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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

CLIENT AGREEMENTTERMS & CONDITIONS OF BUSINESS
Contents
Chapter A: Scope of Agreement ............................................................................................................ 5
1. Introduction ....................................................................................................................................... 5
2. Parties to the Agreement ....................................................................................................................... 5
3. Electronic Signatures and Acceptance of Agreement(S).................................................................. 6
4. Acceptance & Scope of Agreement(s) ................................................................................................. 6
5. Authorization ........................................................................................................................................... 7
6. Experience and Knowledge in Financial Matters ............................................................................... 8
7. Legal Restrictions ................................................................................................................................... 8
8. Amendments............................................................................................................................................ 9
9. Entire Agreement - Severability ............................................................................................................ 9
10. Definitions .............................................................................................................................................. 10
11. Interpretation ......................................................................................................................................... 22
Chapter B: Access and Use of Our Online Trading Facility................................................................ 24
12. Limited License to Access and Use Our Online Trading Facility .................................................. 24
13. Copyright, Licenses and Trademarks ................................................................................................ 25
14. Limitations on Investment Guidance and Professional Advice ..................................................... 25
15. Accuracy of Information ...................................................................................................................... 26
16. Analytical Tools and Market Data ....................................................................................................... 26
17. Third Party Content and Research ..................................................................................................... 27
18. Means of Accessing and Using Our Online Trading Facility .......................................................... 28
19. Restriction of Access and Use of Our Online Trading Facility....................................................... 28
20. Technical Issues ................................................................................................................................... 29
21. Manifest Errors ...................................................................................................................................... 29
22. Infections, Contaminations or Other Destructive Content.............................................................. 30
23. Hyperlinks to Other Sites Controlled or Offered by Third Parties ................................................. 30
24. Software ................................................................................................................................................. 31
Chapter C: Services ............................................................................................................................... 32
25. Scope of Services ................................................................................................................................. 32
26. Registration ........................................................................................................................................... 32
27. Eligibility ................................................................................................................................................. 32
28. Client Categorisation Under MiFID II .................................................................................................. 33
A. Opt-Down from an Eligible Counterparty .................................................................................. 34
B. Opt-Down from a Professional Client ........................................................................................ 34
C. Opt-Up from a Retail Client .......................................................................................................... 34
29. Identification .......................................................................................................................................... 35
30. Personal Information – Accurate and Complete Data ..................................................................... 35
Chapter D: Terms of Service ................................................................................................................. 38
31. Services Provided ................................................................................................................................. 38
32. Execution of Orders .............................................................................................................................. 38
33. Prices and Open Positions .................................................................................................................. 39
34. Instructions and Basis of Dealing ...................................................................................................... 39
35. Electronic Trading Terms .................................................................................................................... 41
36. Reporting Transactions and Account Statements ........................................................................... 43
37. Consent to Receive Electronic Transmission of Trade Confirmations and Account Statements................................................................................................................................................................. 44
38. Recording of Telephone Conversations, Electronic Communications, Internet Conversations(Live Chats), and Meetings .................................................................................................................. 45
39. Rollover and Offset Instructions ......................................................................................................... 45

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40. Corporate Events and Actions ............................................................................................................ 46
Chapter E: Margin Deposits, Collateral and Payment ......................................................................... 48
41. Margin and Collateral ........................................................................................................................... 48
42. Margin Call Policy / Margin Call Level / Stop-Out Level .................................................................. 49
43. Security .................................................................................................................................................. 50
Chapter F: Commissions, Fees and Charges....................................................................................... 52
44. Commissions, Fees and Charges ....................................................................................................... 52
45. Other Fees and Charges ...................................................................................................................... 52
46. Currency Conversion ........................................................................................................................... 53
47. Pricing of OTC Transactions ............................................................................................................... 53
48. Prohibited Trading Techniques .......................................................................................................... 54
Chapter G: Your Account(s) With Us .................................................................................................... 56
49. Account(s) .............................................................................................................................................. 56
50. Base Currency ....................................................................................................................................... 56
51. Access Codes (Username And Passwords) ..................................................................................... 56
52. Affiliates (Introducers of Business).................................................................................................... 57
53. Payments................................................................................................................................................ 57
54. Several/Multiple Trading Accounts .................................................................................................... 58
55. Deposits, Refunds and Withdrawals .................................................................................................. 58
A. Deposits ......................................................................................................................................... 58
B. Refunds and Withdrawals ............................................................................................................ 59
56. Deposits by Credit / Debit Card........................................................................................................... 59
57. Chargebacks .......................................................................................................................................... 61
58. Netting Agreement ................................................................................................................................ 61
59. Client Funds and Assets ...................................................................................................................... 62
60. Assessment of Institutions Holding Client Funds ........................................................................... 63
61. Dormant and Archiving Policy ............................................................................................................ 64
62. Islamic/Swap-Free Accounts ............................................................................................................... 64
63. Swap-Free Instruments ........................................................................................................................ 64
Chapter H: General Provisions ............................................................................................................. 66
64. Market Making ....................................................................................................................................... 66
65. Conflicts of Interest .............................................................................................................................. 67
66. Product Governance Arrangements .................................................................................................. 67
67. Special Provisions for Managed Accounts, Introduced Accounts or Third Party Vendors ....... 68
68. Acknowledgements .............................................................................................................................. 68
69. Further Representations, Warranties and Covenants ..................................................................... 73
70. Information Disclosure ......................................................................................................................... 74
71. Investor Compensation Fund .............................................................................................................. 75
72. FATCA..................................................................................................................................................... 76
73. Common Reporting Standard (“CRS”) .............................................................................................. 76
74. EMIR ........................................................................................................................................................ 77
75. Non-Financial Counterparty Representation .................................................................................... 77
76. EMIR Delegated Reporting Service - Legal Entities ......................................................................... 78
77. MiFIR Transaction Reporting .............................................................................................................. 79
78. Regulatory Matters................................................................................................................................ 79
79. Tax Implications .................................................................................................................................... 79
80. Intellectual Property ............................................................................................................................. 79
81. Privacy and Data Protection ................................................................................................................ 80
Chapter I: Complaint Handling Procedures ......................................................................................... 85
82. Complaints ...................................................................................................................................... 85
Chapter J: Indemnity and Limitation of Liability.................................................................................. 86

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83. Risk Of Loss; Limitation Of Liability .................................................................................................. 86
84. Exclusion of Warranties ....................................................................................................................... 87
85. Disclaimer and Limitation of Liability ................................................................................................ 87
86. Indemnification ...................................................................................................................................... 88
87. Independent Investigation ................................................................................................................... 88
Chapter K: Default .................................................................................................................................. 90
88. Default..................................................................................................................................................... 90
89. Rights on Default .................................................................................................................................. 91
Chapter L: Termination of Client Relationship and Liquidation of Accounts ................................... 93
90. Termination of Client Relationship ..................................................................................................... 93
91. Effects of Termination of Client Relationship ................................................................................... 93
Chapter M: Miscellaneous Provisions .................................................................................................. 94
92. Assignment ............................................................................................................................................ 94
93. Time of Essence .................................................................................................................................... 94
94. Notices .................................................................................................................................................... 94
95. Governing Law and Jurisdiction ......................................................................................................... 95
96. Dispute Resolution ............................................................................................................................... 95
97. Interim Relief - Injunctive Relief .......................................................................................................... 96
98. Controlling Language ........................................................................................................................... 96
99. Force Majeure ........................................................................................................................................ 96
100. No Waiver ............................................................................................................................................... 96
101. Cumulative Remedies........................................................................................................................... 97102. Compliance With Cysec Rules ............................................................................................................ 97103. Exclusion of Third Party Rights .......................................................................................................... 97104. Independent Parties / No Partnership Or Joint Venture .................................................................. 97105. Counterparts .......................................................................................................................................... 97106. Survival ................................................................................................................................................... 98

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Chapter A: Scope of Agreement
1. Introduction
XM’s brokerage services are provided by Trading Point of Financial Instruments Ltd (operating under the
trading name ‘XM’), which is a Cypriot Investment Firm ("CIF") registered with the Registrar of Companies in
Cyprus under number: HE 251334, and regulated by the Cyprus Securities & Exchange Commission("CySEC") under license number 120/10 (hereinafter referred to as “XM” and/or "we" and/or "our" and/or "us").
All access and/or use of our Online Trading Facility is subject to these terms and conditions (hereinafterreferred to as these "Terms and Conditions" and/or this “Agreement”) in accordance with the terms hereof.
For your benefit and protection, you should take sufficient time to completely and carefully read thisAgreement as well as any other additional documentation and information available to you via our Webiste
prior to opening a trading account with us and before accessing and/or using our Online Trading Facility.
You must read, agree with and accept all of the terms and conditions contained in this Agreement without
modifications, which include those Terms and Conditions expressly set out below, and those incorporated
herein by reference, before you may become a client of XM. If you do not undertand any aspect of thisAgreement, you should contact us before opening a trading account, or you should seek independent
professional advice.
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 ANY PART THEREOF, DO NOT ACCESS AND/OR USE OUR ONLINE TRADING FACILITY IN
ANY WAY 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 to your capital. Please be aware thenthat the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter into anytransactions on the financial market(s).
The contents of our Online Trading Facility and of any communications you may receive from us, via
Electronic Messaging, website postings, e-mail, telephone, telefax or otherwise, and any part of any
member’s area on our Online Trading Facility, in particular, are for general information and educational
purposes only and do not amount to investment advice or unsolicited financial promotions to you. Please
do read our “Risk Disclosure” on our Online Trading Facility, before opening a trading account and accessing
and/or using our Online trading Facility.
2. Parties to the Agreement
2.1 This Agreement is made between yourself, as our client (hereinafter referred to as "you" or “your” or, ingeneral terms, the “client”) and Trading Point of Financial Instruments Ltd a limited liability company
formed under the laws of Cyprus and regulated by the Cyprus Securities and Exchange Commission(CySEC) - Licence Number 120/10, having its registered office at 12, Richard & Verengaria Street, Arouzos
Castle Court, 3rd floor, P.C. 3042, Limassol, Cyprus, registered with the Registrar of Companies inNicosia under number: HE 251334, and any of its designated and permitted successors, assigns and thoseof its subsidiaries and affiliates that are identified further in this Agreement (also trading under the name“XM” henceforth "us", "our", "we" or "XM"). This Agreement describes in full detail the Terms and Conditions
you must accept, without restrictions or objections, before accessing and/or using our Online Trading
Facility. Furthermore, before you access and/or use our Online Trading Facility and before you become aclient of XM, you must fully understand and agree to all the terms and conditions expressly explained
and/or implied hereto, and/or incorporated herein by reference. Notwithstanding anything to the contrary,by continuing to use our Online Trading Facility you are implying that you have read these Terms andConditions and have unconditionally accepted these Terms and Conditions in their entirety and without
reservation.

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2.2 “XM” (henceforth "us", “our” or "we") and “you”, as our client (henceforth “you”, “your” or, in generalterms, the “client”), may hereinafter be referred to, individually, as a “Party” and, collectively, as the“Parties”.
3. Electronic Signatures and Acceptance of Agreement(S)
3.1 The Distance Marketing of Consumer Financial Services Law N.242(I)/2004, which implements EU
Directive 2002/65/EC, does not require the Agreement to be physically signed by either the Client or theCompany in order for both of the Parties to be legally bound by it. The terms contained in the Agreement
shall apply to the initial as well as to any subsequent activity entered into between the Company and theClient.
3.2 You hereby expressly acknowledge and agree that: (a) by downloading, completing and/or submitting
to us the account documentation and forms posted on our Online Trading Facility (hereinafter referred toas the “Account Opening Application Form(s)”) and/or clicking in the appropriate space, or on the “I
Accept” button, or similar buttons or links as may be designated by us to show your approval andacceptance of this Agreement, and/or (b) by accessing or using, and/or by continuing to access or use,
our Online Trading Facility, you are entering into a legally binding contract by and between you and us,
and you fully agree to abide by and to be bound by all the Terms and Conditions set out in this Agreement,
as they may apply to you.
3.3 You hereby agree to communications being made, and to the delivery of this Agreement and/or any
agreements by and between us, or changes in these Terms and Conditions, via electronic media (including,
without limitation, Electronic Messaging, website postings e-mail, or other electronic means) to the extent
permitted by Applicable Laws, Rules and/or Regulations. Communications being made via electronic media
in order to enter into contracts, place Orders and other records and to the electronic delivery of notices,
policies and records of transactions initiated or completed through our Online Trading Facility and/or in relation
thereto, shall, to the extent permitted by Applicable Laws, Rules and/or Regulations, be treated as satisfying
any legal requirement that a communication should be ‘signed’ and ‘in writing’. Accordingly, any such
documents that are delivered to you electronically are deemed to be "in writing".
3.4 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 orlinks as may be designated by us to show your approval and acceptance thereof, or take such other action
as may be indicated on our Online Trading Facility, you will be deemed to have ‘signed’ and/or
acknowledged the document to the same extent and with the same effect as if you had signed the
document manually. To the extent permitted under applicable mandatory law, you hereby waive any rights
or requirements under any Applicable Laws, Rules and/or Regulations in any jurisdiction, which require
an original (non- electronic) signature or delivery or retention of non-electronic records.
3.5 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 an/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.
4. Acceptance & Scope of Agreement(s)4.1 We shall evaluate the Account Opening Application Form(s) you submitted for the purpose of becominga client of us and shall inform you by e-mail whether your application is accepted or not. We reserve theright to refuse and/or decline your application(s), at our sole discretion and for any reason, without
being obliged to provide you with any explanation or justification.
4.1 Without prejudice to the provisions of sub-clause 2.2 hereinabove, in particular as regards your acceptanceand acknowledgement of this Agreement, we will become a counterparty bound to this Agreement, andthis Agreement will become binding on us, only as of the date on which we are sending the abovementioned confirmation e-mail, as indicated thereon (the “Effective Date”).
4.2 This is the most recent version of this Agreement, as released and posted as of January 3rd , 2018.

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This version of the Agreement modifies, replaces and supersedes all prior versions of this Agreement.
4.3 The previous version of this Agreement is effective for all transactions that were not closed on or before
January 3rd, 2018 made by users who registered before January 3rd, 2018.
A copy of this Agreement may be printed and retained in your files.
4.4 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 Financial Instruments provided thereon); as well as all programfacilities for executing Transactions in Supported Financial Instruments via our Online Trading Facility
via the Internet, Electronic Messaging, website postings, e-mail, phone, fax or otherwise, and any otherfeatures, content or services that we may add in the future.
4.5 Some areas or parts of our Online Trading Facility may have different specific terms of access and/or use
posted thereon. If there is a conflict and/or discrepancy between these Terms and Conditions and any suchspecific terms of access and/or use, the latter shall have precedence with respect to your access and/or
use of such relevant area or part of our Online Trading Facility.
4.6 We may from time to time send to you further communications in respect of certain Transactions and/or
Contracts, which may contain specific legal and/or contractual provisions applicable with respect to such
Transactions and/or Contracts. In the event of any conflict and/or discrepancy between the clauses of thisAgreement and/or its annexes, appendices, addenda, attachments, schedules and/or exhibits, and thelegal 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 particularTransaction and/or Contract, shall not preclude a similar legal and/or contractual provision being expressedor implied, or being applicable, in relation to any other Transaction and/or Contract.
4.7 Your access and use of our Online Trading Facility constitutes your acceptance of these Terms andConditions and any other legal notices and statements contained on or in our Online Trading Facility. Your
access and use of our Online Trading Facility is governed by the version of these Terms and Conditions
that is in effect on the date on which our Online Trading Facility is accessed and/or used by you.
5. Authorization
5.1 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, ourOnline Trading Facility is NOT available to Persons who are under the age of 18, or otherwise under thelegal 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.
IF YOU ARE A MINOR, OR IF YOU CANNOT FORM LEGALLY BINDING CONTRACTS UNDER THE
LAW(S) APPLICABLE IN YOUR COUNTRY OF RESIDENCE, YOU MAY NOT ACCESS AND/OR USEOUR ONLINE TRADING FACILITY. IF YOU DO NOT QUALIFY, PLEASE DO NOT ACCESS AND/ORUSE OUR ONLINE TRADING FACILITY AND INFORM US IN WRITING IMMEDIATELY.
5.2 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.
5.3 In accordance with the foregoing, you hereby represent and warrant, without prejudice to any otherrepresentations, warranties and/or covenants made under this Agreement: (a) that you are an individual
who can form legally binding contracts under the laws applicable in your country of residence; (b) that you
are above the age of 18 or otherwise above the legal age in your country of residence; (c) that all of theinformation provided by you to us for the purposes of, or in the context of, opening an account with us
and/or accessing and/or using our Online Trading Facility (in particular, but without limitation, in yourAccount Opening Application Form(s)) is correct and current; (d) that you have all necessary rights, power,
and authority to enter into this Agreement and to perform the acts required of you hereunder; (e) that you
are not a politically exposed person and you do not have any relationship (e.g., relative, associate, etc.)

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with a person who holds or held during the last twelve (12) months any public position; (f) you are not an
employee of a Listed Company.
We do not accept any trading from clients who are employed by a Listed Company. We reserve the rightin such cases, in our sole discretion, to impose any restrictions deem appropriate on your trading
account(s), including the immediate termination of our business relationship, and thus, the close-out of
any open Transactions and/or Contracts without prior notice and without being obliged to provide you withany explanation or justification.
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 WHETHER YOU
MAY CONTINUE TO ACCESS AND/OR USE OUR ONLINE TRADING FACILITY.
5.4 In agreeing to these Terms and Conditions, you authorise us, or agents acting on our behalf to investigate
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 authorise 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.
5.5 The Company does not allow the management of its Clients’ Account(s) and/or the trading in its Clients’
Account(s) by any third party. You hereby expressly authorise 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.
6. Experience and Knowledge in Financial Matters
6.1 Furthermore, our Online Trading Facility is available only to, and may only be used by Persons who havesufficient experience and knowledge in financial matters to be capable of evaluating the merits and risksof accessing and/or using our Online Trading Facility and entering into Transactions and Contracts via
our Online Trading Facility and who have done so without relying on any information contained on, or in
our Online Trading Facility and/or otherwise provided by us in relation thereto.
6.2 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 and risks ofentering into Transactions and/or Contracts via our Online Trading Facility; (b) that you have done so
without relying on any information contained on or in our Online Trading Facility and/or otherwise provided
by us in relation thereto: (c) that you act as Principal and sole beneficial owner (but NOT as trustee) inentering into this Agreement and/or any Transactions and/or Contracts via our Online Trading Facility; (d)that, regardless of any subsequent determination to the contrary, trading in financial contracts,
Transactions and/or Contracts via our Online Trading Facility (and in such other investments as we mayfrom time to time agree) is appropriate and suitable for you and that you are aware of all risks involved withsuch Transactions and/or Contracts; (e) that you are willing and financially able to sustain a total loss offunds 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” on our Online Trading Facility.
6.3 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 ONLINE TRADING
FACILITY AND INFORM US IN WRITING IMMEDIATELY.
7. Legal Restrictions
7.1 Without limiting any of the foregoing, our Online Trading Facility is NOT available where it is illegal toaccess and/or use, and we reserve the right to refuse, decline and/or cancel our Online Trading Facility
and/or any part or component thereof, at our sole discretion and for any reason, at any time, without being
obliged to provide you with any explanation or justification thereof.

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7.2 In that regard, you understand that the laws regarding financial contracts vary throughout the world, andthat 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, with regard to accessing and/or using our Online Trading
Facility. For avoidance of doubt, the ability to access our Online Trading Facility does NOT necessarilymean that our Online Trading Facility, and/or any activities you may undertake through it, is/are legal
under the laws, regulations or directives relevant to your country of residency.
7.3 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.
IMPORTANT NOTE: WE DO NOT ACCEPT ANY TRADING FROM CLIENTS RESIDING IN THE UNITEDSTATES. WE RESERVE THE RIGHT TO IMPOSE ADDITIONAL REQUIREMENTS OR PRECONDITIONS TO ACCEPT CLIENTS RESIDING IN OR FROM SPECIFIC COUNTRIES AT ANY TIME
AND AT OUR SOLE AND EXCLUSIVE DISCRETION, WITHOUT BEING OBLIGED TO PROVIDE ANY
EXPLANATION OR JUSTIFICATION.
8. Amendments
8.1 We reserve the right to amend, alter, modify, delete or add to any of the provisions of these Terms andConditions at any time, at our sole discretion.
8.2 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.
8.3 Your continued access and/or use of our Online Trading Facility after the publication of any Changes shallbe considered as your agreement to such modified Terms and Conditions and shall be governed by thoseTerms and Conditions, as modified.
IF YOU DO NOT WISH TO BE BOUND BY SUCH CHANGES, YOU SHOULD CEASE TO ACCESS
AND/OR USE OUR ONLINE TRADING FACILITY AND INFORM US IN WRITING, IMMEDIATELY.
8.4 Some areas or parts of our Online Trading Facility may have different specific terms of access and/or use
posted thereon. If there is a conflict and/or discrepancy between these Terms and Conditions and any suchspecific terms of access and/or use, the latter shall have precedence with respect to your access and/or
use of such relevant area or part of our Online Trading Facility.
9. Entire Agreement - Severability
9.1 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. 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 XM.
9.2 Nothing contained in this Agreement shall be construed as requiring the commission of any act contrary
to Applicable Laws, Rules and/or Regulations. Whenever there is any conflict and/or discrepancy between
any provision of this Agreement and any present or future applicable statute, law, ordinance or regulation
governing the transactions hereunder, the latter shall prevail, but in such event the provision of thisAgreement thus affected shall be curtailed and limited only to the extent necessary to bring it within theTel: +357 25 02 99 00 | Fax: +357 25 82 03 44 | Email: info@xm.com | Web: www.xm.com
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requirement of the law.
9.3 Each part of this Agreement is a distinct undertaking. In the event that any provision of this Agreement isheld to be invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity,
illegality or unenforceability shall not affect any other provision or part of a provision of this Agreement,
which shall remain in full force and effect and shall in no way be affected or invalidated.
9.4 With respect to the provisions of this Agreement, which are held to be invalid or unenforceable, in whole
or in part, the Parties will negotiate in good faith with the intention to replace the void provision with a valid
one that in its economic effect complies best with the void provision in a manner consistent with their joint
intention as expressed herein and this Agreement shall, to the fullest extent lawful, be reformed 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.
9.5 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 then existing
applicable law.
10. Definitions
10.1 For the purpose of this Agreement, unless the context otherwise requires, capitalized words andexpressions shall have the meanings assigned to them in the defined terms that are set forth in bold
and italics: (A) hereinafter, under the heading “Definitions”; and (B) throughout this Agreement:(1) “Account”, when used in this Agreement, unless the context otherwise requires, shall mean, theuniquely assigned account that is created for a client when such client opens a trading account withus;(2) ”Account Detailed Report” or “Account Summary”, when used in this Agreement, unless the context
otherwise requires, shall mean a statement of a client’s securities portfolio, open positions, Margin
requirements, cash deposit etc., at a specific point in time;(3) “Account Opening Application Form(s)”, when used in this Agreement, unless the context
otherwise requires, shall mean the account opening documentation and forms posted on our
Online Trading Facility, which need to be completed by prospective clients for the purpose of
opening an Account with us; we reserve the right to refuse and/or decline your account opening
application(s), at our sole discretion and for any reason, without being obliged to provide any
explanation or justification;(4) “Agent”, when used in this Agreement, unless the context otherwise requires, shall mean an individual
person or legal entity undertaking a transaction on behalf of another individual person or legal entity,
but in his/its own name;(5) “Act”, when used in this Agreement, unless the context otherwise requires, shall mean, collectively,
Cyprus Law 87(I)/2017, which implemented ‘MiFID II’ in Cyprus law and which provides for theprovision of Investment Services, the exercise of Investment Activities, the operation of RegulatedMarkets and other related matters, and Regulation (EU) 600/2014 (MiFIR), as the same may be modified
and amended from time to time;(6) “Affiliate/Introducer of Business”, when used in this Agreement, unless the context otherwise
requires, shall mean the individual or entity which applies for membership to the Company’s Affiliate
Program in accordance with the terms and conditions set therein and agrees with and accepts theseterms and conditions and the Company approves his/her application for membership. Suchindividual/entity may be remunerated by the Company by receiving a one-off fixed payment withrespect to each introduced Client as identified and approved by the Company and no other payment
shall be payable or paid;

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(7) “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 totime;(8) “Anti-Money Laundering (“AML”) & Know Your Customer (“KYC”) Legislation”, when used inthis Agreement, unless the context otherwise requires, shall mean, collectively, Directive 2005/60/EC
of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of thefinancial system for the purpose of money laundering and terrorist financing, as implemented in Cyprus
law by Cyprus Law No. 188(I)/2007 and Cyprus Law No. L58(I)/2010 on the prevention and suppressionof money laundering and terrorist financing, as the same may be in force from time to time and modified
or amended from time to time;(9) “Anti-Spam Legislation”, when used in this Agreement, unless the context otherwise requires, shallmean, collectively, Directive 2002/58/EC of the European Parliament and of the Council of 12 July
2002 concerning the processing of Personal Data and the protection of privacy in the electronic
communications sector (“Directive on Privacy and Electronic Communications”), as
implemented in Cyprus law by the Cyprus Regulation of Electronic Communications and Postal
Services Law of 2004 (Law 12 (I) / 2004), which deals with unsolicited communications (spam) and the
Cyprus Processing of Personal Data (Protection of the Individual) Law of 2001, and its amendment(Law No. 37(I)/2003), as the same may be modified and amended from time to time, as well as andany other applicable local, state, federal and international laws, rules and regulations pertaining to theuse of unsolicited electronic communications of the countries, jurisdictions in which either one of theParties and/or the recipients of any of our marketing and customer referral services, are incorporated,
residing and/or located, or, in the case of a Legal Entity is formed, incorporated, domiciliation and/or
doing business, as the same may be in force from time to time and modified or amended from time
to time;(10) “Applicable Laws and Regulations”, when used in this Agreement, unless the context otherwise
requires, shall mean, collectively, (A) MIFID II, (B) the Act, (C) the CySEC Rules, (D) the AntiMoney Laundering (“AML”) & Know Your Customer (“KYC”) Legislation, (E) the Anti-Spam
Legislation, (F) the Personal Data Protection Legislation, as well as (G) any other rule or regulationof 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 regulationsof the countries, jurisdictions in which either one of the Parties is residing, or, in the case of a Legal
Entity is formed, incorporated, domiciliation and/or doing business, as the same may be in force fromtime to time and modified or amended from time to time;(11) “Associate”, when used in this Agreement, unless the context otherwise requires, shall mean anundertaking in the same corporate group as us, a Representative whom we or an undertaking in thesame group as us may appoint, or any other person with whom we have a relationship that mightreasonably be expected to give rise to a community of interest between us and them;(12) “Balance”, when used in this Agreement, unless the context otherwise requires, shall mean thebalance of a client’s Account after the last Account transaction(s) made, within any given period of time;(13) “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 Cyprus are open for business;(14) “CFD Contract” or “CFD(s)”, when used in this Agreement, unless the context otherwise requires, shallmean a contract which is a ‘contract for differences’ by reference to fluctuations in the price of therelevant underlying security or index; trading in CFDs is trading on the outcome of the price of anunderlying exchange instrument (e.g. an equity, currency or futures), whereby such trading does notoccur on a recognized or regulated “exchange”; trading in CFDs is not subject to delivery of theunderlying exchange instrument and/or any other interest; accordingly, the result of trading in CFDs
is the difference between sell and buy CFD transactions only;(15) “Client” or “client”, when used in this Agreement, unless the context otherwise requires, shall mean

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“you” or “your” and, in more general terms, any Person (A) who is interested in Transactions and/or
Contracts, (B) who enters or has entered our Online Trading Facility, and/or (C) who has submitted
to us all required Account Opening Application Form(s) - including in each instance, without limitation,an original certified unexpired government-issued identification evidencing nationality, residence andbearing a photograph (e.g., driver’s license, passport, Government residency card, or similar
identification), and a valid recent official utility (water, gas, electricity, etc.) bill or bank statement, ineach instance not more than six (6) months old, showing name and address, as required under any
relevant “Anti-Money Laundering (“AML”) & Know Your Customer (“KYC”) Legislation”,
obligations and/or procedures applicable to us, and whom has been accepted as a client by us inaccordance with the terms of this Agreement, in the manner set forth herein, and to whom Services
will be provided by us;(16) “Client Classification”, when used in this Agreement, unless the context otherwise requires, shallmean our overall, product, or transaction specific classification of clients, in accordance with MiFID II;(17) “Collateral”, when used in this Agreement, unless the context otherwise requires, shall mean any
securities or other assets deposited with us as a continuing security and collateral for the payment
and discharge of all obligations owing to us in relation to any Services provided by us under and/or
pursuant to this Agreement;(18) “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 besupplied separately on demand;(19) “Conflict of Interest Policy”, when used in this Agreement, unless the context otherwise requires,shall mean our prevailing policy regarding conflicts of interest, which is posted on our Online Trading
Facility and may be supplied separately on demand; our Conflicts of Interest Policy is a policy only,
it is not part of our Terms and Conditions of Business and is not intended to be contractually bindingor impose or seek to impose any obligations on us which we would not otherwise have, but for the
Cyprus Investment Services and Activities and Regulated Markets Law of 2017 (Law 87(I)/2017); we
reserve the right to review and/or amend our Conflicts of Interest Policy at our sole discretion,
whenever we deem fit or appropriate;(20) “Contract”, when used in this Agreement, unless the context otherwise requires, shall mean any
contract, whether oral or written, for the purchase or sale of any commodity, security, currency or any
other Supported Financial Instrument, including, without limitation, any derivative contracts, such as
CFDs or other transactions related thereto, entered into by and between us and our client(s);(21) “Counterpart(y)ies”, when used in this Agreement, unless the context otherwise requires, shallmean banks and/or brokers through whom we may cover our transactions and/or Contracts withclient(s);(22) “Credit Support Provider”, when used in this Agreement, unless the context otherwise requires, shallmean any person who has entered into any guarantee, hypothecation, agreement, Margin or security
agreement in our favour, in respect a client’s obligations under this Agreement;(23) “Cyprus Securities and Exchange Commission” or “CySEC”, when used in this Agreement, unlessthe context otherwise requires, shall mean the statutory regulatory body, commonly referred to as
the ‘Cyprus Securities and Exchange Commission’ or ‘CySEC’, currently based at 27 Diagorou Str.
CY-1097 Nicosia, Cyprus, and its successors and assigns or any replacement body thereof;(24) “CySEC Rules”, when used in this Agreement, unless the context otherwise requires, shall mean all
applicable Regulations and Circulars issued by “Cyprus Securities and Exchange Commission” or“CySEC” in the framework and context of the authority it has been granted under the Act, as the same
may be in force from time to time and modified or amended from time to time;

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(25) “Dealable Quote”, when used in this Agreement, unless the context otherwise requires, shall mean a
Price Quote that by its terms is capable of being used for the purpose of effecting a Transaction and/or
Contact;(26) “Deal Request”, when used in this Agreement, unless the context otherwise requires, shall mean anelectronic message sent by a the Client via our online Trading Facility, requesting us to enter into apurchase Transaction or sale Transaction at our prevailing Price Quote for such Transaction and/or
Contract, as displayed on our Online Trading Facility;(27) “Deal Response”, when used in this Agreement, unless the context otherwise requires, shall mean,
with respect to a particular Deal Request sent by a the Client to us via our online Trading Facility,
an electronic message sent by us to such client via our Online Trading Facility, acknowledging receiptof the Deal Request and confirming, whether or not we have agreed to accept the terms of theDeal Request submitted by the Client and, as the case may be, acknowledging the executionof a purchase Transaction or sale Transaction requested by the Client by means of his/her/its
Deal Request;(28) “Delegated Reporting Service”, when used in this Agreement, unless the context otherwise requires,shall mean, the Services contemplated in clause 74 of these Terms and Conditions;(29) “Deposit(s)", when used in this Agreement, unless the context otherwise requires, shall mean thefunds deposited and/or transferred by clients into their Account(s) with us;(30) “Durable Medium”, when used in this Agreement, unless the context otherwise requires, shall mean
any instrument which enables Clients to store information in a way accessible for future reference
for a period of time adequate for purposes of the information and which allows the unchanged
reproduction of the information stored;(31) “Effective Date”, when used in this Agreement, unless the context otherwise requires, shall mean
the date 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;(32) “Electronic Messaging”, when used in this Agreement, unless the context otherwise requires, shallmean any form of electronic communication we use to communicate with our Clients about our Online
Trading Facility (including, without limitation, with reference to any Transaction(s) or Contract(s)entered into via our Online Trading Facility), including, but not limited to, electronic mail, whether or
not within the framework of our Online Trading Facility itself and/or within the Online Trading Facility’s
mailbox(es);(33) “Electronic Services”, when used in this Agreement, unless the context otherwise requires, shallmean a service provided by us, for instance, an internet trading service offering clients access to
information and trading facilities, via an internet service, a WAP service and/or other electronic Orderrouting system;(34) “Electronic Trading Platform(s)”, when used in this Agreement, unless the context otherwise
requires, shall mean the online electronic trading platform(s) that is/are made available by us to ourclients for placing Orders, requesting Price Quotes for Transactions and/or Contracts, receiving priceinformation and market related news as well as having a real-time revaluation of their open positions,through the Internet, where Transactions and/or Contracts in “Financial Instruments” can beprocessed through deal Requests and Deal Responses, Settlement/Trade Confirmations can beissues, Accounts can be managed and historical data can be stored and managed;(35) “Eligible Counterparty”, when used in this Agreement, unless the context otherwise requires, shallmean a Client who possesses the experience, knowledge and expertise to make its own investment
decisions and properly assess the risks that it incurs. The following transactions or services can be
executed without complying with the rules on conduct of business, best execution or client Order
handling:

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(a) execution of Orders, and related ancillary service;(b) dealing on own account, and related ancillary service;(c) reception and transmission of Orders, and related ancillary services;
For purposes of client categorization/classification under MiFID II, Eligible Counterparties include thefollowing:• Investment Firms;• Credit Institutions;• Insurance Companies,• Undertakings for the Collective Investment in Transferable Securities (‘UCITS’) and UCITS
management companies;• Pension Funds and their management companies;• Other financial institutions authorized by a Member State or regulated under the laws of Cyprus or
under European Union Law;
• National governments and their corresponding offices, including public bodies that deal with public
debt at national level;• Central banks;• The Central Bank and supranational oganizations;• Other undertakings meeting pre-determined proportionate requirements, including quantitative
thresholds• Third country entities which are equivalent to the above mentioned entities; and• Third country undertakings such as those referred to above on the same conditions and subject tothe same requirements.
(36) “EMIR”, when used in this Agreement, shall mean the Regulation (EU) No 648/2012 of the European
Parliament and of the Council on OTC derivatives, central counterparties and trade repositories dated 4
July 2012;(37) "EMIR and Supporting Regulation" has the meaning given to it in clause 72.1 of these Terms andConditions;(38) “Equity”, when used in this Agreement, unless the context otherwise requires, shall mean the “capitalvalue” of an Account at the present time; it is calculated by (a) taking the total value of all open positions
relating to the Transactions and/or Contracts generated through the Account, adjusted with all ‘Floating
Profit/Loss’ and with all relevant ‘rollover rates’ and/or ‘swaps’, and by adding that value to the AccountBalance;(39) “Event of Default”, when used in this Agreement, unless the context otherwise requires, shall have themeaning given to this term in clause 87 hereinafter;(40) “FATCA” when used in this Agreement, unless the context otherwise requires, shall mean:(a) sections 1471 to 1474 of the U.S. Internal Revenue Code of 1986 or any associated regulations orother official guidance;(b) any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to anintergovernmental agreement between the U.S. and any other jurisdiction, which (in either case)facilitates the implementation of paragraph (39)(i) above; and(c) any agreement pursuant to the implementation of paragraphs (41)(a) or (41)(b) above with any
governmental authority;(41) “Financial Instrument(s)”, when used in this Agreement, unless the context otherwise requires, shall mean(a) CFDs on currencies, equities, stocks, precious metals, financial indices, future contracts and any othertrading tools; (b) Options, futures, swaps, forward rate agreements and any other derivative contracts
relating to securities, currencies, interest rates or yields, or other derivative instruments, financial indicesor financial measures which may be settled physically or in cash; (c) Options, futures, swaps, forward rate

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agreements and any other derivative contracts relating to commodities that must be settled in cash or may
be settled in cash at the option of one of the parties (otherwise than by reason of a default or othertermination event); (d) Options, futures, swaps, and other derivative contract relating to commodities thatcan be physically settled provided that they are traded on a regulated market and/or Multilateral Trading
Facility (or MTF); (e) Options, futures, swaps, forwards and any other derivative contracts relating tocommodities, that can be physically settled not otherwise mentioned in point (d) above and not being forcommercial purposes, which have the characteristics of other derivative financial instruments, having
regard to whether, inter alia, they are cleared and settled through recognized clearing houses or are subject
to regular Margin calls; (f) Options, futures, swaps, forward rate agreements and any other derivative
contracts relating to climatic variables, freight rates, emission allowances or inflation rates or other official
economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties(otherwise that by reason of a default or other termination event), as well as any other derivative contracts
relating to assess, rights, obligations, indices and measures not otherwise mentioned in this clause, whichhave the characteristics of other derivative financial instruments, having regard to whether, inter alia, they
are cleared and settled through recognized clearing houses or are subject to regular Margin calls; (g) suchother investments instruments that may be offered for trading on or through our Online Trading Facility;(42) “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 Company and/or its systems, 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
by stolen credit/debit cards, collusion between Clients, manipulation of the service, system (including,
without limitation, “sniping” or “scalping” hereinafter, collectively, referred to as “arbitrage”, ‘cash backarbitrage’, ‘interest arbitrage and/or ‘churning’), offers to share commission(s) directly or indirectly withtraders, and any other unauthorized use of any third party accounts, copyrights or trademarks. Fraud traffic
shall also includes any activity in the Client’s account, or in any Client’s account which appears to be related
and/or controlled/managed by a third party and/or another Client of the Company, and which is deemed tobe suspicious at the Company’s sole and reasonable discretion;(43) “Floating Profit/Loss”, when used in this Agreement, unless the context otherwise requires, shall mean
the unrealized profit (loss) of open positions relating to Transactions and/or Contracts in Supported
Financial Instruments, generated through an Account at current prices of the Underlying Instruments(CFDs on currencies, contracts or stocks, equity indexes, precious metals or any other commodities)
available for trading;(44) “Free Margin”, when used in this Agreement, unless the context otherwise requires, shall mean the funds
not used as guarantee to open positions relating to Transactions and/or Contracts entered into 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;(45) “Indicative Quote”, when used in this Agreement, unless the context otherwise requires, shall mean a
Price Quote other than a Dealable Quote;(46) “Intellectual Property Assets”, when used in this Agreement, unless the context otherwise requires, shallmean: (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) thisAgreement; (e) the Price Quotes we provide; and/or (f) any Pricing Data or other information transmitted
via our Online Trading Facility or otherwise, including, without limitation, all Intellectual Property Rights,
directly or indirectly pertaining thereto;(47) “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;(48) ”Inside Information”, when used in this Agreement, unless the context otherwise requires, shall comprisethe following types of information:

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a) information of a precise nature, which has not been made public, relating, directly or indirectly, to one
or more issuers or to one or more financial instruments, and which, if it were made public, would be
likely to have a significant effect on the prices of those financial instruments or on the price of related
derivative financial instruments;b) in relation to commodity derivatives, information of a precise nature, which has not been made public,
relating, directly or indirectly to one or more such derivatives or relating directly to the related spot
commodity contract, and which, if it were made public, would be likely to have a significant effect on
the prices of such derivatives or related spot commodity contracts, and where this is information whichis reasonably expected to be disclosed or is required to be disclosed in accordance with legal or
regulatory provisions at the Union or national level, market rules, contract, practice or custom, on therelevant commodity derivatives markets or spot markets;c) in relation to emission allowances or auctioned products based thereon, information of a precise nature,
which has not been made public, relating, directly or indirectly, to one or more such instruments, andwhich, if it were made public, would be likely to have a significant effect on the prices of such
instruments or on the prices of related derivative financial instruments; 12.6.2014 EN Official Journalof the European Union L 173/25; andd) for persons charged with the execution of orders concerning financial instruments, it also means
information conveyed by a client and relating to the client’s pending orders in financial instruments,
which is of a precise nature, relating, directly or indirectly, to one or more issuers or to one or morefinancial instruments, and which, if it were made public, would be likely to have a significant effect on
the prices of those financial instruments, the price of related spot commodity contracts, or on the priceof related derivative financial instruments.
Information shall be deemed to be of a precise nature if it indicates a set of circumstances which exists or
which may reasonably be expected to come into existence, or an event which has occurred or which may
reasonably be expected to occur, where it is specific enough to enable a conclusion to be drawn as to thepossible effect of that set of circumstances or event on the prices of the financial instruments or the related
derivative financial instrument, the related spot commodity contracts, or the auctioned products based on
the emission allowances. In this respect in the case of a protracted process that is intended to bring about,or that results in, particular circumstances or a particular event, those future circumstances or that future
event, and also the intermediate steps of that process which are connected with bringing about or resulting
in those future circumstances or that future event, may bedeemed to be precise information.
(49) “Instruction(s)”, when used in this Agreement, unless the context otherwise requires, shall mean dealing
instructions and/or Orders given to us via telephone and/or electronically via our Online Trading Facility;
we may, at our sole discretion (but shall under no circumstances be obliged to do so) accept instructions
from you in writing by e-mail or other electronic means, or orally (including by telephone through our dealing
department at the designated phone number specifid on our Online Trading Facility) or as otherwise notified
to you in writing;(50) “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;(51) “Margin”, when used in this Agreement, unless the context otherwise requires, shall mean the necessary
guarantee funds to open positions relating to Transactions and/or Contracts entered into through an
Account, as determined in and/or required under the ‘Spreads / Conditions Schedule’ posted on our Online
Trading Facility;(52) “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 the Margin
that he/she has deposited in his/her Account, or to close out his/her position(s); if the client does not do
any of the aforementioned and the Account reaches the defined Stop-out Level, we shall be entitled toclose all open positions relating to the Transactions and/or Contracts entered into through the Account;in that regard, it should be noted that our Online Trading Facility operates with an automated risk monitoring,
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support of our prevailing Margin and cash funding requirements for the Transactions and/or Contracts
they are entering into via our Online Trading Facility; using this automated risk monitoring, Margin Calland Stop-out facility, we will, unless otherwise stated, apply initial, maintenance or close out Margin callat the prevailing Margin Call or Stop-out levels, as stated from time to time on our Online Trading Facility;(53) “Margin Call Level”, when used in this Agreement, unless the context otherwise requires, shall mean the
Margin Level required to maintain your open positions, which is currently set at 100% of the Margin
required to maintain the open positions for Retail Clients, and at 50% of the Margin required to maintainthe open positions for Professional Clients. Accordingly, if the equity in your Account reaches or drops to100% (if you are a Retail Client) or 50% (if you are a Professional Client) of the Margin Level required tomaintain your open positions, you will receive a Margin Call; this is a warning message in your platform
terminal that the equity in your Account is not enough to support your open positions; at this point, youwill not be able to take any new position and you will have the option to deposit sufficient money in orderto maintain your open positions or to close out some or all of your position(s); when you have losing
positions, your Margin Level will go down and may become close to the Margin Call Level; when you
have winning positions, your Margin Level will go up and the Margin Call Level may become more remote;(54) “Margin Level”, when used in this Agreement, unless the context otherwise requires, shall mean an index
calculated as follows: Equity/Margin;(55) ”Margin Trade”, when used in this Agreement, unless the context otherwise requires, shall mean aTransaction and/or Contract opened and maintained based on a Margin deposit, as opposed to a
Transaction and/or Contract based on a purchase price;(56) “Market”, when used in this Agreement, unless the context otherwise requires, shall mean any regulated
market, or multilateral trading facility (as such terms are defined in the CySEC Rules) on which Underlying
Instruments are being traded;(57) “Market Disruption”, when used in this Agreement, unless the context otherwise requires, shall mean,
with respect to any Financial Instrument, the occurrence of any event or condition which in our good faithopinion (a) has a material influence on the liquidity of, or volatility of foreign exchange rates for, therelevant Underlying Instrument; (b) has a material influence on the settlement of transactions in relevant
Underlying Instruments and, therefore, on the settlement of related Financial Instruments; or (c) impairs
our ability to provide Price Quotes which reflect the supply and demand for relevant Financial Instrument,
due to the fact that the settlement of the relevant Underlying Instruments is impaired;Market Disruption shall include but not be limited to, the imposition by any government authority, central
bank or multinational organization of material restrictions or limitations on the trading, transfer or settlementof transactions in any Underlying Instrument(s) (such as, the imposition of price controls, currency
exchange controls, mandatory exchange rates with respect to a particular Underlying Instrument or a Force
Majeure Event), which have or may have a material influence on the settlement of Transactions and/or
Contracts in related Financial Instruments;(58) “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 event ofinterested 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;(59) "Market Rate", when used in this Agreement, unless the context otherwise requires, shall mean, at any
given time, the rate conclusively determined (in the absence of manifest error) by a Party to be the market
rate available to that Party in the Market at such time for the purchase of a specified Financial
Instrument, with a second specified Financial Instrument for delivery on a specified date;(60) “Market Rules”, when used in this Agreement, unless the context otherwise requires, shall mean the rules,
regulations, customs and practices from time to time of any exchange, clearing house or other organizationor market involved in the conclusion, execution or settlement of purchase and/or sale transactions in

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Underlying Instruments, and/or any exercise by any such exchange, clearing house or other organizationor market of any power or authority conferred on it;(61) “MIFID II”, when used in this Agreement, unless the context otherwise requires, shall mean Directive
2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial
instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (the “Markets in Financial
Instruments Directive (2014/65/EU))”, as the same may be in force from time to time and modified oramended from time to time;(62) “Netting Transaction”, when used in this Agreement, unless the context otherwise requires, shall meana transaction which is intended to be subject to the clause entitled “Netting” hereinafter, and for such
purposes is identified as a “Netting Transaction” herein or by its own terms;(63) “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), Mobile and Web
Applications, Electronic Trading Platform(s), Software and/or Services provided by us, from time to time
under and/or pursuant to the Terms of this Agreement;(64) “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 Financial Instrument on conditions
stipulated in the Order; by default, an Order is unlimited (“GTC – Good Till Cancel”), but we and/or theclient may define the time of expiration of the Order; basic types of Orders 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 thetime of placing the limitation) is an Order to limit losses, whereas (ii) ‘Take Profit’ (an Order to close apreviously opened position at a price more profitable than the price at the time of placing the limitation) is
an Order to limit profits; and (b) a “Pending Order”, which is an Order to be executed at a later time at theprice 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 our Order
Execution Policy; the following types of Pending Orders are available: (i) ‘Buy Limit’ (an Order to purchasea Financial Instrument 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 Financial Instrument, which is entered ata 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 Financial Instrument at a specified price or better; it istriggered when the market price touches or goes through the ‘sell limit’ price); and (iv) ‘Sell Stop’ (anOrder to sell a Financial Instrument when it reaches a certain price; it is triggered when the market pricetouches 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’;(65) “Order Execution Policy” when used in this Agreement, unless the context otherwise requires, shall mean
our prevailing policy posted on our Online Trading Facility regarding best execution when executing client
Orders; our Order Execution Policy is part of our Terms and Conditions of Business, which is a contractuallybinding agreement between us and our clients, and is incorporated herein by reference; it shall beapplicable to all transactions between us and our clients, to the extent that it does not impose and/or does
not seek to impose any obligations on us which we would not otherwise have, but for the Cyprus Investment
Services and Activities and Regulated Markets Law of 2017 (Law 87(I)/2017);(66) “Over-the-Counter” or “OTC”, when used in this Agreement, unless the context otherwise requires, shallrefer to ‘Over- the-Counter’ trading (not on a regulated “exchange”, or “off-exchange”); any Transaction
and/or Contract concerning a commodity, security, currency or other financial instrument or property,
including any option, future, or CFD, which is NOT traded on a regulated stock or commodity exchange,
but is traded “over-the-counter”, whether through a Market Maker, as described hereinabove, or otherwise;(67) “Party”, when used in this Agreement, unless the context otherwise requires, shall refer to us and/or ourclient(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”;(68) “Person”, when used in this Agreement, unless the context otherwise requires, shall mean an individual,

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corporation, partnership, trustee, trust, regulatory body or agency, government or governmental agency
or entity (however designated or constituted), or any unincorporated organization;(69) “Personal Data”, when used in this Agreement, unless the context otherwise requires, shall mean and,collectively, include any information relating to an identified or identifiable natural person (‘data subject’);an identifiable natural person is one who can be identified, directly or indirectly, in particular by reference
to an identifier such as a name, an identification number, location data, an online identifier or to one ormore factors specific to the physical, physiological, genetic, mental, economic, cultural or social identityof that natural person;(70) “Personal Data Protection Legislation”, when used in this Agreement, unless the context otherwise
requires, shall mean, collectively, Directive 95/46/EC of the European Parliament and of the Councilof 24 October 1995 on the protection of individuals with regard to the processing of Personal Data andon the free movement of such data, as implemented in Cyprus law by Cyprus Law 138(I)2001 on theProcessing of Personal Data (Protection of Individuals), as amended by Cyprus Law of 2003 (37(I)2003)
on the Processing of Personal Data (Protection of Individuals), as in force, or the General Data Protection
Regulation (679/2016) when enters into force, as may this be amended from time to time;(71) “Pip(s)”, when used in this Agreement, unless the context otherwise requires, shall mean the smallest
numerical value of a Price Quote (the last digit to the right of the decimal point); ‘Pip’ value can be either
fixed or variable depending on the currency pair (e.g. the pip value for EUR/USD is always $10 for standard
lots and $0.10 for micro lots); the term “Pip(s)” is synonymous and interchangeable and may be used inthis Agreement in an interchangeable way with the terms “Point(s)” and “Tick(s)”; “fractional pip” pricing
includes an extra decimal place in the price Quote, which means that the Price Quotes are more precise;(72) “Pricing Data”, when used in this Agreement, unless the context otherwise requires, shall mean all
pricing data generated by the pricing engine integrated in our Online Trading Facility and fed to our Online
Trading Facility on a real time/delayed/end of day/historical basis, specifying the market prices of the
Supported Financial Instruments traded on our Online Trading Facility;(73) “Price Quote(s)” or “Quote(s)", when used in this Agreement, unless the context otherwise requires,shall mean an electronic message disseminated via our Online Trading Facility containing a‘Transactional Ask Price’ and a ‘Transactional Bid Price’ as well as other parameters such as
indication of whether the Price Quote is considered as a ‘Dealable Quote’ or an ‘Indicative Quote’; forthe purposes hereof, the term “Dealable Quote”, when used in this Agreement, unless the context
otherwise requires, shall mean a Quote that by its terms is capable of being used for the purpose of effecting
a Transaction, and the term “Indicative Quote”, when used in this Agreement, unless the context otherwise
requires, shall mean a Quote other than a Dealable Quote; the message update frequency on our
Online Trading Facility may be changed at our sole discretion;(74) “Principal”, when used in this Agreement, unless the context otherwise requires, shall mean the individual
person or the legal entity which is a party to a Transaction (including, without limitation, these Terms
and Conditions, Transactions, Contracts and or any other legally binding obligations, terms contracts and/or
agreements);(75) “Privacy Polic(y)ies”, when used in this Agreement, unless the context otherwise requires, shall mean
the “Privacy Policy” and the “International Data Protection Policy” published on our Website(s);please note that our Privacy Polic(y)ies is/are a policy only; our Privacy Polic(y)ies is/are not part of ourTerms and Conditions of Business and is/are not intended to be contractually binding or impose or seek
to impose any obligations on us which we would not otherwise have, but for Directive 95/46/EC of theEuropean Parliament and of the Council of 24 October 1995 on the protection of individuals with regard
to the processing of Personal Data and on the free movement of such data, as implemented in Cyprus
law by Cyprus Law 138(I)2001 on the Processing of Personal Data (Protection of Individuals), an amended
by Cyprus Law of 2003 (37(I)2003) on the Processing of Personal Data (Protection of Individuals), as thesame may be in force from time to time and/or modified or amended from time to time; we reserve theright to review and/or amend our Privacy Polic(y)ies and arrangements, at our sole discretion, whenever wedeem fit or appropriate;(76) “Professional Client”, when used in this Agreement, unless the context otherwise requires, shall mean

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a client who possesses the experience, knowledge and expertise to make its own investment decisions
and properly assess the risks that it incurs; in order to be considered a Professional Client for purposesof client categorization/classification under MiFID II, the client must comply with the following criteria:(a) Entities which are required to be authorized or regulated to operate in the financial markets (with the
exception of institutions noted under the definition of “Eligible Counterparty”). The list below includes
all authorized entities carrying out characteristic activities of the entities mentioned: entities authorized
by a Member State under a Directive of the European Union, entities authorized or regulated by aMember State without reference to a Directive, and entities authorized or regulated by a third country:• Credit institutions;• Investment Firms;• Other authorized or regulated financial institutions;• Insurance companies;• Collective investment schemes and management companies of such schemes;• Pension funds and management companies of such funds;• Commodity and commodity derivatives dealers;• Locals;• Other institutional investors;(b) Large undertakings meeting two of the following size requirements on a company basis:•••balance sheet total: €20.000.000,net turnover; €40.000,000,own funds; €2,000,000,-(c) National and regional governments, including public bodies that manage public debt at national orregional level, Central Banks, international and supranational institutions such as the World Bank, theInternational Monetary Fund (‘IMF’), the European Central Bank (‘ECB’), the European Investment
Bank and other similar international organizations;(d) Other institutional investors whose main activity is to invest in financial instruments, including entities
dedicated to the securitization of assets or other financing transactions (with the exception of
institutions noted under the definition of “Eligible Counterparty”);(77) “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 48 hereinafter;(78) “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;(79) “Retail Client(s)”, when used in this Agreement, unless the context otherwise requires, shall mean any
client who is not a ‘Professional Client’ for purposes of client categorization/classification under MiFID II;(80) “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 on Wednesdays; accordingly, on
Wednesday night rollover/swaps are charged at triple rate; please note that Rollover Fees/Swap rates are
subject to change at our sole discretion;

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(81) “Services”, when used in this Agreement, unless the context otherwise requires, shall mean the services
to be provided by us to our client(s) construed by these Terms and Conditions; the term “Services” shallbe inclusive of any dealing, Order routing, advisory or other services, which we provide from time to time
to our client’s by remote access to our Online Trading Facility via the Internet and which are subject tothese Terms and Conditions;(82) “Settlement Confirmation” or “Trade Confirmation” or “Settlement/Trade Confirmation”, when usedin this Agreement, unless the context otherwise requires, shall mean a notification from us to a client
confirming the client’s entry into a Transaction and/or Contract;(83) “Spreads / Conditions Schedule”, when used in this Agreement, unless the context otherwise requires,shall mean the schedule of spreads, charges, Margin, interest and other rates which at any time may be
applicable to our Services, as determined by us on a current basis; the Spreads / Conditions Schedule isavailable on our Online Trading Facility and may be supplied to our clients on demand;(84) “Spyware”, when used in this Agreement, unless the context otherwise requires, shall mean a type of
malware that can be installed on computers, and which collects small pieces of information about users
without their knowledge; the presence of spyware is typically hidden from the user, and can be difficult
to detect; typically, spyware is secretly installed on the user's personal computer;(85) “Stop-out”, when used in this Agreement, unless the context otherwise requires, shall mean thesituation 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 the equity of a hedged Accounthas entered into a negative territory, our Online Trading Facility will start automatically to close trading
positions (starting from the least profitable position and until the Margin Level requirement is met) in orderto prevent further account losses;(86) “Stop-out Level” or “Margin Close-out Protection”, when used in this Agreement, unless the context
otherwise requires, shall mean the automatic closure of one or more of a Client’s open CFDs, when:a. For Retail clients: the sum of funds (i.e., equity) in the Account (including the unrealized net profits
of all open CFDs connected to that Account) falls to 50% or less of the total Margin Level required
to maintain open positions. In other words, the Stop-out Level for all trading accounts held by retail
Clients is equal to 50% of the Margin Level required to maintain open positions;b. For Professional Clients: the sum of funds (i.e., equity) in the Account (including the unrealized net
profits of all open CFDs connected to that Account) falls to 20% or less of the total Margin Level
required to maintain open positions. In other words, the Stop-out Level for all trading accounts heldby retail Clients is equal to 20% of the Margin Level required to maintain open positions;(87) “Supported Financial Instruments”, when used in this Agreement, unless the context otherwise requires,shall mean the Financial Instruments for which we provide quotations via the Online Trading Facility, i.e.,
contracts for differences, spot or forward contracts of any kind in relation to any commodity, metal, financial
instrument (including any security), currency, interest rate, index or any combination thereof, as well as
and/or any other derivative financial instrument on which we both agree, in this Agreement; we reserve theright to modify the Supported Financial Instruments quoted through our Online Trading Facility at any time
without prior notice, without being obliged to provide you with any explanation or justification;(88) “System Disruption(s)”, when used in this Agreement, unless the context otherwise requires, shall mean
the occurrence of any event which in our good faith opinion materially prevents or limits our ability
or our clients’ ability from accurately and completely (i) distributing or receiving ‘Price Quotes’, ‘Deal
Requests’ or ‘Deal Responses’; or (ii) recording or maintaining the terms of any Transactions and/or
Contracts; or (iii) entering into related hedging transactions on an automated basis;(89) “Target Market”, when used in this Agreement, unless the context otherwise requires, shall mean themarketing of a product to a group of clients for whose needs, characteristics and objectives the product iscompatible;(90) “Terms”, when used in this Agreement, unless the context otherwise requires, shall mean these Terms
and Conditions governing our clients’ relationship with us;

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(91) “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 Supported
Financial Instruments (including, without limitation, contracts for differences, spot or forward contracts ofany kind in relation to any commodity, metal, financial instrument (including any security), currency, interest
rate, index or any combination thereof); (b) transactions, which are matched with any such Supported
Financial Instruments (including, without limitation, contracts for differences, spot or forward contracts ofany kind in relation to any commodity, metal, financial instrument (including any security), currency, interest
rate, index or any combination thereof); and/or (c) any other transaction which we both agree in thisAgreement shall be a Transaction;(92) “XM” or “we” or “our” or “us”, when used in this Agreement, unless the context otherwise requires, shallmean our Online Trading Facility and its operator, “Trading Point of Financial Instruments Ltd”, aCyprus Investment Firm (“CIF”) formed under the laws of Cyprus and regulated by the Cyprus Securities
and Exchange Commission (CySEC) - Licence Number 120/10, having its registered office at 12, Richard& Verengaria Street, Arouzos Castle Court, 3rd floor, P.C. 3042, Limassol, Cyprus, registered with theRegistrar of Companies in Cyprus under number: HE 251334, and any of its designated and permitted
successors, assigns and those of its subsidiaries and affiliates that are identified further in this Agreement;(93) “XM’ Website(s)” or “the XM Website(s)” or our “Website(s)”, when used in this Agreement, unless thecontext otherwise requires, shall mean the Website(s), which is/are privately labelled, owned andhosted by us, including, without limitation, the Website(s), which is/are privately labelled, owned andhosted by us at the following URL’s: www.xm.com and http://www.pipaffiliates.com and any related subdomains, which is/are designed to obtain online registrations from prospective, new clients and/or
business partners who are interested in Transactions and/or Contracts, and their respective related pages;(94) “Transactional Ask Price” or “Ask Price”, when used in this Agreement, unless the context otherwise
requires, shall mean the price rate at which a contract for the purchase of a Supported Financial
Instrument can be entered into via the Online Trading Facility; the “Transactional Ask Price” or “AskPrice” is the price at which the market is willing to sell a certain Financial Instrument; it is the price that is
set for the buying of a Financial Instrument when an Order to enter into a Contract for the purchase of a
Supported Financial Instrument is placed via our Online Trading Facility;(95) “Transactional Bid Price” or “Bid Price”, when used in this Agreement, unless the context otherwise
requires, shall mean the price rate at which a contract for the sale of a Supported Financial Instrument
can be entered into via the Online Trading Facility; the “Transactional Bid Price” or “Bid Price” is theprice at which the market is willing to buy a certain a Financial Instrument; it is the price that is set for the
selling of a Financial Instrument when an Order to enter into a Contract for the sale of a Supported Financial
Instrument is placed via our Online Trading Facility.
11. Interpretation
11.1 Any reference in this Agreement and its annexes, appendices, addenda, attachments, schedules andexhibits to a document being "in the terms agreed upon by mutual consent of the Parties" shall mean,
unless the context otherwise requires, that document in the terms mutually agreed upon by andbetween the Parties and for the purposes of identification and documentation thereof signed by eachof the Parties, or such other terms as may be agreed upon by mutual agreement of the Parties andexecuted by each of the Parties in writing in substitution therefor.
11.2 In this Agreement and its annexes, appendices, addenda, attachments, schedules and exhibits, unlessthe context otherwise requires, references to any provision shall include such provision as from time totime amended, whether before, or on (in the case only of re-enactment or consolidation without
substantive amendment) after the Effective Date, and shall be deemed to include provisions of earlier
legislation which have been re-enacted (with or without modification) or replaced (directly or indirectly)
by such provision, and shall further include all statutory instruments or Orders from time to time madepursuant thereto.
11.3 In this Agreement and its annexes, appendices, addenda, attachments, schedules and exhibits, unlessthe context otherwise requires: (a) the masculine gender shall include the feminine and neuter and thesingular number shall include the plural and vice versa; (b) references to persons shall include

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individuals, bodies’ corporate, un-incorporated associations and partnerships; (c) the headings areinserted for convenience only and shall not affect the construction and interpretation of this Agreement;(d) references to recitals, clauses and annexes, schedules and exhibits and any subdivisions thereof,
unless a contrary intention appears, shall be to the recitals, clauses and annexes, schedules andexhibits and subdivisions of this Agreement.
11.4 The annexes, appendices, addenda, attachments, schedules and exhibits and the Pre-amble andRecitals set forth hereinabove form an integral part of this Agreement and shall be construed as having
the same full force and effect as if they would be expressly set forth in the body of this Agreement.
11.5 Unless the context otherwise requires, any reference in this Agreement to a “document” shall be
construed to include any ‘electronic’ document.
11.6 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.
11.7 Whenever reference is made in this Agreement to ‘us’ or ‘we’, such reference shall be deemed to include,
where appropriate, unless the context requires otherwise, to our directors, officers, shareholders, partners,
members, employees, agents, Third Party Service Providers, Representatives and/or other affiliates(together our “Associates”).
11.8 Words and phrases defined in the CySEC Rules shall have the same meaning in this Agreement,
unless expressly defined otherwise in this Agreement and/or unless the context requires otherwise. If
there is any conflict and/or discrepancy between words and phrases defined in the CySEC Rules andany such words and phrases defined in this Agreement, the meaning attributed to such words andphrases in this Agreement shall prevail.

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Chapter B: Access and Use of Our Online Trading Facility
12. Limited License to Access and Use Our Online Trading Facility
12.1 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.
12.2 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 result inyour access to and/or usage of all or part of our Online Trading Facility being restricted, suspended
or terminated.
12.3 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 from our
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. Unless
we have expressly agreed otherwise beforehand and in writing, we are providing our Online Trading
Facility only for your personal, non-commercial use and only for the purpose of, and subject to theseTerms. You represent and warrant to us, as of the date of acceptance of these Terms and Conditions andeach time you access our Online Trading Facility, that you are accessing and/or using our Online Trading
Facility for your personal, non-commercial use only. You will notify us immediately in writing if you areaccessing and/or using our Online Trading Facility for purposes other than your personal, noncommercial use only and you acknowledge that as a result of doing so we may restrict, suspend
and/or terminate your access to all or part of our Online Trading Facility, at our sole discretion, without
being obliged to provide you with any explanation or justification. 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.
12.4 It is your obligation to keep your Account numbers, user names and passwords (“Access Codes”)
strictly confidential. You acknowledge and agree that any Instruction or 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 authorise 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. You acknowledge andagree that we shall be entitled to rely upon your Account number, Access Codes (user names and/or
passwords) to identify you and agree that you will not disclose this information to anyone.
12.5 Because all servers have limited capacity and are used by many people, you agree not to use our Online
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 that wouldinterfere 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 purpose thatis unlawful, tortuous, abusive and intrusive on another's privacy, harassing, libellous, defamatory,embarrassing, obscene, threatening or hateful.
12.6 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 Terms 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

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not limited to, engaging in Transactions and/or Contracts on out of Market Rates) through our Online
Trading Facility.
12.7 Without prejudice to any other provision within this Agreement, the Company reserves the right toterminate your business relationship with the Company with immediate effect, in case where you do notprovide, within a reasonable timeframe as this may be determined by the Company, any required
data/information and/or documentation requested by the Compliance Department and/or in case you failto pass any internal assessment procedures for the purpose of complying with the applicable laws andregulations (e.g., AML and KYC legislation).
12.8 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 withor without prior notice and without prejudice to any other remedies we may have under this Agreement,
to terminate your access to our Online Trading Facility, close any and all of your open positions and/or
remove and discard any related information or content within our Online Trading Facility.
13. Copyright, Licenses and Trademarks
13.1 The entire content of our Online Trading Facility, including but not limited to all copyrights, trademarks,
patents, service marks, trade names, software code, icons, logos, characters, layouts, trade secrets,
buttons, colour scheme and graphics, are protected by international copyright and trademark laws.
Except for third party content, the content of our Online Trading Facility are original works of authorship
published by us, or by, or on behalf of our Third Party Licensors. We have the exclusive rights to
reproduce, display, prepare derivative works or distribute the names, logos, trademarks, copyrights andall other intellectual property rights in all of the material and software on our Online Trading Facility are
owned by us or by our Third Party Licensors. All third-party owned materials contained on our Online
Trading Facility are reproduced with the permission of the respective owners.
13.2 At XM, we use youtube to host, serve and display our corporate video content as well as market related
news. Please read the youtube Terms of Service and Privacy Policy for more information.
13.3 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 areas of Online Trading
Facility solely for your own, non-commercial use, provided that you agree not to change or delete any
copyright or proprietary notices from such materials. All referenced third party logo’s trademarks andproducts 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 these provisions will null and void theLicense granted hereunder.
13.4 You agree not to "deep-link" to our Online Trading Facility, resell or permit access to our Online Trading
Facility to others, and not to copy any materials appearing on our Online Trading Facility for resale or for
any other purpose to others, without our express, prior and written consent. In those instances where wemay permit you to link from another website to our Online Trading Facility, your website, as well as thelink itself, may not, without our express prior and written permission, suggest that we endorse, sponsor
or are affiliated with any third-party website, entity, service or product, and you may NOT make use of anyof our logo’s, trademarks or service marks other than those contained within the text of the link.
14. Limitations on Investment Guidance and Professional Advice
14.1 Our Online Trading Facility is NOT intended to provide legal, tax or investment advice. Any and all
information on our Online Trading Facility is for educational purposes only and is under no circumstanceintended to provide legal, tax or investment advice and no guarantee is represented from any statements
about profits or income, whether express or implied.
14.2 You are solely responsible for determining whether any investment, investment strategy or relatedtransaction is appropriate for you based on your personal investment objectives, financial circumstancesand risk tolerance. You should consult your legal or tax professional regarding your specific situation.

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

14.3 We shall not give advice to you on the merits of any Trade/Order and shall deal with you on an ‘executiononly’ basis. None of the Company’s personnel are authorized by us or permitted, as per the Company’s
licence conditions, to give you investment advice or make investment recommendations. Accordingly, you
should not regard any written or oral communications from us as investment recommendations or advice
or as expressing our view as to whether a particular trade is suitable for you or meets your financial
objectives. You must rely on your own judgement for any investment decision you make in relation to yourAccount. If you require investment or tax advice, you should contact an independent investment or tax
adviser.
15. Accuracy of Information
15.1 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.
15.2 While we have taken reasonable measures to ensure the accuracy of the information on our Online
Trading Facility, we do not, however, guarantee its accuracy, and will not accept liability for any loss ordamage that may arise directly or indirectly from the content or your inability to access our Online Trading
Facility, for any delay in or failure of the transmission or the receipt of any instruction or notifications sent
through our Online Trading Facility.
15.3 All content on our Online Trading Facility is presented only as of the date published or indicated, and may
be superseded by subsequent market events or for other reasons. In addition, you are responsible forsetting the cache settings on your browser to ensure you are receiving the most recent data.
16. Analytical Tools and Market Data
16.1 At certain times, we may provide various analytical tools (such as market data, exchange rates, news,
headlines and graphs), links to other websites, circulate newsletter and/or provide you 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 or consequences ofsuch information on you. Such information and tools are provided solely to assist you to make your own
investment decisions and does not amount to investment advice or unsolicited financial promotions to you.
16.2 You understand that we are not obligated to continue to provide the above mentioned tools andinformation and we may remove such informational tools from our Online Trading Facility at any time.
Furthermore, we are not obligated to update the information displayed on our Online Trading Facility at
any time and we will not be liable for the termination, interruption, delay or inaccuracy of any suchinformation. The financial information we post on our Online Trading Facility may be provided by third
parties for the benefit or our clients and as such you undertake not to enable deep-linking or any otherform of redistribution or reuse of the information, to any non-authorized users. As such, we urge you toread and fully understand the terms and conditions and other policies of such websites, newsletters andinformation before using them.
16.3 Any information or material placed on our Websites by third parties (“Third Party Content”) reflects solely
and exclusively the views, and are the responsibility of, those who post such information or material,and do not represent our views and/or those of our Associates. Such information is not to be considered
as constituting a track record. Past performance is no guarantee of future results and we specificallyadvise clients and prospects to carefully review all claims and representations made by other traders,
advisors, bloggers, money managers and system vendors before making an investment decision on thebasis of any of the foregoing.
IN NO EVENT SHALL WE AND/OR ANY OF OUR ASSOCIATES 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

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

TO ANY MARKET DATA, EXCHANGE RATES, NEWS, HEADLINES AND GRAPHS AND/OR OTHERINFORMATION THAT WE AND/OR ANY THIRD PARTY SERVICE PROVIDER PROVIDES TO YOU INCONNECTION WITH YOUR USE OF OUR ONLINE TRADING FACILITY: (I) WE ARE NOTRESPONSIBLE OR LIABLE IF ANY SUCH DATA OR INFORMATION IS INACCURATE ORINCOMPLETE IN ANY RESPECT; (II) YOU ARE RESPONSIBLE (AND WE SHALL NOT BE LIABLE)
FOR ANY ACTIONS THAT YOU TAKE OR REFRAIN FROM TAKING AS A RESULT OF SUCH DATAOR INFORMATION; (III) YOU WILL NOT USE SUCH DATA OR INFORMATION FOR AN
INAPPROPRIATE OR ILLEGAL PURPOSE; (IV) YOU ACKNOWLEDGE THAT ANY SUCH DATAOR INFORMATION IS OUR PROPERTY AND/OR, AS THE CASE MAY BE, THE PROPERTY OF
OUR THIRD PARTY SERVICE PROVIDERS AND YOU WILL NOT RETRANSMIT OR DISCLOSE
SUCH DATA OR INFORMATION TO THIRD PARTIES EXCEPT AS REQUIRED BY RELEVANT LAW;
AND (V) YOU WILL USE SUCH DATA OR INFORMATION SOLELY IN COMPLIANCE WITH ALL
RELEVANT APPLICABLE LAWS, RULES AND REGULATIONS.
16.4 Neither we, nor our officers, principals, employees, Representatives or Agents shall be liable to any
person for any losses, damages, costs or expenses (including, but not limited to, loss of profits, loss ofuse, direct, indirect, incidental or consequential damages) resulting from any errors in, omissions of oralterations to any such tools, websites, newsletters and/or information. The foregoing shall apply
regardless of whether a claim arises in contract, tort, negligence, strict liability otherwise.
17. Third Party Content and Research
17.1 As previously indicated, our Online Trading Facility may include general news and information,commentary, interactive tools, quotes, research reports and data concerning the foreign exchange
markets, other financial markets and other subjects. Some of this content may be supplied by Persons thatare not affiliated with us ("Third Party Content"). The source of all such Third Party Content is clearly andprominently identified on our Online Trading Facility and is reproduced with the permission of therespective owners.
17.2 Third Party Content may be available through framed areas, through hyperlinks to third party websites,or may simply be published on our Online Trading Facility. As indicated above, the Third Party Content
is protected by applicable intellectual property laws and international treaties and is owned by or licensed
from the Third Party Content provider(s) credited.
17.3 We do not, explicitly or implicitly, endorse or approve such Third Party Content. The Third Party Content
providers do not, implicitly or explicitly, endorse or approve the Third Party Content, nor should theircontent be construed as legal, tax or investment advice.
17.4 While we make every attempt to provide accurate and timely information to serve the needs of our clients,
neither we, nor any of our Third Party Content providers guarantee its accuracy, timeliness, completenessor usefulness, and neither we, nor any of our Third Party Content providers is/are responsible or liable forany 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.
ANY THIRD PARTY CONTENT ON OUR ONLINE TRADING FACILITY IS PROVIDED ON AN "AS-IS"
BASIS. OUR THIRD PARTY CONTENT PROVIDERS EXPRESSLY DISCLAIM ALL WARRANTIES OFANY KIND, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY WARRANTY OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. THE
THIRD PARTY CONTENT PROVIDERS AND THEIR PARENTS, SUBSIDIARIES, AFFILIATES,SERVICE PROVIDERS, LICENSORS, OFFICERS, DIRECTORS OR EMPLOYEES SHALL NOT BE
LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGESARISING OUT OF OR RELATING TO THE USE OR THE INABILITY TO USE THE THIRD PARTYCONTENT, INCLUDING BUT NOT LIMITED TO DAMAGES FOR LOSS OF PROFITS, USE, DATA OR
OTHER INTANGIBLE DAMAGES, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITYOF SUCH DAMAGES.

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

18. Means of Accessing and Using Our Online Trading Facility
18.1 You shall be solely responsible for providing and maintaining the means by which you access anduse our Online Trading Facility, which may include, but shall not be limited to, a personal computer, modem
and telephone or other access line.
18.2 You shall be responsible for all access and service fees necessary to connect to our Online Trading
Facility and you shall assume all charges incurred in accessing such systems. You further assume allrisks associated with the use and storage of information on your personal computer(s) or on any othercomputer(s) through which you will gain access to, and/or make use of our Online Trading Facility(hereinafter referred to as "computer" or "your computer").
18.3 You represent and warrant that you have implemented and plan to operate and maintain appropriate
protection in relation to the security and control of all access and use of your computer, infection orviruses, worms, Trojan horses or other code that manifest contaminating or destructive properties and/or
other similar harmful or inappropriate materials, devices, information or data.
18.4 You agree that we shall not be liable, in any manner whatsoever, to you in the event of failure of or damage
or destruction to your computer systems, data or records or any part thereof, or for delays, losses,
errors or omissions resulting from the failure or mismanagement of any telecommunications or computerequipment or software.
18.5 You will not transmit to, or in any way, whether directly or indirectly, expose us or any of our online service
providers to any infection or viruses, worms, Trojan horses or other code that manifest contaminating or
destructive properties and/or other similar harmful or inappropriate materials, devices, information or data.
18.6 You agree to be fully and personally liable for the due settlement of every Transaction and/or Contract
entered into through your Account with us. You are responsible for ensuring that, unless we otherwise
agree beforehand and in writing, you, and only you, shall control access to your Account, and that no
Minor or other person is granted access to trading on our Online Trading Facility using your Account. In
any event, you, and only you, shall remain fully liable for any and all positions traded in your Account, andfor any credit card transactions entered into for your Account. You agree to indemnify us fully in respect toall costs and losses whatsoever, as may be incurred by us and/or by you as a result, direct or indirect,of your failure to perform or settle such a transaction.
18.7 You agree that in the case that any Transaction is entered into, and/or any Contract is acquired or soldat prices that do not reflect relevant Market Prices, or that is acquired or sold at an abnormally low
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 (forthe purpose of this clause the "error"), we reserve the right to cancel such Transactions and/or
Contracts upon notifying you of the nature of the computer error that led to the mispricing. You have aduty to report to us any problem, error or suspected system or other inadequacies that you may experience.
18.8 Without prejudice to any other provisions of this Agreement, should quoting and/or execution errors
occur, which may include, but are not limited to, a dealer's mistype of a quote, a quote or trade which
is not representative of the then prevailing Market Prices, an erroneous Price Quote from us or any third
party such as, but not limited to, an erroneous Price Quote due to failure of hardware, software orcommunication lines or systems and/or inaccurate external data feeds provided by third-party vendors,
we will not be liable for the resulting errors in your Account balances. In the event of a quoting or
execution error, we reserve the right to make the necessary corrections or adjustments on the Accountinvolved. Any dispute arising from such quoting or execution errors will be resolved by us in our sole andabsolute discretion.
19. Restriction of Access and Use of Our Online Trading Facility
19.1 We reserve the right to suspend the operation of our Online Trading Facility, or any part(s) or sections
thereof, at any time. In such an event, we may, at our sole discretion (with or without notice), close out
your open positions, Transactions and/or Contracts at prices we consider fair and reasonable at such atime, and no claims may be entertained against us in connection thereto.

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

19.2 We may, at our sole discretion, impose volume or other limits on any / all Accounts.
19.3 Contract pay-outs shall be determined by us by reference to the daily values reported on our Online
Trading Facility, relevant to the interbank trading data received by us for Transaction and/or Contract
quotes, subject to the ‘proviso’ that we shall be entitled to make corrections to such data in the event ofmispriced or typographically incorrect data.
19.4 You understand that while the Internet and the World Wide Web are generally reliable, technicalproblems or other conditions may delay or prevent you from accessing and/or using our Online Trading
Facility.
20. Technical Issues
20.1 We shall not be liable, and you agree not to hold or seek to hold us or any of our Agents or Third Party
Service Providers, liable for any technical problems, system failures and malfunctions, communicationline failures, equipment or software failures or malfunctions, system access issues, system capacity
issues, high Internet traffic demand, security breaches and unauthorized access, and other similar
computer problems and defects, including, but not limited to, any temporary disruption of your trading activity
for no more than thirty (30) minutes that may occur during the timeframe when the daily/monthly reports are
generated (i.e., dependency of the platforms functionality on our third-party platform providers and are not in
the Company’s control).
20.2 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.
20.3 We do not represent, warrant or guarantee that our Online Trading Facility will provide uninterrupted anderror-free service.
20.4 We do not make any warranties or guarantees with respect to our Online Trading Facility and the content
thereof, including, but not limited to, warranties for merchantability or fitness for a particular purpose.
20.5 Without prejudice to any of the forgoing, we shall not be responsible for an impossibility to execute Orders
and requirements due to failures in the operation of informational systems caused by technical faults, which
are beyond our control.
21. Manifest Errors
21.1 A “Manifest Error” means a manifest or obvious misquote by us, or any market, exchange, price providing
bank, information source, commentator or official on whom we reasonably rely, having regard to themarket conditions at the time an Order is placed.
21.2 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.
21.3 We will, when making a determination as to whether a situation amounts to a Manifest Error, act fairly
towards you but the fact that you may have entered into, or refrained from entering into, a corresponding
financial commitment, contract or Transaction in reliance on an Order placed with us (or that you may
have suffered or may suffer any loss of profit, consequential or indirect loss) shall not be taken into accountby us in determining whether there has been a Manifest Error. We reserve the right, without prior notice,to:a) amend the details of such a Transaction to reflect what we reasonably consider in our discretion, acting
in good faith, to have been the correct or fair terms of such Transaction if the Manifest Error(s) had notoccurred;b) If you do not promptly agree to any amendment made which we propose under this clause (which wewill notify you of via the Trading Platform) we may void any Transaction resulting from or deriving from

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

a Manifest Error, such that the result is the same as if it had never been made; and/orc) not take any action at all.
21.4 We may take any reasonable steps for any trades executed at prices resulting from Manifest Errors (asdefined herein), such as computer errors, misquotes or omissions, or at prices that are clearly at odds withthe fair market prices. Acting reasonably and in good faith, we may take the following actions to trades
based on a Manifest Error:• void the trade;• close the trade at the current market prices; or• amend the opening and/or the closing price of the trade, as if it would have been executed in theabsence of the Manifest Error.
21.5 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 fromour decision to do anything under sub-clause 21.3 above, except to the extent that it is caused by our own
fraud, wilful default or gross negligence.
21.6 If a Manifest Error has occurred and we choose to exercise any of our rights under sub-clause 21.3, andif you have received any monies from us in connection with the Manifest Error, those monies are due andpayable to us with immediate effect, and you must return an equal sum to us without delay.
21.7 We reserve the right to refuse any trades placed by you that we judge to be clearly outside the prevailingmarket price such that they may be deemed non-market price transactions, whether due to Manifest Erroror stale, incorrect or broken price feeds.
22. Infections, Contaminations or Other Destructive Content
22.1 You understand that we cannot and do not guarantee or warrant that files and/or Software available
for downloading through our Online Trading Facility will be free of infection or viruses, worms, Trojan
horses or other code that manifest contaminating or destructive properties. You are responsible for
implementing sufficient procedures and checkpoints to satisfy your particular requirements for accuracyof data input and output, and for maintaining means external to our Online Trading Facility for thereconstruction of any lost data.
23. Hyperlinks to Other Sites Controlled or Offered by Third Parties
23.1 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.
23.2 We caution you to ensure that you understand the risks involved in accessing and/or using such third
party websites before retrieving, using, relying upon or purchasing anything via the Internet.
23.3 We make NO representations whatsoever about any other third party website, which you may accessthrough our Online Trading Facility or which may link to our Online Trading Facility. When you accessany other third party website, please understand that it is independent from our Online Trading Facility
and that we have no control over the content on such third party website(s). In addition, a link from a third
party website to our Online Trading Facility does not mean that we endorse or accept any responsibility
for the content, or the use, of such third party website.
23.4 Links from our Online Trading Facility to any other third party websites are provided solely for yourconvenience, and you agree that you will, under no circumstances, hold us liable for any damages orlosses caused by use of or reliance on any content, goods or services available on other third party
websites.

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

24. Software
24.1 Our Online Trading Facility may contain software that is provided for downloading (hereinafter referred to
as “Software”). You acknowledge and agree that we make no warranty whatsoever that any Software
downloaded onto your computer equipment from or through our Online Trading Facility or elsewhere will
be compatible with, or operate without interruption on, your computer equipment, nor do we warrant thatany such Software is or will be uninterrupted, error free or available at all times. Our Online Trading Facility
is not associated with the Software it may provide for download and we cannot be held liable for issues or
faults that arise from the download or use of any such Software.
24.2 You further understand and agree that your download and/or use of any Software may expose you torisks associated with the download and/or use of software that may not be compatible with yourcomputer equipment. You hereby agree to accept such risks, including, but not limited to, failure of ordamage to, hardware, software, communication lines or systems, and/or other computer equipment. We
expressly disclaim any liability with respect to the foregoing, and you hereby agree to fully indemnify,
defend and hold us harmless from any and all damages, liabilities, losses, costs and expenses that may
arise therefrom.
24.3 Each Software application downloaded from or through our Online Trading Facility includes a specificpersonal license to use such Software in accordance with the Terms and Conditions set forth herein. Any
Software downloaded from or through our Online Trading Facility is subject to the Terms of the specificsoftware license accompanying such download, in addition to these Terms and Conditions.
24.4 Any Software downloaded from or through our Online Trading Facility is intended only for your personal,
non-commercial use only, unless we have expressly agreed otherwise beforehand and in writing. You
agree to use any such Software downloaded from or through our Online Trading Facility for the sole
purpose of entering into and executing Transactions and/or Contracts through our Online Trading Facility.
Using any such Software to distribute signals, copy trades, share the Software or signals with third parties
or use the Software on MAM accounts (or in connection with any other portfolio management structure) is
NOT allowed under this agreement, without our express and prior written consent, and may lead to
immediate termination of the License granted under this Agreement and/or the specific personal license todownload and/or use such Software.
24.5 We reserve all rights to modify the terms and conditions of access and use, and/or to discontinue all orpart of our services for all Software and/or products and/or files downloaded from or through our Online
Trading Facility, at any time, at our sole discretion and for any reason, without being obliged to provide youwith any explanation or justification.

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

Chapter C: Services
In consideration of us agreeing to carry one or more Accounts for you and providing Services to you in
connection with the purchase and sale of Supported Financial Instruments, which may be purchased
or sold by or through our Online Trading Facility, or otherwise, for your Account, you hereby agree asfollows:
25. Scope of Services
25.1 These Terms and Conditions cover the entire scope of Services provided by us including, but not limited
to, the access and use of our Online Trading Facility, data collection and storage practices,
downloadable material from our Online Trading Facility, financial information published on our Online
Trading Facility (either by us or by any affiliated party), electronic content, real time information, interalia, about the exchange rate of some currencies, tools for executing transactions in the foreign exchange
market through the internet, by phone or fax and any other features, content or services that we may add
in the future. These Terms and Conditions cover any form of communication between us and you
including Electronic Messaging, e-mail, telephone, fax and more.
26. Registration
26.1 We are obligated by law to confirm and verify the identity of each person who registers on our system andopens an Account with us. Therefore, 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 suchinformation 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 ourclient, you are confirming to us that any information provided to us is true, accurate, updated andcomplete information about yourself. Additionally, you agree that you will not impersonate any personor entity, misrepresent any affiliation with another person, entity or association, use false headers orotherwise conceal your identity from us for any purpose or reason.
26.2 Please note that when you register with us, you will choose a username and password that will personallyidentify you each time you log on to our system (“Access Codes”). Your Access Codes (username andpassword) should be kept strictly private and confidential at all times. It is your sole and exclusive
responsibility to safeguard this information and you are responsible for all actions made using yourAccount User Information. You agree: (a) to notify us immediately of any unauthorized use of your Access
Codes or of any other violation of security and (b) at the end of each use, to log out from your Accountin 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, as
follows:
Customer Support Working hours: 24/5
Tel.: +357 25 02 99 00
E-mail: support.eu@xm.com
27. Eligibility
27.1 As previously indicated, it is a pre-condition that our Services are only used and contracts are only formedby those who are permitted to enter legally binding agreements.
27.2 MiFID II makes a distinction between services that are simply a matter of execution and those whereprior assessment is required to determine the extent to which the service and/or the product is “ suitable”
to the client’s needs and circumstances and “appropriate” to the client’s level of knowledge and experience.
For the purposes of assessment of appropriateness, MiFID II requires certain information on clients to beobtained and formally assessed in order to ensure such appropriateness; to satisfy this requirement, wehave designed a test (“Test of Appropriateness”), which we will apply to clients before providing
investment services, unless the client is classified as “professional client” or “eligible party”.
27.3 Information, thus, obtained will be used exclusively for the assessment referred to hereinabove.

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

27.4 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”).
28. Client Categorisation Under MiFID II
28.1 As per MiFID II the Company’s clients shall be categorised/classified in three (3) categories intended toreflect both client’s level of knowledge and experience in the financial markets and their ability to understandand take on the risks arising from their investment decisions, in order to adopt protective measures to theparticularities of each category of investor. In compliance with such requirements imposed under MiFID II,
we categorise/classify our clients in the following three (3) categories:
a. Eligible Counterpart(y)ies (“ECP(s)”): a category that includes: (a) per se eligible counterparties(i.e., entities automatically treated as eligible counterparties), such as investment firms, credit
institutions, insurance companies, undertakings for the collective investment of transferable securities(“UCITS”), pension funds and national governments, as well as, (b) entities that may be treated as
eligible counterparties with their consent, such as large undertakings (that meet specified size tests)
and clients who may be treated as ECPs in accordance with the prescribed opt-up criteria; recognitionby the MiFID II Member State in which they are established is required for the latter entities to betreated as ‘ECP’; for this type of customer MiFID II provides for a basic level of protection since theseare entities that by their very nature must operate directly and frequently in the financial markets;
b. Professional Clients: a category that includes all of the entities that fall within the ‘Eligible
Counterparty’ category referred to above (such as investment firms, credit institutions, insurancecompanies, undertakings for the collective investment of transferable securities (UCITS), pension funds
and national governments), plus a handful of others, such as ‘institutional investors whose main activity
is to invest in financial instruments’ and exceptionally some individuals who may be treated as
professionals on request; Professional Clients are deemed to have more investment knowledge andexperience and are provided with less protection under MiFID II, since they are assumed to havesufficient knowledge of the markets and financial instruments to be able to take their own investment
decisions and to understand and take on the concomitant risks; andc. Retail Clients: a category that includes clients not falling within the Eligible Counterparty/Professional
Client categories, who are deemed to have less investment knowledge and experience; they receive
the maximum level of protection provide for by MiFID II both in carrying out the tests and in the scopeof the pre- and post-contractual documentation and information that must be made available to them;this category includes the majority of individuals;
28.2 We will notify each client in writing as appropriate of the categorization/classification assigned. Anysuch categorization/classification, as well as any notification thereof, will be valid and will apply to all
Accounts held by the client with us. Please note that you shall be treated as a “Retail Client”, unless weshall classify or reclassify you as a “Professional Client” or an “Eligible Counterparty”, depending on
the information that you shall provide when completing the registration process or thereafter. In certain
circumstances we may wish to re-categorise you, but if we do so we will explain clearly why we are doing
this and the effect this will have on your protections and compensation rights. MiFID II also establishes
objective criteria, which we have followed in carrying out the classification and communicating theoutcome to clients individually, and which it has incorporated into our Client Categorization Policy
established for this purpose. In accordance with such requirements imposed under MiFID II, we attachdifferent levels of regulatory protection to each category and hence to clients within each category. In
particular, Retail Clients are afforded the most regulatory protection; Professional Clients and Eligible
Counter Parties are considered to be more experienced, knowledgeable and sophisticated and able toassess their own risk and are thus afforded fewer regulatory protections.
Request for Re-Classification
28.3 We offer our clients the possibility to request re-categorization and thus to increase or decrease thelevel of regulatory protections afforded. Where a client requests a different categorization, the client needs
to meet certain specified quantitative and qualitative criteria. On the basis of the client’s request, weundertake an adequate assessment of the expertise, experience and knowledge of the client to giveTel: +357 25 02 99 00 | Fax: +357 25 82 03 44 | Email: info@xm.com | Web: www.xm.com
Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

reasonable assurance, in the light of the nature of transactions or services envisaged that the client iscapable of making his/her own investment decisions and understanding the risks involved. However, if
the above-mentioned criteria are not met, we reserve the right to choose whether to provide services
under the requested categorization.
28.4 To request a change in client categorization, you will need to this on writing.
28.5 Acceptance of the request by us will depend on your compliance at all times with established legal
and regulatory requirements for making the change effective, as follows:
A. Opt-Down from an Eligible Counterparty
28.6 A client who is considered an Eligible Counterparty has the right to opt-down; this means that the client
can request a higher level of protection, namely protection that is offered to a Professional client or Retailclient; unless an Eligible Counterparty expressly and specifically requests treatment as a Retail client,
the client’s request will be considered as a request to be treated as a Professional Client; an Eligible
Counterparty has the right to a general opt-down, covering all business conducted with us or on a “productcategory basis”, provided, however, that we are not obliged to accept such a categorization.
B. Opt-Down from a Professional Client
28.7 A client who is categorized as a Professional Client has the right to opt-down to a Retail Client (witha higher level of protection) for all business conducted with us or on a “product category basis”, provided,
however, that we are not obliged to accept such a categorization; it is the sole responsibility of the client
to ask in writing for this higher level of protection when the client is unable to properly assess or manage
the risks involved in its investment decisions.
C. Opt-Up from a Retail Client
28.8 A Retail Client has the right to request to be reclassified as a Professional Client and, in such case, he/shewill be afforded a lower level of protection. The Company is not obliged to deal with him/her under adifferent categorization. The re-categorization may be requested in respect of all its business with us oron a “product category basis”, provided, however, that we are not obliged to accept such a categorization.
28.9 The Company is allowed to treat any of the Retail Clients such as public sector bodies, local publicauthorities, municipalities and private individual investors as Professional Clients, provided that therelevant criteria and procedure mentioned below are fulfilled. These clients shall not, however, be
presumed to possess market knowledge and experience comparable to Professional Clients and Eligible
Counterparties.
28.10 Any waiver of the protection afforded by the standard conduct of business regime will be effected only if
an adequate assessment of the expertise, experience and knowledge of the client is undertaken by theCompany and gives reasonable assurance, in light of the nature of the transactions or services
envisaged, that the client is capable of making his/her own investment decisions and understanding therisks involved. The ‘fitness test’ applied to managers and directors of entities licensed under Directivesof the European Union in the financial services field could be regarded as an example of the assessmentof expertise and knowledge. In the case of small entities, the person subject to the above assessment
should be the person authorized to carry out transactions on behalf of the entity.
28.11 In the specific case of a request for a change from Retail to Professional Client, such a request
specifically implies the express renunciation of the right to be treated as a Retail Client and of rights tothe associated level of protection; In this case and in the course of this assessment, as a minimum,
two (2) of the following criteria must be fulfilled, as required by MiFID II:a) the client has carried out transactions, in significant size, on the relevant market at an average frequencyof ten (10) per quarter over the previous four quarters;b) the size of the client’s financial instrument portfolio, defined as including cash deposits and financial

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

instruments exceeds EUR 500,000;c) the client works or has worked in the financial sector for at least one year in a professional position,
which requires knowledge of the transactions or services envisaged.
Procedure
28.12 Those Clients may waive the benefit of the detailed rules of business conduct only where the following
procedure is followed:a) they must state in writing to the Company that they wish to be treated as a Professional Client, either
generally or in respect of a particular investment service or transaction, or type of transaction or
product;b) the Company must give them a clear written warning of the protections and investor compensationrights they may lose;c) they must state in writing, in a separate document from the contract, that they are aware of theconsequences of losing such protections.
Before deciding to accept any request for waiver, the Company must take all reasonable steps to ensurethat the client requesting to be treated as a Professional Client meets the relevant requirements statedherein above.
28.13 Upon receiving such a request and before deciding to accept any request for waiver/ lower level ofprotection, the Company shall take all reasonable steps to ensure that the client requesting to be treatedas a Professional Client meets the relevant requirements stated herein above and in our Order Execuion
Policy, which can be found on our Website. The Company may, but is not obliged to, accept such recategorization.
28.14 Based on any of the above-mentioned requests for change, we will in each instance notify you, asappropriate, of the new classification assigned; any such new categorization/classification, as well as
any notification thereof, will be valid and will apply to all Accounts held by you with us.
28.15 It is the Professional Clients’ and Eligible Counterparties’ sole responsibility to inform us of any changethat could affect their categorization. If no such information is received from you, we will consider thatyou continue to meet the conditions to be categorized as an Eligible Counterparty or, as the case may
be, a Professional Client.
For further information, please ensure that you thoroughly read our Client Categorisation Policy which
can be found on our Company’s website.
29. Identification
29.1 We are obligated by law to confirm and verify the identity of each person who registers on our system andopens an Account with us; therefore, as part of our obligations to comply with applicable “Anti-Money
Laundering (“AML”) & Know Your Customer (“KYC”) Legislation”, you will be prompted to provide
us with the following information when you register with us:(a) name; (b) address/ residency; (c) date of birth; (d) nationality; (e) contact information; (f) payment
instructions; (g) any other personally identifiable information that we may ask for from time to time,such as a copy of your Passport and/or other identifying document; and (h) any other information as
required by applicable laws and regulations (e.g., CRS, FATCA, MiFIR, etc.).
29.2 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 the deceased toour satisfaction, and we, in our sole discretion and upon checking such documents, shall make the decision
whether to allow such withdrawal(s).
30. Personal Information – Accurate and Complete Data
30.1 You must provide us with true and complete information to us at all times; including but not limited to,Tel: +357 25 02 99 00 | Fax: +357 25 82 03 44 | Email: info@xm.com | Web: www.xm.com
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the information/documentation stated in sub-clause 29.1 above.
30.2 In that connection, you hereby represent, warrant, covenant and agree that: (a) you are at least 18 years
old, or the age of legal consent for engaging in financial investment activities under the laws of any
jurisdiction that applies to you; (b) you are of sound mind and you are capable of taking responsibility
for your 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.
30.3 If any of the above statements is untrue or inaccurate with respect to you, please inform our Customer
Support team immediately, as follows:
Customer Support
Working hours: 24/5
Tel.: +357 25 02 99 00
E-mail: support.eu@xm.com
and we shall inform you if/how you may continue to access and/or use our Services.
30.4 You undertake to advise the Company promptly of any change in circumstances which causes theinformation provided during the Account opening process to become incorrect and to provide the Company
with a suitably updated information within 30 days of such change in circumstances. If you fail to comply
with these obligations or refuse to provide requested documentation for establishing the status, theCompany retains the right to suspend, or even close, accounts you hold.
30.5 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 and Conditions.
As such, we reserve the right to suspend and/or terminate your Account promptly and to suspend and/or
prevent you from accessing and/or using our Online Trading Facility, without prejudice to any other rights
and/or remedies we may have under and/or pursuant to this Agreement.
30.6 From time to time you may be requested to provide us with certain documents to verify the details of thecredit/debit 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 cardor other means of payment.
30.7 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 isEnglish, and in the event of any discrepancy or inconsistency between any documentation, informationand communications in any language other than English and the same in English, the English
documentation, information and communications shall prevail.
30.8 We reserve the right to communicate with you by telephone, facsimile, email, posts, newsletters issued
by us and/or any other means of communication, whether such communication is personally addressed
to you or generally addressed to all our clients and/or posted on our Online Trading Facility. By accepting
these Terms and Conditions, you acknowledge and confirm, without prejudice to any other Terms ofthis Agreement, that all such means of communications on our end are deemed to be acceptable andthat 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.
30.9 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 with us will remain our soleand exclusive property and by entering into this Agreement you acquire NO right to any such information,

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

except as expressly stated herein.
30.10 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 for any of the following situations: (a) unauthorized real money transactions; (b)unauthorized real money transactions conducted by unauthorized Minors; (c) physical Verification thatyou possess the proper knowledge and/or experience to use our Online Trading Facility. We will not be
responsible in any way (including for damages and losses caused by the use of our Online Trading
Facility) if you use our Online Trading Facility without the proper knowledge, and we reserve the rightto asses and reassess your knowledge and experience to use our Online Trading Facility at any time, at
our sole discretion.

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

Chapter D: Terms of Service
31. Services Provided
31.1 Subject to the above registration and eligibility requirements, we hereby grant you a personal, revocable,
non-exclusive, non-transferable and non-sub-licensable license (a "License") that is limited to theprovisions of these Terms and Conditions to access and use our Services (including the use of ourOnline Trading Facility and any associated downloadable Software), all as described in further detailhereinafter.
31.2 Under these Terms, we may we provide you, as our client, with any of the following services (“Services”):
a. Reception and transmission and execution of Orders (“Orders”) on behalf of clients, in relation to
CFDs on currencies, stocks, equities, precious metals, financial indices, future contracts, shares andany other financial instruments (each of which shall hereinafter, individually or collectively, be referred
to as “Financial Instrument(s)”;b. Dealing on own account;c.

Safekeeping and administration of Financial Instruments, including custodianship and related services;d. Granting credits or loans to one or more Financial Instruments, where we are involved in the transaction;e. Foreign exchange services where these are connected to the provision of investment services; andf.

Investment research and financial analysis or other forms.

31.3 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.
32. Execution of Orders
32.1 We offer reception, transmission and execution services to you in relation to transactions in respect ofOver-The-Counter ("OTC") traded instruments, such as, Contract for Differences (CFDs) on currencies,
stocks, indices, precious metals or any other financial instruments or commodities available for tradingfrom time to time via our Online Trading Facility (“Supported Financial Instruments”), and such
additional services as we may agree from time to time in writing.
32.2 We will NOT advise you on the merits or suitability of any Transaction and/or Contracts entered into
pursuant to these Terms and Conditions, nor will we manage or monitor your investments. You
acknowledge that our execution of any Order on your behalf does not in any way imply that we haveapproved or recommended that Transaction or investment. For your information, we have set out
various risk disclosures on our Online Trading Facility.
32.3 All Transactions and/or Contracts we enter into with you or execute on your behalf will be placed andexecuted in accordance with the terms of our Order Execution Policy (as amended or extended from time
to time) full details of which are available on our Online Trading Facility (“Order Execution Policy”). Our
Order Execution Policy is part of these Terms and Conditions and is incorporated herein by reference,shall be applicable to all Transactions and Contracts entered into by and between you and us, to theextent that it does not impose and/or does not seek to impose any obligations on us which we would nototherwise have, but for the Cyprus Investment Services and Activities and Regulated Markets Law of 2017
(Law 87(I)/2017).

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

33. Prices and Open Positions
33.1 We will provide you with "bid" and "ask" prices (“Price Quote(s)”) in respect of Supported Financial
Instruments through our Online Trading Facility or, in those instances where we have agreed to do so,through our Dealing department. The Price Quotes that we quote are determined by us and usually
represent a mark-up or mark-down on inter-bank dealing rates. Our fees and charges are set out on
our Online Trading Facility. Each price published shall be valid until the earlier of its expiration time
and the time, if any, at which it is otherwise withdrawn by us.
33.2 Each Price Quote shall be available for use in a dealing Instruction for a Transaction and/or Contract witha principal amount not to exceed a maximum leverage amount, determined by us, published on our Online
Trading Facility or otherwise notified to you (“Leverage”). You acknowledge that the prices and maximum
Leverage we may offer to you may differ from prices and Leverage provided to other clients of ours andmay be withdrawn or changed by us at any time, without prior notice and without any obligation or ourend to provide any explanation and/or justification. We may in our absolute discretion and without priornotice to you, immediately alter, withdraw or refuse to deal on any Price Quote we may have publishedor cease the provision of Price Quotes altogether in some or all Supported Financial Instruments and forsome or all value dates at any time and without any obligation or our end to provide any explanation and/or
justification.
33.3 Our Services are restricted to executing Transactions and/or Contracts in Supported Financial
Instruments via our Online Trading Facility, at the Price Quotes displayed on our Online Trading Facility
or otherwise communicated to you at your request.
34. Instructions and Basis of Dealing
34.1 Placing of instructions: Unless expressly agreed upon otherwise, all dealing instructions must be given
to us electronically via our Online Trading Facility, although we may at our sole discretion accept
instructions from you orally (e.g., by telephone through our dealing department at the designated phone
number specified on our Online Trading Facility (“Instructions”), 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. All Instructions given through our
Online Trading Facility, by telephone or other electronic means, will be recorded. We shall be authorized
to follow Instructions provided through our Online Trading Facility notwithstanding your failure to confirm
them in writing. A dealing Instruction or Order given by you to us shall not take effect until it is actually
received by us. In this Agreement, unless the context requires otherwise, “Instructions” and “Orders”
shall have the same meaning.
When you place an Order via our Online Trading Facility, or in such other manner as we may specify toyou in writing from time to time:a) you are offering to enter into a Transaction and/or Contract with us at the price we quote when you
complete all obligatory fields and click the relevant button; andb) you and we will be bound by a Transaction and/or Contract only when details of the Transaction and/or
Contract are reported as executed on tour Online Trading Facility. If you do not see details of theexecuted Transaction and/or Contract on our Online Trading Facility, please call us immediately toconfirm the status of the Transaction and/or Contract.
When you place an Order by telephone:a) your oral instruction to Transaction and/or Contract will constitute an offer to enter into a Transaction
and/or Contract at the price we quote. Trades placed by telephone will only be accepted at our current
Price;b) you can place an Order by telephone only by talking directly to an authorized person. We will not
accept an Order left with other employees, on an answering machine or on a voice mail facility;c) you and we will be bound by a Transaction and/or Contract only when our authorized person confirmsthat the offer has been accepted.
34.2 You may place an electronic Order on our Online Trading Facility at any time or you may place a telephone
Order with an authorized dealer during our trading hours. However, we will execute a Transaction and/orTel: +357 25 02 99 00 | Fax: +357 25 82 03 44 | Email: info@xm.com | Web: www.xm.com
Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

Contract only during times which are both our trading hours and the market hours for the relevant market.
Market hours are as stated in the market information on our Website and may change from time to time.
34.3 Right not to accept Instructions/Orders: We may (but shall not in any circumstances be obliged toaccept Instructions to enter into a Transaction and/or Contract. We may at our absolute discretion refuse
to accept any dealing Instruction given by you or on your behalf, in whole or in part, and refuse to act
on it, without giving any reason or being liable for any loss occasioned 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 havebeen received by us.
We reserve the right to refuse to enter into any Transaction and/or Contract. Such situations include but
are not limited to, when:a) trades are placed outside of the market hours;b) trades are individually or in the aggregate larger than the maximum quantity or smaller than theminimum quantity we set for the market;c) your margin is insufficient to fund the proposed Transaction and/or Contract;d) our price or the Transaction and/or Contract derives from a Manifest Error;e) we believe the Transaction and/or Contract would be in breach of this Agreement or any legal or
regulatory requirement applicable to you or us.
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.
34.4 Cancellation/withdrawal of Instructions: We can only cancel your Instructions if we have not acted upon
those instructions. Once an instruction has been given by you or on your behalf, it cannot be rescinded,
withdrawn or amended without our express prior written consent.
34.5 Control of Orders prior to execution: We have the right (but no obligation) to set limits and/or
parameters to control your ability to place Orders at our absolute discretion. Such limits and/or
parameters may be amended, increased, decreased, removed or added to by us at our absolute
discretion and may include (without limitation): (i) controls over maximum Order amounts and maximum
Order sizes; (ii) controls over our total exposure to you; (iii) controls over prices at which Orders may besubmitted (to include (without limitation) controls over Orders which are at a price which differs greatly
from the Market Price at the time the Order is submitted; (iv) controls over our Electronic Services(to include (without limitation) any verification procedures to ensure that any particular Order has comefrom you); or (v) any other limits, parameters or controls which we may be required to implement inaccordance with Applicable Laws, Rules and/or Regulations. The Company has the right to amend and/or
cancel any Orders which have been executed within a very small timeframe and the cumulative sizes of
those Orders exceed the maximum allowable Order size limit (i.e. a Client may place five orders within two
seconds which individually are all below the maximum allowable Order size limit but exceed the limit on a
cumulative basis).
34.6 Crossing of Orders: We may arrange for a Transaction and/or Contract to be executed, either in whole
or in part, by selling an investment to you from another client, or a client of an associate/affiliate of ours,
or vice-versa. We shall not give you prior notice if we arrange for a Transaction and/or Contract to be
executed in this manner.
34.7 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 yourbest interest. On some occasions, however, aggregation and split of your Order may result in you
obtaining a less favourable price in relation to a particular Order, than if your Orders had been
executed, respectively, separately or mutually.

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

34.8 Confirmation of Instructions: We may (but shall not in any circumstances be obliged) to requireconfirmation of any Instruction in such form as we may reasonably request if it appears to us that suchconfirmation is necessary or desirable; or such Instruction is to close an Account or remit money due toyou. It is your responsibility to inform us of any change to your e-mail address, the non-receipt of aconfirmation, or whether any confirmations are incorrect, before settlement.
34.9 Performance and Settlement: You will promptly deliver any Instructions, money, documents orproperty, which we may require from you or which is deliverable by you under a Transaction and/or
Contract in accordance with that Transaction and/or Contract, as modified by any Instructions given byus, for the purpose of enabling us to perform our obligations under the relevant matching Transaction
and/or Contract on a Market or with an intermediate broker. If you do not provide us with such Instructions
promptly, we may, at our absolute discretion, take such steps at your cost, as we consider appropriate
for our own protection or for your protection. This provision is similarly applicable in situations when weare unable to obtain contact with you.
34.10 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 Cyprus. Neither we, nor our respective directors, officers, employees oragents, will be liable to you for any act or omission of such an intermediate broker or agent. No
responsibility will be accepted for intermediate brokers or agents selected by you.
34.11 Position Limits: We may, in our absolute discretion, require you to limit the number of open positions
which you may have with us at any time and/or only allow you to enter into closing transactions or wemay close out any one or more positions or reverse Transactions and/or Contracts in order to ensure thatthe position limits we have imposed are maintained.
34.12 Fluctuations in Exchange Rates: If you enter into any Transaction and/or Contract, any profit or loss
arising as a result of a fluctuation in the exchange rate affecting such Transaction and/or Contract will beentirely for your account and risk.
34.13 Trade Reporting: Under Applicable Laws, Rules and/or Regulations we may be obliged to makeinformation about certain Transactions and/or Contracts public. You agree and acknowledge that any
and all proprietary rights in such Transaction and/or Contract information are owned by us and you
waive any duty of confidentiality attaching to the information which we reasonably disclose.
34.14 Rollover: If we do not receive Instructions from you to settle any open Transactions and/or Contracts
by the close of the Business Day, we are hereby authorized (but not obliged) to transfer all said
Contracts to the next business date traded (“Rollover”), as provided in further detail in clause 41
hereinafter.
35. Electronic Trading Terms
35.1 Trade Confirmation: You acknowledge the electronic nature of our Services via our Online Trading
Facility and the inherent risk that communications by electronic means may not reach their intended
destination or may do so much later than intended for reasons outside our control. Accordingly, any
Instruction sent by you or on your behalf via our Online Trading Facility or by e-mail shall only bedeemed to have been received and shall only then constitute a valid Instruction and/or binding Contract
between you and us, when such Instruction has been recorded as executed by us and confirmed by us
to you through a Settlement/Trade Confirmation, and the mere transmission of an Instruction by you or
on your behalf shall not by itself constitute a binding Contract between you and us.
35.2 Communications via the Internet: Since we do not control signal power, its reception or routing via
Internet or any other means of electronic communication, configuration of 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,

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

sent via the Internet using your Access Codes. We will not execute an Order until we have confirmed theOrder to you and transmission of an Order by itself shall not give rise to a binding Transaction and/or
Contract between you and us.
35.3 Mobile trading technology: There are a series of inherent risks with the use of the mobile trading
technology such as the duplication of Orders/Instructions, latency in the prices provided, and other issues
that are a result of mobile connectivity. Prices displayed on our mobile platform are solely an 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 Quote or an inability to
trade caused by network circuit transmission problems or any other problems outside our direct control,
which include but are not limited to the strength of the mobile signal, cellular latency, or any other issues
that may arise between you and any internet service provider, phone service provider, or any otherservice provider. Please also note that some of the features available on Online Trading Facility may not
be available on our mobile feature.
35.4 Pricing Data: Unless otherwise indicated or agreed upon any prices shown on our Online Trading Facility
are indicative at the time shown based on data that is subject to constant change. The execution priceis that which is confirmed to you on the Settlement/Trade Confirmation issued (whether on screen orotherwise) after your Order is executed, although this price may in certain cases differ from the priceappearing on the screen at the time the Order was placed. In the event that an erroneous price is usedas the basis of any transaction, we reserve the right, at our sole discretion, to amend or revoke thedetails of the Transaction(s) and/or Contract(s) in question.
35.5 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.
35.6 Limit Order Functionality: The ‘Limit Order’ functionality of our Online Trading Facility will be subject tothe 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 such dealer’s
position limits and/or any other limits determined by us to be applicable to you (whether or not disclosed
to you) and you arestill being able to facilitate the Order at the time the limit price is reached.
35.7 Access Requirements: You will be responsible for providing the computer system(s) to enable you toaccess and/or use our Online Trading Facility and for making all appropriate arrangements with any
telecommunications suppliers or, where access to our Online Trading Facility is provided through a third
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 inconnection 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..
35.8 Use of Information, Data and Software: In the event that you receive any data, information or
Software via our Online Trading Facility, other than that which you are entitled to receive pursuant to thisAgreement, you should immediately notify us in writing and do not use, in any way whatsoever, such data,
information or Software.
35.9 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 from time to time;(c) carry out virus checks on a regular basis; (d) inform us immediately of any unauthorized accessto our Online Trading Facility or any unauthorized Transaction or Instruction which you know of orsuspect and, if within your control, cause such unauthorized use to cease; and (e) not at any timeleave the computer terminal from which you have accessed our Online Trading Facility or let anyone
else use such computer terminal until you have logged off from our Online Trading Facility.
35.10 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,

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malfunction or virus and cease all use of our Online Trading Facility until you have received permission
from us to resume use.
35.11 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 systemerrors, and that we reserve the right upon notice to suspend access to our Online Trading Facility forthis reason; (b) Delays: Neither we nor any third party software provider accepts any liability in respectof 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 incontract or in tort, including negligence) in the event that any viruses, worms, software bombs or similar
items are introduced into your computer system(s) via our Online Trading Facility or any software
provided by us to you in order to enable you to use our Online Trading Facility, provided that we havetaken reasonable steps to prevent any such introduction; (d) Viruses from your Computer System(s):You will ensure that no computer viruses, worms, software bombs or similar items are introduced
into our Online Trading Facility, computer system(s) or network(s) and you will indemnify us on demand
for any loss that we suffer arising as a result of any such introduction.
35.12 Unauthorized use: We shall not be liable for any loss, liability or cost whatsoever arising from any
unauthorized use of our Online Trading Facility. You shall on demand indemnify, protect and hold us
harmless from and against all losses, liabilities, judgements, suits, actions, proceedings, claims, damages
and costs resulting from or arising out of any act or omission by any person using our Online Trading
Facility by using your designated Access Codes (usernames and/or passwords), whether or not you
authorized such use.
35.13 Suspension or permanent withdrawal with notice: Without prejudice to any other provisions of thisAgreement, we may suspend or permanently withdraw our Online Trading Facility, by giving you five (5)calendar days written notice.
35.14 Immediate suspension or permanent withdrawal without notice: Without prejudice to any otherprovisions of this Agreement, we shall be entitled, unilaterally and with immediate effect, to suspend orwithdraw permanently your ability to access and/or use our Online Trading Facility, or any part thereof,
without prior notice, where we consider it necessary or advisable to do so, for example due to: (a)your non-compliance with any Applicable Laws, Rules and/or Regulations (b) breach of any provisionsof this Agreement; (c) on the occurrence of an Event of Default; (d) network problems; (e) failure of power
supply; (f) maintenance; or (g) to protect you when there has been a breach of security. In addition, theuse and/or access of our Online Trading Facility, or any part thereof, may be terminated automatically,
upon the termination (for whatever reason) of (a) any licence granted to us which relates to theoperation of our Online Trading Facility; or (b) this Agreement. The use and/or access of our Online
Trading Facility may be terminated immediately, in whole or in part, if any Underlying Instruments relating
to any Supported Financial Instrument(s) is/are withdrawn by any Market and/or if we are required towithdraw our Online Trading Facility, in whole or in part, to comply with Applicable Laws, Rules and/or
Regulations.
35.15 Effects of permanent withdrawal: In the event of a termination of the access and/or use of our Online
Trading Facility for any reason, upon our first request, you shall, at our option, return to us or destroy all
hardware, Software, System Documentation and/or other documentation or files we have provided toyou in connection with our Online Trading Facility, and any copies thereof.
36. Reporting Transactions and Account Statements
36.1 Trade Confirmations: Following the execution of a dealing Instruction for your Account, we will
send you an electronic confirmation in respect of that Transaction and/or Contract as soon as reasonably
practicable, and in any event within the time required by relevant laws and regulations, by posting a tradeconfirmation (“Trade Confirmation”) on our Online Trading Facility, but failure to do so will not affectTel: +357 25 02 99 00 | Fax: +357 25 82 03 44 | Email: info@xm.com | Web: www.xm.com
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the validity of the transaction. Settlement/Trade Confirmations will normally be available instantly following
the execution of the Transaction via our Online Trading Facility. We will also send you a monthly statement
in relation to the activity of your account(s) (“Account Statement”), including, details of the contents andvalue of your Account, ppen positions and such other information required to be disclosed under the
relevant laws and regulations. Such Trade Confirmations and Account Statements are electronicallytransmitted or otherwise sent to you at your last known email address in our records and will be deemed
to have been received by you when sent to the relevant address. Trade Confirmations and AccountStatements shall be deemed to be conclusive and binding on you if not objected to immediately uponreceipt with such objection confirmed in writing (including e-mail or electronic mail) no later than close ofbusiness on the business day (being a day, other than a Saturday, Sunday or public holiday, when banks
in Cyprus are open for business) (a “Business Day”) following the day on which the Trade Confirmation
was posted on our Online Trading Facility. In the event that you believe to have entered into a Transaction
or Contract, which should have produced a Trade Confirmation or Account Statement or otherwise aposting on 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, the Transaction
and/or Contract may, at our reasonable discretion, be deemed to be non–existent.
36.2 Reports of Account Activity: We will post details of your Account activity on our Online Trading Facility
and you will be able to generate daily and monthly reports of your Account activity as well as a report ofeach executed Transaction and/or Contract. Updated Account information normally will be updated
periodically during our Dealing Hours and will in any event be available no more than twenty-four (24)hours after any activity takes place on your Account. Posting of Account Information (as defined below)
via our Online Trading Facility will be deemed delivery of Settlement/Trade Confirmations and Accountstatements. Account information will include Settlement/Trade Confirmations with ticket numbers,purchase and sale rates, utilized Margin available for Margin trading, statements of profits and losses, aswell as current open positions, any other information required to be provided under Applicable Laws, Rules
and/or Regulations and any other information we may make available (“Account Information”). We may
in our absolute discretion withdraw 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-mailrather 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 must verify
the contents of all Account Information received from us. The Account Information posted on our Online
Trading Facility shall (save if manifestly incorrect) be conclusive evidence of your Transactions
and/or Contracts, open positions, Margin and cash balances, and shall be conclusive and binding on you,
if not objected to immediately upon receipt with such objection confirmed in writing (including e-mail orelectronic mail) no later than the closing of the next Business Day. following the day that such informationis posted on our Online Trading Facility.
36.3 Depreciation of initial value of your Transaction/Order: As per the applicable regulations, we will notify
you if the initial value of any Transaction/Order on any Financial Instrument, placed to create an Open
Transaction/Order, depreciates by at least 10% and thereafter at multiples of 10%. The latter shall apply
for both Buy and Sell Transactions/Orders. The valuation of any Transaction/Order on each Financial
Instrument in your trading account(s) will take place once on every business day and in case theaforementioned depreciation occurred in any of your Transaction/Order on a Financial Instrument, anotification of will be sent to you by the end of that business day, via email.
37. Consent to Receive Electronic Transmission of Trade Confirmations and Account Statements
37.1 You consent to receive all Account information, Trade Confirmations and Account Statements via theInternet and that Orders or instructions given to you via e-mail or other electronic means will constituteevidence of the Instructions given. You will be able to access all your Account Information via our Online
Trading Facility using your own Access Codes. You will have access via our Online Trading Facility tocustomizable statements that will allow you the ability to view, individual Transactions and/or Contracts,
daily, weekly, and monthly reports and trade information. The updated Account Information normally will
be updated periodically during our Dealing Hours and will in any event be available no more than twenty
four (24) hours after activity is generated in your Account.
37.2 The posting of these activities will be deemed delivery of Trade Confirmation and Account activity
Statements. The information will include Trade Confirmations with ticket numbers, buy and sale rates,

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transaction amount, statements of profit and loss, current open positions as well as pending Orders.
37.3 If you no longer wish to communicate via electronic media, you must notify us and revoke this consent
in writing. If you do not wish to communicate via electronic media at all, you must inform us of yourwishes when applying to open an Account with us. However, if you revoke your consent, your access to
our Online Trading Facility may be restricted or terminated, at our sole discretion.
37.4 As previously indicated, any such communications being made via electronic media shall be treated assatisfying any legal requirement that a communication should be signed and ‘in writing’, to the extent
permitted by Applicable Laws, Rules and/or Regulations Furthermore, you hereby waive any rights or
requirements under any Applicable Laws, Rules and/or Regulations in any jurisdiction which require an
original (non-electronic) signature or delivery or retention of non-electronic records, to the extent permitted
under applicable mandatory law.
38. Recording of Telephone Conversations, Electronic Communications, Internet Conversations (Live
Chats), and Meetings
38.1 We must record all telephone conversations and electronic communications we have with you relating to, atleast, to those that result or are intended to result in the placing and/or conclusion of a Trade or an Order(i.e., transactions concluded when dealing on own account and/or relating to the provision of client orderservices regarding the reception, transmission and execution of client orders). A copy of such telephonerecording or electronic communications will be available to you upon your request.
38.2 Without prejudice to sub-clause 38.1 above, all our telephone conversations, Electronic Messaging, emails, internet conversations (chat), meetings and other communications with us will berecorded/maintained by us. Any recordings shall be and shall remain our sole property and will be
accepted by you as conclusive evidence of their content as recorded by us. You agree that we may
deliver copies of transcripts of such recordings to any court, regulatory or government authority,
including without limitation, in disputes which may arise between you and us.
38.3 However, technical reasons may prevent us from recording a conversation, and recordings or transcripts
made by us will be destroyed in accordance with our normal practice. Consequently, you should not relyon such recordings to be available.
38.4 You hereby acknowledge and accept that the Company hereby notifies you that, in order to ensure its
compliance with the regulatory requirement set out in sub-clause 38.1 above, it will record all telephone
conversations and electronic communications as well as any other conversations we have with you for quality
monitoring, training and regulatory purposes (e.g., live chats, emails, face-to-face meetings, etc.).
38.5 A copy of the records mentioned herein above will be be available, on request, for a period of five (5) years
and, where requested by the CySEC, for a period of up to seven (7) years.
38.6 You have the right to withdraw your consent in relation to the recording of telephone conversations andelectronic communications by informing us in writing. However, as the latter is a regulatory requirement, incase 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.
39. Rollover and Offset Instructions
39.1 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 re-opened on the following trading day. Thispushes out the settlement by one more trading day. This strategy is called rollover.
39.2 We may allow open positions to be rolled in accordance with your instructions. Rollover is agreed on througha swap contract which comes at a cost or at a gain for traders. We do not close and re-open positions, butwill charge you a fee in respect of each such position and debit/credit your trading Account(s) for positions
held open overnight, depending on the current short-term interbank rate (with added mark-up) (“Rollover

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Fee” or “Financing Fee”). As 2:00 GMT is considered to be the beginning and the end of a forex trading day,any positions which are still open at 22:00 GMT sharp are subject to rollover and will be held overnight.
Positions opened at 22:01 are not subject to rollover until the next day, but if you open a position at 21:59, arollover will take place at 22:00 GMT. For each position open at 22:00 a credit or debit appears on yourAccount within 1 hour, and will be directly applied to your equity.
39.3 The Rollover Fees that we charge will be published on our Online Trading Facility. We shall attempt tocollect such Rollover Fees from the free balance in your Account with us. In the event that we are unable
to collect such Rollover Fee(s) from the free balance in your Account with us, we reserve the right to closepart, or all, of your open positions as per our Order Execution Policy. You shall be liable for promptly paying
all Rollover Fees(s), even if all Margin previously deposited by you has been lost.
39.4 In the absence of clear and timely instructions from you, we are authorized, at our absolute discretion, tooffset 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.
40. Corporate Events and Actions
40.1 In the case where an Instrument becomes subject to a corporate event as set out below (sub-clause 40.2),
the Company will carry out the appropriate actions to adjust your trading account for the effect of the eventon your position, preserving the economic equivalent of the rights and obligations attached to yourTransaction and/or Contract with the Company, on the ex-date of the event (i.e., the day the affected
instrument’s price will incorporate the effect of the event). Subject to this sub-clause, the Company shalltake the following actions:
(a)
(b)
(c)

(d)

Adjust the size and/or value and/or number of Orders as deemed appropriate, with the aim to preserve,to the greatest extent possible, the economic equivalent of your open positions;Endeavour to communicate the upcoming events and actions through any durable medium, including
but not limited to the Company’s website;
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 and obligationsof your Transaction and/or Contract immediately prior to the corporate event taking place;
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 your trading
account.

Different actions may be followed by the Company in case you owned the underlying Instrument; however,
the Company will endeavor to preserve economic equivalence to the greatest extent possible.
40.2 Subject to sub-clause 40.1, corporate events shall include the following:
(a)
(b)

(c)

(d)

Distribution, by the issuer to the shareholders of the Underlying Instrument, of additional shares, othershare capital, warrants or rights granting dividends that result in a dilutive effect on the market value;
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 by acertain 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 undersuch an event your positions may be consolidated into a single entry on the terminal which will ofcourse capture the effect of the corporate action on all your positions;
Dividends; in case where an underlying instrument is granting dividends (equity index or stock), a cash
adjustment will be made, equivalent to that paid to clients with an open position in the Underlying
Instrument;
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 corporation ofsuch instruments has filed for bankruptcy, even if such an action does not result in the corporation’s
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(e)
(f)

Company to proceed with the immediate delisting of the relevant financial instrument.
Takeovers or mergers (including spinoffs), depending on their terms may result in a cash adjustment
similar to that of dividends;
Any other event of similar nature to the aforementioned events that may have a concentrating or
dilutive effect on the market value of the Instrument.

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Chapter E: Margin Deposits, Collateral and Payment
41. Margin and Collateral
41.1 Margin is the amount of cash which you are required to deposit with us in order to enter into
Transactions/Contracts. Before you place a Transaction and/or Contract which creates an open position
you must ensure that the Margin in your account is sufficient to cover the Margin Requirement in respect ofthat open position. If your Margin is less than the Margin Requirement for the open position you wish to
create, we may reject your such Transaction and/or Contract. The Margin Requirement must be maintainedat all times until the open position is closed and may increase or decrease at any time until the open positionis closed.
41.2 Contingent liability: Where we effect or arrange a Transaction and/or Contract, involving, for instance, aContract for Differences, you should note that, depending upon the nature of the Transaction or Contract,
you may be liable to make further payments when the Transaction and/or Contract fails to be completed orupon the earlier settlement or closing out of your position. You will be required to make further variable
payments by way of Margin against the purchase price of the investment, instead of paying (or receiving)
the whole purchase (or sale) price immediately. The movement in the Market Price of your investment willaffect the amount of Margin payment you will be required to make.
41.3 Margin call: You must provide to us on demand such sums by way of Margin as we may in our reasonablediscretion require. We may, in some circumstances, require higher margin depending on market conditions,market circumstances, total equity of all Accounts held with our Company and Associate companies, or due
to the size and/or volume of your trading activity with our Company and/or Associate companies.
41.4 Margin requirements: Any requirement for Margin payments must be satisfied within such time as may
be specified by us or, if none is specified, immediately. One Margin call does not preclude another. The
Company offers fixed margin requirements to its Retail Clients, which vary according to the volatility of theunderlying financial instrument to be traded. The latter does not apply to Professional Clients and theCompany may, in its reasonable discretion, change the Margin requirements at any time. Margin
requirements vary per financial instrument. For further information on the applicable margin requirements
per financial instrument, please refer to our Company’s website.
41.5 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 requirements of the Client’s
account) in the following, non-exhaustive cases:
a. Prior to and/or during Friday market closure;b. Prior and/or during to any other market closure for any specific or all Financial Instruments;c. Prior and/or during to any major news announcements, such as, but not limited to, the Non-Farm
Payroll announcement;
d. Prior and/or during to any anticipated abnormal Market conditions and/or Market Disruptions.
The above temporary increase of the margin requirements may affect any open Orders in your Account,either placed prior to or following the implementation of the new Margin requirements. Changing Margin
requirements shall not apply to Accounts held by Retail Clients, for which a fixed maximum leverage ratio
is offered by the Company, according to the volatility of the underlying financial instrument to be traded.
41.6 Form of Margin: Margin must be provided in the form of cash or, only in those instances in which we
may agree otherwise, other assets, such as collateral (by which we mean investments, securities, bonds
or any other financial instrument, property or asset acceptable to us in lieu of cash) (“Collateral”) (alltogether “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 and you will not retain any interest in it. Cash
Margin received by us will be recorded by us as a cash repayment obligation owed by us to you.
41.7 Failure to meet Margin call: You are responsible for maintaining appropriate arrangements with us at all

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times for the receipt and communication of information regarding Margin. You shall promptly deliver any
money or property deliverable by you in respect of any Transaction or Contract in accordance with theterms of that Transaction or Contract and with any instructions given by us for the purpose of enabling us
to perform our obligations under any corresponding Transaction or Contract entered into between us anda third party. If you fail to provide us with the required Margin, deposits or other payable amounts inaccordance with the terms of any Transaction or Contract within in the required time, we will be entitled,
at our sole discretion, to close out any open Transaction or Contract without prior notice to you andapply any proceeds thereof to payment of any amounts due to us and/or, as we deem fit at our sole
discretion. Such failure may also be considered as an Event of Default.
41.8 Currency Conversion: All initial and subsequent calls for Margin shall be made in the currency of
the Transaction and/or Contract, or in the currency of your Account as we determine, in such amounts as
we may in our absolute discretion require; we are authorized to convert funds in your account for Margin
into and from such foreign currency at a rate of exchange determined by us on the basis of the thenprevailing money market rates. In such circumstances, we will not be liable to you for any loss sufferedby you as a result of such action (although, we will use reasonable endeavours to only convert suchfunds as may prudently be required to cover the position in respect of the relevant transaction).
41.9 Refusal to accept Margin: We reserve the right to return to you at any time, with or without reasons
and without being obliged to provide you with any justification of explanation, any Assets deposited
with us by way of Margin, Collateral, deposits or otherwise.
41.10 Negative Balance Protection: Means the limit of a client’s aggregate liability, for all CFDs connected toa trading Account with the Company, to the funds in that Account.
Trading in leveraged Financial Instruments involves significant risk on your invested capital. However,
XM follows a Negative Balance Protection policy, on a per account basis, which aims to ensure that yourmaximum losses from trading CFDs, including all related costs, are limited to the total funds in yourtrading account (i.e., no additional liability incurs). This should include any funds yet to be paid into youraccount due to net profits from the closure of open trades connected to your trading account.
Notwithstanding the above, any indication or suspicion, in XM’s reasonable discretion, of any form ofarbitrage performed in your trading account either solely or in connection with other clients of ourcompany (including but not limited to risk-free profiting), abuse (including but not limited to participant's
trading activity patterns that indicate that the participant solely aims to benefit financially without being
genuinely interested in trading in the markets and/or taking market risk), internal hedging in coordination
with other parties and abuse of our ‘no negative balance’, constitute a violation of these Terms andConditions. In such cases, we reserve the right, among others, NOT to apply our Negative BalanceProtection policy and transfer any or all funds you may have in a different trading account to set-off theobligations (e.g., negative balance) that have occurred to the other account used for any abusive acts.
42. Margin Call Policy / Margin Call Level / Stop-Out Level
42.1 You accept that our Online Trading Facility operates with an automated risk monitoring, Margin Calland Stop-out facility designed to monitor the overall utilization of your available collateral in support ofour prevailing Margin and cash funding requirements for the Transactions and/or Contracts you areentering into via our Online Trading Facility; using this automated risk monitoring, Margin Call and Stopout facility, we will, unless otherwise stated, apply initial, maintenance or close out Margin call at theprevailing Margin Call or Stop-out levels, as stated from time to time on our Online Trading Facility.
42.2 Our automated platform allows clients to open new orders if the margin of their trading account is morethan 100%, unless the new orders will result in the margin requirements of the trading account being
reduced (e.g., hedged orders within the same trading account).
42.3 Our Margin Call Policy guarantees that your maximum possible risk is your Account equity. If the equity in
the Account of a Retail Client reaches or drops below the 100% of the Margin Level required to maintainthe open positions (“Margin Call Level”), you will receive a Margin Call. This is a warning message in yourplatform terminal that the equity in your Account is not enough to support your open positions. For
Professional Clients, the Margin Call is triggered when the Account equity drops below 50% of the Margin

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required to maintain your open positions/Transactions.
At this point, you will not be able to take any new position and you will have the option to deposit sufficientmoney in order to maintain your open positions. When you have losing positions, your Margin Level will
go down and may become close to the Margin Call Level. When you have winning positions, your Margin
Level will go up and the Margin Call Level may become more remote.
42.4 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.
42.5 The “Stop-out Level” is the level of your equity where our Online Trading Facility will start automaticallyto close trading positions (starting from the least profitable position and until the Margin Level requirement
is met) in order to prevent further account losses into the negative territory. For all Accounts held by Retail
Clients the Stop-out level is 50% of the Margin required to maintain the open positions/Transactions andfor all Accounts held by Professional Clients the Stop-out level is 20% of the Margin required to maintainthe open positions/Transaction. Please note that hedged positions are also subject to margin requirements
in case where the equity of your Account has entered into a negative territory; thus, the automatic Stopout facility is initiated.
42.6 In the case where a ‘Stop Order’ or ‘Limit Order’ (or ‘Entry Stop’ or ‘Limit’) is entered at the same pricethat would trigger a Stop-out, the Stop-out will be executed when that price is touched (or gaps
through the price) and all pending Orders attached to that trade will be cancelled.
A MARGIN CALL OR, AS THE CASE MAY BE, STOP-OUT, WHEN TRIGGERED, WILL TAKE
PRECEDENCE OVER OTHER ORDER TYPES.
43. Security
43.1 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 the number of Accounts
you may have with us. Without limitation such security shall comprise the credit balances on yourAccount(s), any securities registered as belonging to you on our books, and the value of your open
positions with us. We may, in our absolute discretion and without notice to you, apply and/or transfer any
or all Assets belonging to you between any of your accounts with us and combine or set off between
accounts and convert any currency into another. Without prejudice to any other rights to which we may
be entitled, we may at any time and without notice to you set off any amounts (whether actual orcontingent, present or future) at any time owing between you and us paying you the difference. You may
not withdraw or substitute any Assets or property subject to our security interest without our prior express
and written consent.
43.2 Without prejudice to the above, our services to you are provided on the understanding that where youtransfer money and/or Collateral to us by way of Margin or otherwise, we will treat this as a transfer of fullownership of such money and/or Collateral to us for the purpose of securing or covering your present,
future, actual, contingent or prospective obligations, and we will not treat such money and/or Collateral as‘Client Funds’. Accordingly, without prejudice to any other provisions of this Agreement, we shall have theright to pledge, charge, loan or otherwise use or dispose of all or part of such money and/or Collateralprovided to us by way of Margin, as if we were the beneficial owner thereof. We will transfer an equivalentamount of money and/or Collateral back to you where, at our sole discretion, we consider that the amountof money and/or Collateral you have transferred to us is more than is necessary to cover your present andfuture obligations to us. You agree that Collateral provided in the form of investments will be returned toyou in the form of investments of the same description and amount as those accepted by us as Collateral,but that any such Collateral returned to you need not be the actual investments provided by you.
43.3 Set-off on Default: If an Event of Default occurs (as defined hereinafter) or this Agreement terminates,
we shall set-off the balance of cash Margin owed by us to you against your obligations (as reasonably
valued by us) to us. The net amount, if any, payable between us following such set-off, shall take into
account the amounts payable to us under the clause headed “Netting” of this Agreement.

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43.4 Right to pledge, re-pledge, hypothecate, invest or loan: You hereby warrant and represent that any
property or Assets you transfer to us as Collateral under these Terms and Conditions are free from any
lien, security interest or other encumbrance other than the lien created under these Terms. You hereby
also grant to us the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with theproperty of other clients any Collateral we hold for you whether, to ourselves as broker or to others insatisfaction of our clients’ obligations to us or such third party.
43.5 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.
43.6 Power to charge: You agree that we may, to the extent that any of the Margin you provide us with underthese Terms and Conditions constitutes “financial collateral” and this Agreement and your obligations
hereunder constitute a “security financial collateral arrangement”, free of any adverse interest of
yours or any other person, grant a security interest over Margin provided by you to cover any of ourobligations to an intermediate broker or Market, including obligations owed by virtue of the positions heldby us or other of our clients.
43.7 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 shall be entitledto apply the proceeds of sale or other disposal in paying the costs of such sale or other disposal and inor 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 tobe the best obtainable.
43.8 General lien: In addition and without prejudice to any rights to which we may be entitled under thisAgreement or any Applicable Laws, Rules and/or Regulations we shall have a general lien on all Assets
and property held on your behalf by us, our Associates or our nominees, until the satisfaction of all
Secured Obligations. Without limitation, such general lien shall comprise the credit balances on yourAccounts, the securities registered as belonging to you on our books, and the value of your open positions
with us. We may, in our absolute discretion and without notice to you, apply and/or transfer any or all
such Assets which you have deposited at any time with us or which may at any time be in 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.

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

Chapter F: Commissions, Fees and Charges
44. Commissions, Fees and Charges
44.1 You shall pay to us such fees and charges (including, without limitation, spreads, charges and other fees)(“Commissions and Charges”) at such rates as are notified by us to you from time to time or publishedon 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.xm.com/spreads, in which all such Commissions and Charges(including, without limitation, spreads, charges and other fees) are explained.
44.2 We reserve the right to amend, alter, modify, delete or add to any of these Commissions and Charges at
any time and at our sole discretion. When these Commissions and Charges are modified (hereinafterreferred to as “Changes”) we will post such Changes on our Online Trading Facility and/or otherwise
notify you of such Changes, each such notification of which shall be deemed as sufficient notice and it isyour duty to consult and/or to check regularly the information posted under the Spreads / Conditions
Schedule on our Online Trading Facility regarding any such Changes. Therefore, you should review the
Spreads / 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 thisAgreement, all Changes shall be effective five (5) calendar days after their initial posting on our Online
Trading Facility, or as of the first time that you access and/or use our Online Trading Facility after such
amendments are made, whichever is sooner. Your continued use of our Online Trading Facility after
the publication of any Changes shall be considered as your agreement to such Changes and shall begoverned 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.
44.3 In the event that such Changes are to your advantage, or the grounds for such Changes are due toexternal circumstances beyond our reasonable control, we are entitled to modify such Commissions andCharges with immediate effect. In such a case you will inform you of the Changes as soon as practicably
possible. Such circumstances 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 on by us
to you.
45. Other Fees and Charges
45.1 In addition to the Commissions, Fees and Charges mentioned above, you shall be responsible for thepayment 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 allother fees incurred by us in connection with any Transaction and/or Contract and/or in connection withmaintaining a client relationship with you.
45.2 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 Trade Confirmations, Account Statements
etc. which we could have delivered in electronic form; (b) any expenses we may incur, caused by nonperformance by you, including a fee determined by us in relation to forwarding of reminders, legal
assistance etc.; (c) any expenses we may incur in connection with replies to inquiries by publicauthorities, 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 inyour Account; (f) any expenses we may incur in connection with auditor’s comments/reports if such isrequested 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 our company;
Regarding the latter, where our business relationship has been terminated but you, however, managed tosuccessfully open an account and trade with our company due to any technical and/or human error, we
reserve every right to immediately close your account upon identification, nullify any profit/loss generated
and refund the original amount of deposit, excluding any deposit and withdrawal charges, back to theTel: +357 25 02 99 00 | Fax: +357 25 82 03 44 | Email: info@xm.com | Web: www.xm.com
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same source of deposit.
Any such fees and/or expenses will be totaled and expressed both as cash amount and as percentage.
We reserve the right to introduce new fees.
45.3 In addition, we (and/or our Associates, Affiliates or other third parties) may share and/or benefit fromcommission, 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 yourbehalf. Details of any such remuneration or sharing arrangement will not be set out on the relevant
Trade Confirmations. We may, upon reasonable request, to the extent possible and at our sole discretion,
disclose to you the amount of any such commission, mark-up, mark-down or any other remuneration
paid by us to any Associate, Business Introducer or other third party.
45.4 In the event that you instruct us to transfer open positions, moneys, and/or other Assets relating to yourAccount to another institution, you agree to pay us a transfer fee, as determined by us at our sole discretion.
45.5 Unless determined and stated otherwise, all Commissions and Charges and other fees and charges
shall be regarded as being due and payable immediately. Unless specified otherwise in these Terms andConditions, any sums due to us pursuant to these Terms and Conditions may be deducted by us fromthe proceeds of any transaction or debited from your Account(s) with us. In the event of late payment by
you overdue amounts shall bear interest at a rate that we shall reasonably determine.
45.6 Unless specified otherwise in these Terms and Conditions, all amounts due to us (or to any agents usedby 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, Trade Confirmation or otheradvice.
45.7 If your Account(s) remain inactive for twelve (12) months, we reserve the right to charge you a one-off
account maintenance fee of USD 15 (or currency equivalent), followed by a monthly fee of USD 10 foreach month that the Account remains inactive in accordance with sub-clause 61.3. We reserve the rightto change the 12-month inactivity period as we deem necessary.
46. Currency Conversion
46.1 Any deductions and credits applied to your Account will be in your Base Currency. Where the relevant
primary currency of the Financial Instrument is different to your Base Currency, all calculations of
deductions and credits will be undertaken in the Financial Instrument’s primary currency and converted
into your Base Currency at the current currency conversion rate. We shall be entitled to add a mark-up
to the exchange rates. The prevailing mark-up will be defined in the Spreads/Conditions schedule on
our Online Trading Facility.
46.2 If we receive or recover any amount in respect of any of your obligations in a currency other than that inwhich such amount is payable, whether pursuant to a judgment of any court or otherwise, you will
indemnify us and hold us harmless from and against any cost (including costs of conversion) and loss
suffered by us as a result of receiving such amount in a currency other than the currency in which it isdue.
46.3 We shall be entitled, but shall not in any circumstances be obliged, to convert:
a. any realized gains, losses, option premiums, commissions, interest charges and brokerage fees whicharise in a currency other than your Base Currency 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.
47. Pricing of OTC Transactions
47.1 In respect of any OTC Transactions to be effected, we shall be entitled to provide Price Quotes at which
we are prepared to trade with you. Save where we exercise any rights we may have under these Terms

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and Conditions to close a Transaction and/or Contract, it is your sole responsibility to decide whether or
not you wish to enter into such a Transaction and/or Contract at such prices.
48. Prohibited Trading Techniques
48.1 Circumvention and 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 inbreach of this clause, 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 these circumstances, we reserve the right to seize any profits
and/or revenues generated directly or indirectly by exercising any such prohibit trading activity and weshall be entitled to inform any interested third parties of your breach of this clause; we have, and willcontinue to develop any tools necessary to identify fraudulent and/or unlawful access and use of 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; thatdecision shall be final and/or binding on all participants; no correspondence will be entered into.
48.2 Artificial Intelligence Software: It is absolutely prohibited to use any software, which we determine, at
our sole discretion, to have as its purpose to apply any kind of artificial intelligence analysis to our
Online Trading Facility and/or computer system(s) with an ultimate purpose of gaining unfair advantage
and exploiting 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 prohibited trading activity and or charge you with extra fees. In addition, we shallbe entitled to inform any Interested third parties of your breach of this clause; we have, and will continue
to develop any tools necessary to identify fraudulent and/or unlawful access and use of our Online 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.
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 forour clients as regards the execution of their orders. In the event that we identify any such activity, we
reserve the right to take all actions as we see fit, including, without limitation, completely blocking accessto our Online Trading Facility, blocking and/or revoking your Access Codes and/or immediately terminating
your Account. Moreover, you acknowledge that once your Account has been terminated we may liquidate
any outstanding contracts/positions you have with us. In view of the above, please note that you will bestrictly prohibited from opening any new trading Account(s) and trade with our Company. Nonetheless, incases where you may successfully open an Account and trade with our Company due to any technicaland/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.
48.3 Unlawful trading techniques: Internet, connectivity delays, and price feed errors sometimes create asituation where the price(s) displayed on our Online Trading Facility do(es) not accurately reflect themarket rates. The concept of using trading strategies aimed at exploiting errors in prices and/or
concluding trades at off-market prices and/or by taking advantage of internet delays (commonly known
as “arbitrage”, “sniping” or “scalping” hereinafter, collectively, referred to as “Arbitrage”), cannot
exist in an OTC market where the client is buying or selling directly from the principal; accordingly, we
reserve the right, at our sole discretion, NOT to permit the abusive exploitation of Arbitrage on our
Online Trading Facility and/or in connection with our Services; any Transactions or Contracts that rely on
price latency arbitrage opportunities may be revoked, at our sole discretion and without prior notice being
required; furthermore, in those instances, we reserve the right, at our sole discretion and without priornotice being required: (a) to make the necessary corrections or adjustments on the Account(s) involved(including, without limitation, adjusting the price spreads available to the client); (b) to restrict theTel: +357 25 02 99 00 | Fax: +357 25 82 03 44 | Email: info@xm.com | Web: www.xm.com
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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 can document as having been gained through such abuse of
liquidity at any time during the client relationship; (d) to terminate the client relationship and/or close all
Accounts involved (including, without limitation all other Accounts held by the same Account holder withus) immediately by giving written notice; and/or (e) to inform any interested third parties.
48.4 Any indication or suspicion, in XM’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 theparticipant solely aims to benefit financially without being genuinely interested in trading in the markets
and/or taking market risk), internal hedging in coordination with other parties, abuse of our ‘no negativebalance’ 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 thesecircumstances, we reserve the right to close/suspend (either temporarily or permanently) all of the Client’s
trading Accounts and/or cancel all Transactions. In view of the above, please note that you will be strictly
prohibited from opening any new trading Account(s) and trade with our Company. Nonetheless, in cases
where you may successfully open an Account and trade with 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.
48.5 We have, and will continue to develop any tools necessary to identify fraudulent and/or unlawful accessand use of our Online Trading Facility; any dispute arising from such fraudulent and/or or unlawful trading
activity will be resolved by us in our sole and absolute discretion, in the manner we deem to be the fairest
to all concerned; that decision shall be final and/or binding on all participants; no correspondence will beentered into.
48.6 Changes in Market conditions: Please note that we shall have no obligation to contact you to advise
upon appropriate action in light of changes in Market Conditions (including, without limitation, Market
Disruptions) or otherwise. You acknowledge that the Over-The-Counter Market in leveraged Financial
Instruments is highly speculative and volatile and that, following execution of any transaction, you 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 do not accept liability for loss
alleged to be suffered as a result of any failure by you to do so.
48.7 Indemnification: Without prejudice to any other provisions of this Agreement, you agree to indemnify
us and hold us, and any of our Associates, harmless from and against any and all liabilities, losses,
damages, costs and expenses, including, without limitation, legal fees and expenses incurred inconnection with and/or directly or indirectly related with, any fraudulent and/or unlawful access and use
by you of our Online Trading Facility and/or the prevention and/or remediation thereof, provided that any
such liabilities, losses, damages, costs and expenses would not have not arisen, but for our grossnegligence, fraud or willful default.
MT4 Multiterminal: The Company may offer the trading platform MT4/MT5 Multiterminal which allows the
Client to manage more than one trading account. You hereby represent, warrant, and agree that you will
not use MT4/MT5 Multiterminal to manage trading accounts not belonging to you.

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

Chapter G: Your Account(s) With Us
49. Account(s)49.1 For the purpose of our Services and the transactions described herein, subject to the Terms andConditions set forth herein, we will facilitate the opening and operation of one or more accounts foryou on our Online Trading Facility, to be denominated in a currency determined by you, in which all
Transactions and/or Contracts entered into by you via our Online Trading Facility will be recorded (your“Account”).
49.2 Depending on the volume of your trading activity on your Account(s), executed transactions (e.g., closed
orders) may be compressed into a single or multiple balance transaction(s) in your trading platform,
reflecting your aggregated Profit and Loss amount; you will, however, be able to view and export your fulltrading history through your Members Area.
50. Base Currency
50.1 You shall designate a base currency for each of your Accounts on our Online Trading Facility, which shallbe US Dollars, or any other currency listed on our Website(s), which is determined and/or stated inadvance as the base currency of your Account ("Base Currency").
50.2 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 clause 46(Currency Conversions) hereinabove shall be applicable mutatis mutandis.
50.3 When a withdrawal or refund is performed from your Account, we reserve the right (but shall 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 clause 46 (Currency Conversions) hereinabove shall beapplicable mutatis mutandis.
50.4 No instructions to pay a third party from your Account(s) will be accepted by us, unless otherwise
determined by us in writing.
51. Access Codes (Username And Passwords)
51.1 In order to allow you to access and use our Online Trading Facility, we will provide you for each
Account with a unique username and password that will allow you; (a) to access and use our Online
Trading Facility; (b) to access and use your Account for the purpose of evaluating real-time evaluationsof your open trading positions and consulting and/or reviewing historical transactional and account data;and (c) to access and use your Account for the purpose of entering into Transactions and/or Contracts
and place trades related to Transactions and/or Contracts via our Online Trading Facility. The logins andpasswords will continue to be in force unless terminated by either Party. We may provide replacement
logins and passwords, at any time as we think fit, to protect the security of your Account and/or prevent
unauthorized access and/or use of your Account. You may access your Account on our Online Trading
Facility only through one or more of these logins and passwords or other access methods provided byus, or as otherwise determined by us (“Access Codes”).
51.2 In relation to any of your Access Codes, you acknowledge and undertake that: (a) you will be responsible
for the confidentiality and use of your Access Codes; (b) other than with our prior written consent, you will
not disclose any of your Access Codes to other Persons for any purpose whatsoever; (c) we may rely on
all Instructions, Orders and other communications entered using any of your Access Codes, and you will
be bound by any transaction entered into or expense incurred on your behalf in reliance on such
instructions, Orders and other communications; and (d) you will immediately notify us at our Customer
Care Department if you become aware of the loss, theft or disclosure to any third party or of any
unauthorized use of your Access Code(s).
51.3 In particular, it shall be your sole responsibility to monitor and restrict access to your Account(s) andTel: +357 25 02 99 00 | Fax: +357 25 82 03 44 | Email: info@xm.com | Web: www.xm.com
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you shall be solely responsible for ensuring that your Access Codes are known to, and used by, only
those users and/or customers, which you expressly authorise and recognise. Notwithstanding anything
to the contrary in this Agreement, you shall be responsible for the actions of any persons, authorized or
unauthorized, who gain access to and/or make use of your Account on our Online Trading Facility throughyour Access Codes, and you shall be bound to clear and settle all Transactions and/or Contracts
executed and effected via our Online Trading Facility through your Access Codes.
51.4 In the event that your Access Codes have been lost, stolen or compromised, you will promptly notify us
thereof in writing. Upon receipt of such notice, we will immediately terminate your Access Codes, provided,
however, that you will at all times remain responsible for any actions taken through the use of yourAccess Codes before they are terminated by us. Without prejudice to any of the foregoing, we shall at
all times be entitled, at our sole discretion, to terminate, revoke, suspend, modify and/or change any or
all of your Access Codes at any time with or without prior notice, provided, however, that we shallendeavour (but shall not in any circumstances be obliged to) provide you with prior notice to the extent
practicable.
51.5 You will undertake best efforts to ensure that you comply at all times with: (a) all Applicable Laws, Rules
and/or Regulations, (b) the terms and conditions of this Agreement; (c) any and all disclaimers andadditional terms and conditions presented in any part of our Online Trading Facility; and (d) any otherterms and conditions pertaining to the transactions contemplated under this Agreement, as from time totime in effect.
51.6 You shall hold us harmless from, and indemnify us for, any sustained damages, which we may suffer fromyour failure to take adequate steps to protect the security of your Access Codes, and your failure toprevent any person from any unauthorized access and/or use of your Account(s) on our Online Trading
Facility; you shall hold us harmless in any legal, administrative or arbitral proceedings and expenses
related thereto, and you shall indemnify us for all damages, costs and expenses arising as a result of noncompliance with this clause.
52. Affiliates (Introducers of Business)
52.1 If you were introduced to XM by an introducing broker you acknowledge and agree that:a. you authorised the Affiliate to introduce you to XM; andb. a commission may be paid to the Affiliate for introducing you to XM, the amount of which can be foundon the relevant section of our website (https://partners.xm.com/paymentplans).
53. Payments
53.1 You may deposit funds into your Account at any time. Deposits will only be accepted by a payment
method offered by the Company (e.g., bank wire transfer, electronic payment methods, etc.) in the same
name as yours. Under no circumstances will third party or anonymous payments be accepted.
53.2 Unless expressly determined and stated otherwise, 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 cash and/or cheque if any payment given has not clearedon the first presentation of the cheque.
53.3 If you give an instruction to withdraw funds from your Account, we will reduce the requested funds
immediately from your Account balance and shall use our best efforts to process the specified
withdrawal request within one (1) Business Day following the day on which the withdrawal request has
been accepted, provided that the following requirements are met: (a) the withdrawal request includes allnecessary information; (b) the instruction is to make a payment through a payment method in yourname (e.g., bank wire transfer, electronic payment method(s), etc.); (c) you have provided full identification
documentation to support your withdrawal request; and (d) in cases where there are open positions in the
Account, the Margin Level in your Account does not fall below the minimum required level specified in our
Online Trading Facility. Margin Level requirements may be higher in cases as referenced in sub-clause
41.5 (Margin Requirements prior to and during Market Disruptions) so as to avoid any possible withdrawal

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request to cause the Margin Level in your Account to fall below the minimum required level, as specified
in our Online Trading Facility.
53.4 If we accept any payments to be made by a debit/credit card or any other payment method in respectof which processing fees may be charged, we reserve the right to levy a transfer charge.
53.5 If you make a payment/deposit, we shall, without prejudice to any other provisions of this Agreement, useor best efforts to credit your Account with the amount of such payment within one (1) Business Day
following the day on which the deposit has been accepted, if we are satisfied that you are the sender ofthe funds. At any given time, if we are not satisfied that you are the sender of the funds deposited in yourAccount, we reserve the right to reject such funds and/or return them to the remitter net of any transfer
fees or other charges. You may be required to submit additional documentation as required byapplicable “Anti-Money Laundering (“AML”) & Know Your Customer (“KYC”) Legislation” and/or any
other similar rules and regulations applicable to us. We reserve the right to charge a “USD 50 - handlingfee” 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, and you hereby authorise us tocharge this amount.
53.6 We shall be entitled, but shall not in any circumstances be obliged, without prior notice to you, to convert:(a) any cash currency deposit to another cash currency deposit for the purpose of purchasing a Financial
Instrument or asset denominated in a currency other than the Base Currency of your Account; (b) any
funds deposited with us or held by us on your behalf into such other currency as we consider necessaryor 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 the current conversion currency rate; under thesecircumstances, we shall be entitled to add a mark-up to the exchange rates; any such prevailing mark-up(if any) shall be posted on our Online Trading Facility in the Commission, Charges and Margin schedule.
53.7 All foreign currency exchange risk arising from any deposits in and/or withdrawals from your Account, or
resulting from the compliance by us with our obligations or the exercise by us of our rights under theseTerms and Conditions, will be borne by you.
53.8 We shall not be obliged to shall not be liable: (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) toaccount to you for any interest received by us, or in respect of which we are the beneficiary, in connection
with any funds you deposit with us or which we are holding on your behalf, or in connection with any
Contract and/or Transactions; you consent to waive all rights to such interest and you acknowledge andagree that we will be the beneficiary of all such interest.
54. Several/Multiple Trading Accounts
54.1 In the event that you have more than one Account with us, we reserve the right to treat all such Accounts
as if they were under one Account and to limit the number of Accounts maintained by a single holder, at
our sole discretion.
55. Deposits, Refunds and Withdrawals
A.

Deposits

55.1 We reserve the right to impose deposit limits and deposit fees in our system(s), at any time.
55.2 You agree that any funds transmitted to our bank accounts by you or, where permitted, on your behalf,
will be deposited into your Account with us at the value date of when they were received by us and net ofany charges/fees charged by the bank account providers, our payment service providers and/or any otherintermediary involved in such transaction process.
55.3 Before accepting any such funds into our bank accounts and/or making any such funds available in yourAccount with us, we must be fully satisfied that you, as our client, are the sender of such funds, or thatsuch funds have been transmitted to us by an authorized representative of you, as our client; in thoseinstances where we are not satisfied that you, as our client, are the sender of such funds, or that such

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

funds have been transmitted to us by an authorized representative of you, as our client, we reserve theright to refund/send back the net amount received to the same remitter from, and by the same payment
method through which such funds were received.
B.

Refunds and Withdrawals

55.4 We reserve the right to impose withdrawal limits and withdrawal fees in our systems, at any time.
55.5 Upon submitting a withdrawal request you may be required to submit documentation as required byapplicable “Anti-Money Laundering (“AML”) & Know Your Customer (“KYC”) Legislation” and/or any othersimilar rules and regulations applicable to us.
55.6 When a withdrawal or refund is performed, we reserve the right (but shall under no circumstances be
obliged) to remit the funds to the same remitter from, and by the same payment method through whichsuch funds were initially received by us. In that connection, we reserve the right, at our sole discretion, (a)to decline withdrawals via certain specific payment methods; (b) to require another payment method as
the one indicated in any withdrawal request, in which instance a new withdrawal request may have to besubmitted; and/or (c) to require that further documentation be submitted, as required by applicable “AntiMoney Laundering (“AML”) & Know Your Customer (“KYC”) Legislation” and/or any other similar
rules and regulations applicable to us, before proceeding with any withdrawal request.
55.7 If we are unable to remit the funds, or any partial amount thereof, to the same remitter from, and by
the same payment method through which such funds were initially received by us, we reserve 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 of the currency in which
the initial deposit was made). Under these circumstances, we shall not be responsible for any transfer
fees or charges imposed by the receiver and/or for any currency exchange rates resulting from thepayment of such amount and the provisions of clause 46 hereinabove shall be applicable mutatis mutandis.
55.8 Withdrawal requests that are accepted and approved by us in accordance with the terms of this Agreement
are, in principle, processed within one Business Days following the receipt of the transfer request
instructions. The amount to be transferred reduces the balance of the relevant Account from which suchtransfer 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 the provisions of this clause, or (b)to delay the processing of the request if we are not satisfied with the ancillary documentation submittedwith the withdrawal request.
55.9 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 payments details you are providing us with and we do not accept any responsibility
for your funds, if the payment details you have provided to us are incorrect or incomplete. It is also
understood that we do not accept any responsibility for any funds that are not directly deposited into ourbank accounts.
56. Deposits by Credit / Debit Card
56.1 You can deposit funds to your Account with us quickly and easily by credit / debit card. The entire
transaction is processed electronically - online.
56.2 Upon submitting a deposit request via your credit / debit card, you may be required to submit documentation
as required by applicable “Anti-Money Laundering (“AML”) & Know Your Customer (“KYC”)
Legislation” and/or any other similar rules and regulations applicable to us.
56.3 The Company takes the protection of its clients very seriously and has various systems, controls and tools
set in place for their protection against credit card / debit card fraud and so as to be in compliance with allapplicable anti-money laundering regulations. The systems, limits and controls that the Company applies forthe prevention and/or identification of credit / debit card fraudulent activity may include, but are not limited to,the following:a. Limits on the number of transactions allowed within a certain timeframe; and/orTel: +357 25 02 99 00 | Fax: +357 25 82 03 44 | Email: info@xm.com | Web: www.xm.com
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b.
c.
d.
e.
f.
g.
h.

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
Limits on the number of credit / debit cards allowed per client; and/or
Limits on the deposit attempts allowed per email address; and/or
Restrictions on the number of email addresses allowed to be connected with a single credit / debitcard; and/or
i. 3D secure authentication for the processing of transactions; and/or
j. Checks for matching details.
In the case that the Company’s systems and tools, as well as the systems and tools of the Company’s
payment services providers, identify a violation of the above limits and restrictions and/or clients fail topass the security and authentication checks, the appropriate measures are taken in order to prevent
possible credit / debit card fraudulent activity and ensure Company’s protection. These measures may
include, but are not limited to, the following:a. Investigations, further checks and/or request for additional documentation in order to verify the credit/ debit card details and ensure that you are the legitimate owner/user of the credit / debit card(s) used;b. Delay of transactions’ processing due to the investigations taking place;c. Refusal of credit / debit 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 the deposit(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 such prohibited
trading activity and cancel any Account(s) and active Orders associated with the credit / debit cardthat has been identified as fraudulent;
g. Deny processing transactions exceeding the limits/restrictions and/or failure to pass the security andauthentication checks.
56.4 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 suchcredit / debit card deposits available into your Account with us, we must be fully satisfied that:(a) you are the legitimate owner/user of the credit / d e b i t card used; and(b) it is you, as the legitimate owner/user of the credit / debit card, who is making and/or authorizing thedeposit by credit / debit card.
In those instances where we are not satisfied of the above, we reserve the right to refuse the credit /debit card deposit(s) in question and to refund/send back the net amount deposited to the same credit /debit card account and via the same payment method through which such deposit(s) was/were made.
Fraudulent transactions are immediately cancelled after being detected. Under such circumstances, wereserve 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. Furthermore, we reserve the right to seize any profits and/or revenues
generated directly or indirectly from exercising any such prohibited trading activity and we shall beentitled to inform any interested third parties of your breach of this clause; any active Orders associatedwith the same fraudulent credit / debit card and/or Account will also be cancelled immediately; we have,
and will continue to develop any tools necessary to identify credit / debit card fraud; any dispute arisingfrom such fraudulent activity will be resolved by us in our sole and absolute discretion, in the manner
we deem to be the fairest to all concerned; a n d that decision shall be final and/or binding on allparticipants; no correspondence will be entered into.

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

56.5 We reserve the right, at our sole discretion, to impose such deposit limits and restrictions, as we deem fit.
Current deposit limits and restrictions are displayed on the Credit / Debit Card Deposit screen displayed on
our Online Trading Facility. If you would like to increase your credit / debit card deposit limit, please contact
our Customer Support team as follows:
Customer Support
Working hours: 24/5
Tel.: +357 25 02 99 00
E-mail: support.eu@xm.com
Please include your name, Account number, mailing address, e-mail address and telephone number.
57. Chargebacks
57.1 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.
57.2 We do not tolerate credit / debit card fraud, and all fraud, without exception, will be prosecuted throughcriminal proceedings in your local jurisdiction to the fullest extent of the law. In addition to this, we will filea report with your local police department, and pursue all fraudulent activities through your local jurisdiction
for prosecution to the fullest extent of the law. Furthermore, in such instances, we reserve the right, at oursole 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 be cancelled immediately; we have, and will continue to develop any tools
necessary to identify credit/debit card fraud; any dispute arising from such fraudulent activity will be
resolved by us in our sole and absolute discretion, in the manner we deem to be the fairest to allconcerned; that decision shall be final and/or binding on all participants; no correspondence will be enteredinto.
58. Netting Agreement58.1 All trades between you and us are entered into in reliance on the fact that this Agreement and all trades
form a single agreement between the parties, and that we would not otherwise enter into any trades withyou.
58.2 If we exercise our rights under this clause, all payment obligations will be consolidated into a single
obligation for us to pay a net sum to you, or for you to pay a net sum to us. If the aggregate amount thatis payable by one Party exceeds the aggregate amount that is payable by the other Party, then the Party
by whom the larger aggregate amount is payable shall pay the excess to the other Party and theobligations to make payment of each party will be satisfied and discharged.
58.3 This netting agreement shall be binding on all Parties to this Agreement and on the estate and/or creditorsof all Parties to the client relationship under this Agreement.
58.4 Where the Company identifies or determines, at its reasonable discretion, that you engaged in any form ofarbitrage or abuse, either solely or in connection with other clients of our Company (including but not limited
to risk-free profiting), to solely benefit financially without being genuinely interested in trading in the markets
and/or taking market risk), it may, at its sole discretion, exercise its rights under this Agreement, without yourauthorization or prior notice, and close your Open positions and/or close your Account, combine andconsolidate your Account with any or all other Accounts held in your name with the Company (including any
Account that you hold with any Associate of the Company), and set-off against each of your Account’sbalance (including profit or losses on Open Positions).
58.5 If the client relationship is terminated, then the claims that the Parties have against each other shall befinally discharged by means of netting (closed). The value of any open Contracts shall be determinedaccording to the principles set forth below and the final amount to be paid by one of the Parties shall be

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

the net difference between the payment obligations of the Parties.
59. Client Funds and Assets
59.1 All Assets (including, without limitation, cash, or only in those instances in which we may agree otherwise,other assets, such as collateral (by which we mean investments, securities, bonds or any other financial
instrument, property or asset acceptable to us in lieu of cash) handed over by you to us, or which we
hold on your behalf for the provision of our Services (“Client Funds”), will be held in one or more accounts
opened with a central bank or credit institution or bank within the European Economic Area (“EEA”), orwith a bank authorized in a third country or a qualifying money market fund or any electronic payment
providers/processors approved by us, and will be segregated and held separately from the Company’s own
funds in accordance with the applicable CySEC Rules. In the event of our insolvency, Client Funds will
be excluded from the assets available to our creditors. The Company reserves its right not to comply withthe latter where it is able to demonstrate that, in view of the nature, scale and complexity of its business,
and also the safety offered by the third parties referred to herein, and including in any case the smallbalance of Client Funds that the Company holds, this requirement is not proportionate.
59.2 We may, however, hold all or part of your Client Funds with a credit institution or bank outside an EEA
country and in such circumstances the legal and regulatory regime may differ from that applicable in an
EEA country, with the effect that in the insolvency or equivalent failure of such credit institution or bank,the treatment afforded to your Client Funds may be different from the treatment afforded if your Client
Funds were held in an account with a credit institution or bank subject to an EEA state’s laws. We will
not be liable for any failure or insolvency of any custodian, credit institution, bank or third party holding
your Client Funds within or outside the EEA; however, applicable investor compensation or deposit
protection schemes may protect a proportion of your Client Funds that are held with any with a credit
institution or bank or third party.
59.3 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 Funds, where wetransfer your Client Funds: (a) for the purposes of a Transaction and/or Contract you have entered into,or are entering into with such third party; or (b) to meet your obligations to provide Collateral or Margin
for a Transaction and/or Contract (e.g. an initial Margin requirement for a derivative Transaction).
59.4 Your Client Funds may be pooled with the funds of other clients in a general omnibus account. In suchcase, there is a risk that the Client Funds could be withdrawn or used to meet obligations of other Clients,or that the balance of assets held by the third party does not reconcile with the quantity which the third
party is required to hold, and the Client may not in such circumstances receive its full entitlement of Client
Funds. In some jurisdictions, it may not be possible to identify separately the Client Funds which a third
party holds for Clients from those which it holds for itself of for the Company, and there is a risk that the
Client Funds could be withdrawn or used to meet the obligations of the third party, or lost altogether if thethird party becomes insolvent.
59.5 You hereby authorize us to make any deposits and withdrawals from your Account with us on your behalf,
including, without limitation and prejudice to the generality of the above, withdrawals for the settlement of
all Transactions undertaken and/or Contacts entered into under these Terms and Conditions, as well as
for the settlement of any and all amounts which are payable by you, or on your behalf, to us or any otherperson under and/or pursuant to these Terms and Conditions.
59.6 Unless otherwise determined and stated "in the terms agreed upon by mutual consent of the Parties", any
amount payable by us to you, shall be paid directly to you and not to any other Person, except in thoseinstances there this has been agreed upon by mutual consent of the Parties.
59.7 Without prejudice to any other provisions of this Agreement, we may, at our sole discretion, from time totime and without your prior authorization, set-off any amounts held on your behalf against your obligations
to us and/or merge any of your Accounts with us.
59.8 We do not pay interest to you on any Client Funds, or money that you transfer to us, unless we haveexpressly agreed to do so in writing.

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59.9 You will not grant any security interest over any Client Funds held in your Account, or any claim against
us for money due to you, to any person other than us.
59.10 Where any amounts owed by you to us under the Agreement are due and payable to us, in accordancewith the Client Funds rules we shall cease to treat such funds as Client Funds so much of any Client
Funds held on your behalf as equals those amounts. You agree that we may apply that money in or
towards satisfaction of all or part of those amounts due and payable to us. For the purposes of this clause,
any such amounts owed by you to us under this Agreement become immediately due and payable,
without notice or demand by us, when incurred by you or on your behalf.
59.11 You are entitled to withdraw the funds from your Account which are not used for Margin covering,
without closing your Account.
59.12 We may transfer any money we hold for you as Client Funds (after deduction of any amounts permitted
by the terms of this Agreement) to another legal entity (including any of our group companies) where wetransfer all or part of our business to that entity and your Client Funds relate to the business transferred.
Where we transfer your Client Funds to another legal entity under this clause we shall require that such
Client Funds will be held by that entity for you in accordance with the Client Money Rules.
59.13 You agree that we shall be entitled to treat Client Funds as due and payable to us, to the extent that allor any part of the obligations owed by you to us under this Agreement are due and payable to us but
unpaid.
59.14 An employee of the Company of sufficient skill and authority is appointed as the designated officer withspecific responsibility for matters relating to the Company’s compliance with its obligations regarding thesafeguarding of Client Funds and Financial Instruments.
59.15 Where your Account is inactive for a period of five (5) years with a positive balance (i.e., there are funds
available in your Account) and during that period no transactions have been carried out in relation to theaccount or on the instructions of the holder of the Account and we are unable to contact you after we takereasonable efforts to achieve this, we will have the right to cease treating those funds as Client Moneyand make a deduction from your Account in accordance with sub-clause 45.7. If you later make a valid
claim to us, we may pay you any amount owed to you by us.
60. Assessment of Institutions Holding Client Funds
60.1 As per our risk management and compliance processes aiming in the protection of Client Funds, allinstitutions with which we intent to hold Client Funds need to be reviewed and assessed prior to theestablishment of the business relationship. The assessment process takes into consideration both qualitativeand quantitative criteria. Such criteria include, but are not limited to, the market reputation of the institution,
the country of its establishment, regulation status, credit ranking of the institution and of the country of
establishment (if available).
60.2 Our assessment process follows a sophisticated scoring process designed in three stages. The first stage
involves the gathering of the necessary information and documentation and is performed by a senior officerof our Company. The second stage involves the assessment of the information gathered and ranking thisinformation based on the designed scoring process. The second stage is undertaken by the Compliance
Officer and/or the Risk Manager of our Company. In cases where the final score meets the minimum required
passing score, then, as the third and final stage, a Director of our Company needs to evaluate theassessment and approve the establishment of the business relationship. In cases where the final score does
not meet the minimum required passing score the assessment concludes at the second stage and nobusiness relationship is established with the particular institution.
60.3 Without prejudice to sub-clause 60.2, we may establish a business relationship with an institution which failed
the assessment process provided that (a) an Executive Director will exceptionally approve the establishmentof the business relationship, (b) the reasons of the exceptional approval are well documented and held by
the Company and (c) limits are being imposed on the maximum amount of Client Funds to be held with theparticular institution. The limits imposed will be monitored by the risk manager of the Company and revised
if and as necessary.

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

61. Dormant and Archiving Policy
61.1 In the event that there is no activity (trading/withdrawals/deposits/internal transfer) in all of
your Accounts for a set period of at least ninety (90) calendar days we will regard your Accounts tobe “dormant”. An Account shall be deemed as dormant from the last day of the ninety (90) calendar
days in which there has been no activity (trading/withdrawals/deposits/internal transfer) in the Account.
61.2 Any pending orders may be deleted from dormant accounts.
61.3 Dormant Accounts will be charged with a monthly dormant fee of USD 10 (ten United States Dollars) or
the full amount of the free balance in the Account if the free balance is less than USD 10 (ten UnitedStates Dollars). There will be no charge if the free balance in the Account is zero. Following theimplementation of the dormant fees, the dormant account will automatically be regarded as archived.
61.4 Accounts with free balance less than USD 5 (five United States Dollares), are deemed as archived on
the last day of the 90 (ninety) calendar days during which there was no activity in them (i.e.,
trading/withdrawals/deposits/internal transfer).
62. Islamic/Swap-Free Accounts
62.1 We offer the possibility to open Islamic (Swap-free) Accounts with us. Swap-free trading accounts areavailable only to those clients who cannot use swaps owing to their religious beliefs. Accordingly, in all
instances where a request for an Islamic (Swap-free) Account is filed with us, we reserve the right torequire 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.
While a client may file a request for an Islamic (Swap-free) trading account at any time, the filing of any
such request entails that all of such client’s other real trading Accounts with us will be converted into
Swap-free trading accounts also, without any further notice being required. Conversion of a real trading
Account to a Swap-free trading account is performed only upon the request and consent of those clients
who complete and submit a request for an Islamic (Swap-free) Account. Upon the receipt of such a duly
signed and executed request, we shall evaluate request and any ancillary documentation submitted to us
and shall inform the client who equested the conversion by e-mail whether the request is accepted ornot.
62.2 Clients are not allowed to use Swap-free Accounts to make profits from Swaps and may not request thepayment 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/havebeen converted into one or more Swap-free account(s).
62.3 We reserve the right to revoke the Swap-free status granted to any real trading Account at any time without
being obliged to provide any explanation or justification. Furthermore, in the event that we detect any
form of abuse, fraud, manipulation, cash-back arbitrage, carry trades, or other forms of deceitful or
fraudulent activity in regard to any Swap-free Account of any client, we reserve the right, at any time, (a)with immediate effect, to revoke the Swap-free status from any and all real trading Accounts of suchclient that have been converted to a Swap-free trading Account; (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 Accounts during the period for which such Accounts were converted into Swap-free
trading Accounts; and/or (c), with immediate effect, to close all trading Accounts of such client with us,
nullify all trades carried out in such client’s trading Accounts with us and cancel and all profits or losses
garnered in such client’s trading Accounts with us.
63. Swap-Free Instruments
63.1 We, at our sole discretion, offer clients the possibility of trading swap-free on certain instruments(hereinafter “Swap-Free Instruments”), where applicable and according to the type of Trading Accountselected.

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63.2 The swap-free status of such instruments is offered by us to be used in good faith and clients are notallowed to use the conditions of such instruments to either make profits from Swaps or not pay Swaps. As
such, clients may also not request the payment of any Swap amounts that have been lost as a result of
trading on a Swap-Free Instrument.
63.3 We reserve the right, at our sole discretion, to revoke the Swap-free status of such instruments at any time
without being obliged to provide explanation of justification. Furthermore, in the event that we detect orsuspend 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 Swap-Free Instruments in any client’s trading account, we reserve the right, at any
time, (a) with immediate effect, to revoke the swap-free status of such instruments from any and all real
trading Accounts of such client for as long as we deem appropriate, (b) to correct and recover any unaccrued Swaps and any related un-accrued interest expenses and/or costs pertaining to any and all ofsuch client’s Swap-Free trading; and/or (c), with immediate effect, to close all trading Accounts of suchclient with us, nullify all trades carried out in such client’s trading Accounts with us and cancel all profits
garnered in such client’s trading Accounts with us.

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Chapter H: General Provisions
64. Market Making
64.1 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 takethe risk of holding a certain number of Supported Financial Instruments in order to facilitate trading inthese Financial Instruments by displaying/quoting ‘bid’ and ‘ask’ prices (‘buy’ and ‘sell’ quotations) forsuch Supported Financial Instruments on our Online Trading Facility and filling Orders received in respect
to such Supported Financial Instruments from our own inventory or seeking an Offsetting Order.
64.2 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 Financial 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.
64.3 Following execution of any position with you, we may, at our reasonable discretion, subsequently off-set
each such position with you with another client position or with a position with one of ourcounterparties, or we may decide to retain a proprietary position in the Market with the intention to obtain
trading profits from such positions. Such decisions and actions may therefore result in us off-setting 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 seen as, an implied cost (i.e., the difference between the price at which you traded with us and theprice at which we subsequently traded with our counterparties and/or other clients), due to any profits
realised by us as a result of the Market Making function. Please also note, however, that the Market
Making function may involve significant costs to us, if the market moves against us in comparison to
the price at which we traded with you.
64.4 You accept that, in such Markets where we act as Market Maker, we may hold positions that are contrary
to your positions and/or the positions of certain other of our clients, resulting in potential conflicts of interest
between us, and any such other of our clients.
64.5 In Markets, where we act as a Market Maker, you accept that we have no obligation to quote prices to you
and/or any of our other clients, at any time in any given Market, nor shall we have an obligation to provide
such Price Quotes to you and/or any of our other clients with a specific maximum spread.
64.6 You acknowledge, recognise and accept that the Price Quotes provided to you include a ‘spread’ whencompared with the price for which we may have covered or expected to be able to ‘cover’ the Transaction
or Contract in a trade with another client or a counterparty; furthermore, you acknowledge, recognise andaccept that said ‘spread’ constitutes remuneration to us and that such ‘spread’ cannot necessarily becalculated individually for all Transactions and/or Contracts and that such ‘spread’ will not be specified
at the Settlement/Trade Confirmation or otherwise revealed to you.
64.7 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 and charges
will consequently influence you trading result(s) and may have a negative effect on your trading
performance compared to a situation in which such commission costs, interest charges, costs associatedto and included in the ‘spreads’, would not apply.
64.8 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 andbrokerage fees, as well as by the afore-mentioned invisible costs for you that are caused by ourTel: +357 25 02 99 00 | Fax: +357 25 82 03 44 | Email: info@xm.com | Web: www.xm.com
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performance as a Market Maker.
64.9 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.
64.10 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.
64.11 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 recognised 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.
65. Conflicts of Interest
65.1 The Company is required to take all appropriate steps to identify, prevent or manage conflicts of interests.
As part of its commitment to acting honestly, fairly, professionally and in the best interests of its clientsand to complying with the MiFID II requirements, the Company maintains and implements a conflicts ofinterest policy (“Conflicts of Interest Policy”). The Conflicts of Interest Policy, as amended or extended
from time to time, sets out all appropriate steps the Company takes to identify and prevent or manage
conflicts of interest which may arise between the Company and its clients or between one client andanother, that arise/may arise in the course of providing any investment and ancillary services, or
combinations thereof, including the Company’s own remuneration scheme and other incentive structures.
Accordingly, this Policy sets out the necessary procedures, controls and practices in place to ensure thatany conflicts of interest are identified and prevented or appropriately managed. Where the measures taken
to prevent conflicts of interest from adversely affecting the interest of the clients are not sufficient to ensure,with reasonable confidence, that risks of damage to client interests will be prevented, the Company shallclearly disclose to the client, in a durable medium, the general nature and sources of conflicts of interest
as well as the risks to the client that arise as a result of the conflicts of interest and the steps taken to
mitigate those risks before undertaking business on its behalf.
65.2 A summary of our Conflicts of Interest Policy is available on our Online Trading Facility. Our Conflictsof Interest Policy is a policy only, it is NOT part of these Terms and Conditions and is not intended to becontractually binding or impose or seek to impose any obligations on us which we would not otherwise
have, but for the Cyprus Investment Services and Activities and Regulated Markets Law of 2017 (Law
87(I)/2017).
66. Product Governance Arrangements
66.1 The Company is required, when manufacturing and/or distributing financial instruments, to establish,
implement and maintain policies, procedures and measures to ensure that the manufacturing and/or
distribution of financial instruments comply with the relevant product governance requirements of MiFID II,
in a way that it is appropriate and proportionate, taking into account the nature of the financial instrument,
the investment service(s) and the needs and circumstances of the Target Market for that financial
instrument.
66.2 The Company ensures that the design of the financial instrument, including its features, does not adversely
affect its Clients or does not lead to problems with market integrity by enabling the Company to mitigate ofits own risks or its exposure to the underlying assets of the product, where the Company already holds theunderlying assets on own account.

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66.3 In general, the Target Market compatible with the financial instruments manufactured and/or distributed by
the Company is the group of clients with the following needs, characteristics and objectives:•

Client categoritisation: Retail client, or professional client or eligible counterparty.

•

Level of knowledge and/or experience: Sufficient with regard to the financial instruments manufactured
and/or distributed by the Company.

•

Financial situation with a focus on the loss-bearing ability: Willing and able to bear total loss of his/her
investment.

•

Risk tolerance and compatibility of the risk/reward profile of the financial instruments with the target
market: The Summary Risk Indicator (“SRI”) score for the financial instruments manufactured and/or
distributed by the Company is 7 out of 7. The SRI is a guide to the level of risk of financial instruments
manufactured and/or distributed by the Company compared to other financial instruments. It shows
how likely it is that these financial instruments will lose money because of movements in the markets.
A SRI score of 7 out of 7 is the highest risk class.

•Investment objectives and needs: In most cases, the investment objective is of speculative nature witha short-term investment horizon.

67. Special Provisions for Managed Accounts, Introduced Accounts or Third Party Vendors
67.1 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 the you for Transactions and/or Contracts
in your Account and that we have no responsibilities, or obligations regarding any conduct, action,
representation or statement of any such Persons in connection with your Account or any Transactions
therein. You understand that we make no warranties nor representations concerning such trading advisor
or Affiliate/Introducer of Business, that we shall not be responsible for any loss to you occasioned by theactions of such trading advisor or Affiliate/ I n t r o d u c e r o f B u s i n e s s and that we do not, by
implication or otherwise, endorse or approve of the operating methods of such trading advisor or
Affiliate/Introducer of Business. You further acknowledge and agree that: (a) any trading advisor or
Affiliate acts as an independent intermediary for you; (b) unless you have been expressly advised
otherwise in writing by us, no such person is an affiliate, employee or agent of us; (c) no such Person is
authorised to make 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 Affiliate/Introducerof Business; (e) your agreement with any such trading advisor or Affiliate/Introducer of Business may
result in additional costs, since we may be obliged to pay commission fees or charges to such trading
advisor or Affiliate/Introducer of Business.
67.2 You agree to waive any claims, which you may have against us, and to indemnify and hold us harmlessfor any actions or omissions of any such Affiliate or any of its associated persons.
68. Acknowledgements
68.1 You acknowledge, recognize and understand that trading and investments in leveraged as well as nonleveraged Transactions and/or Contracts is: (a) highly speculative; (b) may involve an extreme degree ofrisk; and (c) is appropriate only for persons who, if they trade on Margin, can assume a substantial risk ofloss.
68.2 You further acknowledge, recognise and understand that: (a) because of the low level of Margin normallyrequired in highly-leveraged transactions, price changes in the Underlying Financial Instrument may resultin significant losses; (b) certain Market Conditions may make it difficult or impossible to execute Orders at
a stipulated price; (c) when you instruct us to enter into any Transaction and/or Contract, any profit or loss
arising as a result of a fluctuation in the value of the Financial Instrument or the Underlying Financial
Instrument will be entirely for your account and risk; (d) we will NOT provide any type of advice to you(e.g., investment advice, tax advice, etc.); therefore, you agree not to hold us responsible for any losses
incurred as a consequence of following any of our suggestions or those of our employees, associates orTel: +357 25 02 99 00 | Fax: +357 25 82 03 44 | Email: info@xm.com | Web: www.xm.com
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representatives, unless we have exercised gross negligence in connection herewith; (e) we shall not
conduct any continuous monitoring of the Transactions and/or Contracts entered into by you; accordingly,
we cannot be held responsible for any Transactions and/or Contracts developing differently from what you
might 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 such guarantees or similar representations
from us, nor from any of our Associates, from any Affiliate, or representatives hereof.
68.3 In light of the risks, you should undertake such transactions only if you understand the nature of the
trading into which you are about to engage and the extent of your exposure to risk. Trading in leveraged
Financial Instruments is not suitable for many members of the public and you should carefully consider
whether such trading is appropriate for you in light of your experience, objectives, financial resourcesand other relevant circumstances. You acknowledge and confirm that you have been advised andunderstand the following factors concerning trading in leveraged Financial Instruments in the Over-theCounter Market, in addition to those contained in the Risk Disclosure document posted on our Website.
a. General: When you enter into foreign currency contracts with us, you will be entering into a
privately negotiated Transaction and/or Contract with us, as Principal. We may, in turn, enter into"back-to-back" transactions with others, including our Associates and third party counterparties. We
include our mark-up in the Price Quotes we provide to you. The Transactions and/or Contracts inleveraged Financial Instruments you may be entering into with us are NOT executed on a regulated
exchange and are not cleared on a central clearing organization. Consequently, any Transaction
and/or Contract entered into with us will be an obligation on our part (as opposed to an obligationof a clearinghouse as in the case of an exchange-traded contract) and you will not be afforded theregulatory and financial protections offered by exchange-traded contracts. Both of us are, therefore,
obliged to perform our respective obligations under each Transaction and/or Contract in accordancewith its terms. The terms of each Transaction and/or Contract are set out in these Terms andConditions (which apply to every Transaction and/or Contract you enter into with us) and theSettlement/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 clearinghouse, you will not be able to transfer your obligations under theTransaction and/or contract to another Person without our prior consent. In addition, we are under
no obligation to terminate or close out the Transaction and/or Contact prior to the expiration date ofthat Transaction and/or Contract. We may, but are not obligated, to quote you a price for an earlyclose out of a Transaction and/or Contract, on request.
b. Effect of "Leverage" or "Gearing": Transactions in leveraged Financial Instruments carry a highdegree of risk. The amount of Initial Margin may be small relative to the value of the Financial
Instruments traded so that Transactions and/or Contracts are 'leveraged' or 'geared'. A relatively
small market movement may have a proportionately larger impact on the funds you have depositedor will have to deposit: this may work against you as well as for you. You may sustain a total loss of
initial Margin funds and 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. You may sustain a total loss of
initial Margin funds and any additional funds deposited with us to maintain your position. We reserve
the right to liquidate positions without prior notice in the case of any Margin shortfall or if you fail tocomply with a request for additional funds within the time prescribed. Furthermore, you should beaware that we and/or Associates may from time to time have substantial positions in, and may makea market in or otherwise buy or sell instruments similar or economically related to, Transactions
and/or Contracts entered into with you. In addition, we may also undertake proprietary trading
activities, the initiation or termination of a foreign currency contract transaction with you that may
adversely affect the Market price or other factors underlying the Transactions and/or Contracts enteredinto with you and consequently, the value of such Transaction and/or Contract.
XM may at any time, and from time to time, amend the leverage ratios (e.g., decrease or increase theleverage ratios) in its sole discretion and without any notice on a case by case basis on all or any
Accounts of the Professional Client and based on any parameter it chooses, including applying
different leverage ratios to different investments or times or in relation to external events such as
government announcements or any news. Any change in the leverage ratio may take effect before orafter an Order is completed. A decrease in the leverage ratio will affect your Margin Level, Margin

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Call Level, Stop-out Level and may trigger a Margin Call. We will not be liable to you for any loss
arising from any change in the leverage ratios, even if that automatically causes any or all of yourtrading positions to be closed out or if your Account is treated differently from other clients’ Accounts.
For further information on the leverage offered per financial instrument, please refer to our website.
The said amendments shall not apply to Retail Clients, as Retail clients are only offered fixed leverage
ratio(s) which varies according to the volatility of the underlying financial instrument to be traded (i.e.,from 2:1 to 30:1). This may be subject to change, from time to time, according to any regulatory or
legislative requirement. Any change in the leverage ratio may take effect before or after an Order iscompleted. We will not be liable to you for any loss arising from any change in the leverage ratios(e.g., due to regulatory or legislative requirements; release of important news announcements, etc.),
even if that automatically causes any or all of your trading positions to be closed out.
Any monitoring conducted by XM is for compliance and risk management purposes and you should
not rely on XM to monitor your trading or the effect of any change in the leverage ratios applying to
your Account.
c. Option Transactions: We currently do NOT offer foreign currency options.
d. Trading in Transactions in leveraged Financial Instruments is Speculative: Prices of leveraged
Financial Instruments are highly volatile. Price movements of Transactions and/or Contracts inleveraged Financial Instruments are influenced by, among other things, interest rates, changes inbalance of payments and trade, domestic and international rates of inflation, international trade
restrictions and currency devaluations and revaluations. For example, there can be serious Market
Disruptions if economic or political events locally or overseas affect the market. It is not possible toforesee all risks in advance.
e. Electronic Trading Facilities: Most Electronic Trading Facilities are supported by computer-based
component systems for the Order-routing, execution, matching, registration or clearing of trades. As
with all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability torecover certain losses may be subject to limits on liability imposed by the system provider, the market,
the clearing house and/or member firms. Such limits may vary.
f.

Electronic Trading: You will trade in leveraged Financial Instruments through our Online Trading
Facility. Trading on an electronic trading system may differ not only from trading in an ‘open-outcry’Market, but also from trading on other electronic trading systems. If you undertake transactions on
an electronic trading system, you will be exposed to risks associated with the system including the
failure of hardware and software. The result of any system failure may be that your Order is either not
executed according to your instructions, is not executed at all and a lack of capability to keep you
informed continuously about your positions and fulfilment of the Margin requirements. Since we do
not control signal power, its reception or routing via internet, configuration of your equipment or
reliability of its connection, we cannot be responsible for communication failures, distortions or delays
when trading on-line via the Internet. We do, however, employ back-up systems and contingency
plans to minimize the possibility of system failure, and trading via telephone is available in thoseinstances 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 explanationof all commission, fees, mark ups, markdowns and other charges for which you will be liable as thesecharges will affect your net profit (if any) or increase your loss.
h. Risk-reducing and entry Order strategies: The placing of certain Orders (‘Stop-Loss’ Orders or‘Stop-Limit’ Orders, ‘Entry Buy’ Orders or ‘Entry Sell’ Orders) which are intended to limit risk,
may not be effective because Market conditions may make it impossible to execute these Orders.
Strategies using combinations of positions, such as ‘spread’ and ‘straddle’ positions may be justas risky as taking long or short positions. Clients’ Orders will become Market Orders when thepredetermined price level is reached, even if the price is considerably different from the original
Order.
i.

Suspension or restriction of trading and pricing relationships: Market conditions (e.g., liquidity)

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and/or the operation of the rules of certain Markets (e.g., the suspension of trading in any Financial
Instrument or underlying Instrument because of price limits or "circuit breakers") may increase the riskof loss by making it difficult or impossible to effect Transactions and/or Contracts or liquidate/offset
positions. Furthermore, normal pricing relationships between theUnderlying 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 familiarise yourself with the protections accorded tomoney or other property you deposit for domestic and foreign Transactions and/or Contracts,
particularly in the event of a firm insolvency or bankruptcy. The extent to which you may recover
your money or property may be governed by specific legislation or local rules. In some jurisdictions,
property, which has been specifically identifiable as your own, will be pro-rated in the same manneras cash for purposes of distribution in the event of a shortfall. The Transactions and/or Contracts you
are entering into with us are NOT traded on an exchange. Therefore, under applicable bankruptcy
laws, your funds may NOT receive the same protections as funds used to Margin or guarantee
exchange-traded Transactions and/or contracts, which may receive a priority in bankruptcy. Since
that same priority has NOT been given to funds used for Transactions and/or Contracts in the Overthe-Counter (OTC) Market, if we were to become insolvent and you have a claim for amounts
deposited or profits earned on Transactions and/or Contracts with us your claim may not receive
priority. Without priority, you are a general creditor and your claim will be paid, along with the claimsof other general creditors, from any funds still available after priority claims are paid. In thesecircumstances, even the Client Funds, which we keep separated from our own operating funds, may
NOT in all instances be safe from the claims of other general and priority creditors.

k. Currency risks: The profit or loss in Transactions and/or Contracts in leveraged Financial Instrument(whether they are traded in your own or in another jurisdiction) will be affected by fluctuations incurrency rates where there is a need to convert from the currency denomination of the position taken
to another currency.
l.

Transactions in other jurisdictions: Transactions on markets in other jurisdictions, including
Markets formally linked to a domestic market, may expose you to further, additional risk. 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 ofregulatory authorities or markets in other jurisdictions where your Transactions and/or Contracts
have been effected. You should enquire about the types of redress available in both your 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 is not representative of fairMarket prices, an erroneous price quote, such as, but not limited to, a wrong big figure quote or anerroneous quote due to failure of hardware, software or communication lines or systems and/or
inaccurate external data feeds provided by third-party vendors, we will not be liable for the resulting
errors in your Account balances. In addition, Orders must be placed allowing sufficient time to
execute, as well as, sufficient time for the system to calculate necessary Margin requirements. The
execution of Orders placed too close to prices, which would trigger other Orders (regardless of Ordertype) or a Margin call, cannot be guaranteed. We will not be liable for the resulting Margin call(s),resulting balance, and/or positions in your Account due to the system not having been allowed sufficient
time to execute and/or calculate accordingly. The foregoing list is not meant to be exhaustive and in
the event of a quoting or execution error, we reserve the right to make the necessary corrections
or adjustments on the Accounts involved. Any dispute arising from such quoting or execution errors
will be resolved by us in our sole and absolute discretion. You agree to indemnify and hold us harmlessfrom any and all damages or liability as a result of the foregoing. No correspondence will be enteredinto.
n. Off-Exchange Transactions: The Transactions and/or Contracts you are entering into with us ascounterparty are NOT traded on an exchange, but in the off-exchange/Over-the-Counter (OTC)
Market. In general, the Over-The-Counter (OTC) Market is unregulated, there are no limitations on
daily price movements (unless imposed by a government or central bank authority), no rules toTel: +357 25 02 99 00 | Fax: +357 25 82 03 44 | Email: info@xm.com | Web: www.xm.com
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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, thesetransactions may involve increased risks. Off-exchange Transactions may be less regulated or
subject to a separate regulatory regime. Before you undertake such Transactions, you shouldfamiliarize yourself with applicable rules and attendant risks.
68.4 In addition to the foregoing, it is important that you be fully aware of the following points:
a. We reserve the right to close part, or all, of your open positions, in order to facilitate the charge of any
fees or amounts due by you. Notwithstanding, you shall be liable for promptly paying such fee(s) tous, 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 is necessary to enter any Order only
once. Multiple entries for the same Order may inadvertently open unwanted positions.
e. While trading on our Online Trading Facility, you might encounter system errors that are resulted
from hardware and/or software failures. The result of any system failure may be that your Order iseither not executed according to your instructions, executing with account balance errors anddiscrepancies or not executed at all. We will not be liable for the resulting errors in your Accountbalances. We reserve the right to make the necessary corrections or adjustments on the Accountinvolved.
f.

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

g. Even though the foreign currencies, commodities and indices markets are liquid as compared withother financial and exchange markets, the market conditions might at times render the execution ofan Order or of a ‘limit’ on an Order (either ‘Stop Loss’ or ‘Take Profit’) at a stipulated price impossible.
Accordingly, even though the extent of the losses could be subjected to an agreed upon limit, therisk of incurring losses could be higher, and that loss could occur in a relatively short period of time.
h. Since deposit of an additional guarantee is not obligatory in this case, we reserve the right, at oursole discretion, to close any outstanding balances without your consent under these circumstances.
i.

Under abnormal Market conditions, CFDs may fluctuate rapidly to reflect unforeseeable events thatcannot 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 the unlikely
event of the price of any financial instrument reaching zero (0) or going below, our Online Trading
Platform will automatically start closing any open positions at the current market price.

k.

It is important to make a distinction between Indicative Quotes, which are displayed on charts andDealable 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 are decentralized,

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l.

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.
The risk information presented here does not reflect all of the risks as well as other important
aspects intrinsic to Transactions in leveraged Financial Instruments. Therefore, before starting totrade, you should learn the specifics of entering into such Transactions in detail or seek further
professional advice.

m. Unless you have elected to carry a trade over the weekend, all trades will automatically close out inthe 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 duplicationof Order instructions, latency in the prices provided, and other issues that are a result of mobile
connectivity. Prices displayed on our mobile platform are solely an indication of the executable rates andmay 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 inwhich you experience a delay in Price Quotes or an inability to trade caused by network circuit
transmission problems or any other problems outside our direct control, which include but are not limited
to the strength of the mobile signal, cellular latency, or any other issues that may arise between you andany internet service provider, phone service provider, or any other service provider. Please further notethat some of the features available on our Online Trading Facility may not be available on our mobile
feature.
68.5 You hereby acknowledge and accept that you read and fully understood the content of our Risk
Disclosure which can be found on our Website.
69. Further Representations, Warranties and Covenants
69.1 In addition to, and without prejudice, to any other representations, warranties and covenants set forth in thisAgreement, you hereby further represent, warrant, covenant and agree: (a) that you act as Principal and sole
beneficial owner (but not as trustee) in entering into this Agreement and each Transaction and/or Contract
performed hereunder and that no Person other than you has or will have an interest in your Account(s); (b)that, regardless of any subsequent determination to the contrary, trading in leveraged Financial Instrumentson the Over-the-Counter Market (and in such other investments as we may from time to time agree) is suitablefor you and that you are aware of all risks involved with such Transactions and/or Contracts; and (c) that you
are willing and financially able to sustain a total loss of funds resulting from Transactions and/or Contracts
performed hereunder.
69.2 By using our Online Trading Facility, you represent, warrant, covenant and declare that all the funds that you
use and invest on our Services do not originate in any way from drug trafficking, abduction, terrorist activity or
any other criminal activity that is unlawful or could be considered unlawful by any authority. In the event that
we may become suspicious that you may be engaging in or have engaged in such fraudulent, unlawful or
improper activity, including, without limitation, money laundering activities, or conduct otherwise in violationof these Terms and Conditions, your access to our Online Trading Facility may be terminated immediately
and/or your Account may be blocked. If your Account is terminated or blocked in such circumstances, we areunder no obligation to refund any funds that may be in your account, unless otherwise instructed by a relevant
regulatory authority. In addition to terminating your access to our Online Trading Facility and/or blocking yourAccount, we reserve the right to prevent you from accessing any of our other websites or servers, or accessing
any other services offered by us. We shall be entitled to inform the relevant authorities, other online service
providers and banks, credit card companies, electronic payment providers or other financial institutions of youridentity and of any suspected unlawful, fraudulent or improper activity and you will cooperate fully with us toinvestigate any such activity.
69.3 The above representations and warranties shall be deemed to be repeated each time in the future you enter

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into a Transaction or Contract or provide Instructions to us, for the duration of our business relationship.
69.4 You covenant to us that: (a) you will at all times obtain and comply, and do all that is necessary to maintain in
full force and effect, all authority, powers, consents, licences and authorizations 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 thisAgreement 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/or Regulations (e) you shall observe the standard of behaviour reasonably expected of persons inyour position and not take any step which would cause us to fail to observe the standard of behaviour
reasonably expected of persons in our respective positions; and (e) upon demand, you will provide us withsuch information as we may reasonably require to evidence the matters referred to in this clause or to comply
with any Applicable Laws, Rules and/or Regulations.
69.5 You represent and agree that, if you are employee or contractor of a financial services firm or any other firmthat 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 torequest for acknowledgement/confirmation letter from the Compliance Department of your firm regarding the
trading accounts/transactions that are held/being carried out with our Company.
69.6 You further represent and agree that you will not use our bid and ask prices for any purpose other than foryour own trading purposes, and you agree not to redistribute our bid and ask prices to any other person
whether such redistribution be for commercial or other purposes.
69.7 You further represent and agree that you will read and fully understand the content of the additional informationand documents available to you on our Website, prior to opening a trading account with us, which include,
among others, Key Information Document (“KID”), our Complaints Handling Procedures, Costs, Disclosures,etc.
69.8 The KID provides you with key information about our investment products. It is not marketing material. This
information is required by Law to help you understand the nature, risks, costs, potential gains and losses ofsuch products and to help you compare it with other products. You specifically consent to the provision of the
Key Information Documents through our Website.
70. Information Disclosure70.1 Neither Party shall disclose any information relating to the business, investments, finances or other matters ofa confidential nature of the other Party of which it may in the course of its duties or otherwise become
possessed, and each Party shall use all reasonable endeavours to prevent any such disclosure. However,this shall not apply if a Party is obliged hereto due to prevailing legislation, or to a legislative or supervisingauthority, or to another Person who according to the law is entitled to demand disclosure, or in order to enable
the Party sufficiently to fulfil its obligations pursuant to these Terms.
70.2 By accepting these Terms and Conditions, you authorise us to disclose such information relating to you as
may be required by any Applicable Laws, Rules and/or Regulations or regulatory authority, including any
applicable Market Rules, without prior notice to you.
70.3 By accepting these Terms and Conditions, you authorise 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 forthe use of our sales and marketing; furthermore, we may share such information with any trading advisor or
Introducing Broker for the purpose of completing the due diligence to, and the approval of, your AccountOpening Application Form(s).
70.4 The Company, its Associates and service providers may collect, store and process information obtained fromthe Client or otherwise in connection with the Agreement and the Transactions for the purpose of complying
with FATCA, EMIR, MiFIR or other Applicable Laws, Rules and/or Regulations, including disclosures between

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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 outside of the EEA. The Client shall ensure that, before it or anyone on its behalf discloses information
relating to any third party to the Company, its Associates or its or their agents or service providers inconnection with these Terms and Conditions or any Transactions that said third party has been provided withsuch information and has given such consents or waivers as are necessary to allow the Company, its
Associates its or their agents and service providers to collect, store, process and disclose his, her or its
information as described in this clause.
70.5 Without prejudice to any provision of these Terms and Conditions relating to information or data or its
disclosure, the Client consents to the disclosure by the Company, its Associates and service providers of any
information or data in connection with or relating to the Client, the Agreement and/or any Transaction(including, without limitation, pricing data):
a. to the extent that the Company determines it is required, permitted or desirable to comply with Applicable
Laws, Rules and/or Regulations; andb. to the extent not permitted by clause 69.5 (a) above, if such disclosure is made to any trade repository
registered in accordance with Article 55 of EMIR or recognised in accordance with Article 77 of EMIR or
one or more systems or services operated by any such trade repository.
71. Investor Compensation Fund71.1 We are a member of the Investor Compensation Fund for clients of Cypriot Investment Firms (CIFs) andother Investment Firms (IFs) which are not credit institutions (the “Fund”). The object of the Fund is to secure
the claims of the clients of regulated Investment Firms against the members of the Fund through the paymentof compensation, in cases where the Investment firm is unable, due to its financial circumstances, and whenno realistic prospect of improvement of such circumstances in the near future seems possible: (a) to return toits clients funds owed to them or funds which belong to them but are, directly or indirectly, held by theInvestment Firm in the context of providing investment services to the said clients, or (b) to hand over to suchclients the financial instruments which belong to them and by which the Investment Firm holds, manages orkeeps on their account, including the case where the Investment Firm is responsible for the administrative
management of the said financial instruments.
71.2 The payment of compensation by the Fund to the clients of its members is subject to the existence of a wellfounded claim by such client(s) against the Investment Firm, arising from the investment services provided by
the Investment Firm to the client in question. The protection scheme is only available to certain types ofclaimants and claims. Payments to eligible claimants under the Scheme will vary depending on the type ofprotected claim (e.g. deposits or investments) the claimants hold with respect to the relevant institution
71.3 The Fund initiates the compensation payment procedure when at least one of the following
preconditions is fulfilled:(a) the Cyprus Securities and Exchange Commission has determined that the Investor Compensation Fund
member is unable to meet such of its duties as arise from its clients’ claims in connection with the covered
investment services or the ancillary services it has provided, as long as such inability is directly related to its
financial circumstances in respect of which no realistic prospect of improvement in the near future seems
foreseeable, or(b) the Court has, on reasonable grounds directly related to the financial circumstances of the Investment
Firm, issued a ruling which has the effect of suspending the Investors’ ability to lodge claims against theInvestment Firm.
71.4 Upon issuance of a decision by the Court or the Cyprus Securities and Exchange Commission, on thecommencement of the compensation payment process, the Fund publishes in at least three newspapers ofnational coverage, an invitation to the clients of the Investment Firm to make their claims against theInvestment Firm, designating the procedure for the submission of the relevant applications, the deadline
for their submission and their content.
71.5 To ascertain the claims of a claimant against the Investment Firm, as well as any counterclaims of theInvestment Firm against the claimant, the books kept and the particulars issued by the Investment Firm as
well as the supporting evidence produced by the claimant are taken into consideration. The amount of theTel: +357 25 02 99 00 | Fax: +357 25 82 03 44 | Email: info@xm.com | Web: www.xm.com
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compensation payable to each client is calculated in accordance with the legal and contractual terms
governing the relation of the client with the Investment Firm, subject to the set of rules applied for the
calculation of the claims between the client and the Investment Firm. The valuation of the Financial
Instruments pertaining to the compensation payable to the client in accordance with the above paragraph will
be carried out based on their value at the day of the publication of the Court ruling or the publication of thedecision of the Cyprus Securities and Exchange Commission. The calculation of the payable compensation
will be derived from the sum of the total established claims of the client against the Investment Firm, arisingfrom the Services provided by the Investment Firm and regardless of the number of accounts of which it isbeneficiary, the currency and place of offering the investment services.
71.6 Payments under the Scheme in respect of investments are subject to a maximum payment to any eligible
investor of EUR 20.000,-; insofar as the amount of the claim exceeds the amount of EUR 20.000,- the claimant
will be only entitled to receive a maximum amount equivalent to EUR 20.000,-.
72. FATCA
72.1 The Company, its Associates and service providers may collect, store and process information obtained fromthe Client or otherwise in connection with the Agreement and the Transactions for the purpose of complying
with FATCA or other Applicable Laws, Rules and/or Regulations, including disclosures between themselves
and to governmental authorities. The Client acknowledges that this may include transfers of information tojurisdictions which do not have strict data protection, data privacy laws or banking secrecy laws, inside oroutside of the EEA. The Client shall ensure that, before it or anyone on its behalf discloses information relating
to any third party to the Company, its Associates or service providers in connection with these Terms andConditions or any Transactions that said third party has been provided with such information and given suchconsents 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.
72.2 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 andto disclose to such tax authorities any additional information that the Company may have in its possessionthat is relevant to your Account.
73. Common Reporting Standard (“CRS”)
73.1 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.
73.2 For the above purposes, and similarly to FATCA, the Company, its Associates and service providers maycollect, 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/or
Regulations, including disclosures between themselves and to governmental authorities. The Client
acknowledges that this may include transfers of information to jurisdictions which do not have strict dataprotection, data privacy laws or banking secrecy laws, inside or outside of the EEA. The Client shall ensure
that, before it or anyone on its behalf discloses information relating to any third party to the Company, its
Associates or service providers in connection with these Terms and Conditions or any Transactions that thesaid third party has been provided with such information and given such consents or waivers as are necessary
to allow the Company, its Associates and its or their agents and service providers to collect, store, process
and disclose his, her or its information as described in this clause.
73.3 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 andto disclose to such tax authorities any additional information that the Company may have in its possessionthat is relevant to tour Account.

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74. EMIR
74.1 Notwithstanding anything to the contrary in these Terms and Conditions or in any non-disclosure,confidentiality or other agreement between the Company and the Client, the Company and the Client eachhereby consents to the disclosure of information to the extent required or permitted under, or made inaccordance with, the provisions of EMIR and any applicable supporting law, rule or regulation ("EMIR and
Supporting Regulation") which mandate reporting and/or retention of transaction and similar information or to
the extent required or permitted under, or made in accordance with, any order or directive in relation to (andincluding) EMIR and Supporting Regulation regarding reporting and/or retention of transaction and similar
information issued by any authority or body or agency in accordance with which the other Party is required or
accustomed to act ("Reporting Requirements").
74.2 The Client and the Company each acknowledges that pursuant to EMIR and Supporting Regulation,
regulators require reporting of trade data to increase market transparency and enable regulators to monitor
systemic risk to ensure safeguards are implemented globally.
74.3 The Client and the Company each further acknowledges that disclosures made pursuant hereto may include,
without limitation, the disclosure of trade and trader information including the Client’s identity (by name,address, corporate affiliation, identifier or otherwise) to any trade repository registered in accordance with
Article 55 of EMIR or recognised in accordance with Article 77 of EMIR or one or more systems or services
operated by any such trade repository ("TR") and any relevant regulators (including without limitation, theEuropean Securities and Markets Authority and national regulators in the European Union) under EMIR and
Supporting Regulation and that such disclosures could result in certain anonymous transaction and pricing
data becoming available to the public. The Company and the Client further acknowledge that, for purposes ofcomplying with regulatory reporting obligations, the Client (in the case of the Company) or the Company (inthe case of the Client) may use a Third Party Service Provider to transfer trade information into a TR and thata TR may engage the services of a global trade repository regulated by one or more governmental regulators.
The Client and the Company each also acknowledges that disclosures made pursuant hereto may be madeto recipients in a jurisdiction other than that of the disclosing Party or a jurisdiction that may not necessarily
provide an equivalent or adequate level of protection for personal data as the counterparty’s home jurisdiction.
For the avoidance of doubt,
a. to the extent that applicable non-disclosure, confidentiality, bank secrecy, data privacy or other law
imposes non-disclosure requirements on transaction and similar information required or permitted to bedisclosed as contemplated herein but permits the Client or the Company to waive such requirements byconsent, the consent and acknowledgements provided herein shall be a consent by each Party for
purposes of such law;b. any agreement between the Parties to maintain confidentiality of information contained in these Terms
and Conditions or in any non-disclosure, confidentiality or other agreement shall continue to apply to theextent that such agreement is not inconsistent with the disclosure of information in connection with theReporting Requirements as set out herein; andc. nothing herein is intended to limit the scope of any other consent to disclosure separately given by the
Client to the Company or by the Company to the Client.
75. Non-Financial Counterparty Representation
75.1 The Client represents to the Company on each date and at each time on which it enters into a Transaction(which representation will be deemed to be repeated by the Client at all times while such Transaction remains
outstanding) that:a. it is either:(i) a non-financial counterparty (as such term is defined in EMIR); or(ii) an entity established outside the European Union that, to the best of its knowledge and belief, having
given due and proper consideration to its status, would constitute a non-financial counterparty (as suchterm is defined in EMIR) if it were established in the European Union; andb. it is not subject to a clearing obligation pursuant to EMIR (or, in respect of an entity under sub-clause
74.1(a)(ii) above, would not be subject to the clearing obligation if it were established in the European

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Union) in respect of such Transaction. For the purposes of this clause, it is assumed that the Transaction
is of a type that has been declared to be subject to the clearing obligation in accordance with Article 5 of
EMIR and is subject to the clearing obligation in accordance with Article 4 of EMIR (whether or not in fact
this is the case), and that any transitional provisions in EMIR are ignored.
76. EMIR Delegated Reporting Service - Legal Entities
76.1 Where the Client is a Legal Entity and is required to report its trades in derivatives contracts under EMIR and
Supporting Regulations, the Company and the Client may agree from time to time for the Company to report
the Client’s trades in derivatives contracts with the Company to the relevant TR on the Client’s behalf(“Delegated Reporting Service”). The provisions of this clause, shall apply to the Client where the Client
subscribes to the Company’s Delegated Reporting Service.
76.2 By subscribing to the Company’s Delegated Reporting Service, the Client authorises the Company to report
the Client’s trade-related data to any TR of the Company’s choosing on the Client’s behalf. Unless theCompany and the Client otherwise agree, the Client acknowledges and accepts that it is responsible forobtaining a Legal Entity Identifier (“LEI”) or an interim pre-LEI at its own cost, and providing that LEI or preLEI to the Company as soon as possible but in no event later than fifteen (15) calendar days following arequest from the Company to provide such details.
76.3 The Company will only report client trades where the Company directly faces the Client, which means that theCompany will not report trades executed through a central counterparty or intercompany trades.
76.4 Either the Client or the Company may terminate the Client’s subscription to the Delegated Reporting Service.
The Client may do so by notifying the Company by email that it no longer wishes to utilise the Delegated
Reporting Service with termination to take effect anytime within two (2) Business Days following theCompany’s receipt of the notice. The Company may terminate the Client’s participation in the Delegated
Reporting Service by notifying the Client at least five (5) Business Days before the Client’s use of the service
is to cease. The Company may suspend the Delegated Reporting Service at any time with notice to the Client
where the Company reasonably believes that it is in its best interests to suspend such service.
76.5 The Company shall, at all times, perform its obligations and exercise discretion under this clause withreasonable care, provided that the Company shall not be required to do or cause to be done anything which:a. is not permitted or is otherwise contrary to or inconsistent with the operating procedures of any Third Party
Service Provider or any TR (including any decision by a Third Party Service Provider or any TR not topermit the Company to submit relevant data in accordance with these Terms and Conditions); or
b. is contrary to any law, rule or regulation or the Company is otherwise prevented from doing by any law,rule or regulation.
76.6 Notwithstanding any other provision of these Terms and Conditions but subject to the remaining provisions of
this clause, the Company will not have any liability to the Client (or any person claiming under or through it)
whether in contract, tort (including negligence), breach of statutory or regulatory duty or otherwise, for any
losses arising directly from, or in connection with:a. the Company's provision of, or the Client's use of, the Delegated Reporting Service;b. any acts, omissions or failures of any third party, including but not limited to any Third Party Service
Provider or a TR (including any decision by a third party service provider or a TR not to permit theCompany to submit relevant data via the Third Party Service Provider or to a TR on behalf of the Client);c. the Company's performance of its obligations or exercise of its rights under this clause;d. the failure of any platform, system, interface or other technology, including any internal platform, system,
interface or other technology, which the Company uses or intends to use in the performance of its
obligations or exercise of its rights under this clause ; ore. a third party accessing or intercepting any information or data of the Client,except to the extent that such losses are due to the gross negligence, wilful default or fraud of the Company.
The Client agrees that the Company will not have any liability to the Client for any indirect or consequential
loss or damage or for any direct or indirect loss of business, profits, anticipated savings or goodwill.

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77. MiFIR Transaction Reporting
77.1 Where we are required under Applicable Law to report your transactions to the CySEC or any other
Competent Authority, you need to provide us with your Legal Entity Identifier (LEI) (for corporate clients only)or your national identity card number or such other information as we may require to determine your national
client identifier, before you can place Orders via our Platform or through our dealing room.
78. Regulatory Matters78.1 Unless otherwise permitted by the CySEC Rules or any other Applicable Laws and Regulations, nothing inthis Agreement shall be taken to exclude or restrict our obligations under the CySEC Rules or any other
Applicable Laws, Rules and/or Regulations.
78.2 We shall be entitled to take any action as we consider necessary, at our sole and absolute discretion, toensure compliance with the CySEC Rules or any other Applicable Laws, Rules and/or Regulations and suchactions shall be binding on you and shall not render us or any of our Associates liable.
78.3 You hereby expressly acknowledge and agree that upon reasonable written notice from us, and at our first
request, you will co-operate with the Cyprus Securities and Exchange Commission (“CySEC”) and any otherrelevant regulator of in relation to the matters covered by this Agreement.
79. Tax Implications
79.1 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.
79.2 You further know, understand and agree that, in general, we do not collect tax on behalf of any authority inany 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.
79.3 Without limiting the foregoing, it is solely your obligation to calculate and pay all taxes applicable to you in yourcountry 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 ourServices.
79.4 Without derogating from your sole and entire responsibility to perform tax payments, you agree that we may
deduct tax, as may be required by the Applicable Laws and Regulations, with respect to your trading activity
on the Trading Platform. You are aware that we have a right of set-off against any amounts in your trading
account with respect to such tax deductions, and you hereby authorize us to withdraw amounts from yourtrading account with which to pay such taxes. 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 thatyou shall have no claim towards us with regard to such deductions.
79.5 Should any change in the basis or scope of taxation occur at anytime which results in us having to withhold
amounts on account of Taxes owed or payable by you in respect of any Applicable Laws and Regulations in
respect of your transactions or your account with us, we reserve the right to deduct the amount of any suchpayment(s) from your account(s) or otherwise require you to pay or reimburse us for such payment(s).
80. Intellectual Property
80.1 All copyrights, trademarks, patents, trade secrets and other title, ownership rights and Intellectual Property
Rights in and/or relating to: (a) our Online Trading Facility; (b) our Services; (c) any other 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, (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 the right to supply them (“Third Party Licensors”). Our Online Trading

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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 tothe 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 anothercomputer including, without limitation, Third Party Content.
80.2 All Intellectual Property Assets, including but limited to all copyrights, trademarks, patents, service marks,
trade names, software code, icons, logos, characters, layouts, trade secrets, buttons, colour scheme andgraphics are protected by local and international intellectual property laws and treaties, including all copyrightlaws and regulations and remain vested in us or in our Third Party Licensors. You receive no copyright,
intellectual property rights or other rights in or to our Intellectual Property Assets, except for the right to accessand use them in accordance with the terms and conditions of this Agreement or pursuant and/or as granted
to you in any agreement you may have with one of our Third Party Licensors. You will protect and not violate
our Intellectual Property Assets any Third Party Licensor’s proprietary rights therein and honour and comply
with our reasonable requests to protect our and each of our Third Party Licensors’ contractual, statutory andcommon law rights therein. If you become aware of any violation of our or a Third Party Licensor’s proprietary
rights in any Intellectual Property Assets, you will notify us promptly in writing thereof.
80.3 Under no circumstances shall you remove any copyright notification from any of our Intellectual Property
Assets or unlawfully use any of our Intellectual Property Assets. You will not publish, distribute, or otherwise
make any of our Intellectual Property Assets available to third parties any information derived from or relating
to our Intellectual Property Assets, Website(s), Services, Online Trading Facility and/or Software provided.
Except as otherwise specifically agreed in writing or to the extent necessary for you to view our Online Trading
Facility in accordance with these Terms, you shall not: (a) copy, interfere with, tamper with, alter, amend or
modify any of our Intellectual Property Assets and/or any component thereof, in whole or in part (except tomake backup copies solely for disaster recovery purposes); (b) display, reproduce, create derivative works
from, transmit, sell, distribute, rent, lease, sublicense, time-share, lend or transfer or in any way exploit ourIntellectual Property Assets and/or any component thereof, in whole or in part; (c) embed our Intellectual
Property Assets and/or any component thereof, into other products; (d) use our Intellectual Property Assets
and/or any component thereof, in any timesharing arrangement; (e) create function calls or other embedded
links from any software program to our Intellectual Property Assets and/or any component thereof; (f) removeor 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/or Regulations reverse engineer, decompile,
disassemble, or access the source code of any of our Intellectual Property Assets and/or any component
thereof.
80.4 Any copies of our Online Trading Facility, or any part thereof, made in accordance with any Applicable Laws,
Rules and/or Regulations are subject to the terms and conditions of this Agreement. You shall ensure that all
our trademark, copyright and restricted rights notices, and where appropriate those of our Third Party
licensors, are reproduced on these copies. You shall maintain an up-to-date written record of the number ofsuch copies made by you. If we so request, you shall as soon as reasonably practical, provide to us astatement of the number and whereabouts of any and all of such copies.
80.5 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.
81. Privacy and Data Protection
81.1 You acknowledge that by entering into this Agreement and opening a trading account with us and using our
Online Trading Facility, you will be providing us with personal data within the meaning of the General Data
Protection Regulation (679/2016), when it enters into force, or any other similar applicable law/regulation as
may be in force from time to time. You provide your consent to us to process all such information for the
purposes of complying with our legal obligations, performing our contractual obligations and administering therelationship between you and us. You acknowledge and agree that this may result in your personal information
being sent outside the European Economic Area (“EEA”). You consent to us processing and disclosing suchinformation in accordance with this Agreement and our Privacy Policy as published on our website(s), as thisTel: +357 25 02 99 00 | Fax: +357 25 82 03 44 | Email: info@xm.com | Web: www.xm.com
Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprusmay be updated from time to time.
81.2 We are the Data Controller for the purposes of all applicable Personal Data Protection Legislation. For all
information regarding privacy and data protection as well as for the legal bases and purposes of the processingof 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.
81.3 As per the applicable Data Protection Legislation, you have certain rights regarding the Personal Data wecollect and hold about you at the time of request. Please refer to our Privacy Policy for more details in relation
to these rights and how you may exercise them.
81.4 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.
If you choose to withhold Personal Data (other than special categories of personal data) requested in orderfor us to be able to provide our services to you, as required by applicable laws and regulations, we may not
be able to process your application and/or provide you access to our Online Trading Facility.
81.5 We will not obtain or require disclosure of special categories of Personal Data (such as ethnic origin, religion
or medical records) but if you choose to provide such Personal Data, we may assume such sensitive data isprovided with your consent for processing for the purposes for which such Personal Data was provided, unlessotherwise notified by you to us in writing.
81.6 You directly provide us with most of the Information we collect. You do this by filling out the electronicform(s) (including, without limitation, the Account Opening Application Form(s)) that we post on our Online
Trading Facility and by voluntarily providing us with other required documents. Additionally, you provide
us with Information by trading on our systems, by contacting us or by responding to a promotion; theinformation we indirectly collect may include logging your Internet Protocol (IP) address, software
configuration, operating system and use of Cookies; Cookies are small files containing information thata Website uses to track its visitors which may be sent from us to your computer and sometimes back.
Cookies ultimately help us improve your navigation and ease of use of our Online Trading Facility. We
may set and access Cookies on your computer, enabling us to learn which advertisements andpromotions bring users to our Online Trading Facility. We may use cookies in connection with any of our
Products and/or Services and to track your activities on our Online Trading Facility. Such information that
we collect and share would be anonymous and not personally identifiable.
81.7 We obtain, hold and use the Information we collect from you in accordance with data protection and antimoney 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 our obligations under
this Agreement, including verifying your identity as per our legal obligations, administering the relationshipwith you, managing your Account and contacting you from time to time, recovering amounts payable,considering any of your applications, carrying out risk assessment, complying with regulatory obligations,and undertaking product development and analysis.
Also, the Information you provide us helps us to improve our Services to you, customize your browsing
experience and inform you about additional products, services or promotions that may be of interest toyou. Should you ever deactivate your Account with us, we will keep your information on file, but only use
it to comply with regulatory retention requirements and to contact you occasionally with the option to

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

reactivate your account. Please note that you may opt-out/unsubscribe from receiving such
communications by us, at any time, by clicking the “unsubscribe button” that can be found on each of ouremails.
81.8 In order to provide services to you, you acknowledge that it may be necessary for your information to betransferred to someone who provides a service to us in other countries, including some outside of theEuropean Economic Area (“EEA”), and you consent to such transfer. To the extent we transfer yourinformation outside the EEA, we will ensure that the transfer is lawful and that Processors in third countries
are obligated to comply with the European data protection standards and to provide appropriate
safeguards in relation to the transfer of your data in accordance with GDPR Article 46. Where we maketransfers to processors in the US, we may in some cases rely on applicable standard contractual clauses,
binding corporate rules, the EU-US Privacy Shield or any other equivalent applicable arrangements.
In view of the above, your personal information may be processed by staff operating outside the EEA whowork for us or for one of our processors. Such staff may be, among others, engaged in the fulfilment of
your requests, the processing of your payment details and the provision of support services. By submitting
your personal data, you agree to this transfer, storing and processing. The Company will take all steps
reasonably necessary to ensure that your data is treated securely and in accordance with this Privacy
Policy.
81.9 Neither we nor any of our Associates will disclose any Personal Data collected about you to third parties
except: (i) to the extent that it is required to do so by under and/or pursuant to any Applicable Laws, Rules
and/or Regulations; (ii) where there is a duty to the public to disclose; (iii) where our legitimate businessinterests require disclosure; or (iv) at your request or with your consent or to Persons described below.
Also, we do not disclose or share Information about any of our clients (whether active or inactive) to
any non-affiliated third parties other than in the manner and to the entities set forth below:
a. Sharing Information with our Associates: We may share personal information described above
with our Associates for business purposes, such as, but not limited to, servicing client’s Accounts andinforming client’s about new products and services, or to aid in the trading activity of our company, its
Associates as permitted by applicable law. Our Associates may include companies controlled orowned by us as well as companies that have an ownership interest in our company. The information
we share with 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.
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 yourAccount 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 yourcredit standing. Non-affiliated companies that assist us in providing services to you are required
to maintain the confidentiality of such information to the extent they receive it and to use your personal
information only in the course of providing such services and only 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/or Regulationsin the jurisdiction of which you are a citizen or a permanent resident, or, in the case of a Legal
Entity is formed, incorporated, domiciliation and/or doing business, and/or of the jurisdiction in which
we are organized and/or is performing the Services provided hereunder. For example, we may
disclose personal information to cooperate with regulatory authorities and law enforcement agencies
to comply with subpoenas or other official requests, and as necessary to protect our rights orproperty. Except as described herein, we will not use your personal information for any otherpurpose, unless we describe how such information will be used at the time you disclose it to us or
we obtain your permission.

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

We, our Associates or a Third Party Service Provider may disclose Personal Data about you to those who
provide services to us, to any person to whom we, our Associates or a Third Party Service Provider transfers
or proposes to transfer any of our or its rights or obligations under these Terms, and to licensed credit
reference agencies or other organizations that help us, our Associates or Third Party Service Providers andothers to make credit decisions and reduce the incidence of fraud or in the course of carrying out identity,
fraud prevention or credit control checks.
81.10 You consent to us, or our agents acting on our behalf, carrying out such credit and identity checks,
including money laundering checks, compliance regulatory reporting and fraud prevention checks, as we
may reasonably consider necessary or desirable, including requesting a reference from your bank or any
credit reference agency. You understand and agree that any third party referred to in this clause may
share any information concerning you with us and other organizations involved in credit reference, theprevention of fraud and/or crime and/or money laundering or for similar purposes or to recover debts
involved.
81.11 By submitting the Application Form to us, you agree to be bound by the terms of our Privacy Policy as
set out on our Website, including authorising us to contact you by email, telephone or post to give you
information about carefully selected products or services offered by us, that are similar or related to
products or services provided or previously provided to you. You consent to us using your data for thispurpose for the period you have an Account with us, and after you close the Account for a period of five(5) years. If you do not wish to receive such information then you may click on the “unsubscribe” button
on any of our emails. Alternatively, please inform us in writing at dpo@trading-point.com.
81.12 Your telephone conversations, e-mails, internet conversations (chat), meetings and othercommunications with us, our Associates and/or Third Party Providers will be recorded/maintained by us
for security purposes, compliance with the applicable laws and regulations, training purposes as well as tomaintain and improve the quality of our Services. Any recordings shall be and shall remain our soleproperty and will be accepted by you as conclusive evidence of their content as recorded by us. You
agree that we may deliver copies of transcripts of such recordings to any court, regulatory or government
authority, including without limitation, in disputes which may arise between you and us. However,technical reasons may prevent us from recording a conversation, and recordings or transcripts made by
us will be securely destroyed in accordance with our normal practice. Consequently, you should not relyon such recordings to be available.
81.13 We protect your Information by using data security technology and using tools such as firewalls and dataencryption. 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 your Informationintercepted by anyone other than us while it is being transmitted to us. We work hard to ensure that
our Online Trading Facility is secure and that they meet industry standards. We also use othersafeguards 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 and password) every time youaccess 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.
81.14 Please note that we reserve the right to amend, revise, modify, and/or change our Privacy Polic(y)ies at
any time. Should we decide to make any changes to our Privacy Polic(y)ies, such changes shall beincorporated into our revised Privacy Polic(y)ies which shall be posted on our Online Trading Facility. We
will use reasonable endeavours to contact you and notify you of any change to how we hold, process ordisclose 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 this change 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.
81.15 Should you have any questions regarding our Privacy Polic(y)ies, please contact our Data Protection
Officer at dpo@trading-point.com. Please ensure you include your full name and Account number in order
to be able to verify your identity and process your request.

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

81.16 We may use ‘cookies’ or ‘IP address tracking devices’ to administer our Online Trading Facility, store
password and usernames, to monitor visits to pages on our Online Trading Facility from your terminal topersonalise our Online Trading Platform to you and to track and facilitate browsing through our Online
Trading Facility. A ‘cookie’ is a piece of data stored on your hard drive containing information about you
relating to the use of our Online Trading Facility. IP addresses may be linked to your Personal Data 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 ‘IP address tracking devices’ described in and forthe purposes explained in this clause. By accepting these Terms, you acknowledge that you understand thebroad nature of ‘cookies’ and ‘IP address tracking’ devices and the purposes for which they will be used byus.
81.17 You acknowledge and accept that any Services provided through our Online Trading Facility involve
transmissions over the Internet and that such transmissions are therefore subject to the Internet's inherent
risks. Whilst we acknowledge our responsibility to take reasonable security precautions, you also
acknowledge and accept that, as with any network, you may also be exposed to unauthorized programs
transmitted by third parties, electronic trespassing and/or the failure of information and data to reach theirintended destinations and/or erroneous receipt or misdirection of such information. Although our, our
Associates’ and our Third Party Service Providers’ and security features are designed to reduce these risks,
we cannot guarantee their elimination. You therefore acknowledge that no transmission via our Online
Trading Facility shall be guaranteed to be confidential and that we shall not be liable for any breach ofconfidence arising as a result of such events.

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

Chapter I: Complaint Handling Procedures
82. Complaints
82.1 At XM, we aim to provide prompt, courteous, helpful, open and informative advice in response to every
approach made by a member of public. We are always keen to hear the views of our customers, particularly
the general public, about our performance generally - what we do right and what we do wrong. We recognisethat, as in all organizations, from time to time things can go wrong and we may not provide the standard ofservice that we have set ourselves. We are especially keen to hear about such instances, since they provide
us with an opportunity to put things right and to learn from our mistakes.
82.2 Accordingly, as part of our commitment to providing the best possible service to our clients, we uphold effective
and transparent procedures for prompt complaint handling for existing and potential retail clients, we maintainrecords of complaints and measures taken for complaint resolution, in line with Applicable Laws, Rules and/or
Regulations and we are pleased to operate in accordance with the complaint management procedures of the
Cyprus Securities and Exchange Commission (“CySEC”).
82.3 We will attempt to deal with your complaint in a prompt and efficient manner. We will follow the “Complaints
Handling Procedures” published on our Website(s), which are incorporated herein by reference and form
an integral part of these Terms and Conditions of Business; as such, these Complaints Handling Procedures
shall be applicable to all transactions between us and our clients, to the extent that it does not impose and/or
does not seek to impose any obligations on us which we would not otherwise have, but for the Cyprus
Investment Services and Activities and Regulated Markets Law of 2017 (Law 87(I)/2017); please note,however, that these Complaints Handling Procedures do not apply to money that you may owe to us and that
we reserve the right to take immediate action to recover any debts payable to us in court.

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

Chapter J: Indemnity and Limitation of Liability
83. Risk Of Loss; Limitation Of Liability
83.1 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
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 foryou or any Authorized Person.
83.2 Without prejudice to any other provisions in this Agreement, our Online Trading Facility are provided "asis" and neither we, nor our Associates, nor any of our Third Party Service P roviders 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 else fromthe use of our Online Trading Facility; and (c) any Third Party Content accessible on or through our
Online Trading Facility; neither we, nor our Associates, nor any of our Third Party Service Providers will
be liable to you or any Authorized Person for the correctness, quality, accuracy, security, completeness,reliability, performance, timeliness, pricing or continued availability of our Online Trading Facility, or for
any failure of any connection or communication service to provide or to maintain your or any Authorized
Person’s access to our Online Trading Facility, or for any erroneous communications between you and us.
83.3 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 of contract,misrepresentation or otherwise, incurred or suffered by you or any Authorized Person as a direct or indirect
result of any act or omission in the course of providing our Services to you or otherwise arising from theactivities to which these Terms and Conditions apply except such as is caused by our and/or theirnegligence, wilful 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 orotherwise, incurred or suffered by you or any Authorized Person under this Agreement (including any
instance where we have declined to enter into a proposed Transaction and/or Contract), unless suchlosses, damages, costs or expenses are a reasonably foreseeable consequence of, or arise directly
from, our or their respective gross negligence, wilful 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 orconsequential damage, loss of profits, loss of goodwill or loss of business opportunity arising under or inconnection with this Agreement, whether arising out of negligence, breach of contract, misrepresentationor otherwise; neither we, nor our Associates will be liable in any circumstances for any losses that were
not a reasonably foreseeable result of breach to both you and us when these Terms and Conditions wereentered into.
83.4 You acknowledge that: (a) any market information or third party recommendations communicated to you
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 thatsuch information may be incomplete and may be unverified; (c) we make no representation, warranty
or guarantee as to, and shall not be responsible for, the accuracy or completeness 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.
83.5 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 canbe responsible for communication failures, distortions or delays when you are trading on-line (via theInternet).

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

83.6 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 execution of any
transaction, you are solely responsible for making and maintaining contact with us and for monitoring
open positions and ensuring that any further instructions are given on a timely basis. In the event of
any failure to do so, we can give no assurance that it will be possible for us to contact you and we accept
no liability for loss alleged to be suffered as a result of any failure by you to do so. 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.
83.7 Without limitation, neither we nor any of our Associates shall be liable for any loss arising from any act
or omission of any Agent, Affiliate, Authorized Person or other third party who performs services for you.
83.8 Neither we, nor our Associates shall be liable to you be liable to you or any Authorized Person forany 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 the relevantintermediate broker or agent, agent or principal of our custodian, sub-custodian, dealer, Market, clearing
house or regulatory or self-regulatory organization, for any reason whatsoever, including, without
limitation Force Majeure, to perform our respective obligations hereunder.
83.9 Nothing in this Agreement will exclude or restrict any duty or liability we may have to you be liable to you
or any Authorized Person under the regulatory system (as defined in the CySEC Rules), which may not
be excluded or restricted thereunder.
84. Exclusion of Warranties
84.1 WITHOUT PREJUDICE TO ANY OTHER PROVISIONS OF THIS AGREEMENT, WE DO NOT MAKE
ANY EXPRESS OR IMPLIED WARRANTIES ABOUT OUR ONLINE TRADING FACILITY, INCLUDINGBUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A
PARTICULAR PURPOSE, OR NON-INFRINGEMENT. OUR ONLINE TRADING FACILITY IS MADEAVAILABLE TO YOU "AS IS" AND "AS AVAILABLE". WE SHALL NOT BE LIABLE FOR ANY COST
OR DAMAGE ARISING EITHER DIRECTLY OR INDIRECTLY FROM THE ACCESS OR USE OF OUR
ONLINE TRADING FACILITY AND IT IS SOLELY YOUR RESPONSIBILITY TO EVALUATE THE
ACCURACY, COMPLETENESS AND USEFULNESS OF ALL INFORMATION, OPINIONS,PRODUCTS, SERVICES, MERCHANDISE AND OTHER INFORMATION PROVIDED THROUGH OUR
ONLINE TRADING FACILITY OR ON THE INTERNET GENERALLY. WE DO NOT WARRANT THATANY DEFECTS OR INACCURACIES WILL BE CORRECTED.
84.2 WE DO NOT WARRANT THAT OUR ONLINE TRADING FACILITY WILL MEET YOUR NEEDS, OR
THAT IT/THEY WILL BE UNINTERRUPTED, TIMELY, SECURE OR ERROR-FREE. WE ALSO MAKE
NO WARRANTY THAT THE RESULTS OBTAINED FROM THE USE OF OUR ONLINE TRADING
FACILITY WILL BE ACCURATE OR RELIABLE, OR THAT THE QUALITY OF ANY PRODUCTS,SERVICES, INFORMATION, OR OTHER MATERIAL PURCHASED OR OBTAINED BY YOU
THROUGH OUR ONLINE TRADING FACILITY WILL MEET YOUR EXPECTATIONS.
85. Disclaimer and Limitation of Liability
85.1 Our obligations under this Agreement do not constitute personal obligations of our directors, officers,
shareholders, partners, members, employees, Associates, Representatives, agents, Third Party Service
Providers and/or Third Party Content providers and/or any of them.
85.2 TO THE MAXIMUM EXTENT PERMITTED BY LAW, WE WILL NOT BE LIABLE FOR ANYCONSEQUENTIAL, INCIDENTAL, SPECIAL, DIRECT, OR INDIRECT DAMAGES (INCLUDING, BUT
NOT LIMITED TO LOST PROFITS, TRADING LOSSES OR DAMAGES THAT RESULT FROM USE OR
LOSS OF USE OF OUR ONLINE TRADING FACILITY AND THIRD PARTY CONTENT,

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

INCONVENIENCE OR DELAY). THIS IS TRUE EVEN IF SUCH DAMAGES WERE FORESEEABLE OR
WHETHER EITHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES ORDAMAGES).
85.3 EXCEPT AS OTHERWISE REQUIRED BY LAW, WE WILL NOT BE LIABLE TO YOU OR ANYONEELSE FOR ANY LOSS RESULTING FROM A CAUSE OVER WHICH WE DO NOT HAVE DIRECTCONTROL. THIS INCLUDES FAILURE OF ELECTRONIC OR MECHANICAL EQUIPMENT ORCOMMUNICATIONS LINES (INCLUDING TELEPHONE, CABLE AND INTERNET), UNAUTHORIZEDACCESS, VIRUSES, THEFT, OPERATOR ERRORS, SEVERE OR EXTRAORDINARY WEATHER(INCLUDING FLOOD, EARTHQUAKE, OR OTHER ACT OF GOD), FIRE, WAR, INSURRECTION,TERRORIST ACT, RIOT, LABOUR DISPUTE AND OTHER LABOUR PROBLEMS, ACCIDENT,
EMERGENCY OR ACTION OF GOVERNMENT.
85.4 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.
86. Indemnification
86.1 As a condition of your use of our Online Trading Facility, you agree to indemnify and hold us, our
Associates, Representatives, agents, Third Party Service Providers and Third Party Content providers
from and against any and all claims, losses, liabilities, costs and expenses, whether arising out ofnegligence, breach of contract, misrepresentation or otherwise, including reasonable attorneys’ fees,
arising from or connected to any violation or breach of these Terms and Conditions (including negligent
or wrongful conduct) by you or any other person accessing and/or using our Online Trading Facility.
86.2 You shall pay to us such sums as we may from time to time require in or towards satisfaction of any debit
balance on any of your Accounts with us and, on a full indemnity basis, any liabilities, losses, damages,
costs or expenses, whether arising out of negligence, breach of contract, misrepresentation or otherwise,
including reasonable attorneys’ fees, taxes, imposts and levies which we may incur or be subjected towith 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 of any misrepresentation by you or any
violation by you of your obligations under this Agreement (including any Transaction and/or Contract) orby the enforcement of our rights.
86.3 You will be responsible for all Orders entered on your behalf via our Online Trading Facility and you will befully liable to us for the settlement of any Transaction and/or Contract arising therefrom.
86.4 You will defend, indemnify and hold us and our directors, officers, shareholders, partners, members,
employees, Associates, Representatives, agents, Third Party Service Providers and/or Third Party
Content providers and/or any of them, harmless from and against all liabilities, losses, damages, costs
or expenses, whether arising out of negligence, breach of contract, misrepresentation or otherwise,
including reasonable attorneys’ fees, which we may incur or suffer as a result of:a. any error in any instruction given by an Authorized Person; orb. acting on any instruction, which is, or appears to be, from an Authorized Person.
87. Independent Investigation
87.1 YOU ACKNOWLEDGE THAT YOU HAVE READ THIS AGREEMENT AND AGREE TO ALL ITS 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 ARE NOT RELYING ON ANY

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

REPRESENTATION, GUARANTEE OR STATEMENT OTHER THAN AS SET FORTH IN THISAGREEMENT.
87.2 YOU HAVE INDEPENDENTLY EVALUATED THE LAWS IN YOUR LOCAL JURISDICTION WHICH
APPLY TO YOUR ACTIVITIES HEREUNDER AND YOU REPRESENT AND WARRANT THAT YOU
MAY PARTICIPATE IN OUR ONLINE TRADING FACILITY AND ENTER INTO TRANSACTIONS AND
CONTRACTS VIA OUR ONLINE TRADING FACILITY, WITHOUT VIOLATING ANY APPLICABLE
RULES OR LAWS.

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Address: 12, Richard & Verengaria Street, Araouzos Castle Court, 3042, P.O.Box 50626, 3608 Limassol, Cyprus

Chapter K: Default
88. Default
88.1 Each and any of the following events shall constitute an Event of Default: (a) you fail to make any payment
when due under this Agreement or to make or take delivery of any property when due under, or to observeor perform any other provision of this Agreement and such failure continues for one (1) Business Day after
notice of non-performance has been given; (b) you fail to remit funds necessary to enable us to takedelivery under any Transaction and/or Contract on the first due date; (c) you fail to provide assets fordelivery, 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 as they fall due or are bankrupt or insolvent,as defined under any bankruptcy or insolvency law applicable to you; or any indebtedness of yours is
not paid on the due date therefore, or becomes capable at any time of being declared, due and payable
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 commencea voluntary case or other procedure seeking or proposing liquidation, reorganization, an arrangement orcomposition, a freeze or moratorium, or other similar relief with respect to you or your debts under
any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law
with potential application to you, if insolvent), or seeking the appointment of a trustee, receiver, liquidator,
conservator, administrator, custodian or other similar official (each a “Custodian”) of you or any
substantial part of your assets, or if you take any corporate action to authorise any of the foregoing,
and in the case of a reorganization, 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,
reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief withrespect to you or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law(including any corporate or other law with potential application to you, if insolvent) or seeking theappointment of a Custodian of you or any substantial part of your assets and such involuntary caseor other procedure either (i) has not been dismissed within five (5) Business Days of its institution
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 or other procedure; (g) an application is made in respect ofyou for an interim order or if a bankruptcy petition is presented in respect of you or, in the case of apartnership, in respect of one or more of the partners, or if a company, a receiver, trustee, administrative
receiver or similar officer is appointed; (h) in the case of a Legal Entity, a petition is presented for yourwinding-up or administration, or an order is made or a resolution is passed for the your winding-up oradministration of the client (other than for the purposes of amalgamation or reconstruction with our priorwritten approval); (I) any distress, execution or other process is levied against any of your property andis not removed, discharged or paid within 7 seven calendar days; (j) any Security created by any
mortgage or charge becomes enforceable against you and the mortgagee or Custodian takes steps toenforce the Security or charge; (k) any of your indebtedness or any the indebtedness of any of yoursubsidiaries becomes immediately due and payable, or capable of being declared so due and payable,
prior to its stated maturity by reason of your or any of your subsidiaries’ default, or you or any of yoursubsidiaries fail to discharge any indebtedness on its due date; (l) you or any Credit Support Provider (orany Custodian acting on behalf of either of you or a Credit Support Provider) disaffirms, disclaims or
repudiates any obligation under this Agreement or any guarantee, hypothecation agreement, Margin or
Security agreement or document, or any other document containing an obligation of a third party (“Credit
Support Provider”), or of you, in our favour supporting any of your obligations under this Agreement(each a “Credit Support Document”);(m) you fail to comply with any obligations set forth in these Terms
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 thetime 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 the applicable Credit Support Document; (p) any Credit Support
Document expires or ceases to be in full force and effect prior to the satisfaction of all your obligations
under this Agreement, unless we have agreed in writing that this shall not be an Event of Default; (q) any
representation or warranty made or given or 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 inparagraphs (b) to (d) or (h) of this sub-clause occurs in respect of any Credit Support Provider; (s) you are

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dissolved, or, if your capacity or existence is dependent upon a record in a formal register, the registrationis removed or ends, or any procedure is commenced seeking or proposing your dissolution, removal fromsuch a register, or the ending of such a registration; (t) where you or your Credit Support Provider is apartnership, any of the events referred to in the preceding paragraphs occurs in respect of one or moreof 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 good standard of market practice; (v)we consider it necessary or desirable for our own protection or any action is taken or event occurs which
we consider might have a material adverse effect upon our ability to perform any of our obligations under
this Agreement; (w) you violated any clause of this Agreement 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 aTransaction and/or Contract (or any part of a Contract) by any regulatory agency or authority; and (z) weare obliged to do so by law.
89. Rights on Default
89.1 Upon the existence of an Event of Default, we shall, at our sole discretion, without prejudice to any otherrights we may have under this Agreement, be entitled to: (a) sell or charge in any way any or all of yourSecurity, 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 the purchase priceplus any associated costs and expenses; (c) close out, replace or reverse any Transaction and/or
Contract, buy, sell, borrow or lend or enter into any other Transaction and/or Contract, or take, or refrainfrom taking, such other action at such time or times and in such manner as, at our sole discretion, we
consider necessary or appropriate to cover, reduce or eliminate our loss or liability under or in respectof any of your Transactions, Contracts, positions or commitments, deliver any Security investment orproperty to any third party, or otherwise take any action we considers being necessary or desirable inorder to close out any Transaction and/or Contract; (d) require you immediately to close out and settle
such Transactions and/or Contracts in such manner as we may, at our sole discretion request; (e) enter
into any foreign exchange transaction, at such rates and times as we may determine, in order to meet
obligations incurred under a Transaction and/or Contract; (f) invoice back all or part of any Assets standing
to the debit or credit of any Account; (g) instead of returning to you investments equivalent to thosecredited 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 accessto our Online Trading Facility, blocking and/or revoking your Access Codes and/or terminating yourAccount.
89.2 You hereby authorize us to take all or any measures described in this clause without prior notice to you
and you acknowledge and agree that we shall not be responsible for any consequences of us taking any
such steps, unless we have exercised gross negligence in connection herewith. In these circumstances,
you shall execute such documents and take such other action as we may reasonably request in order toprotect our rights under these Terms and Conditions or within the scope of any other agreements between
you and us.
89.3 If we exercise our rights to sell any of your Securities or property pursuant to this clause, we will effectsuch sale, without notice or liability to you, on your behalf and apply the proceeds of sale in or
towards discharge of any or all of your obligations to us.
89.4 Without prejudice to our other rights under and/or pursuant to this Agreement, we may, at any time andwithout notice, combine or consolidate all or any of your Accounts with us and off-set any amounts owed
to or by us in such manner as we may determine at our sole discretion.
89.5 Our rights under this clause shall be in addition to, and not in limitation or exclusion of, any other rights
which we may have (whether by agreement, operation of law or otherwise).
Where termination and liquidation occurs in accordance with this clause, we shall also be entitled, atour discretion, to terminate and liquidate, in accordance with the provisions of this clause, any otherTel: +357 25 02 99 00 | Fax: +357 25 82 03 44 | Email: info@xm.com | Web: www.xm.com
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transactions entered into between us, which are then outstanding.

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Chapter L: Termination of Client Relationship and Liquidation of Accounts
90. Termination of Client Relationship90.1 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.
90.2 Unless required by Applicable Laws, Rules and/or Regulations either Party may terminate this Agreement(and the relationship between us) by giving seven (7) calendar days written notice of termination to theother.
90.3 We may terminate this Agreement immediately, however, if you fail to observe or perform any provisionof this Agreement or in case of an Event of Default, other than in the case of Force Majeure.
90.4 We shall terminate this Agreement with all accounts being inactive for a period of 12 months.
91. Effects of Termination of Client Relationship91.1 Upon terminating this Agreement, all amounts payable by you to us will become immediately due andpayable including (but without limitation): (a) all outstanding fees, charges and commissions; (b) any
dealing expenses incurred by terminating this Agreement; and (c) (c) any losses and expenses realised
in closing out any Transaction or Contract, or settling or concluding outstanding obligations incurred byus on your behalf.
91.2 On termination, we shall complete all Transactions and/or Contracts that are already entered into or
under execution and these Terms and Conditions shall continue to bind both parties in relation to such
Transactions and/or Contracts. We shall be entitled to deduct all amounts due to us before transferring
any credit balances on any Account(s) to you and we shall be entitled to postpone such transferring
until any and all Transactions and/or Contracts between you and us are closed. Furthermore, we shallbe entitled to require you to pay any charges incurred in transferring your investments.
91.3 Termination shall not affect then outstanding rights and obligations (in particular, without limitation, relating
to the Indemnities and Limitation of Liability Clauses and the Miscellaneous and Governing Law
Clauses) and Transactions and/or contracts which shall continue to be governed by this Agreement andthe 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.
91.4 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 anyof our (other) clients’ interests at risk.

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Chapter M: Miscellaneous Provisions
92. Assignment
92.1 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.
92.2 We shall be entitled to assign its rights and benefits under this Agreement, without any prior consent
being required, to any Associates or subsidiary belonging to the our group of companies.
92.3 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.
92.4 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 thisAgreement.
93. Time of Essence
93.1 Time shall be of the essence in respect of all your obligations under this Agreement (including, without
limitation, those pertaining to any Transaction and/or Contract).
94. Notices
94.1 You must ensure that at all times we are able to communicate with you by telephone, fax or e-mail.
94.2 Except as specified otherwise in this Agreement and without prejudice to any such other provisions of
this Agreement, all notices, declarations, demands, requests, and other communications required
under, or otherwise referred to in, this Agreement shall be in writing and shall be sufficient for all
purposes if personally delivered or if sent by prepaid "overnight delivery" via DHL/FEDEX/UPS or any
other internationally recognized air courier or if sent by facsimile with a confirmation copy sent by air
mail, or if sent by e-mail, and in any case addressed to the respective Parties at their address set forth
above or at such other address as such Party may hereafter designate by notice to each of the other Parties
as herein provided.
94.3 If personally delivered in the form specified herein, notices, declarations, demands, requests, and othercommunications under this Agreement shall be deemed to have been given and received and shall beeffective when personally delivered.
94.4 If sent by e-mail in the form herein specified, notices, declarations, demands, requests, and othercommunications under this Agreement shall be deemed to have been given and received and shall beeffective when received in fully legible form by the Party to which the notice is addressed, which shall bedeemed 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 whichbanks in Cyprus are open for business (a “Business Day”) or on a Business Day but outside regularbusiness 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 returnmail, telex or facsimile that the copy received is illegible in whole or in part.
94.5 If sent by prepaid "overnight delivery" via DHL/FEDEX/UPS or any other internationally recognized air
courier in the form specified therein, notices, declarations, demands, requests, and other communications
under this Agreement shall be deemed to have been given and received and shall be effective four (4)calendar days after deposit with such air courier or when actually received, whichever first occurs.
94.6 If sent by facsimile in the form herein specified, notices, declarations, demands, requests, and othercommunications under this Agreement shall be deemed to have been given and received and shall beeffective when received in fully legible form by the Party to which the notice is addressed, which shall bedeemed to occur upon completion of the transmission unless: (a) such transmission is made on a day

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which is not a Business Day or on a Business Day but outside regular business hours, in which case thenotice shall be deemed received at 9:00 A.M. on the next succeeding Business Day; or (b) the Party towhich the notice is addressed then notifies the other Party by return telex or facsimile that the copy
received is illegible in whole or in part.
94.7 Such notice or other communication will be deemed effective if in writing and delivered in person or bycourier, on the date it is delivered or if sent by facsimile transmission, on the date that transmission isreceived by the recipient, or if sent by registered mail or the equivalent, on the date that mail is delivered
or if sent by email on the date that email is delivered, unless the date of delivery (or attempted delivery)or the date of receipt, as applicable, is not a Business Day or the communication is delivered (orattempted to be delivered) or received, as applicable, after the close of business on a Business Day, inwhich case that communication shall be deemed given and effective on the first following day that is a
Business Day.
94.8 The Parties agree that the delivery of any summons and complaint, and other process, which may beserved in any suit, action or other proceeding, may be made by mailing via certified or registered mailor by hand-delivering such summons, complaint or other process to the other Party at the address of such
Party specified hereinabove.
94.9 Rejection or other refusal to accept, or the inability to deliver of a notice, summons, complaint or otherprocess referred to hereinabove, because of changed address of which no proper notice was given, shallnot affect the effectiveness or the date of delivery for any notice sent in accordance with the foregoingprovisions. Each such notice, request or other communication shall be deemed as sufficiently given,served, sent and received for all purposes, at such time that it is delivered to the address (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 as delivery is refused by addressee uponpresentation.
95. Governing Law and Jurisdiction
95.1 This Agreement shall be governed by and construed in accordance with Cyprus Law and, subject tothe dispute resolution provisions set forth hereinafter. You irrevocably agree for our exclusive benefit
that the courts of Cyprus are to have jurisdiction to settle any disputes which may arise out of or inconnection with this Agreement and that accordingly any proceedings may be brought in such courts.
95.2 Nothing contained in this clause shall, however, limit our right to take proceedings against you or any
Trader in any other court of competent jurisdiction, nor shall the taking of proceedings in one or morejurisdictions preclude the taking of proceedings in any other jurisdiction, whether concurrently or not,to the extent permitted by the law of such other jurisdiction.
96. Dispute Resolution
96.1 Without prejudice to Chapter I herein, in the event of any dispute arising out of or in relation to thisAgreement, the Parties must first use their respective best endeavours to consult and negotiate witheach other, in good faith and, recognizing their mutual interests, attempt to reach a just and equitablesettlement of the dispute satisfactory to both Parties.
96.2 To such end the Parties must within seven (7) Business Days of a dispute arising convene a meeting
between persons nominated by each Party (the “Appointed Persons”) and other relevant members ofmanagement to attempt to resolve the dispute.
96.3 If the Appointed Persons agree upon a resolution or disposition of the dispute, they will sign a statement
setting out the terms of the resolution or disposition and the Parties will ensure that the resolution or
disposition is fully and promptly carried out.
96.4 If the Appointed Persons do not reach such a settlement within a further period of fourteen (14) Business
Days (the “Final Negotiation Date”), the dispute will be managed in accordance with provisions set forth
hereinafter.

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96.5 In the event of any dispute arising out of or in relation to this Agreement, if the dispute is not resolved and/or
be settled prior to the Final Negotiation Date, the Parties irrevocably:(1) agree that the courts of Cyprus will have jurisdiction to settle any proceedings and submits to thejurisdiction of such courts (provided that this will not prevent us from bringing any proceedings against
you in the courts of any other jurisdiction); and(2) waive any objection which it may have at any time to proceeding brought in any such court and agree
not to claim that such proceeding has been brought in an inconvenient forum or that such court does
not have jurisdiction over it.
97. Interim Relief - Injunctive Relief
97.1 Nothing in this clause shall prevent either Party from applying to court for interim or injunctive relief.
97.2 Each party acknowledges that a breach of the provisions of this Agreement may cause the other Party
irreparable injury and damage and, therefore, any such breach may be enjoined through injunctive
proceedings, in addition to any other rights and remedies that may be available to either Party as per
applicable law or in equity.
98. Controlling Language
98.1 This Agreement and all other agreements and/or documents executed on the basis of this Agreement
shall be written and interpreted in English. In the event that this Agreement has been translated into alanguage other than English, it is the English version that will be prevailing and controlling in the event ofany discrepancy.
99. Force Majeure99.1 We shall not be in breach of this Agreement and shall not be liable or have responsibility of any kind forany loss or damage incurred by you as a result of any total or partial failure, interruption or delay inthe performance of this Agreement occasioned by any act of God, fire, war, civil commotion, labour
dispute, act of government, state, governmental or supranational body or authority, or any investment
exchange and/or clearing house, inability to communicate with market makers for whatever reason,
failure of any computer dealing system, any other breakdown or failure of transmission incommunication facilities of whatever nature, between us and you or any other third-party whatsoever, or
any other reason (whether or not similar in kind to any of the above) beyond our reasonable control (a“Force Majeure Event”).
99.2 You acknowledge and agree that we may in our reasonable opinion, determine that a Force Majeure
Event exists or is about to occur; as the case may be, we will inform you as soon as reasonably practicableif we so determine.
99.3 If we determine that a Force Majeure Event exists or is about to occur then we may (without prejudice
to any other rights under this Agreement and at our sole discretion) take such action as we deem
necessary or appropriate in the circumstances, having regard to you and your interests, and neither we,
nor any of our directors, officers, employees, agents or advisers will be liable for any failure, hindrance ordelay in performing our obligations under this Agreement or for taking or omitting to take any action
pursuant to this subparagraph.
99.4 In the event of a Force Majeure, the Company’s Negative Balance Protection policy shall remain
applicable.
100. No Waiver
100.1
No failure on the part of any Party to exercise, and no delay on its part in exercising,
any right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial
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right or remedy.
100.2
The failure of a Party at any time to require performance of any provision of this Agreement
shall not in any way affect the validity of this Agreement or any part thereof, nor the right of that Party
to require performance of that provision or any other provision of this Agreement in the future.
100.3

All waivers by us must be in writing.

101. Cumulative Remedies
101.1 All remedies available to either Party for breach of this Agreement are cumulative and may be
exercised concurrently or separately, and the exercise of any one remedy shall not be deemed anelection of such remedy to the exclusion of other remedies.
102. Compliance With Cysec Rules
102.1 Unless otherwise permitted by the CySEC Rules or any other Applicable Laws and Regulations, nothing
in this Agreement shall be taken to exclude or restrict our obligations under the CySEC Rules or any other
Applicable Laws and Regulations.
102.2 We shall be entitled to take any action as we consider necessary in our absolute discretion to ensurecompliance with the CySEC Rules or any other Applicable Laws and Regulations and such actions shallbe binding on you and shall not render us or any of our directors, officers, employees or agents liable.
103. Exclusion of Third Party Rights
103.1 Except as expressly otherwise provided herein, this Agreement is being entered into solely for the
benefit of the Parties hereto and their successors and permitted assigns and intended and/or designated
Associates.
103.2 It may not be relied upon by any other person as the basis for any claim or dispute against one or both
Parties, or as evidence of the rights or obligations of one or both Parties hereto with respect to such otherperson.
103.3 To the extent that any term or provision of this Agreement grants rights to or contemplates, permits,or requires performance of and/or by any affiliate of a Party, such affiliate shall be considered to be an
intended third party beneficiary of this Agreement and such Party shall cause such affiliate to perform
each and every of such obligations of such Party under this Agreement in accordance with the terms andconditions hereof.
104. Independent Parties / No Partnership Or Joint Venture104.1 Neither this Agreement nor the performance of any services by either Party hereunder will be construed
to create a joint venture or partnership between the Parties. For all purposes of this Agreement andnotwithstanding any provision of this Agreement to the contrary, you are an independent third-party andis not a partner, joint venture partner, or representative agent of us.
104.2 You will not bind nor attempt to bind us any agreement or contract.
104.3 As an independent third-party, you are solely responsible for all taxes, withholdings, and otherstatutory or contractual obligations of any sort.
105. Counterparts
105.1 This Agreement may be executed in any number of counterparts, each of which when executed anddelivered is an original, but all of the counterparts together constitute the same document. All
counterparts shall collectively constitute a single agreement and it shall not be necessary in any proofof this Agreement to produce or account for more than one counterpart.

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106. Survival
106.1 The provisions of this Agreement pertaining to, among others, either Party’s (a) Representations,
Warranties and Covenants, (b) fiduciary duties, (c) onfidentiality obligations, (d) Acknowledgements, (e)Liabilities and responsibilities shall survive the expiration of the term and/or the termination of thisAgreement for any reason.

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