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Terms of Use

Terms.

These Terms govern access to Kaptal, Challenge purchases, simulated evaluation accounts, Reward payouts and any later Live Kaptal invitation. Read them with the Rulebook before you pay.

Last updated 15 September 2026

1. The agreement

These Terms of Use (the Terms) are a contract between you and the Kaptal operating entity identified on the Platform from time to time (Kaptal, we, us). Kaptal is a proprietary trading firm in formation. Registration number, registered office and licensing status will be published on this page before paid Challenges go live. Until that notice, these Terms describe the intended contract and apply as soon as you create an account, buy a Challenge, or otherwise use the Services.

The contract also includes the Rulebook, Risk disclosure, Eligibility rules and Privacy notice, and any order confirmation for a Challenge. If those documents conflict, these Terms control on legal status, liability and termination; the Rulebook controls on trading parameters, payouts and breaches.

If you accept on behalf of a company, you represent that you can bind that company. “You” then means the company, and you are not treated as a consumer for that use.

2. Definitions

Capitalised trading terms have the meaning in the Rulebook. In addition:

  • Platform — kaptal websites, apps, APIs, dashboards and any trading terminal we enable.
  • Services — access to the Platform, Challenges, simulated accounts, analytics, Arena or Season features where offered, and related support.
  • Paper Trading — simulated orders that use market data to reproduce conditions. No instrument is traded by you.
  • Consumer — a natural person acting outside trade or profession, where that status is recognised by applicable law.

3. Eligibility

You may use the Services only if you meet the Eligibility rules: you are at least 18, you are not in a restricted or sanctioned jurisdiction, you use one identity, and you complete KYC before Reward access or payouts. If you stop meeting those rules, you must tell us and stop using the Services. We may refuse, pause or close access without a Challenge-fee refund where the law allows.

4. Not a financial service

Kaptal is not a broker, dealer, exchange, crowdfunding platform, AIFM, bank, e-money issuer or portfolio manager. We do not accept client money for trading, do not hold your assets on a safekeeping basis, and do not execute orders for you as your agent on a regulated venue.

None of the Services is investment, tax or legal advice. Nothing on the Platform is an offer of securities or a solicitation in any country where that would be unlawful. You will not receive compensation-scheme, client-money or best-execution protections that apply to licensed investment firms. Where a local licence would be required for a feature, that feature is not offered to you.

5. Registration and account

You must give true, current information and keep it updated. You may hold one user profile. Credentials, magic links, wallets and devices are your responsibility. Activity on the profile is treated as yours. Sharing access is prohibited.

You must tell us if you share a payment instrument, device or residential address with another user. We may merge or close related profiles to enforce account limits.

We may take the Platform down for maintenance, venue outages or risk events. Paper or live marks can be delayed or wrong. Continuing to trade after you have seen a defect, without waiting for our instruction, is at your risk.

6. Fees and payments

Challenge fees are shown at checkout and are due immediately. Payment is collected by a third-party processor. We do not store full card numbers. Once the Challenge is activated, or 14 days after purchase (whichever is earlier), fees are non-refundable except where mandatory consumer cooling-off or other non-excludable law applies, or we cancel the product before activation.

Chargebacks made in bad faith, or after you have used the Challenge, are a breach of these Terms. We may recover the fee, processor costs and close related accounts.

Taxes on fees or rewards are yours. We may withhold amounts required by law.

7. The services

The core Service is an evaluation: you Paper Trade a Challenge under the Rulebook. If you pass and complete KYC, we may issue a Reward account. Reward trading remains Paper Trading unless and until we invite you to Live Kaptal.

Successful completion does not entitle you to Live Kaptal, employment, a minimum payout, or any particular instrument set. Arena, Season Pass, Keys and similar features are extras. Where they use simulated capital or prizes, they are not a Challenge pass and may be withheld by jurisdiction.

We may change, replace or withdraw features. We do not owe compensation for a feature change except a refund of an unused Challenge we cancel before activation, or as mandatory law requires.

8. Trading rules

You must follow the Rulebook, including equity floors, the news window, the 120-second minimum hold, inventory limits, and genuine market-risk standards — strategies a reasonable person would use with their own money in live markets.

We may void prints, reduce leverage, cap an instrument, pause an account, or close the Services where we reasonably believe the Rulebook or these Terms are being gamed. We will try to notify you but do not have to notify you first.

9. Rewards and Live Kaptal

Reward payouts are due only if every published condition is met, including being flat, KYC, the buffer and step-up rules, and no prohibited conduct. Approval is an operations decision we make in good faith. We may delay a payout while we review a book.

Live Kaptal is by invitation after a risk assessment. The Rulebook section “Move to Live Kaptal” applies, including forfeiture of remaining simulated balance and the 30-day final-payout rule. A Live account is still not your brokerage account; live positions we take remain ours.

Pending rewards may be forfeited if we terminate for cause (eligibility failure, prohibited conduct, fraud, or unpaid chargeback). Unused simulated balance has no cash value on a voluntary close or a breach.

10. Prohibited conduct

You must not do any of the following, on one account or across related accounts:

  • The practices listed in the Rulebook prohibited-practices policy.
  • Use the Services from a restricted jurisdiction, including via VPN.
  • Reverse engineer, scrape, or overload the Platform except via a documented API we have enabled for you.
  • Bypass geographic, KYC or technical controls.
  • Resell, rent or franchise access.
  • Use the Services to commit crime, sanctions evasion, or market abuse.
  • Misrepresent results or our relationship in advertising.

We decide, acting reasonably, whether conduct is prohibited. The same facts may justify closing every related account.

11. Platform, licence and content

The Platform and all content stay our property or our licensors’ property. We grant you a limited, revocable, non-transferable licence to use the Services for personal evaluation in line with these Terms. You get no trademark licence.

You grant us a non-exclusive right to use anonymised trading statistics for risk, product and marketing. You have no claim on revenue from that use.

Third-party terminals, wallets, venues and processors have their own terms. We are not responsible for those products.

12. Disclaimer and limitation of liability

The Services are provided “as is” and “as available”. To the fullest extent permitted by law we disclaim implied warranties of quality, merchantability, fitness for purpose and non-infringement. We do not promise that you will pass, be paid, or be invited to Live Kaptal, or that marks, uptime or API behaviour will be error-free.

To the fullest extent permitted by law we are not liable for:

  • lost profits, missed payouts, data loss, or indirect or consequential loss;
  • venue, network, oracle, or liquidity events, including gaps and slippage;
  • your use of Platform data in trading outside Kaptal;
  • force majeure, law, or a competent authority’s order.

If liability cannot be excluded, our aggregate liability for a claim is limited to the Challenge fees you paid for the specific account giving rise to the claim in the 12 months before the claim. Nothing in these Terms limits liability for death or personal injury caused by negligence, fraud, or any liability that cannot be limited under the mandatory law of your country if you are a Consumer.

13. Indemnity

You will indemnify Kaptal and its officers against claims, losses and reasonable legal fees arising from your breach of these Terms, your misuse of the Services, or your infringement of a third-party right, except to the extent caused by our fraud or wilful misconduct.

14. Term and termination

The contract for a Challenge lasts until that account is passed, breached, expired by a published time limit (none in Rulebook v1.0), or closed. The user profile contract lasts until either party ends it.

We may end or suspend the Services immediately if you:

  • fail eligibility or KYC;
  • breach the Rulebook or these Terms;
  • create a duplicate or related profile to evade limits;
  • die, or if an entity, enter insolvency;
  • create a legal or sanctions risk we cannot accept.

You may close the profile by notice through published support channels. Closure does not refund an activated Challenge. Clauses that by nature should survive (including 4, 11–13, 16–18) survive.

Either party may end the profile without cause on 14 days’ notice. We do not owe compensation for a no-cause close beyond any unused Challenge we have not activated, or as mandatory law requires.

15. Technical issues and complaints

Report defects promptly, with account ID, time (UTC) and a description. If you keep trading after seeing a defect, you accept the resulting P&L. Complaints go to the support address published on the Platform. We aim to acknowledge and respond within 30 days. Repeated complaints we reasonably find to be vexatious may lead us to stop serving you.

Consumers in the EEA, UK or other regimes with statutory ombudsman or ODR schemes may have additional routes. We will publish those contacts when the operating entity is confirmed. Nothing here requires you to abandon a non-waivable statutory right.

16. Changes

We may amend these Terms. We will post the new version and update the date. For material changes we will also notice you in-product or by email where we have one. Continued use after the effective date is acceptance. If you reject a change you must stop using the Services; the Rulebook changelog rules apply to already-activated Reward and Live risk parameters.

17. Personal data

We process personal data as described in the Privacy notice. You consent to us using anonymised Paper Trading data as set out there. If you send us data about other people (for example employees of a company account), you confirm you have the right to do so.

18. Class actions, law and venue

To the fullest extent permitted by law, disputes are individual only. You waive class, collective and representative actions. A court may not combine claims without both parties’ written consent.

Until the operating entity is published, these Terms are governed by the laws of England and Wales, without regard to conflict-of-law rules, except that if you are a Consumer the mandatory protections of your habitual residence still apply. The courts of England and Wales have exclusive jurisdiction, subject to any non-excludable Consumer venue right. When the Kaptal entity is incorporated elsewhere, we will replace this clause with that jurisdiction’s law and courts and date the change.

The English-language version controls. You confirm you can transact in English.

19. General

  • These Terms are the entire agreement on their subject and replace prior discussions.
  • We may assign the contract. You may not assign it without our written consent.
  • If a clause is invalid, the rest stays in force and the invalid part is replaced by a valid term closest to the commercial intent.
  • A failure to enforce a right is not a waiver.
  • Notices from us may be sent to the email or wallet on the profile and are given when sent or posted in-product.
  • We have not adopted a dedicated consumer code of conduct beyond these documents.

Questions: use the contact methods on the Platform. Do not send original identity documents to a general inbox unless our KYC provider instructs you to.