Trading in a margined account entails a high degree of risk, including the possibility of losing the entire risk capital deposited with Valor Markets Ltd by the Customer. In certain instances, losses have the potential to exceed the Customer’s account balance.\nIn consideration of Valor Markets Ltd entering into contracts with its Customer(s) for this account, Valor Markets Ltd requires all undersigned Customers to analyze their financial objectives, financial status, investment constraints, and tax situation to determine whether trading is appropriate. In addition, we require our Customers to read and acknowledge this Valor Markets Ltd.’s Risk Disclosure Statement, which outlines the risks associated with margin trading through Valor Markets Ltd.\nBy registering an account with Valor Markets Ltd, the Customer acknowledges and accepts that:
1\tOTC Margin Trading is highly speculative and involves a high degree of risk. Customers agree that they fully understand and are willing to assume the legal, economic, and other risks associated with trading a margined account, and that they are willing and able to assume the loss of their entire Risk Capital, which is defined as funds that, if lost, would not affect their or their family's standard of living. Consequently, they concur that margined trading is inappropriate for Retirement Funds. Customers are encouraged by Valor Markets Ltd to closely monitor their open positions and to take prudent money management precautions, including but not limited to stop-loss orders.\n2\tExcessive leverage offered by margined accounts can result in rapid losses. Customers acknowledge that using a high degree of leverage, defined as the use of a small amount of capital to control a larger amount of an Open Position, can result in significant losses due to price changes of open contract(s) with Valor Markets Ltd. Valor Markets Ltd offers a 100:1 or greater leverage on the majority of trading products to the majority of its clients. With 100:1 leverage, the Customer can control a one million USD ($1,000,000) position with only ten thousand USD ($10,000) in their account. Valor Markets Ltd encourages its customers to use only the amount of leverage that they are comfortable with and to implement money management safeguards, such as Stop-loss orders, to limit risks. Valor Markets Ltd reserves the right, at its sole discretion and without prior notice, to reduce or increase the leverage on any trading product at any time.\n3\tThere are periods of liquidity risk in trading. Customers acknowledge that decreased liquidity typically results from unanticipated economic and/or political changes. \nThe Customer is also aware that liquidity risk can impact the market as a whole, as all market participants experience the same lack of buyers and/or sellers. Customers also understand that liquidity risk may be Valor Markets-specific due to changes in liquidity available to Valor Markets Ltd from a Valor Markets Ltd Custodian of funds interbank liquidity providers as a result of an increased perception of market segment risk. When liquidity decreases, Customers can anticipate wider bid-to-ask spreads because the supply of available bid/ask prices exceeds demand. \nDecreases in liquidity can also result in “Fast Market” conditions, in which the price of a trading product moves sharply up or down, or in a volatile up-and-down pattern, without trading in the usual step-by-step manner. In some instances, a trading bid and/or ask price may not be available for a trading product or products (a situation where there is no liquidity). It is important to note that prices, bid/ask spreads, and liquidity will reflect the prevailing interbank market liquidity for Valor Markets Ltd, even though there may be instances when the aggregate OTC market enters a “Fast Market” or periods when liquidity is in short supply or nonexistent. \nValor Markets Ltd may liquidate the following Customer positions if margin requirements are not met: Due to the leverage available with OTC Margin Trading and the possibility of extreme volatility, Valor Markets Ltd Custodian of funds reserves the right to liquidate the Customer’s account(s) if the Margin in the account is insufficient to cover the potential risk of loss. If the Customer’s account value falls below the free of programming bugs that could prevent trading, position keeping, or any other required functionality of the Trading Platform and other relevant software applications associated with Valor Markets Ltd, including but not limited to clearing and escrow Account software, from functioning properly or without errors.\n4\tRestricted Territories. Valor Markets Ltd reserves the right to restrict access to all and/or a portion of the Website and/or Services in the future with respect to certain jurisdictions. The Customer acknowledges and agrees that Valor Markets Ltd is not liable if the country in which the Customer resides or is located becomes restricted or blocked. \nRestricted Territories include, but are not limited to: Afghanistan, Botswana, Burma (Myanmar), the Democratic Republic of Congo, Crimea, Cuba, Ethiopia, Iran, Iraq, Japan, Lebanon, Libya, Malta, North Korea, Pakistan, the Republic of Congo, the Russian Federation, Somalia, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Vietnam, Yemen, Australia, New Zealand, and Zimbabwe.\n5\tAll market recommendations provided by Valor Markets Ltd or any of its representatives are for informational purposes only. Any purchase or sale decision made by the Customer is independent of the Customer. Market recommendations provided by Valor Markets Ltd or a representative of Valor Markets Ltd do not constitute an offer to sell or buy from Valor Markets Ltd or any other source that may provide the Customer with straight-through processing prices. Valor Markets Ltd and its employees are not investment advisors and owe the Customer no fiduciary duty; therefore, they are not responsible for any losses incurred by the Customer as a result of information or recommendations provided by Valor Markets Ltd or a representative of Valor Markets Ltd. The Customer is in jeopardy if Valor Markets Ltd ceases operations. There is no assurance that Valor Markets Ltd will be profitable as a business.\nAs a result, there is a credit risk that Valor Markets Ltd may incur losses, which could put Customers’ account balances at risk. The Customer acknowledges that, in the event of insolvency, the Customer can only look to Valor Markets Ltd for performance and return of any Collateral and Margin held with Valor Markets Ltd.\n6\tValor Markets Ltd could decide to withdraw from the business. There is no assurance that Valor Markets Ltd Custodian of funds will not decide to continue participating. Therefore, the Customer agrees and acknowledges that Valor Markets Ltd may liquidate all Customer positions and return margined funds to the Customer at any time and for any reason, at its sole discretion. Customers of Valor Markets Ltd do not hold Valor Markets Ltd liable for any loss resulting from the liquidation of the customer's position, either on an actual basis or due to missed profit opportunities.\n7\tCustomers are liable for any reporting inaccuracies. Any reporting and confirmation errors of omission, and/or errors in the details of transactions, including but not limited to the price contracts were executed, the product traded, the market direction (i.e., “buy” or “sell”) of order, and the type of order, and/or any errors in fees, charges or credits to the Customer's account, including but not limited to charges for executing a transaction, wiring funds, rolling over a position, and sweeping balances into the original currency.\n8\tThe liability of Valor Markets Ltd is limited. The Customer agrees and acknowledges that Valor Markets Ltd shall not be liable to the Customer for any claims, losses, damages, costs, or expenses, including attorneys’ fees, caused directly or indirectly by any events, actions, or omissions (including, without limitation, claims, losses, damages, costs, and expenses, including attorneys’ fees, resulting from civil unrest, war, insurrection, international intervention, and governmental action) including, without limitation, exchange rate fluctuations.\n9\tImpact of “Leverage” and “Gearing.” Margin accounts and contracts are extremely risky. Initial margin is small relative to the value of the contract, resulting in leveraged or geared transactions. A relatively small market movement may have a proportionally larger impact on the Customer’s deposited or required funds. This may work both against and in favor of the Customer. The Customer’s initial margin funds and any additional funds deposited with the firm to maintain the Customer’s position may be lost entirely.\n10\tRisk-reducing orders or strategies. Placing contingent orders, such as “stop-loss” or \"limit\" orders, in volatile market conditions will not necessarily limit the Customer's losses to the intended amounts, as market conditions may prevent the execution of such orders. Combination strategies, such as “spread” and “straddle” positions, may be just as risky as simple “long” and “short” positions. Before the Customer begins trading, he or she must have a thorough understanding of all potential fees. The Customer's net profit (if any) or loss will be impacted by these fees.\n11\tElectronic commerce. Trading on an electronic trading system may differ from trading on an open outcry market and other electronic trading systems. If the Customer conducts transactions on an electronic trading system, the Customer will be exposed to system-related risks, such as hardware and software failure. In the event of a system failure, the Customer's order may not be executed in accordance with the Customer's instructions or at all. Since Valor Markets Ltd does not control signal strength, Internet reception or routing, the Customer's equipment configuration, or the reliability of the Customer's connection, Valor Markets Ltd cannot be held liable for communication failures, distortions, or delays when trading online (via the Internet). Under no circumstances is Valor Markets Ltd liable for speculative or expectation damages for potential future lost profits.\n12\tLiability limitation. The Customer accepts any trading system provided by Valor Markets Ltd “as is” and without express or implied warranties, including, but not limited to, implied warranties of merchantability or fitness for a particular use, purpose, or application; timeliness; freedom from interruption; or any implied warranties arising from trade usage, course of trading, or course of performance. Under no circumstances shall Valor Markets Ltd be liable for punitive, indirect, incidental, special, or consequential losses or damages, including business, profit, or goodwill loss. Valor Markets Ltd shall not be liable to the Customer for delays or interruptions of service or transmissions, or performance failures of Valor Markets Ltd or its affiliate systems, regardless of cause, including, but not limited to, those caused by hardware or software malfunction; regulatory action; acts of God; war, terrorism, or our intentional acts. The Customer acknowledges that there may be delays or interruptions in the use of our system, such as those intentionally caused by Valor Markets Ltd for system maintenance. Valor Markets Ltd does not guarantee that alternative trading arrangements will be available at a specific time and will not be held liable for order entry delays.\n13\tThe margin policies of Valor Markets Ltd require that the Customer’s account be adequately margined at all times. If margin requirements are not met, open positions may be liquidated at a loss. In accordance with its margin call policy, Valor Markets Ltd reserves the right to liquidate all positions without notice if an account falls below the Customer’s minimum margin requirement.\n14\tQuotational inaccuracies. Should quoting errors occur, which may include, but are not limited to, a mistyped quote by Valor Markets Ltd, a quote that is not reflective of fair market prices, an erroneous price quote from a Valor Markets Ltd employee, such as but not limited to a wrong big figure quote, or an erroneous quote due to failure of hardware, software, or communication lines or systems and/or inaccurate external data feeds provided by third-party The preceding list is not exhaustive, and in the event of a pricing error, Valor Markets Ltd reserves the right to make any necessary corrections or adjustments to the affected account. Disputes resulting from such quoting errors will be resolved according to applicable regulations, if they exist. In the event of a system error in which interest is not charged or credited as scheduled, Valor Markets Ltd reserves the right to apply the uncharged or uncredited interest to the Account at any time.\n15\tIndependent Authority. In the event that the Customer grants trading authority or control over Customer's Account to a third-party trading advisor, such as a Money Manager, whether on a discretionary or non-discretionary basis, Valor Markets Ltd shall in no way be responsible for reviewing Customer's choice of such trading advisor, or for making recommendations regarding such choice. Valor Markets Ltd makes no representations or warranties regarding any trading advisor; Valor Markets Ltd is not liable for any loss incurred by the Customer as a result of the trading advisor's actions; and Valor Markets Ltd neither implicitly nor explicitly endorses or approves the operating methods of any trading advisor. If the Customer authorizes a Money Manager to exercise any rights over the Customer's account, the Customer assumes all associated risks. The Customer should regularly review the activity in the Customer's account to ensure that the Customer is comfortable with the transactions placed on the Customer's behalf by the Money Manager.\n16\tInformation Regarding Insolvency Protections. The transactions between the Customer and Valor Markets Ltd are not traded on an exchange. Therefore, the Customer's funds may not receive the same protections as funds used for margin trading, which may have a higher priority in the event of bankruptcy. Given that the same priority has not been accorded to trading funds, if Valor Markets Ltd becomes insolvent and the Customer has a claim for amounts deposited or profits earned on transactions with Valor Markets Ltd, the Customer's claim may not receive a priority. Without a priority, the customer is a general creditor, and the Customer's claim will be paid, along with other general creditors' claims, from any remaining funds after priority claims have been satisfied. Even customer funds that are kept separate from Valor Markets Ltd.’s operating funds may not be safe from the claims of general and priority creditors.\n17\tConditions of market volatility. Trading during extremely volatile market conditions, such as major news announcements, may expose the Customer to additional risks, including the possibility of not receiving the requested price. In times of extraordinary market volatility, Valor Markets Ltd cannot and does not guarantee its prices.\n18\tSimulated Environments. Conditions simulated may differ from actual conditions. Therefore, clients who trade on demo accounts should not necessarily anticipate the same results when trading for real money.\n19\tRecommending Parties \nIF YOU WERE REFERRED TO VALOR MARKETS LTD BY AN INTRODUCING BROKER, REFERRING PARTY, OR THIRD PARTY ADVISOR (EACH, AN “IB”), PLEASE BE AWARE THAT VALOR MARKETS LTD AND YOUR IB ARE COMPLETELY SEPARATE AND INDEPENDENT FROM EACH OTHER, AND THERE EXISTS NO JOINT VENTURE OR PARTNERSH. Neither IB nor any of its employees or agents are agents or employees of Valor Markets Ltd.\n19.1\tValor Markets Ltd does not control, and cannot endorse or guarantee the accuracy or completeness of any information or advice the Customer may have received or may receive in the future from the Customer’s IB or from any other person not employed by Valor Markets Ltd regarding trading or the risks associated with such trading.\n19.2\tUpon account opening, Valor Markets Ltd provides risk disclosure information to all new customers. The Customer should carefully read this information and not rely on any contradictory information from any other source.\n19.3\tThe Customer acknowledges that neither Valor Markets Ltd nor anyone affiliated with Valor Markets Ltd has made any guarantees regarding future profits or losses in the Customer's Account. The Customer is aware that trading is extremely risky and that many traders lose money.\n19.4\tIf an IB or any other third party provides the Customer with trading-related information or advice, Valor Markets Ltd is in no way liable for any loss the Customer incurs as a result of using such information or advice.\n19.5\tTo the extent that the Customer has been led to believe or believes that using any third party trading system, course, program, research, or recommendations provided by IB or any other third party will result in trading profits, the Customer acknowledges, agrees, and understands that all trading, including trading done pursuant to a system, course, program, research, or recommendations of IB or another third party, involves substantial risk of loss. In addition, the Customer acknowledges, agrees, and understands that the use of a trading system, course, program, research, or recommendations of IB or a third party does not guarantee profits or the avoidance of losses or limitation of losses.\n19.6\tDue to the high risk involved in trading, only genuine risk capital should be utilized. Customers should not trade if they lack funds that they can afford to lose.\n19.7\tThe Customer acknowledges and understands that Valor Markets Ltd may compensate the Customer's IB for introducing the Customer to Valor Markets Ltd, and that such compensation may be based on a per-trade or other basis.\n19.8\tThe Customer understands and agrees that if the Customer's account with Valor Markets Ltd is introduced by an IB, that IB shall have limited access to information regarding the Customer’s Valor Markets Ltd account, but the IB shall not have the right to enter into any trades on the Customer's Valor Markets Ltd account unless authorized by the Customer pursuant to a power of attorney between the Customer and the IB granting such IB\n19.9\tThe Customer understands and agrees that they may only have one IB, the party that referred them to Valor Markets Ltd in the first place.\n19.10\tThe Customer may terminate its relationship with an IB by providing Valor Markets Ltd with written notice. The Customer acknowledges and understands that they cannot be considered a client of any other IB. If you have questions about the risks associated with trading, please contact your Account representative.