Important Disclosures About Our Prop Trading Program. Graybook is a simulated trading program: every account, balance, position, and result shown is virtual. Participants do not trade live capital, do not control a brokerage or exchange account, and do not own any interest in Graybook's assets, positions, or transactions.
Graybook offers Evaluation accounts, which are funded only after passing an evaluation, and Rapid accounts, which are funded from day one without one. We may require, change, or waive an evaluation for any user or offering, in whole or in part, and are not required to continue a waiver for future enrollments. Where an evaluation applies, passing it is not guaranteed. Waiving an evaluation does not waive identity checks, risk limits, conduct rules, or payout conditions.
Fees for Evaluation and Rapid accounts are not trading deposits or margin, and are subject to the refund terms in the Prop Trading Terms of Service, including that fees are nonrefundable once participation begins. A funded account does not guarantee a payout: any compensation depends on the program rules and is not a share of profits from a live trade made for your account.
Trades placed in the program are nonbinding trade ideas. We or our affiliates may use, modify, or disregard any trade idea in our sole discretion; may record a hypothetical result without executing a live trade; and may independently trade or hedge for our own accounts with our own capital, on third-party venues or with third-party counterparties. We do not act as your broker or agent. Participants cannot direct or require any live trade or hedge, or determine its timing, size, or routing, and may not know whether or how an idea is used. Our trading or hedging may affect prices or liquidity. We may receive fees and third-party trading incentives or rebates, which we keep and do not include in your performance metrics or payouts. These arrangements may create conflicts of interest. Review the Prop Trading Terms of Service and the program rules before participating.
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