TRADING AGREEMENT

FORMULA INVESTMENT HOUSE LTD., A COMPANY REGISTERED AND EXISTING UNDER THE LAWS OF
THE BRITISH VIRGIN ISLANDS ("FIH") OFFERS INVESTMENT SERVICES (THE "SERVICES") STRICTLY
UNDER THE FOLLOWING TERMS AND CONDITIONS, WHICH ARE NON - NEGOTIABLE AND MAY BE
AMENDED AFTER PROPER NOTICE HAS BEEN GIVEN TO YOU (THE "CLIENT") AT THE ABSOLUTE
DISCRETION OF FIH SUBJECT TO THE PROVISIONS OF THE TERMS BELOW.
BY ACCEPTING AND AGREEING TO THE TERMS AND CONDITIONS OF THIS AGREEMENT AND OPENING
AN ACCOUNT, THE CLIENT ACCEPTS THE FOLLOWING TERMS AND CONDITIONS. SUBSEQUENT TO
THAT AND (I) SUBJECT TO FIHS FINAL APPROVAL AND (II) UPON THE CLIENT'S FUNDING OF HIS
ACCOUNT, THE CLIENT ENTERS INTO A LEGAL AND BINDING AGREEMENT WITH FIH.
Whereas, FIH allows the carrying out of transactions in foreign currency exchange rates, in contracts for differences
("CFDs") based on foreign exchange rates and other financial assets, including, without limitation, commodities,
shares and indices, as well as in options and other Financial Instruments, all as may be offered from time to time
by FIH at its sole discretion, all subject to the terms and conditions set forth in this Agreement; and
Whereas The Client wishes to open an account with FIH for purposes of carrying out such Transactions
("Account");
Now therefore, the parties have agreed as follows:
1. Scope of Agreement & Definitions
1.1. This Agreement sets forth the terms and conditions governing the Clients Account and all Transactions
placed through the Account.
1.2. The term this Agreement means this agreement and all annexes forming an integral part of this
agreement, including without limitation Nomination of Agent Annex; FIHs Trading Conditions, the Risk
Disclosure and Clients Declaration Annex, and Glossary of Terms Annex, as such annexes are amended
by FIH from time to time and any other Annex determined by FIH as forming an integral part of this
Agreement.
1.3. All terms used in this Agreement, and not defined herein, shall have the meaning assigned to them in the
Glossary of Terms. Other terms not defined herein shall have the meaning assigned to them in customary
practice.
2. Opening of Account & Appointment of Agent
2.1. The Client hereby instructs FIH to set up the Account in his name in FIH's books with a view of carrying
out Transactions. By opening the Account, Client irrevocably declares and undertakes that Client is acting
for Clients sole benefit and not for, or on behalf of, any other person or entity. Without derogating from the
above, the Client hereby warrants and represents that all funds deposited in the Account belong solely to
the Client and originate from the Clients own bank account, directly, or through payment instruments
(credit card, debit cards or e-wallets) registered under the Clients name. In the event that funds were
transferred to the Clients Account from a source other than an account registered in its name or of which
the Client is not a beneficiary or through payment instruments not registered under the Clients name, FIH
reserves the right to return the funds to their origin as well as to reverse all Transactions executed on the
basis of these funds.
2.2. The Client understands and accepts that upon his/her registration in the Website or at any time thereafter,
FIH might be required to conduct a Know Your Client Process (KYC Process). This KYC Process
requires FIH, among others, to obtain certain documents and personal details from the Client which shall
typically include an identity card, passport or driver's license, proof of address such as a utility bill, and
proof of payment method. If deemed necessary, FIH may request additional documents and evidence

and/or that any document copies are notarized, meaning that the documents are stamped and attested
by a Public Notary. In the event that FIHs requests for documents and information are not completed by
the Client or otherwise approved by FIH, FIH may at its sole discretion decline to open an Account, block
an Account from trading or terminate this Agreement, and may withhold any funds that are present in the
Account until such time as FIH is satisfied with the documents presented by the Client. Should the
documents fail FIHs internal compliance checks for example, if FIH suspects that they have been
tampered with, or are in any way provided to mislead or misrepresent FIH shall be under no obligation
to accept such documents as valid, and under no obligation to provide feedback on the exact nature of
our findings with regards to these documents.
2.3. FIH may conduct identity, credit and other checks from time to time as it deems appropriate. The
information collected and obtained from the Client during the KYC Process may be used in the prevention
of money laundering as well as for FIHs risk management purposes. FIH shall use all the information
obtained from the Client in accordance with its Privacy Policy which constitutes an integral part of this
Agreement and is available on the Website.
2.4. The sole person authorized to perform Transactions in the Account is the Client. Client may however
request to appoint an agent (Agent) to operate the Account by filling and signing the Nomination of
Agent Annex, and in such an event and so long Client does not revoke such appointment, the sole person
authorized to perform Transactions in the Account shall be the Agent, provided however that only Client
shall be entitled to withdraw funds from the Account pursuant to the terms and conditions of this
Agreement. FIH shall have the right to conduct a KYC Process with respect to the Agent and the provision
of Section 2.2 and 2.3 shall apply to such process. Client hereby acknowledges and agrees that he shall
be solely responsible for the acts and/or omissions of the Agent, and FIH shall have no liability towards
Client for any such actions or omissions, whether or not made in the scope of the Agent authorization by
Client.
2.5. If more than one person executes this Agreement as Client, all such persons shall be jointly and severally
liable for all obligations of Client pursuant to this Agreement. In such an event and unless an Agent is
appointed, the sole person authorized to perform Transactions in the Account is the first of such persons
mentioned, however withdrawal from the Account will require signatures of all persons identified as Client.
3. Trading
3.1. Subject to the terms and conditions set forth in this Agreement, Client may perform Transactions in the
Account through the Internet Trading Platform, through the TSP (where applicable) or by telephone (where
applicable) at Clients sole responsibility, risk and expense.
3.2. All Transactions shall be opened and closed at the prices quoted by FIH (as a Principal) and presented
in the Internet Trading Platform. Client acknowledges and agrees that FIH is under no obligation to quote
any specific price which is quoted in a specific Financial Market.
3.3. The Client acknowledges and agrees that each Transaction is comprised of first, an offer by the Client to
FIH to execute a Transaction (whether such offer is to open a Transaction or close an existing open
Transaction) at a certain price quoted on the Internet Trading Platform, and FIHs subsequent acceptance
of such offer (if accepted, and in Limit Orders, subject to any Slippage). A Transaction will be deemed to
have been executed only when the Clients offer has been received and accepted by FIH, as indicated in
the Internet Trading Platform.
3.4. All Transactions and execution of Orders (including Market Orders and Limit Orders) shall be subject to
and carried out in accordance with the Trading Conditions, FIHs policies and FIH prevailing practice, as
applicable at such time. Client should be fully aware of FIHs Trading Conditions and especially for the
rules which concern the execution of Orders, prior to commencing its trading activity with FIH.
3.5. The Client acknowledges and agrees that it will not be entitled to the physical delivery of any currency,
commodity, shares or other securities when closing any Transaction.
3.6. FIH shall attempt to execute Transactions on best effort basis only and subject to the other terms and
conditions set forth in this Agreement, including without limitation, FIHs Trading Conditions.
3.7. It is manifestly stated, and Client also agrees and authorizes that (i) FIH may, at FIHs sole discretion, act
as a counter party (i.e., principal) to any or all of Clients Transactions; and (ii) FIH shall not provide any

advisory, consulting or intermediary services to Client and therefore client shall be responsible for its own
decisions; and (iii) FIH may (but is not obliged to) at its sole discretion hedge the Clients Transactions, in
whole or in part and in any manner it deems fit, whether by way of set-off with other Clients Transactions
or otherwise; and (iv) nothing herein contained shall be interpreted as creating any agency, fiduciary or
brokership relationship between FIH and Client, or its Agent, if appointed.
3.8. Without prejudice to any other provisions herein, the Client acknowledges that FIH shall have the right, at
its discretion, at any time and for any reason and without giving any notice and/or explanation to: refuse,
reverse, suspend, freeze, or close any Transaction, including without limitation in the event that Client
uses the Internet Trading Platform in an abusive way by lag trading and/or usage of server latency, price
manipulation, time manipulation or any other practices which are illegal and/or are utilized to give the
Client an unfair advantage or which FIH considers at its own discretion as inappropriate and/or outside
the scope of this Agreement and/or as unfair business conduct.
3.9. Without prejudice to any other provisions herein, the Client acknowledges that FIH may, at its sole
discretion, add, remove or suspend, any Financial Instrument, Financial Market or any specific CFD.
4. Guarantee and Margin Requirement; Limit on Transactions; No Interest Bearing Account
4.1. As a condition to the performance of Transactions in the Account, Client must provide and maintain with
FIH sufficient funds (Guarantee or Margin), as determined by FIH in its sole discretion from time to
time.
4.2. Following the signing of this Agreement, Client will transfer to the Account a deposit in such minimal
amount, by form of bank transfer, credit card, e-wallets or other payment method approved by FIH, as
determined by FIH. Such deposits, together with any profits and losses from existing open and closed
Transactions, credits and debits from daily rollovers and charges on account of commissions, if applicable,
shall serve as Guarantee for the performance of Transactions in the Account, and are hereby pledged by
Client as a first degree and sole pledge in favor of FIH. Without prejudice to any rights of FIH, including
rights in any other security provided by Client, Client hereby irrevocably and unconditionally authorizes
FIH (which may but is not obliged) (i) to set-off, at any time and from time to time, any Guarantee amounts
in the Account against any and all funds owed by Client to FIH for commission, fees, interest adjustments
and spreads, as principal, as reimbursement of expenses or otherwise; and (ii) to immediately close all
open Transactions in the Account and to close the Account in the event that the margin in the Account
shall fall below the minimum margin determined by FIH (or if no such determination was made, if the
margin is reaching 0% over the value of all Open Transactions less any funds owed by Client to FIH), both
without need for any prior Notice to Client.
4.3. FIH may, at its sole discretion, and from time to time, including on an ad-hoc basis, change the minimum
margin requirements, set different minimum margin requirements for different financial assets and/or for
different time periods and notify Client of the need to make further deposits to keep the minimum margin
requirement, by providing Client with a notice to that effect. FIHs margin requirements are available on
the Website. Client may at its discretion, or shall if requested by FIH, increase the Guarantee amount in
the account by making further deposits.
4.4. FIH reserves the right to limit the number of open positions the Client may enter or maintain in its Account,
the Clients net exposure (either the total net exposure or the net exposure per each Financial
Instrument\Underlying Asset) and the Transactions size. FIH also reserves the right, at its sole and
absolute discretion, to refuse to accept any request to open a new Transaction or increasing an existing
Transaction. Client acknowledges that Transactions in certain CFDs whose Underlying Assets are Future
contracts and/or shares may be traded on specific Financial Market and therefore trading may be available
only during the opening hours of the relevant Financial Market and only during the period in which the
Underlying Asset is traded. FIH may limit and/or refuse to accept any Order outside the opening hours of
the relevant Financial Market or outside the time in which the Underlying Asset is traded.
4.5. Client acknowledges and agrees that (i) the Account is a non-interest-bearing account, and Client shall
not be entitled to any interest on any funds deposited in the Account and any such interest generated may
be withheld by FIH, and (ii) except for Client rights to withdraw funds from the Account subject to the terms
and conditions set forth herein, Client shall have no other interest in the Account.

5. EXPIRY OF TRANSACTIONS; ROLLOVER

5.1. Spot/Forward. All open Spot and Forward Transactions which are not closed by the Client upon reaching
their value date will be rolled over by FIH for a further period of two (2) business days. Thereafter, the
opened Transactions will be rolled over for additional periods of two (2) business days each indefinitely
until such time as FIH will close such Transaction under the terms of this Agreement (Rollover).
5.2. Future Contracts. The Client acknowledges and agrees that FIH has the right to close any future contract
based CFD Transaction (Future CFD), at its sole and absolute discretion, without providing prior Notice
to the Client, if the Underlying Asset on which the Future CFD Transaction is based settles on an expiry
date, a reasonable time prior to such expiry date (such time referred to as "Closing Time" and the relevant
expiring Transaction referred to as an "Expiring Transaction"). FIH shall indicate the Closing Time for such
Future CFDs in the Trading Conditions. FIH will not be obligated to roll over a position in an Expiring
Transaction.
5.3. Share CFDs. Share based CFD Transactions (Share CFD) are traded on a daily basis, in conjunction
with the times in which the underlying share is traded in the relevant Financial Market. Without derogating
the provisions of this Agreement, Share CFD Transactions may be terminated by FIH upon the occurrence
of the events set out in Section 6 hereunder.
5.4. The price of the Expiring Transaction will be the last traded price at or prior to the Closing Time, plus or
minus (as the case may be) any spread, fee, adjustment or commission that FIH may apply when such
an Expiring Transaction is closed.
5.5. The Client acknowledges that it is the Client's responsibility to make itself aware of the Closing Time and
of any spread and/or Commission that FIH may apply when closing an Expiring Transaction. Closing
Times for the CFDs offered by FIH are available in the Website.
6. MARKET SUSPENSION AND DELISTING; CORPORATE ACTIONS
6.1. Suspension. If at any time trading on a relevant Financial Market or trading in a certain Underlying Asset
is suspended, FIH shall suspend the trading in the CFD Transactions based on such Underlying Asset
and calculate the value of the CFD with reference to the last traded price before the time of suspension,
as reasonably determined by FIH. In the event that the aforesaid suspension continues for five Business
Days, FIH may decide, at its sole and absolute discretion, a Closing Time and price of the relevant CFD.
During the term of a CFD Transaction whose market is suspended, FIH shall have the right to terminate
the CFD Transaction at its discretion, and to amend or vary the margin requirements.
6.2. Trading Termination. If an Underlying Asset has ceased (or will cease) to be listed, traded or publicly
quoted for any reason and is not immediately re-listed, re-traded or re-quoted on the relevant Financial
Market or quotation system (including in the event of any insolvency of a company whose shares
constitute an Underlying Asset), the Closing Time of the relevant CFD shall be a reasonable time prior to
such time in which the Underlying Asset will cease to be listed, traded or publicly quoted and FIH shall
close all the relevant Transactions at the Closing Time.
6.3. Corporate Actions. If an Underlying Asset is subject to a Corporate Action, FIH shall set a Closing Time
which shall be prior (if possible) to the Corporate Actions time (and in the event of dividends, prior to the
Ex-dividend date) and close all the relevant Transactions at the Closing Time. FIH further reserves the
right to determine the appropriate adjustment to be made to the Transactions price or quantity as it
considers appropriate to account for the diluting or concentrating effect of the Corporate Action. In the
event of a distribution of cash dividends, FIH also reserves the right not to close the relevant Transactions
and to credit or debit the Clients Account (depending on the Clients position short or long) in the
dividend amount, according to the Transaction quantity and minus any fee, if applicable, all as calculated
by FIH. FIHs specific trading rules with respect to Corporate Action as well as any known future Corporate
Actions are included in the Trading Conditions and presented on the Website.
6.4. It is the Clients obligation and responsibility to ensure that it is fully aware of the Corporate Actions or
other events related to any Underlying Asset on which its Transactions are based. The Client
acknowledges and agrees that not all Corporate Action can be known in advance.

7. Use of the Internet Trading Platform and Website

7.1. By accepting this agreement the Client accepts the provision of FIHs End User License Agreement with
respect of its use of the Internet Trading Platform which constitute an integral part of this Agreement.
7.2. The Client will make all necessary efforts to keep his Access Codes secret and known only to him. Client
further agrees to logout from the Internet Trading Platform upon concluding its trading activity and at any
time its relevant terminal is left unattended. Without derogating from the above, the Client will be liable for
all Orders given through and under his Access Codes and any such Orders received by FIH will be
considered as received from the Client. In cases where a third person is assigned as an authorized
representative to act on behalf of the Client, the Client will be responsible for all Orders given through and
under the representatives Access Codes.
7.3. Client shall not use any software for the purpose of automatic trading in his account. Furthermore the
Client shall not use or allow the use of a device which obstruct and/or interfere with the regular and
ordinary carrying out of Transactions or of the functionality of the Internet Trading Platform or any part
thereof, as determined by FIH at its sole discretion.
7.4. FIH shall not be responsible for any power cuts, internet or mobile failures or other failures that prevent
the use of the Internet Trading Platform and shall not be responsible for any network connection failure or
otherwise for the unavailability, for any reason, of the Internet Trading Platform.
7.5. The Clients use of the Website is subject to the Websites Terms of Use which are available in the Website
and constitute an integral part of this Agreement.
8. Withdrawal from and Closing of the Account by Client
8.1. Client may request FIH to withdraw from the Account any Guarantee in excess of the minimum margin,
by providing FIH with a written and duly signed and executed Withdrawal Form. Without prejudice to any
right of FIH hereunder (including, without limitation, FIHs rights pursuant to Section 4.2 above), FIH shall
transfer any such excess Guarantee amounts (if any, and as determined by FIH at its sole discretion),
less any applicable Bank transfer fees, according to Clients instructions in the Withdrawal Form within
seven (7) Business Days from the date of receipt thereof. For avoidance of doubt any such transfer by
FIH is subject to (i) any and all applicable laws such as money laundering laws, any requirements for
withholding of tax and any foreign currency regulations, and (ii) Client providing full identification as
required by FIH.
8.2. Withdrawals can only be made to the benefit of the Client, through the means in which the funds were
deposited, and not to any third party. Surplus can only be withdrawn to a bank account which was
approved by FIH as registered under the Clients name. FIH does not enable to transfer any Transaction
or open position to any other trading platform or provider.
8.3. In case Client wishes to withdraw all excess funds in the Account and close the Account it shall so notify
FIH in the Withdrawal Form, and following the transfer (if any) made by FIH pursuant to such request, FIH
shall close the Account.
8.4. Withdrawals shall only be made in the currencies deposited by the Client, provided that FIH supports
these currencies as Account Currency.
9. Pricing & Commissions
9.1. The Client acknowledges and agrees that upon each Rollover, FIH will add or subtract the interest
adjustments applicable to the relevant assets, including a spread. Similarly, all Share CFD Transactions
will be subject to a daily credit or debit (depending on the position held by the Client Long\Short),
calculated on the basis of the relevant Inter-Bank interest rate of the currency in which the underlying
share is traded and including a markup spread.
9.2. Client accounts in which there have been no trading activity for a period of twelve (12) consecutive months
will be considered by FIH as dormant. Dormant accounts are charged a quarterly maintenance fee of
US$15 or the full amount of the free balance in the account if the free balance is less than US$15. The
first maintenance fee will be charged upon classifying the account as dormant and any further dormant

fee shall be charged upon each calendar quarter (3 months) thereafter, provided that the account will
remain to be classified as dormant. There will be no charge if the free balance is zero. Accounts with a
zero free balance may also be closed.
9.3. FIH may charge Commissions for the services provided by it to Client hereunder, at such rates and mode
as determined by FIH at its sole discretion from time to time and notified to Client. In such an event, the
Commissions will be charged to the Account.
10. Reports
10.1. FIH will send, at Client's request, the following reports related to the Account (unless and to the extent
that the information included therein may be obtained by Client through its interface to the Internet Trading
Platform):
4.1.1. Bulletin of Transactions: Report concerning all the Transactions carried out by the Client.
4.1.2. Open Transactions: Report concerning the Open Transactions.
4.1.3. Bulletin of deposits, withdrawals and outstanding Guarantee.
11. Risks & Indemnification
11.1. All Transactions shall be carried out on behalf of Client and at Clients sole responsibility, risk and
expense. FIH (and/or the TSP) shall not be held responsible for any loss, damage or debt to the Client
arising directly or indirectly out of or in connection with this Agreement or any Transactions made pursuant
thereto, except in the event of gross negligence or willful misconduct on the part of FIH (and/or the TSP).
11.2. Client declares that he has fully read and understood the Risk Disclosure and Clients Declaration Annex
before signing this Agreement. By the entry into each and every Transaction pursuant to this Agreement,
Client shall be deemed as having reread and reaffirmed this Agreement including without limitation all
annexes.
11.3. The Client agrees and acknowledges that he is solely responsible for any investment strategy, transaction
or investment, composition of any account and taxation consequences and he shall not rely for these
purposes on FIH. The Client further acknowledges and understands that FIH shall bear absolutely no
responsibility in any manner or form whatsoever, regardless of the circumstances, for any such investment
strategy, transaction, investment or information, composition of any account and/or taxation
consequences.
11.4. Client agrees to indemnify and hold FIH, the TSP (where applicable), and their affiliates, shareholders,
employees, directors, successors and assigns (Indemnified Persons), harmless from and against any
and all liabilities, losses, damages, costs and expenses (including reasonable attorneys fees) incurred by
the Indemnified Persons and arising out of Clients failure to fully and timely comply with its obligations
set forth in this Agreement and/or FIH enforcement of such liabilities.
11.5. Client acknowledges and agrees that any oral information given to Client on the Account or with respect
to trading and\or investing and\or with any information provided on the Financial Markets, if given, may
be unverified and incomplete and that any reliance on such information is at Clients sole risk and
responsibility. FIH makes no warranty, express or implied, that any pricing or other information provided
by it (and/or the TSP), through the Internet Trading Platform or by telephone or otherwise is correct or
reflects current market conditions. Furthermore, FIH (and the TSP) do not make any warranties or
guarantees with respect to their Internet Trading Platform and its content, including but not limited to,
warranties for merchantability or fitness for a particular purpose. If a quoting error (known to Client or of
which Client should reasonably know) occur due to an FIH mistake, FIH will not be liable for the resulting
errors in Account balances. FIH reserves the right to make necessary corrections or adjustments to the
records of the Account involved in any such error. Any dispute arising from such quoting errors will be
resolved on the basis of the fair market value of the currency at the time the error was made.
11.6.
Without prejudice to the provisions of Section 11.1 above, FIH (and/or the TSP) shall not be liable
to Client for any loss, damage or cost of any nature incurred by Client directly or indirectly by any cause
beyond FIHs (and/or the TSP) control, including without limitation, due to FIH (and/or the TSP) inability to
perform any Transaction or the improper or partial performance of any Transaction due to technical
reasons (such as, without limitation, damage or destruction to its computer systems, data or records or

any part thereof, or for delays, losses, errors or omissions resulting from the failure or mismanagement of
any telecommunications or computer equipment or software) or otherwise, except in case of gross
negligence or willful misconduct on the part of FIH (and/or the TSP). Without derogating from the above,
FIHs aggregate liability towards the Client in respect of claims of FIHs gross negligence or willful
misconduct will be limited to the aggregate amount of the deposits less withdrawals made by the Client in
the relevant Account.
12. Telephone & Recording
12.1. FIH may, in certain circumstances, accept instructions, by telephone or in person, provided that FIH is
satisfied, at its full discretion, of the callers/Clients identity and FIH is further also satisfied with the clarity
of instructions. In case of an Order received by FIH in any means other than through the Internet Trading
Platform, the Order will be transmitted by FIH to the Internet Trading Platform and processed as if it was
received through the Internet Trading Platform.
12.2. FIH reserves the right, at its discretion, to confirm in any manner the instruction and/or Orders and/or
communications sent through the telephone. The Client fully accepts the risk of misinterpretation and/or
mistakes in the instructions and/or Orders sent through the telephone, regardless of how they have been
caused, including without limitation technical failures.
12.3. Client acknowledges and agrees that any and all conversations with Client, by FIH, the TSP (where
applicable) and their principals, employees and agents may be recorded with or without a warning and to
the use of such recording in relation to any dispute between Client and FIH or the TSP (where applicable).
12.4. Client understands that FIH may destroy such recordings according to its internal policies from time to
time.
13. Law and Jurisdiction
13.1. The laws of the British Virgin Islands shall govern this Agreement and the competent Courts of the British
Virgin Islands shall have sole jurisdiction over any dispute arising from or in connection with this
Agreement, except for claims for the collection of any amount owed by the Client to FIH which may be
brought before any court with jurisdiction over the Client and/or its assets.
13.2. Client hereby waives any right to object to the sole jurisdiction of the British Virgin Islands, including
without limitation any claim that such courts are inconvenient forum to resolve such disputes.
14. Entire Agreement & Amendments
14.1. This Agreement, including all Annexes, constitutes the entire agreement among the parties hereto and
supersedes any and all prior agreements or understandings among the parties with respect to the subject
matter hereof.
14.2. FIH may amend this Agreement by seven (7) days prior notice to Client (subject to any specific provision
allowing a shorter Notice period or no Notice requirement at all). Such notice may be provided through
the Internet Trading Platform, the Website or by Email, according to the email address provided by the
Client.
14.3. FIH shall not be bound by any waiver unless made by a duly signed written instrument by FIH and no
waiver or amendment of this Agreement may be implied from any course of dealings between the parties
or from any failure of FIH to enforce its rights hereunder.
15. Assignment
15.1. FIH may assign its rights and/or liabilities pursuant to this Agreement by a notice to Client. The Client may
not assign its rights and\or obligations hereunder unless with FIH prior written consent, which may be
given or denied at FIHs sole discretion.
15.2. A person who is not a party to this agreement shall not have any rights to enforce any term of this
Agreement.

16. Termination & Force Major

16.1. FIH may, by notice to Client; (i) cease the carrying out of new Transactions in the Account (Trading
Cessation). In the event of Trading Cessation, the Client shall be obliged to close all existing Transactions
(at Clients discretion).
16.2. FIH may terminate this Agreement at any time, with or without cause, upon giving the Client seven (7)
days advance written notice to such effect. Upon termination of this Agreement, all open Transactions
shall close and the Client shall not be able to open new Transactions in the Account.
16.3. FIH may, upon any breach of this Agreement by the Client, including without limitation, upon receiving a
charge-back from the Clients credit card issuer or with respect to any other payment method for any
reason, immediately close any and all of the Clients open Transactions whether at a loss or a profit and
liquidate the Clients Account, without any notice. FIH reserves the right to further terminate this
Agreement in such events.
16.4. FIH may, at its reasonable discretion and without derogating from its other rights under this Agreement
and applicable law, determine that a Force Major Event has occurred. Following such determination FIH
may, at its sole discretion: (a) Close all or some of the Clients open Transactions; and/or (b) suspend or
terminate all or certain Financial Instruments or CFDs; and/or (c) modify the margin requirements; and/or
(d) modify the trading hours of certain Financial Instruments or CFDs. FIH will not be liable in any way to
the Client or to any other person in the event of a Force Majeure Event, nor for its actions pursuant to this
Section 16.4, or to any failure to fulfil its obligations under this Agreement.
16.5. The provisions of Sections 8, 11, 13, 15 and 18 hereof shall survive the termination of this Agreement.
17. Severability
If any provision of this Agreement or the application thereof to any person or circumstance will be invalid,
illegal, or unenforceable to any extent, the remainder of this Agreement and the application thereof will not be
affected and will be enforceable to the fullest extent permitted by law.
18. Communications
Reports and any Notice hereunder may be transmitted to Client at the address provided to FIH by the Client,
or such other address notified by Client in writing to FIH from time to time. Reports and Notices may also be
transmitted via facsimile, email (according to the address provided by the Client) or on the Website or Internet
Trading Platform. All communications sent to Client shall be deemed delivered, at the time of delivery if sent
by e-mail, facsimile, by hand delivery or notified through the Internet Trading Platform or the Website or within
3 Business Days if posted by mail. Communications by Client shall be deemed delivered only when actually
received by FIH.
19. Trading Service Provider (TSP)
FIH may notify Client of the appointment of a Trading Services Provider as set forth in the Trading Services
Provider Annex, and subject to the terms and conditions set forth therein. For avoidance of doubt, FIH (and
not the TSP) remains the contracting party with Client. Client acknowledges and agrees that FIH is paying
commissions to the TSP for its services pursuant to this Agreement.

Nomination of an Agent
To:
Formula Investment House Ltd. (FIH)
Re: Nomination of Agent
I, the undersigned, hereby request to appoint and nominate ___________________________________
(Agent), whose signature appears below, as my agent and attorney, and grant the Agent with full powers of
substitution and power of attorney to act on my behalf concerning my Account(s) and to perform in my name and
on my behalf any and all Transactions and actions I am entitled to perform pursuant to my contract with you,
including without limitation, to buy, sell or carry out Transactions of any kind and nature on the foreign currency
exchange markets, and (if applicable) other financial assets markets, but excluding the right to withdraw funds from
the Account.
Consequently, I authorize you and any Trading Services Provider (TSP) nominated by you to execute the
instructions of my Agent. I fully understand and acknowledge that by appointing an Agent, only the Agent shall be
entitled to operate in the Account. I hereby irrevocably and unconditionally ratify and confirm all actions and
Transactions performed by the Agent. I hereby agree to indemnify and hold FIH, the TSP, and their affiliates,
employees, directors, successors and assigns (Indemnified Persons), harmless from and against any and all
liabilities, losses, damages, costs and expenses (including reasonable attorneys fees) incurred by the Indemnified
Persons and arising out of the nomination of the Agent and the performance of any Transactions in the Account or
any other acts or omissions by the Agent.
This power of attorney and authorization shall remain in full force and effect and shall bind the undersigned towards
you, your successors and assigns, until revoked by the undersigned in a written notice to you to that effect, duly
signed by the undersigned. This power of attorney and authorization shall be revoked automatically upon receipt
by FIH of any official and legally authenticated document attesting to the death or to the mental incapacity of the
undersigned. In such latter event FIH may (but is not obliged) close any or all open Transactions in the Account.
I hereby consent to the performance of any transactions and the existence of any commercial relationship between
the Agent and FIH and I acknowledge FIH does not and shall not owe me any fiduciary, care or other duty in relation
to the Agent and the performance of any Transactions upon his instructions in relation to the Account or otherwise.
The laws of the British Virgin Islands shall govern this deed of nomination and the competent Courts of the
British Virgin Islands shall have sole jurisdiction over any dispute arising from or in connection with this deed of
nomination.
The Client
First Name:

The Agent
ID/Passport
no.
Mobile:
E-Mail:
Country:

_____________

Last Name:

_____________

Signature:

____________

_____________

First Name:

_____________

Last Name:

_____________

_____________
_____________
_____________

Telephone:
Address:
Date:

_____________
____________
_____________

Fax:
City:
Signature:

_____________
_____________
_____________

Risk Disclosure
The risk of losses involved in the transaction or the speculations in the Forex market, Binary Options or any other
financial market could be considerable. You have to think carefully, whether such trading suits you while taking into
consideration the circumstances, as well as your personal resources. Do not speculate except in funds you could
afford to lose.
Without limiting the above, it is important that you be fully aware of the following points:

The high level of leverage effect possible in the transactions in foreign currency stems from the fact that it is
only necessary to pay modest margins or guarantees in relation to the scope of the contract. The result of
that is, that (even) a slight fluctuation of the market could mean substantial gains when these fluctuations are
in your favor, but could also mean considerable losses if the fluctuations are to your detriment.
There exists no system which could assure you that transactions on the foreign currency market and (if
applicable) other financial assets markets should bring you benefits, nor is it possible to guarantee that your
transactions will yield favorable results.
Even though the foreign currency markets and (if applicable) other financial assets markets are fluid (liquid)
as compared with other financial and exchange markets, the market conditions might at times render
impossible the execution of an order or of a limit order at a stipulated price. The amount you could lose in a
Transaction carrying limited risk will never be more appreciable than that which you can lose in transactions
having no pre-determined limit on loss. Nevertheless, even though the extent of the losses could be subjected
to an agreed upon limit, the risk of incurring losses could be higher, and that loss could occur in a relatively
short period of time.
It is possible, that some unfavorable situations on the market could occur, in a relatively short period of time,
resulting in a total loss of your investment. As depositing an additional guaranteed is not obligatory in this
case, FIH reserves the right to close the outstanding balances without the Clients consent.

BINARY OPTIONS
Binary options are options that pay a pre-determined fixed amount, depending on whether or not an event occurs
at the time a certain contract expires, or if it had occurred during the contract time. Binary Options can have only
one of two possible outcomes and allow you to take a simple Yes or No approach. Like traditional options, Binary
Options are based on an underlying asset such as currencies, commodities, indexes or shares, however one of the
most significant differences from traditional options, among others, is that there can be only two outcomes for the
option, either the client is paid a fixed return upon the occurrence of the event, or the client loses the investment
amount, or a certain part thereof (as detailed in each option) if the event does not occur.
Trading in Binary Options is speculative and involves a high degree of risk and can result in the loss of your entire
investment. Therefore, trading in Binary Options is appropriate only for persons who understand and are willing to
assume the economic, legal and other risks involved in such transactions. You should be satisfied that Binary
Options trading is suitable for you in light of your financial circumstances and attitude towards risk. You should not
engage in speculative Binary Options trading unless you understand the basic aspects of such trading and its risks.
If you are in any doubt as to whether Binary Option trading is appropriate and suitable for you, please seek
independent advice from a financial consulting professional. FIH does not provide such advice. It is your
responsibility, taking into account your personal circumstances and financial resources, to take particular care and
make careful considerations independently, both prior to applying for engaging in Binary Options with FIH, and prior
to making any individual order.
Where you do not understand the risks involved in applying for a trading account with FIH or in making any individual
order, You should seek advice and consultation from an independent Financial Advisor. If You continue to not
understand the risks involved in trading in Binary Options, You should not trade at all.
You are advised that the Binary Options offered by FIH are not traded under the rules of any recognized, designated
or regulated exchange. Consequently, engaging in Binary Option trading may expose you to substantially greater
risks than investments which are so traded.

You must acknowledge that engaging in Binary Options poses a great risk of incurring losses and damages, and
You must accept that You are willing to undertake this risk.
RISKS INHERENT IN TRADING THROUGH THE INTERNET
Trading through the Internet involves many interrelated systems, including hardware, software, telephony, cellular,
cable, and power generation, all of which are subject to failure or malfunction that may adversely affect your ability
to trade. During any time which you cannot access the Internet Trading Platform for whatever reason, you will not
be able to enter, cancel, or modify Orders and/or Transactions. In the event of a failure, there is a chance that your
Orders and/or Transactions could be lost. FIH is not responsible or liable for any effect on your ability to trade
caused by any malfunction of the Internet, computing systems, or their related components.
THIS BRIEF STATEMENT CANNOT OF COURSE DISCLOSE ALL THE RISKS AND OTHER ASPECTS OF
TRADING FOREX, CFDS AND BINARY OPTIONS OR OTHER FINANCIAL INSTRUMENTS OFFERED BY FIH.

Glossary of Terms

"Access Code" means the username and password given by FIH to the Client for accessing the Internet
Trading Platform.

Account means the Clients account having such details as set forth in the Clients Contract with FIH.

Agent means any Clients authorized agent nominated by it in relation to the Account by sending FIH a
nomination of Agent deed.

Binary Options means options that pay a pre-determined fixed amount, depending on whether or not an
event occurs at the time a certain contract expires, or if it had occurred during the contract time and which
are based on an underlying asset such as currencies, commodities, indexes or shares.

Business Day means a day in which Banks are open for business in the relevant countries.

Client for purposes of providing a Transaction shall include any Agent.

Commissions means any and all commissions charged by FIH in relation to this Agreement and any
Transaction or Order made pursuant thereto.

Corporate Action - means an event, action or equity change which has a diluting/concentrating effect or
any other material effect on the market value of the underlying shares, as determined at the sole discretion
of FIH, including but not limited to: (i) subdivision, consolidation, split, reclassification, cancellation, par
value change or other change of the rights attached to the shares; (ii) rights offering, bonus issue, equity
offering or equity redemption; (iii) distribution (including cash, capital or any other manner of distribution)
and repurchase of shares; (iv) any other event which materially affects or may materially affect the shares
price (including material company announcements, takeovers, tender offers, arrangements, payments-inkind, mergers, de-mergers, spinoffs, MBOs, nationalizations, insolvency etc.).

Financial Markets means international financial markets in which currency and/or other financial assets
prices are determined.

Financial Instrument(s) means any of the financial instrument(s) offered by FIH, including without
limitation, CFD (contracts for difference), Forex and Binary Options.

Force Major Event means any event beyond the reasonable control of FIH, which prevents FIH from
complying with any of its obligations under this Agreement, including but not limited to: acts of God (such
as, but not limited to, fires, explosions, earthquakes, drought, tidal waves and floods); war, hostilities
(whether war be declared or not), invasion, act of foreign enemies, mobilization, requisition, embargo,
rebellion, revolution, insurrection, military or usurped power, civil war, riot, commotion, strikes, go slows,
lock outs, disorder and acts or threats of terrorism; acts and regulations of any governmental or supra
national bodies or authorities that, in FIHs opinion, prevents FIH from maintaining an orderly market in one
or more of the Financial Instruments or CFDs in respect of which FIH deals on the Internet Trading
Platform; the occurrence of an excessive movement in the level of any Transaction and/or Financial Market
and/or Underlying Asset or FIHs anticipation of the occurrence of such a movement; any breakdown or
failure of transmission, communication or computer facilities, interruption of power supply, or electronic or
communications equipment failure; or the failure of any relevant supplier, financial institution intermediate
broker, agent or principal of FIH, custodian, sub-custodian, dealer, exchange, feed provider, clearing house
or regulatory or self-regulatory organization, for any reason, to perform its obligations.

Guarantee means the current value of a Client Account given the amount of money deposited and
changes as a result of profits and losses from existing and closed out positions, credits and debits from
daily Rollovers, and charges from commissions, transfer fees or bank related fees if applicable.

Internet Trading Platform or ITP means the Internet trading platform provided to Client by FIH (and/or
the TSP) in order to access the Account.

Margin means the minimum Guarantee required by FIH from Client for performance of Transactions and
providing of Orders in the Account, from time to time.

Notice to Client means a notice provided by FIH, or by an ITP on its behalf, by telephone, e-mail, and
facsimile or through its publication in FIHs or its TSP web site or through the Internet Trading Platform.
Unless otherwise specifically set forth herein all Notices will be with immediate effect.

Order(s)" - Clients directions either electronically (via Internet) or verbally (if permitted) to enter into a
specific Transaction.

Principal means a dealer who buys or sells financial assets for his/her own account.

Transaction means either the purchase or sale of a Financial Instrument, in a determined quantity,
value/closing date and amount.

Trading Services Provider or TSP the trading services provider set forth in a Trading Services
Provider Annex.

Trading Conditions means the specific trading conditions with respect to the Companys Financial
Instruments as published on the Website, including trading hours, Corporate Actions, expiration dates,
margin requirements, instrument specifications and trading rules, all as amended and modified from time to
time by FIH.

Underlying Asset means any asset traded on a Financial Market upon its prices FIH generates CFDs or
Binary Options.

Website means FIHs website, located at www.iforex.com (including all sub-domains).

Withdrawal Form means instructions to withdraw funds from the Account, in such form as requested by
FIH from time to time.

The Client's Declaration

As of the date hereof and the date of each Transaction or instruction made, Client hereby represents and warrants
to FIH and the TSP that:
1.
Client is of sound mind and legal competence and has full right and authority to perform over the counter
foreign exchange (OTCFX), contracts for difference, Binary Options and any other Transactions allowable
by FIH and performed by Client in the Account.
2.
Client is not an employee director, associate, agent, affiliate, relative, or otherwise connected to FIH or any
affiliate thereof.
3.
Client (if not a natural person) is duly organized and validly existing under the laws of the jurisdiction of its
organization and have received any and all resolutions required under its documents of incorporation and
law to execute this Agreement and any Transaction made pursuant thereto and each person executing and
delivering this Agreement or any Transaction on Client behalf is authorized to do so.
4.
Execution and delivery by Client of this Agreement or any Transaction will not violate any law, regulation, bylaw, agreement, obligation, judgment, or policy applying to Client. Without prejudice to the above, Client is
not an employee of any exchange, any corporation in which any exchange owns a majority of the capital
share, any member of any exchange and/or firm registered on any exchange, or any bank, trust, or insurance
company that trades the same instruments as those offered by FIH.
5.
Client is the full and ultimate beneficial owner of the funds deposited in the Account and of the payment
instruments by which its deposits are made and no other person has or will have an interest in the Account.
Client cannot and will not grant any security interest in the Account or its proceedings to other or others.
6.
All details and declarations provided by Client to FIH are full and correct in all respects and Client shall
immediately notify FIH on any change in such details or declarations.
7.
Client has carefully read and understands this Agreement and without limitation, the above Risk Disclosure
statement and FIHs Trading Conditions.
8.
All funds deposited in the Account originate from legal sources and do not originate from drugs, terrorism or
any illegal or criminal activity.
9.
Client may sustain the loss of any and all amounts deposited by it in the Account and that Client is willing
and able, financially and otherwise, to assume the risk of such loss and any other loss, damages, expenses
or costs incurred by Client in connection with this Agreement.
10. Client understands and acknowledges that without limitation to the provisions of the Agreement (i) while the
Internet and the World Wide Web are generally reliable, technical problems or other conditions may delay or
prevent Client from accessing FIH (and/or the TSP) Internet Trading Platform, and (ii) the use of the Internet
exposes the user to risks resulting from the structure of the Internet and the use of a personal computer
and/or any other end equipment permitting connection to the Internet. Client is responsible for all the results
of unauthorized use of passwords and other means of information protection given to Client, and in Clients
personal computer. The entry passwords for service are personal, secret, private, and may not be transferred.
Use of the passwords and the preservation of their secrecy is at the full responsibility of the Client, with all
that this entails, including, but not only, responsibility for damage caused to Client and/or to any other third
party, as a result of transferring the password to others, by acts of commission or omission, and/or as a result
of unsuitable storage of the password, and (iii) Client hereby agrees and undertakes to immediately inform
the TSP of any penetration to the Account by a user unauthorized by Client and/or of any violation and/or
damage to privacy and/or to the security of the service, and (iv) FIH (and/or the TSP) shall not be liable for
any technical problems, system failures and malfunctions, communication line failures, equipment or software
failures or malfunctions, system access issues, system capacity issues, high Internet traffic demand, security
breaches and unauthorized access, and other similar computer problems and defects, and (v) FIH (and/or
the TSP) do not represent, warrant or guarantee that Client will be able to access or use the Internet Trading
Platform at times or locations of its choosing, or that FIH (and/or the TSP) will have adequate capacity for
the Internet Trading Platform as a whole or in any geographic location, or that the Internet Trading Platform
will provide uninterrupted and error-free service, and (vi) FIH (and/or the TSP) shall not be responsible for
any loss and/or damage of any kind caused to Client as a result of use of the Account by others, whether or
not with Clients knowledge, and (vii) Client is forbidden to use another person's account without his prior
approval and agreement; and (viii) the use of the website and the information services given to Client are at

11.

Clients full and sole responsibility and Client hereby confirms that he is aware of all the risks resulting from
the method of giving and receiving the information services through the Internet. (ix) Client shall not use any
software for the purpose of automatic trading in his Account; and further shall not use or allow the use of the
computer with which Client is performing Transactions in the Account in any manner obstructing or interfering
with the regular and ordinary carrying out of such Transactions as contemplated by FIH.
Unfortunately, our services are not available for the residents of the following countries: the British Virgin
Islands, United States, member states of the European Union, Australia, New Zealand, Turkey, Japan, Brazil
and other countries set out in the Companys Website, since securities laws or regulatory equivalent laws do
not allow residents of such countries to carry currency or derivative transactions through future contracts or
since their residents are not allowed to obtain the services due to other regulatory reasons. Therefore, until
such authorization is obtained, Transactions entered into by residents of those countries may not be accepted
or honored by FIH. If you are currently a resident of the countries mentioned in this disclaimer, please do not
use our web site. Our services are not available where it does not comply with legal usage; FIH reserves the
right to refuse and/or cancel services to anyone at its own discretion. If you are a resident of the European
Union please refer to the terms and conditions of the European regulated affiliate of FIH.