CUSTOMER AGREEMENT

FOR SPREAD BETTING AND CFD TRADING


CUSTOMER AGREEMENT – FOR SPREAD BETTING AND CFD TRADING

Please read this document carefully as contains important information relating to your spread betting or CFD trading account with us. This Agreement applies to trading on both the web-based platform and the MT4 download platform. The sections of the Agreement broadly cover the following topics:

1 – 3. Your trading account and the different services we offer

4 – 7. Key aspects of trading with InterTrader Ltd

8 – 9. How margin deposits are handled

10 – 13. Costs and charges you may incur

14 – 27. Other matters related to your account This customer agreement, as amended from time to time, and together with our Risk Warning Notice, our Order Execution Policy, your completed Application Form, any relevant software licence and any additional terms and conditions issued by us and/or other terms issued in respect of transactions contemplated by these terms and conditions (this “ Agreement”), sets out the terms and conditions of the contract between you and us. We will deal with you on the terms of this Agreement, If this Agreement is unclear to you, please ensure to contact us with any clarifications prior to agreeing to its terms. By processing the Application Form and submitting it to us, you represent and undertake to us that
you have read and understood this Agreement and agree to be legally bound by all of its terms & conditions.

RISK WARNING

  • The trading services provided by us carry a high level of risk which may make them unsuitable for some investors.
    You should therefore make sure that you understand the risks before using any of our products. You may wish to
    seek independent advice.
  • FX/CFDs are leveraged products – they can carry a high level of risk to your capital and may result in losses that
    exceed your initial deposit. You must only trade with money that you can afford to lose. Debts incurred through
    spread betting and CFDs are legally binding and enforceable.
  • You are invited to read carefully the attached Risk Warning Notice which is also available on our website. By accepting
    this Agreement you acknowledge that you have read and understood the Risk Warning Notice and accept the risks
    identified therein. Make sure you fully understand the risks involved.

1. INTRODUCTION AND GENERAL INFORMATION

1.1 INTERTRADER LIMITED (“InterTrader” “we”, “us”) is authorised and regulated by the Gibraltar Financial Services Commission
(the “GFSC”). InterTrader is also licensed by the Government of Gibraltar and regulated by the Gibraltar Gambling Commissioner
(Gaming Licence Number 051) and our registered office is at Suite 6, Atlantic Suites, Europort Avenue, Gibraltar. The GFSC’s
address is Suite 3, Ground Floor, Atlantic Suites, Europort Avenue, Gibraltar. The Gaming Licensing Authority can be contacted
at the Licensing Authority, No. 6 Convent Place, Gibraltar. 1.2 This Agreement together with the Risk Warning Notice, your
completed Application Form, our Order Execution Policy, any relevant software licence (as amended from time to time) and
any other documents that we have supplied or in the future do supply to you govern your relationship with us and all transactions
entered into between you (the “customer” or “you”) and InterTrader, and apply to any trade placed via any Online Trading
Platform (hereafter referred to as “OTP”) that InterTrader offers. If your account is a joint account, you agree that we
are authorised to act on the instructions of any one person in whose name the account is held, without further inquiry. We
shall have no responsibility for further inquiry into such apparent authority and no liability for the consequences of any
actions taken or failed to be taken by us in reliance on any such instructions or on the apparent authority of any such persons.
1.3 We shall treat you as a Retail Client subject to the following: (a) if you satisfy the definition of Professional Client,
we may notify you that we will treat you as such; and (b) you may request a different client categorisation from the one
we have allocated to you, but be aware that we may decline such a request. If you do request a different categorisation and
we agree to such a request, you may lose the protection afforded by certain GFSC Rules. 1.4 As a retail client you will benefit
from the regulatory protections afforded to retail clients under the Applicable Laws and the GFSC Rules and you are afforded
the highest level of regulatory protection. Should you wish a different classification, please contact us.1.5 Customers should
also be aware that the Market Information Sheets contain important information in relation to the underlying products associated
with trades and further information in relation to these is contained at clause 11. 1.6 By accepting this Agreement you authorise
us to telephone or otherwise contact you within our operational hours in order to discuss any aspect of your account with
us or any aspect of InterTrader or its associated companies’ business. 1.7 Nothing in this Agreement shall exclude or restrict
any duty or liability owed by us to you under the Applicable Legislation and if there is a conflict between this Agreement
and the Applicable Legislation, the latter shall prevail. 1.8 By submitting your completed Application Form, and each time
you enter into a trade, you signify and agree that all the following personal warranties and representations are repeated:

  1. a) all information that you have provided us with (in your Application Form and subsequently) and whether in writing
    or not, is true and accurate in all material respects;
  2. b) you will notify us of any change in your circumstances as previously notified to us, whether orally or in writing,
    which may affect the way in which we manage your account or provide services to you;
  3. c) there is no legal rule or impediment to your entering into this Agreement or to trading with us, or to your discharging
    your obligations arising under this Agreement or any trade that you place under this Agreement;
  4. d) you agree to be bound by this Agreement;
  5. e) you have read and fully understood this Agreement, including the Market Information Sheets and the Risk Warning Notice;
  6. f) you as an individual are over 18 years of age;
  7. g) you are making each and every trade on your own behalf as principal and not as agent for any other party;
  8. h) you are duly authorised to place any trade; and
  9. i) you shall at all times comply with all Applicable Laws.

1.9 If any losses are incurred by you or by InterTrader due to your breach of any warranty as set out herein you shall be
liable for the total sum involved. Any breach of any warranty or representation set out herein shall constitute an Event
of Default. 1.10 Upon agreement with you, we may waive or relax any of this Agreement from time to time. In particular but
without limitation, where this Agreement specifies certain trade size or margin requirements, we may, but only upon agreement
with you, allow you to breach such limits. Any liability accrued due to such permission is your sole responsibility. Any
agreement to waive or failure to enforce any part of this Agreement shall not constitute a waiver by InterTrader to enforce
such rules at a subsequent time. 1.11 This Agreement is supplied to you in English and we will communicate with you in English
for the duration of this Agreement. We may provide you with documents and information and communicate with you in languages
other than English, where possible. If there is a conflict or inconsistency between the English version of this Agreement
and those provided in any other language, the English version shall prevail.

2. YOUR ACCOUNT

2.1 We must accept you as a client before you can engage in any transactions with us. ITL may refuse to accept you as a client.
We are under no obligation to accept you as a client. You must complete and submit to us an application electronically online.
All mandatory sections must be filled out and any information supplied must be true and correct to the best of your knowledge.
2.2 When electronically submitting the application to us, you are authorising us to make such searches as we see fit to certify
that the information that you have supplied is complete and accurate. Such searches will include, but may not be restricted
to, information from the electoral register and any credit agencies approached by InterTrader. 2.3 We may make periodic checks
of your details to verify that the details supplied by you have not changed. However, you must immediately inform InterTrader
in writing as to any material change in your financial circumstances or any change to the information given on your application
(including change of employment, address, contact details and email). In our absolute discretion, we may accept such notification
over the telephone or by email. Any losses that may be incurred by misdirection of contract note and statement details due
to incorrect or out-of-date email addresses supplied by you are entirely your responsibility. 2.4 We may refuse to open an
account for you for any reason at our sole discretion. We are not obliged to provide you with the reason(s) for our refusal.
2.5 We reserve the right to close or suspend your account at any time. Should we exercise this right all open positions shall
be closed immediately at the best available market price in line with our Execution Policy and no new trades will be accepted.
Any position you may have in markets not quoted (i.e. those that have closed for the day) shall be closed at the first price
reasonably available to us on the next business day or, in the case of a market suspended for any reason, closed under the
terms contained herein. 2.6 It is your sole responsibility to inform InterTrader as to whether information concerning your
account transactions should be reported to your employer, including its compliance officer, and as to whether confirmations
and statements of your account should be sent to that compliance officer or to any other person authorised by your employer
to receive such information.

3. SERVICES PROVIDED BY INTERTRADER

3.1 Subject to you fulfilling your obligations under this Agreement, we may enter into contracts with you in respect of the
following types of trade: – spread bets; – spot or forward CFDs on single securities, stock or other indices, currencies
(foreign exchange), base and precious metals and commodities; and – such other investments as we may from time to time agree
to offer in writing or online. 3.2 We will deal with you on an execution-only basis at all times. 3.3 We are not authorised
to provide investment advice. We will not make personal recommendations or advise on the merits of buying or selling or taking
any action in relation to any transaction. We may at our discretion, provide you with generic or factual information from
time to time on the terminology and procedures involved with such trades or concerning factual financial data. You should
rely on your own judgement when deciding whether or not to enter into any trade contemplated by this Agreement. 3.4 When
we execute an order on your behalf, we will act in accordance with our Order Execution Policy. A summary of our current Order
Execution Policy is available online. 3.5 We will enter into all trades as principal and not as an agent for any other person.
Unless otherwise agreed with us, you will also enter into all trades as principal and not as an agent for any other person.
3.6 We provide Market Information Sheets, which are available online and which outline the markets that we offer and various
matters relating to this Agreement and which we will endeavour to keep up to date without any obligation or liability on
us to do so, or for its accuracy. You should read the Market Information Sheets thoroughly before placing any trades. If
there is any matter that you do not fully understand then you should seek clarification from us before entering into the
trade. 3.7 You may only execute a trade with us during our quoting hours for the market in question and within the permissible
size(s) (unless otherwise agreed by us). Please refer to the Market Information Sheets for further details. The minimum and
maximum limits are set by us by reference to the normal market size (NMS) for which prices are available on any relevant
exchange or market offering live price information. The current minimum and maximum limits are available from us on request
and are detailed on the Market Information Sheets. We are entitled to vary these minimum and maximum limits and it is your
responsibility to ensure that you know what the current limits are before placing any trades. We also have the right to waive
any trade size limits with or without notice to you. 3.8 Our activities with you under this Agreement are likely to include
margined transactions. Please refer to clauses 8 and 9 below for further details of margined transactions. 3.9 Notwithstanding
any other provision of this Agreement, in providing our services, we shall be entitled to take any action as we consider
necessary in our absolute discretion to ensure compliance with Applicable Laws and the Gibraltar Financial Services Commission
(GFSC) Rules. You agree to strictly comply with the Applicable Laws. If we reasonably consider that you have not so complied,
we may close your account and terminate this Agreement. 3.10 You should be aware that the services we offer, including spread
betting and trading in CFDs, are regulated by the GFSC Rules and the Applicable Laws that relate to the trading of futures,
spread betting, CFDs and other such products linked to underlying instruments and futures. Customers are especially reminded
that this applies to all forms of market abuse such as insider dealing and to directors trading in shares of their own companies.
3.11 We will not be liable for any losses incurred as a result of any interruption of power supply or electronic communication
or information system or any event which prevents us from supplying information in one or more of the markets in which we
would ordinarily quote.

4. PLACING TRADES

4.1 We are not obliged to accept any request to trade. 4.2 Trades with us can only be made via an OTP. The OTPs have minimum
computer software requirements (and further information is available on request). The platforms will be regularly updated
and it is strongly suggested that customers should download and install any relevant updates when prompted in order to achieve
the most efficient platform functionality. 4.3 InterTrader quotes a two-way price in a size acceptable to us involving a
spread between the buy and the sell price. As the customer, you may buy at the higher price or sell at the lower price. 4.4
All OTPs retain chronological histories of all trades conducted over that medium and an electronic audit trail of all customer
activity (although this is not guaranteed). 4.5 Your username, password and account number are extremely sensitive pieces
of information. Any trade made on your account using either your username, account number or your password will be deemed
as a valid trade. You must not disclose your username, account number or password to any person. You must immediately inform
us if you are aware or suspect that a third party has had access to your username, account number or password or that any
person other than you is dealing on your account. 4.6 Before access is permitted to an OTP you will be obliged to enter your
username or account number and password. Trades on an OTP will be confirmed via an on-screen confirmation. The contract is
binding on both parties except for instances of a pricing error or Force Majeure. We will treat trades placed via an OTP
as active once a request to trade has been accepted. Trades placed via an OTP will normally be confirmed at the time they
are made by electronic means. 4.7 An email or on-screen confirmation of a trade that does not accurately reflect the relevant
underlying market price at the time when the trade was made via an OTP does not entitle the customer or InterTrader to enforce
whatever has been inaccurately recorded in the confirmation and is likely to constitute a pricing error or omission. 4.8
We reserve the right to, without your consent, either void from the outset or amend the terms of any trade containing or
based on a pricing error. If, at our discretion, we choose to amend the terms of any such erroneous trade mentioned in clause
4.7, the amended level will be such a level as we reasonably believe would have been fair at the time the trade was entered
into. In deciding whether an error is a pricing error we may take into account any relevant information including, without
limitation, the state of the underlying market at the time of the error or any mistake in, or lack of clarity of, any information
source or pronouncement upon which we base our quoted prices. Any financial commitment that you have entered into or refrained
from entering into in reliance on a trade with us will not be taken into account in deciding whether or not there has been
a pricing error. 4.9 In the absence of wilful default or fraud by us we will not be liable to you for any loss, cost, claim,
demand or expense following a pricing error (including where the pricing error is made by any information source, commentator
or official upon whom we reasonably rely). 4.10 If a pricing error has occurred and we choose to exercise any of our rights
under clause 4.8, and if you have received any monies from us in connection with the pricing error, you agree that those
monies are due and payable to us and you agree to return an equal sum to us without delay. 4.11 We reserve the right to,
without your consent, either void from the outset or amend the terms of any trade we deem to have been placed or requested
using methods not approved by us through either the potential manipulation or unauthorised alteration of any InterTrader
supplied OTP or any other trading application, or the use of any unauthorised computer system or program. Any unauthorised
alteration or manipulation of any InterTrader supplied OTP or other trading application or use of any unauthorised computer
system or program to place or request a trade will be seen as a deliberate and wilful attempt to potentially manipulate trading
data or abuse InterTrader’s systems, and will result in the closure of your account. 4.12 If, at our discretion, we choose
to amend the terms of any such trade mentioned in clause 4.11, the amended level will be such level as we reasonably believe
would have been fair at the time the trade was entered into. The price will reflect exactly any adjustment we received on
the house execution. Any financial commitment that you have entered into or refrained from entering into in reliance on a
trade with us will not be taken into account in deciding whether or not there has been a manipulation or unauthorised alteration
of any InterTrader supplied OTP or trading application, or use of an unauthorised computer system or program. 4.13 If the
situation outlined in Clause 4.11 does arise and we choose to exercise any of our rights under Clause 4.11, and if you have
received any monies from us in connection with any associated trades, you agree that those monies are due and payable to
us and you agree to return an equal sum to us without delay. 4.14 In the case of trades placed via an OTP, InterTrader is
under no obligation to recognise the domain from which a customer is trading, and it is your sole responsibility to ascertain
the legality of placing trades from your local jurisdiction. 4.15 Where we have allowed unauthorised access to any customer’s
account through negligence by us or by our own staff, or through abuse by third parties via an OTP (i.e. hacking) that is
directly attributable to InterTrader’s negligence or to a failure to adequately secure our systems from such abuse, we shall
indemnify the customer for any losses incurred. 4.16 We will only accept trades, whether opening or closing, via an OTP.
InterTrader has no obligation to transact orders or trades received via any other medium for example but not limited to email
or letter or verbal conversations over non-recorded telephone lines (e.g. Customer Services’ personal mobile phones) or instructions
given in a personal conversation. 4.17 A trade can only be executed against a current valid quote. A price may change at
any time after it has been quoted and before you have traded. Quotes that have been given as “indication only” are not valid
and trades cannot be placed unless otherwise agreed by us. Quotes that have been qualified or quotes that you have been told
are no longer valid before you place your trade are also not tradable. 4.18 In the case of trades placed via an OTP you may
only offer to place a trade on the prices currently quoted on an OTP. Such prices are indicative and on receipt we may, in
our absolute discretion, reject or accept your requested trade. Due to the nature of online trading systems and the potential
unreliability of market price feeds we may in our absolute discretion remove or delete trades (and any associated trades)
which have been made over an OTP which in our opinion do not reflect the actual market prices at the time of the placement
of the relevant trades. We will not be responsible for losses or potential losses sustained by you in trading on a rejected
or cancelled trade. We will not be responsible or liable for losses made with other companies on trades undertaken in connection
with a rejected or cancelled trade.

5. TRADING

5.1 Customers should note that they are trading on the outcome of the price of a financial derivative, and will not be entitled
to delivery of, or be required to deliver, the underlying product. 5.2 This trading does not occur on an exchange. Rather
the trading occurs off-exchange or over the counter (“OTC”). As a result, InterTrader enters directly into a contract with
you in respect of the financial instrument on which you wish to trade. 5.3 In respect of dividends, an adjustment to your
account shall be made with reference to any dividend or distribution attributable to any relevant security on which a trade
is based and shall be made and calculated as follows: 5.3.1 where your position would result in a credit to your account
we shall adjust the account balance in your favour by the gross dividend amount multiplied by the transaction size (please
be aware that a haircut may be applied to this payment to factor in tax or trade process charges – the standard payment on
UK instruments’ gross dividend is 80%, although this payment haircut may vary); or 5.3.2 where your position would result
in a debit to your account we shall adjust the account balance in our favour by the net dividend multiplied by the trade
size. 5.4 The above provisions shall apply in respect of any constituent security of a securities basket or securities index
and are also subject to any such adjustment being scaled back in proportion to the respective weighting of the affected security
within the securities basket or securities index as we reasonably consider appropriate. 5.5 In certain market conditions
it may not be possible to close a single transaction with sizable market consideration in full at one price. Such a trade
may instead be closed at a price reflecting the price at which InterTrader is able to transact any relevant underlying hedge
but only during the trading hours of the underlying market (whether or not the relevant trade was opened during or outside
the underlying market trading hours). 5.6 If the underlying market in relation to an existing open position held by you becomes
illiquid in any fashion, either leaving InterTrader unable to purchase sufficient amount of the underlying contracts to cover
your trade or position, or leaving us unable to borrow the same in the open market, InterTrader reserves the right to close
all or part of any such trade or position at the price obtained by InterTrader to unwind the position. 5.7 We shall use our
reasonable endeavours to execute any instructions promptly, but in accepting your Instructions we do not represent or warrant
that it will be possible to execute such Instruction or that execution will be possible according to your Instructions. 5.8
If we encounter any material difficulty relevant to the proper carrying out of an instruction on your behalf we shall endeavour
to notify you promptly. 5.9 We shall execute an Instruction only when the relevant Underlying Market is open for dealings,
and we shall deal with any instructions received outside a relevant Underlying Markets’ hours as soon as possible when that
relevant Underlying Market is next open for business (in accordance with the rules of that market). 5.10 You hereby give
your prior express consent to us executing your orders outside a trading venue (such as a regulated market or a multilateral
trading facility). 5.11 You confirm that you have read and agree to our Order Execution Policy. We will endeavour to notify
you of any material changes to our Order Execution Policy, but it is your responsibility to check for any other changes to
our Order Execution Policy as published from time to time at on our website. 5.12 When you give us a specific instruction,
our Order Execution Policy will not apply, and we may be unable to take the steps described in the Order Execution Policy
to obtain the best possible result in executing your order. 5.13 We will consider the continued placement of instructions
by you or on your behalf to constitute your continued consent to our Order Execution Policy as in effect from time to time.

6. OPEN POSITIONS

6.1 Positions may be closed at any time within InterTrader’s quoting hours (except where the relevant market is suspended
or not available for whatever reason) unless InterTrader notifies you otherwise. InterTrader may accept closure of positions
at any other time outside quoting hours, dependent upon the market, but is not obliged to do so. 6.2 Unless specifically
instructed by you, the client, in regard to futures, then all positions will be rolled prior to expiry into the next Near
Month contract. As such they will not settle on expiry. If the rolling of the contract puts you in a margin call position
we expect you to cover the call with immediate effect. In certain circumstances and in accordance with this Agreement, we
shall be entitled or may be required to close your position prior to the expiry date notwithstanding that your account is
not in deficit. 6.3 If the expiry date of a trade is not a recognised business day of the relevant underlying market, then
the business day immediately preceding that stated will be considered as the expiry date unless an alternative is specifically
stated in the Market Information Sheets or InterTrader notifies you otherwise. 6.4 Open positions will automatically roll
on their expiry date and at their expiry time (as are detailed in the Market Information Sheets) and any subsequent closing
of any such position by you (whether or not accepted in error by us) will close the new Near Month contract. It is your responsibility
to avoid this situation by closing any desired positions before they roll.

7. NEW ORDERS, STOP LOSS ORDERS, LIMIT ORDERS AND TRAILING STOPS

7.1 These are generally the basic order types available: – New Orders; – Stop-Loss or Limit Orders; and – Trailing Stops.
7.2 New Orders are orders that are not connected to an existing open position, although they may close existing positions
(and open a new position in the other direction). We will accept the following types of New Order: – “Good Till Cancelled”
means that the Order will remain in effect until cancelled by you or until the market expires and InterTrader ceases to quote
the relevant market; – “Good For Day” means that the Order will remain in effect until the end of the InterTrader quoting
hours for the relevant market for that day; – “Good Until” means that the Order will remain in effect until the time and
date requested by you when placing the Order or until InterTrader ceases to quote the relevant market (whichever is the sooner).
7.3 All “Good Till Cancelled”, “Good For Day” and “Good Until” Orders are based on an “our quote” basis. 7.4 A “Good Till
Cancelled” Order will only be valid during InterTrader’s quoting hours for the market concerned. If there is any form of
gap between the close of the market as quoted by InterTrader on one trading session and its subsequent reopening either on
the next session or, in the case of a Force Majeure, whenever InterTrader reopens said market, the customer’s stop will be
executed at the InterTrader quote plus or minus spread for spread bets based upon the price that InterTrader attains in the
underlying market. 7.5 Stop-Loss Orders placed on open positions shall: – be deemed “Good Till Cancelled” or until the contract
expires or until such time as you close the relevant position; – be deemed to be in respect of InterTrader’s quote (“our
quote”); and – be valid solely in respect of the market in which InterTrader accepted the Order and not for any other. 7.6
In respect of markets quoted by InterTrader outside the normal trading hours of the relevant underlying market, all Orders
are based on InterTrader’s quote (“our quote”) and may be filled at the InterTrader quote based on a price which is in InterTrader’s
opinion fair and reasonable in light of prevailing world markets at that time. 7.7 We will accept Orders placed in any market
during the hours in which we do not offer a quote in said market. However no Stops or Orders of any kind in any market will
be executed outside our quoting hours for that market except by agreement with us. Upon the opening of any market quoted
by InterTrader any currently actionable Stop, Limit or New Order will be filled at the first quote in the relevant market
that InterTrader is able to obtain in the underlying. 7.8 It is your responsibility to cancel any Order that you no longer
require. Any un-cancelled Order placed by you may be filled by InterTrader and may therefore cause losses for which you will
be liable. In the case of Stop-Loss Orders, if the related trade is closed by you the Stop-Loss Order will be deemed automatically
cancelled. If the underlying Stop-Loss on any open position was actionable or in the process of being actioned before you
closed the open position, we may at our sole discretion adjust the closing price of your trade to reflect the Stop-Loss price
or instate an opening position on your account as a result of the two instructions. It is the client’s responsibility to
monitor and prevent this situation. 7.9 An Order will be executed when the InterTrader quote reaches the price specified
in your Order or as near as possible should the market move through your specified level. All quotes are based upon an underlying
market that is sourced from either a recognised global exchange (LSE, NYSE, LIFFE etc) or from a wholesale counterparty (a
quoting bank or market-maker). Our quote may be higher or lower than the underlying market due to interest rate costs, dividends,
scrip issues, stock splits, competitors’ quotes or the weight of customer business. The understanding of the definition of
“our quote” is very important for the correct operation of your account. If you do not understand any part of its description
we strongly recommend that you contact us for an explanation. 7.10 InterTrader is not obliged to inform you if an Order is
filled, other than via contract note. It is solely your responsibility to ensure that you know at all times whether any Order
has been filled or is still active and if you are in any doubt whatsoever as to the situation it is your sole responsibility
to contact us immediately, in the first instance by telephone, in order to obtain clarification as to the validity of any
trade. 7.11 Once a Stop, Limit or new Order level is reached we may at our sole discretion allow a customer to amend this
Order before it has been actioned by us. Although, receipt of any confirmation of an Order amendment is not binding on us,
we may at our sole discretion decide to execute the original Order if the activation of that Order occurred before the amendment
was made. We shall not be liable for any positions generated by customers’ assumption of non-activation of a fairly executed
Order. 7.12 Unless otherwise stipulated, no orders are guaranteed and are subject to “Gapping” and “Slippage” (please refer
to 7.14 below). 7.13 If a New Order is subject to “Gapping” and/or “Slippage” (see 7.14) on activation and the Order is actioned
at a price that would also have activated any associated Limit or Stop Orders, then the position will immediately be closed
with a potential loss to the customer of the prevailing InterTrader quoted spread for that market. 7.14 In this Agreement
Gapping refers to an occurrence whereby the market moves from one quoted price to another quoted price that is significantly
different to the first. Where such an event happens and where the second quote is through an Order level (Stop-Loss, Limit
or New Order), when the first quote was not, this may result in Slippage to the Order price. There are a variety of reasons
why this might happen. Some of the more usual are listed below, but this list is by no means exhaustive:

  1. Because the particular underlying market on which the Order is placed has opened and started trading at a price significantly
    different from the previous session’ s closing price;
  2. During trading hours the underlying market may have become unusually volatile or illiquid for a period of time causing
    sudden dramatic price movements. In such instances the underlying market may even stop quoting a price and may only
    recommence trading at a price below (or above) an Order level or may have traded at a price for an insufficient size,
    compared to the size of your Order, for InterTrader to have been reasonably able to place a trade in the underlying
    market;
  3. The underlying market may have gapped from one traded price to another, significantly different, traded price due to
    a piece of economic, political, environmental or corporate news. Where this happens, an Order due for execution may
    not be filled at the requested Order price level and the Order may therefore be executed in accordance with our Order
    Execution Policy. Accordingly you must understand the potential impact of Gapping and Slippage on any Order that
    you place.

7.15 Where a series of Orders may be filled to close existing open positions and/or open new positions then these Orders
will be filled by InterTrader in any sequence determined by InterTrader. If this results in subsequent Orders having insufficient
trading resources for activation, then these Orders may be cancelled. Where the sequence of filling Orders may result in
one Order being filled and another failing, InterTrader will fill Orders as they are struck and at its sole discretion. 7.16
Trailing Stops automatically track profitable positions, and close them should the market change direction and move against
you. They are a tool to “lock in” profits, and mean you do not have to personally monitor and move your Stops constantly.
You set the conditions for the stop level to move automatically, should the market move in your favour. Trailing Stops can
be used on long or short trades, assisting you in securing gains should they occur as the market moves. Trailing Stops are
available on most products. They can be added when placing a trade, or attached to open positions at a later stage. You specify
the stop distance (how far away from the opening level the Stop is to be placed), and then the stop level will potentially
move in predetermined increments as the price moves in a favourable direction. Trailing Stops are not guaranteed and may
be subject to Gapping and/or Slippage (see 7.14) in liquid or fast-moving markets. There is no charge for setting a Trailing
Stop. When using the MT4 platform, please note that Trailing Stops will not be active if the MT4 terminal is closed.

8. MARGIN ARRANGEMENTS

8.1 InterTrader only allows its customers to trade on Deposit Accounts (where money must be deposited before trading can
commence). 8.2 You agree to provide to us and to maintain on your account at all times such margin as is necessary to cover
the margin requirement. Your agreement is repeated for each trade entered into by you and shall relate separately to each
account, if you have more than one account with us. 8.3 The minimum level of cleared funds that you are required to maintain
on your account at any particular time as margin against any open positions is referred to as the margin requirement. We
may at our sole discretion alter the margin requirements on your account. 8.4 We will normally monitor the amount of margin
available for any trade but we reserve the right to demand further margin than may have been originally requested. 8.5 A
Stop-Loss Order attached to a position may not necessarily reduce the margin requirement. 8.6 Notwithstanding any other provision
of this Agreement, InterTrader is entitled, at its absolute discretion, to permit any trade for a size which is above the
recognised maximum single size for a particular market. 8.7 The margin rate for any market, which determines your Initial
Margin Requirement (“IMR”), may be changed from time to time by us without notice to you (for example, during volatile market
conditions or due to the illiquid nature of any underlying market). Any new margin rate will be applied to all your existing
positions as well as any new trades. Margin rates for most products are set out in the Market Information Sheets which are
correct at the time of publication. Margin rates which are not set out in the Market Information Sheets, or which have changed
since the date of publication of the Market Information Sheets, will be quoted on request or posted on the website. It is
your responsibility to ensure that you are using the most recent margin rates applicable. 8.8 Occasionally new or temporary
markets are created. Margin rates will be assigned to these markets, which may not be published but will be available on
demand. 8.9 You undertake to provide us with and to maintain on your account at all times sufficient cleared funds in order
to meet the margin requirement, and such undertaking shall be deemed to be repeated each time you enter into a trade. A failure
to meet your margin obligations at any time is a default event and may result in us closing out your open positions without
prior notice to you. 8.10 Neither the funds on your account nor the margin applied to your position(s) represent your total
financial liability to InterTrader.

9. MARGIN CALLS

9.1 If at any time your account balance with InterTrader is not sufficient to cover in full your margin requirement on open
positions, InterTrader shall be entitled to make a margin call. Margin is due for payment immediately upon a margin call
being made. InterTrader operates an autoclose function over client accounts for your protection. As such if your account
were to suffer margin erosion down to 50% (i.e. if your live account valuation equals 50% of your total margin in use), all
positions will be automatically closed on a non-managed basis. 9.2 You must pay margin immediately in the form of cleared
funds in pounds sterling, US dollars or euros or such other currency as may be acceptable to us by not later than 4.00pm
Gibraltar time on the business day on which the margin call is made or deemed to have been made. A margin call made after
4.00pm Gibraltar time is deemed to have been made on the next business day for the purpose of this clause. 9.3 It is your
responsibility to monitor your open positions and all other relevant factors used to calculate margin payable. We are not
obliged to make margin calls to you at all or within any specific time period. We shall not be liable to you for any failure
by us to contact you or attempt to contact you. 9.4 Margin calls may be made in person, by telephone, telephone answering
machine message, voicemail, letter, fax, email or any other means of electronic communication. If the contact details provided
by you change in any way you must immediately contact us to provide new or alternative contact details to ensure you can
be notified of margin calls. A margin call is deemed to have been made at the first time we endeavoured to contact you using
the details supplied by you for that purpose. Any message left on any electronic medium, either mobile or telephone answering
machine, using the designated numbers supplied by you will be deemed as evidence of a margin call having been made. Any fax
requesting a margin payment will be deemed received by you upon our receipt of a successful transmission confirmation. Any
email sent to you will be deemed received 10 seconds following its transmission. 9.5 If you fail to pay a margin call we
may, but are not obliged to, close any or all of your open positions on the basis of our current quote(s) or, at our sole
discretion, if the relevant market is closed, the next available price attainable when the market re-opens will be used to
close the position. 9.6 Notwithstanding that a margin call has not been met, we may at our sole discretion allow your open
positions to run and allow you to open new positions. This will not affect our rights at any subsequent time to take any
action under this Agreement. 9.7 Notwithstanding any movements in the market that may reduce the margin call on your account,
you are still liable to pay the full margin as originally requested assuming you still have the same or similar positions
open. We may take action and close all or part of your positions if you fail to pay a margin call. Any positions closed for
such a reason shall be at our total discretion. We shall not be responsible for the subsequent market activity of any markets
on positions closed or left open. 9.8 We may view late margin payments as indicative of customer risk and at our sole discretion
may alter the margin requirements or close the account. 9.9 Additionally and without prejudice to this clause or any other
provision of this Agreement, we reserve the right, but we are not obliged, to close any or all of your open positions (including
those held on a joint account with others) on the basis of our current (or next available) quote(s), to close your account
and not accept any further trades from you, in each of the following circumstances without notice to you: – if any method
of payment used by you to make payment to us is not met on first presentation or is subsequently dishonoured; – if any statement
in whatever form that is made by you in relation to this Agreement is or becomes inaccurate in any material respect, in our
sole opinion; – if InterTrader, in its absolute discretion, considers that you are unlikely or unable to meet any margin
call when it falls due; – if you are involved in an insolvency event; – if any regulator of InterTrader’s business or its
rules requires that InterTrader do so; – if you have some dispute or complaint over any instruction or any trade made by
you (in such case we may close only the trade that is part of the actual or alleged dispute); – if we suspect or have any
reason to suspect that you may be involved in criminal or fraudulent activity; (including a “chargeback”); – if there occurs
any other event or any other circumstance that exists, where we reasonably believe that it is necessary or desirable to take
any of the above actions in order to protect ourselves or any or all of our other customers; or – if, at our sole discretion,
we deem it appropriate for any reason to do so. 9.10 If your account has been closed by us, you will no longer be entitled
to enter into any trades. 9.11 You must not rely upon our right to demand payments of margin as a method of monitoring your
open position(s), as such monitoring is your responsibility and we accept no liability for it. We shall not be required to
issue a margin call and any demands, calls or notices made or given by us in any particular instance shall not require us
to make or give such demand, call or notice in another instance.

10. FEES, PAYMENTS AND COMMISSIONS

10.1 In addition to margin payments (as required and detailed at clauses 8 and 9 above) you agree to pay to us such sums
of money as may from time to time be due to us as a result of a trade or position (including any charges and/or commissions
detailed from time to time in the Market Information Sheets) and such sums as may be required in or towards clearance of
any debit balance on any account. 10.2 We will disclose our costs and charges (including any fees or commissions where applicable)
and/or the basis upon which we charge you, prior to and/or following, the provision of services as agreed between us. Charges
and commissions applicable to your trades and positions are set out in the Market Information Sheets. Please refer to “Appendix
1” below. We charge for our services by taking a mark-up or mark-down to the price of the underlying financial instrument
that your Spread Bet or CFD relates to – this is called the Bid/Offer Spread. The Bid/Offer Spread incorporates our main
charge. Other charges may include:

  • a fixed commission which is charged instead of a mark-up to the Bid/Offer Spread in some circumstances;
  • fees imposed by a Market or Clearing Organisation;
  • taxes imposed by any competent authority;
  • interest on any amount due to us at the rates then charged by us
  • overnight financing charges for open positions; and
  • costs payable by you by virtue of the fact that this Agreement is entered into via email, telephone, fax or other.

Any permissible Introducing Broker (“IB”) commission disclosed to you will be in addition to these charges (see paragraph
10.6) In Appendix 1 of this Agreement, we set out an itemised breakdown of our costs and the anticipated aggregated costs
by transaction type in cash and percentage terms. It also sets out an illustration of how these charges would cumulatively
effect the return on your transaction. Ex-post information on actual costs will be provided to you. 10.3 You will pay all
applicable Value Added Tax (VAT) and other taxes and all other fees reasonably incurred by us in connection with any trade.
Any changes to tax laws which result in future imposition of stamp duty, capital gains tax or other tax, which may from time
to time be levied on trades shall be for your account. You may be liable for other charges and taxes that are not imposed
by us. You are solely responsible for the timely payment of such charges and taxes. You should seek independent advice if
you are in any doubt as to what further charges or taxes may apply to you as a result of you entering into this Agreement.
10.4 In the event that charges are imposed by the credit or debit card company (or any other provider) used to deposit funds
to your account, these may be charged by us to you. We will not be responsible for any non-payment of these charges and will
not be liable for any proceedings or further charges resulting from non-payment of such charges. 10.5 Except as provided
in paragraph 10.6 below, we are not permitted to receive or provide any inducements from or to third parties. Inducements
include any fees, commissions, monetary or non-monetary benefits in relation to any transactions under this Agreement where
to do so may impair our duty to act honestly, fairly and professionally, in accordance with the best interests of our clients.
10.6 Any inducements may only be accepted where they enhance the quality of our service provision, they do not impair compliance
with our duty to act honestly, fairly and professionally in accordance with your best interests, and where we have made the
necessary disclosures about the inducement to you ahead of any transactions. [You agree that we may share commission and
charges with our associated companies, Trading Partners or other third parties or receive or pay remuneration from or to
the same in respect of trades entered into by you with us in the circumstances described below:. 10.6.1 where you have been
introduced to us by a technology platform provider and where you intend to use that platform for trading with us, we may
share a proportion of the revenue generated from your trading activity with the platform provider. 10.6.2 where you have
been introduced to us through one of our local partners in a country where we do not have the relevant language skills, we
may pay the local partner remuneration (a proportion of the revenue generated from your trading activity) to assist us in
servicing our relationship with you. 10.6.3 where you have been introduced by a regulated investment firm providing you with
portfolio management services, advisory or any other services upon written consent from you on engagement we may debit your
account with performance and or management fees. In some cases we may also share a proportion of our income with the partner.
10.7 The method for calculating the payments described in paragraph 10.6 is as follows:

volume*Spread income*rebate rate*currency conversion

In all circumstances where we pay an inducement as described in paragraph 10.6, we will disclose to you the amount of the
payment or benefit on your account statement and it will appear as a credit and debit adjustment entitled “partner fee”.
This fee will have no monetary impact on your account. 10.8 In some cases, you may agree with another investment firm a commission
or a price mark-up to be applied to your InterTrader account. In the interest of transparency and with prior consent from
you, the amounts will be visible on your account statement and will appear as a credit and debit adjustment entitled “partner
fee”. The method for calculating the payments described in paragraph 10.6 is as follows:

volume*markup*point value*currency conversion

This fee has a monetary impact on your account as the cost of trading is increased by the fee agreed with the investment
firm. 10.9 In some cases where you have been introduced to us by an automated trading technologies provider as agreed between
yourself and the provider we may pay a software royalties fee to the partner, such fee may be based on the number and value
of the transaction on the account. In the interest of transparency, the amounts will be visible on your account statement
and will appear as a credit and debit adjustment entitled “Software royalties”. The method for calculating the payments described
in paragraph 10.6 is as follows:

volume*markup*point value*currency conversion

This fee has a monetary impact on your account as the cost of trading is increased by the fee agreed with the automated trading
technologies provider. In all cases where we pay an inducement, we will disclose the actual amount to you subsequently. If
you require further information on the fees and commissions that we pay our associated companies, Trading Partners or other
third parties, please contact us.

11. TRADE SPECIFICATIONS

11.1 The Market Information Sheets provide important information in relation to each market offered by InterTrader and customers
are strongly advised to ensure that they understand the contents of them. The information provided in the Market Information
Sheets includes: – Contract expiry details for each market; – InterTrader buy/sell spread and/or commission rate for each
market; – Margin rates for each market; – Trade size specifications; – InterTrader quoting hours (for normal trading conditions
the various trading times are set out in the Market Information Sheets); – The applicable interest rate for overnight financing;
and – Other matters pertinent to various markets. 11.2 InterTrader has to the best of its ability ensured that the Market
Information Sheets are correct but we reserve the right to amend any part of the Market Information Sheets at any time. We
will not be liable to you for any loss caused by your reliance on any inaccurate information. 11.3 Current spreads and/or
commission rates on contracts will be quoted to you on request. InterTrader has the right to vary overnight financing interest
rates, spreads or commission rates on any contract or vary the size specifications without notice especially in, but not
limited to, volatile market conditions and/or illiquidity of the underlying market.

12. OVERNIGHT FINANCING AND ROLL OVER OF FUTURE CONTRACTS

12.1 CFD contracts are available in a variety of markets. Each market has its own conditions which may vary at the discretion
of InterTrader. Such contracts automatically roll into the next trading session. An overnight financing debit/credit will
be made to a customer’s account each night. 12.2 Trades without specific expiry dates will remain open so long as the customer
has funds available to support the margin required for each market. Should you be unable to support any trades due to overnight
financing (and the constraints of the margin requirement) InterTrader reserves the right (but is not obliged) to close any
trade sufficient to bring the customer into a positive trading resources position. In this event it shall be entirely at
InterTrader’s discretion as to which positions are closed and which are retained if any. InterTrader shall not be responsible
for the subsequent market activity on positions closed or left open. 12.3 A CFD trade normally has no expiry date or an expiry
that is many years in the future, but may be closed by InterTrader in situations of Force Majeure or in situations where
the overnight financing has resulted in deficit trading resources on the account. When positions are closed by InterTrader
the price will be at the full spread quoted by InterTrader at that time or at a price that in the opinion of InterTrader
fairly reflects the price at that time. 12.4 Where overnight financing is applied to open positions, the debit/credit to
the account is made for each time that they are kept open overnight, including non-business days. Overnight financing is
explained further in the Market Information Sheets. 12.5 For daily, monthly and quarterly markets you may at any time before
the last dealing time of an open position ask for a quote to roll the position over into the next contract period. You must
have sufficient margin in your account to permit the opening of the new trade after the closure of the existing position
being rolled. 12.6 Any rollover price quoted will reflect prevailing market premiums/discounts. Permission to rollover any
open position is at the absolute discretion of InterTrader. Upon enactment of the rollover the original position will be
closed and will become due for settlement (any loss on the closed position becomes realised and payment becomes due) and
a new trade in the next relevant contract period will be created.

13. ACCOUNT SETTLEMENT AND SET-OFF

13.1 If your account balance is in debit, the full amount of that balance is due immediately. Payment must be made in the
currency in which the debit balance is denominated (or, by agreement with InterTrader, and at an exchange rate designated
by InterTrader, the amount may be transferred to a currency of your choice). 13.2 You authorise us, or our agents acting
on our behalf, to carry out such credit and identity checks as we may deem necessary or desirable, including but not limited
to when your account balance is in deficit. You acknowledge and agree that this may result in your personal information being
sent to our agents, who may be within or outside the EEA. You agree that we will be permitted, if so required, to furnish
relevant information concerning you or your account to any person that we accept as seeking a reference or credit reference
in good faith. 13.3 We will require immediate payment of any debit account balance by either electronic funds transfer, debit/credit
card, direct debit or any other method of immediate funds transfer acceptable to us or by banker’s draft drawn on a Gibraltar
or UK clearing bank and delivered to us by 4.30pm on the same business day that the debit account balance became due. We
are entitled to refuse payment by cheque, without notice and without giving any reason. 13.4 Any customer resident outside
Gibraltar or the UK may make payment by banker’s draft drawn on a Gibraltar or UK clearing bank respectively, and delivered
to InterTrader by 4.30pm on the same business day subsequent to that in which the debit account balance became due. 13.5
InterTrader reserves the right to and shall be entitled to charge interest on all sums payable to us under this Agreement
which are not paid within 5 days of their due date until payment is made in full; we shall charge you 2% per calendar month
or part thereof cumulative on the sum owed to us. We will require you to reimburse us for any and all costs we may suffer
or incur if you fail to make payment when due for any reason whatsoever. 13.6 InterTrader has the right to debit from your
account or any other account in which you hold an interest any costs, interest or expenses incurred in recovering said debt.
All debts to us are recoverable in law. InterTrader will actively pursue any sum (whatever the size) that is due. 13.7 Unrealised
profits will under no condition be paid or be available for electronic withdrawal or offset your obligation to pay your realised
losses. 13.8 We shall be entitled to keep hold of funds which are required to cover adverse cash positions, margin requirement,
any un-cleared funds (i.e. credit card payments), realised losses and any other amount due under this Agreement. 13.9 InterTrader
may at any time set off any liabilities owed by it to you against any amount owed by you to it. InterTrader reserves the
right, without notice to you and at its absolute discretion, to consolidate any or all of your accounts of whatever type
or description or any accounts in which you have a part or management function or oversight interest. 13.10 Without prejudice
to any part of this Agreement, InterTrader shall be entitled to require the settlement of all open positions at any time
and with immediate effect. Such settlement shall be made at the prevailing InterTrader quote (our quote) for each trade at
the time of settlement or at the first such time that such a settlement may be practicably made. The settlement amount in
respect of each open position shall be calculated by InterTrader at its sole discretion as the difference between the opening
value of each trade and its value on the settlement price. 13.11 For the avoidance of doubt, we shall be entitled at any
time to deduct, without notice or recourse to you, any monies deposited in or credited to your account in error by us or
on our behalf.

14. CONFLICTS OF INTERESTS

14.1 InterTrader Ltd is committed to treating its customers fairly and it will never knowingly put itself in a position whereby
its own interests, or its duty to another party, prevent it from discharging its duty to a customer. 14.2 We maintain and
operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts
of interest from giving rise to a material risk of damage to the interests of our clients. 14.2 We have a conflicts policy,
updated from time-to-time, which sets out how we identify and manage all potential conflicts of interest. Our conflicts policy
describes in detail the kinds of circumstances in which conflicts may arise in our different services, including those arising
from our day-to-day business activities. 14.3 There may be occasions in the course of our relationship when InterTrader’s
interests may conflict with the interests of its customers. InterTrader recognises that there is the risk that, under certain
circumstances, directors (including non-executive directors), employees, associates, consultants or any other person directly
or indirectly related to it may hold interests, financial or otherwise, and benefits that may be in conflict with the best
interests of the customers and as a consequence may damage the interests of the customers. Depending on the exact nature
of any such conflicts, we will take action to mitigate the impact of the conflict. This may include implementing controls
to manage the conflict by controlling or preventing the exchange of information, and/or involve the appropriate segregation
of duties. Where appropriate, where we consider the other means of preventing or managing conflicts are insufficient, we
will disclose the nature and/or source of any conflict prior to undertaking the relevant business or transaction with you.
14.3 You should notify our Compliance Officer immediately if you believe that our Conflicts of Interest Policy has not been
followed or that there is a conflict which may have not been addressed. 14.4 If you wish to have further information on our
Conflicts of Interest Policy, or on any specific conflict of interest that you think might affect you, please contact us.

15. TERMINATION

15.1 You may terminate this Agreement and close your account immediately by giving written notice to us. 15.2 You can contact
us at any time via email to instruct us to close your account. We will only close your account if you have no monies owing
to us, and any open position shall be closed in accordance with Clause 9.5 above. Any losses incurred on your account prior
to the closure of the account shall be deemed to be immediately payable by you. 15.3 You specifically and unconditionally
agree that InterTrader has the right to close or suspend your account with immediate effect in any of the following events:
– you fail to observe or perform, or otherwise breach, any term of this Agreement; – you have made any material misrepresentation
to InterTrader; – if you are involved in an Insolvency Event; – you fail to provide information requested in relation to
any verification undertaken by InterTrader; – you act in a rude or abusive manner to employees of InterTrader; – if an Event
of Default occurs; or – InterTrader at its sole discretion decides to close your account, at all times acting reasonably.
15.4 If either party terminates this Agreement and/or closes the account all open positions shall be immediately closed at
a price plus or minus spread/commission available in the market or, in the case where any market is closed for any reason,
at the next available price obtainable by InterTrader on the reopening of said market, and no new trades shall be accepted
by InterTrader. 15.5 No penalty will be payable by either party on termination of this Agreement and termination will not
affect any accrued rights. On termination by either party, we may consolidate all or any of your accounts and may deduct
all amounts due to us before transferring to you any credit balances on your account. 15.6 At any time after the termination
of this Agreement, we may without prior notice close out any or all of your positions.

16. CLIENT MONEY, DEPOSIT AND WITHDRAWAL

16.1 InterTrader will treat money received from you or held by us on your behalf in accordance with the GFSC Client Money
Rules. 16.2 InterTrader will hold all Client Money in a designated client bank account located in Gibraltar. 16.3 It is not
our policy to pay interest to you, nor account to you for profits earned, on any of your money held by InterTrader. 16.4
Any deposit you wish to make to your account is subject to: 16.4.1 the initial deposit you make on your account being no
less than 100 GBP/EUR/USD/PLN; and 16.4.2 every other deposit on your account (excluding the initial deposit) being no less
than 50 GBP/EUR/USD/PLN. 16.5 In the event that there has been no movement on your account balance for a period of at least
six years (notwithstanding any payments or receipts of charges, interest or similar items) and we are unable to trace you
despite having taken reasonable steps to do so, you agree that we may cease to treat your money as client money; we shall
make and retain records of all balances released and undertake to make good any future valid claims against released balances.
16.6 Where a deposit to your account or withdrawal from your account is from/to a joint bank account, for fraud prevention
and anti-money laundering purposes and in accordance with clause 16.7 below, we reserve the right to seek further documentation
to verify the identity of the other individual connected with the joint bank account. 16.7 You may not assign any part of
your profits or losses to a third party. A third party may not place any funds in your account or withdraw funds from your
account. All withdrawals from your account must be payable directly to you (or into an account in your name via direct debit
and other methods). 16.8 Due to fraud prevention measures and in accordance with money laundering regulations, InterTrader
will only refund monies back to where they came from. Where monies have been deposited by card the funds will be returned
to that card where possible and where not possible InterTrader may require sight of original bank statements showing the
original fund transfer to InterTrader before refunding to the said bank account. 16.9 Where monies have been deposited by
bank transfer, InterTrader may require sight of the original bank statement showing the deposit of the transfer before any
refund is made. 16.10 Where bank accounts have been closed, InterTrader will require a letter from the originating bank stating
that the account has been closed and there are no funds owing to the bank. Before InterTrader will refund to a new bank account,
we may require sight of the original deposit transfer statement from the closed account and sight of an original new bank
account statement. 16.11 In reference to this clause, if InterTrader’s records show a discrepancy between card details and
InterTrader’s account details as supplied by you, InterTrader may require sight of original bank statements, or any other
relevant evidence, to confirm your new status before processing a refund. 16.12 You are entitled to make one withdrawal per
day (being the period of 24 hours from 12 o’clock a.m. UK time to 12 o’clock a.m. UK time on the following day) which will
be free of any charge imposed by InterTrader. For every subsequent withdrawal during a day, the following will apply: 16.12.1
a processing fee of 5 GBP/EUR/USD/PLN will be charged by InterTrader if the amount requested is less than 1000 GBP/EUR/USD/PLN;
or 16.12.2 no processing fee will be charged by InterTrader if the amount requested is more than 1000 GBP/EUR/USD/PLN.Please
note: For any withdrawals your receiving bank may impose a charge outside of our control, please contact your bank for further
information. 16.13 You agree that InterTrader may transfer your client money to another person (subject to the relevant regulations
concerning client money); and 16.13.1 any sums transferred will be held by the person to whom they are transferred for you
in accordance with equivalent client money rules; or 16.13.2 if not held in accordance with 16.12.1, InterTrader will exercise
all due skill, care and diligence in assessing whether the person to whom the client money is transferred will apply adequate
measures to protect these sums. 16.14 This Term applies if you have been categorised as a Professional Client only. Following
appropriate disclosure of the risks by us to you, you and we may agree that you do not require money which is transferred
by you to us to be held in accordance with the Client Money Rules. Any such agreement must be in our agreed form and signed
by you and may be provided to us by post or by scanned copy sent to us by email. Following such an agreement, we will treat
any transfer of money by you to us as a transfer of full ownership of money to us for the purpose of securing or covering
your present, future, actual, contingent or prospective obligations, and we will not hold such money in accordance with the
Client Money Rules. Because title of the money has passed to us, you will no longer have a proprietary claim over money transferred
to us and we can deal with it in our own right, and you will rank as a general creditor of ours. By placing money with us
under a title transfer agreement, you agree that all money you place on your account is done so in anticipation of a Transaction
and therefore has the purpose of securing or covering your present, future, actual, contingent or prospective obligations
to us. You should not place any money with us that is not for the purpose of securing or covering your present, future, actual,
contingent or prospective obligations to us. 16.15 This Term applies if you have been categorised as an Eligible Counterparty
only. As set out in the Supplementary Schedule of Conditions for Eligible Counterparties, if we classify you as an Eligible
Counterparty at any time, you agree that we may without separate written agreement treat money which is transferred by you
to us as a transfer of full ownership of money to us for the purpose of securing or covering your present, future, actual,
contingent or prospective obligations to us and that such money will not be held in accordance with the Client Money Rules.

17. FORCE MAJEURE

17.1 Force Majeure events are exceptional, unusual, or emergency market conditions which may prevent InterTrader from performing
any or all of its obligations. They include, without limitation: – markets that, in InterTrader’s reasonable assessment,
are in an emergency or exceptional state; – the suspension or closure of any market upon which we base our quotes, or the
imposition of limits or special or unusual terms on the trading in any such market; – the occurrence of any speculative movements
which in our reasonable assessment distort the level of prices in any market quoted by us; – compliance with any law or government
order, rule, regulation or direction; – an event which prevents InterTrader from making orderly markets in any contract normally
quoted by InterTrader; – any abnormal loss of liquidity in any of the markets quoted or the reasonable anticipation of such
occurring or the event of excessive volatility, as reasonably assessed by InterTrader, in any market normally quoted by InterTrader,
or the anticipation by InterTrader that such situations may occur; or – any act, event or occurrence including any strike,
riot or civil commotion, terrorism, interruption of power supply, or electronic communication or information system technical
or communication problems, or other act of god caused through loss of power which prevents InterTrader from providing a normal
service. 17.2 If we conclude in our reasonable assessment that a Force Majeure situation exists then we may at our absolute
and sole discretion: – suspend trading and/or amend InterTrader quoting hours for all or any markets; – increase deposit/margin
requirements; – close any or all open Positions; – refuse to take any further trades even if such trades would be closing
trades; – immediately require payment of margin and/or any other amounts you may owe InterTrader; – cancel or fill any Orders
in each case at such levels as we consider in good faith and in our sole discretion to be fair and reasonable in the circumstances;
– reduce the maximum trade size allowable; – vary any spreads quoted by InterTrader; -suspend or amend any parts of this
Agreement to the extent that it is impossible or unreasonable for InterTrader to conform to them; or – take such actions
as InterTrader deems proper in the circumstances to defend our customers and ourselves as a whole. 17.3 In the absence of
fraud or bad faith, InterTrader shall not be liable to you for any losses you may suffer by reason of any action it may take
in accordance with this clause.

18. CONFIRMATIONS, QUERIES ON ACCOUNTS, COMPLAINTS AND COMPENSATION

18.1 Upon entering into any trade or Order or amendment of an Order or any cancellation of an Order, InterTrader Confirmations
will be displayed on screen in relation to an OTP trade. 18.2 Any material action affecting your account will trigger an
email and/or an on-screen confirmation. The absence of an email confirmation or on-screen confirmation of an action on your
account will not affect the validity of any trade or Order which has been placed. 18.3 It is solely your responsibility to
keep yourself fully up to date in respect of all your trades and positions. As soon as you receive any confirmation you must
check it to make certain that it is correct. The sooner that InterTrader is made aware of any error or problem, the sooner
we will be able to look into and where appropriate correct it. You must also regularly check your online statement. You are
solely responsible for familiarising yourself with the fundamental aspects of trading and the markets in which we operate.
18.4 Your account statement will be available online at any time unless InterTrader has suspended your account or an OTP
is unavailable for any reason. 18.5 If you receive a confirmation for a trade or filled Order that you allege has not been
transacted by or for you, InterTrader must be notified immediately. If you do not receive a confirmation for a trade you
have placed (or believe you have placed) you must notify InterTrader immediately. 18.6 If you think that any confirmation
or statement contains an error you must notify InterTrader immediately. 18.7 Any query or dispute in respect of any trade
or conversation, together with details of the time and date of the trade or conversation, must be communicated to InterTrader
within 24 hours of the event. If the dispute or complaint is not satisfactorily resolved it should be referred, again with
all details, to Customer Support at InterTrader and, if not then resolved to your satisfaction, it should be further referred
to the Compliance Officer of InterTrader either by email to
compliance@intertrader.com or by post to our office address in Gibraltar. If you are still not satisfied after following
our complaints handling procedure, you may subsequently be entitled to complain directly to the Department of Consumer Affairs
of the Government of Gibraltar. You can write to the Department of Consumer Affairs at 10 Governor’s Lane, Gibraltar or alternatively
you can phone them on (+350) 200 50788. Please be aware they will not act as ombudsman. A copy of our internal complaints
handling procedure is available on request. 18.8 In the event of any query or dispute InterTrader may at its discretion immediately
close, at the prevailing InterTrader quote or the first price available in the market, any position that is in dispute. No
matter what the subsequent result of the dispute, InterTrader will not reopen or reinstate any such closed trade. 18.9 Your
business with us may be covered by the Gibraltar Investor Compensation Scheme (the “Scheme”). Client money will be deposited
into a client money bank account opened at an approved bank. In the event that InterTrader were to become insolvent all client
money held in the third party bank account would be protected. In the event that the third party bank was to become insolvent
you may be entitled to compensation from the Gibraltar Deposit Guarantee Scheme if the third party bank were unable to meet
their obligations. This depends on the type of business you undertake, your status, and the circumstances of the claim. The
Scheme is only available to retail clients. Further details about the Scheme are available upon request or at the Scheme’s
official website at: www.gics.gi

19. ALTERATIONS TO THIS AGREEMENT

InterTrader reserves the right to amend this Agreement at any time, and you will be notified of any such changes via InterTrader’s
email messaging medium. All changes shall be effective in accordance with the notification, and shall apply to all open positions
and unfilled Orders as at and after the effective date of the changes.

20. NOTICES

20.1 All notices will be sent to customers of InterTrader via the email messaging medium and unless InterTrader receives
a “failure to deliver” message all such messages will be deemed to have been received by you. Any alteration of your email
address must be communicated immediately to InterTrader. Any losses incurred by you through non-receipt of notifications
or Confirmations (in the case of trades or Orders placed) are payable by you. InterTrader accepts no responsibility for non-receipt
by you of any such notifications or Confirmations. 20.2 Any request by InterTrader that you make contact with us, for whatever
reason, should be regarded as vital and should be acted upon immediately. 20.3 Where InterTrader is not notified nor receives
notification from the customer that any notice or other communication has not been received by the customer, it shall be
deemed to have been duly served on the customer: – if hand-delivered at the customer’s last known home or work address or
when actually given in person to the customer; – if given orally over the telephone or in a face-to-face exchange with the
customer, when it has actually been given; – if given by leaving a telephone answering machine message, text message or voice
mail message, two hours after the message has been left on the relevant medium; – if sent by first-class post, two business
days after posting of same; – if sent by fax, on completion of its transmission, provided that a transmission “successful”
notification has been received by InterTrader; or – 10 seconds after being sent by email. 20.4 Any notice or other communication
given or made under or in connection with the matters contemplated by this Agreement shall, except where oral communication
is expressly provided for, be in writing and shall be sent to the address below:

InterTrader Limited Suite 6, Atlantic Suites Europort Avenue Gibraltar

21. LIMITATIONS OF LIABILITY

21.1 This Agreement does not limit or exclude any liability arising out of fraud or for death or injury arising by reason
of InterTrader’s negligence. 21.2 Subject to all other provisions of this Agreement, InterTrader is liable to you to pay
you your realised available profits. The foregoing is InterTrader’s entire liability to you. 21.3 You shall indemnify us
and keep us indemnified on demand in respect of all liabilities, costs, claims, damages and expenses of any nature whatsoever
(present, future, contingent or otherwise and including legal fees) which we suffer or incur as a direct or indirect result
of a breach by you of your obligations under this Agreement or us exercising our rights in relation to the default event
provisions under this Agreement, unless and to the extent that such liabilities, costs, claims, damages and expenses are
suffered or incurred as a result of our gross negligence or wilful default. You shall indemnify us and keep us indemnified
against all losses which we may suffer as a result of any error in any instruction given to us. 21.4 Subject to Clause 21.5,
InterTrader shall not be liable: – for any loss, expense, cost or liability (together: “loss”) suffered or incurred by you
unless and to the extent that such loss is suffered or incurred as a result of our negligence or wilful default; – for any
indirect or consequential loss or damage (whether for loss of profit, loss of business or otherwise), costs, expenses or
other claims for consequential compensation whatsoever (howsoever caused) which arise out of or in relation to this Agreement;
or – for any loss suffered or incurred by you as a result of any error in any Order, instruction or information given by
you. 21.5 Nothing in this Agreement shall exclude or restrict any duty or liability owed by us to you under the Applicable
Laws or the GFSC Rules, which shall, in the event of conflict, prevail over this Agreement. 21.6 In the event that this Agreement
shall be found to be unenforceable or invalid, such unenforceability or invalidity shall not affect any other part of this
Agreement (or the remaining portion of the affected part as the case may be), which shall remain in full force and effect.
21.7 You shall not assign, transfer, charge or sub-contract any of the rights or liabilities hereunder. 21.8 InterTrader
shall be entitled to assign, transfer, charge, sub-contract or deal in any manner with all or any of its rights and/or liabilities
hereunder including by way of transfer of the same to an associated company or Trading Partner. 21.9 InterTrader Limited,
in accordance with its regulatory obligations as stipulated by the GFSC, holds all client monies in a segregated Tier One
Institution. Furthermore InterTrader Limited has established a Parental Guarantee granted by bwin.party holdings ltd that
indemnifies all client monies above the statutory requirements advocated by the GICS. This guarantee is only actionable in
the event of a disorderly unwinding of the InterTrader business. No claims against it may be made in the event of losses
incurred due to external influences such as, but not limited to, the collapse of the Tier One holding bank.

22. TAXES

It is your sole responsibility to ensure that your trading activities comply with your local income tax regulations and any
other applicable fiscal laws. We do not provide any commercial, financial or tax advice. We shall not at any time be deemed
to be under any duty to provide commercial, financial or tax advice.

23. GOVERNING LAW AND JURISDICTION

23.1 This Agreement and all business transacted between InterTrader and you shall be governed by and construed in accordance
with the laws of Gibraltar. 23.2 The parties to this Agreement hereby irrevocably agree that the courts of Gibraltar shall
have jurisdiction to settle any dispute which may arise out of or in connection with this Agreement and that, accordingly,
any proceedings may be brought in such courts.

24. CONFIDENTIALITY AND DATA PROTECTION

24.1 Information we require: You must give us all information that we reasonably request, and you agree to inform us without
delay of any change in your circumstances or status, including any change of address, name or residency status. We may make
enquiries to identify your new address. In order to make these enquiries, we may need to share your details with trusted
external parties. We will not be liable for any reasonable delay or non-performance of our services where you have not provided
information to us. You acknowledge that any of the persons listed in this clause may be within or outside Gibraltar. 24.2
We may use credit-reference agencies and other agencies when considering your application: (a) to check your identity; (b)
to decide if you are eligible for an account, service or facility; or (d) as part of our anti-money laundering and fraud-prevention
measures. These agencies use information from a number of different public sources (for example, the electoral roll, county
court judgments and bankruptcies), as well as information from other banks or lenders on how you manage your other banking
or credit arrangements. 24.3 The reference agencies and other agencies that we use are Experian and Equifax. Their addresses
are: [

https://www.experian.co.uk/

https://www.equifax.co.uk/

24.4 We will also use your personal information for the following purposes: 24.4.1 to identify you when you contact us; 24.4.2
to help administer, and contact you about improved administration of any accounts, services and products we have provided
before, or provide now or in the future; 24.4.3 to carry out marketing analysis, customer profiling and to conduct research
(including creating statistical and testing information using data provided by you); 24.4.4 to help to prevent and detect
fraud or loss; and 24.4.5 for the purposes described during the application process or in the application form. 24.5 Your
rights 24.5.1 You have the right to: (a) to be informed about the data processing which will be carried out about you. This
includes: (i) the right to know the identity and contact details of the data controller and where applicable, the controller’s
representative) and the data protection officer; (ii) the purpose and the legal basis for the processing – see paragraph
24.4 above; (iii) our legitimate interest in processing your data; (iv) the types or categories of personal data which will
be processed about you e.g. any data we obtain from third party sources such as credit reference agencies; (v) any recipient
or categories of recipients with whom we intend to share your personal data; (vi) details of transfers outside of the EEA
and safeguards we will put in place to protect your data; (vii) the length of time your data will be retained for or the
criteria used to determine the retention period; (viii) your right to withdraw consent at any time, where relevant; (ix)
the source any personal data that we process about you which does not originate from you; (x) how we use automated decision
making, including profiling and information about how decisions are made, the significance and the consequences. (xi) to
lodge a complaint with the Data Protection Commissioner’s Office – you can contact the ICO at: Gibraltar Regulatory Authority,
2nd floor, Eurotowers 4, 1 Europort Road, Gibraltar. (+350) 20074636 (+350) 20072166
info@gra.gi

(xii) request that we cease processing your personal data for the purposes of profiling; (xiii) ask us to correct incorrect
personal data which we may hold about you; (xiv) request the erasure of personal data where it is no longer necessary for
the purpose(s) for which it was originally collected. 24.6 You also have the right, upon applying to us in writing, to obtain
a copy of the personal data held by us about you and/or obtain a portable copy of your personal data in a machine-readable
format. 24.7 We confirm that we are processing your personal data in connection with your application and if you withdraw
your consent we may not be able to process your application. After your application has been accepted, if you withdraw your
consent we will continue to process your personal data in connection with the Agreement, including administering any actual
or potential claims under it. 24.8 We will process your personal information in accordance with our privacy policy. 24.9

Confidentiality and data protection: Subject to the following we will treat all information we hold about you as
private and confidential, even when you are no longer a client. 24.10 We will share information about you and your business
with us within InterTrader group entities so that we can better deliver our service. We may also share information with other
organisations in certain circumstances. It is important you understand how the personal information you give us will be used.
Examples of how we will collect your information include (a) Completed application forms and supporting documentation; (b)
Correspondence received by us e.g. emails, telephone calls, letters and conversations held with us; and (c) Information provided
online through social media, through our website. We will only retain your information for as long as it is required. 24.11
We will only share your personal information where we are required to do so or where you have provided your consent. We will
only share your information where: (a) you have provided your consent; (b) the law, regulatory bodies, or the public interest
permits or requires it; (c) HM Revenue & Customs or other authorities require it; (d) we are required to detect and prevent
crime; (e) there are other parties connected to your portfolio i.e. joint portfolios; (f) with specific subcontractors who
help to provide you with the services you have requested; or (g) to comply with mandatory Governmental data requirements.
24..12 Where possible, we only process your information within the European Union (EU), and the UK, as we share similar standards
of legal protection. We may send your data outside of the EU; however, we will always ensure it is processed and handled
in line with the UK Data Protection Act 1998. Instances where we will transfer your data outside of the EU include: (a) disclosures
to foreign authorities to reduce financial crime and terrorism; or (b) where we have a contract with a service provider with
operations outside of the EU. 24.13 You authorise us or our associated companies or any Trading Partner to telephone or otherwise
contact you at any reasonable time in order to discuss any aspect of your account. We, our associated companies or any Trading
Partner may also contact you to inform you of products and services which might be of interest to you, either by letter,
telephone or email. If you do not wish to receive this information by letter, email or telephone, or any combination of these,
you can write to us. If you are an existing customer and have already opted out of marketing communications you do not need
to write to use again. 24.14 We regularly record and monitor our telephone calls to help improve the products and services
we provide to you. The reasons we record and monitor calls are: (a) to help improve customer service; (b) to help us meet
our legal and regulatory requirements; (c) to help detect and prevent fraud and/or other crimes; and (d) to help us answer
your queries and issues. All such records and recordings of telephone conversations are the exclusive property of InterTrader
and may be used as evidence in any dispute. 24.15 If any of the information we hold on you is incorrect, please notify us
and we will ensure that it is updated accordingly. Where your details have changed, you have a responsibility to inform us
at the earliest time possible. Failure to notify us of a change in your details may affect the way in which we provide you
with products and services. 24.16 You have the right to request a copy of the personal data we hold about you. We require
you to confirm your identity before processing your request. 24.17 To make a request for your information, please write to:
InterTrader, Suite 3, Ground Floor, Atlantic Suites, Europort Avenue, Gibraltar. Please note that requests for information
will not be fulfilled until payment has been received and we have verified your identity. If you have any other queries regarding
the way that we process your information, please email the Data Protection Officer at
dataprotection@gvcgroup.com for the attention of the Data Protection Officer. If you have any concerns about the way
we use your information, you can raise your concerns with the Information Commissioner’s: Gibraltar Regulatory Authority,
2nd floor, Eurotowers 4, 1 Europort Road, Gibraltar. http://www.gra.gi/data-protectionOfficer [hyperlink]

25 MARKET AND EXCHANGE DATA

25.1 With respect to any market and exchange data or other information that we or any third party service provide to you
in connection with your use of your account, you agree that: – neither we nor our Trading Partners nor any such provider
are responsible or liable if any such data or information is inaccurate or incomplete in any respect; – neither we nor our
Trading Partners nor any such provider are responsible or liable for any actions that you take or do not take based on such
data or information; – you will use such data or information solely for the purposes set out in this Agreement; – such data
or information is proprietary to us and you will not retransmit, redistribute, publish, disclose or display in whole or in
part such data or information to third parties; and – you will use such data or information solely in compliance with exchange
agreements. 25.2 In respect of market and exchange data licence fees, InterTrader will absorb these costs, however you agree
that, where applicable for access to live market and exchange data (derived or non-derived), we may pass some or all of these
costs on to you if they are associated with the use of your account as we inform you from time to time.

26. LATENCY TRADING

26.1 Where we believe that latency in any OTP is being unfairly exploited by you, we may at our absolute discretion void
all trades and return to you only funds deposited net of any earlier withdrawals – and then close your account. 26.2 Such
trading is characterised by a high volume of transactions which are opened and closed within an unusually short period of
time as compared to the “average” client, with a disproportionate number placed advantageously between price of trade and
price of underlying market instead of the “random distribution” that would be expected when a Trading Platform is used “fairly”.

27. AUTHORISED THIRD PARTY

27.1 We recognise that in some circumstances it may be necessary or desirable for you to authorise someone to manage your
account. You do so at your own risk and both you and the person you wish to authorise to operate your account will be required
to submit a signed form which is a type of power of attorney document authorising and appointing an Authorised Third Party
to operate your account. 27.2 If you have opened an account electronically, and we do not have an original of your signature,
you will need to provide an identity document such as a copy of your passport or driving licence in order to be able to appoint
an Authorised Third Party. 27.3 You will be held fully responsible for all actions of the Authorised Third Party. We will
be entitled to accept all instructions from an Authorised Third Party until that authority is revoked. If you wish to revoke
or amend the authorisation of an Authorised Third Party, you must provide written notice of such intention to us. Any such
notice will not be effective until two working days after it is received by us (unless we advise you that a shorter period
will apply). You acknowledge that you will remain liable for all instructions given to us prior to the revocation/variation
being effective, and that you will be responsible for any losses which may arise on any Transactions which are open at such
time. In any event, we may, and without notice to you, refuse to accept instructions from any Authorised Third Party and
treat the appointment of any such Authorised Third Party as terminated. We will be entitled, and without notice to you, to
refuse to accept instructions from any Authorised Third Party and treat the appointment of any such Authorised Third Party
as terminated.

DEFINITIONS

In this Agreement (and in addition to expressions defined elsewhere on our website) the following words and expressions shall
have the following meanings: “

Account Valuation” is the Cash Balance (see below) plus or minus your running profit or loss on any open Positions.

Applicable Laws” means the Financial Services (Markets in Financial Instruments) Act 2006, the Financial Services
(Markets in Financial Instruments) Regulations 2007 and the Gambling Act 2005, all as amended from time to time, and all
other applicable laws, rules and regulations in force from time to time, including (without limitation) those under the laws
where you reside or of such jurisdiction where you are a citizen or you receive any services under this Agreement. “

Application Form” means the application form supplied by InterTrader in relation to this Agreement. “

Authorised Third Party” means a person authorised by you to initiate Transactions or close existing Transactions
using your account details, as referred to in clause 27. “

Bet” (including “
betting”, “
dealing”, “
trading”) or other similar words refer to a customer entering into a trade. “

Bid” or “
bid price” is the price at which the customer can sell. “

Buy” (including “
Take”, “
Up Bet”, “
Go Long”, “
Long”, “
Long Position”) is defined as making a buy trade or buying the market quoted by InterTrader. “

Cash Balance” is the “fiscal balance” on your account (your Cash Balance does not include your profit or loss on
any open Positions). “

Client Money Rules/Monies” refers to the funds in your account which are held by InterTrader in accordance with
the Financial Services (Accounting and Financial) Regulations 1991 and the Financial Services (Markets in Financial Instruments)
Regulations 2007 as amended from time to time. “

Contract For Difference”, “
CFD” or other similar words refer to a contract to exchange the difference in value of an underlying market between
the time the contract is opened and the time it is closed. “

Customer” (including “
you”, “
client” and “
your”) means a person or company who has opened an account with InterTrader and has agreed to be bound by this Agreement.

Deposit Account” is an account where you need to deposit funds before you can commence trading. “

Event of Default” shall be deemed to have occurred where: – any statement either oral or written made by you to
InterTrader is or becomes untrue or misleading; – you fail to carry out any of your obligations to InterTrader under this
Agreement (including failure to satisfy a margin call) or you fail to do anything that you have stated that you will do whether
orally over the telephone or by any form of written or electronic message; – in the event of your death or becoming a patient
within the meaning of any applicable mental health legislation; – you become involved in an Insolvency Event; – you are in
default of payment of money owed to InterTrader or any of its associated companies or Trading Partners; – we consider it
necessary or desirable for our own protection, or any action is taken or event occurs which we consider might have a material
adverse effect upon your ability to perform any of your obligations under this Agreement; – InterTrader at its sole discretion
believes that any of the circumstances set out in this definition are likely to occur. “

Expiry Date” is when a particular trade expires. “

Free Margin”: see “Trading Resources”. “

Gapping”, “
Gapped” or “
Gap” refers to an occurrence whereby the market moves from one quoted price to another quoted price significantly
different to the first. This price gap can occur at any time during market hours, often with the release of price-sensitive
information, or at the market open. Where such an event happens and the second quote is through an Order level (Stop-Loss,
Limit or New Order), when the first quote was not, this may result in slippage to the Order price. “

GFSC” is Gibraltar’s Financial Services Commission. “

GFSC Rules” means the rules, regulations, guidance notes, administrative notices and newsletters published by the
Gibraltar Financial Services Commission from time to time. “

If Done Order” means an Order that is only triggered on the activation of another attached Order. For example, if
a New Order is activated, you may wish to pre-set a Stop-Loss and/or a Limit Order. These additional Orders are deemed “If
Done Orders”. “

IMR” means the initial margin requirement, which represents the minimum trading resources (free margin) required
to place an opening trade at the size you have requested. This amount is determined by the margin rate, which differs for
each market, and also potentially by the attachment of a Stop-Loss Order to your position. “

Insolvency Event” means and shall occur: – if you commence a voluntary case or other procedure seeking or proposing
liquidation, reorganisation, an arrangement or composition, a freeze or moratorium, or other similar relief with respect
to you or your debts under any insolvency, bankruptcy, regulatory, supervisory or similar law (including any corporate or
other law with potential application to you, if insolvent), or seeking the appointment of a trustee, receiver, liquidator,
conservator, administrator, custodian or other similar official (each a “Custodian”) of you or any substantial part of your
assets, or if you take any corporate action to authorise any of the foregoing, and in the case of a reorganisation, arrangement
or composition, InterTrader does not consent to the proposals; – if an involuntary case or other procedure is commenced against
you seeking or proposing liquidation, reorganisation, an arrangement or composition, a freeze or moratorium, or other similar
relief with respect to you or your debts under any insolvency, bankruptcy, regulatory, supervisory or similar law (including
any corporate or other law with potential application to you, if insolvent) or seeking the appointment of a Custodian of
you or any substantial part of your assets and such involuntary case or other procedure either: (i) has not been dismissed
within five days of its institution or presentation; or (ii) has been dismissed within such period but solely on the grounds
of an insufficiency of assets to cover the costs of such case or other procedure; – if you, as a customer of InterTrader
under this Agreement, are unable to pay your debts as they fall due, or any act of insolvency or similar or analogous event
or action taken in respect of you. “

Limit Order” is an instruction to open or close a position/bet at a specified level set by you (but subject to our
agreement). Once a limit order is triggered by the movement in the underlying market we will seek to execute your order at
that specific level or better. “

LSE” is the London Stock Exchange. “

Margin” is a term that describes the cash required or being used on your account either to open trades or to run
your positions. See clause 7. “

Margin Call” is a request for margin payment as referred to in clause 8. “

Margin Requirement” is the amount of cash required to maintain your existing open positions. “

Market” refers to indices, share, currencies, commodities, bonds and interest rates or any other product that may
be quoted by InterTrader from time to time. “

Market Information Sheets” refers to the document available online that details InterTrader’s current quoting hours,
margin rates, spreads and charges, overnight financing interest rates, other market specifications and other information
applicable to the trades and positions as determined by us for you. “

New Order” is an instruction to open a new trade at a possible future price based on the InterTrader quote. “

Offer” or “
offer price” is the price at which the customer can buy. “

Order Execution Policy” means InterTrader’s Order Execution Policy which may be amended from time to time, and is
available on our website. “

OTP” is any Online Trading Platform (downloadable or web-based) provided by InterTrader for trading our markets.

Overnight Financing” is the credit or debit applied to your account when you hold a position in certain contracts
overnight and over non-business days. “

Position(s)” means open trade(s). “

Pricing Error” is defined as a misquote by InterTrader where the price quoted materially and clearly deviates from
the prevailing market price (or the forward calculated market price) at the time that it was quoted. “

Quote”, “
Our Quote”, “
InterTrader Quote” is the price quoted by InterTrader via an OTP. All quotes are based upon an underlying market
that is sourced from either a recognised global exchange or from a wholesale counterparty. “

Quoting Hours”, “
InterTrader Quoting Hours” are the times detailed in the Market Information Sheets when InterTrader quotes its markets.
InterTrader will not quote any markets outside of its opening hours which shall be set out on its website from time to time.

Sell” (including “
Down Bet”, “
Go Short”, “
Short”, “
Short Position”) is defined as making a sell trade or selling the market quoted by InterTrader. “

Size(s)” refers to the size of the buy or sell trade. The standard, minimum and maximum trade sizes and stake sizes
that InterTrader allows can differ from market to market and product to product and are further detailed in the Market Information
sheets. “

Slippage”, “
Slipped” or “
Slip” occurs when an Order is executed at a different level to the specified Order level. This may occur in the
event of a price gap (please refer to “Gapping”) or when there is insufficient liquidity in the underlying market for InterTrader
to reasonably cover your Order, in accordance with our Order Execution Policy. “

Stop”, “
Stop-Loss”, “
Stop Order” is an order to close an open position at a pre-determined level. “

Trading Partners” are anyone with whom InterTrader has a contractual relationship, for example a joint venture relationship,
a service provider relationship, partnership relationship, agency relationship, white label relationship or introducing broker
relationship. “

Trading Resources” (or “
Free Margin” or “
available Margin”) is the amount of money available on your account that may be apportioned to new trades or to
moving current Stop levels on open Positions. “

Trailing Stops” automatically track profitable positions, and close your trade should the market change direction
and move against you. You specify the stop distance (how far away from the opening level the Trailing Stop is to be placed)
and the Trailing Stop will potentially move in predetermined increments as the price moves in a favourable direction. When
using the MT4 platform, Trailing Stops will only be active when the MT4 terminal is open. “

Transactions” means any buy or sell trade made between you and InterTrader (including to close a position), and
includes any other transactions made between InterTrader and you as may be agreed from time to time and on a case-by-case
basis. “

Underlying Market” is the market in which the physical underlying assets (from which our markets are derived) are
traded.


APPENDIX 1

Costs and charges on transactions for opening and closing positions

We normally charge for our services by taking a mark-up or mark-down to the price of the underlying financial instrument
that your Spread Bet or CFD relates to – this is called the Bid/Offer Spread. The Bid/Offer Spread incorporates our main
charge. Other charges may include:

  • a fixed commission which is charged instead of a mark-up to the Bid/Offer Spread in some circumstances;
  • fees imposed by a Market or Clearing Organisation/Houses;
  • taxes imposed by any competent tax authority;
  • interest on any amount due to us at the rates then charged by us; as per details in our Customer Agreement.
  • overnight financing charges for open positions; and
  • costs payable by you by virtue of the fact that this Agreement is entered into via email, telephone, fax or other.

Table 1 sets out an itemised breakdown of our costs and the anticipated aggregated costs by transaction type in cash and
percentage terms. The example below describes an illustration of how these charges would cumulatively affect the return on
your transaction. Table 2 provides further information on the particular costs associated with the overnight financing for
transactions. Ex-post information on actual costs will be provided to you.

Table 1

Asset classInstrumentBase currencySizeNotionalSpread chargeOther commissionOur cost in cashOur cost as a percentage
Spot FXEUR/USDEUR1100,000No charge (Intrabank raw spread)€6€60.006%
Cash IndexUK FTSE 100GBP17,5001 index pointNo commission£10.13%
Cash commodityUK OilUSD16,0003 pointsNo commission$30.05%
EquitiesBP PlcGBP1,0005,200No charge exchange spread20 basis points (round trip)£10.40. 2%
Bonds /interest ratesEuro-BundEUR116,1363 pointsNo commission€30.018%

Legend: Asset class – the group of instruments this instrument belongs to Instrument – the name of the traded instrument
Base currency – the base currency this instrument trades in Size – the amount of contracts specified for this example Notional
– the value of the trade as per the size of the position multiplied by the underlying value of the instrument Spread charge
– bid/offer spread Commission – additional commission that is charged Round Trip – purchase and sale Cash – the cash value
of the commission charged for this position In percentage – the percentage impact of the cost in relation to the notional
value of the instrument Example 1:

FX trading: As illustrated in row 1 of table 1, if you open a position with the size of 1 lot on EUR/USD, the notional
value is €100,000 and the spread will be the intrabank spread. InterTrader, unless indicated otherwise, does not add to this
spread. Rather, commission is charged when you open a position so that €6 will be deducted from your account when the position
is closed, which represents 0.06% of the notional value of the instrument. When trading a leveraged product your profit or
loss is correlated to the change in value of the underlying instrument. Therefore, if EUR/USD moved 100 pips, which equates
to the value of 1% movement on a 1 lot position, your profit or loss would be $1,000. The impact of the commission would
either reduce your profit to $994 or increase your loss to $1,006. Example 2:

Spread bet on FTSE 100 Index: As illustrated in row 1 of table 2, if you open a position with the size of 1 contract
of UK FTSE 100 the notional value is £7,500. Our cost is added to (embedded in) the bid/offer spread. In this case, on opening
your position will show a -£1.00 loss, which equates to a 0.13% loss. In the event the index moves 750 points which equates
to 1% movement your profit will be £749 profit or £751 loss depending on the direction of the movement in the FTSE 100 index.

Table 2: Overnight financing for transactions set out in Table 1

InstrumentBase currencySizeNotionalCharge basisRate (Points)10 day holding cash (percentage)30 day holding cash (percentage)
LongShortLongShortLongShort
Spot FXEUR/USDEUR1100,000Differential Reference rates +/- 1% (based on ECB rate of 0.15% and US federal bank rate of 1.25%)-8.18601.6372-0.0692%0.0138%-0.2077%0.0415%
Cash IndexUK FTSE 100GBP17,500-0.63-0.42-0.0833%-0.0556%-0.25%-0.1667%
Cash commodityUK OilUSD16,000-1.17-2.33-0.1944%-0.3889%-0.5833%-1.1667%
EquitiesBP PlcGBP1,0005,200-0.43-0.29-0.08%-0.06%-0.25%-0.17%

Asset class – the group of instruments this instrument belongs to Instrument – the name of the traded instrument Base currency
– the base currency this instrument trades in Size – the amount of contracts specified for this example Notional – the value
of the trade as per the size of the position multiplied by the underlying value of the instrument Charge basis – how the
financing charge is being calculated Rate – the applied rate represented in points 10/30 day holding period – represents
the impact to your profit or loss as a result of the cumulative financing charges to your account over the respective period
of time.


Total cost

When trading with InterTrader, your total cost of trading will be the initial fixed cost as illustrated in table 1 and the
ongoing cost in the event you keep a position open overnight.

Spread betting and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 64-72% of retail investor accounts lose money when trading these products with this provider.
You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.