P

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Contents
Chapter A: Scope of agreement ....................................................................................................................7
1. Parties to the agreement ........................................................................................................................7
2. Electronic signatures and acceptance of agreement(s) ...................................................................7
3. Acceptance & scope of agreement(s) ..................................................................................................8
4. Authorization ............................................................................................................................................8
5. Experience and knowledge in financial matters.................................................................................9
6. Legal restrictions ................................................................................................................................... 10
7. Amendments .......................................................................................................................................... 10
8. Entire agreement - severability ........................................................................................................... 11
9. Definitions............................................................................................................................................... 11
10. Interpretation .......................................................................................................................................... 21
Chapter B: Access And Use Of Our Online Trading Facility .................................................................. 23
11. Limited license to access and use our online trading facility ........................................................ 23
12. Copyright, licenses and trademarks .................................................................................................. 24
13. Limitations on investment guidance and professional advice ...................................................... 24
14. Accuracy of information ....................................................................................................................... 25
15. Analytical tools and market data ........................................................................................................ 25
16. Third party content and research ....................................................................................................... 26
17. Means of accessing and using our online trading facility .............................................................. 27
18. Restriction of access and use of our online trading facility ........................................................... 28
19. Technical issues .................................................................................................................................... 28
20. Manifest errors ....................................................................................................................................... 28
21. Infections, contaminations or other destructive content ................................................................ 29
22. Hyperlinks to other sites controlled or offered by third parties .................................................... 29
23. Software .................................................................................................................................................. 30
Chapter C: Services ...................................................................................................................................... 32
24. Scope of services .................................................................................................................................. 32
25. Registration ............................................................................................................................................ 32
26. Eligibility ................................................................................................................................................. 32
27. Identification........................................................................................................................................... 33
28. Personal information - Accurate and complete data ....................................................................... 33
Chapter D: Terms of Service ....................................................................................................................... 35
29. Services provided.................................................................................................................................. 35
30. Execution of orders ............................................................................................................................... 35
31. Prices and Open Positions .................................................................................................................. 35
32. CryptoCFDs ............................................................................................................................................ 36
33. Instructions and basis of dealing ....................................................................................................... 38
34. Electronic trading terms ....................................................................................................................... 41
35. Trade confirmations and account statements .................................................................................. 43
36. Consent to receive electronic transmission of trade confirmations and account statements . 45
37. Recording of telephone conversations, electronic communications, and meetings ................. 45
38. Rollover and offset instructions ......................................................................................................... 45
39. Corporate Events and Actions ............................................................................................................ 46
Chapter E: Margin Deposits, Collateral and Payment ............................................................................. 48
40. Margin and collateral ............................................................................................................................ 48
41. Margin call policy / Margin call level / Stop-out level....................................................................... 49
42. Security ................................................................................................................................................... 50

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Chapter F: Commissions, Fees and Charges ........................................................................................... 52
43. Commissions, fees and charges......................................................................................................... 52
44. Other fees and charges ........................................................................................................................ 52
45. Payment terms ....................................................................................................................................... 53
46. Currency conversion ............................................................................................................................ 53
47. Pricing of OTC transactions ................................................................................................................ 54
48. Prohibited trading techniques ............................................................................................................. 54
Chapter G: Your Account(s) With Us ......................................................................................................... 57
49. Account(s) .............................................................................................................................................. 57
50. Base currency ........................................................................................................................................ 57
51. Access codes (username and passwords) ....................................................................................... 57
52. Affiliates / Introducers of business..................................................................................................... 58
53. Payments ................................................................................................................................................ 58
54. Several/ Multiple trading accounts ..................................................................................................... 59
55. Deposits, refunds and withdrawals .................................................................................................... 60
56. Deposits by credit / debit card ............................................................................................................ 61
57. Chargebacks .......................................................................................................................................... 62
58. Netting agreement ................................................................................................................................. 63
59. Client money and assets ...................................................................................................................... 63
60. Dormant and archiving policy ............................................................................................................. 64
61. Islamic/swap-free accounts ................................................................................................................. 64
Chapter H: General Provisions ................................................................................................................... 66
62. Market making........................................................................................................................................ 66
63. Conflicts of interest ............................................................................................................................... 67
64. Special provisions for managed accounts, introduced accounts or third party vendors ......... 67
65. Acknowledgements ............................................................................................................................... 68
66. Further representations, warranties and covenants ....................................................................... 73
67. Information disclosure.......................................................................................................................... 74
68. FATCA ..................................................................................................................................................... 74
69. Common Reporting Standard (“CRS”) .............................................................................................. 74
70. Regulatory matters ................................................................................................................................ 75
71. Tax implications..................................................................................................................................... 75
72. Intellectual property .............................................................................................................................. 75
73. Privacy and data protection ................................................................................................................. 77
Chapter I: Complaint Handling Procedures .............................................................................................. 81
74. Complaints ............................................................................................................................................. 81
Chapter J: Indemnity And Limitation Of Liability ..................................................................................... 82
75. Risk of loss; limitation of liability........................................................................................................ 82
76. Exclusion of warranties ........................................................................................................................ 83
77. Disclaimer and limitation of liability ................................................................................................... 84
78. Indemnification ...................................................................................................................................... 84
79. Independent investigation ................................................................................................................... 85
Chapter K: Default ......................................................................................................................................... 86
80. Default ..................................................................................................................................................... 86
81. Rights on default ................................................................................................................................... 87
Chapter L: Termination Of Client Relationship And Liquidation Of Accounts ................................... 89
82. Termination of client relationship ....................................................................................................... 89
83. Effects of termination of client relationship ...................................................................................... 89

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Chapter M: Miscellaneous Provisions ....................................................................................................... 90
84. Assignment ............................................................................................................................................ 90
85. Time of essence ..................................................................................................................................... 90
86. Notices .................................................................................................................................................... 90
87. Governing law and jurisdiction ........................................................................................................... 91
88. Controlling language ............................................................................................................................ 91
89. Force majeure ........................................................................................................................................ 91
90. No waiver ................................................................................................................................................ 92
91. Cumulative remedies ............................................................................................................................ 92
92. Compliance with FSA rules.................................................................................................................. 92
93. Exclusion of third party rights ............................................................................................................. 92
94. Independent parties/no partnership or joint venture ....................................................................... 93
95. Counterparts .......................................................................................................................................... 93
96. Survival ................................................................................................................................................... 93

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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 XMTRADING.
XMTRADING’s securities business services are provided by Tradexfin Limited (operating under the
trading name “XMTRADING”), which is a Securities Dealer Licensee regulated and authorized by the
Financial Services Authority (“FSA”) in Seychelles under the License Number: SD010 (hereinafter referred
to as “XMTRADING” and/or "we" and/or “our” and/or "us"). All access and/or use of our Online Trading
Facility is subject to these terms and conditions (hereinafter referred to as these "Terms and Conditions"
and/or this “Agreement”) in accordance with the terms hereof.
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 inthis Agreement without modifications, which include those Terms and Conditions expressly set out below,
and those incorporated herein by reference, before you seek to become a client of XMTRADING.
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 our 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 contentsof our Online Trading Facility are neither a solicitation, nor an offer to enter into any transactions on thefinancial 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

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purposes only and do 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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Chapter A: Scope of agreement
1. Parties to the agreement
1.1. This Agreement is made between yourself, as our client (hereinafter referred to as "you" or “your” or, ingeneral terms, the “client”) and Tradexfin Limited, a limited liability company formed under the laws of
Seychelles and regulated by the Financial Services Authority in Seychelles - License Number SD010,
having its registered office at F20, 1st Floor, Eden Plaza, Eden Island, Seychelles, registered at theGovernment of Seychelles Companies Registry under the Number: C8413873-1), and any of its
designated and permitted successors, assigns and those of its subsidiaries and other affiliates that are
identified further in this Agreement (also trading under the name “XMTRADING” henceforth "us", “our”,"we" or "XMTRADING"). This Agreement describes in full detail the Terms and Conditions you must
accept, without restrictions or objections, before accessing and/or using our Online Trading Facility.
Furthermore, before you access and/or use our Online Trading Facility and before you become a clientof XMTRADING, you must fully understand and agree to all the terms and conditions expressly explained
and/or implied hereto, and/or incorporated herein by reference.
1.2. “XMTRADING” (henceforth "us", “our” or "we") and “you”, as our client (henceforth “you”, “your” or, ingeneral terms, the “client”), may hereinafter be referred to, individually, as a “Party” and, collectively,
as the “Parties”.
2. Electronic signatures and acceptance of agreement(s)2.1. 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 toas 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 thisAgreement, as they may apply to you.
2.2. 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/or 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/or
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".
2.3. 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/or Regulations in any jurisdiction, which
require an original (non- electronic) signature or delivery or retention of non-electronic records.
2.4. 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 with

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any explanation and/or justification thereof.
3. Acceptance & scope of agreement(s)3.1. We shall evaluate the Account Opening Application Form(s) you submitted for the purpose of becominga client of us and shall inform you by e-mail whether your application is accepted or not. We reserve theright to refuse and/or decline your application(s), at our sole discretion and for any reason, without being
obliged to provide you with any explanation or justification.
3.2. Without prejudice to the provisions of clause 2.1 hereinabove, in particular as regards your acceptanceand acknowledgement of this Agreement, we will become a counterparty bound to this Agreement, andthis 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”).
3.3. 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.
3.4. Some areas or parts of our Online Trading Facility may have different specific terms of access and/or
use posted thereon. If there is a conflict and/or discrepancy between these Terms and Conditions andany such specific terms of access and/or use, the latter shall have precedence with respect to youraccess and/or use of such relevant area or part of our Online Trading Facility.
3.5. 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 with respect to such
Transactions and/or Contracts. In the event of any conflict and/or discrepancy between the clauses ofthis Agreement and/or its annexes, appendices, addenda, attachments, schedules and/or exhibits, andthe 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 other Transaction and/or Contract.
4. Authorization
4.1. 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.
4.2. IF YOU ARE A MINOR, OR IF YOU CANNOT FORM LEGALLY BINDING CONTRACTS UNDER
THE LAW(S) APPLICABLE IN YOUR COUNTRY OF RESIDENCE YOU MAY NOT ACCESS
AND/OR USE OUR ONLINE TRADING FACILITY. IF YOU DO NOT QUALIFY, PLEASE DO NOTACCESS AND/OR USE OUR ONLINE TRADING FACILITY AND INFORM US IN WRITINGIMMEDIATELY.
4.3. 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.
4.4. 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

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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 requiredof 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.
4.5. 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.
4.6. 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 WHETHERYOU MAY CONTINUE TO ACCESS AND/OR USE OUR ONLINE TRADING FACILITY.
4.7. 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 toinvestigate any current and past investment activity, and in connection therewith, to contact such,exchanges, broker/dealers, banks, and others as we shall deem appropriate.
5. Experience and knowledge in financial matters5.1. Furthermore, our Online Trading Facility is available only to, and may only be used by persons who havesufficient experience and knowledge in financial matters to be capable of evaluating the merits and risksof accessing and/or using our Online Trading Facility and entering into Transactions and Contracts via
our Online Trading Facility and who 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.
5.2. In accordance with the foregoing, you hereby represent, warrant and covenant, without prejudice to any
other representations, warranties and/or covenants made under this Agreement: (a) that you havesufficient experience and knowledge in financial matters to be capable of evaluating the merits and risksof 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 astrustee) 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 in such other investments as we mayfrom time to time agree) is suitable for you and that you are aware of all risks involved with such
Transactions and/or Contracts; (e) that you are willing and financially able to sustain a total loss of funds
resulting from any Transactions and/or Contracts entered into via our Online Trading Facility; and (f) thatyou have read, and fully understood, the “Risk Disclosure Notices” on our Online Trading Facility.
5.3. 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.

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6. Legal restrictions
6.1. 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.
6.2. 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 of formation, 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 necessarily mean 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 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, PLEASE DO NOT ACCESS
AND/OR USE OUR ONLINE TRADING FACILITY AND INFORM US IN WRITINGIMMEDIATELY.
6.3. Our Online Trading Facility does NOT constitute, and may NOT be used for the purposes of, anoffer 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 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.
IMPORTANT NOTE: WE DO NOT ACCEPT ANY TRADING FROM CLIENTS RESIDING IN THE
UNITED STATES. WE RESERVE THE RIGHT TO IMPOSE ADDITIONAL REQUIREMENTS OR
PRE-CONDITIONS TO ACCEPT CLIENTS RESIDING IN OR FROM SPECIFIC COUNTRIES AT
ANY TIME AND AT OUR SOLE AND EXCLUSIVE DISCRETION, WITHOUT BEING OBLIGED TOPROVIDE ANY EXPLANATION OR JUSTIFICATION.
7. Amendments
7.1. 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.
7.2. 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 checkregularly 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.
7.3. 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.
7.4. 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.

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7.5. Some areas or parts of our Online Trading Facility may have different specific terms of access and/or
use posted thereon. If there is a conflict and/or discrepancy between these Terms and Conditions andany such specific terms of access and/or use, the latter shall have precedence with respect to youraccess and/or use of such relevant area or part of our Online Trading Facility.
8. Entire agreement - severability
8.1. This Agreement (together with its annexes, appendices, addenda, attachments, schedules andexhibits and/or amendments) represents the entire agreement between you and us concerning theaccess and use 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 other communications or understandings between you and us, except as determined
and/or stated otherwise "in the terms agreed upon by mutual consent of the Parties".
8.2. Nothing contained in this Agreement shall be construed as requiring the commission of any act
contrary to Applicable Laws, Rules and/or Regulations. Whenever there is any conflict and/or
discrepancy between 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 this Agreement thus affected shall be curtailed and limited only to the extent
necessary to bring it within the requirement of the law.
8.3. Each part of this Agreement is a distinct undertaking. In the event that any provision of this Agreement
is held 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.
8.4. With respect to the provisions of this Agreement, which are held to be invalid or unenforceable, inwhole or in part, the Parties will negotiate in good faith with the intention to replace the void provision
with a valid one that 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 and construed as if such invalid or illegal or unenforceable provision, or part of aprovision, had never been contained herein, and such provision or part reformed so that it would bevalid, legal and enforceable to the maximum extent possible.
8.5. Without limiting the foregoing, if any provision (or part of provision) contained in this Agreement shallfor any reason be held to be excessively broad as to duration, activity or subject, it shall be
construed by limiting and reducing it, so as to be enforceable to the fullest extent compatible withthe existing applicable law.
9. Definitions
9.1. For the purpose of this Agreement, unless the context otherwise requires, capitalized words andexpressions shall have the meanings assigned to them in the defined terms that are set forth inbold and italics: (A) hereinafter, under the heading “Definitions”; and (B) throughout this Agreement:
9.1.1.

“Account”, when used in this Agreement, unless the context otherwise requires, shall mean,
the uniquely assigned account that is created for a client when such client opens a trading
account with us;

9.1.2.

“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 with us; we reserve the right to refuse and/or decline youraccount opening application(s), at our sole discretion and for any reason, without being obliged
to provide any explanation or justification;

9.1.3.

“Agent”, when used in this Agreement, unless the context otherwise requires, shall mean an

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individual person or legal entity undertaking a transaction on behalf of another individual personor legal entity, but in his/its own name;
9.1.4.

“Authorized Person”, when used in this Agreement, unless the context otherwise requires,shall mean a person authorized by a client under a limited power-of-attorney, in accordancewith these Terms and conditions, to represent such client and give instructions to us;

9.1.5.

“Act”, when used in this Agreement, unless the context otherwise requires, shall mean,
the Securities Act 2007, as the same may be modified and amended from time to time;

9.1.6.

“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 in accordance with the terms and conditions set therein and agrees with andaccepts these terms and conditions and the Company approves his/her/its application formembership. Such individual/entity may be remunerated by the Company by receiving a onefixed payment with respect to each introduced Client as identified and approved by the Company
and no other payment shall be payable or paid;

9.1.7.

“Agreement”, when used herein, unless the context otherwise requires, shall mean thisAgreement, inclusive of all of its annexes, appendices, addenda, attachments, schedules andexhibits and amendments, as the same may be in force from time to time and modified oramended from time to time;

9.1.8.

“Anti-Money Laundering (“AML”) Legislation”, when used in this Agreement, unless thecontext otherwise requires, shall mean, collectively, Anti-Money Laundering and Countering
the Financing of Terrorism Act 2020 and Anti-Money Laundering and Countering the
Financing of Terrorism Regulations 2020, as the same may be in force from time to time andmodified or amended from time to time;

9.1.9.

“Applicable Laws and Regulations”, when used in this Agreement, unless the context
otherwise requires, shall mean, collectively, (A) the Act, (B) the Securities (Contact ofBusiness) Regulations 2008, (C) the Securities (Financial Statements) Regulations 2008,(D) the Securities (Advertisements) Regulations 2008, (E) the Securities (Forms andFees) Regulations 2008, as well as (F) any other rule or regulation of a relevant governmental
and/or regulatory authority, the rules of any relevant investment exchange and/or any otherrelevant applicable local, state, federal and international laws, rules and regulations of thecountries, 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;

9.1.10. “Associate”, when used in this Agreement, unless the context otherwise requires, shallmean an undertaking and/or a Representative whom we may appoint, or any other personwith whom we have a relationship that might reasonably be expected to give rise to acommunity of interest between us and them;
9.1.11. “Balance”, when used in this Agreement, unless the context otherwise requires, shall mean
the balance of a client’s Account after the last Account transaction(s) made, within any given
period of time;
9.1.12. “Business Day”, when used in this Agreement, unless the context otherwise requires, shallmean any calendar day (except any Saturday or Sunday), beginning at 00:00 GMT + 2 andending at 23:59 GMT + 2, on which banks in Seychelles are open for business;
9.1.13. “CFD Contract” or “CFD(s)”, when used in this Agreement, unless the context otherwise
requires, shall mean a contract which is a ‘contract for differences’ by reference to fluctuationsin the price of the relevant underlying security or index; trading in CFDs is trading on theoutcome 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

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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;
9.1.14. “Client” or “client”, when used in this Agreement, unless the context otherwise requires, shallmean “you” or “your” and, in more general terms, any person (A) who is interested inTransactions and/or Contracts, (B) who enters or has entered our Online Trading Facility,
and/or (C) 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 or bank 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 this Agreement, in themanner set forth herein, and to whom Services will be provided by us;
9.1.15. “Collateral”, when used in this Agreement, unless the context otherwise requires, shall mean
any securities or other assets deposited with us as a continuing security and collateral for thepayment and discharge of all obligations owing to us in relation to any Services provided by us
under and/or pursuant to this Agreement;
9.1.16. “Commission, Charges & Margin Schedule”, when used in this Agreement, unless thecontext 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 ona current basis; the Commission, Charges & Margin Schedule is available on our Online
Trading Facility and may be supplied separately on demand;
9.1.17. “Conflict of Interest Policy”, when used in this Agreement, unless the context otherwise
requires, shall mean 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.
9.1.18. “Contract”, when used in this Agreement, unless the context otherwise requires, shall mean
any contract, whether oral or written, for the purchase or sale of any commodity, security,
currency or any other supported security or property, including, without limitation, anyderivative contracts, such as CFDs or other transactions related thereto, entered into by andbetween us and our client(s);9.1.19. “Counterpart(y)ies”, when used in this Agreement, unless the context otherwise requires,shall mean banks and/or brokers through whom we may cover our transactions and/or
Contracts with client(s);9.1.20. “Credit Limitation”, when used in this Agreement, unless the context otherwise requires, shallmean the existence of a restriction on the ability to trade with a Client based on our credit
exposure/Margin requirements towards such client;9.1.21. “Credit Support Provider”, when used in this Agreement, unless the context otherwise
requires, shall mean any person who has entered into any guarantee, hypothecation,agreement, Margin or Security agreement in our favour, in respect a client’s obligations under
this Agreement;
9.1.22. “FSA Rules”, when used in this Agreement, unless the context otherwise requires, shall mean
all applicable regulations and circulars issued by “Financial Services Authority” or “FSA” inthe framework and context of the authority it has been granted under the Act, as the same may
be in force from time to time and modified or amended from time to time;

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9.1.23. “Dealable Quote”, when used in this Agreement, unless the context otherwise requires, shallmean a Price Quote that by its terms is capable of being used for the purpose of effecting a
Transaction and/or Contact;
9.1.24. “Deal Request”, when used in this Agreement, unless the context otherwise requires, shallmean an electronic message sent by the client via our online Trading Facility, requesting us toenter into a purchase Transaction or sale Transaction at our prevailing Price Quote for such
Transaction and/or Contract, as displayed on our Online Trading Facility;
9.1.25. “Deal Response”, when used in this Agreement, unless the context otherwise requires, shallmean, with respect to a particular Deal Request sent by a the client to us via our Online
Trading Facility, an electronic message sent by us to such client via our Online Trading
Facility, acknowledging receipt of the Deal Request and confirming, whether or not we haveagreed to accept the terms of the Deal Request submitted by the client and, as the case may
be, acknowledging the execution of a purchase Transaction or sale Transaction requestedby the client by means of his Deal Request;
9.1.26. “Deposit(s)", when used in this Agreement, unless the context otherwise requires, shallmean the funds deposited and/or transferred by clients into their Account(s) with us;
9.1.27. “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 period of time adequate for purposes of the information and which allows
the unchanged reproduction of the information stored;
9.1.28. “Effective Date”, when used in this Agreement, unless the context otherwise requires, shallmean the date on which this Agreement enters into effect, as indicated on the confirmatione-mail sent by us to a client, indicating that such client’s Account Opening Application
Form(s) has/have been accepted;
9.1.29. “Electronic Messaging”, when used in this Agreement, unless the context otherwise
requires, shall mean any form of electronic communication we use to communicate with ourclients about our Online Trading Facility (including, without limitation, with reference to any
Transaction(s) or Contract(s) entered into via our Online Trading Facility), including, but notlimited to, electronic mail, whether or not within the framework of our Online Trading Facility
itself and/or within the Online Trading Facility’s mailbox(es);9.1.30. “Electronic Services”, when used in this Agreement, unless the context otherwise requires,shall mean a service provided by us, for instance, an internet trading service offering clients
access to information and trading facilities, via an internet service, a WAP service and/or otherelectronic Order routing system;
9.1.31. “Electronic Trading Platform(s)”, when used in this Agreement, unless the context otherwise
requires, shall mean the online electronic trading platform(s) that is/are made available by us
to our clients for placing Orders, requesting Price Quotes for Transactions and/or Contracts,
receiving price information and market related news as well as having a real-time revaluationof their open positions, through the Internet, where Transactions and/or Contracts insecurities can be processed through Deal Requests and Deal Responses, Settlement/Trade
Confirmations can be issued, Accounts can be managed and historical data can be stored andmanaged;9.1.32. “Equity”, when used in this Agreement, unless the context otherwise requires, shall mean
the “capital value” of an Account at the present time; it is calculated by: (a) taking the total
value of all open positions relating to the Transactions and/or Contracts generated through the
Account, adjusted with all ‘Floating Profit/Loss’ and with all relevant ‘rollover rates’ and/or‘swaps’, and (b) by adding that value to the Account Balance;

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9.1.33. “Event of Default”, when used in this Agreement, unless the context otherwise requires, shallhave the meaning given to this term in clause 80 hereinafter;
9.1.34. “Fraud Traffic”, when used in this Agreement, unless the context otherwise requires, shallmean 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, but shall not be limited to, spam, false advertising anddeposits 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, andany other unauthorized use of any third party accounts, copyrights or trademarks;
9.1.35. “Floating Profit/Loss”, when used in this Agreement, unless the context otherwise requires,shall mean the unrealized profit (loss) of open positions relating to Transactions and/or
Contracts in supported securities, generated through an Account at current prices of theunderlying securities (CFDs on currencies, CryptoCFDs, contracts or stocks, equity indexes,
precious metals or any other commodities) available for trading;
9.1.36. “Free Margin”, when used in this Agreement, unless the context otherwise requires, shallmean the funds not used as guarantee to open positions relating to Transactions and/or
Contracts entered into through an Account; it is calculated by taking the Equity in the Accountand subtracting the Margin required to open positions relating to Transactions and/or
Contracts entered into through the Account;
9.1.37. “Indicative Quote”, when used in this Agreement, unless the context otherwise requires,shall mean a Price Quote other than a Dealable Quote;
9.1.38. “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 ourplatforms 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 information transmitted via our Online Trading Facility
or otherwise, including, without limitation, all Intellectual Property Rights, directly or indirectly
pertaining thereto;
9.1.39. “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, knowhow, trade secrets, trade names, logos, designs, symbols, emblems, insignia, slogans,marketing materials and other identifying materials, in all forms whether or not registeredor capable of registration and any other rights relating to intellectual property in accordancewith and/or under and/or pursuant to Applicable Laws, Rules and Regulations;9.1.40. “Inside Information”, when used in this Agreement, unless the context otherwise requires,shall mean non-published information which is likely to have a noticeable effect on the pricing
of a Transaction and/or Contract if it was made public;
9.1.41. “Introducing Broker”, when used in this Agreement, unless the context otherwise requires,shall mean a financial institution or advisor which may be remunerated by us and/or ourclients for referring of clients to us and/or for the provision of advice to such clients and/or
execution of such clients’ Transactions and/or Contracts towards us;
9.1.42. “Listed Company”, when used in this Agreement, unless the context otherwise requires, shallmean a company whose securities are listed on a recognized Stock Exchange / regulated
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9.1.43. “Margin”, when used in this Agreement, unless the context otherwise requires, shall mean
the necessary guarantee funds to open positions relating to Transactions and/or Contracts
entered into through an Account, as determined in and/or required under the ‘Spreads andConditions Schedule’ posted on our Online Trading Facility;
9.1.44. “Margin Call”, when used in this Agreement, unless the context otherwise requires, shallmean a mandatory 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 andin this case the client will have to either increase the Margin 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 theaforementioned and the Account reaches the defined Stop-out Level, we shall be entitled toclose all open positions relating to the Transactions and/or Contracts entered into throughthe Account; in that regard, it should be noted that our Online Trading Facility operates with anautomated 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;
9.1.45. “Margin Call Level”, when used in this Agreement, unless the context otherwise requires,shall mean the Margin Level required to maintain your open positions, which is currently set
at 50% of the Margin required to maintain your open positions; accordingly, if the equity inyour Account drops to 50% of the Margin Level required to maintain your open positions, youwill receive a Margin Call; this is a warning message that the equity in your Account is notenough to support your open positions; at this point, you will not be able to take any new
position and you will have the option to deposit sufficient money in order to maintain your open
positions or to close out some or all of your position(s); when you have losing positions, yourMargin Level will go down and may become close to the Margin Call Level; when you havewinning positions, your Margin Level will go up and the Margin Call Level may become more
remote;9.1.46. “Margin Level”, when used in this Agreement, unless the context otherwise requires, shallmean an index calculated as follows: Equity/Margin;
9.1.47. “Margin Trade”, when used in this Agreement, unless the context otherwise requires, shallmean a Transaction and/or Contract opened and maintained based on a Margin deposit, as
opposed to a Transaction and/or Contract based on a purchase price;
9.1.48. “Market”, when used in this Agreement, unless the context otherwise requires, shall mean
any regulated market, or multilateral trading facility on which Underlying Securities are being
traded;9.1.49. “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 inour good faith opinion has a (a) material influence on the liquidity of, or volatility of foreignexchange rates for, the relevant Underlying Security; (b) material influence on the settlementof transactions in relevant Underlying Securities and, therefore, on the settlement of related
Securities; or (c) impairs our ability to provide Price Quotes which reflect 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 or settlement of transactions in any Underlying Security(ies) (such as, theEmail: info@xmtrading.com | Web: www.xmtrading.com | Address: F20, 1st Floor, Eden Plaza, Eden Island, Seychellesimposition of price controls, currency exchange controls, mandatory exchange rates withrespect to a particular Underlying Security or a Force Majeure Event), which have or may havea material influence on the settlement of Transactions and/or Contracts in related Securities;
9.1.50. “Market Maker”, when used in this Agreement, unless the context otherwise requires,shall mean a professional participant in the financial markets who continuously quotes botha buy and a sell price in Financial Instruments or commodities held in inventory in order tobuy and sell respectively in the event of interested clients, hoping to make a profit on the bidoffer 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;
9.1.51. “Market Rate”, when used in this Agreement, unless the context otherwise requires, shallmean, at any given time, the rate conclusively determined (in the absence of manifest error)
by a Party to be the market rate available to that Party in the Market at such time for thepurchase of a specified Security, with a second specified Security for delivery on a specified
date;
9.1.52. “Market Rules”, when used in this Agreement, unless the context otherwise requires, shallmean the rules, regulations, customs and practices from time to time of any exchange, clearing
house or other organization or market involved in the conclusion, execution or settlement ofpurchase and/or sale transactions in Securities, and/or any exercise by any such exchange,
clearing house or other organization or market of any power or authority conferred on it;
9.1.53. “Netting Transaction”, when used in this Agreement, unless the context otherwise requires,shall mean a transaction which is intended to be subject to the clause entitled “Netting”
hereinafter, and for such purposes is identified as a “Netting Transaction” herein or by its own
terms;
9.1.54. “Non-Professional 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 aprofessional securities trader, investment adviser or investment manager with any national orstate 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;
9.1.55. “Online Trading Facility”, when used in this Agreement, unless the context otherwise
requires, shall mean, 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 Terms of this Agreement;
9.1.56. “Order” when used in this Agreement, unless the context otherwise requires, shall mean aclient’s Order to 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 time of placing the limitation) is
an Order to limit losses, whereas (ii) ‘Take Profit’ (an Order to close a previously 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

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by us reaches the price specified in the Order, the Order will be executed at the best available
price as per our Order Execution Policy; the following types of Pending Orders are available:(i) ‘Buy Limit’ (an Order to purchase 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 tobuy a Security, which is entered at a price above the current offering price; it is triggered whenthe market price touches or goes through the ‘buy stop’ price); (iii) ‘Sell Limit’ (an Order to sella Security at a specified price or better; it is triggered when the market price touches or goes
through the ‘sell limit’ price); and (iv) ‘Sell Stop’ (an Order to sell a Security when it reaches acertain 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’;
9.1.57. “Order Execution Policy” when used in this Agreement, unless the context otherwise requires,shall mean our prevailing policy posted on our Online Trading Facility regarding best execution
when executing client Orders; our Order Execution Policy is part of our Terms and Conditionsof Business, which is a contractually binding agreement between us and our clients, and isincorporated herein by reference; it shall be applicable to all transactions between us and ourclients, to the extent that it does not impose and/or does not seek to impose any obligations on
us which we would not otherwise have, but for the Act;9.1.58. “Over-the-Counter” or “OTC”, when used in this Agreement, unless the context otherwise
requires, shall refer to ‘Over- the-Counter’ trading (not on a regulated “exchange”, or “offexchange”); any Transaction and/or Contract concerning a commodity, security, currency orother Security or property, including any option, future, or CFD, which is NOT traded on aregulated stock or commodity exchange, but is traded “over-the-counter”, whether through aMarket Maker, as described hereinabove, or otherwise;
9.1.59. “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 isused in this Agreement; we and our Client(s) may, collectively, be referred to in this Agreement
as the “Parties”;
9.1.60. “Person”, when used in this Agreement, unless the context otherwise requires, shall mean an
individual, corporation, partnership, trustee, trust, regulatory body or agency, government or
governmental agency or entity (however designated or constituted), or any unincorporatedorganization;
9.1.61. “Personal Data”, when used in this Agreement, unless the context otherwise requires, shallmean 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);9.1.62. “Personal Data Protection Legislation”, when used in this Agreement, unless the context
otherwise requires, shall mean, the Data Protection Act of 2002, as the same may be in force
from time to time and modified or amended from time to time or the General Data Protection
Regulation (679/2016) when enters into force, as may this be amended from time to time;
9.1.63. “Pip(s)”, when used in this Agreement, unless the context otherwise requires, shall mean thesmallest numerical value of a Price Quote (the last digit to the right of the decimal point); ‘Pip’
value can be either fixed or variable depending on the currency pair (e.g. the pip value for
EUR/USD is always $10 for standard lots and $0.10 for micro lots); the term “Pip(s)” issynonymous and interchangeable and may be used in this Agreement in an interchangeable
way with the terms “Point(s)” and “Tick(s)”; “fractional pip” pricing includes an extra decimal
place in the price Quote, which means that the Price Quotes are more precise;
9.1.64. “Pricing Data”, when used in this Agreement, unless the context otherwise requires, shall

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mean all pricing data generated by the pricing engine integrated in our Online Trading Facility
and fed to our Online Trading Facility on a real time/delayed/end of day/historical basis,
specifying the market prices of the Supported Securities traded on our Online Trading Facility;
9.1.65. “Price Quote(s)” or “Quote(s)", when used in this Agreement, unless the context otherwise
requires, shall mean an electronic message disseminated via our Online Trading Facility
containing a ‘Transactional Ask Price’ and a ‘Transactional Bid Price’ as well as otherparameters such as indication of whether the Price Quote is considered as a ‘Dealable Quote’or an ‘Indicative Quote’; the message update frequency on our Online Trading Facility
may be changed at our sole discretion;
9.1.66. “Principal”, when used in this Agreement, unless the context otherwise requires, shall mean
the individual person or the legal entity which is a party to a transaction (including, without
limitation, these Terms and Conditions, Transactions, Contracts and or any other legallybinding obligations, terms contracts and/or agreements);
9.1.67. “Privacy Polic(y)ies”, when used in this Agreement, unless the context otherwise requires,shall mean the “Privacy Policy” published on our website(s);9.1.68. “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 thiscategory shall include, but shall not be limited to, specialized software programs that aredesigned to exploit possible price latencies on our Online Trading Facility or that allow for theuse of technological and/or algorithmic trading pattern that are aimed at exploiting price latency
arbitrage opportunities on our Online Trading Facility as further specified, without limitation, inclause 48 hereinafter;
9.1.69. “Representative(s)”, when used in this Agreement, unless the context otherwise requires, shallmean directors, officers, employees, lawyers, advisers, agents, licensees or other authorized
representatives;
9.1.70. “Rollover Fee(s)/Swap(s)”, when used in this Agreement, unless the context otherwise
requires, shall mean 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 theposition 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 arecalculated and applied on every trading night; although there is no rollover on Saturdays andSundays 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 ischarged on Fridays; please note that Rollover Fees/Swap rates are subject to change at oursole discretion;
9.1.71. “Security (ies)”, when used in this Agreement, unless the context otherwise requires, shall havethe meaning as set out in Schedule 1 of the Act and shall include any other instruments
prescribed to be securities for the purposes of the Act;9.1.72. “Services”, when used in this Agreement, unless the context otherwise requires, shall mean theservices to be provided by us to our client(s) construed by these Terms and Conditions; theterm “Services” shall be inclusive of any dealing, Order routing, advisory or other services,which we provide from time to time to our client’s by remote access to our Online Trading
Facility via the Internet and which are subject to these Terms and Conditions;

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9.1.73. “Settlement Confirmation” or “Trade Confirmation” or “Settlement/Trade Confirmation”,
when used in this Agreement, unless the context otherwise requires, shall mean a notificationfrom us to a client confirming the client’s entry into a Transaction and/or Contract;
9.1.74. “Spreads and Conditions Schedule”, when used in this Agreement, unless the context
otherwise requires, shall mean the schedule of spreads, charges, Margin, interest and otherrates which at any time may be applicable to our Services, as determined by us on a current
basis; the Spreads and Conditions Schedule is available on our Online Trading Facility and may
be supplied to our clients on demand;
9.1.75. “Spyware”, when used in this Agreement, unless the context otherwise requires, shall mean atype of malware that can be installed on computers, and which collects small pieces of
information about users without their knowledge; the presence of spyware is typically hiddenfrom the user, and can be difficult to detect; typically, spyware is secretly installed on theuser's personal computer;9.1.76. “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 the least profitable position and until the Margin Level
requirement is met) in order to prevent further account losses into the negative territory;
9.1.77. “Stop-out Level”, when used in this Agreement, unless the context otherwise requires, shallmean the level of equity in an Account 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
open positions.
9.1.78. “Supported Financial Instruments”, when used in this Agreement, unless the context otherwise
requires, shall mean the Financial Instruments for which we provide quotations via the Online
Trading Facility, i.e., contracts for differences, CryptoCFDs, spot or 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 any other derivative financial instrumenton which we both agree, in this Agreement, or otherwise "in the terms agreed upon by mutual
consent of the Parties"; we reserve the right to modify the Supported Financial Instruments
quoted through our Online Trading Facility at any time without prior notice, without being obliged
to provide you with any explanation or justification;
9.1.79. “System Disruption(s)”, when used in this Agreement, unless the context otherwise requires,shall mean the occurrence of any event which in our good faith opinion materially preventsor limits our ability or our clients’ ability from accurately and completely (i) distributing or
receiving ‘Price Quotes’, ‘Deal Requests’ or ‘Deal Responses’; or (ii) recording ormaintaining the terms of any Transactions and/or Contracts; or (iii) entering into related
hedging transactions on an automated basis;9.1.80. “Terms”, when used in this Agreement, unless the context otherwise requires, shall mean theseTerms and Conditions governing our clients’ relationship with us;
9.1.81. “Transaction”, when used in this Agreement, unless the context otherwise requires, shall mean
any transaction subject to this Agreement, and shall include, without limitation: (a) transactionsin Supported Financial Instruments (including, without limitation, contracts for differences,
CryptoCFDs, spot or forward contracts of 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 such Supported financial Instruments (including,
without limitation, contracts for differences, CryptoCFDs, spot or forward contracts of any kind

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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, or otherwise "in the terms agreed upon by mutual consent of
the Parties", shall be a Transaction;
9.1.82. “XMTRADING” or “we” or “our” or “us”, when used in this Agreement, unless the context
otherwise requires, shall mean our Online Trading Facility and its operator, “Tradexfin
Limited”, a Seychelles Securities Dealer formed under the laws of Seychelles and regulatedby and registered with the Seychelles Financial Services Authority (“FSA”) - License Number
SD010, having its registered office at F20, 1st Floor, Eden Plaza, Eden Island, Seychelles andany of its designated and permitted successors, assigns and those of its subsidiaries that are
identified further in this Agreement;
9.1.83. “XMTRADING’ Website(s)” or “the XMTRADING Website(s)” or our “Website(s)”, when usedin this Agreement, unless the context otherwise requires, shall mean the Website(s), whichis/are privately labelled, owned and hosted by us, including, without limitation, the Website(s),which is/are privately labelled, owned and hosted by us at the following URL’s:
www.xmtrading.com and any related sub-domains, which is/are designed to attract and solicit
and obtain online registrations from prospective, new clients and/or business partners whoare interested in Transactions and/or Contracts, and their respective related pages;
9.1.84. “Transactional Ask Price” or “Ask Price”, when used in this Agreement, unless the context
otherwise requires, shall mean the price rate at which a contract for the purchase of a
Supported Financial Instrument can be entered into via the Online Trading Facility; the“Transactional Ask Price” or “Ask Price” is the price at which the market is willing to sell acertain Financial Instrument; it is the price that is set for the buying of a Financial Instrument
when an Order to enter into a Contract for the purchase of a Supported Financial Instrument isplaced via our Online Trading Facility;
9.1.85. “Transactional Bid Price” or “Bid Price”, when used in this Agreement, unless the context
otherwise requires, shall mean the price rate at which a contract for the sale of a Supported
Financial Instrument can be entered into via the Online Trading Facility; the “Transactional
Bid Price” or “Bid Price” is the price at which the market is willing to buy a certain a Financial
Instrument; it is the price that is set for the selling of a Financial Instrument when an Order toenter into a Contract for the sale of a Supported Financial Instrument is placed via our Online
Trading Facility;
10.

Interpretation

10.1. Any reference in this Agreement and its annexes, appendices, addenda, attachments, schedules
and exhibits to a document being "in the terms agreed upon by mutual consent of the Parties"
shall mean, unless the context otherwise requires, that document in the terms mutually agreed
upon by and between the Parties and for the purposes of identification and documentation
thereof signed by each of the Parties, or such other terms as may be agreed upon by mutual
agreement of the Parties and executed by each of the Parties in writing in substitution therefor.
10.2. In this Agreement and its annexes, appendices, addenda, attachments, schedules and exhibits,
unless the context otherwise requires, references to any provision shall include such provision
as from time to time amended, whether before, or on (in the case only of re-enactment or
consolidation without substantive amendment) after the Effective Date, and shall be deemed
to include provisions of earlier legislation which have been re-enacted (with or without
modification) or replaced (directly or indirectly) by such provision, and shall further include all
statutory instruments or Orders from time to time made pursuant thereto.
10.3. In this Agreement and its annexes, appendices, addenda, attachments, schedules and exhibits,
unless the context otherwise requires: (a) the masculine gender shall include the feminine andneuter and the singular number shall include the plural and vice versa; (b) references to persons

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shall include individuals, bodies’ corporate, un-incorporated associations and partnerships; (c)the headings are inserted for convenience only and shall not affect the construction andinterpretation of this Agreement; (d) references to recitals, clauses and annexes, schedules andexhibits and any subdivisions thereof, unless a contrary intention appears, shall be to therecitals, clauses and annexes, schedules and exhibits and subdivisions of this Agreement.
10.4. The annexes, appendices, addenda, attachments, schedules and exhibits and the Pre-amble
and Recitals set forth hereinabove form an integral part of this Agreement and shall be construed
as having the same full force and effect as if they would be expressly set forth in the body of thisAgreement.
10.5. Unless the context otherwise requires, any reference in this Agreement to a “document” shallbe construed to include any ‘electronic’ document.
10.6. Where any form of the word “including” appears in this Agreement, it will be interpreted as
if followed by the phrase “without limitation”, unless the context requires otherwise.
10.7. Where any form of the word “Online Trading Facility” appears in this Agreement, it will beinterpreted as if followed by the phrase “and/or any component or part thereof”, unless the context
requires otherwise.
10.8. Where any of the words “purchase” and/or “sale” and/or “buy” and/or “sell” appear in thisAgreement, unless the context otherwise requires, they will be read and construed as technicalterms only, as this Agreement does NOT envisage the transfer of title to any Financial
Instruments (“delivery”) traded hereunder.
10.9. Whenever reference is made in this Agreement to ‘us’ or ‘we’, such reference shall be deemed toinclude, where appropriate, unless the context requires otherwise, to our directors, officers,
shareholders, partners, members, employees, Agents, third party service providers,
Representatives and/or other affiliates of the Company (together our “Associates”).

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Chapter B: Access And Use Of Our Online Trading Facility
11.

Limited license to access and use our online trading facility

11.1. 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 ortransfer 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 compliance with 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 acceptedas) 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 andthe terms of the Account Opening Application Form(s), these Terms will prevail regarding our
Online Trading Facility.
11.2. 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 willcomply with any additional restrictions on your access and/or usages that we may communicate
to you from time to time, or that are otherwise the subject of an agreement between you andsuch Third Party Service Providers. You acknowledge that failure to comply with such additional
restrictions may result in your access to and/or usage of all or part of our Online Trading
Facility being restricted, suspended or terminated.
11.3. Our Online Trading Facility is intended for your personal, non-commercial use only, unless wehave expressly agreed otherwise beforehand and in writing. You agree to use the information
received from our Online Trading Facility (and/or from any other of our information systems) for
the sole purpose of entering into and executing Transactions and/or Contracts through our
Online Trading Platform. Unless we have expressly agreed otherwise beforehand and in writing,
we are providing our Online Trading Facility only for your personal, non-commercial use andonly for the purpose of, and subject to these Terms. You represent and warrant to us as of thedate 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, noncommercial use only. You will notify us immediately in writing if you are accessing and/or using
our Online Trading Facility for purposes other than your personal, non-commercial 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.
11.4. 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.
11.5. It is your obligation to keep your Account numbers, user names and passwords (“Access
Codes”) strictly confidential. You acknowledge and agree that any instruction or communicationtransmitted via our Online Trading Facility by you or on your behalf, or through your Account, ismade entirely at your own 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 torely upon your Account number, Access Codes (user names and/or passwords) to identify you
and agree you will not disclose this information to anyone not duly authorized by you.
11.6. 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 mannerthat would 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

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Facility for any purpose that is unlawful, tortuous, abusive and intrusive on another's privacy,
harassing, libellous, defamatory, embarrassing, obscene, threatening or hateful.
11.7. The License granted under this Agreement will be terminated with immediate effect if we believethat any information provided by you, including, without limitation, any identification evidencing
nationality, residence, contact details, including without limitation your e-mail address, is nolonger 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 haveabused in any way (including, but not limited to, engaging in Transactions and/or Contracts onout of Market Rates) through our Online Trading Facility.
11.8. 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 this Agreement, 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.
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 inall 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, anymaterials, 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 areas of our Online Trading Facility solely for your own, non-commercial, use
provided that you agree not to change or delete any copyright or proprietary notices from suchmaterials. All referenced third party logo’s trademarks and products on the site are the propertyof the respective (site) owner(s) and must not be used or distributed without permission of theowner(s). Any violation of these provisions will null and 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 or for any other purpose to others, without our express, prior and written consent. In
those instances where 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 we endorse, 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.
13. Limitations on investment guidance and professional advice
13.1. Our Online Trading Facility is NOT intended to provide legal, tax or investment advice. Any andall information on our Online Trading Facility is for educational purposes only and is under nocircumstance intended to provide legal, tax or investment advice and no guarantee is represented
from any statements about profits or income, whether express or implied.

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13.2. 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.
14.

Accuracy of information

14.1. 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 tochange without notice and is provided for the sole purpose of assisting traders to makeindependent investment decisions.
14.2. 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 or damage 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.
14.3. All content on our Online Trading Facility is presented only as of the date published or indicated,and may 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 themost recent data.
15.

Analytical tools and market data

15.1. 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 withthird parties’ information on our Online Trading Facility, for your convenience only. By doing so,
we are not endorsing, giving any representation, warranting, guaranteeing or sponsoring theaccuracy, correctness, timeliness, completeness, suitability of such information for you and/or as tothe effect or consequences 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 unsolicited financial promotions to you.
15.2. 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 inaccuracyof any such information. The financial information we post on our Online Trading Facility may beprovided by third parties for the benefit or our clients and as such you undertake not to enable
deep linking or any other form of redistribution or reuse of the information, to any non-authorizedusers. As such, we urge you to read and fully understand the terms and conditions and otherpolicies of such websites, newsletters and information before using them.
15.3. 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 informationor 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 specifically advise clients and prospects to carefully review all claims andrepresentations 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,

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HEADLINES AND GRAPHS AND/OR OTHER INFORMATION THAT WE AND/OR ANY THIRDPARTY SERVICE PROVIDER PROVIDES TO YOU IN CONNECTION WITH YOUR USE OF OUR
ONLINE TRADING FACILITY: (I) WE ARE NOT RESPONSIBLE OR LIABLE IF ANY SUCH DATAOR INFORMATION IS INACCURATE OR INCOMPLETE IN ANY RESPECT; (II) YOU ARERESPONSIBLE (AND WE SHALL NOT BE LIABLE) FOR ANY ACTIONS THAT YOU TAKE OR
REFRAIN FROM TAKING AS A RESULT OF SUCH DATA OR INFORMATION; (III) YOU WILLNOT USE SUCH DATA OR INFORMATION FOR AN INAPPROPRIATE OR ILLEGALPURPOSE; (IV) YOU ACKNOWLEDGE THAT ANY SUCH DATA OR INFORMATION IS
OUR PROPERTY AND/OR, AS THE CASE MAY BE, THE PROPERTY OF OUR THIRDPARTY SERVICE PROVIDERS AND YOU WILL NOT RETRANSMIT OR DISCLOSE SUCHDATA OR INFORMATION TO THIRD PARTIES EXCEPT AS REQUIRED BY RELEVANT LAW;
AND (V) YOU WILL USE SUCH DATA OR INFORMATION SOLELY IN COMPLIANCE WITH ALL
RELEVANT APPLICABLE LAWS, RULES AND REGULATIONS.
15.4. Neither we, nor our officers, principals, employees, Representatives or Agents shall be liable toany person for any losses, damages, costs or expenses (including, but not limited to, loss of
profits, loss of use, direct, indirect, incidental or consequential damages) resulting from any errors
in, omissions of or alterations 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.
16. Third party content and research
16.1. 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.
16.2. 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.
16.3. 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, theThird Party Content is protected by applicable intellectual property laws and international treaties
and is owned by or licensed from the Third Party Content provider(s) credited.
16.4. 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, norshould their content be construed as legal, tax or investment advice.
16.5. While we make every attempt to provide accurate and timely information to serve the needs of
our Clients, 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/are responsible or liable for any such content, including any advertising, products, orother materials on or available from third party websites. Third Party Content is provided for
informational purposes only and we, as well as the Third Party Content providers specificallydisclaim any liability for Third Party Content available on our Online Trading Facility. You will use
Third Party Content only at your own risk.
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.
THE THIRD PARTY CONTENT PROVIDERS AND THEIR PARENTS, SUBSIDIARIES,AFFILIATES, SERVICE PROVIDERS, LICENSORS, OFFICERS, DIRECTORS OR EMPLOYEESEmail: info@xmtrading.com | Web: www.xmtrading.com | Address: F20, 1st Floor, Eden Plaza, Eden Island, Seychelles

SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR
CONSEQUENTIAL DAMAGES ARISING OUT OF OR RELATING TO THE USE OR THE
INABILITY TO USE THE THIRD PARTY CONTENT, INCLUDING BUT NOT LIMITED TODAMAGES FOR LOSS OF PROFITS, USE, DATA OR OTHER INTANGIBLE DAMAGES, EVENIF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
17.

Means of accessing and using our online trading facility

17.1. You shall be solely responsible for providing and maintaining the means by which you accessand use our Online Trading Facility, which may include, but shall not be limited to, a personal
computer, modem and telephone or other access line.
17.2. You shall be responsible for all access and service fees necessary to connect to our Online
Trading Facility and you shall assume all charges incurred in accessing such systems. You further
assume all risks associated with the use and storage of information on your personal computer(s)or on any other computer(s) through which you will gain access to, and/or make use of our Online
Trading Facility (hereinafter referred to as "computer" or "your computer").
17.3. You represent and warrant that you have implemented and plan to operate and maintainappropriate protection in relation to the security and control of all access and use of your computer,
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.
17.4. 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 fordelays, losses, errors or omissions resulting from the failure or mismanagement of any
telecommunications or computer equipment or software.
17.5. 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.
17.6. 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 yourAccount, 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 in respect to all costs and losses whatsoever, as may be incurredby us and/or by you as a result, direct or indirect, of your failure to perform or settle such atransaction.
17.7. You agree that in the case that any Transaction is entered into, and/or any Contract is acquired orsold at prices that do not reflect relevant Market Prices, or that is acquired or sold at anabnormally low level of 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 c laus e the "error"), we reserve the right to cancelsuch Transactions and/or Contracts upon notifying you of the nature of the computer error that led
to the mispricing. You have a duty to report to us any problem, error or suspected system or otherinadequacies that you may experience.
17.8. 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 quoteor 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 tofailure of hardware, software or communication lines or systems and/or inaccurate external

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data feeds provided by third-party vendors, we will not be liable for the resulting errors in yourAccount balances. In the event of a quoting or execution error, we reserve the right to make thenecessary corrections or adjustments on the Account involved. Any dispute arising from suchquoting or execution errors will be resolved by us in our sole and absolute discretion.
18.

Restriction of access and use of our online trading facility

18.1. 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 fairand reasonable at such time, and no claims may be entertained against us in connection thereto.
18.2. We may, at our sole discretion, impose volume or other limits on any / all Accounts.
18.3. 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 datain the event of mispriced or typographically incorrect data.
18.4. 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.
19.

Technical issues

19.1. 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 andmalfunctions, communication line failures, equipment or software failures or malfunctions, systemaccess issues, system capacity issues, high Internet traffic demand, security breaches andunauthorized access, and other similar computer problems and defects.
19.2. 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.
19.3. We do not represent, warrant or guarantee that our Online Trading Facility will provide
uninterrupted and error-free service.
19.4. 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.
19.5. 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 bytechnical faults, which are beyond our control.
20. Manifest errors
20.1. 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.
20.2. 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 relevantmarket conditions and any error in, or lack of clarity of, any information source or announcement.
20.3. We will, when making a determination as to whether a situation amounts to a Manifest Error, act

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fairly towards you but the fact that you may have entered into, or refrained from entering into, acorresponding financial commitment, contract or Transaction in reliance on an Order placed withus (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)

b)

c)

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;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 deriving from a Manifest Error, such that the result is the same as if it had never beenmade; and/or
not take any action at all.

20.4. We may take any reasonable steps for any trades executed at prices resulting from Manifest Errors(as defined herein), such as computer errors, misquotes or omissions, or at prices that are clearlyat 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:• void the trade;• close the trade at the current market prices; or• amend the opening and/or the closing price of the trade, as if it would have been executed in
the absence of the Manifest Error.
20.5. We will not be liable to you for any loss, cost, claim, demand or expense that you suffer (including
loss of profits or any indirect or consequential losses) resulting from a Manifest Error, including
where the Manifest Error is made by any information source, commentator or official upon whom
we reasonably rely, or from our decision to do anything under clause 20.3 above, except to theextent that it is caused by our own fraud, willful default or gross negligence.
20.6. If a Manifest Error has occurred and we choose to exercise any of our rights under clause 20.3,
and if you have received any monies from us in connection with the Manifest Error, those monies
are due and payable to us with immediate effect, and you must return an equal sum to us without
delay.
20.7. We reserve the right to refuse any trades placed by you that we judge to be clearly outside theprevailing market price such that they may be deemed non-market price transactions, whether due
to Manifest Error or stale, incorrect or broken price feeds.
21.

Infections, contaminations or other destructive content

21.1. You understand that we cannot and do not guarantee or warrant that files and/or Software
available for downloading 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 particularrequirements for accuracy of data input and output, and for maintaining means external to our
Online Trading Facility for the reconstruction of any lost data.
22.

Hyperlinks to other sites controlled or offered by third parties

22.1. We may provide links to other third party websites that are controlled or offered by third parties.
Such links 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.
22.2. We caution you to ensure that you understand the risks involved in accessing and/or using such

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third party websites before retrieving, using, relying upon or purchasing anything via the Internet.
22.3. We make NO representations whatsoever about any other third party website, which you may
access through our Online Trading Facility or which may link to our Online Trading Facility.
When you access any other third party website, please understand that it is independent fromour Online Trading Facility and that we have no control over the content on such third party
website(s). In addition, a link from a third party website to our Online Trading Facility does notmean that we endorse or accept any responsibility for the content, or the use, of such third party
website.
22.4. Links from our Online Trading Facility to any other third party websites are provided solely foryour convenience, and you agree that you will, under no circumstances, hold us liable for any
damages or losses caused by use of or reliance on any content, goods or services available onother third party websites.
23. Software
23.1. Our Online Trading Facility may contain software that is provided for downloading (hereinafterreferred to as “Software”). You acknowledge and agree that we make no warranty whatsoeverthat 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 computerequipment, nor do we warrant that any such Software is or will be uninterrupted, error free oravailable 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 useof any such Software.
23.2. You further understand and agree that your download and/or use of any Software may expose
you to risks associated with the download and/or use of software that may not be compatible
with your computer equipment. You hereby agree to accept such risks, including, but not limited
to, failure of or damage to, hardware, software, communication lines or systems, and/or othercomputer 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 and expenses that may arise therefrom.
23.3. Each Software application downloaded from or through our Online Trading Facility includes a
specific personal 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 the specific software license accompanying such download, in addition to theseTerms and Conditions.
23.4. Any Software downloaded from or through our Online Trading Facility is intended only for yourpersonal, non-commercial use only, unless we have expressly agreed otherwise beforehand andin 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 throughour Online Trading Facility. Using any such Software to distribute signals, copy trades, share theSoftware or signals with third parties or use the Software on MAM accounts (or in connection withany other portfolio management structure) is NOT allowed under this agreement, without our
express and prior written consent, 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.
23.5. 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 in breach of this Agreement and/or the specific personal license to use such Software. In
the event that you receive any data, information or Software via our Online Trading Facility otherthan 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.

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23.6. We reserve all rights to modify the terms and conditions of access and use, and/or to discontinue
all or part of our services for all Software and/or products and/or files downloaded from or throughour 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.

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Chapter C: Services
In consideration of us agreeing to carry one or more Accounts for you and providing Services to you in
connection with the purchase and sale of Supported Financial Instruments, which may be purchased
or sold by or through our Online Trading Facility, or otherwise, for your Account, you hereby agree
as follows:
24. Scope of services
24.1. These Terms and Conditions cover the entire scope of Services provided by us including, but notlimited to, the access and use of our Online Trading Facility, data collection and storage practices,
downloadable material from our Online Trading Facility, financial information published on our
Online Trading Facility (either by us or by any affiliated party), electronic content, real time
information, inter alia, about the exchange rate of some currencies, tools for executing transactionsin the foreign exchange market through the internet, by phone or fax and any other features, content
or services that we may add in the future. These Terms and Conditions cover any form ofcommunication between us and you including Electronic Messaging, e-mail, telephone, fax and
more.
25. Registration
25.1. 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, at any given time, starting from the date of yourregistration 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 yourAccount 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 suchinformation 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 withanother person, entity or association, use false headers or otherwise conceal your identity fromus for any purpose or reason.
25.2. Please note that when you register with us, you will choose a username and password that will
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
made using 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 ofeach use, to log out from your Account in an orderly way. If the security of your Access Codes(username and password) is breached or if you suspect that they are being wrongfully used – pleasecontact our Customer Support team immediately.
26. Eligibility
26.1. 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
AGREEMENT WITH US, FOR WHATEVER REASON - DO NOT USE OUR SERVICES. Suchreasons 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.
26.2. 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 associatedwith financial 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

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INDEPENDENTLY, DO NOT USE OUR ONLINE TRADING FACILITY.
26.3. In accordance with the Securities (Conduct of Business) Regulations 2008, the Company takes all
reasonable steps to ensure it does not offer securities business services to a Client, unless these
services are suitable for the Client having regard to the facts disclosed by that Client and otherrelevant facts about the Client of which the Company is or ought to reasonably be aware. The
Company shall not recommend a security to a Client unless the Company has adequate informationin its possession to enable it to form a basis for the recommendation.
26.4. Information thus obtained will be used exclusively for the assessment referred to hereinabove.
26.5. 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
to use of any practice application not associated with real money transactions (such as, “DemoAccounts”).
27. Identification
27.1. We are obligated by law to confirm and verify the identity of each person who registers on oursystem and opens an Account with us; therefore, as part of our obligations to comply with applicable“Anti-Money Laundering (“AML”) Legislation”, you will be prompted to provide us with thefollowing 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 otheridentifying documents; and (h) any other information as required by applicable laws and regulations(e.g., CRS, FATCA, etc.).
27.2. 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).
28. Personal information - Accurate and complete data
28.1. You must provide us with true and complete information at all times; including but not limited to, tothe information/documentation stated in clause 27.1 above.
28.2. In that connection, you hereby represent, warrant, covenant and agree that: (a) you are at least
18 years old, or the age of legal consent for engaging in financial investment activities under thelaws of any jurisdiction that applies to you; (b) you are not politically exposed person, as defined in
the Anti-Money Laundering and Countering the Financing of Terrorism Act 2020, and you do nothave any close family ties or personal or business connections to the aforementioned persons;(c) you are of sound mind and you are capable of taking responsibility for your own actions; (d)all the details that you have submitted to us or any details given to us when opening an accountand making 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; (e)you have verified and determined that your use of our Online Trading Facility does not violate
any laws or regulations of any jurisdiction that applies to you.
28.3. If any of the above statements is untrue or inaccurate with respect to you, please inform ourCustomer Support team immediately and we shall inform you if/how you may continue to accessand/or use our Services.
28.4. 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

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to suspend 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.
28.5. From time to time you may be requested to provide us with certain documents to verify the detailsof the credit card used by you to deposit funds to your account. Subject to our satisfaction fromsuch documentation checks, you may or may not be permitted to deposit further funds by recurring
credit card or other means of payment.
28.6. 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 samein English, the English documentation, information and communications shall prevail.
28.7. 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 other Terms 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 shallbe deemed to have been received by you and/or any transaction so executed shall be deemed final
and binding on your part.
28.8. By opening an Account with us, you will be subject to, and you hereby expressly agree to abide
by, all of 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 thedeletion of their personal data related to his trading account(s), stemming from the Data Protection
laws and regulations. However, the Persons’ right might be subject to our legal obligation under
the applicable “Anti-Money Laundering (“AML”) Legislation” and regulations, to keep, in asecure manner, the personal data which was registered with us, for a period of seven (7) years
from the date our business relationship with the Company has been terminated.
28.9. 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.

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Chapter D: Terms of Service
29. Services provided
29.1. Subject to the above registration and eligibility requirements, we hereby grant you a personal,
revocable, non-exclusive, non- transferable and non-sub-licensable license (a “License”) that islimited to the provisions of these Terms and Conditions to access and use our Services (including
the use of our Online Trading Facility and any associated downloadable Software), all as describedin further detail hereinafter.
29.2. Under these Terms, we will be dealing with you in Securities as principal (“Services”).
29.3. As part of our Services, we will use reasonable commercial efforts to supply you with theinformational and technical means to access and use our Online Trading Facility, and provide youwith market access and 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.
30. Execution of orders
30.1. We offer reception and transmission dealing services to you in relation to transactions in in respectof Over-The-Counter (“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 (“Supported Financial
Instruments”), and such additional services as we may agree from time to time in writing.
30.2. 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 wehave approved or recommended that Transaction or investment. For your information, we haveset out various risk disclosures on our Online Trading Facility.
30.3. All Transactions and/or Contracts we enter into with you or execute on your behalf will be placedand executed in accordance with the terms of our Order Execution Policy (as amended or extended
from time to time) full details of which are available on our Online Trading Facility (“Order
Execution Policy”). Our Order Execution Policy is part of these Terms and Conditions and isincorporated herein by reference, shall be applicable to all Transactions and Contracts enteredinto by and between you and us, to the extent that it does not impose and/or does not seek toimpose any obligations on us which we would not otherwise have, but for the Applicable Laws andRegulations.
31. Prices and Open Positions
31.1.

We will provide you with “bid” and “ask” prices (“Price Quote(s)”) in respect of Supported
Financial Instruments through our Online Trading Facility or, in those instances where we haveagreed to do so, through our dealing department. The Price Quotes that we quote are determinedby us and usually represent a mark-up or mark-down on inter-bank dealing rates. Our fees andcharges are set out on our Online Trading Facility. Each price published shall be valid until
the earlier of its expiration time and the time, if any, at which it is otherwise withdrawn by us.

31.2.

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

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and Leverage provided to other clients 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 orcease the provision of Price Quotes altogether in some or all Supported 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.
31.3. Our Services are restricted to executing Transactions and/or Contracts in Supported 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.
32.

CryptoCFDs

32.1. 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 whichencryption techniques are used to facilitate the generation of units of the currency or asset andverify the transfer of units (“CryptoCFDs”).
32.2. You hereby acknowledge and accept that CryptoCFDs are traded on non-regulated
decentralized digital exchanges. As such, prior to investing in CryptoCFDs you should be awareof 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 andhence, 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 tradingin relation to such products if you do not have the necessary knowledge in this specific productor 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 these products.
32.3. The Company bases the price of its CryptoCFDs products on the underlying market, madeavailable to it by the exchanges and market-makers with which it trades. Because theCryptoCFDs market is decentralized, meaning it lacks a single central exchange where alltransactions are conducted, each market maker may quote slightly different prices.
32.4. You should be aware that when the software of different miners of CryptoCFDs become
misaligned, a split (or “Fork”) in the blockchain may occur and the latter results in the existenceof two different blockchains. In the case where both blockchains continue to exist, the Company,at its reasonable discretion, 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 todetermine which blockchain and CryptoCFDs unit have the majority consensus behind them.
When a Fork occurs, there may be substantial price volatility around the event, and we may
suspend trading throughout if we do not have reliable prices from the underlying market. We
will endeavour to notify you of potential blockchain Forks, however it is your responsibility tomake yourself aware of the Forks that could occur.
32.5. If at any time, any of the CryptoCFD that forms the subject of your order is delisted and/or we nolonger 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 islikely to be delisted and/or removed and/or cancelled from any of the exchanges (some of themor all) and the Company believes that it shall not be able to trade in such CryptoCFDs, theCompany shall make an effort to close any current orders on such CryptoCFDs on your behalf

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at such time and price, and in such manner, as it determines.
32.6. 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
and accept 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 thesecircumstances, the third-party who has provided the quotation to us is not obliged to honor theindicative price you have received. Such movements in price may be in your favor or against you.
32.7. 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 distribute them. By using the Company’s Services, you acknowledge and agree that (i) the
Company is not responsible for operation of the underlying protocols and that the Company
makes no guarantee of 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 affect the value, function, and/or even the name of the CryptoCFDs theCompany 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 toyou) 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 toeffect such adjustment on the basis of good faith and fairness and, where appropriate, by taking
such action as is consistent with market 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 respectof an unsupported branch of a forked protocol.
32.8. Since blockchain is an independent public peer-to peer network and is not controlled in any way
or manner 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 in the blockchain system and subject to any applicable law which may apply to theblockchain. We make no representation or warranty of any kind, express or implied, statutory orotherwise, regarding the blockchain functionality nor for any breach of security in the blockchain.
You acknowledge that our Online Trading Facility is independent of any exchanges, and we areunder no obligation to quote a particular price or follow the trading rules consistent with suchexchanges. You further acknowledge that the triggering of your transaction is linked to the prices
we quote on our platform, 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 priceaccepted 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 of suspension in the relevant exchange, or during any otherperiod 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 even though: (a) an exchange never traded at thelevel of your transaction; or (b) the exchange did trade at the level of your transaction but for sucha short period or in such low volumes that it would have been impractical to execute an equivalenttransaction 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

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trading platform as final and binding.
32.9. 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 orderviolates any applicable laws, regulations or rules, or is intended to defraud or manipulate themarket; (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, acts of 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.
32.10. 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 instrumentswith the 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 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 theregistration and/or trading data, including, but not limited to IP address, of another or otherclient(s). In these circumstances, the Company reserves the right to cancel/and or consider asvoid 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.
32.11. 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 yourtrading Account. The Company further reserves the right, at its reasonable discretion, to cease
and/or suspend the offering of trading on CryptoCFDs at any time and for a period of time as
deemed necessary.
32.12. The Company further reserves the right to change the margin requirements of CryptoCFDs, at
its reasonable discretion, at any time.
32.13. In the event that we detect any form of abuse, fraud, manipulation, cash-back arbitrage, carrytrades, 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 that time; and/or (b), with immediate effect, to close all trading Accounts of suchclient 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.
32.14. 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 thattrading in CrytptoCFDs is not appropriate for all investors.
33. Instructions and basis of dealing
33.1.

Placing of instructions: Unless expressly agreed upon otherwise, by us all dealing
instructions must be 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 toconfirm them in writing. A dealing instruction or Order given by you to us shall not take effectuntil 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

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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; andb) you and we will be bound by a Transaction and/or Contract only when details of theTransaction and/or Contract are reported as executed on our Online Trading Facility. If you
do not see details of the executed Transaction and/or Contract on our Online Trading
Facility, please call us immediately to confirm the status of the Transaction and/or Contract.
33.2.

You may place an electronic Order on our Online Trading Facility at any time. However, we will
execute a Transaction and/or Contract only during times which are both our trading hours andthe market hours for the relevant market. Market hours are as stated in the market informationon our Website and may change from time to time.

33.3.

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 ourabsolute 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 thanthe minimum 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.

33.4.

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.

33.5.

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. Suchlimits 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 theOrder is submitted); (iv) controls over our Electronic Services ( to include ( without
limitation) any verification procedures to ensure that any particular Order has come fromyou); or (v) any other limits, parameters or controls which we may be required to implementin accordance with Applicable Laws, Rules and/or Regulations.
The Company has the right to amend and/or cancel any Orders which have been executed
within a very small timeframe and the cumulative sizes of those Orders exceed the maximum
allowable Order size 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).

33.6.

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 Order or that execution will be possible according to your instructions. In

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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 uponsuch 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 you that we are refusing
to act upon such instructions. We shall not be liable for any losses resulting from suchdeferral or refusal. If we encounter any material difficulty relevant to the proper carrying outof an Order on your behalf we shall notify you promptly. We shall carry out an Order on yourbehalf 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 isnext open for business (in accordance with the rules of that Market). You agree that we may
execute an Order on your behalf outside a Market. When you give us a specific instruction,
our Order Execution Policy may not apply, and we may be unable to take the steps describedin such policy to obtain the best possible result in executing your Order. You confirm thatyou 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 published from time to time on our Online Trading Facility. We will consider thecontinued placement of Orders by you to constitute your continued consent to our Order
Execution Policy as in effect from time to time.
33.7.

Crossing of Orders: We may arrange for a Transaction and/or Contract to be executed,
either in whole or in part, by selling an investment to you from another client, or a client of an
Affiliate of ours, or vice-versa. We shall not give you prior notice if we arrange for a Transaction
and/or Contract to be executed in this manner.

33.8.

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 aggregatedor split, however, if we reasonably believe it to be in your best interest. On some occasions,however, aggregation and split of your Order may result in you obtaining a less favourable
price in relation to a particular Order, than if your Orders had been executed, respectively,
separately or mutually.

33.9.

Confirmation of instructions: We may (but shall not in any circumstances be obliged)
to require confirmation of any instruction in such form as we may reasonably request if itappears to us that such confirmation is necessary or desirable; or such instruction is to closean Account or remit money due to you. It is your responsibility to inform us of any change toyour e-mail address, the non-receipt of a confirmation, or whether any confirmations areincorrect, before settlement.

33.10. Performance and Settlement: You will promptly deliver any instructions, money,
documents or property, which we may require from you or which is deliverable by you
under a Transaction and/or Contract in accordance with that Transaction and/or Contract,
as modified by any instructions given by us, for the purpose of enabling us to perform ourobligations under the relevant matching Transaction and/or Contract on a Market or with anintermediate broker. If you do not provide us with such instructions promptly, we may, at ourabsolute discretion, take such steps at your cost, as we consider appropriate for our own
protection or for your protection. This provision is similarly applicable in situations when weare unable to obtain contact with you.
33.11. 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 Seychelles. Neither we, nor our respective
directors, officers, employees or agents, will be liable to you for any act or omission of

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such an intermediate broker or agent. No responsibility will be accepted for intermediate
brokers or agents selected by you.
33.12. 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 we may close out any one or more positions or reverse Transactions and/or
Contracts in order to ensure that the position limits we have imposed are maintained.
33.13. 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.
33.14. Trade Reporting: Under Applicable Laws, Rules and/or Regulations we may be obliged tomake information about certain Transactions and/or Contracts public. You agree andacknowledge 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 theinformation which we reasonably disclose.
33.15. 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) totransfer all said Contracts to the next business date traded (“Rollover”), as provided in further
detail in clause 38 hereinafter.
34. Electronic trading terms
34.1. Settlement/Trade Confirmation: You acknowledge the electronic nature of our Services via
our Online Trading Facility and the inherent risk that communications by electronic means may
not reach their intended destination or may do so much later than intended for reasons outside
our control. Accordingly, any instruction sent by you or on your behalf via our Online Trading
Facility or by e-mail shall only be deemed to have been received and shall only thenconstitute a valid instruction and/or binding Contract between you and us, when such
instruction has been recorded as executed by us and confirmed by us to you through a
Settlement/Trade Confirmation, and the mere transmission of an instruction by you or on yourbehalf shall not by itself constitute a binding Contract between you and us.
34.2. 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 ourclients’ 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 aresult 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 theInternet using your Access Codes. We will not execute an Order until we have confirmed theOrder to you and transmission of an Order by itself shall not give rise to a binding Transaction
and/or Contract between you and us.
34.3. 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 other issues that are a result of mobile connectivity. Prices displayed on our mobile
platform are solely an indication 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 circumstancesin which you experience a delay in Price Quote or an inability to trade caused by network circuit
transmission problems or any other problems outside our direct 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

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service provider. Please also note that some of the features available on Online Trading Facility
may not be available on our mobile feature.
34.4.

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 constantchange. 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 price appearing on the screen at the time theOrder was placed. In the event that an erroneous price is used as the basis of any transaction,
we reserve the right, at our sole discretion, to amend or revoke the details of the Transaction(s)and/or Contract(s) in question.

34.5. Restrictions on Services Provided: There may be restrictions on the total value and/or
number of Transactions and/or Contracts that you can enter into on one day when using our
Online Trading Facility.
34.6. 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’ isoutstanding, and will be subject to size limits input by our dealer(s) remaining in excess of yourOrder size and such dealer’s position limits and/or any other limits determined by us to be
applicable to you (whether or not disclosed to you) and you are still being able to facilitate theOrder at the time the limit price is reached.
34.7. Access Requirements: You will be responsible for providing the computer system(s) to enable
you to access and/or use our Online Trading Facility and for making all appropriate arrangementswith any telecommunications suppliers or, where access to our Online Trading Facility isprovided through a third party server, any such third party, necessary in order to obtain accessto 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.
34.8. 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 this Agreement, you should immediately notify us in writing and do not use, in any
way whatsoever, such data, information or Software.
34.9. Maintaining standards: When using our Online Trading Facility you must: (a) ensure thatyour computer 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 byus to you from time 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 of or suspect and, if within your control, causesuch unauthorised use to cease; and (e) not at any time leave the computer terminal fromwhich 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.
34.10. System defects: In the event you become aware of a material defect, malfunction or virus inyour computer system(s) or our Online Trading Facility, you will immediately notify us in writingof such defect, malfunction or virus and cease all use of our Online Trading Facility until you havereceived permission from us to resume use.
34.11. Liability And Indemnity: Without prejudice to any other terms of this Agreement, relating to
the limitation of liability and provision of indemnities, the following clauses shall apply to theServices we provide via our Online Trading Facility: (a) System errors: We shall have noliability to you for damage which you may suffer as a result of transmission errors, technical faults,

Email: info@xmtrading.com | Web: www.xmtrading.com | Address: F20, 1st Floor, Eden Plaza, Eden Island, Seychellesmalfunctions, illegal intervention in network equipment, network overloads, malicious blockingof access by third parties, internet malfunctions, interruptions or other deficiencies on the partof 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 or similar 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 for any loss that we suffer arising as a result of any such introduction.
34.12. Unauthorised use: We shall not be liable for any loss, liability or cost whatsoever arising fromany unauthorised use of our Online Trading Facility. You shall on demand indemnify, protect
and hold us harmless from and against all losses, liabilities, judgements, suits, actions,proceedings, claims, damages and costs resulting from or arising out of any act or omission by
any person using our Online Trading Facility by using your designated Access Codes(usernames and/or passwords), whether or not you authorised such use.
34.13. Suspension or permanent withdrawal with notice: Without prejudice to any other provisionsof this Agreement, we may suspend or permanently withdraw our Online Trading Facility, by
giving you five (5) calendar days written notice.
34.14. Immediate suspension or permanent withdrawal without notice: Without prejudice to any
other provisions of this Agreement, we shall be entitled, unilaterally and with immediate effect, tosuspend or withdraw 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) your non-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, the use 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 the operation of ourOnline 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.
34.15. Effects of permanent withdrawal: In the event of a termination of the access and/or use of ourOnline 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 wehave provided to you in connection with our Online Trading Facility, and any copies thereof.

35. Trade confirmations and account statements
35.1. Electronic Settlement/Trade Confirmations: Following the execution of a dealing instruction
for your Account, we will send you an electronic confirmation in respect of that Transaction and/or
Contract as soon as reasonably practicable, and in any event within the time required byrelevant laws and regulations, by postinga trade confirmation (“Settlement/Trade
Confirmation”) on our Online Trading Facility, but failure to do so will not affect the validity ofthe transaction. Settlement/Trade Confirmations will normally be available instantly following the

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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) (“Account Statement”), including, details of thecontents and value of your Account, open positions and such other information required from time
to time to be disclosed. Such Trade Confirmations and Account Statements are electronicallytransmitted or otherwise sent to you at your last registered email address in 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 binding on you, if
not objected immediately upon receipt with such objection confirmed in writing (including e-mailor 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 Seychelles are open for business) (a“Business Day”) following the day on which the Settlement/Trade Confirmation and AccountStatement were posted on our Online Trading Facility. In the event that you believe to haveentered 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 suchconfirmation, you must inform us immediately when you ought to have received such confirmation.
In the absence of such information, the Transaction and/or Contract may, at our reasonablediscretion, be deemed to be non–existent.
35.2. 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 asa report 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 thantwenty-four (24) hours after any activity takes place on your Account. Posting of Account Information(as defined 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/or Regulations and any other information
we may make available (“Account Information”). We may in our absolute discretion withdraw oramend any Account Information at any time. Unless otherwise determined and stated “in the terms
agreed upon by mutual consent of the Parties”, you agree that we are under no obligation to provide
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, Marginand cash balances, and shall be conclusive and binding on you, if not objected to immediately uponreceipt 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.

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36. Consent to receive electronic transmission of trade confirmations and account statements
36.1. You consent to receive all Account information, Trade Confirmations and Account Statements via
the Internet and that Orders or instructions given to you via e-mail or other electronic means will
constitute evidence of the instructions given. You will be able to access all your Account information
via our Online Trading Facility using your own Access Codes. You will have access via our Online
Trading Facility to customizable statements that will allow you the ability to view individual
Transactions and/or Contracts, daily, weekly, and monthly reports and trade information. The
updated Account information normally will be updated periodically during our Dealing Hours andwill in any event be available no more than twenty-four (24) hours after activity is generated in yourAccount.
36.2. The posting of these activities will be deemed delivery of Settlement/Trade Confirmation andAccount activity Statements. The information will include Settlement/Trade Confirmations with ticket
numbers, buy and sale rates, transaction amount, statements of profit and loss, current open
positions as well as pending Orders.
36.3. If you no longer wish to communicate via electronic media, you must notify us and revoke thisconsent in writing. If you do not wish to communicate via electronic media at all, you must inform
us of your wishes when applying to open an Account with us. However, if you revoke your consent,
your access to our Online Trading Facility may be restricted or terminated, at our sole discretion.
36.4. As previously indicated, any such communications being made via electronic media shall betreated as satisfying any legal requirement that a communication should be signed and ‘in writing’,
to the extent permitted by Applicable Laws, Rules and/or Regulations Furthermore, you hereby
waive any rights or requirements under any Applicable Laws, Rules and/or Regulations in any
jurisdiction which require an original (non-electronic) signature or delivery or retention of nonelectronic records, to the extent permitted under applicable mandatory law.
37. Recording of telephone conversations, electronic communications, and meetings
37.1. Your telephone conversations, Electronic Messaging, e-mails, internet conversations (chat),meetings and other communications with us may be recorded/maintained by us. Any recordings
shall be and shall remain our sole property and will be accepted by you as conclusive evidenceof their content as recorded by us. You agree that we may deliver copies of transcripts of suchrecordings to any court, regulatory or government authority, including without limitation, in
disputes which may arise between you and us.
37.2. 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.
37.3. A copy of the records mentioned herein above will be available, on request, for a minimum periodof seven (7) years.
37.4. You have the right to withdraw your consent in relation to the recording of telephone conversations
and electronic 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 access to our Online Trading Facility may be restricted or terminated.
38. Rollover and offset instructions
38.1. 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 physical delivery, so all open positions must be closed daily at end-of-day (22:00 GMT) andre-opened on the following trading day. This pushes out the settlement by one more trading

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day. This strategy is called rollover.
38.2. 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
the beginning 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 torollover until the next day, but if you open a position at 21:59, a rollover will take place at 22:00 GMT.
For each position open at 22:00 a credit or debit appears on your account within 1 hour, and will bedirectly applied to your equity account.
38.3. The Rollover Fees that we charge will be published on our Online Trading Facility. We shallattempt to collect such Rollover Fees from the free balance in your Account with us. In the eventthat we are unable to collect such Rollover Fee(s) from the free balance in your Account with us,
we reserve the right to close part, or all, of your open positions as per our Order Execution
Policy. You shall be liable for promptly paying all Rollover Fees(s), even if all Margin previously
deposited by you has been lost.
38.4. 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 your behalf upon such terms and by such methods deemed reasonable by us.
39.

Corporate Events and Actions

39.1. In the case where an Instrument becomes subject to a corporate event as set out below (subclause 39.2), 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 andobligations attached to your Transaction and/or Contract with the Company, on the ex-date of theevent (i.e., the day the affected instrument’s price will incorporate the effect of the event). Subject
to this sub-clause, the Company shall take 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,the Company 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 any value not captured by the position adjustment being reflected as a cash adjustment toyour trading account.
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.
39.2. Subject to sub-clause 39.1, 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 themarket value;(b) Stock splits and reverse stock splits that result in a change in the number of shares owned andthe share price. A split is a corporate event whereby a firm multiplies the number of existing
shares by a certain ratio, e.g. 1:2 (this indicates that every existing share will translate into two

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shares). In the 1:2 case, the shareholders’ shares will double, but given the firm’s market
capitalization will remain unchanged, 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),a cash 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
noted that 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
corporation of such instruments has filed for bankruptcy, even if such an action does not resultin the corporation’s liquidation; the mere filing of a corporation for bankruptcy, is deemedsufficient indication 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.

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Chapter E: Margin Deposits, Collateral and Payment
40. Margin and collateral
40.1. Contingent liability: Where we effect or arrange a Transaction and/or Contract, involving, forinstance, a Contract for Differences, you should note that, depending upon the nature of theTransaction or Contract, you may be liable to make further payments when the Transaction and/or
Contract fails to be completed or upon the earlier settlement or closing out of your position. You will
be required to make further variable payments by way of Margin against the purchase price of theinvestment, instead of paying (or receiving) the whole purchase (or sale) price immediately. The
movement in the Market Price of your investment will affect the amount of Margin payment you will
be required to make.
40.2. Margin call: You shall pay us on demand: (a) such sums of money as we may from time to timerequire as security for your obligations to us; (b) any amount necessary for maintaining a positivebalance in any and all of your Accounts with us; and (c) such sums of money by way of deposits
or as initial or variation Margin, in respect of and as security for your actual, future and contingent
liabilities to us in such amounts and in such forms as we, in our absolute discretion, may require. We
may, in some circumstances, require higher margin depending on market conditions, market
circumstances, total equity of all Accounts held with our Company, or due to the size and/or volume
of your trading activity with our Company.
40.3. Margin requirements: Any requirement for Margin payments must be satisfied within such time as
may be specified by us or, if none is specified, immediately. One Margin call does not preclude
another. Margin requirements vary per financial instrument. For further information on the applicablemargin requirements per financial instrument, please refer to our Company’s website.
40.4. 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
new Orders for any specific or all Financial Instruments (compared to the normal margin requirementsof 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.
40.5. 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 thecurrency of the relevant underlying Transaction (if applicable) or as we may in our discretion
reasonably decide from time to time. Cash Margin is paid to us as an outright transfer of title andyou 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 to you.
40.6. Failure to meet Margin call: You are responsible for maintaining appropriate arrangements with us
at all times for the receipt and communication of information regarding Margin. You shall promptly
deliver any money or property deliverable by you in respect of any Transaction or Contract inaccordance with the terms of that Transaction or Contract and with any instructions given by us forthe purpose of enabling us to perform our obligations under any corresponding Transaction orContract entered into between us and a third party. If you fail to provide us with Margin, deposits

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or other payable amounts in accordance with the terms of any Transaction or Contract within
the required time, we will be entitled, at our sole discretion, to close out any open Transaction
or Contract without prior notice to you and apply any proceeds thereof to payment of any amounts
due to us and/or, as we deem fit at our sole discretion. Such failure may also be considered as an
Event of Default.
40.7. Currency Conversion: All initial and subsequent calls for Margin shall be made in the currencyof the Transaction and/or Contract, or in the currency of your Account as we determine, in suchamounts as we may in our absolute discretion require; we are authorised to convert funds in youraccount for Margin into and from such foreign currency at a rate of exchange determined by us on
the basis of the then prevailing money market rates. In such circumstances, we will not be liable toyou for any loss suffered by you as a result of such action (although, we will use reasonableendeavours to only convert such funds as may prudently be required to cover the position in respectof the relevant transaction).
40.8. Refusal to accept Margin: We reserve the right to return to you at any time, with or without
reasons and without being obliged to provide you with any justification of explanation, any Assets
deposited with us by way of Margin, Collateral, deposits or otherwise.
40.9. Negative Balance Protection: Means the limit of a client’s aggregate liability, for all CFDs connected
to a trading Account with the Company, to the funds in that Account.
Trading in leveraged Financial Instruments involves significant risk on your invested capital. However,
XMTrading follows a Negative Balance Protection policy, on a per account basis, which aims toensure that your maximum losses from trading CFDs, including all related costs, are limited to thetotal funds in your trading account (i.e., no additional liability incurs). This should include any funds
yet to be paid into your account due to net profits from the closure of open trades connected to yourtrading account.
Notwithstanding the above, any indication or suspicion, in XMTrading’s reasonable discretion, of any
form of arbitrage performed in your trading account either solely or in connection with other clients ofour company (including but not limited to risk-free profiting), abuse (including but not limited toparticipant's trading activity patterns that indicate 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’, constitute a
violation of these Terms and Conditions. In such cases, we reserve the right, among others, NOT toapply 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 otheraccount used for any abusive acts.
41.

Margin call policy / Margin call level / Stop-out level

41.1. 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 orclose out Margin call at the prevailing Margin Call or Stop-out levels, as stated from time to time on
our Online Trading Facility.
41.2. Our Margin Call Policy guarantees that your maximum possible risk is your Account equity. If theequity 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 yourAccount is not enough to support your open positions. At this point, you will not be able to take any
new position and you will have the option to deposit sufficient money in order to maintain your open
positions. When you 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

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Call Level may become more remote.
41.3. 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.
41.4. The “Stop-out Level” is the level of your equity 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 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 equity of your Account has entered into a negative territory; and thus,
the automatic Stop-out facility is initiated.
41.5. 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 (orgaps through the price) and all pending Orders attached to that trade will be cancelled.
41.6. A MARGIN CALL OR, AS THE CASE MAY BE, STOP-OUT, WHEN TRIGGERED, WILL TAKE
PRECEDENCE OVER OTHER ORDER TYPES.
42.

Security

42.1. Security interest: All Assets belonging to you which we may at any time be holding for you (either
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 andheld 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 comprisethe credit balances on your Account(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 or contingent, present or future) at any time owing between you andus 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.
42.2. Our services to you are provided on the understanding that where you transfer money and/orCollateral to us by way of Margin or otherwise, we will treat this as a transfer of full ownership ofsuch 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’, within the meaning of paragraph 30 of Securities (Conduct of Business) Regulations
2008. Any such money and/or Collateral received by us from you or a third party for your accountwill be owed by us to you, even where we are acting as your Agent and you no longer have aproprietary claim over such 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 thisAgreement, we shall have the right to pledge, charge, loan or otherwise use or dispose of all or partof such money and/or Collateral provided to us by way of Margin, as if we were the beneficial owner
thereof. We will transfer an equivalent amount of money and/or Collateral back to you where, at oursole discretion, we consider that the amount of money and/or Collateral you have transferred to us
is more than is necessary to cover your present and future obligations to us. You agree that Collateralprovided in the form of investments will be returned to you in the form of investments of the samedescription 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.
42.3. 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

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(as reasonably valued by us) to us. The net amount, if any, payable between us following such setoff, shall take into account the amounts payable to us under the clause headed “Netting” of thisAgreement.
42.4. Right to pledge, re-pledge, hypothecate, invest or loan: You hereby warrant and represent thatany property or Assets you transfer to us as Collateral under these Terms and Conditions are freefrom 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 the property of other clients any Collateral we hold for you whether, to ourselves
as broker or to others in satisfaction of our clients’ obligations to us or such third party.
42.5. 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
to us, except a lien routinely imposed on all securities in a clearing system in which such securities
may be held.
42.6. 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 cover any of our obligations to an intermediate broker or Market, including obligations owed byvirtue of the positions held by us or other of our clients.
42.7. 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 shallbe entitled to apply the proceeds of sale or other disposal in paying the costs of such sale or otherdisposal and in or towards satisfaction of the Secured Obligations. Such sale shall take place by themeans that we in our reasonable discretion determines and at the price that we in our reasonablediscretion determine to be the best obtainable.
42.8. General lien: In addition and without prejudice to any rights to which we may be entitled under
this Agreement or any Applicable Laws, Rules and/or Regulations we shall have a general lien on
all Assets and property held on your behalf by us, our Associates or our nominees, until thesatisfaction of all Secured Obligations. Without limitation, such general lien shall comprise the credit
balances on your Accounts, the securities registered as belonging to you on our books, and thevalue 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 our possession or control or carried on our books for any purpose, including
safe keeping, between any of your Accounts with us and combine or set off between accounts andconvert 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.

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Chapter F: Commissions, Fees and Charges
43. Commissions, fees and charges
43.1. You shall pay to us such fees and charges (including, without limitation, spreads, charges, interest
and other fees) (“Commissions and Charges”) at such rates as are notified by us to you from time
to time or 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.
43.2. 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(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 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 and Conditions 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 to ensure that you will be aware of any such Changes. Except if, and thento 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 accessand/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 beconsidered as your agreement to such Changes and shall be governed by those Terms andConditions, as modified. If you do not wish to be bound by those Changes, you should cease touse our Online Trading Facility, and inform us in writing, immediately.
43.3. In the event that such Changes are to your advantage, or the grounds for such Changes are due
to external circumstances beyond our reasonable control, we are entitled to modify such
Commissions and Charges with immediate effect, without the need to give prior notice. Suchcircumstances may include, without limitation: (a) Changes in the relationship with ourcounterparties, which affect our cost structures; (b) Changes in commissions and charges fromexchanges, clearing houses, information providers or other third party providers that are passed onby us to you.
44. Other fees and charges
44.1. In addition to the Commissions, Fees and Charges mentioned above, you shall be responsible forthe payment of any other fees and charges that may be incurred as a result of the provision of ourServices to you, including, without limitation, all applicable 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/orin connection with maintaining a client relationship with you.
44.2. 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 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 of transcripts 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 is developed in your Account; and(f) any expenses we may incur in connection with auditor’s comments/reports if such is requested by

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you; (g) swaps/rollover fees (h) a fee for any type of abuse/prohibited trading activity performed inyour trading account either solely or in connection with other clients of our company. Regarding thelatter, where our business relationship has been terminated but you, however, managed tosuccessfully open an account and trade with our company due to any technical and/or human error,
we reserve every right to immediately close your account upon 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.
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.
44.3. 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 the extent possible and at our sole discretion, disclose to you the amount of any such commission,
mark-up, mark-down or any other remuneration paid by us to any Associate, Business Introducer
or other third party.
44.4. In the event that you instruct us to transfer open positions, moneys, and/or other Assets relating to
your Account to another institution, you agree to pay us a transfer fee, as determined by us at oursole discretion.
44.5. If your Account(s) remain inactive for twelve (12) months, we reserve the right to charge you a oneoff account maintenance fee of USD 15 (or currency equivalent), followed by a monthly fee of USD
10 for each month that the Account remains inactive in accordance with sub-clause 60.4. We reserve
the right to change the 12-month inactivity period as we deem necessary.
45. Payment terms
45.1. Unless determined and stated otherwise “in the terms agreed upon by mutual consent of theParties”, 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 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.
45.2. 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.
46. Currency conversion
46.1. If we receive or recover any amount in respect of any of your obligations in a currency other thanthat in which such amount is payable, whether pursuant to a judgment of any court or otherwise, youwill 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 is due.
46.2. 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;

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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.

46.3. 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.
47. Pricing of OTC transactions
47.1. In respect of any OTC Transactions to be effected, we shall be entitled to provide Price Quotes atwhich we are prepared to trade with you. Save where we exercise any rights we may have underthese Terms and Conditions to close a Transaction and/or Contract, it is your sole responsibility to
decide whether or not you wish to enter into such a Transaction and/or Contract at such prices.
48. Prohibited trading techniques
48.1. 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 are in 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 we shall be entitled to inform any interested third parties ofyour 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 Trading Facility; any dispute arising fromsuch 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; no correspondence will be entered into.
48.2. 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 totake 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/or charge you with extra
fees. In addition, we shall be entitled to inform any Interested third parties of your breach of thisclause; we have, and will continue to develop any tools necessary to identify fraudulent and/or
unlawful access and 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 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.
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 such activity, 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 yourAccount has been terminated we may liquidate any outstanding contracts/positions you have withus. In view of the above, please note that you will be strictly prohibited from opening any new trading

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Account(s) and trade with our Company. Nonetheless, in cases where you may 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 Account upon identification, nullify any profit/loss generated andrefund the original amount of deposit, excluding any deposit and withdrawal charges.
48.3. Unlawful trading techniques: Internet, connectivity delays, and price feed errors sometimes
create a situation where the price(s) displayed on our Online Trading Facility do(es) not accuratelyreflect the market 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 theprincipal; 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 price latency arbitrage opportunities may be revoked, at oursole discretion and without prior notice being required; furthermore, in those instances, we reserve
the right, at our sole discretion and without prior notice being required: (a) to make the necessary
corrections or adjustments on the Account(s) involved (including, without limitation, adjusting theprice 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 andsubmitting any Orders to our prior approval); (c) to retrieve from the 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.
48.4. Any indication or suspicion, in XMTRADING’s sole discretion, of any form of arbitrage (including but
not limited to risk free profiting), abuse (including but not limited to participant's trading activity patterns
that indicate 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 temporarilyor 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.
48.5. We have, and will continue to develop any tools necessary to identify fraudulent and/or unlawfulaccess and 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 wedeem to be the fairest to all concerned; that decision shall be final and/or binding on all participants;
no correspondence will be entered into.
48.6. 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
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 are solely responsible for making and maintaining contact with us and for monitoring
open positions and ensuring that any further instructions are given on a timely basis. In the eventof 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.
48.7. Indemnification: Without prejudice to any other provisions of this Agreement, you agree toindemnify 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 andEmail: info@xmtrading.com | Web: www.xmtrading.com | Address: F20, 1st Floor, Eden Plaza, Eden Island, Seychelles

expenses incurred in connection 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 that any such liabilities, losses, damages, costs and expenses would
not have not arisen, but for our gross negligence, fraud or willful default.
48.8. MT4 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.

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Chapter G: Your Account(s) With Us
49. Account(s)49.1. 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”).
49.2. Depending on the volume of your trading activity on your Account(s), executed transactions (e.g.,closed orders) may be compressed into a single or multiple balance transaction(s) in your trading
platform, reflecting your aggregated Profit and Loss amount; you will, however, be able to view andexport your full trading history through your Members Area.
50. Base currency
50.1. You shall designate a base currency for each of your Accounts on our Online Trading Facility, whichshall be US Dollars, or any other currency listed on our Website(s), which is determined and/or statedin advance as the base currency of your Account “in the terms agreed upon by mutual consent of theParties” (“Base Currency”).
50.2. All payments from you to your Account(s) on our Online Trading Facility will be made at your request
in the Base Currency of your Account. If we receive or recover any amount in respect of any ofyour obligations in a currency other than the Base Currency of your Account, the provisions of clause46 (Currency Conversions) hereinabove shall be applicable mutatis mutandis.
50.3. 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 clause 46 (Currency Conversions) hereinabove
shall be applicable mutatis mutandis.
50.4. No instructions to pay a third party from your Account(s) will be accepted by us, unless otherwise
determined and/or stated in advance “in the terms agreed upon by mutual consent of the Parties” inwriting.
51. Access codes (username and passwords)
51.1. In order to allow you to access and use our Online Trading Facility, we will provide you for each
Account with a unique username and password that will allow you; (a) to access and use ourOnline Trading Facility;(b) to access and use your Account for the purpose of evaluating real-timeevaluations of your open trading positions and consulting and/or reviewing historical transactional
and account data; and (c) to access and use your Account for the purpose of entering into
Transactions and/or Contracts and place trades related to Transactions and/or Contracts via our
Online Trading Facility. The logins and passwords will continue to be in force unless terminated byeither Party. We may provide replacement logins and passwords, at any time as we think fit, to protect
the security of your Account and/or prevent unauthorized access and/or use of your Account. You
may access your Account on our Online Trading Facility only through one or more of these logins
and passwords or other access methods provided by us, or as otherwise determined and stated“ in the terms agreed upon by mutual consent of the Parties” (“Access Codes”).
51.2. In relation to any of your Access Codes, you acknowledge and undertake that: (a) you will be
responsible for the confidentiality and use of your Access Codes; (b) other than with our prior writtenconsent, you will not disclose any of your Access Codes to other Persons for any purpose
whatsoever; (c) we may rely on all instructions, Orders and other communications entered using anyof your Access Codes, and you will be bound by any transaction entered into or expense incurred on

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your behalf in reliance on such instructions, Orders and other communications; and (d) you will
immediately notify us at our customer support desk if you become aware of the loss, theft ordisclosure to any third party or of any unauthorised use of your Access Code(s).
51.3. In particular, it shall be your sole responsibility to monitor and restrict access to your Account(s)and you shall be solely responsible for ensuring that your Access Codes are known to, and used
by, only those users and/or customers, which you expressly authorize and recognize.
Notwithstanding anything to the contrary in this Agreement, you shall be responsible for the actionsof any persons, authorized or unauthorized, who gain access to and/or make use of your Accounton our Online Trading Facility through your Access Codes, and you shall be bound to clear andsettle all Transactions and/or Contracts executed and effected via our Online Trading Facility throughyour Access Codes.
51.4. In the event that your Access Codes have been lost, stolen or compromised, you will promptly
notify us thereof in writing. Upon receipt of such notice, we will immediately terminate your Access
Codes, provided, however, that you will at all times remain responsible for any actions taken throughthe use of your Access Codes before they are terminated by us. Without prejudice to any of theforegoing, we shall at all times be entitled, at our sole discretion, to terminate, revoke, suspend,
modify and/or change any or all of your Access Codes at any time with or without prior notice,provided, however, that we shall endeavour (but shall not in any circumstances be obliged to) provide
you with prior notice to the extent practicable.
51.5. You will undertake best efforts to ensure that you comply at all times with: (a) all Applicable Laws,
Rules and/or Regulations (b) the terms and conditions of this Agreement; (c) any additional terms
and conditions determined and stated “in the terms agreed upon by mutual consent of the Parties”;(d) any and all disclaimers and additional terms and conditions presented in any part of our Online
Trading Facility; and (e) any other terms and conditions pertaining to the transactions contemplated
under this Agreement, as from time to time in effect. Furthermore, you are under an obligation toprovide us with such information as we may request from time to time as part of our obligations
to comply with applicable “Anti-Money Laundering (“AML”) Legislation” and/or with any otherrelevant third party, governmental entity or regulatory agency.
51.6. 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 yourfailure 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
and expenses related thereto, and you shall indemnify us for all damages, costs and expenses arising
as a result of non-compliance with this clause.
52. Affiliates / Introducers of business52.1. If you were introduced to XMTRADING by an Affiliate/Introducer of Business, you acknowledged andagree that:a. You authorized the Affiliate/Introducer of Business to introduce you to XMTRADING; andb. A commission may be paid to the Affiliate/Introducer of Business for introducing you to
XMTRADING, the amount of which can be found on the relevant section of our website(https://partners.xmtrading.com/partner-types).
53. Payments
53.1. 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.
53.2. Unless expressly determined and stated otherwise “in the terms agreed upon by mutual consent of
the Parties”, we do not accept payments by cash and/or cheque. In those instances where weEmail: info@xmtrading.com | Web: www.xmtrading.com | Address: F20, 1st Floor, Eden Plaza, Eden Island, Seychelles

might agree, in principle, to accept payment by cash and/or cheque, we shall nonetheless have theright to refuse payment by cheque if any payment given has not cleared on the first presentation of
the cheque.
53.3. 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 your name (e.g. bank wire transfer, electronic payment method(s), etc.); (c) you haveprovided 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 theminimum required level specified in our Online Trading Facility. Margin Level requirements may behigher in cases as referenced in sub-clause 40.4 (Margin Requirements prior to and during Market
Disruptions) so as to avoid any possible withdrawal request to cause the Margin Level in your Accountto fall below the minimum required level, as specified in our Online Trading Facility.
53.4. 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.
53.5. 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 thesender of the funds. At any given time, if we are not satisfied that you are the sender of the funds
deposited in your 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 by applicable “Anti-Money Laundering (“AML”) Legislation” and/or any other similar
rules and regulations applicable to us. We reserve the right to charge a “USD 50 - handling fee” toyour Account upon 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.
53.6. 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 andbrokerage fees which arise in a currency other than the Base Currency of your Account (i.e. thecurrency in which your 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 with us or held by us on your behalf into such other currency as we consider
necessary or desirable, at our sole discretion, to cover your obligations and liabilities in thatcurrency; whenever we conduct such currency conversions, we will do so at such reasonable rate ofexchange 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.
53.7. 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.
53.8. 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/or Transactions; you consent to waive all rights to such interest and you acknowledge and agree
that we will be the beneficiary of all such interest.
54. Several/ Multiple trading accounts

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54.1. 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 asingle holder, at our sole discretion.
55. Deposits, refunds and withdrawals
A. Deposits
55.1. We reserve the right to impose deposit limits and deposit fees in our system(s), at any time.
55.2. You agree that any funds transmitted to our bank accounts by you or, where permitted, on yourbehalf, will be deposited into your Account with us at the value date of when they were received by
us and net of any charges/fees charged by the bank account providers, our payment service providers
and/or any other intermediary involved in such transaction process.
Before accepting any such funds into our bank accounts and/or making any such funds available inyour Account with us, we must be fully satisfied that you, as our client, are the sender of such funds,or that such funds have been transmitted to us by an authorized representative of you, as our client;in those instances where we are not satisfied that you, as our client, are the sender of such funds,or that such funds have been transmitted to us by an authorized representative of you, as ourClient, we reserve the right 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
55.3. We reserve the right to impose withdrawal limits and withdrawal fees in our systems, at any time.
55.4. 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.
55.5. 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 throughwhich such 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 anotherpayment method as the one indicated in any withdrawal request, in which instance a new withdrawal
request may have to 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.
55.6. If we are unable to remit the funds, or any partial amount thereof, to the same remitter from, and by
the same payment method through which such funds were initially received by us, we reserve theright (but shall 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 forany transfer fees or charges imposed by the receiver and/or for any currency exchange rates resulting
from the payment of such amount and the provisions of clause 46 (Currency Conversions)
hereinabove shall be applicable mutatis mutandis.
55.7. 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 thetransfer request instructions. The amount to be transferred reduces the balance of the relevant
Account from which such transfer is to be made, when the transfer request process is concluded. We
reserve the right (a) to decline a withdrawal request if the request is not in accordance with theprovisions of this clause, or (b) to delay the processing of the request if we are not satisfied with the

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ancillary documentation submitted with the withdrawal request.
55.8. 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 orincomplete. It is also understood that we do not accept any responsibility for any funds that are notdirectly deposited into our bank accounts.
56. Deposits by credit / debit card
56.1. You can deposit funds to your Account with us quickly and easily by credit / debit card. The entire
transaction is processed electronically - online.
56.2. 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.
56.3. 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 /debit card; and/or(i) 3D secure authentication for the processing of transactions; and/or(j) Checks for matching details.
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 failto pass the security and authentication checks, the appropriate measures are taken in order toprevent 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 thecredit / debit card details and ensure that you are the legitimate owner/user of the credit / debitcard(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

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prohibited trading activity and cancel any Account(s) and active Orders associated with the credit/ debit card that has been identified as fraudulent;(g) Deny processing transactions exceeding the limits/restrictions and/or failure to pass the security
and authentication checks.
56.4. 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
the deposit by credit / debit card.
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.
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 theright to seize any profits and/or revenues generated directly or indirectly from exercising any suchprohibit trading activity and we shall be entitled to inform any Interested third parties of your breachof 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, 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
be entered into.
56.5. We reserve the right, at our sole discretion, to impose such deposit limits and restrictions, as wedeem 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.
56.6. Card processing is provided by TPS Management Limited, registered with the Registrar ofCompanies in Nicosia, Cyprus under the number: HE 344535 and having its registered office at 80B
Steliou Mavrommati, Agios Pavlos, 2364, Nicosia, Cyprus.
57. Chargebacks
57.1. If you place a chargeback (on purpose or by mistake) for any deposit you made in your Accountwith us, we reserve the right to charge a “USD 150 - research fee” to your Account upon receiving
the chargeback to cover our investigative expenses.
57.2. 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;
we have, and will continue to develop any tools necessary to identify credit/debit card fraud; any
dispute arising from such fraudulent 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 bindingon all participants; no correspondence will be entered into.

Email: info@xmtrading.com | Web: www.xmtrading.com | Address: F20, 1st Floor, Eden Plaza, Eden Island, Seychelles58. Netting agreement
58.1. If on any date the same amounts are payable by a Party to this Agreement to another Party to thisAgreement in the same currency, then, each Party’s obligations to make payment of any suchamount(s) will be automatically satisfied by “netting”.
58.2. If the amounts are not in the same currency, the amounts may be converted in accordance withthe principles set forth in clause 46 hereinabove.
58.3. If the aggregate amount that is payable by one Party exceeds the aggregate amount that is payable
by the other Party, then the Party by whom the larger aggregate amount is payable shall pay theexcess to the other Party and the obligations to make payment of each party will be satisfied anddischarged.
58.4. If the client relationship is terminated, then the claims that the Parties have against each other shallbe finally discharged by means of netting (closed). The value of any open Contracts shall be
determined according to the principles set forth below and the final amount to be paid by one of theParties shall be the difference between the payment obligations of the parties.
58.5. Rates based on which any such Transactions and/or Contracts shall be closed shall be the market
rates applicable on the day on which we decide to close such Transactions and/or Contracts. We
may, at our reasonable discretion, determine the rates by obtaining an offer from a market maker in
the asset in question or by applying rates from electronic financial information systems. When
determining the value of any such transactions and/or Contracts to be netted, we shall apply ourusual spreads and include all costs and other charges.
58.6. This netting agreement shall be binding on all Parties to this Agreement and on the estate and/or
creditors of all Parties to the client relationship under this Agreement.
59. Client money and assets
59.1. 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 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) handed over by
you to us, or which we hold on your behalf for the provision of our Services (“Client Money”), will beheld in an account with an approved bank and will be segregated from the Company’s funds. Your
Client Money may be pooled with the funds of other clients in a general omnibus account.
59.2. Unless you notify us beforehand and in writing, we may allow a third party, such as an exchange,a clearing house or an intermediate broker to hold all control all or part of your Client Money,
where we transfer your Client Money: (a) for the purposes of a Transaction and/or Contract you
have entered into, 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).
59.3. 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
your behalf, to us or any other person under and/or pursuant to these Terms and Conditions.
59.4. Unless otherwise determined and stated “in the terms agreed upon by mutual consent of the Parties”,
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.

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59.5. Without prejudice to any other provisions of this Agreement, we may, at our sole discretion, fromtime to time and without your prior authorisation, set-off any amounts held on your behalf against
your obligations to us and/or merge any of your Accounts with us.
59.6. You are entitled to withdraw the funds from your Account which are not used for Margin covering,
without closing your Account.
59.7. 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 inrelation 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 44.5.
If you later make a valid claim to us, we may pay you any amount owed to you by us.
60. Dormant and archiving policy
60.1. In the event that there is no activity (trading/withdrawals/deposits/internal transfer) in all of
your Accounts for a set period of at least ninety (90) calendar days we will regard your Accounts tobe “dormant”. An Account shall be deemed as dormant from the last day of the ninety (90)calendar days in which there has been no activity (trading/withdrawals/deposits/internal transfers)
in the Account.
60.2. Any pending orders may be deleted from dormant Accounts.
60.3. All remaining bonuses / promotion credits will be automatically removed from dormant Accounts.
60.4. 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 (tenUnited States Dollars). There will be no charge if the free balance in the Account is zero.
60.5. 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).
60.6. Trading accounts with a balance of JPY 500 (or currency equivalent) and lower will be archived after
a period of 90 (ninety) calendar days. Trading accounts are deemed archived from the last 90(ninety)
calendardays
during
which
there
was
no
activity
inthem(trading/withdrawals/deposits/internal transfers).
61. Islamic/swap-free accounts
61.1. 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, wereserve the right 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.
61.2. 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
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.
61.3. Clients are not allowed to use Swap-free Accounts to make profits from Swaps and may not request

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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).
61.4. 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 Accountselected.
61.5. 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.
61.6. 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.

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Chapter H: General Provisions
62. Market making
62.1. 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 the risk of holding a certain number of Supported Financial Instruments in order tofacilitate trading in these Financial Instruments by displaying/quoting ‘bid’ and ‘ask’ prices (‘buy’ and‘sell’ quotations) for such Supported Financial Instruments on our Online Trading Facility and filling
Orders received in respect to such Supported Financial Instruments from our own inventory or seeking
an Offsetting Order.
62.2. 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 to specific 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 orin Price Quotes from our counterparties. In these circumstances, provided that we have acted ingood faith when providing the relevant Price Quote to you, we may cancel the relevant Transaction
and/or Contract with you, but shall do so within reasonable time and shall provide you with a full
explanation for the reason of such cancellation.
62.3. 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 ourcounterparties, 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 possibilityof you incurring, what may be seen as, an implied cost (i.e., the difference between the price at which
you traded with us and the price at which we subsequently traded with our counterparties and/or
other clients), due to any profits realised by us as a result of the Market Making function. Pleasealso note, however, that the Market Making function may involve significant costs to us, if themarket moves against us in comparison to the price at which we traded with you.
62.4. You accept that, in such Markets where we act as Market Maker, we may hold positions that arecontrary 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.
62.5. In Markets, where we act as a Market Maker, you accept that we have no obligation to quote prices
to you and/or any of our other clients, at any time in any given Market, nor shall we have an obligation
to provide such Price Quotes to you and/or any of our other clients with a specific maximum spread.
62.6. You acknowledges, recognize and accept that the Price Quotes provided to you include a ‘spread’
when compared with the price for which we may have covered or expected to be able to ‘cover’ theTransaction or Contract in a trade with another client or a counterparty; furthermore, you
acknowledge, recognize and accept that the said ‘spread’ constitutes remuneration to us and thatsuch ‘spread’ cannot necessarily be calculated 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.
62.7. Any commission costs, interest charges, costs associated to and included in the ‘spreads’ that arepart 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 associated to and included in the’ spreads’, would not apply.
62.8. Whilst dealing ‘spreads’ and commissions are normally considered moderate seen in relation to

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the value of the Financial Instruments traded, such costs may be considerable when compared withyour Margin deposit. 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 and brokerage fees, as well as by the afore-mentioned invisible costs for you that are caused
by our performance as a Market Maker.
62.9. If you are an active trader and you are undertaking numerous Transactions and/or Contracts, thetotal impact of visible as well as invisible costs may be significant. Consequently, you may have toobtain significant 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 thevalue of the Margin deposited with us. Normally, when trading Margined derivatives, the lower thepercentage of the applicable Margin rate, the higher the proportion of the costs associated withexecuting a Transaction and/or Contract.
62.10. 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 aMarket 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.
62.11. 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, thedescription above of the implied, not visible costs related to our performance as a Market Maker,
may also apply to any CFD Contract.
63. Conflicts of interest
63.1. 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”).
63.2. Specifically you hereby acknowledge and confirm that: (a) we may assign or transfer the executionof your Orders to our Associates and or other third parties, as we deem fit; (b) we may executeat the same 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 other clients who you have elected to follow and/or copy.
63.3. Full details of our Conflicts of Interest Policy are available on our Online Trading Facility. Our
Conflicts of Interest Policy is a policy only, it is NOT part of these Terms and Conditions and is notintended to be contractually binding or impose or seek to impose any obligations on us which wewould not otherwise have, but for the Applicable Laws and Regulations.
63.4. By accepting these Terms and Conditions, you expressly acknowledge and agree that we maytransact such business without prior reference to any potential specific Conflict of Interest.
64. Special provisions for managed accounts, introduced accounts or third party vendors
64.1. If your Account is being managed by a trading advisor or is introduced to us, you acknowledge
and agree 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,

Email: info@xmtrading.com | Web: www.xmtrading.com | Address: F20, 1st Floor, Eden Plaza, Eden Island, Seychelles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 suchtrading 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 be provided by us hereunder, except as may be expressly authorized in writingby us; (d) we do not bear any responsibility whatsoever for whatever agreements reached by andbetween you and any such trading advisor or Introducer of Business/Affiliate; and (e) your agreementwith 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 ofBusiness/Affiliate.
64.2. You agree to waive any claims, which you may have against us, and to indemnify and hold us
harmless for any actions or omissions of any such Introducer of Business/Affiliate or any of its
associated persons.
65. Acknowledgements
65.1. You acknowledge, recognize and understand that trading and investments in leveraged as well as
non-leveraged Transactions and/or Contracts is: (a) highly speculative; (b) may involve an extreme
degree of risk; and (c) is appropriate only for persons who, if they trade on Margin, can assume asubstantial risk of loss in excess of their Margin deposit.
65.2. 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 theUnderlying 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 offollowing any of our suggestions or those of our employees, associates or representatives, unless wehave exercised gross negligence in connection herewith; (e) we shall not conduct any continuous
monitoring of the Transactions and/or Contracts entered into by you; accordingly, we cannot be held
responsible for any Transactions and/or Contracts developing differently from what you might havepresupposed and/or to your 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.
65.3. 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 inleveraged Financial Instruments is not suitable for many members of the public and you shouldcarefully consider whether such trading is appropriate for you in light of your experience, objectives,
financial resources and other relevant circumstances. You acknowledge and confirm that you havebeen advised and understand the following factors concerning trading in leveraged Financial
Instruments in the Over-the-Counter Market, in addition to those contained in the Risk DisclosureStatement 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-to-back" 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

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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 (asopposed to an obligation of a clearing house as in the case of an exchange-traded contract) andyou will not be afforded the regulatory and financial protections offered by exchange-traded
contracts. Both of us are, therefore, obliged to perform our respective obligations under eachTransaction and/or Contract in accordance with its terms. The terms of each Transaction and/or
Contract are set out in these Terms and Conditions (which apply to every Transaction and/or
Contract you enter into with us) and the Settlement/Trade Confirmation (which applies to eachparticular Transaction and/or Contract). Because each Transaction and/or Contract is atransaction between you and us, and is not cleared on a central clearing house, you will not
be able to transfer your obligations under the Transaction and/or contract to another Person
without our prior consent. In addition, we are under no obligation to terminate or close out theTransaction and/or Contact prior to the expiration date of 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 ahigh degree 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 deposited or will have to deposit: this may work against you as well as for you. You may
sustain a total loss of initial Margin funds and any additional funds deposited with us to maintainyour position. If the Market 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 to liquidate positions without prior notice in the case of any Margin shortfall
or if you fail to comply with a request for additional funds within the time prescribed.
Furthermore, you should be aware that we and/or Associates may from time to time havesubstantial 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 aforeign currency contract transaction with you that may adversely affect the Market price or otherfactors underlying the Transactions and/or Contracts entered into with you and consequently, thevalue of such Transaction and/or Contract.
XMTRADING 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 effectbefore 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 toyou for any loss arising from any change in the leverage ratios, even if that automatically causes
any or all of your trading positions to be closed out or if your Account is treated differently fromother clients’ Accounts. Any monitoring by XMTRADING is for its compliance and risk
management and you should not rely on XMTRADING to monitor your trading or the effect ofany change in the leverage ratios applying to your Account. For further information on theleverage offered per financial instrument, please refer to our website.
c. Option Transactions: We currently do NOT offer foreign currency options.
d. Trading in Transactions in leveraged Financial Instruments is Speculative: Prices ofleveraged Financial Instruments are highly volatile. Price movements of Transactions and/or
Contracts in leveraged Financial Instruments are influenced by, among other things, interest
rates, changes in balance 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 themarket. It is not possible to foresee all risks in advance.

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e. 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 ‘openoutcry’ 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 thesystem including the failure of hardware and software. The result of any system failure may bethat your Order is either not executed according to your instructions, is not executed at all anda 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 forcommunication failures, distortions or delays when trading on-line via the Internet. We do,
however, employ back-up systems and contingency plans to minimize the possibility of system
failure, and trading via telephone is available in those instances where specifically agree, at oursole discretion, to do so.
f.

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.

g. 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 the predetermined price level is reached, even if the price is considerably
different from the original Order.
h. 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 the risk 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.
i.

Deposited cash and property: You should familiarize yourself with the protections accorded
to money 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 prorated in the same manner as 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 applicable bankruptcy 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 in bankruptcy. 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 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 generalcreditor 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 fromthe claims of other general and priority creditors.

j.

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.

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k. 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
the rules 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 your home jurisdiction and other relevant jurisdictions before you start to trade.
l.

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 of fair Market prices, an erroneous price quote, such as, but not limited to, a wrong
big figure quote or an erroneous quote due to failure of hardware, software or communicationlines 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 Accountdue to the system not having 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 to make the necessary corrections or adjustments on the Accounts
involved. Any dispute arising from such quoting or execution errors will be resolved by us in oursole and absolute discretion. You agree to indemnify and hold us harmless from any and all
damages or liability as a result of the foregoing. No correspondence will be entered into.

m. Off-Exchange Transactions: The Transactions and/or Contracts you are entering into with us
as counterparty 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 bankauthority), no rules to regulate 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, 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.
65.4. 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 charge ofany 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.
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 toenter any Order only once. Multiple entries for the same Order may inadvertently open
unwanted positions.

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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 thatyour Order is either not executed according to your instructions, executing with account balanceerrors and discrepancies or not executed at all. We will not be liable for the resulting errors inyour Account balances. We reserve the right to make the necessary corrections or adjustmentson the Account involved.
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
our sole 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 charts
and 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 not necessarily actual "Dealable Quotes" in respect of which Transactions or trades
can be executed.

l.

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
to trade, you should learn the specifics of entering into such Transactions in detail or seek further
professional advice.

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 aftermarkets 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
result of mobile connectivity. Prices displayed on our mobile platform are solely an indication 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

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shall not be liable 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 direct 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 further note that some of
the features available on our Online Trading Facility may not be available on our mobile feature.
66. Further representations, warranties and covenants
66.1. In addition to, and without prejudice, to any other representations, warranties and covenants set
forth in 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
have an interest in your Account(s); (b) that, regardless of any subsequent determination to thecontrary, trading in leveraged Financial Instruments on the Over-the-Counter Market (and in suchother investments 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 financiallyable to sustain a total loss of funds resulting from Transactions and/or Contracts performed hereunder.
66.2. 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 m a y b e blocked. If
your Account is 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 to terminating your access to our Online Trading Facility and/or blocking your Account,
we reserve the right to prevent you from accessing our website or servers, or accessing any otherservices 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 and of any suspected unlawful, fraudulent or improper activity and you will
cooperate fully with us to investigate any such activity.
66.3. The above representations and warranties shall be deemed to be repeated each time in the future
you enter into a Transaction or Contract or provide Instructions to us, for the duration of our business
relationship.
66.4. 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
to in this clause; (b) you will promptly notify us of the occurrence of any Event of Default or potential
Event of 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 actionthat 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/or Regulations (e) you
shall observe the standard of behaviour reasonably expected of persons in your position and not takeany 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/or Regulations.
66.5. 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, you will
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 Department of your

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firm regarding the trading accounts/transactions that are held/being carried out with our Company.
66.6. 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.
67. Information disclosure
67.1. 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 orotherwise become possessed, and each Party shall use all reasonable endeavours to prevent any
such disclosure. However, this shall not apply if a Party is obliged hereto due to prevailing
legislation, or to a legislative or supervising authority, or to another Person who according to the law
is entitled to demand disclosure, or in order to enable the Party sufficiently to fulfil its obligations
pursuant to these Terms.
67.2. 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/or Regulations or regulatory authority,
including any applicable Market Rules, without prior notice to you.
67.3. 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 purposeof providing 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
purpose of performing client analysis for the use of our sales and marketing; furthermore, we may
share such information with any trading advisor or Introducing Broker for the purpose of completingthe due diligence to, and the approval of, your Account Opening Application Form(s).
68. FATCA
68.1. 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 of complying with FATCA or other Applicable Laws, Rules and/or Regulations, including
disclosures between themselves and to governmental authorities. The Client acknowledges that thismay include transfers of 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 in connection 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 tocollect, store, process and disclose his, her or its information as described in this clause.
68.2. 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
for tax purposes information obtained from the Client or otherwise in connection with the Agreement
and the Transactions and to disclose to such tax authorities any additional information that theCompany may have in its possession that is relevant to your Account.
69. Common Reporting Standard (“CRS”)
69.1. 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
the relevant information to their local tax authorities who will then forward it to the respective foreign
tax authorities.
69.2. 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

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the Agreement and the Transactions for the purpose of complying with CRS or other Applicable Laws,
Rules and/or Regulations, including disclosures between themselves and to governmental
authorities. The Client acknowledges that this may include transfers of information to jurisdictions
which do not have strict data protection, data privacy laws or banking secrecy laws, inside or outsideof 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
and Conditions or any Transactions that the said third party has been provided with such informationand 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, her or its information
as described in this clause.
69.3. 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
for tax purposes information obtained from the Client or otherwise in connection with the Agreement
and the Transactions and to disclose to such tax authorities any additional information that theCompany may have in its possession that is relevant to tour Account.
70. Regulatory matters
70.1. Unless otherwise permitted by the any Applicable Laws and Regulations, nothing in this Agreement
shall be taken to exclude or restrict our obligations under the FSA Rules or any other Applicable Laws,
Rules and/or Regulations.
70.2. We shall be entitled to take any action as we consider necessary, at our sole and absolute discretion,
to ensure compliance with the FSA Rules or any other Applicable Laws, Rules and/or Regulations
and such actions shall be binding on you and shall not render us or any of our Associates liable.
70.3. You hereby expressly acknowledge and agree that upon reasonable written notice from us, and at
our first request, you will co-operate with the Seychelles Financial Services Authority (“FSA”) andany other relevant regulator of in relation to the matters covered by this Agreement.
71. Tax implications
71.1. We shall not provide any advice to our clients on any tax issues related to any of our Services.
You are advised to obtain individual independent counsel from your financial advisor(s), auditor(s)or legal counsel with respect to any tax implications of our Services.
71.2. 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 to the income you derive from your trading activity on or through our Online Trading Facility.
71.3. Without limiting the foregoing, it is solely your obligation to calculate and pay all taxes applicable toyou 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 access and/or use of our Services.
71.4. Without derogating from your sole and entire responsibility to perform tax payments, you agree that
we may deduct tax, as may be required by the Applicable Laws 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 useof our Services. You are aware that amounts that may be withdrawn by you from your Account are"gross amounts", from which we may deduct such taxes, as the case may be, and that you shallhave no claim towards us with regard to such deductions.
72. Intellectual property
72.1. 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

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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 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 case may be, of our the third party service provider(s) which granted us theright 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 other content (“Third Party Content”) and references to theterm “Intellectual Property Assets” shall be taken 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.
72.2. All Intellectual Property Assets, 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 local and international intellectual property
laws and treaties, including all copyright laws and regulations and remain vested in us or in our Third
Party Licensors. You receive no copyright, intellectual property rights or other rights in or to ourIntellectual Property Assets, except for the right to access and use them in accordance with theterms and conditions of this Agreement or pursuant and/or as granted to you in any agreement you
may have with one of our Third Party Licensors. You will protect and not violate our Intellectual
Property Assets any Third Party Licensor’s proprietary rights therein and honour and comply with
our reasonable requests to protect our and each of our Third Party Licensors’ contractual, statutory
and common law rights therein. If you become aware of any violation of our or a Third Party
Licensor’s proprietary rights in any Intellectual Property Assets, you will notify us promptly in writing
thereof.
72.3. 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 and/or Software provided. Except as otherwise specifically agreed in writing or to theextent 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 fordisaster 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 ourThird Party Licensors from any of our Intellectual Property Assets and/or any component
thereof, (g) use any of our trademarks, service marks, trade names, domain names, logos, orother identifiers, or those of any of our Third Party Licensors (collectively “Marks”); or (h) saveto the extent permitted by Applicable Laws, Rules and/or Regulations reverse engineer, decompile,
disassemble, or access the source code of any of our Intellectual Property Assets and/or any
component thereof.
72.4. Any copies of our Online Trading Facility, or any part thereof, made in accordance with any
Applicable Laws, Rules and/or Regulations are subject to the terms and conditions of this Agreement.
You shall ensure 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-datewritten record of the number of such copies made by you. If we so request, you shall as soon asreasonably practical, provide to us a statement of the number and whereabouts of any and all of suchcopies.
72.5. Any permitted use of Marks shall be subject to our, respectively our Third Party Licensors’, quality

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control standards, and all associated goodwill shall inure to our, respectively, our Third Party
Licensors’ benefit.
73. Privacy and data protection
73.1. You acknowledge that by entering into this Agreement and opening a trading account with us andusing our Online Trading Facility, you will be providing us with personal data within the meaning of
the General Data Protection Regulation (679/2016), when it enters into force, 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
and agree that this may result in your personal information being sent outside the European Economic
Area (“EEA”). You consent to us processing and disclosing such information in accordance with thisAgreement and our Privacy Policy as published on our website, as this may be updated from time totime.
73.2. 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 purposesof the processing of your personal data and other relevant information, please read the complete
terms of our Privacy Policy carefully, before submitting an application for the opening of a trading
account with us.
73.3. 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 moredetails in relation to these rights and how you may exercise them.
73.4. 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:• 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 yourtrading 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; and• process clients’ Personal Data for other related purposes.
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.
73.5. 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.
73.6. 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
Online Trading Facility and by voluntarily providing us with other required documents. Additionally,
you provide us with Information by trading on our systems, by contacting us or by responding to apromotion; 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 that a Website uses to track its visitors which may be sent from us to yourcomputer and sometimes back. Cookies ultimately help us improve your navigation and ease of useof our Online Trading Facility. We may set and access Cookies on your computer, enabling us to

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learn which advertisements and promotions 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. Such information that we collect and share would be anonymous and not
personally identifiable.
73.7. 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.
Also, the Information you provide us helps us to improve our Services to you, customize yourbrowsing experience and inform you about additional products, services or promotions that may beof interest to you. 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 occasionallywith the option to reactivate your account. Please note that you may opt-out/unsubscribe fromreceiving such communications by us, at any time, by clicking the “unsubscribe button” that can befound on each of our emails.
73.8. 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 of
the European Economic Area (“EEA”), and you consent to such transfer. To the extent we transfer
your information outside the EEA, we will ensure that the transfer is lawful and that Processors inthird countries are obligated to comply with the European data protection standards and to provide
appropriate safeguards in relation to the transfer of your data in accordance with GDPR Article 46.
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.
In view of the above, your personal information may be processed by staff operating outside the EEA
who work for us or for one of our processors. Such staff may be, among others, engaged in thefulfilment 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.
73.9. 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/or Regulations; (ii) where there is a duty to the public to disclose; (iii) where ourlegitimate 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 theentities set forth below:
a. Sharing Information with our Associates: We may share personal information describedabove 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 activityof our company, 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 theinformation described above, such as your name, address, trading experience and accountinformation. Our Associates are committed to maintaining the privacy of your information to thesame extent we do in accordance with the provisions set forth herein and in our Privacy Policy.
b. Sharing Information with Third Parties: We do not disclose your personal information tothird parties, except as described herein. Third party disclosures made by us in accordance

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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 thosethat provide 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
to you are required to maintain the confidentiality of such information to the extent they receive it
and to use your personal information only in the course of providing such services and only forthe purposes that we dictate. We may also disclose your personal information to third parties tofulfil your instructions or pursuant to your express consent. We want you to know that we will notsell 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
and/or Regulations in the jurisdiction of which you are a citizen or a permanent resident, or, inthe case of a Legal Entity is formed, incorporated, domiciliation and/or doing business, and/orof the jurisdiction 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 andlaw enforcement agencies to comply with subpoenas or other official requests, and asnecessary to protect our rights or property. Except as described herein, we will not use yourpersonal information for any other purpose, unless we describe how such information will be
used at the time 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 and others to make credit decisions and reduce the incidence of fraud or in
the course of carrying out identity, fraud prevention or credit control checks.
73.10. 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 yourbank or any credit reference agency. You understand and agree that any third party referred to in thisclause 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 torecover debts involved.
73.11. 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 forthis purpose for the period you have an Account with us, and after you close the Account for a periodof seven (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.
73.12. Your telephone conversations, e-mails, internet conversations (chat), meetings and othercommunications with us, our Associates and/or Third Party Providers will be recorded/maintainedby us for security purposes, compliance with the applicable laws and regulations, training purposes aswell as to maintain and improve the quality of our Services. Any recordings shall be and shall remain
our sole property and will be accepted by you as conclusive evidence of their content as recordedby 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 andus. 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.
73.13. We protect your Information by using data security technology and using tools such as firewalls andEmail: info@xmtrading.com | Web: www.xmtrading.com | Address: F20, 1st Floor, Eden Plaza, Eden Island, Seychelles

data encryption. We use Secure Socket Layer ('SSL') encryption technology in order to protect
certain Information that you submit. This type of technology protects you from having yourInformation intercepted by anyone other than us while it is being transmitted to us. We work hardto 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) and access control mechanisms to control unauthorized access to systems
and data. We also require that you use your personal Access Codes (personal username andpassword) every time you access your account 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.
73.14. 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 shallbe incorporated 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 wehold, process or disclose information, by posting a notice on our Website or sending you an email toyour last known email address. If you do not tell us you object to this change in writing within 60 daysof the notice and you continue to maintain the Account after the expiry of this period of notice thenwe will regard you as having agreed to it.
73.15. 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 inorder to be able to verify your identity and process your request.
73.16. 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 topersonalise 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 Data andby 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’ describedin 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.
73.17. 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 toreach 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 reducethese risks, we cannot guarantee their elimination. You therefore acknowledge that no transmission 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.

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Chapter I: Complaint Handling Procedures
74. Complaints
74.1. At XMTRADING, we aim 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 rightand what we do wrong.
74.2. We recognise that, as in all organisations, from time to time things can go wrong and we may notprovide the standard of service that we have set ourselves. We are especially keen to hear aboutsuch instances, since they provide us with an opportunity to put things right and to learn from our
mistakes.
74.3. Accordingly, as part of our commitment to providing the best possible service to our clients, weuphold effective and transparent procedures for prompt complaint handling for existing andpotential retail clients, we maintain records of complaints and measures taken for complaint
resolution, in line with Applicable Laws, Rules and/or Regulations.
74.4. All complaints must be reported to us, in writing, within three (3) Business Days from the occurrenceof the event that gives rise to your complaint (for the purposes hereof, unless the context requires
otherwise, “Business Days” are Monday through Friday, excluding bank holidays in Seychelles).
Failure to object within the above-mentioned time period of three (3) Business Days from theoccurrence of the event that gives rise to your complaint, shall be deemed ratification by you of allactions undertaken by us prior to making your complaint.
74.5. If your wish to file a formal complaint you can do so, at any time by sending the completed Complaints
Form via email at complaints@xmtrading.com, along with the attachments of the documentation as
outlined below.
74.6. The following information and documentation should, wherever possible, be obtained and recorded
and provided to us as part of your formal complaint, in order to ensure that the complaint is expedited
in the most efficient and fair manner: (a) Account Number/User ID; (b) Name of client; (c) Contact
details for client; (d) Phone; (e) Mobile; (f) e-mail; (g) Address details for client; (h) Details of thecomplaint (including time and date the matter leading to the complaint occurred, the representative(s)involved in the complaint); (i) Nature of the complaint; (j) Remedies sought; (k) Attach any
documentation or other material that may assist in the resolution of the complaint (including an initial
written response to the allegations by the representative(s) involved).
74.7. 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
action needed to resolve the complaint and will contain details of the procedure.
74.8. We will attempt to resolve the matter within thirty (30) 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.
74.9. Although you are entering in an agreement with the Company, any complaints related with deposits
made through TPS Management Limited are handled by TPS Management Limited. Enquires can beaddressed to us via email at complaint@xmtrading.com.

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Chapter J: Indemnity And Limitation Of Liability
75. Risk of loss; limitation of liability
75.1. 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 your Accounts. You are solely responsible for any investment or trading decisions you
make with respect to products 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.
75.2. 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 oranyone else from the use of our Online Trading Facility; and (c) any Third Party Content accessibleon or through our 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 ourOnline 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.
75.3. Without prejudice to any other provisions of this Agreement, neither we, nor our Associates shallbe 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 orotherwise arising from the activities to which these Terms and Conditions apply except such as iscaused by our and/or their negligence, willful default or fraud; neither we, nor our Associates shallbe liable for any losses, damages, costs or expenses, whether arising out of negligence, breachof contract, misrepresentation or otherwise, incurred or suffered by you or any Authorized Person
under this Agreement (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 consequence of, 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 and us when these Terms and Conditions were entered into.
75.4. 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 makeno representation, 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 enteredinto by you pursuant to these Terms; neither we, nor our Associates accept any liability for any
adverse tax implications of any Transaction whatsoever.

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75.5. 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
the Internet).
75.6. We shall have no obligation to contact you to advise upon appropriate action in light of changes
in Market Conditions (including, without limitation, Market Disruptions) or otherwise. You
acknowledge that the Market in leveraged derivatives is highly speculative and volatile and that,
following execution of any transaction, you are solely responsible for making and maintaining
contact with us and for monitoring open positions and ensuring 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 bepossible 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. Without limitation, neither we, nor our Associates accept any liability byreason of any delay or change in market conditions before any particular Transaction is effected.
75.7. 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.
75.8. 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 oftransmission, communication or computer facilities, industrial action, act of terrorism, act of God,
acts and regulations of 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.
75.9. 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.
76. Exclusion of warranties
76.1. 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 YOURRESPONSIBILITY TO EVALUATE THE ACCURACY, COMPLETENESS AND USEFULNESS OF
ALL INFORMATION, OPINIONS, PRODUCTS, SERVICES, MERCHANDISE AND OTHERINFORMATION PROVIDED THROUGH OUR ONLINE TRADING FACILITY OR ON THE
INTERNET GENERALLY. WE DO NOT WARRANT THAT ANY DEFECTS OR INACCURACIESWILL BE CORRECTED.
76.2. 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 YOUREXPECTATIONS.

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77. Disclaimer and limitation of liability
77.1. 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.
77.2. 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 RESULTFROM USE OR LOSS OF USE OF OUR ONLINE TRADING FACILITY AND THIRD PARTYCONTENT, INCONVENIENCE OR DELAY). THIS IS TRUE EVEN IF SUCH DAMAGES WEREFORESEEABLE OR WHETHER EITHER PARTY HAS BEEN ADVISED OF THE POSSIBILITYOF SUCH LOSSES OR DAMAGES).
77.3. EXCEPT AS OTHERWISE REQUIRED BY LAW, WE WILL NOT BE LIABLE TO YOU OR
ANYONE ELSE FOR ANY LOSS RESULTING FROM A CAUSE OVER WHICH WE DO NOTHAVE DIRECT CONTROL. THIS INCLUDES FAILURE OF ELECTRONIC OR MECHANICALEQUIPMENT OR COMMUNICATIONS LINES (INCLUDING TELEPHONE, CABLE AND
INTERNET), UNAUTHORIZED ACCESS, 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 OTHERLABOUR PROBLEMS, ACCIDENT, EMERGENCY OR ACTION OF GOVERNMENT.
77.4. ANY LIABILITY ARISING UNDER THIS AGREEMENT WILL BE SATISFIED SOLELY FROM
THE REVENUES GENERATED HEREUNDER. IN NO EVENT SHALL OUR LIABILITYHEREUNDER EXCEED THE TOTAL AMOUNT OF REVENUES GENERATED HEREUNDER IN
THE SIX MONTHS PRECEDING THE EVENT GIVING RISE TO THE CLAIM. EVEN IF ADVISEDOF THE POSSIBILITY OF SUCH DAMAGES AND EVEN IF THE LIMITED REMEDIESPROVIDED HEREIN FAIL OF THEIR ESSENTIAL PURPOSE.
78. Indemnification
78.1. 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.
78.2. 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,misrepresentation or 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 matching Transaction and/or Contract with an intermediate broker or as a resultof any misrepresentation by you or any violation by you of your obligations under this Agreement(including any Transaction and/or Contract) or by the enforcement of our rights.
78.3. 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.
78.4. 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 orotherwise, including reasonable attorneys’ fees, which we may incur or suffer as a result of:

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a. any error in any instruction given by an Authorized Person; orb. acting on any instruction, which is, or appears to be, from an Authorized Person.
79. Independent investigation
79.1. YOU ACKNOWLEDGE THAT YOU HAVE READ THIS AGREEMENT AND AGREE TO ALL ITSTERMS AND CONDITIONS. YOU HAVE INDEPENDENTLY EVALUATED THE MERITS AND
RISKS OF ACCESSING AND/OR USING OUR ONLINE TRADING FACILITY AND ENTERING
INTO TRANSACTIONS AND CONTRACTS VIA OUR ONLINE TRADING FACILITY AND 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 AND
ARE NOT RELYING ON ANY REPRESENTATION, GUARANTEE OR STATEMENT OTHER
THAN AS SET FORTH IN THIS AGREEMENT.
79.2. YOU HAVE INDEPENDENTLY EVALUATED THE LAWS IN YOUR LOCAL JURISDICTION
WHICH APPLY TO YOUR ACTIVITIES HEREUNDER AND YOU REPRESENT AND WARRANTTHAT YOU MAY PARTICIPATE IN OUR ONLINE TRADING FACILITY AND ENTER INTO
TRANSACTIONS AND CONTRACTS VIA OUR ONLINE TRADING FACILITY, WITHOUTVIOLATING ANY APPLICABLE RULES OR LAWS.

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Chapter K: Default
80. Default
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 observeor 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 to enable us to take delivery
under any Transaction and/or Contract on the first due date; (c) you fail to provide assets for delivery, or
take delivery of assets, under any Transaction and/or Contract on the first due date; (d) you die, becomeof unsound mind, are unable to pay your debts as they fall due or are 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 underagreements or instruments evidencing such indebtedness before it would otherwise have been due andpayable, or any suit, action or other proceedings relating to this Agreement are commenced for any
execution, any attachment or garnishment, or distress against, or an encumbrance takes possession of,
the whole or any part of your property, undertaking or assets (tangible and intangible); (e) you commencea voluntary case or other procedure 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
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 or composition, we do not consent to the proposals;(f) an involuntary case or other procedure is commenced against you seeking or proposing liquidation,
re-organisation, an arrangement or composition, a freeze or moratorium, or other similar relief withrespect to you or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law(including any corporate or other law with potential application to you, if insolvent) or seeking theappointment of a Custodian of you or any substantial part of your assets and such involuntary caseor other procedure either (i) has not been dismissed within five (5) Business Days of its institution orpresentation or (ii) has been dismissed within such period but solely on the grounds of an insufficiency ofassets to cover the costs of such case or other 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 apartnership, in respect of one or more of the partners, 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 yourwinding-up or administration, or an order is made or a resolution is passed for the your winding-up oradministration of the client (other than for the purposes of amalgamation or reconstruction with our priorwritten approval); (I) any distress, execution or other process is levied against any of your property andis 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 thesecurity 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 reason of 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 thisAgreement 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 and Conditions 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 tohave been false or misleading in any material respect as at the time it was made or given or deemed madeor 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 complied with or performed by you or in accordance with theapplicable Credit Support Document; (p) any Credit Support Document expires or ceases to be in fullforce and effect prior to the satisfaction of all your obligations 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

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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 to prevent what we consider is or might be a violation of any Applicable Laws, Rules andRegulation or good 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 effectupon our ability 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 a party
to or any other event specified for these purposes in this Agreement, or otherwise, occurs; (y) we or
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.
81. Rights on default
81.1. Upon the existence of an Event of Default, we shall, at our sole discretion, without prejudice to any
other rights we may have under this Agreement, be entitled to: (a) sell or charge in any way any or
all of your Security, Assets and property which may from time to time be in our possession or control
of or call on any guarantee; (b) purchase any Security, investment or other property where this is, oris 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 thepurchase price plus 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 refrain from 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 ourloss or liability under or in respect of any of your Transactions, Contracts, positions or commitments,
deliver any Security investment or property to any third party, or otherwise take any action we
considers being necessary or desirable in order 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 suchrates 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 to those 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.
81.2. You hereby authorize us to take all or any measures described in this clause without prior notice toyou 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
other agreements between you and us.
81.3. If we exercise our rights to sell any of your Securities or property pursuant to this clause, we will
effect such sale, without notice or liability to you, on your behalf and apply the proceeds of salein or towards discharge of any or all of your obligations to us.
81.4. Without prejudice to our other rights under and/or pursuant to this Agreement, we may, at any time
and without 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.

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81.5. Our rights under this clause shall be in addition to, and not in limitation or exclusion of, any otherrights which we may have (whether by agreement, operation of law or otherwise).
81.6. Where termination and liquidation occurs in accordance with this clause, we shall also be entitled,
at our discretion, to terminate and liquidate, in accordance with the provisions of this clause, anyother transactions entered into between us, which are then outstanding.

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Chapter L: Termination Of Client Relationship And Liquidation Of Accounts
82. Termination of client relationship82.1. 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.
82.2. 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.
82.3. We may terminate this Agreement immediately, however, if you fail to observe or perform any
provision of this Agreement or in case of an Event of Default, other than in the case of Force Majeure.
82.4. We shall terminate this Agreement with all accounts being inactive for a period of (twelve) 12 months.
83. Effects of termination of client relationship83.1. Upon terminating this Agreement, all amounts payable by you to us will become immediately due
and payable 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 by us on your behalf.
83.2. On termination, we shall complete all Transactions and/or Contracts that are already entered intoor under execution and these Terms and Conditions shall continue to bind both parties in relation tosuch 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 shall be entitled to require you to pay any charges incurred in transferring yourinvestments.
83.3. 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 andGoverning Law Clauses and Transactions and/or contracts which shall continue to be governed bythis 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.
83.4. In the event that you involve us, directly or indirectly, in any type of fraud, we reserve the right, at
our sole 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.

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Chapter M: Miscellaneous Provisions
84. Assignment
84.1. 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.
84.2. 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.
84.3. 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 nulland void.
84.4. Following such consent to the transfer of any interest or obligation under this Agreement, you
shall remain jointly and severally responsible for the performance of all of the transferee’s obligations
under this Agreement.
85. Time of essence
85.1. Time shall be of the essence in respect of all your obligations under this Agreement (including,
without limitation, those pertaining to any Transaction and/or Contract).
86. Notices
86.1. You must ensure that at all times we are able to communicate with you by telephone, fax or e-mail.
86.2. Except as specified otherwise in this Agreement and without prejudice to any such other provisionsof 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 theiraddress set forth above or at such other address as such Party may hereafter designate by notice toeach of the other Parties as herein provided.
86.3. If personally delivered in the form specified herein, notices, declarations, demands, requests, andother communications under this Agreement shall be deemed to have been given and received andshall be effective when personally delivered.
86.4. 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 shallbe effective when received in fully legible form by the Party to which the notice is addressed, whichshall be deemed to occur upon completion of the e-mail transmission unless: (a) such transmission
is made on a day which is not a day (except any Saturday or Sunday) on which banks in Seychelles
are open for business (a “Business Day”) or on a Business Day but outside regular businesshours, in which case 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 byreturn mail, telex or facsimile that the copy received is illegible in whole or in part.
86.5. 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 shallbe effective four (4) calendar days after deposit with such air courier or when actually received,
whichever first occurs.

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86.6. 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 shallbe effective when received in fully legible form by the Party to which the notice is addressed, whichshall be deemed to occur upon completion of the transmission unless: (a) such transmission is madeon a day which is not a Business Day or on a Business Day but outside regular business hours, inwhich case 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 that the copy received is illegible in whole or in part.
86.7. Such notice or other communication will be deemed effective if in writing and delivered in person orby courier, on the date it is delivered or if sent by facsimile transmission, on the date thattransmission is received by the recipient, or if sent by registered mail or the equivalent, on thedate that mail is delivered or if sent by email on the date that email is delivered, unless the dateof delivery (or attempted delivery) or the date of receipt, as applicable, is not a Business Dayor the communication is delivered (or attempted to be delivered) or received, as applicable, after theclose of business on a Business Day, in which case that communication shall be deemed given andeffective on the first following day that is a Business Day.
86.8. The Parties agree that the delivery of any summons and complaint, and other process, which
may be served in any suit, action or other proceeding, may be made by mailing via certified orregistered mail or by hand-delivering such summons, complaint or other process to the other Partyat the address of such Party specified hereinabove.
86.9. Rejection or other refusal to accept, or the inability to deliver of a notice, summons, complaint orother process referred to hereinabove, because of changed address of which no proper notice wasgiven, shall not affect the effectiveness or the date of delivery for any notice sent in accordancewith the foregoing provisions. Each such notice, request or other communication shall be deemedas sufficiently given, served, sent and received for all purposes, at such time that it is delivered
to the address (with return 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 asdelivery is refused by addressee upon presentation.
87. Governing law and jurisdiction
87.1. This Agreement shall be governed by and construed in accordance with Seychelles Law and,subject to the dispute resolution provisions set forth hereinafter. You irrevocably agree for our
exclusive benefit that the courts of Seychelles are to have jurisdiction to settle any disputes which
may arise out of or in connection with this Agreement and that accordingly any proceedings may
be brought in such courts.
87.2. Nothing contained in this clause shall, however, limit our right to take proceedings against you or
any Trader in any other court of competent jurisdiction, nor shall the taking of proceedings in one
or more jurisdictions preclude the taking of proceedings in any other jurisdiction, whether
concurrently or not, to the extent permitted by the law of such other jurisdiction.
88. Controlling language
88.1. This Agreement and all other agreements and/or documents executed on the basis of thisAgreement shall be written and interpreted in English.
88.2. In the event that this Agreement has been translated into a language other than English, it is the
English version that will be prevailing and controlling in the event of any discrepancy.
89. Force majeure89.1. 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

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delay in the performance of this Agreement occasioned by any act of God, fire, war, civilcommotion, 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 whatever reason, failure of any computer dealing system, any other breakdown or
failure of transmission in communication 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”).
89.2. 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.
89.3. 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 wedeem necessary or appropriate in the circumstances, having regard to you and your interests, andneither 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 oromitting to take any action pursuant to this subparagraph.
90. No waiver
90.1. No failure on the part of any Party to exercise, and no delay on its part in exercising, any rightor remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any right or remedy preclude any other or further exercise thereof or the exercise of any
other right or remedy.
90.2. The failure of a Party at any time to require performance of any provision of this Agreement shallnot in any way affect the validity of this Agreement or any part thereof, nor the right of that Party
to require performance of that provision or any other provision of this Agreement in the future.
90.3. All waivers by us must be in writing.
91. Cumulative remedies
91.1. All remedies available to either Party for breach of this Agreement are cumulative and may be
exercised concurrently or separately, and the exercise of any one remedy shall not be deemed anelection of such remedy to the exclusion of other remedies.
92. Compliance with FSA rules
92.1. Unless otherwise permitted by the FSA Rules or any other Applicable Laws and Regulations, nothing
in this Agreement shall be taken to exclude or restrict our obligations under the FSA Rules or any
other Applicable Laws and Regulations.
92.2. We shall be entitled to take any action as we consider necessary in our absolute discretion toensure compliance with the FSA Rules or any other Applicable Laws and Regulations and suchactions shall be binding on you and shall not render us or any of our directors, officers, employees orAgents liable.
93. Exclusion of third party rights
93.1. Except as expressly otherwise provided herein, this Agreement is being entered into solely for the
benefit of the Parties hereto and their successors and permitted assigns and intended and/or
designated Associates.
93.2. It may not be relied upon by any other person as the basis for any claim or dispute against one orboth Parties, or as evidence of the rights or obligations of one or both Parties hereto with respect to

Email: info@xmtrading.com | Web: www.xmtrading.com | Address: F20, 1st Floor, Eden Plaza, Eden Island, Seychelles

such other person.
93.3. To the extent that any term or provision of this Agreement grants rights to or contemplates, permits,or requires performance of and/or by any Affiliate of a Party, such Affiliate shall be considered to be
an intended third party beneficiary of this Agreement and such Party shall cause such Affiliate toperform each and every of such obligations of such Party under this Agreement in accordance withthe terms and conditions hereof.
94. Independent parties/no partnership or joint venture
94.1. Neither this Agreement nor the performance of any services by either Party hereunder will be
construed to create a joint venture or partnership between the Parties. For all purposes of thisAgreement and notwithstanding any provision of this Agreement to the contrary, you are an
independent third-party and is not a partner, joint venture partner, or representative agent of us.
94.2. You will not bind nor attempt to bind us any agreement or contract.
94.3. As an independent third-party, you are solely responsible for all taxes, withholdings, and otherstatutory or contractual obligations of any sort.
95. Counterparts
95.1. This Agreement may be executed in any number of counterparts, each of which when executed anddelivered is an original, but all of the counterparts together constitute the same document. All
counterparts shall collectively constitute a single agreement and it shall not be necessary in any
proof of this Agreement to produce or account for more than one counterpart.
96. Survival
96.1. 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) Chapters J, K, L and M of this Agreement shall survive theexpiration of the term and/or the termination of this Agreement for any reason.

Email: info@xmtrading.com | Web: www.xmtrading.com | Address: F20, 1st Floor, Eden Plaza, Eden Island, Seychelles