TERMS AND CONDITIONS

Last updated: October 13, 2025

Preamble

This document constitutes a legally binding agreement (hereinafter the "Agreement" or "Terms and Conditions") between the individual user ("the User," "the Trader," "you," "your") and the following entities, collectively operating under the brand name "Caisy Prop" (hereinafter "the Company," "we," "us," "our"):

• CES Financial Services FZCO, a Free Zone Company incorporated under the laws of the United Arab Emirates, with commercial license number 55942 and its registered office at Building A1, Dubai Digital Park, Dubai Silicon Oasis, Dubai, United Arab Emirates.
• Caisy prop limited, with its registered office at Flat 5, 4/F, WON HING BUILDING, 74-78 STANLEY STREET, CENTRAL HONG KONG.

By accessing our website, registering an account, or purchasing any of our services, you confirm that you have read, understood, and unconditionally agree to be bound by these Terms and Conditions, which, together with our Privacy Policy and any other rules posted on our website, form the entire agreement between you and the Company. If you do not agree with any part of these Terms, you must not use our Services.

Your use of our Services is expressly conditioned upon your acceptance of this Agreement.

Section 1: Definitions and Core Principles of the Service

This section defines the legal nature of our relationship and the Services offered, establishing the fundamental principles that govern this Agreement. It is essential for the User to fully understand these definitions to correctly interpret their rights and obligations.

1.1 Key Definitions

For the purposes of this Agreement, the following terms shall have the meanings ascribed to them below:

• Service: The provision by the Company of a trading skill evaluation program. The Service includes access to educational tools, a simulated trading platform, performance data analysis, and a framework of rules designed to identify individuals with consistent and disciplined trading abilities. The Service is explicitly and categorically NOT a financial service, investment service, brokerage service, asset management service, financial advisory service, or any other regulated activity. It is an educational and assessment product.
• Platform: The cTrader software environment, provided by a third party (Spotware Systems Ltd.), which the Company makes available to the User for the delivery of the Service. The Platform utilizes real market data feeds exclusively for simulation purposes to create a realistic trading experience.
• Virtual Funds: Fictitious, notional funds denominated in a currency (e.g., USD) and allocated to all accounts provided by the Company. The User acknowledges and agrees that they have no right to possess, withdraw, transfer, or otherwise use these Virtual Funds outside the limited scope of the Service. They do not represent real money and cannot be used for any actual trading.
• Evaluation Account / Challenge Account: A simulated (demo) trading account used during the initial assessment phase(s) of the Service. The User must achieve specific "Trading Objectives" on this account to demonstrate their skills.
• Funded Account: A simulated (demo) trading account with an increased balance of Virtual Funds, provided to Users who successfully complete an Evaluation. The term "Funded" is used for marketing and convenience purposes but legally refers to an advanced stage of simulation. This account is NOT a live trading account, does NOT contain real money, and all trades performed on it are simulated.
• Reward / Payout: A performance-based fee or prize payable to the User for successfully managing a Funded Account in accordance with the established rules. The Reward is calculated as a percentage of the virtual profits generated on the simulated account and represents compensation for the User's demonstrated skill and the trading data provided to the Company. It does not constitute a distribution of real trading profits.
• CS Soluzioni Finanziarie ("The Consultancy"): An autonomous and independent financial consultancy firm, affiliated with the Company. The Service offered by Caisy Prop serves as a talent identification and screening mechanism for The Consultancy.

1.2 The Nature of the Service: A Skills Evaluation Program

The User explicitly acknowledges, understands, and agrees that the Company offers a skills evaluation program, structured as a competition or a "skill evaluation." The purpose of the Service is to test and evaluate a trader's ability to achieve consistent virtual profits and manage risk in a simulated environment that emulates real market conditions.

All trading activities performed through the Service, whether on Evaluation Accounts or Funded Accounts, are purely simulated. The User is not trading in real financial markets, not buying or selling real assets, and not handling real money. The use of real market data serves only to make the simulation as faithful as possible, in order to assess the User's skill under realistic conditions.

This model is designed to distance the Company from financial brokerage activities. The Company is not a broker, does not act as one, and does not require a financial services license, as it does not manage client funds for real investment. The only financial transaction between the Company and the User is the payment of a fee for access to the evaluation Service. The "gamified" approach is intentional and serves to position the Service outside the perimeter of traditional financial regulation, such as that provided by the MiFID directive in the European Union. Recent warnings from regulatory authorities, such as Italy's CONSOB, against "finance video games" that simulate online trading , highlight the importance of this clear distinction. By accepting these Terms, the User declares that they understand this non-financial nature and are participating in the Service as a skill-based competition.

1.3 The "Talent Pipeline" Framework

The Company's strategic vision and ultimate purpose extend beyond merely providing an evaluation service. The Caisy Prop Service is designed as a sophisticated and merit-based "human capital incubator" or "talent pipeline".

The ultimate goal of the program is to identify traders who demonstrate consistent virtual profitability and disciplined risk management. Such traders, after achieving certain performance milestones, may be considered for a professional collaboration opportunity or an employment contract with the affiliated entity, The Consultancy (CS Soluzioni Finanziarie).

This model aligns the Company's interests with those of successful traders. Unlike business models where profit is primarily derived from fees paid by traders who fail evaluations, our success is tied to the identification and cultivation of real talent. This approach justifies the investment in transparent technology (cTrader), clear rules, and a framework that rewards consistency.

The User acknowledges that passing the evaluation and achieving Funded Account status does not automatically guarantee an offer from The Consultancy. Such status merely qualifies the User for consideration for future opportunities, at the sole and absolute discretion of the Company and The Consultancy.

Section 2: User Eligibility and Account Registration

This section establishes the prerequisites for using the Service and outlines the User's responsibilities regarding their account.

2.1 Eligibility Criteria

To use the Services, the User represents and warrants that they:

• Are at least 18 years of age.
• Reside in a jurisdiction where access to and use of the Services are legally permitted.
• Have the full legal capacity to enter into a binding agreement.

The User is solely responsible for ensuring that their participation complies with all applicable laws, regulations, and statutes in their jurisdiction of residence. The Company reserves the right to maintain and update a list of "Restricted Jurisdictions," from which the Services are not accessible. The first and foremost of these jurisdictions is, and always will be, the United States of America. The Services are not offered to citizens or residents of the United States.

2.2 Know Your Customer (KYC) and Identity Verification

The Company is committed to maintaining the highest standards of integrity and compliance. Therefore, all Users must successfully complete a "Know Your Customer" (KYC) identity verification process before being able to access a Funded Account or receive any Reward.

• Verification Process: The KYC process is managed by our third-party partner, Veriff, a global leader in identity verification. The User consents to the sharing of their personal data with Veriff for this purpose.
• Required Documentation: The User agrees to provide accurate, complete, and up-to-date information, which may include, but is not limited to:
  • A valid government-issued ID (passport, national ID card).
  • A recent proof of address (bank statement, utility bill) not older than 3 months.
• Consequences: Failure to pass the KYC process, providing false or misleading information, or refusing to undergo verification will result in the immediate termination of the Service, closure of the account, and forfeiture of any fees paid and any accrued Rewards, without the possibility of a refund or appeal.

2.3 User Responsibilities

The integrity of our evaluation process depends on each account being used by a single individual. Therefore, the User agrees to the following responsibilities:

• Credential Security: The User is solely responsible for the safekeeping and confidentiality of their login credentials (username and password).
• Prohibition of Account Sharing: It is strictly forbidden to share access to your account with any third party, whether it be an individual, a company, or an "account management" service. Our Service is designed to evaluate the skill of a single trader. Any evidence of account sharing, as detected by IP address monitoring or other means, constitutes a material breach of this Agreement and will result in the immediate and non-appealable termination of the account and forfeiture of all pending Rewards.
• Use of VPS/VPN: The use of Virtual Private Servers (VPS) or Virtual Private Networks (VPN) is permitted but must be declared to the Company. We reserve the right to request proof of ownership or legitimate use of such services at any time to ensure they are not being used to mask account sharing or to access from restricted jurisdictions.

Section 3: Caisy Prop Evaluation Programs

This section provides a detailed description of the evaluation products offered, their specific rules, and associated costs, in order to ensure maximum transparency.

3.1 Description of Available Programs

The Company offers several evaluation paths to meet the needs of traders with different styles, experience levels, and risk appetites. The main programs include:

• 2-Step Challenge: A two-phase evaluation program.
• 1-Step Challenge: A single-phase evaluation program.
• HFT/Bot Challenge: A specific program for traders using high-frequency trading (HFT) strategies or bots/algorithms during the evaluation phase.
• Instant Funding Pro: A program that allows direct access to a (simulated) Funded Account without a challenge phase, but with stricter risk management rules.

Each program is a distinct product with its own set of Trading Objectives, risk parameters, and fees.

3.2 Trading Objectives and Parameters

Success in any evaluation program requires strict adherence to a set of rules and parameters. The following table summarizes the key objectives and limits for each program. The User is required to understand and abide by these rules at all times. A breach of any of these parameters will result in the immediate termination of the account.

Explanatory Notes:

• Static Drawdown: The maximum drawdown is calculated based on the initial account balance and does not trail with profits.
• News Trading: Where permitted, it is prohibited to open, close, or modify stop-loss or take-profit orders in the minute before and after high-impact news releases.

3.3 Fees, Refunds, and Discounts

• One-Time Fee: Each evaluation program requires the payment of a one-time fee, which is non-refundable except under the specific conditions outlined below. The fee amount is specified on the product page on our website.
• Refund of Initial Fee: For the 1-Step and 2-Step Challenge programs, the User is eligible for a full refund of the initial fee after receiving three (3) Rewards (payouts), each amounting to at least 2% of the initial Funded Account balance. This incentive is designed to reward long-term consistency and loyalty.
• Discount for New Attempt: If a User breaches a rule on a Funded Account after having received at least one (1) Reward, they will be offered a 40% discount on the purchase of a new evaluation program identical to the one that was breached. This policy acknowledges that even profitable traders can have difficult periods and provides an accessible path back into the program, thereby retaining talent within our ecosystem.

Section 4: Conduct and Trading Rules

This section outlines the universal rules of conduct and prohibited trading practices that apply to all accounts, in order to ensure a fair evaluation environment and to manage risk.

4.1 General Trading Rules

The following rules apply to all accounts, unless otherwise specified:

• Maximum Allocation per Trader: The maximum allocation of Virtual Funds per individual trader, summing all owned accounts, is $400,000.
• Inactivity Rule: An account is considered inactive if no trading operation (including pending orders) is executed for a period of 30 consecutive calendar days. Inactive accounts will be subject to closure.
• News Trading Rules (where permitted): As mentioned, it is strictly prohibited to place, modify, or cancel stop-loss or take-profit orders in the minute immediately preceding and following the release of high-impact economic news. This rule is intended to discourage "gambling" on extreme volatility and to promote proactive risk management.

4.2 Prohibited Trading Practices

The Company reserves the right to determine, in its sole discretion, whether a trading strategy violates our rules and the spirit of our evaluation program. The goal is to identify genuine, replicable trading skills, not to exploit anomalies in a simulated environment. The following practices are strictly prohibited on Funded Accounts and will result in immediate account termination and forfeiture of any Reward:

• High-Frequency Trading (HFT): The use of HFT strategies is only permitted in the evaluation phase of the "HFT/Bot Challenge." It is strictly forbidden on any Funded Account.
• Latency Arbitrage: Exploiting delays in price feeds.
• Reverse or Hedging Arbitrage: Opening opposing positions on the same instrument or correlated instruments across different accounts (both Caisy Prop and external) to hedge risk and guarantee passing an evaluation.
• Tick Scalping: Opening and closing a large number of trades within seconds to capture minimal price movements.
• Third-Party Account Management: Allowing another person or a third-party service to trade on your account.
• Copy Trading: Using software or services that copy trades from external signals or other traders.
• Unmanaged Martingale or Grid Strategies: The use of strategies that progressively increase position size after a loss (Martingale) or place orders at regular intervals (Grid) in a way that circumvents drawdown rules and does not represent sustainable risk management.

4.3 Consistency and Risk Management Rules

For certain programs, such as "Instant Funding Pro," additional consistency rules apply. These rules are fundamental to our business model as they help us distinguish traders with a solid, repeatable strategy from those who achieve results through a single lucky event.

• Profit Consistency Rule (20% Rule): Applies to "Instant Funding Pro" accounts. It states that no single trading day can account for 20% or more of the total profit made during a payout cycle. If a trading day exceeds this threshold, the User cannot request a Reward until they have generated further profits, such that the profit of that single day falls below the 20% threshold. For example, if you make $1,000 in one day, you will need to reach a total profit of at least $5,000 in that cycle to be able to request a payout.
• Lot Size Consistency Rule: Applies to funded HFT accounts. The size of positions must remain within a range of 30% to 200% of the trader's average lot size. This rule serves to exclude traders who derive their profits from a single, large, fortunate trade.

4.4 Consequences of Rule Violations

Any violation of the Trading Objectives (e.g., drawdown limits) or Prohibited Trading Practices will result in the immediate and irreversible termination of the relevant account.

The User acknowledges that the Company's risk management team has the final authority to review trading activity, particularly at the time of a Reward request. Some violations, especially those related to prohibited trading practices or consistency rules, may not be automatically identified by the system and will be verified manually. If a review reveals a violation, the Company reserves the right to deny the Reward, close the account, and, at its discretion, cancel any previous Rewards if it is discovered they were obtained through prohibited practices.

Section 5: Performance Rewards (Payouts) and Career Progression

This section defines the nature of financial compensation and formalizes the path to a potential professional engagement.

5.1 Definition and Nature of Rewards

It is crucial to reiterate that "payouts" are not trading profits. The User, acting as an independent contractor, provides the Company with a service consisting of managing a simulated trading account and providing valuable data on their trading strategies.

The Reward is the compensation paid by the Company for this service, calculated based on the User's virtual performance. By accepting these Terms, the User waives any claim to any real profits the Company may or may not generate by using the aggregated trading data provided by its Users. The User agrees that their sole remuneration is the performance-based Reward as defined in this Agreement.

5.2 Profit Split and Payout Schedule

• Profit Split: The standard Reward split for most programs is 80% for the Trader and 20% for the Company. For the "HFT/Bot Challenge" program, a scaling split applies: 60% for the first withdrawal, 70% for the second, and 80% from the third onwards. This scaling structure allows the Company to assess the sustainability of an algorithmic strategy before allocating the maximum Reward share.
• Payout Process:
  • Minimum Withdrawal Amount: The minimum amount for a Reward request is $10.
  • 72-Hour Payout Guarantee: We guarantee that approved Reward requests will be processed within 72 business hours (Monday to Friday, excluding public holidays in the UAE).
  • Payment Methods: Rewards can be paid via bank transfer, PayPal, or cryptocurrencies, depending on the available options and the User's jurisdiction.

5.3 The Path to Professional Engagement

As outlined in our "Talent Pipeline" framework, our goal is to identify and nurture exceptional talent. A User who demonstrates outstanding and consistent performance may be considered for a professional opportunity.

• Evaluation Criteria: After reaching specific milestones, such as 3 months of trading and 5 consistent Rewards, the Company may, at its sole discretion, invite the Trader to an interview. During this process, we will analyze the Trader's activity using a custom algorithm and assess their skills and methodology.
• No Guarantee: It is essential for the User to understand that this process is an opportunity, not a right. Meeting the criteria does not guarantee a contract offer with The Consultancy (CS Soluzioni Finanziarie). The final decision to extend an offer remains at the total discretion of the Company and its affiliated entity.

Section 6: Legal Framework

This section contains the standard legal clauses that govern this Agreement.

6.1 Limited License and Intellectual Property

The Company grants the User a limited, non-exclusive, non-transferable, and revocable license to access and use the Platform and the Service for its intended and customary purpose, as defined in this Agreement. All content, trademarks, logos, software, and any other intellectual property associated with the Service and the Caisy Prop website are the exclusive property of the Company or its licensors. It is strictly forbidden to copy, modify, distribute, or otherwise use such intellectual property without the prior written consent of the Company.

6.2 Disclaimers and Limitation of Liability

• "As-Is" Service: The Service is provided "as is" and "as available," without warranties of any kind, either express or implied. The Company does not warrant that the Service will be uninterrupted, error-free, or secure.
• No Guarantee of Success: The Company offers no guarantee of profit or success. Past results of other traders are not indicative of future results. Trading, even when simulated, involves a virtual risk of loss.
• Limitation of Liability: To the fullest extent permitted by law, the total liability of the Company, its directors, employees, and affiliates, arising out of or in connection with this Agreement or the use of the Service, shall be limited to the total amount of fees paid by the User to the Company for the specific Service that gave rise to the claim. The Company shall not be liable for any indirect, incidental, special, or consequential damages, including loss of profits (virtual or real).
• Third-Party Platform: The Company is not responsible for any technical issues, latency, data errors, or interruptions related to the cTrader Platform, which is a service provided by a third party.

6.3 Indemnification

The User agrees to indemnify, defend, and hold harmless the Company, its affiliates, directors, officers, and employees from and against any and all claims, liabilities, damages, losses, and expenses (including reasonable legal fees) arising from or in any way connected with: (a) your access to or use of the Service; (b) your breach of this Agreement; or (c) your violation of any law or the rights of any third party.

6.4 Governing Law and Jurisdiction

This Agreement and any dispute or claim arising out of or in connection with it shall be governed by and construed in accordance with the laws of the United Arab Emirates, as applied in the Emirate of Dubai.

The User irrevocably agrees that the courts of Dubai shall have exclusive jurisdiction to settle any dispute or claim that may arise out of or in connection with this Agreement. Anchoring the legal framework in the UAE leverages the Company's physical and legal presence, providing a predictable and business-friendly legal environment.

Section 7: Jurisdiction-Specific Provisions

This section contains tailored clauses to address the specific risks and regulations of key markets. The User, based on their residence, is required to read and accept the relevant clause.

7.1 For Users in the European Union (EU)

The User acknowledges the evolving regulatory landscape for proprietary trading firms ("prop firms") in the European Union and the specific warnings issued by national competent authorities, such as the Commissione Nazionale per le Società e la Borsa (CONSOB) in Italy. The User explicitly confirms their understanding and agreement that:

• The Caisy Prop Service is a skill-based competition or an educational game, and does not constitute an investment service or a financial product under Directive 2014/65/EU (MiFID II).
• The Company is not a regulated investment firm and does not conduct activities that require authorization under MiFID II.
• Virtual Funds are not "client funds" and Rewards are not "investment profits." This clause serves as a specific, informed consent to the nature of the Service, aimed at mitigating the risk of regulatory mischaracterization.

7.2 For Users in India

The User acknowledges and agrees that the Service is offered as a "skill evaluation" as defined and interpreted under Indian law, including the jurisprudence of the Supreme Court of India. Success in the Service is predominantly dependent on the User's knowledge, skill, judgment, and discipline, not on chance. The User agrees that the Service is structured in accordance with the principles of the Prize Competitions Act, 1955, and other relevant local regulations, and does not constitute "gambling".

7.3 For Users in Pakistan

IMPORTANT NOTICE: The User acknowledges, understands, and explicitly agrees that CES Financial Services FZCO (operating as Caisy Prop) is NOT a company licensed or regulated by the Securities and Exchange Commission of Pakistan (SECP).

• The Service does NOT involve the real trading of forex, securities, or other commodities. All activities are purely simulated.
• The Company does not solicit investments from the Pakistani public. The fee paid is for an evaluation service, not an investment.
• The User agrees not to treat the Service as a regulated investment offering and understands the severe risks associated with investing with entities not licensed by the SECP, which this Service is not. This notice is provided in direct response to public warnings issued by the SECP against unauthorized trading platforms.

7.4 For Users in the United Arab Emirates (UAE)

The User acknowledges that the Company is a duly registered Free Zone Company in the Dubai Silicon Oasis, a free zone in Dubai. The Company is not regulated by the Dubai Financial Services Authority (DFSA), as it does not provide financial services within or from the Dubai International Financial Centre (DIFC) and does not manage client funds for investment purposes.

7.5 Prohibition on United States Persons

The Services are not offered to, and may not be used by, any person who is a citizen or resident of the United States of America, or any entity incorporated or with its principal place of business in the United States. Any attempt to circumvent this restriction through a VPN or other means will result in immediate account termination and forfeiture of all fees and potential Rewards, without the possibility of a refund.

Section 8: Miscellaneous

8.1 Amendments to Terms

The Company reserves the right to amend or update these Terms and Conditions at any time, at its sole discretion. In the event of material changes, we will provide notice to the User via email or by posting a notice on our website. Continued use of the Service after the effective date of the changes will constitute acceptance of such changes.

8.2 Communications

The User agrees to receive all communications, agreements, and notices from the Company in electronic format, via the email address provided during registration or through notifications in their client portal.

8.3 Severability

If any provision of this Agreement is found to be unlawful, void, or for any reason unenforceable by a court of competent jurisdiction, then that provision shall be deemed severable from the rest of the Agreement and shall not affect the validity and enforceability of any remaining provisions.

8.4 Entire Agreement

This Agreement, together with the Privacy Policy and any other rules or policies posted on our website, constitutes the entire agreement between the Company and the User with respect to the subject matter hereof and supersedes all prior or contemporaneous communications and proposals, whether electronic, oral, or written.

Section 9: KYC

KYC (Know Your Customer) procedures are carried out by Sumsub ID to ensure user identity verification and compliance with regulatory standards. The verification process includes ID verification, liveness detection, face match, as well as email or phone number verification.

Section 10: Restricted countries

It is important to note that services are not available in certain restricted countries. These prohibited jurisdictions include:

• Afghanistan
• Central African Republic
• Congo
• Cuba
• Guinea
• Haiti
• Islamic Republic of Iran
• Iraq
• Libya
• Mali
• Myanmar
• North Korea
• Russian Federation
• Belarus
• Somalia
• South Sudan
• Syria
• Ukraine
• Venezuela
• Yemen
• Guam
• Puerto Rico