individual person i.e. the Client or legal entity but in his/its own name;1.6. "Agreement", when used herein, unless the context otherwise requires, shall mean this Agreement,
inclusive of all of its annexes, appendices, addenda, attachments, schedules and exhibits andamendments, as the same may be in force from time to time and modified or amended from time to time;
1.7. "Anti-Money Laundering (“AML”) Legislation", when used in this Agreement, unless the context
otherwise requires, shall mean, collectively, the Anti-Money Laundering and Combatting the Financing ofTerrorism and Proliferation (Miscellaneous Provisions) Act 2019 and 2020, the Financial Intelligence andAnti-Money Laundering Act 2002, the Financial Intelligence and Anti-Money Laundering Regulations
2018 as these amended and as the same may be in force from time to time and modified or amended
from time to time;
1.8. "Applicable Laws, Rules and Regulations" means the rules of any relevant regulatory authority, therules of any relevant exchange, and all other applicable laws and rules in force from time to time including
among others the Securities Act 2005, the Financial Services Act 2007, the Companies Act 2001, theAnti-Money Laundering and Combatting the Financing of Terrorism and Proliferation(Miscellaneous Provisions) Act 2019 and 2020, the Financial Intelligence and Anti-Money
Laundering Act 2002, the Securities (Licensing) Rules 2007, as amended, as well as any other ruleor regulation of a relevant governmental and/or regulatory authority, the rules of any relevant investment
exchange and/or any other relevant applicable local, state, federal and international laws, rules andregulations of the countries, jurisdictions in which either one of the parties is residing, or, in the case of a
Legal Entity is formed, incorporated, domiciliation and/or doing business, as the same may be in force
from time to time and modified or amended from time to time;
1.9. "Associate", when used in this Agreement, unless the context otherwise requires, shall mean anundertaking and/or a representative whom we may appoint, or any other person with whom we have arelationship that might reasonably be expected to give rise to a community of interest between us andthem;
1.10. "Authorized Person", when used in this Agreement, unless the context otherwise requires, shall meana person authorized by a Client under a limited power-of-attorney, in accordance with these Terms andconditions, to represent such client and give instructions to us;
1.11. "Balance", when used in this Agreement, unless the context otherwise requires, shall mean the balance

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of a Client’s Account after the last account transaction(s) made, within any given period of time;
1.12. "Business Day", when used in this Agreement, unless the context otherwise requires, shall mean any
calendar day (except any Saturday or Sunday), beginning at 00:00 GMT + 2 and ending at 23:59 GMT +2, on which banks in Mauritius are open for business;
1.13. "CFD Contract" or "CFD" when used in this Agreement, unless the context otherwise requires, shallmean a contract which is a ‘contract for difference’ by reference to fluctuations in the price of the relevant
security or index; trading in CFDs is trading on the outcome of the price of an underlying exchange
instrument (e.g. an equity, currency or futures), whereby such trading does not occur on a recognized or
regulated “exchange”; trading in CFDs is not subject to delivery of the underlying exchange instrument
and/or any other interest; accordingly, the result of trading in CFDs is the difference between sell and buy
CFD transactions only;
1.14. "Client" or "client", when used in this Agreement, unless the context otherwise requires, shall mean “you”
or “your” and, in more general terms, any individual person, legal entity or firm being a customer ofFintrade Limited, who has submitted to us all required Account Opening Application Form(s) - including
in each instance, without limitation, an original certified unexpired government-issued identification
evidencing nationality, residence and bearing a photograph (e.g., driver’s license, passport, Government
residency card, or similar identification), and a valid recent official utility (water, gas, electricity, etc.) bill orbank statement, in each instance not more than three (3) months old, showing name and address, as
required under any relevant Anti-Money Laundering (“AML”) Legislation, obligations and/or procedures
applicable to us, and whom has been accepted as a Client by us in accordance with the terms of thisAgreement, in the manner set forth herein, and to whom Services will be provided by us;
1.15. "Commission, Charges & Margin Schedule", when used in this Agreement, unless the context
otherwise requires, shall mean the schedule of commissions, charges, Margin, interest and other rates
which at any time may be applicable to our Services as determined by us on a current basis; theCommission, Charges & Margin Schedule is available on our Online Trading Facility and may be supplied
separately on demand;
1.16. "Company" shall mean FinTrade Limited a limited liability company incorporated and registered under
the laws of Mauritius, with Company number 0447. The Company is authorized and regulated by the
Financial Services Commission in Mauritius (“FSC”) under the license number GB20025835 withregistered address at c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritius;
1.17. "Company’s Website" shall mean the Company’s Website(s) which is/are privately labelled, owned andhosted by us at the following URL’s: www.xmtrading.com and any related sub-domains, which is/aredesigned to attract and solicit and obtain online registrations from prospective, new clients and/or
business partners who are interested in Transactions and/or Contracts, and their respective related
pages;
1.18. "Conflict of Interest Policy", when used in this Agreement, unless the context otherwise requires, shallmean our prevailing policy regarding conflicts of interest, which is posted on our Online Trading Facility
and may be supplied separately on demand and it is hereby mentioned by reference;
1.19. "Counterpart(y)ies", when used in this Agreement, unless the context otherwise requires, shall meanbanks and/or brokers through whom we may cover our transactions and/or Contracts with client(s);1.20. "Deposit(s)", when used in this Agreement, unless the context otherwise requires, shall mean the funds
deposited and/or transferred by clients into their Account(s) with us;
1.21. "Durable Medium", when used in this Agreement, unless the context otherwise requires, shall mean any
instrument which enables clients to store information in a way accessible for future reference for a periodof time adequate for purposes of the information and which allows the unchanged reproduction of theinformation stored;
1.22. "Effective Date", when used in this Agreement, unless the context otherwise requires, shall mean thedate on which this Agreement enters into effect, as indicated on the confirmation e-mail sent by us to a
Client, indicating that such Client’s Account Opening Application Form(s) has/have been accepted;

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1.23. "Equity" shall mean the aggregate of (i) the Balance; and (ii) unrealized profit or loss on open positions(after deduction of any Charges and the application of any Spread on closing of a position);
1.24. "Event of Default", when used in this Agreement, unless the context otherwise requires, shall have themeaning given to this term in clause 51 hereinafter;
1.25. "Financial Instruments" shall mean Contracts for Differences (CFD) on spot Forex, CryptoCFDs, spot
precious metals, futures, shares or any other commodities available for trading;
1.26. "Fraud Traffic", when used in this Agreement, unless the context otherwise requires, shall mean Deposits
or traffic generated towards our Online Trading Facility through illegal means or in bad faith to defraud
the system, regardless of whether or not it actually causes us any harm; Fraud Traffic shall include, butshall not be limited to, spam, false advertising and deposits generated on stolen credit cards, collusion,
manipulation of the service, system, bonuses or promotions (including, without limitation, “sniping” or“scalping” hereinafter, collectively, referred to as “arbitrage”, ‘cash back arbitrage’, ‘interest arbitrage
and/or ‘churning’), offers to share commission(s) or bonuses directly or indirectly with traders, and anyother unauthorized use of any third party accounts, copyrights or trademarks;
1.27. "Free Margin", when used in this Agreement, unless the context otherwise requires, shall mean the funds
not used as guarantee to open positions relating to Transactions and/or Contracts entered into throughan Account; it is calculated by taking the Equity in the Account and subtracting the Margin required toopen positions relating to Transactions and/or Contracts entered into through the Account;
1.28. "Intellectual Property Assets", when used in this Agreement, unless the context otherwise requires,shall mean: (a) our Online Trading Facility; (b) our services; (c) any other of our platforms or software(including, without limitation, demos and any relevant system documentation and/or users' manuals); (d)this Agreement; (e) the Price Quotes we provide; and/or (f) any Pricing Data or other informationtransmitted via our Online Trading Facility or otherwise, including, without limitation, all Intellectual
Property Rights, directly or indirectly pertaining thereto;
1.29. "Intellectual Property Rights", when used in this Agreement, unless the context otherwise requires,shall mean all intellectual property rights such as; patents, trademarks, service marks, word marks,
copyrights, database rights, topography rights, industrial design, know-how, trade secrets, trade names,
logos, designs, symbols, emblems, insignia, slogans, marketing materials and other identifying materials,
in all forms whether or not registered or capable of registration and any other rights relating to intellectual
property in accordance with and/or under and/or pursuant to Applicable Laws, Rules and Regulations;1.30. "Listed Company", when used in this Agreement, unless the context otherwise requires, shall mean acompany whose securities are listed on a recognized Stock Exchange / regulated market;
1.31. "Margin" shall mean the necessary funds so as to open or maintain open positions in a CFD Transaction;
1.32. "Margin Call", when used in this Agreement, unless the context otherwise requires, shall mean amandatory request issued by us to increase the Margin deposited in a client’s Account in order to secure
the open positions relating to Transactions and/or Contracts entered into through an Account; when the
Margin posted in an Account is below the minimum Margin requirement, we may, but shall have no
obligation whatsoever, issue a Margin Call and in this case the client will have to either increase theMargin that he/she has deposited in his/her Account, or to close out his/her position(s); if the client does
not do any of the aforementioned and the Account reaches the defined Stop-out Level, we shall be entitled
to close all open positions relating to the Transactions and/or Contracts entered into through the Account;in that regard, it should be noted that our Online Trading Facility operates with an automated risk
monitoring, Margin Call and Stop-out facility designed to monitor the overall utilization of clients’ available
collateral in support of our prevailing Margin and cash funding requirements for the Transactions and/or
Contracts they are entering into via our Online Trading Facility; using this automated risk monitoring,
Margin Call and Stop-out facility, we will, unless otherwise stated, apply initial, maintenance or close out
Margin call at the prevailing Margin Call or Stop-out levels, as stated from time to time on our Online
Trading Facility;
1.33. "Margin Level" shall mean (Equity/ Margin) * 100; it determines the conditions of the Client’s Account.

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1.34. "MTF" means a multilateral system operated by an investment firm or market operator, which brings
together multiple third-party buying and selling interests in financial instruments in the system, in
accordance with non-discretionary rules, in a way that results in a contract;
1.35. "Market Disruption", when used in this Agreement, unless the context otherwise requires, shall mean,
with respect to any Security, the occurrence of any event or condition which in our good faith opinion has
a (a) material influence on the liquidity of, or volatility of foreign exchange rates for, the relevant Underlying
Security; (b) material influence on the settlement of transactions in relevant Underlying Securities and,
therefore, on the settlement of related Securities; or (c) impairs our ability to provide Price Quotes whichreflect the supply and demand for relevant Security, due to the fact that the settlement of the relevant
Underlying Securities is impaired;Market Disruption shall include but not be limited to, the imposition by any government authority, central
bank or multinational organization of material restrictions or limitations on the trading, transfer orsettlement of transactions in any Underlying Security(ies) (such as, the imposition of price controls,
currency exchange controls, mandatory exchange rates with respect to a particular Underlying Security
or a Force Majeure Event), which have or may have a material influence on the settlement of Transactions
and/or Contracts in related Securities;
1.36. "Market Maker", when used in this Agreement, unless the context otherwise requires, shall mean aprofessional participant in the financial markets who continuously quotes both a buy and a sell price inFinancial Instruments or commodities held in inventory in order to buy and sell respectively in the eventof interested clients, hoping to make a profit on the bid-offer spread, or turn; as such, market makers are
net sellers of an option to be adversely selected at a premium proportional to the trading range at which
they are willing to provide liquidity; being a Market Maker, we are the Client’s immediate counterpart in
relation to any Transaction and/or Contract entered into by a client via our Online Trading Facility;
1.37. "Non-Professional User/Retail User", when used in this Agreement, unless the context otherwise
requires, shall mean a person who: (a) subscribes to our Online Trading Facility as a private individual
and in a personal capacity; (b) is not currently registered or qualified as a professional securities trader,investment adviser or investment manager with any national or state exchange, regulatory authority,
professional association or recognised professional body; (c) does not currently act in any professional
capacity as a securities trader, an investment adviser or an investment manager whether or not he has
at some time been qualified to do so; and (d) uses the Online Trading Facility solely in relation to the
management of his own personal funds and not as a trader to the public or for the investment of corporate
funds;
1.38. "Online Trading Facility", when used in this Agreement, unless the context otherwise requires, shallmean, collectively and/or individually, as the context requires, all website(s), Electronic Trading
Platform(s), software and/or services provided by us, from time to time under and/or pursuant to the Termsof this Agreement;
1.39. "Order" when used in this Agreement, unless the context otherwise requires, shall mean a client’s Orderto enter into a Transaction and/or Contract in respect of a particular Security on conditions stipulated in
the Order; by default, an Order is unlimited (“GTC – Good Till Cancel”), but we and/or the Client may
define the time of expiration of the Order; basic types of Order include the following: (a) a "Market
Execution Order" which is an Order instantly executed against a price that we have provided via our
Online Trading Facility; the following features may be attached to a "Market Execution Order": (i) ‘Stop
Loss’ (an Order to close a previously opened position at a price less profitable than the price at the timeof placing the limitation) is an Order to limit losses, whereas (ii) ‘Take Profit’ (an Order to close apreviously opened position at a price more profitable than the price at the time of placing the limitation) is
an Order to limit profits; and (b) a "Pending Order", which is an Order to be executed at a later time at
the price specified in the Order; we will monitor a ‘Pending Order’ and when the price provided by us
reaches the price specified in the Order, the Order will be executed at the best available price as per ourOrder Execution Policy; the following types of Pending Orders are available: (i) ‘Buy Limit’ (an Order topurchase a Security at or below a specified price; it is triggered when the market price touches or goes
below the ‘buy limit’ price), (ii) ‘Buy Stop’ (an Order to buy a Security, which is entered at a price above
the current offering price; it is triggered when the market price touches or goes through the ‘buy stop’
price); (iii) ‘Sell Limit’ (an Order to sell a Security at a specified price or better; it is triggered when the

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market price touches or goes through the ‘sell limit’ price); and (iv) ‘Sell Stop’ (an Order to sell a Security
when it reaches a certain price; it is triggered when the market price touches or goes below the ‘sell stop’
price); the following features may also be attached to any "Pending Order": (i) ‘Stop Loss’ and/or (ii)
‘Take Profit’;
1.40. "Over-the-Counter" or "OTC", when used in this Agreement, unless the context otherwise requires, shallrefer to ‘Over-the-Counter’ trading (not on a regulated “exchange”, or “off-exchange”); any Transaction
and/or Contract concerning a commodity, security, currency or other Security or property, including any
option, future, or CFD, which is NOT traded on a regulated stock or commodity exchange, but is traded‘Over-the-Counter’, whether through a Market Maker, as described hereinabove, or otherwise;
1.41. "Party", when used in this Agreement, unless the context otherwise requires, shall refer to us and/or our
Client(s), as the case may be, as it appears from the context in which this term is used in this Agreement;
we and our Client(s) may, collectively, be referred to in this Agreement as the "Parties";
1.42. "Personal Data", when used in this Agreement, unless the context otherwise requires, shall mean and,collectively, include any information relating: (i) to an identified or (ii) to a directly or indirectly identifiable,
natural or legal Person, including, but not exclusively, any data on us, our employees, directors,
shareholders, prospects, contacts and/or suppliers and and/or our client(s);1.43. "Personal Data Protection Legislation", when used in this Agreement, unless the context otherwise
requires, shall mean, the Data Protection Act of 2017, as the same may be in force from time to time andmodified or amended from time to time and/or the General Data Protection Regulation (679/2016) whenenters into force, as may this be amended from time to time;
1.44. "Price Quote(s)" or "Quote(s)", when used in this Agreement, unless the context otherwise requires,shall mean the bid and ask prices at which a Financial Instrument can be bought and sold;
1.45. "Principal", when used in this Agreement, unless the context otherwise requires, shall mean theindividual person or the legal entity which is a party to a transaction (including, without limitation, theseTerms and Conditions, Transactions, Contracts and or any other legally binding obligations, terms
contracts and/or agreements);
1.46. "Privacy Polic(y)ies", when used in this Agreement, unless the context otherwise requires, shall mean
the “Privacy Policy” published on our website(s);1.47. "Prohibited Software", when used in this Agreement, unless the context otherwise requires, shall mean
any software that gives traders an unfair advantage; items that fall into this category shall include, butshall not be limited to, specialized software programs that are designed to exploit possible price latencies
on our Online Trading Facility or that allow for the use of technological and/or algorithmic trading patternthat are aimed at exploiting price latency arbitrage opportunities on our Online Trading Facility as further
specified, without limitation, in clause 44 (Prohibited Trading Techniques) hereinafter;
1.48. "Representative(s)", when used in this Agreement, unless the context otherwise requires, shall mean
directors, officers, employees, lawyers, advisers, agents, licensees or other authorized representatives;
1.49. "Rollover Fee(s)/Swap(s)", when used in this Agreement, unless the context otherwise requires, shallmean the interest added to or deducted from a client’s Account for rolling over (holding/transferring) open
positions relating to Finance Transactions generated through an Account, to the next day; Rollover
Fee/Swap rates are calculated as the overnight interest rate differential between the two currencies on
which the position is held depending on the position type (Buy (Long) / Sell (Short)); Rollover Fees/Swaps
are charged on the client’s Account only on the positions kept open to the next trading day; Rollover
Fees/Swaps are calculated and applied on every trading night; although there is no rollover on Saturdays
and Sundays when the markets are closed, banks still calculate interest on any position held over the
weekend; to level this time gap, we apply a 3-day rollover strategy. Particularly, for CFDs on currencies
and precious metals night rollover/swaps are charged on a triple rate on Wednesdays, whilst for CFDs
on cash indices, cash energies, cryptos and stocks a triple rate is charged on Fridays; please note that
Rollover Fees/Swap rates are subject to change at our sole discretion;
1.50. "Underlying Asset" means property of any description (including a currency or currency pair) or an index

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or other factor designated in a CFD Transaction to which reference is made to fluctuations in the value or
price for the purpose of determining profits or losses under the CFD Transaction;
1.51. “Security(ies)”, when used in this Agreement, unless the context otherwise requires, shall include any
instruments prescribed to be securities for the purposes of the Act;1.52. "Services" shall mean the services to be provided by the Company under this Agreement;
1.53. "Spread" means the difference between the lower bid price and higher offer price of a quoted two-way
price for a Financial Instrument;
1.54. "Stop-out", when used in this Agreement, unless the context otherwise requires, shall mean the situation
where, because of the equity in an Account reaches the Stop-out Level (i.e. drops below the Margin Level
required to maintain open positions – see below) or because your equity has entered into a negative
territory, our Online Trading Facility will start automatically to close trading positions (starting from theleast profitable position and until the Margin Level requirement is met) in order to prevent further accountlosses into the negative territory;
1.55. "Stop-out Level", when used in this Agreement, unless the context otherwise requires, shall mean thelevel of equity in an Account where our Online Trading Facility will start automatically to close trading
positions (starting from the least profitable position and until the Margin Level requirement is met) in orderto prevent further account losses into the negative territory; for all trading accounts the Stop-out Level isequal to 20% of the Margin Level required to maintain open positions;1.56. "Transaction", when used in this Agreement, unless the context otherwise requires, shall mean anytransaction subject to this Agreement, and shall include, without limitation: (a) transactions in Financial
Instruments (including, without limitation, contracts for differences, CryptoCFDs, spot or forward contractsof any kind in relation to any commodity, metal, financial instrument (including any security), currency,
interest rate, index or any combination thereof); (b) transactions, which are matched with any suchsupported financial Instruments (including, without limitation, contracts for differences, CryptoCFDs, spotor forward contracts of any kind in relation to any commodity, metal, financial instrument (including any
security), currency, interest rate, index or any combination thereof); and/or (c) any other transaction which
we both agree, in this Agreement;
1.57. "Regulated Market" shall mean a multilateral system that is operated or managed by a market operator
including securities exchange and that brings together or facilitates the bringing together of multiple thirdparty buying and selling interests in financial instruments within the system.
2. Parties to the Agreement and its Severability
2.1. This Agreement governs the relationship between yourself (hereinafter referred to as "you" or “your” or,in general terms, the “client”) and the Company and is electronically executed. The Client is required toaccept these terms provided that it has read and agrees with the terms of the Agreement by checking
and/or clicking the respective acceptance checkbox during the Online Account Opening Procedure which
is further explained below.
2.2. This Agreement describes in full detail the Terms and Conditions you must accept, without restrictions orobjections, before accessing and/or using our Online Trading Facility. Furthermore, before you accessand/or use our Online Trading Facility and before you become a client of the Company, you must fully
understand and agree to all the terms and conditions expressly explained and/or implied hereto, and/or
incorporated herein by reference.
2.3. This Agreement (together with its annexes, appendices, addenda, attachments, schedules and exhibits
and/or amendments) represents the entire agreement between you and us concerning the access anduse of our Online Trading Facility and it cancels and supersedes all previous arrangements or agreements
by and between you and us with respect to the subject matter hereof, superseding any othercommunications or understandings between you and us, except as determined and/or stated otherwise"in the terms agreed upon by mutual consent of the Parties".
2.4. Nothing contained in this Agreement shall be construed as requiring the commission of any act contrary
to Applicable Laws, Rules and Regulations. Whenever there is any conflict and/or discrepancy between

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Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritiusany provision of this Agreement and any present or future applicable statute, law, ordinance or regulation
governing the transactions hereunder, the latter shall prevail, but in such event the provision of thisAgreement thus affected shall be curtailed and limited only to the extent necessary to bring it within therequirement of the law.
2.5. Each part of this Agreement is a distinct undertaking. In the event that any provision of this Agreement isheld to be invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, suchinvalidity, illegality or unenforceability shall not affect any other provision or part of a provision of thisAgreement, which shall remain in full force and effect and shall in no way be affected or invalidated. With
respect to the provisions of this Agreement, which are held to be invalid or unenforceable, in whole or inpart, the Parties will negotiate in good faith with the intention to replace the void provision with a valid onethat in its economic effect complies best with the void provision in a manner consistent with their joint
intention as expressed herein and this Agreement shall, to the fullest extent lawful, be reformed andconstrued as if such invalid or illegal or unenforceable provision, or part of a provision, had never been
contained herein, and such provision or part reformed so that it would be valid, legal and enforceable tothe maximum extent possible.
2.6. Without limiting the foregoing, if any provision (or part of provision) contained in this Agreement shall for
any reason be held to be excessively broad as to duration, activity or subject, it shall be construed bylimiting and reducing it, so as to be enforceable to the fullest extent compatible with the existing applicablelaw.
2.7. Where any form of the word “Online Trading Facility” appears in this Agreement, it will be interpreted
as if followed by the phrase “and/or any component or part thereof”, unless the context requires otherwise.
2.8. Where any of the words “purchase” and/or “sale” and/or “buy” and/or “sell” appear in this Agreement,
unless the context otherwise requires, they will be read and construed as technical terms only, as thisAgreement does NOT envisage the transfer of title to any Financial Instruments (“delivery”) tradedhereunder.
3. The Services Provided
3.1. The Company is licensed under the Financial Securities Commission (‘FSC’) of Mauritius to act asintermediary in the execution of securities transactions for Clients. We will act as principal (and Market
Maker) with the intention of reselling these securities to the public and not as agent on your behalf. We
shall treat you as a Retail Client, unless we notify you otherwise.
3.2. You act as Principal and sole beneficial owner (but NOT as trustee) in entering into this Agreement and/or
any Transactions and/or Contracts via our Online Trading Facility.
3.3. Our Services shall involve Transactions in Financial Instruments not admitted to trading in RegulatedMarkets or an MTF, but in the off-exchange/Over-the-Counter (‘OTC’) market, including traded
instruments such as CFDs or any other financial instruments or commodities. In general, the Over-TheCounter (OTC) Market is unregulated, there are no limitations on daily price movements (unless imposedby a government or central bank authority), no rules to regulate valuation or settlement procedures, andno minimum financial requirements for market participants. Accordingly, it may be difficult or impossible
to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure
to risk. For these reasons, these transactions may involve increased risks. Off-exchange Transactions
may be less regulated or subject to a separate regulatory regime. Before you undertake such
Transactions, you should familiarize yourself with applicable rules and attendant risks.
3.4. As part of our Services, we will use reasonable commercial efforts to supply you with the informational
and technical means to access and use our Online Trading Facility, and provide you with market accessand trade execution services (“Transactions”) in supported Financial Instruments on a ‘rolling spot’ or‘swap’ basis, in a twenty-four-hour mode of operation, from Sunday 22:05 GMT to Friday 21:50 GMT,
except on official public holidays in the USA and Europe (“Dealing Hours” or “Trading Hours”), subject
to the relevant markets in London, the USA and/or Asia being open.

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4. Market Making
4.1. You are specifically made aware that in certain markets, including the foreign exchange markets, OTC
foreign exchange options and CFD Contracts, we may act as a “Market Maker”, i.e., we may take therisk of holding a certain number of Financial Instruments in order to facilitate trading in these Financial
Instruments by displaying/quoting ‘bid’ and ‘ask’ prices (‘buy’ and ‘sell’ quotations) for such Financial
Instruments on our Online Trading Facility and filling Orders received in respect to such Financial
Instruments from our own inventory or seeking an offsetting Order.
4.2. In order for us to provide Price Quotes with the swiftness normally associated with speculative trading,we may have to rely on available price or available information that may later prove to be faulty due tospecific market circumstances, for instance, but not limited to, lack of liquidity in, or suspension of an
Underlying Instrument or asset or errors in feeds from information providers or in Price Quotes from ourCounterparties. In these circumstances, provided that we have acted in good faith when providing therelevant Price Quote to you, we may cancel the relevant Transaction and/or Contract with you, but shalldo so within reasonable time and shall provide you with a full explanation for the reason of suchcancellation.
4.3. Following execution of any position with you, we may, at our reasonable discretion, subsequently offset
each such position with you with another client position or with a position with one of our Counterparties,
or we may decide to retain a proprietary position in the Market with the intention to obtain trading profits
from such positions. Such decisions and actions may therefore result in us offsetting client positions at
prices different – sometimes significantly different – from the Price Quotes provided to you, resulting in
trading profits or losses for us. This in turn, can raise the possibility of you incurring, what may be seenas, an implied cost (i.e., the difference between the price at which you traded with us and the price atwhich we subsequently traded with our Counterparties and/or other clients), due to any profits realised byus as a result of the Market Making function. Please also note, however, that the Market Making function
may involve significant costs to us, if the market moves against us in comparison to the price at which we
traded with you.
4.4. You accept that, in such Markets where we act as Market Maker, we may hold positions that are contrary
to your positions and/or the positions of certain other of our clients, resulting in potential conflicts of interest
between us, and any such other of our clients.
4.5. In Markets, where we act as a Market Maker, you accept that we have no obligation to quote prices toyou and/or any of our other clients, at any time in any given Market, nor shall we have an obligation toprovide such Price Quotes to you and/or any of our other clients with a specific maximum spread.
4.6. You acknowledges, recognize and accept that the Price Quotes provided to you include a ‘spread’ whencompared with the price for which we may have covered or expected to be able to ‘cover’ the Transaction
or Contract in a trade with another client or a Counterparty; furthermore, you acknowledge, recognize andaccept that the said ‘spread’ constitutes remuneration to us and that such ‘spread’ cannot necessarily becalculated individually for all Transactions and/or Contracts and that such ‘spread’ will not be specified at
the Settlement/Trade Confirmation or otherwise revealed to you.
4.7. Any commission costs, interest charges, costs associated to and included in the ‘spreads’ that are part of
the Price Quotes provided by us as a Market Maker in certain Markets, and any other fees and charges
will consequently influence you trading result(s) and may have a negative effect on your trading
performance compared to a situation in which such commission costs, interest charges, costs associatedto and included in the’ spreads’, would not apply.
4.8. Whilst dealing ‘spreads’ and commissions are normally considered moderate seen in relation to the valueof the Financial Instruments traded, such costs may be considerable when compared with your Margindeposit. As a consequence thereof, your Margin deposit may be depleted by the trading losses, which
you may incur and by the directly visible dealing costs such as commissions, interest charges andbrokerage fees, as well as by the afore-mentioned invisible costs for you that are caused by our
performance as a Market Maker.
4.9. If you are an active trader and you are undertaking numerous Transactions and/or Contracts, the total

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Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritiusimpact of visible as well as invisible costs may be significant. Consequently, you may have to obtainsignificant profits in order to cover the costs associated with the trading activities you undertake with us
as a Market Maker. For very active clients, such costs may over time exceed the value of the Margindeposited with us. Normally, when trading Margined derivatives, the lower the percentage of theapplicable Margin rate, the higher the proportion of the costs associated with executing a Transaction
and/or Contract.
4.10. You are hereby specifically made aware that in the area of Market Making in foreign exchange, CFD
Contracts and other OTC products, significant implied costs can arise as a consequence of the profits
made by us performing in our capacity as a Market Maker; thus, our performance as a Market Maker may
negatively affect your Account with us and the said associated costs may neither directly visible nor
directly quantifiable for you at any time.
4.11. You are hereby specifically made aware that CFDs may be OTC products quoted by us whilst operating
as a Market Maker, and are not traded on a recognized stock exchange. As a result, the description aboveof the implied, not visible costs related to our performance as a Market Maker, may also apply to any CFD
Contract.
5. Electronic Signatures and Acceptance of Agreement(s)5.1. You hereby expressly acknowledge and agree that: (a) by downloading, completing and/or submitting to
us the account documentation and forms posted on our Online Trading Facility (hereinafter referred to as
the “Account Opening Application Form(s)”) and/or clicking in the appropriate space, or on the “I
Accept” button, or similar buttons or links as may be designated by us to show your approval andacceptance of this Agreement, and/or (b) by accessing or using, and/or by continuing to access or use,
our Online Trading Facility, you are entering into a legally binding contract by and between you and us,
and you fully agree to abide by and to be bound by all the Terms and Conditions set out in this Agreement,
as they may apply to you.
5.2. You hereby agree to communications being made, and to the delivery of this Agreement and/or any
agreements by and between us, or changes in these Terms and Conditions, via electronic media(including, without limitation, Electronic Messaging, website postings e-mail, or other electronic means)to the extent permitted by Applicable Laws, Rules and Regulations. Communications being made via
electronic media in order to enter into contracts, place Orders and other records and to the electronicdelivery of notices, policies and records of transactions initiated or completed through our Online Trading
Facility and/or in relation thereto, shall, to the extent permitted by Applicable Laws, Rules and Regulations,be treated as satisfying any legal requirement that a communication should be ‘signed’ and ‘in writing’.
Accordingly, any such documents that are delivered to you electronically are deemed to be "in writing".
5.3. If your signature or acknowledgement is required or requested with respect to any such document andyou "click" in the appropriate space, or on the “I Accept” button, “Submit” button, or on similar buttons
or links as may be designated by us to show your approval and acceptance thereof, or take such otheraction as may be indicated on our Online Trading Facility, you will be deemed to have ‘signed’ and/or
acknowledged the document to the same extent and with the same effect as if you had signed the
document manually. To the extent permitted under applicable mandatory law, you hereby waive any rights
or requirements under any Applicable Laws, Rules and Regulations in any jurisdiction, which require an
original (non-electronic) signature or delivery or retention of non-electronic records.
5.4. You hereby expressly acknowledge your understanding that you have the right to withdraw your consent
to the electronic delivery and signature of documents at any time by providing prior written notice to us.
However, if you revoke your consent, your access to and/or use of our Online Trading Facility may be
restricted or terminated, at our sole discretion and without any obligation on our end to provide you withany explanation and/or justification thereof.
6. Acceptance and Scope of the Agreement(s)6.1. We shall evaluate the Account Opening Application Form(s) you submitted for the purpose of
becoming a client of us and shall inform you by e-mail whether your application is accepted or not. We
reserve the right to refuse and/or decline your application(s), at our sole discretion and for any reason,

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without being obliged to provide you with any explanation or justification.
6.2. Without prejudice to the provisions of clause 5.1 hereinabove, in particular as regards your acceptanceand acknowledgement of this Agreement, we will become a Counterparty bound to this Agreement,
and this Agreement will become binding on us, only as of the date on which we are sending the abovementioned confirmation e-mail, as indicated thereon (the “Effective Date”).
6.3. This Agreement applies to all of our Online Trading Facility, including, without limitation, all electronic
content thereof and/or software provide thereon (including, without limitation, all real time information
about the Price Quotes of supported Securities provided thereon); as well as all program facilities for
executing Transactions in supported Securities via our Online Trading Facility via the Internet,
Electronic Messaging, website postings, e-mail, phone, fax or otherwise, and any other features,content or services that we may add in the future.
6.4. We may, from time to time, send to you further communications in respect of certain Transactions
and/or Contracts, which may contain specific legal and/or contractual provisions applicable withrespect to such Transactions and/or Contracts. In the event of any conflict and/or discrepancy between
the clauses of this Agreement and/or its annexes, appendices, addenda, attachments, schedules
and/or exhibits, and the legal and/or contractual provisions set forth in such communications to you in
respect of certain Transactions and/or Contracts, the latter shall prevail. The fact that a legal and/or
contractual provision is specifically set forth herein, or is included in a specific communication to you,in respect of one particular Transaction and/or Contract, shall not preclude a similar legal and/or
contractual provision being expressed or implied, or being applicable, in relation to any otherTransaction and/or Contract.
7. Authorisation
7.1. Our Online Trading Facility is available to, and may only be used by individuals, which can form legallybinding contracts under the law applicable to their country of residence Without limiting the foregoing,
our Online Trading Facility is NOT available to persons who are under the age of 18, or otherwise underlegal age in their country of residence (hereinafter referred to as "Minors"), or who, otherwise, cannot
form legally binding contracts under the law(s) applicable in their country of residence.
7.2. For avoidance of doubt, we shall not be responsible for any unauthorized access and/or use by Minors
of our Online Trading Facility in any way or manner and we are not responsible for determining whether
any Transactions and/or Contracts you may enter into via our Online Trading Platform are suitable,
appropriate or advisable to you.
7.3. In accordance with the foregoing, you hereby represent and warrant, without prejudice to any otherrepresentations, warranties and/or covenants made under this Agreement: (a) that you are an individual
who can form legally binding contracts under the laws applicable in your country of residence; (b) if you
are an individual, that you are above the age of 18 or otherwise above the legal age in your country ofresidence; (c) that all of the information provided by you to us for the purposes of, or in the context of,
opening an account with us and/or accessing and/or using our Online Trading Facility (in particular, but
without limitation, in your Account Opening Application Form(s)) is correct and current; (d) that you
have all necessary rights, power, and authority to enter into this Agreement and to perform the acts
required of you hereunder; (e) that you are not a politically exposed person and you do not have any
relationship (e.g., relative, associate, etc.) with a person who holds or held during the last three (3)years any public position; (f) you are not an employee of a Listed Company.
7.4. We do not accept any trading from clients who are employed by a Listed Company. We reserve theright in such cases, in our sole discretion, to impose any restrictions deem appropriate on your trading
account(s), including the immediate termination of our business relationship, and thus, the close-out of
any open Transactions and/or Contracts without prior notice and without being obliged to provide youwith any explanation or justification.
7.5. IF ANY OF THE STATEMENTS SET FORTH IN THE IMMEDIATELY PRECEDING PARAGRAPH IS
UNTRUE OR INACCURATE WITH RESPECT TO YOU, PLEASE INFORM OUR CLIENT SUPPORTTEAM IMMEDIATELY IN WRITING AND WE SHALL INFORM YOU IF, HOW AND/OR WHETHEREmail: info@xmtrading.com | Web: www.xmtrading.com
Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritius

YOU MAY CONTINUE TO ACCESS AND/OR USE OUR ONLINE TRADING FACILITY.
7.6. In agreeing to these Terms and Conditions, you authorize us, or agents acting on our behalf toinvestigate your credit standing and in connection therewith to contact such banks, financial institutions
and credit agencies as we shall deem appropriate to verify such information. You further authorize us
to investigate any current and past investment activity, and in connection therewith, to contact such,exchanges, broker/dealers, banks, and others as we shall deem appropriate.
8. Limited License, Access to Use our Online Trading Facility and Restrictions
8.1. Subject to the Terms and Conditions set forth herein, we hereby grant you a non-exclusive, revocable,
non-transferable, limited and personal license (which is incapable of sub-license or transfer by you,without our express prior and written agreement) to access and use our Online Trading Facility (the"License") in accordance with these Terms. This license is conditioned on your continued compliancewith the Terms and Conditions set forth in this Agreement. Before we grant you access to our Online
Trading Facility, you will already need to be (and be accepted as) a Client of ours and to have opened
an Account with us. These Terms supplement and form part of the Account Opening Application
Form(s). If there is a conflict between these Terms and the terms of the Account Opening Application
Form(s), these Terms will prevail regarding our Online Trading Facility.
8.2. We may be required by a Third-Party Service Provider to require you to comply with additional
restrictions on your access and/or usage of our Online Trading Facility. You agree that you will comply
with any additional restrictions on your access and/or usages that we may communicate to you fromtime to time, or that are otherwise the subject of an agreement between you and such Third-Party
Service Providers. You acknowledge that failure to comply with such additional restrictions may resultin your access to and/or usage of all or part of our Online Trading Facility being restricted, suspended
or terminated.
8.3. Our Online Trading Facility is intended for your personal, non-commercial use only, unless we haveexpressly agreed otherwise beforehand and in writing. You agree to use the information received fromour Online Trading Facility (and/or from any other of our information systems) for the sole purpose ofentering into and executing Transactions and/or Contracts through our Online Trading Platform. You
represent and warrant to us as of the date of acceptance of these Terms and Conditions and each time
you access our Online Trading Facility that you are accessing and/or using our Online Trading Facility
for your personal, non-commercial use only. You will notify us immediately in writing if you areaccessing and/or using our Online Trading Facility for purposes other than your personal, noncommercial use only and you acknowledge that as a result of doing so we may restrict, suspend and/or
terminate your access to all or part of our Online Trading Facility, at our sole discretion, without being
obliged to provide you with any explanation or justification.
8.4. For the avoidance of doubt, you shall at all times be responsible for, and shall be bound by, any
unauthorized access and/or use of our Online Trading Facility, made in breach of this Agreement.
8.5. It is your obligation to keep your Account numbers, usernames and passwords (“Access Codes”)
strictly confidential. You acknowledge and agree that any instruction or communication transmitted via
our Online Trading Facility by you or on your behalf, or through your Account, is made entirely at yourown risk. You hereby expressly authorize us to rely and act on, and treat as fully authorized and binding
upon you, any instruction given to us that we believe to have been given by you or on your behalf by
any agent or intermediary whom we believe in good faith to have been duly authorized by you. You
acknowledge and agree that we shall be entitled to rely upon your Account number, Access Codes(usernames and/or passwords) to identify you and agree you will not disclose this information to anyone
not duly authorized by you.
8.6. Because all servers have limited capacity and are used by many people, you agree not to use ourOnline Trading Facility in any manner that could damage or overburden any of our servers, or any
network connected to any of our servers and not to use our Online Trading Facility in any manner thatwould interfere with any other party's use of our Online Trading Facility. You further agree not to use
any Electronic Messaging and/or communication feature of our Online Trading Facility for any purposethat is unlawful, tortuous, abusive and intrusive on another's privacy, harassing, libellous, defamatory,

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embarrassing, obscene, threatening or hateful.
8.7. The License granted under this Agreement will be terminated with immediate effect if we believe that
any information provided by you, including, without limitation, any identification evidencing nationality,
residence, contact details, including without limitation your e-mail address, is no longer current or
accurate, or if you fail to otherwise comply with any Term of this Agreement and/or any rules and/or
guidelines imposed by us, or if we were to establish that you have abused in any way (including, but
not limited to, engaging in Transactions and/or Contracts on out of market rates) through our Online
Trading Facility.
8.8. Upon such violation, you agree to cease, with immediate effect, accessing and/or using our Online
Trading Facility. You agree that, under these circumstances, we shall be entitled, at our sole discretion
and with or without prior notice and without prejudice to any other remedies we may have under thisAgreement, to terminate your access to our Online Trading Facility, close any and all of your open
positions and/or remove and discard any related information or content within our Online Trading
Facility.
8.9. We reserve the right to suspend the operation of our Online Trading Facility, or any part(s) or sections
thereof, at any time. In such an event, we may, at our sole discretion (with or without notice), close out
your open positions, Transactions and/or Contracts at prices we consider fair and reasonable at suchtime, and no claims may be entertained against us in connection thereto.
8.10. We may, at our sole discretion, impose volume or other limits on any / all Accounts.
8.11. Contract pay-outs shall be determined by us by reference to the daily values reported on our Online
Trading Facility, relevant to the interbank trading data received by us for Transaction and/or Contract
quotes, subject to the ‘proviso’ that we shall be entitled to make corrections to such data in the eventof mispriced or typographically incorrect data.
8.12. You understand that while the Internet and the World Wide Web are generally reliable, technicalproblems or other conditions may delay or prevent you from accessing and/or using our Online Trading
Facility.
9. Accuracy of Information and Third-Party Content and Research

9.1. While we have made every effort to ensure the accuracy of the information posted on our Online
Trading Facility, the information and content on our Online Trading Facility is subject to change without
notice and is provided for the sole purpose of assisting traders to make independent investment
decisions.
9.2. While we have taken reasonable measures to ensure the accuracy of the information on our Online
Trading Facility, we do not, however, guarantee its accuracy, and will not accept liability for any loss ordamage that may arise directly or indirectly from the content or your inability to access our Online
Trading Facility, for any delay in or failure of the transmission or the receipt of any instruction or
notifications sent through our Online Trading Facility.
9.3. All content on our Online Trading Facility is presented only as of the date published or indicated, andmay be superseded by subsequent market events or for other reasons. In addition, you are responsible
for setting the cache settings on your browser to ensure you are receiving the most recent data.
9.4. At certain times, we may provide various analytical tools (such as market data, exchange rates, news,
headlines and graphs), links to other websites, circulate newsletter and/or provide you with third parties’
information on our Online Trading Facility, for your convenience only. By doing so, we are notendorsing, giving any representation, warranting, guaranteeing or sponsoring the accuracy,
correctness, timeliness, completeness, suitability of such information for you and/or as to the effect orconsequences of such information on you. Such information and tools are provided solely to assist you
to make your own investment decisions and does not amount to investment advice or unsolicitedfinancial promotions to you.

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9.5. You understand that we are not obligated to continue to provide the above-mentioned tools andinformation and we may remove such informational tools from our Online Trading Facility at any time.
Furthermore, we are not obligated to update the information displayed on our Online Trading Facility at
any time and we will not be liable for the termination, interruption, delay or inaccuracy of any suchinformation. The financial information we post on our Online Trading Facility may be provided by third
parties for the benefit or our clients and as such you undertake not to enable deep linking or any otherform of redistribution or reuse of the information, to any non-authorized users. As such, we urge you toread and fully understand the terms and conditions and other policies of such websites, newslettersand information before using them.
9.6. Any information or material placed on our websites by third parties (“Third Party Content”) reflects solely
and exclusively the views, and are the responsibility of, those who post such information or material,and do not represent our views and/or those of our Associates. Such information is not to be considered
as constituting a track record. Past performance is no guarantee of future results and we specificallyadvise clients and prospects to carefully review all claims and representations made by other traders,
advisors, bloggers, money managers and system vendors before making an investment decision on
the basis of any of the foregoing.
IN NO EVENT SHALL WE AND/OR ANY OF OUR AFFILIATES BE LIABLE, DIRECTLY OR
INDIRECTLY, TO ANYONE FOR ANY DAMAGE OR LOSS ARISING FROM OR RELATING TO ANY
USE, CONTINUED USE OR RELIANCE ON ANY SUCH TOOLS, WEBSITES, NEWSLETTERS
AND/OR INFORMATION PROVIDED ON OUR ONLINE TRADING FACILITY. IN PARTICULAR,
WITH RESPECT TO ANY MARKET DATA, EXCHANGE RATES, NEWS, HEADLINES AND GRAPHS
AND/OR OTHER INFORMATION THAT WE AND/OR ANY THIRD PARTY SERVICE PROVIDERPROVIDES TO YOU IN CONNECTION WITH YOUR USE OF OUR ONLINE TRADING FACILITY: (I)WE ARE NOT RESPONSIBLE OR LIABLE IF ANY SUCH DATA OR INFORMATION IS
INACCURATE OR INCOMPLETE IN ANY RESPECT; (II) YOU ARE RESPONSIBLE (AND WESHALL NOT BE LIABLE) FOR ANY ACTIONS THAT YOU TAKE OR REFRAIN FROM TAKING AS
A RESULT OF SUCH DATA OR INFORMATION; (III) YOU WILL NOT USE SUCH DATA OR
INFORMATION FOR AN INAPPROPRIATE OR ILLEGAL PURPOSE; (IV) YOU ACKNOWLEDGE
THAT ANY SUCH DATA OR INFORMATION IS OUR PROPERTY AND/OR, AS THE CASE
MAY BE, THE PROPERTY OF OUR THIRD PARTY SERVICE PROVIDERS AND YOU WILLNOT RETRANSMIT OR DISCLOSE SUCH DATA OR INFORMATION TO THIRD PARTIES EXCEPTAS REQUIRED BY RELEVANT LAW; AND (V) YOU WILL USE SUCH DATA OR INFORMATIONSOLELY IN COMPLIANCE WITH ALL RELEVANT APPLICABLE LAWS, RULES AND
REGULATIONS.
9.7. Neither we, nor our officers, principals, employees, Representatives or agents shall be liable to any
person for any losses, damages, costs or expenses (including, but not limited to, loss of profits, loss ofuse, direct, indirect, incidental or consequential damages) resulting from any errors in, omissions of oralterations to any such tools, websites, newsletters and/or information. The foregoing shall apply
regardless of whether a claim arises in contract, tort, negligence, strict liability otherwise.
9.8. As previously indicated, our Online Trading Facility may include general news and information,commentary, interactive tools, quotes, research reports and data concerning the foreign exchange
markets, other financial markets and other subjects.
9.9. Some of this content may be supplied by Persons that are not affiliated with us ("Third Party Content").
The source of all such Third-Party Content is clearly and prominently identified on our Online Trading
Facility and is reproduced with the permission of the respective owners.
9.10. Third Party Content may be available through framed areas, through hyperlinks to third party websites,or may simply be published on our Online Trading Facility. As indicated above, the Third-Party Content
is protected by applicable intellectual property laws and international treaties and is owned by orlicensed from the Third-Party Content provider(s) credited.
9.11. We do not, explicitly or implicitly, endorse or approve such Third-Party Content. The Third-Party
Content providers do not, implicitly or explicitly, endorse or approve the Third-Party Content, nor should
their content be construed as legal, tax or investment advice.

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9.12. While we make every attempt to provide accurate and timely information to serve the needs of ourClients, neither we, nor any of our Third-Party Content providers guarantee its accuracy, timeliness,completeness or usefulness, and neither we, nor any of our Third-Party Content providers is/areresponsible or liable for any such content, including any advertising, products, or other materials on oravailable from third party websites. Third Party Content is provided for informational purposes only and
we, as well as the Third-Party Content providers specifically disclaim any liability for Third Party Content
available on our Online Trading Facility. You will use Third Party Content only at your own risk.
9.13. ANY THIRD-PARTY CONTENT ON OUR ONLINE TRADING FACILITY IS PROVIDED ON AN "ASIS" BASIS. OUR THIRD-PARTY CONTENT PROVIDERS EXPRESSLY DISCLAIM ALL
WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANYWARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NONINFRINGEMENT.
9.14. THE THIRD PARTY CONTENT PROVIDERS AND THEIR PARENTS, SUBSIDIARIES, AFFILIATES,SERVICE PROVIDERS, LICENSORS, OFFICERS, DIRECTORS OR EMPLOYEES SHALL NOT BE
LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGESARISING OUT OF OR RELATING TO THE USE OR THE INABILITY TO USE THE THIRD PARTYCONTENT, INCLUDING BUT NOT LIMITED TO DAMAGES FOR LOSS OF PROFITS, USE, DATA OR
OTHER INTANGIBLE DAMAGES, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE
POSSIBILITY OF SUCH DAMAGES.
10. Limitation on Investment Guidance and Professional Advice
10.1. Our Online Trading Facility is NOT intended to provide legal, tax or investment advice. Any and all
information on our Online Trading Facility is for educational purposes only and is under no circumstanceintended to provide legal, tax or investment advice and no guarantee is represented from any
statements about profits or income, whether express or implied.
10.2. You are solely responsible for determining whether any investment, investment strategy or relatedtransaction is appropriate for you based on your personal investment objectives, financial
circumstances and risk tolerance. You should consult your legal or tax professional regarding yourspecific situation.
11. Legal Restrictions
11.1. Without limiting any of the foregoing, our Online Trading Facility is NOT available where it is illegal toaccess and/or use, and we reserve the right to refuse, decline and/or cancel our Online Trading Facility
and/or any part or component thereof, at our sole discretion and for any reason, at any time, without
being obliged to provide you with any explanation or justification thereof.
11.2. In that regard, you understand that the laws regarding financial contracts vary throughout the world,
and that it is your, and only your obligation alone to ensure that you fully comply with any law, regulation
or directive, relevant to your country of residency, or, in the case of a Legal Entity, in its country offormation, incorporation and/or domiciliation, with regard to accessing and/or using our Online Trading
Facility. For avoidance of doubt, the ability to access our Online Trading Facility does NOT necessarilymean that our Online Trading Facility, and/or any activities you may undertake through it, is/are legal
under the laws, regulations or directives relevant to your country of residency, or, in the case of a Legal
Entity, in its country of formation, incorporation and/or domiciliation. IF OUR ONLINE TRADING
FACILITY, AND/OR ANY ACTIVITIES YOU MAY UNDERTAKE THROUGH IT, IS/ARE NOT LEGALUNDER THE LAWS, REGULATIONS OR DIRECTIVES RELEVANT TO YOUR COUNTRY OF
RESIDENCY, OR, IN THE CASE OF A LEGAL ENTITY, IN ITS COUNTRY OF FORMATION,
INCORPORATION AND/OR DOMICILIATION, PLEASE DO NOT ACCESS AND/OR USE OUR
ONLINE TRADING FACILITY AND INFORM US IN WRITING IMMEDIATELY.
11.3. Our Online Trading Facility does NOT constitute, and may NOT be used for the purposes of, an offer
and/or solicitation to anyone in any jurisdiction in which such offer and/or solicitation is not authorized,
and/or to any person to whom it is unlawful to make such an offer and/or solicitation. Access to and/or

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use of our Online Trading Facility, and the offering of financial contracts via our Online Trading Facility,
may be restricted in certain jurisdictions, and, accordingly, users accessing our Online Trading Facility
are required to inform themselves of, and to observe, such restrictions.
11.4. IMPORTANT NOTE: WE DO NOT ACCEPT ANY TRADING FROM CLIENTS RESIDING IN THE
UNITED STATES. WE RESERVE THE RIGHT TO IMPOSE ADDITIONAL REQUIREMENTS OR PRECONDITIONS TO ACCEPT CLIENTS RESIDING IN OR FROM SPECIFIC COUNTRIES AT ANY TIME
AND AT OUR SOLE AND EXCLUSIVE DISCRETION, WITHOUT BEING OBLIGED TO PROVIDEANY EXPLANATION OR JUSTIFICATION.
12. Copyright, licenses and trademarks
12.1. The entire contents of our Online Trading Facility, including but not limited to all copyrights, trademarks,
patents, service marks, trade names, software code, icons, logos, characters, layouts, trade secrets,
buttons, colour scheme and graphics, are protected by international copyright and trademark laws.
Except for third party content, the contents of our Online Trading Facility are original works of authorship
published by us, or by, or on behalf of our Third Party Licensors. We have the exclusive rights to
reproduce, display, prepare derivative works or distribute. The names, logos, trademarks, copyrights
and all other intellectual property rights in all of the material and software on our Online Trading Facility
are owned by us or by our Third Party Licensors. All third-party owned materials contained on our
Online Trading Facility are reproduced with the permission of the respective owners.
12.2. You may not, without our prior written permission, alter, modify, copy, reproduce, republish,
upload, post, transmit, distribute or commercially exploit, in any manner whatsoever, any materials,
including text, graphics, video, audio, software code, user interface design or logos, from our Online
Trading Facility, except that you may print and download portions of material from the different areasof our Online Trading Facility solely for your own, non-commercial, use provided that you agree not tochange or delete any copyright or proprietary notices from such materials. All referenced third party
logo’s trademarks and products on the site are the property of the respective (site) owner(s) and mustnot be used or distributed without permission of the owner(s). Any violation of these provisions will nulland void the License granted hereunder.
12.3. You agree not to "deep-link" to our Online Trading Facility, resell or permit access to our Online Trading
Facility to others, and not to copy any materials appearing on our Online Trading Facility for resale orfor any other purpose to others, without our express, prior and written consent. In those instanceswhere we may permit you to link from another website to our Online Trading Facility, your website, as
well as the link itself, may not, without our express prior and written permission, suggest that weendorse, sponsor or are affiliated with any third-party website, entity, service or product, and you may
NOT make use of any of our logo’s, trademarks or service marks other than those contained within the
text of the link.
12.4. All copyrights, trademarks, patents, trade secrets and other title, ownership rights and Intellectual
Property Rights in and/or relating to: (a) our Online Trading Facility; (b) our Services; (c) any other ofour platforms or Software (including, without limitation, Demos and any relevant System Documentation
and/or users' manuals); (d) this Agreement; (e) the Price Quotes we provide; and/or (f) any Pricing Dataor other information transmitted via our Online Trading Facility or otherwise, (hereinafter, collectively,
referred to as “Intellectual Property Assets”), are our sole and exclusive property and/or, as the casemay be, of our the third party service provider(s) which granted us the right to supply them (“Third
Party Licensors”). Our Online Trading Facility (including, without limitation, any other of our platforms
or Software) may incorporate third party data, text, images, software, multi-media materials and othercontent (“Third Party Content”) and references to the term “Intellectual Property Assets” shall betaken to include all materials, content and services made available from time to time via our Online
Trading Facility, whether viewed on screen or downloaded to another computer including, without
limitation, Third Party Content.
12.5. Under no circumstances shall you remove any copyright notification from any of our Intellectual
Property Assets or unlawfully use any of our Intellectual Property Assets. You will not publish, distribute,or otherwise make any of our Intellectual Property Assets available to third parties any information
derived from or relating to our Intellectual Property Assets, Website(s), Services, Online Trading Facility

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Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritiusand/or Software provided. Except as otherwise specifically agreed in writing or to the extent necessary
for you to view our Online Trading Facility in accordance with these Terms, you shall not: (a) copy,
interfere with, tamper with, alter, amend or modify any of our Intellectual Property Assets and/or any
component thereof, in whole or in part (except to make backup copies solely for disaster recovery
purposes); (b) display, reproduce, create derivative works from, transmit, sell, distribute, rent, lease,sublicense, time-share, lend or transfer or in any way exploit our Intellectual Property Assets and/or
any component thereof, in whole or in part; (c) embed our Intellectual Property Assets and/or any
component thereof, into other products; (d) use our Intellectual Property Assets and/or any component
thereof, in any timesharing arrangement; (e) create function calls or other embedded links from any
software program to our Intellectual Property Assets and/or any component thereof; (f) remove or
obscure any of our copyright notices or those of any of our Third Party Licensors from any of ourIntellectual Property Assets and/or any component thereof, (g) use any of our trademarks, service
marks, trade names, domain names, logos, or other identifiers, or those of any of our Third Party
Licensors (collectively “Marks”); or (h) save to the extent permitted by Applicable Laws, Rules andRegulations reverse engineer, decompile, disassemble, or access the source code of any of ourIntellectual Property Assets and/or any component thereof.
12.6. Any copies of our Online Trading Facility, or any part thereof, made in accordance with any Applicable
Laws, Rules and Regulations are subject to the terms and conditions of this Agreement. You shallensure that all our trademark, copyright and restricted rights notices, and where appropriate those of
our Third Party licensors, are reproduced on these copies. You shall maintain an up-to-date written
record of the number of such copies made by you. If we so request, you shall as soon as reasonably
practical, provide to us a statement of the number and whereabouts of any and all of such copies.
12.7. Any permitted use of Marks shall be subject to our, respectively our Third Party Licensors’, quality
control standards, and all associated goodwill shall inure to our, respectively, our Third Party Licensors’
benefit.
13. Registration and Eligibility
13.1. We are obligated by law to confirm and verify the identity of each person who registers on our systemand opens an Account with us; therefore, as part of our obligations to comply with applicable “AntiMoney Laundering (“AML”) Legislation”, you will be prompted to provide us with the following
information when you register with us: (a) name; (b) address/ residency; (c) date of birth; (d) nationality;(e) contact information; (f) payment instructions; (g) any other personally identifiable information that
we may ask for from time to time, such as a copy of your Passport and/or other identifying documents;and (h) any other information as required by applicable laws and regulations (e.g., CRS, FATCA, etc.).
13.2. It is further understood that Company reserves the right to impose additional due diligencerequirements to accept Clients residing in certain countries where the risk of money laundering may behigher. During the customer identification and due diligence checks the Company shall apply processes
to verify the Client’s identity for which (amongst other things) photo identification information will be
required by the Client. In certain circumstances we may require this information to be authenticated by
an appropriate third party.
13.3. At any given time, starting from the date of your registration with us, we may ask you to provide
personally identifiable information. We reserve the right to limit, block access to our Online Trading
Facility and/or terminate and/or close your Account with us, if such information is not provided and/or
if any such information provided to us appears to be untrue, inaccurate, incomplete and/or incorrect. If
you choose to provide us with such information and register with us as our client, you are confirming to
us that any information provided to us is true, accurate, updated and complete information about
yourself. Additionally, you agree that you will not impersonate any person or entity, misrepresent any
affiliation with another person, entity or association, use false headers or otherwise conceal youridentity from us for any purpose or reason.
13.4. In connection to the above, you hereby represent, warrant and agree that (a) you are not politically
exposed person, as defined in the Financial Intelligence and Anti-Money Laundering Regulations 2018,
and you do not have any close family ties or personal or business connections to the aforementioned
persons; (b) you are of sound mind and you are capable of taking responsibility for your own actions;

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(c) all the details that you have submitted to us or any details given to us when opening an account andmaking a deposit are true, accurate, complete and match the name on the payment card and/or
payment accounts in which you intend to deposit or receive funds from your account; (d) you haveverified and determined that your use of our Online Trading Facility does not violate any laws or
regulations of any jurisdiction that applies to you.
13.5. You hereby expressly acknowledge and agree that the penalty for providing untrue, inaccurate,
misleading or otherwise incomplete information is your immediate breach of these Terms andConditions. As such, we reserve the right to suspend and/or terminate your Account promptly and tosuspend and/or prevent you from accessing and/or using our Online Trading Facility, without prejudice
to any other rights and/or remedies we may have under and/or pursuant to this Agreement.
13.6. From time to time you may be requested to provide us with certain documents to verify the details of
the credit card used by you to deposit funds to your account. Subject to our satisfaction from such
documentation checks, you may or may not be permitted to deposit further funds by recurring credit
card or other means of payment.
13.7. We may elect to provide you with documentation, information and communications in various
languages. By accepting these Terms and Conditions you acknowledge and confirm that our official
language is English, and in the event of any discrepancy or inconsistency between any documentation,
information and communications in any language other than English and the same in English, theEnglish documentation, information and communications shall prevail.
13.8. We reserve the right to communicate with you by telephone, facsimile, email, posts, newsletters issued
by us and/or any other means of communication, whether such communication is personally addressed
to you or generally addressed to all our clients and/or posted on our Online Trading Facility. By
accepting these Terms and Conditions, you acknowledge and confirm, without prejudice to any otherTerms of this Agreement, that all such means of communications on our end are deemed to be
acceptable and that any information or notification so provided shall be deemed to have been received
by you and/or any transaction so executed shall be deemed final and binding on your part.
13.9. By opening an Account with us, you will be subject to, and you hereby expressly agree to abide by, allof our rules, policies and operating procedures that govern your activities on our Online Trading Facility.
We reserve the right to refuse and/or decline our Services to any Person and to close the Account of
any Person, at any time, at our sole discretion, and for any reason, without being obliged to provide
any explanation or justification. All data relating to Persons who open an Account may be permanently
deleted from our systems as per Persons’ right to request for the deletion of their personal data related
to his trading account(s), stemming from the Data Protection laws and regulations. However, thePersons’ right might be subject to our legal obligation under the applicable “Anti-Money Laundering(“AML”) Legislation” and regulations, to keep, in a secure manner, the personal data which was
registered with us, for a period of seven (7) years from the date our business relationship with theCompany has been terminated.
13.10. We further reserve the right to investigate, at any time, at our sole discretion, and for any reason,
without being obliged to provide you with any explanation or justification, any activity that may violate
this Agreement, including, but not limited to, any use of software applications to access our Online
Trading Facility, and/or any engagement in any activity prohibited by this Agreement. We shall NOT
be responsible (a) for anything related to trading activities on or through our Online Trading Facility,nor (b) for the manner in which you conduct your trading activity on or through our Online Trading
Facility; in particular, but without limitation of the generality of the foregoing, we shall NOT be
responsible for any of the following situations: (a) unauthorized real money transactions; (b)unauthorized real money transactions conducted by unauthorized Minors; (c) physical Verificationthat you possess the proper knowledge and/or experience to use our Online Trading Facility. We will
not be responsible in any way (including for damages and losses caused by the use of our Online
Trading Facility) if you use our Online Trading Facility without the proper knowledge, and we reserve
the right to asses and reassess your knowledge and experience to use our Online Trading Facility at
any time, at our sole discretion.
13.11. Please note that when you register with us, you will choose a username and password that will

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personally identify you each time you log on to our system (“Access Codes”). Your Access Codes(username and password) should be kept strictly private and confidential at all times. It is your soleand exclusive responsibility to safeguard this information and you are responsible for all actions madeusing your Account User Information. You agree: (a) to notify us immediately of any unauthorized
use of your Access Codes or of any other violation of security and (b) at the end of each use, to log
out from your Account in an orderly way. If the security of your Access Codes (username andpassword) is breached or if you suspect that they are being wrongfully used – please contact ourCustomer Support team immediately. Notwithstanding anything to the contrary in this Agreement,
you shall be responsible for the actions of any persons, authorized or unauthorized, who gain accessto and/or make use of your Account on our Online Trading Facility through your Access Codes, andyou shall be bound to clear and settle all Transactions and/or Contracts executed and effected via
our Online Trading Facility through your Access Codes.
13.12. You shall hold us harmless from, and indemnify us for, any sustained damages, which we may sufferfrom your failure to take adequate steps to protect the security of your Access Codes, and your failure
to prevent any person from any unauthorized access and/or use of your Account(s) on our Online
Trading Facility; you shall hold us harmless in any legal, administrative or arbitral proceedings andexpenses related thereto, and you shall indemnify us for all damages, costs and expenses arising asa result of non-compliance with this clause.
13.13. As previously indicated, it is a pre-condition that our Services are only used, and contracts are only
formed by those who are permitted to enter legally binding agreements. THEREFORE, IF THERE IS
ANY REASON WHY YOU WOULD NOT BE ABLE TO ENTER A LEGALLY BINDING AGREEMENTWITH US, FOR WHATEVER REASON - DO NOT USE OUR SERVICES. Such reasons could
include, but are not limited to, persons that have not yet reached the age of 18 or are defined as
Minors that have not yet reached legal age.
13.14. Upon the death of an Account owner and if the legal heirs of such account owner would like towithdraw the remaining balance in the Account, to the extent there is any, such legal heirs shouldpresent to us with official legal documents from the applicable governmental authorities in thejurisdiction of the deceased to our satisfaction, and we, in our sole discretion and upon checking such
documents, shall make the decision whether to allow such withdrawal(s).
13.15. Due to our internal policies, we only permit people with sufficient experience, knowledge andunderstanding in financial investments, who possess the personal ability of identifying goodinvestments and distinguishing bad investments, and who fully understand the risks associated withfinancial investments, independently from any information that they may have read on our Online
Trading Facility, to use our Services. IF YOU DO NOT POSSESS SUCH KNOWLEDGE
INDEPENDENTLY, DO NOT USE OUR ONLINE TRADING FACILITY.
13.16. The Company takes all reasonable steps to ensure it does not offer securities business services toa Client, unless these services are suitable for the Client having regard to the facts disclosed by that
Client and other relevant facts about the Client of which the Company is or ought to reasonably beaware. The Company shall not recommend a security to a Client unless the Company has adequate
information in its possession to enable it to form a basis for the recommendation.
13.17. Information thus obtained will be used exclusively for the assessment referred to hereinabove.
13.18. Notwithstanding any of the above, the above-mentioned eligibility restrictions shall only apply incases where our Services involve the use of real money. The above restrictions shall NOT apply touse of any practice application not associated with real money transactions (such as, “DemoAccounts”).
14. Experience and Knowledge
14.1. Our Online Trading Facility is available only to, and may only be used by, persons who have sufficientexperience and knowledge in financial matters to be capable of evaluating the merits and risks ofaccessing and/or using our Online Trading Facility.

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14.2. In accordance with the foregoing, you hereby represent, warrant and covenant, without prejudice toany other representations, warranties and/or covenants made under this Agreement: (a) that you
have sufficient experience and knowledge in financial matters to be capable of evaluating the merits
and risks of entering into Transactions and/or Contracts via our Online Trading Facility; (b) that you
have done so without relying on any information contained on or in our Online Trading Facility and/or
otherwise provided by us in relation thereto' (c) that you act as Principal and sole beneficial owner(but NOT as trustee) in entering into this Agreement and/or any Transactions and/or Contracts via
our Online Trading Facility; (d) that, regardless of any subsequent determination to the contrary,trading in financial contracts, Transactions and/or Contracts via our Online Trading Facility (and insuch other investments as we may from time to time agree) is suitable for you and that you are awareof all risks involved with such Transactions and/or Contracts; (e) that you are willing and financiallyable to sustain a total loss of funds resulting from any Transactions and/or Contracts entered into via
our Online Trading Facility; and (f) that you have read, and fully understood, the “Risk Disclosure
Notices” on our Online Trading Facility.
14.3. Without prejudice to any of the foregoing, we shall not be responsible for verifying and/or checking
whether you have sufficient knowledge and/or experience for accessing and/or using our Online
Trading Facility and/or entering into financial contracts via our Online Trading Facility, nor shall webe responsible for any damages and/or losses incurred by you as a result of insufficient knowledge
and/or experience. IF YOU DO NOT QUALIFY, PLEASE DO NOT ACCESS AND/OR USE OUR
ONLINE TRADING FACILITY AND INFORM US IN WRITING IMMEDIATELY.
15. Your Account with Us
15.1. For the purpose of our Services and the transactions described herein, subject to the Terms andConditions set forth herein, we will facilitate the opening and operation of one or more Accounts foryou on our Online Trading Facility, to be denominated in a currency determined by you, in which all
Transactions and/or Contracts entered into by you via our Online Trading Facility will be recorded(your “Account”).
15.2. Base Currency: You shall designate a base currency for each of your Accounts on our Online Trading
Facility, which shall be US Dollars, or any other currency listed on our Website(s), which isdetermined and/or stated in advance as the base currency of your Account (“Base Currency”).
15.3. All payments from you to your Account(s) on our Online Trading Facility will be made on your request
in the Base Currency of your Account. If we receive or recover any amount in respect of any of yourobligations in a currency other than the Base Currency of your Account, the provisions of sub-clause
25.10 hereinbelow shall be applicable mutatis mutandis.
15.4. When a withdrawal or refund is performed from your Account, we reserve the right (but shall underno circumstances be obliged) to remit the funds in the same currency in which such funds were
initially received by us; in the event that such withdrawal or refund is made in a currency other thanthe Base Currency of your Account, the provisions of sub-clause 25.10 hereinbelow shall beapplicable mutatis mutandis.
15.5. No instructions to pay a third party from your Account(s) will be accepted by us, unless otherwise
determined and/or stated in this Agreement.
16. Islamic / Swap-Free Accounts
16.1. We offer the possibility to open Islamic (Swap-free) Accounts with us. Swap-free trading accounts
are available only to those clients who cannot use swaps owing to their religious beliefs. Accordingly,
in all instances where a request for an Islamic (Swap-free) Account is filed with us, we reserve theright to require an adequate justification for and/or proof of the necessity or need of any such
conversion. Furthermore, we reserve the right to refuse the processing of any such request for any
reason whatsoever, without being obliged to provide any explanation or justification.
16.2. While a client may file a request for an Islamic (Swap-free) trading account at any time, the filing of
any such request entails that all of such client’s other real trading Accounts with us will be converted

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Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritiusinto Swap-free trading accounts also, without any further notice being required. Conversion of a real
trading Account to a Swap-free trading account is performed by our Back-Office Department only
upon the request and consent of those clients who complete and submit a request for an Islamic(Swap-free) Account. Upon the receipt of such a duly signed and executed request, we shall evaluate
request and any ancillary documentation submitted to us and shall inform the client who requested
the conversion by e-mail whether the request is accepted or not.
16.3. Clients are not allowed to use Swap-free Accounts to make profits from Swaps and may not request
the payment of any Swap amounts that have been lost as a result of converting their real trading
Account(s) into one or more Swap-free Account(s) for the period during which their real trading
Account(s) has/have been converted into one or more Swap-free account(s).
16.4. We, at our sole discretion, offer clients the possibility of trading swap-free on certain instruments(hereinafter “Swap-Free Instruments”), where applicable and according to the type of Trading
Account selected.
16.5. The swap-free status of such instruments is offered by us to be used in good faith and clients are notallowed to use the conditions of such instruments to either make profits from Swaps or not pay Swaps.
As such, clients may also not request the payment of any Swap amounts that have been lost as aresult of trading on a Swap-Free Instrument.
16.6. We reserve the right, at our sole discretion, to revoke the Swap-free status of any real trading Account(including the option for trading on Swap-Free Instruments) at any time without being obliged toprovide explanation of justification. Furthermore, in the event that we detect or suspend any form ofabuse, fraud, manipulation, improper use (including but not limited to carry trades or holding a large
portion of overnight positions on Swap-Free Instruments that under other conditions would be subject
to negative swap charges), cash-back arbitrage, or any other form of deceitful or fraudulent activity
in regard to any Swap-free status (including Swap-Free Instruments) in any client’s trading account,
we reserve the right, at any time, (a) with immediate effect, to revoke the swap-free status of suchaccounts and/or instruments from any and all real trading Accounts of such client for as long as wedeem appropriate, (b) to correct and recover any un-accrued Swaps and any related un-accrued
interest expenses and/or costs pertaining to any and all of such client’s Swap-Free trading; and/or(c), with immediate effect, to close all trading Accounts of such client with us, nullify all trades carried
our in such client’s trading Accounts with us and cancel all profits garnered in such client’s trading
Accounts with us.

17. Special provisions for managed accounts, introduced accounts or third-party vendors
17.1. If your Account is being managed by a trading advisor or is introduced to us, you acknowledge andagree that we are responsible only for acting as Counterparty to you for Transactions and/or Contracts
in your Account and that we have no responsibilities, or obligations regarding any conduct, action,
representation or statement of any such Persons in connection with your Account or any Transactions
therein. You understand that we make no warranties nor representations concerning such trading
advisor or Introducer of Business/Affiliate, that we shall not be responsible for any loss to you
occasioned by the actions of such trading advisor or Introducer of Business/Affiliate and that we do not,by implication or otherwise, endorse or approve of the operating methods of such trading advisor or
Introducer of Business/Affiliate. You further acknowledge and agree that: (a) any trading advisor or
Introducer of Business/Affiliate acts as an independent intermediary for you; (b) unless you have been
expressly advised otherwise in writing by us, no such person is an affiliate, employee or agent of us;(c) no such Person is authorized to make any representations concerning us or the Services to beprovided by us hereunder, except as may be expressly authorized in writing by us; (d) we do not bear
any responsibility whatsoever for whatever agreements reached by and between you and any suchtrading advisor or Introducer of Business/Affiliate; and (e) your agreement with any such trading advisor
or Introducer of Business/Affiliate may result in additional costs, since we may be obliged to pay
commission fees or charges to such trading advisor or Introducer of Business/Affiliate.
17.2. You agree to waive any claims, which you may have against us, and to indemnify and hold us harmlessfor any actions or omissions of any such Introducer of Business/Affiliate or any of its associatedEmail: info@xmtrading.com | Web: www.xmtrading.com
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persons.
18. Client’s Orders/Instructions & Execution of Orders
18.1. Execution of Orders: We offer reception and transmission dealing services to you in relation totransactions in in respect of OTC traded instruments, such as Spot Forex, Contract for Differences(CFDs) on stocks, indices, precious metals or any other financial instruments or commodities available
for trading, from time to time, via our Online Trading Facility (“Financial Instruments”), and such
additional services as we may agree from time to time in writing.
18.2. We will NOT advise you on the merits or suitability of any Transaction and/or Contracts entered into
pursuant to these Terms and Conditions, nor will we manage or monitor your investments. You
acknowledge that our execution of any Order on your behalf does not in any way imply that we haveapproved or recommended that Transaction or investment. For your information, we have set out
various risk disclosures on our Online Trading Facility.
18.3. Placing of instructions: Unless expressly agreed upon otherwise, by us all dealing instructions mustbe given to us electronically via our Online Trading Facility, unless we tell you that instructions can only
be given in a particular way. We may, in our absolute discretion, require confirmation (in such form as
we may specify) of any dealing instruction, as appropriate. We shall be authorised to follow instructions
notwithstanding your failure to confirm them in writing. A dealing instruction or Order given by you to
us shall not take effect until it is actually received by us. In this Agreement, unless the context requires
otherwise, instructions and Orders shall have the same meaning.
When you place an Order via our Online Trading Facility, or in such other manner as we may specify
to you in writing from time to time:(a) you are offering to enter into a Transaction and/or Contract with us at the price we quote when
you complete all obligatory fields and click the relevant button; and(b) you and we will be bound by a Transaction and/or Contract only when details of the Transaction
and/or Contract are reported as executed on our Online Trading Facility. If you do not see detailsof the executed Transaction and/or Contract on our Online Trading Facility, please contact us
immediately to confirm the status of the Transaction and/or Contract.
18.4. You may place an electronic Order on our Online Trading Facility at any time. However, we will executea Transaction and/or Contract only during times which are both our trading hours and the market hours
for the relevant market. Market hours are as stated in the market information on our Website and maychange from time to time.
18.5. Right not to accept Instructions/Orders: We may (but shall not in any circumstances be obliged to)accept instructions to enter into a Transaction and/or Contract. We may at our absolute discretion
refuse to accept any dealing instruction given by you or on your behalf, in whole or in part, and refuse
to act on it, without giving any reason or being liable for any loss occurred thereby. In addition, a dealing
instruction which, for any reason, is not received by us in a manner in which it can be processed,
including a failure of our Online Trading Facility to accept or process such instruction, shall be deemed
not to have been received by us.
We reserve the right to refuse to enter into any Transaction and/or Contract. Such situations include
but are not limited to, when:(a) trades are placed outside of the market hours;(b) trades are individually or in the aggregate larger than the maximum quantity or smaller than theminimum quantity we set for the market;(c) your Margin is insufficient to fund the proposed Transaction and/or Contract;(d) our Price or the Transaction and/or Contract derives from a Manifest Error;(e) we believe the Transaction and/or Contract would be in breach of this Agreement or any legal or
regulatory requirement applicable to you or us.
18.6. Binding Effect: Confirmation of a dealing instruction by us shall constitute a binding agreement
between us on the terms of such instruction. The procedure for entering dealing instructions is specified
on our Online Trading Facility in the online trading section.

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18.7. Control of Orders prior to execution: We have the right (but no obligation) to set limits and/or
parameters to control your ability to place Orders at our absolute discretion. Such limits and/or
parameters may be amended, increased, decreased, removed or added to by us at our absolute
discretion and may include (without limitation): (i) controls over maximum Order amounts and maximum
Order sizes; (ii) controls over our total exposure to you; (iii) controls over prices at which Orders may
be submitted (to include (without limitation), controls over Orders which are at a price which differs
greatly from the Market Price at the time the Order is submitted); (iv) controls over our ElectronicServices (to include (without limitation) any verification procedures to ensure that any particular Orderhas come from you); or (v) any other limits, parameters or controls which we may be required to
implement in accordance with Applicable Laws, Rules and/or Regulations.
18.8. The Company has the right to amend and/or cancel any Orders which have been executed within avery small timeframe and the cumulative sizes of those Orders exceed the maximum allowable Ordersize limit (i.e. a Client may place five orders within two seconds which individually are all below the
maximum allowable Order size limit but exceed the limit on a cumulative basis).
18.9. Order Execution Policy: We shall use our reasonable endeavours to execute any Order promptly, but
in accepting your Orders we do not represent or warrant that it will be possible to execute such Orderor that execution will be possible according to your instructions. In general, we shall act according to
instructions as soon as practically possible and shall, as far as trading instructions are concerned, act
in accordance with our Order Execution Policy. If, after instructions are received, we believe that it is
not reasonably practicable to act upon such instructions within a reasonable time, we may defer acting
upon those instructions until it is, in our reasonable opinion, practicable to do so, or we may notify youthat we are refusing to act upon such instructions. We shall not be liable for any losses resulting fromsuch deferral or refusal. If we encounter any material difficulty relevant to the proper carrying out of an
Order on your behalf we shall notify you promptly. We shall carry out an Order on your behalf only when
the relevant Market is open for dealings, and we shall deal with any instructions received outside Market
hours as soon as possible when that relevant Market is next open for business (in accordance with therules of that Market). You agree that we may execute an Order on your behalf outside a Market. Whenyou give us a specific instruction, our Order Execution Policy may not apply, and we may be unable totake the steps described in such policy to obtain the best possible result in executing your Order. You
confirm that you have read and agree to our Order Execution Policy as published from time to time on
our Online Trading Facility. We will notify you of any material changes to our Order Execution Policy,
but it is your responsibility to check for any other changes to our Order Execution Policy as publishedfrom time to time on our Online Trading Facility. We will consider the continued placement of Orders
by you to constitute your continued consent to our Order Execution Policy as in effect from time to time.
18.10. Aggregation and Split of Orders: We are entitled, in our absolute discretion, to combine and/or
aggregate your Orders with our own Orders and/or with Orders of any of our Associates and/or Persons
connected with us, including employees and/or other clients. Furthermore, we may split your Orders
when executing them. Orders will only be aggregated or split, however, if we reasonably believe it to
be in your best interest. On some occasions, however, aggregation and split of your Order may resultin you obtaining a less favourable price in relation to a particular Order, than if your Orders had been
executed, respectively, separately or mutually.
18.11. Confirmation of instructions: We may (but shall not in any circumstances be obliged) to requireconfirmation of any instruction in such form as we may reasonably request if it appears to us that suchconfirmation is necessary or desirable; or such instruction is to close an Account or remit money due
to you. It is your responsibility to inform us of any change to your e-mail address, the non-receipt of aconfirmation, or whether any confirmations are incorrect, before settlement.
18.12. Electronic Settlement/Trade Confirmations: Following the execution of a dealing instruction for yourAccount, we will send you an electronic confirmation in respect of that Transaction and/or Contract assoon as reasonably practicable, and in any event within the time required by relevant laws andregulations, by posting a trade confirmation (“Settlement/Trade Confirmation”) on our Online Trading
Facility, but failure to do so will not affect the validity of the transaction. Settlement/Trade Confirmations
will normally be available instantly following the execution of the Transaction via our Online Trading
Facility. We will also send a monthly statement in relation to the activity of your account(s) (“AccountStatement”), including, details of the contents and value of your Account, open positions and suchother information required from time to time to be disclosed. Such Trade Confirmations and Account

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Statements are electronically transmitted or otherwise sent to you at your last registered email addressin our records and will be deemed to have been received by you when sent to the relevant address.
Settlement/Trade Confirmations and Account Statements shall be deemed to be conclusive and bindingon you, if not objected immediately upon receipt with such objection confirmed in writing (including email or electronic mail) no later than the close of the next business day (being a day, other than a
Saturday, Sunday or public holiday, when banks in Mauritius are open for business) (a “Business Day”)
following the day on which the Settlement/Trade Confirmation and Account Statement were posted on
our Online Trading Facility. In the event that you believe to have entered into a Transaction or Contract,which should have produced a Settlement/Trade Confirmation or otherwise a posting on your Account,but you have not received such confirmation, you must inform us immediately when you ought to havereceived such confirmation. In the absence of such information, the Transaction and/or Contract may,at our reasonable discretion, be deemed to be non–existent.
18.13. Reports of Account Activity: We will post details of your Account activity on our Online Trading
Facility and you will be able to generate daily and monthly reports of your Account activity as well as areport of each executed Transaction and/or Contract. Updated Account information normally will be
updated periodically during our dealing hours and will in any event be available no more than twentyfour (24) hours after any activity takes place on your Account. Posting of Account Information (asdefined below) via our Online Trading Facility will be deemed delivery of Settlement/Trade
Confirmations and Account Statements. Account information will include Settlement/Trade
Confirmations with ticket numbers, purchase and sale rates, utilised Margin available for Margin trading,statements of profits and losses, as well as current open positions, any other information required to
be provided under Applicable Laws, Rules and Regulations and any other information we may makeavailable (“Account Information”). We may in our absolute discretion withdraw or amend any AccountInformation at any time. Unless otherwise determined, you agree that we are under no obligation toprovide confirmations in hard copy or by e-mail rather than through our Online Trading Facility. By
accepting these Terms and Conditions you agree not to receive any Account Information in printed
form us other than upon specific request. You must verify the contents of all Account Information
received from us. The Account Information posted on our Online Trading Facility shall (save if
manifestly incorrect) be conclusive evidence of your Transactions and/or Contracts, open positions,
Margin and cash balances, and shall be conclusive and binding on you, if not objected to immediately
upon receipt with such objection confirmed in writing (including e-mail or electronic mail) no later thanclosing of the next Business Day following the day that such information is posted on our Online Trading
Facility.
If you no longer wish to communicate via electronic media, you must notify us and revoke this consent
in writing. If you do not wish to communicate via electronic media at all, you must inform us of yourwishes when applying to open an Account with us. However, if you revoke your consent, your accessto our Online Trading Facility may be restricted or terminated, at our sole discretion.
18.14. Intermediate Brokers and other Agents: We may, at our entire discretion, arrange for any
Transaction to be effected with or through the agency of an intermediate broker, who may be an
Associate of ours, and may or may not be in Mauritius. Neither we, nor our respective directors, officers,
employees or agents, will be liable to you for any act or omission of such an intermediate broker or
agent. No responsibility will be accepted for intermediate brokers or agents selected by you.
18.15. Position Limits: We may, in our absolute discretion, require you to limit the number of open positions
which you may have with us at any time and/or only allow you to enter into closing transactions or wemay close out any one or more positions or reverse Transactions and/or Contracts in order to ensurethat the position limits we have imposed are maintained.
18.16. Fluctuations in Exchange Rates: If you enter into any Transaction and/or Contract, any profit or loss
arising as a result of a fluctuation in the exchange rate affecting such Transaction and/or Contract will
be entirely for your account and risk.
18.17. Trade Reporting: Under Applicable Laws, Rules and Regulations we may be obliged to makeinformation about certain Transactions and/or Contracts public. You agree and acknowledge that any
and all proprietary rights in such Transaction and/or Contract information are owned by us and you
waive any duty of confidentiality attaching to the information which we reasonably disclose.

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18.18. Rollover: If we do not receive instructions from you to settle any open Transactions and/or Contracts
by the close of the Business Day, we are hereby authorized (but not obliged) to transfer all said
Contracts to the next business date traded (“Rollover”), as provided in further detail in clause 20
hereinafter.
19. CryptoCFDs
19.1. The Company may, at its sole discretion, offer CryptoCFDs for trading on its Online Trading Facility,from time to time. CryptoCFDs, when used in this Agreement, unless the context otherwise requires,shall mean a derivative contract (i.e., a CFD Contract) of a decentralized digital currency or asset which
is not issued by any central bank or issuer and in which encryption techniques are used to facilitate thegeneration of units of the currency or asset and verify the transfer of units (“CryptoCFDs”).
19.2. You hereby acknowledge and accept that CryptoCFDs are traded on non-regulated decentralized digitalexchanges. As such, prior to investing in CryptoCFDs you should be aware of the following:a. Such products are complex, extremely risky, and usually highly speculative;b. Such products entail a high risk of losing all of your invested capital;c. The values of virtual currencies (i.e., CryptoCFDs) are subject to extreme price volatility and hence,
may result in significant loss over a short period of time;d. Such products are not appropriate for all investors. As such, you should not engage in trading in
relation to such products if you do not have the necessary knowledge in this specific product or if you
cannot bear the loss of your entire invested amount; ande. You shall be fully aware of, and understand, the specific characteristics and risks in relation to theseproducts.
19.3. The Company bases the price of its CryptoCFDs products on the underlying market, made available
to it by the exchanges and market-makers with which it trades. Because the CryptoCFDs market isdecentralized, meaning it lacks a single central exchange where all transactions are conducted, eachmarket maker may quote slightly different prices.
19.4. You should be aware that when the software of different miners of CryptoCFDs become misaligned, asplit (or “Fork”) in the blockchain may occur and the latter results in the existence of two different
blockchains. In the case where both blockchains continue to exist, the Company, at its reasonablediscretion, may follow the blockchain that has the majority consensus of CryptoCFDs users and use
this as the basis for its prices. The Company reserves the right to determine which blockchain and
CryptoCFDs unit have the majority consensus behind them. When a Fork occurs, there may besubstantial price volatility around the event, and we may suspend trading throughout if we do not havereliable prices from the underlying market. We will endeavour to notify you of potential blockchain
Forks, however it is your responsibility to make yourself aware of the Forks that could occur.
19.5. If at any time, any of the CryptoCFD that forms the subject of your order is delisted and/or we no longer
support the trading in such CFD for any reason, then the applicable order will be immediately closed.
If the Company is notified that a CryptoCFDs you hold in your Account is likely to be delisted and/or
removed and/or cancelled from any of the exchanges (some of them or all) and the Company believes
that it shall not be able to trade in such CryptoCFDs, the Company shall make an effort to close any
current orders on such CryptoCFDs on your behalf at such time and price, and in such manner, as it
determines.
19.6. There is no guarantee that your order will be filled in full or in part. Where a delay occurs for any
reason, we will attempt to execute the order as soon as reasonably practicable. You acknowledge andaccept that the market price of the CryptoCFDs may have moved during the time between our receipt
and acceptance of your order and our attempt to execute the order. In these circumstances, the thirdparty who has provided the quotation to us is not obliged to honor the indicative price you havereceived. Such movements in price may be in your favor or against you.
19.7. For the avoidance of any doubt, the Company does not own or control the underlying software
protocols which govern the operation of CryptoCFDs available for trading in our Online Trading Facility.
In general, the underlying protocols are open source and anyone can use, copy, modify, and distributethem. By using the Company’s Services, you acknowledge and agree that (i) the Company is not

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their functionality, security, or availability; and (ii) the underlying protocols (“Fork Protocols”) are
subject to sudden changes in operating rules (i.e. Forks), and that such Forks may materially affectthe value, function, and/or even the name of the CryptoCFDs the Company holds for your benefit. In
the event of a Fork, you agree that the Company may temporarily suspend its operations regarding
the CryptoCFDs (with or without advance notice to you) and that it may, in its sole discretion, (a)configure or reconfigure its systems or (b) decide not to support (or cease supporting) the Forked
Protocol entirely.
We may decide (but for avoidance of any doubt we are not obligated to do so), at our sole discretion,
to adjust your Account in respect of a Fork depending on the circumstances of each event attributable
to any specific CryptoCFDs held by you. Such adjustment shall be calculated by us, net of any taxes
which may apply with respect thereto. In doing so, we will make efforts to effect such adjustment on
the basis of good faith and fairness and, where appropriate, by taking such action as is consistent withmarket practice and/or taking into account the treatment we may receive from our counterparties or
any relevant third party.
You acknowledge and agree that the Company assumes no responsibility whatsoever in respect of an
unsupported branch of a forked protocol.
19.8. Since blockchain is an independent public peer-to peer network and is not controlled in any way ormanner by the Company, the Company shall not be responsible for any failure and/or mistake and/or
error and/or breach which shall occur in blockchain or in any other networks in which the CryptoCFDs
are being issued and/or traded. You will be bound and subject to any change and/or amendments inthe blockchain system and subject to any applicable law which may apply to the blockchain. We makeno representation or warranty of any kind, express or implied, statutory or otherwise, regarding theblockchain functionality nor for any breach of security in the blockchain.
You acknowledge that our Online Trading Facility is independent of any exchanges and we are under
no obligation to quote a particular price or follow the trading rules consistent with such exchanges. You
further acknowledge that the triggering of your transaction is linked to the prices we quote on ourplatform, during trading hours, and not the prices quoted on any relevant exchanges. In determining
whether the prices quoted on the platform reach or exceed the price accepted by us in a transaction,
We will be entitled (but not obliged) to disregard any prices quoted during any pre-market, post-market
or intra-day auction periods in the relevant exchange, during any intra-day or other period ofsuspension in the relevant exchange, or during any other period that in our reasonable opinion may
give rise to short-term price spikes or other distortions. Our prices may differ from the current prices
on the relevant exchanges and you acknowledge that a transaction may or may not be triggered eventhough: (a) an exchange never traded at the level of your transaction; or (b) the exchange did trade at
the level of your transaction but for such a short period or in such low volumes that it would have been
impractical to execute an equivalent transaction on the exchange.
When entering into an order for CryptoCFDs, you irrevocably and unconditionally agree to accept the
security bid/ask prices in which the transaction shall be executed as shall be reflected on our trading
platform as final and binding.
19.9. Without derogating from the generality of the foregoing or any other provision herein, we further
reserve the right NOT to execute buy or sell orders for CryptoCFDs and/or to close any open positions
therein, without any further notice to you, in the following circumstances: (1) your order violates any
applicable laws, regulations or rules, or is intended to defraud or manipulate the market; (2) abnormal
market conditions and/or a significant disruption in or premature close of trading in of the underlying
CryptoCFDs and/or the market on which the underlying CryptoCFDs is traded; (3) Force Majeure, actsof God, war (declared or undeclared), terrorism, fire or action by an exchange, regulatory or
governmental authority that disrupts trading in the relevant security; and (4) in the event liquidity
providers are unable to provide liquidity to us.
19.10. Given the unpredictability, complexity and volatility characterising the CryptoCFDs’ trading
environment, we reserve the right to place restrictions on the trading of this class of instruments withthe purpose to protect our clients’ best interests and mitigate the trading risk they bear and, specifically,
we may set an instrument as buy only (“Unshortable”), sell only (“Unlongable”), close only and/or

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disable it. In addition, the maximum exposure limit for clients holding CryptoCFDs is limited to one (1)million USD per client or group of related parties. Related parties are those clients whose registration
and/or trading data of such client(s) corresponds with the registration and/or trading data, including,but not limited to IP address, of another or other client(s). In these circumstances, the Company
reserves the right to cancel/and or consider as void all orders that have breached the maximum
exposure limit, as mentioned above. The Company shall not be held liable for any consequences of
the cancellation of such orders.
19.11. The Company currently allows trading on CryptoCFDs during the weekend. However, as weekends
are not Business Days, delays might occur during the transmission of funds in your trading Account.
The Company further reserves the right, at its reasonable discretion, to cease and/or suspend theoffering of trading on CryptoCFDs at any time and for a period of time as deemed necessary.
19.12. The Company further reserves the right to change the margin requirements of CryptoCFDs, at its
reasonable discretion, at any time.
19.13. In the event that we detect any form of abuse, fraud, manipulation, cash-back arbitrage, carry trades,or other forms of deceitful or fraudulent activity in regard to the trading of CryptoCFDs by any client,
we reserve the right, at any time, (a) to charge any administrative fee and/or costs pertaining to any
and all of such client’s trading Accounts related to the trading of CryptoCFDs, as calculated at thattime; and/or (b), with immediate effect, to close all trading Accounts of such client with us, and/or nullify
all trades carried out in such client’s trading Accounts with us and/or cancel all profits or losses
garnered in such client’s trading Accounts with us.
19.14. You hereby acknowledge, represent and warrant to us that, when trading on CryptoCFDs, you fully
understand the specific characteristics and risks related to these CryptoCFDs and that trading in
CrytptoCFDs is not appropriate for all investors.
20. Rollover and Offset Instructions
20.1. Rollover is the process of extending the settlement date of an open position (i.e. date by which an
executed trade must be settled). The forex market allows two business days for settling all spot trades,
which implies the physical delivery of currencies. In margin trading, however, there is no physicaldelivery, so all open positions must be closed daily at end-of-day (22:00 GMT) and re-opened on thefollowing trading day. This pushes out the settlement by one more trading day. This strategy is calledrollover.
20.2. Rollover is agreed on through a swap contract which comes at a cost or at a gain for traders. We do
not close and re-open positions but will charge you a fee in respect of each such position anddebit/credit your trading Accounts for positions held open overnight, depending on the current interest
rates (LIBOR/LIBID with added mark-up) (“Rollover Fee”). As 2:00 GMT is considered to be thebeginning and the end of a forex trading day, any positions which are still open at 22:00 GMT sharp
are subject to rollover and will be held overnight. Positions opened at 22:01 are not subject to rollover
until the next day, but if you open a position at 21:59, a rollover will take place at 22:00 GMT. For eachposition open at 22:00 a credit or debit appears on your account within 1 hour, and will be directly
applied to your equity account.
20.3. The Rollover Fees that we charge will be published on our Online Trading Facility. We shall attempt tocollect such Rollover Fees from the free balance in your Account with us. In the event that we areunable to collect such Rollover Fee(s) from the free balance in your Account with us, we reserve theright to close part, or all, of your open positions as per our Order Execution Policy. You shall be liablefor promptly paying all Rollover Fees(s), even if all Margin previously deposited by you has been lost.
20.4. In the absence of clear and timely instructions from you, we are authorised, at our absolute discretion,
to offset all or any portion of the positions in your Account(s) or to make or receive delivery on yourbehalf upon such terms and by such methods deemed reasonable by us.
21. Prices and Open Positions

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21.1. We will provide you with “bid” and “ask” prices (“Price Quote(s)/Quotes”) in respect of Financial
Instruments through our Online Trading Facility or, in those instances where we have agreed to do so.
The Price Quotes that we quote are determined by us and usually represent a mark-up or mark-down
on inter-bank dealing rates. Our fees and charges are set out on our Online Trading Facility. Each pricepublished shall be valid until the earlier of its expiration time and the time, if any, at which it is otherwise
withdrawn by us.
21.2. Each Price Quote shall be available for use in a dealing instruction for a Transaction and/or Contract
with a principal amount not to exceed a maximum leverage amount, determined by us, published on
our Online Trading Facility or otherwise notified to you (“Leverage”). You acknowledge that the prices
and maximum Leverage we may offer to you may differ from prices and Leverage provided to otherclients of ours and may be withdrawn or changed by us at any time, without prior notice and without
any obligation on our end to provide any explanation and/or justification. We may in our absolute
discretion and without prior notice to you, immediately alter, withdraw or refuse to deal on any Price
Quote we may have published or cease the provision of Price Quotes altogether in some or all Financial
Instruments and for some or all value dates at any time and without any obligation or our end to provide
any explanation and/or justification.
21.3. Our Services are restricted to executing Transactions and/or Contracts in Financial Instruments via our
Online Trading Facility, at the Price Quotes displayed on our Online Trading Facility or otherwise
communicated to you at your request.
22. Margin and Collateral
22.1. Upon opening a Transaction, you will be required to pay us the Margin for that Transaction, as
calculated by us (“Initial Margin”) and can be found on our Website. You will be required to makefurther variable payments by way of Margin against the purchase price of the investment, instead of
paying (or receiving) the whole purchase (or sale) price immediately. The movement in the Market Priceof your investment will affect the amount of Margin payment you will be required to make.
22.2. Margin requirements vary per financial instrument. For further information on the applicable margin
requirements per financial instrument, please refer to our Company’s Website.
22.3. Form of Margin: Margin must be provided in the form of cash or, only in those instances in which we
may agree otherwise, other assets, such as collateral (by which we mean investments, securities,
bonds or any other financial instrument, property or asset acceptable to us in lieu of cash) (“Collateral”)(all together “Assets”). The currency of the cash Margin you pay to us shall be the currency of therelevant underlying Transaction (if applicable) or as we may in our discretion reasonably decide fromtime to time. Cash Margin is paid to us as an outright transfer of title and you will not retain any interest
in it. Cash Margin received by us will be recorded by us as a cash repayment obligation owed by us toyou.
22.4. Margin requirements prior to and during Market Disruption: Without prejudice to what is set out
herein above, the Company at its sole discretion may temporarily require higher margin for placing newOrders for any specific or all Financial Instruments (compared to the normal margin requirements of
the Client’s account) in the following cases:(a) Prior to and/or during Friday market closure;(b) Prior and/or during to any other market closure for any specific or all Financial Instruments;(c) Prior and/or during to any major news announcements, such as, but not limited to, the Non-Farm
Payroll announcement made by the United States Department of Labor;(d) Prior and/or during to any anticipated abnormal Market conditions and/or Market Disruptions.
The above temporary increase of the margin requirements may affect any open Orders in yourAccount, either placed prior to or following the implementation of the new Margin requirements.
22.5. All clients are fully and personally responsible for monitoring the activity of their Accounts, including,
without limitation, whether and when their open positions reach Margin Call Level.

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22.6. Margin Call Policy: You accept that our Online Trading Facility operates with an automated risk
monitoring, Margin Call and Stop-out facility designed to monitor the overall utilization of your available
collateral in support of our prevailing Margin and cash funding requirements for the Transactions and/or
Contracts you are entering into via our Online Trading Facility; using this automated risk monitoring,
Margin Call and Stop-out facility, we will, unless otherwise stated, apply initial, maintenance or closeout Margin call at the prevailing Margin Call or Stop-out levels, as stated from time to time on our Online
Trading Facility. One Margin call does not preclude another and it shall be visible to you in yourMT4/MT5 Platform.
22.7. Our Margin Call Policy guarantees that your maximum possible risk is your Account equity. If the equity
in your Account drops to 50% of the Margin Level required to maintain your open positions (“Margin
Call Level”), you will receive a Margin Call. This is a warning message that the equity in your Accountis not enough to support your open positions. At this point, you will not be able to take any new positionand you will have the option to deposit sufficient money in order to maintain your open positions. Whenyou have losing positions, your Margin Level will go down and may become close to the Margin Call
Level. When you have winning positions, your Margin Level will go up and the Margin Call Level may
become more remote.
22.8. The “Stop-out Level” is the level of your equity where our Online Trading Facility will start automaticallyto close trading positions (starting from the least profitable position and until the Margin Level
requirement is met) in order to prevent further account losses into the negative territory. For all trading
accounts the Stop-out Level is equal to 20% of the Margin Level required to maintain your open
positions. Please note that hedged positions are also subject to margin requirements in case the equityof your Account has entered into a negative territory; and thus, the automatic Stop-out facility is initiated.
22.9. In the case where a ‘Stop Order’ or ‘Limit Order’ (or ‘Entry Stop’ or ‘Limit’) is entered at the same
price that would trigger a Stop-out, the Stop-out will be executed when that price is touched (or gaps
through the price) and all pending Orders attached to that trade will be cancelled.
22.10. A MARGIN CALL OR, AS THE CASE MAY BE, STOP-OUT, WHEN TRIGGERED, WILL TAKE
PRECEDENCE OVER OTHER ORDER TYPES.
23. Negative Balance Protection
23.1. Negative Balance Protection means the limit of a client’s aggregate liability, for all CFDs connected toa trading Account with the Company, to the funds in that Account.
23.2. Trading in leveraged Financial Instruments involves significant risk on your investment capital.
However, the Company follows a Negative Balance Protection policy, on a per account basis, whichaims to ensure that your maximum losses from trading CFDs, including all related costs, are limited tothe total funds in your trading account (i.e. no additional liability incurs). This should include any funds
yet to be paid in your account due to net profits from the closure of open trades connected to yourtrading account.
23.3. Notwithstanding the above, any indication or suspicion, in the Company’s reasonable discretion, of any
form of arbitrage performed in your trading account, either solely or in connection with other clients of
our Company (including but not limited to risk-free profiting), abuse (including but not limited toparticipant’s trading activity patterns indicating that the participant solely aims to benefit financiallywithout being genuinely interested in trading in the markets and/or taking market risk), internal hedging
in coordination with other parties and abuse of our ‘no negative balance policy’, constitute a violationof these Terms and Conditions. In such cases, we reserve the right, among others, NOT to apply our
Negative Balance Protection policy and transfer any or all funds you may have in a different trading
account to set-off the obligations (e.g. negative balance) that have occurred to the other account used
for any abusive acts.
24. Security
24.1. Security interest: All Assets belonging to you which we may at any time be holding for you (either

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individually, jointly with another, or as a guarantor of the account of any other person) or which may at
any time be in our possession or control or carried on our books for any purpose, including safekeeping,
are to be held by us as security for the performance of your obligations to us and held subject to a
general lien and right of set-off for any of your liabilities to us and irrespective of the number of Accounts
you may have with us. Without limitation such security shall comprise the credit balances on yourAccount(s), any securities registered as belonging to you on our books, and the value of your open
positions with us. We may, in our absolute discretion and without notice to you, apply and/or transfer
any or all Assets belonging to you between any of your accounts with us and combine or set off between
accounts and convert any currency into another. Without prejudice to any other rights to which we may
be entitled, we may at any time and without notice to you set off any amounts (whether actual orcontingent, present or future) at any time owing between you and us paying you the difference. You
may not withdraw or substitute any Assets or property subject to our Security interest without our prior
express and written consent.
24.2. Our services to you are provided on the understanding that where you transfer money and/or Collateral
to us by way of Margin or otherwise, we will treat this as a transfer of full ownership of such money
and/or Collateral to us for the purpose of securing or covering your present, future, actual, contingent
or prospective obligations, and we will not treat such money and/or Collateral as ‘Client Money’. Anysuch money and/or Collateral received by us from you or a third party for your account will be owed byus to you, even where we are acting as your Agent and you no longer have a proprietary claim oversuch money and/or Collateral transferred to us by way of Margin, and we can deal with it in our own
right. Accordingly, without prejudice to any other provisions of this Agreement, we shall have the rightto pledge, charge, loan or otherwise use or dispose of all or part of such money and/or Collateralprovided to us by way of Margin, as if we were the beneficial owner thereof. We will transfer anequivalent amount of money and/or Collateral back to you where, at our sole discretion, we consider
that the amount of money and/or Collateral you have transferred to us is more than is necessary tocover your present and future obligations to us. You agree that Collateral provided in the form ofinvestments will be returned to you in the form of investments of the same description and amount as
those accepted by us as Collateral, but that any such Collateral returned to you need not be the actual
investments provided by you.
24.3. Set-off on Default: If an Event of Default occurs (as defined hereinafter) or this Agreement terminates,
we shall set-off the balance of cash Margin owed by us to you against your obligations (as reasonably
valued by us) to us. The net amount, if any, payable between us following such set-off, shall take into
account the amounts payable to us under the clause headed “Netting” of this Agreement.
24.4. Right to pledge, re-pledge, hypothecate, invest or loan: You hereby warrant and represent that any
property or Assets you transfer to us as Collateral under these Terms and Conditions are free from any
lien, Security interest or other encumbrance other than the lien created under these Terms. You hereby
also grant to us the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with theproperty of other clients any Collateral we hold for you whether, to ourselves as broker or to others insatisfaction of our clients’ obligations to us or such third party.
24.5. Negative pledge: You undertake neither to create nor to have outstanding any Security interest
whatsoever over, nor to agree to assign or transfer, any of the cash or non-cash Margin transferred tous, except a lien routinely imposed on all securities in a clearing system in which such securities may
be held.
24.6. Power to charge: You agree that we may, to the extent that any of the Margin you provide us with
under these Terms and Conditions constitutes “financial collateral” and this Agreement and yourobligations hereunder constitute a “security financial collateral arrangement”, free of any adverse
interest of yours or any other person, grant a Security interest over Margin provided by you to coverany of our obligations to an intermediate broker or Market, including obligations owed by virtue of thepositions held by us or other of our clients.
24.7. Power of sale: If an Event of Default occurs (as defined hereinafter), we may exercise the power tosell all or any part of the Margin you provide us with under these Terms and Conditions and shall beentitled to apply the proceeds of sale or other disposal in paying the costs of such sale or other disposal
and in or towards satisfaction of the Secured Obligations. Such sale shall take place by the means that

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we in our reasonable discretion determines and at the price that we in our reasonable discretion
determine to be the best obtainable.
24.8. General lien: In addition and without prejudice to any rights to which we may be entitled under thisAgreement or any Applicable Laws, Rules and Regulations we shall have a general lien on all Assets
and property held on your behalf by us, our Associates or our nominees, until the satisfaction of all
Secured Obligations. Without limitation, such general lien shall comprise the credit balances on yourAccounts, the securities registered as belonging to you on our books, and the value of your open
positions with us. We may, in our absolute discretion and without notice to you, apply and/or transfer
any or all such Assets which you have deposited at any time with us or which may at any time be in ourpossession or control or carried on our books for any purpose, including safe keeping, between any ofyour Accounts with us and combine or set off between accounts and convert any currency into another.
Without prejudice to any other rights to which we may be entitled, we may at any time and without
notice to you set-off any amounts (whether actual or contingent, present or future) at any time owing
between you and us paying you the difference.
25. Commissions, Fees and Charges
25.1. You shall pay to us such fees and charges (including, without limitation, spreads, charges, interest andother fees) (“Commissions and Charges”) at such rates as are notified by us to you from time to timeor published on our Online Trading Facility. By accepting these Terms and Conditions, you
acknowledge that you have read, understood and accepted the information under the Spreads /Conditions Schedule posted on our Online Trading Facility at https://www.xmtrading.com/spreads, inwhich all such Commissions and Charges (including, without limitation, spreads, charges, interest andother fees) are explained.
25.2. We reserve the right to amend, alter, modify, delete or add to any of these Commissions and Charges
at any time and at our sole discretion. When these Commissions and Charges are modified (hereinafterreferred to as “Changes”) we will post such Changes on our Online Trading Facility and/or otherwise
notify you of such Changes, each such notification of which shall be deemed as sufficient notice and it
is your duty to consult and/or to check regularly the information posted under the Spreads andConditions Schedule on our Online Trading Facility regarding any such Changes. Therefore, you should
review the Spreads and Conditions Schedule on our Online Trading Facility from time to time so as toensure that you will be aware of any such Changes. Except if, and then to the extent provided otherwise
in this Agreement, all Changes shall be effective five (5) calendar days after their initial posting on our
Online Trading Facility, or as of the first time that you access and/or use our Online Trading Facility
after such amendments are made, whichever is sooner. Your continued use of our Online Trading
Facility after the publication of any Changes shall be considered as your agreement to such Changes
and shall be governed by those Terms and Conditions, as modified. If you do not wish to be bound by
those Changes, you should cease to use our Online Trading Facility, and inform us in writing,
immediately.
25.3. In the event that such Changes are to your advantage, or the grounds for such Changes are due toexternal circumstances beyond our reasonable control, we are entitled to modify such Commissions
and Charges with immediate effect, without the need to give prior notice. Such circumstances may
include, without limitation: (a) Changes in the relationship with our Counterparties, which affect our cost
structures; (b) Changes in commissions and charges from exchanges, clearing houses, information
providers or other third party providers that are passed on by us to you.
25.4. In addition to the above, you shall be responsible for the payment of any other fees and charges that
may be incurred as a result of the provision of our Services to you, including, without limitation, allapplicable VAT (if any) and other duties and/or taxes, and all other fees incurred by us in connection
with any Transaction and/or Contract and/or in connection with maintaining a client relationship withyou.
25.5. In particular, we shall be entitled to demand that the following fees and/or expenses are paid separately
by you: (a) all extraordinary disbursements resulting from our client relationship e.g. telephone, telefax,
courier, and postal expenses in the event that you request hardcopy Settlement/Trade Confirmations,
Account Statements etc. which we could have delivered in electronic form; (b) any expenses we may
incur, caused by non-performance by you, including a fee determined by us in relation to forwarding of

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Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritiusreminders, legal assistance etc.; (c) any expenses we may incur in connection with replies to inquiries
by public authorities, including, without limitation, a fee determined by us in relation to forwarding oftranscripts and enclosures and for the preparation of copies; (d) administration fees in connection with
Security deposits, and any expenses we may incur in relation to a pledge, if provided, including any
insurance premium payments; e) transaction fees, in the event that no significant trading activity isdeveloped in your Account; and (f) any expenses we may incur in connection with auditor’scomments/reports if such is requested by you; (g) swaps/rollover fees (h) a fee for any type ofabuse/prohibited trading activity performed in your trading account either solely or in connection withother clients of our Company. Regarding the latter, where our business relationship has been
terminated but you, however, managed to successfully open an account and trade with our Company
due to any technical and/or human error, we reserve every right to immediately close your accountupon identification, nullify any profit/loss generated and refund the original amount of deposit, excluding
any deposit and withdrawal charges, back to the same source of deposit.
25.6. Any such fees and/or expenses will be charged either as a fixed amount corresponding to payments
effected, or as a percentage or hourly rate corresponding to the service performed. The methods ofcalculation can be combined. We reserve the right to introduce new fees.
25.7. In addition, we (and/or our Associates, Business Introducers or other third parties) may share and/or
benefit from commission, mark-up, mark-down or any other remuneration in respect of any
Transactions and/or Contracts entered into by us and/or in respect of any Transactions and/or
Contracts carried out on your behalf. Details of any such remuneration or sharing arrangement will not
be set out on the relevant Settlement/Trade Confirmations. We may, upon reasonable request, to theextent possible and at our sole discretion, disclose to you the amount of any such commission, markup, mark-down or any other remuneration paid by us to any Associate, Business Introducer or otherthird party.
25.8. In the event that you instruct us to transfer open positions, moneys, and/or other Assets relating to yourAccount to another institution, you agree to pay us a transfer fee, as determined by us at our sole
discretion.
25.9. If your Account(s) remain inactive for twelve (12) months, we reserve the right to charge you a one-off
account maintenance fee of USD 15 (or currency equivalent), followed by a monthly fee of USD 10 foreach month that the Account remains inactive in accordance with clause 32.4. We reserve the right tochange the 12-month inactivity period as we deem necessary.
25.10. If we receive or recover any amount in respect of any of your obligations in a currency other than thatin which such amount is payable, whether pursuant to a judgment of any court or otherwise, you will
indemnify us and hold us harmless from and against any cost (including costs of conversion) and loss
suffered by us as a result of receiving such amount in a currency other than the currency in which it isdue.
25.11. We shall be entitled, but shall not in any circumstances be obliged, to convert:(a) any realised gains, losses, option premiums, commissions, interest charges and brokerage fees
which arise in a currency other than your Base Currency (i.e. the currency in which your Accountwith us is denominated) to your Base Currency;(b) any cash currency deposit to another cash currency deposit for the purpose of purchasing an asset
de-nominated in a currency other than your Base Currency;(c) any funds held by us for you into such other currency as we consider necessary or desirable tocover your obligations and liabilities in that currency.
25.12. Whenever we conduct such currency conversions, we will do so at such reasonable rate of exchange
as we select. We shall be entitled to add a mark-up to the exchange rates. The prevailing mark-up will
be defined in the Spreads and Conditions Schedule on our Online Trading Facility.
25.13. All Commissions and Charges and other fees and charges shall be regarded as being due and payable
immediately. Unless specified otherwise in these Terms and Conditions, any sums due to us pursuant
to these Terms and Conditions may be deducted by us from the proceeds of any transaction or debited

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from your Account(s) with us. In the event of late payment by you, overdue amounts shall bear interest
at a rate that we shall reasonably determine.
25.14. Unless specified otherwise in these Terms and Conditions, all amounts due to us (or to any agentsused by us) shall, at our sole discretion: (a) be deducted from any funds held by us for you; or (b) be
paid by you in accordance with the provisions of the relevant difference account, Settlement/Trade
Confirmation or other advice.
26. Payments
26.1. You may deposit funds into your Account at any time. Deposits will only be accepted by a payment
method (e.g. bank wire transfer, e-wallets etc.) in the same name as yours. Under no circumstances
will third party or anonymous payments be accepted.
26.2. Unless expressly determined and stated otherwise in this Agreement, we do not accept payments bycash and/or cheque. In those instances where we might agree, in principle, to accept payment by cash
and/or cheque, we shall nonetheless have the right to refuse payment by cheque if any payment given
has not cleared on the first presentation of the cheque.
26.3. If you give an instruction to withdraw funds from your Account, we will reduce the requested funds
immediately from your Account balance and shall use our best efforts to process the specified
withdrawal request within one (1) Business Day following the day on which the withdrawal request has
been accepted, provided that the following requirements are met: (a) the withdrawal request includes
all necessary information; (b) the instruction is to make a payment through a payment method in yourname (e.g. bank wire transfer, electronic payment method(s), etc.); (c) you have provided full
identification documentation to support your withdrawal request; and (d) in cases where there are open
positions in the Account, the Margin Level in your Account does not fall below the minimum required
level specified in our Online Trading Facility. Margin Level requirements may be higher in cases asreferenced in sub-clause 22.4 (Margin Requirements prior to and during Market Disruptions) so as to
avoid any possible withdrawal request to cause the Margin Level in your Account to fall below theminimum required level, as specified in our Online Trading Facility.
26.4. If we accept any payments to be made by a debit card, credit card or any other payment method in
respect of which processing fees may be charged, we reserve the right to levy a transfer charge.
26.5. If you make a payment/deposit, we shall, without prejudice to any other provisions of this Agreement,
use or best efforts to credit your Account with the amount of such payment within one (1) Business Day
following the day on which the deposit has been accepted, if we are satisfied that you are the senderof the funds. At any given time, if we are not satisfied that you are the sender of the funds deposited inyour Account, we reserve the right to reject such funds and/or return them to the remitter net of any
transfer fees or other charges. You may be required to submit additional documentation as required byapplicable “Anti-Money Laundering (“AML”) Legislation” and/or any other similar rules andregulations applicable to us. We reserve the right to charge a “USD 50 - handling fee” to your Accountupon confirming that the deposit received was not sent by you (i.e. third party deposit) to cover our
expenses to prove that you engaged in a third party deposit, and you hereby authorize us to charge
this amount.
26.6. We shall be entitled, but shall not in any circumstances be obliged, without prior notice to you, toconvert: (a) any realized gains, losses, option premiums, commissions, interest charges and brokerage
fees which arise in a currency other than the Base Currency of your Account (i.e. the currency in whichyour Account with us is denominated) to the Base Currency of your Account; (b) any cash currency
deposit to another cash currency deposit for the purpose of purchasing a Financial Instrument or asset
denominated in a currency other than the Base Currency of your Account; (c) any funds deposited withus or held by us on your behalf into such other currency as we consider necessary or desirable, at oursole discretion, to cover your obligations and liabilities in that currency; whenever we conduct suchcurrency conversions, we will do so at such reasonable rate of exchange as we select, at our sole
discretion; under these circumstances, we shall be entitled to add a mark-up to the exchange rates;
any such prevailing mark-up (if any) shall be posted on our Online Trading Facility in the Commission,
Charges & Margin Schedule.

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26.7. All foreign currency exchange risk arising from any deposits in and/or withdrawals from your Account,or resulting from the compliance by us with our obligations or the exercise by us of our rights underthese Terms and Conditions, will be borne by you.
26.8. We shall not be obliged: (a) to pay interest to you on any credit balance(s) in any Account(s) or on any
other funds you deposit with us or which we are holding on your behalf ; or (b) to account to you for any
interest received by us, or in respect of which we are the beneficiary, in connection with any funds you
deposit with us or which we are holding on your behalf, or in connection with any Contract and/orTransactions; you consent to waive all rights to such interest and you acknowledge and agree that wewill be the beneficiary of all such interest.

27. Deposits, Refunds and Withdrawals
A. Deposits
27.1. We reserve the right to impose deposit limits and deposit fees in our system(s), at any time.
27.2. You agree that any funds transmitted to our bank accounts by you or, where permitted, on your behalf,
will be deposited into your Account with us at the value date of when they were received by us and netof any charges/fees charged by the bank account providers, our payment service providers and/or any
other intermediary involved in such transaction process.
27.3. Before accepting any such funds into our bank accounts and/or making any such funds available in yourAccount with us, we must be fully satisfied that you, as our client, are the sender of such funds, or thatsuch funds have been transmitted to us by an authorized representative of you, as our client; in thoseinstances where we are not satisfied that you, as our client, are the sender of such funds, or that suchfunds have been transmitted to us by an authorized representative of you, as our Client, we reserve theright to refund/send back the net amount received to the same remitter from, and by the same payment
method through which such funds were received.
B. Refunds and Withdrawals
27.4. We reserve the right to impose withdrawal limits and withdrawal fees in our systems, at any time.
27.5. Upon submitting a withdrawal request you may be required to submit documentation as required byapplicable “Anti-Money Laundering (“AML”) Legislation” and/or any other similar rules andregulations applicable to us.
27.6. When a withdrawal or refund is performed, we reserve the right (but shall under no circumstances be
obliged) to remit the funds to the same remitter from, and by the same payment method through whichsuch funds were initially received by us. In that connection, we reserve the right, at our sole discretion,(a) to decline withdrawals via certain specific payment methods; (b) to require another payment method
as the one indicated in any withdrawal request, in which instance a new withdrawal request may haveto be submitted; and/or (c) to require that further documentation be submitted, as required by applicable“Anti-Money Laundering (“AML”) Legislation” and/or any other similar rules and regulations
applicable to us, before proceeding with any withdrawal request.
27.7. If we are unable to remit the funds, or any partial amount thereof, to the same remitter from, and by thesame payment method through which such funds were initially received by us, we reserve the right (butshall under no circumstances be obliged) to transmit the funds via an alternative payment method
selected by us, at our sole discretion, in any currency we deem fit (regardless of the currency in which
the initial deposit was made). Under these circumstances, we shall not be responsible for any transfer
fees or charges imposed by the receiver and/or for any currency exchange rates resulting from thepayment of such amount and the provisions of clause sub-clause 25.10 hereinabove shall be applicablemutatis mutandis.
27.8. Withdrawal requests that are accepted and approved by us in accordance with the terms of thisAgreement are, in principle, processed within one (1) Business Day following the receipt of the transfer

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submitted with the withdrawal request.
27.9. You agree, when we so request, to pay any bank transfer fees incurred when you are withdrawing funds
from your Account or when funds are refunded by us to your designated bank account. You are solely
responsible for the payment details you are providing us with and we do not accept any responsibility
for your funds, if the payment details you have provided to us are incorrect or incomplete. It is also
understood that we do not accept any responsibility for any funds that are not directly deposited into ourbank accounts.
C.

Deposits by Credit/Debit Card

27.10. You can deposit funds to your Account with us quickly and easily by credit / debit card. The entire
transaction is processed electronically - online.
27.11. Upon submitting a deposit request via your credit / debit card, you may be required to submit
documentation as required by applicable “Anti-Money Laundering (“AML”) Legislation” and/or any
other similar rules and regulations applicable to us.
27.12. The Company takes the protection of its clients very seriously and has various systems, controls andtools set in place for their protection against credit / debit card fraud and so as to be in compliance withall applicable anti-money laundering regulations. The systems, limits and controls that the Company
applies for the prevention and/or identification of credit / debit card fraudulent activity may include, but
are not limited to, the following:(a) Limits on the number of transactions allowed within a certain timeframe; and/or(b) Limits on the amounts allowed to be deposited within a certain timeframe; and/or(c) Limits on the amounts allowed to be deposited per transaction; and/or(d) Limits on the amounts allowed to be deposited per registered email address; and/or(e) Limits on the amounts allowed to be deposited based on the country the money is coming from;
and/or(f) Limits on the number of credit / debit cards allowed per client; and/or(g) Limits on the deposit attempts allowed per email address; and/or(h) Restrictions on the number of email addresses allowed to be connected with a single credit / debitcard; and/or(i) 3D secure authentication for the processing of transactions; and/or(j) Checks for matching details.
27.13. In the case that the Company’s systems and tools, as well as the systems and tools of the Company’s
payment services provides, identify a violation of the above limits and restrictions and/or clients fail topass the security and authentication checks, the appropriate measures are taken in order to prevent
possible credit / debit card fraudulent activity and ensure Company’s protection. These measures may
include, but are not limited to, the following:(a) Investigations, further checks and/or request for additional documentation in order to verify the credit/ debit card details and ensure that you are the legitimate owner/user of the credit / debit card(s)used;(b) Delay of transactions’ processing due to the investigations taking place;(c) Refusal of credit card deposit(s) in question and refund of the net amount deposited to the same
credit / debit card account and via the same payment method through which the deposit(s) wasmade;(d) Cancellation of fraudulent transactions as soon as they are detected;(e) Block access to our Online Trading Facility, blocking and/or revoking your Access Codes and/or
terminating your Account(s);(f) Seize any profits and/or revenues generated directly or indirectly by exercising any such prohibited
trading activity and cancel any Account(s) and active Orders associated with the credit / debit cardthat has been identified as fraudulent;(g) Deny processing transactions exceeding the limits/restrictions and/or failure to pass the security and

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27.14. Please note that it is a serious criminal offence to provide false or inaccurate information during yourcredit / debit card registration. Therefore, before we accept any credit / debit card deposits and/or making
any such credit / debit card deposits, we must be fully satisfied that:(a) you are the legitimate owner/user of the credit / debit card used; and(b) it is you, as the legitimate owner/user of the credit / debit card, who is making and/or authorizing thedeposit by credit / debit card.
27.15. In those instances where we are not satisfied of the above, we reserve the right to refuse the credit /debit card deposit(s) in question and to refund/send back the net amount deposited to the same credit /debit card account and via the same payment method through which such deposit(s) was/were made.
27.16. Fraudulent transactions are immediately cancelled after being detected. Furthermore, in such instances,
we reserve the right, at our sole discretion, to take all action as we see fit, including, without limitation,completely blocking access to our Online Trading Facility, blocking and/or revoking your Access Codes
and/or terminating your Account. Under these circumstances, we reserve the right to seize any profits
and/or revenues generated directly or indirectly from exercising any such prohibit trading activity and weshall be entitled to inform any Interested third parties of your breach of this clause; any active Orders
associated with the same fraudulent credit card and/or Account will also be cancelled immediately; any
dispute arising from such fraudulent activity will be resolved by us in our sole and absolute discretion, inthe manner we deem to be the fairest to all concerned; that decision shall be final and/or binding on allparticipants.; no correspondence will be entered into.
27.17. We reserve the right, at our sole discretion, to impose such deposit limits and restrictions, as we deem
fit. Current deposit limits and restrictions are displayed on the Credit / Debit Card Deposit screen
displayed on our Online Trading Facility. If you would like to increase your credit / debit card deposit
limit, please contact our Customer Support team at support@xmtrading.com.
27.18. Card processing is provided by TPS Management Limited, registered with the Registrar of Companies
in Nicosia, Cyprus under the number: HE 344535 and having its registered office at 80B Steliou
Mavrommati, Agios Pavlos, 2364, Nicosia, Cyprus.
28. Chargeback
28.1. If you place a chargeback (on purpose or by mistake) for any deposit you made in your Account withus, we reserve the right to charge a “USD 150 - research fee” to your Account upon receiving thechargeback to cover our investigative expenses.
28.2. We do not tolerate credit / debit card fraud, and all fraud, without exception, will be prosecuted throughcriminal proceedings in your local jurisdiction to the fullest extent of the law. In addition to this, we will
file a report with your local police department, and pursue all fraudulent activities through your local
jurisdiction for prosecution to the fullest extent of the law. Furthermore, in such instances, we reserve
the right, at our sole discretion, to take all action as we see fit, including, without limitation, completely
blocking access to our Online Trading Facility, blocking and/or revoking your Access Codes and/or
terminating your Account. Under these circumstances, we reserve the right to seize any profits and/or
revenues generated directly or indirectly by exercising any such prohibit trading activity and we shallbe entitled to inform any interested third parties of your breach of this clause; any active Orders
associated with the same fraudulent credit card and/or Account will also be cancelled immediately; wehave, and will continue to develop any tools necessary to identify credit/debit card fraud; any disputearising from such fraudulent activity will be resolved by us in our sole and absolute discretion, in themanner we deem to be the fairest to all concerned; that decision shall be final and/or binding on allparticipants; no correspondence will be entered into.
29. Complaints Handling Procedure
29.1. Our Company aims to provide prompt, courteous, helpful, open and informative advice in response to
every approach made by a member of public. We are always keen to hear the views of our customers,
particularly the general public, about our performance generally - what we do right and what we dowrong.

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29.2. In case a Client has any cause for complaint in relation to the services provided by the Company, heshould file a complaint as per the Company’s Complaint Handling Policy which is available on the
Company’s Website.
29.3. The Client may file a formal complaint, at any time by sending the completed Complaints Form via
email at compliance@xmtrading.com, along with any attachments to support his complaint.
29.4. Upon receipt of a formal complaint, we will provide written acknowledgement within five (5) Business
Days of receiving your formal complaint. The letter will confirm that we are taking the necessary actionneeded to resolve the complaint and will contain details of the procedure.
29.5. We will attempt to resolve the matter within fifteen (15) Business Days of receiving your formal
complaint, or ten (10) Business Days after your acceptance or rejection of any offer of redress (whereapplicable), whichever comes first.
30. Termination of Business Relationship30.1. Without prejudice to any other provisions of this Agreement, in particular, but without limitation, thosepertaining to Events of Default, our client relationship under this Agreement shall remain in force until
terminated by either Party.
30.2. Unless required by Applicable Laws, Rules and/or Regulations either Party may terminate thisAgreement (and the relationship between us) by giving seven (7) calendar days written notice oftermination to the other.
30.3. We may terminate this Agreement immediately, however, if you fail to observe or perform any provisionof this Agreement or in case of an Event of Default, other than in the case of Force Majeure.
30.4. We shall terminate this Agreement with all accounts being inactive for a period of (twelve) 12 months.
30.5. Upon terminating this Agreement, all amounts payable by you to us will become immediately due andpayable including (but without limitation): (a) all outstanding fees, charges and commissions; (b) any
dealing expenses incurred by terminating this Agreement; and (c) (c) any losses and expenses realised
in closing out any Transaction or Contract, or settling or concluding outstanding obligations incurred byus on your behalf.
30.6. On termination, we shall complete all Transactions and/or Contracts that are already entered into or
under execution and these Terms and Conditions shall continue to bind both parties in relation to such
Transactions and/or Contracts. We shall be entitled to deduct all amounts due to us before transferring
any credit balances on any Account(s) to you and we shall be entitled to postpone such transferring
until any and all Transactions and/or Contracts between you and us are closed. Furthermore, we shallbe entitled to require you to pay any charges incurred in transferring your investments.
30.7. Termination shall not affect then outstanding rights and obligations (in particular, without limitation,
relating to the Indemnities and Limitation of Liability Clauses and the Miscellaneous and Governing
Law Clauses and Transactions and/or Contracts which shall continue to be governed by this Agreement
and the particular clauses agreed upon by and between you and us in relation to such Transactions
and/or Contracts, until all obligations have been fully performed.
30.8. In the event that you involve us, directly or indirectly, in any type of fraud, we reserve the right, at oursole discretion and without prejudice to any other rights we may have under this Agreement, to reverse
all previous Transactions and/or Contracts, which would or could place our interests and/or any of our(other) clients’ interests at risk.
31. Client Money and Assets
31.1. Without prejudice to the provisions of the immediately preceding clause of this Agreement, all Assets(including, without limitation, cash, or only in those instances in which we may agree otherwise, other

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instrument, property or asset acceptable to us in lieu of cash) handed over by you to us, or which we
hold on your behalf for the provision of our Services (“Client Money”), will be held in an account with
an approved bank and will be segregated from the Company’s funds. Your Client Money may be pooledwith the funds of other clients in a general omnibus account.
31.2. Unless you notify us beforehand and in writing, we may allow a third party, such as an exchange, aclearing house or an intermediate broker to hold all control all or part of your Client Money, where wetransfer your Client Money: (a) for the purposes of a Transaction and/or Contract you have enteredinto, or are entering into with such third party; or (b) to meet your obligations to provide Collateral or
Margin for a Transaction and/or Contract (e.g. an initial Margin requirement for a derivative
Transaction).
31.3. You hereby authorize us to make any deposits and withdrawals from your Account with us on yourbehalf, including, without limitation and prejudice to the generality of the above, withdrawals for thesettlement of all Transactions undertaken and/or Contacts entered into under these Terms andConditions, as well as for the settlement of any and all amounts which are payable by you, or on yourbehalf, to us or any other person under and/or pursuant to these Terms and Conditions.
31.4. Unless otherwise determined, any amount payable by us to you, shall be paid directly to you and not
to any other Person, except in those instances there this has been agreed upon by mutual consent of
the Parties.
31.5. Without prejudice to any other provisions of this Agreement, we may, at our sole discretion, from time
to time and without your prior authorisation, set-off any amounts held on your behalf against yourobligations to us and/or merge any of your Accounts with us.
31.6. You are entitled to withdraw the funds from your Account which are not used for Margin covering,
without closing your Account.
31.7. Where your Account is inactive for a period of seven (7) years with a positive balance (i.e., there arefunds available in your Account) and during that period no transactions have been carried out in relation
to the Account or on the instructions of the holder of the Account and we are unable to contact you after
we take reasonable efforts to achieve this, we will have the right to cease treating those funds as Client
Money and make a deduction from your Account in accordance with sub-clause 25.9. If you later makea valid claim to us, we may pay you any amount owed to you by us.
32. Dormant and Archiving Policy
32.1. In the event that there is no activity (trading/withdrawals/deposits/internal transfers) in all of yourAccounts for a set period of at least ninety (90) calendar days we will regard your Accounts to be“dormant”. An Account shall be deemed as dormant from the last day of the ninety (90) calendar daysin which there has been no activity (trading/withdrawals/deposits/internal transfers) in the Account.
32.2. Any pending orders may be deleted from dormant Accounts.
32.3. All remaining bonuses / promotion credits will be automatically removed from dormant Accounts.
32.4. Dormant Accounts will be charged with a monthly dormant fee of USD 10 (ten United States Dollars)or the full amount of the free balance in the Account if the free balance is less than USD 10 (ten UnitedStates Dollars). There will be no charge if the free balance in the Account is zero.
32.5. Accounts with zero balance are deemed as “archived” on the last day of the 90 (ninety) calendar days
which there was no activity in them (trading/withdrawals/deposits/internal transfers).
32.6. Trading accounts with a balance of USD 5 (or currency equivalent) and lower will be archived after aperiod of 90 (ninety) calendar days. Trading accounts are deemed archived from the last 90 (ninety)
calendar days during which there was no activity in them (trading/withdrawals/deposits/internaltransfers).

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33. Affiliates / Introducers of Business33.1. If you were introduced to our Company by an Affiliate/Introducer of Business, you acknowledged andagree that:(a) You authorized the Affiliate/Introducer of Business to introduce you to the Company;(b) A commission may be paid to the Affiliate/Introducer of Business for introducing you to theCompany, the amount of which can be found on the relevant section of our website(https://partners.xmtrading.com/partner-types);(c) The Company shall not be liable for any type of agreement that may exist between the Client
and the Affiliate/Introducer of Business or for any additional costs as a result of thisAgreement; and(d) The Affiliate/Introducer of Business is not a representative of the Company.
34. Conflicts of Interests
34.1. You should be aware that when and where we, our Associates or other persons or companies
connected with us, arrange Transaction and/or Contracts with you, we may have an interest,
relationship or arrangement that is material in relation to the Transaction and/or Contract concerned.
Should such a conflict of interest arise we will seek to resolve such conflict in such a way as we believe
is in your best interests in accordance with our conflicts of interest policy (as amended or extended
from time to time) (“Conflicts of Interest Policy”).
34.2. Specifically you hereby acknowledge and confirm that: (a) we may assign or transfer the execution ofyour Orders to our Associates and or other third parties, as we deem fit; (b) we may execute at thesame time Orders by different clients that are opposite to one another; (c) we may establish business,
including without limitation, trading relationships with other issuers of Financial Instruments and we may
have a financial interest in such Financial Instruments; (d) we act as a Market Maker and in this context
there may be inherent Conflicts of Interest; and (e) we may compensate and/or share our revenues
from your activity with our Associates, partners and/or other similar parties performing marketing
activities on our behalf. You hereby further acknowledge and agree that we also may compensate otherclients who you have elected to follow and/or copy.
34.3. Full details of our Conflicts of Interest Policy are available on our Online Trading Facility. Our Conflictsof Interest Policy is a policy only, it is NOT part of these Terms and Conditions and is not intended tobe contractually binding or impose or seek to impose any obligations on us which we would nototherwise have, but for the Applicable Laws, Rules and Regulations.
34.4. By accepting these Terms and Conditions, you expressly acknowledge and agree that we may transact
such business without prior reference to any potential specific Conflict of Interest.
35. Risk Disclosures, Acknowledgement and Warranties
35.1. You acknowledge, recognize and understand that trading and investments in leveraged as well as nonleveraged Transactions and/or Contracts is: (a) highly speculative; (b) may involve an extreme degreeof risk; and (c) is appropriate only for persons who, if they trade on Margin, can assume a substantial
risk of loss in excess of their Margin deposit.
35.2. You further acknowledge, recognize and understand that: (a) because of the low level of Margin
normally required in highly leveraged transactions, price changes in the Underlying Instrument may
result in significant losses; (b) certain Market Conditions may make it difficult or impossible to execute
Orders at a stipulated price; (c) when you instruct us to enter into any Transaction and/or Contract, any
profit or loss arising as a result of a fluctuation in the value of the Financial Instrument or the Underlying
Instrument will be entirely for your account and risk; (d) we will not provide any advice to you; therefore,
you agree not to hold us responsible for any losses incurred as a consequence of following any of oursuggestions or those of our employees, Associates or representatives, unless we have exercised grossnegligence in connection herewith; (e) we shall not conduct any continuous monitoring of theTransactions and/or Contracts entered into by you; accordingly, we cannot be held responsible for any

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Transactions and/or Contracts developing differently from what you might have presupposed and/or toyour disadvantage; (f) guarantees of profit or freedom from loss are impossible in investment trading;(g) you have received no such guarantees or similar representations from us, nor from any of our
Associates, from a Business Introducer, or representatives hereof.
35.3. In light of the risks, you should undertake such transactions only if you understand the nature of the
trading into which you are about to engage and the extent of your exposure to risk. Trading in leveraged
Financial Instruments is not suitable for many members of the public and you should carefully consider
whether such trading is appropriate for you in light of your experience, objectives, financial resourcesand other relevant circumstances. You acknowledge and confirm that you have been advised andunderstand the following factors concerning trading in leveraged Financial Instruments in the Over-theCounter Market, in addition to those contained in the Risk Disclosure Statement posted on our Online
Trading Facility.
(a) General: When you enter into foreign currency contracts with us, you will be entering into a privately
negotiated Transaction and/or Contract with us, as Principal. We may, in turn, enter into "back-toback" transactions with others, including our Associates and third-party Counterparties. We include
our mark-up in the Price Quotes we provide to you. The Transactions and/or Contracts in leveraged
Financial Instruments you may be entering into with us are NOT executed on a regulated exchange
and are not cleared on a central clearing organization. Consequently, any Transaction and/or
Contract entered into with us will be an obligation on our part (as opposed to an obligation of aclearing house as in the case of an exchange-traded contract) and you will not be afforded theregulatory and financial protections offered by exchange-traded contracts. Both of us are, therefore,
obliged to perform our respective obligations under each Transaction and/or Contract inaccordance with its terms. The terms of each Transaction and/or Contract are set out in theseTerms and Conditions (which apply to every Transaction and/or Contract you enter into with us)
and the Settlement/Trade Confirmation (which applies to each particular Transaction and/or
Contract). Because each Transaction and/or Contract is a transaction between you and us, and is
not cleared on a central clearing house, you will not be able to transfer your obligations under theTransaction and/or contract to another Person without our prior consent. In addition, we are under
no obligation to terminate or close out the Transaction and/or Contact prior to the expiration dateof that Transaction and/or Contract. We may, but we are not obligated, to quote you a price for an
early close out of a Transaction and/or Contract, on request.
(b) Effect of "Leverage" or "Gearing": Transactions in leveraged Financial Instruments carry a highdegree of risk. The amount of Initial Margin may be small relative to the value of the Financial
Instruments traded so that Transactions and/or Contracts are 'leveraged' or 'geared'. A relatively
small market movement may have a proportionately larger impact on the funds you have depositedor will have to deposit: this may work against you as well as for you. You may sustain a total lossof initial Margin funds and any additional funds deposited with us to maintain your position. If theMarket moves against your position or Margin Levels are increased, you may be called upon to pay
substantial additional funds on short notice to maintain your position. We reserve the right toliquidate positions without prior notice in the case of any Margin shortfall or if you fail to comply witha request for additional funds within the time prescribed. Furthermore, you should be aware that
we and/or Associates may from time to time have substantial positions in, and may make a market
in or otherwise buy or sell instruments similar or economically related to, Transactions and/or
Contracts entered into with you. In addition, we may also undertake proprietary trading activities,
the initiation or termination of a foreign currency contract transaction with you that may adversely
affect the Market price or other factors underlying the Transactions and/or Contracts entered intowith you and consequently, the value of such Transaction and/or Contract.
(c) The Company may at any time and from time to time amend the leverage ratios (i.e., decrease or
increase the leverage ratios) in its sole discretion and without any notice on a case by case basison all or any Accounts of the Client and based on any parameter it chooses, including applying
different leverage ratios to different investments or times or in relation to external events such as
government announcements or any news. Any change in the leverage ratio may take effect before
or after an Order is completed. A decrease in the leverage ratio will affect your Margin Level,
Margin Call Level, Stop-out Level and may trigger a Margin Call. We will not be liable to you for
any loss arising from any change in the leverage ratios, even if that automatically causes any or allof your trading positions to be closed out or if your Account is treated differently from other clients’

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Accounts. Any monitoring by the Company is for its compliance and risk management and you
should not rely on the Company to monitor your trading or the effect of any change in the leverage
ratios applying to your Account. For further information on the leverage offered per financial
instrument, please refer to our Website.
(d) Option Transactions: We currently do NOT offer foreign currency options.
(e) Trading in Transactions in leveraged Financial Instruments is Speculative: Prices of leveraged
Financial Instruments are highly volatile. Price movements of Transactions and/or Contracts inleveraged Financial Instruments are influenced by, among other things, interest rates, changes inbalance of payments and trade, domestic and international rates of inflation, international trade
restrictions and currency devaluations and revaluations. For example, there can be serious Market
Disruptions if economic or political events locally or overseas affect the market. It is not possible toforesee all risks in advance.
(f) Electronic Trading: You will trade in leveraged Financial Instruments through our Online Trading
Facility. Trading on an electronic trading system may differ not only from trading in an ‘open-outcry’Market, but also from trading on other electronic trading systems. If you undertake transactions on
an electronic trading system, you will be exposed to risks associated with the system including the
failure of hardware and software. The result of any system failure may be that your Order is either
not executed according to your instructions, is not executed at all and a lack of capability to keep
you informed continuously about your positions and fulfilment of the Margin requirements. Since
we do not control signal power, its reception or routing via internet, configuration of your equipment
or reliability of its connection, we cannot be responsible for communication failures, distortions ordelays when trading on-line via the Internet. We do, however, employ back-up systems andcontingency plans to minimize the possibility of system failure, and trading via telephone isavailable in those instances where specifically agree, at our sole discretion, to do so.
(g) Commissions and other charges: Before you begin to trade, you should obtain a clear
explanation of all commission, fees, mark ups, markdowns and other charges for which you will be
liable, as these charges will affect your net profit (if any) or increase your loss.
(h) Risk-reducing and entry Order strategies: The placing of certain Orders (‘Stop-Loss’ Orders or‘Stop-Limit’ Orders, ‘Entry Buy’ Orders or ‘Entry Sell’ Orders) which are intended to limit risk, may
not be effective because Market conditions may make it impossible to execute these Orders.
Strategies using combinations of positions, such as ‘spread’ and ‘straddle’ positions may be just as
risky as taking long or short positions. Clients’ Orders will become Market Orders when thepredetermined price level is reached, even if the price is considerably different from the original
Order.
(i) Suspension or restriction of trading and pricing relationships: Market conditions (e.g., liquidity)
and/or the operation of the rules of certain Markets (e.g., the suspension of trading in any Financial
Instrument or underlying Instrument because of price limits or "circuit breakers") may increase therisk of loss by making it difficult or impossible to effect Transactions and/or Contracts or
liquidate/offset positions. Furthermore, normal pricing relationships between the Underlying
Instrument and the Financial Instrument traded may not exist. The absence of a price for an
Underlying Instrument may make it difficult to judge "fair" value.
(j) Deposited cash and property: You should familiarize yourself with the protections accorded tomoney or other property you deposit for domestic and foreign Transactions and/or Contracts,
particularly in the event of a firm insolvency or bankruptcy. The extent to which you may recover
your money or property may be governed by specific legislation or local rules. In some jurisdictions,
property, which has been specifically identifiable as your own, will be pro-rated in the same manneras cash for purposes of distribution in the event of a shortfall. The Transactions and/or Contracts
you are entering into with us are NOT traded on an exchange. Therefore, under applicablebankruptcy laws, your funds may NOT receive the same protections as funds used to Margin or
guarantee exchange-traded Transactions and/or contracts, which may receive a priority inbankruptcy. Since that same priority has NOT been given to funds used for Transactions and/or
Contracts in the Over-the-Counter (OTC) Market, if we were to become insolvent and you have a

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claim for amounts deposited or profits earned on Transactions and/or Contracts with us your claim
may not receive priority. Without priority, you are a general creditor and your claim will be paid,
along with the claims of other general creditors, from any funds still available after priority claims
are paid. In these circumstances, even the Client Money, which we keep separated from our own
operating funds, may NOT in all instances be safe from the claims of other general and priority
creditors.
(k) Currency risks: The profit or loss in Transactions and/or Contracts in leveraged Financial
Instruments (whether they are traded in your own or in another jurisdiction) will be affected byfluctuations in currency rates where there is a need to convert from the currency denomination of
the position taken to another currency.
(l) Transactions in other jurisdictions: Transactions on markets in other jurisdictions, including
Markets formally linked to a domestic market, may expose you to further, additional risk. Suchmarkets may be subject to regulation, which may offer different or diminished investor protection.
Before you trade, you should enquire about any rules relevant to your particular Transactions
and/or Contracts. Your local regulatory authority will be unable to compel the enforcement of therules of regulatory authorities or markets in other jurisdictions where your Transactions and/or
Contracts have been effected. You should enquire about the types of redress available in both yourhome jurisdiction and other relevant jurisdictions before you start to trade.
(m) Quoting and Execution Errors: Should quoting and/or execution errors occur, which may include,
but are not limited to, a dealer’s mistype of a quote, a quote or trade which is not representative offair Market prices, an erroneous price quote, such as, but not limited to, a wrong big figure quoteor an erroneous quote due to failure of hardware, software or communication lines or systems
and/or inaccurate external data feeds provided by third-party vendors, we will not be liable for the
resulting errors in your Account balances. In addition, Orders must be placed allowing sufficient
time to execute, as well as, sufficient time for the system to calculate necessary Margin
requirements. The execution of Orders placed too close to prices, which would trigger other Orders(regardless of Order type) or a Margin call, cannot be guaranteed. We will not be liable for the
resulting Margin call(s), resulting balance, and/or positions in your Account due to the system nothaving been allowed sufficient time to execute and/or calculate accordingly. The foregoing list is
not meant to be exhaustive and in the event of a quoting or execution error, we reserve the right tomake the necessary corrections or adjustments on the Accounts involved. Any dispute arising fromsuch quoting or execution errors will be resolved by us in our sole and absolute discretion. You
agree to indemnify and hold us harmless from any and all damages or liability as a result of theforegoing. No correspondence will be entered into.
(n) Off-Exchange Transactions: The Transactions and/or Contracts you are entering into with us ascounterparty are NOT traded on an exchange, but in the off-exchange/Over-the-Counter (OTC)
Market. In general, the Over-The-Counter (OTC) Market is unregulated, there are no limitations on
daily price movements (unless imposed by a government or central bank authority), no rules toregulate valuation or settlement procedures, and no minimum financial requirements for market
participants. Accordingly, it may be difficult or impossible to liquidate an existing position, to assess
the value, to determine a fair price or to assess the exposure to risk. For these reasons, thesetransactions may involve increased risks. Off-exchange Transactions may be less regulated or
subject to a separate regulatory regime. Before you undertake such Transactions, you shouldfamiliarize yourself with applicable rules and attendant risks.
35.4. In addition to the foregoing, it is important that you be fully aware of the following points:(a)

We reserve the right to close part, or all, of your open positions, in order to facilitate the chargeof any fees or amounts due by you. Notwithstanding, you shall be liable for promptly paying suchfee(s) to us, even if you suffer full loss of all Margin deposited by you.

(b)

In case any Underlying Instrument is not available for trading for any reason (including but notlimited to insolvency reasons, management decisions, etc.), we reserve the right to close any
open/pending positions on the last quoted price as this is obtained from our liquidity providers.

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(c)We do NOT guarantee any Order. Placing ‘stops (“Stops”)’, regardless of the entry or closing
designation, does not guarantee that the trade will be filled at the Order price. All ‘Entry Stops’and ‘Stops’ will be filled, upon activation, at the first/best available market price, which may or
may not match the requested Order price.

(d)

In the event liquidity providers are unable to provide liquidity to us, your Order may experience
delays in execution or you may not be able to place Orders entirely. The size of the Order may
also impede the speed at which the Order is executed. Keep in mind that it is necessary to enter
any Order only once. Multiple entries for the same Order may inadvertently open unwanted
positions.

(e)While trading on our Online Trading Facility, you might encounter system errors that are resulted
from hardware and/or software failures. The result of any system failure may be that your Orderis either not executed according to your instructions, executing with account balance errors anddiscrepancies or not executed at all. We will not be liable for the resulting errors in your Accountbalances. We reserve the right to make the necessary corrections or adjustments on the Accountinvolved.

(f)

No system exists that could assure you that Transactions in leveraged Financial Instruments
should bring you great benefits, nor is it possible to guarantee, that your Transactions and/or
Contracts will yield favourable results.

(g)

Even though the foreign currencies, commodities and indices markets are liquid as comparedwith other financial and exchange markets, the market conditions might at times render the
execution of an Order or of a ‘limit’ on an Order (either ‘Stop Loss’ or ‘Take Profit’) at a stipulated
price impossible. Accordingly, even though the extent of the losses could be subjected to anagreed upon limit, the risk of incurring losses could be higher, and that loss could occur in a
relatively short period of time.

(h)Since deposit of an additional guarantee is not obligatory in this case, we reserve the right, at oursole discretion, to close any outstanding balances without your consent under thesecircumstances.

(i)

Under abnormal Market conditions, CFDs may fluctuate rapidly to reflect unforeseeable events
that cannot be controlled either by us or by you. Such circumstances may limit partially or fully
your ability to trade.

(j)

Our Online Trading Platform does not support negative prices of financial instruments. In theunlikely event of the price of any financial instrument reaching zero (0) or going below, our Online
Trading Platform will automatically start closing any open positions at the current market price.

(k)

It is important to make a distinction between indicative Quotes, which are displayed on chartsand dealable Quotes which are displayed on our Online Trading Facility. Indicative Quotes only
give an indication of where the Market is. Because the derivatives products Markets aredecentralized, meaning they lack a single central exchange where all transactions are conducted,
each Market Maker may quote slightly different prices. Therefore, any prices displayed on any
chart made available by us or by a third party will only reflect "Indicative Quotes", and notnecessarily actual "Dealable Quotes" in respect of which Transactions or trades can be
executed.
The risk information presented here does not reflect all of the risks as well as other important
aspects intrinsic to Transactions in leveraged Financial Instruments. Therefore, before starting totrade, you should learn the specifics of entering into such Transactions in detail or seek further
professional advice.

(l)

(m)

Unless you have elected to carry a trade over the weekend, all trades will automatically close out
in the real money mode when market closes at the end of the business week at the rates available
on the end of the last trading day of the relevant week. All statements with respect to real money
accounts will be open during the weekend and all traders are welcome to view their trading
Account info. We reserve the right not to offset Contracts carried over the weekend shortly after

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markets are open. We may, at our sole discretion, allow offsetting Contracts carried over the
weekend when market liquidity conditions are reasonable.
(n)There are a series of inherent risks with the use of the mobile trading technology such as the
duplication of Order instructions, latency in the prices provided, and other issues that are a resultof mobile connectivity. Prices displayed on our mobile platform are solely an indication of theexecutable rates and may not reflect the actual executed price of the Order. Our mobile feature
utilizes public communication network circuits for the transmission of messages. We shall not beliable for any and all circumstances in which you experience a delay in Price Quotes or an inability
to trade caused by network circuit transmission problems or any other problems outside our directcontrol, which include but are not limited to the strength of the mobile signal, cellular latency, or
any other issues that may arise between you and any internet service provider, phone service
provider, or any other service provider. Please further note that some of the features available
on our Online Trading Facility may not be available on our mobile feature.

35.5. In addition to, and without prejudice, to any other representations, warranties and covenants set forthin this Agreement, you hereby further represent, warrant, covenant and agree: (a) that you act as
Principal and sole beneficial owner (but not as trustee) in entering into this Agreement and eachTransaction and/or Contract performed hereunder and that no Person other than you has or will havean interest in your Account(s); (b) that, regardless of any subsequent determination to the contrary,trading in leveraged Financial Instruments on the Over-the-Counter Market (and in such otherinvestments as we may from time to time agree) is suitable for you and that you are aware of all risks
involved with such Transactions and/or Contracts; and (c) that you are willing and financially able tosustain a total loss of funds resulting from Transactions and/or Contracts performed hereunder.
35.6. By using our Online Trading Facility, you represent, warrant, covenant and declare that all the funds
that you use and invest on our Services do not originate in any way from drug trafficking, abduction,
terrorist activity or any other criminal activity that is unlawful or could be considered unlawful by any
authority. In the event that we may become suspicious that you may be engaging in or have engaged
in such fraudulent, unlawful or improper activity, including, without limitation, money laundering
activities, or conduct otherwise in violation of these Terms and Conditions, your access to our Online
Trading Facility may be terminated immediately and/or your Account may be blocked. If your Accountis terminated or blocked in such circumstances, we are under no obligation to refund any funds that
may be in your account, unless otherwise instructed by a relevant regulatory authority. In addition toterminating your access to our Online Trading Facility and/or blocking your Account, we reserve theright to prevent you from accessing our website or servers, or accessing any other services offered by
us. We shall be entitled to inform the relevant authorities, other online service providers and banks,
credit card companies, electronic payment providers or other financial institutions of your identity andof any suspected unlawful, fraudulent or improper activity and you will cooperate fully with us toinvestigate any such activity.
35.7. The above representations and warranties shall be deemed to be repeated each time in the future youenter into a Transaction or Contract or provide Instructions to us, for the duration of our business
relationship.
35.8. You covenant to us that: (a) you will at all times obtain and comply, and do all that is necessary tomaintain in full force and effect, all authority, powers, consents, licences and authorisations referred toin this clause; (b) you will promptly notify us of the occurrence of any Event of Default or potential Eventof Default; (c) you will use all reasonable steps to comply with all Applicable Laws, Rules and/or
Regulations in relation to this Agreement and any Transaction and/or Contract hereunder, so far as
they are applicable to you or us; (d) you will not send Orders or otherwise take any action that could
create a false impression of the demand or value for Financial Instrument, or send Orders which you
have reason to believe are in breach of Applicable Laws, Rules and Regulations (e) you shall observe
the standard of behaviour reasonably expected of persons in your position and not take any step which
would cause us to fail to observe the standard of behaviour reasonably expected of persons in our
respective positions; and (f) upon demand, you will provide us with such information as we may
reasonably require to evidence the matters referred to in this clause or to comply with any Applicable
Laws, Rules and Regulations.

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35.9. You represent and agree that, if you are employee or contractor of a financial services firm or any otherfirm that has controls over the financial transactions in which its employees and contractors deal, youwill give us proper notice of this and of any restrictions that apply to your dealings. In such case, we
reserve the right to request for acknowledgement/confirmation letter from the Compliance Departmentof your firm regarding the trading accounts/transactions that are held/being carried out with ourCompany.
35.10. You further represent and agree that you will not use our bid and ask prices for any purpose other thanfor your own trading purposes, and you agree not to redistribute our bid and ask prices to any otherperson whether such redistribution be for commercial or other purposes.
35.11. You represent and warrant that you have implemented and plan to operate and maintain appropriate
protection in relation to the security and control of all access and use of your computer, infection orviruses, worms, Trojan horses or other code that manifest contaminating or destructive properties
and/or other similar harmful or inappropriate materials, devices, information or data.
35.12. You agree that we shall not be liable, in any manner whatsoever, to you in the event of failure of ordamage or destruction to your computer systems, data or records or any part thereof, or for delays,
losses, errors or omissions resulting from the failure or mismanagement of any telecommunications orcomputer equipment or software.
35.13. You will not transmit to, or in any way, whether directly or indirectly, expose us or any of our online
service providers to any infection or viruses, worms, Trojan horses or other code that manifest
contaminating or destructive properties and/or other similar harmful or inappropriate materials, devices,
information or data.
35.14. You agree to be fully and personally liable for the due settlement of every Transaction and/or Contract
entered into through your Account with us. You are responsible for ensuring that, unless we otherwise
agree beforehand and in writing, you, and only you, shall control access to your Account, and that no
Minor or other person is granted access to trading on our Online Trading Facility using your Account.
In any event, you, and only you, shall remain fully liable for any and all positions traded in your Account,and for any credit card transactions entered into for your Account. You agree to indemnify us fully inrespect to all costs and losses whatsoever, as may be incurred by us and/or by you as a result, direct
or indirect, of your failure to perform or settle such a transaction.
35.15. You agree that in the case that any Transaction is entered into, and/or any Contract is acquired or soldat prices that do not reflect relevant Market Prices, or that is acquired or sold at an abnormally low levelof risk ("mispricing") due to an undetected programming error, bug, defect, error or glitch in our Online
Trading Facility and/or any related software, or for any other reason, resulting in mispricing (for the
purpose of this clause the "error"), we reserve the right to cancel such Transactions and/or Contracts
upon notifying you of the nature of the computer error that led to the mispricing. You have a duty toreport to us any problem, error or suspected system or other inadequacies that you may experience.
35.16. Without prejudice to any other provisions of this Agreement, should quoting and/or execution errors
occur, which may include, but are not limited to, a dealer's mistype of a quote, a quote or trade which
is not representative of the then prevailing Market Prices, an erroneous Price Quote from us or any
third party, such as, but not limited to, an erroneous Price Quote due to failure of hardware, softwareor communication lines or systems and/or inaccurate external data feeds provided by third-party
vendors, we will not be liable for the resulting errors in your Account balances. In the event of a quoting
or execution error, we reserve the right to make the necessary corrections or adjustments on the
Account involved. Any dispute arising from such quoting or execution errors will be resolved by us in
our sole and absolute discretion.
35.17. You understand that we cannot and do not guarantee or warrant that files and/or Software available fordownloading through our Online Trading Facility will be free of infection or viruses, worms, Trojan
horses or other code that manifest contaminating or destructive properties. You are responsible for
implementing sufficient procedures and checkpoints to satisfy your particular requirements for accuracyof data input and output, and for maintaining means external to our Online Trading Facility for thereconstruction of any lost data.

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36. Indemnity and Limitation of Liability
A. Risk of loss; Limitation of liability
36.1. You will make your own decision to access and/or use our Online Trading Facility or to enter into or
execute any Transaction and/or Contract. You acknowledge and agree that our Online Trading Facility
do not and will not serve as the primary basis for any of your investment decisions concerning yourAccounts. You are solely responsible for any investment or trading decisions you make with respect toproducts identified on our Online Trading Facility and neither we, nor our directors, officers,
shareholders, partners, members employees, agents, service providers, legal representatives and/or
other affiliates of the Company (together our “Associates”) shall be responsible for determining
whether any Transaction or Contract you enter into is suitable, appropriate or advisable. Neither we,
nor our Associates are and will be, by virtue of providing our Online Trading Facility, an advisor or
fiduciary for you or any Authorized Person.
36.2. Without prejudice to any other provisions in this Agreement, our Online Trading Facility are provided“as is” and neither we, nor our Associates, nor any of our Third Party Service Providers makes any
representations or warranties of any kind whatsoever regarding (a) the availability, currency, accuracy
or completeness of our Online Trading Facility; (b) the results to be obtained by you or anyone elsefrom the use of our Online Trading Facility; and (c) any Third Party Content accessible on or throughour Online Trading Facility; neither we, nor our Associates, nor any of our Third Party Service Providers
will be liable to you or any Authorized Person for the correctness, quality, accuracy, security,
completeness, reliability, performance, timeliness, pricing or continued availability of our Online Trading
Facility, or for any failure of any connection or communication service to provide or to maintain your or
any Authorized Person’s access to our Online Trading Facility, or for any erroneous communications
between you and us.
36.3. Without prejudice to any other provisions of this Agreement, neither we, nor our Associates shall be
liable for any losses, damages, costs or expenses, whether arising out of negligence, breach ofcontract, misrepresentation or otherwise, incurred or suffered by you or any Authorized Person as adirect or indirect result of any act or omission in the course of providing our Services to you or otherwise
arising from the activities to which these Terms and Conditions apply except such as is caused by our
and/or their negligence, willful default or fraud; neither we, nor our Associates shall be liable for any
losses, damages, costs or expenses, whether arising out of negligence, breach of contract,misrepresentation or otherwise, incurred or suffered by you or any Authorized Person under thisAgreement (including any instance where we have declined to enter into a proposed Transaction and/or
Contract), unless such losses, damages, costs or expenses are a reasonably foreseeable consequenceof, or arise directly from, our or their respective gross negligence, willful default or fraud. In no
circumstance, shall we or our Associates have liability for losses suffered by you or any Authorized
Person for any special or consequential damage, loss of profits, loss of goodwill or loss of business
opportunity arising under or in connection with this Agreement, whether arising out of negligence,
breach of contract, misrepresentation or otherwise; neither we, nor our Associates will be liable in any
circumstances for any losses that were not a reasonably foreseeable result of breach to both you andus when these Terms and Conditions were entered into.
36.4. You acknowledge that: (a) any market information or third party recommendations communicated toyou or any Authorized Person, by us or any Associate, does not constitute advice to enter into any
Transaction and/or Contract; (b) such information or recommendations, although based upon
information obtained from sources believed by us to be reliable, may be based solely on a third party's
opinion and that such information may be incomplete and may be unverified; (c) we make norepresentation, warranty or guarantee as to, and shall not be responsible for, the accuracy orcompleteness of any information or recommendations furnished to you or any Authorized Person; and(d) we make no representations concerning the tax implications or treatment of trades entered into by
you pursuant to these Terms; neither we, nor our Associates accept any liability for any adverse tax
implications of any Transaction whatsoever.
36.5. Since we do not control signal power, its reception or routing via the internet, configuration of yourequipment or that of any third party or the reliability of its connection, neither we, nor our Associates
can be responsible for communication failures, distortions or delays when you are trading on-line (via

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the Internet).
36.6. We shall have no obligation to contact you to advise upon appropriate action in light of changes inMarket Conditions (including, without limitation, Market Disruptions) or otherwise. You acknowledge
that the Market in leveraged derivatives is highly speculative and volatile and that, following executionof any transaction, you are solely responsible for making and maintaining contact with us and formonitoring open positions and ensuring that any further instructions are given on a timely basis. In theevent of any failure to do so, we can give no assurance that it will be possible for us to contact you andwe accept no liability for loss alleged to be suffered as a result of any failure by you to do so. Without
limitation, neither we, nor our Associates accept any liability by reason of any delay or change in market
conditions before any particular Transaction is effected.
36.7. Without limitation, neither we nor any of our Associates shall be liable for any loss arising from any act
or omission of any Agent, Introducing Broker, Authorized Person or other third party who performs
services for you.
36.8. Neither we, nor our Associates shall be liable to you be liable to you or any Authorized Person for any
partial or non- performance of our obligations hereunder by reason of any cause beyond our reasonable
control, including without limitation, any breakdown, delay, malfunction or failure of transmission,communication or computer facilities, industrial action, act of terrorism, act of God, acts and regulationsof any governmental or supra national bodies or authorities or the failure by the relevant intermediate
broker or agent, agent or principal of our custodian, sub-custodian, dealer, Market, clearing house or
regulatory or self-regulatory organisation, for any reason whatsoever, including, without limitation Force
Majeure, to perform our respective obligations hereunder.
36.9. Nothing in this Agreement will exclude or restrict any duty or liability we may have to you be liable toyou or any Authorized Person under the regulatory system, which may not be excluded or restricted
thereunder.
36.10. Our obligations under this Agreement do not constitute personal obligations of our directors, officers,
shareholders, partners, members, employees, Associates, Representatives, agents, Third Party
Service Providers and/or Third-Party Content providers and/or any of them.
36.11. TO THE MAXIMUM EXTENT PERMITTED BY LAW, WE WILL NOT BE LIABLE FOR ANYCONSEQUENTIAL, INCIDENTAL, SPECIAL, DIRECT, OR INDIRECT DAMAGES (INCLUDING, BUT
NOT LIMITED TO LOST PROFITS, TRADING LOSSES OR DAMAGES THAT RESULT FROM USE
OR LOSS OF USE OF OUR ONLINE TRADING FACILITY AND THIRD-PARTY CONTENT,INCONVENIENCE OR DELAY). THIS IS TRUE EVEN IF SUCH DAMAGES WERE FORESEEABLE
OR WHETHER EITHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES ORDAMAGES).
36.12. EXCEPT AS OTHERWISE REQUIRED BY LAW, WE WILL NOT BE LIABLE TO YOU OR ANYONEELSE FOR ANY LOSS RESULTING FROM A CAUSE OVER WHICH WE DO NOT HAVE DIRECTCONTROL. THIS INCLUDES FAILURE OF ELECTRONIC OR MECHANICAL EQUIPMENT ORCOMMUNICATIONS LINES (INCLUDING TELEPHONE, CABLE AND INTERNET), UNAUTHORIZEDACCESS, VIRUSES, THEFT, OPERATOR ERRORS, SEVERE OR EXTRAORDINARY WEATHER(INCLUDING FLOOD, EARTHQUAKE, OR OTHER ACT OF GOD), FIRE, WAR, INSURRECTION,TERRORIST ACT, RIOT, LABOUR DISPUTE AND OTHER LABOUR PROBLEMS, ACCIDENT,
EMERGENCY OR ACTION OF GOVERNMENT.
36.13. ANY LIABILITY ARISING UNDER THIS AGREEMENT WILL BE SATISFIED SOLELY FROM THE
REVENUES GENERATED HEREUNDER. IN NO EVENT SHALL OUR LIABILITY HEREUNDEREXCEED THE TOTAL AMOUNT OF REVENUES GENERATED HEREUNDER IN THE SIX MONTHS
PRECEDING THE EVENT GIVING RISE TO THE CLAIM. EVEN IF ADVISED OF THE POSSIBILITYOF SUCH DAMAGES AND EVEN IF THE LIMITED REMEDIES PROVIDED HEREIN FAIL OF THEIRESSENTIAL PURPOSE.
B. Exclusion of Warranties

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36.14. WITHOUT PREJUDICE TO ANY OTHER PROVISIONS OF THIS AGREEMENT, WE DO NOT MAKE
ANY EXPRESS OR IMPLIED WARRANTIES ABOUT OUR ONLINE TRADING FACILITY,INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESSFOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT. OUR ONLINE TRADING FACILITY IS
MADE AVAILABLE TO YOU "AS IS" AND "AS AVAILABLE". WE SHALL NOT BE LIABLE FOR
ANY COST OR DAMAGE ARISING EITHER DIRECTLY OR INDIRECTLY FROM THE ACCESS OR
USE OF OUR ONLINE TRADING FACILITY AND IT IS SOLELY YOUR RESPONSIBILITY TO
EVALUATE THE ACCURACY, COMPLETENESS AND USEFULNESS OF ALL INFORMATION,
OPINIONS, PRODUCTS, SERVICES, MERCHANDISE AND OTHER INFORMATION PROVIDED
THROUGH OUR ONLINE TRADING FACILITY OR ON THE INTERNET GENERALLY. WE DO NOTWARRANT THAT ANY DEFECTS OR INACCURACIES WILL BE CORRECTED.
36.15. WE DO NOT WARRANT THAT OUR ONLINE TRADING FACILITY WILL MEET YOUR NEEDS, OR
THAT IT/THEY WILL BE UNINTERRUPTED, TIMELY, SECURE OR ERROR-FREE. WE ALSO MAKE
NO WARRANTY THAT THE RESULTS OBTAINED FROM THE USE OF OUR ONLINE TRADING
FACILITY WILL BE ACCURATE OR RELIABLE, OR THAT THE QUALITY OF ANY PRODUCTS,SERVICES, INFORMATION, OR OTHER MATERIAL PURCHASED OR OBTAINED BY YOU
THROUGH OUR ONLINE TRADING FACILITY WILL MEET YOUR EXPECTATIONS.
C. Indemnification
36.16. As a condition of your use of our Online Trading Facility, you agree to indemnify and hold us, our
Associates, Representatives, agents, Third Party Service Providers and Third Party Content providers
from and against any and all claims, losses, liabilities costs and expenses, whether arising out ofnegligence, breach of contract, misrepresentation or otherwise, including reasonable attorneys’ fees,
arising from or connected to any violation or breach of these Terms and Conditions (including negligent
or wrongful conduct) by you or any other person accessing and/or using our Online Trading Facility.
36.17. You shall pay to us such sums as we may from time to time require in or towards satisfaction of any
debit balance on any of your Accounts with us and, on a full indemnity basis, any liabilities, losses,
damages, costs or expenses, whether arising out of negligence, breach of contract, misrepresentationor otherwise, including reasonable attorneys’ fees, taxes, imposts and levies which we may incur or be
subjected to with respect to any of your accounts or any Transaction and/or Contract or any matchingTransaction and/or Contract with an intermediate broker or as a result of any misrepresentation by youor any violation by you of your obligations under this Agreement (including any Transaction and/or
Contract) or by the enforcement of our rights.
36.18. You will be responsible for all Orders entered on your behalf via our Online Trading Facility and you
will be fully liable to us for the settlement of any Transaction and/or Contract arising therefrom.
36.19. You will defend, indemnify and hold us and our directors, officers, shareholders, partners, members,
employees, Associates, Representatives, agents, Third Party Service Providers and/or Third Party
Content providers and/or any of them, harmless from and against all liabilities, losses, damages, costs
or expenses, whether arising out of negligence, breach of contract, misrepresentation or otherwise,
including reasonable attorneys’ fees, which we may incur or suffer as a result of:(a) any error in any instruction given by an Authorized Person; or(b) acting on any instruction, which is, or appears to be, from an Authorized Person.
D. Independent Investigation
36.20. YOU ACKNOWLEDGE THAT YOU HAVE READ THIS AGREEMENT AND AGREE TO ALL ITSTERMS AND CONDITIONS. YOU HAVE INDEPENDENTLY EVALUATED THE MERITS AND RISKSOF ACCESSING AND/OR USING OUR ONLINE TRADING FACILITY AND ENTERING INTO
TRANSACTIONS AND CONTRACTS VIA OUR ONLINE TRADING FACILITY AND YOU HAVEDONE SO WITHOUT RELYING ON ANY INFORMATION CONTAINED ON, OR IN OUR ONLINETRADING FACILITY AND/OR OTHERWISE PROVIDED BY US IN RELATION AND ARE NOTRELYING ON ANY REPRESENTATION, GUARANTEE OR STATEMENT OTHER THAN AS SETFORTH IN THIS AGREEMENT.

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36.21. YOU HAVE INDEPENDENTLY EVALUATED THE LAWS IN YOUR LOCAL JURISDICTION WHICH
APPLY TO YOUR ACTIVITIES HEREUNDER AND YOU REPRESENT AND WARRANT THAT YOU
MAY PARTICIPATE IN OUR ONLINE TRADING FACILITY AND ENTER INTO TRANSACTIONS AND
CONTRACTS VIA OUR ONLINE TRADING FACILITY, WITHOUT VIOLATING ANY APPLICABLE
RULES OR LAWS.
37. Technical Issues
37.1. We shall not be liable, and you agree not to hold or seek to hold us or any of our agents or Third Party
Service Providers, liable for any technical problems, system failures and malfunctions, communicationline failures, equipment or software failures or malfunctions, system access issues, system capacity
issues, high Internet traffic demand, security breaches and unauthorized access, and other similar
computer problems and defects.
37.2. We do not represent, warrant or guarantee that you will be able to access and/or use our Online Trading
Facility at all times or locations of your choosing, or that we will have adequate capacity for our Online
Trading Facility as a whole or in any geographic location.
37.3. We do not represent, warrant or guarantee that our Online Trading Facility will provide uninterrupted
and error-free service.
37.4. We do not make any warranties or guarantees with respect to our Online Trading Facility and thecontent thereof, including, but not limited to, warranties for merchantability or fitness for a particularpurpose.
37.5. Without prejudice to any of the forgoing, we shall not be responsible for an impossibility to execute
Orders and requirements due to failures in the operation of informational systems caused by technicalfaults, which are beyond our control.
38. Manifest Errors
38.1. A “Manifest Error” means a manifest or obvious misquote by us, or any market, exchange, priceproviding bank, information source, commentator or official on whom we reasonably rely, having regard
to the market conditions at the time an Order is placed.
38.2. When determining whether a situation amounts to a Manifest Error, we may take into account all
information in our possession including, without limitation, information concerning all relevant market
conditions and any error in, or lack of clarity of, any information source or announcement.
38.3. We will, when making a determination as to whether a situation amounts to a Manifest Error, act fairly
towards you but the fact that you may have entered into, or refrained from entering into, a corresponding
financial commitment, contract or Transaction in reliance on an Order placed with us (or that you may
have suffered or may suffer any loss of profit, consequential or indirect loss) shall not be taken into
account by us in determining whether there has been a Manifest Error. We reserve the right, without
prior notice, to:(a) amend the details of such a Transaction to reflect what we reasonably consider in our discretion,acting in good faith, to have been the correct or fair terms of such Transaction if the Manifest
Error(s) had not occurred;(b) if you do not promptly agree to any amendment made which we propose under this clause (which
we will notify you of via the Trading Platform) we may void any Transaction resulting from or derivingfrom a Manifest Error, such that the result is the same as if it had never been made; and/or not takeany action at all.
38.4. We may take any reasonable steps for any trades executed at prices resulting from Manifest Errors (asdefined herein), such as computer errors, misquotes or omissions, or at prices that are clearly at odds
with the fair market prices. Acting reasonably and in good faith, we may take the following actions to
trades based on a Manifest Error:(a) void the trade;(b) close the trade at the current market prices; orEmail: info@xmtrading.com | Web: www.xmtrading.com
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(c) amend the opening and/or the closing price of the trade, as if it would have been executed in theabsence of the Manifest Error.
38.5. We will not be liable to you for any loss, cost, claim, demand or expense that you suffer (including lossof profits or any indirect or consequential losses) resulting from a Manifest Error, including where theManifest Error is made by any information source, commentator or official upon whom we reasonably
rely, or from our decision to do anything under clause 38.3 above, except to the extent that it is caused
by our own fraud, willful default or gross negligence.
38.6. If a Manifest Error has occurred and we choose to exercise any of our rights under clause 38.3, and if
you have received any monies from us in connection with the Manifest Error, those monies are dueand payable to us with immediate effect, and you must return an equal sum to us without delay.
38.7. We reserve the right to refuse any trades placed by you that we judge to be clearly outside the prevailingmarket price such that they may be deemed non-market price transactions, whether due to Manifest
Error or stale, incorrect or broken price feeds.
39. Hyperlinks to other sites controlled and/or offered by third parties
39.1. We may provide links to other third-party websites that are controlled or offered by third parties. Suchlinks to another third-party website or websites is NOT an endorsement, authorization, sponsorship or
affiliation with respect to such third-party website, its owners or its providers.
39.2. We caution you to ensure that you understand the risks involved in accessing and/or using such thirdparty websites before retrieving, using, relying upon or purchasing anything via the Internet.
39.3. We make NO representations whatsoever about any other third-party website, which you may accessthrough our Online Trading Facility or which may link to our Online Trading Facility. When you accessany other third-party website, please understand that it is independent from our Online Trading Facility
and that we have no control over the content on such third-party website(s). In addition, a link from athird-party website to our Online Trading Facility does not mean that we endorse or accept any
responsibility for the content, or the use, of such third-party website.
39.4. Links from our Online Trading Facility to any other third-party websites are provided solely for yourconvenience, and you agree that you will, under no circumstances, hold us liable for any damages orlosses caused by use of or reliance on any content, goods or services available on other third-party
websites.
40. Software
40.1. Our Online Trading Facility may contain software that is provided for downloading (hereinafter referred
to as “Software”). You acknowledge and agree that we make no warranty whatsoever that any Software
downloaded onto your computer equipment from or through our Online Trading Facility or elsewhere
will be compatible with, or operate without interruption on, your computer equipment, nor do we warrant
that any such Software is or will be uninterrupted, error free or available at all times. Our Online Trading
Facility is not associated with the Software it may provide for download and we cannot be held liable
for issues or faults that arise from the download or use of any such Software.
40.2. You further understand and agree that your download and/or use of any Software may expose you torisks associated with the download and/or use of software that may not be compatible with yourcomputer equipment. You hereby agree to accept such risks, including, but not limited to, failure of ordamage to, hardware, software, communication lines or systems, and/or other computer equipment.
We expressly disclaim any liability with respect to the foregoing, and you hereby agree to fully
indemnify, defend and hold us harmless from any and all damages, liabilities, losses, costs andexpenses that may arise therefrom.
40.3. Each Software application downloaded from or through our Online Trading Facility includes a specificpersonal license to use such Software in accordance with the Terms and Conditions set forth herein.
Any Software downloaded from or through our Online Trading Facility is subject to the Terms of thespecific software license accompanying such download, in addition to these Terms and Conditions.

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40.4. Any Software downloaded from or through our Online Trading Facility is intended only for your personal,
non-commercial use only, unless we have expressly agreed otherwise beforehand and in writing. You
agree to use any such Software downloaded from or through our Online Trading Facility for the sole
purpose of entering into and executing Transactions and/or Contracts through our Online Trading
Facility. Using any such Software to distribute signals, copy trades, share the Software or signals withthird parties or use the Software on MAM accounts (or in connection with any other portfolio
management structure) is NOT allowed under this agreement, without our express and prior writtenconsent, and may lead to immediate termination of the License granted under this Agreement and/or
the specific personal license to download and/or use such Software.
40.5. For the avoidance of doubt, you shall be responsible for, and shall be bound by any unauthorizedaccess and/or use of any Software downloaded from or through our Online Trading Facility, made inbreach of this Agreement and/or the specific personal license to use such Software. In the event thatyou receive any data, information or Software via our Online Trading Facility other than that which you
are entitled to receive pursuant to these Terms, you will immediately notify us and will not use, in any
way whatsoever, such data, information or Software.
40.6. We reserve all rights to modify the terms and conditions of access and use, and/or to discontinue all orpart of our services for all Software and/or products and/or files downloaded from or through our Online
Trading Facility, at any time, at our sole discretion and for any reason, without being obliged to provide
you with any explanation or justification.
41. Electronic Trading Terms
41.1. Communications via the Internet: Since we do not control signal power, its reception or routing via
Internet or any other means of electronic communication, configuration of our clients’ equipment or
reliability of its connection, we shall not be liable for any claims, losses, damages, costs or expenses,
including attorneys’ fees, caused directly or indirectly, by any breakdown or failure of any transmission
or communication system or computer facility belonging to us, nor for any loss, expense, cost or liability
suffered or incurred by you as a result of instructions being given, or any other communications being
made, via the Internet. You will be solely responsible for all Orders, and for the accuracy of all
information, sent via the Internet using your Access Codes. We will not execute an Order until we haveconfirmed the Order to you and transmission of an Order by itself shall not give rise to a binding
Transaction and/or Contract between you and us.
41.2. Mobile trading technology: There are a series of inherent risks with the use of the mobile trading
technology such as the duplication of Orders/instructions, latency in the prices provided, and otherissues that are a result of mobile connectivity. Prices displayed on our mobile platform are solely anindication of the executable rates and may NOT reflect the actual executed price of the Order. Our
mobile feature utilizes public communication network circuits for the transmission of messages. We
shall not be liable for any and all circumstances in which you experience a delay in Price Quote or an
inability to trade caused by network circuit transmission problems or any other problems outside ourdirect control, which include but are not limited to the strength of the mobile signal, cellular latency, or
any other issues that may arise between you and any internet service provider, phone service provider,or any other service provider. Please also note that some of the features available on Online Trading
Facility may not be available on our mobile feature.
41.3. Pricing Data: Unless otherwise indicated or agreed upon any prices shown on our Online Trading
Facility are indicative at the time shown based on data that is subject to constant change. The execution
price is that which is confirmed to you on the Settlement/Trade Confirmation issued (whether on screen
or otherwise) after your Order is executed, although this price may in certain cases differ from the priceappearing on the screen at the time the Order was placed. In the event that an erroneous price is usedas the basis of any transaction, we reserve the right, at our sole discretion, to amend or revoke thedetails of the Transaction(s) and/or Contract(s) in question.
41.4. Restrictions on Services Provided: There may be restrictions on the total value and/or number ofTransactions and/or Contracts that you can enter into on one day when using our Online Trading
Facility.

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41.5. Limit Order Functionality: The ‘Limit Order’ functionality of our Online Trading Facility will be subject
to the Internet service remaining available over the period in which the’ Limit Order’ is outstanding, andwill be subject to size limits input by our dealer(s) remaining in excess of your Order size and suchdealer’s position limits and/or any other limits determined by us to be applicable to you (whether or notdisclosed to you) and you are still being able to facilitate the Order at the time the limit price is reached.
41.6. Access Requirements: You will be responsible for providing the computer system(s) to enable you toaccess and/or use our Online Trading Facility and for making all appropriate arrangements with any
telecommunications suppliers or, where access to our Online Trading Facility is provided through athird party server, any such third party, necessary in order to obtain access to our Online Trading
Facility; neither we nor any company maintaining, operating, owning, licensing, or providing services to
us in connection with, our Online Trading Facility (a “Third Party Service Provider”) makes any
representation or warranty as to the availability, utility, suitability or otherwise of any such equipment,
software or arrangements.
41.7. Use of Information, Data and Software: In the event that you receive any data, information or software
via our Online Trading Facility, other than that which you are entitled to receive pursuant to thisAgreement, you should immediately notify us in writing and do not use, in any way whatsoever, suchdata, information or Software.
41.8. Maintaining standards: When using our Online Trading Facility you must: (a) ensure that yourcomputer systems are maintained in good order and are suitable for use with our Online Trading
Facility; (b) run such tests and provide such information to us as we shall reasonably consider
necessary to establish that your computer systems satisfy the requirements notified by us to you fromtime to time; (c) carry out virus checks on a regular basis; (d) inform us immediately of any unauthorised
access to our Online Trading Facility or any unauthorised Transaction or instruction which you know ofor suspect and, if within your control, cause such unauthorised use to cease; and (e) not at any timeleave the computer terminal from which you have accessed our Online Trading Facility or let anyone
else use such computer terminal until you have logged off from our Online Trading Facility.
41.9. System defects: In the event you become aware of a material defect, malfunction or virus in yourcomputer system(s) or our Online Trading Facility, you will immediately notify us in writing of such
defect, malfunction or virus and cease all use of our Online Trading Facility until you have received
permission from us to resume use.
41.10. Liability And Indemnity: Without prejudice to any other terms of this Agreement, relating to thelimitation of liability and provision of indemnities, the following clauses shall apply to the Services weprovide via our Online Trading Facility: (a) System errors: We shall have no liability to you for damage
which you may suffer as a result of transmission errors, technical faults, malfunctions, illegal
intervention in network equipment, network overloads, malicious blocking of access by third parties,
internet malfunctions, interruptions or other deficiencies on the part of internet service providers. You
acknowledge that access to our Online Trading Facility may be limited or unavailable due to such
system errors, and that we reserve the right upon notice to suspend access to our Online Trading
Facility for this reason; (b) Delays: Neither we nor any third party software provider accepts any liability
in respect of any delays, inaccuracies, errors or omissions in any data provided to you via our Online
Trading Facility; (c) Viruses from our Online Trading Facility: We shall have no liability to you (whether
in contract or in tort, including negligence) in the event that any viruses, worms, software bombs orsimilar items are introduced into your computer system(s) via our Online Trading Facility or any software
provided by us to you in order to enable you to use our Online Trading Facility, provided that we havetaken reasonable steps to prevent any such introduction; (d) Viruses from your Computer System(s):You will ensure that no computer viruses, worms, software bombs or similar items are introduced into
our Online Trading Facility, computer system(s) or network(s) and you will indemnify us on demand forany loss that we suffer arising as a result of any such introduction.
41.11. Suspension or permanent withdrawal with notice: Without prejudice to any other provisions of thisAgreement, we may suspend or permanently withdraw our Online Trading Facility, by giving you five(5) calendar days written notice.

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41.12. Immediate suspension or permanent withdrawal without notice: Without prejudice to any otherprovisions of this Agreement, we shall be entitled, unilaterally and with immediate effect, to suspend orwithdraw permanently your ability to access and/or use our Online Trading Facility, or any part thereof,
without prior notice, where we consider it necessary or advisable to do so, for example due to: (a) yournon-compliance with any Applicable Laws, Rules and/or Regulations (b) breach of any provisions of
this Agreement; (c) on the occurrence of an Event of Default; (d) network problems; (e) failure of power
supply; (f) maintenance; or (g) to protect you when there has been a breach of security. In addition, theuse and/or access of our Online Trading Facility, or any part thereof, may be terminated automatically,
upon the termination (for whatever reason) of (a) any license granted to us which relates to theoperation of our Online Trading Facility; or (b) this Agreement. The use and/or access of our Online
Trading Facility may be terminated immediately, in whole or in part, if any Underlying Instruments
relating to any supported Financial Instrument(s) is/are withdrawn by any Market and/or if we are
required to withdraw our Online Trading Facility, in whole or in part, to comply with Applicable Laws,
Rules and/or Regulations.
41.13. Effects of permanent withdrawal: In the event of a termination of the access and/or use of our Online
Trading Facility for any reason, upon our first request, you shall, at our option, return to us or destroy
all hardware, Software, System Documentation and/or other documentation or files we have provided
to you in connection with our Online Trading Facility, and any copies thereof.
42. Recording of Telephone Conversations, Electronic Communications and Meetings
42.1. Your telephone conversations, Electronic Messaging, e-mails, internet conversations (i.e. live chat),meetings and other communications with us may be recorded/maintained by us. Any recordings shallbe and shall remain our sole property and will be accepted by you as conclusive evidence of theircontent as recorded by us. You agree that we may deliver copies of transcripts of such recordings to
any court, regulatory or government authority, including without limitation, in disputes which may arise
between you and us.
42.2. However, technical reasons may prevent us from recording a conversation, and recordings ortranscripts made by us will be destroyed in accordance with our normal practice. Consequently, you
should not rely on such recordings to be available.
42.3. A copy of the records mentioned herein above will be available, on request, for a minimum period ofseven (7) years.
42.4. You have the right to withdraw your consent in relation to the recording of telephone conversations andelectronic communications by informing us in writing. However, as the latter is a regulatory requirement,in case you revoke your consent, we may be unable to provide our services to you; thus, your accessto our Online Trading Facility may be restricted or terminated.
43. Corporate Events and Actions
43.1. In the case where an Instrument becomes subject to a corporate event as set out below (sub-clause
43.3), the Company will carry out the appropriate actions to adjust your trading account for the effect of
the event on your position, preserving the economic equivalent of the rights and obligations attached toyour Transaction and/or Contract with the Company, on the ex-date of the event (i.e., the day the affected
instrument’s price will incorporate the effect of the event). Subject to this sub-clause, the Company shalltake the following actions:(a) Adjust the size and/or value and/or number of Orders as deemed appropriate, with the aim topreserve, to the greatest extent possible, the economic equivalent of your open positions;(b) Endeavour to communicate the upcoming events and actions through any durable medium,including but not limited to the Company’s website;(c) Where you have a Pending Order or a Stop Loss and/or a Take Profit attached to your Orders, theCompany aims to preserve, to the greatest extent possible, the equivalent of the rights andobligations of your Transaction and/or Contract immediately prior to the corporate event taking place;(d) If a corporate event, such as a reverse stock split, results in share ownership below the minimum
allowed by our systems, these positions will be rounded down to the nearest allowed trade size, with

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Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritiusany value not captured by the position adjustment being reflected as a cash adjustment to yourtrading account.
43.2. Different actions may be followed by the Company in case you owned the underlying Instrument;
however, the Company will endeavor to preserve economic equivalence to the greatest extent possible.
43.3. Subject to sub-clause 43.1, corporate events shall include the following:(a) Distribution, by the issuer to the shareholders of the Underlying Instrument, of additional shares,
other share capital, warrants or rights granting dividends that result in a dilutive effect on the market
value;(b) Stock splits and reverse stock splits that result in a change in the number of shares owned and theshare price. A split is a corporate event whereby a firm multiplies the number of existing shares bya certain ratio, e.g. 1:2 (this indicates that every existing share will translate into two shares). In the
1:2 case, the shareholders’ shares will double, but given the firm’s market capitalization will remainunchanged, the stock price will halve, maintaining economic equivalence; It should be noted that
under such an event your positions may be consolidated into a single entry on the terminal which
will of course capture the effect of the corporate action on all your positions;(c) Dividends; in case where an underlying instrument is granting dividends (equity index or stock), acash adjustment will be made, equivalent to that paid to clients with an open position in the
Underlying Instrument;(d) Delisting/voiding of a tradable Instrument that will result in the closing of positions; It should be notedthat in order to protect the Company and its Clients, the Company reserves the right, at its sole
discretion, to remove and/or seize offering financial instruments, whenever the issuing corporationof such instruments has filed for bankruptcy, even if such an action does not result in thecorporation’s liquidation; the mere filing of a corporation for bankruptcy, is deemed sufficientindication for the Company to proceed with the immediate delisting of the relevant financial
instrument;(e) Takeovers or mergers (including spinoffs), depending on their terms may result in a cash adjustment
similar to that of dividends;(f) Any other event of similar nature to the aforementioned events that may have a concentrating or
dilutive effect on the market value of the Instrument.
44. Prohibited Trading Technics
44.1. Circumvention & Reverse Engineering: You shall not unlawfully access or attempt to gain access,reverse engineer or otherwise circumvent any security measures that we have applied to our Online
Trading Facility and/or computer system(s). If, at our sole discretion, we were to determine that you arein breach of this clause, we reserve the right to take all actions as we see fit, including, without limitation,completely blocking access to our Online Trading Facility, blocking and/or revoking your Access Codes
and/or terminating your Account. Under these circumstances, we reserve the right to seize any profits
and/or revenues generated directly or indirectly by exercising any such prohibit trading activity and weshall be entitled to inform any interested third parties of your breach of this clause; we have, and willcontinue to develop any tools necessary to identify fraudulent and/or unlawful access and use of ourOnline Trading Facility; any dispute arising from such fraudulent and/or or unlawful trading activity will
be resolved by us in our sole and absolute discretion, in the manner we deem to be the fairest to allconcerned; that decision shall be final and/or binding on all participants; no correspondence will beentered into.
44.2. Artificial Intelligence Software: It is absolutely prohibited to use any software , which we determine,at our sole discretion, to have as its purpose to apply any kind of artificial intelligence analysis to our
Online Trading Facility and/or computer system(s) with an ultimate purpose to gain unfair advantage
and exploit our trading facility; in the event that we determine, at our own discretion, that any such
artificial intelligence software has been used, or is being used, we reserve the right to take all action as
we see fit, including, without limitation, completely blocking access to our Online Trading Facility,
blocking and/or revoking your Access Codes and/or terminating your Account. Under thesecircumstances, we reserve the right to seize any profits and/or revenues generated directly or indirectly
by exercising any such prohibit trading activity and/or charge you with extra fees. In addition, we shallbe entitled to inform any Interested third parties of your breach of this clause; we have, and will continue
to develop any tools necessary to identify fraudulent and/or unlawful access and use of our Online

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Trading Facility; any dispute arising from such fraudulent and/or or unlawful trading activity will be
resolved by us in our sole and absolute discretion, in the manner we deem to be the fairest to allconcerned; that decision shall be final and/or binding on all participants; no correspondence will beentered into.
44.3. Moreover, it is absolutely prohibited to use any software in such a way which can cause serious
negative impact on the performance of our servers and may prevent us from achieving the best possible
result for our clients as regards the execution of their orders. In the event that we identify any suchactivity, we reserve the right to take all action as we see fit, including, without limitation, completely
blocking access to our Online Trading Facility, blocking and/or revoking your Access Codes and/or
immediately terminating your Account. Moreover, you acknowledge that once your Account has been
terminated we may liquidate any outstanding contracts/positions you have with us. In view of the above,please note that you will be strictly prohibited from opening any new trading Account(s) and trade with
our Company. Nonetheless, in cases where you may successfully open an Account and trade with ourCompany due to any technical and/or human error, we reserve every right to immediately close yourAccount upon identification, nullify any profit/loss generated and refund the original amount of deposit,
excluding any deposit and withdrawal charges.
44.4. Unlawful trading techniques: Internet, connectivity delays, and price feed errors sometimes create asituation where the price(s) displayed on our Online Trading Facility do(es) not accurately reflect themarket rates. The concept of using trading strategies aimed at exploiting errors in prices and/or
concluding trades at off-market prices and/or by taking advantage of internet delays (commonly known
as “arbitrage”, “sniping” or “scalping” hereinafter, collectively, referred to as “Arbitrage”), cannot exist
in an OTC market where the client is buying or selling directly from the principal; accordingly, we reserve
the right, at our sole discretion, NOT to permit the abusive exploitation of Arbitrage on our Online
Trading Facility and/or in connection with our Services; any Transactions or Contracts that rely on pricelatency arbitrage opportunities may be revoked, at our sole discretion and without prior notice being
required; furthermore, in those instances, we reserve the right, at our sole discretion and without priornotice being required: (a) to make the necessary corrections or adjustments on the Account(s) involved(including, without limitation, adjusting the price spreads available to the client); (b) to restrict the
Account(s) involved access to streaming, instantly tradable quotes (including, without limitation,
providing manual quotations only and submitting any Orders to our prior approval); (c) to retrieve fromthe Account(s) involved any historic trading profits that we can document as having been gained
through such abuse of liquidity at any time during the client relationship; (d) to terminate the client
relationship and/or close all Accounts involved (including, without limitation all other Accounts held by
the same Account holder with us) immediately by giving written notice; and/or (e) to inform any
interested third parties.
44.5. Any indication or suspicion, in the Company’s sole discretion, of any form of arbitrage (including but notlimited to risk free profiting), abuse (including but not limited to participant's trading activity patterns thatindicate that the participant solely aims to benefit financially without being genuinely interested in
trading in the markets and/or taking market risk), internal hedging in coordination with other parties,
abuse of our ‘no negative balance’ policy, fraud, manipulation, cash-back arbitrage or any other forms
of deceitful or fraudulent activity, will constitute all Transactions carried and/or profits or losses garnered
as invalid. In these circumstances, we reserve the right to close/suspend (either temporarily or
permanently) all of the Client’s trading Accounts and/or cancel all Transactions. In view of the above,please note that you will be strictly prohibited from opening any new trading Account(s) and trade with
our Company. Nonetheless, in cases where you may successfully open an Account and trade with ourCompany due to any technical and/or human error, we reserve every right to immediately close yourAccount upon identification, nullify any profit/loss generated and refund the original amount of deposit,
excluding any deposit and withdrawal charges.
44.6. We have, and will continue to develop any tools necessary to identify fraudulent and/or unlawful accessand use of our Online Trading Facility; any dispute arising from such fraudulent and/or or unlawful
trading activity will be resolved by us in our sole and absolute discretion, in the manner we deem to be
the fairest to all concerned; that decision shall be final and/or binding on all participants; nocorrespondence will be entered into.
44.7. Changes in Market conditions: please note that we shall have no obligation to contact you to advise
upon appropriate action in light of changes in Market Conditions (including, without limitation, Market

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Disruptions) or otherwise. You acknowledge that the Over-The-Counter Market in leveraged Financial
Instruments is highly speculative and volatile and that, following execution of any transaction, you aresolely responsible for making and maintaining contact with us and for monitoring open positions andensuring that any further instructions are given on a timely basis. In the event of any failure to do so,
we can give no assurance that it will be possible for us to contact you and we accept no liability for loss
alleged to be suffered as a result of any failure by you to do so.
44.8. Indemnification: Without prejudice to any other provisions of this Agreement, you agree to indemnify
us and hold us, and any of our Associates, harmless from and against any and all liabilities, losses,
damages, costs and expenses, including, without limitation, legal fees and expenses incurred inconnection with and/or directly or indirectly related with, any fraudulent and/or unlawful access and use
by you of our Online Trading Facility and/or the prevention and/or remediation thereof, provided thatany such liabilities, losses, damages, costs and expenses would not have not arisen, but for our grossnegligence, fraud or willful default.
44.9. MT4/MT5 Multiterminal: The Company offers the trading platform MT4/MT5 Multiterminal which allows
the Client to manage more than one trading accounts. You hereby represent, warrant, and agree thatyou will not use MT4/MT5 Multiterminal to manage trading accounts not belonging to you.
45. Amendments to the Agreement(s)45.1. We reserve the right to amend, alter, modify, delete or add to any of the provisions of this Agreement
at any time and at our sole discretion, without giving any advance or prior notice.
45.2. When these Terms and Conditions are modified (hereinafter referred to as “Changes”) we will postsuch Changes on our Online Trading Facility and/or otherwise notify you of such Changes. Each such
notification shall be deemed as sufficient notice and it is your duty to consult and/or to check regularly
this Agreement on our Online Trading Facility regarding any such Changes. Therefore, you should
review these pages from time to time so as to ensure that you will be aware of any such Changes.
45.3. All amended terms shall be effective five (5) calendar days after their initial posting on our Online
Trading Facility, or as of the first time that you access and/or use our Online Trading Facility after such
amendments were made, whichever is sooner.
45.4. Your continued access and/or use of our Online Trading Facility after the publication of any Changes
shall be considered as your agreement to such modified Terms and Conditions and shall be governedby those Terms and Conditions, as modified. IF YOU DO NOT WISH TO BE BOUND BY SUCHCHANGES, YOU SHOULD CEASE TO ACCESS AND/OR USE OUR ONLINE TRADING FACILITY
AND INFORM US IN WRITING, IMMEDIATELY.
46. Information Disclosure
46.1. Neither Party shall disclose any information relating to the business, investments, finances or othermatters of a confidential nature of the other Party of which it may in the course of its duties or otherwise
become possessed, and each Party shall use all reasonable endeavours to prevent any suchdisclosure. However, this shall not apply if a Party is obliged hereto due to prevailing legislation, or toa legislative or supervising authority, or to another Person who according to the law is entitled todemand disclosure, or in order to enable the Party sufficiently to fulfil its obligations pursuant to theseTerms.
46.2. By accepting these Terms and Conditions, you authorize us to disclose such information relating to you
as may be required by any Applicable Laws, Rules and Regulations or regulatory authority, including
any applicable Market Rules, without prior notice to you.
46.3. By accepting these Terms and Conditions, you authorize us to share personal information submitted
by you to us with any duly licensed financial entity, with any of our Associates for the purpose ofproviding trade recommendations, trading activities, sales and marketing information, including new
products and services, and with any third party agency that is working on our behalf with the purposeof performing client analysis for the use of our sales and marketing; furthermore, we may share such

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Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritiusinformation with any trading advisor or Introducer of Business for the purpose of completing the due
diligence to, and the approval of, your Account Opening Application Form(s).
47. FATCA
47.1. The Company, its Associates and service providers may collect, store and process information obtained
from the Client or otherwise in connection with the Agreement and the Transactions for the purpose ofcomplying with FATCA or other Applicable Laws, Rules and Regulations, including disclosures between
themselves and to governmental authorities. The Client acknowledges that this may include transfersof information to jurisdictions which do not have strict data protection, data privacy laws or banking
secrecy laws, inside or outside of the EEA. The Client shall ensure that, before it or anyone on its behalf
discloses information relating to any third party to the Company, its Associates or service providers inconnection with these Terms and Conditions or any Transactions that said third party has been provided
with such information and given such consents or waivers as are necessary to allow the Company, its
Associates and its or their agents and service providers to collect, store, process and disclose his, heror its information as described in this clause.
47.2. By accepting these Terms and Conditions, you authorize us to provide, directly or indirectly, to any
relevant tax authorities or any party authorised to audit or conduct a similar control of the Company fortax purposes information obtained from the Client or otherwise in connection with the Agreement andthe Transactions and to disclose to such tax authorities any additional information that the Company
may have in its possession that is relevant to your Account.
48. Common Reporting Standards (‘CRS’)
48.1. The CRS provides for the annual automatic exchange of financial account information between
participating jurisdictions. Such financial institutions, one of which is the Company, need to submit therelevant information to their local tax authorities who will then forward it to the respective foreign tax
authorities.
48.2. For the above purposes, and similarly to FATCA, the Company, its Associates and service providers
may collect, store and process information obtained from the Client or otherwise in connection with theAgreement and the Transactions for the purpose of complying with CRS or other Applicable Laws,
Rules and Regulations, including disclosures between themselves and to governmental authorities.
The Client acknowledges that this may include transfers of information to jurisdictions which do nothave strict data protection, data privacy laws or banking secrecy laws, inside or outside of the EEA.
The Client shall ensure that, before it or anyone on its behalf discloses information relating to any third
party to the Company, its Associates or service providers in connection with these Terms andConditions or any Transactions that the said third party has been provided with such information andgiven such consents or waivers as are necessary to allow the Company, its Associates and its or theiragents and service providers to collect, store, process and disclose his, her or its information as
described in this clause.
48.3. By accepting these Terms and Conditions, you authorize us to provide, directly or indirectly, to any
relevant tax authorities or any party authorised to audit or conduct a similar control of the Company fortax purposes information obtained from the Client or otherwise in connection with the Agreement andthe Transactions and to disclose to such tax authorities any additional information that the Company
may have in its possession that is relevant to tour Account.
49. TAX Implications
49.1. We shall not provide any advice to our clients on any tax issues related to any of our Services. You areadvised to obtain individual independent counsel from your financial advisor(s), auditor(s) or legal
counsel with respect to any tax implications of our Services.
49.2. You further know, understand and agree that, in general, we do not collect tax on behalf of any authority
in any form or manner whatsoever. You are solely responsible to manage tax implications related tothe income you derive from your trading activity on or through our Online Trading Facility.

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49.3. Without limiting the foregoing, it is solely your obligation to calculate and pay all taxes applicable to you
in your country of residence, or, in the case of Legal Entities, in their country of formation, incorporation
and/or domiciliation, or otherwise arising as a result of your trading activity from and/or the accessand/or use of our Services.
49.4. Without derogating from your sole and entire responsibility to perform tax payments, you agree that wemay deduct tax, as may be required by the Applicable Laws, Rules and Regulations, but that we are
not obligated to do so, from the results of your trading activity from and/or the access and/or use of ourServices. You are aware that amounts that may be withdrawn by you from your Account are "grossamounts", from which we may deduct such taxes, as the case may be, and that you shall have noclaim towards us with regard to such deductions.
50. Privacy and Data Protection
50.1. You acknowledge that by entering into this Agreement and opening a trading account with us and using
our Online Trading Facility, you will be providing us with personal data within the meaning of the Data
Protection Act 2017 and/or General Data Protection Regulation (679/2016) and/or any other similar
applicable law/regulation as may be in force from time to time. You provide your consent to us toprocess all such information for the purposes of complying with our legal obligations, performing ourcontractual obligations and administering the relationship between you and us. You acknowledge andagree that this may result in your personal information being sent outside Mauritius and/or the European
Economic Area (“EEA”). You consent to us processing and disclosing such information in accordancewith this Agreement and our Privacy Policy as published on our Website, as this may be updated fromtime to time.
50.2. We are the Data Controller for the purposes of all applicable Personal Data Protection Legislation. For
all information regarding privacy and data protection as well as for the legal bases and purposes of theprocessing of your personal data and other relevant information, please read the complete terms of ourPrivacy Policy carefully, before submitting an application for the opening of a trading account with us.
50.3. As per the applicable Data Protection Legislation, you have certain rights regarding the Personal Data
we collect and hold about you at the time of request. Please refer to our Privacy Policy for more details
in relation to these rights and how you may exercise them.
50.4. You acknowledge that we may collect, use and disclose Personal Data about you, including Personal
Data you may voluntarily disclose to us in any manner, so that we can:
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•
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assess and process your Application for the opening of a trading account;carry out our contractual obligations under this Agreement;
administer and carry out our everyday business activities and dealings with you in relation to
your trading account(s);compile statistical analysis of the pages of our Online Trading Facility visited;
monitor and analyse our business;participate in fraud/crime and money laundering prevention, legal and regulatory compliance;
market and develop other products and services;transfer any of our rights or obligations under these this Agreement; andprocess clients’ Personal Data for other related purposes.

50.5. If you choose to withhold Personal Data (other than special categories of personal data) requested inorder for us to be able to provide our services to you, as required by applicable laws and regulations,
we may not be able to process your application and/or provide you access to our Online Trading Facility.
50.6. We will not obtain or require disclosure of special categories of Personal Data (such as ethnic origin,religion or medical records) but if you choose to provide such Personal Data, we may assume suchsensitive data is provided with your consent for processing for the purposes for which such Personal
Data was provided, unless otherwise notified by you to us in writing.
50.7. You directly provide us with most of the Information we collect. You do this by filling out the electronicform(s) (including, without limitation, the Account Opening Application Form(s)) that we post on our

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Online Trading Facility and by voluntarily providing us with other required documents. Additionally, youprovide us with Information by trading on our systems, by contacting us or by responding to a promotion;
the information we indirectly collect may include logging your Internet Protocol (IP) address, software
configuration, operating system and use of Cookies; Cookies are small files containing information thata Website uses to track its visitors which may be sent from us to your computer and sometimes back.
Cookies ultimately help us improve your navigation and ease of use of our Online Trading Facility. We
may set and access Cookies on your computer, enabling us to learn which advertisements andpromotions bring users to our Online Trading Facility. We may use cookies in connection with any of
our Products and/or Services and to track your activities on our Online Trading Facility. Suchinformation that we collect and share would be anonymous and not personally identifiable.
50.8. We obtain, hold and use the Information we collect from you in accordance with data protection andanti-money laundering legislation and only for the purposes for which this information is collected. You
agree that we can rely on, hold and process your information for the purpose of performing ourobligations under this Agreement, including verifying your identity as per our legal obligations,administering the relationship with you, managing your Account and contacting you from time to time,
recovering amounts payable, considering any of your applications, carrying out risk assessment,complying with regulatory obligations, and undertaking product development and analysis.
50.9. Also, the Information you provide us helps us to improve our Services to you, customize your browsing
experience and inform you about additional products, services or promotions that may be of interest toyou. Should you ever deactivate your Account with us, we will keep your information on file, but only
use it to comply with regulatory retention requirements and to contact you occasionally with the option
to reactivate your account. Please note that you may opt-out/unsubscribe from receiving such
communications by us, at any time, by clicking the “unsubscribe button” that can be found on eachof our emails.
50.10. In order to provide services to you, you acknowledge that it may be necessary for your information to
be transferred to someone who provides a service to us in other countries, including some outside
Mauritius and/or outside of the European Economic Area (“EEA”), and you consent to such transfer.
To the extent we transfer your information outside Mauritius and/or the EEA, we will ensure that thetransfer is lawful and that Processors in third countries are obligated to comply with the Mauritius’ Data
Protection standards and/or the European data protection standards and to provide appropriate
safeguards in relation to the transfer of your data. Where we make transfers to processors in the US,
we may in some cases rely on applicable standard contractual clauses, binding corporate rules, or any
other equivalent applicable arrangements.
50.11. In view of the above, your personal information may be processed by staff operating outside Mauritius
and/or the EEA who work for us or for one of our processors. Such staff may be, among others, engaged
in the fulfilment of your requests, the processing of your payment details and the provision of support
services. By submitting your personal data, you agree to this transfer, storing and processing. The
Company will take all steps reasonably necessary to ensure that your data is treated securely and inaccordance with this Privacy Policy.
50.12. Neither we nor any of our Associates will disclose any Personal Data collected about you to third parties
except: (i) to the extent that it is required to do so by under and/or pursuant to any Applicable Laws,
Rules and Regulations; (ii) where there is a duty to the public to disclose; (iii) where our legitimate
business interests require disclosure; or (iv) at your request or with your consent or to Persons
described below. Also, we do not disclose or share Information about any of our clients (whether active
or inactive) to any non-affiliated third parties other than in the manner and to the entities set forth below:(a) Sharing Information with our Associates: We may share personal information described above
with our Associates for business purposes, such as, but not limited to, servicing Client’s Accounts
and informing Client’s about new products and services, or to aid in the trading activity of ourCompany, its Associates as permitted by applicable law. Our Associates may include companies
controlled or owned by us as well as companies that have an ownership interest in our Company.
The information we share with our Associates may include any of the information described above,
such as your name, address, trading experience and account information. Our Associates arecommitted to maintaining the privacy of your information to the same extent we do in accordancewith the provisions set forth herein and in our Privacy Policy.

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(b) Sharing Information with Third Parties: We do not disclose your personal information to third
parties, except as described herein. Third party disclosures made by us in accordance herewith
may include sharing such information with non-affiliated companies that perform support services
for your Account or facilitate your Transactions and/or Contracts with us, including those thatprovide professional, legal, or accounting advice to us or that are acting on behalf of us toinvestigate your credit standing. Non-affiliated companies that assist us in providing services toyou are required to maintain the confidentiality of such information to the extent they receive it andto use your personal information only in the course of providing such services and only for the
purposes that we dictate. We may also disclose your personal information to third parties to fulfil
your instructions or pursuant to your express consent. We want you to know that we will not sell
your personal information.
(c) Regulatory Disclosure: Under limited circumstances, we may disclose your personal information
to third parties as permitted by, or required to comply with, Applicable Laws, Rules andRegulations in the jurisdiction of which you are a citizen or a permanent resident, or, in the caseof a Legal Entity is formed, incorporated, domiciliation and/or doing business, and/or of thejurisdiction in which we are organized and/or is performing the Services provided hereunder. For
example, we may disclose personal information to cooperate with regulatory authorities and law
enforcement agencies to comply with subpoenas or other official requests, and as necessary toprotect our rights or property. Except as described herein, we will not use your personal
information for any other purpose, unless we describe how such information will be used at thetime you disclose it to us or we obtain your permission.
We, our Associates or a Third Party Service Provider may disclose Personal Data about you to those who
provide services to us, to any person to whom we, our Associates or a Third Party Service Provider transfers
or proposes to transfer any of our or its rights or obligations under these Terms, and to licensed credit
reference agencies or other organizations that help us, our Associates or Third Party Service Providers andothers to make credit decisions and reduce the incidence of fraud or in the course of carrying out identity,
fraud prevention or credit control checks.
50.13. You consent to us, or our agents acting on our behalf, carrying out such credit and identity checks,
including money laundering checks, compliance regulatory reporting and fraud prevention checks, as
we may reasonably consider necessary or desirable, including requesting a reference from your bankor any credit reference agency. You understand and agree that any third party referred to in this clause
may share any information concerning you with us and other organizations involved in credit reference,the prevention of fraud and/or crime and/or money laundering or for similar purposes or to recoverdebts involved.
50.14. By submitting the Application Form to us, you agree to be bound by the terms of our Privacy Policy as
set out on our Website, including authorising us to contact you by email, telephone or post to give you
information about carefully selected products or services offered by us, that are similar or related to
products or services provided or previously provided to you. You consent to us using your data for thispurpose for the period you have an Account with us, and after you close the Account for a period ofseven (7) years. If you do not wish to receive such information, then you may click on the “unsubscribe”
button on any of our emails. Alternatively, please inform us in writing at dpo@xmtrading.com.
50.15. Your telephone conversations, e-mails, internet conversations (chat), meetings and othercommunications with us, our Associates and/or Third Party Providers will be recorded/maintained by
us for security purposes, compliance with the applicable laws and regulations, training purposes as wellas to maintain and improve the quality of our Services. Any recordings shall be and shall remain oursole property and will be accepted by you as conclusive evidence of their content as recorded by us.
You agree that we may deliver copies of transcripts of such recordings to any court, regulatory or
government authority, including without limitation, in disputes which may arise between you and us.
However, technical reasons may prevent us from recording a conversation, and recordings ortranscripts made by us will be securely destroyed in accordance with our normal practice.
Consequently, you should not rely on such recordings to be available.
50.16. We protect your Information by using data security technology and using tools such as firewalls anddata encryption. We use Secure Socket Layer ('SSL') encryption technology in order to protect certain

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Information that you submit. This type of technology protects you from having your Informationintercepted by anyone other than us while it is being transmitted to us. We work hard to ensure that our
Online Trading Facility is secure and that they meet industry standards. We also use other safeguards
such as firewalls, authentication systems (e.g., passwords and personal identification numbers) andaccess control mechanisms to control unauthorized access to systems and data. We also require thatyou use your personal Access Codes (personal username and password) every time you access youraccount online. We restrict access to Information at our offices so that only officers and/or employees
who need to know the Information have access to it.
50.17. Please note that we reserve the right to amend, revise, modify, and/or change our Privacy Polic(y)ies
at any time. Should we decide to make any changes to our Privacy Polic(y)ies, such changes shall beincorporated into our revised Privacy Polic(y)ies which shall be posted on our Online Trading Facility.
We will use reasonable endeavours to contact you and notify you of any change to how we hold,process or disclose information, by posting a notice on our Website or sending you an email to yourlast known email address. If you do not tell us you object to this change in writing within 60 days of thenotice and you continue to maintain the Account after the expiry of this period of notice then we will
regard you as having agreed to it.
50.18. Should you have any questions regarding our Privacy Polic(y)ies, please contact our Data Protection
Officer at dpo@xmtrading.com. Please ensure you include your full name and Account number in order
to be able to verify your identity and process your request.
50.19. We may use ‘cookies’ or ‘IP address tracking devices’ to administer our Online Trading Facility, store
password and usernames, to monitor visits to pages on our Online Trading Facility from your terminal
to personalise our Online Trading Platform to you and to track and facilitate browsing through our Online
Trading Facility. A ‘cookie’ is a piece of data stored on your hard drive containing information about you
relating to the use of our Online Trading Facility. IP addresses may be linked to your Personal Dataand by tracking these addresses, we would be obtaining such Personal Data. Access to our Online
Trading Facility is conditional on acceptance by you of any ‘cookies’ and ‘IP address tracking devices’described in and for the purposes explained in this clause. By accepting these Terms, you acknowledge
that you understand the broad nature of ‘cookies’ and ‘IP address tracking’ devices and the purposes
for which they will be used by us.
50.20. You acknowledge and accept that any Services provided through our Online Trading Facility involve
transmissions over the Internet and that such transmissions are therefore subject to the Internet's
inherent risks. Whilst we acknowledge our responsibility to take reasonable security precautions, youalso acknowledge and accept that, as with any network, you may also be exposed to unauthorized
programs transmitted by third parties, electronic trespassing and/or the failure of information and data
to reach their intended destinations and/or erroneous receipt or misdirection of such information.
Although our, our Associates’ and our Third Party Service Providers’ and security features are designed
to reduce these risks, we cannot guarantee their elimination. You therefore acknowledge that notransmission via our Online Trading Facility shall be guaranteed to be confidential and that we shall not
be liable for any breach of confidence arising as a result of such events.
51. Event of Default
51.1. Each and any of the following events shall constitute an Event of Default: (a) you fail to make any
payment when due under this Agreement or to make or take delivery of any property when due under,or to observe or perform any other provision of this Agreement and such failure continues for one (1)Business Day after notice of non-performance has been given; (b) you fail to remit funds necessary toenable us to take delivery under any Transaction and/or Contract on the first due date; (c) you fail toprovide assets for delivery, or take delivery of assets, under any Transaction and/or Contract on thefirst due date; (d) you die, become of unsound mind, are unable to pay your debts as they fall due orare bankrupt or insolvent, as defined under any bankruptcy or insolvency law applicable to you; or any
indebtedness of yours is not paid on the due date therefore, or becomes capable at any time of being
declared, due and payable under agreements or instruments evidencing such indebtedness before it
would otherwise have been due and payable, or any suit, action or other proceedings relating to thisAgreement are commenced for any execution, any attachment or garnishment, or distress against, oran encumbrance takes possession of, the whole or any part of your property, undertaking or assets(tangible and intangible); (e) you commence a voluntary case or other procedure seeking or proposing

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relief with respect to you or your debts under any bankruptcy, insolvency, regulatory, supervisory orsimilar law (including any corporate or other law with potential application to you, if insolvent), or seeking
the appointment of a trustee, receiver, liquidator, conservator, administrator, custodian or other similar
official (each a “Custodian”) of you or any substantial part of your assets, or if you take any corporate
action to authorise any of the foregoing, and in the case of a re-organisation, arrangement orcomposition, we do not consent to the proposals; (f) an involuntary case or other procedure iscommenced against you seeking or proposing liquidation, re-organisation, an arrangement orcomposition, a freeze or moratorium, or other similar relief with respect to you or your debts under any
bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law withpotential application to you, if insolvent) or seeking the appointment of a Custodian of you or any
substantial part of your assets and such involuntary case or other procedure either (i) has not been
dismissed within five (5) Business Days of its institution or presentation or (ii) has been dismissed withinsuch period but solely on the grounds of an insufficiency of assets to cover the costs of such case orother procedure; (g) an application is made in respect of you for an interim order or if a bankruptcy
petition is presented in respect of you or, in the case of a partnership, in respect of one or more of thepartners, or if a company, a receiver, trustee, administrative receiver or similar officer is appointed; (h)in the case of a Legal Entity, a petition is presented for your winding-up or administration, or an orderis made or a resolution is passed for the your winding-up or administration of the client (other than forthe purposes of amalgamation or reconstruction with our prior written approval); (I) any distress,
execution or other process is levied against any of your property and is not removed, discharged or
paid within 7 seven calendar days; (j) any security created by any mortgage or charge becomes
enforceable against you and the mortgagee or Custodian takes steps to enforce the security or charge;(k) any of your indebtedness or any the indebtedness of any of your subsidiaries become immediately
due and payable, or capable of being declared so due and payable, prior to its stated maturity by reasonof your or any of your subsidiaries’ default, or you or any of your subsidiaries fail to discharge any
indebtedness on its due date; (l) you or any Credit Support Provider (or any Custodian acting on behalfof either of you or a Credit Support Provider) disaffirms, disclaims or repudiates any obligation under
this Agreement or any guarantee, hypothecation agreement, Margin or Security agreement or
document, or any other document containing an obligation of a third party (“Credit Support Provider”),
or of you, in our favour supporting any of your obligations under this Agreement (each a “Credit
Support Document”); (m) you fail to comply with any obligations set forth in these Terms andConditions or in any Transaction and/or Contract, including failure to meet Margin requirements; (n)any representation or warranty made or given or deemed made or given by you under this Agreement
or any Credit Support Document proves to have been false or misleading in any material respect as at
the time it was made or given or deemed made or given, or becomes untrue; (o) any Credit Support
Provider fails, or you yourself fail to comply with or perform any agreement or obligation to be compliedwith or performed by you or in accordance with the applicable Credit Support Document; (p) any Credit
Support Document expires or ceases to be in full force and effect prior to the satisfaction of all yourobligations under this Agreement, unless we have agreed in writing that this shall not be an Event of
Default; (q) any representation or warranty made or given or deemed made or given by any Credit
Support Provider pursuant to any Credit Support Document proves to have been false or misleading in
any material respect as at the time it was made or given or deemed made or given; (r) any event
referred to in paragraphs (b) to (d) or (h) of this sub-clause occurs in respect of any Credit Support
Provider; (s) you are dissolved, or, if your capacity or existence is dependent upon a record in a formal
register, the registration is removed or ends, or any procedure is commenced seeking or proposing
your dissolution, removal from such a register, or the ending of such a registration; (t) where you or
your Credit Support Provider is a partnership, any of the events referred to in the preceding paragraphs
occurs in respect of one or more of your or its partners; (u) we consider it necessary or desirable toprevent what we consider is or might be a violation of any Applicable Laws, Rules and Regulation orgood standard of market practice; (v) we consider it necessary or desirable for our own protection or
any action is taken or event occurs which we consider might have a material adverse effect upon ourability to perform any of our obligations under this Agreement; (w) you violated any clause of thisAgreement and/or any other agreements we have, or had in the past, in place; (x) any Event of Default(however described) occurs in relation to you under any other agreement between us which you are aparty to or any other event specified for these purposes in this Agreement, or otherwise, occurs; (y) weor you are requested to close out a Transaction and/or Contract (or any part of a Contract) by any
regulatory agency or authority; and (z) we are obliged to do so by law.
51.2. Upon the existence of an Event of Default, we shall, at our sole discretion, without prejudice to any

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other rights we may have under this Agreement, be entitled to: (a) sell or charge in any way any or allof your Security, Assets and property which may from time to time be in our possession or control of orcall on any guarantee; (b) purchase any Security, investment or other property where this is, or is in
our reasonable opinion likely to be, necessary in order for us to fulfil our or your obligations under any
Transaction and/or Contract; in this case you shall reimburse to us the full amount of the purchase priceplus any associated costs and expenses; (c) close out, replace or reverse any Transaction and/or
Contract, buy, sell, borrow or lend or enter into any other Transaction and/or Contract, or take, or refrainfrom taking, such other action at such time or times and in such manner as, at our sole discretion, we
consider necessary or appropriate to cover, reduce or eliminate our loss or liability under or in respectof any of your Transactions, Contracts, positions or commitments, deliver any Security investment orproperty to any third party, or otherwise take any action we considers being necessary or desirable inorder to close out any Transaction and/or Contract; (d) require you immediately to close out and settle
such Transactions and/or Contracts in such manner as we may, at our sole discretion request; (e) enter
into any foreign exchange transaction, at such rates and times as we may determine, in order to meet
obligations incurred under a Transaction and/or Contract; (f) invoice back all or part of any Assets
standing to the debit or credit of any Account; (g) instead of returning to you investments equivalent tothose credited to your account, to pay to you the fair market value of such investments at the time we
exercise such right; and/or (h) take all action as we see fit, including, without limitation, completely
blocking access to our Online Trading Facility, blocking and/or revoking your Access Codes and/or
terminating your Account.
51.3. You hereby authorize us to take all or any measures described in this clause without prior notice to you
and you acknowledge and agree that we shall not be responsible for any consequences of us taking
any such steps, unless we have exercised gross negligence in connection herewith. In thesecircumstances, you shall execute such documents and take such other action as we may reasonably
request in order to protect our rights under these Terms and Conditions or within the scope of any otheragreements between you and us.
51.4. If we exercise our rights to sell any of your Securities or property pursuant to this clause, we will effectsuch sale, without notice or liability to you, on your behalf and apply the proceeds of sale in or towards
discharge of any or all of your obligations to us.
51.5. Without prejudice to our other rights under and/or pursuant to this Agreement, we may, at any time andwithout notice, combine or consolidate all or any of your Accounts with us and off-set any amounts
owed to or by us in such manner as we may determine at our sole discretion.
51.6. Our rights under this clause shall be in addition to, and not in limitation or exclusion of, any other rights
which we may have (whether by agreement, operation of law or otherwise).
51.7. Where termination and liquidation occurs in accordance with this clause, we shall also be entitled, atour discretion, to terminate and liquidate, in accordance with the provisions of this clause, any othertransactions entered into between us, which are then outstanding.
52. Force Majeure52.1. We shall not be in breach of this Agreement and shall not be liable or have responsibility of any kind
for any loss or damage incurred by you as a result of any total or partial failure, interruption or delay inthe performance of this Agreement occasioned by any act of God, fire, war, civil commotion, labour
dispute, act of government, state, governmental or supranational body or authority, or any
investment exchange and/or clearing house, inability to communicate with market makers for whateverreason, failure of any computer dealing system, any other breakdown or failure of transmission incommunication facilities of whatever nature, between us and you or any other third-party whatsoever,or any other reason (whether or not similar in kind to any of the above) beyond our reasonable control(a “Force Majeure Event”).
52.2. You acknowledge and agree that we may in our reasonable opinion, determine that a Force Majeure
Event exists or is about to occur; as the case may be, we will inform you as soon as reasonably
practicable if we so determine.

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52.3. If we determine that a Force Majeure Event exists or is about to occur then we may (without prejudice
to any other rights under this Agreement and at our sole discretion) take such action as we deem
necessary or appropriate in the circumstances, having regard to you and your interests, and neither
we, nor any of our directors, officers, employees, agents or advisers will be liable for any failure,
hindrance or delay in performing our obligations under this Agreement or for taking or omitting to takeany action pursuant to this subparagraph.
53. Miscellaneous Provisions
53.1. The terms, conditions and obligations of this Agreement shall inure to the benefit of and be binding
upon the Parties and their respective, Associates, successors and assigns.
53.2. We shall be entitled to assign its rights and benefits under this Agreement, without any prior consent
being required, to any Associate or subsidiary belonging to our group of companies.
53.3. You may not without our prior written consent transfer this Agreement or any interest or obligation in or
under this Agreement and any purported transfer without such consent shall be null and void.
53.4. Following such consent to the transfer of any interest or obligation under this Agreement, you shallremain jointly and severally responsible for the performance of all of the transferee’s obligations under
this Agreement.
54. Notices
54.1. You must ensure that at all times we are able to communicate with you by telephone, fax or e-mail.
54.2. Except as specified otherwise in this Agreement and without prejudice to any such other provisions of
this Agreement, all notices, declarations, demands, requests, and other communications required
under, or otherwise referred to in, this Agreement shall be in writing and shall be sufficient for all
purposes if personally delivered or if sent by prepaid "overnight delivery" via DHL/FEDEX/UPS or any
other internationally recognized air courier or if sent by facsimile with a confirmation copy sent by air
mail, or if sent by e-mail, and in any case addressed to the respective Parties at their address set forth
above or at such other address as such Party may hereafter designate by notice to each of the otherParties as herein provided.
54.3. If personally delivered in the form specified herein, notices, declarations, demands, requests, and othercommunications under this Agreement shall be deemed to have been given and received and shall beeffective when personally delivered.
54.4. If sent by e-mail in the form herein specified, notices, declarations, demands, requests, and othercommunications under this Agreement shall be deemed to have been given and received and shall beeffective when received in fully legible form by the Party to which the notice is addressed, which shallbe deemed to occur upon completion of the e-mail transmission unless: (a) such transmission is madeon a day which is not a day (except any Saturday or Sunday) on which banks in Mauritius are open forbusiness (a “Business Day”) or on a Business Day but outside regular business hours, in which casethe notice shall be deemed received at 9:00 A.M. on the next succeeding Business Day; or (b) the Party
to which the notice is addressed then notifies the other Party by return mail, telex or facsimile that the
copy received is illegible in whole or in part.
54.5. If sent by prepaid “overnight delivery” via DHL/FEDEX/UPS or any other internationally recognized
air courier in the form specified therein, notices, declarations, demands, requests, and othercommunications under this Agreement shall be deemed to have been given and received and shall beeffective four (4) calendar days after deposit with such air courier or when actually received, whichever
first occurs.
54.6. If sent by facsimile in the form herein specified, notices, declarations, demands, requests, and othercommunications under this Agreement shall be deemed to have been given and received and shall beeffective when received in fully legible form by the Party to which the notice is addressed, which shallbe deemed to occur upon completion of the transmission unless: (a) such transmission is made on a

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day which is not a Business Day or on a Business Day but outside regular business hours, in whichcase the notice shall be deemed received at 9:00 A.M. on the next succeeding Business Day; or (b)the Party to which the notice is addressed then notifies the other Party by return telex or facsimile thatthe copy received is illegible in whole or in part.
54.7. Such notice or other communication will be deemed effective if in writing and delivered in person or bycourier, on the date it is delivered or if sent by facsimile transmission, on the date that transmission isreceived by the recipient, or if sent by registered mail or the equivalent, on the date that mail is delivered
or if sent by email on the date that email is delivered, unless the date of delivery (or attempted delivery)or the date of receipt, as applicable, is not a Business Day or the communication is delivered (orattempted to be delivered) or received, as applicable, after the close of business on a Business Day, inwhich case that communication shall be deemed given and effective on the first following day that is a
Business Day.
54.8. The Parties agree that the delivery of any summons and complaint, and other process, which may beserved in any suit, action or other proceeding, may be made by mailing via certified or registered mailor by hand-delivering such summons, complaint or other process to the other Party at the address ofsuch Party specified hereinabove.
54.9. Rejection or other refusal to accept, or the inability to deliver of a notice, summons, complaint or otherprocess referred to hereinabove, because of changed address of which no proper notice was given,shall not affect the effectiveness or the date of delivery for any notice sent in accordance with theforegoing provisions. Each such notice, request or other communication shall be deemed as sufficiently
given, served, sent and received for all purposes, at such time that it is delivered to the address (withreturn receipt, the delivery receipt, the affidavit of the messenger or the answer back being deemed
conclusive (but not exclusive) evidence of such delivery) or at such time as delivery is refused byaddressee upon presentation.
54.10. In the event that you have more than one Account with us, we reserve the right to treat all such
Accounts as if they were under one Account and to limit the number of Accounts maintained by a single
holder, at our sole discretion.
55. Survival
55.1. The provisions of this Agreement pertaining to either Party’s (a) Representations, Warranties andCovenants, (b) Fiduciary duties, (c) Confidentiality obligations, (d) Acknowledgements, (e) Liabilities
and responsibilities, as well as (f) Clause 28, 34, 49 and 51 of this Agreement shall survive theexpiration of the term and/or the termination of this Agreement for any reason.
56. Governing Law and Jurisdiction
56.1. This Agreement is governed by the Laws of Mauritius.
56.2. The Competent Courts for all disputes and controversies arising out of or in connection with theAgreement shall be the Courts of Mauritius.

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