EXL Trade Terms and Conditions

These Terms apply to your registration and to every purchase you make at EXL Trade. Please read them carefully before paying. By ticking "I have read and accept the Terms and Conditions" and confirming the payment, you confirm that you have read, understood and agree to everything below.

1. Who we are and how your acceptance is recorded

1.1. EXL Trade is EXL TRADE CAPITAL LTDA, Brazilian company registration (CNPJ) 57.172.434/0001-96, with its registered office at Rua Barreto Leme, 1818, apt. 10A 101, Cambuí, Campinas, São Paulo, Brazil, ZIP 13025-085 (the CNPJ address), and an office at Av. José de Sousa Campos, 1073 (Helbor Offices Norte Sul), Cambuí, Campinas, São Paulo, Brazil, ZIP 13025-320. Contact: contato@exltrade.com.br, WhatsApp +55 19 99214-4872 and exltrade.com.

1.2. Acceptance is electronic. We store the version of these Terms, the integrity code of the text (hash), the language, the date, the time, the IP address and the browser used.

1.3. The Rules Sheet of your purchase (Annex I) is part of this contract. It shows the numbers for the product, size and add-ons you bought.

2. Definitions

Only the terms used in this document:

• Plan: the product you buy. The EXL Funding family (Sprint, Flex, Pro and Direct tiers) or the EXL Career family (Career, Career Prime and Career Ultra).
• Size: the simulated starting balance of the account (for example, 50K = US$ 50,000 simulated).
• Add-on: an optional item bought with the plan that changes a rule or the platform. It can only be chosen at purchase.
• Evaluation account: a simulated account in which you must meet the rules of the Rules Sheet to pass.
• Funded account: a simulated account, opened after you pass (or from the start, in Direct), whose validated result generates a payout. Also called the paid account.
• Live account: an account with real capital, offered by invitation only, after an EXL review.
• Trading day: the CME session, which rolls over at 5 p.m. Chicago time (the equivalent time in Brasília changes with US daylight saving time). All daily rules use the trading day.
• Daily result: the net result of the trades closed in the session, after the commissions charged by the platform.
• Traded day: a session with at least one trade closed by you. Automatic settlement at a contract's expiry counts in the result but not as a traded day.
• Positive day: a session with a result greater than or equal to the minimum in the Rules Sheet.
• Profit target: the profit the account needs to reach.
• Consistency: your best day's profit cannot exceed the Rules Sheet percentage of your total profit. If it does, the target rises to your best day divided by that percentage, and the dashboard shows the new target.
• Drawdown type: how the floor of the Max Loss Limit (MLL) moves. EOD (end of day), in EXL Funding: the floor follows the highest end-of-session balance and is recalculated at the end of each session. Static, in EXL Career: the floor stays fixed.
• Lock: in the funded account, the drawdown limit stops rising once it reaches the starting balance + US$ 100.
• Daily Loss Limit (DLL): the maximum loss allowed in one session. When it is hit, the account pauses until the next session or fails, as stated in the Rules Sheet.
• Max Loss Limit (MLL): the account's total loss limit. In EXL Funding the drawdown type is EOD; in EXL Career it is Static.
• Max Size: the maximum number of contracts the account can hold, in minis or micros, as stated in the Rules Sheet.
• Payout cycle: the period between payouts in which you meet the Rules Sheet requirements to request a payout.
• Profit split: the percentage of validated profit paid to you.
• Buffer: the minimum balance required to withdraw, when the Rules Sheet provides for one.
• Reset: a new evaluation account, with the same rules, after a failure.
• Level-up trigger: in EXL Career, the profit that moves you up a level automatically; it is also the cap for each payout on that level.
• Life: an EXL Career add-on that prevents your career from ending when a level's MLL is hit. It is not a reset: it only applies on the levels.
• Platform: the BlackArrow One or BlackArrow Plus trading software, by Nelogica.
• Reference price: the list price of the product in the EXL catalog, on which campaigns apply discounts.
• Dashboard: your logged-in area at exltrade.com.

3. Nature of the service

3.1. EXL Trade provides a trader evaluation and development service in a simulated environment. Size, balance and margin are simulated figures. They are not deposited money, not the price you paid and not a withdrawable balance.

3.2. The service is not an investment, does not involve raising, holding or managing funds, and is not investment advice or a recommendation. EXL is not a broker.

3.3. The profit split is performance-based compensation, calculated on the validated simulated result. It is not a market gain. Passing, payouts and income are not guaranteed.

3.4. You act independently. This contract does not create an employment, partnership, agency, mandate or brokerage relationship.

4. Registration and eligibility

4.1. To buy, you must be 18 or older and legally capable. Each person may have only one registration.

4.2. Registration uses an identity document from your country of residence: CPF for residents of Brazil; an official national identity document for everyone else. The same document cannot be used in two registrations.

4.3. Your details must be true and up to date, including your address, which the platform provider requires to issue the license.

4.4. EXL may ask at any time for an identity document, a selfie holding the document, proof of address, proof of ownership of the receiving account and other information to prevent fraud and money laundering. Account releases and payouts may depend on this verification.

4.5. You may not use another person's details, documents, accounts or payment methods, or hide your country of residence. The payment and payout methods available depend on the country of residence stated at sign-up.

5. Plans and Rules Sheet

5.1. The rules of each plan (target, Daily Loss Limit (DLL), Max Loss Limit (MLL), Max Size, consistency, days, deadlines, payouts and profit split) and the add-ons you bought are recorded in the Rules Sheet of your purchase. The Rules Sheet does not change for that account.

5.2. Catalog changes only apply to purchases made after them.

5.3. The Rules Sheet is available in your dashboard and is attached to the purchase confirmation e-mail.

6. Price and payment

6.1. Prices are set in US dollars (US$) and shown in the order and in the Rules Sheet.

6.2. The storefront may show the reference price and the price with the current campaign discount. Each campaign states its period and conditions. EXL keeps a record of the prices it has charged.

6.3. EXL Funding: residents of Brazil pay in Brazilian reais, through Mercado Pago or Pagar.me, at the PTAX exchange rate shown before payment. Residents of other countries pay in US dollars through Stripe. EXL Career: paid in US dollars through Stripe by everyone. The payment method follows the country of residence in your registration.

6.4. One coupon per purchase, discounting the plan only. Add-ons, Plus and resets are not discounted by coupons. Combining a coupon with a campaign follows that campaign's conditions.

6.5. Your referral balance can pay for any item in the purchase.

6.6. Resets, partner commissions and bonuses are calculated on the price paid, never on the reference price.

6.7. Payments are processed by payment companies. EXL does not store your full card details.

7. Platform

7.1. The account runs on the platform chosen at purchase: BlackArrow One, included in the plan, or BlackArrow Plus, sold as an add-on.

7.2. In EXL Funding, the first month of the platform is included. Accounts bought under this version do not pay for the platform after the first month, unless the Rules Sheet says otherwise. Any future charge will only apply to new purchases or with your consent.

7.3. The dashboard shows figures for reference, with the time of the last update. The official figure is the platform's.

7.4. The platform belongs to a third party. Instability, maintenance and outages of the provider or the CME are not EXL's responsibility; EXL works to reduce their effects within its reach.

8. Limits per person

8.1. Up to 5 active EXL Funding accounts per person, counting evaluation and funded accounts. Failed or closed accounts do not count.

8.2. 1 active EXL Career per person.

8.3. An account received as a gift counts towards the limit of the person who redeems it.

9. Account release

9.1. After payment is confirmed, the account is released within 72 business hours. Release is usually immediate.

10. Evaluation (Sprint, Flex and Pro)

10.1. You pass when you reach the target and meet all the Rules Sheet requirements (minimum days, positive days, approval consistency and, in Sprint, the deadline) without hitting the Max Loss Limit (MLL).

10.2. Daily Loss Limit (DLL): in Sprint, hitting the DLL fails the account; with the Protected Stop add-on, the account pauses until the next session instead. In Flex and Pro, the account pauses until the next session. With the "No daily stop" add-on, there is no DLL.

10.3. In the evaluation, the MLL (EOD drawdown type) has no lock.

10.4. Max Size: the contract limit is in the Rules Sheet. 10 micros equal 1 mini.

10.5. Sprint deadline: counted in calendar days from the account release, including days in which you did not trade, weekends and holidays. The deadline ends at the session close (5 p.m. Chicago time) on the last day; if there is no session on that day, at the close of the last session before it. Flex and Pro have no deadline. If the deadline passes without a pass, EXL blocks the account after the session closes and fails it.

10.6. Review: when all rules are met, the request joins EXL's queue automatically. A pass only happens after the session closes, with the day's result final. The system issues an assessment, and a person at EXL checks it and decides within 1 business day.

10.7. When EXL fails an account (Sprint DLL or expired deadline), the license is cancelled at the end of that day, at 10 p.m. Brasília time.

10.8. If a failure happens because of a configuration error by EXL or the platform, ask support for a review. If the error is confirmed, EXL reopens the account or grants a free reset.

11. Reset (EXL Funding)

11.1. A reset is only available for a failed evaluation account in Sprint, Flex or Pro, requested within 7 days of the failure, by the same account holder, with the same product and add-ons.

11.2. A reset is a new purchase, at the reset price in dollars shown in the dashboard and in the failure e-mail: 60% of what was paid for the plan and add-ons of the failed account (the BlackArrow Plus platform is not included), with no coupon. It releases a new account with the same rules and restarts the Sprint deadline. There is no limit on resets.

11.3. There is no reset for funded accounts or for Direct.

12. Funded account (EXL Funding)

12.1. After you pass, EXL opens the funded account as a new account under the same license and closes the evaluation account on the same day.

12.2. In funded accounts, in every tier: the Daily Loss Limit (DLL) pauses the account until the next session; the Max Loss Limit (MLL), with EOD drawdown type, has a lock; hitting the MLL closes the account, with no reset. The "No daily stop" add-on still applies. Max Size is the same as in the evaluation.

13. Payouts (EXL Funding)

13.1. When to request: when the payout cycle meets the Rules Sheet requirements: days with minimum profit, payout (cycle) consistency and a profitable cycle. There is no date window. Payout consistency is a different rule from the evaluation's approval consistency.

13.2. How much: up to 50% of the accumulated profit, capped at the Rules Sheet payout cap, with a minimum of US$ 500 per payout. In Pro, the balance must stay above the Rules Sheet buffer.

13.3. Profit split: as stated in the Rules Sheet. In Flex, the split increases after the gross amount withdrawn shown in the Rules Sheet, counted account by account.

13.4. Review: EXL reviews each request within 1 business day. If any session in the cycle is under review, the payout waits for that review. Every refusal states the reason, chosen from the list in Annex III.

13.5. Platform debit: the approved amount is debited from the account balance. If a position is open, the debit waits until it is closed.

13.6. New cycle: starts on the session after the approved payout.

13.7. Payment: payouts are paid at the net amount: transaction fees and charges are deducted from the amount and itemized in the payout request. Residents of Brazil are paid by Pix, in reais, at the PTAX rate of the approval date. Residents of other countries are paid through Rise, to a verified Rise account in the trader's name (verification is done by Rise itself): EXL pays on the business day of approval, Rise's own fees are borne by the trader, and Rise delivers immediately or within up to 4 business days, depending on the country. Payment is only made to an account owned by the trader.

13.8. Very short trades: if more than 50% of the cycle's profit comes from trades lasting 10 seconds or less, the profit from those trades does not count towards the payout.

14. EXL Direct

14.1. Direct starts as a funded account, with no evaluation. It follows the rules of the Pro funded account (Daily Loss Limit (DLL), Max Loss Limit (MLL) with lock, Max Size, payout cap, buffer and profit split), with its own payout consistency and payout target, shown in the Rules Sheet.

14.2. Direct has no reset. Payouts are reviewed manually.

15. EXL Career

15.1. Subscription: monthly, charged in US dollars through Stripe, renewed automatically until you cancel.

15.2. Challenge: the rules are in the Rules Sheet (consistency, Max Loss Limit (MLL) with Static drawdown type, Daily Loss Limit (DLL) that pauses, target and Max Size). There are no minimum days and no trailing: the approval rule is consistency. Hitting the MLL in the Challenge blocks the account until the next renewal or a paid Challenge reset. Resets exist only in the Challenge and restart the Challenge.

15.3. Levels: once you pass the Challenge, you join the paid career, a ladder of 12 levels: Career starts at Level 1, Prime at Level 2 and Ultra at Level 3. You move up a level automatically, in real time and on any day, when the net profit accumulated in the level account reaches the level-up trigger and the 30% consistency, measured within the level (from the start of the level until now), is met. The check uses realized profit, with no open position in the account. If you hit the trigger without meeting consistency, you keep trading on the same level until you meet it; until then, neither the level-up nor a payout is released. On a level-up, a new account opens at the next level, any profit above the trigger is disregarded (reset to zero), and the level's trigger amount becomes a trigger receivable, with the profit split in clause 15.5. It is paid when you request it in the dashboard in a payout window (the 5th and 20th), from the window after the level-up. If you do not request it in one window, you can request it in any later window. If the account hits the MLL before you request it, the trigger receivable is forfeited, with or without a life: hitting the total loss limit means the profit was given back. Payouts made on a level reduce the profit accumulated in the account and, with it, your progress towards the trigger. There is no level-up from Level 12: the trigger only works as the payout cap. Balance, MLL, DLL, trigger and Max Size for each level are in the Rules Sheet.

15.4. Lives on the levels: bought only at checkout, up to 3 per subscription. When you hit a level's MLL, the level account is closed immediately and a life immediately releases the previous level in a new account (on Level 1, Level 1 restarts). A life can take you below your plan's starting level (for example, from Level 2 to Level 1 on Prime). Only 1 life can be used every 30 calendar days. Without an available life, including when your life is still within the 30-day wait, hitting a level's MLL ends your career: the account and the subscription are closed immediately, with no future charges. There is no career reset: resets only apply in the Challenge, and lives apply on the levels. To come back, you subscribe to the Challenge again. Trigger receivables you had not requested yet are forfeited.

15.5. Payouts: biweekly, requested in the dashboard on the 5th and 20th of each month, Brasília time (if the day falls on a Saturday, Sunday or national holiday, the window moves to the next business day), with a 90% profit split, from US$ 150, without having to hit the trigger. Each payout is capped at your current level's trigger (at most US$ 3,000, from Level 4 onwards), limited to the net profit available in the account. The 30% payout consistency is measured over the sessions since your last payout; if it is not met, the payout is only released once it is. In the window in which you request a trigger receivable, there is no partial payout. Payouts are also paid at the net amount, with transaction fees and charges deducted and itemized, as in clause 13.7.

15.6. After you pass the Challenge, the Challenge monthly fee ends and the account moves to a maintenance monthly fee, shown in your dashboard.

15.7. The Career live account is offered by invitation only, after an EXL review, from Level 4. On the live account, you pay for the platform and market data, as set out in the live account contract.

15.8. You can cancel the subscription at any time in the dashboard. Cancelling stops future charges and does not refund the current cycle.

16. Live account (EXL Funding)

16.1. EXL reviews the account for a possible live account after the 4th payout in Sprint and the 5th in Flex, Pro and Direct.

16.2. A live account and real capital are not guaranteed. Payouts continue as normal while the review is pending. A live account, if offered, has its own contract. On the live account, you pay for the platform and market data, as set out in that contract.

17. Conduct

17.1. Allowed: using your own bot or automation; trading the news; hedging within the same account; copying your trades between your own accounts, in the same direction.

17.2. Not allowed:

• high-frequency trading (HFT), exploiting data delays (latency arbitrage), platform bugs or off-market prices;
• copying trades from or to another person, including in the opposite direction;
• hedging between accounts, in the same or correlated instruments;
• using another person's account, details or payment method, letting someone else trade your account or selling the account;
• hiding your country of residence;
• disputing a payment without reason (unfounded chargeback).

17.3. Shared automation: if the same automation or order pattern appears in accounts of different people or from several IP addresses, EXL may block the accounts involved as a precaution and review the case.

17.4. Penalties, step by step: voiding the period's profit; closing the account; closing all accounts and blocking the registration. The penalty considers severity and repetition.

17.5. Right to respond: before the final decision, you have 5 business days to give your explanation. The precautionary block may remain in place during this period.

18. Inactivity

18.1. 30 calendar days without a traded day close the account, whether evaluation or funded, in EXL Funding. EXL warns you by e-mail on the 23rd and 28th day. Closing means blocking the account, cancelling the license and deleting the account on the platform.

18.2. Inactivity does not give rise to a refund. If a payout cycle had already been completed on the closing date, you may withdraw it.

18.3. This clause does not apply to EXL Career.

19. Top Trader

19.1. Top Trader is a benefit of this contract. Every week and every month, traders with an active account are ranked by an objective performance criterion, published in the dashboard before the period starts, and the top finishers receive a fixed prize, announced in advance and paid by EXL. There is no draw.

19.2. The default criterion is the net result of closed trades in the period, and each trader competes once, with their best account. The criterion for each edition, the tie-break, the prizes, the currency and the payment method are shown in the dashboard before the period starts. Tournament accounts do not take part.

19.3. Tournaments have their own rules.

20. Cancellation and refunds

20.1. Before the account is released: you may cancel within 7 days of the purchase and receive a full refund.

20.2. After release: the service starts immediately, at your request, with the creation of the account and the activation of the license and market data. For this reason, after release there is no full or partial refund, including for giving up, not using the account, failing, blocking or closing under the rules or for breach of these Terms.

20.3. Exceptions, subject to internal review within 5 business days: the account was not released within the period in clause 9 for a reason attributable to EXL; a duplicate or incorrect charge; a failure solely attributable to EXL that cannot be compensated. Approved refunds are made to the same payment method, within 30 business days, for the amount received by EXL.

20.4. If you live outside Brazil and your country's law gives you more protection, your country's law applies.

21. Payment disputes (chargebacks)

21.1. Disputing a payment with your bank or card issuer without first contacting support suspends your accounts and withholds payouts until resolved.

21.2. If the dispute is unfounded, EXL may close the accounts, block the registration and charge the costs. To defend itself, EXL uses the acceptance record, logins, device and trades.

22. Records and audit

22.1. EXL may audit accounts and trades, correct inconsistencies and disregard results obtained in breach of these Terms.

22.2. The assessment, reason and person responsible for each pass, failure and payout are kept for 5 years after the relationship ends. Access logs are kept for at least 6 months.

23. Suspension and termination

23.1. EXL may suspend or close accounts and the registration for breach of these Terms, well-founded suspicion of fraud, a legal order or non-payment.

23.2. If the closure is not your fault, the payout of a completed cycle is guaranteed.

24. Name, image and testimonials

24.1. Results may be used anonymously in statistics and audits. Using your name, image, voice or testimonial requires a separate authorization, which you can withdraw at any time at privacidade@exltrade.com.

25. Support and official channels

25.1. Support by e-mail and WhatsApp, with a reply within 1 business day.

25.2. Official channels: e-mails from the exltrade.com and exltrade.com.br domains, the dashboard at exltrade.com and EXL's verified profiles. EXL will never ask for your password. Guidance given outside official channels does not bind EXL.

26. Personal data

26.1. Your data is processed as described in the Privacy and Cookie Policy at exltrade.com/privacidade.

27. Liability

27.1. EXL is not liable for the trader's trading decisions, losses in the simulated environment, loss of profits or failures of third parties (platform, market data, payment providers, internet connection, CME).

27.2. EXL's total liability is limited to the amount paid for the plan related to the event, except in cases of willful misconduct, gross negligence or consumer rights that the law does not allow to be limited.

28. Changes

28.1. For new purchases, the Terms published on the purchase date apply.

28.2. For ongoing contracts, EXL gives 15 days' notice of material changes, by e-mail or in the dashboard. No change makes the Rules Sheet of an account already bought worse.

29. Governing law, courts and language

29.1. This contract is governed by Brazilian law. The competent court is that of the consumer's domicile in Brazil. Residents of other countries keep the consumer protection rules of their country that cannot be waived by contract. There is no mandatory arbitration.

29.2. These Terms are available in Portuguese, English and Spanish. If the versions differ, the Portuguese version prevails. For residents of the United States, the English version prevails.

29.3. If any clause is held invalid, the others remain in force. Tolerating a breach does not waive any right.

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Annex I · Rules Sheet

The Rules Sheet of each purchase is generated from the rules recorded in the subscription and is available in the dashboard. Launch values are right below.

The Rules Sheet of your purchase only shows the product, size and add-ons you bought, with the price paid and the version of the Terms. The values below are the launch defaults. The Rules Sheet recorded for your purchase always prevails.

Values in US$. Max Size (contract limit) in minis (micro equivalent in brackets; 10 micros = 1 mini). Drawdown type: EOD (end of day) in EXL Funding and Static in EXL Career. Trading day = CME session, which rolls over at 5 p.m. Chicago time. Open positions are closed automatically at 3:30 p.m. Chicago time.

1. EXL Funding · common values

2. Evaluation by tier

Sprint deadline: calendar days from the account release, weekends and holidays included. It ends at the session close (5 p.m. Chicago time) on the last day; if there is no session on that day, at the close of the last session before it.

3. Funded account (Sprint, Flex and Pro)

• Opened as a new account under the same license; the evaluation account is closed on the same day.
• Daily Loss Limit (DLL): the same values as in the evaluation, and it pauses the account until the next session in every tier (Sprint included).
• Max Loss Limit (MLL): the same values as in the evaluation, with EOD drawdown type and lock. When hit, it closes the account, with no reset.
• Max Size: the same as in the evaluation. The "No daily stop" add-on still applies.

4. Payouts (funded account)

Payout cap (1st and 2nd payout / from the 3rd):

• The cycle restarts on the session after the approved payout. Review within 1 business day.
• Pro buffer = starting balance + MLL + 100.
• Payout consistency (30% / 30% / 35%) is a different rule from the evaluation's approval consistency (40%, or 50% with add-on).
• Profit from trades of 10 seconds or less does not count towards the payout when it exceeds 50% of the cycle's profit.
• Payment: Pix in reais at the PTAX rate of the approval date (Brazil); Rise, to a verified Rise account in the trader's name, with Rise's fees borne by the trader (outside Brazil). Paid at the net amount: transaction fees and charges are deducted and itemized in the payout request.

5. EXL Direct

• Payout consistency (in the cycle): 20%. Profit split: 90%. Minimum payout: 500. No reset. Live account review after the 5th payout. Payouts reviewed manually.
• No minimum-profit days are required: to withdraw, the payout target and the 20% payout consistency apply.

6. EXL Career · Challenge

• Single rule: 30% consistency. No minimum days and no trailing (the MLL is static). Hitting the MLL blocks the account until the renewal or a paid Challenge reset (resets only exist in the Challenge).

7. EXL Career · levels

Balance = 12,500 × level. Max Loss Limit (MLL) of 3%, Static drawdown type. Daily Loss Limit (DLL) of 25% of the MLL, rounded to the nearest multiple of US$ 25 (ties round up), which pauses until the next session. Consistency of 30%: for a level-up, measured within the level (from the start of the level until now); for a payout, over the sessions since your last payout. The level-up trigger moves you up a level automatically, in real time and on any day, and is also the cap for each payout on the level (at most US$ 3,000). You don't need to hit the trigger to withdraw.

• Biweekly payouts (5th and 20th of each month, Brasília time; on a Saturday, Sunday or national holiday, the next business day): 90% profit split, from US$ 150, without having to hit the trigger, up to the level's trigger and the net profit available in the account. In the window in which you request a trigger receivable, there is no partial payout. Paid at the net amount, with transaction fees and charges deducted and itemized.
• Moving up a level (automatic, in real time, on any day): the realized net profit in the level account hit the trigger and the level consistency was met: the level goes up right away, a new account opens at the next level and any profit above the trigger is disregarded (reset to zero). The trigger amount (90%) becomes receivable and is paid when you request it, in a payout window from the one after the level-up; if you do not request it, it waits for the next window. If the account hits the MLL before the request (with or without a life), the trigger receivable is forfeited. Hit the trigger without consistency: keep trading until it is met; until then, no level-up and no payout. Payouts on a level reduce your progress towards the trigger. There is no level-up from Level 12.
• Lives on the levels (add-on, checkout only, up to 3): when a level's MLL is hit, the account is closed immediately and the life immediately releases the previous level in a new account (on Level 1, Level 1 restarts), including below your plan's starting level. Only 1 life can be used every 30 calendar days. Without an available life (including a life still in its wait), hitting the MLL ends the career: account and subscription closed immediately, with no future charges. Trigger receivables not yet requested are forfeited. There is no career reset; to come back, you subscribe to the Challenge again. A life is not the same as the Challenge reset: the reset restarts the Challenge; a life only applies on the levels.
• Live: by invitation only, from Level 4.

8. Add-ons and resets · launch table

Prices in US$. The amount of your purchase is in the order and in your Rules Sheet.

Annex II · Gifts

1. You can buy an EXL Funding plan, with the add-ons you choose, for another person to use (a "gift"). Once payment is confirmed, you receive a single-use redemption code and link. 2. Only another person, with a confirmed registration and e-mail, can redeem it. The gift counts towards the account limit of the person who redeems it. If that person is at the limit, the gift remains valid until it expires. 3. The gift must be redeemed within 6 months of payment confirmation. If it is not redeemed in time, it expires with no refund. 4. You may cancel within 7 days of the purchase, as long as the gift has not been redeemed. 5. On redemption, the account is created in the name of the person who redeems it, who becomes the account holder and is bound by these Terms. 6. EXL may cancel an unredeemed gift in the event of a refund, a payment dispute or signs of fraud. 7. Gifts issued before this version are redeemed as Flex 50K.

Annex III · Reasons for failure and payout refusal

Evaluation account failure

• Max Loss Limit (MLL) hit (max_loss).
• Daily Loss Limit (DLL) hit in Sprint without Protected Stop (daily_loss_fail).
• Sprint deadline expired without a pass (deadline).
• 30 days of inactivity (inactivity).
• Conduct breach (conduct), with the rule stated.

Payout refusal

• Cycle without the required number of minimum-profit days (cycle_days).
• Payout consistency of the cycle above the limit (cycle_consistency).
• Cycle without profit (cycle_negative).
• Amount below the minimum (below_minimum).
• Amount above the maximum withdrawable (above_cap).
• Balance below the buffer (buffer).
• A session in the cycle is under review (day_under_review).
• Profit from trades of 10 seconds or less above the limit (microscalping).
• Identity or account ownership verification pending (kyc).
• Conduct breach (conduct), with the rule stated.