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User Agreement and Risk Disclosure

USER AGREEMENT

Below is the User Agreement for the Piphut.com, LLC ("Piphut") website. This is also where you will find posted updates to this User Agreement in the future.

YOUR USE OF THE PIPHUT WEBSITE AND ITS ENTIRE CONTENTS, INCLUDING BUT NOT LIMITED TO,  CHAT ROOMS, DISCUSSION AREAS, THE PRO ACCESS AREA, CONTENT, ARTICLES, ANALYSIS, COMMENTARY, NEWS, ANALYSIS TOOLS, RESEARCH TOOLS, CHARTING TOOLS, CANDLEPRO, EMAILS, NOTIFICATIONS,  TEXT, DATA, INFORMATION, MATERIALS, SOFTWARE, AND GRAPHICS CONTAINED OR PROVIDED THROUGH IT IN ANY FORM OR MEDIA AND ALL SERVICES THAT MAY BE PROVIDED IN CONJUNCTION WITH IT (ALL SUCH INFORMATION AND SERVICES, COLLECTIVELY, THE "WEBSITE") IS SUBJECT TO THE TERMS AND CONDITIONS OF THIS USER AGREEMENT ("USER AGREEMENT"). BY USING THE WEBSITE, REGISTERING AS A SUBSCRIBER WITH PIPHUT, EITHER HAVING FREE OR PRO ACCESS TO THE WEBSITE OR ACCEPTING ANY RELATED SERVICES FROM PIPHUT, YOU AGREE THAT YOU: (1) HAVE READ AND UNDERSTAND, AND HAVE THE CAPACITY AND AUTHORITY TO ENTER INTO, THIS USER AGREEMENT; AND (2) ARE BOUND BY ALL OF ITS TERMS AND CONDITIONS.

Piphut may change the terms and conditions of this User Agreement at any time in its sole discretion. A notification of such change(s), as well as the revised User Agreement itself, may be posted on the Website. You will be responsible for regularly checking for and reviewing any changes to this User Agreement. By using the Website after any such changes take place, you signify your acceptance of the change(s) and your agreement to be bound by them.

In order to access certain areas of the Website or to be able to receive certain additional data, analysis, content or materials, Piphut may require you to become a registered user, to become subscriber with Pro Access, and/or comply with other terms and conditions. In all such cases, this User Agreement shall continue to govern your use of the Website.

1.            USE OF WEBSITE. Subject to the terms of this User Agreement, Piphut grants you a revocable, non-transferable, non-exclusive limited license to use those portions of the Website, to which you are granted access. Except to the extent that Piphut has previously provided you with written authorization to do so, you may only use this Website for your own personal, noncommercial use and not for any use on behalf of any third party. For the avoidance of doubt, you may not use the Website to service, or otherwise perform work on behalf of, any currency trading, commodities trading, brokerage, financial services or related person(s) or their clients.

You may download or print hard copies of pages or reports from the Website or portions thereof but unless otherwise previously authorized by Piphut in writing, only in connection with your own personal, noncommercial use and not on behalf of any third party. Any such downloads/hard copies must contain the following notice: "Copyright 2010-2012 Piphut.com, LLC. All rights reserved."

Except as expressly set forth in this User Agreement or otherwise authorized by Piphut in writing, you may not modify, copy, distribute, disclose, retransmit, sell, publish, broadcast, or circulate this Website, or any portion of it (including, but not limited to, any download or printed copies made from it) without Piphut's prior written consent.

Piphut has the right, at any time without notice, to: (i) revoke or limit your license to use the Website (or any portion of it); and (ii) change or discontinue providing the Website (or any portion thereof).  Piphut has no obligation to update the Website or to correct any errors or omissions that might be contained in it.

The Website is not intended to provide legal, tax or investment advice. You are solely responsible for determining whether any trade, investment, trading strategy, investment strategy or related transaction is appropriate for you based on your personal trading and/or investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation.

2.            OWNERSHIP AND COPYRIGHT. You acknowledge and agree that the Website and the information contained in or associated with it are owned by Piphut and/or its third party content providers (each, a "Content Provider", and collectively, "Content Providers") and are protected by U.S. and international copyright and other intellectual property laws. You further acknowledge and agree that the Website contains certain proprietary data and information of Piphut and its Content Providers, that you will not use these data or information for any unlawful or unauthorized purpose, and that you will use reasonable efforts to protect them from illicit distribution or use. Each Content Provider is a third party beneficiary of this User Agreement to the extent necessary to enable it to enforce its proprietary rights in the data and the applicable use restrictions contained in this User Agreement.

3.            TRADEMARKS.  "PIPHUT" and "PIPHUT.COM" are marks attributable to Piphut. You will not use or allow any third party to use any of Piphut's marks, including but not limited to the foregoing, without Piphut's prior express written consent. All marks not owned by Piphut are the property of their respective owners.

4.            LOGIN INFORMATION. If you register with the Website, you are required to select a password, which you may then modify at any time as often as you like. You may not select any password that violates any third party's rights or is offensive, improper, or inappropriate. If Piphut determines in its sole discretion that any password you select is inappropriate for any reason, Piphut may delete that password and/or limit or terminate your access to the Website.

Your password is for your personal use only, and you agree to keep it secret and not to share it with anyone (except as expressly allowed under this User Agreement).

YOU ARE RESPONSIBLE FOR ALL USE, ACTIVITIES, AND CHARGES ASSOCIATED WITH OR ARISING FROM ANY USE OF YOUR PASSWORD, REGARDLESS OF WHETHER YOU AUTHORIZED SUCH USE. YOU MUST PROMPTLY NOTIFY PIPHUT OF ANY UNAUTHORIZED USE OF YOUR PASSWORD.

5.            THIRD-PARTY WEBSITES, LINKS, AND INFORMATION. The Website may contain information, products, and services provided by third parties and links (including advertisements) to websites made available by third parties. This information and these products, services, and links are provided only as a convenience to users of this Website. Piphut does not control this information or these products, services, or websites, Piphut does not make any representations or warranties, express or implied, regarding this information or these products, services, or websites and shall not be liable for any information or services received from them. Inclusion of any of the foregoing in this Website does not constitute or imply an endorsement, authorization, sponsorship, or affiliation by or with Piphut with respect to any third party, any third party's website or its content, or any information, products, or services provided by a third party.

6.            CURRENCY QUOTATIONS. All currency quotations are believed to be correct, but neither Piphut nor its Content Providers warrant or guarantee the accuracy, completeness or timeliness of any such information. Piphut advises you to always confirm the price of a particular investment with a broker, investment advisor, trading platform or other party executing its sale, purchase or redemption, as appropriate.  The information and content on the Website is subject to change without notice and is provided for the sole purpose of assisting traders to make independent investment decisions. All content on the Website is presented only as of the date and time published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

7.            PRIVACY. Piphut shall have the right to use and disclose any information provided by you through the Website (including but not limited to information provided through e-mail) or made available through your use of the Website, for any lawful purpose, unless you indicate otherwise in the membership area of the Website. In no event shall you be entitled to any compensation for the use of any of this information. Please see our Privacy Policy for further details.

8.            USE OF DISCUSSION AREA. Piphut makes no representations or warranties with respect to any forums, blogs, chat rooms, instant messaging, private messages, emails, or other electronic discussion mediums made available on or via this Website (collectively, "Discussion Area") or with respect to any messages, information, or materials contained in the Discussion Area. You acknowledge and agree that your use of, or reliance upon, any such messages, information, or materials is at your sole risk and expense.

Piphut does not, and cannot, review all of the information and materials provided in the Discussion Area and has no responsibility or liability for any such information or materials or their use. If Piphut becomes aware of any information or materials that it determines violate the terms of this User Agreement or the Discussion Area policies promulgated by Piphut from time to time or that Piphut otherwise deems inappropriate in its sole discretion, Piphut reserves the right to delete, move, or edit any such information or materials.

To the extent that you use the Discussion Area, you covenant that you will: (i) comply with the Discussion Area policies promulgated by Piphut; (ii) be solely responsible for your use of the Discussion Area and any messages, information, and materials provided by you or through another user making use of your password; (iii) not advertise or offer to sell goods or services of any kind on any Discussion Area; and (iv) not upload, post, publish, or transmit any messages, information, or materials that (a) restrict or inhibit any other user from accessing, using or enjoying the Website, (b) are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, offensive, pornographic, profane, sexually explicit, or indecent, (c) constitute or encourage conduct that would constitute a criminal offense, give rise to civil liability, or otherwise violate any applicable law, (d) violate or infringe the rights of Piphut or any third party (including but not limited to copyrights, trademarks, patents, trade secrets, and rights of privacy and publicity), (e) constitute or contain false or misleading indications of origin or statements of fact, including indicating that you are an "expert" or that you are writing on behalf of Piphut, (f) contain software or any other commercial materials or information, or (g) contain any viruses or other harmful component.

By uploading, posting, publishing, or transmitting any messages, information, or materials in connection with the Discussion Area, you hereby grant to Piphut and its affiliates a royalty-free, worldwide, perpetual, transferable, irrevocable, nonexclusive license (with the right to sublicense) to use, copy, modify, display, publicly perform, distribute, reproduce, and create derivative works of the foregoing in any form, media, software, or technology of any kind now existing or developed in the future.

9.            PRO ACCESS. You may not use the PRO Access without a valid subscription from Piphut. To obtain a subscription, you must register for PRO Access by completing the online registration form available on the Website. Your subscription will not be valid unless and until Piphut accepts your registration. By registering for a PRO Access subscription, you represent and warrant that all registration information that you provide is true, complete, and accurate, and you agree to notify Piphut promptly of any changes to this registration information. This notification can be effected either by editing your user profile in the Membership area of the Website or by sending written notice to Piphut.

You may be offered a free trial subscription to the PRO Access, beginning on the date on which Piphut accepts your registration. If you don't terminate during this trial period, the initial term of your regular paid PRO Access subscription will start immediately after the free trial period ends, and will continue for the length of time that you selected when you registered.

You understand that, unless you notify us that you wish to terminate your subscription before the end of your then-current subscription term, your subscription will continue to automatically renew for successive terms of the same duration and your credit card will be charged for each such renewal at the subscription fee in effect at the time of that renewal. The term "subscription term" shall refer to the term of your subscription then in effect, regardless of whether it is the initial term or any renewal of that term.

PIPHUT RESERVES THE RIGHT TO CHANGE THE PRO ACCESS AT ANY TIME WITHOUT NOTICE (INCLUDING BUT NOT LIMITED TO ADDING OR REMOVING FEATURES). IF YOU ARE DISSATISFIED WITH ANY SUCH CHANGES, OR IF YOU ARE OTHERWISE DISSATISFIED WITH THE PRO ACCESS (INCLUDING BUT NOT LIMITED TO ITS PERFORMANCE OR AVAILABILITY), YOUR ONLY REMEDY WILL BE TO CANCEL YOUR SUBSCRIPTION, AS SET FORTH BELOW.

Your subscription is personal to you, and you may not transfer or share your subscription with any other person (including but not limited to your coworkers) other than immediate family members living in the same household, provided that: (i) such family members have read and agree to be bound by the terms and conditions of this User Agreement; (ii) your subscription is not simultaneously used by more than one person at any given time; and (iii) you agree to be responsible for any use of your subscription by those other family members.

10.          CHARGES AND BILLING PRACTICES. If offered a free trial period, you will not be charged a subscription fee during that free trial period. Subscription fees on credit-card transactions may be authorized immediately, but not actually processed. If you remain to become a PRO Access subscriber when the free trial period ends, you will be charged for the initial term of your subscription and then, at the beginning of each renewal term, if any, for the subscription fee for that renewal term. Subscription fees will be based upon the subscription rates in effect at the start of each subscription term and apply whether or not you actually use the PRO Access during that term.

Piphut reserves the right to change the fees it charges for products, services or features (collectively, "Products") offered in connection with the PRO Access and/or the Website at any time. These sorts of changes include, but are not limited to, adding fees for new/optional Products and/or modifying fees for existing Products. By using any of the Products, with which there are associated fees, you agree to pay those fees. If you do not want to pay these associated fees, you must cancel your subscription, as set forth below.

Subscription fees and all others fees and charges associated with your subscription (including, but not limited to, any applicable federal, state, and local taxes) will be billed automatically to the credit card you provide when registering for the PRO Access. If your credit card is a VISA or MasterCard and the number or expiration date for your credit card changes for any reason (for instance, you get a new number because your old card expired, was stolen, etc.), that updated information may be automatically passed on from your credit card issuer to Piphut, and if we do receive such information, it will be treated by Piphut as if it were originally furnished by you. To learn more about this service being provided by your credit card issuer, please contact them directly.

You must promptly notify Piphut (as set forth below) if any information related to your credit card changes or is no longer valid or of any other change to the information you provided Piphut regarding your credit card (including, but not limited to, changes to your billing address or other pertinent contact information). Absent such notification, Piphut will assume that all of the information related to your credit card remains valid and will submit to the card processor all information that it requires for approval, both when you initially subscribe and, if applicable, upon the commencement of any renewal of that subscription. If any subscription fees or other charges billed to your credit card are declined for any reason, Piphut shall have the right to suspend your subscription until such subscription fees or other charges are paid in full. You agree to pay all costs (including attorneys' fees) incurred by Piphut in collecting any unpaid subscription fees or other charges from you.

11.          CANCELLATION AND TERMINATION. You may cancel your subscription by contacting Piphut in writing.  If you cancel your subscription during your free trial period, you will not be responsible for the payment of a subscription fee. However, except as otherwise provided herein, if you cancel your subscription at any time after your trial period expires, your membership will continue in effect until the monthly anniversary of the effective date of your paid subscription and then terminate on that date. (For example, if your paid subscription start date is on January 1 and you cancel on June 15, your membership continues until July 1, at which time it ends).

Piphut may immediately cancel your subscription, without notice or liability, if it determines in its sole discretion that: (i) you have breached any portion of this User Agreement; or (ii) your use of the PRO Access or the Website violates any applicable law or regulation or otherwise inhibits any other subscriber from using or accessing the PRO Access or any other service offered by Piphut on the Website. None of the foregoing limits any other legal, equitable, or contractual rights available to Piphut.

Piphut may, in its sole discretion, choose not to renew your subscription by sending a notice of non-renewal at any time during your subscription term to the e-mail address you provided when completing your registration. You will be deemed to have received this notice, whether or not you saw it or the e-mail address provided by you continues to be valid. In the event of such a notice, your subscription will cease and will not automatically renew at the end of your then-current subscription term.

Piphut may terminate this User Agreement at its convenience, with or without cause, in its sole discretion without prior notice to you.

12.          CUSTOMER SERVICE AND PRODUCT SUPPORT. For customer service or technical support related to your PRO Access subscription (including information regarding registration and billing), contact Piphut email or in writing.

13.          DISCLAIMER OF WARRANTIES. THE WEBSITE IS PROVIDED "AS IS" WITH ALL FAULTS. PIPHUT AND ITS CONTENT PROVIDERS DISCLAIM ALL WARRANTIES OF ANY KIND REGARDING THE WEBSITE, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO, ANY IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OWNERSHIP, NONINFRINGEMENT, ACCURACY OF INFORMATIONAL CONTENT, AND ABSENCE OF VIRUSES AND DAMAGING OR DISABLING CODE.

NEITHER PIPHUT NOR ITS CONTENT PROVIDERS WARRANT THE ACCURACY, COMPLETENESS, OR TIMELINESS OF THE WEBSITE. NEITHER PIPHUT NOR ITS CONTENT PROVIDERS SHALL BE RESPONSIBLE FOR TRADING OR INVESTMENT DECISIONS, ACTUAL OR CONSEQUENTIAL DAMAGES, OR ANY OTHER LOSSES WHATSOEVER RESULTING FROM USE OF THIS WEBSITE.

NEITHER PIPHUT NOR ITS INFORMATION PROVIDERS CAN GUARANTEE THE CORRECT SEQUENCING OF ANY OF THE INFORMATION OR DATA CONTAINED ON THE WEBSITE, INCLUDING, BUT NOT LIMITED TO INFORMATION ORIGINATED BY PIPHUT, LICENSED BY PIPHUT FROM THIRD PARTY CONTENT OR INFORMATION PROVIDERS, OR GATHERED BY PIPHUT FROM PUBLICLY AVAILABLE SOURCES. THERE MAY BE DELAYS, OMISSIONS, OR INACCURACIES IN ANY SUCH INFORMATION.

NEITHER PIPHUT NOR THE CONTENT OR INFORMATION PROVIDERS SHALL HAVE ANY LIABILITY, CONTINGENT OR OTHERWISE FOR THE ACCURACY, COMPLETENESS, TIMELINESS, OR CORRECT SEQUENCING OF THE INFORMATION OR DATA FOR ANY DECISION MADE OR ACTION TAKEN BY YOU IN RELIANCE UPON THE INFORMATION, DATA OR WEBSITE OR FOR INTERRUPTION OF ANY DATA, INFORMATION, OR ANY OTHER ASPECT OF THE WEBSITE.  THE PAST PERFORMANCE OF A CURRENCY, FUTURES CONTRACT, TRADING STRATEGY, INVESTMENT STRATEGY OR ANY OTHER SECURITY CANNOT GUARANTEE ITS FUTURE PERFORMANCE.

NEITHER PIPHUT NOR ITS CONTENT OR INFORMATION PROVIDERS MAKE ANY REPRESENTATIONS ABOUT THE SUITABILITY OF THE INFORMATION, DATA, SOFTWARE, PRODUCTS, OR SERVICES CONTAINED ON THE WEBSITE.

PAST PERFORMANCE OF A CURRENCY, SECURITY OR OTHER INVESTMENT VEHICLE DOES NOT GUARANTEE FUTURE PERFORMANCE.

Some jurisdictions do not allow the exclusion or limitation of implied warranties, so the above exclusions or limitations may not apply in all cases.

14.          SECURITIES AND COMMODITIES REGULATION DISCLOSURES. NEITHER PIPHUT NOR ITS CONTENT PROVIDERS SHALL BE CONSIDERED AN "EXPERT" UNDER THE SECURITIES ACT OF 1933.  NEITHER PIPHUT NOR ITS CONTENT PROVIDERS WARRANT THAT THIS WEBSITE COMPLIES WITH THE REQUIREMENTS OF THE SEC, FINRA, CFTC, NFA OR ANY SIMILAR ORGANIZATION OR WITH THE SECURITIES LAWS OF ANY JURISDICTION.

PIPHUT AND THE WEBSITE CONTAIN ONLY DISINTERESTED COMMENTARY AND ANALYSIS ARE NOT TIMED TO SPECIFIC MARKET EVENTS, OR EVENTS THAT HAVE THE ABILITY TO AFFECT THE MARKET. PIPHUT AND THE WEBSITE INTEND TO PUBLISH ON REGULAR AND CONSISTENT BASIS.

PIPHUT IS NOT AN ADVISER OR FIDUCIARY TO YOU OR ANY OTHER USER OF THE WEBSITE.  ANY ANALYSIS PROVIDED BY PIPHUT DO NOT CONSTITUTE AN OFFER TO BUY OR SELL, OR THE SOLICITATION OF AN OFFER TO BUY OR SELL, ANY FOREIGN CURRENCY EXCHANGE CONTRACT OR CROSS CURRENCY CONTRACT. Each and every decision to enter into a foreign currency exchange contract or other transaction and each decision whether a foreign currency exchange contract or other transaction is appropriate or proper for you is an independent decision made by you and you alone. YOU AGREE AND ACKNOWLEDGE THAT PIPHUT HAS NO FIDUCIARY DUTY TO YOU.  You further agree that Piphut has no liability in connection with and is not responsible for any liabilities, claims, damages, costs and expenses, including attorneys' fees, incurred in connection with you following Piphut's trading analysis, research tools or taking or not taking any action based upon any analysis or information provided by Piphut.

Piphut is not registered, and does not intend to register with any regulatory agency, including the SEC, FINRA, CFTC, NFA, or other similar self regulatory organization or governmental agency.  Piphut is not a registered investment adviser under the Investment Advisers Act of 1940 and does not intend to register as such.

Piphut believes that it is exempt from registration as an investment adviser under Section 202(a)(11)(d) of the Investment Advisers Act of 1940 in that it is the publisher of a bona fide financial publication of general and regular circulation.  Piphut believes that is exempt from registering as a commodity trading advisor with the National Futures Association ("NFA") in that it does not provide advice that is based upon knowledge of or tailored to a subscriber's particular trading activity or account.

15.          SECURITIES PROFESSIONALS. If you are a "Securities Professional" as defined herein, you may not use any of the information Piphut to provide advice or products or services to a third party. You may use information from Piphut solely for your personal investing or educational purposes and not in connection with any commercial product or service or in connection with advising third parties, or buying, selling, or trading securities for or on behalf of third parties. A "Securities Professional" means a person who: (i) acts as a broker or dealer in the purchase or sale of negotiable financial instruments or is registered or qualified in any capacity under any federal or state securities or commodities trading law, rule, or regulation or the rules or regulations of any securities or commodities exchange, market, or association; (ii) falls within the definition of "investment banker" as that term is defined in the Investment Company Act of 1940; (iii) is a national securities or commodities exchange, trading platform, registered securities or commodities association, or registered clearing agency; (iv) engages in the buying and selling of negotiable financial instruments for his or her employer or for an entity or its customers' accounts; or (v) is engaged in the business of managing or directing a fund or portfolio of assets (that includes negotiable financial instruments) owned principally by third parties.

16.          LIMITATION ON LIABILITY. NEITHER PIPHUT, ITS AGENTS, OFFICERS, EMPLOYEES, AFFILIATES NOR ITS CONTENT PROVIDERS NOR ANY PERSON THROUGH WHOM PIPHUT MAKES THE WEBSITE AVAILABLE SHALL BE LIABLE FOR ANY DAMAGES OF ANY KIND ARISING FROM OR RELATING TO THIS USER AGREEMENT, THE WEBSITE, OR THE USE OF, OR RELIANCE ON, THE WEBSITE, WHETHER IN CONTRACT OR TORT OR OTHERWISE, EXCEPT TO THE EXTENT SUCH DAMAGES ARISE DIRECTLY FROM A WILLFUL BREACH BY PIPHUT (OR THAT PERSON) OF ANY OF ITS EXPRESS OBLIGATIONS UNDER THIS USER AGREEMENT.

THE AGGREGATE LIABILITY OF PIPHUT AND ITS AGENTS, OFFICERS, EMPLOYEES, AFFILIATES, AND CONTENT PROVIDERS ARISING FROM OR RELATING TO THIS USER AGREEMENT, THE WEBSITE, AND THE USE OF, OR RELIANCE ON, THIS WEBSITE, WHETHER IN CONTRACT OR TORT OR OTHERWISE, SHALL BE LIMITED TO ACTUAL DIRECT DAMAGES THAT CAN BE FINALLY PROVED IN A COURT OF COMPETENT JURISDICTION OR AN ARBITRATION PANEL IN AN AMOUNT NOT TO EXCEED THE COST OF TWELVE (12) MONTHS OF PIPHUT'S PAID SUBSCRIPTION SERVICES.

NEITHER PIPHUT, ITS AGENTS, OFFICERS, EMPLOYEES, AFFILIATES NOR ITS CONTENT PROVIDERS SHALL BE LIABLE FOR ANY PUNITIVE, SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES ARISING FROM OR RELATING TO THE FOREGOING, WHETHER IN CONTRACT OR TORT OR OTHERWISE, EVEN IF PIPHUT OR ITS CONTENT PROVIDER HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.  Notwithstanding anything to the contrary, this limitation of liability shall apply to all users of the Website, regardless of whether such user is a free or paid user.

Some jurisdictions do not allow the exclusion or limitation of incidental or consequential damages, so the above limitations or exclusions may not apply in all cases.

17.          INDEMNIFICATION. You agree to indemnify, defend, and hold harmless Piphut, its officers, agents, employees, affiliates and its Content Providers from and against any and all claims, liabilities, losses, costs (including, but not limited to, reasonable attorneys' fees), and/or damages of any kind arising from or relating to: (i) your use of the Website; (ii) your breach of this User Agreement; and (iii) any messages, information, or materials uploaded, posted, published, or transmitted by you in connection with the Website or the Discussion Area.

18.          ASSUMPTION OF RISK. You hereby represent to Piphut that you understand that foreign currency exchange trading is highly speculative and is suitable only for those users who (a) understand and are willing to assume the economic, legal and other risks involved, and (b) are financially able to assume losses incurred as a result of foreign currency exchange trading.  BY USING THIS WEBSITE IN ANY WAY, YOU AGREE TO ASSUME ALL OF THE RISKS OF FOREIGN CURRENCY EXCHANGE TRADING AND ASSUME ALL OF THE ECONOMIC AND NON-ECONOMIC LOSSES YOU MAY SUFFER AS A RESULT OF FOREIGN CURRENCY TRADING.  You hereby agree that you have or will read the Piphut Risk Disclosure Statement, which is incorporated into this User Agreement by reference, and will be bound by its terms.  In the event of a conflict between the terms of this User Agreement and the Risk Disclosure Statement, this User Agreement shall control.

19.          GOVERNING LAW; JURISDICTION; AND DISPUTES. This User Agreement is governed by and construed in accordance with the laws of the State of Wisconsin, U.S.A., without giving effect to any choice-of-law or conflict-of-law provision or rule (whether of the State of Wisconsin or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than that of the State of Wisconsin. For the avoidance of doubt, the parties hereby agree that the United Nations Convention on Contracts for the International Sale of Goods will not apply to this User Agreement.

EACH PARTY EXPRESSLY WAIVES ALL RIGHTS TO A JURY TRIAL IN CONNECTION WITH ANY DISPUTE ARISING UNDER THIS USER AGREEMENT.  Disputes (other than collection matters) arising under or relating to this User Agreement, the Website, or the use of, or reliance on this Website, whether based in contract or tort or otherwise, will be submitted to the American Arbitration Association ("AAA") office located closest to Madison, Wisconsin, U.S.A., for binding arbitration.

The cost of the arbitration, including the fees and expenses of the arbitrator, will be shared equally, with each party paying its own attorneys' fees.  The arbitrator will have the authority to award damages only to the extent otherwise available under this User Agreement.

It is the intent of the parties that any arbitration the parties to this User Agreement or any related third party shall be on an individual claim basis and that the claim subject to arbitration shall not be arbitrated on a class-wide basis.

The parties agree that any claim arising out of this User Agreement, the Website, or the use of, or reliance on this Website, whether based in contract or tort or otherwise, for damages or any other time of remedy in law or equity, shall be brought within the later of one (1) year from the date the breach, act or failure to act by any person occurred, or within six (6) months of the date claimant knew or should of known of the breach, act or failure to act or failure to act by the party to be charged.

20.          AMENDMENT; WAIVER; SURVIVAL. This User Agreement may be amended only in writing signed by both parties.   Any failure to enforce any provision of this User Agreement is not a waiver of that provision or of either party's right to later enforce each and every provision.  The terms of this User Agreement that by their nature are intended to survive its expiration will continue in full force and effect after its expiration.

21.          SEVERABILITY. To the maximum extent possible, each provision in this User Agreement shall be interpreted in such manner as to be valid and enforceable under applicable law. If any provision of this User Agreement is held to be invalid or unenforceable under applicable law, such provision shall be modified so as to be rendered valid and enforceable while implementing, to the maximum extent possible, the original intent of such provision. If such modification is not possible or allowed, then such provision shall be ineffective only to the extent of such unenforceability or invalidity without affecting the remainder of such provision or any other provisions in this User Agreement.

22.          FORCE MAJEURE. Piphut is not liable for delays or failures in performance under this User Agreement due to a cause beyond its reasonable control.

23.          ENTIRE AGREEMENT. This User Agreement shall constitute the entire agreement between you and Piphut regarding the subject matter hereof and shall supersede any and all prior negotiations, representations, warranties, undertakings, or agreements, written or oral, between the parties regarding such subject matter.

RISK DISCLOSURE STATEMENT

YOU SHOULD BE AWARE OF AND CAREFULLY CONSIDER THE FOLLOWING POINTS BEFORE DETERMINING WHETHER SUCH TRADING IS APPROPRIATE FOR YOU.

YOUR USE OF THE PIPHUT.COM, LLC ("PIPHUT") WEBSITE AND ITS ENTIRE CONTENTS, INCLUDING BUT NOT LIMITED TO,  CHAT ROOMS, DISCUSSION AREAS, THE PRO ACCESS AREA, CONTENT, ARTICLES, ANALYSIS, COMMENTARY, NEWS, ANALYSIS TOOLS, RESEARCH TOOLS, CHARTING TOOLS, CANDLEPRO, EMAILS, NOTIFICATIONS,  TEXT, DATA, INFORMATION, MATERIALS, SOFTWARE, AND GRAPHICS CONTAINED OR PROVIDED THROUGH IT IN ANY FORM OR MEDIA AND ALL SERVICES THAT MAY BE PROVIDED IN CONJUNCTION WITH IT (ALL SUCH INFORMATION AND SERVICES, COLLECTIVELY, THE "WEBSITE") IS SUBJECT TO THE TERMS AND CONDITIONS OF RISK DISCLOSURE STATEMENT ("RISK DISCLOSURE STATEMENT"). BY USING THE WEBSITE, REGISTERING AS A SUBSCRIBER WITH PIPHUT, EITHER HAVING FREE OR PRO ACCESS TO THE WEBSITE OR ACCEPTING ANY RELATED SERVICES FROM PIPHUT, YOU AGREE THAT YOU (1) HAVE READ AND UNDERSTAND THIS RISK DISCLOSURE STATEMENT; AND (2) ARE BOUND BY THIS RISK DISCLOSURE STATEMENT.

In consideration of Piphut agreeing to allow you to use the Website, you acknowledge, understand and agree to the following:

1.            TRADING IS VERY SPECULATIVE AND IS RISKY. Foreign currency exchange trading is highly speculative and is suitable only for those users who (a) understand and are willing to assume the economic, legal and other risks involved, and (b) are financially able to assume losses significantly in excess of margin or deposits.  Foreign currency exchange is not an appropriate investment for retirement funds. You represent, warrant and agree that you understand these risks; that you are willing and able, financially and otherwise, to assume the risks of foreign currency exchange trading and that loss of your entire account balance will not change your life style.  Before deciding to trade foreign currency exchange contracts, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign currency exchange trading, and seek advice from an independent financial advisor if you have any doubts.

2.            HIGH LEVERAGE AND LOW MARGIN CAN LEAD TO QUICK LOSSES. The high leverage and low margin associated with foreign currency exchange trading can result in significant losses due to price changes in foreign currency exchange contracts and cross currency contracts.  It is your responsibility to monitor your own account balance as none of the products or services Piphut offers do so, or intend to do so. Increasing leverage and margin increases risk to you.

3.            TRADING ANALYSIS INFORMATIONAL ONLY. Piphut is not, and does not intend to register as, an investment adviser as defined in the Investment Advisers Act of 1940.  Piphut is therefore not an adviser or fiduciary to you or any other user of the Website.  Any analysis provided by Piphut do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any foreign currency exchange contract or cross currency contract. Each and every decision to enter into a contract or other transaction and each decision whether a contract or other transaction is appropriate or proper for you is an independent decision made by you. You agree that Piphut has no fiduciary duty to you and no liability in connection with and is not responsible for any liabilities, claims, damages, costs and expenses, including attorneys' fees, incurred in connection with you following Piphut's trading analysis or taking or not taking any action based upon any analysis or information provided by Piphut.

4.           ANALYSIS IS BASED ON PERSONAL JUDGMENTS AND IS NOT GUARANTEED. The market analysis provided by Piphut is based solely on the personal judgment of Piphut's personnel. This analysis may or may not be consistent with the market positions or intentions of Piphut, its affiliates and employees. The analysis provided by Piphut is based upon information believed to be reliable, but Piphut cannot and does not guarantee the accuracy or completeness thereof or represent that following such recommendations will reduce or eliminate the risk inherent in foreign currency exchange trading.

5.            PAST PERFORMANCE NOT INDICATIVE OF FUTURE RESULTS. All contents or information displayed on or contained in the Website related in any way to trading or analysis, including without trading performance, analysis, discussion, commentary, or trading results, are hypothetical and based on a number of assumptions which may not be fully disclosed or explained.  PAST PERFORMANCE CANNOT GUARANTEE OR INDICATE FUTURE RESULTS. The past performance of any investment or trading strategy cannot guarantee the performance or effectiveness of such strategy in the future.  Users of the Website must exercise independent judgment when making investment or trading decisions and expressly assume all of the risk of any losses.

6.            THERE IS NO CENTRAL MARKET OR CLEARINGHOUSE TO GUARANTEE PAYMENT. Foreign currency exchange trading is not conducted on a regulated market or exchange. Each contract is a contract directly you and a third party. There is no clearinghouse and no guarantee by any other party of any payment obligation to you.

7.            NO GUARANTEES OF PROFIT. There are no guarantees of profit or freedom from loss in foreign currency exchange trading. You have received no such guarantees from Piphut or from any of its agents, employees or affiliates. You are aware of the risks inherent in foreign currency exchange trading and are financially able to bear such risks and withstand any losses incurred.

8.            TECHNOLOGY RISK. Since Piphut does not control signal power, its reception or routing via Internet, configuration of your equipment or reliability of its connection, Piphut shall not be liable for any claims, losses, damages, costs or expenses, including attorneys' fees, caused, directly or indirectly, by any breakdown or failure of any transmission or communication system or computer facility or trading software, whether belonging to Piphut, you, any market, or any settlement or clearing system when you trades online (via Internet).

9.            QUOTING ERRORS. Should a quoting error occur due to a mistype of a quote or a misquote given by electronic means (including responses to your requests), Piphut is not liable for any resulting errors and reserves the right, in its sole discretion, to make necessary corrections or adjustments. Any dispute arising from such quoting errors will be resolved on the basis of the fair market value, as determined by Piphut, in its sole discretion, of the relevant currency at the time such an error occurred.

10.          CREDITOR PRIORITY IN BANKRUPTCY. The transactions you are entering into with third parties are not traded on an exchange. Therefore, under the U.S. Bankruptcy Code, your funds may not receive the same protections as funds used to margin or guarantee exchange-traded futures and options contracts, which receive a priority in bankruptcy. Since that same priority has not been given to funds used for off-exchange foreign currency exchange trading, if your trading partner becomes insolvent and you have a claim for amounts deposited or profits earned on transactions with such trading partner, your claim may not receive a priority. Without a priority, you are a general creditor and your claim will be paid, along with the claims of other general creditors, from any monies still available after priority claims are paid.

11.          CONFLICTS OF INTEREST. PIPHUT'S INTERESTS MAY BE IN CONFLICT WITH YOURS.  SINCE PIPHUT MAY NOT BE ACTING AS A BUYER OR SELLER IN ANY TRANSACTION YOU ARE EVALUATING, YOU SHOULD CAREFULLY EVALUATE ANY ANALYSIS YOU RECEIVE FROM PIPHUT.

12.         USE OF LEVERAGE. OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS INVOLVE THE LEVERAGED TRADING OF CONTRACTS DENOMINATED IN FOREIGN CURRENCY CONDUCTED WITH A FUTURES COMMISSION MERCHANT OR A RETAIL FOREIGN CURRENCY EXCHANGEDEALER AS YOUR COUNTERPARTY.  BECAUSE OF THE LEVERAGE AND THE OTHER RISKS DISCLOSED HERE, YOU CAN RAPIDLY LOSE ALL OF THE FUNDS YOU DEPOSIT FOR SUCH TRADING AND YOU MAY LOSE MORE THAN YOU DEPOSIT.

13.          TRADING IS NOT ON A REGULATED MARKET OR EXCHANGE. YOUR DEALER IS YOUR TRADING PARTNER WHICH IS A DIRECT CONFLICT OF INTEREST.  BEFORE YOU ENGAGE IN ANY RETAIL FOREIGN CURRENCY EXCHANGE TRADING, YOU SHOULD CONFIRM THE REGISTRATION STATUS OF YOUR COUNTERPARTY. The off-exchange foreign currency trading you may enter into is not conducted on an interbank market, nor is it conducted on a futures exchange subject to regulation as a designated contract market by the Commodity Futures Trading Commission ("CFTC"). The foreign currency trades you transact are trades with the futures commission merchant or retail foreign currency exchange dealer as your counterparty. WHEN YOU SELL, THE DEALER IS THE BUYER. WHEN YOU BUY, THE DEALER IS THE SELLER. As a result, when you lose money trading, your dealer is making money on such trades, in addition to any fees, commissions, or spreads the dealer may charge.

AN ELECTRONIC TRADING PLATFORM FOR RETAIL FOREIGN CURRENCY TRANSACTIONS IS NOT AN EXCHANGE. IT IS AN ELECTRONIC CONNECTION FOR ACCESSING YOUR DEALER. THE TERMS OF AVAILABILITY OF SUCH A PLATFORM ARE GOVERNED ONLY BY YOUR CONTRACT WITH YOUR DEALER.

Any trading platform that you may use to enter off-exchange foreign currency transactions is only connected to your futures commission merchant or retail foreign currency exchange dealer. You are accessing that trading platform only to transact with your dealer. You are not trading with any other entities or users of the dealer by accessing such platform. The availability and operation of any such platform, including the consequences of the unavailability of the trading platform for any reason, is governed only by the terms of your account agreement with the dealer.

14.          YOUR DEPOSITS HAVE NO REGULATORY PROTECTIONS. All of your rights associated with your retail foreign currency exchange trading, including the manner and denomination of any payments made to you, are governed by the contract terms established in your account agreement with the futures commission merchant or retail foreign currency exchange dealer. Funds deposited by you with a futures commission merchant or retail foreign currency exchange dealer for trading off-exchange foreign currency transactions are not subject to the funds protections provided to users trading on a contract market that is designated by the CFTC. Your dealer may commingle your funds with its own operating funds or use them for other purposes.  In the event your dealer becomes bankrupt, any funds the dealer is holding for you in addition to any amounts owed to you resulting from trading, whether or not any assets are maintained in separate deposit accounts by the dealer, may be treated as an unsecured creditor's claim.

YOU ARE LIMITED TO YOUR DEALER TO OFFSET OR LIQUIDATE ANY TRADING POSITIONS SINCE THE TRANSACTIONS ARE NOT MADE ON AN EXCHANGE OR MARKET, AND YOUR DEALER MAY SET ITS OWN PRICES.

Your ability to close your transactions or offset positions is limited to what your dealer will offer to you, as there is no other market for these transactions. Your dealer may offer any prices it wishes, and it may offer prices derived from outside sources or not in its discretion. Your dealer may establish its prices by offering spreads from third party prices, but it is under no obligation to do so or to continue to do so. Your dealer may offer different prices to different users at any point in time on its own terms. The terms of your account agreement alone govern the obligations your dealer has to you to offer prices and offer offset or liquidating transactions in your account and make any payments to you. The prices offered by your dealer may or may not reflect prices available elsewhere at any exchange, interbank, or other market for foreign currency.

15.          PAID SOLICITORS MAY HAVE UNDISCLOSED CONFLICTS. The futures commission merchant or retail foreign currency exchange dealer may compensate introducing brokers for introducing your account in ways which are not disclosed to you. Such paid solicitors are not required to have, and may not have, any special expertise in trading, and may have conflicts of interest based on the method by which they are compensated. Solicitors working on behalf of futures commission merchants and retail foreign currency exchange dealers are required to register. You should confirm that they are, in fact registered. You should thoroughly investigate the manner in which all such solicitors are compensated and be very cautious in granting any person or entity authority to trade on your behalf. You should always consider obtaining dated written confirmation of any information you are relying on from your dealer or a solicitor in making any trading or account decisions.

THIS BRIEF STATEMENT CANNOT, OF COURSE, DISCLOSE ALL THE RISKS AND OTHER ASPECTS OF TRADING FOREIGN CURRENCY TRANSACTIONS. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

BY USING THE WEBSITE IN ANY WAY, YOU HEREBY ACKNOWLEDGE THAT YOU HAVE RECEIVED, READ, UNDERSTOOD AND AGREE TO BE BOUND BY THIS RISK DISCLOSURE STATEMENT.

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