Terms and Conditions

1. Definitions

In these Terms and Conditions, the following definitions apply:

2. Nature of Services — Not a Regulated Financial Service

2.1 No FCA Authorisation

IPFX Capital Ltd is not authorised or regulated by the Financial Conduct Authority (FCA) or any other financial regulatory body. We do not provide, and nothing on the Platform constitutes, investment advice, financial advice, portfolio management, investment management, or any service regulated under the Financial Services and Markets Act 2000 (FSMA 2000) or the Financial Services Act 2012.

2.2 Nature of the Challenge

The Challenge is an evaluation service. The Challenge Fee is a service fee paid for access to our assessment platform and proprietary performance benchmarking tools. It is not a deposit, a stake in any financial instrument, or capital placed in any investment vehicle. Evaluation Accounts are simulated environments using virtual capital only. No real money belonging to the Participant is placed in any market during the evaluation phase.

2.3 Nature of the Funded Account

A Funded Account is a proprietary trading account owned exclusively by the Company. When a Qualified Trader is granted access, they are acting as a service provider to the Company, permitted to place orders on the Company's behalf in accordance with the agreed Trading Parameters. The Qualified Trader does not hold, manage, or invest any personal funds. The Profit Split is a discretionary performance payment, not a return on investment. No employment, agency, partnership, or regulated financial relationship is created by the grant of a Funded Account.

2.4 Not a Guarantee of Income

The Company makes no representation, warranty, or guarantee that a Participant will pass any Challenge, receive a Funded Account, or earn any Profit Split. Trading involves substantial risk. Past performance on an Evaluation Account is not indicative of future results on any Funded Account or in any real market.

2.5 No Investment Advice

Nothing communicated by the Company through the Platform, dashboard, educational content, chatbot, support channels, or any other medium constitutes investment advice, a personal recommendation, or a solicitation to trade any financial instrument. You should seek independent financial advice before making any financial decisions. The Company accepts no liability for decisions made based on content published on the Platform.

3. Eligibility and Registration

3.1 Age Requirement

You must be at least 18 years of age to register on the Platform or purchase a Challenge. By registering, you represent and warrant that you are at least 18 years old. The Company reserves the right to request age verification at any time and to immediately terminate any account found to belong to a person under 18 years of age without refund.

3.2 Jurisdictional Restrictions

The Platform is not directed at residents of any jurisdiction where our services are prohibited by applicable law. You are responsible for ensuring that accessing and using the Platform is lawful in your country of residence. The Company reserves the right to restrict access to the Platform from any jurisdiction at any time without notice. Without limiting the foregoing, residents of the United States of America, Canada (Ontario), and any OFAC-sanctioned country are not eligible to participate.

3.3 Accurate Information

You must provide accurate, complete, and current information when registering. You must promptly update your information if it changes. Providing false, misleading, or incomplete information is grounds for immediate account termination without refund and may constitute fraud under the Fraud Act 2006.

3.4 One Account per Person

You may only hold one registered user account. You may hold multiple active Challenge or Funded Accounts under a single registered user account, subject to the Company's approval and disclosure requirements. Registering multiple user accounts to circumvent rules, exploit promotional offers, or manipulate the evaluation process is strictly prohibited and will result in the permanent termination of all associated accounts and forfeiture of all balances and pending Profit Splits.

3.5 No Sharing or Transfer of Accounts

Accounts are strictly personal and non-transferable. You may not share, sell, lease, or transfer your account, login credentials, or access to any Challenge or Funded Account to any other person. Any suspected sharing or use of an account by a person other than the registered holder will result in immediate termination of all accounts with no refund or outstanding payment.

3.6 Password Security

You are solely responsible for maintaining the confidentiality of your login credentials. You must notify the Company immediately at enquiries@ipfxcapital.com if you suspect any unauthorised use of your account. The Company accepts no liability for losses resulting from unauthorised access arising from your failure to safeguard your credentials.

4. Challenge Programmes

4.1 Programme Types

The Company offers the following Challenge programmes, the specific rules of which are set out on the relevant programme pages of the Platform and incorporated by reference into these Terms:

• Traditional Challenge: A phased evaluation programme requiring Participants to meet defined profit targets within specified drawdown limits. Trading is conducted on a simulated Evaluation Account.
• Infinity Challenge: A multi-stage proprietary evaluation programme with scaling provisions, governed by programme-specific rules published on the Platform.
• Personalised Application Challenge (PAC): A bespoke evaluation and funding arrangement. Prior to accessing a Funded Account, the Participant discloses their trading strategy in full to the Company. The Company reserves the right to accept, reject, or modify the application and to set custom Trading Parameters via a separate written agreement. The standard challenge evaluation phase may be waived at the Company's sole discretion for PAC applicants.

4.2 Programme Rules

Each programme has specific Trading Parameters, including profit targets, maximum daily loss limits, maximum total drawdown limits, minimum trading day requirements, and any other rules published on the Platform. These rules form part of these Terms and are binding on all Participants. In the event of any conflict between these Terms and the programme-specific rules, the programme-specific rules shall prevail only to the extent of the inconsistency.

4.3 Modification of Rules

The Company reserves the right to modify the rules of any Challenge programme at any time. Changes will not apply retroactively to Challenges already purchased and in progress. The Company will provide reasonable notice of material changes via the Platform.

4.4 Assessment is Final

The Company's assessment of whether a Participant has passed or failed a Challenge is final and binding. The Company may, at its sole discretion, review Trading Data to verify compliance with all rules before confirming a pass result. Discovery of any rule breach during or after a Challenge will invalidate the result, regardless of whether it was detected at the time.

4.5 Reset Provisions

Where the Company offers a Challenge reset facility, the reset option is a separate service subject to additional fees. A reset does not entitle the Participant to any refund of the original Challenge Fee and does not alter the non-refundable nature of any fees paid.

4.6 Infinity Challenge — Detailed Programme Rules

The Infinity Challenge is a four-stage skill evaluation programme. Entry is free of charge. The following rules are exact, mandatory, and non-negotiable. Breach of any rule at any stage will result in the outcome described in clause 4.6.5. These rules are reproduced here in full so that no Participant can dispute whether they were made aware of them.

4.6.1 Stage 1 — Evaluation ($1,000 Virtual Capital)

Stage 1 is the initial skill filter. The Participant trades a simulated $1,000 account subject to all of the following rules simultaneously — all rules apply at all times and there are no exceptions:

• Profit Target: The Participant must achieve a minimum net profit of 10% ($100) to complete Stage 1. Profit is calculated on closed trades only.
• Daily Loss Limit: The Participant must not allow their account equity or balance to fall by more than 3% ($30) in any single calendar day (00:00–23:59 server time). Reaching this limit on any day constitutes an immediate breach regardless of overall account performance.
• Trailing Drawdown Limit: The Participant must not allow their account to sustain a trailing drawdown exceeding 8% ($80). The trailing drawdown is measured from the account's all-time equity peak. Once the drawdown reaches $80 below the highest equity point ever recorded, the account is in breach.
• Minimum Trading Days: The Participant must complete a minimum of 10 active trading days. A trading day is defined as a calendar day on which at least one trade has been both opened and closed. Days on which only positions are held open (without a new open-and-close cycle) do not count.
• Minimum Trade Count: The Participant must execute a minimum of 20 completed round-trip trades across the evaluation period.
• Maximum Risk per Trade: No single trade may risk more than 1% of the account balance ($10) at the time of entry. Risk is measured as the maximum potential loss on the position at the defined stop-loss level, or, where no stop-loss is set, as the full notional value of the position relative to account balance as determined by the Company.
• Daily Profit Cap: The Participant must not realise more than 3% ($30) net profit within any single trading day. Profits in excess of this cap on any individual day will not count toward the profit target and may, at the Company's discretion, be deducted from the Participant's running total if the cap is deliberately and repeatedly exploited.
• Maximum Attempts: A Participant may attempt Stage 1 a maximum of three (3) times per calendar month at no cost. A fourth attempt in the same calendar month is not permitted; the Participant must wait until the first day of the following calendar month.

4.6.2 Stage 2 — Funded Simulation ($5,000 Simulated Capital)

On passing Stage 1, the Participant is promoted to Stage 2 and granted access to a $5,000 simulated funded account. Stage 2 eliminates luck-based performers: the consistency and minimum-day requirements are designed to ensure only traders with repeatable edge progress. All rules below apply simultaneously:

• Profit Target: 10% net profit ($500) on closed trades.
• Profit Split: 90% of net profits generated in Stage 2 accrue to the Participant. These earnings are held and are not disbursed at Stage 2 completion; they are released when the Participant reaches the 3% milestone in Stage 3 (see clause 4.6.3).
• Daily Loss Limit: 3% ($150) per calendar day. Breach on any single day is an immediate rule breach.
• Trailing Drawdown Limit: 6% ($300) trailing from all-time equity peak. Reaching this limit closes the account immediately.
• Minimum Trading Days: 15 active trading days (as defined in clause 4.6.1) must be completed before the profit target is considered achieved.
• Profitable Days Requirement: A minimum of 60% of the Participant's total trading days in Stage 2 must be profitable (net positive closed P&L on that day). Failing to maintain 60% profitable days means the profit target cannot be confirmed even if the monetary target has been reached.
• Maximum Risk per Trade: 1% of account balance ($50) per trade.
• Payout Timing: Stage 2 earnings are held in full until the Participant reaches the 3% milestone in Stage 3. There is no Stage 2 payout at the time of Stage 2 completion.

4.6.3 Stage 3 — Qualification ($10,000 Simulated Capital)

Stage 3 is the final simulated evaluation stage. The Participant's full trading history from all prior stages is reviewed by the Company's quantitative team upon completion. All rules below apply simultaneously:

• Full Profit Target: 10% net profit ($1,000) on closed trades.
• Early Milestone — 3% ($300): The moment the Participant's closed net profit reaches 3% ($300) in Stage 3, the Stage 2 earnings are automatically released as the Participant's first payout. This does not complete Stage 3; the full 10% target remains outstanding.
• Stage 3 Payout: On successful completion of Stage 3 (reaching $1,000 net profit), the Participant receives a second payout equal to 90% of their net Stage 3 profits.
• Daily Loss Limit: 2.5% ($250) per calendar day. Breach is immediate termination from Stage 3, and the Participant returns to Stage 1.
• Maximum Risk per Trade: 1% of account balance ($100) per trade.
• Minimum Trading Days: 10 active trading days (as defined in clause 4.6.1).
• Quant Review: All trades across Stages 1, 2, and 3 are reviewed by the Company's quantitative analysts upon Stage 3 completion. The review assesses: Sharpe ratio, maximum drawdown behaviour, average risk-to-reward per trade, position sizing consistency, session and instrument concentration, and whether profitability reflects genuine edge or statistical noise. The Company reserves the right to decline Stage 4 entry to any Participant who passed the numerical targets but whose trading pattern does not, in the Company's reasonable judgement, reflect systematic, repeatable trading skill.
• Review Timeframe: The quant review will be completed within 24 hours of Stage 3 completion. The Participant will be notified of the outcome.

4.6.4 Stage 4 — Professional Funded Account (Live / A-Book)

Participants who pass the quant review are allocated a Stage 4 professional funded account. Stage 4 operates on real markets. The following terms apply:

• Capital Allocation: Stage 4 capital is determined by the Company's analysts in the range of $25,000 to $500,000 based on the Participant's Stage 3 metrics. The allocation is final and is not negotiable. No Participant has a contractual right to any specific allocation amount.
• Profit Split: 90% of all net realised profits accrue to the Participant, paid bi-weekly subject to the conditions in Section 10.
• Scaling: The Company may increase a Stage 4 Participant's capital allocation over time based on Sharpe ratio, drawdown behaviour, and risk-to-reward metrics, entirely at the Company's discretion. No Participant has any contractual entitlement to a capital increase.
• Trading Parameters: All drawdown, daily loss, and position sizing limits applicable in Stage 3 remain in force on Stage 4 unless expressly modified in writing by the Company. Additional risk controls may be applied at any time.
• Real Markets: Stage 4 accounts operate on live market infrastructure. The risks associated with real-market trading (slippage, liquidity, gap risk) apply in full. The Company accepts no liability for losses arising from these conditions.

4.6.5 Failure and Restart Rules

• Stage 1 failure: Breaching any Stage 1 rule resets the Participant to the start of Stage 1. The Participant may retry up to three times per calendar month at no cost. A fourth attempt in the same month is not available.
• Stage 2, 3, or 4 failure: Breaching any rule in Stage 2, Stage 3, or Stage 4 resets the Participant to Stage 1 with a fresh $1,000 evaluation account. No Stage 2 earnings that were held pending the Stage 3 milestone are paid in the event of a Stage 2, 3, or 4 failure — those earnings are forfeited in full upon the reset trigger.
• No compensation on failure: A Participant has no right to any payment, compensation, or refund upon failing any stage of the Infinity Challenge.

4.7 Traditional Challenge — Detailed Programme Rules

The Traditional Challenge is a paid two-phase evaluation programme (or, for certain account types, a single-phase programme). The applicable fee and programme variant are selected at purchase. All rules below are exact, mandatory, and non-negotiable. By activating a Traditional Challenge account, the Participant confirms they have read, understood, and accepted every rule set out in clauses 4.7.1 through 4.7.5 in full.

4.7.1 Standard Two-Phase Programme

The Standard Two-Phase programme requires the Participant to pass two sequential evaluation phases before being considered for a Funded Account. The rules for each account size are as follows. All monetary values are in USD. Phase 1 and Phase 2 are both conducted on simulated accounts.

Phase 1 and Phase 2 rules applicable to all Standard account sizes:

• Profit Target: The Participant must achieve the stated net profit percentage on closed trades within the evaluation period. There is no minimum or maximum time limit unless otherwise stated.
• Maximum Daily Loss: The Participant must not allow their account equity or balance to fall by more than the stated percentage in any single trading day (00:00–23:59 server time). A breach on any single day terminates the Challenge phase immediately regardless of overall performance.
• Maximum Overall Loss (Static Drawdown): The Participant must not allow their account equity or balance to fall below the stated percentage of the initial account balance at any time. This limit is static (calculated from the starting balance, not a trailing peak) and applies across the entire evaluation period.
• Phase Sequencing: Phase 1 must be passed in full before Phase 2 begins. Phase 1 and Phase 2 cannot be run concurrently. Passing Phase 1 does not guarantee passage of Phase 2; Phase 2 is a separate and independent evaluation.
• Funded Account Access: A Funded Account is only granted after the Participant has successfully completed both Phase 1 and Phase 2 and passed the Company's account review.

4.7.2 Accelerated Single-Phase Programme

The Accelerated Single-Phase programme requires the Participant to pass one evaluation phase using an end-of-day (EOD) trailing drawdown model. This programme has no consistency rule. The rules for each account size are as follows:

Rules applicable to all Accelerated Single-Phase accounts:

• EOD Trailing Drawdown: The trailing drawdown is calculated at end-of-day from the highest account balance recorded at the end of any trading day. Intraday equity movements do not adjust the trailing drawdown level; only the end-of-day balance is used as the reference point.
• Daily Loss Limit: Applies intraday. If the account equity falls by the stated amount below the opening balance for that day at any point during the trading day, the account is in breach regardless of end-of-day balance.
• No Consistency Rule: Unlike the Standard Two-Phase programme, the Accelerated Single-Phase programme does not impose a daily profit cap or profitable-days ratio. The Participant must reach the profit target while respecting the drawdown and daily loss limits.
• Funded Account Access: A Funded Account is only granted after successful completion of the single evaluation phase and passage of the Company's account review.

4.7.3 Traditional Challenge Funded Account Rules

Upon passing the relevant evaluation phase(s), the Participant may be granted access to a Funded Account. The following applies to all Traditional Challenge Funded Accounts:

• The Funded Account balance, drawdown limits, and profit split percentage are as specified in the relevant programme documentation and the Company's written confirmation to the Participant.
• All Trading Parameters applicable during the evaluation phase continue to apply on the Funded Account unless expressly modified in writing.
• Profit Split payments are subject to the conditions in Section 10 in full.
• The Funded Account remains the Company's exclusive property at all times (see Section 9).

4.7.4 Prevention of Exploitation

The Traditional Challenge rules are designed to evaluate genuine trading skill. The Company actively monitors all accounts for exploitation attempts. The following behaviours specifically constitute breaches of the Traditional Challenge rules and will result in immediate account termination with no refund or payment:

• Placing a single trade or a small number of trades designed to hit the profit target in one session rather than demonstrating consistent performance across multiple trading days;
• Using maximum position sizes on every trade rather than sizing positions proportionally to a defined strategy;
• Placing simultaneous long and short positions across two or more accounts (whether held by the same Participant or coordinated with another person) to arbitrage the evaluation environment;
• Deliberately holding positions through high-impact news events to exploit outsized simulated movements that would not be reproducible in live market conditions;
• Reverse-engineering the exact drawdown levels and profit targets to place positions sized to hit the target in the minimum number of trades without demonstrating any repeatable trading methodology;
• Using copy trading software, signal services, or any form of trade mirroring to reproduce another trader's positions on the Evaluation Account (see Section 8.3).

The Company's determination as to whether a Participant has engaged in exploitation is final and binding. The Company does not provide detailed reasons for account termination on exploitation grounds, and no appeal process is available beyond a written request to enquiries@ipfxcapital.com, which the Company will review at its discretion.

4.7.5 Traditional Challenge Failure

Breaching any Trading Parameter at any point during a Traditional Challenge evaluation phase constitutes immediate phase failure. Phase failure means:

• The current evaluation phase is closed. The Participant does not advance to the next phase.
• The Challenge Fee paid for the failed phase is non-refundable in full.
• The Participant may purchase a new Challenge to begin again; there is no automatic restart.
• Any reset facility purchased alongside the original Challenge may be exercised subject to its specific terms.

5. Fees and Payment

5.1 Challenge Fees

All Challenge Fees are stated in United States Dollars (USD) unless otherwise indicated. Fees are subject to change at any time. The fee applicable at the time of purchase is the fee payable; changes do not affect purchases already completed.

5.2 Payment Processing

Payments are processed by third-party payment processors. By completing a purchase, you agree to the terms of the applicable payment processor. The Company does not store or have access to your full payment card details.

5.3 Currency and Taxes

You are responsible for any currency conversion costs, banking fees, or taxes applicable to your purchase under the laws of your country of residence. The Company does not collect Value Added Tax (VAT) or any other tax on Challenge Fees unless legally required to do so, in which case it will be added to the stated fee.

5.4 Chargebacks

You agree not to initiate any chargeback, dispute, or reversal with your payment provider in respect of a completed Challenge Fee payment except in the case of demonstrable fraud. Initiating a chargeback will result in the immediate suspension of your account and forfeiture of all Challenge access and any pending Profit Splits. The Company reserves the right to contest any chargeback and to seek recovery of costs and damages arising from unjustified chargebacks. You acknowledge that these Terms, your purchase confirmation, and your access to the Challenge constitute evidence of a valid transaction.

6. Cancellation and Refunds

6.1 Non-Refundable Fees

All Challenge Fees are non-refundable once the Evaluation Account has been activated and the Participant has commenced trading. By activating your Evaluation Account, you expressly request the immediate commencement of the service and acknowledge that your right of cancellation under the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 is extinguished upon activation.

6.2 Pre-Activation Cancellation

If you have paid a Challenge Fee but have not yet activated your Evaluation Account (i.e., have not placed any trade), you may request cancellation within 14 days of purchase and receive a full refund. To exercise this right, you must contact us at enquiries@ipfxcapital.com before activating your account. Once the account is activated, the 14-day cancellation right is fully waived.

6.3 No Refund for Rule Breach

No refund will be issued in any circumstance where a Participant has violated the Trading Parameters or any Prohibited Practice, regardless of when the breach is discovered.

6.4 Technical Failures

In the event of a documented technical failure attributable solely to the Company that demonstrably and materially affects a Participant's ability to trade during the relevant evaluation period, the Company may, at its sole discretion, extend the evaluation period or issue a replacement Challenge. This shall be the Participant's sole remedy for technical issues and shall not give rise to any right to a refund.

7. Evaluation Rules and Trading Parameters

7.1 Compliance is Mandatory

All Participants must strictly comply with the Trading Parameters applicable to their Challenge or Funded Account at all times. Breach of any Trading Parameter will result in immediate account closure, forfeiture of all Challenge Fees paid, and where applicable, forfeiture of any pending or accrued Profit Split, without any entitlement to a refund or compensation.

7.2 Maximum Daily Loss

A Participant must not allow their account equity or balance to fall by more than the specified maximum daily loss limit (as published on the relevant programme page) within any single trading day (measured from 00:00 to 23:59 server time). Breach of the daily loss limit on any single day constitutes an immediate rule breach regardless of the overall account performance.

7.3 Maximum Total Drawdown

A Participant must not allow their account to sustain a total drawdown (whether trailing or static, as specified per programme) exceeding the stated maximum. Reaching or exceeding the maximum drawdown limit will result in automatic or manual account closure.

7.4 Minimum Trading Days

Certain programmes require a minimum number of active trading days before a Participant may claim completion of an evaluation phase. A "trading day" is defined as a calendar day on which at least one trade was opened and closed. Partially-meeting this requirement does not constitute compliance.

7.5 Consistency Requirements

The Company may impose consistency requirements, including but not limited to: limits on the maximum profit achievable in a single trading day as a percentage of total profit, requirements that no single day's profit or loss disproportionately dominates overall results, and minimum trade count requirements. These requirements are designed to identify skilled, systematic traders rather than those relying on single high-risk trades. Details are set out on the relevant programme page and may be updated from time to time.

7.6 Overnight and Weekend Positions

Unless otherwise stated in programme rules, Participants are permitted to hold positions overnight and over weekends. The Company reserves the right to restrict overnight or weekend holding in specific market conditions or at its sole discretion with reasonable notice. The Company accepts no liability for losses resulting from gap risk on open positions.

7.7 Lot Size and Position Limits

Participants must not exceed the maximum lot size or aggregate position size specified for their programme. Using position sizes designed to hit drawdown limits or profit targets through single-trade gambles rather than sustained trading skill constitutes a breach of these Terms.

7.8 Instrument Restrictions

Participants may only trade instruments made available on the Platform for their specific programme. Trading unavailable instruments, or attempting to circumvent instrument restrictions, is prohibited.

7.9 Manipulation of Evaluation Outcome

Any trading behaviour that the Company, in its sole reasonable judgement, determines to be designed primarily to manipulate the outcome of the evaluation — rather than to demonstrate genuine, consistent trading skill — will result in immediate account termination without refund. This includes but is not limited to: single large-position gambling strategies, placing simultaneous opposing positions solely to guarantee a daily return, and reverse-engineering the exact parameters to achieve minimum compliance.

8. Prohibited Trading Practices

The following practices are strictly prohibited on all Evaluation Accounts and Funded Accounts. Engaging in any Prohibited Practice, regardless of whether it results in a profit or loss, is grounds for immediate account termination, forfeiture of all fees and pending Profit Splits, and permanent banning from the Platform. The Company may use automated detection, manual review, and third-party analysis tools to identify Prohibited Practices.

8.1 Arbitrage and Latency Exploitation

You must not engage in any form of arbitrage involving the Platform, including:

• Exploiting pricing delays, quote feed latency, or discrepancies between the Platform's simulated pricing and live market prices;
• Using data feeds, software, or external tools to identify and exploit price anomalies in the Platform environment;
• Tick scalping — placing and closing trades within a timeframe designed to exploit price delivery latency rather than genuine market movement;
• Quote stuffing or any technique designed to overload or manipulate the Platform's order handling.

8.2 Account Hedging and Coordinated Trading

You must not:

• Hold simultaneous opposing positions (long and short) on the same or correlated instruments across two or more accounts — whether your own accounts or accounts held by other persons — in a manner designed to eliminate directional risk and guarantee compliance with evaluation targets;
• Coordinate trading activity with any other person holding a Challenge or Funded Account for the purpose of passing evaluations or generating guaranteed Profit Splits;
• Use a personal or external account to hedge positions held on an Evaluation or Funded Account.

8.3 Copy Trading, Signal Services, and Third-Party Assistance — Absolute Prohibition

Copy trading is absolutely prohibited on all Evaluation Accounts and Funded Accounts without exception. This prohibition exists because the Challenge is an evaluation of your personal trading skill and decision-making. Any trade placed on your account that does not reflect a genuine, independent trading decision made by you personally is a fraudulent representation to the Company.

You must not, under any circumstances:

• Use any copy trading platform, trade mirroring software, signal replication tool, or any automated or semi-automated system that replicates trades from any external source — whether another trader, a signal provider, a trading bot, an algorithmic strategy developed by a third party, or any other external input — onto your Evaluation or Funded Account;
• Subscribe to, follow, or act upon trade signals, entry/exit alerts, or position notifications from any signal provider, Telegram group, Discord server, social media account, or any other source in a manner where the signal materially determines the trade placed on your account;
• Use any "challenge passing service," account management service, third-party trader, or any individual or company that offers to trade on your account, pass a challenge for you, or manage your funded account on your behalf;
• Share, sell, rent, lend, or otherwise transfer your account login credentials or API access to any other person for any purpose or for any duration, even temporarily;
• Place trades on your account while under the direction or instruction of another person in real time, including following live commentary, screen sharing, or voice calls where a third party is directing your trading decisions;
• Operate a copy trading arrangement whereby your own account is the "master" account and other IPFX accounts (yours or another person's) are configured as "follower" accounts receiving your signals.

The Company employs automated pattern-matching analysis, cross-account trade correlation detection, IP address logging, and device fingerprinting to identify copy trading. Detection of correlated trading patterns across two or more accounts — regardless of whether those accounts belong to the same registered user — will trigger an investigation and may result in the termination of all correlated accounts.

8.4 Algorithmic Trading — Submission and Approval Required

All trading on the Platform must be conducted directly through IPFX Capital Markets. Third-party trading software, Expert Advisors (EAs), external bots, or any application that connects to the Platform programmatically without Company authorisation is strictly prohibited. Algorithmic trading strategies may only operate on a Participant's account where all of the following conditions are met:

• The strategy has been submitted to the Company in full via the Platform's designated algorithmic strategy submission tool, including the complete strategy code, the programming language used, and the intended maximum risk per trade;
• The Company has reviewed and explicitly approved the strategy in writing before it is activated on any account. Submission alone does not constitute approval;
• The approved strategy operates exclusively within the trading parameters applicable to the Participant's programme and does not exploit any Prohibited Practice;
• The Company reserves the right to suspend, reject, or terminate any approved strategy at any time if it determines the strategy poses a risk to the Company's systems, capital, or evaluation integrity;
• The Participant remains solely responsible for all trading outcomes arising from any algorithmic strategy operating on their account, whether or not that strategy has been approved by the Company;
• Submitting code that contains malicious logic, attempts to interfere with the Platform's infrastructure, or is designed to exploit evaluation parameters is a material breach of these Terms and may constitute a criminal offence under the Computer Misuse Act 1990.

8.5 News Trading Restrictions

Where specified in programme rules, you must not open or close trades within the defined window before or after a scheduled high-impact economic news event. The restricted instruments and time windows will be published on the Platform. Trades opened within a restricted news window may be cancelled by the Company at its sole discretion and will not count toward profit calculations.

8.6 Martingale, Grid, and Averaging Strategies

Martingale, grid trading, and aggressive averaging-down strategies that systematically increase position size following losses are prohibited unless specifically approved in writing for a PAC arrangement. These strategies are prohibited because they can generate misleadingly favourable statistics on simulated accounts that are not reproducible with real capital.

8.7 Multiple Account Coordination

You must not open multiple Evaluation Accounts simultaneously with the purpose of running the same strategy across all accounts and only claiming the profitable outcomes ("account flipping"). If the Company determines that a Participant is running identical or substantially similar strategies across multiple accounts and selectively claiming results from profitable accounts while discarding losing ones, all accounts will be terminated without refund or payment.

8.8 Exploitation of Platform Errors

If the Platform displays incorrect prices, allows trading outside normal market hours due to an error, or otherwise malfunctions in a manner that could be exploited for profit, you are obligated to report the error immediately to enquiries@ipfxcapital.com and must not take advantage of it. Any profits generated from Platform errors are void and will be reversed. Deliberate exploitation of a known Platform error is a material breach of these Terms.

8.9 Gambling and Non-Strategy Trading

Placing single trades of disproportionate size relative to account balance, with the sole purpose of hitting an evaluation target in a single outcome rather than demonstrating consistent trading skill, is prohibited. Any account where the Company determines the pattern of trading does not reflect genuine skill-based decision-making may be reviewed, and any results generated from such trading may be voided at the Company's sole discretion.

8.10 Insider Trading and Market Manipulation

You must not engage in any trading activity that constitutes insider dealing, market manipulation, or any other market abuse within the meaning of the Market Abuse Regulation (retained in UK law as UK MAR) or the Criminal Justice Act 1993. You must not use any material non-public information in making trading decisions on the Platform.

8.11 VPN and Jurisdiction Circumvention

You must not use a VPN, proxy, or any other tool to mask your true geographic location or to circumvent jurisdictional restrictions applicable to your place of residence. Use of a VPN to access the Platform from a restricted jurisdiction is grounds for immediate account termination without refund.

9. Funded Accounts

9.1 Ownership of Funded Accounts

Funded Accounts are the sole and exclusive property of IPFX Capital Ltd at all times. A Qualified Trader does not own, hold, or have any proprietary interest in the Funded Account, its capital, or any positions held within it. The Qualified Trader's relationship with the Company is that of a service provider authorised to operate the Company's proprietary trading account within specified parameters. Nothing in these Terms or any other communication from the Company creates an employment relationship, agency relationship, or partnership between the Company and the Qualified Trader.

9.2 Company's Right to Manage Funded Accounts

The Company reserves the right, at its sole discretion and at any time without prior notice, to:

• Close, modify, or restrict any open position on a Funded Account where the Company determines the position poses an unacceptable risk to the Company's capital;
• Adjust, suspend, or terminate a Funded Account in response to market conditions, regulatory changes, liquidity constraints, or any other business reason;
• Reduce the capital allocation on a Funded Account if the Qualified Trader's performance deteriorates below the Company's minimum acceptable standards;
• Require the Qualified Trader to cease trading a specific instrument, strategy, or position type at any time.

9.3 Trading Parameters on Funded Accounts

All Trading Parameters applicable during the evaluation phase remain in force on the Funded Account unless expressly modified in writing by the Company. Additional restrictions may be applied to Funded Accounts and will be communicated to the Qualified Trader. Breach of any Trading Parameter on a Funded Account constitutes an immediate termination event.

9.4 Scaling

Where a programme includes a scaling plan, increases in capital allocation are made entirely at the Company's discretion following a review of the Qualified Trader's performance. No Qualified Trader has a contractual right to any capital increase. The Company may decline to scale an account for any reason, including but not limited to trading style concerns, risk management concerns, or changes in market conditions.

9.5 No Real Money Trading by Participant

For the avoidance of doubt, Qualified Traders do not deposit, risk, or invest any personal funds at any stage of the funded trading arrangement. The capital on a Funded Account is exclusively the Company's capital. A Qualified Trader cannot withdraw capital from a Funded Account and is not entitled to any portion of the Funded Account balance except as constituted by a valid Profit Split request under Section 10.

10. Profit Distributions

10.1 Profit Split Entitlement

A Qualified Trader is entitled to request a Profit Split on profits realised on their Funded Account, subject to all conditions in this Section and compliance with all applicable Trading Parameters and these Terms. The Profit Split percentage applicable to each programme is published on the Platform and incorporated by reference.

10.2 Conditions for Payment

A Profit Split will only be processed upon satisfaction of all of the following conditions:

• The Qualified Trader has completed the minimum required trading days since the last Profit Split (or since Funded Account activation for the first request);
• The Qualified Trader has passed all consistency checks required by the programme;
• The Qualified Trader has successfully completed the Company's identity verification (KYC) process in full, including provision of valid government-issued photo ID and proof of address;
• No investigation is pending into the Qualified Trader's account for suspected Prohibited Practices;
• The Qualified Trader's Funded Account is in good standing with no outstanding rule breaches;
• The requested amount meets or exceeds the minimum withdrawal threshold specified on the Platform;
• The Company has not suspended payouts in respect of a Force Majeure Event.

10.3 Discretionary Nature

The Profit Split is a discretionary performance payment made by the Company at its sole discretion from the profits of its own trading account. It is not a contractual entitlement to any specific sum. Where the Company determines, acting reasonably, that the profits generated by a Qualified Trader were produced through Prohibited Practices, manipulation, exploitation of Platform errors, or any other non-genuine trading activity, the Company may withhold some or all of the Profit Split without liability.

10.4 Payment Method and Timing

Profit Split requests are processed within the timeframe stated on the Platform (typically 1–5 Business Days). Payment will be made to the Qualified Trader's verified payment method only. The Company will not make payments to third parties. Payment processing times may vary depending on the payment provider and the Qualified Trader's banking jurisdiction.

10.5 Tax Obligations

Qualified Traders are solely responsible for all tax obligations arising from receipt of a Profit Split in their country of residence or any other applicable jurisdiction. The Company does not withhold tax on Profit Split payments except where legally required to do so. The Company will provide such payment records as may reasonably be required for a Qualified Trader to fulfil their tax obligations on request.

10.6 Right of Set-Off

The Company reserves the right to set off against any Profit Split any amounts owed by the Qualified Trader to the Company, including but not limited to overpayments made in error, costs of investigating Prohibited Practice breaches, and any recovery of fraudulently obtained payments.

10.7 Suspension of Payouts

The Company may suspend all Profit Split processing in the event of a Force Majeure Event, a regulatory instruction, a platform security incident, or any other exceptional circumstance. The Company will resume processing as soon as reasonably practicable and will notify affected Qualified Traders.

10.8 Minimum Profit Threshold for First Payout

Notwithstanding any other condition in this Section, a Qualified Trader's first Profit Split request on any Funded Account will not be eligible for processing until the Qualified Trader has achieved a minimum net realised profit of 5% of the Funded Account's starting balance since the date of Funded Account activation. This minimum profit threshold applies to all programme types as follows:

• Personalised Application Challenge (PAC) — Stage 4: A minimum of 5% net realised profit on the Stage 4 funded balance (as determined by the Company at allocation) must be achieved before the first Profit Split request is eligible. Where the Participant's Programme Agreement specifies a different threshold, that figure prevails.
• Traditional Challenge (2-Phase and 1-Phase Accelerated): A minimum of 5% net realised profit on the Funded Account balance (as confirmed in writing at activation) must be achieved before the first Profit Split request is eligible. This threshold is in addition to, and does not overlap with, any profit target requirements applicable during the evaluation phase.
• Futures Challenge: A minimum of 5% net realised profit on the Funded Account's starting balance must be achieved before the first Profit Split request is eligible. All Futures-specific risk parameters continue to apply during this period.

The 5% minimum threshold is calculated on the basis of net closed profits only. Floating (unrealised) profits do not count towards this threshold. The Company's platform records are conclusive as to whether the threshold has been met.

Once the minimum threshold is met, all other conditions in Section 10.2 must also be satisfied before the first Profit Split will be processed. Meeting the minimum threshold alone does not guarantee payment.

10.9 Entry Fee Credit on First Payout Eligibility

As an incentive for Qualified Traders who demonstrate genuine profitability on their Funded Account, the Company will apply a credit equal to the Challenge Fee paid by the Qualified Trader in respect of that programme to the first eligible Profit Split payment, subject to the following conditions:

• The Qualified Trader must have met the minimum profit threshold specified in Section 10.8 in full;
• The Qualified Trader must have satisfied all other conditions for payment in Section 10.2;
• The Challenge Fee credit will be applied as an addition to the Profit Split amount payable on the first eligible payout — it is not a separate withdrawal and will appear as a single combined payment;
• The credit applies to the Challenge Fee for the specific programme that produced the Funded Account. Challenge Fees paid for separate, unrelated challenges are not credited;
• Where a Participant has been refunded, charged-back, or otherwise compensated in respect of their Challenge Fee by any means prior to their first eligible payout, the credit under this clause does not apply;
• This credit is a discretionary commercial arrangement. The Company reserves the right to modify, withdraw, or replace this policy on reasonable notice. Modifications will not affect Participants who have already met the eligibility conditions prior to the date of the modification.

11. Trading Replication Rights, Intellectual Property, and Data

This Section sets out IPFX Capital's rights in respect of your Trading Data and trading activity. Please read this Section carefully. It constitutes a material and fundamental part of the commercial arrangement between you and the Company. By activating any Evaluation Account or Funded Account, you expressly agree to each provision in this Section.

11.1 Company's Intellectual Property

All intellectual property rights in and to the Platform, including without limitation the software, design, content, logos, trade marks, data models, evaluation algorithms, and proprietary performance benchmarks, are owned by or licensed to the Company. Nothing in these Terms grants you any right, title, or interest in the Company's intellectual property beyond the limited licence to use the Platform for your own evaluation and trading purposes.

11.2 Licence to Use the Platform

Subject to compliance with these Terms, the Company grants you a limited, non-exclusive, non-transferable, revocable licence to access and use the Platform solely for the purposes of participating in your Challenge or operating your Funded Account.

11.3 Grant of Trading Rights — Vesting on Activation

By activating any Evaluation Account (including a Stage 1 Infinity Challenge account, a Phase 1 Traditional Challenge account, or any other evaluation account), and as part of the consideration for the Company providing access to its evaluation infrastructure and, potentially, a Funded Account, you hereby grant to IPFX Capital Ltd, with effect from the date and time of activation, an irrevocable, perpetual, worldwide, royalty-free, unconditional, sub-licensable licence to:

• Observe, record, and store all Trading Data generated on your account from the moment of activation;
• Replicate, mirror, copy, adapt, or otherwise reproduce any or all of your trades, positions, strategies, entry and exit points, position sizes, instrument selections, timing patterns, and risk parameters on any trading account owned, operated, controlled, or accessed by the Company;
• Execute orders on any proprietary live trading account operated by the Company that are identical to, derived from, or inspired by your Trading Data, in real time, with delay, or at any future point;
• Execute orders on accounts held at third-party brokers, market-makers, liquidity providers, or other financial counterparties that are based on or derived from your Trading Data;
• Execute orders on accounts held at third-party proprietary trading firms using strategies, entry signals, or methodologies observed from your Trading Data;
• Aggregate your Trading Data with that of other Participants to build, train, calibrate, and operate proprietary trading systems, algorithms, and risk models;
• Use your Trading Data commercially in any manner that serves the Company's legitimate business interests, without restriction as to geography, medium, or purpose.

11.4 Third-Party Accounts and Commercial Relationships

The Company may hold, operate, or have access to trading accounts at one or more third-party brokers, liquidity providers, or proprietary trading firms. The Company may place trades on those accounts that are based on, derived from, or correlated with Trading Data generated by Participants on the Platform. The following applies to all such arrangements:

• Participants are not party to any agreement between the Company and any third-party broker or proprietary trading firm;
• The Company is under no obligation to disclose to any Participant which third-party accounts, brokers, or firms it uses in connection with any replication activity;
• The Company is under no obligation to disclose to any third-party broker or firm that trading activity on the Company's accounts at that broker or firm is derived from Participant Trading Data;
• Any income earned by the Company from trading on third-party accounts does not create any entitlement to additional payment for the Participant whose Trading Data contributed to that activity;
• The Company's commercial relationships with third parties are entirely the Company's proprietary business information and are not subject to disclosure to Participants under any circumstances.

11.5 Scope of Replication Rights — No Opt-Out

The rights granted to the Company under clause 11.3 are a fundamental and non-negotiable condition of accessing the Platform. There is no opt-out. A Participant who does not wish to grant these rights may not use the Platform and must not activate any account. Activation of any account constitutes unconditional acceptance of this Section in full.

These rights are not affected by:

• Whether the Participant passes or fails any evaluation stage;
• Whether the Participant is granted a Funded Account;
• Whether the Participant's account is later terminated for any reason;
• Any subsequent request by the Participant to withdraw consent (such requests are of no effect given the irrevocable nature of the grant);
• Any claim by the Participant that their Trading Data constitutes intellectual property of any kind.

11.6 No Additional Compensation

The Company's exercise of the rights granted under clause 11.3 — including any commercial benefit the Company derives from replicating Participant trading activity on proprietary or third-party accounts — does not entitle any Participant to any additional payment, royalty, commission, revenue share, or compensation of any kind beyond the Profit Split expressly provided for in Section 10 of these Terms. The right to use and replicate Trading Data is part of the consideration provided by the Participant in exchange for access to the evaluation platform and, where applicable, the funded arrangement.

11.7 Participant Warranties Regarding Trading Data

By activating any account, you represent and warrant to the Company that:

• All trading decisions made on your account are your own and are not derived from any third-party signal service or copy trading arrangement prohibited under Section 8.3;
• You have full authority to grant the licence in clause 11.3 and that doing so does not breach any obligation you owe to any third party, including any previous employer, trading firm, or confidentiality agreement;
• Your Trading Data does not infringe any third-party intellectual property rights;
• You are not subject to any non-compete, non-solicitation, or trading restriction that would prohibit you from trading on the Platform or granting these rights.

11.8 Confidentiality of Platform

You must not disclose, reproduce, reverse engineer, decompile, or attempt to extract the source code or proprietary algorithms of any part of the Platform. You must not publish, share, or communicate the specific technical parameters of the Platform's evaluation systems, order routing, or pricing mechanics beyond what is publicly stated by the Company.

11.9 User Content

Any feedback, suggestions, ideas, or other communications you submit to the Company regarding the Platform become the Company's sole property. The Company may use such submissions for any purpose without restriction or compensation to you.

12. Account Termination and Suspension

12.1 Company's Right to Terminate

The Company reserves the right to immediately suspend, restrict, or permanently terminate any account — including any Evaluation Account or Funded Account — and/or a Participant's access to the Platform, at any time and without prior notice, for any of the following reasons (which are illustrative and not exhaustive):

• Breach of any Trading Parameter, including reaching any maximum loss limit;
• Engaging in any Prohibited Practice set out in Section 8;
• Providing false, misleading, or inaccurate information during registration or at any time;
• Sharing, selling, or transferring account access to any third party;
• Failure to complete KYC verification within the required timeframe;
• Using the Platform from a restricted jurisdiction;
• Any suspected fraud, money laundering, or financial crime;
• Initiating a chargeback or payment reversal;
• Any behaviour the Company determines, acting reasonably, to be dishonest, abusive, or harmful to the Company or other users;
• Regulatory instruction or legal obligation requiring the Company to close the account;
• Discovery of any information that, had it been known at registration, would have made the Participant ineligible;
• The Company's commercially reasonable decision to discontinue a programme or cease offering services in a jurisdiction.

12.2 No Payment on Termination for Breach

Where an account is terminated due to a rule breach, Prohibited Practice, fraud, or any other reason attributable to the Participant's conduct or misrepresentation, the Company has no obligation to make any Profit Split payment, return any Challenge Fee, or make any other payment to the Participant. All accrued but unpaid Profit Splits are forfeited on termination for cause.

12.3 Termination for Convenience

Where the Company terminates an account or programme for a reason not attributable to the Participant's breach (for example, the Company ceases to offer a specific programme), the Company will honour any pending Profit Split requests that were submitted and verified before the date of termination. The Challenge Fee is non-refundable in such circumstances, save where required by applicable law.

12.4 Participant's Right to Close Account

You may close your registered account and cease using the Platform at any time by contacting enquiries@ipfxcapital.com. Closing your account does not entitle you to any refund of Challenge Fees paid for Challenges already activated.

12.5 Survival

Sections 11 (Intellectual Property and Data Rights), 15 (Disclaimer), 16 (Limitation of Liability), 17 (Indemnification), and 19 (Governing Law) survive the termination of your account or these Terms for any reason.

13. Anti-Money Laundering and Know Your Customer

13.1 KYC Obligation

In accordance with the Company's obligations under the Proceeds of Crime Act 2002, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, and applicable guidance from HM Revenue & Customs, the Company is required to verify the identity of all Participants before processing any Profit Split payment.

13.2 Required Documents

Before any Profit Split is processed, you must provide:

• A valid, unexpired government-issued photo ID (passport, national identity card, or driving licence);
• Proof of current residential address dated within the last 3 months (utility bill, bank statement, or official government document);
• Any additional documentation the Company reasonably requires to fulfil its anti-money laundering obligations, including but not limited to source of funds documentation.

13.3 Right to Withhold Payment Pending Verification

The Company may withhold any Profit Split payment pending successful completion of KYC verification. Failure to provide requested documents within 30 days of a request may result in forfeiture of the pending Profit Split and suspension of the account.

13.4 Suspicious Activity

The Company is required by law to report suspicious activity to the National Crime Agency (NCA) via a Suspicious Activity Report (SAR) where it has reasonable grounds to suspect that funds are connected to money laundering or other criminal activity. The Company is legally prohibited from informing any Participant that such a report has been made.

13.5 Right to Freeze and Report

Where the Company suspects any account of being involved in financial crime, it may immediately freeze the account, suspend all pending payments, and report the matter to the relevant law enforcement authorities, without any obligation to notify the Participant or provide reasons.

14. Data Protection

14.1 UK GDPR Compliance

The Company processes personal data in accordance with the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018. By registering on the Platform, you acknowledge that the Company will process your personal data as described in our Privacy Policy, which is incorporated into these Terms by reference and available at [privacy policy URL].

14.2 Data You Provide

We collect and process the personal data you provide during registration and KYC, including your name, email address, date of birth, nationality, identity documents, and payment information, for the purposes of providing our services, complying with legal obligations, and preventing fraud.

14.3 Trading Data

We collect and retain all Trading Data generated on the Platform. This data is used for the purposes described in Section 11 (Intellectual Property and Data Rights) and may be retained indefinitely for legitimate business and compliance purposes. Trading Data, in anonymised and aggregated form, may be shared with third parties and is not subject to the same deletion rights as personal data under UK GDPR.

14.4 International Transfers

Where the Company transfers personal data outside of the United Kingdom, it will do so only where adequate safeguards are in place in accordance with UK GDPR requirements.

14.5 Data Retention

The Company retains personal data for as long as necessary to fulfil the purposes for which it was collected, to comply with legal obligations (including anti-money laundering record-keeping requirements), and to resolve disputes. KYC documents and transaction records will be retained for a minimum of 5 years from the end of the business relationship.

15. Disclaimer of Warranties

15.1 As-Is Basis

The Platform and all services are provided on an "as is" and "as available" basis. To the fullest extent permitted by applicable law, the Company expressly disclaims all warranties, representations, and conditions of any kind, whether express, implied, or statutory, including without limitation implied warranties of merchantability, satisfactory quality, fitness for a particular purpose, non-infringement, and accuracy.

15.2 No Warranty of Availability

The Company does not warrant that the Platform will be available at all times, error-free, uninterrupted, or free from viruses or other harmful components. Scheduled and unscheduled maintenance, third-party platform outages, and Force Majeure Events may result in downtime for which the Company accepts no liability.

15.3 Simulated Environment Differences

The Evaluation Account operates in a simulated or demo trading environment. Performance on a simulated account may not reflect performance achievable in live market conditions. Simulated environments may have differences in pricing, slippage, execution speed, liquidity, and spread compared to live market conditions. The Company makes no warranty that a trading strategy successful on an Evaluation Account will be successful on a Funded Account or in any real market.

15.4 Third-Party Services

The Platform may integrate with third-party services, including payment processors and charting data providers (including TradingView for chart visualisation). All trading activity takes place exclusively through IPFX Capital Markets. Third-party trading platforms such as MetaTrader 4, MetaTrader 5, and cTrader are not supported and must not be used in connection with any Challenge or Funded Account. The Company is not responsible for the availability, accuracy, or performance of any third-party service and does not endorse any third-party content accessible through the Platform.

16. Limitation of Liability

16.1 Exclusion of Consequential Loss

To the fullest extent permitted by applicable law, the Company shall not be liable to any Participant for any indirect, incidental, special, consequential, exemplary, or punitive damages, including without limitation: loss of profits, loss of revenue, loss of data, loss of business opportunity, loss of anticipated savings, or damage to reputation, whether arising under contract, tort (including negligence), breach of statutory duty, or otherwise, even if the Company has been advised of the possibility of such damages.

16.2 Cap on Direct Liability

The Company's total aggregate liability to any Participant in respect of any claim or series of related claims arising out of or in connection with these Terms or the services provided shall not exceed the total Challenge Fees paid by that Participant to the Company in the 12 months preceding the event giving rise to the claim.

16.3 Exceptions

Nothing in these Terms shall limit or exclude the Company's liability for:

• Death or personal injury caused by the Company's negligence;
• Fraud or fraudulent misrepresentation by the Company;
• Any liability that cannot be excluded or limited under applicable law, including under the Consumer Rights Act 2015 where applicable.

16.4 Force Majeure

The Company shall not be liable for any failure or delay in performing its obligations under these Terms where such failure or delay results from a Force Majeure Event. In such circumstances, the Company's obligations are suspended for the duration of the Force Majeure Event and will resume as soon as reasonably practicable thereafter.

16.5 Market Risk

The Company accepts no liability for trading losses incurred on any Evaluation Account or Funded Account. Participants and Qualified Traders bear full operational responsibility for their trading decisions within the parameters set by the Company. The Company's only financial obligation is to pay Profit Splits in accordance with Section 10.

17. Indemnification

17.1 Participant's Indemnity

You agree to indemnify, defend, and hold harmless IPFX Capital Ltd, its directors, officers, employees, agents, successors, and assigns from and against any and all claims, demands, liabilities, damages, losses, costs, and expenses (including reasonable legal fees) arising out of or relating to:

• Your breach of any provision of these Terms;
• Your engagement in any Prohibited Practice;
• Any false or misleading representation made by you during registration or at any time;
• Your infringement of any third-party intellectual property rights;
• Your violation of any applicable law or regulation;
• Any claim by a third party arising from your use of the Platform;
• Any chargeback, payment reversal, or fraudulent transaction initiated by you.

18. Modifications to Terms

18.1 Right to Amend

The Company reserves the right to amend these Terms at any time. Changes will be published on the Platform with an updated "Last updated" date. Where changes are material, the Company will make reasonable efforts to notify registered users via email or in-Platform notification with not less than 14 days' notice before the changes take effect.

18.2 Continued Use

Your continued use of the Platform following the effective date of any changes constitutes your acceptance of the revised Terms. If you do not agree with any changes, you must cease using the Platform and close your account.

18.3 No Retroactive Application

Changes to these Terms will not apply retroactively to Challenges already activated and in progress at the time the changes take effect, except where required by applicable law.

19. Governing Law and Jurisdiction

19.1 Governing Law

These Terms and any dispute or claim arising out of or in connection with them (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales.

19.2 Jurisdiction

The courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with these Terms, subject to the following exceptions:

• If you are a consumer resident in Scotland, you may bring proceedings in the Scottish courts;
• If you are a consumer resident in Northern Ireland, you may bring proceedings in the Northern Irish courts;
• Nothing prevents the Company from bringing proceedings in the courts of any jurisdiction in which you are resident for the purpose of enforcing these Terms or recovering damages or costs.

19.3 Alternative Dispute Resolution

Before commencing any formal legal proceedings, the parties agree to attempt to resolve any dispute through good-faith negotiation. Either party may request a meeting or written exchange to seek resolution within 30 days of notifying the dispute. This clause does not restrict either party's right to apply for urgent injunctive or other interim relief.

20. General Provisions

20.1 Entire Agreement

These Terms, together with the programme-specific rules, the Privacy Policy, and any written agreement entered into in connection with a PAC, constitute the entire agreement between you and the Company in relation to the subject matter hereof and supersede all prior agreements, representations, and understandings, whether written or oral.

20.2 Severability

If any provision of these Terms is held to be invalid, illegal, or unenforceable by a court of competent jurisdiction, such provision shall be modified to the minimum extent necessary to make it valid and enforceable, and the remaining provisions shall continue in full force and effect.

20.3 No Waiver

Failure by the Company to enforce any right or provision of these Terms at any time shall not constitute a waiver of such right or provision and shall not prevent the Company from enforcing it at a later time.

20.4 Assignment

You may not assign, transfer, or sub-license any of your rights or obligations under these Terms without the prior written consent of the Company. The Company may assign its rights and obligations under these Terms without restriction, including in connection with a merger, acquisition, or sale of assets.

20.5 Third-Party Rights

These Terms do not confer any rights on any third party pursuant to the Contracts (Rights of Third Parties) Act 1999. The parties may vary or rescind these Terms without the consent of any third party.

20.6 Electronic Communications

By using the Platform, you consent to receive communications from the Company electronically. Electronic communications satisfy any legal requirement that communications be in writing. You accept that any contract formed through the Platform constitutes a valid and enforceable agreement.

20.7 Language

These Terms are written in the English language. In the event of any inconsistency between an English version and any translation, the English version shall prevail.

20.8 Contact

All legal notices and queries relating to these Terms should be directed to:

IPFX Capital Ltd
[Registered Address]
Email: enquiries@ipfxcapital.com

21. Affiliate and Referral Programme

21.1 Programme Overview

The Company operates an affiliate and referral programme ("Referral Programme") under which registered Participants may earn referral credits or commissions by introducing new paying customers to the Platform. Participation in the Referral Programme is subject to these Terms and any additional terms published on the Referral Programme page of the Platform, which are incorporated by reference. In the event of conflict, the specific Referral Programme terms prevail over this Section to the extent of the inconsistency.

21.2 Referral Cap

Each registered user account is subject to a maximum referral limit as published on the Referral Programme page of the Platform. The Company reserves the right to set, amend, or remove referral caps at any time with reasonable notice. Where no specific cap is stated on the Referral Programme page, a default limit of 50 qualifying referrals per calendar year applies per registered user account. Referrals in excess of the applicable cap will not generate any reward, credit, or commission. The Company is not liable for any referral activity conducted in anticipation of a cap being raised or removed.

21.3 Qualifying Referrals

A referral qualifies for a reward only where all of the following conditions are met:

• The referred person registers a new account on the Platform using the Participant's unique referral link or referral code;
• The referred person completes a qualifying purchase (as defined on the Referral Programme page) within the attribution window stated on the Referral Programme page;
• The referred person is not already a registered user of the Platform and has not previously held any account with the Company under any name or email address;
• The referral is not self-referral — a Participant may not use their own referral link to make purchases under a second account;
• The referral is not fraudulent or manufactured through any artificial means, including creating fictitious accounts, incentivising bulk sign-ups through misleading advertising, or any other behaviour designed to generate referral rewards without genuine customer acquisition.

21.4 Referral Rewards

The reward structure for qualifying referrals is published on the Referral Programme page. Rewards may take the form of account credit, cash commission, fee discounts, or other incentives as determined by the Company. Rewards are not guaranteed until the referred purchase has cleared and the attribution window has closed. The Company reserves the right to withhold or reverse any referral reward where it determines, acting reasonably, that the referral was fraudulent, manufactured, or in breach of these Terms.

21.5 Referral Programme and Copy Trading — Strict Prohibition

The Referral Programme must not be used, directly or indirectly, to circumvent the copy trading prohibition in Section 8.3. Without limiting that prohibition, the following are expressly prohibited in connection with the Referral Programme:

• Referring individuals to the Platform for the purpose of having those individuals operate accounts that replicate the referring Participant's trades in any way;
• Operating a scheme whereby the referring Participant acts as a "master trader" and referred accounts act as "followers," regardless of whether any formal copy trading software is used;
• Using the Referral Programme to build a network of accounts trading correlated positions with the intent of gaming evaluation outcomes or Profit Split payouts;
• Receiving any form of payment, fee, commission, or benefit from referred individuals in exchange for trading signals, entry alerts, or trade copying on the Platform;
• Advertising or marketing the Referral Programme in a manner that implies referred users will receive trading signals, copy access, or managed account services from the referring Participant.

21.6 No Employment or Agency

Participation in the Referral Programme does not create any employment, agency, partnership, or joint venture relationship between the Participant and the Company. Participants acting as affiliates or referrers do so as independent parties. Participants may not represent themselves as employees, agents, or authorised representatives of IPFX Capital in any marketing, advertising, or communication material.

21.7 Marketing Compliance

Participants promoting the Referral Programme must comply with all applicable advertising standards and regulations, including the UK Code of Non-broadcast Advertising and Direct & Promotional Marketing (CAP Code) and any applicable social media platform rules. All promotional content must clearly disclose the commercial relationship (i.e., that the Participant receives a referral reward). Misleading or non-compliant promotional activity will result in suspension from the Referral Programme and may result in full account termination.

21.8 Programme Modification and Termination

The Company reserves the right to modify, suspend, or permanently terminate the Referral Programme at any time with 14 days' notice to active participants where reasonably practicable. Termination of the programme will not affect entitlement to rewards already earned in respect of qualifying referrals completed before the termination date.