{"service":{"name":"eToro","url":"https://www.etoro.com/customer-service/terms-conditions/","lang":"ENG","sector":"Finance","hq":"Israel","hq_category":"Other","is_public":"Private","is_paid":"Optionally paid","date":"January 2022"},"document":{"title":"","text":" \n1 \n \nETORO – EUROPE \nClient Terms and Conditions \n \nJanuary 2022 \n \nThank you for opening an eToro account. These Terms and Conditions were last updated and published on 12 \nJanuary 2022 and set out the different services which we may provide to you. We recommend that you print a \ncopy for your records. \n1. \nABOUT US ............................................................................................................................. 3 \n2. \nOUR SERVICES ....................................................................................................................... 3 \n3. \nREGULATORY STATUS OF OUR SERVICES .................................................................................. 4 \n4. \nLIMITATIONS TO OUR SERVICES .............................................................................................. 5 \n5. \nTHE KEY RISKS OF USING OUR SERVICES ................................................................................. 5 \n6. \nBEST EXECUTION ................................................................................................................... 6 \n7. \nCONFLICTS OF INTERESTS ...................................................................................................... 7 \n8. \nHOW YOUR MONEY IS PROTECTED ........................................................................................... 7 \n9. \nHOW YOU CAN MAKE A COMPLAINT .......................................................................................... 7 \n10. \nCOMMUNICATING WITH YOU ................................................................................................... 8 \n11. \nCLIENT CLASSIFICATION ......................................................................................................... 9 \n12. \nHOW TO OPEN, AND MAINTAIN YOUR ETORO ACCOUNT .............................................................. 9 \n13. \nKEEPING YOUR ETORO ACCOUNT SAFE .................................................................................... 10 \n14. \nHOW TO PAY MONEY INTO, AND TAKE MONEY OUT OF, YOUR ETORO ACCOUNT ........................... 10 \n15. \nHOW WE TREAT YOUR MONEY ................................................................................................. 11 \n16. \nWHEN YOUR MONEY STOPS BEING CLIENT MONEY .................................................................... 12 \n17. \nENTERING INTO TRANSACTIONS – QUOTES ............................................................................. 13 \n18. \nENTERING INTO TRANSACTIONS – PLACING AN ORDER ............................................................. 13 \n19. \nENTERING INTO TRANSACTIONS – MODIFYING YOUR ORDER, CANCELLING YOUR ORDER, OR US NOT \nACCEPTING YOUR ORDER ....................................................................................................... 14 \n20. \nTRANSACTIONS RECORDS ...................................................................................................... 15 \n21. \nFEES AND COSTS .................................................................................................................. 17 \n22. \nRECORDING YOUR COMMUNICATION WITH US ......................................................................... 17 \n23. \nRULES OF TRADING ............................................................................................................... 18 \n24. \nTHE ETORO COMMUNITY AND INFORMATION ON THE ETORO PLATFORM ..................................... 18 \n25. \nRESPONSIBILITY FOR LOSS .................................................................................................... 20 \n26. \nCLOSING OR BLOCKING ACCESS TO YOUR ETORO ACCOUNT AND/OR SERVICES .......................... 20 \n27. \nRIGHT OF SET-OFF, LIENS, AND EQUITABLE CHARGES .............................................................. 21 \n28. \nEVENT OF DEFAULT ............................................................................................................... 21 \n29. \nEXCEPTIONAL EVENTS ........................................................................................................... 22 \n30. \nACKNOWLEDGEMENTS, REPRESENTATIONS AND WARRANTIES .................................................. 23 \n31. \nBEREAVEMENT ...................................................................................................................... 25 \n32. \nASSIGNMENT AND NOVATION ................................................................................................. 25 \n33. \nCHANGING THE TERMS AND CONDITIONS AND/OR OUR SERVICES ............................................. 25 \n34. \nSEVERABILITY ....................................................................................................................... 25 \n35. \nINTELLECTUAL PROPERTY ....................................................................................................... 26 \n36. \nPERSONAL DATA AND PRIVACY ............................................................................................... 27 \n37. \nMARKETING AND PROMOTIONS............................................................................................... 27 \n38. \nREGULATORY REPORTING AND DISCLOSURES .......................................................................... 27 \n39. \nTAXATION ............................................................................................................................ 28 \n40. \nRIGHTS OF THIRD PARTIES .................................................................................................... 28 \n41. \nAPPLICABLE LAW AND REGULATION ........................................................................................ 28 \n42. \nGOVERNING LAW AND JURISDICTION ...................................................................................... 28 \nSCHEDULE A – TRADING CFDS ........................................................................................................ 29 \n1. \nWHAT IS CFD TRADING? ........................................................................................................ 29 \n2. \nOUR CFD TRADING SERVICE ................................................................................................... 29 \n3. \nLIMITATIONS TO OUR CFD TRADING SERVICE .......................................................................... 29 \n4. \nTHE KEY RISKS OF CFD TRADING ............................................................................................ 29 \n5. \nBEST EXECUTION .................................................................................................................. 30 \n6. \nCONFLICTS OF INTEREST ....................................................................................................... 31 \n7. \nUSING LEVERAGE AND MARGIN .............................................................................................. 31 \n8. \nPLACING AN ORDER ............................................................................................................... 32 \n9. \nCLOSING YOUR ORDERS AUTOMATICALLY ................................................................................ 32 \n10. \nFEES AND COSTS .................................................................................................................. 32 \n11. \nCORPORATE EVENTS .............................................................................................................. 32 \n\n \n2 \n \nSCHEDULE B – INVESTING IN SECURITIES ..................................................................................... 37 \n1. \nOUR SECURITIES TRADING SERVICE ....................................................................................... 37 \n2. \nLIMITATIONS TO OUR SECURITIES TRADING SERVICE .............................................................. 37 \n3. \nTHE KEY RISKS OF SECURITIES TRADING ................................................................................ 38 \n4. \nBEST EXECUTION .................................................................................................................. 38 \n5. \nCONFLICTS OF INTEREST ....................................................................................................... 38 \n6. \nPLACING AN ORDER ............................................................................................................... 38 \n7. \nFEES AND COSTS .................................................................................................................. 38 \n8. \nSETTLEMENT ......................................................................................................................... 38 \n9. \nCUSTODY ............................................................................................................................. 39 \n10. \nCORPORATE EVENTS .............................................................................................................. 40 \n11. \nEFFECT OF TERMINATION ....................................................................................................... 41 \n12. \nWE MAY LEND YOUR SECURITIES ............................................................................................ 41 \nSCHEDULE C – TRADING CRYPTOASSETS ........................................................................................ 43 \n1. \nOUR CRYPTOASSETS TRADING SERVICE .................................................................................. 43 \n2. \nINVESTOR PROTECTION AND COMPENSATION .......................................................................... 43 \n3. \nLIMITATIONS TO OUR CRYPTOASSETS TRADING SERVICE ......................................................... 43 \n4. \nPLACING ORDERS .................................................................................................................. 44 \n5. \nUSING LEVERAGE AND MARGIN TRANSACTIONS ....................................................................... 45 \n6. \nTRANSFER OF CRYPTOASSETS ................................................................................................ 46 \n7. \nTHE KEY RISKS OF TRADING CRYPTOASSETS ........................................................................... 46 \n8. \nLIMITATION ON LIABILITY ...................................................................................................... 49 \n9. \nPLACING AN ORDER ............................................................................................................... 51 \n10. \nSTAKING .............................................................................................................................. 51 \n11. \nFEES AND COSTS .................................................................................................................. 52 \n12. \nSETTLEMENT ......................................................................................................................... 52 \n13. \nCUSTODY ............................................................................................................................. 52 \n14. \nOUR RIGHTS AND YOUR RIGHTS IN SPECIAL CIRCUMSTANCES .................................................. 53 \nSCHEDULE D – COPY TRADING ........................................................................................................ 60 \n1. \nWHAT IS COPY TRADING ........................................................................................................ 60 \n2. \nOUR COPY TRADING SERVICE ................................................................................................. 60 \n3. \nCLASSIFICATION OF TRADE .................................................................................................... 60 \n4. \nREGULATORY STATUS OF THE COPY TRADING SERVICE AND SUITABILITY ASSESSMENT ............... 61 \n5. \nLIMITATIONS TO OUR COPY TRADING SERVICE ........................................................................ 61 \n6. \nTHE KEY RISKS OF COPY TRADING .......................................................................................... 61 \n7. \nCONFLICTS OF INTEREST ....................................................................................................... 62 \n8. \nPLACING AN ORDER ............................................................................................................... 62 \n9. \nFEES AND COSTS .................................................................................................................. 63 \n10. \nOUR RIGHTS AND YOUR RIGHTS IN SPECIAL CIRCUMSTANCES .................................................. 63 \n11. \nLIABILITY ............................................................................................................................. 63 \n \n \n \n\n \n3 \n \nPART 1 – YOUR RELATIONSHIP WITH US \n1. \nAbout us \n1.1 \nThese Terms and Conditions which include the Schedules, any express consents given by you from \ntime to time, and any documents we refer to, including the General Risk Disclosure, Conflicts of Interest \nPolicy, the Best Execution and Order Handling Policy and the Privacy Notice, form the agreement \nbetween you, eToro (Europe) Limited (\"eToro Europe\", \"we\", \"us\", and \"our\"), and, where applicable, \neToro Germany GmbH for German residents trading cryptoassets only. We refer to all these documents \nas the \"Agreement\". You expressly agree to the terms of the Agreement and we will also treat your \naccess to and use of our Services (our \"Services\" are explained in clause 2 below) as acceptance of \nthe terms of the Agreement. \n1.2 \nYou are responsible for checking our website periodically in order to review the current version of the \nTerms and Conditions. Please contact us if you have any questions. Our contact details are available in \nclause 10 – \"Communicating with you\" below. \n1.3 \neToro (Europe) Limited is authorised and regulated by the Cyprus Securities Exchange Commission \n(\"CySec\") with reference number 109/10. Its registered office and principal place of business is at \nKIBC (Kanika International Business Center) 7th floor, 4 Profiti Ilias Street, Germasogia 4046, Limassol, \nCyprus.  \n1.4 \nThe CySEC's contact details are as follows: \nOffice Address: 19 Diagorou Str. CY-1097 Nicosia, Cyprus \nTelephone: +357 22506600 \nPostal Address: P.O BOX 24996, 1306 Nicosia, Cyprus \n2. \nOur Services \n2.1 \nWe provide a digital trading platform, which can be accessed via a mobile and/or web-based application, \nwhere you can: \n(a) \ntrade contracts for differences (\"CFDs\"); \n(b) \ninvest in securities; \n(c) \ntrade cryptoassets; \nwe call the above the \"Trading Services\"; and \n(d) \ntrade CFDs, invest in securities, and/or trade cryptoassets, by copying the trades of other \ncustomers who trade on the eToro platform, or by copying trades in a portfolio which we have \nput together, which we call the \"Copy Trading Services\". \n2.2 \nWe also provide relevant custody services for your trades and copy trades. \n2.3 \nWhen we say \"Services\", we are talking about all of our services as described above, which includes \nthe Trading Services, the Copy Trading Services, the custody services and other related services. \n2.4 \nSome of the terms in the Agreement only apply to certain Services. If you do not use those Services, \nthen those terms will not be a part of your Agreement with us. We will always be clear which terms \napply to which Service, but please contact us if anything is unclear. \n \n \n\n \n4 \n \n2.5 \nYou should read the Parts 1 to 5, as well as the Schedule(s) that apply to the Services that you use, \nas follows: \nParts 1 to 5: applies to all eToro Europe customers \nSchedule A: applies if you trade contracts for differences (\"CFDs\") \nSchedule B: applies if you invest in or trade securities \nSchedule C: applies if you trade cryptoassets \nSchedule D: applies if you use the Copy Trading Services \n \n3. \nRegulatory status of our Services \nTrading Services and the Appropriateness Assessment \n3.1 \nThe Trading Services is an execution-only service. This means that you will be responsible for all \ninvestment decisions and actions with respect to the trades that you enter into. This includes, but is \nnot limited to, opening, closing, or not opening or closing, a transaction. The capacities that we trade \nin on your behalf, including whether as principal or as agent, are set on in the Schedule(s) that apply \nto the Services that you use. \n3.2 \nYou may be trading a complex product, for example CFDs, when you use our Trading Services. Before \nyou trade in a complex product, we are required to assess whether the product is appropriate for you \n(the \"Appropriateness Assessment\"). We do this by obtaining from you information about your \ninvestment knowledge and experience in trading such products, and assessing that information.  \n3.3 \nIf we consider that the complex product is inappropriate for you, or if you do not provide us with the \nrequired information to conduct the Appropriateness Assessment, we may not allow you to trade in \nsuch instruments or we will provide you with a warning in relating to the trading of such instruments. \nCopy Trading Services and the Suitability Assessment  \n3.4 \nThe Copy Trading Services is a limited form of discretionary investment management. This means that, \nbefore you can engage in a copy trade, we are required to assess whether our services are suitable for \nyou (the \"Suitability Assessment\"). This is done by obtaining from you information about your \ninvestment knowledge and experience in copy trading, your investment objectives, including your risk \ntolerance, and your financial situation, including whether you can financially bear losses consistent with \nyour investment objective.  \n3.5 \nIf we consider that our Copy Trading Services are not suitable for you as a result of the Suitability \nAssessment, in accordance with our obligations under Applicable Law and our internal policy and \nprocedures, or if you do not provide us with the required information to conduct the Suitability \nAssessment, you will not be able to enter into copy trades on the eToro platform. \n3.6 \nWe may update your Suitability Assessment from time to time. If there has been a change to your \nknowledge, experience, financial situation, or investment objectives, including your risk tolerance, you \nshould advise us, so that we can update your Suitability Assessment. \nInformation provided by you \n3.7 \nYou agree and acknowledge that the Appropriateness Assessment and/or the Suitability Assessment \nare performed on the basis of information and documents provided by you, and we may rely upon the \ninformation and documents provided by you and we are not responsible for any damages or losses \nwhich may arise from any inaccuracies. In addition, you agree to immediately notify us of any changes \nto the information and documents which you have provided, and to provide use with up to date, \naccurate and complete information to enable us to conduct each Appropriateness Assessment, and/or \nSuitability Assessment, at our reasonable request. \n \n \n\n \n5 \n \n4. \nLimitations to our Services \n4.1 \nWe do not provide personalised investment recommendations or investment or tax related advice. Any \nexplanation or information which we give to you as part of a trade, or a copy trade, or about the \nperformance of the trade or copy trade is not intended to be, and should not be considered as advice. \n4.2 \nThe eToro trading platform is not an exchange or a market. This means that: \n(a) \nyou can only enter into trades and investments with us on the platform, and not third parties; \n(b) \nall trades opened on our platform must be closed on our platform; \n(c) \nall products which you purchase on our platform can only be sold on our platform, and not a \nthird party platform; \n(d) \nyou will generally not be able to transfer products into your eToro account, out of your eToro \naccount or to a third party at any time. However, we reserve the right to permit and support \nthis functionality at our discretion, including, for example, the ability for you to transfer certain \nproducts between your eToro account and electronic wallets operate by an eToro Europe affiliate; \nand \n(e) \nour prices will be different from the prices provided by other brokers, the market price, as well \nas the current prices on any exchanges or trading platforms. \n4.3 \nTherefore, you expressly consent to us executing orders outside of a regulated market, multilateral \ntrading facility, or organised trading facility, in the manner described in these Terms and Conditions, \nthe relevant Schedule, and the Best Execution and Order Handling Policy. \n4.4 \nWe may not provide all of our Services to customers domiciled in certain countries due to restrictions \nunder Applicable Law, or restrictions under our internal policies (these are known as \"restricted \ncountries\"). If you are a resident of a restricted country, you may be able to access some of our \nServices, but not all of our Services. We may change the list of restricted countries, as well as the \nServices that are available in a restricted country, from time to time. For further information, please \nspeak to us, our contact details are available in clause 10 – \"Communicating with you\". \n4.5 \nWe will not accept applications for eToro accounts from residents domiciled in Canada, or residents or \ncitizens of the United States of America, as well as other countries as required by Applicable Law, or \nrequired by our internal policies from time to time (these are known as \"blocked countries\"). We may \nchange the list of blocked countries from time to time. For further information, please speak to us. Our \ncontact details are available in clause 10 – \"Communicating with you\".  \n4.6 \nOur Services may not be available in a blocked country. If you are travelling to a blocked country, you \nmay not have access to your eToro account or any of our Services. This restriction applies even if you \ndo not normally reside in the blocked country. We are not liable for any loss which results from your \ninability to access the eToro platform because you are in a blocked country, or if caused by \ncircumstances outside of our control. \n5. \nThe key risks of using our Services \n5.1 \nThe risk of using our Services, is that you could lose all your money which you have deposited into \nyour eToro account. Therefore you should not trade or invest money that you cannot afford to lose. It \nis important that you fully understand the risks involved before deciding to trade with us in light of \nyour financial resources, level of experience, and risk appetite. If required, you should seek advice from \nan independent financial advisor.  \n5.1 \nThe actual returns and losses experienced by you will vary depending on many factors, including, but \nnot limited to, market behaviour, market movement, and your trade size.  \n5.2 \nThe value of your investments may go up or down. \n5.3 \nPast performance is not a guide to future performance. \n\n \n6 \n \n5.4 \nYour eToro account and our Services are provided in US Dollars. This means that transactions with \neToro will carry an inherent foreign exchange risk, unless all the money that you put into and take out \nof your eToro account is in US Dollars.  \n5.5 \nMore information on the risks associated with using each of the Services is set out in each Schedule, \nthe General Risk Disclosure, and on our website. \nDigital trading platform \n5.6 \nWhen you trade on a digital platform, such as the eToro platform, there is a risk that you will lose \nmoney as a result of: \n(a) \nthe failure of your computer/mobile/digital device (including its battery); \n(b) \na weak internet connection, or a weak mobile connection, which means you may not be able to \nconnect to the eToro trading platform, or if you are able to connect there may be a delay; \n(c) \nhacking or the use of malicious software that allows a third party to gain access to your \ninformation and/or assets; \n(d) \nyour device being incompatible with the eToro trading platform or system specifications, \nincluding due to incorrect settings or system specifications; \n(e) \nthe failure or malfunction of eToro's or your hardware or software; and/or \n(f) \nyour non-adherence with the eToro Security Guidance, available on our website at \nhttps://www.etoro.com/customer-service/etoro-security-guidelines/.  \n5.7 \nSome of the features available on the eToro trading platform may not be available if you are accessing \nthe platform on a mobile device. \nYou must monitor your trades \n5.8 \nIf you believe you have an order or trade that is not showing on the eToro trading platform, or have \nany other issue or problem with any order or trade, you should contact us immediately.  \n6. \nBest execution \n6.1 \nWe are required to take sufficient steps to achieve the best possible result for you, on a consistent \nbasis, when providing our Services. Our Best Execution and Order Handling Policy sets out the \nprocedures that we follow as well as the relevant market factors that we take into account as part of \nour best execution obligation. This policy, which may be amended from time to time, forms part of our \nAgreement with you and is available on our website. \n6.2 \nWe understand that the best execution result is one that produces the best possible financial result for \nyou, and that the \"best possible financial result\" is the best possible result in combination across all \nyour trades. This means that some trades, taken individually, may be less favourable. Where we \nreasonably believe that it is in the overall best interest of all our clients, we may combine your order \nwith our own orders or those of other clients, or we may split your orders. Best interests are not solely \ndetermined by price, and we also consider other factors, such as the speed of the trade and the \nlikelihood of the trade being successful, to be important. Aggregation or splitting of orders may result \nin you obtaining, on some occasions, more favourable terms or price, and, on other occasions, less \nfavourable terms or price than if your order had been executed separately. \n6.3 \nWe monitor the effectiveness of our Best Execution and Order Handling Policy on a regular basis to \nensure that we consistently achieve the best results for you. \n \n \n\n \n7 \n \n7. \nConflicts of interests \n7.1 \nWe are required to act in your best interest when providing our Services. However, there may be \ninstances where your interests conflict with our interests, or with another client's interests. For example: \n(a) \nwe may execute hedging transactions before or after entering into a transaction with you to \nmanage our risk in relation to the transaction, which may impact the price you pay or receive \nfor such transactions, and we will retain any profits generated by such hedging. However, we \nare not required to hedge transactions if we do not want to; \n(b) \nwe may enter into arrangements with third parties, or with other clients, where we make \npayments to them or receive payments from them based on your trading activity or volume, \nwhere such arrangements are permitted by Applicable Law. These payments may include \nrebates, commissions, widened spreads and profit sharing;  \n(c) \nwe may provide, pay or receive fees, commissions or non-monetary benefits where such \npayments are permitted by Applicable Law;  \n(d) \nwe may share dealing charges with our affiliate companies or receive remuneration from them \nin respect of transactions carried out on your behalf;  \n(e) \nwe may be the counterparty to trades that you enter into; and \n(f) \nwe are responsible for setting the price of instruments and products which can be traded on \nthe eToro platform. This means that our prices will be different from the prices provided by \nother brokers and the market price, as well as the current prices on any exchanges or trading \nplatforms. \n7.2 \nWe have in place a number of internal policies and arrangements to help manage any conflicts including \nas set out in our Conflicts of Interest Policy and which is available on our website. In addition, the \npotential conflicts related to trading detailed above are subject to a detailed objective criteria which is \nset out in our Best Execution and Order Handling Policy. \n8. \nHow your money is protected \n8.1 \neToro Europe is covered by the Cyprus Investor Compensation Fund (\"Fund\"). If we fail, the Fund can \nreturn your money up to €20,000 or as may be updated from time to time. For more information about \nthe Fund, visit our website at https://www.etoro.com/customer-service/regulation-license/ and \nhttps://www.cysec.gov.cy/en-GB/complaints/tae/.  \n8.2 \nImportantly, the Fund protection is only applicable to regulated products. This means that any \ncryptoasset trades, including cryptoasset copy trades, are not protected, but security trades and \nsecurity copy trades, and CFD trades and CFD copy trades, are protected. \n9. \nHow you can make a complaint \n9.1 \nIf you are unhappy with a Service or something has gone wrong, please contact us and we will try to \nput it right. You may contact us directly via: \n(a) \nthe \"Help\" section of our platform, where you will also find our complaints procedure; or \n(b) \nthe customer service section of our website at https://www.etoro.com/customer-service/. \n9.2 \nFor more information on our complaints handling procedure, please visit our website at \nhttps://www.etoro.com/customer-service/regulation-license/.  \n9.3 \nIf you're still not happy with how we've dealt with your complaint, you can refer it to the Financial \nOmbudsman of the Republic of Cyprus or to the CySEC or to relevant courts. For more information on \nsuch alternative solutions, please refer to our complaints handling procedure.  \n \n \n\n \n8 \n \n10. \nCommunicating with you \nHow we may contact you  \n10.1 \nYou expressly consent to us using our platform or website www.etoro.com, as we deem appropriate, \nto inform you of information about us and of changes to such information (including changes to our \nAgreement and our Best Execution and Order Handling Policy). \n10.2 \nWe may also communicate with you via our website and applications, by email, telephone, fax, post, \nnewsletter, letter, electronic chats, and/or any other means of communication. We will use the contact \ndetails you gave us when you opened your eToro account, and as updated by you to us.  \n10.3 \nIf your details change, including your email address, contact numbers, name, home address, country \nof residence or nationality, you must tell us as soon as possible. If you do not let us know, you might \nnot receive important information from us. \n10.4 \nOur Agreement with you, and all information, statements and notifications between you and us, will be \nin English and we will communicate in English. If we provide you with documents in another language, \nand there is an inconsistency, the English version will prevail. \nContacting us \n10.5 \nIf you have any questions about the Agreement, or would like to speak to us, you can contact us in the \nfollowing ways: \nBy phone \n+357 25030234 \nOnline \nhttps://www.etoro.com/customer-service/ \nBy post \neToro Europe, KIBC (Kanika International Business Center) 7th floor, 4 Profiti Ilias \nStreet, Germasogia 4046, Limassol, Cyprus \n \n \n\n \n9 \n \nPART 2 – HOW OUR SERVICES OPERATE \n11. \nClient classification \n11.1 \nWe will classify you as a retail client for the purposes of the Services. Retail clients are given the highest \nlevel of protection under Applicable Law. \n11.2 \nYou may request that we re-categorise you as a different type of client, but we would not be obliged \nto do this. If you are re-classified as a professional client, you may lose certain protections. In these \ncircumstances, we will provide you with a Client Categorisation Notice, setting out the regulatory \nprotections that you will keep, as well as those that you will lose. If a term of the Client Categorisation \nNotice conflicts with, or is different to, a term in this Agreement, the Client Categorisation Notice will \napply. \n12. \nHow to open, and maintain your eToro account \nApplying for an account \n12.1 \nTo apply for an eToro account, you will need to complete an online application form and provide us \nwith information that we request, so that we can identify you, verify your identity, and conduct fraud \nchecks, sanctions checks, anti-money laundering and counter-terrorism checks, and any other checks \nas required by Applicable Law, including without limitation, the Foreign Account Tax Compliance Act \n(\"FATCA\"), as required by our internal procedures. This means we will require you to provide us with \npersonally identifiable information, the countries where you are a tax resident, confirmation of whether \nor not you are a US citizen or whether or not your place of birth is in the US or any other information \nwhich will be required under Applicable Law. \n12.2 \nYou will also need to provide us with information so we can assess whether the Trading Services are \nappropriate for you, and assess whether the Copy Trading Services are suitable for you. Please refer \nto clause 3 – \"Regulatory status of our Services\" for more information about the Appropriateness \nAssessments and the Suitability Assessments. \n12.3 \nIf you are applying for an eToro account on behalf of a business, you must have the authority to enter \ninto agreements, including this Agreement, on behalf of that business. \n12.4 \nIf you have more than one eToro account, we may combine your eToro accounts into one. We may \nalso place limits on the number of eToro accounts which you may hold, as well as the number of eToro \naccounts which one household may hold.  \n12.5 \neToro Europe is a wholly owned subsidiary of eToro Group Limited, which is an unregulated company \nin the British Virgin Islands. If you open an eToro account but have not put money into the account or \nyou are trading using a 'demo account', you will be a customer of eToro Group Limited. This means \nthat you will not benefit from the protections available to clients of eToro Europe, which is a regulated \nentity, until the point in time when you fund your account.  \nLinking a payment method \n12.6 \nIn order to put money into your eToro account, you will need to link your eToro account to a current \naccount, debit card, credit card, electronic wallet or other means of payment, which is approved by us. \nWe call this your payment method. We may allow you to link more than one payment method, but we \nare not required to do so. We may accept different payment methods in different countries. \n12.7 \nThe payment method must belong to you, and must be in your name. We do not accept money from \npeople who are not you. We may require you to provide us with documents to verify the details, and \nthe ownership of your payment method. If we cannot verify the details of your payment method, or if \nwe cannot verify that the payment method belongs to you, you will not be able to deposit money into \nyour eToro account, and therefore will not be able to use our Services. \n\n \n10 \n \n12.8 \nWe may process your deposits and withdrawals, and reserve the right to use electronic wallets and \npayment processing accounts operated by an eToro Europe affiliate. To the extent permitted by \nApplicable Law, if you withdraw funds from your eToro account to another account operated by and \neToro Group entity, including an electronic wallet (crypto, fiat or any other wallet), we may instruct the \neToro Group entity to reverse the withdrawal (and return the money to the original account where it \nwill be subject to these Terms and Conditions, including any set-off right), freeze, or block the relevant \nwithdrawal(s) to the extent that we have indications that you have breached this Terms and Conditions, \nincluding any rules of trading (we explain our rules of trading in clause 23 - \"Rules of trading\") in our \nsole discretion. \nProvision of information \n12.9 \nWe may, from time to time, require additional information and/or documents (including as required by \nanti-money laundering regulations and any other similar regulations applicable to us (\"AML\"), as well \nas for anti-fraud measures or any other related internal procedures), or clarifications to information \nand/or documents which you have provided to us.  \n12.10 \nIf any information which you have provided to us under this clause 12 – \"How to open, and maintain \nyour eToro account\" changes, you should tell us, in writing, as soon as possible, and no later than 30 \ndays after the change takes place. \n12.11 \nThe information you provide to us must be complete, accurate and not misleading. If you do not provide \nus with the required information, or if you provide inaccurate, incomplete or misleading information, \nwe will not be able to open an eToro account for you, or, if you already have an eToro account, we may \nfreeze, block, or close your eToro account. \n13. \nKeeping your eToro account safe \n13.1 \nIf we accept your application, we will open an eToro account for you. You will need to choose a \nusername and a password to access your eToro account and we may also require other security details.  \n13.2 \nIt is your responsibility to take all reasonable steps to keep your eToro account safe. For example, you \nshould keep your security details, such as your username and password, a secret. You should select a \npassword that it is not easy to guess (such as using a combination of uppercase and lowercase letters, \nnumbers and symbols) and is a unique password for your eToro account. We recommend that you do \nnot re-use a password previously used by you for other platforms/services. You should also apply two-\nfactor authentication to your account to keep your account secure.  \n13.3 \nYou will need to change your security details immediately and contact us as soon as possible if you \nthink someone else knows them.  \n13.4 \nWe may block access to your eToro account or block access to our Services if we believe that it is \nnecessary for security or legal reasons. For example, if we think someone may have access to or is \nusing your eToro account without your permission. \n13.5 \nWe may contact you to provide you with new security details, or contact you to require you to change \nyour security details. \n13.6 \nYou must not give any third party (including minors) any access to and/or control of your eToro account. \nIf you elect to give another person access to and/or control of your eToro account, you do so at your \nown risk and we will not be responsible for the decisions of that third party. For example, if they place \ntrades or if they place copy trades and make a loss, we won't refund you that money. We reserve the \nright to cancel or reject any orders placed by any third party for security and/or legal reasons. \n14. \nHow to pay money into, and take money out of, your eToro account \nPaying money in (also called \"deposits\") \n14.1 \nYou can pay money into your eToro account by using one of your payment methods (which we referred \nto in clause 12 – \"How to open, and maintain your eToro account\"). We do not accept cash or cheques. \n14.2 \nIf your payment method charges us a fee, for example, a payment transfer or a payment processing \nfee or currency conversion, we may charge you a \"transfer fee\". Our transfer fees are set out on our \nwebsite. \n\n \n11 \n \n14.3 \nYour money will show in your eToro account as soon as we are satisfied that it comes from you. \n14.4 \nWe may place a limit on how much money you can pay into your eToro account. We will let you know \nin advance if we do this. \n14.5 \nWe may return any money which comes in from a payment method that is not in your name. If we are \ncharged fees for returning your money, we will deduct an amount equal to that fee from the money \nwhich we are returning. \nTaking money out (also called \"withdrawals\") \n14.6 \nYou can take money out of your eToro account by sending it back to the payment method that it came \nin from, subject to any Applicable Law and any regulatory restrictions that may apply (including AML \nrestrictions), which may prevent us from sending it to such payment method.. We may permit you to \nwithdraw money to an alternative payment method also in your name, but only after we are satisfied \nthat the alternative payment method belongs to you and is approved by us (subject to any Applicable \nLaw and regulatory restrictions, including AML restrictions).  \n14.7 \nYou may not be able to take money out of your eToro account if it would leave insufficient funds in \nyour eToro account to pay for any unsettled transactions and/or applicable fees or charges.  \n14.8 \nTo protect your money against fraud, we may put a limit on how much can be taken out of your eToro \naccount. The minimum amount per withdrawal is set out on our website. However, if you are closing \nyour eToro account in accordance with clause 26 – \"Closing or blocking access to your eToro account\", \nthis restriction will not apply.  \n14.9 \nWe may charge you a fee each time you take money out. Our fees are available on our website. \n14.10 \nWe will process a valid and complete withdrawal request by the end of the following business day. Our \nprocessing may be delayed or declined if required under Applicable Law, including if we have an AML \nconcern. We may, or may not be able to, disclose to you the reasons for such delay or rejection. Please \nnote that once your withdrawal request has been processed it might take a few days for your payment \nprocessor to update the balance in your account, depending on your payment processor's policy and \nprocedures. \n14.11 \nIf you take money out of your eToro account after 11.00 am Eastern European Time, or on a non-\nbusiness day, we may not process your withdrawal request until the next business day. When we say \nbusiness day, we mean Monday to Friday, but not a public or a bank holiday. \nConverting your money into US Dollars \n14.12 \nAny money you pay into your eToro account must be made in British Pounds, Euros, US Dollars or \nanother currency approved by us. We will convert all money into US Dollars.  \n14.13 \nEach time you take money out of your eToro account, we will convert the US Dollars into the currency \nselected by you, and we will charge you a fee. Our fees for converting money are available on our \nwebsite. This clause does not apply if your withdrawal is in US Dollars. \n14.14 \nYou are responsible for the foreign currency exchange risk arising from any conversion of money to or \nfrom US Dollars in or out of your eToro account. \n15. \nHow we treat your money \n15.1 \nSubject to clause 16 – \"When your money stops being client money\", money that you put into your \neToro account will be treated as \"client money\" in accordance with the CySEC rules.  \n15.2 \nThe Services include trading in cryptoassets. Cryptoassets are not regulated products and therefore \nany money held in relation to a cryptoasset trade or copy trade will not be subject to the CySEC rules, \nunless otherwise stated. However, we will endeavour to protect your money in accordance with best \nmarket practice. \n\n \n12 \n \n15.3 \nUnder the CySEC rules, we will separate client money from our own money by putting it into a separate \nbank account with a reputable bank. This is called a \"client money account\". We are permitted by \nthe CySEC rules to hold your client money, and other clients' client money, together in the same client \nmoney account, this is called an \"Omnibus Account\". \n15.4 \nWe may hold client money in bank accounts in the European Economic Area (\"EEA\"). We may also hold \nclient money in bank accounts in a different country outside the EEA. This means that different rules, \nregulations and laws may apply to these banks, which means that in the event of an insolvency, money \nin a client money account held with that bank may be treated differently to money held with an EEA \nBank. \n15.5 \nWe are not responsible for the insolvency, acts or omissions of any bank, although we will take \nreasonable care when choosing which bank to open a client money account with. \n15.6 \nUnless we separately agree to do so with you, we will not pay you interest on any client money we \nhold, and if interest is accumulated on such funds, it shall not be deemed part of the clients' funds and \nshall not be credited to your account.  \n15.7 \nWe may allow another third party to hold your money for the purpose of a transaction for you. Such \nthird party may include an eToro Europe affiliate or a third party such as an exchange, or a clearing \nhouse, and may also hold your money in an Omnibus Account. If we do this, we will take reasonable \nsteps to make sure your money is treated as client money where applicable but we will not be \nresponsible for any acts or omissions of that third party. \n15.8 \nIn the event of the insolvency or any other analogous proceedings in relation to a third party which has \nbeen appointed to hold your client money, we will only have an unsecured claim against the party on \nbehalf of you and our other clients. This means that you will be exposed to the risk that the money \nreceived by us from such party is insufficient to satisfy the claims of you and all other clients with \nclaims in respect of the relevant account.  \nPutting your money into a qualifying money market fund \n15.9 \nRather than holding your money in a client money account, we may put your money into units or shares \nin a qualifying money market fund. Your money will therefore not be held as client money in accordance \nwith the applicable CySEC rules on safeguarding client funds, but the units or shares will be held as \nsafe custody assets in accordance with applicable CySEC rules on safe custody. Under the CySEC rules, \nwe will separate the units or shares in the qualifying money market fund from our own. \n15.10 \nWe will not pay you any interest earned on the units or shares in the qualifying money market fund. \n15.11 \nInvestments in qualifying money market funds are considered low risk. However, if the qualifying \nmoney market fund fails, which causes you to lose money, we may pay you back that money, although \nwe are not required by Applicable Law to do this. \n15.12 \nYou expressly consent to us putting your money into a qualifying money market fund. Your agreement \nis a necessary condition for us to provide you with our Services. If you do not agree, or change your \nmind, please let us know in writing and we will help you close your eToro account. \n16. \nWhen your money stops being client money \n16.1 \nWe may use the money in your eToro account to pay fees, costs or charges which becomes due and \npayable. Where you enter into a transaction, all fees, costs, and charges for that transaction will \nbecome due and payable immediately upon execution, and therefore we will deduct the relevant sum \nfrom your eToro account at that point. Money which is due and payable will stop being treated as client \nmoney in accordance with Applicable Law. \n\n \n13 \n \n16.2 \nThis term applies if you have been categorised as a \"professional client\" only: Following appropriate \ndisclosure of the risks by us to you, you and we may separately agree that: (a) we will not hold money \nwhich you put into your eToro account in accordance with the client money rules and Applicable Law; \nand (b) such money will be transferred to us by way of full title and ownership, and free of any \nencumbrance, security interest, lien or other restriction, for the purpose of securing or covering your \npresent, future, actual, contingent or prospective obligations to us (this is known as the \"title transfer \nagreement\"). Because title of the money has passed to us, you will no longer have a proprietary claim \nto that money and we can deal with it in our own right, and you will rank as a general creditor of ours. \nThe title transfer agreement must be entered into using the eToro agreed format and signed by you, \nand may be provided to us by post, email, or via the eToro platform. \n16.3 \nWe may pay the money in your eToro account to a charity if you have not accessed your eToro account \nfor 6 years. This means that we will stop treating your money as client money. We will try to contact \nyou to return your money before we do this. If you contact us after the money has been given to a \ncharity, we will pay it back to you. \n16.4 \nIf we transfer/sell our business to someone else, in accordance with the CySEC rules: \n(a) \nwe will provide you with notice prior to the transfer; \n(b) \nthey will hold your transferred money in accordance with the client money rules or, if they do \nnot treat your money as client money, we will exercise due skill, care and diligence in assessing \nwhether they will apply adequate measures to protect your money; and \n(c) \nyou consent for us to transfer your money. If you do not want your money to be transferred to \nanother person, please contact us and we can help you close your eToro account. \n17. \nEntering into transactions – Quotes \n17.1 \nThe eToro platform will display the indicative price to buy, and the price to sell for each product. This \nis called a \"quote\". A quote is not an offer by us to buy or sell any products. We generally do not \nprovide quotes over the phone, but may do so at our discretion. \n17.2 \nWe are responsible for setting the price of instruments and products which can be traded on the eToro \nplatform. This means that our quotes will be different from the prices provided by other brokers, the \nmarket price, as well as the current prices on any exchanges or trading platforms. \n17.3 \nAlthough, when we provide a quote, we may take into account the price that we receive from a broker, \nthe market, or any exchanges or trading platforms, we are under no obligation to do this, and we are \nunder no obligation to ensure that the quotes which we provide are within any specific percentage of \nsuch price.  \n17.4 \nIf the prices on a market, exchange or trading platform are distorted, for example during a short term \nprice spike, or during pre-market, post-market, or intra-day auction periods, we may reflect similar \nprices in our quotes, but we are under no obligation to do this. \n17.5 \nWhen the underlying market or exchange is closed, our quotes may reflect what we believe to be the \ncurrent bid and ask price of the relevant product or, if you are trading a CFD, the underlying product, \nat that time, but we are under no obligation to do this.  \n17.6 \nQuotes are updated constantly which means that the price to buy or sell may change between the time \nthat you place your order, and the time that we execute your order. We will tell you the price that your \norder was executed at.  \n18. \nEntering into transactions – Placing an order \n18.1 \nWhen you use our Trading Services or Copy Trading Services, you will place an order. An order is any \nrequest placed by you with us to purchase or to sell or otherwise deal in financial products, which may \ninclude a limit order, stop loss order and/or take profit order or such other order as may be available \non the trading platform from time to time. We will then need to accept your order for it to take effect. \nPlease read clause 19 – \"Entering into transactions – Modifying your order, cancelling your order, or us \nnot accepting your order\" which explains when you might be able to change or cancel your order, as \nwell as when we might not accept your order or cancel your order. \n\n \n14 \n \n18.2 \nIn relation to stop loss orders specifically, you understand that we can change the stop loss rates which \nwe will accept at our sole discretion (including in relation to open positions), and that we may give you \nvery short notice of changes to stop loss rates or due to an Exceptional Event we may not be able to \ngive you notice at all. We will exercise our right to change stop loss limits in accordance with Appliable \nLaw. \n18.3 \nYou can place an order by using our platform. We generally do not accept orders over the phone, but \nmay do so at our discretion. \n18.4 \nWe will execute orders that are received from your eToro account, and which we reasonably believe \nare from you, or authorised by you. Please be careful when making an order. If you place orders by \naccident or in error, for example if you place multiple orders which are the same, we will assume that \nyou did this on purpose and we will execute them without checking this with you.  \n18.5 \nOnce we accept your order, we will execute it in accordance with any specific instructions that you give. \nThis is called a trade. The instructions which are available on our platform may change from time to \ntime, but may include market orders, limit orders, take profits and stop losses. For more information \non how you can place an order, the instructions that you can give, and how we may execute your order, \nplease read our Best Execution and Order Handling Policy.  \n18.6 \nWe cannot guarantee that your execution price will match your order price, including where you've \nplaced a limit order, take profit and/or stop loss order. This is because the market may be volatile \nand/or the price may have moved up or down between the time that you place your order (or the time \nyour limit order, take profit and/or stop loss order has been activated) and the time that we execute \nyour order. This is known as slippage. When this happens, we will execute your order at the next best \nprice and in accordance with our Best Execution and Order Handling Policy. \n18.7 \nIf you have placed an order during: \n(a) \ntimes in which the market of the underlying is suspended (for example, during the weekend or \nat off-market hours, suspension due to market conditions or due to any other event in which \nthe market of the underlying is suspended), and/or \n(b) \nduring the time the market was open, however, your order is triggered shortly following a \nsuspension, \nthen the applicable order you have placed will be executed as soon as is reasonable under the \ncircumstances when trading resumes. We do not guarantee that your order will be executed at the first \navailable underlying market price at commencement of trading or within any specific range compared \nto other market prices which may be available to you from other sources. We are not liable for any loss \nor for other claims which you may have in connection with such orders. \n18.8 \nWe will execute orders received during trading hours. Different products have different trading hours \nand these are available on our website. It is your responsibility to ensure you are aware of the trading \nhours for the product you are trading. We may agree to execute orders outside of business hours, at \nour discretion. \n18.9 \nWhere you place an order outside of market hours, or where the product you are trading has a 24/7 \nmarket, but your order is placed during a period where there is limited trading (for example during the \nweekend), the availability of the different functionalities which we may provide as part of our Services, \nincluding instructions which you may give in respect of a trade, may be delayed or may not be available. \nWe are not liable for any loss which results from your inability to access or provide certain trading \nfunctionalities and instructions. \n19. \nEntering into transactions – Modifying your order, cancelling your order, or us not accepting \nyour order \n19.1 \nYou may request to cancel or modify an order which we have not executed. However, we cannot \nguarantee that we will be able to carry out your request. This will depend on the product that you are \ntrading and whether you are using our Copy Trading Services. Please read the Schedule that applies to \nyour order for more information about this. \n \n \n\n \n15 \n \n19.2 \nWe are not required to accept every order that you make and reserve the rights to decline any order \nor transaction. If we have accepted your order we are not required to complete/execute every order. \nWe provide below a non-exhaustive list of examples of situations where we may not accept an order, \nnot execute or complete an order, or cancel an order: \n(a) \nif we reasonably believe the security of your eToro account is at risk, or if we're concerned \nabout unauthorised or fraudulent use of your eToro account. This might happen if we think \nsomeone is using your eToro account without your permission; \n(b) \nif you do not have enough money in your eToro account to cover the maximum amount of loss \nassociated with your order, plus any associated fees, charges and applicable margin;  \n(c) \nif we reasonably believe that there is an error with your order. For example, if you have placed \nan order that is unusually large and you have never done this before;  \n(d) \nif the order you have requested is unusual or for exaggerated volumes; \n(e) \nthere is an error with the quote that we have provided. For example, if the quote is manifestly \ndifferent to the market price, prices on exchanges, prices on trading platforms, and/or if the \nquote is clearly loss making; \n(f) \nthere is a change in Applicable Law, which means that the order is no longer in compliance with \nApplicable Law; \n(g) \nthere is a \"Corporate Event\" – please refer to the Schedule B – Investing in Securities, and \nSchedule C – Trading Cryptoassets for more information on Corporate Events; \n(h) \nan exchange requests or recommends that the order is cancelled; \n(i) \nyou breach the rules of trading. We explain our rules of trading in clause 23 – \"Rules of trading\"; \n(j) \nan \"Event of Default\" occurs. We explain what an Event of Default is in clause 28 – \"Event of \nDefault\"; and/or \n(k) \nan \"Exceptional Event\" occurs. We explain what an Exceptional Event is in clause 29 – \n\"Exceptional Events\".  \n19.3 \nWe may, at our sole discretion, place limits on the minimum and/or maximum order sizes that we \naccept on our platform, as well as the number/volume of orders that we will accept from our clients or \nclient's account \n19.4 \nIf we do not accept your order, complete/execute your order, or cancel your order, we will inform you \nby making that information available on our trading platform, unless there is a legal reason that we \ncannot provide this information to you. If we charged you a fee as part of the order, we will refund that \nmoney back into your eToro account. If there were no fees or charges, then you will not receive a \nrefund. \n19.5 \nIf we have executed your order, and therefore a transaction has occurred, we may take corrective \nactions and either modify the transaction, or void the transaction, under the scenarios listed in clause \n19.2 above. We will inform you of errors by making information available on our trading platform, \nincluding any corrective actions we intend to take. \n19.6 \nWe will not be responsible for any losses you incur as a result of any actions or inactions taken by us \nin accordance with this clause 19 – \"Entering into transactions – Modifying your order, cancelling your \norder, or us not accepting your order\". \n20. \nTransactions records \n20.1 \nInformation about your trading activities, which includes records of the trades that you've concluded, \nyour open positions, margin, cash balances as well as other information about your trades and orders, \nis available online in your eToro account (we call this the \"Account Information\"). Your eToro account \nwill be updated no later than 24 hours after any activity takes place. You will be able to filter this \ninformation in different ways, for example on a per month basis. We are under no obligation to provide \nthis information in hard copy or by email.  \n\n \n16 \n \n \n \n\n \n17 \n \n20.2 \nIf you think there is a problem with your Account Information, please contact us as soon as possible \nand not later than 48 hours following the day on which the Account Information is posted. Otherwise, \nthe Account Information will be conclusive evidence of your transactions, concluded trades, your open \npositions, margin, and cash balances. \n20.3 \nWe are required to keep your records, including the Account Information, for at least five years after \nyour eToro account is closed. This period may be extended by Applicable Law or agreement between \nus in writing. These records will be our sole property.  \n21. \nFees and costs \n21.1 \nWe will charge you a fee for each order we execute for you. This is called a \"spread\". A spread is the \ndifference in the sell and the buy price. The spread is different for each type of product and Service \nand can be found on our website. We will estimate the total amount of spread that applies each time \nyou place an order. We cannot provide you with an exact amount because the spread may change \nbetween the time you make an order, and the time we execute your order. \n21.2 \nThe spreads which we charge can change due to market conditions. For example, there may be \ninstances when market conditions cause spreads to widen beyond the typical spreads displayed on our \nwebsite and/or platform. \n21.3 \nWe may charge you a fee when you put money in, or take money out of your eToro account, as detailed \nin clause 14 – \"How to pay money into, and take money out of, your eToro account\", and includes: \n(a) \nif you pay money into your eToro account and your payment method charges us a fee, for \nexample a payment transfer or a payment processing fee, we may charge you a transfer fee; \n(b) \nif we return any money which comes in from a payment method that is not in your name and \nwe are charged a fee for returning your money, we will deduct an amount equal to that fee \nfrom the money which we are returning; \n(c) \nif you withdraw money from your eToro account, we may charge you a fee; and \n(d) \nif we need to convert your money into US Dollars, we will charge you a fee. \n21.4 \nWe may also charge you a monthly inactivity fee, where there has been no trading activity on your \neToro account for at least 12 months. Our inactivity fee is available on our website.  \n21.5 \nThe above fees will apply to all of our Services. However, for specific Services, other fees may also \napply. For example, if you trade CFDs, we may also charge you an overnight fee (please read Schedule \nA –Trading CFDs for more information). Additionally, if you trade cryptoassets, we may charge you a \ntransfer fee, and/or a blockchain fee (please read Schedule C – Trading Cryptoassets for more \ninformation). \n21.6 \nFor more information of the commissions, charges, fees and costs that apply to our Services, please \nread the Schedule that applies to the Service that you use as well as our website at \nhttp://www.etoro.com/en/customer-service/fees/. We may update our commissions, charges, fees and \ncosts from time to time. It is your responsibility to keep up to date with any changes, and to be aware \nof the commissions, charges, fees and costs that apply to your trades and the Services that you use. \n21.7 \nYou acknowledge that all amounts due to us shall be deducted from your eToro account balance.  \n22. \nRecording your communication with us \nYou agree that we may record any telephone, email and chat conversations with you, as well as any \nother forms of communications, activities, and transactions, between you and us, and that the \nrecordings may be used as evidence in any proceedings relating to our Agreement with you, any order \nyou place, and/or trades executed. These records will be our sole property. \n \n \n\n \n18 \n \n23. \nRules of trading \n23.1 \nThere are rules which you need to follow when using our Services. These are: \n(a) \nyou must not reverse engineer or avoid any security measures on the trading platform; \n(b) \nyou must not use any software, artificial intelligence, ultra-high speed, or mass data entry \nwhich might manipulate, game, abuse, or give you an unfair advantage when using our systems \nor Services; \n(c) \nyou will not enter into trades which manipulate our platform, for example entering into a buy \ntrade as well as a sell trade, for the same or for a similar product, at the same or similar time;  \n(d) \nyou will not enter into transactions or combinations of transactions such as holding long and \nshort positions in the same or similar instruments at similar times either by you or by you acting \nin concert with others, including between connected accounts, or accounts held with different \nentities within the eToro Group, which, taken together or separately, are for the purpose of \nmanipulating the eToro trading platform for gain;  \n(e) \nyou will not act in an unfair, abusive, manipulative, or illegal way when using our Services, for \nexample scalping; \n(f) \nyou will not enter into trades aimed at exploiting errors in prices and/or conclude trades at off-\nmarket prices; and/or \n(g) \nyour order must not violate exchange rules or securities or commodities laws, regulations or \nrules, and/or be intended to defraud or manipulate the market.  \n23.2 \nIf you make money by breaching the above rules, we may not pay that money to you or, if we have \npaid that money, we may deduct it from your eToro account.  \n23.3 \nIf you breach any of the above rules we will record such breach. We may also cancel your orders, \nfreeze, block and/or terminate our Services, your eToro account, and/or our Agreement with you. We \nmay, but are not required to, give you notice of this, subject to any Applicable Law. \n24. \nThe eToro Community and information on the eToro platform \n24.1 \nWhen you open an eToro account, you will have access to the \"eToro Community\", a place where \neToro traders can share information with each other and with us. You will also have access to \ninformation which we make available on the eToro platform. \nContent which you post on the eToro Community \n24.2 \nWhen you post content on the eToro Community you will need to follow the \"Community Guidelines\" \nwhich is available on our website. The Community Guidelines tell you the type of posts that are allowed \nand are not allowed. \n24.3 \nIn addition to the Community Guidelines: \n(a) \nyou must make sure that all content you post belongs to you or that you have a right to post \nthat information and that you do not violate the privacy rights, publicity rights, copyright, \ncontract rights or any other rights of any individual or make derogatory remarks regarding, \ndefame or otherwise criticize any person or entity. You shall be liable for any damage resulting \nfrom any infringement or other violation of the copyright, trademarks or other proprietary rights \nof any individual or entity, and for any other harm or losses resulting from any content that \nyou post; \n(b) \nyou must not post any personal or security information about yourself, your eToro account, or \nabout anyone else or their eToro account, and you must not try to obtain the personal or \nsecurity information of someone else; \n(c) \nyou must not provide investment advice, portfolio management services or any other type of \nservice which requires you to be authorised by a regulator; \n\n \n19 \n \n(d) \nyou must not post that eToro Europe or anyone in the eToro Group endorse or warrant your \ncontent; \n(e) \nyou must not advertise or promote another business or service, or any type of commercial \ncontent including spam; and \n(f) \nyou must not post anything which is abusive, inciteful, defamatory, harassing, insulting, \nsexually explicit, offensive, racist, rude, hateful, threatening, violent, or illegal. \n24.4 \nWe may review and monitor your activity and posts on the eToro Community. If you breach any of the \nabove rules or the Community Guidelines, we will record such breach and we will remove the post \nwithout telling you. We may also block your eToro account, or terminate our Agreement with you - we \nwill tell you when we do this. We may also be required by Applicable Law to tell regulators or \ngovernment authorities about a breach, and help them in any investigation about a breach. \n24.5 \nBy posting content on the eToro Community, you specifically grant us a non-exclusive, irrevocable, \ntransferable, sub-licensable, royalty-free, worldwide license to use, copy, duplicate store, present \nand/or publish all or any part of your content, and we shall be free to use such content, in any manner \nor media whatsoever, on an unrestricted basis and without any attribution or royalties or other \ncompensation to you, including without limitation, our website, advertisements, in printed media, and \nin newspapers. \nContent which we post, or which another trader posts, on the eToro Community or make available on \nthe eToro platform \n24.6 \nYou should not make investment decisions based on information provided by individual traders (who \nmay be anonymous or unidentifiable), such as details of the trades they make or any opinions \nexpressed by them on the eToro platform. Content on eToro's social trading platform which is generated \nby members of the eToro Community does not contain advice or recommendations or endorsements \nby or on behalf of any eToro Group entity. \n24.7 \nWe may post information such as news, headlines, graphs, links to other websites, newsletters or \ninformation from other people, market prices for different products in real time or on a delayed basis, \nopening and closing market prices and ranges on third party exchanges, the highest and lowest market \nprice on third party exchanges, the estimated and actual market volumes and the size, number and \nexistence of current market bids and offers on a given day, on third party exchanges (we call this \n\"Market Data\").  \n24.8 \nMarket Data may be produced by an exchange or another third party (for example information service \nproviders which are not exchanges) which we pass on to you. In this scenario the Market Data belongs \nto the exchange or the third party (as applicable) and you agree to (a) comply with all the laws, rules \nand regulations applicable to access or using the Market Data; (b) using the Market Data only for your \nown trading purposes; and (c) cease any use of Market Data upon termination of this Agreement for \nany reason. We will enter into appropriate agreements with the relevant exchanges on your behalf \nrelating to the proper use of your Market Data. \n24.9 \nWe, or the relevant exchanges, or the relevant third parties, which provide Market Data, do not \nguarantee that the Market Data we provide is always accurate, correct, or up to date although we will \ntake reasonable steps to ensure that it is. Importantly, Market Data is not financial advice and we are \nnot responsible or liable for any action which you take or do not take based on such Market Data. If \nyou want to use the information to help you with your own investment decisions, you do this at your \nown risk. \n24.10 \nYou must not share information which we have posted outside of the eToro Community. In particular \nyou should not redistribute the prices we make available to you to any other person whether such \nredistribution be for commercial or other purposes. \n \n \n\n \n20 \n \nPART 3 – OUR RIGHTS AND YOUR RIGHTS IN SPECIAL CIRCUMSTANCES \n25. \nResponsibility for loss \n25.1 \nSubject to clause 25.2 below, eToro Europe and its employees, agents, delegates or associates will not \nbe liable for any:  \n(a) \naction or inaction we take in accordance with our rights under this Agreement, including under \nclause 19 – \"Entering into transactions – Modifying your order, cancelling your order, or us not \naccepting your order\", clause 27 - \"Right of set-off, liens, and equitable charges\", clause 28 – \n\"Event of Default\", and clause 29 – \"Exceptional Events\"; \n(b) \nevent due to circumstances beyond our control including, any \"Exceptional Event\" occurring, \nas defined in clause 29 – \"Exceptional Events\";  \n(c) \naction taken by any government or regulatory body, legal authority, technical delays, \ntechnological malfunction, loss of data and records, destruction of hardware; \n(d) \naction taken by us as a result of a breach of the Agreement by you; \n(e) \nact or omission of any third party including for any information provided by a third party;  \n(f) \naction taken by us as a result of Applicable Law; \n(g) \ndamage, costs, loss, liability, claims for compensation, or expense incurred or suffered by you, \ndirectly or indirectly under or in connection with this Agreement; \n(h) \ndamage, costs, loss, liability, claims for compensation, or expense incurred or suffered by you, \ndirectly or indirectly, under or in connection with trading on a digital platform as set out in \nclauses 5.6 or 5.7 above, and 25.3 and 33.6 below; and \n(i) \ndamage, costs, loss, liability, claims for compensation, or expense incurred or suffered by you, \ndirectly or indirectly, under or in connection with any planned or essential maintenance to our \nsystems, which includes the eToro trading platform. \n25.2 \nNotwithstanding the above:  \n(a) \nwe be liable for your losses only to the extent your loss is due to our gross negligence, wilful \ndefault, and/or fraud; and  \n(b) \nnothing in this Agreement shall exclude or limit our liability or responsibility to you for any \nliability that cannot be excluded or limited under Applicable Law.  \n25.3 \nThe Services, our platform, and the information we provide in the eToro Community and on our platform, \nare provided \"as is\" and \"as available\", without any representation or warranty of any kind, including \nthat it will be without interruption, error free, or will meet your individual requirements, or compatible \nwith your hardware or software, except as otherwise set out in this Agreement. \n26. \nClosing or blocking access to your eToro account and/or Services \n26.1 \nYou can close your eToro account at any time by sending us an email. Your eToro account will be closed \nwithin the seven days after we receive your email. You may also close your eToro account via the \nsettings section of our platform. \n26.2 \nWe will execute as well as close (as applicable) any orders which you have placed before requesting to \nclose your account in accordance with clause 26.1 above. We may, in our discretion, permit you to \nplace new orders during the seven-day period, and will subsequently execute and/or close (as \napplicable) such orders before the seven-day period expires. You will need to pay the associated fees \nfor any orders which we execute or close. \n26.3 \nIf you have trades which are open, you should close these trades. Otherwise, we will close all of your \ntrades when we close your eToro account. If this causes you to lose money, we will not be responsible. \n \n \n\n \n21 \n \n26.4 \nWe may also freeze, block, or terminate our Services and/or your eToro account if: \n(a) \nwe decide to stop providing you with Services; \n(b) \nwe require you to provide us with information under clause 12 – \"How to open, and maintain \nyour eToro account\", and/or clause 38 – \"Regulatory reporting\", to enable us to comply with \nour obligations under Applicable Law and/or internal procedures, and you cannot or do not \nprovide us with the information, or the information you provide to us is inaccurate, incomplete \nor misleading;  \n(c) \nyou breach the rules of trading. We explain our rules of trading in clause 23 - \"Rules of trading\"; \n(d) \nan \"Event of Default\" occurs. We explain what an Event of Default is in clause 28 – \"Event of \nDefault\"; and/or \n(e) \nan \"Exceptional Event\" occurs. We explain what an Exceptional Event is in clause 29 – \n\"Exceptional Events\".  \n26.5 \nWe will take reasonable steps to provide you with appropriate notice if we freeze, block, or terminate \nour Services and/or your eToro account. However, there might be times when we are required to freeze, \nblock, or terminate our Services and/or your eToro account without telling you in advance. We will do \nthis if we reasonably believe that there is a security or regulatory risk, you have breached the \nAgreement, there is an Exceptional Event, we are required to do so by Applicable Law or by a regulator, \nand/or there is an application, order, resolution or another announcement in relation to a winding \nup/bankruptcy in which you are involved. \n27. \nRight of set-off, liens, and equitable charges \n27.1 \nTo the extent permitted under Applicable Law, we have the right to deduct (or set-off) any money or \nliability that you owe us from the money in your eToro account, and/or to close your open positions, \nwhether at a loss or at a profit and subsequently liquidate your eToro account for the liability payable \nby you. If you have more than one eToro account, we have the right to set-off any money or liability \nthat you owe us under one eToro account, from the money available in your other eToro accounts, or \nfrom the proceeds of the sale of products that we hold for you in your other eToro accounts. \n27.2 \nTo the extent permitted under Applicable Law, we shall have a general lien and equitable charge on \nthe products that we hold for you and the money in your eToro account, until any money, fees, charges \nand liabilities that you owe to us is paid. Your money will continue to be treated as client money, and \nyour assets will continue to be treated as client assets, in accordance with these Terms and Conditions \nand any applicable Schedules and CySEC rules, until the point in time where there is an \"Event of \nDefault\", and where we subsequently decide to exercise our rights under the general lien and/or \nequitable charge. An Event of Default is defined in clause 28 – \"Event of Default\" below. \n28. \nEvent of Default \n28.1 \nEach of the following will be an \"Event of Default\": \n(a) \nyou fail to pay us within seven days, any fees, charges, and/or liabilities on your eToro account, \nwhere we have requested such payments;  \n(b) \nyou enter into liquidation or bankruptcy, whether compulsorily or voluntarily, or a procedure is \ncommenced against you seeking or proposing liquidation or bankruptcy, or you are generally \nunable to pay your debts as they become due (or you confirm so in writing); \n(c) \nyou become subject to an administration order or have a receiver or similar appointment or \norder are made or proceedings commenced in respect of any of your assets; \n(d) \nwe consider it reasonably necessary to prevent what we reasonably consider to be or might be \na violation of any Applicable Law (including but not limited to, market abuse, gaming the system, \nor scalping);  \n(e) \nyou, or we reasonably believe that you are in material breach of any term of the Agreement, \nincluding any material misrepresentation to us; and/or \n\n \n22 \n \n(f) \nyou have, or we reasonably believe that you have, acted in an unfair or abusive manner, for \nexample, by breaching the rules of trading set out in clause 23 – \"Rules of trading\". \n28.2 \nIf an Event of Default occurs, unless otherwise prescribed by Applicable Law, we may, in our absolute \ndiscretion, at any time and without prior notice, take one or more of the following steps: \n(a) \nclose out all or any of your open position at current market prices; \n(b) \nexercise the lien or charge that we have on the products that we hold for you and the money \nin your eToro account; and/or \n(c) \nclose your eToro account. \n29. \nExceptional Events \n29.1 \nAn \"Exceptional Event\" includes: \n(a) \nany fire, strike, riot, civil unrest, terrorist act, war or industrial action; \n(b) \nany natural disaster such as floods, tornadoes, earthquakes and hurricanes; \n(c) \nany epidemic, pandemic or public health emergency of national or international concern; \n(d) \nany act or regulation made by a government, supra national body or authority that we believe \nstops us from maintaining an orderly market in relation the instruments traded on the trading \nplatform; \n(e) \nthe suspension or closure of any exchange; \n(f) \nthe nationalisation of any exchange by a government; \n(g) \nthe imposition of limits or unusual terms by a government on any instrument and/or its \nderivative traded on our platform; \n(h) \nthe abandonment or failure of any instrument that we use to make our quotes; \n(i) \nexcessive changes to the price, supply or demand of any product. We may also call an Exception \nEvent where we anticipate this change (within reason); \n(j) \ntechnical failures in transmission, communication or computer facilities including power failures \nand electronic or equipment failures; \n(k) \nthe failure of any supplier, intermediate broker, agent, principal custodian, sub-custodian, \ndealer, exchange, clearing house or regulatory organisation to perform its obligations to us; \n(l) \nliquidity providers not providing, or being unable to provide liquidity to us. Liquidity describes \nthe degree to which a product can be quickly bought or sold at a price reflecting its appropriate \nvalue; and/or \n(m) \nan event which significantly disrupts the market, which could include (but is not limited to) the \npremature close of trading in the market of a product, excessive movements in the price, supply \nor demand of a product, whether regulated or unregulated, that our Services relate to. \n29.2 \nIf an Exceptional Event happens, the availability and speed of our service, including our platform, \nwebsite, our execution of your order, the availability of the different functionalities which we may \nprovide as part of our Services including instructions which you may give in respect of a trade, as well \nas any of our obligations under this Agreement may be delayed, may not be available, or may not be \ncarried out. We will not be liable to you for any losses which you incur as a result. \n29.3 \nIf we think, in our reasonable opinion, that an Exceptional Event has occurred or is occurring, we may \nmake the following changes to your eToro account without telling you: \n\n \n23 \n \n(a) \nchange your margin requirements which might mean that you may have to provide more \nmargin (we explain what margin is in Schedule A – Trading CFDs, as well as in Schedule C – \nTrading Cryptoassets in relation to cryptoasset Margin Transactions); \n(b) \nlimit the availability of instructions that you can give in respect of an order or trade; \n(c) \nclose your open transactions at a price that we reasonably think is proportionate; \n(d) \nchange the trading hours for a product; and \n(e) \ncancel all open orders or trades which are affected by the exceptional event. \nIf you lose money as a result, we will not be liable to you. \n29.4 \nWe will use commercially reasonable efforts to resume normal performance of our Services after an \nExceptional Event occurs. \n29.5 \nWe will tell you in writing as soon as possible that an Exceptional Event has occurred. \n30. \nAcknowledgements, representations and warranties \n30.1 \nYou acknowledge, represent and warrant that: \n(a) \nyou are over 18 years old, and have capacity to enter into this Agreement;  \n(b) \nyou are eligible to enter a legally binding agreement with us in accordance with the laws \ngoverning the jurisdiction applicable to you. \n(c) \nyou are solely and completely responsible for your own compliance with Applicable Law in your \njurisdiction including, without limitation, to all exchange control restrictions that may be \napplicable to you and that you have obtained any necessary exchange control approval;  \n(d) \nyou have all necessary consent and the authority to enter into this Agreement and /or use the \nServices; \n(e) \nif you are a body corporate, unincorporated association, trust or partnership you are validly \nexisting in accordance with Applicable Law and have obtained all necessary consent and \nauthorisations under your constitutional or organisational documents;  \n(f) \nexcept where we have agreed otherwise in writing, you act on your own behalf and not as the \nagent, attorney, trustee or representative of any other person;  \n(g) \nall information and documents that you supply is true, accurate, complete and not misleading; \n(h) \nyou are not an employee of any exchange, a corporation in which any exchange owns a majority \ncapital stock, a member of any exchange and/or firm registered on any exchange or any bank, \ntrust or insurance company that trades in CFDs and/or the underlying assets held by you; \n(i) \nour assessment of your use of the Services is performed on the basis of the information and \ndocuments provided by you and we may rely upon information and documents provided by you \nand we are not responsible for any damages or losses which may arise from any inaccuracies;  \n(j) \nyou will only access and use our Services for your own personal benefit; \n(k) \nneither the entry into this Agreement, or use of the Services, or the giving of any other \ninstruction will violate any law, rule, or regulation applicable to you; \n(l) \nall money that you use and invest through the Services do not originate in any way from drug \ntrafficking, abduction, terrorist activity or any other criminal activity that is unlawful or could \nbe considered unlawful by any relevant authority; \n(m) \nyou have not and will not upload or transmit any malicious code to the eToro platform or \notherwise use any electronic device, software, algorithm, and/or dealing method or strategy \nthat aims to manipulate any aspect of the eToro platform or the Services; and \n\n \n24 \n \n(n) \nyou will use the Services offered by us pursuant to this Agreement honestly, fairly and in good \nfaith. \n30.2 \nIf you breach any warranty or representation made under this Agreement, we may close any orders or \ntrades that you have made, and/or close or freeze your eToro account. You will also may be required \nto fully indemnify us due to any contraventions by you of Applicable Law.  \n \n \n\n \n25 \n \nPART 4 – GENERAL LEGAL TERMS \n31. \nBereavement \nIf you die or become incapacitated and your legal heirs or representatives want to withdraw any \nremaining balance in your eToro account, they must provide us with official duly-authenticated legal \ndocuments from the applicable authorities in the relevant jurisdictions. We will only allow your legal \nheirs or the representatives to withdraw your money after we check such documents, and are satisfied \nthat he / she has the authority to do this. \n32. \nAssignment and novation \n32.1 \nWe may assign, transfer and/or novate these Terms and Conditions and/or any of our rights and/or \nobligations to another appropriately regulated firm. We will tell you 15 days in advance if we do this. \nWe will use reasonable endeavours to ensure that your rights under the assignment and/or novation \nwill be similar to your rights under the Terms and Conditions and Schedules with us. We will treat you \ncontinuing to use the Services as you agreeing to the assignment and novation, but you can cancel \nyour eToro account with us at any time. \n32.2 \nYou may not assign, transfer, and/or novate these Terms and Conditions and/or any of your rights \nand/or obligations to another person, whether by operation of law or otherwise, or whether on a \npermanent or temporary basis without our prior written agreement.  \n33. \nChanging the Terms and Conditions and/or our Services \n33.1 \nOur customer support team are not authorised to amend or waive any term in these Terms and \nConditions. \n33.2 \nWe may make changes to these Terms and Conditions from time to time. For example, we might need \nto add new terms, or amend existing terms to reflect changes in: \n(a) \nour business, Services or products or how we provide them; \n(b) \nthe systems we use; and/or \n(c) \nApplicable Law or regulation or industry recommendations.  \nWe may also make changes for reasons not set out here. \n33.3 \nIf we add a new term or change an existing term in these Terms and Conditions, we will take reasonable \nsteps to provide you with appropriate notice, including via our website. You will be deemed to accept \nand agree to the changes if you continue to use the Services after the publication of any changes. We \nwill treat you continuing to use our Services as you agreeing to the changes, but you can cancel your \neToro account with us at any time.  \n33.4 \nThere might be times when we don't tell you about a change to these Terms and Conditions, for \nexample, if a change does not disadvantage you. \n33.5 \nA copy of the most up to date version of these Terms and Conditions are available on our website. \n33.6 \nWe may modify, suspend or discontinue, temporarily or permanently, all or any part of our Services \nwith or without notice. We reserve the right, at any time and for any reason, to discontinue, redesign, \nmodify, enhance, change, patch the software, the eToro platform, and/or the Services, including \nwithout limitation, the structure, specifications, 'look and feel', navigation, features and other elements \nof the software and/or the Services or any part thereof. You agree that we will not be liable to you or \nto any third party (for whom you may be acting) for any modification, suspension or discontinuance of \nall or any part of our Services. \n34. \nSeverability \nIf any court or relevant authority finds any part of these Terms and Conditions to be invalid or \nunenforceable, the remaining parts of the Terms and Conditions and Schedules will remain in full force \nand effect. \n\n \n26 \n \n35. \nIntellectual property \n35.1 \nAll content included in or made available through the Services, including but not limited to all copyright, \ntrademarks, patents, service marks, domain names, trade names, rights in designs, software code, \nicons, logos, characters, layouts, rights in know-how, trade secrets, buttons, colour scheme, graphics \nand other intellectual property rights (\"IP\") is the property of eToro Europe, its affiliates or its licensors \nand is protected by local and international intellectual property laws and treaties. \n35.2 \nSubject to the terms and conditions of this Agreement, we hereby grant you a limited licence to install \nand use the eToro platform, solely for your personal use and benefit in accordance with the terms of \nthis Agreement.  \n35.3 \nYou may not, without our prior written consent or except where granted under these Terms and \nConditions:  \n(a) \nmodify, copy, display, distribute or commercially exploit any IP or materials (including text, \nvideo, audio or user interface design) in the content of any of the Services, including in the \ntrading platform; \n(b) \nremove any proprietary notices from any IP; \n(c) \nattempt to derive any source code for the trading platform; and \n(d) \nattempt to disable, bypass, modify, defeat, or otherwise circumvent any protection system \napplied to or used as part of the Services. \n35.4 \nThe use of the Services does not grant you any rights other than those granted to you under these \nTerms and Conditions. Nothing contained on our websites or any communications to you shall be \nconstrued as granting, by implication or otherwise, any licence or right to use any IP without our prior \nwritten consent.  \n35.5 \nIf you create a hyperlink to one or more of our websites, the hyperlink and context in which it is used \nmay not, without our prior written consent, suggest an endorsement, sponsorship or affiliation with \neToro Europe, its affiliates or Services, and may not make use of any of our IP other than that contained \nwithin the text of the hyperlink. \n35.6 \nYou agree to: \n(a) \nuse all your efforts to protect our IP from being infringed by you; \n(b) \nnot knowingly or recklessly encourage or assist any third parties to infringe our IP; and \n(c) \nimmediately notify us if you become aware of any violation or suspected violation of our IP, or \nwhere our IP is being used in a manner not authorised by these Terms and Conditions. \n35.7 \nIf any third party software is included within the eToro platform, then such third party software shall \nbe provided subject to the terms of this Agreement. You shall fully comply with the terms of any third \nparty software licences that we provide you with from time to time. Please note we do not provide \nsupport for third party software or information provided thereon. \n35.8 \nShould this Agreement be terminated for any reason, your license will be revoked and you must cease \nusing the eToro platform, as well as any third party software which is included within the eToro platform.  \n35.9 \nPlease inform us in writing if you encounter any problems with the eToro platform, or have any \nsuggestions for modifications and improvements. We may make modifications to the eToro platform \nbased upon your suggestions, but are not required to do so. Any modifications and improvements made \nto the eToro platform based on your feedback shall be our and our licensors' sole property. \n \n \n\n \n27 \n \n36. \nPersonal data and privacy \n36.1 \nWe are committed to handling information about you responsibly. By entering into this Agreement, you \nagree that you have been provided with a copy of our Privacy Notice, which is also available on our \nwebsite. We will use your personal data as set out in our Privacy Notice, if you have any questions \nabout the way in which we use your personal data you can contact us at privacy@etoro.com as well as \nset out in the Privacy Notice.  \n36.2 \nWhen you open an eToro account, your username, your name, your picture/avatar (if provided), list of \nusers who follow you, users who copy you, list of users you follow or copy, and any status/posts/blogs \nand any other content which you post on the eToro Community can be seen by other traders. You can \ncontrol who sees this information by managing your privacy settings in your eToro account.  \n36.3 \nIf you use one of our applications provided via social networks (such as Facebook, Twitter, G+ etc.), \nour application will have access to your social network account general information which includes your \nname and username in such social network, profile picture, and any other information you have shared \nwith 'everyone' on the relevant social network. Additional information may be collected in specific social \nnetworks campaigns which will be specified in the terms and conditions applicable to such campaign. \n36.4 \nWe and our affiliates and agents may collect, store and process information from you or otherwise in \nconnection with the Services for the purpose of complying with Applicable Law and/or regulation, \nincluding disclosures to governmental authorities. To comply with our legal or regulatory obligations \nwe may transfer your personal data outside of the EEA. For further information about transfers of your \npersonal data outside of the EEA, please see our Privacy Notice. \n37. \nMarketing and promotions \n37.1 \nAll promotions which we offer will have specific terms and conditions which apply to that promotion. \nWe can change, or stop providing a promotion, in accordance with the terms and conditions of that \npromotion. Any benefit which is part of a promotion will only apply once per eToro account, person, \nhousehold and/or any environment where computers are shared. \n38. \nRegulatory reporting and disclosures \n38.1 \nIn the case of a limit order in shares admitted to trading on a regulated market which are not \nimmediately executed, you expressly consent to eToro not facilitating the earliest possible execution of \nthat order by making it public in an easily accessible manner. \n38.2 \nWhere we are subject to reporting obligations under Article 9 of European Market Infrastructure \nRegulation No. 648/2012 on derivatives and all related delegated, supplementing or successive \nregulations EMIR, as amended (\"EMIR\") and under applicable CySEC rules, we have delegated certain \nreporting functions to a third party processor. In addition, you agree and instruct us to perform \ndelegated reporting services for you, as we see fit, in accordance with EMIR. You agree to provide us \ninformation which we request to enable us to comply with our obligations under EMIR. \n38.3 \nWhere we are subject to report details of transactions and details about you to a regulator, pursuant \nto Regulation No. 600/2014 (\"MIFIR\"), also known as \"transaction reporting\", you agree to provide \nus information which we request to enable us to comply with our obligations.  \n38.4 \nThe parties hereby expressly consent to the transfer of information to the extent required in order to \ncomply with the reporting obligation in accordance with Article 9 EMIR and the applicable CySEC Rules. \nSuch transfer of information will entail the disclosure of transaction data, including the portfolio data, \nthe value determined for the transactions, collateral posted and the identity of the parties. The \ndisclosure shall be made to a trade repository, European Securities and Markets Authority (\"ESMA\") \nand/or a delegated third party processor. The trade repository or ESMA may pass such information to \nnational supervisory authorities in countries where the data privacy laws do not afford the same \nprotection as provided in the Republic of Cyprus.  \n38.5 \nWe will not assist you with any reporting obligations which you are required to carry out under \nApplicable Law. This includes, but is not limited to regulatory reporting, tax reporting, the reporting of \nthe receipt or the payment of specific currencies. \n \n \n\n \n28 \n \n39. \nTaxation \nAll amounts extracted from your account are gross amounts, meaning that we have not collected, \ndeducted, or paid any taxes for you or on your behalf. It is your responsibility to calculate and pay all \napplicable taxes that you owe as a result of your trading activity on the eToro platform. However, we \nmay withhold and deduct at source any taxes due under Applicable Law at our sole discretion. You will \nhave no claim against eToro Europe where we have made such a deduction. Where necessary, we or \nour affiliates will deduct and report tax deduction on an aggregate basis with respect to all our clients. \nTo the extent you require us to issue your personal report specifying the taxes withheld at source on \nyour behalf, we may debit your account with our cost and expenses in connection with the preparation \nand filing of said reports including any re-submissions and late charges. \n40. \nRights of third parties \nA third party will not be able to benefit from or enforce a term of these Terms and Conditions. \n41. \nApplicable Law and regulation \n41.1 \nThese Terms and Conditions and any orders and trades are subject to all Applicable Law and regulation, \nincluding (but not limited to), the CySEC rules, articles, by-laws, rules, regulations, policies, procedures \nand interpretations of any relevant exchanges, markets and clearing houses in which we may elect to \nhedge any trades; and any other applicable regulatory, self-regulatory or governmental authority \nrequirements (\"Applicable Law\"). \n41.2 \nWe will not be liable to you for any action, inaction, decision or ruling made pursuant to Applicable Law. \nWe may also take or omit any action that we consider reasonable to comply with Applicable Law. \n41.3 \nAny reference to a person in these Terms and Conditions shall include bodies corporate, unincorporated \nassociations, trusts, partnerships and individuals. \n42. \nGoverning law and jurisdiction \nThe laws of Cyprus apply to these Terms and Conditions and Schedules between you and us. Any claim \nyou make against us can be heard in the courts in Limassol, Cyprus. \n \n \n\n \n29 \n \nSCHEDULE A – TRADING CFDS \nThis Schedule A sets out the specific terms that will apply to you when you trade CFDs on the eToro platform.  \nIn addition, the terms of Appendix 1 of this Schedule A will apply to you when you trade CFDs in relation to \ncryptoassets. The terms in this Schedule A (including Appendix 1 if applicable) apply to you in addition to the \nGeneral Terms and Conditions, which apply to all of our services and not just to CFD trading. Capitalised words \nin this Schedule A will have the same meaning which are given to those word in the General Terms and Conditions. \nIf a term of this Schedule A conflicts with or differs from a term in the General Terms and Conditions, this \nSchedule A will apply. \n \n1. \nWhat is CFD trading? \nA contract for difference (\"CFD\") is a financial product which allows you to trade on the price \nmovements of an underlying product for example shares, forex, indices, commodities, or cryptoassets. \nWhen you trade a CFD, you are agreeing to exchange the difference in the price of an underlying \nproduct from the point in time when your position is opened to when it is closed.  \n2. \nOur CFD trading service \n2.1 \nWe may act as principal or on a matched principal basis when providing you with the CFD Trading \nServices. This means we will be the counterparty to your trades. \n2.2 \nWhere you buy and sell complex products, such as CFDs, we are required to assess the appropriateness \nof the product by taking into account your trading knowledge and experience (\"Appropriateness \nAssessment\"). Please refer to clause 3 of the General Terms and Conditions for more information on \nhow we carry out the Appropriateness Assessment. \n2.3 \nIf we have assessed that our CFD trading service is not appropriate for you, we will either: \n(a) \nprovide you with an appropriate warning, after which you may decide to continue at your own \nrisk; or \n(b) \nblock the CFD trading functionality on your account, so that you will not be able to trade CFDs \non the eToro platform. \n2.4 \nWe allow you to trade CFDs using leverage. Trading with leverage means you can make money quickly, \nbut you can also lose money quickly. You can find out more about what leverage is, the risks of trading \nCFDs, and the risks of leverage in paragraph 4 - \"The key risks of CFD trading\", paragraph 7 – \"Using \nleverage and margin\", the General Risk Disclosure, and on our website. \n2.5 \nIf you are a retail client, we will make sure that you do not lose more money than what you have \ndeposited into your account when you trade CFDs, as required under any Applicable Law. This is called \n\"negative balance protection\". \n2.6 \nAdditionally, if you are a French resident, we will make sure that you do not lose more money than \nwhat you have deposited for a CFD trade, as required under any Applicable Law.  \n3. \nLimitations to our CFD trading service \nWhen you trade a CFD, you will have an economic exposure to the underlying product of the CFD, but \nyou will not have legal ownership of any underlying products. For example, if you trade a CFD over \nshares, you will not have the rights which legal owners have, such as voting rights or rights to dividends. \nHowever, we may carry out adjustments if a \"Corporate Event\" occurs. Please see paragraph 11 – \n\"Corporate Events\" below for more information. \n4. \nThe key risks of CFD trading \n4.1 \nCFDs are complex derivative products and come with a high risk of losing money quickly due to leverage \n(regardless of the underlying product). Trading with leverage magnifies your gains and losses, so small \nprice changes in the underlying product can result in large losses or gains. It is therefore possible that \nyou may lose more than your deposit in a trade. We provide more information on leverage in paragraph \n7 - \"Using leverage and margin\". \n\n \n30 \n \n4.2 \nThe underlying assets of CFDs are often made up of equities, foreign exchange, commodities, \ncryptoassets and similar products. The markets of these products can be volatile, which means the \nprices of the products can change rapidly, and are therefore unpredictable. Trading CFDs in relation to \ncryptoassets may involve higher risk than trading CFDs in relation to other financial instruments. The \nadditional risks associated with trading cryptoasset CFDs are set out in Appendix 1. \n4.3 \nYou should only trade CFDs if: \n(a) \nyou have sufficient and relevant knowledge about or experience in, trading in volatile markets;  \n(b) \nyou fully understand how CFDs work (including all associated risks and costs), are aware that \nthe use of margin or leverage creates greater risks;  \n(c) \nyou are trading with money you can afford to lose;  \n(d) \nyou have a high-risk tolerance;  \n(e) \nyou want to gain short term exposure to a product/market; \n(f) \nyou understand that there are situations where we will be able to close out your transactions \nwithout giving you notice or by giving you very short notice;  \n(g) \nyou understand that we can change margin requirements at our sole discretion (including in \nrelation to open positions), and that we may give you very short notice of changes to margin \nrequirements or due to an Exceptional Event we may not be able to give you notice at all. We \nwill exercise our right to change margin requirements in accordance with Appliable Law; \n(h) \nyou understand that when margin requirements change, we cannot guarantee that your \nexecution price will match your order price, including where you've placed a limit order, take \nprofit and/or stop loss order; \n(i) \nyou have time to manage your transactions on an active basis and understand that active \nmanagement may be required at short notice: \n(i) \ndue to the volatility of the underlying market, which will be increased as a result of \nleverage; \n(ii) \nas a result of us changing margin requirements, including for open positions (as stated \nabove); and/or \n(iii) \nas a result of us giving you very short notice, or due to an Exceptional Event no notice \nat all, of changes to margin requirements (as stated above); \n(j) \nyou are trading with money you can afford to lose;  \n(k) \nyou have a high-risk tolerance; and  \n(l) \nyou want to gain short term exposure to a product/market. \n4.4 \nYou should ensure you fully understand the risks involved before using our Services and, if required, \ntake appropriate investment, financial, legal, tax and other necessary professional, independent advice. \nMore information on the risks associated with trading CFDs is set out in our Risk Warning Disclosures. \nYou should read this document and fully understand the risks before entering into this Agreement. \n4.5 \nPlease refer to clause 5 of the General Terms and Conditions, the General Risk Disclosure, our website \nfor more information on the key risks of using our services. \n5. \nBest Execution \nWe are bound to comply with our Best Execution and Order Handling Policy when executing your trades. \nPlease refer to clause 6 of the General Terms and Conditions for information on how we comply with \nour best execution obligations to you. \n \n \n\n \n31 \n \n6. \nConflicts of interest \n6.1 \nWe are required to act in your best interest when providing our services. However, there may be \ninstances where your interest conflicts with our interests, or with another client's interest. For example, \nwith respect to CFD trading: \n(a) \nwe set both the sell price and the buy price of CFDs, both of which are quoted on our platform; \nand  \n(b) \nwhen you enter into a CFD transaction, we may or may not purchase or sell the underlying \nproduct. If we buy the underlying product, we may have rights, for example voting rights if we \nare a shareholder, which we can exercise without notifying you.  \n6.2 \nPlease refer to clause 7 of the General Terms and Conditions for more information on the conflicts of \ninterest that may apply to our services. \n7. \nUsing leverage and margin \n7.1 \nWe allow you to trade CFDs using leverage. Leverage is a form of borrowing which allows you to deposit \nonly a part of the cost of your transaction upfront. This deposit is called \"margin\" and is used by us as \nsecurity against any potential losses you may incur. The more leverage you use, the less margin you \nneed. Money being used as margin cannot be taken out of your account. \n7.2 \nDifferent amounts of leverage apply to different underlying products. Applicable Law sets maximum \nleverage amounts (and therefore the minimum margin requirement) that we can offer. However, we \ncan decrease the leverage (and therefore increase the margin requirement) as well as change the \nleverage (and therefore change the margin requirement) we offer at any time, so long as the leverage \ndoes not exceed the maximum leverage amount, including with respect to open positions as stated in \nparagraph 4.3(g) above. The amount of leverage which you can access at a particular point in time can \nbe viewed on our website.  \n7.3 \nIf you are a retail client, we are required by law to limit the amount of leverage that you can apply to \ncertain transactions and set a minimum margin requirement. Professional clients will not be subject to \nthese restrictions. The nature of these restrictions will depend on where you are resident, and are likely \nto vary depending on the underlying asset that you are trading. Where transactions were executed \nwith a leverage or margin that is no longer permitted in the country where you live, we may close any \nor all of your open positions without further notice to you and we may also close your eToro account. \nThis may result in a profit or a loss to you.  \n7.4 \nWe will calculate your margin on a position by position basis. The money available as margin on a \nposition, cannot equal less than 50% of the money that you might lose on that open position at any \ntime. Where you do not have enough margin available, we may require additional margin to secure \nyour trades. The amount of money that you must have available as a margin can be viewed on our \nwebsite. \n7.5 \nIt is your responsibility to monitor the money in your account against your potential losses, the margin \nrequired, and whether your position is close to your stop level, as we will not notify you when this \nhappens. If you do not have enough money in your eToro account to meet the margin requirement on \na certain position, you should:  \n(a) \nclose your open position to stop you losing more money;  \n(b) \npartially close your positions; and/or \n(c) \nadjust your stop levels. The ability to adjust your stop levels is subject to you having the \nappropriate funds in your account.  \n7.6 \nUnless you carry out one or more of the above steps, your trade will be closed irrespective of the total \nmoney available in your eToro account or the performance and balance of your other open positions.  \nYour trade will be closed without prior notice to you and without an opportunity for you to choose the \ntiming of liquidation. We may but are not obligated to, in our sole discretion, allow you to add funds \ninto the position to avoid any forced liquidation of your cryptoassets.  \n\n \n32 \n \n7.7 \nWe may change our margin requirements and leverage ratio as detailed in paragraphs 4.3(g) and 7.2. \nOne margin demand does not preclude another. Any amount needed to meet the new requirements \nmust be satisfied in the currency we specify. The adjustment should be made immediately unless we \nspecify a future date and/or time by which the adjustment must be made. \n8. \nPlacing an order \nPlease refer to clause 18 of the General Terms and Conditions for information on how you may place \nan order and provide trading instructions on the eToro platform. \n9. \nClosing your orders automatically \n9.1 \nWe may close your orders where you have placed a stop loss on your CFD trade, and the stop price \nhas been reached.  \n9.2 \nWe may close your orders and trades where you do not have the required margin in your account or \nyou do not meet the margin requirements, as described in paragraph 7.1 above. We may do this \nwithout further notice to you, and you may make a profit or a loss as a result. \n9.3 \nWe may also close your orders in special circumstances, as described in paragraph 11 – \"Corporate \nEvents\" below, as well as due to an Exceptional Event, as defined in clause 29 of the General Terms \nand Conditions. \n9.4 \nPlease also refer to clause 19 of the General Terms and Conditions for information on other situations \nin which we may close your orders. \n10. \nFees and costs \n10.1 \nPlease refer to clause 21 of the General Terms and Conditions for information on the fees and costs \nwhich apply to all transactions on the eToro platform. \n10.2 \nAs detailed on our website and in clause 21 of the General Terms and Conditions, where you trade \nCFDs, we will charge or credit your account with an overnight fee/credit each time you keep a position \nopen after trading hours, including on public and bank holidays. If you keep your position over the \nweekend, we will charge/credit you for three nights for positions carried over. The overnight fee/credit \nwill be taken/added out of the available balance in your eToro account. How the overnight fee/credit is \ncalculated will be different depending on your underlying product, the amount of leverage being utilised, \nand whether you are entering into a buy or a sell trade. Our overnight fees/credits are subject to \nchange and can be viewed on our website, and the overnight fee relevant to your order will also be \ndisplayed to you when you open a position and on our fees page. \n11. \nCorporate Events \n11.1 \nA \"Corporate Event\" is something which will result in a change to one or more financial instruments. \nExamples of Corporate Events include, but are not limited to, share consolidations, share splits, \nreorganisations, mergers, take-over offers (and similar), name changes and rebranding, dividend \ndistributions, insolvency, delistings and changes to Applicable Law or regulation.  \n11.2 \nIf a Corporate Event impacts the underlying product of a CFD in your eToro account, we will use \nreasonable endeavours to adjust the open positions on that CFD, in a fair way and in accordance with \nmarket practice, and/or taking into account the treatment we may receive from our counterparties or \nany relevant third party and the deduction of any taxes applicable. The adjustments we carry out will \ndepend on the circumstances of each event, and is according to our sole discretion, however we are \nnot obliged to do this. Adjustments may include changing the price or the quantity of CFDs that you \nhave in your account to reflect the economic rights that you had prior to the Corporate Event occurring. \n11.3 \nNotwithstanding paragraph 11.2 above, we reserve the right to close any open CFD positions where \nthe underlying product is impacted by a Corporate Event (including delistings and insolvency) in a fair \nway and taking into account the treatment we may receive from our counterparties and/or any relevant \nthird party. In this respect we may make any required adjustment (price, quantity or any other \nadjustment) resulting from the Corporate Event as may be applicable. We may close your open \npositions prior to or following such Corporate Events, at our sole discretion. \n\n \n33 \n \n11.4 \nPlease refer to Part 3 of the Terms and Conditions for more information about our rights and your rights \nin special circumstances. \n \n\n \n34 \n \nAppendix 1 \nTrading CFDs in relation to Cryptoassets \n1. \nThe cryptoasset CFD trading service \n1.1 \nOur services may allow you to trade CFDs in relation to cryptoassets using leverage which is subject to \nthe terms of Schedule A and this Appendix 1. Our services may also allow you to trade cryptoassets \nusing leverage which is subject to the terms of Schedule C instead. \n1.2 \nIf the transaction you enter into is a CFD in relation to cryptoassets, this will be specified on the \ntransaction platform and/or your account statement.  \n2. \nThe key risks of trading cryptoasset CFDs \n2.1 \nIn addition to the key risks of trading CFDs as set out in paragraph 4 of Schedule A, the below key \nrisks apply in relation to trading cryptoassets CFDs. \n2.2 \nAs stated in paragraph 4 of Schedule A, CFDs are complex derivative products and come with a high \nrisk of losing money quickly due to leverage (regardless of the underlying product). Cryptoassets are \nvolatile products, which means the prices of the products can change rapidly, and are therefore \nunpredictable. The price fluctuation of cryptoassets, in combination with the use of leverage, means \nthat your trades in cryptoasset CFDs may significantly increase or decrease in value at any given \nmoment, and this may result in a loss of all the capital you have invested in such cryptoasset CFD \ntransaction. Therefore, cryptoasset CFDs come with an even higher risk of losing money. \n2.3 \nAs stated at paragraph 4 of Schedule A, you should only trade CFDs if you have sufficient time to \nmanage your transactions on an active basis. This is even more important when trading cryptoasset \nCFDs, due to the volatility of the underlying cryptoassets, in combination with the use of leverage. If \nthe market moves against your position, you may be called upon by us to provide a substantial amount \nof additional margin funds, without notice or on very short notice, in order to maintain your position. \nIf you do not provide the required funds within the time required by us, your position may be liquidated \nat a loss. \n2.4 \nOther important risks when trading cryptoassets CFDs are: \n(a) \nparticularly during periods of high volume, illiquidity, fast movement or volatility in the \nmarketplace for any cryptoassets, the actual market rate at which a market order or trade for \na cryptoasset CFD is executed may be different from the prevailing rate indicated via the CFD \ntrading services at the time of your order or trade; \n(b) \nthe actual market rate at which a market order or trade for a cryptoasset CFD is executed may \nbe different from the rate that is displayed on the eToro platform at the time that you make \nyour order, if prices are fluctuating substantially; \n(c) \ncryptoassets are a unique kind of product, backed by technology and trust, unlike most \ncurrencies, which are backed by governments or other legal entities, or by commodities such \nas gold or silver. This means there is no central bank that can take corrective measure to \nprotect the value of cryptoassets, and therefore the value of cryptoasset CFDs; \n2.5 \nas cryptoassets are virtual products, they may become 'delisted' or unsupported at any time, which \nmeans they may no longer be offered for sale or exchange on markets. If this happens, the CFDs which \nreference those delisted cryptoassets may become worthless. Please refer to paragraph 3 – \"Our rights \nand your rights in special circumstances. \n(a) \nOur rights and your rights in special circumstances\" for further information on how we \nmay treat positions in such events; and \n\n \n35 \n \n(b) \ncryptoassets are operated by underlying software protocols. We do not own or control the \nsoftware underlying the cryptoassets in respect of which cryptoasset CFDs are available for \ntrading on our platform. In general, the underlying software protocols are 'open source', which \nmeans anyone can use, copy, modify, and distribute them. The underlying protocols which \ngovern cryptoassets are subject to sudden changes in operating rules, known as \"Forks\". Forks \ncan materially affect the way in which cryptoassets are value, and therefore the way in which \nCFDs which reference those cryptoasset are valued, and can create extreme price volatility. We \nexplain your rights and our rights if a fork occurs in more detail in paragraph 3 – \" Our rights \nand your rights in special circumstances\". \n2.6 \nYou should carefully consider whether trading cryptoasset CFDs is suitable for you, in light of your \nfinancial circumstances.  You should ensure that you fully understand how cryptoassets and CFDs work \n(including all associated risks and costs), and are aware that the use of margin or leverage when \ntrading CFDs in relation to cryptoassets creates even greater risks than the use of margin or leverage \nwhen trading CFDs in relation to other underlying products. \n3. \nOur rights and your rights in special circumstances \n3.1 \nWe reserve the right to close any open cryptoasset CFD positions, in a fair way and taking into account \nthe treatment we may receive from our counterparties and/or any relevant third party, where the \nunderlying cryptoasset is impacted by any of the following events: \n(a) \nif the underlying cryptoasset is delisted, removed and/or cancelled from any of the exchanges \non which it is listed;  \n(b) \nif we reasonably become aware that the underlying cryptoasset is likely to be delisted, removed \nand/or cancelled from any of the exchanges on which it is listed;  \n(c) \nif you do not have the required margin in your account or you do not meet the margin \nrequirements. Please refer to paragraphs 7.6, 7.7, and 9.2 of Schedule A; \n(d) \nwe no longer support the trading in such underlying cryptoasset for any reason;  \n(e) \nan Exceptional Event has occurred, as defined in clause 29 of the General Terms and Conditions; \nand/or \n(f) \na Fork has occurred in relation to the underlying cryptoasset.  \n3.2 \nIf you have placed a cryptoasset CFD order when the market of the underlying cryptoasset is suspended, \nand/or when the market was open, however, your order is triggered shortly following a suspension, \nthen we will execute the applicable order as soon as is reasonable under the circumstances when \ntrading resumes. We do not guarantee that your order will be executed at the first available underlying \nmarket price at commencement of trading or within any specific range compared to other market prices \nwhich may be available to you from other sources. We are not liable for any loss or for other claims \nwhich you may have in connection with such orders. \n3.3 \nWhen trading cryptoasset CFDs, you acknowledge and agree that we are not responsible for the \noperation of the underlying protocols and that we make no guarantee of their functionality, security, \nreliability or availability. You also acknowledge and agree that we have no responsibility or liability in \nrespect of an unsupported branch of a forked cryptoasset. \n3.4 \nWhen a Fork occurs, there may be substantial price volatility around the event, and we may temporarily \nsuspend trading of CFDs which reference the forked cryptoasset on the eToro platforms (with or without \nadvance notice to you). We may then, at our discretion:  \n(a) \nconfigure or reconfigure its systems;  \n(b) \ndetermine which of the forked cryptoassets has the majority consensus behind it and offer an \nalternative cryptoasset CFD on our trading platform; and/or  \n(c) \ndecide not to support (or cease supporting) the impacted cryptoasset CFD entirely. \n\n \n36 \n \n3.5 \nIn the event that a situation arises that is not covered under Schedule A, or the General Terms and \nConditions, we will resolve the matter on the basis of good faith and fairness and, where appropriate, \nby taking such action as is consistent with market practice. \n3.6 \nPlease refer to Part 3 of the General Terms and Conditions for more information about our rights and \nyour rights in special circumstances across all our services.  \n \n \n\n \n37 \n \nSCHEDULE B – INVESTING IN SECURITIES \nThis Schedule B sets out the specific terms that will apply to you when you invest in securities on the eToro \nplatform. The terms in this Schedule B apply to you in addition to the General Terms and Conditions, which \napply to all of our services and not just securities trading. Capitalised words in this Schedule B will have the \nsame meaning which are given to those word in the General Terms and Conditions. If a term of this Schedule B \nconflicts with or differs from a term in the General Terms and Conditions, this Schedule B will apply. \n1. \nOur securities trading service \n1.1 \nYou can buy and sell shares and units in exchanged traded funds (\"ETFs\") on our platform, as well as \nother securities that we may offer from time to time. \n1.2 \nWe may act as principal or on a matched principal basis when providing you with the securities trading \nservices. This means we will be the counterparty to your trades. \n1.3 \nThis Schedule only applies to buy transactions made without leverage, including trades made in \naccordance with our copy trading service (both CopyTrader and CopyPortfolio transactions) which are \nindicated as such on the trading platform. Therefore, our security trading services are differentiated \ndepending on type of position you enter into, which country you reside in, and the market where the \nsecurity is traded. As a result, some particular types of trade involving securities may not be carried \nout through our securities trading service and will instead be carried out as CFD trades. We have \nincluded a full list of these trades and what alternative service will be used at Appendix 1 to this \nSchedule B. Your account statement will include an indication of the type of transaction. \n1.4 \nWhere you buy and sell non-complex products, for example, shares, we are not required to assess the \nappropriateness of the product or service that we provide to you and in such case, you will not benefit \nfrom the protection of the CySEC rules on assessing appropriateness. \n1.5 \nSecurities such as shares are held in custody. Please see paragraph 9 – \"Custody\" below for more \ninformation.  \n1.6 \nWe may be required to give your details (including your email address) and details of your shareholding \nto the company registrars. By trading securities on our platform, you consent to us providing your \nidentifying information to any requesting service provider of the company. \n2. \nLimitations to our securities trading service \n2.1 \nWe may provide factual market information and information in relation to any securities at your request. \nHowever, we are not obliged to disclose such information to you and, if we do supply this information, \nit does not constitute investment advice. \n2.2 \nWe will not be liable to you for any act or omission of any such third-party including but not limited to \ninformation provided by such third-party, except where we have acted negligently, fraudulently or in \nwilful default in relation to the appointment of the third-party. \n2.3 \nThe eToro trading platform is not an exchange or a market. This means that you can only enter into \ntrades and investments with us on the platform, and not third parties. Therefore, our services are \nlimited to you buying a security on our platform, and selling that security on our platform. You will not \nbe able to transfer the securities out of your eToro account, including for the purposes of selling that \nsecurity on another platform or to another person. \n2.4 \nWe do not permit \"US persons\" (as defined by the Internal Revenue Service \"IRS\") to invest in \nsecurities on our platform. If we allow you to trade in securities and then identify you as a US person, \nwe may close any open positions you may hold and then block or close your eToro account. We may \nalso be required to deduct US withholding tax on income and gross proceeds from your investments in \nlisted US securities on our platform. \n2.5 \nIf you are not a US person, we will ask you to sign a W-8BEN form before we accept an order from you \nto invest in shares which are listed in the US. If you have not previously provided us with a valid W-\n8BEN, and you already hold US shares, we will ask you to complete a W-8BEN. If you do not return the \nsigned and completed W-8BEN form before the date we specify, we reserve the right to sell your US \nshares. You have an ongoing obligation to inform us if you are no longer eligible for W-8BEN status. \n\n \n38 \n \n2.6 \nWe will apply the default rate of taxes applied by the relevant tax authorities.  \n3. \nThe key risks of securities trading \n3.1 \nAll financial products carry risk, and even trading non-complex products, such as securities, will have \na degree of uncertainty. The securities markets can be volatile, which means the prices of the securities \ncan change rapidly, and therefore are unpredictable, which means that securities dealing is not suitable \nfor everyone. \n3.2 \nYou should ensure you fully understand the risks involved before using our Services and if required \ntake appropriate investment, financial, legal, tax and other necessary professional, independent advice. \nMore information on the risks associated with trading CFDs is set out in our Risk Warning Disclosures. \nYou should read this document and fully understand the risks before entering into this Agreement. \n3.3 \nPlease refer to clause 5 of the General Terms and Conditions, the General Risk Disclosure, and our \nwebsite for more information on the key risks of using our services. \n4. \nBest Execution \nPlease refer to clause 6 of the General Terms and Conditions for information on how we comply with \nour best execution obligations to you. \n5. \nConflicts of interest \nPlease refer to clause 7 of the General Terms and Conditions for information on how we manage \nconflicts of interest that may apply to our services. \n6. \nPlacing an order \n6.1 \nPlease refer to clause 18 of the General Terms and Conditions for information on how you may place \nan order and provide trading instructions on the eToro platform. \n6.2 \nWe execute your orders as soon as reasonably practicable, but sometimes there will be a delay between \nwhen we receive your order and when we are able to execute it. Where a delay occurs, there may be \na difference between the market price of the securities that you were quoted and the market price on \nthe exchange, which may or may not be to your benefit. The exchange is not required to accept your \norder, and is not required to execute your order at the price that you were quoted. \n6.3 \nEach order that you make is binding on you even where you have exceeded any limit on our platform, \nand you must pay any sums due on any transaction immediately once the transaction has been entered \ninto. \n6.4 \nYou are responsible for monitoring your orders until they are confirmed or cancelled, as we may not \nprovide you with explicit written notification. You should contact us immediately if you are unsure about \nthe status of an order. \n7. \nFees and costs \n7.1 \nPlease refer to clause 21 of the General Terms and Conditions for information on the fees and costs \nwhich apply to all transactions on the eToro platform. \n7.2 \nWe may charge you for the provision by us to you of Market Data which relates to securities. \n7.3 \nAdditional charges may also be incurred by you in the case of delayed or failed settlement of a \ntransaction. Any such amounts will be your responsibility and, where appropriate, will be deducted \nfrom your account. \n8. \nSettlement \n8.1 \nYour security investments will settle in accordance with local markets. This is generally on a T+2 basis.  \n\n \n39 \n \n8.2 \nIf you invest in a security, the consideration for the transaction and all applicable fees, charges and \ntaxes for that transaction will be deducted from your account at the time of execution of the transaction. \nThe security will be available for sale on your account prior to settlement of the transaction and your \naccount will reflect this. Should the transaction fail to settle, we may reverse the transaction, return \nany fees, charges and taxes for that transaction and amend your account to reflect the same. \n8.3 \nIn the event of our insolvency, you may not have title to the securities that you have bought on the \neToro platform, where settlement has not yet occurred. This is the case even if the securities which \nyou have bought are shown as available in your eToro account. In these circumstances, you will be \nentitled to the amount that you paid for the securities, which will form part of your client money. Please \nrefer to clause 15 of the General Terms and Conditions for more information on client money. \n8.4 \nWe are not liable for any losses, costs or expenses that you suffer as a result of any delay or change \nin market conditions either before we execute an order or before a transaction settles. \n9. \nCustody \n9.1 \nYou instruct us to arrange for any securities which you have bought on our platform to be held on your \nbehalf until we receive further instruction from you to sell that security. This is called \"custody\", and \nmeans that we will be your \"custodian\". We will hold the securities on your behalf in accordance with \nthe Applicable Law, or may arrange for the custody services to be provided by another company (this \nis called a \"sub-custodian\"). We are not liable for any acts, omissions, insolvency or dissolution of the \nsub-custodian, unless any losses which you incur have been caused by our fraud, wilful default or gross \nnegligence. \n9.2 \nWhen holding such securities on your behalf, we take measures to ensure their protection and for \nsafeguarding your ownership rights, including: \n(a) \nkeeping records and accounts enabling us at any time and without delay to distinguish assets \nheld for you from assets held for any other client and from our own assets; \n(b) \nmaintaining our records and accounts in a way that ensures their accuracy and, in particular \ntheir correspondence to the securities held for you; \n(c) \nconducting, on a regular basis, reconciliations between our internal accounts and records and \nthose of sub-custodians; and \n(d) \ntaking steps to ensure that any securities deposited with a sub-custodian are identifiable \nseparately from any of our assets or any of the sub-custodian's assets. \n9.3 \nDetailed records of all your securities held by the custodian or sub-custodian will be kept by us at all \ntimes to show that your securities are held on your behalf, for your benefit and do not belong to the \ncustodian or any sub-custodian. \n9.4 \nWe exercise all due skill, care and diligence during the selection, appointment and periodic monitoring \nof the sub-custodian and over the arrangements for the holding and safeguarding of the securities. \n9.5 \nWhere your securities are deposited for safekeeping with a sub-custodian, there may be instances, if \nthis is required by the law of the country where the securities are held, that the sub-custodian may \nhave a security interest, lien or right of set-off over your securities enabling such sub-custodian to \ndispose of your securities, in order to recover debts that do not relate to you or the provision of services \nto you. \n9.6 \nYour securities will be pooled together with our other clients' securities (we call this an \"Omnibus \nAccount\") with a third party depositary in the name of eToro Europe on behalf of our clients. In such \ncase, it may not be possible to separate your securities from those of other clients.  \n9.7 \nIn the event of the insolvency or any other analogous proceedings in relation to that third party, we \nmay only have an unsecured claim against the third party on behalf of the client, and the client will be \nexposed to the risk that the money received by us from the third party is insufficient to satisfy the \nclaims of the client with claims in respect of the relevant account. We do not accept any liability or \nresponsibility for any resulting losses. \n\n \n40 \n \n9.8 \nThis also means that if we or our third-party nominee becomes insolvent, your securities may not be \nimmediately identifiable by separate certificates, physical documents, or equivalent electronic entries \non the register. Instead any claim will be against the Omnibus Account, and therefore more time might \nbe needed for us to identify which securities are yours, and which belong to a different client. As \nadditional time might be needed, this might increase your risk of losing money. In addition, if there is \nan unreconciled shortfall caused by the default of a custodian, you may share proportionately in that \nshortfall. \n9.9 \nYou agree that because of the nature of Applicable Laws or market practices in overseas jurisdictions, \nit may be in your best interest for your securities to be registered or recorded in our name or in the \nname of the sub-custodian, the nominee or any applicable delegate. If it is not possible for us to do \nthis, then: \n(a) \nyour securities may be registered or recorded in the name of the company/issuer, sub-\ncustodian, the nominee or any applicable delegate as the case may be; \n(b) \nyour securities may not be segregated and separately identifiable from the securities of the \ncompany/issuer, sub-custodian, the nominee or any applicable delegate; and \n(c) \nas a consequence, in the event of a failure, your securities may not be as well protected from \nclaims made on behalf of our general creditors. You should note that when we arrange for a \nthird-party to hold your securities overseas there may be different legal and regulatory \nrequirements than those applied in the Republic of Cyprus. \n9.10 \nYou agree that you will not try to sell, mortgage or otherwise deal in or part with the securities which \nwe hold for you. \n9.11 \nIf you have not instructed us about the securities in your eToro account (e.g. to sell the securities) and \nwe are unable to trace you despite having taken reasonable steps to do so we will stop treating your \nsecurities as client assets after a prescribed period of time, in accordance with Applicable Law. We will \ntry to contact you before we do this. \n10. \nCorporate Events \n10.1 \nA \"Corporate Event\" is something which will result in a change to one or more financial instruments. \nExamples of Corporate Events include, but are not limited to, share consolidations, share splits, \nreorganisations, mergers, take-over offers (and similar), name changes and rebranding, dividend \ndistributions, insolvency, delistings and changes to Applicable Law or regulation. \n10.2 \nIf a Corporate Event impacts a security in your eToro account, we will use reasonable endeavours to \nadjust the securities in your account in a way that is fair and which aligns with market practice, \ndepending on the circumstances of each event and according to our sole discretion, although we are \nnot obliged to do this. Adjustments may include changing the price or quantity of securities in your \naccount, to reflect the economic equivalent of such rights.  \n10.3 \nNotwithstanding paragraph 10.2, we reserve the right to close out any open positions impacted by a \nCorporate Event (including delistings and insolvency) in a fair way and taking into account the \ntreatment we may receive from our counterparty and/or any relevant third party. In this respect we \nmay make any required adjustment (price, quantity or any other adjustment) resulting from the \nCorporate Event as may be applicable. We may close out open positions prior to or following such \nCorporate Events, at our sole discretion. \n10.4 \nActions taken by us to adjust the securities in your account after a Corporate Event may create tax \nliabilities for you. We may deduct tax when making adjustments, however it will be your responsibility \nto satisfy these liabilities if we did not make such deduction. We may claim or reclaim tax credits on \ndividends or other income on securities. \n10.5 \nIf you are holding securities, such as shares, which grant you the right to receive a dividend or interest \npayment from a company, provided that you have held such shares prior to and on the relevant ex-\ndividend date, we will pay this money into your eToro account on receipt by us. We may deduct from \nthis payment any applicable tax however it will be your responsibility to satisfy these liabilities if we \ndid not make such deduction.  \n\n \n41 \n \n10.6 \nIf the underlying market on which your security is traded is suspended, you will not be able to place \nany sell orders on those securities, and we will not be able to execute any sell orders which you have \nalready placed on those securities until the market recommences trading. We cannot guarantee that \nyour order will be executed immediately when the market recommences trading, and we may be \nrequired to wait until there is enough demand to buy your security. \n10.7 \nWhere a Corporate Event results in a fractional entitlement to part of a security, we will use reasonable \nendeavours to aggregate those fractional entitlements, and sell those fractional securities and credit \nyour account with a cash value which may be subject to certain fees and charges. However, we are not \nobliged to do this. \n10.8 \nWhere a Corporate Event, such as partial redemptions, affect some but not all products held in an \nOmnibus Account, we will use reasonable endeavours to allocate the products which are affected to \nrelevant clients in a fair way and in accordance with market practice. However, we are not obliged to \ndo this. \n10.9 \nWe are not obliged to notify you of or arrange attendance at any annual general meetings or \nextraordinary general meetings applicable to your securities, and/or arrange the exercise of any voting \nrights attaching to securities we hold on your behalf, whether exercisable at an annual general meeting \nor otherwise. We do not enable participation in general meetings or the exercise of any voting rights \nattaching to securities we hold on your behalf. We are also not obliged to inform you of any class action \nor group litigation that is being proposed or taken concerning securities that we are holing on your \nbehalf. We will never take discretionary action to vote securities which we hold on your behalf \nirrespective as to whether we are able to facilitate your voting of such securities. \n10.10 \nWhere Corporate Events affect some but not all securities held in a pooled account, we shall allocate \nthe securities which are affected to relevant clients in a fair and equitable manner as we reasonably \nconsider is appropriate.  \n10.11 \nAs we will hold your securities in one or more pooled accounts, you may receive dividends or \ndistributions net of applicable taxes which has been paid or withheld at rates that are less beneficial \nthan those that might apply if the securities were held in your own name or not pooled. \n10.12 \nPlease refer to Part 3 of the General Terms and Conditions for more information about our rights and \nyour rights in special circumstances.  \n11. \nEffect of termination \n11.1 \nWhere you terminate your relationship with us and provide us with instructions for closing your account, \nwe will arrange for your securities to be sold as soon as reasonably possible in accordance with this \nSchedule B and the General Terms and Conditions of your account and registration with us. We will \nhold the proceeds of the sale as client money an account in your name. \n11.2 \nWe will charge fees and any other applicable charges and taxes on the sale of your securities. \n11.3 \nWhere securities are sold, you may suffer a shortfall between the amount you invested and the amount \nyou get back after sale. We are not responsible for any shortfall that arises. Any shortfall will be borne \nby you. \n12. \nWe may lend your securities \nYou acknowledge, accept, and expressly consent to us lending any securities held on your behalf to \nany third party. If we receive income or benefits (including stock lending fees and interest on posted \ncollateral), we are not obliged to pass on such income or benefits to you. Where we lend out your \nsecurities, this may limit your ability to exercise voting rights (if any) relating to that security. Such \nlending to the extent conducted, will be offered in accordance with any Applicable Laws.      \n \n \n\n \n42 \n \nAppendix 1 \nSituations in which Securities Trading Services are Differentiated \n \nWithout derogating from the generality of paragraph 1.3 above, even though your transaction may relate to \nsecurities, we do not execute the following transactions, through our securities trading service:  \n(a) \nsecurities buy transactions carried out using leverage;  \n(b) \nall short transactions;  \n(c) \nall transactions (including CopyTrader and CopyPortfolio transactions) made by users from \ncertain countries (as a result of any liquidity restriction or regulatory restriction or any other \nreason as shall be determined by us in our sole discretion), as shall be amended from time to \ntime at our sole discretion. Such transactions will be indicated in the trading platform and your \naccount statement as CFD transactions;  \n(d) \nall transactions in securities which are listed and traded on certain exchanges, as be determined \nby eToro at our sole discretion. Such transactions will be indicated in the trading platform and \nyour account statement as CFD transactions;  \n(e) \ntransactions in specific securities, as shall be determined by eToro us at its our sole discretion. \nSuch transactions will be indicated on the trading platform and your account statement as CFD \ntransactions;  \n(f) \ncopy trading (including both CopyTrader and CopyPortfolio transactions) in securities that are \nclassified as CFDs in the account of the copied investor, including any change in such \nclassification from the underlying securities; and \n(g) \nother transactions that we are unable to execute as securities transactions or which are not \nexecuted as securities transactions according to our sole discretion. Such transactions will be \nindicated on the trading platform and your account statement as CFD transactions. \nIn these circumstances, we will execute the trade as a CFD transaction, rather than a security \ninvestment. Therefore, your trade will be governed by the General Terms and Conditions and by \nSchedule A – Trading CFDs, and not by this Schedule B – Investing in Securities. \n \n \n\n \n43 \n \nSCHEDULE C – TRADING CRYPTOASSETS \nThis Schedule C sets out the specific terms that will apply to you when trading cryptoassets on the eToro platform. \nThe terms in this Schedule C apply to you in addition to the General Terms and Conditions, which apply to all \nof our services and not just cryptoasset trading. Capitalised words in this Schedule C will have the same meaning \nwhich are given to those word in the General Terms and Conditions. If a term of this Schedule C conflicts with \nor differs from a term in the General Terms and Conditions, this Schedule C will apply. \n1. \nOur cryptoassets trading service \n1.1 \nA \"cryptoasset\" is a type of decentralised digital currency or asset which is not issued by any central \nbank or issuer. Technological encryption techniques are used to produce units of the currency or asset \nand verify the transfer of units between owners of the cryptoasset. \n1.2 \nWe will act as your agent for your cryptoasset trades. This means that we will instruct a trade to be \nentered into with an executing broker on your behalf. The executing broker may be a third party entity \nor an eToro affiliate or Group entity. \n1.3 \nThe cryptoassets that we offer for trading may change from time to time. To view what cryptoassets \nare \noffered \non \nour \nTrading \nplatform, \nvisit \nour \nwebsite \nat \nhttps://www.etoro.com/discover/markets/cryptoassets.  \n1.4 \nOur cryptoasset services are differentiated depending on the type of position you enter into, your \ncountry of residence and the date on which you entered into your position. As a result, some of your \ntrades, including historical open trades, in cryptoassets may not be carried out through our cryptoasset \ntrading service and will instead be carried out as CFD trades. If the transaction you enter into is a \ncryptoasset CFD, this will be specified on the transaction platform and/or your account statement. We \nhave included a full list of these trades and what alternative service will be used at Appendix 1 to this \nSchedule C.   \n2. \nInvestor protection and compensation \n2.1 \nSince cryptoassets markets are decentralised and non-regulated, our cryptoassets trading service is an \nunregulated service which is not governed by certain European regulatory frameworks. This means \nthat there is no central bank that can issue more currency or take corrective measures to protect the \nvalue of cryptoassets in a crisis. \n2.2 \nAs cryptoassets are unregulated, when you use our cryptoassets trading service you will not benefit \nfrom the protections available to clients receiving regulated investment services. For example, you will \nnot have access to the Investor Compensation Fund for Customers of Cypriot Investment Firms (\"Fund\") \nor the Financial Ombudsman of the Republic of Cyprus for dispute resolution. \n2.3 \nWe will endeavour to enable you to benefit from rules relating to best execution and safekeeping of \nclient assets to the extent required by applicable rules. \n2.4 \nAs part of the cryptoassets trading service, we may rely on third party service providers (including \naffiliated companies) to buy or hold the cryptoassets on your behalf. Those third parties may be based \noutside of the EEA and/or may be unregulated.  \n3. \nLimitations to our cryptoassets trading service \n3.1 \nThe eToro trading platform is not an exchange or a market. This means that you can only enter into \ncryptoasset trades with us on the platform, and not with third parties. You will also not have the right \nto vote, stake (unless otherwise stated by us in accordance with paragraph 10 – \"Staking\"), or \notherwise participate in any events or actions that may occur in relation to the cryptoasset. Therefore, \nour services are limited to you buying and selling cryptoassets on our platform.  \n3.2 \nYou may transfer cryptoassets from your eToro account into an eToro X account, as explained in \nparagraph  – \"Transfer of cryptoassets\". This service is subject to certain limitations as described in \nparagraph 6 (which may be changed from time to time) and we may choose to revoke it at our sole \ndiscretion subject to a prior notice. \n \n\n \n44 \n \n4. \nPlacing orders \n4.1 \nPlease refer to clause 18 of the General Terms and Conditions for information on how you may place \nan order and provide trading instructions on the eToro platform. \n4.2 \nEach order given by you will be binding on you notwithstanding that by entering into the order as \napplicable, you may have exceeded any limit applicable to you or in respect of your dealings with us.  \n4.3 \nWe are not required to accept every order that you make, or if we have accepted your order we are \nnot required to complete/execute every order. For example, we may not accept an order, not execute \nor complete an order, or cancel an order: \n(a) \nfor the reasons set out in clause 19.2 of the General Terms and Conditions; \n(b) \ndue to the size of the order, for example large orders which cannot be filled; \n(c) \nbecause we cease to offer the cryptoasset product; \n(d) \nif you do not have enough margin to fund a leveraged cryptoasset trade; and/or \n(e) \nbecause you exceed any limits applicable to you or in respect of your dealings with us and other \nmatters that affect trading generally. \n4.4 \nAs provided in clause 19.1 of the General Terms and Conditions, you may request to cancel or modify \nan order which we have not executed. However, we cannot guarantee that we will be able to carry out \nyour request. In addition to this clause, we are not liable to you if we are unable to carry out your \nrequest. You acknowledge and agree that:  \n(a) \nif an order cannot be cancelled or modified, you are bound by any execution of the original \norder; \n(b) \nattempts to modify or cancel and replace an order can result in an over-execution of the order \nor the execution of duplicate orders. Our systems do not prevent such over-executions or \nduplications from occurring, and therefore you shall be responsible for all such over-executions \nor duplications; and \n(c) \nif you enter a cancellation request, you will confirm that the cancellation has occurred prior to \nentering into any replacement orders. \n4.5 \nYou are responsible for monitoring your orders until they are confirmed or cancelled, as we may not \nprovide you with explicit written notification. You should contact us immediately if you are unsure about \nthe status of an order. \n4.6 \nAs provided in clause 18.6 of the General Terms and Conditions, we cannot guarantee that your \nexecution price will match your order price. This is known as slippage. To be clear: \n(a) \nif you place a cryptoasset order (whether during normal market hours or when the market is \nclosed), you agree to pay or receive the prevailing market price at the time your market order \nis executed. You understand that the price you pay may be significantly higher or lower than \nyou had anticipated at the time you placed the order, and therefore such price movements may \nbe in your favour or against you; and \n(b) \nthere is no guarantee that your order will be filled in full or in part. Where a delay occurs for \nany reason, we will attempt to execute the order as soon as reasonably practicable. You \nacknowledge and accept that the market price of the cryptoasset may have moved during the \ntime between our receipt and acceptance of your order and our attempt to execute order; \n4.7 \nYou acknowledge and agree that we reserve the right to cause any of your cryptoasset orders to be \nrouted for execution to one or more exchanges or off-exchanges, associations, electronic \ncommunications networks or markets according to our sole discretion. \n4.8 \nUnless we agree otherwise, all sums payable by you are due immediately and must be paid on entering \ninto the transaction.  \n\n \n45 \n \n5. \nUsing leverage and Margin Transactions \n5.1 \nYou may trade cryptoassets by paying for the trade in full, or we may allow you to trade cryptoassets \nusing leverage for any buy orders (\"Margin Transaction\"). Leverage is a form of borrowing which \nallows you to deposit only a part of the cost of your transaction upfront. This deposit is called \"margin\" \nand is used by us as security against any potential losses you may incur. The more leverage you use, \nthe less margin you need. Money being used as margin cannot be taken out of your account. \n5.2 \nTrading with leverage magnifies your gains and losses, so small price changes in the cryptoasset can \nresult in large losses or gains. It is therefore possible that you may lose more than your deposit in a \ntrade. We provide more information on the risks of trading cryptoassets, including trading cryptoassets \nusing leverage in paragraph 7 – \"The key risks of trading cryptoassets\", the General Risk Disclosure, \nand on our website. \n5.3 \nEligibility to the Margin Transactions shall be determined by us according to our internal procedures \nand requirements and at our sole and absolute discretion. We reserve the right to refuse your ability \nto access Margin Transactions, including generally or on a specific trade by trade basis, and for any \nreason. We may not provide you with prior notice, or an explanation of our refusal.    \n5.4 \nThe cryptoassets purchased in a Margin Transaction and any asset resulting from any Fork in relation \nthereto are our collateral for the loan provided to you and any fees related due thereon. If the \ncryptoassets in such Margin Transaction decline in value, so does the value of the collateral supporting \nyour loan, and as a result we can take action, such as sell those cryptoassets in order to maintain the \nrequired equity. If such cryptoassets are not sufficient to cover your debt to us (including any fees) we \nmay use in our sole discretion, subject to any Applicable Law, any other assets and/or funds in your \naccount (including liquidation of such assets, if permitted under Applicable Law).  \n5.5 \nThere is no maximum leverage amount prescribed by Applicable Law. The amount of leverage permitted \n(and therefore margin required) shall be determined by us in our sole discretion. We can decrease the \nleverage (and therefore increase the margin requirement) as well as change the leverage (and \ntherefore change the margin requirement) we offer at any time, including for any open positions.   \n5.6 \nWe can change margin requirements at our sole discretion (including in relation to open \npositions), and we may give you very short notice of changes to margin requirements or due \nto an Exceptional Event we may not be able to give you notice at all. We will exercise our right \nto change margin requirements in accordance with Appliable Law. These changes often take effect \nimmediately. When margin requirements change, we cannot guarantee that your execution price will \nmatch your order price, including where you've placed a limit order, take profit and/or stop loss order.    \n5.7 \nYou acknowledge that eToro will not issue margin calls in respect to Margin Transactions. It is your sole \nresponsibility to monitor at all times the amount deposited in your transactions against the amount of \nany margin that may become necessary. It  is your sole responsibility to follow up whether your \ntransaction is about to be closed due to margins requirement as shall be indicated in the Trading \nPlatform.  \n5.8 \nWhere you transfer more funds into your account to satisfy an increased margin requirement, we are \nnot responsible for delays in the release of funds intended to satisfy the margin requirement, including \nbut not limited to internal holds on funds exceeding verification limits, delays in the transfer of funds \nfrom external accounts maintained by third party financial institutions, and failure of proper routing of \nfunds through financial networks. The funds won't count towards their Margin Requirements until they \nare released. \n5.9 \nIf you fail to satisfy the margin requirement we will liquidate your Margin Transaction (i.e. we will force \nsale your cryptoassets) in order to satisfy the margin requirements without prior notice to you and \nwithout an opportunity for you to choose the timing of liquidation. We may but are not obligated to, in \nour sole discretion, allow you to add funds into the position to avoid any forced liquidation of your \ncryptoassets.  \n5.10 \nAny requirement for margin must be satisfied in such currency and within such time as may be specified \nby us (in our sole discretion) or, if none is specified, immediately. One margin requirement does not \npreclude another. \n5.11 \nThe consideration from the liquidation of the collateral will be used first to pay off interest before \nprincipal. Any unpaid loan shall continue to accrue overnight fees until the loan amount shall have been \npaid in full.  \n\n \n46 \n \n5.12 \nWe provide all clients with negative balance protection. This means that your aggregate liability in your \nAccount is limited to the funds in your Account. \n5.13 \nIn addition to our rights at paragraph 14 – \"Our rights and your rights in special circumstances\", we \nreserve the right to close any open Margin Transactions positions, in a fair way and taking into account \nthe treatment we may receive from our counterparties and/or any relevant third party if an Exceptional \nEvent has occurred, as defined in clause 29 of the General Terms and Conditions. \n5.14 \nYou hereby grant us the right to pledge, re-pledge, hypothecate, rehypothecate, reuse, invest, either \nseparately or with the property of other customers, to itself as broker or to others (including as part of \nour financing transactions), any cryptoassets or asset held for your benefit by eToro as margin or \nsecurity. eToro is irrevocably appointed as attorney in-fact for you and is authorized, without notice to \nyou, to execute and deliver any documents, give any notice and to take any actions on your behalf, \nincluding the execution, delivery and filing of financing statements, that eToro deems necessary or \ndesirable to evidence or to protect our interest with respect to any collateral. Our rights under this \nparagraph is subject to Applicable Law, and therefore we will not exercise the rights if you are a resident \nin a jurisdiction which prohibits you granting such rights to us. \n6. \nTransfer of cryptoassets \n6.1 \nWhere you purchase certain types of cryptoassets on our platform (except for Margin Transactions as \ndefined in this Schedule), we allow you to transfer your cryptoassets to a wallet opened in your name \nwith eToro X Limited (\"eToro X\") or, if you are a German citizen, with eToro Germany GmbH (together, \nthe \"eToro Wallet\"), subject to paragraph 6.2 below. This may also depend on the ability of eToro X \nor the eToro Wallet to provide services into the relevant jurisdiction in which you are domiciled. In this \nscenario, the cryptoassets will be stored in your eToro Wallet. However, we may pause or stop this \nfacility with a prior notice. You cannot use this functionality to transfer cryptoassets to wallets held by \nother third parties. Cryptoassets bought in a Margin Transaction (see paragraph 5 – \"Using leverage \nand Margin Transactions\") have no transfer option. \n6.2 \nThis transfer service of your cryptoassets to the eToro Wallet is subject to certain limitations and \nconditions as eToro may set from time to time. We will seek to provide relevant notice of such \nlimitations to the extent we are reasonably able. The limitations may include, but are not limited to, \nyour domiciliation, applicable regulation and any liabilities that you may owe towards eToro being \nsettled in advance of the transfer. Further, not all types of cryptoassets are supported for this transfer \nservice and your ability to transfer your cryptoassets and the timing of such transfer is affected by the \noriginal means of payment of your deposit as well as other factors such as AML rules, internal \nprocedures and applicable regulations. Further information may be found here: Crypto FAQ and here: \nCrypto Fees and Limitations. Please also check on our website whether you can open an eToro Wallet \nin your jurisdiction.  \n6.3 \nThe cryptoassets that you transfer to your eToro Wallet may not be transferred back to your eToro \naccount, and you cannot exchange them for currencies (such as US Dollars or Sterling). \n6.4 \nIf you choose to open an eToro X account and use its features, including transferring cryptoassets from \nyour eToro account to your eToro Wallet, then you will be subject to eToro X's separate Terms and \nConditions. These can be found on the eToro X website. We may charge a fee for transferring your \ncryptoassets from us to eToro X. We provide more details of the fees that may apply to you when you \nare trading or transferring cryptoassets in paragraph 11 - \"Fees and costs\". \n6.5 \nWhere you transfer your cryptoassets to your eToro Wallet, you will not be able to make a \nchargeback claim against us in relation to the that transfer. \n7. \nThe key risks of trading cryptoassets \n7.1 \nOur cryptoasset trading and especially Margin Transactions service is not appropriate for everyone. \nCryptoassets are volatile products, which means the prices of the products can change rapidly, and are \ntherefore unpredictable. Prices can and do fluctuate significantly on any given day. Due to these price \nfluctuations, your holdings may significantly increase or decrease in value at any given moment, and \nthis may result in a loss of all the capital you have invested in a transaction (the risk of losing money \nis even greater in Margin Transactions due to the use of leverage).  \n7.2 \nYou should only use our cryptoassets trading service (including for Margin Transactions) if: \n(a) \nyou have sufficient and relevant knowledge about or experience in, trading in volatile markets;  \n\n \n47 \n \n(b) \nyou are trading with money you can afford to lose;  \n(c) \nyou have a high-risk tolerance;  \n(d) \nyou want to gain short term exposure to a product/market; and \n(e) \nyou have time to manage your transactions on an active basis and understand that active \nmanagement may be required at short notice due to the volatility of the cryptoasset market \n(which will be increased in relation to Margin Transactions). \n7.3 \nThe most important risks when trading cryptoassets (which are even greater in Margin Transactions) \nare: \n(a) \nparticularly during periods of high volume, illiquidity, fast movement or volatility in the \nmarketplace for any cryptoassets, the actual market rate at which a market order or trade is \nexecuted may be different from the prevailing rate indicated via the cryptoassets trading \nservices at the time of your order or trade; \n(b) \nthe actual market rate at which a market order or trade is executed may be different from the \nrate that is displayed on the eToro platform at the time that you make your order, if prices are \nfluctuating substantially; \n(c) \ncryptoassets are a unique kind of product, backed by technology and trust, unlike most \ncurrencies, which are backed by governments or other legal entities, or by commodities such \nas gold or silver. This means there is no central bank that can take corrective measure to \nprotect the value of cryptoassets in a crisis; \n(d) \nas cryptoassets are virtual products, they may become 'delisted' or unsupported at any time, \nwhich means they may no longer be offered for sale or exchange on markets. If this happens, \nthe cryptoassets may become worthless. Please refer to paragraph 14 – \"Our rights and your \nrights in special circumstances\" for further information on how we may treat positions in such \nevents; \n(e) \nunder certain market conditions, you may find it difficult or impossible to liquidate a position, \nsuch as where the market reaches a daily price fluctuation limit or where there is insufficient \nliquidity in the market; \n(f) \nas cryptoassets are digital assets, there is a risk that third parties may obtain unauthorised \naccess to your information and/or your assets;  \n(g) \ncryptoassets are often traded using independent blockchain technology. Your use of blockchain \nand other third party networks will be subject to any changes and/or amendments in their \nsystems and to any Applicable Law which may apply to them. We are not responsible for any \nfailure, mistake, error, or breach of third party networks. We also do not make any guarantee \nabout the services provided by and the security of third party networks; \n(h) \ncryptoassets are operated by underlying software protocols. We do not own or control the \nsoftware underlying the cryptoassets in respect of which cryptoasset are available for trading \non our platform. In general, the underlying software protocols are 'open source', which means \nanyone can use, copy, modify, and distribute them. The underlying protocols are subject to \nsudden changes in operating rules (called \"Forks\"), and such Forks may materially affect the \nvalue, function, and/or even the name of the cryptoasset which we hold for your benefit. We \nexplain your rights and our rights if a fork occurs in more detail in paragraph 14 – \"Our rights \nand your rights in special circumstances\";  \n(i) \nwe may execute orders through, or hold cryptoassets and currencies with, a third party. These \nthird parties may not be banks. This means that, if a company holding the currencies or \ncryptoassets fails, is hacked, or goes out of business, your money and assets are not protected \nin the same way as they would be if they were held by a bank. In particular, we may only have \nan unsecured claim against that third party on your behalf, which means that you are less likely \nto recover your money; and \n\n \n48 \n \n(j) \ncryptoassets are unregulated products. This means that, when you invest in cryptoassets, \nlosses incurred due to cryptoasset trading will not be eligible for government compensation. \nPlease see paragraph 2 – \"Investor protection and compensation\" for more information on this. \n7.4 \nYou should therefore carefully consider whether trading or holding cryptoassets is suitable for you, in \nlight of your financial circumstances. You should ensure that you fully understand how cryptoassets \nwork (including all associated risks and costs) before using our cryptoassets trading services.  \n7.5 \nPlease refer to clause 5 of the General Terms and Conditions, the General Risk Disclosure, and our \nwebsite for more information on the key risks of using our services. \nMargin Transactions \n7.6 \nIn addition to the above you should only trade Margin Transactions if you have time to manage your \ntransactions on an active basis and understand that active management may be required at short \nnotice: \n(a) \ndue to the volatility of the cryptoasset market, which will be increased as a result of leverage; \n(b) \nas a result of us changing margin requirements, including for open positions (as stated below); \nand/or \n(c) \nas a result of us giving you very short notice, or due to an Exceptional Event no notice at all, \nof changes to margin requirements (as stated below); \n7.7 \nIn addition to the risks highlighted above, the following risks specifically associated with Margin \nTransactions:  \n(a) \nYou can lose more funds than you deposit in the Margin Transaction. The price \nfluctuation of cryptoassets, in combination with the use of leverage, means that your Margin \nTransaction may significantly increase or decrease in value at any given moment, and this may \nresult in a loss of more than the capital that you originally invested in such Margin Transaction. \nTherefore, Margin Transactions come with an even higher risk of losing money, and the risk of \nlosing more money, than compared to non-margined cryptoassets.  \n(b) \nWe can force the sale of assets in your account. A decline in the value of cryptoassets that \nare purchased on margin may require you to add funds to such transaction to avoid the forced \nsale of those cryptoassets or other assets in your account. If the cryptoassets in a Margin \nTransaction falls below the margin requirements, we can sell the cryptoassets in your account \nto cover the margin deficiency. You will also be responsible for any shortfall in the account after \nsuch a sale.  \n(c) \nWe can sell your cryptoassets without contacting you. We are not required to contact \nyou for a margin call to be valid and we can liquidate cryptoassets in your accounts to meet \nthe margin requirements, including immediately selling the cryptoassets without notice to you.  \n(d) \nWe can change margin requirements at our sole discretion (including in relation to \nopen positions), and we may give you very short notice of changes to margin \nrequirements or due to an Exceptional Event we may not be able to give you notice \nat all. We will exercise our right to change margin requirements in accordance with Appliable \nLaw. These changes often take effect immediately. When margin requirements change, we \ncannot guarantee that your execution price will match your order price, including where you've \nplaced a limit order, take profit and/or stop loss order. Please refer to paragraph 5 – \"Using \nleverage and Margin Transactions\" for further information on changes to margin requirements. \nYour failure to satisfy margin requirements may, as described above cause us to liquidate or \nsell cryptoassets or other assets in your account. We are not responsible to delays in the release \nof funds intended to satisfy the call, including but not limited to internal holds on funds \nexceeding verification limits, delays in the transfer of funds from external accounts maintained \nby third party financial institutions, and failure of proper routing of funds through financial \nnetworks. The funds won't count towards their margin requirements until they are released. \n \n \n\n \n49 \n \n8. \nLimitation on liability \n8.1 \nCryptoassets are highly speculative assets which rely on a number of external variables for their \nexistence and value. As a result, there are a number of additional risks and liabilities that you will be \nexposed to when trading cryptoassets. This paragraph sets out a number of these liabilities and explains \nthe circumstances under which we will not be liable for any losses, costs, or expenses that you suffer \nsubject to Applicable Law. \n8.2 \nWe are not liable to you where you suffer a loss, cost, or expense as a result of: \n(a) \nany delay or change in market conditions before we execute an order or before a transaction \nsettles; \n(b) \nany delay or interruptions caused by any computer viruses, spyware, scareware, Trojan horses, \nworms or other malware that may affect your computer or other equipment, any cyber-attack \nor any phishing, spoofing or other attack. We advise the regular use of a reputable and readily \navailable virus screening and prevention software. You should also be aware that SMS and \nemail services are vulnerable to spoofing and phishing attacks and should use care in reviewing \nmessages purporting to originate from us; \n(c) \nany loss caused by theft, robbery, burglary or other criminal taking if a computer, computer \nsystem, computer software program, malicious code, computer virus or process or any other \nelectronic system is used to perform such acts;  \n(d) \nany loss of any kind resulting from any communication failures, disruptions, errors, distortions \nor delays you may experience when trading on the eToro platform, regardless of how they are \ncaused; \n(e) \nany loss resulting from a network failure of a cryptoasset's cryptographic protocol;  \n(f) \nany loss caused by a custodian and/or by any third party;  \n(g) \nany lost profits or damages that are caused by or are connected to unauthorised use of the \neToro platform or services, even where we or one of our representatives knew or should \nreasonably have known about the possibility of such damages; and \n(h) \nany loss of any kind, from action taken in reliance on material or information, contained on \neToro's trading platform or websites and/or on the blockchain systems. \n8.3 \nNeither eToro Europe, its affiliates and service providers, nor any of their respective officers, directors, \nagents, joint venture partners, employees or representatives, will be liable for any amount larger than \nthe value of the cryptoassets currently deposited in your account. As a result, for example, if you claim \nthat we failed to process a buy or a sell transaction properly, your damages are limited to no more \nthan the value of the supported cryptoasset at issue in the transaction. \n8.4 \nWe also do not promise or guarantee that: \n(a) \nthe trading platform, and the server that makes it available, are free of viruses or errors, that \nits content is accurate, that it will be uninterrupted, or that defects will be corrected;  \n(b) \nthe service will be available at all times; \n(c) \naccess to our website, any part of the services, our terms and other information provided by \nus or any part of our services will be continuous, uninterrupted, timely, or error-free; or \n(d) \nhistorical cryptoasset price data available on the trading platform is accurate and/or complete. \n8.5 \nThe services are provided on an \"as is\" and \"as available\" basis without any representation or \nwarranty, whether express, implied or statutory. To the maximum extent permitted by Applicable Law, \nwe specifically disclaim any implied warranties of title, merchantability, fitness for a particular purpose \nand/or non-infringement.  \n8.6 \nPlease refer to clause 25 of the General Terms and Conditions for more information on the general \nlimitations to our liability when you trade using any of our services. \n\n \n50 \n \n \n \n\n \n51 \n \n9. \nPlacing an order \nPlease refer to clause 18 of the General Terms and Conditions for information on how you may place \nan order and provide trading instructions on the eToro platform. \n10. \nStaking \n10.1 \nWhen you hold cryptoassets with us, we may 'stake' these cryptoassets in a third party 'proof of stake' \nnetwork through staking services provided by us (\"Staking Service\"). 'Staking' is where cryptoassets \nare held in a cryptocurrency wallet to support the operation of a blockchain network (\"Staked \nCryptoassets\"). In a proof of stake network, transaction validators are chosen using a formula based \non ownership of the underlying cryptoassets (as opposed to based on computing power, known as \n'proof of work'). Please visit our staking information page for further details on how proof of stake \nworks. \n10.2 \nAs part of the Staking Service we or any third party appointed by us will stake certain Staked \nCryptoassets on your behalf, acting as a transaction validator on the applicable network. If we or \nanyone on our behalf successfully validates a block of transactions using that Staked Cryptoasset, a \nreward is granted by that cryptoassets’ network (a \"Staking Reward\"). The more Staked Cryptoassets, \nthe greater the chance of receiving a Staking Reward.  \n10.3 \nWhen you buy or hold a Staked Cryptoasset from us, you consent to such Staked Cryptoassets being \nstaked in part or in entirety by us, or a third party on our behalf, in our sole discretion. We will disclose \nthe Staked Cryptoassets at our staking information page (as amended by us from time to time).  \n10.4 \nWe may amend, change or update your Staked Cryptoassets at any time and without prior notice. We \nmay choose to engage service providers to stake some or all of your cryptoassets. We do not represent, \nwarrant or guarantee that: \n(a) \nyou will receive any stated percentage of any Staking Rewards;  \n(b) \nstaking will occur on a continuous basis;  \n(c) \nstaking will occur on an uninterrupted or error-free basis, or that we will correct all defects or \nprevent third-party disruptions or unauthorised third party access (and in the event of such \ndisruptions, any Staked Cryptoassets may not generate Staking Rewards); or  \n(d) \nany particular cryptoasset will be staked or will continue to be staked.  \n10.5 \nWe may choose to cease staking any cryptoasset at any time in our sole discretion. \n10.6 \nWhere we distribute Staking Rewards to you, we will aim do so at the rates set out at our staking \ninformation page and only after receipt by us. The percentage and timing of Staking Rewards will:  \n(a) \nbe determined by us in our sole discretion;  \n(b) \nbe subject to our fees and any costs incurred for such transactions;  \n(c) \nvary according between Staked Cryptoassets; and  \n(d) \nbe detailed in your trading account.    \n10.7 \nYou agree that we do not guarantee that we will distribute Staking Rewards to you, and that where we \ndo so, the applicable percentage of Staking Rewards set out at our staking information page: \n(a) \nare estimates only and are not guaranteed;  \n(b) \nmay change at any time in our sole discretion; and  \n(c) \nmay be more or less than the Staking Rewards we receive.  \n \n \n\n \n52 \n \n10.8 \nA determination by the third party proof of stake network that the Staking Service has been erroneously \noperated may result in a \"slashing penalty\", and the non-payment of the relevant Staking Rewards. \nWe will use commercially reasonable efforts to ensure that your cryptoassets will not be subject to a \nslashing penalty, but in the unlikely event they are, we will promptly replace your relevant cryptoassets \nassets at no additional cost to you, except where the relevant slashing penalty is as a result of: \n(a) \nyour acts or omissions;  \n(b) \nany supported protocol maintenance, bugs, or errors;  \n(c) \nacts by a hacker or other malicious actor; or  \n(d) \nforce majeure events.  \n11. \nFees and costs \n11.1 \nPlease refer to clause 21 of the General Terms and Conditions for more information on the fees and \ncosts which apply to all transactions on the eToro platform. \n11.2 \nIf you transfer your cryptoasset into a different account, for example an account operated by eToro X, \nwe will charge you a \"transfer fee\", and you will also incur a third party fee called a \"blockchain fee\".  \n11.3 \nIf you sell cryptoassets, the consideration for the transaction, less commission and all applicable \ncharges and taxes, will be available on your account for reinvestment, but you will not be able to \nwithdraw it from your account until the transaction has settled.  \n11.4 \nIf you enter into a Margin Transaction, we will charge an overnight fee each time you keep a position \nopen after trading hours, including on public and bank holidays. If you keep your position over the \nweekend, we will charge you for two nights. The overnight fee will be taken out of the available balance \nin your eToro account. How the overnight fee is calculated will be different depending on your \nunderlying product, the amount of leverage being utilised, and whether you are entering into a buy or \na sell trade. Our overnight fees are subject to change and can be viewed on our website, and the \novernight fee relevant to your order will also be displayed to you when you open a position. \n11.5 \nAdditional charges may also be incurred by you in the case of the delayed or failed settlement of a \ntransaction. Any such amounts will be your responsibility and, where appropriate, will be deducted \nfrom your account. This may occur where there is low demand for a cryptoasset that you want to trade \non the platform, meaning that there is a period of time between you choosing to sell the cryptoassets \nand it being bought on the platform. \n12. \nSettlement \n12.1 \nWe are not responsible for any delay in the settlement of a transaction resulting from circumstances \nbeyond our control, or the failure of any other person or party (including you) to perform all necessary \nsteps to enable completion on the settlement date. \n12.2 \nWe may refuse to allow a withdrawal on any account that you have with us if it would leave insufficient \nfunds in the account to pay for any unsettled transactions. Where you make payment into your account \nand then make a withdrawal shortly afterwards, we reserve the right to delay settlement for up to eight \nbusiness days to ensure your payment has cleared. \n13. \nCustody \n13.1 \nCryptoassets are not regulated products and, therefore, trades or copy trades related to cryptoassets \nare not subject to Applicable Law on custody. However, we will endeavour to protect your assets in \naccordance with best market practice and to the extent possible in accordance with CySEC rules. In \nparticular: \n(a) \nwe may appoint an affiliate or third party to hold cryptoassets on your behalf, and we will \nexercise reasonable skill and care in the selection, appointment and periodic review of the firm \nwe appoint. In this circumstance, the cryptoassets may be held in the affiliate or third party's \n'wallet', or in another appropriate manner;  \n\n \n53 \n \n(b) \nwe, an appointed affiliate, or an appointed third party, may hold the cryptoassets which you've \nbought on our platform, until we receive further instructions from you to sell or transfer that \ncryptoasset, to the extent we support such transfer functionality; \n(c) \nwhere we, our appointed affiliate or appointed third party hold your cryptoassets, those \ncryptoassets will be pooled with the cryptoassets of our other clients (we call this an \"Omnibus \nAccount\"). There is a risk of loss from the use of an omnibus account. However, detailed \nrecords of all your cryptoassets held by us, our appointed affiliate, or the appointed third party, \nwill be kept at all times to show that your cryptoassets are held on your behalf in order to \nmitigate that loss; and \n(d) \nas your cryptoassets are held in an Omnibus Account, if we, our appointed affiliate, or the \nappointed third party become insolvent, you may not have a legal claim against a specific \namount of money, or a specific amount of cryptoasset. Instead, any claim will be generally \nagainst the Omnibus Account. If there is an unreconciled shortfall, you may not receive your \nfull entitlement to the cryptoasset, or the value of the cryptoasset in fiat money (e.g. currencies \nsuch as US Dollars or Sterling) and you may share the shortfall proportionately with other \nclients. \n13.2 \nIf you are resident in Germany, the following applies to you in addition to paragraph 13.1:  \n(a) \ncustody services for the cryptoassets (Kryptoverwahrgeschäft) provided to you are regulated \nby the Federal Financial Supervisory Authority (\"BaFin\") and are subject to the German \nBanking Act (Kreditwesengesetz), as implemented by the Amending Directive on the Fourth EU \nAnti-Money Laundering Directive (Gesetz zur Umsetzung der Änderungsrichtlinie zur Vierten \nEU-Geldwäscherichtlinie);  \n(b) \neToro Germany GmbH, with its registered office at Tower 185 - 19th Floor SER Friedrich-Ebert-\nAnlage 35-37, 60327 Frankfurt am Main (\"eToro Germany\") will provide custody services for \nthe cryptoassets held by you, in accordance with BaFin rules. eToro Germany is an eToro Group \nentity; and  \n(c) \nAppendix 2 to this Schedule C will also apply to you.  \n13.3 \nIf you are resident in Netherlands, the following applies to you: \neToro (Europe) Ltd is registered with De Nederlandsche Bank N.V. (\"DNB\") as a provider of cryptoasset \nservices. DNB supervises the compliance of eToro (Europe) Ltd with the Prevention of Money \nLaundering and Terrorist Financing Act and the Sanctions Act 1977. However, eToro (Europe) Ltd is \nnot subject to the prudential supervision of the DNB or the conduct of business supervision of the Dutch \nAuthority for the Financial Markets (\"AFM\"). This means that for cryptoasset services, there is no \nsupervision of financial requirements or business risks and there is no specific financial consumer \nprotection. \n14. \nOur rights and your rights in special circumstances \n14.1 \nIf you place an order on our trading platform and then one or more of the cryptoassets that form the \nsubject of your order is delisted and/or we no longer support the trading in such cryptoassets for any \nreason, then we will immediately close your order and notify you of this as soon as possible.  \n14.2 \nIf we reasonably become aware that a cryptoasset that you hold in your account is likely to be delisted, \nremoved and/or cancelled from any of the exchanges on which it is listed and we believe that we are \nnot able to trade in such cryptoassets, we reserve the right to sell the impacted cryptoassets on your \nbehalf at the time and price, and in such manner, as we determine is reasonable in the circumstances \nat our sole discretion. We will notify you as soon as possible before selling your cryptoassets.  \n14.3 \nIf at any time trading on the underlying market is suspended in any cryptoasset that forms the subject \nof your order, then the applicable order will also be suspended and you will not be able to sell any \ncryptoasset we hold on your behalf until such suspension is terminated and trading recommences. \n14.4 \nWhen the suspension referred to in paragraph 14.3 is lifted, any order that you may have given us with \nrespect to the cryptoasset that have been triggered will be executed as soon as is reasonable in the \ncircumstances. We cannot guarantee that your order will be executed at the first available Underlying \nMarket price or at all. \n\n \n54 \n \n14.5 \nWe do not own or control the software underlying the cryptoassets that are available for trading on our \nplatform. In general, the underlying software protocols are 'open source', which means anyone can \nuse, copy, modify, and distribute them. The underlying protocols which govern cryptoassets are subject \nto sudden changes in operating rules, known as \"Forks\". Forks can materially affect the way in which \ncryptoassets are valued, their function, and even the name of the cryptoasset which we hold for your \nbenefit, and can create extreme price volatility. \n14.6 \nBy using our cryptoassets trading service, you acknowledge and agree that we are not responsible for \noperation of the underlying protocols and that we make no guarantee of their functionality, security, \nreliability or availability. You also acknowledge and agree that we have no responsibility or liability in \nrespect of an unsupported branch of a forked cryptoasset. \n14.7 \nWhen a Fork occurs, we may temporarily suspend trading on the eToro platforms (with or without \nadvance notice to you). We may then, at our discretion:  \n(a) \nconfigure or reconfigure its systems;  \n(b) \ndetermine which of the forked cryptoassets has the majority consensus behind it and offer this \ncryptoasset on our trading platform; and/or  \n(c) \ndecide not to support (or cease supporting) the Forked cryptoasset entirely. \n14.8 \nIn the event of a Fork, you acknowledge and agree that we may decide at our sole discretion to adjust \nthe cryptoasset holdings in your account with respect to any affected cryptoasset held by you. Such \nadjustment shall be calculated by us and will be made on the basis of good faith, fairness and, where \nappropriate, by taking such action as is consistent with market practice and/or taking into account the \ntreatment we may receive from our counterparties or any relevant third party. We may deduct any \napplicable tax, but we may also make these adjustments without deducting any taxes that will apply \nto you as a result of the adjustment. You will be obligated to pay the taxes that you are responsible for \nwhere we have not made tax deductions on your behalf. \n14.9 \nWe will not usually notify you before making a change to your portfolio under paragraph 14.8. Therefore, \nyou should make yourself aware of the market conditions and the Forks that could occur. When a hard \nFork occurs, there may be substantial price volatility around the event, and we may suspend trading if \nwe do not have reliable prices from the underlying market. \n14.10 \nIn the event that a situation arises that is not covered under Schedule, or the General Terms and \nConditions, we will resolve the matter on the basis of good faith and fairness and, where appropriate, \nby taking such action as is consistent with market practice. \n14.11 \nPlease refer to Part 3 of the General Terms and Conditions for more information about our rights and \nyour rights in special circumstances across all our services. \n  \n \n\n \n55 \n \nAppendix 1 \nSituations in which Cryptoasset Trading Services are Differentiated \nEven though your transaction may relate to cryptoassets, we do not execute certain transactions, through our \ncryptoasset trading service. \nWhere the transaction will be listed as a CFD transaction, this will be indicated on the trading platform \nand/or account statement.  \nWhere we do not execute your trade through our cryptoasset trading service, your trade will be \nexecuted as a CFD transaction. Accordingly, you should to refer to Schedule A – Trading CFDs, and \nAppendix 1 of Schedule A, instead of this Schedule C – Trading Cryptoassets where your transaction \nfalls into one of the categories listed above. \nThe following transactions shall be executed as CFDs:  \n(a) \ntransactions where you enter into a short trade on cryptoassets; \n(b) \ncryptoassets copy trading (including CopyPortfolio) transactions classified as CFDs in the \naccount of the copied investor, unless otherwise indicated in the Trading Platform; \n(c) \nall or certain types of transactions in cryptoassets (including CopyTrade and CopyPortfolio \ntransactions where you are copying a transaction in cryptoassets or a portfolio that includes \ncryptoassets) made by users from certain countries (as a result of any liquidity restriction or \nregulatory restriction or any other reason as shall be determined by us in our sole discretion), \nas shall be amended from time to time at our sole discretion (this includes also reclassifying \nyour open trades). Such transactions will be indicated on the trading platform and in your \naccount statement as CFD transactions; \n(d) \nall cross transactions of cryptoassets with other cryptoassets (e.g. ETH/BTC) and/or with \ncurrency (e.g. ETH/EUR, BTC/EUR).  \nThis is not an exhaustive list so there may be other transactions that we are unable to execute as \ncryptoasset transactions (according to our sole discretion), as shall be indicated in our trading \nplatform and/or account statement.  \n \n \n\n \n56 \n \nAppendix 2 \nCryptoassets Custody Services to residents of Germany \n1. \nApplication to residents of Germany \n1.1 \nThis Appendix 2 shall only apply to you if you are a resident in Germany, as determined by us in \naccordance with the information you have provided to us when opening your account under clause 12 \n– \"How to open, and maintain your eToro account\" of the General Terms and Conditions.  \n1.2 \nAll terms contained in Schedule 3 (including Appendix 1) will apply to you in addition to the terms \ncontained in this Appendix 2, expect where such terms are varied by specific terms in this Appendix 2, \nin which case the specific terms in this Appendix 2 will apply to you.  \n1.3 \nPart 3 of the General Terms and Conditions shall apply to the relationship between you and eToro \nGermany in relation to the custody services of cryptoassets eToro Germany provides to you as if \nreferences to \"eToro Europe\", \"we\", \"us\" or \"our\" were to \"eToro Germany\". \n1.4 \nThe terms in this Appendix 2 shall take precedence over any other terms in this Agreement to the \nextent the terms in this Appendix 2 conflict with the terms of the Agreement. \n2. \nRegulatory status of cryptoassets for German clients \nCustody services for the cryptoassets provided to German clients by eToro Germany are regulated by \nBaFin and are subject to the German Banking Act (Kreditwesengesetz), as implemented by the \nAmending Directive on the Fourth EU Anti-Money Laundering Directive (Gesetz zur Umsetzung der \nÄnderungsrichtlinie zur Vierten EU-Geldwäscherichtlinie). eToro Germany does not carry out any \nactivities \nsubject \nto \napproval \nunder \nthe \nGerman \nPayment \nServices \nSupervision \nAct \n(Zahlungsdiensteaufsichtsgesetz) when it provides custody of your cryptoassets.  \n3. \nCustody of cryptoassets for German clients \n3.1 \nWhen you trade cryptoassets with eToro Europe, you will receive the custody services from eToro \nGermany and the terms and conditions of this Appendix 2 shall apply to these custody services. All of \nthe Services provided to you by eToro Europe will continue to be provided by eToro Europe in \naccordance with the terms of the General Terms and Conditions and the Schedules applicable to you. \n3.2 \nWhen you trade cryptoassets with eToro, you place each order with eToro Europe to buy or sell \ncryptoassets under clause 18 of the General Terms and Conditions, and you give consent to eToro \nGermany to hold your cryptoassets on your behalf. When you place an order with eToro Europe to buy \ncryptoassets, you are also giving an instruction to eToro Germany to hold these cryptoassets on your \nbehalf, and when you place an order with eToro Europe to sell cryptoassets, you are also giving eToro \nGermany an instruction to cease to hold those cryptoassets on your behalf.  \n3.3 \neToro Germany may hold your cryptoassets with those cryptoassets of other clients in an Omnibus \nAccount. There is a risk of loss from the use of an Omnibus Account. As your cryptoassets are held in \nan Omnibus Account, if we, our appointed affiliate, or the appointed third party become insolvent, you \nmay not have a legal claim against a specific amount of money, or a specific amount of cryptoasset. \nInstead, any claim will be generally against the Omnibus Account. If there is an unreconciled shortfall, \nyou may not receive your full entitlement to the cryptoasset, or the value of the cryptoasset in fiat \nmoney (such as US Dollars or Sterling) and you may share the shortfall proportionately with other \nclients. However, detailed records of all your cryptoassets held by eToro Germany will be kept at all \ntimes to show that your cryptoassets are held on your behalf in order to mitigate that risk of loss. \n3.4 \nTo the extent permitted by applicable law (including, for the avoidance of doubt, the German Banking \nAct) eToro Germany may appoint an affiliate or third party to hold cryptoassets on your behalf, and \nwill exercise reasonable skill and care in the selection, appointment and periodic review of any such \nfirms appointed. In these circumstances, cryptoassets may be held in the affiliate or third party's 'wallet', \nor in another appropriate manner. In addition, subject to applicable law, eToro Germany may be fully \nreplaced with another German entity (compliant with all applicable law and regulation) to perform the \ncustody services of your cryptoassets under this Appendix 2. \n \n\n \n57 \n \n4. \nData protection \n4.1 \nFor eToro Germany to provide custody of your cryptoassets, eToro Europe may transfer your personal \ndata to eToro Germany or other parties in accordance with clause 36 of the General Terms and \nConditions and eToro's Privacy Notice. eToro Germany may collect, store and process information from \nyou or otherwise in connection with the purpose of providing cryptoassets custody services to you and \nof complying with Applicable Law and / or regulation, including disclosures to governmental authorities.  \n4.2 \neToro Europe and eToro Germany will put in place and maintain appropriate technical and \norganisational measures to prevent unauthorised or unlawful processing of your personal data, and will \nimplement and maintain appropriate security controls to ensure the confidentiality and integrity of your \npersonal data.  \n4.3 \neToro Europe and eToro Germany shall not process any of your personal data other than as reasonably \nrequired in connection with its provision of cryptoasset custody services to you in accordance with the \nterms of this Appendix 2.  \n5. \nOur rights and your rights in special circumstances \n5.1 \nBy using our cryptoassets trading service, you acknowledge and agree that eToro Europe and eToro \nGermany are not responsible for operation of the underlying protocols related to cryptoassets, and \nneither eToro Europe and eToro Germany make any guarantee of their functionality, security, reliability \nor availability. You also acknowledge and agree that eToro Europe and eToro Germany have no \nresponsibility or liability in respect of an unsupported branch of a forked cryptoasset. \n5.2 \nIn the event of a Fork, you acknowledge and agree that eToro Europe may decide at our sole discretion \nto adjust the cryptoassets held by eToro Germany in custody on your behalf with respect to any affected \ncryptoasset. Such adjustment will be made on the basis of good faith, fairness and, where appropriate, \nby taking such action as is consistent with market practice and/or taking into account the treatment \neToro may receive from our counterparties or any relevant third party. eToro may deduct any applicable \ntax, but we may also make these adjustments without deducting any taxes that will apply to you as a \nresult of the adjustment. You will be obligated to pay the taxes that you are responsible for where we \nhave not made tax deductions on your behalf. \n5.3 \nIn the event that a situation arises that is not covered under this Appendix 2, Schedule 3, or the General \nTerms and Conditions, we will resolve the matter on the basis of good faith and fairness and, where \nappropriate, by taking such action as is consistent with market practice. \n6. \nLimitation on liability  \n6.1 \nCryptoassets are highly speculative assets which rely on a number of external variables for their \nexistence and value. As a result, there are a number of additional risks and liabilities that you will be \nexposed to when trading cryptoassets, including when they are held in custody. This paragraph sets \nout a number of these liabilities and explains the circumstances under which eToro EU and eToro \nGermany will not be liable for any losses, costs, or expenses that you suffer subject to Applicable Law. \n6.2 \neToro Germany is not liable to you where you suffer a loss, cost, or expense as a result of: \n(a) \nany delay or change in market conditions before eToro Germany acts on your instruction \ncustody (given in accordance with paragraph 3.2 of this Appendix 2) to hold or cease to hold \nyour cryptoassets; \n(b) \nany loss resulting from a network failure of a cryptoasset's cryptographic protocol;  \n(c) \nany loss caused by eToro Germany, any other German custodian appointed as custodian of \nyour cryptoassets in accordance with paragraph 3.4 of this Appendix 2, and/or by any third \nparty;  \n(d) \nany lost profits or damages that are caused by or are connected to unauthorised use of the \neToro platform or services, including where such unauthorised use of the eToro platform or \nservices results in an instruction to eToro Germany to hold or cease to hold your cryptoassets \nin custody (in accordance with paragraph 3.2 of this Appendix 2), even where eToro EU, eToro \nGermany or any of eToro EU or eToro Germany's affiliates or representatives knew or should \nreasonably have known about the possibility of such damages; and \n\n \n58 \n \n(e) \nany loss caused by theft, robbery, burglary or other criminal taking if a computer, computer \nsystem, computer software program, malicious code, computer virus or process or any other \nelectronic system is used to perform such acts;  \n(f) \nany loss of any kind, from action taken in reliance on material or information, contained on \neToro's trading platform or websites and/or on the blockchain systems that results in an \ninstruction to eToro Germany to hold or cease to hold your cryptoassets in custody (in \naccordance with paragraph 3.2 of this Appendix 2). \n6.3 \neToro Germany, any affiliates and service providers, nor any of its respective officers, directors, agents, \njoint venture partners, employees or representatives, will be liable for any amount larger than the \nvalue of the cryptoassets currently deposited in your account.  \n6.4 \nCustody services for your cryptoassets are provided on an \"as is\" and \"as available\" basis without \nany representation or warranty, whether express, implied or statutory. To the maximum extent \npermitted by Applicable Law, eToro Germany specifically disclaims any implied warranties of title, \nmerchantability, fitness for a particular purpose and/or non-infringement.  \n6.5 \nPlease refer to clause 25 of the General Terms and Conditions for more information on the general \nlimitations to our liability when you trade using any of our services. \n7. \neToro Germany's rights to enforce the terms of this agreement \n7.1 \nYou acknowledge and agree eToro Germany may exercise all the rights of eToro Europe under the \nAgreement as if references to \"eToro Europe\", \"we\", \"us\" and \"our\" were references to eToro \nGermany. \n7.2 \nYou agree that where you have promised to do something or refrain from doing something under the \nAgreement, you make those same promises to eToro Germany and acknowledge that eToro Germany \nwill rely on those promises when providing its services to you. \n8. \nComplaints  \nIf you are unhappy with the custody services of your cryptoassets you are receiving from eToro \nGermany, or something has gone wrong, please contact eToro in accordance with clause 9 of the \nGeneral Terms and Conditions. eToro Germany will handle your complaint.  \n9. \nCompensation scheme \nNo compensation scheme is available to you in relation to the custody services for your cryptoassets \n(Kryptoverwahrgeschäft) provided to you by eToro Germany, including under the German Banking Act \n(Kreditwesengesetz) or applicable European legislation (including Directive 94/19/EC on deposit-\nguarantee schemes and Directive 97/9/EC on investor-compensation schemes). Please see paragraph \n2 – \"Investor protection and compensation\" of Schedule 3 for more information on your rights to \ncompensation in relation to cryptoassets. \n10. \nTermination of the services eToro Germany provides to you \nWhere your account with eToro is closed in accordance with clause 26 of the General Terms and \nConditions, eToro Germany will automatically cease providing custody of your cryptoassets.  \n11. \nSeverability \nIf any court or relevant authority finds any part of this Appendix 2 to be invalid or unenforceable, the \nremaining parts of this Appendix 2, the General Terms and Conditions and Schedules will remain in full \nforce and effect. \n12. \nRights of third parties \nA third party will not be able to benefit from or enforce a term of this Appendix 2. \n \n \n\n \n59 \n \n13. \nGoverning law and jurisdiction \n13.1 \nThe laws of Germany apply to the terms of this Appendix 2 between you and us only. Any claim you \nmake against us in relation to a breach of any of the terms of this Appendix 2 only can be heard in the \ncourts in Germany.  \n13.2 \nNotwithstanding anything contained in this Appendix 2, the laws of Cyprus continue to apply to any \nother term of the General Terms and Conditions between you and us, including any Schedules and \nAppendices thereto, other than those terms in this Appendix 2, in accordance with clause 42 – \n\"Governing Law and Jurisdiction\" of these Terms and Conditions.  \n \n \n\n \n60 \n \nSCHEDULE D – COPY TRADING \nThis Schedule D sets out the specific terms that will apply to you when using the copy trading functionality on \nthe eToro platform. The terms in this Schedule D apply to you in addition to the General Terms and Conditions, \nwhich apply to all of our services and not just to copy trading. Capitalised words in this Schedule D will have the \nsame meaning which are given to those word in the General Terms and Conditions. If a term of this Schedule D \nconflicts with or differs from a term in the General Terms and Conditions, this Schedule D will apply. \n1. \nWhat is copy trading \n1.1 \nWhen using the copy trading services, you are agreeing to use our investment management services. \n1.2 \nThe eToro platform provides you with the ability to interact, follow and copy other traders, strategies \nand/or portfolios by using the information, as well as providing you with \"social trading features\". \nSocial trading features include detailed account information, trading histories, risk profiles, and other \ninformation in relation to eToro traders, strategies and/or portfolios that may be useful to you when \ndeciding whether to copy such eToro trader, strategy and/or portfolio. \n1.3 \nCopy trading is a trading functionality which allows you to copy the account of other traders. You do \nthis by either copying a specific eToro trader account or copying a portfolio (we explain what this means \nbelow). By placing a copy order, you authorise us to automatically recreate this account for you in your \neToro account without any prior consultation, consent or approval. This will be done on a pro rata basis \nwith the same products and the same trading instructions (unless such action would be in contravention \nof Applicable Law). For example, we may start copy trading, stop copy trading and/or pause the copying \nof the copied trader, account, portfolio and/or strategy and set limits to any position etc.  \n1.4 \nPlease read paragraph 2 – \"Our copy trading service\", and paragraph 8 – \"Placing an order\" for more \ninformation on how to place a copy trade on the eToro platform. \n2. \nOur copy trading service \n2.1 \nWe offer a copy service which allows you to copy trades on the eToro platform in two ways: \n(a) \nCopyTrader: where you can choose to copy the orders in an account of a single eToro trader. \nFor more information, please refer to paragraph 8 - \"Placing an order\"; and \n(b) \nCopyPortfolio: where you can choose to copy an account which contains a portfolio of products \nand/or traders. Some portfolios are designed by us, and some are designed by third parties. \nEach portfolio will have certain profiles and parameters which may be set either manually or by \nusing certain algorithms.  \nMore information about our copy trading functionality is available on our website. \n2.2 \nWe may update or amend the structure and/or composition of a strategy under the CopyPortfolio \nfunctionality at our discretion, without notifying you. This is called \"re-balancing\".  \n3. \nClassification of trade \n3.1 \nThe copy trade service may result in trades in a number of financial instruments. Each trade opened \non your behalf as part as the CopyTrader or CopyPortfolio functionalities will usually be classified under \nthe same asset class as classified in the copied account.  \n3.2 \nIf you are restricted from trading a certain asset class or specific product due to Applicable Law, other \nregulatory requirements or any other reason at eToro’s sole discretion, then we may take reasonable \nsteps, where permitted by Applicable Law and where our service enables this at our sole discretion, to \nensure that an equivalent or similar trade is opened in your account to replace the restricted trade (for \nexample, replacing a CFD trade with a trade in the underlying product or vice versa). If we replace a \ntrade for you, we cannot guarantee that the risk rating and economic performance of the replacement \ntrade will match that of the restricted trade. Where in our sole discretion we do not replace a trade \nwith an equivalent or similar trade for any reason your economic performance, portfolio composition, \nrisk rating and other factors relating to your portfolio may deviate from that of the eToro trader or \nCopyPortfolio being copied. \n\n \n61 \n \n3.3 \nYou should read the General Terms and Conditions and the Schedule which applies to the underlying \ninstrument for more information. Schedule A applies to CFDs, Schedule B applies to securities, and \nSchedule C applies to cryptoassets. \n4. \nRegulatory status of the copy trading service and suitability assessment \n4.1 \nOur copy trading functionality may amount to a form of discretionary investment management. This \nmeans that, before you can engage in copy trading, we are required by law to assess whether copy \ntrading is a suitable investment tool for you and under what conditions (the \"Suitability Assessment\"). \nThe result of the Suitability Assessment is determined by information and documents provided to us \nby you, which you can update at any time.  \n4.2 \nWe will establish your investment profile on the basis of your Suitability Assessment, and your ability \nto enter into copy trades may be limited by your Suitability Assessment. If we determine that copy \ntrading is not a suitable investment tool for you, then you will not be permitted to access the copy \ntrading functionalities of the eToro platform. We are not liable for any losses that you suffer as a result \nof providing false or misleading information as part of your Suitability Assessment, including where this \nleads to us creating an inaccurate investment profile for you. \n4.3 \nPlease also refer to clause 3 of the General Terms and Conditions for more information on the way in \nwhich we assess suitability. \n5. \nLimitations to our copy trading service \n5.1 \nWe do not provide personalised investment recommendations, investment advice, tax related advice \nor other financial related advice of any kind. Any explanation or information which we give to you as \npart of a copy trade, or about the performance of the copy trade is not intended to be, and should not \nbe considered as advice. This information is provided by us solely for informational purposes.  \n5.2 \nYou should use any information gathered from our website or social trading features as a starting point \nfor your own independent research and investment decision making. However, you should not make \ninvestment decisions based on information provided on the eToro platform or eToro Community. \n5.3 \nWe will take reasonable steps to monitor the performance of any copied trader under the CopyTrader \nfunctionality, as well as the performance of the different trading strategies and portfolios under the \nCopyPortfolio functionality. We reserve the right to pause, stop, or block: \n(a) \nany eToro trader from being copied under the CopyTrader functionality; and \n(b) \nany portfolio of trading strategy from being copied under the CopyPortfolio functionality.  \n6. \nThe key risks of copy trading \n6.1 \nIn making a decision to copy a specific trader or traders, strategy and/or portfolio, you should consider \nyour financial situation, including your financial commitments. You should understand that copy trading \nis highly speculative and that you could sustain significant losses exceeding the amount used to copy \na trader or traders as a result of the following:  \n(a) \nit will involve automated trading execution whereby trades are opened and closed in your \naccount without your manual intervention; \n(b) \nif you manually modify or close an order generated by the CopyTrader functionality, you \nmay achieve a materially different result than the trader that you copied; \n(c) \ncopied trades in amounts lower than the minimum trade will not be opened; \n(d) \nif you are copying all trades which are currently open, we will open your position at the best \navailable price at the time of copying and not the price at the time which the trade being \ncopied was originally opened; \n\n \n62 \n \n(e) \ncash-out and withdrawals by the copied trader, strategy and/or portfolio when you are using \nthe CopyTrader/CopyPortfolio functionality may also generate a materially different result \nthan the trader that you copied as it may affect the copy trading proportions. This is due to \na number of different factors including starting account balance, minimum trade size, the \ninvestor's account settings, differences in spread, interest and investment price at time of \ninvestment, and also the difference in fees that may be incurred; \n(f) \nfollowing/copying the trading decisions of inexperienced and/or unprofessional traders;  \n(g) \nfollowing/copying traders whose ultimate purpose or intention, or financial status may differ \nfrom yours; and/or \n(h) \nfollowing and/or copying traders who trade, or CopyPortfolios which include, products \nrestricted as a result of Applicable Law in relation to your account and where a replacement \nequivalent trade cannot be executed may result in the economic performance, portfolio \ncomposition, risk rating and other factors relating to your portfolio deviating from the \nportfolio of the copied trader or the CopyPortfolio. \n6.2 \nWe are unable to provide any guarantee as to the performance of any particular investment, account, \nportfolio or strategy. Please refer to the Schedule which applies to the underlying product that you are \ncopying for more information on the risks associated with trading that product. \n6.3 \nPast performance, risk scores, statistics and any other information with respect to eToro traders under \nour CopyTrader and/or CopyPortfolio functionality, or of different portfolios and trading strategies under \nour CopyPortfolio functionality are not reliable indicators of future performance. We do not represent \nor guarantee that you will achieve profits or losses similar to those shown on the eToro trader or \nportfolio that you are copying. We also do not represent or guarantee that the risk score of a trader \nwill accurately reflect the risk of their future performances.  \n6.4 \nPlease refer to clause 5 of the General Terms and Conditions for more information on the key risks of \nusing our services. \n7. \nConflicts of interest \n7.1 \nWe are required to act in your best interest when providing our services. However, there may be \ninstances where your interest conflicts with our interests, or with another client's interest. For example, \nwith respect to copy trading, we may compensate popular eToro traders who you and/or others have \nelected to follow and/or copy. \n7.2 \nPlease refer to clause 7 of the General Terms and Conditions for more information on the conflicts of \ninterest that may apply to our services. \n8. \nPlacing an order \n8.1 \nBefore you enter into the copy trade, you will need to allocate the amount of money you would like to \nput towards that copy trade. Such amount shall be allocated in transactions at the same proportion as \nit is allocated in the copied account. We will then automatically execute that order for you, which means \nwe will not obtain your confirmation before we do this. The opening of such transactions shall not \nrequire any prior consultation, consent or approval. Trades below the minimum trade amount shall not \nbe opened. \n8.2 \nThere are a number of order restrictions when copy trading, including on the minimum and maximum \namount that can be invested in any eToro trader or portfolio that you copy, the minimum amount on \nany single copy trade, and the maximum number of traders that you can copy. The full restrictions are \nlisted on our website. \n8.3 \nWhen you are using our CopyTrader service, you can choose to copy: \n(a) \nall trades which are currently open in a certain account as well as new trades which are opened \nafter you begin to copy the trader in such account; or \n(b) \nonly new trades which are opened after you begin to copy the trader's account. This means \nthat we will not copy any trades in the trader's account which were entered into before this \npoint. \n\n \n63 \n \n8.4 \nWhen you are using our CopyPortfolio service, the copy trading functionality only permits you to copy \nboth existing and new trades. \n8.5 \nNotwithstanding paragraph 3.2, if you are copying all trades which are currently open, we will open \nyour position at the best available price at the time of copying and not the price at the time which the \ntrade being copied was originally opened. If the relevant markets are closed at the time of copying (for \nexample during a market break) we will open a market order for you and once the market reopens, \nyour order will be executed at the first available price. \n8.6 \nNotwithstanding paragraph 3.2, if you are copying only new trades:  \n(a) \nwe will open your positions at the same time as the trades being copied; and \n(b) \nall instructions and actions related to the copied trade will automatically be replicated in your \neToro account (subject to the trade size as explained above), including stop losses, take profits \nand the closing of trades. For example, if a trader that you are copying extends their stop loss \nby adding more funds to their account then your stop loss will be adjusted automatically to \nreflect this. However, your position amount will remain the same as its initial amount. \n8.7 \nThe copy trading service has a number of other functionalities that we may make available to you from \ntime to time. However, we may add, remove, or change the availability and features of these \nfunctionalities, at our discretion. This may impact how you can use the copy trading service on our \nplatform, for example whether you can copy all trades or only new trades of a trader or a portfolio. \n9. \nFees and costs \n9.1 \nWhen you place a copy trade, we will charge you fees on the same basis as those charged to the copied \naccount for the same trades. Please refer to the Schedule which applies to the underlying product that \nyou are copying for more information on the fees and costs associated with that copy trade. \n9.2 \nPlease also refer to clause 21 of the General Terms and Conditions for more information on our fees \nand costs.  \n10. \nOur rights and your rights in special circumstances \nPlease refer to the Schedule which applies to the underlying product that you are copying for more \ninformation on our rights and your rights in special circumstances, as well as Part 3 of the General \nTerms and Conditions. \n11. \nLiability \nSubject to Applicable Law, neither eToro Europe nor any affiliates or associate third parties will be liable \nfor any losses arising from: \n(a) \nactions taken by us in order to carry out your written or spoken instructions; \n(b) \ndecisions or actions taken by an eToro trader that you have chosen to copy, including in \nconnection with Portfolios; and/or \n(c) \nspecific investment decisions or actions taken or omitted in good faith by any copied account \nstrategy or portfolio, including portfolios controlled by us.  \n","paragraphs":null,"sentences":null},"annotations":[{"general_category":"Limitation of remedy clauses","name":"Limitation of company's liability","legal_ground":"Annex 1(a) Directive 93/13","code":"ltd","score":-1,"explanation":"Unlawful limitation of liablility for damages connected with the use of service, when the company limits its liability for at least one of the following: (a) personal injury or (b) non-performance against consumers or (c) intentionally caused damage"},{"general_category":"Limitation of remedy clauses","name":"Maximal threshold of company's liability","legal_ground":"Annex 1(a) Directive 93/13","code":"ltd_cap","score":-1,"explanation":"Everyone entitled to the damages connected with using the service may claim them only to a certain amount"},{"general_category":"Limitation of remedy clauses","name":"Limitation period","legal_ground":"art. 119 KC*****","code":"period","score":0,"explanation":"The ToS does not contain a clause described above"},{"general_category":"Limitation of remedy clauses","name":"No promises","legal_ground":"Article 8 Directive 2019/770","code":"as_is","score":-1,"explanation":"Presence of as-is clause. An \"as-is clause\" is a contractual provision that states that the work or product being provided by the developer or service provider is provided in its current condition, without any additional warranties or guarantees, except for those explicitly stated in the agreement. It serves to limit the developer's liability and makes it clear that the client accepts the work as it is."},{"general_category":"Limitation of remedy clauses","name":"Indemnification clause","legal_ground":"-","code":"indemn","score":0,"explanation":"Indemnification clause is present in ToS. An indemnification clause establishes obligation for one party (the indemnifying party) to compensate the other party (the indemnified party) for specific costs and expenses arising from third-party claims or direct claims."},{"general_category":"Dispute resolution clauses","name":"Choice of law other than user's domicile","legal_ground":"Article 6 Rome I****","code":"c_law","score":-1,"explanation":"The ToS provides that a law other than the law of the user's habitual residence will apply to disputes arising in connection with the contract"},{"general_category":"Dispute resolution clauses","name":"Choice of forum other than user's domicile","legal_ground":"Annex 1(q) Directive 93/13","code":"c_forum","score":-1,"explanation":"The ToS provides that disputes arising in connection with the contract shall be resolved in a court of a different jurisdiction from that of the user's permanent residence"},{"general_category":"Dispute resolution clauses","name":"Mandatory arbitration","legal_ground":"Annex 1(q) Directive 93/13 + art. 385[3] pkt 23 KC","code":"arb","score":1,"explanation":"Lack of mandatory arbitration"},{"general_category":"Dispute resolution clauses","name":"Class action waiver","legal_ground":"-","code":"class","score":1,"explanation":"Lack of class action waiver"},{"general_category":"Unilateral alteration clauses","name":"Unilateral change of contract","legal_ground":"Annex 1(j) Directive 93/13","code":"contr_chg","score":-1,"explanation":"When the company reserves the right to change the contract without a valid reason (the ToS state the company can always change the contract)"},{"general_category":"Unilateral alteration clauses","name":"Unilateral change of future prices","legal_ground":"partially Annex 1(j) Directive 93/13","code":"price_chg","score":0,"explanation":"When the company reserves the right to change the future price of services that were not yet supplied or enabled"},{"general_category":"Unilateral alteration clauses","name":"Unilateral change of service by the company","legal_ground":"Article 19 Directive 2019/770","code":"serv_chg","score":-1,"explanation":"When the company reserves the right to change the service without a valid reason (when the ToS state, that the company can always change the service or does not state any requriements at all). A service change is a situation, where a company unilaterally modifies the service, by changing existing design, adding or removing features, modyfing purpose of the service, etc."},{"general_category":"Unilateral alteration clauses","name":"Account deletion and unilateral termination of contract by the company","legal_ground":"Annex 1(g) Directive 93/13***","code":"acc_del","score":-1,"explanation":"When the company reserves the right to delete a user’s account without serious grounds or a notice period. By serious grounds we understood situations, where activity of the user was clearly illegal or violated crucial provisions of ToS. The notice period should be reasonably long, to allow the user preparation for termination of contract."},{"general_category":"Unilateral alteration clauses","name":"Transfer of contractual rights to another subject","legal_ground":"Annex 1(p) Directive 93/13","code":"transfer","score":-1,"explanation":"When the ToS allows for contractual rights’ transfer to another subject without user’s consent"},{"general_category":"Right to police the behaviour of users","name":"User content deletion","legal_ground":"partially inferred from Article 6 Directive 2019/770** & Article 17 DSA","code":"cnt_del","score":0,"explanation":"When a company reserves a right to delete only the content put in the service by the user that is illegal or violates Terms of Service "},{"general_category":"Right to police the behaviour of users","name":"Account suspension","legal_ground":"partially inferred from Article 6 Directive 2019/770 & Article 17 DSA","code":"acc_sus","score":-1,"explanation":"When the company reserves the right to suspend a user’s account without serious grounds or a notice period"},{"general_category":"Regulatory requirements","name":"Internal complaint-handling system","legal_ground":"Article 17 DSA","code":"com_sys","score":0,"explanation":"Presence of internal complaint-handling system that does not meet all of the requirements stated in article 17 DSA"},{"general_category":"Regulatory requirements","name":"Retrieval of digital content by the user","legal_ground":"Article 16(4) Directive 2019/770","code":"cnt_retr","score":-1,"explanation":"Lack of clause ensuring the right to retrieve the digital content belonging to the the user after contract's termination."},{"general_category":"Various","name":"Excessive user content IP license ","legal_ground":"-","code":"IP","score":-1,"explanation":"ToS contains an IP license to the content put in the service by the user that neither states explicitly that it is needed to perform the service nor explains other purposes for using user's content"},{"general_category":"Various","name":"Discretional power to interpret the ToS","legal_ground":"Annex 1(m) Directive 93/13","code":"discret","score":-1,"explanation":"The company reserves the exclusive right to interpret any term of the contract only by itself"},{"general_category":"Various","name":"Severability clauses ","legal_ground":"-","code":"sever","score":0,"explanation":"The ToS contains provisions that keep the remaining part of the contract in force in case a court declare one or more of its provisions unconstitutional, void, or unenforceable (severability clauses)"},{"general_category":"Various","name":"Right to incorporate user's feedback or suggestions without compensation","legal_ground":"-","code":"suggest","score":0,"explanation":"According to ToS, the company has a right to incorporate into the service user feedback or suggestions without compensation"}]}