Risk Disclosure

01Nature of the service

1.1 The service offered by Cleared Capital is a trader competency assessment conducted on a simulated trading platform using virtual currency only.

1.2 You are NOT trading real funds, investing money, or entering real financial markets. The fee you pay is the purchase price of access to an educational and assessment service, not an investment.

1.3 Cleared Capital is not regulated by the FSCA or any financial regulator because we do not provide financial services. You are therefore not protected by financial services consumer protections in respect of Challenge outcomes.

02No guarantee of success or payment

2.1 The vast majority of Customers will not successfully complete all phases of the Challenge. Industry data consistently shows that fewer than 15% of participants in similar assessment programs reach the funded stage, and fewer than 7% ever receive any Performance Reward.

2.2 You should assume the most likely outcome is that you will pay the Challenge fee and not receive any Performance Reward.

2.3 You should only purchase a Challenge with money you can fully afford to lose. If you cannot comfortably afford to lose the entire fee, you must not purchase a Challenge.

2.4 No marketing material, testimonial, or example of past Customer performance constitutes a promise or prediction of your own outcome.

03No investment, no return, no refund

3.1 The Challenge fee is the purchase price of a service. It is not:

• an investment;
• a deposit or escrow;
• refundable based on simulated performance;
• refundable if you fail the Challenge;
• refundable if you do not receive a Performance Reward.

3.2 Cleared Capital makes no representation, warranty, or guarantee of any kind regarding:

• your prospects of passing any Challenge;
• the amount or timing of any Performance Reward;
• the suitability of the Challenge for your individual circumstances.

04Discretionary nature of Performance Rewards

4.1 Performance Rewards are paid at the sole discretion of Cleared Capital, subject to your compliance with all applicable rules and verification requirements.

4.2 Cleared Capital reserves the right to withhold, reduce, delay, or refuse any Performance Reward where there is reasonable suspicion of any breach of the Terms, Challenge Rules, or Forbidden Trading Practices.

05Psychological and behavioural risk

5.1 Simulated trading can produce significant psychological pressure including stress, frustration, impulsivity, and poor decision-making under stress.

5.2 If you have, suspect you have, or have ever had a gambling problem, compulsive behaviour disorder, or addictive tendency, you should not purchase a Challenge.

5.3 If you are experiencing financial distress, depression, anxiety, or other emotional crisis, you should not purchase a Challenge.

5.4 Support resources:

• South African Responsible Gambling Foundation: 0800 006 008
• South African Depression and Anxiety Group: 0800 567 567
• Lifeline South Africa: 0861 322 322

06No financial advice

6.1 Nothing on the Cleared Capital platform — including educational content, market commentary, dashboards, analytical tools, or any communication from Cleared Capital staff — constitutes:

• financial advice;
• investment advice;
• a recommendation to engage in any real financial transaction;
• an intermediary service under the FAIS Act.

6.2 You must not rely on anything provided through our platform when making real-world financial decisions. Real financial markets carry real risk and operate differently from simulated environments.

6.3 Before engaging in any real trading, investment, or financial transaction in your personal capacity, you should seek independent advice from a duly authorised FSCA-registered financial services provider.

07Technical and operational risks

7.1 The Simulated Account uses third-party trading infrastructure. This infrastructure may experience:

• downtime, outages, or interruption;
• latency, delays, or pricing inconsistencies;
• quote errors, gaps, or data feed failures;
• maintenance windows.

7.2 Such technical issues do not entitle you to any refund, extension, or compensation, except as expressly provided in our Terms.

7.3 Cleared Capital is not responsible for, and accepts no liability for, any loss arising from third-party infrastructure failures, internet connectivity issues, or device failures on your side.

08Simulated vs real market differences

8.1 Performance achieved in the Simulated Account does not demonstrate, predict, or guarantee performance in real markets. Real financial markets involve:

• actual capital risk;
• slippage, spread variation, and execution differences;
• emotional and psychological factors absent from simulation;
• liquidity, gap, and counterparty risks;
• regulatory and tax obligations.

8.2 You should not interpret Simulated Account success as evidence of ability to profit in real trading. The two environments differ materially.

09Tax obligations

9.1 Performance Rewards may be subject to South African income tax. You are solely responsible for declaring and paying all applicable taxes on any Performance Rewards received.

9.2 Cleared Capital may issue an IT3(a) or equivalent tax certificate. You should consult a qualified tax practitioner regarding your obligations.

10Acknowledgement

By proceeding to purchase a Challenge, you confirm that:

• you have read and understood this Risk Disclosure Statement in full;
• you accept all the risks disclosed;
• you can afford to lose the full Challenge fee without financial hardship;
• you are purchasing as a competent adult exercising independent judgement;
• you are not relying on any representation made by any third party, including affiliate marketers or social media influencers.