Terms and Conditions

1.1 Raen Trading Inc., operating as Trader Development Desk (“Trader Development Desk”, “we”, “us”, “our”) is a Delaware C Corporation with its principal place of business at 1200 S Rogers Cir Suite 11, Boca Raton, FL 33487, USA.

1.2 We operate a proprietary trading desk and run an assessment programme through which we identify and select traders for potential placement on the desk. These Terms govern your participation in that assessment programme and your use of our platform at developtraders.com, app.developtraders.com, raentrading.com, and app.raentrading.com (together, the “Platform”) and all related products and services.

1.3 You can contact us at support@developtraders.com or by mail to the address in Clause 22.

2.1 Our assessment programme is available under two paid entry tiers, followed by a live-desk placement tier for participants who successfully progress:

2.2 SIMULATED ENVIRONMENT: Assessment Only and Assessment + Development are conducted entirely in a simulated trading environment using our Trading Platform. No real capital is deployed during either assessment tier. Simulated trading results do not reflect actual trading results and are not indicative of future performance with real capital on the Live Desk.

2.3 Successful completion of Assessment Only or Assessment + Development does not guarantee: (i) progression to the Live Desk; (ii) an offer of a place on the live trading desk; (iii) any capital allocation; or (iv) any income or profit share. All decisions regarding desk placement are made by Trader Development Desk in its sole and absolute discretion.

2.4 The performance targets, risk parameters, time limits, and other conditions applicable to each tier (‘Performance Guidelines’) are set out on the Platform and may be updated by Trader Development Desk from time to time on reasonable notice. Performance Guidelines differ by tier (Assessment Only, Assessment + Development, Live Desk) and, where applicable, by cohort under Clause 2.7 (Existing Participants).

2.5 The information provided through the Services is not intended for distribution to or use by any person or entity in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Trader Development Desk to any registration requirement. Persons who access the Platform from outside the United States do so on their own initiative and are solely responsible for compliance with local laws.

2.6 Our Platform complies with applicable CFTC regulations, including Rule 4.41 regarding disclosure of hypothetical or simulated trading results, and applicable NFA and SEC rules. We implement AML and KYC procedures as required.

2.7 Existing Participants. Participants who were enrolled in Phase 1 of the assessment programme prior to October 1, 2026 will continue to be assessed under the performance targets, risk parameters, and fee terms that applied to them immediately before that date, for so long as they remain continuously enrolled. Participants who were enrolled in Phase 2 of the assessment programme prior to October 1, 2026 will instead be transitioned to the Assessment + Development tier at no additional monthly subscription fee, with unlimited resets as set out in Clause 2.1(b) and Clause 2.8, and with their existing fee-refund eligibility carried over unchanged. If a Phase 1 participant voluntarily cancels their enrollment and re-registers, their re-registration is treated as a new enrollment under the tier structure and Performance Guidelines then in effect, and any fee-refund eligibility tied to their prior enrollment (including under Clause 4.4) does not carry over.

2.8 Reset Limits and Account Closure (Assessment Only). Assessment Only participants are permitted a maximum of three (3) resets of their assessment account. Where a participant fails their assessment for a third time, that is, all three permitted resets have been used - that assessment account is permanently closed and no further resets will be issued on it. To continue participating in the assessment programme, the participant must purchase a new Assessment Only or Assessment + Development account at the then-current subscription fee set out in Clause 4.2. This reset limit applies to Assessment Only only. Assessment + Development participants are not subject to a reset limit and may reset their assessment account an unlimited number of times.

No performance report is issued when an account is closed under this Clause 2.8.

2.8A Effect of Account Closure: Where an Assessment Only account is closed under Clause 2.8 following a third failed reset, that closure is final. The participant may not appeal the closure, request a further reset of that account, or receive any refund or credit of fees already paid in respect of that account. The participant's assessment history on the closed account does not carry over to any account subsequently opened under Clause 2.10.

2.9 Upgrading and Downgrading Between Tiers:

2.10 Re-enrollment Following Account Closure:

3.1 To register for the assessment programme, you must: (i) be at least 18 years of age; (ii) have legal capacity to enter into a binding agreement; (iii) not be a resident of any jurisdiction where participation is prohibited by applicable law; and (iv) provide accurate, complete, and current registration information.

3.2 You may only hold one active account. Creating multiple accounts to circumvent performance targets, reset limits, or otherwise manipulate the assessment process is a material breach of these Terms and may result in immediate removal and forfeiture of any fees paid.

3.3 You are responsible for maintaining the confidentiality of your login credentials. You must not share access to your account with any third party. Any activity on your account will be treated as your own.

3.4 By using the Services you represent and warrant that: (i) all registration information you submit will be true, accurate, current, and complete; (ii) you will maintain the accuracy of such information; (iii) you have legal capacity and agree to comply with these Terms; (iv) you are not a minor in the jurisdiction in which you reside; (v) you will not access the Services through automated or non-human means, whether through a bot, script, or otherwise; (vi) you will not use the Services for any illegal or unauthorised purpose; and (vii) your use of the Services will not violate any applicable law or regulation.

3.5 We reserve the right to refuse registration, suspend, or revoke access at any time where we reasonably believe these Terms have been or are likely to be breached.

4.1 All fees are charged in full at the point of purchase and are strictly non-refundable. By proceeding with payment, you confirm that you have read and agree to this policy.

Upon submission of payment, your assessment is activated and Trader Development Desk immediately incurs infrastructure and platform costs on your behalf. These costs are committed in full at the time of sign-up and cannot be recovered.

Please also note that cancellation of your assessment takes effect immediately upon confirmation. Access to your account, platform, and all associated services will be terminated at the point of cancellation. No access will be provided beyond the cancellation date, and no refunds or credits will be issued for any remaining period.

4.2 Assessment Only is subject to a monthly subscription fee of $389, and Assessment + Development is subject to a monthly subscription fee of $789, in each case as displayed on the Platform at the time of registration and subject to change per Clause 4.7. Fees are charged in advance and are non-refundable except as set out in this Clause 4.

4.3 There is no free assessment tier. Participants who want access to desk resources, performance coaching, and structured meetings during their assessment must register for the Assessment + Development. Existing Phase 1 participants as of October 1, 2026 are not affected by this change. Existing Phase 2 participants as of that date will instead be transitioned to the Assessment + Development tier — see Clause 2.7 (Existing Participants) for how that transition works and what is still open about it.

4.4 Fee Refund on First Live Withdrawal: Subject to Clause 4.5, a participant who joins the Live Desk is eligible to have a fee credit applied against their first live desk withdrawal, equal to the $389 monthly Assessment fee multiplied by the total number of subscription payments made in respect of their Qualifying Assessment account (as defined in Clause 4.4A), up to and including the payment covering the month in which they passed. This credit is applied at the time of the first withdrawal and is not paid separately or in advance. The credit is calculated using the $389 Assessment fee rate for each payment made on the Qualifying Assessment account, regardless of whether that account was enrolled under Assessment Only or Assessment + Development. It reflects only the Assessment-rate portion of fees paid and does not include the additional portion of any Assessment + Development subscription fee charged on that account.

4.4A Fee Credit Applies to the Qualifying Assessment: The fee credit described in Clause 4.4 applies only to the subscription fees paid in respect of the specific Assessment Only or Assessment + Development account on which the participant successfully completed their assessment and received a live desk placement offer (the “Qualifying Assessment”). It does not apply to subscription fees paid in respect of any other account held by the same participant, including any account closed under Clause 2.8 or any account opened under Clause 2.10, whether those fees were paid before or after the Qualifying Assessment.

4.5 The fee credit in Clause 4.4 is conditional on: (i) the participant completing Assessment Only or Assessment + Development in accordance with these Terms; (ii) the participant being offered and accepting a place on the Live Desk under a separate Live Trading Agreement; and (iii) the participant reaching their first live desk withdrawal. No credit or refund is payable where a participant voluntarily withdraws from the programme, is removed for breach of these Terms or any associated agreement, or does not reach a first live desk withdrawal for any reason.

4.5A Notwithstanding the foregoing, the following legacy refund terms apply solely to participants who enrolled in the January 30, 2025 Phase 001 cohort (the “Legacy Offer”).

4.5B Definitions. “Legacy Offer” means the promotional Phase I refund available only to participants who enrolled in Phase I on January 30, 2025 (CEST). “Effective Date” means January 30, 2025 (CEST). The Legacy Offer was time-limited and scheduled to sunset; that sunset has been extended to the date stated in Clause 4.4C.

4.5C Sunset and Eligibility. The Legacy Offer sunsets at 23:59 CEST on September 14, 2025 (“Sunset Date”). To receive a refund under the Legacy Offer, you must: (i) have enrolled on January 30, 2025 (CEST); (ii) pass Phase I on or before the Sunset Date; (iii) submit a refund request within 14 days of passing; and (iv) maintain your account in good standing (no unpaid fees, sanctions, or violations). Refunds are issued to the original funding source within 30 days of validation. One refund per participant.

4.5D Automatic Conversion after Sunset. The Desk-First Refund Program (formerly known as Raen's Desk-First Refund Program) applies to eligible participants from the 30 January 2025 cohort. The terms of the programme are unchanged; only the name has been updated. If you do not pass Phase I by the Sunset Date, your eligibility automatically converts to Trader Development Desk's Desk-First Refund Program. Under Desk-First, your Phase I fee is credited against your first payout after joining Trader Development Desk, subject to standard payout rules and account good standing. No separate action is required to convert.

4.6 All payments shall be in US dollars. We accept Visa, Mastercard, American Express, and Discover. You agree to provide current, complete, and accurate payment information and to promptly update it as necessary.

4.7 We reserve the right to adjust our fee structure for new registrations at any time. Any change will be communicated on the Platform and will not affect fees already paid by existing participants for their current billing period.

4.8 Trading Costs on Live Desk. Live Desk participants are not billed separately for trading commissions, exchange fees, or platform and market data costs. These costs are deducted directly from the participant's trading account balance as incurred.

5.1 You agree to participate in the assessment programme honestly, professionally, and in good faith at all times.

5.2 The following conduct is strictly prohibited and constitutes a material breach of these Terms:

• Coordinating trades or strategies with other participants in a manner designed to artificially inflate performance metrics or circumvent risk parameters;
• Providing false, misleading, or incomplete information at registration or at any point during the assessment;
• Attempting to access, reverse-engineer, exploit, or circumvent any technical or operational aspect of the Platform or its underlying systems;
• Creating multiple accounts or accessing or using another person's account;
• Recording, screenshotting, screen-recording, or otherwise capturing any content from the Platform, the Trader Development Desk Virtual Trading Floor, group sessions, mentorship sessions, or any desk communications channel;
• Sharing, posting, publishing, uploading, or broadcasting any Platform content, Trader Development Desk Virtual Trading Floor content, desk communications, or information about other participants or Trader Development Desk Personnel on social media, forums, review sites, messaging applications, or any other public or semi-public channel;
• Making any statement, post, or communication (including on social media) that is abusive, defamatory, or that places Trader Development Desk, its Personnel, or other participants in a false or negative light;
• Representing yourself as an employee, agent, contractor, representative, or affiliate of Trader Development Desk in any context, whether online or offline;
• Using any information obtained through the Platform or Desk Resources for any commercial purpose outside of the assessment;
• Systematically retrieving data or other content from the Services to create or compile a collection, database, or directory without our written permission;
• Uploading or transmitting viruses, Trojan horses, or other harmful material that interferes with the Platform or other users' use of it;
• Harassing, threatening, intimidating, or abusing any Trader Development Desk Personnel or other participant;
• Using the Services in a manner inconsistent with any applicable laws or regulations.

5.3 We reserve the right to remove you from the assessment programme immediately and without refund in the event of any actual or suspected prohibited conduct. We may also take any other steps available to us, including legal action where appropriate.

6.1 Assessment + Development and Live Desk participants are granted access to certain desk resources including the Trader Development Desk Virtual Trading Floor (Trader Development Desk's virtual trading office environment), comms channels, group sessions, and mentorship content (together, ‘Desk Resources’). Assessment Only participants have read-only access to firm-wide communications but do not have access to Desk Resources. Access is personal to you and may not be shared, transferred, or delegated.

6.2 All information, content, and communications accessible through Desk Resources are strictly confidential (“Confidential Information”). This includes, without limitation: the identity and trading information of other participants; the content of mentorship and group sessions conducted on or through the Trader Development Desk Virtual Trading Floor; risk parameters and trading guidelines; Trader Development Desk Personnel information; and any internal Trader Development Desk communications or materials.

6.3 You must not disclose, share, reproduce, or otherwise make available any Confidential Information to any third party, for any purpose, without our prior written consent. This obligation applies without limit in time and survives termination of your participation.

6.4 In particular, you must not: (i) post, upload, or share any content from the Trader Development Desk Virtual Trading Floor or any other Desk Resource on social media platforms (including but not limited to X/Twitter, Reddit, Discord, TikTok, LinkedIn, YouTube, or Facebook), messaging applications, forums, or any other online or offline channel; or (ii) reference, describe, or allude to specific communications, incidents, or interactions that occurred within the Trader Development Desk Virtual Trading Floor in any public or semi-public forum, even in anonymised or paraphrased form.

6.5 Upon written request by Trader Development Desk, or upon the termination of your participation for any reason, you shall promptly return or permanently delete all Confidential Information in your possession or control, including all copies, extracts, and summaries in any medium.

6.6 We reserve the right to suspend, restrict, or terminate your access to the Trader Development Desk Virtual Trading Floor and any or all Desk Resources at any time, with or without notice, including where we reasonably suspect a breach of these Terms.

6A.1 This Clause 6A applies to all participants, in addition to Clause 6. By participating in the assessment programme and accessing any Trader Development Desk communication channel, including the Trader Development Desk Virtual Trading Floor, comms channels, group sessions, webinars, or any other desk environment we make available to you. You agree to these general non-disclosure terms as a condition of that access.

6A.2 You must not publicly disclose, post, or share, in any online or public forum (including social media, forums, review sites, or messaging applications visible to people outside the desk environment), any information about other participants, including their identity, trading performance, statistics, results, or account status.

6A.3 You must not publicly disclose, post, or share the content of any communication that takes place within a Trader Development Desk communication channel, or otherwise identify or describe interactions with other participants or Trader Development Desk Personnel outside that channel, without our prior written consent.

6A.4 Participants enrolled in Assessment + Development or placed on the Live Desk may be asked to sign a separate, more detailed Non-Disclosure Agreement specific to their participation. Where a separate agreement applies, it supplements and does not replace this Clause 6A.

7.1 Trader Development Desk's employees, contractors, mentors, risk managers, and other representatives (“Personnel”) interact with participants in a professional capacity on behalf of Trader Development Desk. No individual member of Personnel acts in a personal capacity in connection with the assessment programme, and no statement or conduct by any Personnel member constitutes a personal representation or commitment by that individual.

7.2 No statement, communication, or conduct by any member of Personnel constitutes a binding representation or warranty by Trader Development Desk unless confirmed in writing and signed by an authorised officer of Raen Trading Inc., operating as Trader Development Desk.

7.3 In particular, no member of Personnel has authority to: (i) guarantee a desk placement or capital allocation; (ii) amend or waive these Terms or any associated agreement; (iii) commit Trader Development Desk to any obligation not set out in a written agreement signed by an authorised officer of Raen Trading Inc., operating as Trader Development Desk; or (iv) make representations about Trader Development Desk's capital, investors, partners, or business beyond what is set out in Trader Development Desk's publicly available information.

7.4 If you experience any communication from a member of Personnel that you consider inappropriate, unprofessional, or inconsistent with these Terms, you must raise it with Trader Development Desk management in writing at support@developtraders.com. You must not post about it publicly, including on social media or review platforms, before doing so.

7.5 Trader Development Desk takes all complaints about Personnel conduct seriously and will investigate promptly. We reserve the right to take appropriate action, including disciplinary action, in response to any substantiated complaint.

8.1 Participation in the assessment programme does not create, and is not intended to create, any relationship of employment, agency, partnership, joint venture, or any other form of commercial engagement between you and Trader Development Desk. You are not an employee, worker, contractor, agent, or representative of Trader Development Desk at any stage of the assessment.

8.2 You have no authority to make any statement, enter into any agreement, incur any obligation, or otherwise act on behalf of Trader Development Desk. You must not represent yourself as representing Trader Development Desk in any capacity, including to other traders, on social media, or in any other public or private forum.

8.3 If you are offered and accept a place on the Live Desk, the terms of that arrangement — including applicable profit-sharing percentages and risk limits — will be set out in a separate written Live Trading Agreement. Nothing in these Terms constitutes or implies an offer of any such arrangement or any specific profit-sharing percentage.

9.1 We are the owner or licensee of all intellectual property rights in our Services, including all source code, databases, functionality, software, website designs, audio, video, text, photographs, and graphics (the “Content”), as well as the trademarks, service marks, and logos contained therein (the “Marks”). These are protected by copyright, trademark, and other intellectual property laws in the United States and internationally.

9.2 All materials, content, data, tools, methodologies, and intellectual property made available through the Platform or Desk Resources remain the exclusive property of Trader Development Desk or its licensors. No right, title, or interest in such materials is transferred to you by virtue of your participation in the assessment.

9.3 Subject to your compliance with these Terms, we grant you a limited, personal, non-transferable, revocable licence to access and use the Platform and Desk Resources solely for the purpose of participating in the assessment. You may download or print a copy of any portion of the Content to which you have properly gained access solely for your personal, non-commercial use.

9.4 You must not copy, reproduce, adapt, reverse-engineer, or exploit any Content, Marks, or Desk Resource materials for any purpose other than participation in the assessment. Any breach of these Intellectual Property Rights will constitute a material breach of these Terms and your right to use the Services will terminate immediately.

9.5 By directly sending us any question, comment, suggestion, idea, feedback, or other information about the Services (“Submissions”), you agree to assign to us all intellectual property rights in such Submission. You agree that we shall own this Submission and be entitled to its unrestricted use and dissemination for any lawful purpose without acknowledgment or compensation to you.

10.1 Simulated Trading Disclaimer. All trading conducted during Assessment Only and Assessment + Development is simulated using our Trading Platform. Simulated performance is not indicative of actual trading results. There is no guarantee that a participant who performs well in the simulated environment will perform comparably with real capital on the Live Desk. Trading in financial markets involves significant risk, including the risk of total loss of capital.

10.2 No Financial Advice. Nothing provided by Trader Development Desk, including mentorship content, risk manager guidance, group session content on the Trader Development Desk Virtual Trading Floor, or Platform materials, constitutes financial advice, investment advice, or a personal recommendation. All such content is provided for educational and assessment purposes only.

10.3 No Guarantee of Desk Placement. Successful completion of Assessment Only or Assessment + Development does not guarantee a place on the Live Desk, a capital allocation, or any income or profit share. All desk placement decisions are made by Trader Development Desk in its sole discretion.

10.4 Testimonials. Any testimonials or participant quotes displayed on our website or Platform reflect the individual experiences of those participants. Individual results vary. Testimonials are not a guarantee of similar outcomes.

10.5 Platform Availability. The Services are provided on an as-is and as-available basis. We do not guarantee that the Platform or Desk Resources will be available at all times or free from errors. We will use reasonable endeavours to maintain availability but accept no liability for interruptions, technical failures, or data loss outside our reasonable control.

10.6 General Disclaimer. To the fullest extent permitted by law, we disclaim all warranties, express or implied, in connection with the Services and your use thereof, including the implied warranties of merchantability, fitness for a particular purpose, and non-infringement.

11.1 To the fullest extent permitted by applicable law, Trader Development Desk's total aggregate liability to you under or in connection with these Terms shall not exceed the total assessment fees paid by you to Trader Development Desk in the 12 months preceding the event giving rise to the claim.

11.2 In no event will Trader Development Desk or its directors, employees, or agents be liable to you or any third party for any indirect, consequential, exemplary, incidental, special, or punitive damages, including lost profit, lost revenue, loss of opportunity, loss of data, or other damages arising from your use of the Services, even if we have been advised of the possibility of such damages.

11.3 Nothing in these Terms excludes or limits liability for fraud, wilful misconduct, or any other liability that cannot be excluded by applicable law. Certain US state laws and international laws do not allow limitations on implied warranties or the exclusion or limitation of certain damages. If these laws apply to you, some or all of the above disclaimers or limitations may not apply to you, and you may have additional rights.

12.1 You may withdraw from the assessment programme at any time by notifying us in writing at support@developtraders.com. Withdrawal does not entitle you to a refund of any fees paid, except as set out in Clause 4.

12.2 We reserve the right to suspend or permanently remove you from the assessment programme at any time, with or without notice, where:

• We reasonably believe you have breached these Terms or any associated agreement;
• Your conduct is abusive, threatening, or otherwise unprofessional toward Trader Development Desk Personnel or other participants;
• You have engaged in any prohibited conduct as set out in Clause 5;
• You have posted content from the Trader Development Desk Virtual Trading Floor or any Desk Resource on any external platform without authorisation;
• We consider, in our reasonable opinion, that your continued participation is contrary to the integrity of the assessment or the interests of Trader Development Desk or other participants;
• You have made any public statement that we reasonably consider to be defamatory, misleading, or damaging to Trader Development Desk, its Personnel, or other participants.

12.3 Removal for breach of these Terms will result in forfeiture of all fees paid and disqualification from any further participation in the assessment programme. We reserve the right to take further action, including legal proceedings, where appropriate.

12.4 Without limiting any other provision of these Terms, we reserve the right, in our sole discretion and without notice or liability, to deny access to and use of the Services to any person for any reason, including blocking certain IP addresses.

12.5 On withdrawal or removal: your access to the Platform and all Desk Resources, including the Trader Development Desk Virtual Trading Floor, will cease immediately; your confidentiality obligations under Clause 6 continue without limit in time; and you must promptly delete all Confidential Information in your possession.

12.6 If we terminate or suspend your account for any reason, you are prohibited from registering and creating a new account under your name, a fake or borrowed name, or the name of any third party.

13.1 If you have a complaint about any aspect of the assessment programme, including the conduct of Trader Development Desk Personnel, please contact us in writing at support@developtraders.com with the subject line “Formal Complaint”. Please include: your full name; your account username; the date(s) of the relevant events; the name of any Personnel involved (if applicable); and a clear description of your complaint.

13.2 We will acknowledge your complaint within 3 Business Days and aim to provide a substantive response within 10 Business Days.

13.3 We ask that you raise any complaint through this process before taking any external action, including posting publicly about your complaint on social media or review platforms. We are committed to resolving complaints promptly and fairly.

14.1 Billing and Renewal. Your Assessment Only or Assessment + Development subscription will continue and automatically renew on a monthly basis unless cancelled. You consent to our charging your payment method on a recurring basis without requiring your prior approval for each recurring charge, until such time as you cancel.

14.2 Cancellation. You can cancel your subscription at any time by logging into your account. Your cancellation will take effect immediately upon confirmation, and access to your account, platform, and all associated services will be revoked at that point.

14.3 Fee Changes. We may from time to time make changes to the subscription fee and will communicate any price changes to you in accordance with applicable law.

15.1 The Services may contain links to other websites (“Third-Party Websites”) as well as content belonging to or originating from third parties (“Third-Party Content”). Such Third-Party Websites and Content are not investigated, monitored, or checked for accuracy or completeness by us, and we are not responsible for any Third-Party Websites or Content.

15.2 Inclusion of or linking to any Third-Party Websites or Content does not imply approval or endorsement by us. If you decide to access Third-Party Websites, you do so at your own risk and these Terms no longer govern. Any purchases you make through Third-Party Websites are exclusively between you and the applicable third party.

16.1 We reserve the right, but not the obligation, to: (i) monitor the Services for violations of these Terms; (ii) take appropriate legal action against anyone who, in our sole discretion, violates the law or these Terms, including reporting such user to law enforcement; (iii) in our sole discretion and without limitation, refuse, restrict access to, limit the availability of, or disable any content or portion of the Services; and (iv) otherwise manage the Services in a manner designed to protect our rights and property and to facilitate the proper functioning of the Services.

16.2 We reserve the right to change, modify, or remove the contents of the Services at any time at our sole discretion without notice, and to modify or discontinue all or part of the Services without notice at any time. We will not be liable to you or any third party for any modification, price change, suspension, or discontinuance of the Services.

17.1 We care about data privacy and security. Please review our Privacy Policy at https://www.developtraders.com/privacy-policy. By using the Services, you agree to be bound by our Privacy Policy, which is incorporated into these Terms.

17.2 The Services are hosted in the United States. If you access the Services from any other region of the world with laws governing personal data collection, use, or disclosure that differ from US law, then through your continued use of the Services, you are transferring your data to the United States and expressly consent to have your data transferred to and processed in the United States.

18.1 We will maintain certain data that you transmit to the Services for the purpose of managing the performance of the Services, as well as data relating to your use of the Services. Although we perform regular routine backups, you are solely responsible for all data that you transmit or that relates to any activity you have undertaken using the Services.

18.2 You agree that we shall have no liability to you for any loss or corruption of any such data, and you hereby waive any right of action against us arising from any such loss or corruption.

19.1 Visiting the Services, sending us emails, and completing online forms constitute electronic communications. You consent to receive electronic communications and agree that all agreements, notices, disclosures, and other communications we provide to you electronically satisfy any legal requirement that such communication be in writing.

19.2 You agree to the use of electronic signatures, contracts, orders, and other records, and to electronic delivery of notices, policies, and records of transactions initiated or completed by us or via the Services. You waive any rights or requirements under any applicable laws which require an original signature, delivery or retention of non-electronic records, or payments or the granting of credits by non-electronic means.

20.1 There may be information on the Services that contains typographical errors, inaccuracies, or omissions, including descriptions, pricing, and availability. We reserve the right to correct any errors, inaccuracies, or omissions and to change or update the information on the Services at any time, without prior notice.

21.1 Entire Agreement. These Terms, together with any Assessment Participation Agreement, Non-Disclosure Agreement, Live Trading Agreement, and Privacy Policy entered into between the parties, constitute the entire agreement between you and Trader Development Desk relating to your participation in the assessment programme. They supersede all prior representations, discussions, and understandings.

21.2 Variation. We may update these Terms from time to time. We will notify you of material changes via email or a notice on the Platform. Continued participation following notification of a change constitutes acceptance of the updated Terms.

21.3 Waiver. Our failure to exercise or enforce any right or provision of these Terms shall not operate as a waiver of that right or provision.

21.4 Severability. If any provision of these Terms is determined to be unlawful, void, or unenforceable, that provision is deemed severable from these Terms and does not affect the validity and enforceability of any remaining provisions.

21.5 Assignment. We may assign any or all of our rights and obligations to others at any time. You may not assign your rights or obligations under these Terms without our prior written consent.

21.6 Indemnification. You agree to defend, indemnify, and hold us harmless, including our subsidiaries, affiliates, and all of our respective officers, agents, partners, and employees, from and against any loss, damage, liability, claim, or demand, including reasonable legal fees, arising out of: (i) your use of the Services; (ii) breach of these Terms; (iii) any breach of your representations and warranties set out in these Terms; (iv) your violation of the rights of a third party, including intellectual property rights; or (v) any overt harmful act toward any other user of the Services.

21.7 Force Majeure. We shall not be responsible or liable for any loss, damage, delay, or failure to act caused by any cause beyond our reasonable control.

21.8 Governing Law. These Terms are governed by and construed in accordance with the laws of the State of Delaware, USA, without regard to its conflict of law principles.

21.9 Dispute Resolution. Any dispute arising out of or in connection with these Terms that cannot be resolved amicably between the parties shall be submitted to binding arbitration under the Rules of the International Chamber of Commerce (ICC), conducted in the English language. Nothing in this clause prevents either party from seeking emergency injunctive relief from a court of competent jurisdiction.

21.10 No Joint Venture. There is no joint venture, partnership, employment, or agency relationship created between you and Trader Development Desk as a result of these Terms or your use of the Services.

21.11 Electronic Form. You hereby waive any defences based on the electronic form of these Terms and the lack of physical signing by the parties hereto.

22 In order to resolve a complaint or receive further information about the Services, please contact us at: Raen Trading Inc., operating as Trader Development Desk, 1200 S Rogers Cir, Suite 11, Boca Raton, FL 33487, United States. support@developtraders.com