Risk Disclosure Statement

1.1 Purpose

This Risk Disclosure Statement (the "Risk Disclosure Statement") has been prepared to explain the principal risks associated with trading Contracts for Difference (CFDs) and other financial products made available by GOFX LIMITED (the "Company").

The purpose of this Risk Disclosure Statement is to assist existing and prospective Clients in understanding the nature of leveraged trading and the risks that may arise before deciding to open an account or enter into any transaction with the Company.

Clients should read this Risk Disclosure Statement together with the Company's other legal and contractual documents, including:

• the Client Agreement;
• the Order Execution Policy;
• the Privacy Policy;
• the AML / KYC Policy;
• the Cookie Policy;
• the Trading Conditions; and
• any other notices, policies, terms, or requirements issued by the Company from time to time.

This Risk Disclosure Statement does not constitute investment, financial, legal, or tax advice and must not be interpreted as an invitation, solicitation, recommendation, or inducement to buy or sell any financial product.

1.2 No Guarantee of Returns

Trading leveraged financial products involves a high degree of risk and may result in the loss of all or part of the funds invested by the Client.

Clients should understand that:

• the Company does not guarantee profits;
• past performance is not a reliable indicator of future performance;
• asset prices may change rapidly;
• market volatility may result in substantial losses;
• losses may arise within a very short period; and
• Clients should trade only with funds that they can afford to lose.

No representation, warranty, or assurance is given by the Company that any particular trading strategy, transaction, or financial product will be profitable or will avoid loss.

1.3 Investment Decisions Are the Client's Responsibility

Every trading decision is made solely by the Client and remains the Client's exclusive responsibility.

The Company is not responsible for:

• providing transaction-specific trading recommendations;
• guaranteeing any return;
• guaranteeing any profit;
• guaranteeing that the Client will not incur losses; or
• guaranteeing that the level of risk will remain within the Client's personal risk tolerance.

The Client is responsible for assessing whether trading is appropriate in light of the Client's financial circumstances, investment objectives, trading experience, knowledge, and risk tolerance.

The Client must independently consider the consequences of each transaction and should not enter into any transaction unless the Client understands its nature and the extent of the exposure to risk.

1.4 Product Suitability

Leveraged trading may not be suitable for all investors.

Before opening an account or commencing trading, the Client should carefully consider:

• the Client's financial circumstances;
• investment objectives;
• trading experience;
• knowledge of financial markets;
• ability and willingness to accept risk; and
• ability to sustain financial losses.

Where the Client does not fully understand the nature, operation, or risks of a particular product, the Client should obtain advice from an appropriately qualified and independent financial adviser or other professional before making an investment decision.

The availability of a product through the Company's Trading Platform does not constitute a representation that the product is suitable or appropriate for any particular Client.

1.5 Scope of this Risk Disclosure Statement

This Risk Disclosure Statement applies to all products and services made available by the Company, including, without limitation:

• CFDs on currency pairs;
• CFDs on precious metals;
• CFDs on indices;
• CFDs on energy products;
• CFDs on commodities;
• CFDs on shares; and
• any other products that the Company may introduce or make available in the future.

The risks associated with each product may differ according to the nature of the Underlying Asset, market liquidity, trading hours, volatility, pricing arrangements, margin requirements, and other relevant factors.

Clients should review the applicable Trading Conditions and product specifications before entering into any transaction.

1.6 Risks May Change Over Time

The risks described in this Risk Disclosure Statement are not exhaustive and do not identify every risk that may arise from trading or using the Company's services.

Financial markets are continuously changing, and new or additional risks may arise as a result of factors including:

• technological developments;
• changes in laws or regulatory requirements;
• economic conditions;
• geopolitical events;
• financial crises;
• natural disasters; and
• other events that cannot reasonably be anticipated.

Market conditions, product characteristics, margin requirements, liquidity, pricing arrangements, and the availability of services may also change over time.

Clients are responsible for continuously monitoring relevant information, market developments, announcements, and risks throughout the period in which they use the Company's services.

1.7 Client Acknowledgement

By opening an account, applying for services, or using any product or service made available by the Company, the Client acknowledges and confirms that:

• the Client has received or has been provided with access to this Risk Disclosure Statement;
• the Client has had a sufficient opportunity to read and understand its contents;
• the Client understands that leveraged trading involves a high degree of risk;
• the Client accepts that all trading decisions are made at the Client's sole responsibility;
• the Client understands that substantial losses may occur, including the loss of all funds invested; and
• the Client accepts the risks associated with trading the products made available by the Company.

The Client's acknowledgement of this Risk Disclosure Statement does not reduce or eliminate any trading risk and does not create any guarantee, assurance, or representation by the Company regarding returns, profitability, performance, or the avoidance of loss.

2.1 General Principles

The Company provides trading services in Contracts for Difference (CFDs) and such other financial products as the Company may make available from time to time.

Trading in CFDs and similar products is based on the price movements of an Underlying Asset and does not involve the purchase, ownership, delivery, or transfer of the Underlying Asset itself unless the Company expressly states otherwise in writing.

Accordingly, Clients should understand that opening a trading position with the Company does not confer ownership of the relevant Underlying Asset, including shares, precious metals, energy products, indices, cryptocurrencies, or any other financial instrument, nor does it entitle the Client to any ownership rights associated with such asset unless expressly agreed by the Company.

2.2 Leverage Trading

Trading through the Company may involve the use of Leverage, allowing a Client to open positions whose notional value exceeds the amount of Margin deposited.

While Leverage may magnify potential profits, it also magnifies potential losses to the same extent.

Even relatively small movements in the price of an Underlying Asset may result in substantial gains or losses when compared with the Margin deposited by the Client.

Clients should fully understand the effect of Leverage before trading and should avoid selecting leverage levels that exceed their financial resources, trading experience, or risk tolerance.

2.3 Margin

Opening and maintaining trading positions may require the Client to maintain sufficient Margin in accordance with the Company's applicable requirements.

The Margin required may vary depending on factors including:

• the type of financial product;
• the size of the position;
• the applicable leverage ratio;
• prevailing market volatility; and
• the Company's risk management policies.

The Company reserves the right to amend Margin requirements at any time where reasonably necessary, particularly during periods of increased market volatility, reduced liquidity, abnormal market conditions, or other circumstances affecting market risk.

2.4 Profits and Losses

Profits and losses arising from trading are determined by movements in the price of the relevant Underlying Asset.

A Client may realise a profit where the market moves in the anticipated direction of the Client's position.

Conversely, where the market moves against the Client's position, losses may accumulate rapidly and the Client may lose all Margin or other funds allocated to the relevant trading position.

Clients should monitor their trading positions on a continuous basis and make appropriate use of available risk management tools.

2.5 The Value of Financial Instruments May Change Rapidly

The prices of financial instruments may fluctuate continuously due to numerous factors, including:

• economic news;
• economic data releases;
• central bank decisions;
• interest rate changes;
• inflation;
• political developments;
• international conflicts;
• natural disasters; and
• other unforeseeable events.

Such price movements may occur within seconds and may have a significant impact on the value of trading positions.

2.6 Continuous Trading and Market Monitoring

Although many financial markets operate only during specified trading hours, prices may nevertheless be affected by events occurring outside normal market hours.

When trading resumes, the market may open at a price significantly different from the previous closing price, resulting in a Price Gap.

Under such circumstances, trading orders may be executed at prices materially different from those anticipated by the Client.

Clients should understand that market conditions may change while they are not actively monitoring their accounts and should take appropriate measures to manage this risk.

2.7 Use of Risk Management Orders

Clients may use various risk management tools available through the Trading Platform, including:

• Stop Loss Orders;
• Take Profit Orders; and
• Pending Orders.

However, Clients should understand that these order types do not guarantee execution at the specified price.

During periods of significant market volatility, reduced liquidity, abnormal market conditions, or Price Gaps, such orders may be executed at prices different from those requested by the Client.

The use of risk management orders reduces, but does not eliminate, trading risk.

2.8 Automatic Closure of Positions

Subject to the Client Agreement, Trading Conditions, and other applicable Company policies, the Company may automatically close one or more of the Client's open positions where the Client's Margin level falls below the level specified by the Company or where other circumstances described in the relevant legal documentation arise.

Where permitted under the applicable contractual terms, such automatic liquidation may occur without prior notice to the Client.

The Client remains responsible for all resulting profits, losses, costs, charges, and obligations arising from such automatic closure.

2.9 Clients Should Assess the Risks Before Trading

Before opening any trading position, Clients should carefully consider, among other matters:

• their financial ability to absorb losses;
• their investment objectives;
• their intended investment horizon;
• their trading experience;
• their understanding of the relevant financial products;
• the impact of Leverage; and
• prevailing market conditions and volatility.

Clients should not enter into transactions based solely upon speculation or expectation of profit and should not use funds required for living expenses, debt obligations, or other essential financial commitments for trading purposes.

2.10 Summary of the Risks of Leveraged Trading

Leveraged financial products may provide opportunities for higher returns than traditional investments; however, they also involve significantly greater risks.

Clients should understand that:

• Leverage increases both potential profits and potential losses;
• all invested funds may be lost;
• market prices may change rapidly and without warning;
• trading orders may not be executed at the expected price;
• risk management techniques cannot eliminate all trading risks; and
• Clients should thoroughly understand the Company's products, trading conditions, and associated risks before opening an account or entering into any transaction.

Clients should trade only after carefully evaluating whether leveraged trading is appropriate for their financial circumstances, investment objectives, and level of experience.

3.1 General Principles

All investments and trading in financial products involve risk. No form of investment can guarantee returns or completely eliminate the possibility of financial loss.

Even where a Client possesses substantial trading experience or adopts appropriate risk management strategies, market fluctuations, unexpected events, or other external factors may adversely affect trading results.

Clients should make investment decisions only after carefully considering the nature of the relevant financial products, the associated risks, and their own financial circumstances.

3.2 Risk of Loss of Invested Funds

Clients may lose all or part of the funds invested when trading the Company's products.

Losses may occur gradually over time or arise within a very short period depending upon market movements, position size, leverage, liquidity, volatility, and other relevant factors.

The Company does not guarantee the preservation of capital or that any Client will achieve anticipated returns or investment objectives.

3.3 Risks Arising from the Client's Decisions

The outcome of every trade depends primarily upon the Client's own decisions.

Incorrect market analysis, misinterpretation of information, inadequate money management, excessive risk-taking, or emotionally driven decision-making may result in substantial financial losses.

Clients should carefully evaluate all relevant information relating to the applicable financial product and prevailing market conditions before entering into any transaction.

3.4 Risks Associated with Information and News

Financial markets may be significantly influenced by information, news releases, and unexpected events, including:

• economic data releases;
• corporate earnings announcements;
• changes in interest rates;
• central bank policies;
• political developments;
• international conflicts;
• natural disasters;
• pandemics or public health emergencies;
• cybersecurity incidents; and
• other security or geopolitical events.

Certain events may cause exceptionally rapid and substantial price movements beyond the expectations of market participants or investors.

Information obtained from public sources may be incomplete, delayed, inaccurate, or subsequently revised.

3.5 Risks Arising from Market Uncertainty

Financial markets are inherently uncertain and continuously evolving.

Trading strategies, analytical models, technical indicators, or historical market behaviour that have previously been successful may not remain effective under future market conditions.

New economic developments, technological changes, regulatory actions, or unprecedented market events may cause price movements that differ materially from historical patterns or market expectations.

Clients should not rely solely upon historical data or past market performance when making investment decisions.

3.6 Concentration Risk

Maintaining a significant proportion of trading positions in a single asset class, market, sector, or directional exposure may substantially increase portfolio risk.

Where market movements are unfavourable, concentrated positions may result in significant losses within a relatively short period.

Diversification may reduce certain investment risks; however, diversification cannot eliminate all trading or market risks.

3.7 Risk of Trading Beyond Financial Capacity

Clients should not use funds required for:

• living expenses;
• debt repayment;
• medical expenses;
• educational expenses;
• emergency savings; or
• other essential financial obligations,

to trade high-risk leveraged financial products.

Trading with funds that a Client cannot reasonably afford to lose may have serious consequences for the Client's financial position and personal circumstances.

3.8 Risks Arising from Reliance on Other Persons

Some Clients may choose to make trading decisions based upon:

• recommendations from third parties;
• social media content;
• online discussion groups or communities;
• trading signals;
• copy trading services;
• Expert Advisors (EAs) or automated trading systems; or
• Artificial Intelligence (AI) tools or applications.

The Company does not verify, endorse, or guarantee the accuracy, completeness, reliability, or performance of any such information, service, software, or recommendation.

Regardless of the source of any trading idea or recommendation, the Client remains solely responsible for all trading decisions and their consequences.

3.9 Risks Arising from Changes to Products

The Company may amend or modify its financial products, trading conditions, or operational requirements where reasonably necessary to reflect:

• changing market conditions;
• requirements imposed by Liquidity Providers;
• regulatory or legal developments;
• risk management considerations; or
• technological developments.

Such changes may affect the Client's trading activities and may include modifications to Margin requirements, Leverage limits, trading hours, contract specifications, pricing arrangements, or other product characteristics.

Clients should regularly review the Company's published notices and legal documentation for any applicable updates.

3.10 Not All Risks Can Be Identified

This Risk Disclosure Statement is intended to explain the principal risks associated with trading through the Company.

However, it is not possible to identify or anticipate every risk that may arise in connection with financial markets, leveraged trading, or the Company's products and services.

Financial markets evolve continuously, and new risks may emerge as a result of technological innovation, regulatory developments, economic conditions, geopolitical events, or other unforeseen circumstances.

Clients are encouraged to exercise sound judgment, obtain additional information where appropriate, and remain informed of developments that may affect their trading activities.

3.11 Client Responsibility for Risk Assessment

Clients should periodically review whether trading remains appropriate for their individual circumstances, taking into consideration:

• their current financial position;
• investment objectives;
• risk tolerance;
• trading knowledge and experience;
• prevailing market conditions; and
• the impact of Leverage on potential gains and losses.

Where a Client's financial circumstances, investment objectives, or ability to bear risk change, the Client should promptly reassess the suitability of leveraged trading and consider reducing exposure or adjusting investment strategies accordingly.

The responsibility for continuously assessing the suitability of trading rests solely with the Client.

4.1 General Principles

The prices of financial products fluctuate continuously in response to changing market conditions and may be influenced by numerous factors, including economic, political, financial, technological, regulatory, and other unforeseen events.

Clients should understand that market prices may move rapidly and without warning, and such movements may immediately affect the value of their trading positions.

The Company does not control, predict, or guarantee the direction of market movements, price levels, market liquidity, or volatility.

4.2 Price Volatility

The prices of Underlying Assets may experience varying degrees of volatility depending on the type of financial product, trading session, market conditions, liquidity, and other relevant factors.

During certain periods, prices may move significantly within seconds, which may result in:

• substantial changes in unrealised profits or losses;
• a rapid decline in the Client's Margin level;
• execution of trading orders at prices different from those anticipated by the Client; and
• automatic liquidation of positions where the applicable Margin requirements are no longer satisfied.

Periods of heightened volatility may significantly increase trading risk.

4.3 Risks Arising from News and Significant Events

The prices of financial instruments may be materially affected by economic announcements and significant events, including:

• interest rate decisions;
• inflation data releases;
• employment reports;
• Gross Domestic Product (GDP) announcements;
• central bank meetings and policy statements;
• elections;
• changes in government policy;
• geopolitical developments;
• armed conflicts or war;
• natural disasters;
• pandemics or public health emergencies; and
• other events affecting the global economy.

Such events may result in unusually high market volatility, reduced liquidity, rapid price movements, and significant changes in market conditions.

4.4 Price Gaps

Under certain circumstances, market prices may open at levels materially different from the previous closing prices, creating a Price Gap.

Price Gaps may occur as a result of:

• significant news released outside normal trading hours;
• market holidays or extended market closures;
• emergency events;
• extreme market volatility; or
• reduced market liquidity.

Where a Price Gap occurs, Stop Loss Orders, Pending Orders, or other trading instructions may be executed at the next available market price rather than at the price specified by the Client.

Clients should understand that Price Gaps may substantially increase trading losses.

4.5 Market Liquidity

Market liquidity may change at any time and without prior notice.

During certain periods, there may be fewer buyers or sellers participating in the market, resulting in:

• delays in order execution;
• rapid price movements;
• wider Bid and Ask spreads; and
• execution at prices different from those anticipated by the Client.

Reduced liquidity commonly occurs during market openings, market closings, major economic announcements, public holidays, or periods of exceptional market volatility.

4.6 Spread Widening

The difference between the Bid Price and the Ask Price (the Spread) may vary depending upon prevailing market conditions.

During periods of heightened volatility or reduced liquidity, the Spread may widen significantly, which may result in:

• increased trading costs;
• reduced profitability;
• larger trading losses; and
• Stop Loss Orders being triggered earlier than anticipated.

Clients should understand that Spread widening is a normal feature of financial markets and may occur without prior notice.

4.7 Trading Halts and Market Suspension

An exchange, trading venue, Underlying Market, or pricing source may temporarily suspend trading or cease providing market quotations under certain circumstances, including:

• abnormal market volatility;
• technical failures;
• emergency situations;
• regulatory intervention; or
• suspension of trading in the relevant Underlying Market.

During such periods, Clients may be unable to open, close, modify, or otherwise manage their trading positions.

The Company shall not be responsible for losses arising solely from such market suspensions where they are beyond the Company's reasonable control.

4.8 Abnormal Market Conditions

From time to time, financial markets may experience abnormal or exceptional conditions, including:

• extreme price volatility;
• disorderly or erratic price movements;
• severe liquidity shortages;
• failures of the Underlying Market or pricing infrastructure; or
• emergency measures imposed by governmental or regulatory authorities.

Under such circumstances, trading conditions may differ significantly from normal market conditions.

The Company may take any action permitted under the Client Agreement, Trading Conditions, or other applicable legal documentation where reasonably necessary to preserve market integrity, manage risk, or maintain the orderly provision of its services.

4.9 Pricing Risk

Prices used for trading may be obtained from multiple pricing sources or Liquidity Providers.

At certain times, the prices displayed by the Company may differ from prices shown by websites, mobile applications, financial news services, or other market data providers due to differences in:

• pricing sources;
• update frequency;
• pricing methodology;
• market liquidity; or
• the characteristics of the relevant Underlying Asset or financial product.

Accordingly, Clients should not expect identical pricing across all market participants or information providers at all times.

4.10 Risks Arising from Unforeseeable Events

Unexpected events may significantly disrupt financial markets and adversely affect trading conditions, including:

• natural disasters;
• war;
• terrorism;
• cyberattacks;
• infrastructure failures;
• financial crises;
• pandemics; and
• other events beyond the Company's reasonable control.

Such events may affect market prices, liquidity, order execution, trading availability, and the Company's ability to provide services under normal operating conditions.

4.11 Monitoring Market Conditions

Clients are responsible for monitoring market developments, economic announcements, and other events that may affect the financial products they trade.

Failure to remain informed of relevant market conditions may prevent Clients from responding appropriately to changing circumstances and may significantly increase trading risk.

Clients should regularly review market information and maintain appropriate risk management practices throughout the duration of their trading activities.

4.12 Summary

Financial markets are dynamic and may be influenced by numerous predictable and unpredictable factors.

Although the Company is committed to providing trading services in accordance with appropriate industry standards, the Company cannot guarantee:

• the direction of market movements;
• price levels;
• market volatility;
• market liquidity; or
• the continued availability of favourable trading conditions.

Clients should carefully consider market risks together with all other risks described in this Risk Disclosure Statement before deciding to trade the Company's products or services.

5.1 General Principles

The Company may permit Clients to trade certain financial products using Leverage, enabling the Client to open trading positions whose notional value exceeds the amount of Margin deposited.

While Leverage may enhance the potential return arising from favourable price movements, it also proportionately increases the potential for financial loss.

Clients should fully understand the operation and consequences of Leverage before opening or maintaining any leveraged trading position.

5.2 Effect of Leverage

Leverage magnifies the financial effect of even small movements in the price of an Underlying Asset.

Accordingly, relatively minor adverse market movements may result in substantial losses when compared with the Margin deposited by the Client.

The greater the leverage applied to a trading position, the greater the sensitivity of that position to market price fluctuations.

Clients should carefully consider whether the level of Leverage selected is appropriate for their financial circumstances and risk tolerance.

5.3 Risks Associated with High Leverage

The use of higher levels of Leverage may increase a Client's ability to open larger trading positions; however, it also increases the likelihood that:

• the Client's Margin level will decline rapidly;
• a Margin Call may occur, where applicable;
• open positions may be automatically liquidated when Margin requirements are no longer satisfied; and
• the Client may lose all funds allocated to the relevant trading positions within a short period of time.

Clients should select leverage levels appropriate to their knowledge, trading experience, investment objectives, and financial ability to bear losses.

5.4 Leverage Does Not Increase the Client's Capital

Leverage does not increase the Client's actual capital and does not reduce the risks associated with trading.

Rather, Leverage is a financing mechanism that enables the Client to control a larger notional position while depositing only a portion of its value as Margin.

As a consequence, both profits and losses may arise at a significantly greater rate than would occur in comparable transactions undertaken without Leverage.

Clients should not regard Leverage as additional capital or as a means of reducing trading risk.

5.5 Changes to Leverage Levels

The Company reserves the right to modify the Leverage applicable to particular products, account types, or Clients where reasonably necessary, including in response to:

• market volatility;
• market liquidity;
• the risk characteristics of a financial product;
• legal or regulatory requirements;
• requirements imposed by Liquidity Providers; or
• the Company's internal risk management policies.

Any such adjustment may require the Client to provide additional Margin and may affect the Client's ability to open, maintain, or increase existing trading positions.

The Client remains responsible for ensuring that sufficient Margin is maintained following any change in applicable Leverage requirements.

5.6 Risks Associated with Large Positions

The availability of Leverage may enable a Client to establish trading positions that are significantly larger than would otherwise be possible based upon the Client's available capital.

Where a Client maintains positions that exceed the Client's financial capacity or risk tolerance, relatively small market movements may result in substantial losses.

Clients should carefully consider position size in conjunction with available capital, applicable Leverage, Margin requirements, and prevailing market conditions.

5.7 Risks Arising from Market Volatility

During periods of heightened market volatility, the impact of Leverage may become substantially greater.

Rapid market movements may result in:

• a significant reduction in the Client's Margin level;
• automatic liquidation of one or more trading positions;
• Stop Loss Orders being executed at prices materially different from those requested; and
• trading losses exceeding the Client's expectations.

High market volatility may substantially increase the risks associated with leveraged trading regardless of the Client's trading strategy.

5.8 Use of Leverage with Trading Strategies

Clients may implement various risk management techniques, including:

• the use of Stop Loss Orders;
• position sizing;
• portfolio diversification; and
• prudent money management practices.

However, none of these measures can guarantee protection against losses arising from the use of Leverage.

In abnormal market conditions, periods of reduced liquidity, Price Gaps, or extreme volatility, losses may still occur despite the implementation of appropriate risk management strategies.

5.9 Client Responsibility for Managing Leverage Risk

Clients should:

• understand how Leverage operates;
• become familiar with the applicable Margin requirements;
• regularly monitor the Equity and Margin levels of their trading accounts;
• maintain position sizes appropriate to their available capital; and
• avoid using levels of Leverage that exceed their financial capacity or risk tolerance.

The Company cannot determine the appropriate level of Leverage for any individual Client, as such determination depends upon the Client's personal financial circumstances, investment objectives, trading experience, and willingness to accept risk.

The responsibility for selecting and managing the use of Leverage rests solely with the Client.

5.10 Summary

Leverage is a trading mechanism that may significantly increase both the potential rewards and the potential risks associated with financial trading.

Clients should understand that:

• Leverage magnifies both potential profits and potential losses;
• relatively small market movements may have a substantial impact on the value of a trading account;
• all Margin and invested funds may be lost within a short period of time;
• risk management techniques may reduce, but cannot eliminate, the risks associated with leveraged trading; and
• the suitability of Leverage should be carefully evaluated before opening or maintaining any trading position.

Clients should use Leverage prudently and only where they fully understand its operation and the financial risks involved.

6.1 General Principles

Trading leveraged financial products requires Clients to maintain sufficient Margin to open and maintain trading positions.

Margin does not represent the total value of a transaction. Rather, it serves as collateral to support the Client's exposure to market risk arising from movements in the price of the relevant Underlying Asset.

If a Client fails to maintain sufficient Margin, the Company may exercise its rights under the Client Agreement, Trading Conditions, and other applicable legal documentation, including restricting trading activity, rejecting orders, or closing one or more trading positions.

6.2 Risks Relating to Margin Levels

A Client's Margin level may change continuously as a result of various factors, including:

• market price movements;
• unrealised (floating) profits or losses;
• the opening or closing of additional positions;
• deposits or withdrawals of funds; and
• changes to the Company's Margin requirements.

Clients should monitor their Margin levels regularly and ensure that sufficient funds are maintained at all times.

6.3 Decline in Margin Level

Where market prices move against the Client's trading positions, the Margin level of the Client's account may decline rapidly.

During periods of significant market volatility, Margin levels may deteriorate within a very short period, potentially becoming insufficient to support existing positions.

Clients should not assume that they will always have sufficient time to deposit additional funds, reduce exposure, or close positions before protective measures are applied.

The speed of market movements varies depending upon prevailing market conditions.

6.4 Margin Call Notifications

In certain circumstances, the Company may provide notifications where a Client's Margin level falls below specified thresholds.

However, Clients should understand that:

• any Margin Call notification is provided solely as a convenience;
• the Company does not guarantee that such notifications will always be sent or received;
• system failures, network delays, telecommunications interruptions, or problems affecting the Client's device may prevent timely delivery of notifications; and
• Clients should not rely upon Margin Call notifications as their primary method of risk management.

Clients remain solely responsible for monitoring their trading accounts and maintaining sufficient Margin regardless of whether any notification is received.

6.5 Automatic Position Liquidation (Stop Out)

Where a Client's Margin level falls below the Stop Out level specified by the Company, the Company may automatically close one or more of the Client's trading positions in accordance with the Client Agreement, Trading Conditions, and other applicable legal documentation.

Such action is intended to reduce the financial risks associated with the Client's account and to protect the integrity and stability of the Company's trading systems.

Where permitted by the applicable contractual terms and governing law, automatic liquidation may occur without prior notice to the Client.

The sequence, timing, and selection of positions to be closed shall be determined by the Company in accordance with its applicable policies and procedures.

6.6 Changes to Margin Requirements

The Company may amend its Margin requirements where reasonably necessary, including in response to:

• increased market volatility;
• reduced market liquidity;
• changes in the risk profile of a financial product;
• revised requirements imposed by Liquidity Providers;
• new legal or regulatory obligations; or
• exceptional market events that may affect market stability.

Such changes may require Clients to deposit additional Margin in order to maintain existing trading positions.

Clients are responsible for complying promptly with any revised Margin requirements.

6.7 Risks Associated with Multiple Open Positions

Maintaining multiple open positions simultaneously may substantially increase the total Margin required for a trading account.

Where adverse market movements affect several positions or correlated financial instruments at the same time, the Client's Margin level may decline rapidly, potentially resulting in the automatic liquidation of multiple positions within a short period.

Clients should carefully consider the cumulative effect of all open positions when assessing Margin requirements and overall portfolio risk.

6.8 Risks Associated with Withdrawals

Withdrawing funds from a trading account may reduce the available Margin supporting existing trading positions.

Before submitting a withdrawal request, Clients should consider the effect that the withdrawal may have on their ability to maintain open positions, particularly during periods of increased market volatility or where substantial exposure already exists.

The Client remains responsible for ensuring that sufficient Margin is maintained following any withdrawal.

6.9 Margin Risks During Volatile Markets

During periods of heightened market volatility, Margin levels may change rapidly as a result of significant price movements.

Even where a Client actively monitors the trading account, the Client may be unable to deposit additional funds, reduce exposure, or close positions before the Company's systems initiate protective measures in accordance with the applicable contractual terms.

Market conditions may develop more rapidly than a Client can reasonably respond.

6.10 Client Responsibilities

To manage Margin-related risks effectively, Clients should:

• regularly review their Balance and Equity;
• continuously monitor their Margin level;
• maintain sufficient Margin to support all open positions;
• consider reducing position sizes where overall exposure increases;
• understand the Margin requirements applicable to each financial product before trading; and
• avoid maintaining Margin at excessively low levels in the expectation that market prices will reverse.

The responsibility for maintaining adequate Margin rests solely with the Client.

6.11 Relationship with Other Legal Documents

Detailed provisions relating to:

• Margin calculations;
• Margin Call levels (where applicable);
• Stop Out levels;
• automatic liquidation procedures; and
• amendments to Margin requirements,

are set out in the Client Agreement, Trading Conditions, and any other legal documents or notices issued by the Company from time to time.

In the event of any inconsistency between this Risk Disclosure Statement and those documents, the relevant provisions of the Client Agreement and Trading Conditions shall prevail to the extent permitted by applicable law.

6.12 Summary

Margin is a fundamental component of leveraged trading, and maintaining adequate Margin is the sole responsibility of the Client.

Clients should understand that:

• Margin levels may change continuously without prior notice;
• Margin Call notifications, where available, should not be relied upon as the sole method of risk management;
• the Company may automatically liquidate trading positions where the applicable Margin requirements are no longer satisfied; and
• prudent Margin management may reduce certain risks but cannot eliminate the risks inherent in leveraged trading.

Clients should ensure that they fully understand the Company's Margin policies before engaging in leveraged trading.

7.1 General Principles

Market liquidity refers to the ability to buy or sell a financial product in a reasonable volume, at a reasonable price, and within a reasonable period of time.

The level of market liquidity may change at any time and may be affected by numerous factors, including prevailing market conditions, trading volume, significant economic or political events, changes in the Underlying Market, or other external circumstances.

Where market liquidity decreases, Clients may be unable to open or close trading positions at the price or within the timeframe they expect.

7.2 Changes in Market Liquidity

Market liquidity is not constant and may fluctuate significantly over time.

Liquidity may decrease substantially during periods such as:

• before or after major economic announcements;
• at market opening or market close;
• public holidays affecting major financial markets;
• periods of significant political or economic developments;
• abnormal market volatility; or
• events affecting the broader financial markets.

During such periods, matching trading orders may become more difficult, resulting in less favourable execution conditions.

7.3 Risks Arising from Reduced Liquidity

Where market liquidity is reduced, Clients may experience circumstances including:

• inability to open positions immediately;
• inability to close positions immediately;
• execution at prices different from those displayed before submission of the order;
• delays in order execution; and
• execution of only part of the requested order volume.

Such circumstances may reduce potential profits or increase trading losses.

7.4 Partial Execution

In certain circumstances, particularly where trading orders are of significant size or market liquidity is limited, a Client's order may be only partially executed.

The remaining portion of the order may:

• be executed at a later time;
• be executed at a different price; or
• remain unexecuted.

Whether and how the remaining portion is executed depends upon prevailing market conditions, available liquidity, and the characteristics of the relevant financial product.

Partial execution is a normal feature of financial markets and does not necessarily indicate any malfunction of the Trading Platform.

7.5 Risks Associated with Large Orders

Submitting large trading orders may produce different execution results from those associated with smaller orders.

Large orders may be affected by:

• the amount of available market liquidity;
• price movements occurring while the order is being executed; and
• the need to divide the order into multiple executions.

Clients should carefully consider whether the size of a proposed transaction is appropriate given prevailing market conditions and available liquidity.

7.6 Risks During Periods of Low Liquidity

Certain trading periods are commonly associated with reduced liquidity, including:

• the transition between trading days;
• market opening;
• market closing;
• public holidays affecting relevant jurisdictions;
• the period immediately before major markets open; and
• the period immediately following significant economic announcements.

During these periods, there may be fewer market participants, resulting in:

• rapid price movements;
• wider Bid and Ask spreads;
• increased Slippage; and
• less favourable execution prices.

Clients should exercise particular caution when trading during periods of reduced liquidity.

7.7 Risks Relating to the Underlying Market

The prices of the Company's financial products may be derived from one or more Underlying Markets.

Where an Underlying Market:

• suspends trading;
• imposes trading restrictions;
• experiences abnormal pricing conditions;
• suffers a reduction in liquidity; or
• closes earlier than scheduled,

the Company's pricing, order execution, opening or closing of positions, and other trading services may be affected.

The availability of trading through the Company depends, in part, upon the availability and integrity of the relevant Underlying Market.

7.8 Risks from High Volatility Combined with Low Liquidity

Where extreme market volatility occurs simultaneously with reduced liquidity, Clients may experience several adverse conditions at the same time, including:

• rapid price movements;
• significantly wider Spreads;
• increased Slippage;
• Stop Loss Orders being executed at prices materially different from those specified; and
• positions being closed at prices significantly less favourable than anticipated.

Under such circumstances, trading outcomes may differ materially from the Client's expectations.

7.9 The Company Cannot Control Market Liquidity

The Company provides trading services based upon actual market conditions and cannot control:

• the number of market participants;
• market liquidity;
• market price movements;
• the continuity or availability of Underlying Markets; or
• events affecting market liquidity.

Accordingly, the Company cannot guarantee that every trading order will be executed at the requested price or within the timeframe expected by the Client.

Execution is subject to prevailing market conditions and the availability of executable prices.

7.10 Client Responsibilities

Clients should consider liquidity risks before placing any trading order, particularly during periods when market liquidity may be reduced.

Clients are encouraged to:

• monitor prevailing market conditions;
• consider the size of proposed trading orders;
• understand the characteristics of the financial products being traded;
• implement appropriate risk management measures; and
• prepare for increased market volatility during significant economic or geopolitical events.

Clients remain responsible for assessing whether market conditions are suitable before entering into any transaction.

7.11 Relationship with the Order Execution Policy

Detailed information concerning the Company's order execution procedures, order handling practices, execution factors, and execution arrangements is set out in the Company's Order Execution Policy.

Where any inconsistency exists between this Risk Disclosure Statement and the Order Execution Policy regarding matters relating to trade execution, the provisions of the Order Execution Policy shall prevail to the extent applicable.

Clients should read both documents together before trading.

7.12 Summary

Market liquidity is a fundamental factor affecting both the execution of trading orders and the prices obtained by Clients.

Clients should understand that:

• market liquidity may change at any time without prior notice;
• an open market does not necessarily guarantee sufficient liquidity;
• trading orders may be delayed, partially executed, or executed at prices different from those anticipated; and
• liquidity risk may increase significantly during periods of heightened market volatility or major market events.

Clients should consider liquidity risk together with all other risks described in this Risk Disclosure Statement before deciding to trade the Company's financial products.

8.1 General Principles

The prices of financial products may experience varying degrees of volatility depending upon the type of product, prevailing market conditions, available liquidity, and other relevant factors.

Market volatility may cause prices to rise or fall rapidly within a short period of time and may significantly affect the value of trading positions, unrealised profits or losses, Margin levels, and the execution of trading orders.

Clients should understand that market volatility is an inherent characteristic of financial markets and cannot be eliminated.

8.2 Factors That May Cause Market Volatility

Market volatility may arise from numerous factors, including:

• economic data releases;
• interest rate decisions;
• central bank policies and announcements;
• corporate earnings reports;
• geopolitical conflicts;
• elections;
• national or international security events;
• natural disasters;
• pandemics or public health emergencies;
• changes in investor sentiment; and
• fluctuations in market supply and demand.

Such events may occur with or without prior warning and may affect either the broader financial markets or particular asset classes and financial products.

8.3 Volatility During Major News Announcements

Periods surrounding significant economic announcements or major market events may experience substantially higher volatility than normal.

During such periods, Clients may experience:

• rapid price movements;
• wider Spreads;
• increased Slippage;
• delays in order execution;
• Price Gaps; and
• rapid changes in Margin levels.

Clients should exercise particular caution when trading during periods of significant economic announcements or other major market events.

8.4 Volatility Across Different Financial Products

Different financial products may exhibit different levels of volatility.

For example:

• major currency pairs may experience different volatility characteristics from minor or exotic currency pairs;
• precious metals may react differently to economic or political developments than other commodities;
• equity indices may be influenced by the economic conditions affecting their underlying markets; and
• digital assets or cryptocurrencies may exhibit substantially greater volatility than many traditional financial instruments.

Clients should familiarise themselves with the characteristics and risk profile of each product before trading.

8.5 Risks Associated with Rapid Price Movements

Under certain market conditions, prices may change multiple times within a matter of seconds.

Such movements may result in:

• rapid fluctuations in unrealised profits or losses;
• a significant decline in Margin levels before the Client is able to react;
• Stop Loss Orders or Pending Orders being executed at prices materially different from those requested; and
• trading positions being closed sooner than the Client anticipated.

Rapid market movements may substantially increase trading risk regardless of the Client's experience or trading strategy.

8.6 Volatility and Risk Management

Risk management tools, including Stop Loss Orders, Take Profit Orders, and prudent position sizing, may help reduce the impact of market volatility under certain circumstances.

However, such tools cannot guarantee protection against losses in every situation.

In particular, where Price Gaps, Slippage, reduced liquidity, or abnormal market conditions occur, risk management measures may not operate as intended and losses may exceed the Client's expectations.

Clients should not assume that the use of risk management tools eliminates market risk.

8.7 Volatility Combined with Exceptional Events

In certain circumstances, heightened market volatility may occur simultaneously with other disruptive events, including:

• suspension of trading in an Underlying Market;
• failures affecting financial market infrastructure;
• severe reductions in market liquidity;
• interruptions to pricing or market data services; or
• Force Majeure events.

Where such events occur simultaneously, their combined effect may significantly increase trading risks and adversely affect market pricing, order execution, and the availability of trading services.

8.8 Impact on Order Execution

Market volatility may affect the execution of trading orders in various ways, including:

• orders being executed at prices different from those displayed on the Trading Platform;
• certain order types not being executed immediately;
• partial execution of orders, where supported by the relevant product and trading system; and
• confirmation of executed trades taking longer than under normal market conditions.

Further information regarding order execution is provided in the Company's Order Execution Policy.

8.9 The Company Cannot Control Market Volatility

Market volatility results from numerous external factors that are beyond the Company's reasonable control.

Accordingly, the Company cannot guarantee that:

• markets will remain orderly or continuously tradable;
• prices will move within predictable ranges;
• volatility will remain at normal levels; or
• sufficient market liquidity will always be available.

Clients acknowledge that market conditions may change rapidly without prior notice.

8.10 Client Guidelines for Managing Volatility Risk

To reduce the impact of market volatility, Clients are encouraged to:

• monitor economic calendars and major market events;
• use leverage levels appropriate to their financial circumstances;
• maintain position sizes consistent with available capital;
• ensure adequate Margin is maintained at all times;
• monitor open trading positions regularly; and
• carefully assess the risks before opening positions during periods when heightened market volatility is anticipated.

These measures may reduce certain risks but cannot eliminate the risks associated with volatile market conditions.

8.11 Relationship with Other Legal Documents

The risks associated with market volatility should be considered together with the provisions contained in the following documents:

• the Client Agreement;
• the Order Execution Policy;
• the Trading Conditions; and
• the relevant sections of this Risk Disclosure Statement.

Clients should read these documents together in order to obtain a comprehensive understanding of the risks associated with trading the Company's products.

8.12 Summary

Market volatility is a natural and unavoidable characteristic of financial markets and may significantly affect prices, order execution, Margin levels, and trading outcomes.

Clients should understand that:

• market volatility may increase rapidly without prior warning;
• major economic or geopolitical events may cause substantial price movements;
• risk management tools may reduce certain risks but cannot eliminate the effects of market volatility; and
• maintaining adequate preparation and continuously monitoring market conditions are essential elements of prudent risk management.

Clients should consider volatility risk together with all other risks described in this Risk Disclosure Statement before engaging in leveraged trading.

9.1 General Principles

The execution of trading orders depends upon prevailing market conditions, available liquidity, the availability and performance of trading systems, and other relevant factors existing at the time an order is submitted.

Although the Company seeks to execute Client orders fairly, efficiently, and in accordance with its Order Execution Policy, the Company cannot guarantee that every trading order will be executed at the price expected by the Client or within any specified period of time.

Execution outcomes are subject to actual market conditions at the time the order becomes executable.

9.2 Difference Between Displayed Price and Executed Price

The prices displayed on the Trading Platform are continuously updated and may change at any time.

Between the moment a Client submits an order and the moment the order is executed, market prices may change, resulting in execution at a price different from that displayed immediately prior to submission.

Such price differences may operate either in favour of or against the Client.

Price differences are a normal characteristic of financial markets and do not necessarily indicate any malfunction of the Trading Platform.

9.3 Slippage

Slippage occurs where a trading order is executed at a price different from the price expected by the Client or displayed at the time the order was submitted.

Slippage may result from various factors, including:

• market volatility;
• reduced market liquidity;
• rapid price movements;
• high trading volume;
• significant economic or political events; and
• changes in available executable prices.

Slippage may be:

• Positive Slippage, where the Client receives a more favourable execution price; or
• Negative Slippage, where the Client receives a less favourable execution price.

Slippage is an inherent feature of financial markets and may occur regardless of the order type used.

9.4 Execution Delay

Under certain circumstances, the execution of trading orders may take longer than usual.

Execution delays may occur due to:

• heightened market volatility;
• unusually high trading activity;
• reduced market liquidity;
• delays affecting Underlying Markets or pricing sources;
• technical interruptions; or
• other circumstances beyond the Company's reasonable control.

Such delays may result in execution at prices different from those anticipated by the Client.

9.5 Market Orders

A Market Order is intended to be executed at the best available market price at the time the order becomes executable.

Clients should understand that submission of a Market Order does not guarantee execution at the price displayed on the Trading Platform when the order is placed.

During periods of increased volatility or reduced liquidity, Market Orders may be executed at materially different prices from those expected by the Client.

9.6 Pending Orders

A Pending Order is submitted for execution once the market reaches the price or conditions specified by the Client.

However, where market prices move rapidly or a Price Gap occurs, the Pending Order may:

• be executed at a price different from the specified level;
• be executed only partially, where applicable; or
• fail to execute if the conditions required for execution are not satisfied.

Execution depends upon the type of Pending Order, prevailing market conditions, and the availability of executable prices.

9.7 Stop Loss and Take Profit Orders

Stop Loss Orders and Take Profit Orders are risk management tools intended to assist Clients in managing potential losses or securing profits.

However, such orders do not guarantee that a position will be closed at the exact price specified by the Client.

Where Price Gaps, Slippage, reduced liquidity, or abnormal market conditions occur, these orders may be executed at prices materially different from the specified levels.

Clients should therefore not rely upon Stop Loss or Take Profit Orders as providing absolute protection against loss.

9.8 Risks Relating to the Client's Connection

The transmission of trading orders depends upon the communication link between the Client's device and the Company's trading systems.

Execution may be affected by factors including:

• internet connection speed;
• network stability;
• device performance;
• Client software or platform configuration;
• internet service provider (ISP) interruptions; or
• other communication failures.

Where communication delays or interruptions occur, trading orders may be delayed, rejected, duplicated, or otherwise affected.

Clients are responsible for maintaining reliable communication facilities when using the Company's services.

9.9 Risks Relating to Third-Party Systems

Although the Company operates its trading systems in accordance with appropriate industry standards, order execution may be affected by systems operated by third parties, including:

• Underlying Markets;
• market data providers;
• network infrastructure providers;
• Liquidity Providers; and
• other technology service providers.

The Company has no control over the operation, availability, or performance of such third-party systems, and failures affecting those systems may adversely affect the execution of Client orders.

9.10 Risks of Duplicate Orders

Where internet connectivity is unstable or execution confirmations are delayed, a Client may unintentionally submit the same order more than once.

Duplicate order submissions may result in trading positions being opened or closed in greater quantities than the Client intended.

Clients should verify the status of existing orders on the Trading Platform before submitting additional instructions.

The Company shall not be responsible for losses arising solely from duplicate orders submitted by the Client.

9.11 Relationship with the Order Execution Policy

Detailed provisions concerning:

• the Company's order execution principles;
• execution factors;
• order handling procedures;
• available order types; and
• order prioritisation,

are set out in the Company's Order Execution Policy.

This Risk Disclosure Statement is intended to explain the risks associated with order execution and should not be interpreted as replacing or modifying the detailed procedures contained in the Order Execution Policy.

Where any inconsistency exists between this Risk Disclosure Statement and the Order Execution Policy in relation to execution procedures, the Order Execution Policy shall prevail.

9.12 Summary

The execution of trading orders may be affected by market conditions, volatility, liquidity, communication systems, and other external factors beyond the Company's reasonable control.

Clients should understand that:

• executed prices may differ from prices displayed before an order is submitted;
• Slippage may be either favourable or unfavourable;
• Stop Loss Orders, Take Profit Orders, and Pending Orders do not guarantee execution at specified prices;
• execution delays may occur under certain market conditions; and
• understanding the characteristics and limitations of each order type, together with prudent risk management, forms an essential part of responsible trading.

Clients should read this section together with the Order Execution Policy before placing trading orders.

10.1 General Principles

The prices used for trading the Company's financial products are derived from market data and other relevant pricing sources in accordance with the Company's pricing policies and procedures.

Such prices may change continuously and may differ from prices displayed by other market participants, financial news providers, trading platforms, or data vendors due to differences in pricing sources, calculation methodologies, market liquidity, trading sessions, and data update frequencies.

Clients should understand that price differences between various sources are common and do not necessarily indicate that the Company's prices are inaccurate, unfair, or erroneous.

10.2 Pricing Sources

The Company may obtain market prices from one or more pricing sources, including Liquidity Providers, market data vendors, exchanges, or other sources relevant to the applicable Underlying Asset.

The Company may apply appropriate methodologies, validation processes, aggregation techniques, or pricing models when generating executable prices for its Clients, in accordance with its internal policies and applicable legal documentation.

The Company is not required to adopt the prices published by any particular third-party source.

10.3 Price Differences

The prices displayed on the Company's Trading Platform may differ from prices shown by:

• financial news websites;
• market data providers;
• third-party applications;
• other exchanges or trading venues; or
• other brokers or trading service providers.

Such differences may arise from factors including:

• differences in data update timing;
• pricing sources;
• market liquidity;
• pricing methodologies;
• product specifications; and
• trading hours.

Clients should not assume that identical financial products will necessarily be quoted at identical prices by different providers.

10.4 Price Continuity

Under certain market conditions, prices may not update continuously, or executable prices may temporarily become unavailable.

Such circumstances may arise where:

• the relevant Underlying Market suspends trading;
• market liquidity declines significantly;
• pricing providers temporarily cease supplying market data;
• technical disruptions occur; or
• Force Majeure or other exceptional events arise.

During such periods, trading may be restricted, suspended, or conducted subject to special conditions in accordance with the Client Agreement, Trading Conditions, and other applicable Company policies.

10.5 Rapid Price Changes

Prices of financial products may change multiple times within extremely short periods.

Accordingly, the price displayed immediately before a Client submits an order may differ from the executable market price available when the order reaches the Company's trading systems.

Such price differences may operate either in favour of or against the Client and are a normal characteristic of financial markets.

10.6 Risks Associated with Third-Party Pricing Information

Clients may consult price information published by third parties when making trading decisions.

However, the Company does not guarantee the accuracy, completeness, continuity, reliability, or timeliness of pricing information published by external sources.

Where differences exist between third-party prices and the Company's pricing, transactions executed through the Company shall be based upon the prices generated and made available through the Company's own pricing systems in accordance with its applicable policies.

10.7 Manifest Error

Where the Company identifies a Manifest Error relating to pricing, including but not limited to errors arising from:

• system failures;
• pricing source errors;
• data processing errors;
• technical malfunctions affecting price generation; or
• other obvious pricing anomalies,

the Company may investigate the circumstances and take such action as it considers appropriate in accordance with the Client Agreement, Order Execution Policy, applicable law, and other relevant legal documentation.

Such action may include, where appropriate:

• correcting affected prices;
• amending affected transactions;
• cancelling affected transactions; or
• taking other remedial measures reasonably necessary to preserve the integrity of the Company's trading services.

The Company's determination of whether a Manifest Error has occurred shall be made in good faith and in accordance with its applicable contractual obligations.

10.8 Risks Arising from Closure of the Underlying Market

Where the relevant Underlying Market is closed, suspended, or otherwise unavailable, the Company may:

• restrict the opening of new positions;
• suspend trading in certain financial products;
• amend applicable trading hours;
• use pricing derived from other appropriate market sources where available; or
• take any other action permitted under the Client Agreement, Trading Conditions, or applicable law.

Such measures are intended to facilitate the orderly provision of trading services under prevailing market conditions.

10.9 Relationship with the Order Execution Policy

Detailed provisions concerning:

• pricing methodology;
• market data sources;
• order execution;
• the handling of Manifest Errors; and
• related pricing procedures,

are set out in the Order Execution Policy, Client Agreement, and any other legal documents or notices issued by the Company from time to time.

This Risk Disclosure Statement explains the risks associated with pricing and should not be interpreted as providing a comprehensive description of the Company's pricing methodology or execution procedures.

Where any inconsistency exists between this Risk Disclosure Statement and the Company's other legal documentation, the relevant provisions of those documents shall prevail to the extent permitted by applicable law.

10.10 Client Responsibilities

Clients should:

• rely primarily upon the prices displayed on the Company's Trading Platform when trading through their accounts;
• understand the characteristics of the financial products they trade;
• recognise that prices quoted by different providers may legitimately differ;
• avoid concluding that the Company's pricing is incorrect solely because it differs from a single external source; and
• contact the Company through the designated communication channels if they have questions regarding pricing, order execution, or wish to submit a complaint in accordance with the Company's applicable procedures.

Clients should ensure that they understand the Company's pricing arrangements before engaging in trading activities.

10.11 Summary

The pricing of financial products depends upon market conditions, pricing sources, liquidity, technology, and other relevant factors existing at the relevant time.

Clients should understand that:

• prices quoted by different providers may legitimately differ;
• market prices may change rapidly and without warning;
• executable prices may temporarily become unavailable under certain market conditions;
• the Company may investigate and address any Manifest Error in accordance with its contractual rights and applicable law; and
• understanding how market prices are generated is an important component of effective risk management.

Clients should consider pricing risk together with all other risks described in this Risk Disclosure Statement before entering into any transaction.

11.1 General Principles

The Company's services rely extensively upon electronic systems and information technology for account opening, order submission, price dissemination, account administration, and the provision of other related services.

Although the Company continuously maintains, monitors, and enhances its systems in accordance with appropriate industry standards, all electronic systems are inherently subject to the risk of failures, delays, interruptions, or other technical issues arising from a variety of causes.

Clients should acknowledge that such risks may affect trading activities and the availability of the Company's services.

11.2 Risks Relating to the Company's Systems

The Company's systems may be affected by events including:

• scheduled system maintenance;
• software upgrades or updates;
• hardware failures;
• software defects or malfunctions;
• database failures;
• network disruptions; or
• Force Majeure or other events affecting technological infrastructure.

Such events may temporarily limit or interrupt the availability of some or all of the Company's services.

The Company will use reasonable efforts to minimise service interruptions but cannot guarantee uninterrupted system availability.

11.3 Risks Relating to the Client's Internet Connection

Access to the Company's Trading Platform depends upon the Client's internet connection.

The Client's ability to access and use the Trading Platform may be affected by factors including:

• internet connection speed;
• network stability;
• failures affecting the Client's Internet Service Provider (ISP);
• network congestion caused by heavy traffic; or
• unstable wireless network connections.

Such circumstances may prevent the Client from logging into the Trading Platform, submitting orders, receiving market data, or otherwise accessing the Company's services.

11.4 Risks Relating to the Client's Devices

The performance of the Trading Platform may depend upon the capability and condition of the Client's equipment, including:

• desktop or laptop computers;
• mobile devices;
• tablets;
• operating systems;
• application software;
• available memory and processing capacity; and
• networking equipment.

Where the Client's equipment is outdated, improperly configured, damaged, or otherwise unsuitable, the Client's ability to use the Trading Platform or submit trading orders may be adversely affected.

The Client is responsible for ensuring that all equipment used to access the Company's services remains compatible with the Company's systems.

11.5 Risks Relating to the Trading Platform

The Trading Platform itself may be affected by:

• software updates;
• scheduled maintenance;
• software errors;
• processing delays;
• connectivity issues with integrated services; or
• other technical disruptions.

In certain circumstances, Clients may be temporarily unable to log in, submit trading orders, access account information, or use certain platform functions until the relevant issue has been resolved.

The Company does not warrant that the Trading Platform will be continuously available without interruption.

11.6 Cybersecurity Risk

Although the Company implements information security measures that it considers appropriate, information systems remain exposed to cybersecurity threats, including:

• Malware;
• Ransomware;
• Distributed Denial-of-Service (DDoS) attacks;
• unauthorised system access;
• exploitation of software vulnerabilities;
• Spoofing;
• Phishing; and
• other forms of cyberattack.

Such incidents may affect the availability, integrity, confidentiality, or security of the Company's systems and may temporarily disrupt the provision of trading services.

The Company continually reviews and enhances its cybersecurity controls but cannot guarantee absolute protection against all cyber threats.

11.7 Risks Associated with Third-Party Software

Clients may choose to use third-party software or trading tools, including:

• Expert Advisors (EAs);
• trading robots;
• custom indicators;
• scripts;
• plug-ins; or
• third-party trade management software.

The Company does not warrant or guarantee the accuracy, reliability, compatibility, security, performance, or suitability of any third-party software.

Clients are solely responsible for evaluating such software before using it in conjunction with the Company's Trading Platform.

The use of third-party software is entirely at the Client's own risk.

11.8 Risks Associated with Automated Trading Systems

Automated trading systems may present additional risks, including:

• algorithmic errors;
• incorrect configuration;
• erroneous order generation;
• unintended opening or closing of trading positions; and
• continued operation despite changing market conditions.

Clients should regularly monitor the operation of automated trading systems and should not permit such systems to operate for extended periods without appropriate supervision.

The Company accepts no responsibility for losses arising from the operation of automated trading systems developed or controlled by the Client or third parties.

11.9 System Maintenance and Updates

The Company may periodically perform maintenance, upgrades, or enhancements to its systems in order to improve performance, security, reliability, and service quality.

Such activities may temporarily affect the availability of certain services or impose temporary operational limitations.

Where reasonably practicable, the Company will endeavour to provide advance notice of scheduled maintenance.

However, emergency maintenance or unforeseen circumstances may require immediate action without prior notice.

11.10 Client Responsibilities When Using Electronic Systems

Clients should:

• use devices and software that are properly maintained and regularly updated;
• install appropriate anti-malware and antivirus protection;
• keep usernames, passwords, authentication credentials, and security codes confidential;
• log out of trading sessions after use, particularly when using shared or public devices;
• regularly review account login history and transaction records; and
• notify the Company immediately if they suspect any unauthorised access to their account or security credentials.

Clients remain responsible for maintaining the security of their own devices and access credentials.

11.11 Relationship with Other Legal Documents

Further information regarding information security, personal data protection, and the use of electronic systems is set out in:

• the Client Agreement;
• the Privacy Policy;
• the Order Execution Policy; and
• any other policies, notices, or legal documents published by the Company from time to time.

This Risk Disclosure Statement explains the risks associated with the use of technology and electronic systems and is not intended to provide a comprehensive technical specification or cybersecurity framework.

Where any inconsistency exists between this Risk Disclosure Statement and the Company's other legal documentation, the applicable provisions of those documents shall prevail to the extent permitted by applicable law.

11.12 Summary

The use of electronic trading systems offers convenience and efficiency but inevitably involves risks associated with technology, communications, cybersecurity, and system availability.

Clients should understand that:

• electronic systems may experience interruptions, delays, or temporary outages;
• the quality of the Client's internet connection and equipment may significantly affect access to trading services;
• the use of third-party software and automated trading systems introduces additional operational risks;
• protecting account credentials and maintaining device security is a shared responsibility between the Company and the Client; and
• regularly monitoring Company announcements may assist Clients in preparing for scheduled maintenance, system upgrades, or unexpected events that may affect the availability of trading services.

Clients should carefully consider technology-related risks together with all other risks described in this Risk Disclosure Statement before using the Company's electronic trading services.

12.1 General Principles

In providing its services, the Company may engage or rely upon third-party service providers to support various aspects of its business operations, including transaction processing, technology services, market data, payment processing, custody arrangements where applicable, communications, and other related services.

Although the Company exercises reasonable care in selecting, monitoring, and overseeing such service providers in accordance with appropriate industry standards, the Company cannot control every aspect of their operations or guarantee their uninterrupted performance.

Clients acknowledge that events affecting third-party service providers may impact the availability or quality of the Company's services.

12.2 Technology Service Providers

The Company may utilise technology service providers to support its operational infrastructure, including:

• trading systems;
• hosting services;
• cloud computing services;
• database systems;
• network infrastructure; and
• information security services.

Failures, disruptions, or delays affecting any of these service providers may temporarily affect the availability, performance, or functionality of the Company's trading services.

12.3 Market Data Providers

The prices used for trading may be derived from market data supplied by pricing vendors, Liquidity Providers, exchanges, or other relevant market data sources.

If such providers experience interruptions, delays, inaccuracies, or service outages, the Company's price quotations, pricing mechanisms, or order execution processes may also be affected.

The Company is not responsible for interruptions originating from independent market data providers beyond its reasonable control.

12.4 Payment Service Providers and Financial Institutions

The Company may utilise services provided by:

• banks;
• payment service providers;
• money transfer providers;
• electronic wallet providers; and
• digital asset service providers, where applicable.

Client deposits and withdrawals may be affected by factors including:

• transaction processing times;
• verification and compliance procedures;
• system delays;
• anti-money laundering (AML) controls; and
• the operational requirements or policies of the relevant financial institution or service provider.

Processing times may therefore vary depending upon the selected payment method and the requirements of the relevant third-party provider.

The Company cannot guarantee the processing times of independent financial institutions or payment service providers.

12.5 Communication Service Providers

The Company may rely upon third-party communication providers for the delivery of:

• email communications;
• SMS messages;
• in-application notifications;
• push notifications; and
• other electronic communication channels.

The delivery of notifications may be delayed, interrupted, or fail due to issues affecting the relevant communication provider or the Client's own communication systems.

Clients should not rely exclusively upon such notifications for monitoring their accounts or trading positions and should independently review their account status on a regular basis.

12.6 Infrastructure Service Providers

The Company's services may depend upon infrastructure operated by third parties, including:

• electricity providers;
• telecommunications networks;
• internet infrastructure;
• data centres; and
• cloud infrastructure providers.

Failures or disruptions affecting such infrastructure may interrupt or limit the availability of the Company's services.

Such events may occur without prior warning and are generally beyond the Company's reasonable control.

12.7 Changes to Third-Party Service Providers

The Company reserves the right to replace or change third-party service providers where it considers such changes reasonably necessary, including for the purpose of:

• improving operational efficiency;
• enhancing information security;
• improving service quality;
• complying with legal or regulatory requirements; or
• supporting business growth and operational resilience.

Such changes may require system maintenance, data migration, service reconfiguration, or temporary changes to operational procedures.

Where reasonably practicable, the Company will endeavour to minimise disruption arising from such transitions.

12.8 Risks Associated with Dependence on Third Parties

Although the Company exercises reasonable care in selecting its service providers, events affecting third parties — including but not limited to:

• service interruptions;
• financial difficulties;
• cybersecurity incidents;
• operational failures;
• suspension or revocation of licences or regulatory approvals; and
• material changes to the provider's policies or services,

may adversely affect certain aspects of the Company's operations and the services provided to Clients.

The Company cannot eliminate all risks arising from the actions or failures of independent third parties.

12.9 Client Responsibilities

Clients should:

• use only the deposit and withdrawal methods approved by the Company;
• verify recipient account details before initiating any transaction;
• monitor the status of deposits and withdrawals regularly;
• notify the Company promptly if any irregularity or unexpected delay is identified; and
• comply with all identity verification, transaction verification, or compliance procedures required by the Company or the relevant third-party provider.

Clients acknowledge that additional verification procedures may be required in order to comply with applicable laws, regulations, or internal compliance obligations.

12.10 Relationship with Other Legal Documents

Further information regarding:

• deposits and withdrawals;
• the Company's use of third-party service providers;
• data processing;
• personal data protection; and
• order execution,

is set out in the following documents:

• the Client Agreement;
• the Privacy Policy;
• the Order Execution Policy;
• the AML/KYC Policy; and
• any other policies, notices, or legal documents published by the Company from time to time.

This Risk Disclosure Statement is intended to explain the risks associated with reliance upon third-party service providers and should not be interpreted as modifying the rights or obligations contained in the Company's other legal documentation.

12.11 Summary

The Company relies upon a range of independent third-party service providers to support its business operations and deliver services to Clients.

Clients should understand that:

• third-party service providers may experience interruptions, delays, or service outages;
• delays affecting deposits, withdrawals, communications, or other services may arise from systems operated by independent third parties;
• the Company may replace or change service providers where reasonably necessary; and
• events affecting third-party providers may impact the Company's services despite the Company's reasonable efforts to select, monitor, and oversee such providers.

Clients should consider third-party risk together with all other risks described in this Risk Disclosure Statement before using the Company's products and services.

13.1 General Principles

In the course of providing trading services, the Company may enter into transactions with, or rely upon, various business counterparties that support its operations, including Liquidity Providers, financial institutions, technology service providers, and other relevant counterparties.

Although the Company exercises reasonable care in selecting, assessing, and monitoring such counterparties in accordance with appropriate commercial and regulatory standards, Clients should understand that these counterparties may experience financial difficulties, operational failures, regulatory actions, or other events that may affect the Company's ability to provide certain services.

Counterparty risk is an inherent aspect of participation in the financial markets and cannot be completely eliminated.

13.2 Risk of Counterparty Default

A counterparty may fail to perform some or all of its contractual or operational obligations due to circumstances including:

• financial distress;
• liquidity shortages;
• insolvency or bankruptcy;
• suspension, revocation, or restriction of regulatory authorisation;
• cessation of business operations;
• Force Majeure events; or
• any other material event adversely affecting its business.

Such events may, in certain circumstances, adversely affect the Company's trading operations, transaction processing, or the provision of services to Clients.

13.3 Risks Relating to Liquidity Providers

The execution of Client trading orders may involve one or more Liquidity Providers or liquidity venues utilised by the Company.

If a Liquidity Provider:

• reduces or suspends its services;
• modifies its trading or pricing conditions;
• experiences financial difficulties;
• encounters technical failures; or
• becomes unable to execute transactions in the ordinary course of business,

the execution of Client orders, product pricing, market liquidity, or the availability of certain financial products may be adversely affected.

The Company cannot guarantee the continued availability or performance of any particular Liquidity Provider.

13.4 Risks Relating to Financial Institutions

The Company may utilise banks and other financial institutions in connection with deposits, withdrawals, settlement arrangements, treasury management, and other financial operations.

Where such financial institutions experience operational disruptions, regulatory restrictions, financial distress, or insolvency, certain transactions may be delayed, suspended, or otherwise affected.

The Company is not responsible for delays or interruptions arising solely from the operation of independent financial institutions beyond its reasonable control.

13.5 Risk Diversification Measures

The Company may implement appropriate counterparty risk management measures, including:

• conducting due diligence and counterparty assessments;
• ongoing monitoring of counterparty financial and operational status;
• diversification of counterparties; and
• other internal risk management procedures.

While such measures are intended to reduce counterparty risk, they cannot eliminate the possibility of losses or service disruptions arising from events affecting a counterparty.

13.6 Changes to Counterparties

The Company reserves the right to replace or change its counterparties where reasonably necessary, including for the purposes of:

• improving operational efficiency;
• enhancing risk management;
• complying with legal or regulatory requirements; or
• maintaining business continuity.

Such changes may result in temporary modifications to operational procedures, trading arrangements, or service conditions.

Where reasonably practicable, the Company will seek to minimise any disruption resulting from such changes.

13.7 Risks Associated with Multi-Party Operations

The provision of trading services may involve multiple independent service providers within a single operational process, including:

• technology providers;
• market data providers;
• Liquidity Providers;
• banks;
• payment service providers; and
• infrastructure providers.

A failure affecting any one of these participants may adversely affect the overall trading process, even where the Company's own systems continue to operate normally.

Clients acknowledge that the Company's services are dependent upon the proper functioning of a broader financial and technological ecosystem.

13.8 Events Beyond the Control of Counterparties

Counterparties themselves may be affected by events beyond their reasonable control, including:

• changes in applicable laws or regulations;
• international sanctions or trade restrictions;
• natural disasters;
• geopolitical conflicts;
• cybersecurity incidents; or
• disruptions affecting the global financial system.

Such events may impair a counterparty's ability to perform its obligations or continue providing services.

The Company cannot prevent or control the occurrence of such external events.

13.9 Client Responsibilities

Clients should understand that financial trading services inherently depend upon the participation of multiple independent counterparties and service providers.

Clients are encouraged to:

• consider counterparty risk together with all other risks described in this Risk Disclosure Statement;
• monitor Company announcements regarding material operational changes that may affect trading services; and
• recognise that certain service interruptions may arise from circumstances affecting third-party counterparties rather than the Company's own systems.

Clients should assess counterparty risk as part of their overall investment and risk management decisions.

13.10 Relationship with Other Legal Documents

Further information regarding the Company's business relationships, rights, obligations, and service arrangements is set out in:

• the Client Agreement;
• the Order Execution Policy;
• the Trading Conditions; and
• any other policies, notices, or legal documents issued by the Company from time to time.

This Risk Disclosure Statement explains the risks associated with reliance upon counterparties and should not be interpreted as disclosing confidential commercial arrangements or contractual relationships between the Company and its counterparties.

Where any inconsistency exists between this Risk Disclosure Statement and the Company's other legal documentation, the relevant provisions of those documents shall prevail to the extent permitted by applicable law.

13.11 Summary

The Company's trading services involve multiple counterparties, each of which may be exposed to financial, operational, regulatory, or other risks that could affect their ability to perform their obligations.

Clients should understand that:

• the Company exercises reasonable care in selecting and monitoring counterparties but cannot control every aspect of their operations;
• events affecting counterparties may impact certain aspects of the Company's services;
• the Company may replace counterparties where reasonably necessary to enhance risk management or service quality; and
• counterparty risk is an inherent feature of participation in the financial markets and should be considered together with all other risks described in this Risk Disclosure Statement.

Clients should carefully evaluate counterparty risk before engaging in trading activities through the Company.

14.1 General Principles

Clients may be exposed, either directly or indirectly, to fluctuations in foreign exchange rates arising from trading financial products, depositing or withdrawing funds, or converting currencies within their trading accounts.

Changes in exchange rates may affect the value of profits, losses, Margin, and the overall value of a trading account, even where the price of the relevant Underlying Asset remains unchanged.

Clients should understand that foreign exchange risk is an inherent feature of trading products denominated in, or linked to, multiple currencies.

14.2 Risks Arising from Exchange Rate Fluctuations

Foreign exchange rates may change continuously due to numerous factors, including:

• central bank monetary policies;
• changes in interest rates;
• economic conditions;
• inflation;
• market sentiment;
• political developments;
• international conflicts; and
• global demand and supply for currencies.

Such changes may occur rapidly and without prior warning and may materially affect the value of a Client's trading account and financial obligations.

14.3 Risks Relating to the Account Base Currency

Clients may open trading accounts denominated in one of the account base currencies offered by the Company.

Where a Client trades products denominated in a currency different from the account's base currency, profits, losses, fees, charges, and other account adjustments may need to be converted into the account's base currency before being recorded.

As a result, the final value credited or debited to the Client's account may differ from the amount expected due to exchange rate fluctuations.

14.4 Currency Conversion Risk

Currency conversion may be required in connection with:

• deposits;
• withdrawals;
• payment of fees or charges;
• account adjustments; and
• the recording of realised profits or losses.

The exchange rate applied to a currency conversion may differ from exchange rates published by third-party sources due to factors including:

• the timing of the transaction;
• the methodology used to determine the applicable exchange rate;
• market conditions; and
• the operational requirements or pricing arrangements of the relevant financial institutions or service providers.

Clients should not assume that exchange rates quoted by external sources will be identical to those applied in connection with transactions processed through the Company.

14.5 Risks Associated with Multiple Currencies

Clients who trade products denominated in multiple currencies or maintain exposure to several currencies simultaneously may be affected by movements in multiple foreign exchange rates.

Accordingly, gains arising from one position may be reduced or offset by adverse exchange rate movements affecting another currency.

Multi-currency exposure may increase the overall complexity and risk of a Client's trading portfolio.

14.6 Risks Arising from International Events

Exchange rates may be significantly affected by international events, including:

• capital control measures;
• international sanctions;
• changes in monetary policy;
• economic crises;
• geopolitical conflicts;
• sovereign credit rating downgrades; and
• financial emergencies or systemic market disruptions.

Such events may result in extreme currency volatility, reduced market liquidity, or restrictions affecting certain foreign exchange transactions.

14.7 Impact on Margin and Trading Positions

Fluctuations in exchange rates may indirectly affect:

• Equity;
• Margin;
• Free Margin; and
• Margin Level,

particularly where a Client's account or trading positions involve multiple currencies.

Clients should consider currency risk together with the risks associated with Leverage, Margin, and market volatility.

Changes in exchange rates may increase Margin requirements or reduce available Margin even where the underlying financial product has experienced little or no price movement.

14.8 The Company Cannot Control Exchange Rates

Foreign exchange rates are determined by market forces and are influenced by numerous external factors beyond the Company's reasonable control.

Accordingly, the Company cannot guarantee that:

• exchange rates will remain stable;
• currency conversions will not adversely affect the Client;
• exchange rates will move in the direction anticipated by the Client; or
• currency markets will remain continuously liquid or orderly.

Clients acknowledge that foreign exchange markets may experience rapid and unpredictable movements.

14.9 Client Responsibilities

Clients should:

• understand the risks associated with foreign exchange fluctuations before entering into any transaction;
• select an appropriate account base currency based upon their anticipated trading activities;
• monitor relevant exchange rate movements on an ongoing basis;
• assess the effect of currency conversions on the value of their trading accounts; and
• understand any applicable fees, charges, or costs associated with currency conversion.

Clients remain solely responsible for evaluating the impact of exchange rate fluctuations on their trading activities.

14.10 Relationship with Other Legal Documents

Further information regarding:

• supported account currencies;
• currency conversion procedures;
• applicable fees and charges (where any apply); and
• deposit and withdrawal procedures,

is set out in:

• the Client Agreement;
• the Trading Conditions;
• the Fee Schedule; and
• any other policies, notices, or legal documents published by the Company from time to time.

This Risk Disclosure Statement explains the risks associated with foreign exchange exposure and should not be interpreted as providing a comprehensive description of the Company's currency conversion procedures or pricing methodology.

Where any inconsistency exists between this Risk Disclosure Statement and the Company's other legal documentation, the relevant provisions of those documents shall prevail to the extent permitted by applicable law.

14.11 Summary

Foreign exchange fluctuations may significantly affect the value of a Client's trading account even where the price of the underlying financial product remains unchanged.

Clients should understand that:

• currency risk may arise both from trading activities and from currency conversion;
• exchange rate fluctuations may affect account values during trading, deposits, withdrawals, and other account transactions;
• selecting an appropriate account base currency and monitoring exchange rate movements form an important part of prudent risk management; and
• the Company cannot control or guarantee the direction, stability, or future movement of foreign exchange rates.

Clients should consider currency risk together with all other risks described in this Risk Disclosure Statement before engaging in trading activities involving multiple currencies.

15.1 General Principles

Holding trading positions overnight ("Overnight Positions") may expose Clients to additional risks beyond those associated with intraday trading.

Such risks may arise from overnight price movements, financing charges, reduced market liquidity, and significant events occurring while certain financial markets are closed.

Clients should carefully assess these additional risks before deciding to maintain positions overnight.

15.2 Risks of Overnight Price Movements

While a Client maintains an Overnight Position, financial markets may be affected by events including:

• economic data releases;
• central bank meetings or monetary policy announcements;
• political developments;
• international conflicts;
• natural disasters;
• significant corporate or industry-related news; or
• other material market events.

Such events may cause substantial price movements when the relevant market next opens for trading.

As these events frequently occur outside normal trading hours, Clients may be unable to react before prices adjust.

15.3 Price Gap Risk

When a market reopens following a trading suspension or market closure, the opening price of a financial product may differ materially from its previous closing price (a "Price Gap").

Where a Price Gap occurs:

• Stop Loss Orders;
• Take Profit Orders; and
• Pending Orders

may be executed at prices materially different from those specified by the Client.

Price Gaps may occur in either a favourable or unfavourable direction and are an inherent characteristic of financial markets.

The existence of a Stop Loss Order does not eliminate the risk of losses arising from a Price Gap.

15.4 Overnight Financing (Swap)

Holding positions overnight may result in the application of overnight financing adjustments ("Swap" or "Overnight Financing"), depending upon the characteristics of the financial product, the direction of the position, prevailing market conditions, and the Company's applicable Trading Conditions.

Such adjustments may result in:

• a financing charge;
• a financing credit; or
• no adjustment,

depending upon the relevant financial product and applicable trading conditions.

Clients should review the relevant product specifications before maintaining positions overnight.

15.5 Changes to Overnight Financing Charges

The rates or methodology used to calculate Overnight Financing may change due to factors including:

• prevailing market conditions;
• changes in interest rates;
• market liquidity;
• funding costs;
• changes affecting the Underlying Market; and
• other relevant commercial or financial considerations.

The Company may revise Overnight Financing rates or calculation methodologies where reasonably necessary, in accordance with the Client Agreement, Trading Conditions, and other applicable legal documentation.

15.6 Market Holidays and Trading Closures

Different financial products may be subject to different trading sessions, market holidays, and trading schedules.

During such periods:

• market prices may remain unchanged;
• liquidity may be significantly reduced;
• order execution may be limited or unavailable; and
• volatility may increase when trading resumes.

Clients are encouraged to review the Company's trading calendar, product specifications, and published notices before maintaining Overnight Positions during holiday periods or market closures.

15.7 Adjustments on Certain Trading Days

For certain financial products, Overnight Financing adjustments may differ from normal daily charges in order to reflect weekends, public holidays, settlement cycles, or other applicable market conventions.

The applicable calculation methodology, adjustment dates, and charging schedule are described in the Trading Conditions and other notices published by the Company from time to time.

Clients should familiarise themselves with these arrangements before holding Overnight Positions.

15.8 Impact on the Trading Account

Overnight Financing charges together with overnight price movements may affect:

• Balance;
• Equity;
• Free Margin; and
• Margin Level.

Where positions are maintained for extended periods, the cumulative effect of financing adjustments and market movements may become significant.

Such changes may increase the likelihood of a Margin Call, automatic liquidation, or Stop Out in accordance with the Company's applicable trading conditions.

15.9 Events Beyond the Company's Control Outside Trading Hours

Events occurring while markets are closed or outside normal trading hours are beyond the Company's reasonable control and cannot be predicted with certainty.

Accordingly, the Company cannot guarantee that:

• the market opening price will be close to the previous closing price;
• a Price Gap will not occur;
• market volatility will remain within normal levels; or
• sufficient market liquidity will exist immediately upon the reopening of trading.

Clients acknowledge that overnight market risk cannot be eliminated through the Company's trading services.

15.10 Client Responsibilities

Clients should:

• carefully evaluate the risks before holding Overnight Positions;
• understand the Overnight Financing applicable to each financial product;
• monitor economic announcements and other significant market events;
• consider the impact of market holidays and trading suspensions; and
• maintain sufficient Margin to withstand potential overnight volatility and financing adjustments.

Clients remain solely responsible for determining whether maintaining Overnight Positions is appropriate in light of their financial circumstances and risk tolerance.

15.11 Relationship with Other Legal Documents

Further information regarding:

• Overnight Financing charges;
• market trading sessions;
• trading hours;
• applicable financing adjustments; and
• the methodology used to calculate Overnight Financing,

is set out in:

• the Client Agreement;
• the Trading Conditions;
• the Fee Schedule;
• the Order Execution Policy; and
• any notices or announcements published by the Company from time to time.

This Risk Disclosure Statement explains the risks associated with holding Overnight Positions and should not be interpreted as establishing the applicable financing rates or calculation methodology, which are governed by the Company's other legal documentation.

Where any inconsistency exists between this Risk Disclosure Statement and the Company's other legal documentation, the relevant provisions of those documents shall prevail to the extent permitted by applicable law.

15.12 Summary

Holding Overnight Positions may expose Clients to additional risks beyond those associated with intraday trading, including increased market volatility, financing charges, reduced liquidity, and events occurring while markets are closed.

Clients should understand that:

• holding positions overnight may increase both potential returns and potential losses;
• Price Gaps may cause Stop Loss Orders, Take Profit Orders, and Pending Orders to be executed at prices materially different from those expected;
• Overnight Financing charges may change in response to market conditions and product-specific factors; and
• monitoring trading calendars, significant market developments, and maintaining adequate Margin are essential elements of prudent overnight risk management.

Clients should carefully consider Overnight Risk together with all other risks described in this Risk Disclosure Statement before maintaining trading positions outside normal market hours.

16.1 General Principles

Certain financial products offered by the Company derive their value or pricing from shares, stock indices, Exchange-Traded Funds (ETFs), or other Underlying Assets.

Where a significant Corporate Action affects an Underlying Asset, the Company may need to adjust the terms of the relevant financial product or the Client's trading position in order to reflect the economic effect of that event as fairly and reasonably as practicable.

Such adjustments are intended to preserve, so far as reasonably possible, the economic equivalence of the Client's position before and after the Corporate Action.

16.2 Types of Corporate Actions

Corporate Actions that may affect an Underlying Asset include, but are not limited to:

• dividend distributions;
• stock splits;
• reverse stock splits;
• rights issues;
• takeover offers;
• mergers or acquisitions;
• spin-offs;
• delisting of securities;
• changes to the composition of an index;
• changes to the name or trading symbol of a security; and
• any other event of a similar nature affecting the Underlying Asset.

The occurrence of a Corporate Action may require adjustments to trading products referencing the affected Underlying Asset.

16.3 Impact on Trading Positions

Where a Corporate Action occurs, the Company may take one or more of the following actions where it considers such action appropriate:

• adjust the product price;
• adjust the position size or contract quantity;
• amend the opening price of an existing position;
• make cash adjustments or account credits/debits;
• restrict the opening of new positions;
• temporarily suspend trading;
• discontinue a particular product; or
• implement any other reasonable adjustment necessary to reflect the economic effect of the Corporate Action.

Such actions are intended to promote the fair, orderly, and continuous provision of trading services and are not intended to create an unfair advantage or disadvantage for Clients.

16.4 Dividend Adjustments

For products referencing shares or indices that are affected by dividend distributions, Clients may be subject to dividend-related cash adjustments depending upon:

• the direction of their trading position;
• the applicable product specifications; and
• the Company's Trading Conditions.

The applicable methodology, calculation procedures, and adjustment dates are set out in the Trading Conditions, Product Specifications, and any notices issued by the Company from time to time.

Clients should understand that dividend adjustments applicable to derivative products may differ from dividends received by holders of the underlying securities.

16.5 Stock Splits and Reverse Stock Splits

Where an Underlying Asset undergoes a stock split or reverse stock split, the Company may adjust the position size, contract quantity, opening price, or other relevant trading parameters so that the economic value of the Client's position remains, as nearly as reasonably practicable, equivalent to its value immediately before the Corporate Action.

Such adjustments are not intended to generate additional profits or losses for the Client.

16.6 Delisting or Permanent Suspension of the Underlying Asset

Where an Underlying Asset is delisted, permanently suspended, or otherwise ceases to trade, the Company may take such action as it reasonably considers appropriate, including:

• restricting the opening of new positions;
• limiting trading activity;
• closing outstanding positions;
• discontinuing the affected product; or
• taking any other action permitted under the Client Agreement, Trading Conditions, or applicable law.

In determining the appropriate course of action, the Company may consider prevailing market conditions, available market information, applicable market practice, and the interests of Clients generally.

16.7 Changes to Index Composition

For products referencing stock indices or other benchmark indices, changes to:

• the composition of the index;
• the index calculation methodology; or
• the index sponsor or administrator,

may affect the price or value of the relevant financial product.

The Company has no control over the decisions or methodologies adopted by index sponsors or index administrators.

Clients acknowledge that such changes may occur without prior consultation with the Company.

16.8 Unforeseeable Corporate Events

Certain Corporate Actions or market events may occur unexpectedly or may not be subject to established market practice.

In such circumstances, the Company may exercise its reasonable discretion and act in good faith when determining the appropriate treatment of affected trading positions, taking into consideration:

• the nature of the Corporate Action;
• prevailing market practice;
• information obtained from relevant market sources;
• the overall interests of Clients; and
• applicable laws and regulatory requirements.

The Company's objective is to achieve a fair and commercially reasonable outcome under the circumstances.

16.9 No Ownership of the Underlying Asset

Clients should understand that trading Contracts for Difference (CFDs) or other derivative products through the Company does not constitute ownership of the Underlying Asset.

Accordingly, Clients generally do not acquire the legal rights associated with ownership of the underlying security, including but not limited to:

• voting rights;
• the right to attend shareholders' meetings;
• the right to receive issuer communications directly; or
• any other shareholder rights granted under applicable corporate or securities laws.

Unless expressly provided otherwise by the Company, such rights do not apply to Clients trading derivative products.

16.10 Client Responsibilities

Clients should:

• understand the characteristics of each financial product before trading;
• monitor news and announcements relating to the relevant Underlying Asset;
• recognise that Corporate Actions may affect their trading positions, pricing, or account balances; and
• review Company announcements concerning any adjustments or measures implemented in response to Corporate Actions.

Clients remain responsible for understanding how Corporate Actions may affect their trading activities.

16.11 Relationship with Other Legal Documents

Further information regarding:

• position adjustments;
• pricing adjustments;
• account adjustments;
• trading suspensions or product discontinuations; and
• the treatment of Corporate Actions,

is set out in:

• the Client Agreement;
• the Trading Conditions;
• the Product Specifications;
• the Order Execution Policy; and
• any notices or announcements published by the Company from time to time.

This Risk Disclosure Statement explains the risks associated with Corporate Actions and should not be interpreted as establishing the specific adjustment methodology applicable to every Corporate Action.

Where any inconsistency exists between this Risk Disclosure Statement and the Company's other legal documentation, the relevant provisions of those documents shall prevail to the extent permitted by applicable law.

16.12 Summary

Corporate Actions affecting an Underlying Asset may influence product pricing, trading conditions, and Client positions, even where the Client has taken no action.

Clients should understand that:

• Corporate Actions may affect the value, pricing, or contractual terms of their trading positions;
• the Company may adjust prices, position sizes, account balances, or other relevant trading parameters in order to reflect the economic impact of a Corporate Action;
• trading CFDs or other derivative products does not confer ownership of the Underlying Asset or the legal rights of shareholders; and
• the Company's treatment of Corporate Actions is governed by the Client Agreement, Trading Conditions, Product Specifications, and other applicable legal documentation.

Clients should consider Corporate Action Risk together with all other risks described in this Risk Disclosure Statement before trading products linked to shares, indices, ETFs, or other affected Underlying Assets.

17.1 General Principles

The Company's services may be affected by events beyond its reasonable control that cannot be anticipated, prevented, or avoided through the exercise of reasonable care and diligence ("Force Majeure Events").

Such events may affect, among other things, order execution, price quotations, access to trading systems, deposits and withdrawals, communications, or the provision of other Company services.

Clients acknowledge that Force Majeure Events are an inherent risk of participating in the financial markets.

17.2 Examples of Force Majeure Events

Force Majeure Events may include, without limitation:

• natural disasters;
• earthquakes;
• floods;
• storms;
• fires;
• epidemics or pandemics;
• war or armed conflict;
• acts of terrorism;
• political unrest;
• civil disturbances or riots;
• widespread protests;
• strikes or industrial action;
• disruption of financial systems;
• failure of communication networks;
• widespread electrical power outages;
• large-scale cyberattacks; and
• any other event beyond the Company's reasonable control that materially affects its ability to provide services.

The above list is illustrative only and should not be regarded as exhaustive.

17.3 Impact on Trading

Where a Force Majeure Event occurs, one or more of the following consequences may arise:

• temporary suspension of trading;
• restrictions on opening new positions;
• delays in order execution;
• suspension or interruption of price quotations;
• significant reductions in market liquidity;
• increased market volatility; or
• temporary inability to access the Trading Platform.

Such effects may be temporary or prolonged depending upon the nature, duration, and severity of the Force Majeure Event.

17.4 Impact on Trading Orders

During a Force Majeure Event, trading orders previously submitted by Clients may:

• experience execution delays;
• be partially executed;
• be executed at prices materially different from those expected by the Client; or
• remain unexecuted until market conditions permit execution.

The treatment of orders during such circumstances will depend upon prevailing market conditions, available liquidity, operational constraints, and applicable market practices.

The Company cannot guarantee the execution of any order during a Force Majeure Event.

17.5 Impact on Deposits and Withdrawals

Force Majeure Events may affect:

• transaction processing systems;
• banking systems;
• payment service providers;
• international funds transfer systems; and
• transaction verification or compliance systems.

As a result, deposits, withdrawals, or other payment-related transactions may require longer processing times than would ordinarily be expected.

The Company shall not be responsible for delays arising solely from circumstances beyond its reasonable control.

17.6 Measures Taken by the Company

Where a Force Majeure Event occurs, the Company may implement such measures as it reasonably considers necessary and proportionate to the circumstances, including:

• temporarily suspending certain financial products;
• restricting particular trading activities;
• modifying trading hours;
• suspending certain services;
• adjusting operational procedures; or
• taking any other action reasonably necessary to preserve the stability, integrity, security, and continuity of its services.

In determining the appropriate response, the Company may take into account prevailing market conditions, the interests of Clients generally, operational considerations, and applicable legal and regulatory requirements.

17.7 Efforts to Mitigate the Effects of Force Majeure

The Company will use reasonable efforts to:

• maintain continuity of its services where reasonably practicable;
• minimise the impact of the Force Majeure Event;
• restore affected systems as soon as reasonably possible; and
• communicate relevant information to Clients when circumstances permit.

However, the Company cannot guarantee uninterrupted service throughout the duration of a Force Majeure Event.

The timing and effectiveness of recovery efforts may depend upon factors beyond the Company's reasonable control.

17.8 Governmental and Regulatory Actions

Force Majeure Events may arise from actions taken by governmental authorities or regulatory bodies, including:

• declarations of a state of emergency;
• capital control measures;
• closure of financial markets;
• restrictions affecting particular financial transactions;
• international sanctions; or
• legally binding governmental or regulatory orders affecting the Company's business.

The Company is required to comply with all applicable laws, regulations, sanctions, and lawful directives issued by competent authorities.

Such compliance may affect the Company's ability to provide certain services to Clients.

17.9 Client Responsibilities

Clients should:

• monitor news and developments that may affect the financial markets;
• review Company announcements on a regular basis;
• carefully assess market risks before maintaining positions during periods of heightened uncertainty;
• maintain sufficient Margin to withstand increased market volatility; and
• prepare appropriate contingency plans in the event of market disruption or temporary service interruptions.

Clients remain responsible for managing their own trading risks during periods of extraordinary market conditions.

17.10 Relationship with Other Legal Documents

Further information regarding:

• the rights and obligations of the parties;
• order execution;
• suspension of services; and
• emergency and business continuity procedures,

is set out in:

• the Client Agreement;
• the Order Execution Policy;
• the Trading Conditions;
• the Business Continuity Policy (where applicable); and
• any policies, notices, or announcements published by the Company from time to time.

This Risk Disclosure Statement explains the risks associated with Force Majeure Events and should not be interpreted as establishing the Company's complete emergency response procedures.

Where any inconsistency exists between this Risk Disclosure Statement and the Company's other legal documentation, the relevant provisions of those documents shall prevail to the extent permitted by applicable law.

17.11 Summary

Force Majeure Events are extraordinary circumstances beyond the Company's reasonable control and may significantly affect the availability and operation of its services.

Clients should understand that:

• Force Majeure Events may affect trading, deposits, withdrawals, communications, and access to the Trading Platform;
• the Company will use reasonable efforts to minimise disruption and restore services as soon as reasonably practicable;
• any measures implemented by the Company during a Force Majeure Event are intended to preserve the stability, integrity, and orderly operation of its trading environment and to protect the interests of Clients generally; and
• despite the Company's reasonable efforts, certain services may be delayed, restricted, suspended, or temporarily unavailable for periods of time due to circumstances beyond the Company's reasonable control.

Clients should consider Force Majeure Risk together with all other risks described in this Risk Disclosure Statement before using the Company's products and services.

18.1 General Principles

The Company's services are subject to applicable laws, regulations, rules, directives, regulatory notices, and requirements imposed by competent governmental and regulatory authorities in the jurisdictions in which the Company operates or is otherwise required to comply.

Such laws and regulations may be amended, repealed, supplemented, or reinterpreted at any time, and such changes may affect the Company's products, services, contractual terms, rights, obligations, or the legal relationship between the Company and its Clients.

Clients acknowledge that legal and regulatory risk is an inherent aspect of participating in international financial markets.

18.2 Changes in Laws

Changes in applicable laws may arise through various means, including:

• the enactment of new legislation;
• amendments to existing laws;
• the issuance of new regulations, directives, or regulatory guidance;
• changes in the interpretation or enforcement practices of competent authorities;
• judicial decisions or court judgments affecting the interpretation of applicable laws; or
• other legislative or regulatory developments.

Such changes may have either a direct or indirect effect on the Company's products, services, operational procedures, or contractual arrangements.

18.3 Changes in Regulatory Requirements

Regulatory authorities may introduce new or amended requirements relating to, among other matters:

• account opening procedures;
• client identification and verification;
• anti-money laundering (AML) and counter-terrorist financing (CTF) measures;
• risk management;
• client protection;
• the types of products that may be offered;
• marketing and distribution restrictions;
• leverage limitations; and
• capital adequacy or prudential requirements.

Compliance with such regulatory changes may require the Company to modify its services, operational procedures, or product offerings.

18.4 Jurisdictional Restrictions

The laws of different countries may impose varying restrictions upon the provision or use of financial services.

Clients are solely responsible for determining whether their use of the Company's services, trading activities, or financial transactions comply with the laws and regulations applicable in the jurisdictions of their residence, nationality, domicile, incorporation, or any other jurisdiction to which they are subject.

The availability of the Company's services does not constitute a representation that such services may lawfully be used in every jurisdiction.

18.5 International Sanctions and Regulatory Restrictions

The Company's business may be affected by international legal measures and regulatory restrictions, including:

• economic or financial sanctions;
• restrictions on cross-border fund transfers;
• limitations affecting financial services;
• anti-money laundering (AML) measures;
• counter-terrorist financing (CTF) requirements; and
• measures imposed by governments, regulatory authorities, or international organisations.

Compliance with such measures may require the Company to restrict, suspend, or terminate services provided to certain Clients, transactions, countries, territories, or jurisdictions as required by applicable law.

18.6 Changes to Products and Services

In order to comply with applicable laws or regulatory requirements, the Company may, where reasonably necessary:

• amend or update financial products;
• discontinue certain products or services;
• modify trading conditions;
• restrict access to particular services;
• introduce enhanced client due diligence procedures;
• amend operational processes or legal documentation; or
• implement any other measures required by applicable law or regulation.

Such changes may take effect immediately where required by law or regulatory direction.

18.7 Cooperation with Competent Authorities

The Company may be legally required to cooperate with governmental authorities, regulatory bodies, courts, law enforcement agencies, or other competent authorities.

Such cooperation may include:

• the disclosure of information;
• the suspension or restriction of transactions;
• the freezing or blocking of accounts or assets where legally required; or
• any other action required by applicable law, court order, or lawful regulatory instruction.

The Company will comply with such legal obligations only to the extent required or permitted by applicable law.

18.8 Risks Arising from the Interpretation of Laws

Certain laws and regulations may be complex, uncertain, or subject to differing interpretations across jurisdictions or by different regulatory authorities.

The Company cannot guarantee that legal interpretations or regulatory practices will remain consistent over time.

Changes in legal interpretation, judicial precedent, or regulatory guidance may affect the Company's services, contractual rights, or the manner in which applicable laws are applied.

18.9 Client Responsibilities

Clients should:

• comply with all laws and regulations applicable to them;
• provide accurate, complete, and up-to-date information and documentation;
• notify the Company promptly of any material changes that may affect their eligibility to use the Company's services;
• cooperate with any identity verification, enhanced due diligence, or compliance procedures required by the Company pursuant to applicable law; and
• obtain an understanding of the legal and regulatory requirements applicable to the trading of financial products within their own jurisdiction.

Clients remain solely responsible for ensuring that their use of the Company's services is lawful in the jurisdictions applicable to them.

18.10 Relationship with Other Legal Documents

Further information regarding:

• the rights and obligations of the parties;
• client identification and verification;
• anti-money laundering and counter-terrorist financing procedures;
• suspension or termination of services; and
• amendments to product terms and trading conditions,

is set out in:

• the Client Agreement;
• the AML/KYC Policy;
• the Privacy Policy;
• the Trading Conditions; and
• any other policies, notices, or legal documents published by the Company from time to time.

This Risk Disclosure Statement explains the legal and regulatory risks associated with the Company's services and is not intended to constitute legal, tax, regulatory, or professional advice.

Where any inconsistency exists between this Risk Disclosure Statement and the Company's other legal documentation, the relevant provisions of those documents shall prevail to the extent permitted by applicable law.

18.11 Summary

The provision of financial services is subject to a legal and regulatory environment that may change at any time.

Clients should understand that:

• changes in laws or regulatory requirements may affect the Company's products, services, trading conditions, or operational procedures;
• the Company may be required to amend its services or legal documentation in order to comply with applicable laws and regulatory obligations;
• Clients are responsible for complying with the laws applicable to them and for cooperating with any legally required compliance procedures; and
• this Risk Disclosure Statement does not constitute legal advice, and Clients should seek independent legal, tax, or professional advice where they have questions regarding their legal rights or obligations.

Clients should consider Legal and Regulatory Risk together with all other risks described in this Risk Disclosure Statement before using the Company's products and services.

19.1 General Principles

Trading financial products may give rise to tax consequences for Clients depending upon the tax laws applicable to their individual circumstances, including their country of residence, tax residency, nationality, the nature of the financial products traded, and the characteristics of the relevant transactions.

Tax laws and regulations differ across jurisdictions and may be amended or reinterpreted at any time.

Clients acknowledge that tax risk is personal in nature and that the Company cannot determine the tax consequences applicable to any individual Client.

19.2 Client Responsibility for Tax Matters

Clients are solely responsible for:

• complying with all applicable tax laws and regulations;
• filing any required tax returns or declarations;
• paying all taxes, duties, levies, charges, or other fiscal obligations arising from their trading activities;
• maintaining appropriate books, records, and documentation relating to their tax obligations; and
• obtaining independent professional advice where necessary.

The Company is not able to assess or determine the tax liabilities of individual Clients.

19.3 Differences Between Tax Jurisdictions

Tax treatment may differ depending upon factors including:

• the Client's country of residence;
• the Client's jurisdiction of tax residence;
• the Client's nationality or citizenship;
• the type of financial products traded; and
• the nature and classification of the income or gains generated.

Clients should familiarise themselves with the tax laws applicable to their own circumstances before using the Company's services.

19.4 Changes in Tax Laws

Tax legislation and administrative practice may change from time to time, including changes relating to:

• tax rates;
• methods of taxation;
• tax calculation rules;
• available tax reliefs or exemptions; and
• tax reporting or disclosure obligations.

Such changes may affect a Client's net returns even where the underlying trading performance remains unchanged.

The Company has no control over changes in tax legislation or governmental tax policy.

19.5 Tax Withholding and Statutory Reporting

In certain circumstances, the Company may be legally required to:

• withhold taxes at source;
• report information to competent governmental or tax authorities;
• disclose Client information where required by law; or
• comply with any other statutory tax obligations.

Where the Company is legally required to take such actions, it may do so without obtaining any additional consent from the Client where such consent is not required by applicable law.

Clients acknowledge that the Company may prioritise compliance with its legal obligations over individual Client preferences.

19.6 International Exchange of Tax Information

Applicable laws or international agreements may require the exchange of financial or tax information between competent governmental authorities.

Where required by applicable law, the Company may collect, verify, retain, process, or disclose relevant Client information for the purposes of complying with international tax reporting obligations or information exchange regimes.

Such disclosures will be made only to the extent required or permitted by applicable law.

19.7 No Tax Advice

Any information, statements, reports, account summaries, or documents provided by the Company are supplied solely to facilitate the Client's use of the Company's services.

The Company does not provide tax, accounting, legal, or financial advice and makes no representation regarding the tax treatment or tax consequences of any transaction undertaken by a Client.

Clients who have questions concerning their personal tax position should seek independent advice from appropriately qualified tax advisers, accountants, or other professional advisers.

19.8 Client Responsibilities

Clients should:

• understand the tax laws applicable to their personal circumstances;
• retain appropriate trading records and supporting documentation;
• provide accurate and up-to-date tax information where requested by the Company;
• promptly notify the Company of any material changes affecting their tax status; and
• obtain independent professional tax advice whenever appropriate.

Clients remain solely responsible for fulfilling all applicable tax obligations arising from their use of the Company's products and services.

19.9 Relationship with Other Legal Documents

Further information regarding:

• the collection and processing of Client information;
• disclosure of information pursuant to applicable law;
• client identification and verification procedures; and
• compliance with applicable legal and regulatory obligations,

is set out in:

• the Client Agreement;
• the Privacy Policy;
• the AML/KYC Policy; and
• any other policies, notices, or legal documents published by the Company from time to time.

This Risk Disclosure Statement provides a general explanation of tax-related risks and should not be interpreted as tax, accounting, legal, or professional advice.

Where any inconsistency exists between this Risk Disclosure Statement and the Company's other legal documentation, the relevant provisions of those documents shall prevail to the extent permitted by applicable law.

19.10 Summary

The tax consequences arising from trading financial products depend upon the laws applicable to each Client and the Client's individual circumstances.

Clients should understand that:

• profits, losses, and other transactions may give rise to tax liabilities;
• tax laws, reporting obligations, and regulatory requirements may change at any time;
• the Company may be legally required to withhold taxes or disclose information to competent authorities where required by applicable law; and
• the Company does not provide tax advice, and Clients should obtain independent professional advice whenever they require assistance in understanding their tax obligations.

Clients should consider Tax Risk together with all other risks described in this Risk Disclosure Statement before engaging in trading activities through the Company.

20.1 General Principles

In the course of providing financial services, circumstances may arise in which the interests of the Company, its Clients, directors, officers, employees, Affiliates, service providers, or other relevant parties differ or potentially conflict.

The Company recognises that conflicts of interest are an inherent risk in the provision of financial services and has implemented appropriate policies and procedures designed to identify, prevent, manage, mitigate, and where appropriate disclose such conflicts in accordance with applicable laws, regulations, and recognised industry standards.

20.2 Examples of Conflicts of Interest

Conflicts of interest may arise in various circumstances, including between:

• the Company and a Client;
• one Client and another Client;
• employees and Clients;
• the Company and third-party service providers;
• the Company and its Affiliates; or
• any persons involved in the provision of the Company's services.

The existence of a potential conflict of interest does not necessarily indicate that improper, unlawful, or unfair conduct has occurred.

20.3 Management of Conflicts of Interest

The Company may implement appropriate measures to manage conflicts of interest, including:

• maintaining internal policies and procedures;
• segregating duties and operational responsibilities;
• establishing governance and oversight arrangements;
• monitoring and assessing potential conflicts;
• implementing internal controls; and
• making disclosures where required by applicable law or where otherwise considered appropriate.

These measures are intended to reduce the risk that conflicts of interest may adversely affect the interests of Clients.

20.4 Remuneration and Incentive Arrangements

The Company may establish remuneration structures, performance incentives, commissions, or bonus arrangements for employees or other persons involved in the provision of its services.

The Company seeks to design such arrangements in a manner that promotes fair treatment of Clients, compliance with applicable legal and regulatory obligations, and the effective management of conflicts of interest.

Remuneration arrangements are subject to the Company's internal governance and compliance procedures.

20.5 Third-Party Service Providers and Affiliates

The Company may engage third-party service providers or conduct business with Affiliates or other related parties.

Where such arrangements exist, the Company seeks to ensure that decisions are made in accordance with appropriate governance procedures, taking into consideration:

• the interests of Clients;
• applicable legal and regulatory requirements; and
• the Company's internal conflict management policies.

The use of third-party service providers or Affiliates does not, in itself, constitute improper conduct or an unmanaged conflict of interest.

20.6 Order Execution

The Company may receive trading orders from multiple Clients simultaneously.

Client orders are handled in accordance with the Order Execution Policy, applicable operational procedures, and relevant legal requirements.

The Company seeks to execute Client orders fairly, consistently, and in accordance with its established execution arrangements, while taking into account prevailing market conditions and operational circumstances.

20.7 Disclosure of Conflicts

Where the Company reasonably determines that a conflict of interest cannot be effectively managed through internal controls alone, it may disclose the nature or source of the relevant conflict to affected Clients where required by applicable law or where such disclosure is considered appropriate.

Such disclosure is intended to enable Clients to make informed decisions regarding the continued use of the Company's services.

20.8 No Guarantee That Conflicts Will Never Arise

Although the Company maintains policies and procedures designed to identify and manage conflicts of interest, it cannot guarantee that conflicts will never arise.

The Company will, however, use reasonable efforts to identify, assess, manage, mitigate, and where appropriate disclose conflicts of interest in accordance with applicable legal, regulatory, and governance standards.

Clients acknowledge that conflicts of interest are an inherent aspect of the financial services industry and cannot be entirely eliminated.

20.9 Client Responsibilities

Clients should:

• review the Company's legal documentation and service terms carefully;
• seek clarification from the Company where they have questions regarding the Company's services or potential conflicts of interest;
• notify the Company if they become aware of circumstances that may affect the fairness or integrity of the services provided; and
• carefully consider all information disclosed by the Company when making investment or trading decisions.

Clients remain responsible for evaluating the suitability of the Company's services in light of their own objectives and circumstances.

20.10 Relationship with Other Legal Documents

Further information regarding:

• the management of conflicts of interest;
• order execution;
• disclosure obligations; and
• internal governance arrangements,

is set out in:

• the Client Agreement;
• the Order Execution Policy;
• the Conflict of Interest Policy;
• the Company's Internal Governance Policies (where applicable); and
• any other policies, notices, or legal documents published by the Company from time to time.

This Risk Disclosure Statement provides a general explanation of conflicts of interest and should not be interpreted as a comprehensive description of the Company's internal governance or conflict management framework.

Where any inconsistency exists between this Risk Disclosure Statement and the Company's other legal documentation, the relevant provisions of those documents shall prevail to the extent permitted by applicable law.

20.11 Summary

Conflicts of interest are an inherent risk in the provision of financial services and may arise in the ordinary course of the Company's business.

Clients should understand that:

• conflicts of interest may arise between various persons or entities involved in providing the Company's services;
• the existence of a conflict of interest does not necessarily mean that Clients will be treated unfairly;
• the Company maintains policies and procedures designed to identify, prevent, manage, mitigate, and where appropriate disclose conflicts of interest in accordance with applicable legal and regulatory requirements; and
• where appropriate or required by law, the Company may disclose relevant information regarding a conflict of interest to enable Clients to make informed decisions.

Clients should consider Conflict of Interest Risk together with all other risks described in this Risk Disclosure Statement before using the Company's products and services.

21.1 General Principles

Clients are responsible for using the Company's products and services honestly, prudently, and in compliance with all applicable laws, regulations, contractual obligations, and the Company's policies and procedures.

Before opening an account or entering into any transaction, Clients should ensure that they understand the nature of the financial products offered, the associated risks, and the applicable terms and conditions governing the Company's services.

21.2 Understanding Financial Products

Before engaging in any trading activity, Clients should:

• understand the characteristics of the financial products they intend to trade;
• familiarise themselves with the relevant trading mechanisms;
• assess the risks associated with those products; and
• determine whether the products are suitable for their investment objectives, financial circumstances, and risk tolerance.

Clients should not trade products that they do not fully understand.

21.3 Investment Decisions

All trading and investment decisions are made solely by the Client.

Clients should independently evaluate available information, market conditions, and relevant risk factors, or obtain independent professional advice from suitably qualified advisers before entering into any transaction.

Unless expressly agreed in writing under a separate advisory arrangement, the Company does not provide investment advice, portfolio management, or recommendations regarding the suitability of any investment or trading strategy.

21.4 Accuracy of Information

Clients are responsible for providing information that is:

• accurate;
• complete; and
• kept up to date.

Clients must promptly notify the Company of any material changes affecting their account, including changes relating to:

• name;
• residential or business address;
• contact information;
• tax status;
• identity or verification documents; or
• any other information relevant to the Company's provision of services.

Failure to maintain accurate and current information may affect the Company's ability to provide certain services or comply with applicable legal obligations.

21.5 Security of Account Credentials

Clients are responsible for safeguarding:

• usernames;
• passwords;
• authentication codes;
• devices used to access the Trading Platform; and
• any other authentication credentials or security methods.

Clients should not disclose such information to any third party unless expressly authorised by the Company or required by applicable law.

If a Client suspects that an account has been accessed without authorisation or that any security credentials have been compromised, the Client must notify the Company without undue delay.

Clients remain responsible for maintaining appropriate cybersecurity practices in relation to their own devices and internet connections.

21.6 Risk Management

Clients should:

• manage their trading capital prudently;
• use Leverage responsibly;
• monitor Margin levels on an ongoing basis;
• consider using risk management tools, such as Stop Loss Orders, where appropriate; and
• avoid trading with funds that they cannot afford to lose.

The Company encourages Clients to adopt sound risk management practices but cannot guarantee that any risk management technique will eliminate or reduce trading losses.

21.7 Monitoring of Accounts and Transactions

Clients should regularly review:

• trading activity;
• account balances;
• account movements;
• account statements;
• confirmations; and
• notifications or reports issued by the Company.

If a Client identifies any error, unauthorised transaction, or irregularity, the Client should notify the Company within the time limits specified in the Client Agreement, or as soon as reasonably practicable.

Failure to report discrepancies promptly may affect the Company's ability to investigate or resolve the matter.

21.8 Compliance with Applicable Laws

Clients are responsible for complying with all laws and regulations applicable to their use of the Company's services, including, where relevant:

• financial services laws;
• tax legislation;
• anti-money laundering (AML) requirements;
• counter-terrorist financing (CTF) obligations;
• sanctions laws; and
• any other applicable legal or regulatory requirements.

Clients are solely responsible for ensuring that their trading activities are lawful within the jurisdictions applicable to them.

21.9 Cooperation with the Company

Clients should cooperate with the Company whenever information or documentation is reasonably requested, including in relation to:

• additional identity verification;
• source of funds or source of wealth verification;
• updating Client information;
• transaction reviews or investigations; and
• compliance with applicable legal and regulatory obligations.

Failure to cooperate may result in delays, restrictions, suspension of services, account limitations, or other actions permitted under applicable law or the Client Agreement.

21.10 Monitoring Company Announcements

The Company may publish information through its designated communication channels, including:

• announcements;
• notices;
• amendments to contractual terms;
• technical notifications;
• changes to trading hours; and
• product-related information.

Clients are responsible for regularly reviewing such communications to ensure that they remain informed of matters affecting their accounts or the Company's services.

A Client's failure to review Company communications does not relieve the Client of obligations arising under the Company's legal documentation.

21.11 Relationship with Other Legal Documents

The responsibilities described in this Risk Disclosure Statement should be read together with the provisions contained in:

• the Client Agreement;
• the Trading Conditions;
• the Order Execution Policy;
• the Privacy Policy;
• the AML/KYC Policy; and
• any other policies, notices, or legal documents published by the Company from time to time.

Where specific rights or obligations are governed by another legal document, the provisions of that document shall prevail to the extent permitted by applicable law.

21.12 Summary

The appropriate use of the Company's financial services requires cooperation between the Company and its Clients.

Clients should understand that:

• all trading decisions remain the sole responsibility of the Client;
• providing accurate and up-to-date information is essential for the Company's continued provision of services;
• safeguarding account credentials and monitoring account activity are fundamental Client responsibilities;
• understanding financial products and implementing appropriate risk management practices may reduce, but cannot eliminate, trading risks; and
• compliance with applicable laws and cooperation with the Company's reasonable compliance requests are essential to maintaining secure, lawful, and uninterrupted access to the Company's services.

Clients should carefully consider these responsibilities together with all other risks described in this Risk Disclosure Statement before opening an account or engaging in trading activities with the Company.

22.1 Purpose of this Risk Disclosure Statement

This Risk Disclosure Statement has been prepared to provide Clients with information regarding the principal risks associated with the Company's products, services, and the trading of financial instruments offered by the Company.

Its purpose is to assist Clients in understanding and assessing those risks so that they may make informed decisions regarding the use of the Company's services.

This Risk Disclosure Statement is provided for informational purposes only and does not constitute investment, legal, tax, accounting, financial, or other professional advice. Clients should obtain independent professional advice where appropriate.

22.2 Non-Exhaustive Nature of the Risks Described

The risks described in this Risk Disclosure Statement represent significant and commonly encountered risks associated with trading financial products.

However, this document does not purport to identify or explain every possible risk that may arise.

Additional risks may exist, including risks that:

• cannot presently be identified or reasonably anticipated;
• arise from future market developments;
• result from changes in applicable laws or regulations; or
• relate to the Client's individual financial circumstances, investment objectives, or trading activities.

Clients should exercise independent judgment and conduct their own assessment of all relevant risks before engaging in any transaction.

22.3 Reading This Document Together with Other Legal Documentation

This Risk Disclosure Statement forms part of the Company's overall legal documentation governing the provision of its services.

Clients should read this document together with, among others:

• the Client Agreement;
• the Trading Conditions;
• the Order Execution Policy;
• the Privacy Policy;
• the AML/KYC Policy;
• the Cookie Policy;
• the Fee Schedule;
• the Product Specifications; and
• any other policies, notices, or legal documents published by the Company from time to time.

Reading these documents together will assist Clients in obtaining a comprehensive understanding of their rights, obligations, trading conditions, and the risks associated with the Company's services.

22.4 Amendments to this Risk Disclosure Statement

The Company reserves the right to amend, revise, supplement, or update this Risk Disclosure Statement from time to time in order to reflect, among other matters:

• changes in applicable laws or regulations;
• new regulatory requirements;
• modifications to the Company's products or services;
• changes in market conditions;
• improvements to the Company's risk management practices; or
• any other reasonable business or operational considerations.

Any amendments will take effect in accordance with the procedures set out in the Client Agreement, applicable law, or any notice provided by the Company.

22.5 Interpretation

Any questions regarding the interpretation of this Risk Disclosure Statement should be considered together with the Client Agreement and the Company's other applicable legal documentation.

Where any inconsistency exists between this Risk Disclosure Statement and another document specifically governing the rights and obligations of the parties, the provisions of that document shall prevail with respect to the relevant subject matter, to the extent permitted by applicable law.

22.6 Language

The Company may make this Risk Disclosure Statement available in more than one language for the convenience of Clients.

Where any inconsistency, ambiguity, or discrepancy arises between different language versions, the language designated as the governing language in the Client Agreement or other applicable legal documentation shall prevail, unless otherwise required by applicable law.

22.7 Effective Date

This Risk Disclosure Statement shall become effective on the date specified by the Company and shall apply to all Clients using the Company's products and services to the extent applicable.

Any subsequent amendments or revisions shall become effective on the date specified by the Company or otherwise notified to Clients in accordance with applicable law or the Client Agreement.

22.8 Client Acknowledgement

By opening an account, accessing the Company's services, or entering into transactions with the Company, a Client may be deemed, to the extent permitted by applicable law and the Company's account opening procedures, to acknowledge that the Client has been provided with a reasonable opportunity to access and review this Risk Disclosure Statement together with the Company's other applicable legal documentation.

Such acknowledgement does not constitute:

• any guarantee by the Company of investment performance or profitability;
• any representation that losses cannot occur; or
• any limitation or waiver of the Client's statutory rights under applicable law.

Clients remain solely responsible for determining whether the Company's products and services are appropriate for their individual circumstances.

22.9 Summary

Trading financial products involves substantial risk, and no investment or financial transaction can guarantee profits or be entirely free from risk.

The Company strongly encourages Clients to:

• understand the characteristics of the financial products before trading;
• carefully consider all risks associated with the Company's services;
• implement appropriate risk management strategies;
• trade only within a level of risk that they are financially able and willing to bear; and
• obtain independent professional advice whenever necessary.

Before using the Company's services or entering into any transaction, Clients should carefully consider whether trading the Company's products is appropriate in light of their investment objectives, trading experience, financial circumstances, and risk tolerance.

By maintaining a clear understanding of the risks described throughout this Risk Disclosure Statement and exercising prudent judgment, Clients will be better positioned to make informed decisions regarding the use of the Company's products and services.

For the purposes of this Risk Disclosure Statement, the following terms shall have the meanings set out below unless the context otherwise requires.

Account means the trading account opened and maintained by the Company for the Client for the purpose of accessing the Company's products and services.

Balance means the cash balance of the Client's trading account before taking into account any unrealised profit or unrealised loss arising from open positions.

Equity means the total value of the Client's trading account, including the Account Balance together with any unrealised profits or unrealised losses arising from open positions.

Margin means the amount of collateral required to open and maintain one or more trading positions.

Free Margin means the portion of Equity that is not being used as Margin and is available to open new positions or absorb market fluctuations.

Margin Level means the ratio of Equity to Margin, expressed as a percentage, which is used to assess the risk status of a trading account.

Margin Call means the situation in which the Margin Level falls to a level determined by the Company, requiring the Client to deposit additional funds, reduce exposure, or take other action in accordance with the Company's Trading Conditions.

Stop Out means the automatic closure of one or more open positions when the Margin Level reaches the threshold specified in the Company's Trading Conditions.

Leverage means the trading mechanism that enables a Client to obtain market exposure significantly greater than the amount of Margin deposited.

Spread means the difference between the Bid Price and the Ask Price of a financial instrument.

Slippage means the difference between the price requested or expected by the Client and the price at which an order is actually executed.

Liquidity means the degree to which a financial market can accommodate trading activity without causing significant changes in market prices.

CFD (Contract for Difference) means a derivative financial instrument through which the Client gains economic exposure to movements in the price of an Underlying Asset without acquiring ownership of that asset.

Underlying Asset means the financial instrument, security, index, commodity, currency, cryptocurrency, or other asset from which the value of a CFD or other financial product is derived.

Market Order means an order to buy or sell a financial instrument at the best available executable market price at the time of execution.

Pending Order means an order that becomes executable only when the market price reaches a level or satisfies conditions specified by the Client.

Corporate Action means an event affecting an Underlying Asset, including, without limitation, dividend distributions, stock splits, reverse stock splits, rights issues, mergers, acquisitions, spin-offs, delistings, or other similar events.

Force Majeure means any event or circumstance beyond the Company's reasonable control that may materially affect its ability to provide products or services, including events described in this Risk Disclosure Statement.

Trading Platform means the electronic trading system, software, applications, and related technological infrastructure made available by the Company through which Clients access their Accounts and execute transactions.

Unless otherwise expressly defined in this Risk Disclosure Statement, capitalised terms shall have the meanings assigned to them in the Client Agreement.

The following Risk Summary Matrix provides a high-level overview of the principal risks described in this Risk Disclosure Statement. The ratings below are indicative only and are intended to assist Clients in understanding the relative nature of each risk. Actual risk exposure may vary depending on market conditions, the Client's trading activity, and individual circumstances.

Notes

The classifications above are intended solely as a general guide and should not be interpreted as a guarantee of the likelihood, severity, or financial impact of any particular risk.

A risk assessed as Moderate may nevertheless result in substantial financial loss under certain market conditions, while a High or Very High risk does not necessarily result in losses in every circumstance.

The degree of Client control reflects the extent to which a Client may reasonably influence or mitigate the relevant risk through prudent decision-making, risk management practices, or compliance with applicable legal and contractual obligations. Certain risks, including market events, regulatory developments, Force Majeure Events, and the actions of third parties, may remain wholly or substantially outside the Client's control.

Clients should carefully consider all risks described throughout this Risk Disclosure Statement rather than relying solely on the summary classifications contained in this Appendix.

Before opening an account or entering into any transaction, Clients should carefully consider whether they have:

• □ Read and understood the characteristics of the financial products they intend to trade.
• □ Understood how Leverage may amplify both profits and losses.
• □ Understood the operation of Margin, Margin Call, and Stop Out.
• □ Considered whether they are financially able to bear the risk of losing all or a substantial portion of their investment.
• □ Read and understood the Trading Conditions.
• □ Reviewed the applicable Fee Schedule, including all trading costs and charges.
• □ Read and understood the Client Agreement.
• □ Read and understood the Order Execution Policy.
• □ Read and understood the Privacy Policy.
• □ Read and understood the AML/KYC Policy.
• □ Understood the fees, commissions, spreads, financing charges, and other costs associated with trading.
• □ Considered the risks associated with market volatility and changing market conditions.
• □ Understood the technological risks associated with electronic trading systems.
• □ Considered the legal, regulatory, and tax implications applicable to their individual circumstances.

Completion of this checklist does not eliminate the risks associated with trading financial products but is intended to assist Clients in making informed decisions before using the Company's services.

Clients may obtain additional information regarding the Company's products and services from the following resources:

• the Company's official website;
• the Client Portal;
• the Trading Platform;
• the Product Specifications;
• the Trading Conditions;
• the Fee Schedule;
• Market Announcements published by the Company;
• Customer Support; and
• the Company's educational materials and learning resources.

Clients are encouraged to rely upon reputable sources of information and to exercise independent judgment when evaluating market information, trading strategies, commentary, or educational content.

The availability of educational materials should not be interpreted as investment advice, recommendations, or guarantees of trading performance.

Before using the Company's products or services, Clients should acknowledge and confirm that they:

• have received, or have been provided with reasonable access to, this Risk Disclosure Statement;
• have read, or have been given the opportunity to read, this Risk Disclosure Statement and the Company's other applicable legal documentation;
• understand that trading financial products involves significant risk;
• understand that they may lose all or a substantial portion of the funds invested;
• understand that past performance is not a reliable indicator of future performance;
• have made an independent and voluntary decision to use the Company's services based upon their own assessment of the relevant risks and circumstances; and
• understand their rights, obligations, and responsibilities under the Company's legal documentation.

A Client's acknowledgement of this Risk Disclosure Statement confirms that the Client has been provided with appropriate information regarding the principal risks associated with the Company's products and services.

Such acknowledgement does not:

• constitute a waiver of any rights available to the Client under applicable law;
• limit any liability of the Company where such limitation is prohibited by applicable law; or
• constitute any guarantee by the Company regarding investment performance, profitability, or the avoidance of loss.

Clients should review this Risk Disclosure Statement periodically to ensure that they remain familiar with the risks associated with the Company's products and services, particularly where updated versions are published by the Company from time to time.