P

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Contents
1.
Definitions and Interpretation .............................................................................................................62.
Parties to the Agreement and its Severability ................................................................................ 12
3.
The Services Provided ....................................................................................................................... 124.
Market Making ..................................................................................................................................... 13
5.
Electronic Signatures and Acceptance of Agreement(s) ............................................................. 14
6.
Acceptance and Scope of the Agreement(s) .................................................................................. 15
7.
Authorisation ....................................................................................................................................... 16
10. Limitation on Investment Guidance and Professional Advice .................................................... 20
11. Legal Restrictions ............................................................................................................................... 20
12. Copyright, licenses and trademarks ................................................................................................ 21
13. Registration and Eligibility ................................................................................................................ 22
14. Experience and Knowledge .............................................................................................................. 24
15. Your Account with Us ........................................................................................................................ 25
16. Islamic / Swap-Free Accounts .......................................................................................................... 25
17. Special provisions for managed accounts, introduced accounts or third-party vendors ...... 26
19. Rollover and Offset Instructions ...................................................................................................... 30
20. Prices and Open Positions ................................................................................................................ 31
21. Margin and Collateral ......................................................................................................................... 31
22. Negative Balance Protection............................................................................................................. 32
23. Security ................................................................................................................................................ 33
24. Commissions, Fees and Charges .................................................................................................... 34
25. Payments.............................................................................................................................................. 36
26. Deposits, Refunds and Withdrawals ............................................................................................... 37
27. Chargeback .......................................................................................................................................... 40
28. Complaints Handling Procedure ...................................................................................................... 40
29. Termination of Business Relationship ............................................................................................ 41
30. Client Money and Assets ................................................................................................................... 41
31. Dormant and Archiving Policy .......................................................................................................... 42
32. Affiliates / Introducers of Business ................................................................................................. 43
33. Conflicts of Interests .......................................................................................................................... 43
34. Risk Disclosures, Acknowledgement and Warranties .................................................................. 43
35. Indemnity and Limitation of Liability ............................................................................................... 50
36. Technical Issues ................................................................................................................................. 54
37. Manifest Errors .................................................................................................................................... 54
38. Hyperlinks to other sites controlled and/or offered by third parties .......................................... 55
39. Software ............................................................................................................................................... 55
40. Electronic Trading Terms .................................................................................................................. 56
41. Recording of Telephone Conversations, Electronic Communications and Meetings............. 58
42. Corporate Events and Actions ......................................................................................................... 59
43. Prohibited Trading Technics ............................................................................................................. 60
44. Amendments to the Agreement(s) ................................................................................................... 62
45. Information Disclosure ...................................................................................................................... 62
46. FATCA................................................................................................................................................... 62
47. Common Reporting Standards (‘CRS’) ........................................................................................... 63
48. TAX Implications ................................................................................................................................. 63
49. Privacy and Data Protection ............................................................................................................. 64
50. Event of Default ................................................................................................................................... 67

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51.
53.
54.
55.

Force Majeure ...................................................................................................................................... 70
Notices .................................................................................................................................................. 70
Survival................................................................................................................................................. 72
Governing Law and Jurisdiction ...................................................................................................... 72

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CLIENT AGREEMENTTERMS & CONDITIONS OF BUSINESS
These are the entire terms and conditions that apply to the access and/or use of any of the website(s),Electronic Trading Platform(s), Software and/or Services (hereinafter, collectively, referred to as our “Online
Trading Facility”) that are provided by Fintrade Limited.
FinTrade Limited is a limited liability company incorporated and registered under the laws of Mauritius, with
Company number 0447 and whose registered address is at c/o Amicorp (Mauritius) Limited, 6th Floor,
NeXTeracom Building, Ebene, Mauritius. The Company is authorized and regulated by the Financial Services
Commission in Mauritius (“FSC”) under the license number GB20025835 as Investment Dealer (Full Service
Dealer excluding Underwriting) (hereinafter referred to as the “Company” and/or “Fintrade” and/or“XMTRADING” and/or "we" and/or “our” and/or "us"). The Company will provide the services specified inthis Client Service Agreement (hereafter the "Agreement").
Please read these Terms and Conditions completely and carefully before accessing and/or using our Online
Trading Facility. You must read, agree with and accept all of the terms and conditions contained in thisAgreement without modifications, which include those Terms and Conditions expressly set out below, andthose incorporated herein by reference, before you seek to become a client of the Company.
IF YOU HAVE OBJECTIONS TO ANY OF THESE TERMS AND CONDITIONS, OR ANY PART THEREOF,
AND/OR IF YOU DO NOT AGREE TO BE BOUND BY THESE TERMS AND CONDITIONS, OR ANYPART THEREOF, DO NOT ACCESS AND/OR USE OUR ONLINE TRADING FACILITY IN ANY WAY
AND INFORM US IN WRITING IMMEDIATELY.
Your access and use of our Online Trading Facility constitute your acceptance of these Terms andConditions and any other legal notices and statements contained on or in our Online Trading Facility. Your
access and use of or Online Trading Facility is governed by the version of these Terms and Conditions
that is in effect on the date on which our Online Trading Facility is accessed and/or used by you. Pleasefeel free to contact our customer support team at support@xmtrading.com for any clarifications before
you continue to access and/or use of our Online Trading Facility.
We reserve the right to amend, alter, modify, delete or add to any of the provisions of these Terms andConditions at any time, in accordance with the Terms hereof. When these Terms and Conditions are
modified (hereinafter referred to as “Changes”) we will post such Changes on our Online Trading Facility
and/or otherwise notify you of such Changes. Each such notification shall be deemed as sufficient notice
and it is your duty to consult and/or to check regularly this Agreement on our Online Trading Facility regarding
any such Changes. Therefore, you should review these pages from time to time so as to ensure that you will
be aware of any such Changes. All amended terms shall be effective five (5) calendar days after their initial
posting on our Online Trading Facility, or as of the first time that you access and/or use our Online Trading
Facility after such amendments were made, whichever is sooner. Your continued use of our Online Trading
Facility after the publication of any Changes shall be considered as your agreement to such modified Terms
and Conditions and shall be governed by those Terms and Conditions, as modified. If you do not wish to bebound by those Changes, you should cease to access and/or use our Online Trading Facility and inform us
in writing, immediately.
Some areas or parts of our Online Trading Facility may have different specific terms of access and/or use
posted on them. If there is a conflict or discrepancy between these Terms and Conditions and any suchspecific terms of access and/or use, the latter shall have precedence with respect to your access and/or useof such relevant area or part of our Online Trading Facility.
Trading on any financial market involves a significant level of risk. Please be aware then that the 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

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member’s area on our Online Trading Facility, in particular, are for general information and educational
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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1.

Definitions and Interpretation

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

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

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1.21. "Durable Medium", when used in this Agreement, unless the context otherwise requires, shall mean
any instrument which enables clients to store information in a way accessible for future reference for aperiod of time adequate for purposes of the information and which allows the unchanged reproduction of
the information stored;
1.22. "Effective Date", when used in this Agreement, unless the context otherwise requires, shall mean thedate on which this Agreement enters into effect, as indicated on the confirmation e-mail sent by us to a
Client, indicating that such Client’s Account Opening Application Form(s) has/have been accepted;
1.23. "Equity" shall mean the aggregate of (i) the Balance; and (ii) unrealized profit or loss on open positions(after deduction of any Charges and the application of any Spread on closing of a position);
1.24. "Event of Default", when used in this Agreement, unless the context otherwise requires, shall have themeaning given to this term in clause 50 hereinafter;
1.25. "Financial Instruments" shall mean Contracts for Differences (CFD) on spot Forex, spot precious
metals, futures, shares or any other commodities available for trading;
1.26. "Fraud Traffic", when used in this Agreement, unless the context otherwise requires, shall mean
Deposits or traffic generated towards our Online Trading Facility through illegal means or in bad faith todefraud 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 and deposits generated on stolen credit cards,
collusion, manipulation of the service, system, bonuses or promotions (including, without limitation,“sniping” or “scalping” hereinafter, collectively, referred to as “arbitrage”, ‘cash back arbitrage’,‘interest arbitrage and/or ‘churning’), offers to share commission(s) or bonuses directly or indirectly withtraders, and any other unauthorized use of any third party accounts, copyrights or trademarks;
1.27. "Free Margin", when used in this Agreement, unless the context otherwise requires, shall mean thefunds 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 Account and subtracting the Margin
required to open positions relating to Transactions and/or Contracts entered into through the Account;
1.28. "Intellectual Property Assets", when used in this Agreement, unless the context otherwise requires,shall mean: (a) our Online Trading Facility; (b) our services; (c) any other of our platforms or software(including, without limitation, demos and any relevant system documentation and/or users' manuals); (d)this Agreement; (e) the Price Quotes we provide; and/or (f) any Pricing Data or other informationtransmitted via our Online Trading Facility or otherwise, including, without limitation, all Intellectual
Property Rights, directly or indirectly pertaining thereto;
1.29. "Intellectual Property Rights", when used in this Agreement, unless the context otherwise requires,shall mean all intellectual property rights such as; patents, trademarks, service marks, word marks,
copyrights, database rights, topography rights, industrial design, know-how, trade secrets, trade names,
logos, designs, symbols, emblems, insignia, slogans, marketing materials and other identifying materials,
in all forms whether or not registered or capable of registration and any other rights relating to intellectual
property in accordance with and/or under and/or pursuant to Applicable Laws, Rules and Regulations;1.30. "Listed Company", when used in this Agreement, unless the context otherwise requires, shall mean acompany whose securities are listed on a recognized Stock Exchange / regulated market;
1.31. "Margin" shall mean the necessary funds so as to open or maintain open positions in a CFD Transaction;
1.32. "Margin Call", when used in this Agreement, unless the context otherwise requires, shall mean amandatory request issued by us to increase the Margin deposited in a client’s Account in order to secure
the open positions relating to Transactions and/or Contracts entered into through an Account; when the
Margin posted in an Account is below the minimum Margin requirement, we may, but shall have no
obligation whatsoever, issue a Margin Call and in this case the client will have to either increase theMargin that he/she has deposited in his/her Account, or to close out his/her position(s); if the client does

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not do any of the aforementioned and the Account reaches the defined Stop-out Level, we shall beentitled to close all open positions relating to the Transactions and/or Contracts entered into through the
Account; in that regard, it should be noted that our Online Trading Facility operates with an automatedrisk 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 theTransactions and/or Contracts they are entering into via our Online Trading Facility; using this automatedrisk monitoring, Margin Call and Stop-out facility, we will, unless otherwise stated, apply initial,
maintenance or close out Margin call at the prevailing Margin Call or Stop-out levels, as stated from time
to time on our Online Trading Facility;
1.33. "Margin Level" shall mean (Equity/ Margin) * 100; it determines the conditions of the Client’s Account.
1.34. "MTF" means a multilateral system operated by an investment firm or market operator, which brings
together multiple third-party buying and selling interests in financial instruments in the system, in
accordance with non-discretionary rules, in a way that results in a contract;
1.35. "Market Disruption", when used in this Agreement, unless the context otherwise requires, shall mean,
with respect to any Security, the occurrence of any event or condition which in our good faith opinion has
a (a) material influence on the liquidity of, or volatility of foreign exchange rates for, the relevant
Underlying Security; (b) material influence on the settlement of transactions in relevant Underlying
Securities and, therefore, on the settlement of related Securities; or (c) impairs our ability to provide Price
Quotes 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 orsettlement of transactions in any Underlying Security(ies) (such as, the imposition of price controls,
currency exchange controls, mandatory exchange rates with respect to a particular Underlying Security
or a Force Majeure Event), which have or may have a material influence on the settlement ofTransactions and/or Contracts in related Securities;
1.36. "Market Maker", when used in this Agreement, unless the context otherwise requires, shall mean aprofessional participant in the financial markets who continuously quotes both a buy and a sell price inFinancial Instruments or commodities held in inventory in order to buy and sell respectively in the eventof interested clients, hoping to make a profit on the bid-offer spread, or turn; as such, market makers are
net sellers of an option to be adversely selected at a premium proportional to the trading range at which
they are willing to provide liquidity; being a Market Maker, we are the Client’s immediate counterpart in
relation to any Transaction and/or Contract entered into by a client via our Online Trading Facility;
1.37. "Non-Professional User/Retail User", when used in this Agreement, unless the context otherwise
requires, shall mean a person who: (a) subscribes to our Online Trading Facility as a private individual
and in a personal capacity; (b) is not currently registered or qualified as a professional securities trader,investment adviser or investment manager with any national or state exchange, regulatory authority,
professional association or recognised professional body; (c) does not currently act in any professional
capacity as a securities trader, an investment adviser or an investment manager whether or not he has
at some time been qualified to do so; and (d) uses the Online Trading Facility solely in relation to the
management of his own personal funds and not as a trader to the public or for the investment of corporate
funds;
1.38. "Online Trading Facility", when used in this Agreement, unless the context otherwise requires, shallmean, collectively and/or individually, as the context requires, all website(s), Electronic Trading
Platform(s), software and/or services provided by us, from time to time under and/or pursuant to theTerms of this Agreement;
1.39. "Order" when used in this Agreement, unless the context otherwise requires, shall mean a client’s Orderto enter into a Transaction and/or Contract in respect of a particular Security on conditions stipulated in
the Order; by default, an Order is unlimited (“GTC – Good Till Cancel”), but we and/or the Client may

Email: info@xmtrading.com | Web: www.xmtrading.com |Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritiusdefine the time of expiration of the Order; basic types of Order include the following: (a) a "Market
Execution Order" which is an Order instantly executed against a price that we have provided via our
Online Trading Facility; the following features may be attached to a "Market Execution Order": (i) ‘Stop
Loss’ (an Order to close a previously opened position at a price less profitable than the price at the timeof placing the limitation) is an Order to limit losses, whereas (ii) ‘Take Profit’ (an Order to close apreviously opened position at a price more profitable than the price at the time of placing the limitation)is an Order to limit profits; and (b) a "Pending Order", which is an Order to be executed at a later timeat the price specified in the Order; we will monitor a ‘Pending Order’ and when the price provided by us
reaches the price specified in the Order, the Order will be executed at the best available price as per ourOrder Execution Policy; the following types of Pending Orders are available: (i) ‘Buy Limit’ (an Order topurchase a Security at or below a specified price; it is triggered when the market price touches or goes
below the ‘buy limit’ price), (ii) ‘Buy Stop’ (an Order to buy a Security, which is entered at a price above
the current offering price; it is triggered when the market price touches or goes through the ‘buy stop’
price); (iii) ‘Sell Limit’ (an Order to sell a Security at a specified price or better; it is triggered when themarket price touches or goes through the ‘sell limit’ price); and (iv) ‘Sell Stop’ (an Order to sell a Security
when it reaches a certain price; it is triggered when the market price touches or goes below the ‘sell stop’
price); the following features may also be attached to any "Pending Order": (i) ‘Stop Loss’ and/or (ii)
‘Take Profit’;
1.40. "Over-the-Counter" or "OTC", when used in this Agreement, unless the context otherwise requires,shall refer to ‘Over-the-Counter’ trading (not on a regulated “exchange”, or “off-exchange”); any
Transaction and/or Contract concerning a commodity, security, currency or other Security or property,
including any option, future, or CFD, which is NOT traded on a regulated stock or commodity exchange,
but is traded ‘Over-the-Counter’, whether through a Market Maker, as described hereinabove, orotherwise;
1.41. "Party", when used in this Agreement, unless the context otherwise requires, shall refer to us and/or our
Client(s), as the case may be, as it appears from the context in which this term is used in this Agreement;
we and our Client(s) may, collectively, be referred to in this Agreement as the "Parties";
1.42. "Personal Data", when used in this Agreement, unless the context otherwise requires, shall mean and,collectively, include any information relating: (i) to an identified or (ii) to a directly or indirectly identifiable,
natural or legal Person, including, but not exclusively, any data on us, our employees, directors,
shareholders, prospects, contacts and/or suppliers and and/or our client(s);1.43. "Personal Data Protection Legislation", when used in this Agreement, unless the context otherwise
requires, shall mean, the Data Protection Act of 2017, as the same may be in force from time to time andmodified or amended from time to time and/or the General Data Protection Regulation (679/2016) whenenters into force, as may this be amended from time to time;
1.44. "Price Quote(s)" or "Quote(s)", when used in this Agreement, unless the context otherwise requires,shall mean the bid and ask prices at which a Financial Instrument can be bought and sold;
1.45. "Principal", when used in this Agreement, unless the context otherwise requires, shall mean theindividual person or the legal entity which is a party to a transaction (including, without limitation, theseTerms and Conditions, Transactions, Contracts and or any other legally binding obligations, terms
contracts and/or agreements);
1.46. "Privacy Polic(y)ies", when used in this Agreement, unless the context otherwise requires, shall mean
the “Privacy Policy” published on our website(s);1.47. "Prohibited Software", when used in this Agreement, unless the context otherwise requires, shall mean
any software that gives traders an unfair advantage; items that fall into this category shall include, butshall not be limited to, specialized software programs that are designed to exploit possible price latencies
on our Online Trading Facility or that allow for the use of technological and/or algorithmic trading patternthat are aimed at exploiting price latency arbitrage opportunities on our Online Trading Facility as further
specified, without limitation, in clause 43 (Prohibited Trading Techniques) hereinafter;

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1.48. "Representative(s)", when used in this Agreement, unless the context otherwise requires, shall mean
directors, officers, employees, lawyers, advisers, agents, licensees or other authorized representatives;
1.49. "Rollover Fee(s)/Swap(s)", when used in this Agreement, unless the context otherwise requires, shallmean the interest added to or deducted from a client’s Account for rolling over (holding/transferring) open
positions relating to Finance Transactions generated through an Account, to the next day; Rollover
Fee/Swap rates are calculated as the overnight interest rate differential between the two currencies on
which the position is held depending on the position type (Buy (Long) / Sell (Short)); Rollover Fees/Swaps
are charged on the client’s Account only on the positions kept open to the next trading day; Rollover
Fees/Swaps are calculated and applied on every trading night; although there is no rollover on Saturdays
and Sundays when the markets are closed, banks still calculate interest on any position held over the
weekend; to level this time gap, we apply a 3-day rollover strategy. Particularly, for CFDs on currencies
and precious metals night rollover/swaps are charged on a triple rate on Wednesdays, whilst for CFDs
on cash indices, cash energies and stocks a triple rate is charged on Fridays; please note that Rollover
Fees/Swap rates are subject to change at our sole discretion;
1.50. "Underlying Asset" means property of any description (including a currency or currency pair) or an
index or other factor designated in a CFD Transaction to which reference is made to fluctuations in thevalue or price for the purpose of determining profits or losses under the CFD Transaction;
1.51. “Security(ies)”, when used in this Agreement, unless the context otherwise requires, shall include any
instruments prescribed to be securities for the purposes of the Act;1.52. "Services" shall mean the services to be provided by the Company under this Agreement;
1.53. "Spread" means the difference between the lower bid price and higher offer price of a quoted two-way
price for a Financial Instrument;
1.54. "Stop-out", when used in this Agreement, unless the context otherwise requires, shall mean the situation
where, because of the equity in an Account reaches the Stop-out Level (i.e. drops below the Margin
Level required to maintain open positions – see below) or because your equity has entered into a
negative territory, our Online Trading Facility will start automatically to close trading positions (startingfrom the least profitable position and until the Margin Level requirement is met) in order to prevent further
account losses into the negative territory;
1.55. "Stop-out Level", when used in this Agreement, unless the context otherwise requires, shall mean thelevel of equity in an Account where our Online Trading Facility will start automatically to close trading
positions (starting from the least profitable position and until the Margin Level requirement is met) in orderto prevent further account losses into the negative territory; for all trading accounts the Stop-out Level isequal to 20% of the Margin Level required to maintain open positions;1.56. "Transaction", when used in this Agreement, unless the context otherwise requires, shall mean anytransaction subject to this Agreement, and shall include, without limitation: (a) transactions in Financial
Instruments (including, without limitation, contracts for differences, spot or forward contracts of any kindin 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, spot or forward contracts of any kindin 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 thisAgreement;
1.57. "Regulated Market" shall mean a multilateral system that is operated or managed by a market operator
including securities exchange and that brings together or facilitates the bringing together of multiple thirdparty buying and selling interests in financial instruments within the system.

Email: info@xmtrading.com | Web: www.xmtrading.com |Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritius

2.

Parties to the Agreement and its Severability

2.1. This Agreement governs the relationship between yourself (hereinafter referred to as "you" or “your” or,in general terms, the “client”) and the Company and is electronically executed. The Client is required toaccept these terms provided that it has read and agrees with the terms of the Agreement by checking
and/or clicking the respective acceptance checkbox during the Online Account Opening Procedure which
is further explained below.
2.2. This Agreement describes in full detail the Terms and Conditions you must accept, without restrictions
or objections, before accessing and/or using our Online Trading Facility. Furthermore, before you accessand/or use our Online Trading Facility and before you become a client of the Company, you must fully
understand and agree to all the terms and conditions expressly explained and/or implied hereto, and/or
incorporated herein by reference.
2.3. This Agreement (together with its annexes, appendices, addenda, attachments, schedules and exhibits
and/or amendments) represents the entire agreement between you and us concerning the access anduse of our Online Trading Facility and it cancels and supersedes all previous arrangements oragreements by and between you and us with respect to the subject matter hereof, superseding any othercommunications or understandings between you and us, except as determined and/or stated otherwise"in the terms agreed upon by mutual consent of the Parties".
2.4. Nothing contained in this Agreement shall be construed as requiring the commission of any act contrary
to Applicable Laws, Rules and Regulations. Whenever there is any conflict and/or discrepancy between
any provision of this Agreement and any present or future applicable statute, law, ordinance or regulation
governing the transactions hereunder, the latter shall prevail, but in such event the provision of thisAgreement thus affected shall be curtailed and limited only to the extent necessary to bring it within therequirement of the law.
2.5. Each part of this Agreement is a distinct undertaking. In the event that any provision of this Agreement
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. With
respect to the provisions of this Agreement, which are held to be invalid or unenforceable, in whole or inpart, the Parties will negotiate in good faith with the intention to replace the void provision with a valid
one that in its economic effect complies best with the void provision in a manner consistent with theirjoint intention as expressed herein and this Agreement shall, to the fullest extent lawful, be reformed andconstrued as if such invalid or illegal or unenforceable provision, or part of a provision, had never been
contained herein, and such provision or part reformed so that it would be valid, legal and enforceable tothe maximum extent possible.
2.6. Without limiting the foregoing, if any provision (or part of provision) contained in this Agreement shall for
any reason be held to be excessively broad as to duration, activity or subject, it shall be construed bylimiting and reducing it, so as to be enforceable to the fullest extent compatible with the existing applicablelaw.
2.7. Where any form of the word “Online Trading Facility” appears in this Agreement, it will be interpreted
as if followed by the phrase “and/or any component or part thereof”, unless the context requires
otherwise.
2.8. Where any of the words “purchase” and/or “sale” and/or “buy” and/or “sell” appear in this Agreement,
unless the context otherwise requires, they will be read and construed as technical terms only, as thisAgreement does NOT envisage the transfer of title to any Financial Instruments (“delivery”) tradedhereunder.

3.

The Services Provided

Email: info@xmtrading.com | Web: www.xmtrading.com |Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritius

3.1.

The Company is licensed under the Financial Securities Commission (‘FSC’) of Mauritius to act asintermediary in the execution of securities transactions for Clients. We will act as principal (and Market
Maker) with the intention of reselling these securities to the public and not as agent on your behalf. We
shall treat you as a Retail Client, unless we notify you otherwise.

3.2.

You act as Principal and sole beneficial owner (but NOT as trustee) in entering into this Agreement
and/or any Transactions and/or Contracts via our Online Trading Facility.

3.3.

Our Services shall involve Transactions in Financial Instruments not admitted to trading in RegulatedMarkets or an MTF, but in the off-exchange/Over-the-Counter (‘OTC’) market, including traded
instruments such as CFDs or any other financial instruments or commodities. In general, the Over-TheCounter (OTC) Market is unregulated, there are no limitations on daily price movements (unlessimposed by a government or central bank authority), no rules to regulate valuation or settlement
procedures, and no minimum financial requirements for market participants. Accordingly, it may bedifficult or impossible to liquidate an existing position, to assess the value, to determine a fair price orto assess the exposure to risk. For these reasons, these transactions may involve increased risks. Offexchange Transactions may be less regulated or subject to a separate regulatory regime. Before you
undertake such Transactions, you should familiarize yourself with applicable rules and attendant risks.

3.4.

As part of our Services, we will use reasonable commercial efforts to supply you with the informational
and technical means to access and use our Online Trading Facility, and provide you with market accessand trade execution services (“Transactions”) in Supported Financial Instruments on a ‘rolling spot’ or‘swap’ basis, in a twenty-four-hour mode of operation, from Sunday 22:05 GMT to Friday 21:50 GMT,
except on official public holidays in the USA and Europe (“Dealing Hours” or “Trading Hours”), subject
to the relevant markets in London, the USA and/or Asia being open.

4.

Market Making

4.1.

You are specifically made aware that in certain markets, including the foreign exchange markets, OTC
foreign exchange options and CFD Contracts, we may act as a “Market Maker”, i.e., we may take therisk of holding a certain number of Financial Instruments in order to facilitate trading in these Financial
Instruments by displaying/quoting ‘bid’ and ‘ask’ prices (‘buy’ and ‘sell’ quotations) for such Financial
Instruments on our Online Trading Facility and filling Orders received in respect to such Financial
Instruments from our own inventory or seeking an offsetting Order.

4.2.

In order for us to provide Price Quotes with the swiftness normally associated with speculative trading,we may have to rely on available price or available information that may later prove to be faulty due tospecific market circumstances, for instance, but not limited to, lack of liquidity in, or suspension of an
Underlying Instrument or asset or errors in feeds from information providers or in Price Quotes from
our Counterparties. In these circumstances, provided that we have acted in good faith when providing
the relevant Price Quote to you, we may cancel the relevant Transaction and/or Contract with you, butshall do so within reasonable time and shall provide you with a full explanation for the reason of suchcancellation.

4.3.

Following execution of any position with you, we may, at our reasonable discretion, subsequently offset
each such position with you with another client position or with a position with one of our Counterparties,
or we may decide to retain a proprietary position in the Market with the intention to obtain trading profits
from such positions. Such decisions and actions may therefore result in us offsetting client positions at
prices different – sometimes significantly different – from the Price Quotes provided to you, resulting in
trading profits or losses for us. This in turn, can raise the possibility of you incurring, what may be seenas, an implied cost (i.e., the difference between the price at which you traded with us and the price atwhich we subsequently traded with our Counterparties and/or other clients), due to any profits realisedby us as a result of the Market Making function. Please also note, however, that the Market Making
function may involve significant costs to us, if the market moves against us in comparison to the priceat which we traded with you.

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4.4.

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.

4.5.

In Markets, where we act as a Market Maker, you accept that we have no obligation to quote prices toyou and/or any of our other clients, at any time in any given Market, nor shall we have an obligation toprovide such Price Quotes to you and/or any of our other clients with a specific maximum spread.

4.6.

You acknowledges, recognize and accept that the Price Quotes provided to you include a ‘spread’
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 that such ‘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.

4.7.

Any commission costs, interest charges, costs associated to and included in the ‘spreads’ that are partof the Price Quotes provided by us as a Market Maker in certain Markets, and any other fees andcharges 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.

4.8.

Whilst dealing ‘spreads’ and commissions are normally considered moderate seen in relation to thevalue of the Financial Instruments traded, such costs may be considerable when compared with yourMargin 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.

4.9.

If you are an active trader and you are undertaking numerous Transactions and/or Contracts, the total
impact of visible as well as invisible costs may be significant. Consequently, you may have to obtainsignificant profits in order to cover the costs associated with the trading activities you undertake with us
as a Market Maker. For very active clients, such costs may over time exceed the value of the Margindeposited with us. Normally, when trading Margined derivatives, the lower the percentage of theapplicable Margin rate, the higher the proportion of the costs associated with executing a Transaction
and/or Contract.

4.10. You are hereby specifically made aware that in the area of Market Making in foreign exchange, CFD
Contracts and other OTC products, significant implied costs can arise as a consequence of the profits
made by us performing in our capacity as a Market Maker; thus, our performance as a Market Maker
may negatively affect your Account with us and the said associated costs may neither directly visible
nor directly quantifiable for you at any time.
4.11. You are hereby specifically made aware that CFDs may be OTC products quoted by us whilst operating
as a Market Maker, and are not traded on a recognized stock exchange. As a result, the description
above of the implied, not visible costs related to our performance as a Market Maker, may also apply
to any CFD Contract.

5.

Electronic Signatures and Acceptance of Agreement(s)5.1. You hereby expressly acknowledge and agree that: (a) by downloading, completing and/or submitting
to us the account documentation and forms posted on our Online Trading Facility (hereinafter referred
to as the “Account Opening Application Form(s)”) and/or clicking in the appropriate space, or on the“I Accept” button, or similar buttons or links as may be designated by us to show your approval andacceptance of this Agreement, and/or (b) by accessing or using, and/or by continuing to access or use,
our Online Trading Facility, you are entering into a legally binding contract by and between you and us,
and you fully agree to abide by and to be bound by all the Terms and Conditions set out in thisEmail: info@xmtrading.com | Web: www.xmtrading.com |Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritius

Agreement, as they may apply to you.
5.2. You hereby agree to communications being made, and to the delivery of this Agreement and/or any
agreements by and between us, or changes in these Terms and Conditions, via electronic media(including, without limitation, Electronic Messaging, website postings e-mail, or other electronic means)to the extent permitted by Applicable Laws, Rules and Regulations. Communications being made via
electronic media in order to enter into contracts, place Orders and other records and to the electronicdelivery of notices, policies and records of transactions initiated or completed through our Online Trading
Facility and/or in relation thereto, shall, to the extent permitted by Applicable Laws, Rules andRegulations, be treated as satisfying any legal requirement that a communication should be ‘signed’ and‘in writing’. Accordingly, any such documents that are delivered to you electronically are deemed to be"in writing".
5.3. If your signature or acknowledgement is required or requested with respect to any such document andyou "click" in the appropriate space, or on the “I Accept” button, “Submit” button, or on similar buttons
or links as may be designated by us to show your approval and acceptance thereof, or take such otheraction as may be indicated on our Online Trading Facility, you will be deemed to have ‘signed’ and/or
acknowledged the document to the same extent and with the same effect as if you had signed the
document manually. To the extent permitted under applicable mandatory law, you hereby waive any
rights or requirements under any Applicable Laws, Rules and Regulations in any jurisdiction, which
require an original (non-electronic) signature or delivery or retention of non-electronic records.
5.4. You hereby expressly acknowledge your understanding that you have the right to withdraw your consent
to the electronic delivery and signature of documents at any time by providing prior written notice to us.
However, if you revoke your consent, your access to and/or use of our Online Trading Facility may be
restricted or terminated, at our sole discretion and without any obligation on our end to provide you withany explanation and/or justification thereof.

6.

Acceptance and Scope of the Agreement(s)6.1. We shall evaluate the Account Opening Application Form(s) you submitted for the purpose of
becoming a client of us and shall inform you by e-mail whether your application is accepted or not. We
reserve the right to refuse and/or decline your application(s), at our sole discretion and for any reason,
without being obliged to provide you with any explanation or justification.
6.2. Without prejudice to the provisions of clause 5.1 hereinabove, in particular as regards your acceptanceand acknowledgement of this Agreement, we will become a Counterparty bound to this Agreement,
and this Agreement will become binding on us, only as of the date on which we are sending the abovementioned confirmation e-mail, as indicated thereon (the “Effective Date”).
6.3. This Agreement applies to all of our Online Trading Facility, including, without limitation, all electronic
content thereof and/or software provide thereon (including, without limitation, all real time information
about the Price Quotes of supported Securities provided thereon); as well as all program facilities for
executing Transactions in supported Securities via our Online Trading Facility via the Internet,
Electronic Messaging, website postings, e-mail, phone, fax or otherwise, and any other features,content or services that we may add in the future.
6.4. We may, from time to time, send to you further communications in respect of certain Transactions
and/or Contracts, which may contain specific legal and/or contractual provisions applicable withrespect to such Transactions and/or Contracts. In the event of any conflict and/or discrepancy between
the clauses of this Agreement and/or its annexes, appendices, addenda, attachments, schedules
and/or exhibits, and the legal and/or contractual provisions set forth in such communications to you in
respect of certain Transactions and/or Contracts, the latter shall prevail. The fact that a legal and/or
contractual provision is specifically set forth herein, or is included in a specific communication to you,in respect of one particular Transaction and/or Contract, shall not preclude a similar legal and/or
contractual provision being expressed or implied, or being applicable, in relation to any other

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Transaction and/or Contract.

7.

Authorisation

7.1. Our Online Trading Facility is available to, and may only be used by individuals, which can form legallybinding contracts under the law applicable to their country of residence Without limiting the foregoing,
our Online Trading Facility is NOT available to persons who are under the age of 18, or otherwise
under legal age in their country of residence (hereinafter referred to as "Minors"), or who, otherwise,cannot form legally binding contracts under the law(s) applicable in their country of residence.
7.2. For avoidance of doubt, we shall not be responsible for any unauthorized access and/or use by Minors
of our Online Trading Facility in any way or manner and we are not responsible for determining whether
any Transactions and/or Contracts you may enter into via our Online Trading Platform are suitable,
appropriate or advisable to you.
7.3. In accordance with the foregoing, you hereby represent and warrant, without prejudice to any otherrepresentations, warranties and/or covenants made under this Agreement: (a) that you are an
individual who can form legally binding contracts under the laws applicable in your country ofresidence; (b) if you are an individual, that you are above the age of 18 or otherwise above the legal
age in your country of residence; (c) that all of the information provided by you to us for the purposesof, 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 correctand current; (d) that you have all necessary rights, power, and authority to enter into this Agreement
and to perform the acts required of you hereunder; (e) that you are not a politically exposed person
and you do not have any relationship (e.g., relative, associate, etc.) with a person who holds or held
during the last three (3) years any public position; (f) you are not an employee of a Listed Company.
7.4. We do not accept any trading from clients who are employed by a Listed Company. We reserve theright in such cases, in our sole discretion, to impose any restrictions deem appropriate on your trading
account(s), including the immediate termination of our business relationship, and thus, the close-outof any open Transactions and/or Contracts without prior notice and without being obliged to provide
you with any explanation or justification.
7.5. IF ANY OF THE STATEMENTS SET FORTH IN THE IMMEDIATELY PRECEDING PARAGRAPH IS
UNTRUE OR INACCURATE WITH RESPECT TO YOU, PLEASE INFORM OUR CLIENT SUPPORTTEAM IMMEDIATELY IN WRITING AND WE SHALL INFORM YOU IF, HOW AND/OR WHETHERYOU MAY CONTINUE TO ACCESS AND/OR USE OUR ONLINE TRADING FACILITY.
7.6. In agreeing to these Terms and Conditions, you authorize us, or agents acting on our behalf toinvestigate your credit standing and in connection therewith to contact such banks, financial institutions
and credit agencies as we shall deem appropriate to verify such information. You further authorize us
to investigate any current and past investment activity, and in connection therewith, to contact such,exchanges, broker/dealers, banks, and others as we shall deem appropriate.

8.

Limited License, Access to Use our Online Trading Facility and Restrictions

8.1. Subject to the Terms and Conditions set forth herein, we hereby grant you a non-exclusive, revocable,
non-transferable, limited and personal license (which is incapable of sub-license or transfer by you,without our express prior and written agreement) to access and use our Online Trading Facility (the"License") in accordance with these Terms. This license is conditioned on your continued compliancewith the Terms and Conditions set forth in this Agreement. Before we grant you access to our Online
Trading Facility, you will already need to be (and be accepted as) a Client of ours and to have opened
an Account with us. These Terms supplement and form part of the Account Opening Application
Form(s). If there is a conflict between these Terms and the terms of the Account Opening Application
Form(s), these Terms will prevail regarding our Online Trading Facility.

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8.2. We may be required by a Third-Party Service Provider to require you to comply with additional
restrictions on your access and/or usage of our Online Trading Facility. You agree that you will comply
with any additional restrictions on your access and/or usages that we may communicate to you fromtime to time, or that are otherwise the subject of an agreement between you and such Third-Party
Service Providers. You acknowledge that failure to comply with such additional restrictions may resultin your access to and/or usage of all or part of our Online Trading Facility being restricted, suspended
or terminated.
8.3. Our Online Trading Facility is intended for your personal, non-commercial use only, unless we haveexpressly agreed otherwise beforehand and in writing. You agree to use the information received fromour Online Trading Facility (and/or from any other of our information systems) for the sole purpose ofentering into and executing Transactions and/or Contracts through our Online Trading Platform. You
represent and warrant to us as of the date of acceptance of these Terms and Conditions and eachtime you access our Online Trading Facility that you are accessing and/or using our Online Trading
Facility for your personal, non-commercial use only. You will notify us immediately in writing if you areaccessing and/or using our Online Trading Facility for purposes other than your personal, noncommercial use only and you acknowledge that as a result of doing so we may restrict, suspend and/or
terminate your access to all or part of our Online Trading Facility, at our sole discretion, without being
obliged to provide you with any explanation or justification.
8.4. For the avoidance of doubt, you shall at all times be responsible for, and shall be bound by, any
unauthorized access and/or use of our Online Trading Facility, made in breach of this Agreement.
8.5. It is your obligation to keep your Account numbers, usernames and passwords (“Access Codes”)
strictly confidential. You acknowledge and agree that any instruction or communication transmitted via
our Online Trading Facility by you or on your behalf, or through your Account, is made entirely at yourown risk. You hereby expressly authorize us to rely and act on, and treat as fully authorized and binding
upon you, any instruction given to us that we believe to have been given by you or on your behalf by
any agent or intermediary whom we believe in good faith to have been duly authorized by you. You
acknowledge and agree that we shall be entitled to rely upon your Account number, Access Codes(usernames and/or passwords) to identify you and agree you will not disclose this information toanyone not duly authorized by you.
8.6. Because all servers have limited capacity and are used by many people, you agree not to use ourOnline Trading Facility in any manner that could damage or overburden any of our servers, or any
network connected to any of our servers and not to use our Online Trading Facility in any manner thatwould interfere with any other party's use of our Online Trading Facility. You further agree not to use
any Electronic Messaging and/or communication feature of our Online Trading Facility for any purposethat is unlawful, tortuous, abusive and intrusive on another's privacy, harassing, libellous, defamatory,embarrassing, obscene, threatening or hateful.
8.7. The License granted under this Agreement will be terminated with immediate effect if we believe that
any information provided by you, including, without limitation, any identification evidencing nationality,
residence, contact details, including without limitation your e-mail address, is no longer current or
accurate, or if you fail to otherwise comply with any Term of this Agreement and/or any rules and/or
guidelines imposed by us, or if we were to establish that you have abused in any way (including, but
not limited to, engaging in Transactions and/or Contracts on out of market rates) through our Online
Trading Facility.
8.8. Upon such violation, you agree to cease, with immediate effect, accessing and/or using our Online
Trading Facility. You agree that, under these circumstances, we shall be entitled, at our sole discretion
and with or without prior notice and without prejudice to any other remedies we may have under thisAgreement, to terminate your access to our Online Trading Facility, close any and all of your open
positions and/or remove and discard any related information or content within our Online Trading
Facility.

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8.9. We reserve the right to suspend the operation of our Online Trading Facility, or any part(s) or sections
thereof, at any time. In such an event, we may, at our sole discretion (with or without notice), close out
your open positions, Transactions and/or Contracts at prices we consider fair and reasonable at suchtime, and no claims may be entertained against us in connection thereto.
8.10. We may, at our sole discretion, impose volume or other limits on any / all Accounts.
8.11. Contract pay-outs shall be determined by us by reference to the daily values reported on our Online
Trading Facility, relevant to the interbank trading data received by us for Transaction and/or Contract
quotes, subject to the ‘proviso’ that we shall be entitled to make corrections to such data in the eventof mispriced or typographically incorrect data.
8.12. You understand that while the Internet and the World Wide Web are generally reliable, technicalproblems or other conditions may delay or prevent you from accessing and/or using our Online Trading
Facility.
9.

Accuracy of Information and Third-Party Content and Research

9.1. While we have made every effort to ensure the accuracy of the information posted on our Online
Trading Facility, the information and content on our Online Trading Facility is subject to change without
notice and is provided for the sole purpose of assisting traders to make independent investment
decisions.
9.2. While we have taken reasonable measures to ensure the accuracy of the information on our Online
Trading Facility, we do not, however, guarantee its accuracy, and will not accept liability for any loss
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.
9.3. All content on our Online Trading Facility is presented only as of the date published or indicated, andmay be superseded by subsequent market events or for other reasons. In addition, you are responsible
for setting the cache settings on your browser to ensure you are receiving the most recent data.
9.4. At certain times, we may provide various analytical tools (such as market data, exchange rates, news,
headlines and graphs), links to other websites, circulate newsletter and/or provide you with third
parties’ information on our Online Trading Facility, for your convenience only. By doing so, we are notendorsing, giving any representation, warranting, guaranteeing or sponsoring the accuracy,
correctness, timeliness, completeness, suitability of such information for you and/or as to the effect orconsequences of such information on you. Such information and tools are provided solely to assist
you to make your own investment decisions and does not amount to investment advice or unsolicitedfinancial promotions to you.
9.5. You understand that we are not obligated to continue to provide the above-mentioned tools andinformation and we may remove such informational tools from our Online Trading Facility at any time.
Furthermore, we are not obligated to update the information displayed on our Online Trading Facility
at any time and we will not be liable for the termination, interruption, delay or inaccuracy of any suchinformation. The financial information we post on our Online Trading Facility may be provided by third
parties for the benefit or our clients and as such you undertake not to enable deep linking or any otherform of redistribution or reuse of the information, to any non-authorized users. As such, we urge you
to read and fully understand the terms and conditions and other policies of such websites, newslettersand information before using them.
9.6. Any information or material placed on our websites by third parties (“Third Party Content”) reflects
solely and exclusively the views, and are the responsibility of, those who post such information ormaterial, and do not represent our views and/or those of our Associates. Such information is not to beconsidered as constituting a track record. Past performance is no guarantee of future results and we

Email: info@xmtrading.com | Web: www.xmtrading.com |Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritiusspecifically advise clients and prospects to carefully review all claims and representations made byother traders, advisors, bloggers, money managers and system vendors before making an investment
decision on the basis of any of the foregoing.
IN NO EVENT SHALL WE AND/OR ANY OF OUR AFFILIATES BE LIABLE, DIRECTLY OR
INDIRECTLY, TO ANYONE FOR ANY DAMAGE OR LOSS ARISING FROM OR RELATING TO ANY
USE, CONTINUED USE OR RELIANCE ON ANY SUCH TOOLS, WEBSITES, NEWSLETTERS
AND/OR INFORMATION PROVIDED ON OUR ONLINE TRADING FACILITY. IN PARTICULAR,
WITH RESPECT TO ANY MARKET DATA, EXCHANGE RATES, NEWS, HEADLINES AND
GRAPHS AND/OR OTHER INFORMATION THAT WE AND/OR ANY THIRD PARTY SERVICEPROVIDER PROVIDES TO YOU IN CONNECTION WITH YOUR USE OF OUR ONLINE TRADING
FACILITY: (I) WE ARE NOT RESPONSIBLE OR LIABLE IF ANY SUCH DATA OR INFORMATIONIS INACCURATE OR INCOMPLETE IN ANY RESPECT; (II) YOU ARE RESPONSIBLE (AND WESHALL NOT BE LIABLE) FOR ANY ACTIONS THAT YOU TAKE OR REFRAIN FROM TAKING AS
A RESULT OF SUCH DATA OR INFORMATION; (III) YOU WILL NOT USE SUCH DATA OR
INFORMATION FOR AN INAPPROPRIATE OR ILLEGAL PURPOSE; (IV) YOU ACKNOWLEDGE
THAT ANY SUCH DATA OR INFORMATION IS OUR PROPERTY AND/OR, AS THE CASE
MAY BE, THE PROPERTY OF OUR THIRD PARTY SERVICE PROVIDERS AND YOU WILLNOT RETRANSMIT OR DISCLOSE SUCH DATA OR INFORMATION TO THIRD PARTIES EXCEPTAS REQUIRED BY RELEVANT LAW; AND (V) YOU WILL USE SUCH DATA OR INFORMATIONSOLELY IN COMPLIANCE WITH ALL RELEVANT APPLICABLE LAWS, RULES AND
REGULATIONS.
9.7. Neither we, nor our officers, principals, employees, Representatives or agents shall be liable to any
person for any losses, damages, costs or expenses (including, but not limited to, loss of profits, lossof use, direct, indirect, incidental or consequential damages) resulting from any errors in, omissions ofor 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.
9.8. As previously indicated, our Online Trading Facility may include general news and information,commentary, interactive tools, quotes, research reports and data concerning the foreign exchange
markets, other financial markets and other subjects.
9.9.

Some of this content may be supplied by Persons that are not affiliated with us ("Third Party
Content"). The source of all such Third-Party Content is clearly and prominently identified on our
Online Trading Facility and is reproduced with the permission of the respective owners.

9.10. Third Party Content may be available through framed areas, through hyperlinks to third party
websites, or may simply be published on our Online Trading Facility. As indicated above, the ThirdParty Content is protected by applicable intellectual property laws and international treaties and isowned by or licensed from the Third-Party Content provider(s) credited.
9.11. We do not, explicitly or implicitly, endorse or approve such Third-Party Content. The Third-Party
Content providers do not, implicitly or explicitly, endorse or approve the Third-Party Content, norshould their content be construed as legal, tax or investment advice.
9.12. While we make every attempt to provide accurate and timely information to serve the needs of ourClients, neither we, nor any of our Third-Party Content providers guarantee its accuracy, timeliness,completeness or usefulness, and neither we, nor any of our Third-Party Content providers is/areresponsible or liable for any such content, including any advertising, products, or other materials on
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 specifically disclaim any liability for Third Party
Content available on our Online Trading Facility. You will use Third Party Content only at your own
risk.
9.13. ANY THIRD-PARTY CONTENT ON OUR ONLINE TRADING FACILITY IS PROVIDED ON AN "ASIS" BASIS. OUR THIRD-PARTY CONTENT PROVIDERS EXPRESSLY DISCLAIM ALL

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WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANYWARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NONINFRINGEMENT.
9.14. THE THIRD PARTY CONTENT PROVIDERS AND THEIR PARENTS, SUBSIDIARIES,AFFILIATES, SERVICE PROVIDERS, LICENSORS, OFFICERS, DIRECTORS OR EMPLOYEESSHALL 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, EVEN IF
SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

10.

Limitation on Investment Guidance and Professional Advice

10.1. Our Online Trading Facility is NOT intended to provide legal, tax or investment advice. Any and all
information on our Online Trading Facility is for educational purposes only and is under 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.
10.2. You are solely responsible for determining whether any investment, investment strategy or relatedtransaction is appropriate for you based on your personal investment objectives, financial
circumstances and risk tolerance. You should consult your legal or tax professional regarding yourspecific situation.

11.

Legal Restrictions

11.1. Without limiting any of the foregoing, our Online Trading Facility is NOT available where it is illegal
to access and/or use, and we reserve the right to refuse, decline and/or cancel our Online Trading
Facility and/or any part or component thereof, at our sole discretion and for any reason, at any time,
without being obliged to provide you with any explanation or justification thereof.
11.2. In that regard, you understand that the laws regarding financial contracts vary throughout the world,
and that it is your, and only your obligation alone to ensure that you fully comply with any law,regulation or directive, relevant to your country of residency, or, in the case of a Legal Entity, in its
country 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 WRITING IMMEDIATELY.
11.3. Our Online Trading Facility does NOT constitute, and may NOT be used for the purposes of, an offer
and/or solicitation to anyone in any jurisdiction in which such offer and/or solicitation is not authorized,
and/or to any person to whom it is unlawful to make such an offer and/or solicitation. Access to
and/or use of our Online Trading Facility, and the offering of financial contracts via our Online Trading
Facility, may be restricted in certain jurisdictions, and, accordingly, users accessing our Online
Trading Facility are required to inform themselves of, and to observe, such restrictions.
11.4. IMPORTANT NOTE: WE DO NOT ACCEPT ANY TRADING FROM CLIENTS RESIDING IN THE
UNITED STATES. WE RESERVE THE RIGHT TO IMPOSE ADDITIONAL REQUIREMENTS OR
PRE-CONDITIONS TO ACCEPT CLIENTS RESIDING IN OR FROM SPECIFIC COUNTRIES AT

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ANY TIME AND AT OUR SOLE AND EXCLUSIVE DISCRETION, WITHOUT BEING OBLIGED TOPROVIDE ANY EXPLANATION OR JUSTIFICATION.

12.

Copyright, licenses and trademarks

12.1. The entire contents of our Online Trading Facility, including but not limited to all copyrights,
trademarks, patents, service marks, trade names, software code, icons, logos, characters, layouts,
trade secrets, buttons, colour scheme and graphics, are protected by international copyright andtrademark 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 theexclusive rights to reproduce, display, prepare derivative works or distribute. The names, logos,
trademarks, copyrights and all other intellectual property rights in all of the material and software on
our Online Trading Facility are owned by us or by our Third Party Licensors. All third-party ownedmaterials contained on our Online Trading Facility are reproduced with the permission of therespective owners.
12.2. You may not, without our prior written permission, alter, modify, copy, reproduce, republish,
upload, post, transmit, distribute or commercially exploit, in any manner whatsoever, any materials,
including text, graphics, video, audio, software code, user interface design or logos, from our Online
Trading Facility, except that you may print and download portions of material from the different areasof our Online Trading Facility solely for your own, non-commercial, use provided that you agree notto change or delete any copyright or proprietary notices from such materials. All referenced third
party logo’s trademarks and products on the site are the property of the respective (site) owner(s)and must not be used or distributed without permission of the owner(s). Any violation of theseprovisions 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 thoseinstances where we may permit you to link from another website to our Online Trading Facility, yourwebsite, as well as the link itself, may not, without our express prior and written permission, suggestthat we endorse, sponsor or are affiliated with any third-party website, entity, service or product, andyou may NOT make use of any of our logo’s, trademarks or service marks other than those contained
within the text of the link.
12.4. All copyrights, trademarks, patents, trade secrets and other title, ownership rights and Intellectual
Property Rights in and/or relating to: (a) our Online Trading Facility; (b) our Services; (c) any otherof 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 the term
“Intellectual Property Assets” shall be taken to include all materials, content and services madeavailable from time to time via our Online Trading Facility, whether viewed on screen or downloaded
to another computer including, without limitation, Third Party Content.
12.5. Under no circumstances shall you remove any copyright notification from any of our Intellectual
Property Assets or unlawfully use any of our Intellectual Property Assets. You will not publish,
distribute, or otherwise make any of our Intellectual Property Assets available to third parties any
information derived from or relating to our Intellectual Property Assets, Website(s), Services, Online
Trading Facility 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

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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 orother embedded links from any software program to our Intellectual Property Assets and/or any
component thereof; (f) remove or obscure any of our copyright notices or those of any of our Third
Party Licensors from any of our Intellectual Property Assets and/or any component thereof, (g) use
any of our trademarks, service marks, trade names, domain names, logos, or other identifiers, or
those of any of our Third Party Licensors (collectively “Marks”); or (h) save to the extent permitted by
Applicable Laws, Rules and Regulations reverse engineer, decompile, disassemble, or access thesource code of any of our Intellectual Property Assets and/or any component thereof.
12.6. Any copies of our Online Trading Facility, or any part thereof, made in accordance with any
Applicable Laws, Rules and Regulations are subject to the terms and conditions of this Agreement.
You 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 ofsuch copies.
12.7. Any permitted use of Marks shall be subject to our, respectively our Third Party Licensors’, quality
control standards, and all associated goodwill shall inure to our, respectively, our Third Party
Licensors’ benefit.

13.

Registration and Eligibility

13.1. We are obligated by law to confirm and verify the identity of each person who registers on our systemand opens an Account with us; therefore, as part of our obligations to comply with applicable “AntiMoney Laundering (“AML”) Legislation”, you will be prompted to provide us with the following
information when you register with us: (a) name; (b) address/ residency; (c) date of birth; (d)nationality; (e) contact information; (f) payment instructions; (g) any other personally identifiable
information that we may ask for from time to time, such as a copy of your Passport and/or otheridentifying documents; and (h) any other information as required by applicable laws and regulations(e.g., CRS, FATCA, etc.).
13.2. It is further understood that Company reserves the right to impose additional due diligencerequirements to accept Clients residing in certain countries where the risk of money laundering may
be higher. During the customer identification and due diligence checks the Company shall apply
processes to verify the Client’s identity for which (amongst other things) photo identification information
will be required by the Client. In certain circumstances we may require this information to beauthenticated by an appropriate third party.
13.3. At any given time, starting from the date of your registration with us, we may ask you to provide
personally identifiable information. We reserve the right to limit, block access to our Online Trading
Facility and/or terminate and/or close your Account with us, if such information is not provided and/or
if any such information provided to us appears to be untrue, inaccurate, incomplete and/or incorrect.
If you choose to provide us with such information and register with us as our client, you are confirming
to us that any information provided to us is true, accurate, updated and complete information about
yourself. Additionally, you agree that you will not impersonate any person or entity, misrepresent any
affiliation with another person, entity or association, use false headers or otherwise conceal youridentity from us for any purpose or reason.
13.4. In connection to the above, you hereby represent, warrant and agree that (a) you are not politically
exposed person, as defined in the Financial Intelligence and Anti-Money Laundering Regulations

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2018, and you do not have any close family ties or personal or business connections to theaforementioned persons; (b) you are of sound mind and you are capable of taking responsibility foryour own actions; (c) all the details that you have submitted to us or any details given to us when
opening an account and making a deposit are true, accurate, complete and match the name on thepayment card and/or payment accounts in which you intend to deposit or receive funds from youraccount; (d) 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.
13.5. You hereby expressly acknowledge and agree that the penalty for providing untrue, inaccurate,
misleading or otherwise incomplete information is your immediate breach of these Terms andConditions. As such, we reserve the right to suspend and/or terminate your Account promptly and tosuspend and/or prevent you from accessing and/or using our Online Trading Facility, without prejudice
to any other rights and/or remedies we may have under and/or pursuant to this Agreement.
13.6. From time to time you may be requested to provide us with certain documents to verify the details of
the credit card used by you to deposit funds to your account. Subject to our satisfaction from such
documentation checks, you may or may not be permitted to deposit further funds by recurring credit
card or other means of payment.
13.7. We may elect to provide you with documentation, information and communications in various
languages. By accepting these Terms and Conditions you acknowledge and confirm that our official
language is English, and in the event of any discrepancy or inconsistency between any documentation,
information and communications in any language other than English and the same in English, theEnglish documentation, information and communications shall prevail.
13.8. We reserve the right to communicate with you by telephone, facsimile, email, posts, newsletters issued
by us and/or any other means of communication, whether such communication is personallyaddressed 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 shall be deemed to have been received
by you and/or any transaction so executed shall be deemed final and binding on your part.
13.9. By opening an Account with us, you will be subject to, and you hereby expressly agree to abide by, allof our rules, policies and operating procedures that govern your activities on our Online Trading Facility.
We reserve the right to refuse and/or decline our Services to any Person and to close the Account of
any Person, at any time, at our sole discretion, and for any reason, without being obliged to provide
any explanation or justification. All data relating to Persons who open an Account may be permanently
deleted from our systems as per Persons’ right to request for the deletion of their personal data related
to his trading account(s), stemming from the Data Protection laws and regulations. However, thePersons’ right might be subject to our legal obligation under the applicable “Anti-Money Laundering(“AML”) Legislation” and regulations, to keep, in a secure manner, the personal data which was
registered with us, for a period of seven (7) years from the date our business relationship with theCompany has been terminated.
13.10. We further reserve the right to investigate, at any time, at our sole discretion, and for any reason, without
being obliged to provide you with any explanation or justification, any activity that may violate thisAgreement, 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 forany of the following situations: (a) unauthorized real money transactions; (b) unauthorized real moneytransactions conducted by unauthorized Minors; (c) physical Verification that 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 ourOnline Trading Facility without the proper knowledge, and we reserve the right to asses and reassess

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your knowledge and experience to use our Online Trading Facility at any time, at our sole discretion.
13.11. Please note that when you register with us, you will choose a username and password that will
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 sole andexclusive responsibility to safeguard this information and you are responsible for all actions taken using
your Account User Information. You agree: (a) to notify us immediately of any unauthorized use of yourAccess Codes or of any other violation of security and (b) at the end of each use, to log out from yourAccount 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 – please contact our Customer Support team
immediately. Notwithstanding anything to the contrary in this Agreement, you shall be responsible forthe actions of any persons, authorized or unauthorized, who gain access to and/or make use of yourAccount on 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.
13.12. You shall hold us harmless from, and indemnify us for, any sustained damages, which we may sufferfrom your failure to take adequate steps to protect the security of your Access Codes, and your failure
to prevent any person from any unauthorized access and/or use of your Account(s) on our Online
Trading Facility; you shall hold us harmless in any legal, administrative or arbitral proceedings andexpenses related thereto, and you shall indemnify us for all damages, costs and expenses arising as aresult of non-compliance with this clause.
13.13. As previously indicated, it is a pre-condition that our Services are only used, and contracts are only
formed by those who are permitted to enter legally binding agreements. THEREFORE, IF THERE IS
ANY REASON WHY YOU WOULD NOT BE ABLE TO ENTER A LEGALLY BINDING AGREEMENTWITH US, FOR WHATEVER REASON - DO NOT USE OUR SERVICES. Such reasons could include,
but are not limited to, persons that have not yet reached the age of 18 or are defined as Minors thathave not yet reached legal age.
13.14. Upon the death of an Account owner and if the legal heirs of such account owner would like to withdraw
the remaining balance in the Account, to the extent there is any, such legal heirs should present to us
with official legal documents from the applicable governmental authorities in the jurisdiction of thedeceased to our satisfaction, and we, in our sole discretion and upon checking such documents, shallmake the decision whether to allow such withdrawal(s).
13.15. Due to our internal policies, we only permit people with sufficient experience, knowledge andunderstanding in financial investments, who possess the personal ability of identifying good investments
and distinguishing bad investments, and who fully understand the risks associated with 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 INDEPENDENTLY, DO NOTUSE OUR ONLINE TRADING FACILITY.
13.16. 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 Clientand other relevant 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 information inits possession to enable it to form a basis for the recommendation.
13.17. Information thus obtained will be used exclusively for the assessment referred to hereinabove.
13.18. Notwithstanding any of the above, the above-mentioned eligibility restrictions shall only apply in cases
where our Services involve the use of real money. The above restrictions shall NOT apply to the use ofany practice application not associated with real money transactions (such as, “Demo Accounts”).

14.

Experience and Knowledge

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14.1. Our Online Trading Facility is available only to, and may only be used by, persons who have sufficientexperience and knowledge in financial matters to be capable of evaluating the merits and risks ofaccessing and/or using our Online Trading Facility.
14.2. In accordance with the foregoing, you hereby represent, warrant and covenant, without prejudice toany other representations, warranties and/or covenants made under this Agreement: (a) that you havesufficient experience and knowledge in financial matters to be capable of evaluating the merits andrisks of entering into Transactions and/or Contracts via our Online Trading Facility; (b) that you havedone 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 (butNOT as trustee) in entering into this Agreement and/or any Transactions and/or Contracts via our
Online Trading Facility; (d) that, regardless of any subsequent determination to the contrary, trading in
financial contracts, Transactions and/or Contracts via our Online Trading Facility (and in such otherinvestments as we may from time to time agree) is suitable for you and that you are aware of all risks
involved with such Transactions and/or Contracts; (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) that you have read, and fully understood, the “Risk Disclosure Notices” on
our Online Trading Facility.
14.3. Without prejudice to any of the foregoing, we shall not be responsible for verifying and/or checking
whether you have sufficient knowledge and/or experience for accessing and/or using our Online
Trading Facility and/or entering into financial contracts via our Online Trading Facility, nor shall we be
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 ONLINETRADING FACILITY AND INFORM US IN WRITING IMMEDIATELY.

15.

Your Account with Us

15.1. For the purpose of our Services and the transactions described herein, subject to the Terms andConditions set forth herein, we will facilitate the opening and operation of one or more Accounts foryou on our Online Trading Facility, to be denominated in a currency determined by you, in which all
Transactions and/or Contracts entered into by you via our Online Trading Facility will be recorded(your “Account”).
15.2. Base Currency: You shall designate a base currency for each of your Accounts on our Online Trading
Facility, which shall be US Dollars, or any other currency listed on our Website(s), which is determined
and/or stated in advance as the base currency of your Account (“Base Currency”).
15.3. All payments from you to your Account(s) on our Online Trading Facility will be made on your request
in the Base Currency of your Account. If we receive or recover any amount in respect of any of yourobligations in a currency other than the Base Currency of your Account, the provisions of sub-clause
24.10 hereinbelow shall be applicable mutatis mutandis.
15.4. When a withdrawal or refund is performed from your Account, we reserve the right (but shall under nocircumstances 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 than the Base
Currency of your Account, the provisions of sub-clause 24.10 hereinbelow shall be applicable mutatis
mutandis.
15.5. No instructions to pay a third party from your Account(s) will be accepted by us, unless otherwise
determined and/or stated in this Agreement.

16.

Islamic / Swap-Free Accounts

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16.1. We offer the possibility to open Islamic (Swap-free) Accounts with us. Swap-free trading accounts
are available only to those clients who cannot use swaps owing to their religious beliefs.
Accordingly, in all instances where a request for an Islamic (Swap-free) Account is filed with us, 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.
16.2. While a client may file a request for an Islamic (Swap-free) trading account at any time, the filing of
any such request entails that all of such client’s other real trading Accounts with us will be converted
into Swap-free trading accounts also, without any further notice being required. Conversion of areal 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, weshall evaluate the request and any ancillary documentation submitted to us and shall inform theclient who requested the conversion by e-mail whether the request is accepted or not.
16.3. Clients are not allowed to use Swap-free Accounts to make profits from Swaps and may not request
the payment of any Swap amounts that have been lost as a result of converting their real trading
Account(s) into one or more Swap-free Account(s) for the period during which their real trading
Account(s) has/have been converted into one or more Swap-free account(s).
16.4. We, at our sole discretion, offer clients the possibility of trading swap-free on certain instruments(hereinafter “Swap-Free Instruments”), where applicable and according to the type of Trading
Account selected.
16.5. The swap-free status of such instruments is offered by us to be used in good faith and clients are
not allowed 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 a result of trading on a Swap-Free Instrument.
16.6. We reserve the right, at our sole discretion, to revoke the Swap-free status of any real trading
Account (including the option for trading on Swap-Free Instruments) at any time without being
obliged to provide explanation of justification. Furthermore, in the event that we detect or suspend
any form of abuse, 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 theswap-free status of such accounts and/or instruments from any and all real trading Accounts ofsuch client for as long as we deem 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 clientwith us, nullify all trades carried our in such client’s trading Accounts with us and cancel all profits
garnered in such client’s trading Accounts with us.

17.

Special provisions for managed accounts, introduced accounts or third-party
vendors

17.1. If your Account is being managed by a trading advisor or is introduced to us, you acknowledge andagree that we are responsible only for acting as Counterparty to you for Transactions and/or
Contracts in your Account and that we have no responsibilities, or obligations regarding any
conduct, action, representation or statement of any such Persons in connection with your Accountor 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 ofBusiness/Affiliate and that we do not, by implication or otherwise, endorse or approve of the

Email: info@xmtrading.com | Web: www.xmtrading.com |Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritiusoperating methods of such trading advisor or Introducer of Business/Affiliate. You further
acknowledge and agree that: (a) any trading advisor or Introducer of Business/Affiliate acts as anindependent intermediary for you; (b) unless you have been expressly advised otherwise in writingby us, no such person is an affiliate, employee or agent of us; (c) no such Person is authorized tomake any representations concerning us or the Services to be provided by us hereunder, except
as may be expressly authorized in writing by us; (d) we do not bear any responsibility whatsoever
for whatever agreements reached by and between you and any such trading advisor or Introducerof Business/Affiliate; and (e) your agreement with any such trading advisor or Introducer ofBusiness/Affiliate may result in additional costs, since we may be obliged to pay commission feesor charges to such trading advisor or Introducer of Business/Affiliate.
17.2. You agree to waive any claims, which you may have against us, and to indemnify and hold us
harmless for any actions or omissions of any such Introducer of Business/Affiliate or any of its
associated persons.

18.

Client’s Orders/Instructions & Execution of Orders

18.1. Execution of Orders: We offer reception and transmission dealing services to you in relation totransactions in in respect of OTC traded instruments, such as Spot Forex, Contract for Differences(CFDs) on stocks, indices, precious metals or any other financial instruments or commodities
available for trading, from time to time, via our Online Trading Facility (“Financial Instruments”), andsuch additional services as we may agree from time to time in writing.
18.2. We will NOT advise you on the merits or suitability of any Transaction and/or Contracts enteredinto 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 have set
out various risk disclosures on our Online Trading Facility.
18.3. Placing of instructions: Unless expressly agreed upon otherwise, by us all dealing instructions
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 (insuch form as we may specify) of any dealing instruction, as appropriate. We shall be authorised tofollow instructions notwithstanding your failure to confirm them in writing. A dealing instruction orOrder given by you to us shall not take effect until it is actually received by us. In this Agreement,
unless the context requires otherwise, instructions and Orders shall have the same meaning.
When you place an Order via our Online Trading Facility, or in such other manner as we may
specify to you in writing from time to time:(a) you are offering to enter into a Transaction and/or Contract with us at the price we quote
when you complete all obligatory fields and click the relevant button; and(b) you and we will be bound by a Transaction and/or Contract only when details of 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 contact us immediately to confirm the status of the Transaction and/or
Contract.
18.4. You may place an electronic Order on our Online Trading Facility at any time. However, we will
execute a Transaction and/or Contract only during times which are both our trading hours and themarket hours for the relevant market. Market hours are as stated in the market information on our
Website and may change from time to time.
18.5. Right not to accept Instructions/Orders: We may (but shall not in any circumstances be obligedto) accept instructions to enter into a Transaction and/or Contract. We may at our absolute
discretion refuse to accept any dealing instruction given by you or on your behalf, in whole or in

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part, and refuse to act on it, without giving any reason or being liable for any loss occurred thereby.
In addition, a dealing instruction which, for any reason, is not received by us in a manner in which
it can be processed, including a failure of our Online Trading Facility to accept or process such
instruction, shall be deemed not to have been received by us.
We reserve the right to refuse to enter into any Transaction and/or Contract. Such situations include
but are not limited to, when:(a) trades are placed outside of the market hours;(b) trades are individually or in the aggregate larger than the maximum quantity or smaller
than the 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.
18.6. Binding Effect: Confirmation of a dealing instruction by us shall constitute a binding agreement
between us on the terms of such instruction. The procedure for entering dealing instructions is
specified on our Online Trading Facility in the online trading section.
18.7. Control of Orders prior to execution: We have the right (but no obligation) to set limits and/or
parameters to control your ability to place Orders at our absolute discretion. Such limits and/or
parameters may be amended, increased, decreased, removed or added to by us at our absolute
discretion and may include (without limitation): (i) controls over maximum Order amounts andmaximum 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 pricewhich differs greatly from the Market Price at the time the Order is submitted); (iv) controls over ourElectronic Services (to include (without limitation) any verification procedures to ensure that any
particular Order has come from you); or (v) any other limits, parameters or controls which we may berequired to implement in accordance with Applicable Laws, Rules and/or Regulations.
18.8. The Company has the right to amend and/or cancel any Orders which have been executed within avery small timeframe and the cumulative sizes of those Orders exceed the maximum allowable Ordersize limit (i.e. a Client may place five orders within two seconds which individually are all below the
maximum allowable Order size limit but exceed the limit on a cumulative basis).
18.9. Order Execution Policy: We shall use our reasonable endeavours to execute any Order promptly,
but in accepting your Orders we do not represent or warrant that it will be possible to execute such
Order or that execution will be possible according to your instructions. In general, we shall act
according to instructions as soon as practically possible and shall, as far as trading instructions areconcerned, act in accordance with our Order Execution Policy. If, after instructions are received, we
believe that it is not reasonably practicable to act upon such instructions within a reasonable time, we
may defer acting upon those instructions until it is, in our reasonable opinion, practicable to do so, or
we may notify you that we are refusing to act upon such instructions. We shall not be liable for any
losses resulting from such deferral or refusal. If we encounter any material difficulty relevant to theproper carrying out of an Order on your behalf we shall notify you promptly. We shall carry out an
Order on your behalf only when the relevant Market is open for dealings, and we shall deal with any
instructions received outside Market hours as soon as possible when that relevant Market is next open
for business (in accordance with the rules of that Market). You agree that we may execute an Orderon 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 described in such policy to obtain the best
possible result in executing your Order. You confirm that you have read and agree to our Order
Execution Policy as published from time to time on our Online Trading Facility. We will notify you of
any material changes to our Order Execution Policy, but it is your responsibility to check for any otherchanges to our Order Execution Policy as published from time to time on our Online Trading Facility.
We will consider the continued placement of Orders by you to constitute your continued consent to ourOrder Execution Policy as in effect from time to time.

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18.10. Aggregation and Split of Orders: We are entitled, in our absolute discretion, to combine and/or
aggregate your Orders with our own Orders and/or with Orders of any of our Associates and/or
Persons connected with us, including employees and/or other clients. Furthermore, we may split
your Orders when executing them. Orders will only be aggregated or split, however, if we
reasonably believe it to be in your best interest. On some occasions, however, aggregation andsplit 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.
18.11. Confirmation of instructions: We may (but shall not in any circumstances be obliged) to requireconfirmation of any instruction in such form as we may reasonably request if it appears to us thatsuch confirmation is necessary or desirable; or such instruction is to close an Account or remit
money due to you. It is your responsibility to inform us of any change to your e-mail address, thenon-receipt of a confirmation, or whether any confirmations are incorrect, before settlement.
18.12. Electronic Settlement/Trade Confirmations: Following the execution of a dealing instruction foryour 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 by relevantlaws and regulations, by posting a trade confirmation (“Settlement/Trade Confirmation”) on our
Online Trading Facility, but failure to do so will not affect the validity of the transaction.
Settlement/Trade Confirmations will normally be available instantly following the execution of theTransaction 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 the contents and valueof your Account, open positions and such other information required from time to time to bedisclosed. Such Trade Confirmations and Account Statements are electronically transmitted orotherwise sent to you at your last registered email address in our records and will be deemed tohave 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-mail or electronicmail) no later than the close of the next business day (being a day, other than a Saturday, Sundayor public holiday, when banks in Mauritius are open for business) (a “Business Day”) following
the day on which the Settlement/Trade Confirmation and Account Statement were posted on our
Online Trading Facility. In the event that you believe to have entered into a Transaction orContract, which should have produced a Settlement/Trade Confirmation or otherwise a postingon your Account, but you have not received such confirmation, you must inform us immediately
when you ought to have received such confirmation. In the absence of such information, theTransaction and/or Contract may, at our reasonable discretion, be deemed to be non–existent.
18.13. Reports of Account Activity: We will post details of your Account activity on our Online Trading
Facility and you will be able to generate daily and monthly reports of your Account activity as well
as a report of each executed Transaction and/or Contract. Updated Account information normallywill be updated periodically during our dealing hours and will in any event be available no morethan twenty-four (24) hours after any activity takes place on your Account. Posting of AccountInformation (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 Marginavailable for Margin trading, statements of profits and losses, as well as current open positions,any other information required to be provided under Applicable Laws, Rules and Regulations andany other information we may make available (“Account Information”). We may in our absolute
discretion withdraw or amend any Account Information at any time. Unless otherwise determined,
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 notto receive any Account Information in printed form us other than upon specific request. You mustverify 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 evidenceof your Transactions and/or Contracts, open positions, Margin and cash balances, and shall beconclusive and binding on you, if not objected to immediately upon receipt with such objection
confirmed in writing (including e-mail or electronic mail) no later than closing of the next Business

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Day following the day that such information is posted on our Online Trading Facility.
If you no longer wish to communicate via electronic media, you must notify us and revoke 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.
18.14. Intermediate Brokers and other Agents: We may, at our entire discretion, arrange for any
Transaction to be effected with or through the agency of an intermediate broker, who may be an
Associate of ours, and may or may not be in Mauritius. Neither we, nor our respective directors,
officers, employees or agents, will be liable to you for any act or omission of such an intermediate
broker or agent. No responsibility will be accepted for intermediate brokers or agents selected byyou.
18.15. Position Limits: We may, in our absolute discretion, require you to limit the number of open
positions which you may have with us at any time and/or only allow you to enter into closing
transactions or 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.
18.16. Fluctuations in Exchange Rates: If you enter into any Transaction and/or Contract, any profit orloss arising as a result of a fluctuation in the exchange rate affecting such Transaction and/or
Contract will be entirely for your account and risk.
18.17. Trade Reporting: Under Applicable Laws, Rules and Regulations we may be obliged to makeinformation about certain Transactions and/or Contracts public. You agree and acknowledge thatany and all proprietary rights in such Transaction and/or Contract information are owned by us andyou waive any duty of confidentiality attaching to the information which we reasonably disclose.
18.18. Rollover: If we do not receive instructions from you to settle any open Transactions and/or
Contracts by the close of the Business Day, we are hereby authorized (but not obliged) to transfer
all said Contracts to the next business date traded (“Rollover”), as provided in further detail inclause 19 hereinafter.

19. Rollover and Offset Instructions
19.1. 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) and reopened on the following trading day. This pushes out the settlement by one more trading day. This
strategy is called rollover.
19.2. 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 tobe 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 notsubject to rollover until the next day, but if you open a position at 21:59, a rollover will take place at
22:00 GMT. For each position open at 22:00 a credit or debit appears on your account within 1
hour, and will be directly applied to your equity account.
19.3. The Rollover Fees that we charge will be published on our Online Trading Facility. We shall attempt
to collect such Rollover Fees from the free balance in your Account with us. In the event that weare 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

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19.4. 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.

20.

Prices and Open Positions

20.1. We will provide you with “bid” and “ask” prices (“Price Quote(s)/Quotes”) in respect of Financial
Instruments through our Online Trading Facility or, in those instances where we have agreed to doso. The Price Quotes that we quote are determined by us and usually represent a mark-up or markdown on inter-bank dealing rates. Our fees and charges 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, atwhich it is otherwise withdrawn by us.
20.2. 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, publishedon our Online Trading Facility or otherwise notified to you (“Leverage”). You acknowledge that theprices and maximum Leverage we may offer to you may differ from prices 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 or cease the provision of Price Quotes altogether insome or all Financial Instruments and for some or all value dates at any time and without any
obligation or our end to provide any explanation and/or justification.
20.3. Our Services are restricted to executing Transactions and/or Contracts in Financial Instruments via
our Online Trading Facility, at the Price Quotes displayed on our Online Trading Facility orotherwise communicated to you at your request.

21.

Margin and Collateral

21.1. Upon opening a Transaction, you will be required to pay us the Margin for that Transaction, as
calculated by us (“Initial Margin”) and can be found on our Website. You will be required to makefurther variable payments by way of Margin against the purchase price of the investment, insteadof paying (or receiving) the whole purchase (or sale) price immediately. The movement in theMarket Price of your investment will affect the amount of Margin payment you will be required to
make.
21.2. Margin requirements vary per financial instrument. For further information on the applicable margin
requirements per financial instrument, please refer to our Company’s Website.
21.3. Form of Margin: Margin must be provided in the form of cash or, only in those instances in which
we may agree otherwise, other assets, such as collateral (by which we mean investments,
securities, bonds or any other financial instrument, property or asset acceptable to us in lieu ofcash) (“Collateral”) (all together “Assets”). The currency of the cash Margin you pay to us shall be
the currency 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.
21.4. 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

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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.
21.5. All clients are fully and personally responsible for monitoring the activity of their Accounts, including,
without limitation, whether and when their open positions reach Margin Call Level.
21.6. Margin Call Policy: You accept that our Online Trading Facility operates with an automated risk
monitoring, Margin Call and Stop-out facility designed to monitor the overall utilization of youravailable collateral in support of our prevailing Margin and cash funding requirements for theTransactions and/or Contracts you are entering into via our Online Trading Facility; using thisautomated 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. One Margin call does not preclude anotherand it shall be visible to you in your MT4/MT5 Platform.
21.7. 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 inyour Account is not enough to support your open positions. At this point, you will not be able to takeany new position and you will have the option to deposit sufficient money in order to maintain youropen 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 andthe Margin Call Level may become more remote.
21.8. 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, theautomatic Stop-out facility is initiated.
21.9. In the case where a ‘Stop Order’ or ‘Limit Order’ (or ‘Entry Stop’ or ‘Limit’) is entered at the same
price that would trigger a Stop-out, the Stop-out will be executed when that price is touched (orgaps through the price) and all pending Orders attached to that trade will be cancelled.
21.10. A MARGIN CALL OR, AS THE CASE MAY BE, STOP-OUT, WHEN TRIGGERED, WILL TAKE
PRECEDENCE OVER OTHER ORDER TYPES.

22. Negative Balance Protection
22.1. 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.
22.2. Trading in leveraged Financial Instruments involves significant risk on your investment capital.
However, the Company follows a Negative Balance Protection policy, on a per account basis, which

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aims to ensure that your maximum losses from trading CFDs, including all related costs, are limited
to the total funds in your trading account (i.e. no additional liability incurs). This should include any
funds yet to be paid in your account due to net profits from the closure of open trades connected toyour trading account.
22.3. Notwithstanding the above, any indication or suspicion, in the Company’s reasonable discretion, of
any form of arbitrage performed in your trading account, either solely or in connection with otherclients of our Company (including but not limited to risk-free profiting), abuse (including but notlimited to participant’s trading activity patterns indicating 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 and abuse of our ‘no negative balance policy’,constitute a violation of these Terms and Conditions. In such cases, we reserve the right, among
others, NOT to apply our Negative Balance Protection policy and transfer any or all funds you may
have in a different trading account to set-off the obligations (e.g. negative balance) that haveoccurred to the other account used for any abusive acts.

23.

Security

23.1. 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 and held
subject to a general lien and right of set-off for any of your liabilities to us and irrespective of thenumber of Accounts you may have with us. Without limitation such security shall comprise thecredit 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 toyou set off any amounts (whether actual or contingent, present or future) at any time owing between
you and us paying you the difference. You may not withdraw or substitute any Assets or property
subject to our Security interest without our prior express and written consent.
23.2. 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’. Any such money and/or Collateral received by us from you or a third party for youraccount will be owed by us to you, even where we are acting as your Agent and you no longer havea proprietary 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
our sole 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
Collateral provided in the form of investments will be returned to you in the form of investments ofthe same description and amount as those accepted by us as Collateral, but that any such Collateral
returned to you need not be the actual investments provided by you.
23.3. Set-off on Default: If an Event of Default occurs (as defined hereinafter) or this Agreement
terminates, we shall set-off the balance of cash Margin owed by us to you against your obligations(as reasonably valued by us) to us. The net amount, if any, payable between us following such setoff, shall take into account the amounts payable to us under the clause headed “Netting” of thisAgreement.

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23.4. 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 theseTerms. 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, toourselves as broker or to others in satisfaction of our clients’ obligations to us or such third party.
23.5. 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.
23.6. Power to charge: You agree that we may, to the extent that any of the Margin you provide us with
under these Terms and Conditions constitutes “financial collateral” and this Agreement and yourobligations hereunder constitute a “security financial collateral arrangement”, free of any adverse
interest of yours or any other person, grant a Security interest over Margin provided by you to coverany of our obligations to an intermediate broker or Market, including obligations owed by virtue ofthe positions held by us or other of our clients.
23.7. Power of sale: If an Event of Default occurs (as defined hereinafter), we may exercise the power
to sell 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
the means that we in our reasonable discretion determines and at the price that we in our
reasonable discretion determine to be the best obtainable.
23.8. General lien: In addition and without prejudice to any rights to which we may be entitled under thisAgreement or any Applicable Laws, Rules and Regulations we shall have a general lien on all
Assets and property held on your behalf by us, our Associates or our nominees, until the satisfactionof all Secured Obligations. Without limitation, such general lien shall comprise the credit balanceson your Accounts, the securities registered as belonging to you on our books, and the value of youropen positions with us. We may, in our absolute discretion and without notice to you, apply and/ortransfer 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 and convert any
currency into another. Without prejudice to any other rights to which we may be entitled, we may at
any time and without notice to you set-off any amounts (whether actual or contingent, present or
future) at any time owing between you and us paying you the difference.

24.

Commissions, Fees and Charges

24.1. 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,
in which all such Commissions and Charges (including, without limitation, spreads, charges,
interest and other fees) are explained.
24.2. We reserve the right to amend, alter, modify, delete or add to any of these Commissions andCharges 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 bedeemed 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

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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 then to the extent provided otherwise in this Agreement, all Changes shall be effective
five (5) calendar days after their initial posting on our Online Trading Facility, or as of the first timethat you access and/or use our Online Trading Facility after such amendments are made, whicheveris sooner. Your continued use of our Online Trading Facility after the publication of any Changes
shall be considered as your agreement to such Changes and shall be governed by those Terms
and Conditions, as modified. If you do not wish to be bound by those Changes, you should cease
to use our Online Trading Facility, and inform us in writing, immediately.
24.3. 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.
24.4. In addition to the above, you shall be responsible for the payment of any other fees and charges
that may be incurred as a result of the provision of our Services to you, including, without limitation,
all applicable VAT (if any) and other duties and/or taxes, and all other fees incurred by us inconnection with any Transaction and/or Contract and/or in connection with maintaining a client
relationship with you.
24.5. In particular, we shall be entitled to demand that the following fees and/or expenses are paid
separately by you: (a) all extraordinary disbursements resulting from our client relationship e.g.
telephone, telefax, courier, and postal expenses in the event that you request hardcopy
Settlement/Trade Confirmations, Account Statements etc. which we could have delivered inelectronic form; (b) any expenses we may incur, caused by non-performance by you, including afee 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 yourAccount; and (f) any expenses we may incur in connection with auditor’s comments/reports if suchis requested by you; (g) swaps/rollover fees (h) a fee for any type of abuse/prohibited trading
activity performed in your trading account either solely or in connection with other clients of ourCompany. Regarding the latter, where our business relationship has been terminated but you,
however, managed to successfully open an account and trade with our Company due to any
technical and/or human error, we reserve every right to immediately close your 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.
24.6. Any such fees and/or expenses will be charged either as a fixed amount corresponding to payments
effected, or as a percentage or hourly rate corresponding to the service performed. The methodsof calculation can be combined. We reserve the right to introduce new fees.
24.7. In addition, we (and/or our Associates, Business Introducers or other third parties) may share
and/or benefit from commission, mark-up, mark-down or any other remuneration in respect of any
Transactions and/or Contracts entered into by us and/or in respect of any Transactions and/or
Contracts carried out on your behalf. Details of any such remuneration or sharing arrangement will
not be set out on the relevant Settlement/Trade Confirmations. We may, upon reasonable request,
to the extent possible and at our sole discretion, disclose to you the amount of any suchcommission, mark-up, mark-down or any other remuneration paid by us to any Associate, Business
Introducer or other third party.

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24.8. 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.
24.9. 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 clause 31.4. We reserve
the right to change the 12-month inactivity period as we deem necessary.
24.10. 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,
you will indemnify us and hold us harmless from and against any cost (including costs of
conversion) and loss suffered by us as a result of receiving such amount in a currency other thanthe currency in which it is due.
24.11. We shall be entitled, but shall not in any circumstances be obliged, to convert:(a) any realised gains, losses, option premiums, commissions, interest charges and brokerage
fees which arise in a currency other than your Base Currency (i.e. the currency in which yourAccount with us is denominated) to your Base Currency;(b) any cash currency deposit to another cash currency deposit for the purpose of purchasing an
asset de-nominated in a currency other than your Base Currency;(c) any funds held by us for you into such other currency as we consider necessary or desirable
to cover your obligations and liabilities in that currency.
24.12. Whenever we conduct such currency conversions, we will do so at such reasonable rate ofexchange 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.
24.13. All Commissions and Charges and other fees and charges shall be regarded as being due andpayable 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.
24.14. Unless specified otherwise in these Terms and Conditions, all amounts due to us (or to any agentsused by us) shall, at our sole discretion: (a) be deducted from any funds held by us for you; or (b)be paid by you in accordance with the provisions of the relevant difference account,
Settlement/Trade Confirmation or other advice.
25.

Payments

25.1. 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.
25.2. Unless expressly determined and stated otherwise in this Agreement, we do not accept payments
by cash and/or cheque. In those instances where we might agree, in principle, to accept payment
by cash and/or cheque, we shall nonetheless have the right to refuse payment by cheque if any
payment given has not been cleared on the first presentation of the cheque.
25.3. 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

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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
the minimum required level specified in our Online Trading Facility. Margin Level requirements may
be higher in cases as referenced in sub-clause 21.4 (Margin Requirements prior to and during
Market Disruptions) so as to avoid any possible withdrawal request to cause the Margin Level inyour Account to fall below the minimum required level, as specified in our Online Trading Facility.
25.4. 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.
25.5. If you make a payment/deposit, we shall, without prejudice to any other provisions of thisAgreement, 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 thatyou are the sender of the funds. At any given time, if we are not satisfied that you are the senderof the funds deposited in your Account, we reserve the right to reject such funds and/or return themto 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” to your 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, andyou hereby authorize us to charge this amount.
25.6. 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 yourAccount; (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 that currency; whenever we conduct such currency conversions, we will do so at such reasonable
rate of exchange as we select, at our sole discretion; under these circumstances, we shall beentitled 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.
25.7. All foreign currency exchange risk arising from any deposits in and/or withdrawals from yourAccount, or resulting from the compliance by us with our obligations or the exercise by us of ourrights under these Terms and Conditions, will be borne by you.
25.8. 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 toyou for any interest received by us, or in respect of which we are the beneficiary, in connection withany 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.

26.

Deposits, Refunds and Withdrawals
A. Deposits

26.1. We reserve the right to impose deposit limits and deposit fees in our system(s), at any time.
26.2. You agree that any funds transmitted to our bank accounts by you or, where permitted, on your

Email: info@xmtrading.com | Web: www.xmtrading.com |Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritiusbehalf, 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.
26.3. Before accepting any such funds into our bank accounts and/or making any such funds available
in your Account with us, we must be fully satisfied that you, as our client, are the sender of suchfunds, 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 ofsuch funds, or that such funds have been transmitted to us by an authorized representative of you,as our Client, 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
26.4. We reserve the right to impose withdrawal limits and withdrawal fees in our systems, at any time.
26.5. Upon submitting a withdrawal request you may be required to submit documentation as requiredby applicable “Anti-Money Laundering (“AML”) Legislation” and/or any other similar rules andregulations applicable to us.
26.6. When a withdrawal or refund is performed, we reserve the right (but shall under no circumstances
be obliged) to remit the funds to the same remitter from, and by the same payment method 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 newwithdrawal request may have to be submitted; and/or (c) to require that further documentation besubmitted, 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.
26.7. If we are unable to remit the funds, or any partial amount thereof, to the same remitter from, andby the same payment method through which such funds were initially received by us, we reserve
the right (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 ofthe currency in which the initial deposit was made). Under these circumstances, we shall not be
responsible for any transfer fees or charges imposed by the receiver and/or for any currency
exchange rates resulting from the payment of such amount and the provisions of clause sub-clause
24.10 hereinabove shall be applicable mutatis mutandis.
26.8. Withdrawal requests that are accepted and approved by us in accordance with the terms of thisAgreement are, in principle, processed within one (1) Business Day following the receipt of 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 withthe ancillary documentation submitted with the withdrawal request.
26.9. You agree, when we so request, to pay any bank transfer fees incurred when you are withdrawing
funds from your Account or when funds are refunded by us to your designated bank account. You
are solely responsible for the payment details you are providing us with and we do not accept any
responsibility for your funds, if the payment details you have provided to us are incorrect orincomplete. It is also understood that we do not accept any responsibility for any funds that are notdirectly deposited into our bank accounts.
C. Deposits by Credit/Debit Card
26.10. You can deposit funds to your Account with us quickly and easily by credit / debit card. The entire
transaction is processed electronically - online.

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26.11. Upon submitting a deposit request via your credit / debit card, you may be required to submit
documentation as required by applicable “Anti-Money Laundering (“AML”) Legislation” and/or
any other similar rules and regulations applicable to us.
26.12. The Company takes the protection of its clients very seriously and has various systems, controls
and tools set in place for their protection against credit / debit card fraud and so as to be incompliance with all applicable anti-money laundering regulations. The systems, limits and controlsthat 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)
(b)
(c)
(d)
(e)

Limits on the number of transactions allowed within a certain timeframe; and/or
Limits on the amounts allowed to be deposited within a certain timeframe; and/or
Limits on the amounts allowed to be deposited per transaction; and/or
Limits on the amounts allowed to be deposited per registered email address; and/or
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.
26.13. In the case that the Company’s systems and tools, as well as the systems and tools of theCompany’s payment services provides, identify a violation of the above limits and restrictions and/or
clients fail to pass the security and authentication checks, the appropriate measures are taken inorder to prevent possible credit / debit card fraudulent activity and ensure Company’s protection.
These measures may include, but are not limited to, the following:(a) Investigations, further checks and/or request for additional documentation in order to verify
the credit / debit card details and ensure that you are the legitimate owner/user of the credit/ debit card(s) used;(b) Delay of transactions’ processing due to the investigations taking place;(c) Refusal of credit card deposit(s) in question and refund of the net amount deposited to thesame credit / debit card account and via the same payment method through which thedeposit(s) was made;(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 suchprohibited trading activity and cancel any Account(s) and active Orders associated with thecredit / 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.
26.14. Please note that it is a serious criminal offence to provide false or inaccurate information during
your credit / 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.
26.15. In those instances where we are not satisfied of the above, we reserve the right to refuse the credit/ debit card deposit(s) in question and to refund/send back the net amount deposited to the same
credit / debit card account and via the same payment method through which such deposit(s)was/were made.

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26.16. Fraudulent transactions are immediately cancelled after being detected. Furthermore, in such
instances, we reserve the right, at our sole discretion, to take all action as we see fit, including,
without limitation, completely blocking access to our Online Trading Facility, blocking and/or
revoking your Access Codes and/or terminating your Account. Under these circumstances, wereserve the right to seize any profits and/or revenues generated directly or indirectly fromexercising any such prohibit trading activity and we shall be entitled to inform any Interested third
parties of your breach of this clause; any active Orders associated with the same fraudulent credit
card and/or Account will also be cancelled immediately; any dispute arising from such fraudulent
activity will be resolved by us in our sole and absolute discretion, in the manner we deem to be thefairest to all concerned; that decision shall be final and/or binding on all participants.; nocorrespondence will be entered into.
26.17. 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.
26.18. 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.

27.

Chargeback

27.1. If you place a chargeback (on purpose or by mistake) for any deposit you made in your Account withus, we reserve the right to charge a “USD 150 - research fee” to your Account upon receiving thechargeback to cover our investigative expenses.
27.2. We do not tolerate credit / debit card fraud, and all fraud, without exception, will be prosecuted
through criminal proceedings in your local jurisdiction to the fullest extent of the law. In addition tothis, we will file a report with your local police department, and pursue all fraudulent activities throughyour 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 shall be entitled to inform any interested third parties of your breach of this clause;
any active Orders associated with the same fraudulent credit card and/or Account will also becancelled 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 oursole 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.

28.

Complaints Handling Procedure

28.1. Our Company aims to provide prompt, courteous, helpful, open and informative advice in responseto every approach made by a member of public. We are always keen to hear the views of ourcustomers, particularly the general public, about our performance generally - what we do right andwhat we do wrong.
28.2. In case a Client has any cause for complaint in relation to the services provided by the Company, heshould file a complaint as per the Company’s Complaint Handling Policy which is available on the
Company’s Website.
28.3. The Client may file a formal complaint, at any time by sending the completed Complaints Form via

Email: info@xmtrading.com | Web: www.xmtrading.com |Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritiusemail at compliance@xmtrading.com, along with any attachments to support his complaint.
28.4. Upon receipt of a formal complaint, we will provide written acknowledgement within five (5) Business
Days of receiving your formal complaint. The letter will confirm that we are taking the necessary
action needed to resolve the complaint and will contain details of the procedure.
28.5. We will attempt to resolve the matter within fifteen (15) Business Days of receiving your formal
complaint, or ten (10) Business Days after your acceptance or rejection of any offer of redress (whereapplicable), whichever comes first.

29.

Termination of Business Relationship29.1. 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.
29.2. 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.
29.3. 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.
29.4. We shall terminate this Agreement with all accounts being inactive for a period of (twelve) 12 months.
29.5. 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.
29.6. On termination, we shall complete all Transactions and/or Contracts that are already entered into or
under execution and these Terms and Conditions shall continue to bind both parties in relation 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 suchtransferring 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.
29.7. Termination shall not affect then outstanding rights and obligations (in particular, without limitation,
relating to the Indemnities and Limitation of Liability Clauses and the Miscellaneous and Governing
Law Clauses and Transactions and/or Contracts which shall continue to be governed by thisAgreement 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.
29.8. In the event that you involve us, directly or indirectly, in any type of fraud, we reserve the right, at oursole discretion and without prejudice to any other rights we may have under this Agreement, toreverse all previous Transactions and/or Contracts, which would or could place our interests and/or
any of our (other) clients’ interests at risk.

30.

Client Money and Assets

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30.1. 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, otherassets, 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 be held in an account with
an approved bank and will be segregated from the Company’s funds. Your Client Money may bepooled with the funds of other clients in a general omnibus account.
30.2. Unless you notify us beforehand and in writing, we may allow a third party, such as an exchange, aclearing house or an intermediate broker to hold all control all or part of your Client Money, where
we transfer your Client Money: (a) for the purposes of a Transaction and/or Contract you haveentered 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).
30.3. You hereby authorize us to make any deposits and withdrawals from your Account with us on yourbehalf, including, without limitation and prejudice to the generality of the above, withdrawals for thesettlement of all Transactions undertaken and/or Contacts entered into under these Terms andConditions, as well as for the settlement of any and all amounts which are payable by you, or on yourbehalf, to us or any other person under and/or pursuant to these Terms and Conditions.
30.4. Unless otherwise determined, any amount payable by us to you, shall be paid directly to you and not
to any other Person, except in those instances there this has been agreed upon by mutual consent
of the Parties.
30.5. Without prejudice to any other provisions of this Agreement, we may, at our sole discretion, from time
to time and without your prior authorisation, set-off any amounts held on your behalf against yourobligations to us and/or merge any of your Accounts with us.
30.6. You are entitled to withdraw the funds from your Account which are not used for Margin covering,
without closing your Account.
30.7. 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 24.9.
If you later make a valid claim to us, we may pay you any amount owed to you by us.

31.

Dormant and Archiving Policy

31.1. In the event that there is no activity (trading/withdrawals/deposits/internal transfers) in all of yourAccounts for a set period of at least ninety (90) calendar days we will regard your Accounts to be“dormant”. An Account shall be deemed as dormant from the last day of the ninety (90) calendar
days in which there has been no activity (trading/withdrawals/deposits/internal transfers) in the
Account.
31.2. Any pending orders may be deleted from dormant Accounts.
31.3. All remaining bonuses / promotion credits will be automatically removed from dormant Accounts.
31.4. 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.
31.5. Accounts with zero balance are deemed as “archived” on the last day of the 90 (ninety) calendar

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days which there was no activity in them (trading/withdrawals/deposits/internal transfers).
31.6. Trading accounts with a balance of USD 5 (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)
calendar days during which there was no activity in them (trading/withdrawals/deposits/internaltransfers).

32.

Affiliates / Introducers of Business32.1. If you were introduced to our Company by an Affiliate/Introducer of Business, you acknowledged andagree that:(a) You authorized the Affiliate/Introducer of Business to introduce you to the Company;(b) A commission may be paid to the Affiliate/Introducer of Business for introducing you to theCompany, the amount of which can be found on the relevant section of our website(https://partners.xmtrading.com/partner-types);(c) The Company shall not be liable for any type of agreement that may exist between the Client
and the Affiliate/Introducer of Business or for any additional costs as a result of thisAgreement; and(d) The Affiliate/Introducer of Business is not a representative of the Company.

33.

Conflicts of Interests

33.1. 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 (asamended or extended from time to time) (“Conflicts of Interest Policy”).
33.2. 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 execute at
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 aMarket Maker and in this context there may be inherent Conflicts of Interest; and (e) we maycompensate and/or share our revenues from your activity with our Associates, partners and/or othersimilar parties performing marketing activities on our behalf. You hereby further acknowledge andagree that we also may compensate other clients who you have elected to follow and/or copy.
33.3. 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, Rules and Regulations.
33.4. 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.

34.

Risk Disclosures, Acknowledgement and Warranties

34.1. 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

Email: info@xmtrading.com | Web: www.xmtrading.com |Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritius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.
34.2. 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 toexecute Orders at a stipulated price; (c) when you instruct us to enter into any Transaction and/or
Contract, any profit or loss arising as a result of a fluctuation in the value of the Financial Instrument
or the Underlying Instrument will be entirely for your account and risk; (d) we will not provide any
advice to you; therefore, you agree not to hold us responsible for any losses incurred as aconsequence of following any of our suggestions or those of our employees, Associates orrepresentatives, unless we have exercised gross negligence in connection herewith; (e) we shallnot 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 have presupposed and/or to your disadvantage; (f) guarantees of
profit or freedom from loss are impossible in investment trading; (g) you have received no suchguarantees or similar representations from us, nor from any of our Associates, from a Business
Introducer, or representatives hereof.
34.3. 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 andthird-party Counterparties. We include our mark-up in the Price Quotes we provide toyou. The Transactions and/or Contracts in leveraged Financial Instruments you may beentering into with us are NOT executed on a regulated exchange and are not clearedon a central clearing organization. Consequently, any Transaction and/or Contract
entered into with us will be an obligation on our part (as opposed to an obligation of aclearing house as in the case of an exchange-traded contract) and you will not be
afforded 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 eachTransaction and/or Contract are set out in these Terms and Conditions (which apply toevery Transaction and/or Contract you enter into with us) and the Settlement/Trade
Confirmation (which applies to each particular Transaction and/or Contract). Because
each Transaction and/or Contract is a transaction between you and us, and is notcleared 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 the Transaction 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 a high degree of risk. The amount of Initial Margin may be small relative to thevalue 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 andEmail: info@xmtrading.com | Web: www.xmtrading.com |Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritiusany additional funds deposited with us to maintain your 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 theright 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
have substantial positions in, and may make a market in or otherwise buy or sell
instruments similar or economically related to, Transactions and/or Contracts enteredinto with you. In addition, we may also undertake proprietary trading activities, theinitiation or termination of a foreign currency contract transaction with you that may
adversely affect the Market price or other factors underlying the Transactions and/or
Contracts entered into with you and consequently, the value of such Transaction and/or
Contract.
(c) The Company may at any time and from time to time amend the leverage ratios (i.e.,decrease or increase the leverage ratios) in its sole discretion and without any notice
on a case by case basis on all or any Accounts of the Client and based on any parameterit chooses, including applying different leverage ratios to different investments or times
or in relation to external events such as government announcements or any news. Anychange in the leverage ratio may take effect before or after an Order is completed. A
decrease in the leverage ratio will affect your Margin Level, Margin Call Level, Stop-out
Level and may trigger a Margin Call. We will not be liable to you for any loss arisingfrom 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 from otherclients’ Accounts. Any monitoring by the Company is for its compliance and risk
management and you should not rely on the Company to monitor your trading or theeffect of any change in the leverage ratios applying to your Account. For further
information on the leverage offered per financial instrument, please refer to our Website.
(d) Option Transactions: We currently do NOT offer foreign currency options.
(e) Trading in Transactions in leveraged Financial Instruments is Speculative: Pricesof leveraged Financial Instruments are highly volatile. Price movements of Transactions
and/or Contracts in leveraged Financial Instruments are influenced by, among otherthings, interest rates, changes in balance of payments and trade, domestic andinternational rates of inflation, international trade restrictions and currency devaluations
and revaluations. For example, there can be serious Market Disruptions if economic or
political events locally or overseas affect the market. It is not possible to foresee all risks
in advance.
(f) Electronic Trading: You will trade in leveraged Financial Instruments through our
Online Trading Facility. Trading on an electronic trading system may differ not only fromtrading in an ‘open-outcry’ Market, but also from trading on other electronic trading
systems. If you undertake transactions on an electronic trading system, you will be
exposed to risks associated with the system including the failure of hardware andsoftware. The result of any system failure may be that your Order is either not executed
according to your instructions, is not executed at all and a lack of capability to keep you
informed continuously about your positions and fulfilment of the Margin requirements.
Since we do not control signal power, its reception or routing via internet, configurationof 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 possibilityof system failure, and trading via telephone is available in those instances where
specifically agree, at our sole discretion, to do so.
(g) Commissions and other charges: Before you begin to trade, you should obtain a clear
explanation of all commission, fees, mark ups, markdowns and other charges for which

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you will be liable, as these charges will affect your net profit (if any) or increase yourloss.
(h) Risk-reducing and entry Order strategies: The placing of certain Orders (‘Stop-Loss’
Orders or ‘Stop-Limit’ Orders, ‘Entry Buy’ Orders or ‘Entry Sell’ Orders) which areintended to limit risk, may not be effective because Market conditions may make it
impossible to execute these Orders. Strategies using combinations of positions, suchas ‘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 isreached, even if the price is considerably different from the original Order.
(i) Suspension or restriction of trading and pricing relationships: Market conditions(e.g., liquidity) and/or the operation of the rules of certain Markets (e.g., the suspensionof trading in any Financial Instrument or underlying Instrument because of price limitsor "circuit breakers") may increase the risk of loss by making it difficult or impossible toeffect Transactions and/or Contracts or liquidate/offset positions. Furthermore, normal
pricing relationships between the Underlying Instrument and the Financial Instrument
traded may not exist. The absence of a price for an Underlying Instrument may make it
difficult to judge "fair" value.
(j) Deposited cash and property: You should familiarize yourself with the protections
accorded 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 specificlegislation or local rules. In some jurisdictions, property, which has been specifically
identifiable as your own, will be pro-rated in the same manner as cash for purposes of
distribution in the event of a shortfall. The Transactions and/or Contracts you areentering into with us are NOT traded on an exchange. Therefore, under applicablebankruptcy laws, your funds may NOT receive the same protections as funds used to
Margin or guarantee exchange-traded Transactions and/or contracts, which may
receive a priority 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 wewere to become insolvent and you have a claim for amounts deposited or profits earnedon Transactions and/or Contracts with us your claim may not receive priority. Without
priority, you are a general creditor and your claim will be paid, along with the claims ofother general creditors, from any funds still available after priority claims are paid. In
these circumstances, even the Client Money, which we keep separated from our own
operating funds, may NOT in all instances be safe from the claims of other general andpriority creditors.
(k) Currency risks: The profit or loss in Transactions and/or Contracts in leveraged
Financial Instruments (whether they are traded in your own or in another jurisdiction)
will be affected by fluctuations in currency rates where there is a need to convert fromthe currency denomination of the position taken to another currency.
(l) Transactions in other jurisdictions: Transactions on markets in other jurisdictions,
including Markets formally linked to a domestic market, may expose you to further,
additional risk. Such markets 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 beeneffected. You should enquire about the types of redress available in both your homejurisdiction and other relevant jurisdictions before you start to trade.
(m) Quoting and Execution Errors: Should quoting and/or execution errors occur, which
may include, but are not limited to, a dealer’s mistype of a quote, a quote or trade which

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is not representative of fair Market prices, an erroneous price quote, such as, but notlimited to, a wrong big figure quote or an erroneous quote due to failure of hardware,
software or communication lines or systems and/or inaccurate external data feeds
provided by third-party vendors, we will not be liable for the resulting errors in yourAccount 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 yourAccount due 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 eventof 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 our sole 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.
(n) Off-Exchange Transactions: The Transactions and/or Contracts you are entering intowith us as counterparty are NOT traded on an exchange, but in the off-exchange/Overthe-Counter (OTC) Market. In general, the Over-The-Counter (OTC) Market isunregulated, there are no limitations on daily price movements (unless imposed by agovernment or central bank authority), 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 lessregulated or subject to a separate regulatory regime. Before you undertake such
Transactions, you should familiarize yourself with applicable rules and attendant risks.
34.4.

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 thecharge of any fees or amounts due by you. Notwithstanding, you shall be liable for promptly
paying such fee(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
not limited 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 isnecessary to enter any Order only once. Multiple entries for the same Order may
inadvertently open unwanted positions.
(e) While trading on our Online Trading Facility, you might encounter system errors that are
resulted from hardware and/or software failures. The result of any system failure may be thatyour Order is either not executed according to your instructions, executing with accountbalance errors and discrepancies or not executed at all. We will not be liable for the resulting
errors in your Account balances. We reserve the right to make the necessary corrections or
adjustments on the Account involved.

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(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 astipulated price impossible. Accordingly, even though the extent of the losses could be
subjected to an agreed 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, ourOnline Trading Platform will automatically start closing any open positions at the current
market price.
(k) It is important to make a distinction between indicative Quotes, which are displayed on chartsand dealable Quotes which are displayed on our Online Trading Facility. Indicative Quotes
only give an indication of where the Market is. Because the derivatives products Markets aredecentralized, meaning they lack a single central exchange where all transactions are
conducted, each Market Maker may quote slightly different prices. Therefore, any prices
displayed on any chart made available by us or by a third party will only reflect "Indicative
Quotes", and 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 orseek further professional advice.
(m) Unless you have elected to carry a trade over the weekend, all trades will automatically closeout in the real money mode when market closes at the end of the business week at the rates
available on the end of the last trading day of the relevant week. All statements with respect
to real money accounts will be open during the weekend and all traders are welcome to view
their trading Account info. We reserve the right not to offset Contracts carried over the
weekend shortly after markets are open. We may, at our sole discretion, allow offsetting
Contracts carried over the weekend when market liquidity conditions are reasonable.
(n) There are a series of inherent risks with the use of the mobile trading technology such as the
duplication of Order instructions, latency in the prices provided, and other issues that are a
result of mobile connectivity. Prices displayed on our mobile platform are solely an indicationof the executable rates and may not reflect the actual executed price of the Order. Our mobile
feature utilizes public communication network circuits for the transmission of messages. We
shall not be liable for any and all circumstances in which you experience a delay in Price
Quotes or an inability to trade caused by network circuit transmission problems or any otherproblems outside our direct control, which include but are not limited to the strength of themobile signal, cellular latency, or any other issues that may arise between you and any

Email: info@xmtrading.com | Web: www.xmtrading.com |Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritiusinternet service provider, phone service provider, or any other service provider. Pleasefurther note that some of the features available on our Online Trading Facility may not be
available on our mobile feature.
34.5.

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 andeach Transaction and/or Contract performed hereunder and that no Person other than you has orwill have an interest in your Account(s); (b) that, regardless of any subsequent determination to
the contrary, trading in leveraged Financial Instruments on the Over-the-Counter Market (and insuch other investments as we may from time to time agree) is suitable for you and that you areaware of all risks involved with such Transactions and/or Contracts; and (c) that you are willingand financially able to sustain a total loss of funds resulting from Transactions and/or Contracts
performed hereunder.

34.6.

By using our Online Trading Facility, you represent, warrant, covenant and declare that all thefunds 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 consideredunlawful 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, youraccess to our Online Trading Facility may be terminated immediately and/or your Account may beblocked. If your Account is terminated or blocked in such circumstances, we are under noobligation to refund any funds that may be in your account, unless otherwise instructed by arelevant 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 orservers, or accessing any other services offered by us. We shall be entitled to inform the relevant
authorities, other online service providers and banks, credit card companies, electronic payment
providers or other financial institutions of your identity and of any suspected unlawful, fraudulent
or improper activity and you will cooperate fully with us to investigate any such activity.

34.7.

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 ourbusiness relationship.

34.8.

You covenant to us that: (a) you will at all times obtain and comply, and do all that is necessary tomaintain in full force and effect, all authority, powers, consents, licences and authorisations
referred 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 action that could create a false impression of the demand or value for Financial
Instrument, or send Orders which you have reason to believe are in breach of Applicable Laws,
Rules and Regulations (e) you shall observe the standard of behaviour reasonably expected of
persons in your position and not take any step which would cause us to fail to observe the standardof 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 mattersreferred to in this clause or to comply with any Applicable Laws, Rules and Regulations.

34.9.

You represent and agree that, if you are employee or contractor of a financial services firm or any
other firm 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 theCompliance Department of your firm regarding the trading accounts/transactions that areheld/being carried out with our Company.

34.10. You further represent and agree that you will not use our bid and ask prices for any purpose other

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than for your own trading purposes, and you agree not to redistribute our bid and ask prices toany other person whether such redistribution be for commercial or other purposes.
34.11. 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.
34.12. You agree that we shall not be liable, in any manner whatsoever, to you in the event of failure ofor damage 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.
34.13. You will not transmit to, or in any way, whether directly or indirectly, expose us or any of our online
service providers to any infection or viruses, worms, Trojan horses or other code that manifest
contaminating or destructive properties and/or other similar harmful or inappropriate materials,
devices, information or data.
34.14. You agree to be fully and personally liable for the due settlement of every Transaction and/or
Contract entered into through your Account with us. You are responsible for ensuring that, unless
we otherwise agree beforehand and in writing, you, and only you, shall control access to 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 andall positions traded in your Account, and for any credit card transactions entered into for yourAccount. You agree to indemnify us fully in respect to all costs and losses whatsoever, as may be
incurred by us and/or by you as a result, direct or indirect, of your failure to perform or settle sucha transaction.
34.15. You agree that in the case that any Transaction is entered into, and/or any Contract is acquiredor sold 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 clause 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.
34.16. Without prejudice to any other provisions of this Agreement, should quoting and/or execution
errors occur, which may include, but are not limited to, a dealer's mistype of a quote, a quote ortrade which is not representative of the then prevailing Market Prices, an erroneous Price Quotefrom us or any third party, such as, but not limited to, an erroneous Price Quote due to failure of
hardware, software or communication lines or systems and/or inaccurate external data feeds
provided by third-party vendors, we will not be liable for the resulting errors in your Accountbalances. In the event of a quoting or execution error, we reserve the right to make the necessary
corrections or adjustments on the Account involved. Any dispute arising from such quoting or
execution errors will be resolved by us in our sole and absolute discretion.
34.17. 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 areresponsible 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.

35.

Indemnity and Limitation of Liability

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A.

Risk of loss; Limitation of liability

35.1. You will make your own decision to access and/or use our Online Trading Facility or to enter into or
execute any Transaction and/or Contract. You acknowledge and agree that our Online Trading Facility
do not and will not serve as the primary basis for any of your investment decisions concerning yourAccounts. You are solely responsible for any investment or trading decisions you make with respect
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.
35.2. Without prejudice to any other provisions in this Agreement, our Online Trading Facility are provided“as is” and neither we, nor our Associates, nor any of our Third Party Service Providers makes any
representations or warranties of any kind whatsoever regarding (a) the availability, currency, accuracy
or completeness of our Online Trading Facility; (b) the results to be obtained by you or anyone elsefrom the use of our Online Trading Facility; and (c) any Third Party Content accessible on or throughour Online Trading Facility; neither we, nor our Associates, nor any of our Third Party Service Providers
will be liable to you or any Authorized Person for the correctness, quality, accuracy, security,
completeness, reliability, performance, timeliness, pricing or continued availability of our Online
Trading Facility, or for any failure of any connection or communication service to provide or to maintainyour or any Authorized Person’s access to our Online Trading Facility, or for any erroneouscommunications between you and us.
35.3. Without prejudice to any other provisions of this Agreement, neither we, nor our Associates shall be
liable for any losses, damages, costs or expenses, whether arising out of negligence, breach ofcontract, misrepresentation or otherwise, incurred or suffered by you or any Authorized Person as adirect or indirect result of any act or omission in the course of providing our Services to you or otherwise
arising from the activities to which these Terms and Conditions apply except such as is caused by our
and/or their negligence, willful default or fraud; neither we, nor our Associates shall be liable for any
losses, damages, costs or expenses, whether arising out of negligence, breach of contract,misrepresentation or otherwise, incurred or suffered by you or any Authorized Person under thisAgreement (including any instance where we have declined to enter into a proposed Transaction
and/or Contract), unless such losses, damages, costs or expenses are a reasonably foreseeable
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 ofbusiness opportunity arising under or in connection with this Agreement, whether arising out ofnegligence, 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 toboth you and us when these Terms and Conditions were entered into.
35.4. You acknowledge that: (a) any market information or third party recommendations communicated toyou or any Authorized Person, by us or any Associate, does not constitute advice to enter into any
Transaction and/or Contract; (b) such information or recommendations, although based upon
information obtained from sources believed by us to be reliable, may be based solely on a third party's
opinion and that such information may be incomplete and may be unverified; (c) we make norepresentation, warranty or guarantee as to, and shall not be responsible for, the accuracy orcompleteness of any information or recommendations furnished to you or any Authorized Person; and(d) we make no representations concerning the tax implications or treatment of trades entered into by
you pursuant to these Terms; neither we, nor our Associates accept any liability for any adverse tax
implications of any Transaction whatsoever.
35.5. 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

Email: info@xmtrading.com | Web: www.xmtrading.com |Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritiuscan be responsible for communication failures, distortions or delays when you are trading on-line (via
the Internet).
35.6. We shall have no obligation to contact you to advise upon appropriate action in light of changes inMarket Conditions (including, without limitation, Market Disruptions) or otherwise. You acknowledge
that the Market in leveraged derivatives is highly speculative and volatile and that, following executionof any transaction, you are solely responsible for making and maintaining contact with us and formonitoring open positions and ensuring that any further instructions are given on a timely basis. In theevent of any failure to do so, we can give no assurance that it will be possible for us to contact you
and we accept no liability for the loss alleged to be suffered as a result of any failure by you to do so.
Without limitation, neither we, nor our Associates accept any liability by reason of any delay or change
in market conditions before any particular Transaction is effected.
35.7. 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.
35.8. 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 ourreasonable 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 therelevant 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.
35.9. 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.
35.10. Our obligations under this Agreement do not constitute personal obligations of our directors, officers,
shareholders, partners, members, employees, Associates, Representatives, agents, Third Party
Service Providers and/or Third-Party Content providers and/or any of them.
35.11. TO THE MAXIMUM EXTENT PERMITTED BY LAW, WE WILL NOT BE LIABLE FOR ANYCONSEQUENTIAL, INCIDENTAL, SPECIAL, DIRECT, OR INDIRECT DAMAGES (INCLUDING,
BUT NOT LIMITED TO LOST PROFITS, TRADING LOSSES OR DAMAGES THAT RESULT FROMUSE OR LOSS OF USE OF OUR ONLINE TRADING FACILITY AND THIRD-PARTY CONTENT,INCONVENIENCE OR DELAY). THIS IS TRUE EVEN IF SUCH DAMAGES WERE FORESEEABLE
OR WHETHER EITHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSESOR DAMAGES).
35.12. EXCEPT AS OTHERWISE REQUIRED BY LAW, WE WILL NOT BE LIABLE TO YOU OR ANYONEELSE FOR ANY LOSS RESULTING FROM A CAUSE OVER WHICH WE DO NOT HAVE DIRECTCONTROL. THIS INCLUDES FAILURE OF ELECTRONIC OR MECHANICAL EQUIPMENT ORCOMMUNICATIONSLINES(INCLUDING TELEPHONE, CABLEAND
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 OTHER LABOUR
PROBLEMS, ACCIDENT, EMERGENCY OR ACTION OF GOVERNMENT.
35.13. ANY LIABILITY ARISING UNDER THIS AGREEMENT WILL BE SATISFIED SOLELY FROM THE
REVENUES GENERATED HEREUNDER. IN NO EVENT SHALL OUR LIABILITY HEREUNDEREXCEED THE TOTAL AMOUNT OF REVENUES GENERATED HEREUNDER IN THE SIX MONTHS
PRECEDING THE EVENT GIVING RISE TO THE CLAIM. EVEN IF ADVISED OF THE POSSIBILITYOF SUCH DAMAGES AND EVEN IF THE LIMITED REMEDIES PROVIDED HEREIN FAIL OF THEIRESSENTIAL PURPOSE.

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B. Exclusion of Warranties
35.14. WITHOUT PREJUDICE TO ANY OTHER PROVISIONS OF THIS AGREEMENT, WE DO NOT
MAKE ANY EXPRESS OR IMPLIED WARRANTIES ABOUT OUR ONLINE TRADING FACILITY,INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESSFOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT. OUR ONLINE TRADING FACILITY
IS MADE AVAILABLE TO YOU "AS IS" AND "AS AVAILABLE". WE SHALL NOT BE LIABLE FOR
ANY COST OR DAMAGE ARISING EITHER DIRECTLY OR INDIRECTLY FROM THE ACCESSOR USE OF OUR ONLINE TRADING FACILITY AND IT IS SOLELY YOUR RESPONSIBILITY TO
EVALUATE THE ACCURACY, COMPLETENESS AND USEFULNESS OF ALL INFORMATION,
OPINIONS, PRODUCTS, SERVICES, MERCHANDISE AND OTHER INFORMATION PROVIDED
THROUGH OUR ONLINE TRADING FACILITY OR ON THE INTERNET GENERALLY. WE DO NOTWARRANT THAT ANY DEFECTS OR INACCURACIES WILL BE CORRECTED.
35.15. WE DO NOT WARRANT THAT OUR ONLINE TRADING FACILITY WILL MEET YOUR NEEDS, OR
THAT IT/THEY WILL BE UNINTERRUPTED, TIMELY, SECURE OR ERROR-FREE. WE ALSO
MAKE NO WARRANTY THAT THE RESULTS OBTAINED FROM THE USE OF OUR ONLINETRADING FACILITY WILL BE ACCURATE OR RELIABLE, OR THAT THE QUALITY OF ANY
PRODUCTS, SERVICES, INFORMATION, OR OTHER MATERIAL PURCHASED OR OBTAINEDBY YOU THROUGH OUR ONLINE TRADING FACILITY WILL MEET YOUR EXPECTATIONS.
C. Indemnification
35.16. As a condition of your use of our Online Trading Facility, you agree to indemnify and hold us, our
Associates, Representatives, agents, Third Party Service Providers and Third Party Content
providers from and against any and all claims, losses, liabilities costs and expenses, whether arisingout of negligence, 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.
35.17. You shall pay to us such sums as we may from time to time require in or towards satisfaction of any
debit balance on any of your Accounts with us and, on a full indemnity basis, any liabilities, losses,
damages, costs or expenses, whether arising out of negligence,
breach of contract,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 result ofany 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.
35.18. You will be responsible for all Orders entered on your behalf via our Online Trading Facility and you
will be fully liable to us for the settlement of any Transaction and/or Contract arising therefrom.
35.19. You will defend, indemnify and hold us and our directors, officers, shareholders, partners, members,
employees, Associates, Representatives, agents, Third Party Service Providers and/or Third Party
Content providers and/or any of them, harmless from and against all liabilities, losses, damages,
costs or expenses, whether arising out of negligence, breach of contract, misrepresentation orotherwise, including reasonable attorneys’ fees, which we may incur or suffer as a result of:(a) any error in any instruction given by an Authorized Person; or(b) acting on any instruction, which is, or appears to be, from an Authorized Person.

D. Independent Investigation
35.20. YOU ACKNOWLEDGE THAT YOU HAVE READ THIS AGREEMENT AND AGREE TO ALL ITS

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TERMS 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 ARENOT RELYING ON ANY REPRESENTATION, GUARANTEE OR STATEMENT OTHER THAN AS
SET FORTH IN THIS AGREEMENT.
35.21. 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.

36.

Technical Issues

36.1.

We shall not be liable, and you agree not to hold or seek to hold us or any of our agents or Third
Party Service Providers, liable for any technical problems, system failures and malfunctions,communication line failures, equipment or software failures or malfunctions, system access issues,
system capacity issues, high Internet traffic demand, security breaches and unauthorized access,and other similar computer problems and defects.

36.2.

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.

36.3.

We do not represent, warrant or guarantee that our Online Trading Facility will provide uninterrupted
and error-free service.

36.4.

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.

36.5.

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.

37.

Manifest Errors

37.1.

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.

37.2.

When determining whether a situation amounts to a Manifest Error, we may take into account all
information in our possession including, without limitation, information concerning all relevant market
conditions and any error in, or lack of clarity of, any information source or announcement.

37.3.

We will, when making a determination as to whether a situation amounts to a Manifest Error, act fairly
towards you but the fact that you may have entered into, or refrained from entering into, acorresponding financial commitment, contract or Transaction in reliance on an Order placed with us(or that you may have suffered or may suffer any loss of profit, consequential or indirect loss) shall not
be taken into account by us in determining whether there has been a Manifest Error. We reserve theright, without prior notice, to:(a) amend the details of such a Transaction to reflect what we reasonably consider in our

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discretion, acting in good faith, to have been the correct or fair terms of such Transaction
if the Manifest Error(s) had not occurred;(b) if you do not promptly agree to any amendment made which we propose under this clause(which we will notify you of via the Trading Platform) we may void any Transaction
resulting from or deriving from a Manifest Error, such that the result is the same as if it had
never been made; and/or not take any action at all.
37.4. 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 areclearly at odds with the fair market prices. Acting reasonably and in good faith, we may take thefollowing actions to trades based on a Manifest Error:(a) void the trade;(b) close the trade at the current market prices; or(c) amend the opening and/or the closing price of the trade, as if it would have been executedin the absence of the Manifest Error.
37.5. 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 37.3 above, except to theextent that it is caused by our own fraud, willful default or gross negligence.
37.6. If a Manifest Error has occurred and we choose to exercise any of our rights under clause 37.3,
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.
37.7. 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.

38.

Hyperlinks to other sites controlled and/or offered by third parties

38.1. 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.
38.2. We caution you to ensure that you understand the risks involved in accessing and/or using suchthird-party websites before retrieving, using, relying upon or purchasing anything via the Internet.
38.3. 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 from our Online
Trading Facility and that we have no control over the content on such third-party website(s). In
addition, a link from a third-party website to our Online Trading Facility does not mean that weendorse or accept any responsibility for the content, or the use, of such third-party website.
38.4. Links from our Online Trading Facility to any other third-party websites are provided solely for yourconvenience, and you agree that you will, under no circumstances, hold us liable for any damages
or losses caused by use of or reliance on any content, goods or services available on other thirdparty websites.

39.

Software

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39.1. 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 whatsoever thatany 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.
39.2. 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 yourcomputer equipment. You hereby agree to accept such risks, including, but not limited to, failure ofor damage to, hardware, software, communication lines or systems, and/or other computerequipment. 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.
39.3. 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 theTerms of the specific software license accompanying such download, in addition to these Terms
and Conditions.
39.4. 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.
39.5. 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, madein breach of this Agreement and/or the specific personal license to use such Software. In the eventthat you receive any data, information or Software via our Online Trading Facility other than thatwhich 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.
39.6. 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.

40.
40.1.

Electronic Trading Terms
Communications via the Internet: Since we do not control signal power, its reception or routing via
Internet or any other means of electronic communication, configuration of our clients’ equipment or
reliability of its connection, we shall not be liable for any claims, losses, damages, costs or expenses,
including attorneys’ fees, caused directly or indirectly, by any breakdown or failure of any transmission
or communication system or computer facility belonging to us, nor for any loss, expense, cost or liability
suffered or incurred by you as a result of instructions being given, or any other communications being
made, via the Internet. You will be solely responsible for all Orders, and for the accuracy of all
information, sent via the Internet using your Access Codes. We will not execute an Order until we haveconfirmed the Order to you and transmission of an Order by itself shall not give rise to a binding

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Transaction and/or Contract between you and us.
40.2.

Mobile trading technology: There are a series of inherent risks with the use of the mobile trading
technology such as the duplication of Orders/instructions, latency in the prices provided, and otherissues that are a result of mobile connectivity. Prices displayed on our mobile platform are solely anindication of the executable rates and may NOT reflect the actual executed price of the Order. Our
mobile feature utilizes public communication network circuits for the transmission of messages. We
shall not be liable for any and all circumstances in which you experience a delay in Price Quote or an
inability to trade caused by network circuit transmission problems or any other problems outside ourdirect control, which include but are not limited to the strength of the mobile signal, cellular latency, or
any other issues that may arise between you and any internet service provider, phone service provider,or any other service provider. Please also note that some of the features available on Online Trading
Facility may not be available on our mobile feature.

40.3.

Pricing Data: Unless otherwise indicated or agreed upon any prices shown on our Online Trading
Facility are indicative at the time shown based on data that is subject to constant change. The
execution price is that which is confirmed to you on the Settlement/Trade Confirmation issued (whether
on screen or otherwise) after your Order is executed, although this price may in certain cases differ
from the price appearing on the screen at the time the Order 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.

40.4.

Restrictions on Services Provided: There may be restrictions on the total value and/or number ofTransactions and/or Contracts that you can enter into on one day when using our Online Trading
Facility.

40.5.

Limit Order Functionality: The ‘Limit Order’ functionality of our Online Trading Facility will be subject
to the Internet service remaining available over the period in which the’ Limit Order’ is outstanding,
and will be subject to size limits input by our dealer(s) remaining in excess of your Order size and suchdealer’s position limits and/or any other limits determined by us to be applicable to you (whether or notdisclosed to you) and you are still being able to facilitate the Order at the time the limit price is reached.

40.6. 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 arrangements with any
telecommunications suppliers or, where access to our Online Trading Facility is provided through athird party server, any such third party, necessary in order to obtain access to our Online Trading
Facility; neither we nor any company maintaining, operating, owning, licensing, or providing services
to us in connection with, our Online Trading Facility (a “Third Party Service Provider”) makes any
representation or warranty as to the availability, utility, suitability or otherwise of any such equipment,
software or arrangements.
40.7. Use of Information, Data and Software: In the event that you receive any data, information orsoftware via our Online Trading Facility, other than that which you are entitled to receive pursuant tothis Agreement, you should immediately notify us in writing and do not use, in any way whatsoever,such data, information or Software.
40.8. Maintaining standards: When using our Online Trading Facility you must: (a) ensure that yourcomputer systems are maintained in good order and are suitable for use with our Online Trading
Facility; (b) run such tests and provide such information to us as we shall reasonably consider
necessary to establish that your computer systems satisfy the requirements notified by us to you fromtime to time; (c) carry out virus checks on a regular basis; (d) inform us immediately of any
unauthorised access to our Online Trading Facility or any unauthorised Transaction or instruction
which you know of or suspect and, if within your control, cause such unauthorised use to cease; and(e) not at any time leave the computer terminal from which you have accessed our Online Trading
Facility or let anyone else use such computer terminal until you have logged off from our Online
Trading Facility.

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40.9. System defects: In the event you become aware of a material defect, malfunction or virus in yourcomputer system(s) or our Online Trading Facility, you will immediately notify us in writing of such
defect, malfunction or virus and cease all use of our Online Trading Facility until you have received
permission from us to resume use.
40.10. Liability And Indemnity: Without prejudice to any other terms of this Agreement, relating to thelimitation of liability and provision of indemnities, the following clauses shall apply to the Services weprovide via our Online Trading Facility: (a) System errors: We shall have no liability to you for damage
which you may suffer as a result of transmission errors, technical faults, malfunctions, illegal
intervention in network equipment, network overloads, malicious blocking of access by third parties,
internet malfunctions, interruptions or other deficiencies on the part of internet service providers. You
acknowledge that access to our Online Trading Facility may be limited or unavailable due to such
system errors, and that we reserve the right upon notice to suspend access to our Online Trading
Facility for this reason; (b) Delays: Neither we nor any third party software provider accepts any
liability in respect of any delays, inaccuracies, errors or omissions in any data provided to you via our
Online Trading Facility; (c) Viruses from our Online Trading Facility: We shall have no liability to you(whether in contract or in tort, including negligence) in the event that any viruses, worms, software
bombs or similar items are introduced into your computer system(s) via our Online Trading Facilityor any software provided by us to you in order to enable you to use our Online Trading Facility,
provided that we have taken reasonable steps to prevent any such introduction; (d) Viruses from yourComputer 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.
40.11. Suspension or permanent withdrawal with notice: Without prejudice to any other provisions of
this Agreement, we may suspend or permanently withdraw our Online Trading Facility, by giving you
five (5) calendar days written notice.
40.12. Immediate suspension or permanent withdrawal without notice: Without prejudice to any otherprovisions of this Agreement, we shall be entitled, unilaterally and with immediate effect, to suspend
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 dueto: (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 beterminated automatically, upon the termination (for whatever reason) of (a) any license granted to us
which relates to the operation of our Online Trading Facility; or (b) this Agreement. The use and/or
access of our Online Trading Facility may be terminated immediately, in whole or in part, if any
Underlying Instruments relating to any Supported Financial Instrument(s) is/are withdrawn by any
Market and/or if we are required to withdraw our Online Trading Facility, in whole or in part, to comply
with Applicable Laws, Rules and/or Regulations.
40.13. 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 we haveprovided to you in connection with our Online Trading Facility, and any copies thereof.

41.

Recording of Telephone Conversations, Electronic Communications and Meetings

41.1. Your telephone conversations, Electronic Messaging, e-mails, internet conversations (i.e. live chat),meetings and other communications with us may be recorded/maintained by us. Any recordings shallbe and shall remain our sole property and will be accepted by you as conclusive evidence of theircontent as recorded by us. You agree that we may deliver copies of transcripts of such recordings to
any court, regulatory or government authority, including without limitation, in disputes which may arise
between you and us.

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41.2. 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.
41.3. A copy of the records mentioned herein above will be available, on request, for a minimum period ofseven (7) years.
41.4. 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.

42.

Corporate Events and Actions

42.1. In the case where an Instrument becomes subject to a corporate event as set out below (sub-clause42.3), the Company will carry out the appropriate actions to adjust your trading account for the effect of
the event on your position, preserving the economic equivalent of the rights and obligations attached toyour Transaction and/or Contract with the Company, on the ex-date of the event (i.e., the day theaffected instrument’s price will incorporate the effect of the event). Subject to this sub-clause, theCompany 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, theCompany aims to preserve, to the greatest extent possible, the equivalent of the rights andobligations of your Transaction and/or Contract immediately prior to the corporate event taking place;(d) If a corporate event, such as a reverse stock split, results in share ownership below the minimum
allowed by our systems, these positions will be rounded down to the nearest allowed trade size, withany value not captured by the position adjustment being reflected as a cash adjustment to yourtrading account.
42.2. Different actions may be followed by the Company in case you owned the underlying Instrument;
however, the Company will endeavor to preserve economic equivalence to the greatest extent possible.
42.3. Subject to sub-clause 42.1, corporate events shall include the following:(a) Distribution, by the issuer to the shareholders of the Underlying Instrument, of additional shares,
other share capital, warrants or rights granting dividends that result in a dilutive effect on the market
value;(b) Stock splits and reverse stock splits that result in a change in the number of shares owned and theshare price. A split is a corporate event whereby a firm multiplies the number of existing shares bya certain ratio, e.g. 1:2 (this indicates that every existing share will translate into two shares). In the
1:2 case, the shareholders’ shares will double, but given the firm’s market capitalization will remainunchanged, the stock price will halve, maintaining economic equivalence; It should be noted that
under such an event your positions may be consolidated into a single entry on the terminal which
will of course capture the effect of the corporate action on all your positions;(c) Dividends; in case where an underlying instrument is granting dividends (equity index or stock), acash adjustment will be made, equivalent to that paid to clients with an open position in the
Underlying Instrument;(d) Delisting/voiding of a tradable Instrument that will result in the closing of positions; It should be notedthat in order to protect the Company and its Clients, the Company reserves the right, at its sole
discretion, to remove and/or seize offering financial instruments, whenever the issuing corporationof such instruments has filed for bankruptcy, even if such an action does not result in the

Email: info@xmtrading.com | Web: www.xmtrading.com |Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritiuscorporation’s liquidation; the mere filing of a corporation for bankruptcy, is deemed sufficientindication for the Company to proceed with the immediate delisting of the relevant financial
instrument;(e) Takeovers or mergers (including spinoffs), depending on their terms may result in a cash adjustment
similar to that of dividends;(f) Any other event of similar nature to the aforementioned events that may have a concentrating or
dilutive effect on the market value of the Instrument.

43.

Prohibited Trading Technics

43.1. 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 yourAccess Codes and/or terminating your Account. Under these circumstances, we reserve the right toseize 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 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.
43.2. Artificial Intelligence Software: It is absolutely prohibited to use any software , which we determine,at our sole discretion, to have as its purpose to apply any kind of artificial intelligence analysis to our
Online Trading Facility and/or computer system(s) with an ultimate purpose to gain unfair advantage
and exploit our trading facility; in the event that we determine, at our own discretion, that any such
artificial intelligence software has been used, or is being used, we reserve the right to take all action
as we see fit, including, without limitation, completely blocking access to our Online Trading Facility,
blocking and/or revoking your Access Codes and/or terminating your Account. Under thesecircumstances, we reserve the right to seize any profits and/or revenues generated directly or
indirectly by exercising any such prohibit trading activity and/or charge you with extra fees. In addition,
we shall be entitled to inform any Interested third parties of your breach of this clause; we have, andwill 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 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.
43.3. Moreover, it is absolutely prohibited to use any software in such a way which can cause serious
negative impact on the performance of our servers and may prevent us from achieving the best
possible result for our clients as regards the execution of their orders. In the event that we identify
any 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 with us.
In view of the above, please note that you will be strictly prohibited from opening any new trading
Account(s) and trade with our Company. Nonetheless, in cases where you may successfully open an
Account and trade with our Company due to any technical and/or human error, we reserve every rightto immediately close your Account upon identification, nullify any profit/loss generated and refund theoriginal amount of deposit, excluding any deposit and withdrawal charges.
43.4. Unlawful trading techniques: Internet, connectivity delays, and price feed errors sometimes createa situation where the price(s) displayed on our Online Trading Facility do(es) not accurately reflect
the market rates. The concept of using trading strategies aimed at exploiting errors in prices and/or

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concluding trades at off-market prices and/or by taking advantage of internet delays (commonly
known as “arbitrage”, “sniping” or “scalping” hereinafter, collectively, referred to as “Arbitrage”),
cannot exist in an OTC market where the client is buying or selling directly from the principal;
accordingly, we reserve the right, at our sole discretion, NOT to permit the abusive exploitation of
Arbitrage on our Online Trading Facility and/or in connection with our Services; any Transactions orContracts that rely on price latency arbitrage opportunities may be revoked, at our sole discretion andwithout 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 the price spreads
available to the client); (b) to restrict the Account(s) involved access to streaming, instantly tradable
quotes (including, without limitation, providing manual quotations only and submitting any Orders to
our prior approval); (c) to retrieve from the Account(s) involved any historic trading profits that we candocument 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.
43.5. Any indication or suspicion, in the Company’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 withother parties, abuse of our ‘no negative balance’ policy, fraud, manipulation, cash-back arbitrage or
any other forms of deceitful or fraudulent activity, will constitute all Transactions carried and/or profits
or losses garnered as invalid. In these circumstances, we reserve the right to close/suspend (either
temporarily or permanently) all of the Client’s trading Accounts and/or cancel all Transactions. In viewof 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 Accountand trade with our Company due to any technical and/or human error, we reserve every right toimmediately close your Account upon identification, nullify any profit/loss generated and refund theoriginal amount of deposit, excluding any deposit and withdrawal charges.
43.6. 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.
43.7. Changes in Market conditions: please note that we shall have no obligation to contact you to advise
upon appropriate action in light of changes in Market Conditions (including, without limitation, Market
Disruptions) or otherwise. You acknowledge that the Over-The-Counter Market in leveraged Financial
Instruments is highly speculative and volatile and that, following execution of any transaction, you aresolely responsible for making and maintaining contact with us and for monitoring open positions andensuring that any further instructions are given on a timely basis. In the event of any failure to do so,
we can give no assurance that it will be possible for us to contact you and we accept no liability forloss alleged to be suffered as a result of any failure by you to do so.
43.8. Indemnification: Without prejudice to any other provisions of this Agreement, you agree to indemnify
us and hold us, and any of our Associates, harmless from and against any and all liabilities, losses,
damages, costs and expenses, including, without limitation, legal fees and expenses incurred inconnection with and/or directly or indirectly related with, any fraudulent and/or unlawful access anduse 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 ourgross negligence, fraud or willful default.
43.9. MT4/MT5 Multiterminal: The Company offers the trading platform MT4/MT5 Multiterminal whichallows the Client to manage more than one trading accounts. You hereby represent, warrant, andagree that you will not use MT4/MT5 Multiterminal to manage trading accounts not belonging to you.

Email: info@xmtrading.com | Web: www.xmtrading.com |Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritius

44.

Amendments to the Agreement(s)44.1.

We reserve the right to amend, alter, modify, delete or add to any of the provisions of thisAgreement at any time and at our sole discretion, without giving any advance or prior notice.

44.2.

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.

44.3.

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.

44.4.

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 shallbe governed by those Terms and Conditions, as modified. IF YOU DO NOT WISH TO BE BOUND
BY SUCH CHANGES, YOU SHOULD CEASE TO ACCESS AND/OR USE OUR ONLINETRADING FACILITY AND INFORM US IN WRITING, IMMEDIATELY.

45.

Information Disclosure

45.1.

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 thelaw is entitled to demand disclosure, or in order to enable the Party sufficiently to fulfil its obligations
pursuant to these Terms.

45.2.

By accepting these Terms and Conditions, you authorize us to disclose such information relating
to you as may be required by any Applicable Laws, Rules and Regulations or regulatory authority,
including any applicable Market Rules, without prior notice to you.

45.3.

By accepting these Terms and Conditions, you authorize us to share personal information
submitted by you to us with any duly licensed financial entity, with any of our Associates for the
purpose of 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 Introducer of Business for the purposeof completing the due diligence to, and the approval of, your Account Opening Application Form(s).

46.

FATCA

46.1. 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 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

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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.
46.2. 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.

47.

Common Reporting Standards (‘CRS’)

47.1.

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.

47.2.

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
the Agreement and the Transactions for the purpose of complying with CRS or other Applicable
Laws, Rules and Regulations, including disclosures between themselves and to governmental
authorities. The Client acknowledges that this may include transfers of information to jurisdictions
which do 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 withthese Terms and Conditions or any Transactions that the said third party has been provided withsuch information and given such consents or waivers as are necessary to allow the Company, its
Associates and its or their agents and service providers to collect, store, process and disclose his,her or its information as described in this clause.

47.3. 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.

48.

TAX Implications

48.1. 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.
48.2. 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.
48.3. 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.
48.4. 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, Rules and Regulations, but that weare not obligated to do so, from the results of your trading activity from and/or the access and/or use

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of 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.

49.

Privacy and Data Protection

49.1. 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 Data Protection Act 2017 and/or General Data Protection Regulation (679/2016) and/or any othersimilar applicable law/regulation as may be in force from time to time. You provide your consent to
us to process all such information for the purposes of complying with our legal obligations, performing
our contractual obligations and administering the relationship between you and us. You acknowledge
and agree that this may result in your personal information being sent outside Mauritius and/or theEuropean Economic Area (“EEA”). You consent to us processing and disclosing such information inaccordance with this Agreement and our Privacy Policy as published on our Website, as this may be
updated from time to time.
49.2. 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.
49.3. 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.
49.4. 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
your trading account(s);• compile statistical analysis of the pages of our Online Trading Facility visited;• monitor and analyse our business;• participate in fraud/crime and money laundering prevention, legal and regulatory compliance;• market and develop other products and services;• transfer any of our rights or obligations under these this Agreement; and• process clients’ Personal Data for other related purposes.
49.5. If you choose to withhold Personal Data (other than special categories of personal data) requested
in order for us to be able to provide our services to you, as required by applicable laws andregulations, we may not be able to process your application and/or provide you access to our Online
Trading Facility.
49.6. We will not obtain or require disclosure of special categories of Personal Data (such as ethnic origin,religion or medical records) but if you choose to provide such Personal Data, we may assume suchsensitive data is provided with your consent for processing for the purposes for which such Personal
Data was provided, unless otherwise notified by you to us in writing.
49.7. You directly provide us with most of the Information we collect. You do this by filling out the electronicform(s) (including, without limitation, the Account Opening Application Form(s)) that we post on our
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

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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 tolearn 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.
49.8. We obtain, hold and use the Information we collect from you in accordance with data protection andanti-money laundering legislation and only for the purposes for which this information is collected.
You agree that we can rely on, hold and process your information for the purpose of performing ourobligations under this Agreement, including verifying your identity as per our legal obligations,administering the relationship with you, managing your Account and contacting you from time to time,
recovering amounts payable, considering any of your applications, carrying out risk assessment,complying with regulatory obligations, and undertaking product development and analysis.
49.9. 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.
49.10. In order to provide services to you, you acknowledge that it may be necessary for your information
to be transferred to someone who provides a service to us in other countries, including some outside
Mauritius and/or outside of the European Economic Area (“EEA”), and you consent to such transfer.
To the extent we transfer your information outside Mauritius and/or the EEA, we will ensure that thetransfer is lawful and that Processors in third countries are obligated to comply with the Mauritius’
Data Protection standards and/or the European data protection standards and to provide appropriate
safeguards in relation to the transfer of your data. Where we make transfers to processors in the US,
we may in some cases rely on applicable standard contractual clauses, binding corporate rules, or
any other equivalent applicable arrangements.
49.11. In view of the above, your personal information may be processed by staff operating outside Mauritius
and/or the EEA who work for us or for one of our processors. Such staff may be, among others,
engaged in the fulfilment of your requests, the processing of your payment details and the provisionof support services. By submitting your personal data, you agree to this transfer, storing andprocessing. The Company will take all steps reasonably necessary to ensure that your data is treatedsecurely and in accordance with this Privacy Policy.
49.12. Neither we nor any of our Associates will disclose any Personal Data collected about you to third
parties except: (i) to the extent that it is required to do so by under and/or pursuant to any Applicable
Laws, Rules and Regulations; (ii) where there is a duty to the public to disclose; (iii) where 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 the information
described above, such as your name, address, trading experience and account information. Our
Associates are committed to maintaining the privacy of your information to the same extent we
do in accordance with the provisions set forth herein and in our Privacy Policy.

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(b) Sharing Information with Third Parties: We do not disclose your personal information to third
parties, except as described herein. Third party disclosures made by us in accordance herewith
may include sharing such information with non-affiliated companies that perform support
services for your Account or facilitate your Transactions and/or Contracts with us, including
those that provide professional, legal, or accounting advice to us or that are acting on behalf of
us to investigate 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 theyreceive it and to use your personal information only in the course of providing such services andonly for the purposes that we dictate. We may also disclose your personal information to third
parties to fulfil your instructions or pursuant to your express consent. We want you to know that
we will not sell your personal information.
(c) Regulatory Disclosure: Under limited circumstances, we may disclose your personal
information to third parties as permitted by, or required to comply with, Applicable Laws, Rules
and Regulations in the jurisdiction of which you are a citizen or a permanent resident, or, in thecase of a Legal Entity is formed, incorporated, domiciliation and/or doing business, and/or of thejurisdiction in which we are organized and/or is performing the Services provided hereunder.
For example, we may disclose personal information to cooperate with regulatory authorities 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 theseTerms, 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 theincidence of fraud or in the course of carrying out identity, fraud prevention or credit control checks.
49.13. You consent to us, or our agents acting on our behalf, carrying out such credit and identity checks,
including money laundering checks, compliance regulatory reporting and fraud prevention checks,
as we may reasonably consider necessary or desirable, including requesting a reference from yourbank or any credit reference agency. You understand and agree that any third party referred to inthis clause may share any information concerning you with us and other organizations involved in
credit reference, the prevention of fraud and/or crime and/or money laundering or for similar
purposes or to recover debts involved.
49.14. By submitting the Application Form to us, you agree to be bound by the terms of our Privacy Policy
as set out on our Website, including authorising us to contact you by email, telephone or post to
give you information about carefully selected products or services offered by us, that are similar or
related to products or services provided or previously provided to you. You consent to us using yourdata for this purpose for the period you have an Account with us, and after you close the Accountfor a period of seven (7) years. If you do not wish to receive such information, then you may clickon the “unsubscribe” button on any of our emails. Alternatively, please inform us in writing at
dpo@xmtrading.com.
49.15. 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
as well as to maintain and improve the quality of our Services. Any recordings shall be and shallremain our sole property and will be accepted by you as conclusive evidence of their content asrecorded by us. You agree that we may deliver copies of transcripts of such recordings to any court,
regulatory or government authority, including without limitation, in disputes which may arise
between you and us. However, technical reasons may prevent us from recording a conversation,and recordings or transcripts made by us will be securely destroyed in accordance with our normal
practice. Consequently, you should not rely on such recordings to be available.

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49.16. We protect your Information by using data security technology and using tools such as firewalls
and 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.
49.17. Please note that we reserve the right to amend, revise, modify, and/or change our Privacy
Polic(y)ies at any time. Should we decide to make any changes to our Privacy Polic(y)ies, suchchanges shall be 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 we hold, process or disclose information, by posting a notice on our Website or
sending you an email to your last known email address. If you do not tell us you object to thischange in writing within 60 days of the notice and you continue to maintain the Account after the
expiry of this period of notice then we will regard you as having agreed to it.
49.18. Should you have any questions regarding our Privacy Polic(y)ies, please contact our Data
Protection Officer at dpo@xmtrading.com. Please ensure you include your full name and Accountnumber in order to be able to verify your identity and process your request.
49.19. We may use ‘cookies’ or ‘IP address tracking devices’ to administer our Online Trading Facility,
store password and usernames, to monitor visits to pages on our Online Trading Facility from yourterminal to personalise our Online Trading Platform to you and to track and facilitate browsing
through our Online Trading Facility. A ‘cookie’ is a piece of data stored on your hard drive containing
information about you relating to the use of our Online Trading Facility. IP addresses may be linked
to your Personal Data and by tracking these addresses, we would be obtaining such Personal Data.
Access to our Online Trading Facility is conditional on acceptance by you of any ‘cookies’ and ‘IPaddress tracking devices’ described in and for the purposes explained in this clause. By accepting
these Terms, you acknowledge that you understand the broad nature of ‘cookies’ and ‘IP address
tracking’ devices and the purposes for which they will be used by us.
49.20. You acknowledge and accept that any Services provided through our Online Trading Facility involve
transmissions over the Internet and that such transmissions are therefore subject to the Internet's
inherent risks. Whilst we acknowledge our responsibility to take reasonable security precautions,
you also acknowledge and accept that, as with any network, you may also be exposed tounauthorized programs transmitted by third parties, electronic trespassing and/or the failure of
information and data to reach their intended destinations and/or erroneous receipt or misdirectionof such information. Although our, our Associates’ and our Third Party Service Providers’ andsecurity features are designed to reduce these risks, we cannot guarantee their elimination. You
therefore acknowledge that no transmission via our Online Trading Facility shall be guaranteed tobe confidential and that we shall not be liable for any breach of confidence arising as a result ofsuch events.

50.
50.1.

Event of 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 observe or perform any other provision of this Agreement and such failure continues
for one (1) Business Day after notice of non-performance has been given; (b) you fail to remit funds
necessary 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, become of unsound mind, are unable to pay your debts

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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 becomescapable at any time of being declared, due and payable under agreements or instruments
evidencing such indebtedness before it would otherwise have been due and payable, or any suit,action or other proceedings relating to 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 commence a
voluntary case or other procedure seeking or proposing liquidation, re-organisation, an
arrangement or composition, 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 ofa 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 toauthorise 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, afreeze 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 Custodian of you or any substantial
part of your assets and such involuntary case or other procedure either (i) has not been dismissed
within five (5) Business Days of its institution or presentation or (ii) has been dismissed within such
period but solely on the grounds of an insufficiency of assets to cover the costs of such case orother procedure; (g) an application is made in respect of you for an interim order or if a bankruptcy
petition is presented in respect of you or, in the case of a partnership, in respect of one or more of
the partners, or if a company, a receiver, trustee, administrative receiver or similar officer isappointed; (h) in the case of a Legal Entity, a petition is presented for your winding-up oradministration, 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 ourprior written approval); (I) any distress, execution or other process is levied against any of yourproperty and is not removed, discharged or paid within 7 seven calendar days; (j) any security
created by any mortgage or charge becomes enforceable against you and the mortgagee or
Custodian takes steps to enforce the security or charge; (k) any of your indebtedness or any theindebtedness 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 yoursubsidiaries’ 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 behalf of 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 (eacha “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 to have been false or misleading in
any material respect as at the time it was made or given or deemed made or given, or becomes
untrue; (o) any Credit Support Provider fails, or you yourself fail to comply with or perform any
agreement or obligation to be complied with or performed by you or in accordance with theapplicable Credit Support Document; (p) any Credit Support Document expires or ceases to be infull force and effect prior to the satisfaction of all your obligations under this Agreement, unless wehave agreed in writing that this shall not be an Event of Default; (q) any representation or warranty
made or given or deemed made or given by any Credit Support Provider pursuant to any Credit
Support Document proves to have been false or misleading in any material respect as at the time
it was made or given or deemed made or given; (r) any event referred to in paragraphs (b) to (d) or(h) of this sub-clause occurs in respect of any Credit Support Provider; (s) you are dissolved, or, if
your capacity or existence is dependent upon a record in a formal register, the registration isremoved or ends, or any procedure is commenced seeking or proposing your dissolution, removalfrom 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

Email: info@xmtrading.com | Web: www.xmtrading.com |Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritius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 and Regulation or goodstandard of market practice; (v) we consider it necessary or desirable for our own protection or any
action is taken or event occurs which we consider might have a material adverse effect upon ourability to perform any of our obligations under this Agreement; (w) you violated any clause of thisAgreement and/or any other agreements we have, or had in the past, in place; (x) any Event of
Default (however described) occurs in relation to you under any other agreement between us which
you are 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 aContract) by any regulatory agency or authority; and (z) we are obliged to do so by law.
50.2.

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,
or is in our reasonable opinion likely to be, necessary in order for us to fulfil our or your obligations
under any Transaction and/or Contract; in this case you shall reimburse to us the full amount of 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 yourAccount.

50.3.

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 thescope of any other agreements between you and us.

50.4.

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 sale inor towards discharge of any or all of your obligations to us.

50.5.

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.

50.6.

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).

50.7.

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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51.

Force Majeure

51.1.

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 ordelay in the performance of this Agreement occasioned by any act of God, fire, war, civil commotion,
labour dispute, act of government, state, governmental or supranational body or authority, or
any investment exchange and/or clearing house, inability to communicate with market makers forwhatever reason, failure of any computer dealing system, any other breakdown or failure oftransmission in communication facilities of whatever nature, between us and you or any other thirdparty whatsoever, or any other reason (whether or not similar in kind to any of the above) beyond
our reasonable control (a “Force Majeure Event”).

51.2.

You acknowledge and agree that we may, in our reasonable discretion, determine that a Force
Majeure Event exists or is about to occur; as the case may be, we will inform you as soon asreasonably practicable if we so determine.

51.3.

If we determine that a Force Majeure Event exists or is about to occur then we may (without
prejudice to any other rights under this Agreement and at our sole discretion) take such action as
we deem necessary or appropriate in the circumstances, having regard to you and your interests,
and neither we, nor any of our directors, officers, employees, agents or advisers will be liable forany failure, hindrance or delay in performing our obligations under this Agreement or for taking oromitting to take any action pursuant to this subparagraph.

52.

Miscellaneous Provisions

52.1.

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.

52.2.

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.

52.3.

You may not without our prior written consent transfer this Agreement or any interest or obligationin or under this Agreement and any purported transfer without such consent shall be null and void.

52.4.

Following such consent to the transfer of any interest or obligation under this Agreement, you shallremain jointly and severally responsible for the performance of all of the transferee’s obligations
under this Agreement.

53.

Notices

53.1.

You must ensure that, at all times, we are able to communicate with you by telephone, fax or email.

53.2.

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 aconfirmation copy sent by air mail, or if sent by e-mail, and in any case addressed to the respective
Parties at their address set forth above or at such other address as such Party may hereafter
designate by notice to each of the other Parties as herein provided.

53.3.

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 andEmail: info@xmtrading.com | Web: www.xmtrading.com |Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritius

shall be effective when personally delivered.
53.4.

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 Mauritius
are open for business (a “Business Day”) or on a Business Day but outside regular business hours,
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 by return mail,telex or facsimile that the copy received is illegible in whole or in part.

53.5.

If sent by prepaid “overnight delivery” via DHL/FEDEX/UPS or any other internationallyrecognized air courier in the form specified therein, notices, declarations, demands, requests, andother communications under this Agreement shall be deemed to have been given and received andshall be effective four (4) calendar days after deposit with such air courier or when actually received,
whichever first occurs.

53.6.

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 ismade on a day which is not 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 telex or facsimile that the copy received is illegible in whole or in part.

53.7.

Such notice or other communication will be deemed effective if in writing and delivered in personor by 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 the datethat mail is delivered or if sent by email on the date that email is delivered, unless the date ofdelivery (or attempted delivery) or the date of receipt, as applicable, is not a Business Day or thecommunication is delivered (or attempted to be delivered) or received, as applicable, after the closeof 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.

53.8.

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 or registeredmail or by hand-delivering such summons, complaint or other process to the other Party at theaddress of such Party specified hereinabove.

53.9.

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 tothe 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.

53.10. In the event that you have more than one Account with us, we reserve the right to treat all such
Accounts as if they were under one Account and to limit the number of Accounts maintained by asingle holder, at our sole discretion.

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54.
54.1.

55.

Survival
The provisions of this Agreement pertaining to either Party’s (a) Representations, Warranties andCovenants, (b) Fiduciary duties, (c) Confidentiality obligations, (d) Acknowledgements, (e)Liabilities and responsibilities, as well as (f) Clause 28, 34, 49 and 51 of this Agreement shallsurvive the expiration of the term and/or the termination of this Agreement for any reason.

Governing Law and Jurisdiction

55.1.

This Agreement is governed by the Laws of Mauritius.

55.2.

The Competent Courts for all disputes and controversies arising out of or in connection with theAgreement shall be the Courts of Mauritius.

Email: info@xmtrading.com | Web: www.xmtrading.com |Address: c/o Amicorp (Mauritius) Limited, 6th Floor, NeXTeracom Building, Ebene, Mauritius