Refund Policy

01Nature of the purchase

1.1 A Challenge purchase is the purchase of access to a digital service — namely a simulated trading platform, an assessment program, and associated educational materials.

1.2 The service is consumed through use. Once you have accessed the Simulated Account, the service has commenced.

02General refund position

2.1 Challenge fees are non-refundable except as expressly set out in this Policy or as required by mandatory provisions of South African law.

2.2 In particular, no refund is payable in the following circumstances:

• you fail to complete the Challenge for any reason, including breach of any Challenge Rule;
• you exceed the daily loss limit or maximum drawdown;
• you change your mind after accessing the Simulated Account;
• you do not receive a Performance Reward;
• you are dissatisfied with your simulated trading results;
• your account is terminated due to breach of these Terms, Challenge Rules, or any Forbidden Trading Practice;
• you fail identity verification at the Performance Reward stage because the information provided does not match;
• you become unable, for personal reasons, to continue participating in the Challenge.

03Consumer Protection Act — 5-day cooling-off

3.1 Where a Challenge has been purchased as a result of direct marketing (as defined in section 1 of the Consumer Protection Act 68 of 2008), and where the requirements of section 16 of the Consumer Protection Act apply, you have a statutory right to cancel the transaction within five (5) business days of:

• the date of the transaction; or
• the date the service is first made available to you, whichever is later.

3.2 To exercise the cooling-off right:

• email refunds@clearedcapital.com within 5 business days;
• state that you are exercising your cooling-off right;
• include your order number and registered email address.

3.3 Where you have accessed the Simulated Account or placed any simulated trades during the cooling-off period, Cleared Capital is entitled, in accordance with section 16(3) of the Consumer Protection Act, to deduct a reasonable amount from the refund to reflect the value of the service already consumed.

3.4 The cooling-off right does not apply to:

• Challenges purchased outside the context of direct marketing;
• Customers who do not qualify as "consumers" under the Consumer Protection Act.

04Refund where we fail to provide the service

4.1 You are entitled to a refund where:

• Cleared Capital fails to provide access to the Simulated Account within 72 hours of payment confirmation, and this failure is not caused by your provision of incorrect information; or
• the platform is materially unavailable for a continuous period exceeding 7 days as a direct result of Cleared Capital's failure (excluding scheduled maintenance, third-party infrastructure failure, and force majeure).

4.2 The amount of refund in these circumstances is at Cleared Capital's discretion, taking into account the proportion of the service already consumed.

05No refund for prohibited account closure

5.1 No refund is payable where the account is terminated as a result of:

• any Forbidden Trading Practice;
• any breach of these Terms or Challenge Rules;
• any provision of false or misleading information;
• any unlawful, fraudulent, or abusive conduct;
• failure to comply with FICA or identity verification requirements.

06Processing of approved refunds

6.1 Where a refund is payable, it will be processed via the original payment method:

• Card payments: 5–10 business days to reflect after approval;
• EFT: 2–5 business days to reflect after approval.

6.2 Refunds are made in South African Rand at the original purchase amount. We do not refund:

• payment processor fees that have been incurred and are non-recoverable;
• any third-party charges;
• currency conversion losses.

07Disputed refunds

7.1 If you disagree with a refund decision, you may:

• escalate the matter to legal@clearedcapital.com for internal review within 30 days;
• lodge a complaint with the National Consumer Commission;
• refer the dispute to the Consumer Goods and Services Ombud;
• pursue dispute resolution under clause 14 of our Terms.

7.2 Initiating a chargeback through your bank without first exhausting the above process constitutes a breach of these Terms and may result in immediate account termination.

08Contact

• Refund requests: refunds@clearedcapital.com
• Response time: 2 business days from receipt.