Risk Disclosure

IBULL CAPITAL is an online trading brokerage (as defined below) service company, a Financial Service Provider licensed under the Financial Services Act 2007 by the Financial Services Commission (FSC) Mauritius under license number [GB24203657] (the “Company”). This Document is provided for your (the “Trader”) information and attention:

Prior to applying for an account, the Client should consider carefully whether trading in the Foreign Exchange Markets [forex or FX], Contract for Difference [CFD], etc. offered by the Company, (Hereinafter: Forex Trading is suitable for him/her in the light of their circumstances and financial resources. Trading in some Financial Instruments entails the use of “leverage”. In considering whether to engage in this form of trading, the Client should be aware of the following:

Each trader is required to deposit collateral with the Company, which is earmarked to cover certain losses sustained in the Trader’s account or transaction costs sustained by the Trader. Additional costs may also be sustained by the Trader which is outlined in the Trader’s Agreement.

Forex trading carries a high degree of risk. The leverage available in forex trading means that a relatively small movement can lead to a proportionately much larger movement in the size of any loss or profit. It can work against you as well as for you and lead to large losses as well as gains.

Trading in foreign exchange (“Forex”) and leveraged financial instruments involves a high degree of market risk, including the possibility of losing the entire invested amount. Due to the volatility and complexity of the Forex market, trading is not suitable for all investors.

iBull Capital (Mauritius) Ltd, as a licensed Investment Dealer under the Securities Act 2005, is committed to acting honestly, fairly, and in the best interests of its clients. While we provide access to trading platforms and market execution, we do not offer discretionary portfolio management services or trade on behalf of clients.

Clients retain full control and responsibility over their trading decisions, and the financial consequences of such decisions—whether profits or losses—remain their own. iBull Capital (Mauritius) Ltd is not liable for any trading losses incurred, except where such losses arise from fraud, negligence, breach of regulatory duty, or misconduct on our part.

Clients should not trade with funds they cannot afford to lose. This includes retirement savings, borrowed funds, emergency funds, or money set aside for essential needs. We urge clients to assess their financial situation and risk appetite carefully before engaging in any trading activity.

If clients are unsure of the risks involved, we strongly recommend seeking advice from an independent financial adviser.

Clients should not rely on, or be influenced by, any claims or representations of high or guaranteed profits from trading activities. All trading, especially in leveraged products, carries a substantial risk of loss, including the potential loss of the entire capital invested.

In certain circumstances, particularly when using leverage or margin, losses may exceed the initial investment, requiring the trader to deposit additional funds to maintain open positions.

It is important to understand that past performance is not indicative of future results, and no assurance can be given that any trading strategy will be successful or profitable. Traders should carefully consider their financial capacity and risk tolerance before engaging in any trading activity.

Trading in securities and foreign exchange markets requires a strong understanding of financial instruments, market behaviour, and trading strategies. It involves a high level of complexity and is not suitable for individuals without sufficient experience or financial knowledge.

When engaging in trading, clients are effectively competing with a wide range of sophisticated market participants, including but not limited to:

• Institutional investors (such as banks, hedge funds, and pension funds)
• Professional proprietary traders
• Algorithmic and high-frequency trading firms
• Liquidity providers and designated market makers

These participants typically have access to advanced technology, real-time market data, and substantial capital resources.

Given this environment, no representation or guarantee is made—express or implied—regarding the likelihood of achieving profits. Clients should approach trading with realistic expectations, sound risk management, and awareness of the significant risks of loss.

Clients are required to familiarize themselves with and comply with all rules, terms, and conditions governing the Company’s trading services, as outlined in the relevant agreements, policies, and disclosures provided at onboarding or available through the online platform.

Failure to adhere to these rules (whether related to trading conduct, platform usage, regulatory obligations, or any other applicable provision) may lead to immediate remedial actions by the Company. These may include, without limitation:

• Forced liquidation of open positions,
• Temporary suspension or restriction of account access,
• Account closure, or
• Other measures necessary to safeguard the integrity of the trading environment and to comply with applicable laws and regulatory expectations.

The Company reserves the right to take such actions without prior notice were deemed necessary to manage risk or ensure compliance.

Trading through the Company’s platform involves various costs and charges, which can materially affect trading performance. These include:

a) Bid/Ask Spread

Each trade is subject to a spread — the difference between the buying (ask) and selling (bid) prices. The spread varies depending on market conditions, asset class, and liquidity.

b) Commissions and Fees

In addition to spreads, certain financial instruments may attract fixed or percentage-based commissions. These charges will be disclosed prior to order execution or via the Terms of Business and the Trader’s Agreement.

c) Swap or Rollover Fees

Positions held overnight may incur swap charges or earn credits depending on the interest rate differentials of the currencies involved. These costs are dynamic and depend on prevailing market conditions.

d) Inactivity Fees

Accounts that remain inactive for a defined period (as disclosed in the Terms of Business) may be charged an inactivity fee. Clients will be notified in advance where such charges apply.

e) Platform or Data Fees

Where applicable, the Company may charge fees for access to premium trading platforms, tools, or real-time market data, as detailed in the account terms or service agreements.

Trading with leverage or margin is inherently speculative and may expose clients to significant financial risk. Leverage enables a trader to control a larger position than the capital invested, which can amplify both profits and losses.

Key Risks:

• Losses may exceed your deposit: In the event of adverse market movements, your losses can surpass your initial margin. You may be required to deposit additional funds (a margin call) to maintain open positions.
• Margin Calls: If your account equity falls below the required margin level, you may receive a margin call requiring immediate additional funding to avoid forced liquidation of your positions.
• Stop-Out and Liquidation: The Company reserves the right to automatically close out positions without prior notice if your account breaches minimum margin thresholds (stop-out level). This is to protect both the client and the Company from deeper losses.
• Rapid Market Movements: Volatile markets can trigger sharp and unexpected losses. Leveraged positions are particularly vulnerable during high-impact news releases or illiquid market hours.

Important Considerations:

• Leverage multiplies exposure, not just opportunity.
• Always ensure you understand your margin requirements, stop-out levels, and the potential for negative account balances.
• Consider lower leverage settings or seek independent financial advice if you are unsure of the risks.

Clients are required to possess a sound understanding of the trading platform(s) provided by the Company or its approved third-party vendors. This includes, but is not limited to:

• Navigating the interface,
• Interpreting account balances, positions, and order statuses,
• Placing, modifying, and closing orders,
• Monitoring margin requirements and exposure in real time.

Traders are fully responsible for all actions taken on their account, including any errors resulting from a lack of understanding of the platform’s features or functionality. The Company does not accept liability for losses incurred due to misuse, misinterpretation, or failure to properly operate the trading software.

Holding positions overnight, particularly in leveraged instruments such as Contracts for Difference (CFDs), exposes traders to substantial risk due to market movements occurring outside of standard trading hours.

Key risks include:

• Price Gaps at Market Open: Opening prices may differ significantly from the prior day’s closing prices due to overnight news, earnings reports, geopolitical events, or economic data releases. These gaps may result in stop-loss orders being executed at worse-than-expected prices (slippage).
• Trading Halts or Suspensions: Underlying securities may experience temporary halts or suspensions, preventing execution of trades during those periods. Prices may reopen at levels far from the last traded price, leading to unanticipated losses.
• Swap or Rollover Charges: Positions held overnight may be subject to swap fees (also called rollover fees), which are interest rate differentials applied to leveraged positions. These costs may accumulate over time and affect the profitability of long-term positions.

While the Company endeavours to provide reliable execution of trades, certain market conditions may lead to execution at prices materially different from those displayed or expected at the time of order placement. This may be due to:

• High volatility or low liquidity, particularly during major news releases or outside regular market hours;
• Slippage, which may occur in fast-moving markets where orders are filled at the next available price;
• Delayed or rejected orders due to technical issues, server latency, or third-party liquidity provider limitations.

Clients are strongly advised to use Limit Orders (where applicable) to better control execution prices and mitigate the risk of unfavourable slippage.

The Company cannot guarantee execution at requested prices and shall not be held responsible for losses arising from factors beyond its reasonable control, including but not limited to market volatility, system failures, or force majeure events.

Traders must be fully familiar with the correct procedures for modifying or cancelling existing orders on the trading platform. In particular, during periods of high market volatility or system latency, attempts to cancel and simultaneously replace an order may result in:

• Partial or full execution of the original order before cancellation is confirmed; and/or
• Execution of the replacement order, resulting in duplicate positions.

Traders are solely responsible for any unintended executions, duplicated orders, and any resulting financial losses that may arise from incorrect order handling.

We strongly advise clients to:

• Confirm order cancellation before entering a replacement order;
• Use pending orders cautiously in volatile conditions;
• Contact our support team promptly in case of uncertainty.

The Company strives to provide secure and reliable access to its trading platforms and associated services. However, clients should be aware that technical issues—such as internet connectivity problems, system overloads, server failures, scheduled maintenance, or third-party disruptions—may from time to time impair or delay access to trading services or account information.

Accordingly, the Company does not warrant or guarantee the following:

• The uninterrupted availability, accuracy, timeliness, or performance of its trading platform;
• The suitability of the platform for any particular trading purpose or strategy;
• The reliability of data or price feeds at any given time.

To the fullest extent permitted by applicable law, the Company disclaims any and all liability for:

• Trading losses, missed opportunities, or financial damages arising from delayed or failed access to order execution or account information;
• Reliance on delayed, inaccurate, or incomplete market data.

Clients are strongly advised to implement risk controls, including stop-loss strategies and account alerts, and to contact our support team in the event of system disruption or execution issues. Nothing in this clause excludes liability where prohibited under law.

It is very important for you to reconcile your account on a daily basis. Your review should include confirmations and monthly statements. Any suspected discrepancies should be immediately brought to the Company’s attention. All trade confirmations and monthly statements will be deemed accepted by you if not complained of upon receipt.

To enhance your opportunity for success, you should consider trading to be a profession that will require you to be available each and every day during market hours. Even with such commitment, there is no guarantee that you will be successful in implementing your investment/trading strategy

Persons who are relatively new to electronic trading should strictly limit both the number of trades they do and the size of their trades to reduce the risk of large dollar losses during the learning process. Nearly all persons who are new to electronic trading suffer losses. Only persons who can sustain substantial losses during the learning process should attempt to engage in such electronic trading. The length of time required to develop the requisite skill and discipline necessary to trade successfully varies with different individuals.

The Company, including its officers, affiliates, and representatives, does not act as a registered investment adviser or broker-dealer and is not licensed by the Financial Services Commission (FSC) Mauritius to provide investment advice under applicable laws and regulations.

The trading platform and related services offered by the Company are intended solely to facilitate trade execution and provide general market information to clients. These services:

• Do not constitute investment advice, financial analysis, or a personal recommendation;
• Do not take into account your specific investment objectives, financial situation, or risk tolerance;
• Should not be relied upon as the sole basis for any investment decision.

Clients are solely responsible for determining the suitability of any trade, product, or strategy. If uncertain, clients are encouraged to consult an appropriately licensed and independent financial adviser before engaging in trading activities.

The Company disclaims any responsibility for decisions made or actions taken based on information provided through its platforms, websites, or communications.

Traders are required to be responsible for all losses sustained in their accounts, which on occasion, may exceed the required deposit.

Unless otherwise specifically published by the Company, the Company does not warrant that it will be able to stop-loss losing trades and will not be subjected to any liability. During periods of high volatility or low liquidity, stop-loss orders may be executed at worse prices.

Redemptions or distributions of funds from the Client’s Trading Account shall only be made if and when sufficient Available Cash or Equity exists. Subject to the provisions of the Client’s Trading Agreement, the Company may, upon the Client’s request and provided that funds are available, remit part of the Client’s Equity that is not required to secure any open positions, margin obligations, or trading liabilities.

The availability of funds for redemption is contingent upon:

• The financial standing and liquidity of the Client’s Account;
• The solvency and financial health of the pooled Trading Account;
• The Company’s determination that such distribution will not affect its risk exposure, operational continuity, or regulatory compliance.

Important Disclosures:

• Client funds are held in segregated pooled accounts, separate from the Company’s operational funds, and are not used to finance Company operations.
• However, such pooled accounts are not protected by insurance against losses arising from fraud, misconduct, insolvency, or market volatility.
• The Company is not a member of an investor compensation scheme and does not provide deposit guarantees or insurance coverage over client assets.

The Company reserves the right to delay or refuse any redemption request were doing so would breach internal risk controls, applicable law, or licensing conditions.

The Company relies on digital infrastructures, including third-party data providers, internet connectivity, and electronic trading platforms, to deliver trading services to its clients. While we undertake reasonable efforts to maintain continuous access and reliability, technical disruptions, system failures, and external events beyond the Company’s control may interrupt or suspend trading activity without prior notice.

19.1 Temporary Suspension of Trading

In the event of a disruption in trading operations, including but not limited to:

• interruptions in telecommunications or internet services,
• outages in trading platforms or servers,
• data feed errors or failures from third-party information providers, or
• cyber incidents or force majeure events,

the Company may, at its sole discretion and without prior notice:

• suspend or halt trading temporarily;
• restrict or disable access to accounts;
• liquidate open positions in accordance with prevailing market conditions and best efforts to achieve fair market prices;
• delay or defer order execution.

19.2 Liability and Limitations

The Company will not be liable for any loss or damage suffered by the Client as a result of service interruptions, provided that the Company has taken reasonable steps to mitigate the impact. The Client acknowledges that market conditions may change rapidly during periods of disruption, which may affect trade execution and pricing.

The Company makes no representation or warranty as to the real-time accuracy or completeness of data displayed on its trading platforms, as such data is sourced from third-party international market data providers. In case of suspected data feed errors, the Company reserves the right to suspend data display and publish a notice to affected users.

19.3 Client Acknowledgement

By using the Company’s trading services, the Client acknowledges and accepts the inherent risks of trading through electronic systems and understands that the Company may need to act swiftly and unilaterally in exceptional circumstances to protect its systems, the Client, or market integrity.

The Company shall not be held liable for any delay, failure in performance, or interruption of service resulting directly or indirectly from events beyond its reasonable control (“Force Majeure Events”). These include, but are not limited to:

• natural disasters (e.g., floods, earthquakes, storms);
• acts of war, terrorism, civil unrest, or political instability;
• labour strikes, lockouts, or industrial actions;
• epidemics or pandemics;
• power failures, utility service disruptions;
• failure of electronic or mechanical equipment or communication lines (including telephone, internet, or other interconnectivity failures);
• suspension of trading by any market or exchange;
• actions by regulators, government agencies, or financial authorities.

In particular, the Company shall not be liable for any delay or failure in communication, order execution, platform accessibility, or data transmission caused by failures or disruptions in telecommunications systems, internet service providers, third-party hosting platforms, or the Customer’s own hardware or software systems.

Where a Force Majeure Event occurs, the Company shall make reasonable efforts to notify affected Clients and to resume normal operations as soon as reasonably practicable. However, the Company shall not be obligated to compensate the Client for any losses or damages resulting from such events.

The Client acknowledges and accepts that the occurrence of a Force Majeure Event may prevent or delay the Company from fulfilling its obligations and that, during such periods, the Company may take actions it deems appropriate to protect the interests of the Client, the market, or the integrity of its systems.

Client funds deposited for trading purposes may be held in omnibus accounts with third-party financial institutions, and are not necessarily segregated on an individual basis within the Company’s Trading Account. As such, your funds may be pooled with those of other clients and may be subject to counterparty, operational, or systemic risks, including the risk of default or insolvency of the financial institution or counterparty holding the omnibus account.

Unless otherwise required by applicable law or regulatory protection schemes, the Company does not guarantee reimbursement of client funds in the event of insolvency of the Company or its counterparties.

21.2. Language and Understanding of Agreements

By entering into a trading relationship with the Company, the Client confirms that they fully understand the terms and risks associated with the trading services provided. Where the Client does not understand the English language, they confirm that a qualified and independent third party has explained the contents of all relevant documents (including but not limited to the Client Agreement, Terms of Business, and Risk Disclosure Statement) prior to accepting and executing this Agreement.

21.3. Suitability and Investor Profile

The Client expressly acknowledges that:

• All trades are conducted on an unsolicited basis;
• The Client is not relying on any representation, advice, or recommendation provided by the Company, its officers, employees, or agents (whether legal, financial, tax-related, or otherwise);
• The Client is trading using risk capital only, meaning funds they can afford to lose without affecting their financial stability;
• The Client possesses the knowledge, experience, and risk tolerance required to engage in speculative trading.

If the above statements do not reflect the Client’s profile or understanding, the Client is advised not to proceed with using the trading services provided by the Company.