General Terms & Conditions

These General Terms and Conditions (“GTC”, “Terms” or “Agreement”) govern your access to and use of Hi2morrow’s website, Qualification Programs, client portal, community features, and all related services. Please read them carefully.

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1. INTRODUCTION AND ACCEPTANCE

1.1 These General Terms & Conditions (the “GTC” or “Agreement”) govern the rights and obligations in connection with the use of services through the website www.hi2morrow.com (the “Website”) and all associated platforms, applications, and services.

Please read these GTC carefully. You are under no obligation to use the Services should you not agree or understand any section of these GTC. Do not use the Services unless you fully understand and agree to the Terms contained within these GTC.

1.2 These GTC are entered into by you (“you”, “your”, “User”, “Client”, or the “Trader”) and Hi2morrow and its group entities (collectively, the “Company”, “Hi2morrow”, or “we”).

Primary Contracting Entities (Group Structure):

• Hitomorrow Assessment Data Classification and Analysis L.L.C – United Arab Emirates (Commercial License No. 1275729)
• Neoway Trading Ltd – Republic of Cyprus (for real capital allocation and trader onboarding)
• Hitomorrow Securities LTD – Republic of Cyprus (CIF License No. 237/14, Execution Entity)
• Other group entities as disclosed from time to time.

1.3 These GTC constitute a binding contract between you and the Company. In the event of any inconsistency between these GTC and other agreements (including any contractor agreement for real capital), these GTC shall prevail for the qualification phase unless expressly stated otherwise.

1.4 Hi2morrow provides simulated trading qualification and assessment services only during the Qualification Program phase. Hi2morrow and its group entities are not licensed to offer investment services in all jurisdictions, do not accept client deposits for trading, do not act as a broker or counterparty in the qualification phase, and do not provide investment advice. All Qualification Accounts are virtual and simulated. No real financial instruments are traded during qualification. Any allocation of real capital occurs exclusively under separate written agreements with the relevant group entity.

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2. GENERAL PROVISIONS

2.1 By accessing, registering, using, and/or clicking on “I agree” to accept the Services provided by the Company, you confirm that you have read, understood, accepted, and agreed to be bound by all of the terms and conditions stipulated within these GTC, as well as Hi2morrow’s Privacy Policy, Cookie Policy, and Risk Disclosure Statement available on the Website.

You acknowledge that your access to and use of the Services may be restricted or prohibited by law in some jurisdictions, and you undertake to access and use the Services only in accordance with applicable laws.

2.2 The Services consist of the provision of instruments for simulated trading assessment in the US equity markets (NYSE, NASDAQ, NYSE American), access to simulated trading accounts for qualification purposes (“Qualification Accounts” or “Simulated Assessment Accounts”), analytical tools, training and educational materials, community features (made available upon successful qualification), and any other accompanying services.

2.3 You may order the Services through the Website by completing the appropriate registration or order form. After registration and payment, we will email you the login details for the Client Section and/or Trading Platform and enable your access.

2.4 No Financial or Brokerage Advice. The Company and its group entities are not acting in the capacity of your broker, intermediary, agent, or adviser and have no fiduciary relationship or obligation to you in connection with any transactions or activities you undertake when using our Services. We do not provide investment or consulting advice of any kind. No communication or information provided by us is intended to constitute investment advice.

2.5 By agreeing to these GTC, you represent that you are not less than eighteen (18) years of age and that, where the age of legal capacity in your country of residence is higher than eighteen (18) years, you are not less than that higher age; and that you are accessing the Services solely from a country in which the Services are lawfully made available. No person below those ages may register for, purchase, or use the Services.

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3. DEFINITIONS, EXPRESSIONS AND ABBREVIATIONS

For the purposes of this Agreement, the following definitions shall have the following meanings:

3.1 “Allocated Buying Power” means the Buying Power allocated to the Qualification Account at the opening of the Attempt, being the figure published for the tier in clause 4.5. The Daily Loss Limit, the AutoStop, the Maximum Loss, the Profit Target and the Best Day are calculated from it as monetary amounts, which are stated in clause 4.5. The Daily Loss Limit, the AutoStop and the Maximum Loss do not change during the Attempt; the Profit Target and, with it, the Best Day may rise under clause 4.6.6 and never fall.

3.2 “Attempt” means one run of a Qualification Program at a single tier, beginning upon the first session after the Qualification Account is activated and ending as set out in clause 4.6.10. A Test Flight is not a Qualification Program and confers nothing upon any result, and is nevertheless treated as an Attempt for the purposes of the rules of clause 4.6, upon the terms of clauses 4.7.2, 4.7.4 and 4.7.5.

3.3 “AutoStop” means the hard daily loss limit, set at 0.375 per cent of Allocated Buying Power and equal to one and a half Risk Units (1.5R). Its operation is set out in clause 4.6.3.

3.4 “Best Day” and “Best Day Rule”. “Best Day” means twenty per cent (20%) of the Profit Target in force at the time, being four Risk Units (4R) at the opening of an Attempt and rising with the Profit Target thereafter; in money it is the amount stated for each tier in clause 4.5. “Best Day Rule” means the consistency rule applicable to every tier alike, under which a session whose net simulated profit exceeds the Best Day raises the Profit Target to the net profit of that session divided by twenty per cent (0.20), as set out in clauses 4.6.6 and 4.6.7.

3.5 “Buying Power” means the notional value available for opening positions at any time, being the Allocated Buying Power adjusted for realised and unrealised profit and loss. Buying Power is simulated: it has no monetary value, is not a deposit, is not a credit facility, and is not the property of the Trader. It governs the aggregate limit on open positions under clause 4.6.8 and is used for no other purpose. “Buying Power” is a defined term of the Qualification Program alone. The notional capital of a Level in the Real Capital Phase is a different thing: it is real capital provided under the separate agreement referred to in clause 16.3, it is referred to throughout these GTC in lower case as the buying power of the Level, and it is stated for each Level in clause 16.5 and, for Partner, in clause 16.6.

3.6 “Calendar Day” means every full twenty-four (24) hour calendar day, including weekends and public holidays, based on Eastern Time (ET). “Calendar Month” shall be construed accordingly, and means a month of the Gregorian calendar in Eastern Time. The Calendar Month is the unit upon which the AutoStop allowance, the Monthly Loss Limit and the settlement of the Real Capital Phase are measured. The daily rules of these GTC are measured upon the Trading Day and upon its session, as defined in clauses 3.33 and 3.16. Where any document listed in clause 26.1 measures a loss or a net result by reference to a Calendar Day, that reference is to the session held on that Calendar Day. Periods expressed in Calendar Days or Calendar Months, including the validity of a discount code and the monthly AutoStop allowance, are not affected.

3.7 “Client Section” means the secure user interface located on the Website through which the Customer manages their Qualification Accounts, profile, payments, and Services.

3.8 “Consistency Rule” means the Best Day Rule, as set out in clauses 4.6.6 and 4.6.7. One consistency rule applies, it is the same at every tier, and no other consistency rule applies to any tier or to any Test Flight.

3.9 “Content” means the Website and all Services, including the Client Section, their appearance, structure, and all applications, data, information, multimedia elements, and any other materials forming part of the Website or Services.

3.10 “Critical Month” and “Committee Month”. “Critical Month” means a Calendar Month in which the Points recorded for a trader in the Real Capital Phase reach the Critical threshold set by the separate agreement referred to in clause 16.3. “Committee Month” means a Calendar Month in which those Points reach the Committee threshold set by that agreement and which also closes at a net loss. The numerical value of each threshold is set by that agreement and is notified to the trader before that trader begins to trade firm capital. Each arises in the Real Capital Phase only, arises in no Qualification Account and in no Test Flight, and takes effect under clause 16.16.

3.11 “Customer”, “you”, “your”, or “Trader” means any natural person or legal entity entering into these GTC with Hi2morrow.

3.12 “Daily Loss Limit” means the working daily loss limit, set at 0.250 per cent of Allocated Buying Power and equal to one Risk Unit (1R). It ends the opening of new risk for the remainder of the session and does not of itself close an open position, in which it differs from the AutoStop. Its operation is set out in clause 4.6.2.

3.13 “Equity” means the value of a Qualification Account at any time, being its balance adjusted for realised and unrealised profit and loss and stated net of Virtual Commissions.

3.14 “Forbidden Trading Practices” or “Prohibited Practices” means any trading practices or strategies prohibited whilst using Hi2morrow Services, as detailed in Section 11 and in the Qualification Terms of Service published on the Website.

3.15 “GTC” means these General Terms & Conditions of Hi2morrow.

3.16 “Intraday Trading Period” or “session” means the part of the regular trading session of the US equity markets (NYSE, NASDAQ, NYSE American) during which a Participant may trade: positions may be opened from 9:35 AM ET to 3:45 PM ET and closed until 3:50 PM ET on a Trading Day. Trading is permitted during that period alone; there is no pre-market and no after-hours trading in a Qualification Account.

3.17 “Level” means a position on the Level Ladder, each Level carrying its own buying power, risk parameters, Allocation and Profit Share, and each Level belonging to a Band. A Level exists only within the Real Capital Phase. It is opened on the terms of clause 16.2, and is held and varied under the separate agreement referred to in clause 16.3.

3.18 “Level Ladder” means Hi2morrow’s published progression of Levels for traders in the Real Capital Phase, running from Associate I to Principal II and, beyond them, to Partner, as set out in clause 16.5.

3.19 “Maximum Loss” means the cumulative loss on which an Attempt ends. It is set separately for each tier and is the Allocation of the Level which that tier opens: twenty Risk Units (20R) at Associate, eighteen Risk Units (18R) at Associate Plus, fourteen Risk Units (14R) at Senior, twelve Risk Units (12R) at Lead and ten Risk Units (10R) at Principal, being in money the amounts stated for each tier in clause 4.5. The Maximum Loss is static: it is measured from the Starting Balance and does not move with accumulated profit. Its effect is set out in clause 4.6.5.

3.20 “Monthly Loss Limit” means the monthly loss limit set at 1.500 per cent of the buying power of the Level and equal to six Risk Units (6R). It is enforced within the trading session at the moment at which it is reached, and not on the closing of a session or of a Calendar Month. It applies in the Real Capital Phase only and applies to no Qualification Account. Its operation is set out in clause 16.12.

3.21 “Participation Fee” means the amount payable for a Qualification Program or for a Test Flight as set out in clauses 4.5, 4.7.1 and 9.8. The Participation Fee is consideration for access to the assessment infrastructure, market data, technology and evaluation process. It is not a deposit, is not capital, is not held on the Trader’s behalf, and is neither tradeable nor withdrawable.

3.22 “Participation Fee Credit” means the amount credited to a Trader in the Real Capital Phase under clause 16.9. It arises only within that phase, is not a refund of the Participation Fee, and does not alter clause 9.4.

3.23 “Profit Share” means the share of verified net profit produced on firm capital which may be paid to a trader in the Real Capital Phase under the separate agreement referred to in clause 16.3. No Profit Share arises from simulated results in the Qualification Program.

3.24 “Profit Target” means the amount set at the opening of an Attempt at 5.000 per cent of Allocated Buying Power and equal to twenty Risk Units (20R), being the net simulated profit, after Virtual Commissions, required to complete an Attempt. The Profit Target may rise under the Best Day Rule, never falls, and is not capped.

3.25 “Qualification Account” or “Simulated Assessment Account” means a simulated trading account issued for the purpose of assessment under these GTC. Market data is real time, while all positions, Equity, profit and loss and Buying Power are notional. No securities are bought or sold and the Trader assumes no real market risk.

3.26 “Qualification Program” or “Qualification” means the paid simulated assessment offered in the tiers set out in clause 4.5, together with any further tier published on the Website from time to time. A Test Flight is not a Qualification Program.

3.27 “Real Capital Phase” means the stage at which a trader trades real firm capital under a separate written agreement with the relevant group entity, following the opening of a Level on the terms of clause 16.2. A place held in the Real Capital Phase is also called a Seat, and clause 3.37 applies. The Real Capital Phase is not governed by these GTC.

3.28 “Risk Unit” or “R” means one unit of the Daily Loss Limit of the applicable tier, being 0.250 per cent of Allocated Buying Power. Every parameter published for a tier is expressed as a multiple of R.

3.29 “Services” means all services provided by Hi2morrow to the Trader under these GTC, including Qualification Programs, platform access, educational content, and community features (where made available).

3.30 “Simulated Account” means a Qualification Account. “Simulated Account”, “Qualification Account” and “Simulated Assessment Account” denote the same thing, and these GTC and material published by Hi2morrow use the three expressions interchangeably; clause 3.25 applies to each of them.

3.31 “Starting Balance” means the balance of the Qualification Account at the opening of the Attempt, as stated in the conditions of the tier purchased. It is fixed for the whole of the Attempt and does not move with profit or loss. The Maximum Loss is measured from it.

3.32 “Test Flight” means the one (1) month trial described in clause 4.7. A Test Flight is not a Qualification Program. It is treated as an Attempt for the purposes of the rules of clause 4.6, so that every ground upon which an Attempt ends applies to it in the same way, save that its term is that stated in clause 4.7.4 and that the consequences of the completion of an Attempt, being those in clauses 4.6.4, 9.8 and 16.2, do not apply to it. A Test Flight confers no Level, and no result achieved in it counts towards any Qualification Program, as clause 4.7.5 provides.

3.33 “Trading Day” means a Calendar Day on which the US equity markets (NYSE, NASDAQ, NYSE American) are open for regular trading. The daily rules of these GTC — the Daily Loss Limit, the AutoStop and the Best Day Rule — are measured upon the Trading Day and upon its session, so that a weekend, a public holiday and any other day upon which those markets do not open for regular trading is not a day of the assessment and carries no result.

3.34 “Trading Platform” means the electronic interface through which the Customer performs simulated trades during qualification.

3.35 “Virtual Commission” means a notional commission of USD 0.0015 per share applied to each simulated trade and deducted from Equity, so that performance reflects realistic transaction costs.

3.36 “Website” means www.hi2morrow.com and all subdomains and related platforms.

3.37 “Seat” means a place held in the Real Capital Phase under the separate agreement referred to in clause 16.3, comprising a Level, the buying power of that Level, the Allocation of that Level and the Profit Share of its Band. “Seat” and the Real Capital Phase denote the same thing, and material published by Hi2morrow uses the two expressions interchangeably. A Seat held by a trader resident away from the location of the Company’s trading floor is worked remotely, and nothing in these GTC provides, or represents that the Company provides, a physical place of work.

3.38 “Allocation” means, at each Level of the Real Capital Phase, twenty-one (21) less the number of that Level expressed in Risk Units and in no case less than ten Risk Units (10R), measured as drawdown below the High-Water Mark of the current Level. Its operation is set out in clause 16.8. The Maximum Loss of a tier in the Qualification Program is the Allocation of the Level which that tier opens.

3.39 “Weekly Loss Limit” means the weekly loss limit set at 0.750 per cent of the buying power of the Level and equal to three Risk Units (3R), measured over the trailing five (5) sessions. It applies in the Real Capital Phase only, applies to no Qualification Account and to no Test Flight, and its operation is set out in clause 16.11.

3.40 “Band” means one of the five groups into which the Levels are arranged: Associate (L1 to L4), Trader (L5 and L6), Senior Trader (L7 and L8), Lead Trader (L9 and L10) and Principal (L11 and L12). A Band is one step of the Profit Share published in clause 16.5.

3.41 “Size Rung” or “Rung” means the proportion of the Risk Unit of the Level at which a trader in the Real Capital Phase is permitted to trade, being 1.00, 0.70 or 0.50, as set out in clause 16.15.

3.42 “Points” means the score recorded for each session in the Real Capital Phase under clause 16.16, which measures the manner in which a session was traded rather than the amount lost or made in it. No Points are recorded in a Qualification Account or in a Test Flight.

3.43 “High-Water Mark” means, for the purposes of the Allocation under clause 16.8, the mark from which the drawdown at the current Level is measured, being the highest cumulative net result reached at that Level or, upon a change of Level, the amount at which that clause sets it; and, for the purposes of the Profit Share under clause 16.19, the highest cumulative net result reached since the date of the last withdrawal.

3.44 “Clean Session” means a session in the Real Capital Phase in which no AutoStop occurred, as used in the restoration of size under clause 16.15.

3.45 “Accumulator” means the cumulative net result, expressed in Risk Units, earned by a trader at the Level currently held, carried across Calendar Months without expiry, on which promotion under clause 16.17 depends.

3.46 “Calendar Week” means the week running from Monday to Sunday inclusive, based on Eastern Time (ET), a Calendar Week beginning upon a Monday and ending upon the Sunday which follows it. It is the unit upon which the period of the stop imposed by the Weekly Loss Limit is measured under clause 16.11, and the expression “calendar week” bears that meaning wherever it appears in these GTC. A Calendar Week is not the unit upon which the Weekly Loss Limit is itself measured; that measurement is taken over the trailing five (5) sessions, as clauses 3.39 and 16.11 provide.

3.47 “Party” and “Parties”. “Party” means Hi2morrow or the Trader, and “the Parties” means the two of them together. A group entity which is not a party to these GTC, and any other third party, is not a Party for the purposes of these GTC, and the separate written agreement referred to in clause 16.3 is made between the trader and the group entity which provides the capital and not between the Parties.

3.48 “Execution Entity” means Hitomorrow Securities LTD, a Cypriot investment firm authorised and regulated by the Cyprus Securities and Exchange Commission under CIF Licence No. 237/14, named in clause 1.2 and being the group entity through which live orders may be executed in the Real Capital Phase, as set out in clause 16.3. The Execution Entity executes no order placed in a Qualification Account and no order placed in a Test Flight, and is not the counterparty to any simulated trade.

3.49 “Qualification Terms of Service” means the document of that name published upon the Website, which states the parameters of the Qualification Program published under clause 4.6.11 and the Forbidden Trading Practices referred to in clause 3.14, and which forms part of the agreement between the Parties under clause 26.1.

3.50 “Return & Refund Policy” means the document of that name published upon the Website, which governs the manner in which a Participation Fee is returned where these GTC or mandatory law provide for its return, in particular under clauses 10.6, 16.10(b), 25.2 and 25.5, which clause 9.4 preserves, and which forms part of the agreement between the Parties under clause 26.1.

3.51 “risk desk” means the function within Hi2morrow, or within a group entity, which reviews an Attempt and which reviews a Calendar Month traded in the Real Capital Phase. Its powers are those stated in these GTC and no other: the review and confirmation of a completed Attempt under clause 16.2; the review of a Calendar Month upon the exceeding of the AutoStop allowance under clause 16.13; the receipt of notice of a double risk session under clause 16.13; the review of a Calendar Month upon a Critical Month under clause 16.16; the review referred to in clause 16.8; and the review upon three consecutive losing sessions under clause 4.6.17. The consequences of a review are those stated in the clause under which it is conducted and no other, and the outcome of a review is notified to the Trader. A review under clause 4.6.17 has no consequence at all for the Attempt reviewed.

3.52 “risk manager” means the officer of Hi2morrow, or of a group entity, to whom these GTC entrust the decision to reduce a Size Rung upon a stated reason under clause 16.15 and the determination of an accumulated record of breaches of the rules of the Real Capital Phase for the purposes of clause 16.18. A decision of the risk manager is made upon a reason recorded in writing and shown to the trader, is of one rung at a time, and can never increase the size at which a trader trades, as clause 16.15 provides.

3.53 “risk system” means the automated system by which the limits published in these GTC are applied. It closes every open position and ends the session upon an AutoStop under clauses 4.6.3 and 16.7, closes every open position upon the Monthly Loss Limit under clause 16.12, closes a position remaining open at the close of a session under clause 4.6.9, and reduces exposure above an overnight limit under clause 16.14. The risk system applies the published limits as written and exercises no discretion.

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4. SERVICES AND INFORMATION

4.1 Hi2morrow’s obligation under these GTC is to provide the Customer with access to instruments for simulated trading assessment in US equity markets, access to simulated Qualification Accounts, analytical tools, training materials, and related services enabling the Customer to complete the qualification process.

The market data used within the Services is real time and is drawn from the US equity markets (NYSE, NASDAQ and NYSE American). Orders are matched by a simulator and not by an exchange: no order placed in a Qualification Account reaches a market, and no securities are bought or sold.

4.2 When using the Services, the Customer undertakes to act in accordance with these GTC, all relevant legal regulations, and any other rules applicable based on their jurisdiction.

4.3 Hi2morrow shall not provide Services to any Customer who: (i) is a resident and/or national of a Restricted Jurisdiction; (ii) is incorporated or maintains a registered office in a Restricted Jurisdiction; (iii) is subject to international sanctions; or (iv) has a criminal record relating to financial crime, fraud, or terrorism.

A “Restricted Jurisdiction” is any country or territory upon a FATF, EU, UN or OFAC sanctions list, any country or territory named in this paragraph, and any other country or territory published as a Restricted Jurisdiction upon the Website. Restricted Jurisdictions include (but are not limited to): Democratic People’s Republic of Korea (DPRK), Iran, Myanmar, Cuba, Afghanistan, Iraq, Crimea, Donetsk, Syria, Yemen and Palestinian Territory.

The Qualification Program, the Test Flight and every other Service are not offered to, and may not be purchased by, any person resident in the United States of America, in the United Kingdom, in the Netherlands or in Croatia. That exclusion is entire: it applies to the whole of the Qualification Program and is not limited to particular Services, and clause 4.8.3 applies to it. The list of Restricted Jurisdictions may be updated at any time. Traders are responsible for confirming eligibility.

4.4 All data provided by the Customer must be complete, accurate, and up-to-date. The Customer must immediately notify Hi2morrow of any changes.

4.5 Qualification tiers

The Qualification Program is offered in five (5) tiers, each of which may be purchased directly. Every tier runs the same test, expressed in the same Risk Units. The tiers differ in the Allocated Buying Power on which the assessment is conducted, in the monetary value of each limit, in the Maximum Loss expressed in Risk Units, and in the Level which the confirmed completion of an Attempt at that tier opens under clause 16.2. The Consistency Rule is the Best Day Rule and is the same at every tier.

All figures are stated in United States dollars, are those in force at the date of publication, and may be varied in accordance with clause 9.5. Allocated Buying Power is simulated throughout the Qualification Program. Every monetary figure in this table is derived from the Allocated Buying Power of the tier at the percentages set out in clause 4.6.1, the Best Day being twenty per cent (20%) of the Profit Target and four Risk Units (4R) at the opening of an Attempt. The Maximum Loss differs between tiers in Risk Units because it is the Allocation of the Level which the tier opens, so that an Attempt is conducted within the room the Trader would hold at that Level. The Starting Balance of the Qualification Account is published in the conditions of each tier on the Website and forms part of these GTC by reference. The number of instruments a Trader may hold at one time is not limited. The last two columns describe the Real Capital Phase: they name the Level which the confirmed completion of an Attempt at that tier opens, and the Profit Share of the Band to which that Level belongs. What is available only under the separate agreement referred to in clause 16.3 is that Level and that Profit Share, and not the columns; the opening of the Level is governed by clause 16.2. Nothing in this clause constitutes an offer of employment, an offer of investment services, or a representation that any Attempt shall be completed or any result achieved.

4.6 The qualification framework

4.6.1 Derivation. Every parameter of every tier is calculated from the Allocated Buying Power of that tier at fixed percentages: Daily Loss Limit 0.250 per cent (1R), AutoStop 0.375 per cent (1.5R), Profit Target 5.000 per cent (20R), and Best Day 1.000 per cent, being twenty per cent (20%) of the Profit Target and four Risk Units (4R) at the opening of the Attempt. The Maximum Loss is set separately for each tier under clause 4.6.5, being the Allocation of the Level which that tier opens: 5.000 per cent (20R) at Associate, 4.500 per cent (18R) at Associate Plus, 3.500 per cent (14R) at Senior, 3.000 per cent (12R) at Lead and 2.500 per cent (10R) at Principal. Those percentages produce the fixed monetary amounts stated in clause 4.5, which do not change during the Attempt, save that the Profit Target may rise under clause 4.6.6. The Weekly Loss Limit of 0.750 per cent (3R) and the Monthly Loss Limit of 1.500 per cent (6R) apply in the Real Capital Phase only and apply to no Qualification Account and to no Test Flight.

4.6.2 The daily pause. On reaching the Daily Loss Limit, the opening of risk ends for that session: no further position may be opened and no existing position may be added to for the remainder of that session, and the Trader may resume on the next Trading Day. A position already open at that moment may be closed by the Trader or may continue to the AutoStop, at which point clause 4.6.3 applies. The Daily Loss Limit governs the opening of risk and closes nothing; forced closure is the function of the AutoStop alone, and the two limits are separate rules with separate effects. The Daily Loss Limit is fixed for the whole of an Attempt and is not reduced by prior results. Reaching it is an ordinary event of the assessment and is not recorded against the Trader.

4.6.3 Forced closure. On reaching the AutoStop, every open position is closed by the risk system, the session ends, and the session is recorded as an AutoStop. The AutoStop is assessed on the gross loss recorded for that session. Two (2) AutoStops are permitted in any one Calendar Month. A third AutoStop within the same Calendar Month ends the Attempt.

The allowance is counted separately in each Calendar Month. The count is reset to nil upon the first day of every Calendar Month, and an AutoStop taken in one Calendar Month is not carried into another. The number of AutoStops which may be taken in the course of a single Attempt without the Attempt ending accordingly depends upon the number of Calendar Months upon which that Attempt falls, which follows from the term set out in clause 4.6.10 and from the day upon which the Attempt begins. No total is fixed for an Attempt, and the rule which ends an Attempt is the third AutoStop within one Calendar Month and no other.

The allowance of two in the Qualification Program is set deliberately at or below the allowance which applies in the Real Capital Phase under clause 16.13, that allowance being three in the ordinary case and itself two, and not three, in a Calendar Month which follows a Calendar Month closing at a net loss, as that clause provides.

4.6.4 Completion. An Attempt is completed successfully at the close of the session in which the cumulative net result reaches the Profit Target, within the period set out in clause 4.6.10 and provided that all other conditions of this clause 4.6 have been met. Profit is counted after Virtual Commissions and is measured against the Profit Target in force at that time under clauses 4.6.6 and 4.6.7. No part of the profit produced in an Attempt is excluded from that measurement. A completed Attempt is reviewed and confirmed, and the Level associated with the tier is opened, on the terms of clause 16.2.

4.6.5 Static measurement. The Maximum Loss of a tier is the Allocation of the Level which that tier opens, as stated in clause 4.5 and in clause 16.5: twenty Risk Units (20R) at Associate, eighteen Risk Units (18R) at Associate Plus, fourteen Risk Units (14R) at Senior, twelve Risk Units (12R) at Lead and ten Risk Units (10R) at Principal. It is measured from the Starting Balance and does not move with accumulated profit, so that a Trader in profit holds the whole of the room published for the tier and no more than it. Reaching it ends the Attempt.

4.6.6 The Best Day Rule. The Best Day Rule applies to every tier alike and on the same terms. The Best Day is twenty per cent (20%) of the Profit Target in force at the time, being at the opening of an Attempt $200 at Associate, $500 at Associate Plus, $1,500 at Senior, $3,000 at Lead and $6,000 at Principal. Where the net simulated profit of a single session exceeds the Best Day, the Profit Target is recalculated at the close of that session as the net profit of that session divided by twenty per cent (0.20), and the Attempt continues on the recalculated Profit Target. A recalculation may occur again on any later session whose net profit exceeds twenty per cent (20%) of the Profit Target then in force. Exceeding the Best Day is not a breach of these GTC and does not end an Attempt; no part of the profit of the session is reduced, excluded or disregarded, and the whole of it is credited to the Qualification Account and counted towards the Profit Target. The term in clause 4.6.10 is not extended by a recalculation.

4.6.7 The Profit Target under the Best Day Rule. The Profit Target rises under clause 4.6.6 and never falls. It is not capped, and no limit is placed on the number of recalculations within an Attempt. A session closing at a loss does not affect the Profit Target. No session may be excluded from the performance calculation, whether at the election of the Trader or otherwise, and no amount credited towards the Profit Target is limited by reference to the result of a single session; the tiers are not distinguished from one another in either respect. By way of example at the Associate tier, where the Profit Target is $1,000 and the Best Day is accordingly $200: a session of $300 raises the Profit Target to $1,500, and a later session of $400 raises it to $2,000, both sessions being credited in full. A session remains subject to the Daily Loss Limit and to the AutoStop however large its profit.

4.6.8 Position sizing and concentration. At Associate, Associate Plus and Senior, and in a Test Flight and a second attempt on those tiers, no limit applies to the size of a single position or to aggregated exposure in the same underlying instrument. At Lead and Principal, and at Levels L9 to L12 in the Real Capital Phase, a single position, and aggregated exposure in the same underlying instrument, may not exceed fifty per cent (50%) of Allocated Buying Power. The limit is one figure and applies to every instrument alike.

The aggregate of all open positions may not at any time exceed one hundred per cent (100%) of available Buying Power, and this is the only rule calculated on Buying Power rather than on Allocated Buying Power. No position in a single instrument may exceed one half of one per cent (0.5%) of the twenty (20) day median daily volume of that instrument. An option position is netted against stock in the same underlying instrument at delta-equivalent notional value, that netting having effect in the Real Capital Phase alone, as clause 4.6.16 provides. The number of instruments held at one time is not limited. Breach of this clause constitutes a material violation.

4.6.9 Intraday only. Trading is permitted solely during the Intraday Trading Period on a Trading Day. No position may be opened before 9:35 AM ET or after 3:45 PM ET, and every open position must be closed by 3:50 PM ET. Overnight positions, swing trading, pre-market trading and after-hours trading are not permitted under any tier. Any position remaining open at 3:50 PM ET is closed by the system at the market price, and the result of that closure is credited or debited to the Qualification Account in full and counts towards the Profit Target, the Daily Loss Limit, the AutoStop and the Maximum Loss in the ordinary way. Breach constitutes a material violation.

4.6.10 Term. An Attempt begins upon the first session after the Qualification Account is activated and runs for two (2) Calendar Months, ending at the close of the last session falling on or before the day of the second following month which corresponds to the day upon which the Attempt began or, where that month has no such day, on its last day. Reaching that close without having reached the Profit Target ends the Attempt, and the term is not extended. An Attempt is completed on reaching the Profit Target and otherwise ends on the earliest of the third AutoStop within one Calendar Month, the Maximum Loss being reached, and the expiry of that term. This clause is without prejudice to Hi2morrow’s rights to end an Attempt, suspend access, or terminate the Services under clauses 7.1.10, 7.1.11, 11.4, 12.2 and 25.2, the conduct which engages clause 11.4 being that described in clauses 11.1 and 11.2.

4.6.11 Publication. Hi2morrow shall publish the parameters set out in this clause 4.6 in the Qualification Terms of Service published on the Website. Hi2morrow may vary them in accordance with clause 9.5.

4.6.12 Virtual Commissions. A Virtual Commission of USD 0.0015 per share is applied to every simulated trade. Equity, profit and loss and all performance calculations are stated net of Virtual Commissions. Hi2morrow may adjust the rate on reasonable notice, and such adjustment shall not affect a Qualification Program already purchased.

4.6.13 Trading halts. Active trading is not permitted during a trading halt. For the purposes of this clause a halt includes a pause in trading in a symbol for any reason, an automatic market-wide shutdown or other disruption on an exchange or across the market, any condition that disrupts a fair and orderly market in a symbol or market-wide, whether declared in advance or at the time by Hi2morrow, and any condition in which the trading system shows a symbol as non-tradeable. Active trading includes the execution of any order in a halted symbol and the placing of an order to open or add to a position in a halted symbol. Execution during a technically implemented halt is generally impossible; where the system inadvertently records such an execution, Hi2morrow may cancel or remove the trade in question. Where a halt occurs, the Trader must wait one (1) minute after trading resumes before opening or adding to a position in the affected symbol. There is no exception to this rule. A symbol may be halted by the exchanges automatically and without prior notice, as occurs where the price of the instrument moves by ten per cent (10%) within five (5) regular trading minutes; that measurement is made by the exchanges and not by Hi2morrow, and it imposes no separate limit under these GTC. The Trader is responsible for being aware of possible halts and for managing open positions and orders accordingly, and should be familiar with the trading halt rules of the US exchanges, including the Limit Up-Limit Down (LULD) mechanism, under which the applicable bands are set by the exchanges and vary by security.

The prohibition in this clause is a measure against the manipulation of the simulated result. A position opened or added to in breach of this clause is a ground for review under clause 11.5. Where the review establishes that the trading was intended to affect the result of the Attempt, the conduct is a breach within clause 11.2, and Hi2morrow may end the Attempt under clause 11.4 in the same way as where orders are placed with no intention of their execution, and may remove the offending trade under that clause. No profit is withheld from the Profit Target under this clause.

4.6.14 Entry after a rapid movement. This clause is a measure against the manipulation of the simulated result. It is not a rule of profit recognition, and nothing in it withholds any amount from the Profit Target.

No position may be opened or added to in the direction of the movement in a symbol which has moved by eight per cent (8%) within four (4) regular trading minutes. The volatility measurement period covers the last two hundred and forty (240) regular trading seconds on a rolling basis at the time of entry, limited to the current session and excluding any halt period for the symbol and any extended trading hours. The restriction applies where the price is greater than or equal to 1.08 times the minimum execution price for long positions, or less than or equal to 0.92 times the maximum execution price for short positions. Entry on a retracement within the eight per cent (8%) movement is permitted, provided that the range set by this calculation is not breached.

A position opened or added to in breach of this clause is a ground for review under clause 11.5. Where the review establishes that the trading was intended to affect the result of the Attempt, the conduct is a breach within clause 11.2, and Hi2morrow may end the Attempt under clause 11.4 in the same way as where orders are placed with no intention of their execution. The whole of the net simulated profit of every session continues to be credited to the Qualification Account and counted towards the Profit Target under clause 4.6.6, and nothing in this clause qualifies that.

4.6.15 Minimum movement and minimum interval. This clause is a measure against the manipulation of the simulated result. It is not a rule of profit recognition, and nothing in it withholds any amount from the Profit Target.

Each position is to produce not less than ten (10) price ticks of movement, being a difference of ten (10) cents between the average entry price and the average exit price; by way of example, a purchase at $50.10 and a sale at $50.20 meets the minimum. Between each opening or adding execution and the next closing or reducing execution during the life of a position, an interval of not less than sixty (60) seconds is to elapse. The requirements in this clause are measured over the entire life of a position, from the opening of the trade until the position is closed in full.

A departure from either requirement is a ground for review under clause 11.5. Where the review establishes that the trading was intended to affect the result of the Attempt, the conduct is a breach within clause 11.2, and Hi2morrow may end the Attempt under clause 11.4 in the same way as where orders are placed with no intention of their execution. The whole of the net simulated profit of every session is credited to the Qualification Account and counted towards the Profit Target under clause 4.6.6, and no profit is retained on the Qualification Account uncredited.

4.6.16 Instruments. Trading in a Qualification Account is permitted in common stock and in exchange-traded products listed upon the US equity markets, being the New York Stock Exchange, NASDAQ and NYSE American, and in no other instrument and upon no other market. A position may be opened only in an instrument which meets the liquidity criteria set out in clause 5.5 of the Qualification Terms of Service. The position limit that applies to them is set out in clause 4.6.8; trading in them is confined to the session by clause 4.6.9; and clause 4.6.13 applies to a symbol which is halted.

An option is not an instrument permitted by this clause, and no option may be traded in a Qualification Account or in a Test Flight. The netting of an option position against stock in the same underlying instrument, provided for in clause 4.6.8, accordingly has effect in the Real Capital Phase alone, in which the position limits of clause 4.6.8 apply under clause 16.14 and in which the instruments a trader may trade are those stated in the separate agreement referred to in clause 16.3.

4.6.17 Three consecutive losing sessions. Where three (3) consecutive sessions each close at a net loss, the record of the Trader is flagged for review by the risk desk. That review does not end the Attempt, does not alter the Daily Loss Limit, the AutoStop, the AutoStop allowance, the Maximum Loss, the Profit Target, the Best Day or any other limit or parameter of the Attempt, and does not affect the result of any session or of the Attempt. It exists so that a Trader in difficulty is contacted by a person. A review under this clause is not a review under clause 11.5, is not of itself evidence of any breach, and is not a ground upon which an Attempt may be ended.

4.7 Test Flight

4.7.1 A Test Flight is a one (1) month trial of the conditions of a Qualification Program tier, for a Participation Fee of $10.

4.7.2 Before payment, the Customer selects the tier on whose conditions the Test Flight shall run: Associate, Associate Plus, Senior, Lead or Principal. The Test Flight then applies the complete published rule set of that tier — its Allocated Buying Power, Daily Loss Limit, AutoStop and AutoStop allowance, Maximum Loss, Profit Target, Best Day Rule and position limits — save for the differences stated in clauses 4.7.4 and 4.7.5.

Every rule of clause 4.6 applies to a Test Flight, and a Test Flight is treated as an Attempt for the purposes of that clause, so that each of the grounds upon which an Attempt ends brings a Test Flight to an end in the same way: the third AutoStop within one Calendar Month under clause 4.6.3, the Maximum Loss of the tier selected under clause 4.6.5, the expiry of the term, which for a Test Flight is the term in clause 4.7.4, and the ending of an Attempt by Hi2morrow under clause 11.4 upon a review under clauses 4.6.13, 4.6.14 and 4.6.15. Section 11 applies to a Test Flight in the same way as to an Attempt, and clause 10.2 applies to a Test Flight as if it were an Attempt, so that a Test Flight may not be run while an Attempt is running and an Attempt may not be started while a Test Flight is running. The differences between a Test Flight and an Attempt are those stated in clauses 4.7.4 and 4.7.5 and no other.

4.7.3 The conditions selected under clause 4.7.2 are fixed on payment and may not afterwards be changed. A Customer wishing to be assessed on different conditions may do so only by purchasing a Qualification Program at the tier concerned.

4.7.4 A Test Flight begins upon the first session after the account issued for it is activated and runs for one (1) Calendar Month, rather than the two (2) Calendar Months of an Attempt under clause 4.6.10, ending at the close of the last session falling on or before the day of the following month which corresponds to the day upon which the Test Flight began or, where that month has no such day, on its last day. Reaching that close ends the Test Flight, and the term is not extended.

The term of a Test Flight is measured in the manner set out above and not by the Calendar Month in which the Test Flight is purchased; a Test Flight purchased in the course of a month accordingly does not end upon the last day of that month.

4.7.5 A Test Flight is a trial of the Company’s conditions and allows the Customer to trade the conditions of a tier before committing to it. It is not a Qualification Program. It is an Attempt for the purposes of the rules of clause 4.6 and for the purposes of clause 10.2, as clauses 3.32 and 4.7.2 provide, and for those purposes alone: it is not an Attempt for the purposes of clause 4.6.4, of clause 9.8 or of clause 16.2, and the reaching of the Profit Target in a Test Flight is not the completion of an Attempt. On any result, a Test Flight confers no Level, no place in the Real Capital Phase, no access to community features, no entitlement of any kind, and no credit towards a Qualification Program purchased later. Results achieved during a Test Flight are not carried forward to any Attempt and are not taken into account in the assessment of any Attempt.

At the close of the term of the Test Flight stated in clause 4.7.4 Hi2morrow provides the Customer with a statement of that Customer’s own figures for the Test Flight, comprising the average net result of a session, the number of sessions on which the Daily Loss Limit was reached, and the number of sessions closed by the AutoStop. That statement and the discount provided for in clause 4.7.7 are the only benefits a Test Flight can confer.

4.7.6 One (1) Test Flight is available per person. The Participation Fee for a Test Flight is subject to clause 9.4 in the same way as any other Participation Fee, and gives rise to no Participation Fee Credit under clause 16.9.

4.7.7 The Test Flight discount. Where, at the close of any session within the term of the Test Flight stated in clause 4.7.4, the cumulative net result of the Customer reaches one half of the Profit Target at which the Test Flight opened, being ten Risk Units (10R) and accordingly $500 at Associate, $1,250 at Associate Plus, $3,750 at Senior, $7,500 at Lead and $15,000 at Principal, the Test Flight not having ended before that time and the Customer remaining within the Maximum Loss of the tier selected, the threshold being unaffected by any recalculation of the Profit Target under clause 4.6.6, Hi2morrow shall issue a code giving twenty-five per cent (25%) off the Participation Fee at that tier or at any tier below it. The code is issued for a single use, is not transferable, expires sixty (60) days after issue, and may not be combined with the reduced Participation Fee for a second Attempt under clause 9.8.

4.8 Purchase without application

4.8.1 Every tier may be purchased directly. No application, invitation, or prior approval is required for any tier, and no tier is closed to any Customer who is eligible under clause 4.3. Verification of a Trader’s identity is carried out under Section 12 and before any allocation of real capital under clause 16.2.

4.8.2 At the Lead and Principal tiers a Trader’s trading track record is verified after completion of the Qualification Program and before a Level is opened, on the terms of clause 16.10. That verification does not condition, delay, or restrict the purchase of either tier.

4.8.3 Restricted territories. The Services are not offered to, and may not be purchased by, any person resident in the United States of America, in the United Kingdom, in the Netherlands or in Croatia. Registration and payment are refused where the country of residence given is within those territories, and the exclusion extends to the whole of the Qualification Program and to the Test Flight, and not to particular Services alone. The Services are also not directed to any person in any other jurisdiction where their offer or use would be contrary to local law, and it is the responsibility of each person to satisfy themselves that participation is lawful where they live.

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5. TRADER’S OBLIGATIONS

5.1 The Trader shall provide Hi2morrow with the information and cooperation reasonably required for registration, for verification under Section 12, and for the assessment of an Attempt, and shall ensure that the information provided is accurate, complete, and current throughout the Qualification Program.

5.2 The Trader shall comply with the law of the country from which the Services are accessed, including any restriction on access to the Services and any obligation to declare and pay tax on amounts received.

5.3 The Trader shall use the Client Section and the Trading Platform personally. Access credentials shall not be disclosed to or used by any other person, and no other person shall trade a Qualification Account issued to the Trader.

5.4 The Trader shall obtain any consent or permission required of the Trader in their own jurisdiction in order to take part in a Qualification Program, including any consent required from an employer or from a regulator where the Trader is engaged in a regulated activity.

5.5 The Trader shall provide, at their own expense, the equipment, software, and internet connection needed to use the Trading Platform.

5.6 The Trader is responsible for their own network connections and telecommunications links, and for the consequences of their failure, including a position which cannot be opened, monitored, or closed for that reason.

5.7 Breach of clauses 5.1 to 5.4 constitutes a material violation, and Hi2morrow may act under clause 11.4. Clauses 5.5 and 5.6 allocate risk between the Parties and carry no separate sanction.

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6. SYSTEMS ACCESS – USER RIGHTS & OBLIGATIONS

6.1 Subject to compliance with these GTC, Hi2morrow grants the Trader a non-exclusive, non-transferable right to use the Services.

6.2 User subscriptions may not be shared. Each authorised user shall maintain secure, confidential passwords and change them regularly.

6.3 The Trader shall not access, store, distribute, or transmit any unlawful, harmful, defamatory, or otherwise prohibited material.

6.4 The Trader acknowledges responsibility for procuring and maintaining technical equipment and software at their own risk and expense.

6.5 Hi2morrow does not warrant compatibility with any specific equipment or software.

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7. LEGAL & REGULATORY NATURE OF SERVICES

7.1 The Trader acknowledges and accepts the following:

7.1.1 No result or performance provided during the Qualification Program may be considered investment services or investment activities. Hi2morrow does not receive or execute trading instructions for real markets, does not provide investment advice, does not manage assets, and does not act as counterparty during qualification.

7.1.2 The Services do not constitute regulated investment services under Cyprus law or comparable frameworks in all jurisdictions. You are not entitled to investor protections such as investor compensation schemes or financial ombudsman protections in relation to the qualification phase.

7.1.3 All trading during qualification is simulated only. Execution of a simulated trade does not constitute an instruction to trade in real financial markets.

7.1.4 Hi2morrow is not the counterparty to any simulated trades. No real financial instruments are bought or sold during qualification.

7.1.5 The simulated capital and Buying Power have no monetary value outside the Services. The Trader has no right, title, or ownership to them beyond use within the Qualification Program. Hi2morrow retains all rights and ownership.

7.1.6 No results-based compensation of any kind arises from simulated performance in the Qualification Program. Any Profit Share or other compensation is available only under separate contractor or employment agreements for the allocation of real capital with group entities (e.g., Neoway Trading Ltd).

7.1.7 Performance in the Qualification Program is not indicative of real-market trading results. Past simulated performance is not a guarantee of future results.

7.1.8 If access to the Client Section is cancelled for any reason, the Trader loses access to all Qualification Accounts and Services without entitlement to compensation or refund, except where required by mandatory consumer law and save for the refunds provided for in clauses 10.6, 16.10(b), 25.2 and 25.5, which clause 9.4 preserves, and in the Return & Refund Policy, each of which is unaffected by this clause. In particular, where Hi2morrow terminates these GTC upon the ground that it ceases to offer the Service in question under clause 25.2, or withdraws from them under clause 25.5, the proportionate refund provided for in those clauses is due notwithstanding this clause.

7.1.9 The operators of any third-party trading platform used for the Qualification Program are independent of Hi2morrow. Hi2morrow bears no responsibility for platform inaccuracies, delays, or interruptions.

7.1.10 Hi2morrow reserves the right to limit or terminate Services to any person who misuses systems, including but not limited to abuse of backend systems, latency arbitrage, HFT strategies that exploit inefficiencies, VPN/VPS/data centre usage for rule circumvention, IP sharing, or any other prohibited activity.

7.1.11 Hi2morrow reserves the right to terminate accounts and restrict access for Customers who breach these clauses. Terminated accounts are not eligible for refunds, subject to clause 7.1.8, to the refunds provided for in clauses 10.6, 16.10(b), 25.2 and 25.5, and to any right conferred by mandatory law and forfeit any eligibility or progress.

7.1.12 Participation in a Qualification Program creates no right, entitlement, or legitimate expectation in respect of real capital, of a Level, or of any commercial relationship with the Company or with any group entity, and no result short of the confirmed completion of an Attempt creates any such right. Where an Attempt is completed and confirmed under clause 16.2, the Level named for the tier in clause 4.5 is opened on the terms of that clause, and Hi2morrow may decline to open it only upon the grounds stated in it. The Real Capital Phase is conducted under the separate written agreement referred to in clause 16.3, and nothing in these GTC is an offer of employment or an offer of investment services.

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8. HI2MORROW’S OBLIGATIONS

8.1 Hi2morrow shall provide the Services with reasonable skill and care, in accordance with these GTC.

8.2 Hi2morrow does not warrant that the use of the Services will be uninterrupted or error-free, or that they will meet the Trader’s specific requirements.

8.3 Hi2morrow is not responsible for delays, delivery failures, or losses resulting from the transfer of data over communications networks, including the internet.

8.4 Hi2morrow may enter into similar agreements with third parties and may independently develop similar products and services.

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9. PAYMENT TERMS

9.1 The Participation Fees payable for a Qualification Program and for a Test Flight are those set out in clauses 4.5, 4.7.1 and 9.8 and published on the Website. The Participation Fee varies by tier and is stated in United States dollars.

9.2 All service charges are inclusive of applicable taxes unless otherwise stated. The Trader is responsible for their own tax obligations.

9.3 Payment may be made by payment card, bank transfer, or other methods available on the Website.

9.4 All fees are non-cancellable and non-refundable where the right of withdrawal under clause 10.6 has not been exercised within the period stated in that clause, or where that right has been lost because the Trader has first accessed the Qualification Account or placed a simulated trade, as set out in that clause and in Section 5 of the Return & Refund Policy. Where the right of withdrawal is exercised in accordance with clause 10.6, the Participation Fee is refunded in full. Fees are paid for access to the assessment infrastructure, technology, data, and evaluation process. Refunds are governed by the Return & Refund Policy, and this clause does not affect the refunds provided for in clauses 16.10, 25.2 and 25.5 or any right conferred by mandatory law. The Participation Fee Credit arising in the Real Capital Phase is dealt with in clause 16.9; it takes effect in that phase and does not alter this clause.

9.5 Hi2morrow reserves the right to unilaterally change the fees and parameters of the Services at any time. Changes do not affect a Qualification Program or Test Flight already purchased, which continues on the conditions in force at the date of purchase, subject to Hi2morrow’s rights of suspension and termination under these GTC.

9.6 The fee is considered paid when its full amount is credited to Hi2morrow’s account.

9.7 Where a Trader initiates an unjustified dispute or chargeback in respect of a Participation Fee, Hi2morrow may immediately suspend or terminate the Services, may forfeit eligibility and progress, and may deny future access. An unresolved dispute over the payment of a Participation Fee is also a ground upon which the opening of a Level may be declined under clause 16.2. Hi2morrow acts under this clause upon that ground alone and reserves no discretion beyond it, and the ground falls away where the dispute is withdrawn, where the amount disputed is paid, or where the dispute is otherwise resolved.

9.8 Further Attempts. The Participation Fee for a tier includes one (1) Attempt. Where an Attempt ends without the Profit Target having been reached, a second Attempt at the same tier is available at half the Participation Fee for that tier, rounded down to the whole dollar:

One (1) second Attempt is available at that price, and may be started no earlier than the calendar month following the month in which the previous Attempt ended. Any further Attempt is charged at the full Participation Fee for the tier. The term of every Attempt is that set out in clause 4.6.10.

9.9 The Participation Fee is consideration for the assessment service. It is not a deposit, is not capital, is not held on the Trader’s behalf, and is neither tradeable nor withdrawable.

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10. CLIENT SECTION AND TRADING PLATFORM

10.1 Each Trader is permitted to maintain only one Client Section. All Services must be managed through this single section.

10.2 One Attempt at a time. A Trader may have one (1) Attempt running at any one time. A second or further Attempt may not be opened, and a second or further Qualification Program may not be started, while an Attempt is running; it may be opened only after the running Attempt has ended, and where it is a second Attempt at the same tier, subject to clause 9.8. Buying Power allocations may not be transferred or combined between different Qualification Programs unless expressly permitted.

10.3 Access is protected by login credentials. The Trader must not disclose credentials to any third party and is fully responsible for all activity under their account.

10.4 The Services may not be available 24/7 due to maintenance, upgrades, technical issues, or third-party interruptions. Hi2morrow bears no liability for unavailability or data loss.

10.5 The Trader may request cancellation of their Client Section at any time by emailing the designated support address.

10.6 Right of withdrawal. Where the Trader is a consumer and the Agreement is concluded at a distance, the Trader may withdraw from it within fourteen (14) days of the day on which it is concluded, without giving a reason and at no cost, by an unequivocal statement sent to the designated support address. Access to a Qualification Account is supplied as digital content and as a digital service. Where the Trader gives prior express consent at checkout to supply beginning within that period and acknowledges that the right of withdrawal is thereby lost, that right expires when the Trader first accesses the Qualification Account or places a simulated trade, whichever occurs first. Where that consent and that acknowledgement have not been obtained and confirmed on a durable medium, the Trader bears no cost for what has been supplied and is entitled to a full refund of the Participation Fee. This clause takes effect on the terms of Section 5 of the Return & Refund Policy, and is without prejudice to any wider or longer right conferred by mandatory law in the Trader’s country of residence.

10.7 One (1) Attempt is active per person at any one time, in accordance with clause 10.2, and Hi2morrow may set maximum total active allocation limits per person across all Qualification Accounts consistently with that limit. These limits may be amended at Hi2morrow’s discretion, and an amendment does not affect a Qualification Program or a Test Flight already purchased, in accordance with clause 9.5.

10.8 The creation or use of multiple profiles, additional email addresses, or accounts accessed by the same individual, device, or IP address is strictly prohibited. A breach of this clause is a material breach of these GTC within the meaning of clause 25.2 and a ground upon which the opening of a Level may be declined under clause 16.2. Upon that ground Hi2morrow may act under clause 11.4, may terminate the Services and this Agreement immediately, and may deny the person concerned future access to the Services. Hi2morrow acts under this clause upon that ground alone and reserves no discretion beyond it.

10.9 Review Accounts. An account that Hi2morrow opens for an approved Affiliate under the Affiliate Terms, only so that the Affiliate can try and show the trading platform (a “Review Account”), is not a Client Section, a Qualification Account or an Attempt. Holding it together with the Affiliate’s own Client Section is not a breach of clause 10.1, 10.7 or 10.8. A Review Account has no target, cannot be passed, leads to no Level or allocation of capital and gives rise to no payment. Hi2morrow may close it at any time.

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11. PROHIBITED PRACTICES & STRATEGIES

11.1 All Traders agree to comply with these GTC, the Qualification Terms of Service, and the Terms and Conditions published on the Website. These collectively form a legally binding framework.

The following practices are Forbidden Trading Practices within the meaning of clause 3.14. They are strictly prohibited and constitute a breach of these GTC:

• Opening a position after the Daily Loss Limit has been reached for that session, or continuing to trade after an AutoStop has closed the session
• Any attempt to circumvent, delay, or interfere with the operation of the AutoStop or of any other risk control
• Exceeding the position sizing and concentration limit set out in clause 4.6.8
• Over-leveraging, being the use of position sizes inconsistent with the risk parameters published for the tier
• Martingale, grid, or other strategies that escalate position size in order to recover prior losses
• High-Frequency Trading (HFT)
• Tick scalping or any strategy designed to exploit platform or data feed inefficiencies
• Mirroring, reverse trading, or the replication of trades across accounts, whether across different users or different firms
• Opening the same position, or the opposite position, in the same instrument upon another account within thirty (30) minutes of the opening of a position in a Qualification Account, whether that other account is held by the Trader or by another person and whether it is held with Hi2morrow or elsewhere, such conduct being copy trading or wash trading
• Statistical arbitrage, latency arbitrage, spread arbitrage, gap exploitation
• Overnight holding, pre-market, after-hours, or swing trading during the Qualification Program
• VPN, VPS, data centre, or server usage intended to circumvent rules or detection
• IP sharing or coordinated activity between multiple users or accounts
• Hedging across accounts
• Any attempt to circumvent Hi2morrow’s systems, rules, or evaluation processes

11.2 In addition to the practices listed in clause 11.1, each of the following is a breach of these GTC: (a) trading which relies on an error in pricing, in the data feed, in the Trading Platform, or in the operation of a risk control, where the error is or ought reasonably to be apparent to the Trader; (b) conduct which would constitute market abuse, including wash trading, spoofing, layering, quote manipulation, the placing of an order with no intention of its execution, and marking the close, were the trades executed in a real market; (c) the placing of orders whose purpose is to satisfy a requirement of clause 4.6 rather than to take a position on the market, and any other conduct intended to manipulate the simulated result, including conduct established upon a review under clauses 4.6.13, 4.6.14 and 4.6.15; (d) the transfer, or attempted transfer, of a result between Qualification Accounts or between persons; and (e) the provision of false or misleading information to Hi2morrow in connection with an Attempt, an assessment, or a verification under clause 16.10. This clause states the whole of Hi2morrow’s power to treat conduct not listed in clause 11.1 as a breach of these GTC.

11.3 For the avoidance of doubt, reaching the Daily Loss Limit, an AutoStop within the permitted number, exceeding the Best Day, and the consequent recalculation of the Profit Target under clauses 4.6.6 and 4.6.7 are not breaches of these GTC. They are ordinary incidents of the assessment and take effect under clause 4.6. This clause does not limit clause 11.2.

11.4 If a Trader engages in any Forbidden Trading Practice listed in clause 11.1, or in any conduct which is a breach under clause 11.2, Hi2morrow may:

• Deem the Qualification failed
• Remove violating trades from history or profit calculations
• Automatically close positions
• Immediately terminate all Services and this Agreement
• Forfeit any eligibility or progress

11.5 Hi2morrow determines, upon a review of the trading record of the Attempt, whether any trade, strategy, or pattern is a Forbidden Trading Practice within clause 11.1 or a breach within clause 11.2. A review under clauses 4.6.13, 4.6.14 and 4.6.15 is conducted under this clause, and the Trader is informed of its outcome. Rules may be updated periodically; it is the Trader’s responsibility to remain informed.

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12. ENHANCED DUE DILIGENCE (EDD) & RISK TEAM VERIFICATION

12.1 In certain circumstances, Hi2morrow may require additional verification to ensure legitimacy, compliance, and integrity. This may include detailed interviews (video or otherwise), documentation requests (ID, proof of residence, strategy explanations), and ongoing monitoring.

12.2 Failure to comply with EDD processes (including refusal to participate in interviews or provide documentation) may result in suspension, termination, exclusion of results, or cancellation of eligibility without refund, save as provided in clause 7.1.8 and by mandatory law.

12.3 All information collected during EDD is handled in accordance with the Privacy Policy and applicable data protection laws.

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13. DISCLAIMER – SIMULATED OR HYPOTHETICAL PERFORMANCE

13.1 Simulated results do not represent real trading. Because simulated trades are not executed in real markets with real counterparties:

• Results may under- or over-compensate for factors such as liquidity, slippage, volatility, and execution latency
• Simulated performance may differ materially from real-market outcomes
• Leverage magnifies both gains and losses

All trading within the Qualification Program and within a Test Flight is conducted upon a Simulated Account within the meaning of clause 3.30. No real financial instruments are traded.

13.2 The Qualification Program is a selection process with a demanding standard, and a majority of participants do not complete it successfully. No representation is made that any particular Trader will complete a Qualification Program, or that any Trader will produce any result upon a Level or receive any Profit Share. The opening of a Level upon the confirmed completion of an Attempt is governed by clause 16.2.

13.3 Performance during a Test Flight is subject to this Section 13 in the same way as performance during a Qualification Program, and is additionally subject to clause 4.7.5.

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14. LIMITATION OF LIABILITY

14.1 The Services and all related content are provided “as is”, with all faults, defects, and limitations. Use of the Services is entirely at the Customer’s own responsibility and risk.

14.2 To the maximum extent permitted by law, Hi2morrow disclaims all contractual, express, and implied warranties in relation to the Services. Nothing in this clause excludes or limits any statutory right of a consumer, including any remedy for the lack of conformity of digital content or of a digital service.

14.3 To the extent permitted by law, Hi2morrow is not liable for any indirect, incidental, special, punitive, or consequential damages, including loss of profits, data, or non-monetary harm arising from use of the Services or reliance on any content.

14.4 In case Hi2morrow’s responsibility is established by a competent authority, such responsibility shall be limited to the total fees actually paid by the Trader for the specific Service giving rise to the claim. All amounts payable under these GTC are stated in United States dollars. This clause is subject to clause 14.6.

14.5 Hi2morrow is not responsible for failure to provide Services due to force majeure, technical issues beyond its control, legal obligations, or decisions of public authorities.

14.6 Nothing in these GTC excludes or limits liability for fraud, for fraudulent misrepresentation, for death or personal injury caused by negligence, for any statutory remedy available to a consumer in respect of the lack of conformity of digital content or of a digital service, or for any other liability which cannot be excluded or limited under mandatory applicable law.

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15. DISCOUNTS & SPECIAL OFFERS

15.1 A discount, marketing campaign or other special offer published by Hi2morrow (a “Special Offer”) may be subject to its own specific terms (the “Special Offer Terms”). By participating in a Special Offer, the Customer agrees to the Special Offer Terms in addition to these GTC. In these GTC the word “Promotion” bears the meaning given to it in clause 16.17, being advancement along the Level Ladder in the Real Capital Phase; it does not denote a marketing offer and it is not used in that sense in this Section.

15.2 Hi2morrow reserves the right to modify, suspend, or withdraw any Special Offer at any time. In case of inconsistency, the Special Offer Terms shall prevail for the specific Special Offer.

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16. PROFIT SHARE AND THE REAL CAPITAL PHASE

16.1 Qualification phase. Hi2morrow does not provide any results-based compensation, Profit Share, signing bonuses, or other payment based on simulated trading results or Qualification Program performance. Participation Fees are consideration for access to the assessment service alone.

16.2 Transition to real capital. Every Attempt which reaches the Profit Target is reviewed by the risk desk within five (5) business days of its completion, for compliance with clause 4.6 and with Section 11. The completion is confirmed unless a rule of clause 4.6 or of Section 11 was broken, and the Trader is informed of the outcome of the review.

The confirmed completion of an Attempt at the Associate, the Associate Plus and the Senior tiers opens the Level named for that tier in clause 4.5, and Hi2morrow shall open it. The confirmed completion of an Attempt at the Lead and the Principal tiers opens the Level named for that tier in clause 4.5, subject to the verification of track record in clause 16.10.

Hi2morrow may decline to open the Level upon the following grounds and upon no other:

• a breach of the rules of the Qualification Program, being clause 4.6 or Section 11, established upon the review described in this clause;
• the failure of the verification of the identity and of the residence of the Trader under Section 12, including full KYC/AML verification, Enhanced Due Diligence and the verification that the Trader is eligible under clause 4.3, together with any check which the law or a competent authority requires of Hi2morrow as part of that verification;
• at the Lead and the Principal tiers only, the outcome of the verification of track record under clause 16.10, upon which the Trader chooses between the highest Level which the verified record supports and the return of the whole of the Participation Fee;
• either an unresolved dispute or chargeback in respect of the Participation Fee paid for the Qualification Program concerned, upon the terms of clause 9.7, or a material breach of these GTC by the Trader within the meaning of clause 25.2, including a breach of Section 11, of clause 7.1.10, of clause 7.1.11 or of clause 10.8. Each of the two is a ground upon its own, and neither depends upon the other.

No ground other than those stated above entitles Hi2morrow or any group entity to decline to open the Level, and no further discretion over the opening of the Level is reserved. Clauses 7.1.10, 7.1.11, 9.7, 10.8 and 25.2 are exercised, so far as the opening of a Level is concerned, upon the grounds stated in this clause and confer no wider power to decline to open it.

The Real Capital Phase itself is conducted under the separate written agreement referred to in clause 16.3, and the opening of a Level is conditional upon the execution of that agreement, which states the terms of the Real Capital Phase, including the Profit Share, the risk parameters of the Level and progression along the Level Ladder. Nothing in this clause is an offer of employment or an offer of investment services, and nothing in it is a representation that any Attempt will be completed.

16.3 The Real Capital Phase is provided exclusively under separate agreements with the group entities and is not governed by these GTC. Live orders, where applicable, may be executed via Direct Market Access on an A-Book basis through the Execution Entity. A Seat held by a trader resident away from the location of the Company’s trading floor is worked remotely by default, and neither these GTC nor the separate agreement provides, or represents that the Company provides, a physical place of work.

16.4 Any Profit Share or other compensation in the Real Capital Phase is calculated exclusively on verified real trading P&L, after the deductions provided for in the separate agreement, and is settled on the terms of that agreement. The first such settlement includes the Participation Fee Credit provided for in clause 16.9.

16.5 The Level Ladder. Twelve (12) Levels are published, arranged in five (5) Bands, and beyond them Partner. The buying power, the limits, the Allocation, the promotion threshold and the Profit Share at each Level are as follows:

Every figure in this table is derived from the buying power of the Level at the percentages stated in clause 16.7: the Daily Loss Limit at 0.250 per cent (1R), the AutoStop at 0.375 per cent (1.5R), the Weekly Loss Limit at 0.750 per cent (3R), the Monthly Loss Limit at 1.500 per cent (6R) and the promotion threshold at 5.000 per cent (20R). The Allocation follows the schedule in clause 16.8, being twenty-one (21) less the number of the Level expressed in Risk Units and in no case less than ten Risk Units (10R), which is why L11 and L12 carry the same Allocation in Risk Units. The five Bands are Associate (L1 to L4), Trader (L5 and L6), Senior Trader (L7 and L8), Lead Trader (L9 and L10) and Principal (L11 and L12), and a Band is one step of the Profit Share. The buying power of a Level is real capital provided under the separate agreement referred to in clause 16.3; it is not the “Buying Power” defined in clause 3.5, which is simulated and arises in the Qualification Program alone, and these GTC use the lower-case expression “buying power of the Level” throughout for the capital of a Level and for the capital of a Partner under clause 16.6.

This table describes the progression published by Hi2morrow at the date of publication. Entry to the Level Ladder, and progression along it, are governed exclusively by clause 16.2 and by the separate agreement referred to in clause 16.3.

16.6 Partner. Beyond Principal II lies Partner, which is a threshold rather than a further Level and is reached on a cumulative net result of sixty Risk Units (60R) earned at Level L12. The buying power of a Partner begins at $1,000,000, there is no published ceiling upon it, and the Profit Share may be up to eighty per cent (80%). Partner terms are agreed individually and are not published. Partner is the only route by which a Profit Share above sixty-five per cent (65%) is granted, save for the case preserved by clause 16.19, being that of a trader who was trading firm capital upon a Profit Share of seventy per cent (70%) at the date upon which this version takes effect and who continues upon that Profit Share.

16.7 Risk parameters in the Real Capital Phase. The risk framework of the Real Capital Phase is stated in this clause and in clauses 16.8 and 16.11 to 16.20 so that a person may read it before purchasing a Qualification Program. It is given effect by the separate agreement referred to in clause 16.3, and where these clauses and that agreement differ, that agreement prevails.

Four limits apply, each of them a multiple of the Risk Unit of the Level held, each of them roughly twice the one before it, and each of them ending a period rather than the Level:

• the Daily Loss Limit, at 0.250 per cent of the buying power of the Level (1R), which ends the opening of new risk for the remainder of the session and closes no position;
• the AutoStop, at 0.375 per cent (1.5R), assessed on the gross loss of the session, which closes every open position and ends the session, and which is dealt with in clause 16.13;
• the Weekly Loss Limit, at 0.750 per cent (3R), which is dealt with in clause 16.11;
• the Monthly Loss Limit, at 1.500 per cent (6R), which is dealt with in clause 16.12.

The promotion threshold is 5.000 per cent (20R) and is dealt with in clause 16.17. The Allocation is dealt with in clause 16.8. The Size Rung at which a trader trades, and the circumstances in which it is reduced and restored, are dealt with in clause 16.15.

The Daily Loss Limit and the AutoStop are distinct rules with distinct effects, and neither is a form of the other. Reaching the Daily Loss Limit governs what the trader may do for the remainder of the session; reaching the AutoStop is a forced closure by the risk system. Neither event, and no limit in this clause, of itself ends a Seat, alters a Level, alters an Allocation or reduces a Size Rung. A Size Rung is reduced only upon a ground stated in clause 16.15, one of which is the exceeding of the AutoStop allowance under clause 16.13.

16.8 The Allocation, and when a Seat ends. The Allocation of a Level is twenty-one (21) less the number of that Level, expressed in Risk Units, and is in no case less than ten Risk Units (10R). It runs from twenty Risk Units (20R) at L1 to ten Risk Units (10R) at L11 and at L12, and in money is the amount stated for the Level in clause 16.5.

The Allocation is measured as a drawdown, being the distance between the High-Water Mark reached at the Level currently held and the cumulative net result at the time of measurement. It is not a cumulative loss counted from the beginning of the Real Capital Phase.

The High-Water Mark is set afresh upon every change of Level, whether upon promotion or upon demotion, and the High-Water Mark reached at the Level left is carried to no other Level. The amount at which it is set is calculated as follows. Upon a promotion under clause 16.17, it is set at the cumulative net result of the trader at the moment of the change, so that no part of the Allocation of the Level taken up is consumed at the opening of it and the whole of that Allocation is available. Upon a demotion under clause 16.18, it is set at the cumulative net result of the trader at the moment of the change plus one half of the Allocation of the Level to which the trader moves, so that the drawdown measured at the opening of that Level is one half of its Allocation, and one half of that Allocation is accordingly already consumed, as clause 16.18 provides.

Reaching the Allocation ends the Seat. There is no cascade to a lower Level on that ground and no second Allocation. Because a Calendar Month cannot cost more than the Monthly Loss Limit, reaching the Allocation requires not fewer than two Calendar Months of losses at Principal and four at Associate I, throughout which the risk desk reviews the trader.

A Seat also ends upon a third demotion under clause 16.18, and upon a breach of conduct determined under the separate agreement referred to in clause 16.3. A Level is held for as long as the terms of that agreement are met, and a Level may be reduced under clause 16.18. No representation is made that a Level, once reached, is held permanently or irrespective of results, and no representation is made that reaching the Allocation results in anything other than the end of the Seat.

16.9 Participation Fee Credit. Where a Trader reaches the Real Capital Phase, an amount equal to the Participation Fee paid for the Qualification Program through which that Trader reached it is credited to the Trader with the first settlement of Profit Share paid to them.

The credit is a term of the separate agreement referred to in clause 16.3 and is paid by the entity which provides the capital. It falls due with the first payment of Profit Share and is not owed where no payment of Profit Share is made, whether because no profit has been produced, because the result stands below the High-Water Mark, or because the Seat has ended before a first settlement. It is a credit against a settlement due to the Trader and not a refund, cancellation, or reversal of the Participation Fee; it does not alter clause 9.4, and the Return & Refund Policy does not apply to it.

Apart from this credit, a Participation Fee is returned only under clause 10.6, being the right of withdrawal, under clause 16.10(b), under clauses 25.2 and 25.5, under the Return & Refund Policy, and under any right conferred by mandatory law. In every other case the Participation Fee is retained by Hi2morrow.

16.10 Verification of track record at the Lead and Principal tiers. Where a Trader completes a Qualification Program purchased at the Lead or Principal tier, Hi2morrow shall verify that Trader’s trading track record after completion and before a Level is opened. The criteria of that verification are published before purchase and do not change after the Participation Fee has been paid. Where the verified track record does not support the Level associated with the tier purchased, the Trader shall choose between (a) the opening of the highest Level which the verified track record does support, and (b) the return of the full Participation Fee paid for that Qualification Program. The choice under this clause rests with the Trader, and Hi2morrow shall give effect to it. This clause applies to the Lead and Principal tiers only, and does not apply to the Associate, Associate Plus, or Senior tiers.

A return made under paragraph (b) is a refund of the Participation Fee, and the Return & Refund Policy governs the manner in which it is made. Apart from that return, a Participation Fee is refunded only under clause 10.6, being the right of withdrawal, under clauses 25.2 and 25.5, under the Return & Refund Policy, and under any right conferred by mandatory law. A return under paragraph (b) is distinct from the Participation Fee Credit under clause 16.9.

16.11 The Weekly Loss Limit. At the close of each session the sum of the net results of a trader over the trailing five (5) sessions is measured. Where that sum is minus three Risk Units (−3R) or worse, the trader is stopped for the remaining sessions of that Calendar Week, as defined in clause 3.46, and resumes trading on the following Monday, being the first day of the next Calendar Week.

The measurement is a rolling one taken over any five (5) consecutive sessions, so that a run of losses spanning a weekend is caught in the same way as a run falling within a single Calendar Week. The period of the stop, however, is the remainder of the Calendar Week in which the limit is reached.

The Weekly Loss Limit effects no reduction of size and effects no restoration of size: the trader resumes on the following Monday at the Size Rung in force immediately before the stop, and for a trader trading at full size that is full size. The stop is neither a ground of reduction under clause 16.15 nor an event of restoration under it; it neither lowers a Size Rung nor raises one, and a Size Rung reduced under clause 16.15 before the stop is restored only upon the ten (10) Clean Sessions or the Calendar Month closing at a net profit provided for in that clause. The Seat, the Level and the Allocation are unaffected by it, and reaching it is not of itself a breach of any rule. The Weekly Loss Limit applies in the Real Capital Phase only and applies to no Qualification Account and to no Test Flight.

16.12 The Monthly Loss Limit. Where the net result of a trader for a Calendar Month reaches minus six Risk Units (−6R), every open position is closed by the risk system and no further trading is permitted until the first session of the following Calendar Month.

The limit is enforced within the session, at the moment at which it is crossed, and not upon the closing of a session or of a Calendar Month. A Calendar Month accordingly cannot close worse than minus six Risk Units (−6R).

Reaching the Monthly Loss Limit ends the Calendar Month and does not end the Seat, the Level or the Allocation. It effects no reduction of size and effects no restoration of size: trading resumes at the start of the following Calendar Month at the Size Rung in force immediately before the stop, and for a trader trading at full size that is full size. The stop is neither a ground of reduction under clause 16.15 nor an event of restoration under it. A Size Rung reduced under clause 16.15 is restored only upon the ten (10) Clean Sessions or the Calendar Month closing at a net profit provided for in that clause, and a Calendar Month ended by the Monthly Loss Limit does not close at a net profit.

16.13 The AutoStop allowance, and double risk. Three (3) AutoStops are permitted in a Calendar Month in the Real Capital Phase. Where the preceding Calendar Month closed at a net loss, two (2) are permitted. The count is reset at the beginning of each Calendar Month.

Exceeding the allowance does not end a Seat. It reduces the Size Rung by one rung under clause 16.15 and causes the risk desk to review the Calendar Month. It does not fix the trader at that rung for the remainder of the Calendar Month, and it does not reset the Accumulator referred to in clause 16.17.

A trader whose two immediately preceding Calendar Months both closed at a net profit may trade a session at twice the Daily Loss Limit (2R), upon notice to the risk desk before the opening of that session. The condition is measured upon Calendar Months which have closed, and the Calendar Month in progress is not one of them. Where such a session closes at a net profit, the option becomes available twice more within that Calendar Month; where it closes at a net loss, the option is withdrawn for the remainder of that Calendar Month. The condition and the consequence are alike measured upon the net result, and no measurement under this paragraph is taken upon a gross figure. The option is withdrawn for two (2) Calendar Months upon a Critical Month under clause 16.16.

16.14 Position limits and holding in the Real Capital Phase. The position limits in clause 4.6.8 apply at every Level, calculated upon the buying power of the Level held, together with the aggregate limit of one hundred per cent (100%) of buying power and the limit of one half of one per cent (0.5%) of twenty (20) day median daily volume in a single instrument.

At Levels L1 to L8 trading is intraday only and every position is closed by the close of the session.

At Levels L9 to L12, and after six (6) months in the Real Capital Phase, a position may be held overnight within the following separate limits, which apply in place of the intraday limits for that purpose: twenty per cent (20%) of buying power in a Tier 1 United States stock; ten per cent (10%) in an American Depositary Receipt of a developed home market; twenty per cent (20%) in a sector or single-country exchange-traded fund; and ten per cent (10%) nominal in a leveraged or inverse exchange-traded product, the effective exposure of which is its nominal value multiplied by its leverage.

A Tier 2 instrument, a low-float instrument, an American Depositary Receipt of China, of Hong Kong or of any capital-control market, and any instrument held through a scheduled event of a binary character may not be held overnight at any Level. Exposure above the overnight limit is reduced by the risk system at 15:30 Eastern Time.

16.15 Size, and when it is reduced and restored. A trader trades at one of three Size Rungs: full size (1.00R), the first reduction (0.70R) and the second reduction (0.50R). Every trader begins at full size, and begins at full size again upon promotion to a new Level. Upon a demotion the Size Rung then held is carried down to the lower Level, as clause 16.18 provides. There is no rung below 0.50R.

A reduction is of one rung at a time and is made only upon a stated reason recorded in writing and shown to the trader, being one of the following and no other: exceeding the AutoStop allowance under clause 16.13; a Critical Month under clause 16.16; or a decision of the risk manager with the reason recorded. There is no automatic reduction of size for a sequence of losing sessions, for a sequence of losing weeks, or for any pattern of profit and loss alone.

A reduction may never increase the size at which a trader trades. Where a trader is already at or below the rung to which a reduction would move them, the reduction has no effect upon their size.

Size is restored upon time and conduct and not upon profit and loss. One rung is restored after ten (10) consecutive Clean Sessions, the aggregate net result of those ten sessions being nil or better. Full size is restored upon any Calendar Month which closes at a net profit.

16.16 Points. In addition to the limits stated above, each session in the Real Capital Phase is scored. Points measure the manner in which a session was traded rather than the amount lost or made in it: a losing session is scored by the size of the loss relative to the size the trader was permitted to trade that day and by the number of losing sessions already recorded in that Calendar Month; an AutoStop is scored upon its own scale; and a profitable session is scored positively upon the same two measures. Because the measure is taken relative to permitted size, a loss taken at the full permitted size scores alike whether the trader is at full size or at a reduced rung.

Points accumulate within a Calendar Month and are extinguished at the end of it. They are not carried forward into any later Calendar Month.

Two thresholds apply in the Real Capital Phase, each of them pro-rated to the number of sessions actually traded in the Calendar Month. A Critical Month, as defined in clause 3.10, reduces the Size Rung by one rung under clause 16.15, causes the risk desk to review the Calendar Month, and withdraws the double risk option in clause 16.13 for two (2) Calendar Months. A Committee Month, as defined in clause 3.10, refers the Seat to the committee constituted under the separate agreement referred to in clause 16.3, and can arise only in a Calendar Month which also closed at a net loss.

A Calendar Month which closes at a net result of nil or better cannot cost a trader their Seat or their Level upon Points, whatever the score recorded in it. The scoring table and the numerical value of each threshold are set by the separate agreement referred to in clause 16.3 and are notified to the trader before that trader begins to trade firm capital. They are not published, and no Points threshold applies to any Qualification Account or to any Test Flight.

16.17 Promotion. A trader accumulates net Risk Units earned at the Level currently held. The Accumulator carries across Calendar Months, does not expire, and is subject to no period within which a Level must be left. Where, at the settlement of a Calendar Month which closed at a net profit, the Accumulator stands at twenty Risk Units (20R) or more, the trader moves up one Level, and the amount by which the Accumulator exceeds twenty Risk Units (20R) is carried to the next Level. Promotion is decided at the settlement described in clause 16.19 and never moves a trader more than two Levels at one settlement.

Within a Band, three further routes are available, each of them moving a trader one Level and each of them requiring a single Calendar Month rather than an Accumulator: six Risk Units (6R) with no AutoStop and a Points score at or above the threshold set for that route by the separate agreement referred to in clause 16.3; eleven Risk Units (11R) with not more than one AutoStop; or sixteen Risk Units (16R). A Calendar Month of twenty-five Risk Units (25R) or more taken upon the third of those routes, and meeting the Points threshold set for it by that agreement, may move a trader two Levels, and in that case also within the Band. Every Points threshold in this clause is set by that agreement and notified to the trader before that trader begins to trade firm capital, as provided in clauses 3.10 and 16.16.

A move from one Band to the next — from L4 to L5, from L6 to L7, from L8 to L9, and from L10 to L11 — is made upon the twenty Risk Unit (20R) Accumulator alone and is available upon none of the routes in the preceding paragraph. Partner is reached upon a cumulative sixty Risk Units (60R) at L12 and upon the individual contract described in clause 16.6.

No single session may contribute more than one half of a total qualifying a trader for promotion upon any route in this clause. The whole of the result of such a session is retained by the trader, is credited in full to profit and loss, to the Profit Share and to the High-Water Mark, and is excluded only from the evidence of consistency upon which promotion is decided.

16.18 Demotion. Where two consecutive Calendar Months each close at a net loss, the trader moves down one Level at the settlement of the second of them. A demotion is never of more than one Level at one settlement.

The Size Rung held at the time of a demotion is carried down to the lower Level, and the lower Level is begun with one half of its Allocation already consumed. That consumption is effected by the setting of the High-Water Mark upon the change of Level, which is calculated as clause 16.8 provides.

A second Critical Month within six (6) months is a further ground of demotion, and is a ground only where the Calendar Month in which that second Critical Month arises closed at a net loss. A Calendar Month closing at a net result of nil or better costs a trader no Level upon Points, as clause 16.16 provides; a Critical Month arising in such a Calendar Month reduces the Size Rung and causes the review of that Calendar Month under clause 16.16, and does not demote the trader. An accumulated record of breaches of the rules of the Real Capital Phase as determined by the risk manager is a further ground of demotion, and is a ground of conduct and not a ground upon Points.

A third demotion ends the Seat.

16.19 Settlement, the High-Water Mark and the Profit Share. Each Calendar Month is closed and settled. Promotion under clause 16.17, demotion under clause 16.18, the AutoStop allowance under clause 16.13 and the Points score under clause 16.16 are all resolved at that settlement, and any new condition takes effect from the first session of the following Calendar Month.

Profit is shared monthly at the share published for the Band of the Level held: fifty per cent (50%) at Associate and at Trader, fifty-five per cent (55%) at Senior Trader, sixty per cent (60%) at Lead Trader and sixty-five per cent (65%) at Principal. The published ladder ends at sixty-five per cent (65%). A trader who was trading firm capital upon a Profit Share of seventy per cent (70%) at the date upon which this version takes effect continues upon that Profit Share; save for that case, and save for the individual Partner contract described in clause 16.6, no Profit Share above sixty-five per cent (65%) arises.

Profit is shared only above the cumulative net result of the trader since the date of the last withdrawal, that cumulative figure taking into account any balance carried forward and every other amount for which the settlement accounts. A Calendar Month closing at a net loss is carried forward and is made back before any further Profit Share is paid. Platform, market data and execution costs are deducted from the result before the share is calculated, upon the terms of the fee schedule to the separate agreement referred to in clause 16.3.

16.20 The effect of one bad period. By way of summary of clauses 16.7 to 16.19, and without adding to or detracting from them: a single session cannot end a Seat and costs at most one and one half Risk Units (1.5R); a single week cannot end a Seat and costs at most three Risk Units (3R), after which the trader resumes upon the following Monday at the Size Rung held immediately before the stop, which for a trader trading at full size is full size; and a single Calendar Month cannot end a Seat and costs at most six Risk Units (6R), after which the trader resumes at the start of the following Calendar Month at the Size Rung held immediately before the stop, which for a trader trading at full size is full size. Reaching the Allocation requires not fewer than two Calendar Months of losses at the head of the Level Ladder and four at the foot of it.

Two qualifications are made to the preceding paragraph, and they are qualifications of amount and of size and not of the proposition that one bad period does not end a Seat.

First, the limit of one and one half Risk Units (1.5R) upon a single session is the limit within a session. Where a position is held overnight under clause 16.14, the AutoStop cannot act between the close of one session and the opening of the next, and the loss recorded upon the opening of the following session may accordingly exceed one and one half Risk Units (1.5R). That exposure arises only at Levels L9 to L12 and only after six (6) months in the Real Capital Phase; at Levels L1 to L8 and throughout the Qualification Program every position is closed by the close of the session, and the limit holds without qualification.

Second, none of the Weekly Loss Limit, the Monthly Loss Limit and an AutoStop taken within the allowance of clause 16.13 reduces the size at which a trader trades, and none of them restores it either: a Size Rung stands through such a stop unchanged, and neither stop is an event of restoration under clause 16.15. A Size Rung is reduced only upon a ground stated in clause 16.15, and an AutoStop taken beyond the allowance in clause 16.13 is such a ground: it reduces the Size Rung by one rung, causes the risk desk to review the Calendar Month, and does not end the Seat.

A Level is not held irrespective of results. Two consecutive Calendar Months each closing at a net loss move a trader down one Level, a third demotion ends the Seat, and reaching the Allocation ends the Seat. No statement in these GTC, and no statement in any other material published by Hi2morrow, is to be read as a representation that a Level once reached is held permanently, or that reaching the Allocation has any consequence short of the end of the Seat.

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17. AFFILIATE PROGRAM

17.1 A person who applies to the Hi2morrow affiliate program and, once Hi2morrow has approved the application, uses the affiliate link or code (an “Affiliate”) is bound by this clause 17 and by the Affiliate Terms, which set out the commission and any other amount payable (the “Affiliate Reward”), govern participation in the affiliate program and any Review Account, and prevail over these GTC on any matter concerning the affiliate program. The other provisions of these GTC apply to an Affiliate only in respect of Services that it buys as a Customer. Participation is subject to Hi2morrow’s approval of each application.

17.2 The Affiliate shall promote Services only through lawful channels, using the unique link unaltered, with accurate and non-misleading descriptions. Guaranteed-income and performance claims are not permitted.

17.3 An Affiliate Reward is payable only in accordance with the Affiliate Terms, including their rules on attribution and on the period during which purchases earn commission. A commission is reversed if a refund or chargeback is later made in respect of the purchase to which it relates, within the period set out in the Affiliate Terms.

17.4 Self-referrals, referrals of related parties, or circumvention attempts are prohibited and result in forfeiture of any Affiliate Reward.

17.5 Hi2morrow may suspend or terminate an Affiliate's participation, and may withhold an Affiliate Reward, on any of the following grounds: brand-damaging conduct, activity which on reasonable grounds appears fraudulent or artificial, breach of these GTC or of the Affiliate terms, or a requirement of law or of a competent authority. The ground relied upon is recorded and communicated to the Affiliate.

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18. DATA AND INTELLECTUAL PROPERTY

18.1 Your personal data is processed in accordance with the Hi2morrow Privacy Policy, which forms an integral part of these GTC.

18.2 Hi2morrow retains all rights, title, and interest in and to the records, analytics, and derived materials it generates from the Services, including simulated trading data, performance metrics, and platform usage data. Personal data is not the subject of ownership by either Party: it is processed on the terms of the Privacy Policy and of applicable data protection law, and the Trader’s rights as a data subject are unaffected by this clause.

18.3 Hi2morrow may use aggregated or anonymised trading data for internal analytics, risk modelling, product development, and operational purposes. The Trader is not entitled to any remuneration from such use.

18.4 The Trader is solely responsible for exporting or saving any information they wish to retain. Hi2morrow is not liable for data loss.

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19. CONFIDENTIALITY, IP PROTECTION & COMPLIANCE WITH POLICIES

19.1 Each Party shall keep confidential all non-public information relating to the other Party’s business, systems, technology, trading rules, and performance data. Disclosure by Hi2morrow to a group entity, to a service provider engaged by it, or where required by law or by a competent authority, is not a breach of this clause; Section 18 and the Privacy Policy govern the use of data generated through the Services.

19.2 The Trader shall not copy, modify, reverse engineer, create derivative works from, or commercially exploit the Services, the Content, or any documentation supplied with them.

19.3 The Trader shall not make any public announcement regarding these GTC or the relationship with Hi2morrow without prior written consent (except where required by law).

19.4 Hi2morrow’s Website uses cookies. By using the Services, the Trader consents to their use in accordance with the Cookie Policy.

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20. VARIATION

20.1 Hi2morrow shall be entitled to make reasonable variations to these GTC. Updated terms will be posted on the Website and shall be effective immediately upon notification, acceptance, or further use of the Services by the Trader.

20.2 A Qualification Program or Test Flight purchased before a variation takes effect continues on the conditions published at the date of purchase, in accordance with and subject to clause 9.5.

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21. ASSIGNMENT

21.1 The Trader shall not assign, transfer, or deal with any rights or obligations under this Agreement without prior written consent.

21.2 Hi2morrow may at any time assign or transfer its rights and obligations.

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22. NOTICES & COMMUNICATION

22.1 All communication from Hi2morrow will take place via the registered email address of the Customer.

22.2 All communication from the Customer must take place via the designated support email (e.g., support@hi2morrow.com or legal@hi2morrow.com as published).

22.3 Written communication includes email.

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23. COMPLAINTS & DISPUTES

23.1 Hi2morrow aims to resolve all issues promptly and fairly.

23.2 If the Trader wishes to submit a complaint, they must follow the Complaints Procedure published on the Website:

1. Contact support via email or live chat for initial resolution.
2. If unresolved, submit a formal complaint to the designated complaints email. Hi2morrow will acknowledge within 5 business days and aim to provide a final response within 30 days.
3. If still dissatisfied, the matter may be escalated in accordance with the Governing Law section.

23.3 The Trader must provide full name, account details, a clear description of the issue, supporting evidence, and the resolution sought.

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24. INDEMNITY

24.1 The Trader shall indemnify, defend, and hold harmless Hi2morrow, its group entities, officers, employees, and agents from all claims, actions, losses, damages, expenses, and costs (including legal fees) arising from the Trader’s breach of these GTC, misuse of the Services, violation of laws, or use inconsistent with the rules.

24.2 This indemnity does not apply to losses caused by Hi2morrow’s fraud or gross negligence to the extent prohibited by mandatory law.

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25. TERM AND TERMINATION

25.1 These GTC are concluded for an indefinite period.

25.2 The Trader may terminate these GTC at any time by written notice, upon which access to the Client Section and to any Qualification Account ends. Hi2morrow may terminate these GTC by written notice where the Trader is in material breach of them, where the Trader ceases to satisfy clause 4.3, where Section 12 is not complied with, or, on reasonable notice, where Hi2morrow ceases to offer the Service in question. Where Hi2morrow terminates on the ground that it ceases to offer the Service, it shall refund the part of the Participation Fee proportionate to the unexpired part of the term of any Attempt or Test Flight then running. No refund is due where termination follows a breach by the Trader.

25.3 These GTC shall also terminate when the Trader loses access to the Client Section for any reason.

25.4 Upon termination, the Trader shall return or destroy all materials lent by Hi2morrow and shall not retain copies.

25.5 Hi2morrow may withdraw from these GTC with immediate effect where a change in legislation, in regulatory practice, or in the decisions of a supervisory authority requires it to alter, restrict, or withdraw a Service in the Trader’s country of residence. Hi2morrow shall notify the Trader and shall refund the part of the Participation Fee proportionate to the unexpired part of the term of any Attempt or Test Flight then running. No further claim arises against Hi2morrow by reason of a withdrawal under this clause.

25.6 Survival. Termination or expiry of these GTC does not affect any right or obligation accrued before it takes effect. Clauses 7.1.5, 7.1.12, 9.4, 10.6, 16.2, 16.9, 16.10, 25.2 and 25.5, and Sections 13, 14, 18, 19, 23, 24, and 28, continue in force after termination, so that every right of return or of refund provided for in these GTC survives termination in the same way as the provisions which restrict it.

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26. ENTIRE AGREEMENT

26.1 These GTC, together with the Qualification Terms of Service, the Terms and Conditions, the User Agreement, the Return & Refund Policy, the Legal Disclosures and Risk Warnings, the Risk Disclosure Statement, the Privacy Policy, the Qualification Privacy Policy and the Cookie Policy published on the Website, constitute the entire agreement between the Parties and supersede all prior agreements relating to the subject matter, including any previously published tiers, parameters or Profit Share arrangements. This clause does not affect clause 9.5. References in earlier published materials to the “Trader’s Elevator” shall be read as references to the Level Ladder.

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27. ELECTRONIC ACCEPTANCE

27.1 These GTC are accepted electronically. Acceptance is given by ticking the acceptance box, by completing an order, or by using the Services, and Hi2morrow records the date, the time, and the version accepted. No signature and no exchange of counterparts is required, and the electronic record of acceptance has the same effect between the Parties as a signed document.

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28. GOVERNING LAW & JURISDICTION

28.1 These GTC shall be governed by and construed in accordance with the laws of the United Arab Emirates, and in particular the laws applicable in the Emirate of Dubai, without regard to conflict-of-law principles. The Real Capital Phase is not governed by this instrument: it is governed by the separate written agreement with the relevant group entity and by the law stated in that agreement. Where the primary contracting entity is the UAE entity, the laws of the Emirate of Dubai may apply supplementarily or as designated for specific services.

28.2 The Parties irrevocably agree that the courts of Dubai shall have exclusive jurisdiction over any dispute arising out of or relating to these GTC, the Services, or the relationship between the Parties, subject to any mandatory consumer protections in the Trader’s country of residence.

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Hi2morrow and group entities

Contact: legal@hi2morrow.com | support@hi2morrow.com

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This document does not constitute legal advice.