Risk Disclosure

01Purpose of this disclosure

This Risk Disclosure is provided by Cleared Capital (Pty) Ltd to ensure you fully understand the nature of our Service, the risks involved, and the limitations of what we offer. By purchasing an Evaluation or using our Service, you confirm that you have read and understood this disclosure.

02Nature of the service

Cleared Capital provides a simulated trading evaluation program. The Service:

• Tests your ability to follow defined risk and performance rules in a simulated trading environment;
• Pays Profit Shares to traders who pass the Evaluation and meet ongoing performance criteria;
• Does not manage your money, give you access to real markets with your own funds, or constitute any form of regulated financial service.

03Simulated trading

All trading in the Service is performed on simulated (demo) accounts. You acknowledge that:

• The "capital" in your account is virtual — no real funds are deposited or traded by you;
• Profit Shares paid to successful traders represent compensation for the educational/evaluation service rendered, not the proceeds of investment;
• Demo trading conditions may differ from live market conditions, including in spreads, slippage, fills, and execution speed;
• Past performance on a demo account does not guarantee similar results in live trading.

04This is not an investment

The Evaluation fee you pay is not an investment in any financial product, security, or currency. It is a fee for participating in a skills-evaluation program. Specifically:

• You will not receive any return on your fee in the form of investment profits;
• The fee is non-refundable except as set out in our Refund Policy;
• If you fail the Evaluation, you may lose the full amount of the fee paid.

05General trading risks

Even in a simulated environment, the trading you perform involves risks similar to those of live trading, including:

• Market risk: prices can move rapidly against you and exceed loss limits before you can react;
• Liquidity risk: certain instruments may have limited liquidity at certain times;
• Gap risk: price gaps over weekends or news events can cause sudden, large losses;
• News & event risk: economic releases and unexpected events can cause violent volatility.

These risks may cause you to breach evaluation rules and lose access to the Evaluation.

06Leverage & volatility

Trading instruments offered through our broker partner may include leveraged products such as forex, indices, commodities, and contracts for difference (CFDs). Leverage amplifies both gains and losses, and small market movements can result in disproportionately large changes to your account equity.

You are responsible for understanding the leverage settings of each instrument and managing your position sizes accordingly.

07Technology & execution

Trading depends on technology, including the trading platform, your internet connection, and our infrastructure. You acknowledge the risk that:

• Internet, hardware, software, or platform failures may prevent you from placing, modifying, or closing trades;
• Server outages, latency, or scheduled maintenance may interrupt access;
• Pricing data may experience delays or errors.

Cleared Capital is not liable for losses or breaches of evaluation rules caused by technology failures outside our reasonable control.

08Emotional & psychological risks

Trading can be emotionally and psychologically demanding. Common risks include:

• Overconfidence after wins, leading to oversized positions;
• Revenge trading after losses, where traders try to "make back" losses with bigger trades;
• Loss aversion causing traders to hold losing positions too long;
• Compulsive behaviour resembling problem gambling.

If you feel that your trading is becoming compulsive or affecting your wellbeing, stop trading and consider seeking professional support. The South African Responsible Gambling Foundation can be contacted on 0800 006 008.

09Risk of losing your evaluation fee

You should only pay an Evaluation fee that you can afford to lose. The most likely outcome of attempting an Evaluation is that you breach a rule and the Evaluation ends without a Profit Share. Most traders do not pass, even those with significant trading experience.

Do not pay an Evaluation fee using money you need for essential living expenses, debts, or emergencies.

10Regulatory status

Cleared Capital is not a financial services provider authorised by the Financial Sector Conduct Authority (FSCA). We do not provide financial advice, hold client funds, or operate as a broker. We are a technology and educational service provider.

If you require regulated financial services or advice, please consult a qualified, FSCA-licensed financial services provider.

11Your acknowledgement

By using the Service, you acknowledge and agree that:

• You have read, understood, and accept the risks set out in this disclosure;
• You participate in the Service voluntarily and at your own risk;
• You will not hold Cleared Capital liable for losses arising from the inherent risks of trading;
• You have considered your own financial situation and are able to afford the cost of the Evaluation fee.