Important: Read Before Using the Platform
This document constitutes the Risk Disclosures for the Total Trading Terminal platform (the "Platform"), operated by Total Trading Terminal ("Total Trading Terminal," "we," "us," or "our"). The Platform is a multi-asset, multi-connect trading terminal that interoperates with third-party broker-dealers, futures commission merchants, and other execution venues. The Platform itself does not hold customer funds, execute trades, or act as a broker-dealer, futures commission merchant, or registered investment adviser.
All trading and investment activity carried out through the Platform involves substantial risk. You may lose some or all of your invested capital, and in certain markets (including, without limitation, futures, options, and forex) you may lose amounts in excess of your initial investment. You should not trade with funds you cannot afford to lose, and you should not trade with borrowed funds. You are responsible for understanding the products you trade, the markets in which you trade, and the rules, regulations, and tax consequences applicable to your activity.
These disclosures do not constitute legal, tax, accounting, investment, or other professional advice. They are not exhaustive. Consult qualified professionals before making any trading or investment decision.
1. General Risk Disclosure
1.1 No Guarantee of Profit; Possibility of Loss
Trading and investing in financial instruments involve risk of loss. Past performance, including any performance shown on the Platform, in marketing materials, or in any third-party content, is not indicative of future results. No representation is made, and none should be inferred, that any user will or is likely to achieve profits or losses comparable to those displayed in any historical, simulated, hypothetical, or back-tested results.
1.2 Suitability
Not all financial products are suitable for all investors. The suitability of a particular product or strategy depends on each user's investment objectives, financial situation, tolerance for risk, level of experience, time horizon, liquidity needs, and other circumstances. You are responsible for determining whether any product, market, or strategy is suitable for you. Where applicable, suitability determinations are made by the regulated broker-dealer, futures commission merchant, or other intermediary through which you transact, and not by Total Trading Terminal.
1.3 Leverage and Margin
Many of the products accessible through the Platform may be traded on margin or with embedded leverage, including futures, options, and forex. Leverage magnifies both gains and losses. A relatively small adverse market movement may produce a loss that exceeds the amount you originally committed and may result in liquidation of your positions, often without prior notice. You should fully understand the margin requirements, maintenance requirements, and liquidation policies of the broker through which you trade before initiating leveraged positions.
1.4 Hypothetical, Simulated, and Back-Tested Performance
Any hypothetical, simulated, or back-tested performance figures displayed on the Platform or in related materials are inherently limited. They are prepared with the benefit of hindsight, do not involve financial risk, and do not reflect the impact of factors that would affect actual trading, including market liquidity, slippage, the user's ability to withstand losses, and the user's discipline to adhere to a strategy under stress. Hypothetical or simulated results frequently differ — sometimes materially — from actual results subsequently achieved by any trader.
1.5 No Investment Advice; No Recommendation
Content displayed on the Platform — including market data, news, charts, scanners, screeners, signal feeds, educational content, watchlists, and analytics — is provided for informational and educational purposes only. Unless expressly designated as such by a duly registered investment adviser, no content on the Platform constitutes investment advice, an investment recommendation, an offer or solicitation to buy or sell any security, futures contract, foreign exchange instrument, or digital asset, or a recommendation to engage in any transaction. You are solely responsible for evaluating the merits and risks of any trade or investment decision and for ensuring such decision is appropriate in light of your circumstances.
1.6 Third-Party Content
The Platform may display content sourced from third parties, including market data vendors, news providers, analytics providers, and other licensors. Total Trading Terminal does not warrant the accuracy, completeness, timeliness, or reliability of third-party content and disclaims responsibility for any losses arising from reliance on such content. Market data may be delayed; users should not rely on Platform-displayed data as the sole basis for trade decisions and should confirm pricing and order status with the executing broker.
2.1 Equity Securities
Investing in equity securities (stocks) involves the risk of partial or total loss of principal. Equity prices fluctuate in response to issuer-specific events, sector and macroeconomic conditions, geopolitical developments, interest-rate changes, and market sentiment. Smaller-capitalization, micro-cap, and over-the-counter securities may be subject to materially greater volatility, lower liquidity, wider bid-ask spreads, and more limited information than larger, exchange-listed securities. Short selling exposes the seller to potentially unlimited loss if the price of the borrowed security rises, and to additional risks including buy-in demands, regulatory short-sale restrictions, and increased borrowing costs.
2.2 Equity and Index Options
Options trading is not suitable for all investors. Options are complex products with the potential for rapid, total loss of premium and, in the case of uncovered ("naked") short options, the potential for losses substantially in excess of the premium received — in some cases, theoretically unlimited losses. Before trading options, you should read and understand the Options Clearing Corporation publication "Characteristics and Risks of Standardized Options," available from your broker and at theocc.com, and confirm that the broker through which you trade has approved your account at the appropriate options trading level for the strategies you intend to employ. Multi-leg, expiration-day, and assignment-related risks deserve particular attention.
2.3 Futures and Futures Options
Trading commodity futures and futures options carries a high level of risk and may not be suitable for all investors. Because of the leverage inherent in futures markets, a small market movement may produce a proportionately larger movement in the value of your investment, and this may work against you as well as for you. You may sustain a total loss of your initial margin and any additional funds deposited with your futures commission merchant to maintain your position. You may also be required to deposit substantial additional margin on short notice. If you do not provide the required funds within the prescribed time, your position may be liquidated at a loss and you will be liable for any resulting deficit. Spot prices, calendar spreads, intermarket spreads, and inter-product spreads each carry distinct risk profiles; the absence of correlated movement in spread legs may result in losses greater than would be incurred in an outright position.
U.S. futures markets are regulated by the Commodity Futures Trading Commission (the "CFTC") and the National Futures Association (the "NFA"). Before trading futures, you should review the CFTC's Customer Advisory materials and the NFA's Investor Resources at nfa.futures.org and obtain and review the risk disclosure statement provided by the futures commission merchant through which you trade.
2.4 Foreign Exchange (Forex)
Trading in foreign exchange (forex) involves substantial risk of loss and may not be suitable for all investors. The forex market operates on a decentralized, principally over-the-counter basis; pricing, liquidity, and execution quality vary by counterparty, time of day, and market conditions. Forex positions are commonly subject to high leverage; small price movements may result in large gains or losses. Cross-border, sovereign, currency-controls, and counterparty-credit risks may affect the value of, or your ability to close out, forex positions. Retail forex activity by U.S. persons is regulated by the CFTC and the NFA; only entities registered with the CFTC and members of the NFA are authorized to act as counterparties to retail forex transactions for U.S. persons.
2.5 Digital Assets (Cryptocurrency)
Digital assets, including cryptocurrencies, are highly speculative and volatile. Prices may fluctuate substantially over short periods of time and may decline to zero. The regulatory status of digital assets is unsettled and varies across jurisdictions; certain digital assets may be deemed securities, commodities, both, or neither, with material consequences for the rights of holders and the obligations of intermediaries. Digital assets are exposed to specific operational risks, including but not limited to private-key loss, smart-contract failure, oracle failure, network forks, validator failure, exchange failure or insolvency, cybertheft, market manipulation, and the absence of investor-protection regimes comparable to those in traditional financial markets. The Platform does not custody digital assets; any custody, transfer, or settlement of digital assets is the responsibility of the user and the user's chosen exchange, custodian, or wallet provider.
3. Platform, System, and Connectivity Risk
3.1 System Availability and Delays
The Platform is delivered over the internet and depends on the continued operation of internet-service providers, hosting providers, third-party broker APIs, market-data vendors, and other infrastructure beyond the control of Total Trading Terminal. The Platform may be unavailable, slow, or impaired during periods of high volume, market volatility, system maintenance, software defect, denial-of-service or other malicious activity, infrastructure failure, or for other reasons. During such periods, the Platform may be unable to display current quotes, accept or transmit orders, display order or position status, or perform other functions. You should at all times have a backup means of contacting your broker (including telephone) and of monitoring your positions, and you should not rely solely on the Platform for critical, time-sensitive activity.
3.2 Order Routing and Execution
Orders entered through the Platform are transmitted to a third-party broker or other execution venue for review, routing, and execution. The Platform does not itself execute trades. The fact that an order is submitted, accepted, or acknowledged by the Platform does not guarantee that the order has been received, accepted, routed, or executed by the broker. Order status displayed on the Platform may be delayed relative to status at the broker; you should confirm fills, cancellations, and position status with the broker as the system of record.
3.3 Data Accuracy and Latency
Market data displayed on the Platform may be real-time, delayed, or stale, depending on the user's subscriptions, broker-provided data feeds, third-party licensing arrangements, and infrastructure conditions. Charts, scanners, analytics, and other features computed from such data may compound any underlying latency or inaccuracy. You should not rely on Platform-displayed data as the sole basis for trade decisions and should confirm pricing with the executing broker before placing time-sensitive orders.
3.4 Automation, Algorithmic, and API Trading
To the extent the Platform exposes automation, signal-driven order entry, or API-based trading functionality, additional risks apply. Automated systems may misfire, deliver unintended orders, fail to deliver intended orders, or behave unpredictably in response to unexpected market or data conditions. You are solely responsible for monitoring and controlling any automated activity initiated through the Platform; the Platform is not designed to operate unattended.
3.5 Cybersecurity
Online platforms are subject to the risk of unauthorized access, account takeover, credential theft, phishing, malware, and other cyber threats. You are responsible for safeguarding your access credentials, enabling available security features (including multi-factor authentication), maintaining current and reputable security software on your devices, and promptly reporting any suspected unauthorized activity to Total Trading Terminal and your broker.
4. Third-Party Broker Disclosures
4.1 Independent Broker Relationships
Where the Platform interoperates with a third-party broker-dealer, futures commission merchant, or other regulated intermediary (each, a "Connected Broker"), the relationship between you and the Connected Broker is governed by your separate account agreement and disclosures with that Connected Broker. Total Trading Terminal is not a party to that relationship, does not act as agent of the Connected Broker, does not hold customer funds or securities, and does not undertake the obligations of a broker-dealer, futures commission merchant, or investment adviser with respect to your account at the Connected Broker.
4.2 Linked-Account Authorization
By linking a Connected Broker account to the Platform, you authorize the transmission of account credentials, account data, positions, orders, balances, and related information between the Connected Broker and the Platform, as necessary for the Platform to display data and route orders on your behalf. You may revoke this authorization at any time through the Platform interface or the Connected Broker's controls. Revocation will disable Platform functionality dependent on the linked account but will not, by itself, close positions at the Connected Broker; you remain responsible for managing positions held at the Connected Broker.
4.3 No Endorsement
The availability of a Connected Broker as an integration option on the Platform does not constitute an endorsement of that Connected Broker, its services, its pricing, or its execution quality. You are responsible for evaluating the Connected Broker independently and for selecting the Connected Broker(s) appropriate to your needs.
5. Regulatory, Jurisdictional, and Tax Disclosures
5.1 Jurisdiction
The Platform is operated from the United States. The availability of particular products, features, markets, and Connected Brokers varies by user jurisdiction. Certain products and features may not be available to users resident in, or accessing the Platform from, certain jurisdictions. You are responsible for determining and complying with the laws and regulations applicable to you in your jurisdiction of residence and the jurisdiction from which you access the Platform.
5.2 No Solicitation in Restricted Jurisdictions
Nothing on the Platform constitutes an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is unlawful, or to any person to whom it is unlawful to make such offer or solicitation.
5.3 Tax
Trading and investing activity generates tax consequences that vary by user, jurisdiction, account type, holding period, product, and transaction. Total Trading Terminal does not provide tax advice. Consult a qualified tax adviser regarding the tax consequences of your activity through the Platform and the Connected Broker.
5.4 Anti-Money-Laundering and Know-Your-Customer
Customer onboarding, identity verification, and ongoing anti-money-laundering monitoring with respect to your trading account are conducted by the Connected Broker pursuant to its regulatory obligations. The Platform may collect and retain limited identifying information for purposes of operating the Platform, integrating with Connected Brokers, and complying with applicable law.
6. Limitation of Liability and Acknowledgment
To the maximum extent permitted by applicable law, Total Trading Terminal, its affiliates, and their respective officers, directors, employees, contractors, agents, licensors, and suppliers shall not be liable for any direct, indirect, incidental, special, consequential, exemplary, or punitive damages, including without limitation loss of profits, loss of data, loss of goodwill, business interruption, or trading losses, arising out of or in connection with your access to or use of the Platform, except to the extent such liability cannot be limited or excluded under applicable law. This limitation applies regardless of the legal theory on which any claim is based, and regardless of whether Total Trading Terminal has been advised of the possibility of such damages.
By using the Platform, you acknowledge that you have read, understood, and agreed to these Risk Disclosures, and that you have had the opportunity to consult independent legal, tax, and investment advisers of your choosing.
7. Updates
These Risk Disclosures may be updated from time to time. The current version is the version posted on the Total Trading Terminal website. Material changes will be communicated through the Platform interface and, where appropriate, by email to the address associated with your account. Your continued use of the Platform after the effective date of an updated version constitutes your acceptance of the updated disclosures.
8. Contact
Questions regarding these Risk Disclosures may be directed to:
Total Trading Terminal
3250 NE 2nd Avenue, Suite 305
Miami, Florida 33137
Attention: Compliance