Legal

Luno Capital Trading Rules & Policies Last Updated: September 5, 2026 These Trading Rules & Policies establish the requirements that apply to all Luno Capital evaluation and funded style accounts. They are designed to identify traders who demonstrate discipline, consistency, responsible risk management, and professional trading behavior. By purchasing, accessing, or trading on a Luno Capital account, you acknowledge that you have read, understood, and agreed to comply with these rules. Luno Capital reserves the right to monitor trading activity throughout the entire account lifecycle and to review an account whenever necessary to determine compliance. 1. Profit Targets To successfully complete the evaluation, traders must achieve the required profit target for each phase. Phase 1: 10% profit target Phase 2: 5% profit target Profit targets must be achieved while remaining fully compliant with all applicable trading and risk management rules. Reaching the required profit target does not automatically mean that an account has passed. The account must also satisfy the minimum trading day requirement, stability requirements, risk rules, and any other applicable conditions. 2. Maximum Total Drawdown: 8% The maximum permitted total drawdown is 8% of the initial account balance. The account equity must not fall below the permitted drawdown level at any point during the evaluation or applicable funded period. Example Starting balance: $100,000 Maximum total drawdown: 8% Minimum permitted equity: $92,000 If the account reaches or breaches the maximum permitted drawdown level, the account will be considered breached and may be terminated immediately. Drawdown is monitored based on the applicable account rules and may include both realized and unrealized losses. 3. Daily Loss Limit: 5% The maximum permitted daily loss is 5%. The daily loss limit is calculated according to the applicable daily starting balance and resets at the beginning of each new trading day. The daily loss limit applies to the account's overall daily performance and may take into consideration realized losses, unrealized losses, and other applicable trading costs. If the permitted daily loss limit is breached at any time, the account will be considered in violation and may be terminated immediately. Example Daily starting balance: $100,000 Maximum daily loss: 5% Maximum permitted loss: $5,000 The trader is responsible for monitoring their account and ensuring that the daily loss limit is never exceeded. 4. Minimum Trading Days Traders must complete a minimum of 5 separate trading days in each evaluation phase. A trading day is considered a day on which qualifying trading activity takes place under the applicable program rules. The minimum trading day requirement exists to ensure that traders demonstrate their ability over multiple trading sessions rather than relying on a single successful trading day. Completing the required profit target in fewer than five trading days does not remove the minimum trading day requirement. 5. Three Day Stability Requirement Reaching the profit target does not automatically result in immediate phase completion. Once the required profit target has been reached, the account must remain active and compliant for at least 3 additional trading days before the phase can be considered complete. This stability period is intended to demonstrate that the trader can maintain disciplined performance after reaching the target and is not relying on excessive risk or short term aggressive trading. The account must remain within all applicable drawdown, daily loss, risk management, and trading rules throughout this period. There is no overall time limit for completing the evaluation unless otherwise stated for a specific program. 6. Leverage Policy The maximum available leverage is: Forex: 1:100 Indices and Gold: 1:20 Crypto: 1:5 Leverage is provided as a trading facility and should be used responsibly. Having access to the maximum available leverage does not mean that traders are expected or permitted to take excessive exposure. Luno Capital may review trading activity where leverage is used in a manner that creates unreasonable exposure, significantly increases account risk, or appears inconsistent with the intended purpose of the program. 7. Risk Management: Maximum 2% Risk Per Trade Traders must not risk more than 2% of the account balance on a single trade. Appropriate position sizing and responsible risk management are required. Traders are expected to consider their position size, stop loss level, market volatility, and total exposure before entering a trade. A trader should not rely solely on the maximum permitted risk as a target. Consistently risking the maximum amount may expose an account to unnecessary drawdown and may be considered inconsistent with responsible risk management depending on the circumstances. Luno Capital may review trading activity where a trader repeatedly takes excessive or concentrated risk. 8. No Gambling Policy Luno Capital is designed to evaluate trading skill and disciplined risk management, not gambling behavior. The following practices are strictly prohibited: Martingale strategies Grid based strategies All in or near all in trades Excessive over leveraging Revenge trading Deliberate attempts to recover losses through disproportionate risk Any strategy designed primarily around uncontrolled or excessive exposure Luno Capital may review trading patterns to determine whether an account is being operated in a disciplined manner. Where prohibited or abusive trading behavior is identified, Luno Capital may suspend, terminate, or otherwise restrict the account and may deny any associated payout. 9. News Trading Trading during high impact economic news is permitted. Traders remain responsible for maintaining appropriate risk management during periods of increased market volatility. News events can result in rapid price movements, increased spreads, slippage, and execution differences. Trading around news does not exempt a trader from any Luno Capital rule. Any attempt to exploit technical issues, abnormal pricing, execution errors, or platform malfunctions during volatile market conditions may result in an account review. 10. Prohibited Conduct and Rule Circumvention Traders must not attempt to circumvent, manipulate, or exploit Luno Capital's rules or systems. This includes attempts to: Manipulate account performance Exploit technical errors or platform vulnerabilities Circumvent risk limits Abuse execution or pricing discrepancies Share or transfer accounts without authorization Use another person's account Create accounts for the purpose of bypassing restrictions Deliberately manipulate trading behavior to avoid detection Interfere with monitoring or security systems Luno Capital reserves the right to investigate suspicious activity and take appropriate action where a violation is identified. 11. Account Monitoring and Trading Reviews Luno Capital may monitor trading activity throughout the evaluation and funded stages. Monitoring may include, but is not limited to: Trading history Position sizes Account equity Drawdown Daily losses Risk per trade Trading frequency Holding periods Trading patterns Use of leverage Compliance with program rules Luno Capital may conduct additional reviews before approving a trader for the next phase or processing a payout. 12. Funded Account Payouts Once a trader has successfully completed the applicable evaluation and entered a funded style account, payouts are subject to the rules of the selected program. Unless otherwise stated in the specific account plan: Payouts are processed every two weeks. The applicable profit split is determined by the selected plan. The account must remain compliant with all trading rules. The account must satisfy the applicable payout requirements. Required KYC verification must be completed before payout approval. Only eligible net realized profits may be available for withdrawal. A payout request does not guarantee approval. 13. Payout Eligibility and Trading Review A trader becoming eligible to request a payout does not create an unconditional right to receive that payout. Before processing any payout, Luno Capital may conduct a review of the account and its complete trading history to verify compliance with all applicable rules. If Luno Capital identifies a trading rule violation during this review, the payout may be denied, delayed, cancelled, reduced, or withheld, depending on the nature and circumstances of the violation. This may apply even where the trader previously reached the profit target, the account previously appeared to qualify for a payout, a payout request has already been submitted, the violation occurred before the payout request, or the violation was identified only during a later review. Luno Capital reserves the right to conduct retrospective reviews of trading activity where necessary to protect the integrity of the platform and ensure compliance with the program rules. 14. Profits Must Exist at Payout Time Profits must remain available and eligible at the time the payout is reviewed and processed. If a trader reaches a profit target but subsequently gives back those profits through trading losses before the payout date, the amount available for payout will be determined based on the trader's eligible net realized profit at the applicable payout time. Example A trader generates $5,000 in profit and becomes eligible for a payout. Before the payout is processed, the trader continues trading and loses $3,000. The eligible profit would be based on the applicable remaining net realized profit rather than the earlier $5,000 profit figure. Traders should therefore manage their accounts responsibly after reaching payout eligibility. 15. Payout Denial Following a Rule Violation If a violation is discovered during or after a payout review, Luno Capital reserves the right to deny the payout associated with the violating account. The fact that a trader has generated a profit does not override the requirement to comply with the trading rules. Where a material violation is confirmed, Luno Capital may also suspend or terminate the account in accordance with these policies. Payout decisions are based on the applicable rules, account records, trading history, and compliance review. 16. Retrospective Reviews Luno Capital may review an account's trading activity retrospectively. A review may take place after passing an evaluation, entering a funded style account, becoming eligible for a payout, submitting a payout request, approving a payout, or processing a payout. If a material violation is discovered after an account has been approved or a payout has been initiated, Luno Capital may take appropriate action based on the applicable rules and the circumstances of the violation. This policy exists to ensure that compliance is determined based on the trader's actual trading activity rather than only the account's final balance or displayed performance. 17. No Guarantee of Payout Meeting a profit target or displaying a positive account balance does not, by itself, guarantee a payout. Payouts are conditional upon: Compliance with all applicable trading rules. Completion of the required trading days. Compliance with drawdown and daily loss limits. Compliance with risk management requirements. Compliance with prohibited trading rules. Completion of any required KYC verification. Successful completion of the applicable account review. Meeting all other requirements of the selected program. 18. Fair Trading Environment Luno Capital aims to maintain a fair and consistent evaluation environment for all participants. The purpose of these rules is not to prevent legitimate trading but to ensure that accounts are operated with appropriate risk management and discipline. Rules may be updated or supplemented where necessary to protect the integrity, security, and fairness of the Luno Capital platform. Legal Policies & Terms Last Updated: September 5, 2026 This Legal Policies & Terms document governs the use of Luno Capital's website, trading evaluation programs, simulated trading accounts, services, and related products. By registering for an account, purchasing an evaluation, accessing our platform, or using any Luno Capital service, you confirm that you have read, understood, and agreed to these terms and the policies described below. Luno Capital may update these policies from time to time. Any updated version will be published on our website and will apply from the date of publication unless otherwise stated. 19. About Luno Capital Luno Capital provides simulated trading and trader evaluation services. Our programs are designed to assess a trader's ability to manage risk, follow defined trading rules, and demonstrate consistent trading performance within a simulated environment. Luno Capital is not a traditional broker and does not provide customers with access to a live brokerage account for the purpose of depositing or withdrawing funds for personal investment. Any account, balance, profit, loss, or trading capital displayed within a Luno Capital evaluation or funded-style environment may represent simulated values and should not be interpreted as money deposited with Luno Capital or held by Luno Capital on behalf of the trader. Access to a Luno Capital program does not constitute investment management, financial advice, portfolio management, or a guarantee of trading income. 20. Terms & Conditions 20.1 Account Registration To use Luno Capital services, you must provide accurate and complete information during registration. You are responsible for maintaining the confidentiality of your account credentials and for all activity conducted through your account. Accounts may not be transferred, sold, shared, or operated by another person unless expressly permitted by Luno Capital. Luno Capital reserves the right to suspend or terminate an account where information provided by a user is inaccurate, misleading, fraudulent, or otherwise inconsistent with our requirements. 20.2 Trading Rules Compliance Every Luno Capital account is subject to the trading rules applicable to the selected program. These rules may include, but are not limited to: Maximum daily loss limits Maximum overall drawdown limits Profit targets Minimum trading-day requirements Consistency requirements Position and risk limitations Prohibited trading strategies or practices Restrictions relating to account manipulation or abuse Other requirements published for the relevant program Traders are responsible for understanding the rules applicable to their account before beginning trading. Failure to understand a rule does not remove the trader's responsibility to comply with it. 21. Trading Violations & Enforcement Luno Capital continuously monitors trading activity and may review an account at any point during or after a trading period. A violation may be identified automatically through our monitoring systems or manually through an account review. Where a violation is identified, Luno Capital may take action depending on the nature and severity of the violation. Possible actions include: Issuing a warning where appropriate Closing open positions Suspending an account Removing trading access Marking an account as failed Cancelling an evaluation Cancelling profits associated with prohibited activity Denying or withholding a payout Terminating the account Luno Capital reserves the right to investigate trading activity when there is a reasonable basis to believe that a trader has breached the applicable rules or attempted to circumvent the purpose of the program. 22. Consistency & Risk Management Requirements Luno Capital may apply consistency and risk-management requirements to ensure that trading performance is generated through controlled and sustainable trading activity rather than excessive or irregular risk. Where a program contains a consistency rule, traders must comply with the specific requirements applicable to that program. A trader may be considered non-compliant where their trading activity materially conflicts with the risk or consistency requirements stated for their account. Luno Capital reserves the right to review individual trades, trading days, position sizes, drawdown behavior, and overall account performance when determining compliance. 23. KYC & Identity Verification Luno Capital may require a trader to complete Know Your Customer (KYC) or identity verification procedures before providing certain services, including but not limited to payout processing. The information provided during verification must be accurate and must correspond to the account holder. Luno Capital may request additional information or documentation where reasonably necessary to verify identity, prevent fraud, or comply with applicable legal and regulatory requirements. A payout may be delayed or withheld until the required verification has been successfully completed. Failure to complete required verification may result in the suspension of payout eligibility or account access. 24. Payout Processing Policies Payout requests are subject to the applicable payout rules and verification procedures. Before processing a payout, Luno Capital may verify: Account ownership KYC status Trading activity Compliance with account rules Compliance with payout requirements Any applicable consistency or risk requirements The legitimacy of the trading activity Processing times may vary depending on the payment method, verification requirements, internal review procedures, weekends, holidays, or other circumstances outside Luno Capital's reasonable control. Submitting a payout request does not prevent Luno Capital from conducting additional compliance or trading reviews. 25. Simulated Trading Environment & Risk Disclaimer Luno Capital accounts operate within a simulated trading environment. Trading results shown on the platform may therefore represent simulated performance rather than actual execution of trades using the trader's personal funds. Simulated trading performance is not a guarantee of future results in live financial markets. Luno Capital does not guarantee that a trader will achieve a particular level of performance, pass an evaluation, become eligible for a payout, or generate income through our programs. Trading financial markets involves substantial risk. Nothing provided by Luno Capital should be interpreted as financial, investment, tax, or legal advice. Past performance, simulated performance, evaluation results, or historical trading results do not guarantee future results. Traders are responsible for understanding the risks associated with trading and for determining whether participation in a Luno Capital program is appropriate for them. 26. Fees, Purchases & Refund Policy Fees paid for Luno Capital evaluation programs are payments for access to the applicable evaluation or simulated trading service. The purchase of an evaluation does not represent a deposit into a personal investment account and does not create a traditional creditor or investor relationship between the trader and Luno Capital. Prices, program specifications, account conditions, and available services may change from time to time. The terms applicable to an evaluation are generally those displayed at the time of purchase unless otherwise stated. Refund eligibility is determined according to Luno Capital's applicable Refund Policy. Unless otherwise stated in that policy or required by applicable law, evaluation fees may be non-refundable once an evaluation has started or trading activity has commenced. A failed account resulting from a trading-rule violation does not automatically qualify for a refund. Where a refund is approved, it may be subject to the conditions and procedures stated in the applicable Refund Policy. 27. Account Suspension, Termination & Platform Availability Luno Capital reserves the right to suspend or terminate an account where we reasonably determine that a user has: Violated these Terms Violated the applicable trading rules Provided false or misleading information Attempted to manipulate the platform Attempted to circumvent restrictions Engaged in fraudulent or abusive activity Shared or transferred an account without authorization Used the service in a manner inconsistent with its intended purpose Where an account is terminated because of a confirmed rule violation, the trader may lose access to the account and any associated payout eligibility. Luno Capital aims to maintain reliable access to its services but does not guarantee uninterrupted or error-free availability. Technical issues, third-party service interruptions, market-data problems, connectivity issues, maintenance, or other circumstances may temporarily affect platform availability. Where appropriate, Luno Capital may investigate technical incidents and determine the appropriate resolution based on available information and system records. 28. Data Privacy & Platform Integrity Luno Capital may collect information necessary to create and manage accounts, provide services, process payments, conduct verification, monitor trading activity, prevent fraud, and maintain platform security. Personal information will be handled in accordance with the Luno Capital Privacy Policy. By using our services, you acknowledge that certain information may need to be processed to operate the platform and comply with applicable requirements. Luno Capital's programs are designed to provide a fair and consistent evaluation environment. Traders are expected to use the platform honestly and in accordance with the rules. Any attempt to exploit technical vulnerabilities, manipulate account statistics, interfere with platform functionality, or gain an unfair advantage may result in account suspension or termination. Luno Capital may introduce reasonable measures to protect the integrity, security, and fairness of its services. 29. Acceptance of These Terms By creating an account, purchasing an evaluation, or using any Luno Capital service, you acknowledge that you have had the opportunity to review these Terms and agree to comply with them. You understand that payout eligibility is conditional upon compliance with all applicable trading rules and successful completion of any required review. You also acknowledge that Luno Capital may review trading activity during and after an evaluation or payout process and may deny or withhold a payout where a violation of the applicable rules is identified. If you do not agree with these Terms, you should not use Luno Capital's services. Final Policy Statement Luno Capital is built to identify traders who demonstrate discipline, patience, consistency, and responsible risk management. We reward trading skill and controlled decision making, not aggressive gambling or excessive risk taking. Every trader is responsible for understanding and following the rules applicable to their account. Trade with discipline. Grow with consistency. Luno Capital