Effective date: August 1, 2023
These terms and conditions (the “Agreement”) create a contract between you (“You” or the “User”) and Nordic Funder, a brand operated by Nordic Funder KB, registered in Sweden (969783-7335) (the “Company”).
The Company does not provide You with a brokerage trading account. All orders You submit are executed in a simulated environment. The Company uses Trading Data to operate a proprietary trading strategy. Users participating in the Funded Trader Program are entitled to some of the profits generated in their Account, according to their Package.
The balance credited to Accounts is not real money, and You have no claim on those funds. All Deals are executed in a simulated environment using real market data provided by Scandinavian Capital Markets SCM AB. Therefore, Users shall not be required to cover any losses in the Accounts.
THE COMPANY PROVIDES TRADING AND INVESTING EDUCATION AND EVALUATION SERVICES AND ACTS AS A FUNDING AGENT. NONE OF THE SERVICES THE COMPANY PROVIDES IS CONSIDERED INVESTMENT SERVICES OR INVESTMENT ADVICE IN ACCORDANCE WITH SECURITIES LAWS IN SWEDEN OR COUNTRIES WHERE THE COMPANY PROVIDES SERVICES.
1. Introduction
This Agreement governs the Your rights and obligations when using the Services provided by Nordic Funder KB, a company registered in Sweden, registered at Vikingavägen 7, 195 51 MÄRSTA, Sweden.
The effective date of the Agreement is the date You register to use the Services.
The Agreement includes the Company’s Privacy Policy and Funded Trader Program Rules.
You must be 18 years of age or older to use the Services.
You may not use the Services if you are a citizen or resident of a country listed in Section 22, Prohibited jurisdictions list.
Please read the Agreement carefully before registering, purchasing or using the Company’s Services. If you do not agree to be bound by this Agreement, you should stop using the Services immediately. By using the Company’s Services, you agree to the terms and conditions of the Agreement.
IF YOU DO NOT AGREE WITH ALL OF THESE LEGAL TERMS, THEN YOU ARE EXPRESSLY PROHIBITED FROM USING THE SERVICES AND YOU MUST DISCONTINUE USE IMMEDIATELY.
2. Definitions
In the Agreement:
Dashboard means the web or mobile application developed and provided by Nordic Funder KB for Users to purchase Assessments, access login credentials to Accounts, view applicable rules, and monitor performance;
Account means an account created in the MetaTrader 4, which is used to participate in Assessments and the Funded Trader Program;
Breach means violating one of the trading rules, which causes the User to fail an Assessments or lose their right to participate in the Funded Trader Program;
Performance Fee means the fee that a User participating in the Funded Trader Program may withdraw from their Account;
Platform means the MetaTrader 4 platform, developed by MetaQuotes Ltd.
Risk Management Rules are defined in section 10;
Trading Rules are defined in section 11;
Packages are defined in section 3;
Previous End-of-day (EOD) Balance means the balance of an Account at 21:00 UTC on the previous day;
Profit Target means the percentage of realised profit that must be generated in an Account to pass an assessment or complete a Level;
High Watermark (HWM) means the highest value an Account balance has reached;
Initial Balance means the amount of balance the User chooses when creating a Trading Assessments Package;
Starting Balance means the amount of balance credited to an Account at the beginning of a Level;
Profile means your digital representation for accessing the Dashboard and using Services;
3. Services
The Company provides two services: (a) Trading Assessment; (b) Funded Trader Program (collectively “Services”).
The Trading Assessment is a trading education and evaluation service. The fee to participate in a Trading Assessment depends on the parameters selected when creating a Trading Assessment Package.
Package Fees for Trading Assessment vary according to parameters, such as starting Account balance, daily drawdown limit, maximum drawdown, profit share and others, as shown on the checkout page on the Company’s app or website, where Packages are selected and Fees are paid.
Trading Assessment Packages are non-returnable and non-refundable, except for the circumstances described in section Refunds.
If You pass the Trading Assessment, You shall be enrolled in the Funded Trader Program. To pass the Trading Assessment, You must reach the targets defined in Your Package. The Company reserves the right to reject the results of a passed Trading Assessment, in such cases, a refund will be issued.
If You fail the Trading Assessment, You will not be enrolled in the Funded Trader Program. You can purchase another Trading Assessment and try again. For as long as the Agreement is effective, You can purchase unlimited Packages to attempt to pass the Trading Assessment.
If you breach any Risk Management Rules, You will fail the Trading Assessment or be disqualified from the Funded Trader Program, as the case may be, which means all open positions in Your Account will be liquidated, and any pending orders will be canceled.
If you violate the Trading Rules, the Company may terminate the Agreement.
The Company provides You with an Account to participate in Trading Assessments and the Funded Trader Program. Accounts are created by Scandinavian Capital Markets (“SCM”), the brokerage operating and providing access to the MetaTrader 4 platform.
The available trading instruments, schedules and conditions, such as spread, swaps, execution and commissions, are determined by SCM and may be adjusted at any time without notice.
The Company has access to monitor Your Accounts and enforce Risk Management Rules and/or Trading Rules (collectively “Rules”). If a Rule is breached, the Company may close positions, cancel orders or disable Accounts.
4. Funded Trader Program Participation
Users that pass a Trading Assessment are provided with a one-time enrollment in the Funded Trader Program. Users enrolled in the Funded Trader Program shall perform their duties as independent contractors and not as employees, agents or representatives of the Company. Besides the terms and conditions described herein, the Company is not responsible and does not manage the decisions or actions taken by the User.
Users participating in the Funded Trader Program are provided with a nominated funded Account (“Funded Account”) to participate in the program. The starting balance of the Funded Account shall equal the starting balance of the prior Trading Assessment.
The User is entitled to a Performance Fee based on the profit generated in the Funded Account. The Performance Fee shall be a percentage of the realised profit. The applicable Performance Fee is defined in the Package. Withdrawals shall cause the High Water Mark and Profit Target progress to be recalculated accordingly.
The User is responsible for providing the Company with an invoice for the payment and is responsible for their own income tax obligations and social contributions. Invoices shall be settled with the User via the Deel platform or another payment method, if available.
Payouts can only be requested if all positions in the Account are closed. The minimum payout that can be processed is 2% of the Starting Balance. Once requested, the balance shall be withdrawn from the Account, and the User may continue trading immediately.
Each User can have up to 2 free payouts per calendar month. All earnings in the Account are generated in United States dollars; if a User requests a payout in another currency, a currency conversion shall be performed at a rate determined by the payment service provider. Payout requests are capped at one per day. Payouts shall be processed within 36 business hours, Monday to Friday, except for major bank holidays.
All Funded Accounts support scaling, where funding is structured in levels, each giving the User an additional balance in the Account.
The Funded Trader Program consists of multiple Levels, where the balance allocated to a Funded Account is scaled by increasing the balance. Scaling is triggered when the Profit Target is reached. All positions in a Funded Account must be closed for Scaling to be triggered. Upon Scaling, a new Funded Account will be created with additional balance, based on the current level * initial balance.
The Company provides the Dashboard to access Services, manage Your Profile, view credentials to log in to Platform Accounts, view trading rules and monitor performance. You are responsible for monitoring Risk Management Rules, which are conveniently and transparently shown in the Dashboard.
6. Registration
To access and use the Services, each User must have a Profile. When creating a Profile, You agree to provide accurate, current, and complete information as prompted by the registration form. This includes but is not limited to your full name, email address, and address. You are responsible for keeping this information up-to-date to ensure proper communication and access to your Profile.
You are responsible for maintaining the confidentiality of your password and any other access credentials. You agree not to share, disclose, or otherwise make your password or account credentials available to any third party. You are solely responsible for all activities that occur under your Profile, whether or not authorised by you. If you suspect any unauthorised use of your Profile, you must notify us immediately.
The Company reserves the right to refuse registration, suspend, or terminate your Profile at its sole discretion, without prior notice, for any reason or no reason, including but not limited to violation of these Terms of Service, providing false or misleading information, or for any other reason we deem appropriate. If your Profile is terminated, you may not be eligible to create a new Profile or access our service without the Company’s prior written consent.
7. Payment terms
All payments are due upfront. Fees are shown on the checkout screen based on the chosen Package parameters. Once You have completed payment for your Package, it is not possible to change the parameters.
The Company reserves the right to increase or decrease fees or offer and revoke promotions at any time.
While the Company accepts payment through various methods, such as credit cards, e-wallets and cryptocurrencies, it’s not guaranteed that all methods will be available to all Users at all times.
The Company reserves the right to change or modify payment terms, Fees, or accepted payment methods at any time without prior notice.
All Fees are exclusive of any sales taxes. You may be required to pay sales tax, depending on your jurisdiction. In some cases, the Company may collect sales taxes at the time of purchase.
If You lodge an unjustifiable complaint regarding the paid fee or dispute the paid fee with Your bank or payment service provider (e.g. through chargeback services, dispute services, or other similar services), on the basis of which an annulment, cancellation or refund of the fee or any part thereof is requested, the Company is entitled to stop providing Services.
8. Refunds
If you purchase a Trading Assessment, and for any reason, You decide to cancel, You may be eligible for a refund if you cancel within 5 days of purchasing the Assessment, and You cancel before starting the Assessment. An Assessment is considered to have started if You open one or more orders (pending or completed) in the Account.
The Company does not provide refunds after 5 days have passed or the Assessment was started.
You may also be eligible for a refund if Your ID Verification is not approved, even though you performed all the necessary steps and provided all the required information. The Company shall issue refunds related to failed ID Verification at its discretion.
You may also be eligible for a refund if your account has been breached due to the “inactivity rule”, where the account is terminated after 30 days without activity. Activity consists of You opening one or more orders within a period of 30 days.
9. Verification
To participate in the Funded Trader Program, You must pass the ID Verification process. Verification is performed after passing a Trading Assessment for the first time.
The Company uses a third-party service provider to collect, process and verify the information. To perform ID Verification, the Company will ask You to provide and do the following:
- Upload a picture or scan of Your identity document, such as Your passport or national ID;
- Take a selfie to verify You are the same person shown in the document;
- A recent document to prove Your address, such as a bank statement or utility bill.
The Company may request additional information to perform ID Verification. The Company may not approve your ID Verification and does not need to explain the reason for rejection. The Company may ask You to verify Your identity on multiple occasions.
10. Risk Management Rules
If You breach one of the following Risk Management Rules, You will fail a Assessment, or Your Account will be disqualified from the Funded Trader Program, as the case may be.
Daily Loss (DL) Rule
If Your Account equity falls below the daily loss limit specified in the Package, Your positions will be liquidated, Your Account will be disabled, and You will be disqualified from the Program.
The daily loss limit is fixed at 5% for any package offered by the Company.
The daily loss rule is triggered using the following formula: (previous EOD balance – equity) ÷ (previous EOD balance ) > DL%.
Max Trailing Loss (ML) Rule
If Your Account equity falls below the max loss limit specified in the Package, Your positions will be liquidated, Your Account will be disabled, and You will be disqualified from the Program.
The max trailing loss limit is fixed at 10% for any package offered by the Company.
The max trailing loss rule is triggered using the following formula: (HWM – equity ÷ HWM) > ML%.
Mandatory Stop Loss
If a position is placed without a valid input in the “Stop loss” field in the Platform, that trade will be closed automatically by the platform. Any resulting profit and loss associated with the closing is not refundable and cannot be restored into the account.
The Company may offer the option to disable this rule, subject to a fee or not, at its own discretion.
Weekend trading
Positions are not allowed to be carried over the weekend. Any position opened in the Platform after 9 PM UTC will be automatically closed by the Company. Any resulting profit and loss associated with the closing is not refundable and cannot be restored into the account.
The Company may offer the option to disable this rule, subject to a fee or not, at its own discretion.
Max lot sizes
Accounts are subject to limited exposure while using the Service. Should an account violate the max lot size rule by passing the exposure threshold, all positions in the account will be automatically closed. Any resulting profit and loss associated with the closing is not refundable and cannot be restored into the account.
The max lot sizes are calculated using the formula: (startingBalance * Leverage) / 100,000. The result of the formula will be the max number of “lots” that an account is allowed to have.
Inactivity Rule
If no position has been open, closed or modified in 30 consecutive days, Your Account will be terminated. Adjusting a take profit or stop loss or opening or closing a pending order is not considered modifying a position. If Your Account does not reach the profit target within 180 days, the account shall be considered inactive and terminated.
11. Trading Rules
At Nordic Funder, We seek and support talented traders. However, We do not tolerate Users looking to exploit the Services for an easy win. Therefore, We have established these Trading Rules, which all Users must follow. Unlike the above-mentioned Risk Management Rules, which allow for future Trading Assessments, violating these Trading Rules will result in Termination.
It is prohibited to:
- Use exploitative trading strategies which cannot reasonably be utilised for proprietary trading strategies, such as high-frequency trading, latency arbitrage, triangular arbitrage and exploitative methods;
- Pooling or hedging risk of multiple accounts using the same or opposite trading strategies in Nordic Funder or using other services in combination;
- Aggregating the activities of multiple individuals under a single Account;
- Trading on behalf of others;
- Use a commercial trading robot that You purchased from a third party;
- Use a copy trading or managed account services, such as MQL5 or ZuluTrade;
- Use a third party to pass a Trading Assessment on your behalf;
- Breach of the End User License Agreement of the Platforms.
12. Term and Termination
The term of this Agreement will begin when You purchase a Service and will continue until either the Company terminates Your access to the Services or You stop using the Service.
The Company reserves the right to terminate the Services at its sole and absolute discretion and without prior notice.
13. Changes to the Agreement
The Company may modify or amend this Agreement upon providing 24 hours notice to You. Your continued use of the Services after the Agreement changes become effective constitutes Your acceptance.
14. Trading Data
“Trading Data” means any and all information and data that You generate while using the Services, such as the orders, positions and deals created in Your Accounts.
The Company is not obligated to back up any Trading Data. Your Trading Data may be deleted at any time without prior notice.
You hereby grant (and you represent and warrant that you have the right to grant) to the Company an irrevocable, nonexclusive, royalty-free and fully-paid worldwide license to reproduce, distribute, publicly display and perform, prepare derivative works of, incorporate into other works, and otherwise use and exploit your Trading Data, and to grant sublicenses of the foregoing rights, solely for the purposes of including your Trading Data. You hereby irrevocably waive any claims and assertions of moral rights or attribution with respect to your Trading Data.
15. Disclaimers
THE SERVICE IS PROVIDED ON AN “AS-IS” AND “AS-AVAILABLE” BASIS, AND THE COMPANY (AND OUR SUPPLIERS) EXPRESSLY DISCLAIM ANY AND ALL WARRANTIES AND CONDITIONS OF ANY KIND, WHETHER EXPRESS, IMPLIED, OR STATUTORY, INCLUDING ALL WARRANTIES OR CONDITIONS OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, QUIET ENJOYMENT, ACCURACY, OR NON-INFRINGEMENT. WE (AND OUR SUPPLIERS) MAKE NO WARRANTY THAT THE SITE WILL MEET YOUR REQUIREMENTS, WILL BE AVAILABLE ON AN UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE BASIS, OR WILL BE ACCURATE, RELIABLE, FREE OF VIRUSES OR OTHER HARMFUL CODE, COMPLETE, LEGAL, OR SAFE. IF APPLICABLE LAW REQUIRES ANY WARRANTIES WITH RESPECT TO THE SITE, ALL SUCH WARRANTIES ARE LIMITED IN DURATION TO NINETY (90) DAYS FROM THE DATE OF FIRST USE.
SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF IMPLIED WARRANTIES, SO THE ABOVE EXCLUSION MAY NOT APPLY TO YOU. SOME JURISDICTIONS DO NOT ALLOW LIMITATIONS ON HOW LONG AN IMPLIED WARRANTY LASTS, SO THE ABOVE LIMITATION MAY NOT APPLY TO YOU.
16. Limitation of Liability
TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT SHALL THE COMPANY (OR OUR SUPPLIERS) BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY LOST PROFITS, LOST DATA, COSTS OF PROCUREMENT OF SUBSTITUTE PRODUCTS, OR ANY INDIRECT, CONSEQUENTIAL, EXEMPLARY, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES ARISING FROM OR RELATING TO THESE TERMS OR YOUR USE OF, OR INABILITY TO USE, THE SITE, EVEN IF COMPANY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. ACCESS TO, AND USE OF, THE SITE IS AT YOUR OWN DISCRETION AND RISK, AND YOU WILL BE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR DEVICE OR COMPUTER SYSTEM OR LOSS OF DATA RESULTING THEREFROM.
TO THE MAXIMUM EXTENT PERMITTED BY LAW, NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, OUR LIABILITY TO YOU FOR ANY DAMAGES ARISING FROM OR RELATED TO THESE TERMS (FOR ANY CAUSE WHATSOEVER AND REGARDLESS OF THE FORM OF THE ACTION), WILL AT ALL TIMES BE LIMITED TO A MAXIMUM OF FIFTY US DOLLARS (U.S. $50). THE EXISTENCE OF MORE THAN ONE CLAIM WILL NOT ENLARGE THIS LIMIT. YOU AGREE THAT OUR SUPPLIERS WILL HAVE NO LIABILITY OF ANY KIND ARISING FROM OR RELATING TO THESE TERMS.
SOME JURISDICTIONS DO NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE ABOVE LIMITATION OR EXCLUSION MAY NOT APPLY TO YOU.
17. Severability
If any provision of this Agreement is deemed invalid or unenforceable by a court of competent jurisdiction, such provision shall be deemed severable, and the remaining provisions of this Agreement shall continue to be valid and enforceable.
No waiver of any term or condition of this Agreement shall be deemed a further or continuing waiver of such term or condition or any other term or condition, and any failure by the Company to assert a right or provision under this Agreement shall not constitute a waiver of such right or provision.
18. Force Majeure
Neither party shall be held liable or responsible for any failure or delay in the performance of its obligations under this Agreement due to circumstances beyond its reasonable control, including but not limited to acts of God, natural disasters, wars, terrorist acts, riots, strikes, labour disputes, embargoes, governmental actions, orders or regulations, national or regional emergencies, epidemics, pandemics, explosions, fires, floods, earthquakes, or any other unforeseeable and unavoidable events or circumstances that make it impossible or commercially unreasonable for a party to perform its obligations under this Agreement (collectively, “Force Majeure Events”).
In the event of a Force Majeure Event, the affected party shall promptly notify the other party in writing of the nature and extent of the event, the anticipated duration of the event, and the anticipated impact on its performance under this Agreement. The affected party shall use commercially reasonable efforts to mitigate the effects of the Force Majeure Event and resume the performance of its obligations as soon as reasonably possible.
The time for performance of the affected party’s obligations shall be extended for a period equal to the duration of the Force Majeure Event, provided that if the Force Majeure Event continues for a period of more than 10 consecutive days, either party may terminate this Agreement upon written notice to the other party without incurring any liability, subject to any payment or other obligations that accrued prior to the occurrence of the Force Majeure Event.
If the Force Majeure Event affects the performance of both parties, the parties shall negotiate in good faith to reach a mutually agreeable solution to address the impact of the Force Majeure Event on the performance of their respective obligations under this Agreement.
19. Governing Law
This Agreement is governed by and subject to the laws of Sweden. By using our Service, You agree to submit to the exclusive jurisdiction of the state and federal courts located in Sweden to resolve any disputes arising out of or relating to the Agreement or any other matter connected to our Service.
Notwithstanding the foregoing, we reserve the right to seek injunctive or other equitable relief in any court of competent jurisdiction to prevent the actual or threatened infringement, misappropriation, or violation of our intellectual property rights, as set forth in these Terms of Service.
20. Copyright/Trademark Information
Copyright © 2023 Nordic Funder KB. All rights reserved. All trademarks, logos and service marks (“Marks”) displayed on the Site are our property or the property of other third parties. You are not permitted to use these Marks without our prior written consent or the consent of such third party which may own the Marks.
21. Intellectual Property
Nothing in this Agreement shall be construed as granting, either expressly or by implication, any license or right to use any of our Intellectual Property, except as expressly permitted by this Agreement or with the Company’s prior written consent. You agree not to copy, reproduce, republish, modify, adapt, distribute, transmit, broadcast, display, sell, license, or otherwise exploit any Intellectual Property without the Company’s express written consent. Any unauthorised use of the Company’s Intellectual Property may result in a violation of the Agreement and may subject you to legal action, including, but not limited to, claims for damages and injunctive relief.
22. Prohibited jurisdiction list
Nordic Funder cannot cooperate with users from the following jurisdictions: USA, Afghanistan, Belarus, Burma, Burundi, Central African Republic, Congo, Cuba, Guinea, Guinea-Bissau, Iraq, Iran, Indonesia, Lebanon, Libya, Malaysia, Mali, Moldova, Nicaragua, North Korea, Pakistan, Russia, Somalia, Sudan, South Sudan, Syria, Vanuatu, Venezuela, Yemen, and Zimbabwe
23. Entire Agreement
This Agreement contains the entire agreement between the Company and the User regarding the Services and supersedes all prior understandings, agreements, or representations between the Parties, whether written or oral.
Contact Us
If you have any questions, concerns, or comments regarding this Agreement, please feel free to contact us using the information provided below:
Nordic Funder KB
Vikingavägen 7
195 51 MÄRSTA