Risk Disclosure and Waiver

This document exists to be understood, not to be scrolled past. If you take one thing from it: leveraged trading can cost you more than you deposit, and the firm responsible to you for your money is your brokerage, not Vivalatesse.

1. CFDs are high-risk instruments

A contract for difference is an agreement to exchange the difference in an instrument's price between opening and closing a position. You do not own the underlying asset. CFDs are traded on margin, meaning you put down a fraction of the position's value — so a small move against you can produce a loss that is large relative to what you deposited.

A significant proportion of retail investor accounts lose money trading CFDs. Your brokerage is required in many jurisdictions to publish its own figure for that proportion; ask for it, and read it.

2. What specifically can go wrong

• Leverage cuts both ways. It multiplies losses exactly as it multiplies gains.
• You can lose more than you deposit unless your brokerage provides negative balance protection. Confirm in writing whether yours does.
• Margin calls and stop-outs. Positions may be closed automatically, at a loss, without prior notice, when margin falls below a threshold set by your brokerage.
• Gapping and slippage. Prices can jump. A stop-loss is not a guarantee of the price you will get, and in fast or illiquid markets it may execute far from your level.
• Overnight financing. Holding positions incurs swap or financing charges that accumulate and can erode a position that is otherwise flat.
• Currency risk. If an instrument is denominated differently from your account, exchange-rate moves affect your result independently of the trade.
• Execution and outage risk. Platforms, feeds and connections fail. You may be unable to open, modify or close a position at the moment you most want to.
• Counterparty risk. Your brokerage is your counterparty. If it fails, your recovery depends on how client money is held and on any compensation scheme that covers it.

3. No advice, no guarantees

Nothing published by us, and nothing displayed by our software — prices, signals, analytics, indicators, research, model outputs or educational material — is investment advice, a recommendation, or a solicitation to trade. Past performance does not indicate future results. No projection or simulated result is a promise. If you are unsure whether an instrument suits your circumstances, take independent professional advice before trading.

4. Eligibility and jurisdiction

CFDs are restricted or prohibited for retail clients in a number of jurisdictions, including the United States. Some regulators cap leverage, mandate negative balance protection, or ban certain incentives. You are responsible for ensuring you may lawfully trade these instruments where you live, and your brokerage is responsible for ensuring it may lawfully offer them to you.

5. Our role, and the waiver

Vivalatesse supplies software. We do not hold or control client money, we are not a counterparty to any trade, we do not set spreads, leverage, margin or stop-out policy, and we do not decide whether any order is accepted, filled, rejected or closed. Those are the brokerage's decisions, made under its own authorisation and its own agreement with you.

Accordingly, and to the fullest extent permitted by law, you agree that we are not liable for trading losses, for the acts or omissions of any brokerage or payment provider, or for the accuracy, timeliness or availability of market data supplied by third parties. This does not exclude liability that cannot lawfully be excluded, and it does not affect any right you have against your brokerage or under consumer or client-protection law — those rights are yours and we do not ask you to give them up.

6. Where to take a complaint

Complaints about your account, a deposit, a withdrawal, an execution or a balance go to your brokerage first, and then to its regulator or ombudsman if unresolved. We hold no client funds and have no authority to act on your account. Our Terms of Use set out the rest of the relationship.