Program Rules

This Schedule 1 forms part of and must be read together with the Terms of Business. Capitalised terms used in this Schedule and not otherwise defined herein have the meanings given to them in the Terms of Business.

Applicable Rules means these Simulated Prop Trading Program Rules, the Terms of Business, any Program-specific parameters published or provided by the Company, Schedule 2, and any operational notices issued by the Company from time to time.

Automated Tool means any expert advisor, script, bot, API connection, copier, algorithm, automation layer, or similar software used to generate, manage, transmit, or replicate trades.

Hard Breach means a breach that may result in the immediate failure, disablement, closure, termination, or permanent ineligibility of an Account or the Participant.

High Impact News Event means any economic, monetary policy, geopolitical, or market-moving event designated by the Company, in its reasonable discretion, as subject to trading restrictions.

Own Account means an account (actual or simulated) beneficially owned and controlled by the Participant, whether held with the Company or another broker or platform, and in relation to which the Participant can provide satisfactory evidence of ownership and control.

Prohibited Conduct means any conduct described in clause 5, otherwise prohibited by the Applicable Rules, including without limitation clause 9 of the terms of business, or otherwise determined by the Company, acting reasonably and in good faith, to be abusive, manipulative, deceptive, exploitative, non-bona fide, or inconsistent with the purpose of the Program.

Rules mean these Simulated Prop Trading Program Rules.

Soft Breach means a breach that does not automatically terminate the Account but may result in profit removal, Participant Reward reduction, leverage restriction, warning, position closure, temporary suspension, or enhanced review.

Terms of Business means the terms of business that apply to the Program from time to time.

2.1 The nature and scope of the Program, including the simulated character of all Accounts and the exclusion of regulated financial services, are as described in clauses 3 and 6 of the Terms of Business.

2.2 References in these Rules to "risk", "trades", "positions", "execution", "margin", "capital", "profits", "exposure", "balance" and similar trading terminology are to be interpreted in the context of a simulated trading environment. No such references imply the use of real money, the execution of transactions in live financial markets, the allocation of actual capital, or the existence of any real financial exposure. Where these Rules impose requirements or restrictions by reference to such concepts (including, without limitation, stop-loss requirements, position-sizing limits, drawdown thresholds, and risk metrics such as value at risk), those requirements and restrictions are applied solely for the purpose of evaluating the Participant's trading skill, risk management discipline, and compliance with the Applicable Rules within the simulated environment.

3.1 These Rules apply to all Accounts unless a Program-specific rule expressly disapplies or varies a provision.

3.2 The Company may amend these Rules in accordance with clause 25 of the Terms of Business.

3.3 These Rules apply in addition to the Terms of Business and any other applicable Rules.

4.1 The Participant shall trade independently, honestly, and in a commercially reasonable manner.

4.2 The Participant shall not engage in conduct designed primarily to exploit system latency, quote delay, stale prices, technical errors, dashboard mechanics, Participant Reward mechanics, or rule wording rather than genuine market judgment.

4.3 The Participant shall at all times comply with the spirit as well as the letter of the Program and the Applicable Rules.

5.1 Arbitrage and execution exploitation. The following are prohibited: latency trading, latency arbitrage, stale-price trading, quote manipulation, price-feed exploitation, exploiting delayed execution or execution asymmetry, account arbitrage, and any similar practice designed to capture artificial rather than bona fide market opportunity.

5.2 High-frequency or exploitative short-duration trading. The following are prohibited: high-frequency trading, tick scalping, excessive order frequency intended to exploit Platform mechanics, and ultra-short-duration trading patterns identified by the Company as non-bona fide or abusive.

5.3 Group trading and coordinated trading. The following are prohibited: group trading, coordinated mirrored trading, reverse trading, multi-account hedging, cross-account offsetting, and coordinated execution intended to reduce effective risk, secure Participant Rewards, or circumvent evaluation criteria.

5.4 Third-party operation. The following are prohibited: third-party account management, challenge-passing services, paid or unpaid account operation by another person, undisclosed signal service dependence, and allowing another person to access or trade the Account.

5.5 Gambling-style or disproportionate risk. The following are prohibited: all-in trading, boom-or-bust trading, risking an excessive percentage of the Account on one trade or one correlated idea, using nearly all available margin on one symbol or correlated symbols, and repeated over-concentration inconsistent with prudent proprietary trading.

5.6 Strategy abuse. The following are prohibited: using one strategy principally to pass an Evaluation Account and a materially different strategy once in a Qualified Account in order to defeat the purpose of the evaluation, artificial trade splitting, artificial partial closures, mechanical rule gaming, and account rolling or churning between multiple evaluation attempts.

5.7 Prohibited strategy types unless expressly approved. The following are prohibited unless the Company expressly approves otherwise: martingale, uncontrolled averaging down, prohibited grid trading, hedging across multiple Accounts, bracket-straddle news capture strategies, and any strategy the Company reasonably considers exploitative, abusive, or inconsistent with the Program.

5.8 The Company may remove or rescind simulated profits to the extent that such profits have, in the opinion of the Company, arisen from Prohibited Conduct.

6.1 Copy trading is generally permitted, including the use of third-party signal providers, social trading platforms, and trade copier software.

6.2 Notwithstanding clause 6.1, the Participant shall not use copy trading in any manner that constitutes Prohibited Conduct, or any conduct designed to exploit the simulated environment rather than reflect genuine trading skill.

6.3 Where the Company reasonably determines that copy trading is being used in an abusive manner, to circumvent the Applicable Rules, or in breach of clause 6.2, the Company may treat such conduct as a breach for the purposes of clause 16.

7.1 The Participant may generally use Automated Tools to generate, manage, transmit, or replicate trades on the Account.

7.2 The Participant shall not use any Automated Tool in a manner that constitutes Prohibited Conduct, exploits system latency, platform mechanics, or data-feed irregularities, or is otherwise inconsistent with the purpose of the Program.

7.3 Where the Company reasonably determines that an Automated Tool is being used in an abusive manner, to circumvent the Applicable Rules, or in breach of clause 7.2, the Company may treat such conduct as a breach for the purposes of clause 16.

7.4 The Company may request information regarding any Automated Tool used by the Participant, including a description of the strategy, code ownership confirmation, and relevant logs or settings. Failure to cooperate with such a request may itself constitute a Hard Breach.

8.1 The Participant shall manage the Account prudently and consistently.

8.2 Unless the Company specifies otherwise for a particular Program, the evaluation objectives, balance tiers, fees, and Qualified Account commercial terms set out in Schedule 2 shall apply.

8.3 The Company may also apply instrument-specific, symbol-specific, leverage-based, or concentration-based limits, including limits by correlation cluster, event risk, margin use, or lot exposure.

8.4 For the purpose of these Rules, the Company may calculate risk using stop-loss distance where present, or otherwise using its own reasonable internal methodology, including nominal exposure, margin utilisation, instrument concentration, correlation, historical volatility, and value at risk applied on a notional basis for evaluation purposes.

8.5 The Participant shall not use disproportionate margin or leverage on one instrument or one directional market view.

9.1 The Participant is generally not required to place a stop loss on any position.

9.2 The Company may impose stop loss limits where it reasonably determines this is necessary to protect the integrity of the Program, to which the Participant must adhere.

9.3 Notwithstanding clause 9.1, where the Company reasonably determines that the absence of stop losses, or the manner in which positions are managed, constitutes Prohibited Conduct, involves gambling-style or disproportionate risk, or is otherwise being used to exploit, manipulate, or compromise the integrity of the Program or the Company's systems, or where the Participant is in breach of clause 9.2, the Company may treat such conduct as a breach for the purposes of clause 16.

10.1 The Participant may trade during and around High Impact News Events in both Evaluation Accounts and Qualified Accounts.

10.2 Notwithstanding clause 10.1, the Participant shall not engage in news trading in a manner that constitutes Prohibited Conduct, including without limitation bracket-straddle news capture strategies, exploitative news straddles, or any trading strategy designed principally to exploit price spikes or volatility around High Impact News Events rather than reflect genuine market judgment.

10.3 Where the Company reasonably determines that news trading is being used in an abusive manner or to compromise the integrity of the Program or the Company's systems, the Company may treat such conduct as a breach for the purposes of clause 16.

11.1 The Participant shall not engage in exploitative short-duration trading or tick-scalping patterns.

11.2 The Company may require that a material portion of the Participant's closed trades be held longer than one minute where the Company reasonably considers this necessary to distinguish bona fide trading from platform exploitation.

12.1 Unless a Program-specific rule states otherwise, an Evaluation Account must achieve at least 3 profitable trading days.

12.2 Unless a Program-specific rule states otherwise, the first Participant Reward from a Qualified Account shall require at least 3 profitable trading days.

12.3 For Participant Reward eligibility, no single trading day may account for more than 30% of total profits in the relevant Participant Reward period.

12.4 If the Company reasonably determines that the profit target, or most of the relevant Participant Reward period profit, was generated by one outsized trade or a small cluster of substantially identical trades, the Company may delay a Participant Reward, require additional trading history, or treat the matter as a Soft Breach.

12.5 The minimum trading day requirement applicable to a Qualified Account and the profitable day requirement applicable to a first Participant Reward are separate requirements, and satisfaction of one does not automatically satisfy the other.

13.1 If no trade is placed in an Account for 30 consecutive calendar days (or such shorter period as the Company may specify for a particular Program), the Company may designate the Account as inactive and may suspend, disable, or close it without further notice.

14.1 The Participant shall maintain only one profile or customer identity with the Company unless the Company expressly approves otherwise.

14.2 The Participant shall not share credentials, provide access to another person, or permit another person to operate the Account.

14.3 The Company may review device identifiers, IP addresses, login history, platform identifiers, linked accounts, payment information, and other technical data for fraud prevention, KYC, and enforcement purposes.

14.4 Use of false identity details, concealed beneficial ownership, unauthorised third-party payments, or account sharing may result in immediate suspension or termination of an Account.

15.1 The Company may review any Account, trade, strategy, Automated Tool, linkage pattern, or Participant Reward request where it reasonably suspects Prohibited Conduct.

15.2 The Company may request information, explanations, or evidence from the Participant, including proof of ownership of copied accounts, details of Automated Tools, device and access explanations, strategy descriptions, and screenshots, statements, logs, or source materials.

15.3 The Participant shall cooperate promptly and in good faith with any review. Failure to cooperate may itself be treated as a Hard Breach.

16.1 If the Company determines that Prohibited Conduct has occurred, it shall classify the breach as a "Hard Breach" or a "Soft Breach". In making that classification, the Company shall act reasonably and in good faith, having regard to:

(a) the nature and severity of the breach;

(b) whether the breach was deliberate, reckless, or inadvertent;

(c) whether the breach is an isolated occurrence or part of a pattern of conduct;

(d) the impact (or potential impact) of the breach on the integrity of the Program; and

(e) whether a Soft Breach classification would be a sufficient and proportionate response in the circumstances.

16.2 Where a breach is classified as a Soft Breach, the Company may apply one or more of the following measures: profit removal, Participant Reward reduction, leverage restriction, position closure, written warning, temporary suspension, enhanced review, or such other measure as the Company considers proportionate.

16.3 Where a breach is classified as a Hard Breach, the Company may immediately fail, disable, close, or terminate the affected Account, forfeit any unpaid Participant Rewards, and/or permanently exclude the Participant from the Program.

16.4 Before a Hard Breach classification takes effect, the Company shall use reasonable efforts to notify the Participant and allow the Participant five business days to make written representations, except where the Company reasonably considers that immediate action is necessary to prevent ongoing fraud, abuse, or risk to Program integrity.

16.5 Where the Participant holds more than one Account, the Company may apply the consequences of a breach to any or all linked Accounts.

17.1 The Company shall administer these Rules in good faith and in a commercially reasonable manner.

17.2 The Participant acknowledges that the Program depends upon the Company's ability to distinguish genuine trading skill from abuse, coordination, and simulated-environment exploitation.

17.3 The Company's decisions under these Rules shall be made in light of that purpose.

This Schedule 2 forms part of and must be read together with the Terms of Business. Capitalised terms not defined in this Schedule 2 take their meaning as per the Terms of Business for the Program and/or Schedule 1 thereto.

The Evaluation Fee is a one-time fee payable for access to a selected Evaluation Account and evaluation balance.

1-Step Evaluation

The Participant must achieve a profit target of 10% in Phase 1, subject to a daily loss limit of 3%, a maximum loss limit of 6%, leverage of 1:100, and a minimum of 3 trading days.

Subject to the Terms of Business and Schedule 1, and completion of all required verification and onboarding, the Participant may become eligible for a Qualified Account.

2-Step Evaluation

The Participant must achieve a profit target of 8% in Phase 1 and 5% in Phase 2, subject in each phase to a daily loss limit of 4%, a maximum loss limit of 8%, leverage of 1:100, and a minimum of 3 trading days per phase.

Subject to the Terms of Business and Schedule 1, and completion of all required verification and onboarding, the Participant may become eligible for a Qualified Account.

3-Step Evaluation

The Participant must achieve a profit target of 7% in Phase 1, 5% in Phase 2, and 5% in Phase 3, subject in each phase to a daily loss limit of 4%, a maximum loss limit of 8%, leverage of 1:100, and a minimum of 3 trading days per phase.

Subject to the Terms of Business and Schedule 1, and completion of all required verification and onboarding, the Participant may become eligible for a Qualified Account on successful completion of the 3-Step Evaluation.

Maximum Evaluation Period

Each Evaluation Model is subject to a maximum evaluation period of 30 calendar days.

The Company may revise Evaluation Models, fees, balance sizes, eligibility requirements, or Qualified Account commercial terms by amending this Schedule and publishing the updated version on the Website, in accordance with the provisions of the Terms of Business.