# Light Horse Securities — full text > Light Horse Securities Inc. is a FINRA/SIPC registered broker-dealer built for agentic > trading: AI agents place and manage real trades on a US brokerage account over the Model > Context Protocol, a REST API, or the web and mobile apps, while the human stays in control. MCP endpoint: https://portal.lighthorse.io/mcp (Streamable HTTP, OAuth 2.0) MCP descriptor: https://www.lighthorse.io/.well-known/mcp.json API reference: https://www.lighthorse.io/docs Index version of this file: https://www.lighthorse.io/llms.txt This document inlines every public instruction, API page and legal disclosure, except where an entry below points at its markdown twin instead. ## Instructions ### Closing Your Account Source: https://www.lighthorse.io/instructions/account/closing-your-account Markdown: https://www.lighthorse.io/instructions/account/closing-your-account.md Category: Account & Security ## Before Closing Before closing your account, you must: 1. **Sell all open positions** — you cannot close an account that holds securities 2. **Cancel all open orders** 3. **Pay off any margin balance** (if applicable) 4. **Withdraw your remaining cash** to your linked bank account ## Withdrawing Your Cash Once all positions are sold and settled, initiate a withdrawal for your full cash balance: 1. Log in at [portal.lighthorse.io](https://portal.lighthorse.io) 2. Navigate to **Withdraw** 3. Select your linked bank account and enter the full amount 4. Confirm Remember that sale proceeds take **T+1 (1 business day)** to settle before they can be withdrawn. ## Closing the Account After your balance reaches $0, contact **Light Horse support** to formally close your account. Your account history and documents will remain accessible for a period after closure for tax and record-keeping purposes. ## Alternatives to Closing If you're thinking about closing due to a specific issue, our support team may be able to help. Alternatively, you can **transfer your portfolio to another broker** via ACAT before closing — see [Transferring In From Another Broker](/instructions/account/transfer-acat). --- ### Statements & Tax Forms Source: https://www.lighthorse.io/instructions/account/statements-tax-forms Markdown: https://www.lighthorse.io/instructions/account/statements-tax-forms.md Category: Account & Security ## Account Statements Monthly account statements are generated and available electronically through your account portal. Statements include: - Portfolio value and position summary - Cash balance and margin details (if applicable) - All transactions for the period - Fees charged ## Trade Confirmations A trade confirmation is generated for all trades on a trading day and delivered to your email on the next day ## Tax Documents Light Horse (via Apex Clearing) generates the following tax documents annually, typically available by **mid-February** for the prior tax year: | Document | What It Reports | |---|---| | Form 1099-B | Proceeds and cost basis for security sales | | Form 1099-DIV | Dividends and distributions received | | Form 1099-INT | Interest earned | | Form 1099-MISC | Miscellaneous income (if applicable) | ## How to Access Documents 1. Log in to [Light Horse Dashboard](https://portal.lighthorse.io) 2. Navigate to **Monthly Reports** or **Tax Forms** 3. Select the document you need All electronic documents are **free**. Paper copies cost $2 each. ## Requesting Documents via AI If you've connected an AI assistant, you can also ask it to retrieve your documents: *"Get my 1099 for last year"*
*"Show me my statement for March"* --- ### Transfer From Another Broker Source: https://www.lighthorse.io/instructions/account/transfer-acat Markdown: https://www.lighthorse.io/instructions/account/transfer-acat.md Category: Account & Security ## What Is an ACAT Transfer? An **ACAT (Automated Customer Account Transfer)** lets you transfer your stocks, ETFs, and cash from your current broker to Light Horse without selling your positions first. Your investments stay invested throughout the transfer. ## Inbound ACAT Is Free Light Horse charges **$0** for incoming ACAT transfers. Your outgoing broker may charge a fee on their end — check with them first. ## How to Initiate the Transfer 1. Open your Light Horse account (you must have an approved, funded account) 2. Contact **Light Horse support** to initiate the transfer 3. Provide: - Your **current broker's name** - Your **account number** at the current broker - The type of transfer: **full transfer** (all assets) or **partial transfer** (specific positions) 4. Light Horse will coordinate with your current broker via the DTCC ACAT system ## Timeline The ACAT process typically takes **5–7 business days** from initiation to completion. During the transfer, you may not be able to trade the positions being moved. ## What Transfers - U.S.-listed stocks and ETFs held at the delivering broker - Cash balances **What doesn't transfer:** - Mutual funds not held at the delivering DTC participant - Options positions (must be closed before transfer) - Margin balances (must be paid down before transfer) --- ### Connecting to Chat GPT Source: https://www.lighthorse.io/instructions/ai/chatgpt Markdown: https://www.lighthorse.io/instructions/ai/chatgpt.md Category: AI Integrations Light Horse connects to ChatGPT through the Model Context Protocol (MCP). Once set up, you can manage your brokerage account, check positions, and place trades directly from ChatGPT. ## Create the Plugin Go to **Plugins** on sidebar and click a Plus sign to add a new plugin. On the form you can enter the following: - **Name**: anything you like, for example *Light Horse* - **Connection**: `https://portal.lighthorse.io/mcp` - **Authentication**: OAuth Set the checkbox to agree with OpenAI disclaimer and click Create to save the new plugin. ChatGPT will open a browser window with Light Horse login window. Login as usual, and on the next screen authorize Chat GPT to access your Light Horse account. If your browser is already authenticated at Light Horse, it will automatically redirect so that you don't even see the login window. ## Start Trading Once connected, ask ChatGPT anything about your account. For example: - "Deposit a $1000 and invest it to SPY please." - "How is my Light Horse portfolio doing today?" - "Place a limit order for 10 shares of AAPL at $200." - "Show me my latest tax form." --- ### Connecting to Claude Source: https://www.lighthorse.io/instructions/ai/claude Markdown: https://www.lighthorse.io/instructions/ai/claude.md Category: AI Integrations Light Horse connects to Claude through the Model Context Protocol (MCP). Once configured, you can manage your brokerage account, check positions, and place trades directly from Claude environment - Claude Desktop, Claude Code, claude.ai or mobile. ## Configure the MCP Connector Open **Claude Desktop → Customize → Connectors**. Click the Plus button and choose **Add custom connector**. Fill in the following: - **Name**: anything you like, for example *Light Horse* - **Remote MCP Server URL**: `https://portal.lighthorse.io/mcp` Claude will open a browser window to authorize access to your Light Horse account via OAuth. If your browser is already authenticated, it will redirect back automatically. ## Start Trading Once connected, ask Claude anything about your account. For example: - "Deposit a $1000 and invest it to SPY please." - "How is my Light Horse portfolio doing today?" - "Place a limit order for 10 shares of AAPL at $200." - "Show me my latest tax form." --- ### Instant Buying Power Source: https://www.lighthorse.io/instructions/funding/instant-buying-power Markdown: https://www.lighthorse.io/instructions/funding/instant-buying-power.md Category: Deposits & Withdrawals ## How much instant buying power do you get? - **New accounts** (less than 30 days old, or with limited trading history): up to $1,000 in instant buying power on your first deposit. - **Established accounts**: the *lower* of — your deposit amount, or 50% of your total account assets minus any unsettled cash. If a transfer exceeds your instant buying power limit, only the amount up to that limit is available immediately; the remainder becomes available once the deposit settles. ## Restrictions on instant buying power - You can trade immediately with instant buying power, but you **cannot withdraw** the deposited funds until they fully settle (typically 5 business days) — even if you sell the positions bought with that buying power. See [Withdrawing Funds](/instructions/funding/withdrawals). - Eligibility is decided **per deposit** by an automated system check and can't be manually overridden. A specific deposit may not qualify if: - The transfer was flagged by a system check - Your deposit history includes reversed or canceled transfers - You have a limited deposit history - Your account has had negative balances or deficits - A history of successful transfers makes future deposits more likely to qualify; a history of reversals makes it less likely. - Light Horse may suspend instant buying power for **equities, crypto, or options** trades during periods of high volatility, at its discretion. If that happens, wait for the deposit to settle, or fund the trade via [Wire Transfer](/instructions/funding/wires) instead. - When placing a trade, make sure your deposit covers both the trade amount **and** any instant buying power already used, to avoid running short on buying power. ## If a deposit is reversed after you've traded - Light Horse may liquidate the resulting positions to recover the funds, and a **$30 return fee** applies. - The resulting deficit is due immediately — cover it with a new deposit or by closing positions as soon as possible. - You may be asked to cover a deficit even without a formal notice; failing to do so can result in **permanently losing instant buying power access**. - Once a deficit is resolved, future deposits may again qualify for instant buying power. ## Frequently asked questions ### What happens if the deposit is returned? If your bank returns the deposit after you've already used the instant buying power to trade, Light Horse may liquidate the positions to recover the funds. A **$30 return fee** also applies. ### Can I withdraw the funds that I just deposited? No. Deposited funds must settle (typically 5 business days) before you can withdraw them. You can trade with instant buying power in the meantime. ### How much instant buying power do new accounts get? Up to $1,000 on the first deposit for accounts less than 30 days old or with limited trading history. ### Why wasn't my deposit granted instant buying power? Eligibility is checked per deposit. Common reasons a deposit doesn't qualify: a system-check flag, a history of reversed/canceled transfers, limited deposit history, or a prior negative balance/deficit. --- ### Making a Deposit Source: https://www.lighthorse.io/instructions/funding/deposit Markdown: https://www.lighthorse.io/instructions/funding/deposit.md Category: Deposits & Withdrawals ## How to Deposit Money into Light Horse 1. Link a U.S. bank account to your Light Horse account. The bank account and your Light Horse brokerage account must be **in the same name** — this is how Light Horse verifies your identity for the transfer. 2. Confirm you have sufficient funds in that bank account before submitting. A deposit returned by your bank incurs a **$30 return fee**. 3. Submit your deposit amount. ## Deposit Limits and Settlement Time - Daily maximum deposit: **$50,000**. For a larger transfer, or a transfer from a foreign bank, use a [Wire Transfer](/instructions/funding/wires) instead. - A deposit typically takes **5 business days** to fully settle. - Settlement determines when the deposited cash becomes *withdrawable* — see [Withdrawing Funds](/instructions/funding/withdrawals) for how settlement interacts with withdrawal eligibility. ## Trading Before Your Deposit Settles You don't have to wait 5 business days to start investing. Once a deposit is submitted, Light Horse grants **instant buying power** — the ability to place trades immediately with a portion (or all) of the pending deposit. Instant buying power has its own eligibility rules, limits, and restrictions (including that you can't withdraw funds bought with it until the underlying deposit settles) — see [Instant Buying Power](/instructions/funding/instant-buying-power) for the full breakdown. ## Frequently asked questions ### How long does a Light Horse deposit take to settle? Typically 5 business days from the day you initiate the ACH transfer. ### What's the maximum amount I can deposit via ACH? $50,000 per day. For larger amounts, use a wire transfer instead. ### What happens if my deposit is returned by my bank? A $30 return fee applies. If you already traded using instant buying power from that deposit, Light Horse may need to liquidate the resulting positions to recover the funds. ### Can I trade with my deposit before it settles? Yes, using instant buying power — see [Instant Buying Power](/instructions/funding/instant-buying-power) for limits and restrictions. --- ### Wire Transfer Instructions Source: https://www.lighthorse.io/instructions/funding/wires Markdown: https://www.lighthorse.io/instructions/funding/wires.md Category: Deposits & Withdrawals To fund your Light Horse account via domestic or international wire transfer, provide the following details to your bank. | Field | Value | |---|---| | Bank Name | BMO Harris Bank | | Bank Address | 111 W Monroe St, Chicago IL 60603 | | ABA Number (domestic transfers) | 071000288 | | SWIFT (international transfers) | HATRUS44XXX | | Beneficiary | Apex Clearing | | Beneficiary Account Number | 3713286 | Your full name and Light Horse account number **must** be included in the memo/description field — a wire missing this information will be returned to the sending bank. #### Memo field rules: - Keep it under 125 characters. - Avoid special characters: `@ # $ % ^ & * _ = { } [ ] | \ < > " ' : ; ! ~` - Avoid emojis or non-Latin characters (e.g. Chinese, Cyrillic, Arabic). #### Notes: - Funds must be sent in US Dollars — transfers in other currencies will be returned. - You should be listed as an account holder on the sending account. - Once a wire is submitted, it can't be edited or canceled — double-check all details before sending. ## How to wire money into Light Horse 1. Go to **Trade** (movement icon) in the app. 2. Select **Transfers**. 3. Select **Deposit → Send a wire transfer → From your bank**. 4. Give your bank the on-screen wire instructions (the bank details above). **Fee:** $8 for a domestic wire, $14 for an international wire. ## How to wire money out of Light Horse 1. Select **Trade** in the app. 2. Select **Transfers**. 3. Select **Withdraw → Withdraw by Wire**. 4. Choose a bank you've previously wired to, or enter a new bank's information. 5. Review the transfer details and select **Transfer**. **Fee:** $25 for a domestic wire, $50 for an international wire, deducted at the time of transfer. This fee and the withdrawal itself can affect your eligible balance for any active promotions. ## Frequently Asked Questions ### What if I forget to include my account number in the wire description? Wires without the required "For further credit to: [Your Name], [Account Number]" information will be returned to the sending bank. Always double-check this field before sending. ### How long does a wire transfer take to show up? Domestic wires received before the daily cut-off are typically credited the same business day. International wires may take 1–2 additional business days. ### Can I cancel a wire transfer once it's sent? No — wires go directly between the bank and Light Horse and can't be canceled through Light Horse once sent, whether incoming or outgoing. If a sending bank hasn't released the funds yet, you may be able to ask the bank itself to stop it, but this isn't guaranteed. ### How much does a wire transfer cost? Incoming: $8 domestic, $14 international. Outgoing: $25 domestic, $50 international. --- ### Withdrawing Funds Source: https://www.lighthorse.io/instructions/funding/withdrawals Markdown: https://www.lighthorse.io/instructions/funding/withdrawals.md Category: Deposits & Withdrawals ## How to Withdraw Money from Light Horse 1. Open the app or log in to the Light Horse dashboard. 2. Select **Account** (or **Transfer**, depending on platform) → **Withdraw**. 3. Enter the withdrawal amount. 4. Choose which Light Horse account to withdraw from and which bank account to send it to. (Only one qualifying bank account is linked per account — to change it, relink via Plaid, subject to a 1-business-day review.) 5. Review the withdrawal and any associated fees, then confirm. ## Withdrawal Fees and Timing - **ACH withdrawals are free.** A withdrawal to a *different* bank account than the one that funded the original deposit may require an additional review, typically completed within 1 business day, before the transfer resumes. - ACH withdrawals typically arrive in your bank account within **1-3 business days** after the funds have fully settled. - Your daily withdrawal limit (amount and frequency) resets each business day at 7 PM ET. - Withdrawing via wire instead of ACH is faster but carries a fee — see [Wire Transfer Instructions](/instructions/funding/wires). ## What Counts as Withdrawable Cash Only *settled, unencumbered* cash can be withdrawn. The following can all reduce what's currently withdrawable: | Exclusion | Applies to investing accounts? | |---|---| | Settlement period | Yes | | Pending deposits | Yes | | Cash held for pending orders | Yes | | Referral stock (cash value) | Yes | | Margin investing (minimum balance) | Yes | | Options collateral | Yes | - **Settlement period**: proceeds from selling equities or options settle on a T+1 basis (trade date plus 1 trading day) before becoming withdrawable. - **Pending deposits**: a deposit must clear its ~5 business day hold — see [Making a Deposit](/instructions/funding/deposit) — before it, or gains from trading it, can be withdrawn. - **Cash held for pending orders**: cash reserved for an open order isn't shown as withdrawable — cancel the order first to free it up. - **Referral stock**: the cash value of a referral/reward stock must stay in the account for at least 30 calendar days after you receive it, even if you sell it sooner. *Example: a $10 fractional reward share sold on day 2 still can't be withdrawn as cash until day 30 — the cash value is fixed at the price when you received the stock.* - **Margin investing**: if margin is enabled, you must maintain at least **$2,000** in account value; withdrawing below that can trigger an equity maintenance call. - **Options collateral**: depending on the strategy used, stock or cash may be held as collateral to cover potential assignment. ## Why Did My Withdrawal Fail? Common causes beyond insufficient withdrawable cash: an account restriction, a transfer limit, or withdrawing to a different bank than the one that funded the account. Contact **support@lighthorse.io** for help. **Withdrawing to a different bank account:** for 60 days after a deposit, withdrawing to a different account than the one it came from may require extra verification — a brief explanation, a photo ID (front and back), and bank statements proving ownership of both linked accounts. **Account restrictions**: if your account is restricted, check the app for a banner explaining why, or contact support to resolve it. ## How to Cancel a Pending Withdrawal After you requested a withdrawal, there is still some time available to change your mind and cancel it. There are three same-day cutoff times for cancellation depending on when the withdrawal was initiated — once the relevant cutoff passes, it can't be canceled and must be allowed to complete. 1. Select **Trade** (or your account menu on web) → **History**. 2. Under **Pending**, select the withdrawal. 3. Select **Cancel transfer**. ## Frequently Asked Questions ### How long does it take to withdraw money? ACH withdrawals typically arrive in your bank account within 1–3 business days after the funds have fully settled in your Light Horse account. ### Is there a fee to withdraw? ACH withdrawals are free. Domestic wire withdrawals cost $25 and international wire withdrawals cost $50. ### Why is my transferred money unavailable? - Your bank might not process it yet. For example, if you initiated the transfer on Friday evening, your bank might not show it until Monday. - A pending transfer was reversed due to a bank-account issue. - A pending transfer failed from a one-time system error (no fee applies — just start a new transfer). - Either way, you can always contact support@lighthorse.io for more details. ### Why did my withdrawal fail? Common causes beyond insufficient withdrawable cash: an account restriction, a transfer limit, or withdrawing to a different bank than the one that funded the account. Contact **support@lighthorse.io** for help. - **Withdrawing to a different bank account:** for 60 days after a deposit, withdrawing to a different account than the one it came from may require extra verification — a brief explanation, a photo ID (front and back), and bank statements proving ownership of both linked accounts. - **Account restrictions**: if your account is restricted, check Light Horse dashboard for a banner explaining why, or contact support to resolve it. ### Can I withdraw funds I just deposited? No — deposited funds must settle (typically 5 business days) before they're withdrawable, even if you already used instant buying power to trade with them. See [Instant Buying Power](/instructions/funding/instant-buying-power). ### How long must I hold referral/reward stock before I can access the cash? The cash value must stay in the account for at least 30 calendar days from when you received it, even if you sell the stock earlier. ### Can I cancel a withdrawal after I submit it? Yes, until the same-day cutoff time for when it was initiated — after that, it must be allowed to complete. --- ### Changelog Source: https://www.lighthorse.io/instructions/getting-started/changelog Markdown: https://www.lighthorse.io/instructions/getting-started/changelog.md Category: Getting Started ## August 10, 2026 ![Monthly reports now include a Transaction Cost Analysis report](https://cdn.lighthorse.io/social/2026-08-10-2.png) **Transaction Cost Analysis is now part of your monthly reports.** In the portal, open **Monthly Reports**, pick a month, and click **TCA** next to it. The report shows you exactly where your trading costs came from that month: - **Activity summary** — total trades for the month split into buys and sells, plus total turnover with purchases and sales listed separately. - **Cost breakdown** — spread cost, SEC fee, OCC fee, ORF fee and TAF fee, charted and totaled so every component of the bill is visible. - **Written analysis** — a short read-through of your month that points out what drove the costs. In the example above it flags that pre-market fills were significantly more expensive because of wider bid-ask spreads. - **Trade-by-trade detail** — the individual executions behind the totals. Use the arrows next to the month name to step back and forth and compare one month against another. ## August 9, 2026 ![The order dialog now switches between dollar amount and quantity](https://cdn.lighthorse.io/social/2026-08-10-1.png) **The order dialog now lets you switch between dollar amount and quantity.** A toggle on the ticket picks which one you enter, and the dialog calculates the other side for you. ## July 17, 2026 ![Transactions History is now its own page in the portal](https://cdn.lighthorse.io/social/2026-07-13-1.png) **Transactions History is now its own page in the portal.** Click **History** in the sidebar to see every transaction that hit your account, a month at a time — trades, dividends, fees and cash movements together in one list, newest first. Each row shows the date, the security it relates to, what the activity was, and the amount, with credits and debits colour-coded so money in and money out are easy to tell apart. Use the arrows next to the month name to step back through earlier months. ## July 14, 2026 **Workflows can now be run on demand.** Open a workflow and click **Run now** next to its next scheduled run to fire a single run straight away. You confirm first, and the schedule itself is left alone — the workflow carries on at its normal cadence afterwards. The button is unavailable while a workflow is disabled. **Options are now available to AI agents, through two new widgets.** The option chain widget lets your agent pull up the chain for a symbol and browse contracts with you. The trading ticket widget covers a single contract, with Buy/Sell, limit price, number of contracts, and the same profit-and-loss chart at expiration you get in the portal. **Agents still cannot place an option order on their own.** There is no tool that submits an option order directly — the agent has to bring up the trading ticket, and the order is only sent once you have seen the preview and confirmed it yourself. ## July 7, 2026 ![Options now open in a full chain page](https://cdn.lighthorse.io/social/2026-07-21-1.png) **Options now open in a full chain page.** Picking a contract used to happen inside a small trade ticket with a basic option picker. Open a symbol in the portal and click **Options** to get the whole chain instead — calls and puts at every strike, with bid, ask, last and volume on each contract, and an expiration selector to move between dates. **The option trade ticket now charts your profit and loss at expiration.** Once you have a contract, a side and a quantity, the ticket draws the payoff for that position — where it breaks even, and the most it can make or lose. Positions with uncapped upside or downside are marked unlimited rather than given a number. --- ### Downloading the Mobile App Source: https://www.lighthorse.io/instructions/getting-started/download-mobile Markdown: https://www.lighthorse.io/instructions/getting-started/download-mobile.md Category: Getting Started ## Installing from stores The Light Horse app is available for both iOS and Android. - **iOS:** Download from the [App Store](https://apps.apple.com/us/app/light-horse-stock-trading/id1658794284) (requires iOS 14 or later) - **Android:** Download from [Google Play](https://play.google.com/store/apps/details?id=cn.com.ainvestbrokers) (requires Android 8.0 or later) ## Installing manually on Android If you can't or prefer not to use Google Play, download the APK directly: [com.lighthorse.android.apk](https://cdn.lighthorse.io/package/android/com.lighthorse.android.apk). To install: 1. Open the link above on your Android device to download the APK. 2. When prompted, allow your browser to install unknown apps (Settings → Apps → your browser → Install unknown apps). 3. Open the downloaded file and tap **Install**. Manual installs receive the same builds as Google Play but do not auto-update — revisit this page to grab newer versions. ## What you can do in the app - View your portfolio balance and positions - Place and manage orders - Monitor real-time quotes and market data - Review account history and statements - Link and manage bank accounts ## Frequently asked questions ### Do I need the app? No — you can also access your account via our AI integrations (Claude, ChatGPT) or the web portal at [portal.lighthorse.io](https://portal.lighthorse.io). The mobile app is optional but convenient for quick portfolio checks and trading on the go. --- ### How to Open an Account Source: https://www.lighthorse.io/instructions/getting-started/opening-an-account Markdown: https://www.lighthorse.io/instructions/getting-started/opening-an-account.md Category: Getting Started ## How to Apply 1. Go to [lighthorse.io](https://lighthorse.io) and tap **Open Account** 2. Enter your email address and create a password 3. Complete the identity verification form — name, date of birth, SSN, and address 4. Upload a photo of your government-issued ID 5. Review and e-sign the account agreements 6. Link your bank account and make your initial deposit ## Why We Verify Your Identity Federal law (the USA PATRIOT Act and Bank Secrecy Act) requires all U.S. broker-dealers to verify the identity of every customer. This process is called **Know Your Customer (KYC)**. ## What You'll Need to Provide - **Legal full name** as it appears on your government ID - **Date of birth** - **Social Security Number (SSN)** for US persons, or local tax id for residents of other countries - **Residential address**, US or foreign, with some supplemental document that can act as proof of address. This includes: - Utility bill - Bank statement - **Government-issued photo ID** — acceptable forms include: - U.S. driver's license - U.S. state ID card - Passport or passport card ## How to Submit Your ID During account opening, you'll be prompted to take a photo of your ID using your phone's camera or upload an image file. The system will automatically read and verify the document. ## Frequently Asked Questions ### How long does it take? Verification is typically **instant** and most applications are approved automatically within minutes. In some cases manual review may be required, which can take up to **2 business days**. You'll receive an email notification when your account is approved. ### What happens if verification fails? If we cannot verify your identity automatically, our team will contact you by email to request additional documentation. Common reasons for manual review include a blurry photo, name discrepancies, or an expired ID. ### Can non-U.S. residents open an account? Yes, except some restricted countries from the [blocked jurisdictions list](/instructions/getting-started/restricted-countries). ### What is the minimum deposit to open an account? The minimum initial deposit is $100. --- ### Restricted Countries Source: https://www.lighthorse.io/instructions/getting-started/restricted-countries Markdown: https://www.lighthorse.io/instructions/getting-started/restricted-countries.md Category: Getting Started This list is determined through lists published by US government agencies, including the OFAC sanctions list and the FATF-identified jurisdictions. - Afghanistan - Algeria - Angola - Balkans (Croatia, Kosovo, and Macedonia) - Belarus - Bolivia - Bosnia and Herzegovina - Botswana - British Virgin Islands - Bulgaria - Burkina Faso - Burma - Burundi - Cambodia - Cameroon - Central African Republic - Chad - Côte d'Ivoire (Ivory Coast) - Cuba - Democratic Republic of Congo - Ethiopia - Guyana - Haiti - Iran - Iraq - Kenya - Kuwait - Lao People's Democratic Republic - Latvia - Lebanon - Libya - Mali - Monaco - Mozambique - Namibia - Nepal - Nicaragua - Nigeria - North Korea (Democratic People's Republic of Korea) - Pakistan - Papua New Guinea - Russia - Sao Tome and Principe - Somalia - South Africa - South Sudan - Sri Lanka - Sudan - Syria - Ukraine - Vanuatu - Venezuela - Vietnam - Yemen - Zimbabwe --- ### Fixed Income Glossary Source: https://www.lighthorse.io/instructions/learning/fixed-income-glossary Markdown: https://www.lighthorse.io/instructions/learning/fixed-income-glossary.md Category: Learning Not inlined here. Fetch https://www.lighthorse.io/instructions/learning/fixed-income-glossary.md for the full text. --- ### Investing Glossary Source: https://www.lighthorse.io/instructions/learning/investing-glossary Markdown: https://www.lighthorse.io/instructions/learning/investing-glossary.md Category: Learning Not inlined here. Fetch https://www.lighthorse.io/instructions/learning/investing-glossary.md for the full text. --- ### Options Trading Glossary Source: https://www.lighthorse.io/instructions/learning/options-glossary Markdown: https://www.lighthorse.io/instructions/learning/options-glossary.md Category: Learning Not inlined here. Fetch https://www.lighthorse.io/instructions/learning/options-glossary.md for the full text. --- ### Day Trading — PDT Rule Eliminated Source: https://www.lighthorse.io/instructions/trading/day-trading Markdown: https://www.lighthorse.io/instructions/trading/day-trading.md Category: Trading ## The Old Rule Is Gone Effective **June 4, 2026**, the SEC approved FINRA's elimination of the Pattern Day Trader (PDT) framework under amended FINRA Rule 4210. The long-standing restrictions that limited retail investors are no longer in effect. **What was eliminated:** - The **$25,000 minimum equity requirement** for day trading accounts - The **4-trades-in-5-rolling-days counter** that triggered the PDT designation - The **90-day trading freeze** imposed on PDT-flagged accounts with insufficient equity ## How Day Trading Works Now Day trading buying power is now calculated **dynamically in real time** based on your account's margin excess, not a fixed $25,000 threshold. **Cash accounts** In a cash account, you can day trade using **settled cash** only. Each time you sell a position, the proceeds take **1 business day (T+1)** to settle before they can be used to purchase new securities. This means you need to be mindful of how many round-trip trades you can complete with your available settled cash. **Margin accounts** If you have margin enabled, your intraday buying power is calculated in real time based on your account equity and margin excess. You can open and close positions on the same day without restriction, subject to your available margin. ## What Hasn't Changed - **Options still require margin approval** — see the [Options Trading](/instructions/trading/options-trading) article - **Short selling still requires a margin account** and share availability - **Margin interest** applies to overnight positions held on margin (6.75% annually at Light Horse) - Standard **regulatory fees** (SEC, TAF) still apply to sell transactions ## Light Horse and the New Rules Light Horse is fully compliant with the updated FINRA Rule 4210 framework. If you previously avoided day trading due to the $25,000 barrier, you can now trade freely within the limits of your account's settled cash or available margin. ## Frequently Asked Questions ### Do I need $25,000 to day trade at Light Horse? No. The $25,000 minimum equity requirement was eliminated effective June 4, 2026. You can day trade with any account balance, subject to your available settled cash or margin. ### What replaced the PDT rule? FINRA replaced the PDT framework with a real-time intraday margin system under amended Rule 4210. Day trading buying power is now calculated dynamically based on your account's margin excess. ### Can I day trade in a cash account? Yes, but only with settled cash. Stock and option sale proceeds settle in T+1 (1 business day), so you'll need to manage your settled cash balance carefully to avoid free-riding violations. ### Is there a limit on how many day trades I can make? There is no longer a fixed limit. Your day trading activity is limited only by your available settled cash (cash accounts) or real-time margin excess (margin accounts). --- ### Margin Trading Source: https://www.lighthorse.io/instructions/trading/margin-trading Markdown: https://www.lighthorse.io/instructions/trading/margin-trading.md Category: Trading ## What Is Margin? Margin allows you to borrow money from Light Horse to purchase securities, using your existing portfolio as collateral. This amplifies both potential gains and potential losses. ## Margin Rate Light Horse charges **6.75% per year** on borrowed margin balances. Interest is **calculated daily** and **charged monthly**. ## How Margin Buying Power Works When margin is enabled, your buying power is greater than your cash balance. Your margin buying power depends on: - Your account equity (market value of positions + cash) - The **maintenance margin requirement** — typically 25–30% for most securities - The **initial margin requirement** — typically 50% (Reg T) For example, with $10,000 in equity, you may have up to $20,000 in buying power (2:1 leverage on overnight positions). ## Day Trading on Margin Under the updated FINRA Rule 4210 (effective June 4, 2026), intraday margin is calculated in **real time** based on your margin excess. You are no longer subject to a fixed $25,000 day trading minimum. ## Margin Calls A **margin call** occurs when your account equity falls below the minimum maintenance margin requirement. When this happens: 1. You'll receive a notification to deposit additional funds or liquidate positions 2. If you don't respond promptly, Light Horse may liquidate positions in your account to bring it back into compliance — without advance notice **Margin calls can happen quickly in volatile markets.** ## Risks of Margin Trading - You can **lose more than you invested** — your losses are amplified just like your gains - Margin interest adds to your cost basis over time - Forced liquidations may occur at unfavorable prices Carefully read the [Margin Disclosure](/terms/margin-disclosure) before enabling margin. ## Frequently Asked Questions ### How do I enable margin on my account? Apply through your account settings on your web dashboard or contact Light Horse support. Margin approval is subject to eligibility requirements. ### What is the margin interest rate? Light Horse charges 6.75% per year on margin balances, calculated daily and charged monthly. ### Can I lose more than I deposited if I trade on margin? Yes. Margin amplifies both gains and losses. In extreme cases, you can owe more than your initial deposit. --- ### Options Trading Source: https://www.lighthorse.io/instructions/trading/options-trading Markdown: https://www.lighthorse.io/instructions/trading/options-trading.md Category: Trading ## Approval Required Options trading involves substantial risk and is **not available by default**. You must complete an options trading application and receive approval before placing options orders. ## What Are Options? An **options contract** gives the buyer the right (but not the obligation) to buy or sell 100 shares of an underlying stock at a specific **strike price** before a specific **expiration date**. - **Call option:** right to buy shares at the strike price - **Put option:** right to sell shares at the strike price ## Risks of Options Trading - Options can expire **worthless**, meaning you lose your entire premium - Certain strategies (like selling uncovered calls) carry theoretically **unlimited risk** - Options are time-sensitive — losses can accelerate as expiration approaches - Implied volatility can significantly affect option pricing independent of the underlying stock price Please read the **Characteristics and Risks of Standardized Options (ODD)** before trading options. A copy is available at [OCC's website](https://www.theocc.com/Company-Information/Documents-and-Archives/Options-Disclosure-Document) or by request from Light Horse. ## Options Fees and Commissions Execution Fee is $0.50 per contract. Regulatory fees: - **TAF** (Trading Activity Fee), $0.00329 / contract - **ORF** (Options Regulatory Fee), $0.02 / contract - **OCC** (Options Clearing Corporation fee), $0.025 / contract Refer [full pricing schedule](https://www.lighthorse.io/pricing) for more details. ## Frequently Asked Questions ### How do I apply for options trading? Apply through your account settings at [portal.lighthorse.io](https://portal.lighthorse.io). You'll be asked about your investment experience, risk tolerance, and financial situation. ### Are there commissions on options trades? There is 50 cents per contract fee. Regulatory fees (TAF, ORF and OCC) also apply, refer [full pricing schedule](https://www.lighthorse.io/pricing) for more details --- ### Order Types Source: https://www.lighthorse.io/instructions/trading/order-types Markdown: https://www.lighthorse.io/instructions/trading/order-types.md Category: Trading ## Market Orders A **market order** buys or sells immediately at the current best available price. Use market orders when speed of execution is more important than price precision. **Best for:** Liquid stocks (high trading volume) where the bid-ask spread is narrow. ## Limit Orders A **limit order** executes only at your specified price or better. - **Buy limit:** executes at your limit price or lower - **Sell limit:** executes at your limit price or higher If the market never reaches your limit price, the order will not execute. **Best for:** Setting a maximum price you're willing to pay, or a minimum price you're willing to accept. ## Stop Orders A **stop order** (also called a stop-loss) becomes a market order once the stock reaches your specified stop price. - **Stop buy:** triggers when price rises to your stop price (used to enter a short cover) - **Stop sell:** triggers when price falls to your stop price (used to limit losses) ## Stop-Limit Orders A **stop-limit order** combines a stop and a limit. When the stop price is reached, it becomes a **limit order** at your specified limit price — not a market order. This gives you price control but risks non-execution if the market moves through your limit quickly. ## Order Duration - **Day orders:** expire at market close if not filled - **Good-till-canceled (GTC):** remain active until filled or manually canceled (up to 60 days) --- ### Placing Your First Order Source: https://www.lighthorse.io/instructions/trading/placing-an-order Markdown: https://www.lighthorse.io/instructions/trading/placing-an-order.md Category: Trading ## Two Ways to Trade **1. Through the Mobile App or Web Portal** 1. Log in at [portal.lighthorse.io](https://portal.lighthorse.io) or open the mobile app 2. Search for the stock or ETF you want to trade 3. Tap **Buy** or **Sell** 4. Select your order type (market or limit), quantity, and duration 5. Review the order preview, then confirm **2. Through an AI Assistant (Claude, ChatGPT, or Gemini)** Just tell your connected AI what you want to do in plain language: - *"Buy 10 shares of Apple at market price"* - *"Place a limit order for 5 shares of TSLA at $200"* - *"Sell half my NVDA position"* The AI will confirm the order details with you before executing. ## Commission-Free Trading Light Horse charges **$0 commissions** on self-directed trades of U.S.-listed stocks and ETFs. See [Pricing](/pricing) for a complete list of applicable fees. ## Trading Hours U.S. markets are open **Monday–Friday, 9:30 AM – 4:00 PM Eastern Time**, excluding market holidays. We currently support regular trading hours only; pre-market and after-hours trading are not available. ## Frequently Asked Questions ### Can I trade fractional shares? Yes you can! You can send orders in fractional quantity as well as orders in notional value. ### What markets can I trade on? Light Horse currently supports U.S.-listed stocks and ETFs traded on major exchanges (NYSE, NASDAQ, etc.), and U.S. stock options. --- ### Short Selling Source: https://www.lighthorse.io/instructions/trading/short-selling Markdown: https://www.lighthorse.io/instructions/trading/short-selling.md Category: Trading ## What Is Short Selling? Short selling involves: 1. **Borrowing** shares of a stock you don't own 2. **Selling** those shares at the current market price 3. Later **buying** the shares back (ideally at a lower price) 4. **Returning** the borrowed shares and keeping the difference as profit If the stock price rises instead, you face potentially unlimited losses. ## Requirements Short selling requires a **margin account**. A cash account cannot be used for short selling. ## Share Availability (Locate) Before you can short a stock, Light Horse must confirm that shares are available to borrow — this is called a **locate**. Not all stocks are shortable at all times. - **Easy-to-borrow stocks:** major large-cap stocks with high liquidity — generally available - **Hard-to-borrow stocks:** low-float or heavily shorted stocks — may carry higher borrow fees or be unavailable ## Borrow Fees Short sellers pay a **stock loan fee** for each day they hold a short position. These fees are charged at market rates and vary by stock. Hard-to-borrow stocks can carry significant daily fees. ## Risks - Short selling carries theoretically **unlimited upside risk** — a stock can rise without limit - You remain responsible for **dividends** paid while you hold the short position - Your short position can be **forcibly closed** (called in) if shares become unavailable ## API Documentation ### Authentication Source: https://www.lighthorse.io/docs/authentication Markdown: https://www.lighthorse.io/docs/authentication.md Category: Other Every request to the Light Horse API must include both an API key and a cryptographic signature. The signature is computed from the full request content — method, path, query string, headers, and body — so any tampering in transit will cause the signature check to fail and the request to be rejected. ## Required Headers Every request must include the following HTTP headers: `x-trade-apikey` A unique ID issued when your API key pair is created. This identifies the key to use for cryptographic signature. `x-trade-algorithm` The algorithm used to generate the signature. Currently only `HMAC-SHA256` is supported. `x-trade-nonce` Any arbitrary unique value, for example an UUID. The server rejects any request that reuses a nonce it has already seen. Example: `d3a6c7b1-8e4f-4a2d-9c3b-1f8e7d6c5b4a` `x-trade-timestamp` Unix timestamp (seconds) at the time of the request. Requests with a timestamp older than 5 minutes are rejected. Example: `1765148421`, which corresponds to `2025-12-07 23:00:21` `x-trade-signature` The computed signature (see below). ## Computing the Signature ### Step 1 — Prepare the request body - Serialize the body as json, if the request has no body, use empty JSON object string `{}`. - Compute the MD5 hash of the resulting string. ### Step 2 — Build the string to sign Concatenate the following fields in order, separated by `\n`: ``` METHOD\n REQUEST_PATH\n QUERY_STRING\n x-trade-apikey:X-Trade-APIKey\n x-trade-timestamp:X-Trade-Timestamp\n x-trade-nonce:X-Trade-Nonce\n MD5(body) ``` For example, a POST to `/request/url?param1=value1¶m2=value2` with empty body produces: ``` POST\n /request/url\n param1=value1¶m2=value2\n x-trade-apikey:739c38fa-0135-494d-88e1-f51e0ecc579c\n x-trade-timestamp:1705148421\n x-trade-nonce:d3a6c7b1-8e4f-4a2d-9c3b-1f8e7d6c5b4a\n 99914b932bd37a50b983c5e7c90ae93b ``` ### Step 3 — Sign and encode Compute HMAC-SHA256 over the string to sign using your API secret, then Base64-encode the result: ```js const bodyHash = crypto .createHash('md5') .update(JSON.stringify(sortedBody)) .digest('hex'); const stringToSign = [ method.toUpperCase(), requestPath, queryString, apiKey, timestamp, nonce, bodyHash, ].join('\n'); let signature = crypto .createHmac('sha256', apiSecret) .update(stringToSign) .digest('hex'); signature = Buffer.from(signature).toString('base64'); ``` Set the resulting value as the `x-trade-signature` header. ## Complete Example ```js import crypto from 'crypto'; function getSignedHeaders({ method, path, query, body, apiKey, apiSecret }) { const nonce = crypto.randomUUID(); const timestamp = Math.floor(Date.now() / 1000).toString(); const sortedBody = body || '{}'; const bodyHash = crypto.createHash('md5').update(sortedBody).digest('hex'); const stringToSign = [ method.toUpperCase(), path, query ?? '', `x-trade-apikey:${apiKey}`, `x-trade-timestamp:${timestamp}`, `x-trade-nonce:${nonce}`, bodyHash ].join('\n'); let signature = crypto.createHmac('sha256', apiSecret).update(stringToSign).digest('hex'); signature = Buffer.from(signature).toString('base64'); return { 'x-trade-apikey': apiKey, 'x-trade-algorithm': 'HMAC-SHA256', 'x-trade-nonce': nonce, 'x-trade-timestamp': timestamp, 'x-trade-signature': signature, }; } ``` --- ### cash-transfers Source: https://www.lighthorse.io/docs/cash-transfers Markdown: https://www.lighthorse.io/docs/cash-transfers.md Category: Other Returns a paginated list of transfer records for the specified account identifier. ## Response Examples ```json 200 { "s": "ok", "d": { "pageNum": 1, "pageSize": 10, "sort": "ASC", "total": 71, "list": [ { "serialNo": "20260129000082718", "currDate": 20260129, "currTime": "13:28:30", "bankCode": "**** **** 0976", "amount": "10", "transferId": "20260129181936", "fundType": "1", "fundChannel": "0", "transStatus": "1", "remark": "Requested", "userId": "3000000000", "apexStatus": "Completed", "endDate": 20260129, "endTime": "16:32:00", "achRelationshipId": "679240553ae1fc08145c63fa", "bankRoutingNumber": "XXXXXXXX", "tradeAccount": "lh000000000001", "processStatus": "COMPLETED", "cancelStatus": "NORMAL" } ] }, "errormsg": null } ``` ```json error { "s": "error", "errormsg": "Unauthorized" } ``` --- ### cash-transfers-create Source: https://www.lighthorse.io/docs/cash-transfers-create Markdown: https://www.lighthorse.io/docs/cash-transfers-create.md Category: Other Create a deposit from or withdrawal to a previously linked bank account ## Response Examples ```json 200 { "s": "ok", "d": { "serialNo": "20260129000082718", "currDate": 20260129, "currTime": "13:28:30", "bankCode": "**** **** 0976", "amount": "10", "transferId": "20260129181936", "fundType": "1", "fundChannel": "0", "transStatus": "1", "remark": "Requested", "userId": "3000000000", "apexStatus": "Completed", "endDate": 20260129, "endTime": "16:32:00", "achRelationshipId": "679240553ae1fc08145c63fa", "bankRoutingNumber": "XXXXXXXX", "tradeAccount": "lh000000000001", "processStatus": "COMPLETED", "cancelStatus": "NORMAL" } }, "errormsg": null } ``` ```json error { "s": "error", "errormsg": "Unauthorized" } ``` --- ### documents-download Source: https://www.lighthorse.io/docs/documents-download Markdown: https://www.lighthorse.io/docs/documents-download.md Category: Other Returns a temporary pre-signed download URL for the specified account document. Use that link to download the binary within the next two minutes. ## Response Examples ```json 200 { "s": "ok", "d": { "url": "https://example.com/download/temporary-link" }, "errormsg": null } ``` ```json error { "s": "error", "errormsg": "Unauthorized" } ``` --- ### documents-list Source: https://www.lighthorse.io/docs/documents-list Markdown: https://www.lighthorse.io/docs/documents-list.md Category: Other Returns a paginated list of account documents filtered by date range and document type. `documentCategory` can be one of the `STATEMENT`, `DAILY_CONFIRM`, `TAX_FORM`. `documentType` can have more different values, for example tax documents can have multiple versions of 1099 forms. ## Response Examples ```json 200 { "s": "ok", "d": { "pageNo": 1, "pageSize": 149, "totalElement": 149, "totalPage": 1, "data": [ { "clearAccount": "XXXXXXXX", "documentDate": 1667188800000, "documentCategory": "STATEMENT", "documentType": "STATEMENT", "fullPath": "XXXXXXXX/statements/2022-10-31-STATEMENT.pdf" } ] }, "errormsg": null } ``` ```json error { "s": "error", "errormsg": "Unauthorized" } ``` --- ### trading-balance Source: https://www.lighthorse.io/docs/trading-balance Markdown: https://www.lighthorse.io/docs/trading-balance.md Category: Other Return the current balance and buying-power snapshot for the specified account. ## Response Examples ```json 200 { "s": "OK", "d": { "cash": -741504.84, "equity": 1015356.46, "mkt": 1756861.30, "dayPL": -127711.66, "dayPLP": -0.1117, "unrealizedPL": 212276.61, "customFields": [ { "id": "dayBP", "value": 1447119.17 }, { "id": "overnightBP", "value": 835568.39 }, { "id": "daytradeLeft", "value": "Unlimited" }, { "id": "marginRequirement", "value": 427607.33 }, { "id": "dayTradeTimes", "value": 0 } ] } } ``` ```json error { "s": "invalid_grant", "errmsg": "Invalid grant, the account may not exist or may not be opened yet." } ``` --- ### trading-option-orders-cancel Source: https://www.lighthorse.io/docs/trading-option-orders-cancel Markdown: https://www.lighthorse.io/docs/trading-option-orders-cancel.md Category: Other Cancel an open option order for the specified account. ## Response Examples ```json 200 { "s": "ok" } ``` ```json error { "s": "invalid_grant", "errmsg": "Invalid grant, the account may not exist or may not be opened yet." } ``` --- ### trading-option-orders-place Source: https://www.lighthorse.io/docs/trading-option-orders-place Markdown: https://www.lighthorse.io/docs/trading-option-orders-place.md Category: Other Place a new option order for the specified account. Call [Preview Option Order](/docs/trading-option-orders-preview) first to pre-validate and show the results to the user, and then use `confirmId` in this request. Option symbol is expected in the following format: \[Underlying symbol\]\[Expiration date YYYYMMDD\]\[C or P\]\[Strike price\] ## Code Samples ```json { "contractId": "AAPL20260116C150", "side": "buy", "openClose": "open", "type": "limit", "qty": "1", "limitPrice": "5.00", "category": "option", "durationType": "day", "confirmId": "0000001" } ``` ## Response Examples ```json 200 { "s": "ok", "d": { "orderId": "112358" } } ``` ```json error { "s": "invalid_grant", "errmsg": "Invalid grant, the account may not exist or may not be opened yet." } ``` --- ### trading-option-orders-preview Source: https://www.lighthorse.io/docs/trading-option-orders-preview Markdown: https://www.lighthorse.io/docs/trading-option-orders-preview.md Category: Other Preview an option order before submission. Returns a `confirmId` and structured confirmation details. Use this to validate the order, check for sufficient buying power, calculate fees and show the validation results to the human. The human can then decline or proceed with order placement, in this case pass `confirmId` to [Place Option Order](/docs/trading-option-orders-place) to submit. Option symbol is expected in the following format: \[Underlying symbol\]\[Expiration date YYYYMMDD\]\[C or P\]\[Strike price\] ## Code Samples ```json { "contractId": "AAPL20260116C150", "side": "buy", "openClose": "open", "type": "limit", "qty": "1", "limitPrice": "5.00", "category": "option", "durationType": "day" } ``` ## Response Examples ```json 200 { "s": "ok", "d": { "confirmId": "0000001", "sections": [ { "header": "Estimated", "rows": [ { "label": "Estimated Cost", "value": "$500.00" } ], "warnings": [ "A warning is some message that should be shown to the user, but not necessarily preventing from executing the order." ], "errors": [ "The order can not be executed right now because of errors specified here." ] } ] } } ``` ```json error { "s": "invalid_grant", "errmsg": "Invalid grant, the account may not exist or may not be opened yet." } ``` --- ### trading-orders-cancel Source: https://www.lighthorse.io/docs/trading-orders-cancel Markdown: https://www.lighthorse.io/docs/trading-orders-cancel.md Category: Other Cancel an open order for the specified account. ## Response Examples ```json 200 { "s": "ok" } ``` ```json error { "s": "invalid_grant", "errmsg": "Invalid grant, the account may not exist or may not be opened yet." } ``` --- ### trading-orders-history Source: https://www.lighthorse.io/docs/trading-orders-history Markdown: https://www.lighthorse.io/docs/trading-orders-history.md Category: Other Return all orders for the specified account. ## Response Examples ```json 200 { "s": "ok", "d": [ { "id": "0434111664758259712", "instrument": "UPXI", "name": "Upexi", "securityType": "stock", "side": "sell", "type": "market", "qty": 1.0, "amount": 0.0, "quantityType": "qty", "limitPrice": 0.0, "stopPrice": 0.0, "durationType": "Day", "extendHours": "Regular", "status": "Rejected", "isActive": false, "filledQty": 0.0, "filledAmount": 0.0, "avgPrice": 0.0, "filledTime": 0, "lastModified": 1728569086321, "exchange": "186", "unit": 1, "message": { "text": "Order is rejected: Corporate action in progress, trading restricted temporarily", "type": "error" } } ] } ``` ```json error { "s": "invalid_grant", "errmsg": "Invalid grant, the account may not exist or may not be opened yet." } ``` --- ### trading-orders-place Source: https://www.lighthorse.io/docs/trading-orders-place Markdown: https://www.lighthorse.io/docs/trading-orders-place.md Category: Other Place a new order for the specified account. Call [Preview Order](/docs/trading-orders-preview) first to pre-validate and show the results to the user, and then use `confirmId` in this request. ## Code Samples ```json { "instrument": "BAC", "side": "buy", "type": "limit", "quantityType": "qty", "qty": "100", "limitPrice": "30.0", "category": "stock", "durationType": "day", "extendHours": "reg", "confirmId": "0000001" } ``` ## Response Examples ```json 200 { "s": "ok", "d": { "orderId": "112358" } } ``` ```json error { "s": "invalid_grant", "errmsg": "Invalid grant, the account may not exist or may not be opened yet." } ``` --- ### trading-orders-preview Source: https://www.lighthorse.io/docs/trading-orders-preview Markdown: https://www.lighthorse.io/docs/trading-orders-preview.md Category: Other Preview an order before submission. Returns a `confirmId` and structured confirmation details. Use this to validate the order, check for sufficient buying power, calculate fees and show the validation results to the human. The human can then decline or proceed with order placement, in this case pass `confirmId` to [Place Order](/docs/trading-orders-place) to submit. ## Code Samples ```json { "instrument": "BAC", "side": "buy", "type": "limit", "quantityType": "qty", "qty": "100", "limitPrice": "30.0", "category": "stock", "durationType": "day", "extendHours": "reg" } ``` ## Response Examples ```json 200 { "s": "ok", "d": { "confirmId": "0000001", "sections": [ { "header": "Estimated", "rows": [ { "label": "Estimated Cost", "value": "$1,000.00" } ], "warnings": [ "A warning is some message that should be shown to the user, but not necessarily preventing from executing the order." ], "errors": [ "The order can not be executed right now because of errors specified here." ] } ] } } ``` ```json error { "s": "invalid_grant", "errmsg": "Invalid grant, the account may not exist or may not be opened yet." } ``` --- ### trading-positions Source: https://www.lighthorse.io/docs/trading-positions Markdown: https://www.lighthorse.io/docs/trading-positions.md Category: Other Return all open positions for the specified account. ## Response Examples ```json 200 { "s": "ok", "d": [ { "id": "U000016649-sell", "instrument": "AAPL", "name": "Apple", "securityType": "stock", "side": "sell", "qty": -75.2, "last": 261.7179, "close": 255.78, "avgPrice": 188.4730752401, "mkt": -19681.19, "change": 5.9379, "changePct": 0.0232, "unrealizedPL": -5508.0108, "unrealizedPLP": -0.3886, "dayPL": 0, "dayPLP": 0, "exchange": "185", "unit": 1, "weight": 0, "customFields": [ { "id": "breakEvenPrice", "value": 88.3581150266 }, { "id": "holdingDays", "value": 595 } ] } ] } ``` ```json error { "s": "invalid_grant", "errmsg": "Invalid grant, the account may not exist or may not be opened yet." } ``` ## Legal Documents ### Cookie Policy Source: https://www.lighthorse.io/terms/cookie-policy Markdown: https://www.lighthorse.io/terms/cookie-policy.md Category: Core Agreements This Cookie Policy explains how Light Horse Securities Inc ("Light Horse," "we," "us," or "our") uses cookies and similar technologies when you visit or interact with our websites, web-based platforms, mobile applications, electronic services, and other products or services that link to or reference this Cookie Policy (collectively, the "Services"). This Cookie Policy should be read together with our [Privacy Policy](/terms/privacy-policy) and [Terms and Conditions](/terms/terms-and-conditions), which provide additional information regarding how Light Horse collects, uses, discloses, retains, and protects information. ## What Are Cookies? Cookies are small text files or pieces of data that websites and online services may place or store on your computer, mobile device, tablet, or other electronic device when you access or use an online service. Cookies and similar technologies allow websites and applications to recognize a particular browser or device, remember information about a user's visit, maintain sessions, support security features, understand how users interact with services, and improve the functionality and performance of online services. Cookies generally do not themselves contain your brokerage account password or login credentials. However, information collected through cookies and similar technologies may be associated with other information that Light Horse maintains about you, including information you provide when using the services. ## Similar Technologies When this Cookie Policy refers to "cookies," we also generally mean similar technologies that may be used by Light Horse or our service providers, including: - pixels and tracking pixels; - web beacons; - tags; - software development kits ("SDKs"); - local storage technologies; - mobile and device identifiers; - advertising identifiers; - server and web logs; and - other technologies capable of recognizing a browser, application, device, or interaction with our services. The particular technologies used may vary depending on the service, device, operating system, and functionality you use. ## Information We May Collect Through cookies and similar technologies, Light Horse may automatically collect information concerning your use of the services, including: - Internet Protocol ("IP") address; - browser type and browser language; - operating system and version; - device type and device identifiers; - mobile or advertising identifiers, where applicable; - Internet service provider, carrier, or network type; - referring and exit pages; - pages, screens, features, and URLs accessed; - dates and times of access; - duration of visits and interactions; - login and session information; - information regarding how you navigate and interact with the services; - general or approximate location information derived from an IP address or device; - preferences and settings; - error, diagnostic, security, and performance information; and - other information relating to your use of the services. Where permitted by applicable law, we may combine information collected through cookies or similar technologies with information that you provide to us or information we obtain in connection with your Light Horse account. ## How We Use Cookies (Strictly Necessary and Security Cookies) These technologies are used to operate, secure, and provide the services. They may be necessary to: - authenticate users; - maintain secure login sessions; - recognize that you are already logged in; - prevent fraudulent or unauthorized access; - detect suspicious activity; - protect accounts, systems, and networks; - maintain security controls; - remember privacy or security selections; and - provide functionality necessary for the services to operate. Because these technologies may be necessary to provide requested services or maintain security, disabling them may cause portions of the services to become unavailable or function improperly. ## Functional and Preference Cookies These technologies help us remember information about your preferences and previous interactions so that we can provide a more convenient or personalized experience. - remember settings; - recognize a returning browser or device; - maintain selected preferences; and - provide features relevant to your use of Light Horse. If you access Light Horse from a shared or public computer or device, certain personalization features may cause information or preferences associated with your use of the services to be visible to other users of that device. You are responsible for determining whether personalization features are appropriate when using a shared or public device. ## Analytics and Performance Cookies We may use cookies and similar technologies to understand how users access and interact with the services. This information may help us: - measure website and application traffic; - understand how users arrive at our services; - determine which pages or features are visited or used; - understand how users navigate through the services; - identify technical problems; - measure system and feature performance; - improve usability; - develop and improve products and features; and - analyze general usage trends. ## Marketing and Advertising Technologies Where permitted by applicable law, Light Horse and its service providers or business partners may use cookies, pixels, identifiers, or similar technologies in connection with marketing, promotions, measurement, or advertising. These technologies may help us understand the effectiveness of communications or campaigns, determine whether users interacted with particular content, or provide information regarding products or services that may be relevant to users. Where applicable law requires consent before non-essential cookies or similar technologies are placed or accessed, Light Horse will seek such consent. ## First-Party and Third-Party Cookies Cookies may be categorized based on the party that places or controls them. First-party cookies are cookies placed or controlled directly by Light Horse or on behalf of Light Horse through the services. Third-party cookies or technologies may be placed or operated by service providers or other third parties that provide technology, security, analytics, communications, advertising, infrastructure, or other services to Light Horse. Third-party providers may collect information through their technologies subject to their own privacy policies and contractual arrangements with Light Horse. Light Horse may use third party service providers to assist in providing certain services and may add, remove, or change service providers from time to time. ## Cookies and Brokerage Information Information collected through cookies and similar technologies may, where appropriate and permitted by law, be associated with information maintained in connection with your use of Light Horse. For example, cookies may allow Light Horse to recognize that a browser or device has successfully authenticated into an account or to maintain a secure session while a user accesses brokerage functionality. Light Horse does not use cookies to store your brokerage account password in plain text. Information relating to Light Horse customers may also be subject to additional privacy and information-protection requirements applicable to financial institutions and broker-dealers. Please review our [Privacy Policy](/terms/privacy-policy) for additional information regarding how Light Horse collects, uses, protects, and discloses customer information. ## Mobile Applications and Device Technologies Our mobile applications may use technologies that function similarly to browser cookies, including SDKs, mobile identifiers, local storage, device identifiers, and similar technologies. Depending on your device and the permissions you grant, Light Horse may also receive certain device or location information. Your mobile operating system may provide controls that allow you to limit certain identifiers, permissions, tracking functions, or location services. ## Managing Cookies and Your Choices Most web browsers allow users to manage cookies through browser settings. Depending on your browser, you may be able to: - view cookies stored on your device; - delete existing cookies; - block some or all cookies; - prevent certain websites from placing cookies; - receive a warning before cookies are stored; or - configure different cookie settings for different websites. Please be aware that blocking or deleting cookies may affect the functionality of the services. Certain features may not operate properly, preferences may not be retained, and you may be required to log in again. Cookies and technologies that are strictly necessary for security, authentication, fraud prevention, or operation of requested services may not be subject to the same controls as optional technologies. Where Light Horse provides a cookie preference or consent-management tool, you may use that tool to manage the categories of optional cookies available through that tool. ## Browser and Device Controls Your browser, operating system, or mobile device may provide additional privacy controls. The availability and operation of these controls are determined by the applicable browser, device manufacturer, or operating system provider and may change from time to time. Changing browser or device settings may not automatically remove information previously collected, and preferences selected on one browser or device may not apply to another browser or device. ## Data Retention Information collected through cookies and similar technologies may be retained for different periods depending on the type of technology, the purpose for which the information was collected, legal and regulatory requirements, security requirements, and our legitimate business needs. Some cookies expire when you close your browser or end a session. Other cookies may remain on your device for a defined period or until you delete them. Light Horse may retain information derived from cookies or similar technologies for as long as reasonably necessary for the purposes for which it was collected and as necessary to satisfy applicable legal, regulatory, compliance, security, recordkeeping, dispute-resolution, and enforcement obligations. ## Third-Party Websites and Services The services may contain links to websites, applications, content, or services operated by third parties. This Cookie Policy applies to Light Horse's use of cookies and similar technologies and does not govern the privacy or cookie practices of independent third parties when you interact directly with their websites or services. We encourage you to review the privacy and cookie policies of third-party services before providing information or enabling optional technologies. ## International Users Privacy, cookie, and electronic communications laws vary by jurisdiction. Where required by applicable law, including laws applicable to users in the European Economic Area, United Kingdom, or other jurisdictions requiring consent for certain technologies, Light Horse will obtain appropriate consent before using non-essential cookies or similar technologies. Where processing is based on consent, you may withdraw that consent through the mechanisms made available by Light Horse, subject to technologies that are necessary to provide the services or otherwise permitted by applicable law. Additional rights concerning your personal information may be described in our [Privacy Policy](/terms/privacy-policy). ## California and Other U.S. State Privacy Rights Residents of California and certain other U.S. states may have rights concerning personal information collected through online technologies, subject to applicable exemptions and limitations. Light Horse does not sell personal information for monetary consideration. Certain information maintained by Light Horse as a financial institution or broker-dealer may also be subject to federal financial privacy laws or exemptions from particular state privacy law requirements. Please review our [Privacy Policy](/terms/privacy-policy) for additional information regarding applicable privacy rights and instructions for submitting a privacy request. ## Security Light Horse maintains physical, electronic, administrative, and procedural safeguards designed to protect information under our control. Cookies and similar technologies may themselves be used as part of our security measures, including authentication, session management, fraud detection, and identification of potentially unauthorized activity. No electronic system, website, application, or method of data transmission can be guaranteed to be completely secure. If you believe your Light Horse account or login credentials may have been compromised, please contact us promptly. ## Changes to This Cookie Policy Light Horse may amend or update this Cookie Policy from time to time to reflect changes in our Services, technologies, service providers, business practices, or applicable legal or regulatory requirements. When we make changes, we will post the revised Cookie Policy through our website or services and update the "Last Updated" date above. Where required by applicable law, we may provide additional notice or obtain consent before materially changing how we use certain cookies or similar technologies. ## Contact Us If you have questions regarding this Cookie Policy, our use of cookies and similar technologies, or your privacy choices, please contact: Light Horse Securities Inc Email: [support@lighthorse.io](mailto:support@lighthorse.io) For additional information regarding our collection, use, disclosure, retention, and protection of personal information, please review our [Privacy Policy](/terms/privacy-policy). --- ### Customer Account Agreement Source: https://www.lighthorse.io/terms/customer-agreement Markdown: https://www.lighthorse.io/terms/customer-agreement.md Category: Core Agreements In consideration of Light Horse Securities, Inc., and their agents and assigns (collectively, "Broker" or "Light Horse") opening one or more brokerage accounts ("Account(s)") on Customer's behalf ("Customer"), for the purchase, sale, carrying of securities or contracts relating thereto, and/or borrowing of funds, Customer represents and agrees with respect to all Accounts, whether margin or cash, to the terms set forth in this customer agreement ("Agreement"). The clearing firm and custodian for Customer's Accounts will be Apex Clearing Corporation (the "Clearing Firm" or "Apex"). When used in this Customer Agreement, the term "Customer" means the owner(s) of the Account. For the avoidance of doubt, in the case of a joint account, the word "Customer" means each of the owners of the joint Account. CUSTOMER UNDERSTANDS THAT THE TERMS AND CONDITIONS OF THIS AGREEMENT GOVERN ALL ASPECTS OF RELATIONSHIP WITH BROKER REGARDING CUSTOMER'S ACCOUNTS. CUSTOMER WILL CAREFULLY READ, UNDERSTAND AND ACCEPT THE TERMS AND CONDITIONS OF THIS AGREEMENT BEFORE CLICKING "SUBMIT APPLICATION" OR OTHER SIMILARLY WORDED BUTTON. IF CUSTOMER HAS ANY QUESTIONS ABOUT ANY OF THE PROVISIONS IN THIS AGREEMENT, CUSTOMER MAY EMAIL SUPPORT@LIGHTHORSE.IO. CUSTOMER UNDERSTANDS THAT CLICKING "SUBMIT APPLICATION" IS THE LEGAL EQUIVALENT OF MANUALLY SIGNING THIS AGREEMENT AND CUSTOMER WILL BE LEGALLY BOUND BY ITS TERMS AND CONDITIONS. BY ENTERING INTO THIS AGREEMENT, CUSTOMER ACKNOWLEDGES RECEIPT OF BROKER'S PRIVACY POLICY. CUSTOMER UNDERSTANDS THAT THIS AGREEMENT MAY BE AMENDED FROM TIME TO TIME BY BROKER, WITH REVISED TERMS POSTED ON BROKER'S WEBSITE. CUSTOMER AGREES TO CHECK FOR UPDATES TO THIS AGREEMENT. CUSTOMER UNDERSTANDS THAT BY CONTINUING TO MAINTAIN A SECURITIES BROKERAGE ACCOUNT WITHOUT OBJECTING TO ANY REVISED TERMS OF THIS AGREEMENT, THAT CUSTOMER IS ACCEPTING THE TERMS OF THE REVISED AGREEMENT AND WILL BE LEGALLY BOUND BY ITS TERMS AND CONDITIONS. IF CUSTOMER REQUESTS OTHER SERVICES PROVIDED BY BROKER THAT REQUIRE CUSTOMER TO AGREE TO SPECIFIC TERMS AND CONDITIONS ELECTRONICALLY (THROUGH CLICKS OR OTHER ACTIONS) OR OTHERWISE, SUCH TERMS AND CONDITIONS WILL BE DEEMED AN AMENDMENT AND WILL BE INCORPORATED INTO AND MADE PART OF THIS AGREEMENT. CUSTOMER ALSO UNDERSTANDS THAT BY CLICKING "SUBMIT APPLICATION" CUSTOMER HAS ACKNOWLEDGED THAT THIS AGREEMENT CONTAINS A PREDISPUTE ARBITRATION CLAUSE IN SECTION 48 HEREIN. By entering into this Agreement, Customer acknowledges receipt of Broker's Customer Relationship Summary (Form CRS), and Customer acknowledges receipt of and agrees to the terms of the Light Horse Terms of Service, Light Horse Privacy Policy, Business Continuity Plan Summary, Day Trading Disclosure, Extended Hours Trading Disclosure, Margin Disclosure, Fully Paid Security Lending Disclosure, Fee Schedule, Low-Priced Security Disclosure which are incorporated by reference into this Agreement. ## 1. General terms and conditions Customer acknowledges that Broker and its affiliates ("Affiliates") offer various products and services, including financial products and services, through the website and mobile applications (the "Platform") owned and operated by Broker's Affiliate, Ainvest Fintech, Inc. Customer understands that Broker only provides the brokerage services ("Brokerage Services") offered to Customer in certain sections of the Platform where Light Horse is authorized to provide the Brokerage Services (the "Brokerage Platform"). Customer further understands that this Agreement only governs Customer's use of the Brokerage Platform and the Brokerage Services. a. Customer acknowledges and understands that Light Horse Affiliates may offer other products and services through the Platform that are governed by those certain customer agreements and are not governed by this Agreement. b. Customer represents and warrants that Customer is of legal age under the laws of the jurisdiction where Customer resides and authorized to enter into this Agreement. No person, except Customer (or any person named in a separate agreement or joint account), has any interest in Customer's Account opened pursuant to this Agreement. c. Customer acknowledges that unless Broker receives written objection from Customer, Broker may provide Customer's name, address, and securities positions to requesting companies in which Customer holds securities. Customer understands and agrees to Customer's obligation to promptly notify Broker in writing if Customer or Customer's immediate family becomes registered or employed in any of the above-described capacities. Except as otherwise disclosed to Broker in writing, Customer is not a Professional (as defined below) and further agrees to promptly notify Broker in writing if Customer is now or if in the future becomes a Professional or an officer, director or 10% stockholder of any publicly traded company. d. Customer understands, represents, and agrees that except as otherwise disclosed to Broker in writing, neither Customer nor any member of Customer's immediate family is an employee of any exchange, any corporation of which any exchange owns a majority of the capital stock, a member of any exchange or self-regulatory organization, a member of any firm or member corporation registered on any exchange, a bank, trust company, insurance company or any corporation, firm or individual engaged in the business of dealing either as a broker-dealer or as principal in securities. e. Before becoming a Customer of Broker and using the Brokerage Services, the Customer must fully understand and agree to all the terms and conditions in this Agreement. Notwithstanding anything to the contrary, by continuing to use the Brokerage Services, Customer agrees that Customer has read the terms in this Agreement and have unconditionally accepted such without reservation. f. Customers of Broker are granted additional levels of access to the Brokerage Services, which include additional functionality not available to non-Account holders. This access may include additional access to the Brokerage Platform and other functionality. This additional access is governed by additional agreements such as this Agreement which must be accepted before the access is granted. g. Broker may revise the terms and conditions of using its Brokerage Services at any time, and Customer agrees to be bound by future revisions. If Customer has an Account with Broker, Customer's relationship with Broker is also governed by other agreements, including but not limited to Customer's agreement with the Clearing Firm, margin agreements, and any other agreements governing Customer's relationship with Broker and the Brokerage Services. Brokers may also offer other services from time to time that are governed by different agreements or additional terms and conditions. h. Customer acknowledges that all decisions relating to its investment or trading activity shall be made by Customer or its duly authorized representative. Brokers do not provide investment advice or offer recommendations for the purchase or sale of securities, futures, options, or other financial instruments. Customer acknowledges that any information they receive from the Clearing Firm comes solely from the Clearing Firm and is not information given by Broker nor does it apply to Broker. i. Customer acknowledges that Broker and the Clearing Firm are under no duty to inquire as to the authority or propriety of any instructions given to them, and that they shall be entitled to rely upon any such instructions without inquiry or investigation, including, without limitation, instructions with respect to the disbursement of funds and the transfer of securities. Customer acknowledges that Broker and the Clearing Firm do not provide legal or tax advice. ## 2. Regulations Light Horse is regulated by the Financial Industry Regulatory Authority, Inc. ("FINRA") and is a member of the Securities Investor Protection Corporation ("SIPC"). Customer's Account with Broker and any transactions Customer make are subject to Broker's trading rules and policies, the rules and policies of the Clearing Firm and its exchange execution brokers, securities regulatory authorities, exchanges, all applicable federal, state and local laws, regulations and rules (collectively, "Applicable Rules and Regulations"). The Brokerage Platform and Brokerage Services are not intended for the use of persons of any jurisdiction where Broker is not authorized to do business or where such products and other services offered by Broker would be contrary to the securities regulations or other local laws and regulations of that jurisdiction. ## 3. Account Customer understands that Customer's Account, in part, includes an Account with the Clearing Firm. Customer understands that Customer's Account with the Clearing Firm (the "Apex Account") is governed solely by the Apex Customer Agreement which Customer will enter into in conjunction with Customer's Account with Broker. By entering into this Agreement, Customer is instructing Broker to share Customer's information with the Clearing Firm and establish an Account with Clearing Firm on Customer's behalf. Customer represents that Customer has read, understands, and agrees to the terms of the Apex Customer Agreement, Apex Privacy Policy, and other disclosure documents. Customer also understands that in addition to the terms and conditions of this Agreement that Customer's Account, and the services provided by Clearing Firm are also subject to Apex's Terms and Conditions, respectively. ## 4. Market data ### a. Definitions a-1. "Market Data" means (a) last sale information and quotation information relating to securities that are admitted to dealings on exchanges such as the New York Stock Exchange ("NYSE"), and/or NASDAQ, as well as the Options Pricing Regulatory Authority ("OPRA") (b) such bond, option, and other equity last sale and quotation information, and such index and other market information, as United States-registered national securities exchanges and national securities associations (each, an "Authorizing SRO") may make available and as the NYSE or NASDAQ may from time to time designate as "Market Data"; and (c) all information that derives from any such information. a-2. "Nonprofessional" means any natural person who receives market data solely for his/her personal, non-business use and who is not a "Professional." A "Professional" includes an individual who, if working in the United States, is: (i) registered or qualified with the Securities and Exchange Commission (the "SEC"), the Commodity Futures Trading Commission (the "CFTC"), any state securities agency, any securities exchange or association, or any commodities or futures contract market or association; (ii) engaged as an "investment advisor" as that term is defined in Section 202(a)(11) of the Investment Advisers Act of 1940 (whether or not registered or qualified under that Act), or (iii) employed by a bank or other organization exempt from registration under federal and/or state securities laws to perform functions that would require him or her to be so registered or qualified if he or she were to perform such functions for an organization not so exempt. A person who works outside of the United States will be considered a "Professional" if he or she performs the same functions as someone who would be considered a "Professional" in the United States. ### b. Provisions applicable to all customers ### b-1. Proprietary nature of data Customer understands and acknowledges that each Authorizing SRO and Other Data Disseminator (as defined below) has a proprietary interest in the Market Data that originates on or derives from it or its market(s). Customer agrees not to reproduce, distribute, sell, or commercially exploit the Market Data in any manner. ### b-2. Enforcement Customer understands and acknowledges that (a) the Authorizing SROs are third-party beneficiaries under this Agreement and (b) the Authorizing SROs or their authorized representative(s) may enforce this Agreement, by legal proceedings or otherwise, against Customer or any person that obtains Market Data that is made available pursuant to this Agreement other than as this Agreement contemplates. ### b-3. Data not guaranteed Customer understands that neither Broker nor any Authorizing SRO, other entity whose information is made available over the Authorizing SROs' facilities, as well as all OPRA Data (an "Other Data Disseminator"), information provided for over the Brokerage Platform, or information processor that assists any Authorizing SRO or Other Data Disseminator in making Market Data available (collectively, the "Disseminating Parties") guarantees the timeliness, sequence, accuracy, completeness, reliability, or content of the Brokerage Platform and market information or messages disseminated to or by any Disseminating Party. Customer understands that neither Broker nor any Disseminating Party guarantees the timeliness, sequence, accuracy, completeness, reliability or content of market information, or messages disseminated to or by any party (including any market data and asset price quotes). Customer understands that neither Broker nor any Disseminating Party warrants that the service provided by any such entity will be uninterrupted or error-free. Further, Customer understands that Market Data by a Disseminating Party that provides market data to Broker's customers. NEITHER BROKER, ANY OF ITS AFFILIATES, THEIR RESPECTIVE OFFICERS OR EMPLOYEES, NOR ANY DISSEMINATING PARTY SHALL BE LIABLE IN ANY WAY FOR (A) ANY INACCURACY, ERROR OR DELAY IN, OR OMISSION OF, (I) ANY MARKET DATA, INFORMATION OR MESSAGE, OR (II) THE TRANSMISSION OR DELIVERY OF ANY SUCH DATA, INFORMATION OR MESSAGE; OR (B) ANY LOSS (AS DEFINED IN THIS AGREEMENT) OR DAMAGE ARISING FROM OR OCCASIONED BY (I) ANY SUCH INACCURACY, ERROR, DELAY OR OMISSION, (II) NON-PERFORMANCE OR (III) INTERRUPTION IN ANY SUCH MARKET DATA, INFORMATION, OR MESSAGE, WHETHER DUE TO ANY ACT OR OMISSION BY BROKER, ANY OF ITS AFFILIATES, THEIR RESPECTIVE OFFICERS OR EMPLOYEES, OR ANY DISSEMINATING PARTY, OR TO ANY "FORCE MAJEURE" (E.G., FLOOD, EXTREME MARKET VOLATILITY, EXTRAORDINARY WEATHER CONDITIONS, EARTHQUAKE, OR OTHER ACT OF GOD, PANDEMIC, FIRE, WAR, INSURRECTION, RIOT, LABOR DISPUTE, ACCIDENT, ACTION OF GOVERNMENT, OR COMMUNICATIONS OR POWER FAILURE, EQUIPMENT OR SOFTWARE MALFUNCTION) OR ANY OTHER CAUSE BEYOND THE REASONABLE CONTROL OF BROKER, ITS AFFILIATES, THEIR RESPECTIVE OFFICERS AND EMPLOYEES, OR ANY DISSEMINATING PARTY. ### b-4. Permitted use Customers shall not furnish Market Data to any other person or entity. If Customer receives Market Data other than as a Nonprofessional, Customer shall use Market Data only for personal individual use. ### b-5. Dissemination, discontinuance, or modification Customer understands and acknowledges that, at any time, Broker, the Authorizing SROs, and Other Data Disseminator may discontinue disseminating any category of Market Data, may change or eliminate any transmission method and may change transmission speeds or other signal characteristics. The Authorizing SROs shall not be liable for any resulting liability, loss or damages that may arise therefrom. ### b-6. Duration; Survival This Section 3 of this Agreement remains in effect for so long as Customer has the ability to receive Market Data as contemplated by this Section 3. In addition, Sections 3(b)(i)-(iii) and the first two sentences of Section 3(b)(vii), survive any termination of this Customer Agreement. ### b-7. Miscellaneous The laws of the State of New York shall govern this Section 3 and it shall be interpreted in accordance with those laws. This Subsection is subject to the Securities Exchange Act of 1934 (the "Act"), the rules promulgated under that act, and the joint-industry plans entered into pursuant to that Act. ### c. Provisions applicable to nonprofessionals ### c-1. Permitted receipt Customer understands that Market Data may not be received from Broker as a Nonprofessional, and Broker may not provide Market Data to Customer as a Nonprofessional, unless Broker first properly determines that Customer qualifies as a Nonprofessional as defined above and in fact Customer qualifies as a Nonprofessional. Customer agrees that, as a prerequisite to Broker qualifying Customer as a Nonprofessional, that Customer will provide to Broker truthful and accurate information regarding Customer, such as Customer's: occupation, employer, employment position and functions; use of Market Data; registration status with any securities agency, exchange, association, or regulatory body, or any commodities or future contract market, association, or regulatory body, whether in the United States or elsewhere; and any compensation of any kind Customer may receive from any individual or entity for Customer's trading activities, asset management, or investment advice. Except as otherwise declared to Broker in writing, by executing this Agreement, Customer certifies to meet the definition of Nonprofessional as set forth in this Agreement. ### c-2. Permitted use If Customer is a Nonprofessional, Customer agrees to receive Market Data solely for personal, non-business use. ### c-3. Notification Customer shall notify Broker promptly in writing of any change in Customer's circumstances that may cause Customer to cease to qualify as a Nonprofessional, as described above, or otherwise. ## 5. Authorization Customer understands that Customer's Account is self-directed. Accordingly, Customer appoints Broker as Customer's agent for the purpose of carrying out Customer's directions to Broker in accordance with the terms and conditions of this Agreement and any attendant risks with respect to the purchase or sale of securities. Brokers are authorized to open or close Customer's Account(s), place and withdraw orders and take such other steps as are reasonable to carry out Customer's directions. All transactions will be effected only on Customer's order or the order of Customer's authorized delegate, except as otherwise described in this Agreement. Customer understands Broker provides trading and Brokerage Services through the Brokerage Platform. Customers agree to receive and transmit financial information through such electronic means. Customer's use or grant of access to Customer Account to any third party to access information or place transactions in Customer Account is solely at Customer's risk. ## 6. Customer representations and responsibilities ### a. Self-directed account Customer understands that Customer's Account is a self-directed brokerage, and so Customer is solely responsible for any and all orders placed in Customer's Account and that all orders entered by Customer or on behalf of Customer is unsolicited and based on Customer's own investment decisions or the investment decision of Customer's duly authorized representative or agent. Accordingly, Customer agrees that neither Broker nor any of its employees, agents, principals, or representatives: i. provide investment advice in connection with this Account; ii. recommend any security, transaction or order; iii. solicit orders; iv. act as a market maker in any security; v. make discretionary trades; and vi. produce or provide first-party research providing specific investment strategies such as buy, sell, or hold recommendations, first-party ratings and/or price targets. To the extent research materials or similar information are available through the Brokerage Platform or the websites of any entity controlled by, controlling, or under common control with Broker (such entity, an "Affiliate"), Customer understands that these materials are intended for informational and educational purposes only and they do not constitute a recommendation to enter into any securities transactions or to engage in any investment strategies. ### b. Information accuracy Customer: (i) certifies that the information contained in this Agreement, the account application, and any other document furnished to Broker in connection with Customer's Account(s) is complete, true and correct, and acknowledge that knowingly giving false information for the purpose of inducing Broker to extend credit is a federal crime; (ii) authorizes Broker to contact any individual or firm noted herein or on the documents referred to in subsection (i) of this Section and any other normal sources of debit or credit information; (iii) authorize anyone so contacted to furnish such information to Broker as may be requested; and (iv) agrees that this Agreement, the Account application and any other document furnished in connection with Customer's Account is Broker's property, as the case may be. Customers shall promptly advise Broker of any changes to the information in such agreements and documents in writing within ten (10) calendar days. Customer authorizes Broker to obtain reports and to provide information to others concerning Customer's creditworthiness and business conduct. Upon Customer's request, Broker agrees to provide Customer a copy of any report so obtained. Brokers may retain this Agreement, the Account application, and all other such documents and their respective records at Broker's sole discretion, whether or not credit is extended. ### c. Risks Customers understand that all investments involve risk, that losses may exceed the principal invested, and that the past performance of a security, industry, sector, market, or financial product does not guarantee future results or returns. Customer acknowledges receipt of and agrees to the Risk Disclosures. "Risk Disclosures" means the risk disclosure documentation available or referenced on the Brokerage Platform or the Disclosure Library from time to time. "Disclosure Library" means the disclosure library available on the Brokerage Platform, currently at www.LightHorse.io, as supplemented from time to time. ### d. Account defaults Customer understands that Customer's Account comes with many defaulted service instruction features and preferences. Customer further understands that Customer is not required to use these defaulted options or preferences and that once Customer's Account is approved and opened Customer has the sole discretion to control and adjust such defaulted service preferences that relate to Customer's Account. ### e. Knowledge of account Customer understands that Customer is solely responsible for knowing the rights and terms for all securities purchased, sold and maintained in Customer's Account including mergers, reorganizations, stock splits, name changes or symbol changes, dividends, option symbols, and option deliverables. Customer further understands that certain securities may grant Customer valuable rights that may expire unless Customer takes specific action. These securities include bonds, convertible securities, warrants, stock rights and securities subject to exchange offers or tenders. Customer is responsible for knowing all expiration dates, redemption dates, and the circumstances under which rights associated with Customer's securities may be called, canceled, or modified. Brokers may, but are not obligated to, notify Customer of any upcoming expiration or redemption dates, or take any action on Customer's behalf without specific instructions from Customer except as required by law and the rules of regulatory authorities. Customer acknowledges that Broker may adjust Customer's Account to correct any error. ### f. Purchases All orders for the purchase of securities given for Customer's Account will be authorized by Customer and executed in reliance on Customer's promise that an actual purchase is intended. It is Customer's obligation to pay for purchases immediately or on Broker's demand. Customer understands Broker may at any time, in its sole discretion and without prior notice to Customer, prohibit or restrict Customer's ability to trade securities. Customer further agrees not to allow any person to trade for Customer's Account unless a trading authorization for that person has been received and approved by Broker. Brokers reserve the right to require full payment in cleared funds prior to the acceptance of any order. In the event that Customer fails to provide sufficient funds, Broker may, at its option and without notice to Customer, (i) charge a reasonable rate of interest, (ii) liquidate the Property subject of the buy order, or (iii) sell other Property owned by Customer and held in any of Customer's Accounts. Brokers may also charge any consequential loss to the Customer's Account. For purposes of this Agreement, "Property" shall mean all monies, contracts, and investments, whether for present or future delivery, and all related distributions, proceeds, products and accessions. ### g. Sales/Short sales Customer promises to deliver all securities sold in Customer's Account and to provide collateral of a type and amount acceptable to Broker for all short sales in Customer's Account. Brokers require that a security be held in Customer's Account prior to the acceptance of a sell order with respect to such security unless the order is specifically designated as a "short sale." If a security is not held in Customer's Account and a sell order is processed, Customer must promptly deliver such security to Broker for receipt in good deliverable form on or before the settlement date. Any order accepted without negotiable certificates or positions in Customer's Account will be subject, at Broker's sole discretion, to cancellation or buy-in. To ensure this will not occur, Customer agrees to only place sell orders for securities owned by Customer and held in Customer's Account at the time any Customer order is placed. Proceeds of a sale will not be paid to Customer or released into Customer's Account until Broker has received the security in good deliverable form, whether from a transfer agent or from Customer and the settlement of the security is complete. If the security is not received on or before settlement date, or as market conditions warrant, Broker may in its sole discretion purchase the security on the open market for Customer's Account and may liquidate and close out any and all securities in Customer's Account in order to pay for such purchase. In the event a security is bought in, Customer will be responsible for all resulting losses incurred by the Broker. Customer understands that Customer may execute short sales only in a margin Account and that such execution must comply with applicable short sales rules. ### h. Stop orders **Stop prices are not guaranteed execution prices.** A "stop order" becomes a "market order" when the "stop price" is reached and firms are required to execute a market order fully and promptly at the current market price. Therefore, the price at which a stop order ultimately is executed may be very different from the investor's "stop price." Accordingly, while a customer may receive a prompt execution of a stop order that becomes a market order, during volatile market conditions, the execution may be at a significantly different price from the stop price if the market is moving rapidly. **Stop orders may be triggered by a short-lived, dramatic price change.** Customers should be informed that, during periods of volatile market conditions, the price of a stock can move significantly in a short period of time and trigger an execution of a stop order (and the stock may later resume trading at its prior price level). Investors should understand that if their stop order is triggered under these circumstances, they may sell at an undesirable price even though the price of the stock may stabilize during the same trading day. **Sell stop orders may exacerbate price declines during times of extreme volatility.** The activation of sell stop orders may add downward price pressure on a security. If triggered during a precipitous price decline, a sell stop order also is more likely to result in an execution well below the stop price. ### i. Assistance by Broker Customer understands that when requesting assistance from Broker or its employees in using the investment tools available on the Brokerage Platform, it will be limited to an explanation of the tool's functionality and, if requested by Customer, to the entry by Broker or its employees of variables provided by Customer, and that such assistance does not constitute investment advice, an opinion with respect to the suitability of any transaction, or solicitation of any orders. ### j. Discontinuation of services Customer understands that Broker may discontinue Customer's Account and any Brokerage Services related to Customer's Account immediately by providing written notice to Customer. ### k. Options Expiration; Exercise, Assignment, Liquidation Customer understands that options positions require active monitoring and management by Customer. Light Horse does not permit customers to submit exercise instructions for option contracts. Customer is solely responsible for monitoring expiring option positions and understanding the risks associated with expiration, assignment, and settlement. The Firm may attempt to liquidate expiring option positions prior to expiration, including on the expiration date and shortly before the close of regular trading hours at around 3pm. The Firm does not guarantee that any option position will be liquidated prior to expiration, nor does the Firm guarantee that any liquidation order will be executed. The Firm reserves the right, in its sole discretion and without prior notice, to close, restrict, liquidate, or otherwise manage any option position or any resulting position arising from exercise, assignment, expiration, settlement, margin requirements, risk management concerns, clearing firm requirements, operational considerations, or regulatory obligations. Customer understands that options may expire worthless, may be automatically exercised or assigned pursuant to OCC rules and clearing firm procedures, and may result in stock positions, margin deficiencies, losses, or other obligations. Customer remains solely responsible for all risks, losses, obligations, debit balances, and liabilities associated with expiring option positions, whether or not the Firm takes action. Any actions taken or not taken by the Firm with respect to expiring options shall not constitute investment advice, a recommendation, or a guarantee against loss. The Firm shall not be liable for losses, missed opportunities, assignment risk, market movements, execution delays, failed liquidations, or any other consequences arising from an option position approaching or reaching expiration. ## 7. Clearance of trades Customer understands that Broker has entered into a clearing agreement with the Clearing Firm whereby Broker will introduce Customer's Account to the Clearing Firm, and the Clearing Firm will clear all transactions, on a fully-disclosed basis. Customer understands that the Clearing Firm carries Customer's Account(s) and is responsible for the clearing and bookkeeping of transactions, but is not otherwise responsible for the conduct of Broker. Until receipt from Customer of written notice to the contrary, the Clearing Firm may accept from Broker, without inquiry or investigation, (i) orders for the purchase or sale of securities and other property on margin, if Customer has elected to have a margin Account, or otherwise, and (ii) any other instructions concerning Customer Accounts. The Clearing Firm shall look solely to Broker unless otherwise directed by Broker, and not to Customer, with respect to any such orders or instructions; except that Customer understands that the Clearing Firm will deliver confirmations, statements, and all written or other notices with respect to Customer's Account directly to Customer with copies to Broker, and that the Clearing Firm will look directly to Customer or Broker for delivery of margin, payment, or securities. The foregoing shall be effective as to Customer's Account(s) until written notice to the contrary is received from Customer by the Clearing Firm or Broker. ## 8. Review of confirmations and statements Customer agrees that it is Customer's responsibility to review order execution confirmations and statements of Customer's Account(s) promptly upon receipt. Customers agree to receive all confirmations and account statements, as well as all tax related documents, in electronic format. Customer understands that Account statements will evidence all activity in Customer's Account for the stated period, including securities transactions, cash balances, credits to Customer's Account and all fees paid from Customer Account. Confirmations will be considered binding on Customer unless Customer notifies Broker of any objections within two (2) calendar days from the date confirmations are sent. Account statements will be considered binding on Customer unless Customer notifies Broker of any objections within ten (10) calendar days after Customer's Account statements are posted online. Such objection may be oral or in writing, but any oral objection must be immediately confirmed in writing. In all cases, Broker reserves the right to determine the validity of Customer's objection. If Customer objects to a transaction for any reason, Customer understands and agrees that Customer is obligated to take action to limit any losses that may result from such transaction or Customer will bear sole responsibility for any losses relating to the transaction, even if Customer objection to the transaction is ultimately determined to be valid. Nothing in this Section 7 shall limit Customer responsibilities as described in Section 5 of this Agreement. ## 9. Market volatility; Market orders; Limit orders; and Queued orders Customer understands that, whether Customer places a market or limit order, Customer will receive the price at which Customer order is executed in the marketplace, subject to any clarification stated below. Particularly during periods of high volume, illiquidity, fast movement or volatility in the marketplace, the execution price received may differ from the quote provided on entry of an order, and Customers may receive partial executions of an order at different prices. Customer understands that Broker is not liable for any price fluctuations. Customers also understand that price quotes generally are for only a small number of shares as specified by the marketplace, and larger orders are relatively more likely to receive executions at prices that vary from the quotes or in multiple lots at different prices. Customers understand that securities may open for trading at prices substantially higher or lower than the previous closing price or the anticipated price. If Customer places a market order (whether during normal market hours or when the market is closed), Customer agrees to pay or receive the prevailing market price at the time Customer market order is executed. Customer understands that the price Customer pays may be significantly higher or lower than anticipated at the time Customer placed the order. To avoid buying a security at a higher price and possibly exceeding Customer's purchasing power, Customer understands the Customer option to enter a limit order. Customer also understands that limit orders may not be executed at any particular time, or at all, if there is not sufficient trading at or better than the specified Customer limit price, and are only good until the end of the trading day in which they are entered, or as described below for "good till canceled" orders. The Website contains further information regarding order types and limitations, which the Customer agrees to read and understand before placing such orders. As a customer of Broker, Customer understands scenarios may arise where a Customer is unable to trade, a trade they have placed is not able to be executed, and/or a position in which they have affected but not yet paid for must be sold at Broker's discretion. These include, after the market has closed for the day, Customers have the ability to place queue order requests in the system to be executed when permissible ("Queued Order"). Customer understands that Customer Queued Order request is prioritized based on the order in which it is received by Broker, and that the Queued Order requests are sent out for execution shortly after the market opens on the next permissible day of trading for Customer. Customer further understands that each Queued Order request is sent out per customer and per security in a similar manner as to Broker's market orders (described above), and that they are not aggregated. A limit order may be "good till canceled" which means the order remains valid until (A) it is executed; (B) Customer cancels the order; (C) approximately 90 days from when the order is placed; or (D) the contract to which it relates is closed. Customer understands that the Broker will cancel a "good till canceled" order at the end of every trading day (on the exchange on which the instrument to which the contract relates is traded) and place such order again at the start of the following trading day. This process will be repeated every day for as long as the "good till canceled" order remains valid. Further, Customer agrees that any "good till canceled" orders Customer places should be treated as "do not reduce" orders. ## 10. Extended trading hours Regular trading hours ("RTH") generally means trading between 9:30 a.m. and 4:00 p.m. Eastern Standard Time ("EST"). In some circumstances, customers may be permitted to engage in extended trading hours, meaning, for the purposes of this Section, trading outside the RTH ("Extended Trading Hours"). Extended Trading Hours may be limited to certain Account types or other eligibility criteria, and the order types available for Extended Trading Hours may be limited. Customers may not trade in an initial public offering on its first day of trading during Extended Trading Hours. There are unique risks associated with trading during Extended Trading Hours and by participating in trading during Extended Trading Hours, Customer understands and agrees to accept such risks, including the risks disclosed in the Extended Trading Hours Disclosure available in the Disclosure Library. ## 11. AI content disclaimer Customer acknowledges that content available through the website or mobile application may include artificial intelligence generated content, rankings, alerts, summaries, screeners, commentary, and educational materials. Such content is informational only and does not constitute investment advice, a recommendation, research report, or suitability determination. Broker does not guarantee the accuracy, completeness, timeliness, reliability, or future performance of any AI-generated content. ## 12. Affiliate separation Light Horse Securities and Ainvest Fintech provide separate services. Products and services offered by affiliates are governed by separate agreements and do not create a brokerage relationship unless expressly stated. ## 13. Extraordinary market conditions Broker may reject orders, cancel orders, prohibit opening transactions, permit only closing transactions, restrict deposits or withdrawals, increase margin requirements, liquidate positions, or take any other action deemed necessary for risk management, operational integrity, regulatory compliance, or clearing firm requirements. ## 14. ACH reversals If an ACH deposit is reversed, rejected, disputed, returned, or charged back, Broker may liquidate positions, restrict withdrawals, cancel transactions, or freeze account activity. Customer remains liable for resulting losses. ## 15. Electronic communications Customer consents to electronic delivery of statements, confirmations, tax documents, disclosures, notices, amendments, and other communications. Failure to review electronic communications does not relieve Customer of obligations under this Agreement. ## 16. Indemnification Customer hereby agrees to indemnify and hold harmless Broker and the Clearing Firm and their respective officers, directors, employees, agents, and affiliates (the "Indemnitees") from any liability, financial or otherwise, or expense (including attorneys' fees and disbursements), on a current basis as incurred, as a result of: a. any losses or damages Customer may suffer with respect to any information customer learns from Clearing Firm or any of its agents or employees including instructions, transactions or strategies; b. any breach by Customer of any of its covenants, obligations, representations, acknowledgments or warranties herein; or c. as a result of the provision of any Brokerage Services to Customer hereunder or any actions taken by Broker or Clearing Firm pursuant to this Agreement, unless such liability is a result of Broker's willful misconduct. ## 17. Termination and suspension Customer Agrees and acknowledges that Broker, in its discretion, may suspend, restrict, or terminate Customer's Account at any time, for any reason and without prior notice to Customer. Customer shall have 30 days from receiving notice of termination of Customer's Account to transfer all holdings from within Customer's Account to another broker-dealer of Customer's choosing. Should Customer fail to complete this transfer within 30 days, Broker may liquidate all holdings within Customer's Account and mail Customer a check for any proceeds. This may result in a taxable event. In the event Customer's Account is liquidated, Customer Agrees to be liable for any resulting losses and costs incurred by Broker due to Customer's Account liquidation. Customer understands that Broker may at any time, at its sole discretion and without prior notice to Customer: (i) prohibit or restrict Customer's access to use the Brokerage Platform or related Brokerage Services and Customer's ability to trade, (ii) refuse to accept any of Customer transactions, (iii) refuse to execute any of Customer transactions, or (iv) terminate Customer Account. The closing of Customer Account will not affect the rights or obligations of either party incurred prior to the date Customer Account is closed. Notwithstanding the foregoing, Broker may immediately liquidate positions where necessary due to margin deficiencies, regulatory obligations, fraud concerns, sanctions screening, risk management concerns, clearing firm requirements, or operational considerations. Further, Broker will not tolerate any foul or abusive language, physical violence, threatening behavior, or other inappropriate conduct directed toward Broker, its affiliates' officers, employees, contractors or customers. If Customer engages in any such behavior, as determined by Broker in its sole discretion, Customer agrees that Broker is authorized to: (i) liquidate any securities, instruments, or other property in Customer Account, (ii) send Customer the proceeds, and (iii) close Customer account. Brokers will not be responsible for any Losses caused by the liquidation of securities, instruments, or other property pursuant to this paragraph, including any tax liabilities. ## 18. Event of death It is agreed that in the event of Customer's death or the death of one of the joint Account holders, the representative of Customer's estate or the survivor or survivors shall immediately give Broker written notice thereof, and Broker may, before or after receiving such notice, take such proceedings, require such papers and inheritance or estate tax waivers, retain such portion of, or restrict transactions in the Account as Broker may deem advisable to protect Broker against any tax, liability, penalty or Loss under any present or future laws or otherwise. Notwithstanding the above, in the event of Customer's death or the death of one of the joint Account holders, all open orders shall be canceled, but Broker shall not be responsible for any action taken on such orders prior to the actual receipt of notice of death. Further, in Broker's discretion it may close out any or all of Customer Accounts without awaiting the appointment of a personal representative for Customer's estate and without demand upon or notice to any such personal representative. The estate of any of Customer Account holders who have died shall be liable and each survivor shall continue to be liable, jointly and severally, to Broker for any net debit balance or Loss in said account in any way resulting from the completion of transactions initiated prior to the receipt by Broker of the written notice of the death of the decedent or incurred in the liquidation of Customer's Account or the adjustment of the interests of the respective parties, and for all other obligations pursuant to this Agreement. Such notice shall not affect Broker's rights under this Agreement to take any action that Broker could have taken if Customer had not died. ## 19. Tax reporting; Tax withholding The proceeds of sale transactions and dividends paid will be reported to the Internal Revenue Service ("IRS") in accordance with applicable law. Access to the Brokerage Platform is limited to U.S. persons. Under penalties of perjury, Customer certifies that the taxpayer identification number provided or will provide to Broker (including any taxpayer identification number on any Form W-9 that Customer has provided or will provide to Broker) is Customer's correct taxpayer identification number. Customer certifies that Customer is not subject to backup withholding and is a United States Person (including a U.S. resident alien) as such term is defined in section 7701(a)(30) of the Internal Revenue Code of 1986, as amended ("U.S. Person"). If a correct Taxpayer Identification Number is not provided to the Broker, Customer understands Customer may be subject to backup withholding tax at the appropriate rate on all dividends, interest and gross proceeds paid to Customer. Backup withholding taxes are sent to the IRS and cannot be refunded by Broker. Customer further understands that if Customer waives tax withholding and fails to pay sufficient estimated taxes to the IRS, Customer may be subject to tax penalties. ## 20. Intellectual property license Unless otherwise stated, Broker owns the intellectual property rights associated with the Brokerage Platform. Broker hereby grants to Customer a limited, non-exclusive license for as long as customer holds a Broker account pursuant to this Agreement. The license permits Customer to view, download, screenshot for caching purposes only, and print pages from the Brokerage Platform for Customer's own personal use, subject to the below restrictions. Customer agrees that Customer will not: a. Republish material from the Brokerage Platform except for content specifically and expressly identified as available for redistribution (such as our newsletter); b. Sell, rent or sub-license material from the Brokerage Platform; c. Display any content from the Brokerage Platform in public; d. Reproduce, duplicate, copy or otherwise exploit material on the Brokerage Platform for commercial purposes; e. Edit or otherwise modify any material on the Brokerage Platform; ## 21. Restricted access When asked to create a password during Customer's use of a website or when opening or creating a brokerage account, Customer must keep this password confidential and must not disclose it or share it with anyone. Customer will be solely responsible for all activities that occur under Customer's password. If Customer knows or suspects that someone else knows Customer's password, Customer should contact Broker immediately. If a Broker has reason to believe that there is likely to be a breach of security or misuse of the Brokerage Platform, Broker may require Customer to change Customer's password or Broker may suspend Customer's use of the Brokerage Platform. If Broker provides Customer with a user ID and password to enable Customer to access restricted areas of the Brokerage Platform, Customer must ensure that that user ID and password is kept confidential. ## 22. Warranties Brokers try to ensure that the information contained on the Brokerage Platform and in this agreement is as accurate as possible. However, Broker gives no warranty of any kind regarding the Brokerage Platform and/or any materials provided thereon, nor do we commit to ensuring that the website and or mobile app remains available or that the material on the website or mobile app is kept up-to-date. To the maximum extent permitted by applicable law we exclude all representations, warranties, and conditions relating to this website, mobile app and the use of this website and mobile app (including, without limitation, any warranties implied by law of satisfactory quality, fitness for purpose, and/or the use of reasonable care and skill). Customer acknowledges that Broker is not responsible and Customer Agrees to not hold Broker liable for the losses caused, directly or indirectly, by conditions beyond Broker's control, including, but not limited to, government restrictions, amendments to exchange or market rules, interruptions of communications or data processing services, market volatility, unusual activity, trading halts, trading restrictions, or disruptions in orderly trading on any exchange or market. ## 23. No advice The Brokerage Platform is not intended to provide, nor should they be construed as providing, any investment, tax, or other financial related advice of any kind. Customers should not consider any content on the Brokerage Platform to be a substitute for professional financial advice, unless provided by a registered investment adviser. If Customer chooses to engage in transactions based on content on the Brokerage Platform, then such decision and transactions and any consequences flowing therefrom are Customer's sole responsibility. Brokers do not provide investment advice directly, indirectly, implicitly, or in any manner whatsoever. Customers should use any information gathered from the Brokerage Platform only as a starting point for Customer's own independent research. ## 24. No investment advisers; no recommendations Customer agrees that the Brokerage Platform and Brokerage Services are provided on a self-directed basis and all content and tools are intended for informational and educational purposes only. Light Horse Securities, Inc, its employees, representatives, affiliates, and agents do not act as investment advisers and do not provide personalized investment advice, investment recommendations, tax advice, legal advice, or fiduciary services through the Brokerage Platform. Customer acknowledges that information made available through the Brokerage Platform may include market commentary, news, research from third-party sources, screening tools, rankings, watchlists, alerts, educational materials, algorithmic outputs, and artificial intelligence generated content. Such information is provided solely for informational and educational purposes and shall not be construed as: a. investment advice; b. a recommendation to buy, sell, hold, or exchange any security; c. a research report; d. a solicitation; e. a suitability determination; or f. a fiduciary recommendation. Customer understands and agrees that all investment decisions are made solely by Customer and at Customer's own risk. Customer is solely responsible for determining whether any investment, transaction, strategy, or security is appropriate based upon Customer's investment objectives, financial circumstances, risk tolerance, and investment experience. Neither Light Horse nor any affiliate guarantees the accuracy, completeness, timeliness, suitability, or future performance of any information made available through the Brokerage Platform. Past performance is not indicative of future results, and Customer should be prepared to lose some or all of the funds invested. ## 25. Acknowledgement of risk Customer acknowledges that Customer bears all risk associated with Customer's orders, regardless if they are placed through the Brokerage Platform, a Broker representative, or any other Brokerage Platform used or provided by Broker for order processing. Customer acknowledges that Customer is solely responsible for all orders (whether successfully entered or attempted to be entered) that are associated with Customer's unique identifiers, including, but not limited to, Customer's Account number, customer identification number, or Customer's unique user login credentials. Customer understands that Broker's acceptance of an order for placement, which includes, but is not limited to, Broker's representatives, Broker Brokerage Platform(s), third party Brokerage Platforms offered by Broker, email, chat, or phone, does not constitute a guarantee of any kind that Customer's order will be placed as all orders are subject to Customer's Account maintaining sufficient margin to support the resulting position. Customer acknowledges that Broker and the Clearing Firm(s) reserve the right to set and/or change, without prior notice to Customer, minimum equity amounts for Customer's Account. Customer hereby acknowledges that Customer is responsible for the following: a. To be aware of current margin and trading requirements with respect to all trading activity; b. To meet all initial maintenance margin requirements; c. To be liable for the losses incurred on all of Customer's trades, regardless of whether sufficient margin was posted at the time the trade was ordered; ## 26. Force majeure; Access Customer acknowledges that under no circumstances, including, but not limited to, electronic or mechanical failure, internet system failure or delay, exchange limitations or halts, acts of God, terrorism, extreme market volatility, or any other reason, shall Broker be liable or have direct responsibility to Customer if: a. Customer is unable to access or use the Brokerage Platform or the Brokerage Services to place an order, view Account information, or otherwise engage in stock, options and/or futures related activities; b. Any exchange, aggregator, the Clearing Firm, or clearing corporation endures any mechanical, electrical or other failure, delay, interruption, or congestion regardless of whether or not any of the aforementioned results in a failure to maintain an orderly market, execute a transaction, preform clearance, report on cancels or confirm executed and transactions for Customer's Account, or otherwise; c. Customer acknowledges that Broker is not responsible for providing nor guarantees full and complete access to all electronic markets, and under no circumstances is liable for losses that may result from the inability to access markets due to any aforementioned restrictions or otherwise. ## 27. Cancellation Customer acknowledges that it is Customer's sole responsibility to cancel any and all unexecuted day orders that could otherwise normally be executed during regular market hours when access cannot be provided by Broker. ## 28. Breach of regulation; risk management restrictions If Broker reasonably believes, or determines in its sole discretion, that the execution, attempted execution, settlement, or maintenance of any transaction or position may violate Applicable Rules and Regulations, clearing firm requirements, market rules, Firm policies, risk management standards, legal obligations, or operational requirements, Broker may, without prior notice and in its sole discretion: a. reject any order; b. delay any order; c. cancel any order; d. restrict trading activity; e. require liquidation only trading; f. close positions; or g. take any other action Broker deems appropriate. Broker shall not be liable for any losses, missed opportunities, market movements, or damages arising from any such action or inaction. Broker may provide notice of such actions when Broker determines appropriate or as required by applicable law, regulation, or regulatory authority. ## 29. Erroneous distributions Customer agrees to promptly return to Broker any assets erroneously distributed to Customer. In the event that Customer sells a security prior to its ex-dividend/distribution date, and Customer receives the related cash/stock dividend or distribution in error, Customer directs Broker on Customer's behalf to pay such dividend/distribution to the entitled purchaser of the securities Customer sold, and Customer guarantees to promptly reimburse Broker for, or deliver to Broker, said dividend or distribution. ## 30. Electronic order execution requests and communication. Customer agrees to the following terms and conditions with respect to all electronic communications in which Customer communicates a request to an agent of Broker and any related information pertaining to such requests: a. Requests will be processed through the Brokerage Platform only. b. Customer acknowledges that electronic requests communicated to Broker will be handled on a "best efforts" basis and these options may not always be available. c. Customer acknowledges Customer's responsibility to protect Customer's sensitive account information as well as Customer's responsibility to routinely monitor Customer's Account information and activity. d. Customer understands and agrees that system outages may occur that prevent order processing, and that Broker is under no duty to investigate such outages or inform Customer of the reason for such outage or the estimated duration of such outage. e. Any orders communicated to Broker's Brokerage Platform with Customer's user login information will be considered to have been sent and authorized by Customer. f. Customer agrees Customer will not transmit securities trade orders to Broker using electronic communications other than those designated by Broker for the express purpose of placing securities orders. g. Customer agrees that it is Customer's responsibility to promptly notify Broker if Customer receives a trade confirmation for an order that Customer did not place. h. Broker in its sole discretion, may decline to execute any of Customer's orders for a variety of reasons, including, but not limited to, size of the order, market conditions, violations of Customer's Agreement(s) with Broker, inadequate account equity, insufficient margin, risk considerations, suitability thresholds, Exchange (NYSE, NASDAQ etc.) restrictions or trading halts, and other matters or market conditions that affect trading. i. Customer agrees that Customer is responsible for the monitoring of all of Customer's orders entered into Broker's Brokerage Platform offerings or via Broker's electronic communication system until such order is accompanied by an official confirmation or cancellation given by Broker. j. Customer agrees to be bound by the actual order execution transacted on the listed U.S. Exchange that resulted from the entry of Customer's order for Customer's Account. k. If Broker confirms an account trade or other activity in error and Customer delay reporting such error, Broker reserves the right to remove the trade or activity from Customer's Account or require Customer to accept the trade or activity at Broker's and/or the Clearing Firm's discretion. l. Customer agrees to provide Broker with Customer's primary email address and physical address to promptly update Customer's Account profile with any changes to Customer's email address or any other relevant information that is pertinent to Customer's Account status and/or our ability to communicate with Customer. m. Customer agrees to protect Customer's sensitive account information, including, but not limited to, Customer's password, username, and other login credentials. n. Customers agree to not give Customer's Account login credentials or make them easily accessible to a minor. ## 31. Customer communication Customer acknowledges that by accepting this Agreement Customer is consenting to electronic delivery of documents and communications, and Customer authorize Broker and the Clearing Firm(s) to deliver documents and communications by the following means: a. emailing to the email address specified by Customer and on record with Broker and the Clearing Firm(s); b. posting a communication on the website or making available, either on Broker's website, mobile app or sent via email, links to other websites (such as the Clearing Firm) on the Internet where the communication can be read and printed; c. sending Customer an email or other notice that directs Customer to an address on the Internet or a place within the website where the communication is posted and from which it can be read and printed. Customer acknowledges and agrees that as a broker-dealer, Broker is authorized to contact Customers trusted contact person and disclose information about Customer's Account to address possible financial exploitation, to confirm the specifics of Customer's current contact information, health status, or the identity of any legal guardian, executor, trustee, or holder of a power of attorney, or as otherwise permitted by FINRA Rule 2165. ## 32. Telephone recordings Customer understands and agrees that any telephone conversation will or may be recorded for accuracy and Customer consent to such recording. Customer acknowledges and understands that not all telephone lines or calls may be recorded by Broker and Broker does not guarantee that recordings of any particular telephone calls will be retained or capable of being retrieved. Customer understands that Broker may, in its sole and absolute discretion, tape record conversations without further notice or disclosure, without the use of an automatic tone-warning device, and without assuming responsibility to make or retain such tape recordings. Furthermore, Customer acknowledges and agrees that such recordings of telephone conversations may be used by Broker as evidence in any dispute between Customer and Broker. Customer agrees that Customer will not record any telephone conversations with Broker's employees, representatives, officers, directors, partners, or agents without the express written consent of Broker and the consent from any aforementioned Broker employee engaged in the conversation. ## 33. Oral authorization Customer agrees that Broker shall be entitled to act upon any oral instructions given by Customer so long as Broker reasonably believes such instruction was actually given by Customer or Customer's authorized agent. ## 34. Electronic signature Customer understands that Customer's electronic signature to sign documents is legally binding in the same manner as if Customer manually signed such documents. Additionally, Customer understands that the use of an electronic version of these documents fully satisfies any requirement that they be provided to Customer in writing. Customer understands that when Customer electronically signs a document, Customer is representing that Customer have read, understand, have the ability to access and retain a record of the document, and agree to be bound to the terms and conditions contained thereon. It is the Customer's responsibility to review the Brokerage Platform periodically for changes or modifications. ## 35. Commissions and fees Customer agrees to pay Broker's brokerage commissions, transaction, processing, clearing fees, market data fees, other fees, and taxes as they exist from time to time and apply to Customer's Account. Customer acknowledges that Broker reserves the right to change its commissions and fees in its sole discretion separate from any changes that the Clearing Firm(s) makes to its fees. Customer also acknowledges Broker commissions and fees may vary depending on the country of origin of Customer. Broker will make relevant information about such commissions and fees, including any update that the Clearing Firm(s) provides, that is applicable to Broker's Customers' Accounts, available on Broker's website at www.LightHorse.io. Such fees include, without limitation: a. Broker's fees; b. fees imposed by exchanges and clearing houses; c. processing charges; d. Servicing charges; e. If Customer's Account is transferred to another broker, a reasonable transfer fee; ## 36. Physical stock certificates Broker does not accept physical stock certificates. ## 37. Losses; Debits. Customer understands that profit and loss calculations on the trading Brokerage Platform or Customer's Account statements may not include commissions, fees, or other transaction costs, and do not reflect the impact such costs will have on actual results. Customer further understand that Debit balances in Customer's Account may be charged interest in accordance with Broker's current interest rate schedule for debit balances. Customer agrees to pay Broker all reasonable costs and expenses of enforcement or collection of any debit balance or other liabilities, including legal fees. ## 38. Payment of indebtedness In the event Customer becomes indebted to Broker in the course of operation of Customer's brokerage account, Customer agrees that Customer will repay such indebtedness upon demand. Customer agrees that if Customer fails to pay the indebtedness within forty-five (45) days of our demand, Broker may close Customer's Account and liquidate any assets in Customer's Account at Broker's discretion in an amount sufficient to pay Customer's indebtedness. As security for any and all liabilities arising in favor of Customer, Customer pledge to Broker a first priority perfected security interest in all property held by Customer in any account maintained by Customer individually, jointly, or in the name of another person or entity. Customer is hereby authorized to make whatever disposition of pledged property Customer may deem appropriate to realize the security afforded by this provision, and Customer will remain liable for any deficiency. Customer further agree that Broker shall be entitled to exercise the rights and remedies, with respect to the pledged property, generally afforded a secured party under the Uniform Commercial Code. The reasonable costs of collection of any debit balance and any unpaid deficiency in Customer's Accounts, including attorney's fees incurred by Broker as a result of Customer's failure to pay Customer's debt, shall be reimbursed by Customer to Light Horse Securities, Inc. ## 39. Risk regarding certain securities Certain securities may grant a holder valuable rights that may expire unless a holder takes some action. Such securities include, without limitation, options, warrants, convertible securities, bonds, and securities subject to a rights plan or tender or exchange offer. Customer acknowledges that Customer is responsible for knowing the rights and terms of all securities in Customer's Account. Broker is not obligated to notify Customer of any expiration date or corporate action or take any action on Customer's behalf without specific instructions from Customer. Voluntary corporate actions include, without limitation, tenders, exchange offers, mergers with an election, odd-lot offers, Dutch auctions, and any rights or warrants subscriptions. Customer acknowledges that in order to participate in a voluntary corporation action, Customer must contact Broker and provide participation instructions for the action. Participation instructions will be processed within a minimum of three (3) business days. Customer Agrees to hold Broker harmless if participation instructions are not processed before the Clearing Firm cutoff time and Customer acknowledges that in such instances Broker may not be able to facilitate Customer's participation in the corporate action. Customer acknowledges that Broker reserves the right to reject, at its own discretion, participation instructions in a voluntary corporate action. Customer acknowledges that Broker may, upon receipt of participation instructions, restrict trading in Customer's Account or remove applicable securities from Customer's Account until the corporate action is completed. Customer acknowledges that Customer is responsible for maintaining any assets in Customer's Account necessary to facilitate completion of any voluntary corporate action for which Customer provided participation instructions and Customer is responsible for any positions resulting from participation and trading. Furthermore, Customer acknowledges that Broker or the Clearing Firm(s) may modify Customer's participation instructions to reflect any change in Customer's position in the participating security before the corporate action is completed. ## 40. Market data risk; Waiver of Liability; Limitation of liability Customer acknowledges that each participating national securities exchange or securities association asserts a proprietary interest in all of the market data it furnishes to parties that disseminate said data. Customer understands that neither Broker nor any participating national securities exchange or association nor any supplier of market data guarantees the timeliness, sequence, accuracy, completeness, reliability, or content of market information, or messages disseminated to or by any party. Customer understands that neither Broker nor any participating national securities exchange or association nor any supplier of market data warrants that the service will be uninterrupted or error-free. Customer Agrees that Customer's use of Broker's website or any Broker service is at Customer's sole risk. Broker service is provided on an "as is", "as available" basis without warranties of any kind, either express or implied, including, without limitation, those of merchantability and fitness for a particular purpose. Neither Customer nor any other person shall hold any Disseminating Party liable in any way for any inaccuracy, error or delay, or omission of any such data, information or message, or the transmission or delivery of any such data information or message any loss or damage arising from or occasioned by (1) any such inaccuracy, error, delay, or omission, (2) non-performance, or (3) interruption in any such data, information or message, whether due to any negligent act or omission by any Disseminating Party, or to any "force majeure" (e.g., flood, extraordinary weather conditions, earthquake, or other act of God, fire, war, insurrection, riot, labor dispute, accident, action of government, communications or power failure, or equipment or software malfunction) or other cause beyond the reasonable control of any Disseminating Party. The Market Data is believed to be reliable, but neither Broker nor Market Data providers ("Market Data Providers") can guarantee the accuracy, completeness, timeliness, or correct sequencing of the market data. Therefore, Customer Agrees that Broker may correct any execution reported to Customer that was based on inaccurate market data, unbeknownst to Broker, provided to Broker by Market Data Providers. Customer understands that Customer is responsible for any corrected price or size of the execution of Customer's order that reflects the actual execution of Customer's order pursuant to the Exchange's rules where Customer's order was routed for execution. Furthermore, Customer Agrees to not hold Broker or Market Data Providers liable for interruptions in the availability of market data or Customer's access to market data. Customer Agrees to hold harmless and indemnify Broker, its officers, directors, employees, agents, and affiliates and those officers, directors, employees, agents, and affiliates of the Market Data Providers from any liability with respect to interruptions in the availability of market data, Customer's access to market data, lost profits, trading losses, or any other damages resulting from inaccurate, defective, or unavailable market data. Neither Customer nor any disseminating party shall be liable, and Customer Agrees to indemnify and hold harmless Broker and such Disseminating Party, for any inaccuracy, error or delay in, or omission of: (1) any such data, information or message, or (2) the transmission or delivery of any such data, information or message; or any loss or damage arising from or occasioned by i) any such inaccuracy, error, delay or omission, ii) nonperformance, or iii) interruption in any such data, information or message, due either to any act or omission by Broker or any Disseminating Party or to any "force majeure" (as defined above) or any other cause beyond the reasonable control of Broker or any Disseminating Party. ## 41. Margin trading risks Customer acknowledges that when Customer purchases securities on margin, Customer is borrowing money from the Clearing Firm(s) and pledging all securities and other property in Customer's Account as collateral for the loans. Customer acknowledges that trading securities on margin involves a variety of risks, and Customer Agrees to take full responsibility to advise Broker of any changes in Customer's investment objectives, financial situations, or other circumstances that are, or may be deemed, to materially affect the suitability of executing margin transactions in Customer's Account. Customer hereby acknowledge and agree to the following terms, conditions, and representations if Customer elect to engage in margin transactions in Customer's Account: a. Customer Agrees to be bound by the terms of Clearing Firm's Customer Margin and Short Account Agreement in addition to the terms contained herein; b. Customer acknowledges there are applicable rules and regulations regarding margin loans, which include the initial margin and maintenance requirements for margin Accounts as well as regulatory rules such as including but not limited to "Regulation T" that Customer must abide by; c. Customer acknowledges that Broker reserves the right to impose more stringent margin requirements based on the Exchange or regulatory margin required or higher, which may change from time to time without prior notice to Customer; d. Customer Agrees to maintain at least $2,000 in minimum equity in order to trade on margin; e. Customer Agrees to promptly satisfy all margin and maintenance calls; f. Customer acknowledges that neither Broker nor Apex Clearing are obligated to request additional securities or other property for margin purposes in the event Customer's margin account falls below minimum margin requirements, notify Customer of any such deficiency, or allow Customer time to deposit additional securities or other property; g. Customer Agrees to pay interest on all debit balances on a non-aggregated basis in Customer's margin Account. h. Customer acknowledges that interest shall be computed and changed in accordance with Broker's and Apex Clearing's standard methods and procedures. A more detailed description is available upon request. i. Customer acknowledges and agree to pay any fees associated with short stock borrowing on securities where applicable. Included in these fees are any applicable fees from the Clearing Firm for unexecuted short shares that have been allocated to Customer. j. Customer Agrees that all securities and other property held, carried or maintained by the Clearing Firm may, at any time and without notice to Customer, be loaned, pledged, re-pledged, hypothecated, or re-hypothecated by the Clearing Firm, either separately or in common with other securities and other property, for any amount due in any Margin Account. k. Customer acknowledges this may be done without Broker or the Clearing Firm retaining in its possession or under its control for a delivery a like amount of similar securities or other property. l. Customer acknowledges that if Customer's securities are loaned, pledged or hypothecated, Customer will receive substitute payments in lieu of the dividends Customer would have received had Customer's securities not been loaned, pledged, or hypothecated. The substitute payments do not qualify as dividends and are taxed as ordinary income. m. Customer acknowledges that Customer have received, read, and understand the statement(s) explaining the conditions under which interest will be charged to the Margin Account, how rates of interest are determined, how debit balances are determined, and the methods of computing interest. n. Customer acknowledges Customer may contact Broker for documents, statements, and more detailed explanations. Customer acknowledges that there are required disclosures for margin applicable to day trading, which can be found on the Brokerage Platform. Customer Agrees that Customer will read and understand all applicable disclosures before Customer engage in day trading. ## 42. Low priced securities disclosure a. Risks The term "penny stock" generally refers to low-priced (below $5), speculative securities of very small companies. While penny stocks generally are quoted over the counter, such as on the OTC Bulletin Board or in the Pink Sheets, they may also trade on securities exchanges, including foreign securities exchanges. In addition, penny stocks include the securities of certain private companies with no active trading market. Risks. Investing in low-priced securities is speculative and involves considerable risk. Low-priced securities often exhibit high price volatility and erratic market movements. Often, when investors buy or sell these securities, they significantly affect the quoted price. In some cases, the liquidation of a position in a low-priced security may not be possible within a reasonable period of time and is subject to additional fees. It may be difficult to properly value an investment in a low-priced security. Reliable information regarding issuers of low-priced securities, their prospects, or the risks associated with investing in such securities may not be available. Certain issuers of low-priced securities have no obligation to provide information to investors. Some issuers register securities with the Securities and Exchange Commission (SEC) and may provide regular reports to investors. Others however may not be required to maintain such registration or provide such reports. Securities may continue to be traded if issuers are delinquent in their reporting obligation to the SEC or other federal or state regulatory agencies. Penny stocks have not been approved or disapproved by the Securities and Exchange Commission (SEC). The SEC has not passed upon the fairness, the merits, the accuracy or adequacy of the information contained in any prospectus or any other information provided by an issuer or a broker or a dealer of penny stocks. Trading low-priced securities is subject to significant risks, increased regulatory requirements and oversight, and additional fees. b. Settlement fees for non-DTC eligible securities For various reasons, certain low-priced securities are not DTC eligible or have had their eligibility revoked. As a result, the settlement of these physical positions can carry significant pass-through charges for the Clearing Firm, including execution fees, DTC fees, deposit fees, New York window fees, and transfer agent fees. These fees, which can vary and may be substantial, increase the cost that the Clearing Firm passes through for clearing and execution. Customers who trade non-DTC eligible securities are responsible for these charges, which may exceed 10 times the value of the trade. Orders that require executions with multiple contra-parties will result in settlement fees for each separate transaction. Neither Broker nor the Clearing Firm mark up any of these fees before they are passed through to customers. These pass-through charges may not be immediately charged to a customer account following a trade in non-DTC eligible securities, as Clearing Firm may not receive notice of such fees until several weeks following the trade. Broker reserves the right to withhold funds in a customer account pending potential assessment of fees associated with trading in low-priced securities. It is Customer's responsibility to investigate the eligibility status of a low-priced security before trading it. It is strongly recommended that Customer contact the specific company whose equity Customer intend to trade to confirm eligibility. c. Customer acknowledges that any order Customer place for penny stocks was not solicited by Broker and was solely Customer's decision. ## 43. Minimum opening positions; Worthless Securities a. Customer must have an approved and enabled margin account in order to open positions in securities under $1.00 in value. b. Customer acknowledges and agree that Broker may remove a worthless security from my account, including and without limitation to, the following circumstances: c. Our primary custodian has deemed the security eligible for removal and we have determined, to the best of our ability, that the security has no market value; d. Transfer agent services are no longer available for the security; i. There are no known markets for the security; or ii. If a certificate is requested and Broker is unable to deliver certificates to Customer representing these positions. e. Customer Agrees to waive any claim to future distribution from the security and agree to indemnify and hold harmless Broker from any claims, liability, or damages resulting from the removal of such security. If Customer provide Broker with evidence that the security is no longer subject to removal from an independent third party within 60 days of receiving Customer's Account statement noting the removal, we will review and, if able, reinstate Customer's position. ## 44. Payment for order flow SEC rules require all registered broker-dealers to disclose their policies regarding any "payment for order flow" arrangement in connection with the routing of customer orders. "Payment for order flow" includes, among other things, any monetary payment, service, property, or other benefit that results in remuneration, compensation, or consideration to a broker-dealer from any broker-dealer in return for directing orders. Customer understands that Broker transmits customer orders for execution to various exchanges or market centers based on a number of factors. These include: size of order, trading characteristics of the security, favorable execution prices (including the opportunity for price improvement), access to reliable market data, availability of efficient automated transaction processing and reduced execution costs through price concessions from the market centers. Customer further understand that certain of the exchanges or market centers may execute orders at prices superior to the publicly quoted market in accordance with their rules or practices and that while a customer may specify that an order be directed to a particular market center for execution, the order-routing policies, taking into consideration all of the factors listed above, are designed to result in favorable transaction processing for customers. The nature and source of any payments or credits received by Broker in connection with any specific transactions will be furnished upon written request. ## 45. Sweep program Customer acknowledges and agrees that by opening an Account with Light Horse Securities, Inc and maintaining a cash balance in Customer's Account, Customer is providing an instruction to the Broker's Clearing firm, Apex Clearing to sweep the cash balance held in Customer's Account to an interest-bearing FDIC-insured deposit account opened by Apex at a participating bank ("Program Bank"), at no cost to you, by participating in the Apex FDIC-Insured Sweep Program (the "Program") where it will earn interest paid into your Apex Account. A list of current Program Banks is available on Apex's website. Please review the document titled "Apex FDIC-Insured Sweep Program" to learn more about this offering. ## 46. Anti-money laundering ("AML"); Customer identification program ("CIP") To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an Account. Therefore, when Customer opens an Account, (1) Light Horse will require Customer's name, address, date of birth, and other information that will allow it to identify Customer; (2) Light Horse requires government-issued identification such as a social security number; and (3) Light Horse may also ask to see other identifying documents. Customer agrees it will provide prompt notification to Light Horse of any changes in the information including Customer's name, address, e-mail address and telephone number. Customer further understands that if Customer attempts to access Customer's Account from a jurisdiction subject to certain U.S. sanctions or Customer is ordinarily resident in such a jurisdiction, or if Light Horse reasonably believes that Customer is attempting such access or have become a resident in such a jurisdiction, Broker may restrict Customer from accessing its Account, and any pending orders may be cancelled. If this happens, Customer understands that Customer should contact support@lighthorse.io, and that Customer may be asked to provide supplemental information as part of this process. Customer further understands that Customer must close Customer's Account before establishing residency in any jurisdiction subject to U.S. sanctions. ## 47. Other customer information required Light Horse currently does not open accounts for corporations, partnership, trusts, or other legal entities. Rules set forth by the U.S. Department of Treasury, SEC, and FINRA may require Light Horse to collect additional information such as Customer's net worth, annual income, occupation, employment information, investment experience, investment objectives, and risk tolerance. In addition, account holders must certify to the best of their knowledge as to the accuracy of the information. Light Horse reserves the right to reject any account application and/or to reject any transactions for existing account holders if such account holder's identity cannot be verified at any time. If Customer has an existing account, Light Horse reserves the right to close the account at any point in time if Customer's identity cannot be verified as part of Broker's ongoing effort to prevent fraud. ## 48. Fully paid security lending Broker offers Customer an opportunity to earn incremental income on Customer's portfolio's eligible stock positions. Broker will lend out certain fully paid or excess margin securities in Customer's Account, Customer will receive a share of the interest Broker earns each day. Customer is automatically enrolled in this program as a new client if Customer meets the following criteria, a net worth and annual income of at least $50,000, at least 1 year of equity trading experience and accept the terms of the Apex MSLA as well as read and understand the related disclosures. Customer may opt out of the program at any time by emailing support@lighthorse.io. ## 49. Fractional share trading Light Horse fractional share trading functionality allows Customers to buy and sell fractional share quantities and dollar amounts of certain securities ("Fractional Trading"). Fractional Trading presents unique risks and has certain limitations that Customer should understand before engaging in such activity. Customer understands that Light Horse will execute all orders that include fractional shares ("Fractional Orders") on a principal basis. Customer understands that Customer may only submit Fractional Orders for national exchange-listed securities ("NMS Securities"). Customer further understands that there will be a minimum dollar amount of $5.00 USD and Broker will not accept purchases less than $5.00 USD. Proceeds from the sale of any whole or fractional share, less any fees, will be rounded to the nearest $0.01. Once a Fractional Order is executed, Light Horse will promptly allocate Customer's fractional share interest to the Account. When a fractional share interest is allocated to Customer's Account, the whole share is actually held by the Clearing Firm with the respective fractional interest allocated to Customer by the Clearing Firm. The fractional share interest in the whole share not allocated to Customer Account is allocated to the Clearing Firm as principal. All Fractional Orders placed outside of regular trading hours, either before or after such hours on a particular trading day, will be queued and executed upon market open on that trading day or the next trading day, as applicable. Customer understands that Light Horse only accepts market orders for fractional shares at this time and does not permit limit orders for fractional shares. Customer understands that fractional shares in Customer Account (i) are unmarketable, and illiquid outside Customer's Account, (ii) are not transferable in-kind, and (iii) may only be liquidated and the proceeds transferred out via a wire transfer. Customer acknowledges that, subject to applicable requirements, Broker may report holdings and transactions in the Account in terms of either U.S. dollars, shares, or both. FRACTIONAL SHARE INTERESTS IN NMS SECURITIES GENERALLY HAVE DIFFERENT RIGHTS FROM FULL SHARE INTERESTS, OF THE SAME NMS SECURITY. CUSTOMER AGREES TO REVIEW AND UNDERSTAND THE FOLLOWING INFORMATION REGARDING FRACTIONAL SHARE INTERESTS. Fractional share positions cannot be transferred or certificated. The Automated Customer Account Transfer System ("ACATS") does not support fractional share positions. If Customer wants to transfer an Account or specific share positions within an Account to another broker, Customer must sell fractional positions and transfer the cash proceeds. Customer hereby directs Clearing Firm not to vote or take any discretionary or voluntary action with respect to any fractional share position. Furthermore, Customer acknowledges that it cannot vote or take any discretionary or voluntary action with respect to any fractional share position. Accordingly, while Broker may notify Customer of issuer meetings, Broker will not solicit proxies in connection with fractional share positions, and Customer cannot vote proxies for fractional share positions. Fractional shareholders will not be able to provide instructions in connection with voluntary corporate actions (e.g. tenders), except for optional dividends; and Broker will not vote proxies for any fractional shares it holds as principal and will not affirmatively participate in any voluntary corporate actions. In the case of a dividend paid on, or a redemption of, an NMS Security, the dividend or redemption proceeds will be passed along to Customer in proportion to its ownership interest, inclusive of fractional share interests. For mandatory reorganizations, such as mergers and acquisitions, or other involuntary corporate actions, such as stock splits or stock dividends, typically Broker will distribute interests in proportion to Customer's ownership interest, inclusive of fractional share interests. Because of the unpredictable nature of corporate actions, there may be situations that arise that are not described. Generally, these situations will be handled in accordance with the above concepts applicable to dividends and reorganizations. Interests will be divided and distributed where possible in proportion to Customer's ownership interest. However, the foregoing notwithstanding, these situations are in all cases subject to the terms contained in the materials prepared by the issuer describing the corporate action, as well as Broker's applicable policies and procedures, which may result in a different outcome from what is described above. ## 50. Arbitration clause This Agreement contains a pre-dispute arbitration clause. By signing the Agreement, Customer Agrees as follows: a. All parties to this Agreement are giving up the right to sue each other in court, including the right to a trial by jury, except as provided by the rules of the arbitration forum in which a claim is filed; b. Arbitration awards are generally final and binding; a party's ability to have a court reverse or modify an arbitration award is very limited; c. The ability of the parties to obtain documents, witness statements and other discovery is generally more limited in arbitration than in court proceedings; d. The arbitrators do not have to explain the reason(s) for their award unless, in an eligible case, a joint request for an explained decision has been submitted by all parties to the panel at least 20 days prior to the first scheduled hearing date; e. The panel of arbitrators will typically include a minority of arbitrators who were or are affiliated with the securities industry; f. The rules of some arbitration forums may impose time limits for bringing a claim in arbitration. In some cases, a claim that is ineligible for arbitration may be brought in court; g. The rules of the arbitration forum in which the claim is filed, and any amendments thereto, shall be incorporated into this Agreement; h. Any controversy or claim arising out of or relating to this Agreement, any other agreement between Customer and Broker, any Account(s) established hereunder, any transaction therein, shall be settled by arbitration in accordance with the rules of FINRA Dispute Resolution, Inc. ("FINRA DR"); i. Customer Agrees to arbitrate any controversy or claim before FINRA DR in the State of New York. j. This agreement to arbitrate constitutes a waiver of the right to seek a judicial forum unless such a waiver would be void under the federal securities laws; k. If I am a foreign national, non-resident alien, or if I do not reside in the United States, I agree to waive my right to file an action against Broker in any foreign venue; l. No person shall bring a putative or certified class action to arbitration, nor seek to enforce any pre-dispute arbitration agreement against any person who has initiated in court a putative class action; or who is a member of a putative class who has not opted out of the class with respect to any claims encompassed by the putative class action until: (1) the class certification is denied; or (2) the class is decertified; or (3) Customer is excluded from the class by the court; m. Face-to-face arbitration proceedings held pursuant to this Agreement shall be conducted in New York City, New York; n. The substantially prevailing party shall be entitled to recover their attorneys' fees and costs; o. The arbitrator(s) shall determine the rights and obligations of the parties according to the substantive law of the State of New York and the express terms of this Agreement; p. Forbearance to enforce an agreement to arbitrate shall not constitute a waiver of any rights under this Agreement except to the extent stated herein. ## 51. Severability If any court, arbitration panel, other tribunal, regulatory or self-regulatory agency or body, shall deem any provision or condition of this Agreement invalid or unenforceable, such invalidity or unenforceability shall adhere only to such provision or condition. The validity of the remaining provisions and conditions shall not be affected and this Agreement shall be carried out as if any such invalid or unenforceable provision or conditions were not contained herein. ## 52. Scope and transferability This Agreement shall cover individually and collectively all accounts which Customer may open or reopen with Light Horse or accounts opened with Light Horse that Customer guarantee and shall insure to the benefit of Broker's successors whether by merger, consolidation or otherwise, and assigns, and Light Horse may transfer Customer's Accounts to Broker's successors and assigns, and this agreement shall be binding upon Customer's heirs, executors, administrators, successors, and assigns. ## 53. Amendment Light Horse may at any time amend this Agreement without prior notice to Customer. The current version of the Agreement will be posted on the Brokerage Platform and Customer Agrees that Customer's continued Account activity after such amendment constitutes Customer's agreement to be bound by all then-in-effect amendments to the Agreement, regardless of whether Customer has actually reviewed them. Continued use of the Brokerage Platform or Brokerage Services after such posting will constitute my acknowledgment and acceptance of such amendment. Customer agrees to regularly consult the Brokerage Platform for up-to-date information about Brokerage Services and any modifications to this Agreement. Broker is not bound by any verbal statements that seek to amend the Agreement. ## 54. International customers The Brokerage Services described on the Brokerage Platform are only offered in jurisdictions where they may be legally offered. Not all securities, products, or services are available in all countries, and nothing on this website constitutes an offer or solicitation of these securities, products, or services in any jurisdiction where Light Horse is not permitted to do business in. Customer understands that Light Horse products and services are intended for both U.S. customers and international customers but are not offered or available in all countries. Customers may find out more by contacting support@lighthorse.io or visiting the Brokerage Platform. ## 55. Ancillary agreements and documents Customer agrees and understands that other specific agreements, disclosures, terms and conditions apply to Customer's use of the Brokerage Platform and Customer's brokerage account. It is Customer's continuing obligation to understand such additional terms and conditions, and Customer Agrees to be bound by such terms as are in effect at the time of Customer's use. Such agreements, disclosures, terms and conditions may include, but are not limited to: a. Margin Agreement b. Margin Disclosure Statement c. Day Trading Disclosure Statement d. Privacy Policy e. Day Trading Disclosure f. Extended Hours Trading Disclosure g. Terms and Conditions ## 56. Entire agreement This agreement and all other agreements governing Customer's Broker accounts contain the entire understanding between Customer, Light Horse Securities, Inc, and Apex Clearing with respect to the subject matter hereof and thereof, and shall not be modified by Customer except in writing signed by Customer and an authorized Officer of Light Horse or Apex Clearing. Light Horse may amend this Agreement, which amendment shall be binding on Customer, and post the updated version on its website. Any material change will be sent to Customer's attention via electronic delivery. **CUSTOMER ACKNOWLEDGES THAT CUSTOMER HAS RECEIVED, READ, UNDERSTANDS AND AGREES TO THE TERMS SET FORTH IN THE FOREGOING AGREEMENT, AND THAT THIS AGREEMENT CONTAINS A PREDISPUTE ARBITRATION CLAUSE.** --- ### Customer Relationship Summary (Form CRS) Source: https://www.lighthorse.io/terms/form-crs Markdown: https://www.lighthorse.io/terms/form-crs.md Category: Core Agreements Light Horse Securities Inc. is registered with the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) as a broker-dealer. Brokerage and investment advisory services and fees differ, and it is important for you to understand these differences. Free and simple tools are available to research firms and financial professionals at [Investor.gov/CRS](https://www.investor.gov/CRS), which also provides educational materials about broker-dealers, investment advisers, and investing. ## What investment services can you provide me with? **Description of Services:** Light Horse offers self-directed brokerage services to retail investors (hereinafter, "customers"). Our services involve effecting securities transactions exclusively online. We buy and sell securities only at your direction and we do not offer you recommendations of securities, strategies involving securities or securities accounts. As an introducing broker, Light Horse accepts unsolicited orders from and provides service to its customers. Your funds and securities are custodied by Apex Clearing Corporation which provides executing, clearing, and settling your trades; preparing and distributing your account statements and trade confirmations. We offer NMS (national market system) listed equities, ETFs, and ADRs. We do not monitor your account or individual investments unless we state otherwise in writing. We do not make investment decisions on your behalf. We only execute the trades you request. We do not have account minimums. We offer access to articles, investment news and education to help you make investment decisions, but this information is for informational and educational purposes only. We do not limit our platform to products that pay us revenue sharing or other compensation. Please note that Light Horse Securities Inc. does not offer investment advice, manage investments, or offer ongoing monitoring of investments. For additional information about our products and services, please visit our website at [www.lighthorse.io](https://www.lighthorse.io). > **Conversation Starter** — Given my financial situation, should I choose a brokerage service? Why or why not? What is your relevant experience, including your licenses, education, and other qualifications? What do these qualifications mean? ## What fees will I pay? **Fees, Costs, Conflicts, and Standard of Conduct:** Light Horse Securities Inc does not charge commission for executing self-directed securities, or crypto trades. However, you may be subject to other fees or costs, including: - **Margin Interest** — Interest charged to your account when we lend you funds to trade on margin. For more information about margin and the costs and risks of trading on margin, please see our Fee Schedule. - **Short Selling Fees** — For a short position, you need to borrow shares of a company before you sell them. The cost associated with a short sale is the fee for borrowing the respective stock. - **Regulatory & Exchange Fees** — The SEC, self-regulatory organizations, and exchanges charge regulatory fees that may apply to you depending on your activity. - **Subscription Services** — Light Horse Securities customers may elect to access market data or other services. - **Account Transfer Fees** — Most accounts are subject to an industry standard transfer fee when processing a transfer to another firm. You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying. For additional information about fees and costs, please refer to the Light Horse Fee Schedule on the Light Horse website. Fees may change without notice, and any changes will be reflected in the Light Horse Fee Schedule. > **Conversation Starter** — Help me understand how these fees and costs might affect my investments. If I give you $10,000 to invest, how much will go to fees and costs, and how much will be invested for me? If you open a brokerage account through Light Horse with $10,000 and want to invest in securities, you will pay no commission on your trades. If you choose to use additional services, such as wire transfers or ACATS, those services are charged at the then prevailing rate. If you incur returned ACH fees, those are charged to you. ## What are your legal obligations to me when providing recommendations? How else does your firm make money and what conflicts of interest do you have? Light Horse does not provide recommendations. We are not subject to a fiduciary duty to you and do not monitor or manage your account, including the monitoring of brokerage account investments, unless we state otherwise in writing. We are paid when you complete a transaction, which means we have an incentive to encourage you to make larger investments and trade more frequently. Additionally, we receive Payment for Order Flow (PFOF) from part or all of your transactions. We address these potential conflicts of interest by ensuring that all accounts are self-directed by our customers. We do not recommend any investments, nor do we recommend any investment strategies. We may make money through partnership agreements such as customer referral programs and other types of co-marketing arrangements. Light Horse encourages you to read and familiarize yourself with all disclosures that are relevant to your investment relationship with us in our website Disclosure Library. > **Conversation Starter** — How might your conflicts of interest affect me, and how will you address them? ## How do your Financial Professionals make money? Light Horse financial professionals are paid salaries and discretionary bonuses based on their overall job responsibilities and performance. Our financial professionals do not earn any compensation based on the trading or investments of our customers. ## Do you or your financial professionals have legal or disciplinary history? **Disciplinary History:** None of the financial professionals at Light Horse Securities Inc have any legal or disciplinary history. You can visit [Investor.gov/CRS](https://www.investor.gov/CRS) for a free and simple search tool to research us and our financial professional. Additional information can be found at [FINRA's BrokerCheck](https://brokercheck.finra.org/). > **Conversation Starter** — As a financial professional, do you have any disciplinary history? For what type of conduct? ## Additional Information If you have any questions or would like additional information or a copy of this Form CRS, please contact us at [support@lighthorse.io](mailto:support@lighthorse.io). You can also visit our website at [www.lighthorse.io](https://www.lighthorse.io). > **Conversation Starter** — Who is my primary contact person? Is he or she a representative of an investment adviser or a broker-dealer? Whom can I talk to if I have concerns about how this person is treating me? --- ### Privacy Policy Source: https://www.lighthorse.io/terms/privacy-policy Markdown: https://www.lighthorse.io/terms/privacy-policy.md Category: Core Agreements Light Horse Securities, Inc. strongly believes in the privacy and protection of personal information provided by our clients and visitors. The purpose of this notice is to describe how Light Horse Securities, Inc. collects and shares data, including information provided by users, identity data, contact data, financial data, profile data, stored content, as well as data collected through tracking technologies. ## Information Gathering We gather information about you directly and indirectly when attempting to formulate a relationship with you, such as opening a new account with the firm and its clearing firm, Apex Clearing. The firm uses this information to verify your identity to meet regulatory requirements and transact business with you. We also use this information to improve our services, customize your browsing experience, and inform you about additional products, services, or promotions that may be of interest. We may collect and store the following information: **From you** - Personally identifiable information including full name, date of birth, gender, marital status, national identification number (e.g., social security number, passport number), nationality/citizenship. - Contact information such as email address, phone number, and residential address. - Financial details such as employment detail, bank account information, suitability information, approximate liquid net worth, approximate worth, and credit reports. - Content such as photos and contacts stored in your mobile device or email, collected with your consent. - Profile information such as usernames, passwords, purchase or order history, knowledge assessments, interests, preferences, feedback, and survey responses. **Automatically collected through the Services** - Information about your usage patterns, including device identifiers, advertiser identifiers (e.g., IDFA), operating system and version, carrier and network type, IP addresses, browser type and language, referring and exit pages, URLs, date and time of access, duration of time spent on specific pages, and the features of the Services you use or visit, purchases, and similar information related to your use of the Services. - Geolocation data obtained from your mobile device, wireless carrier, or third-party service providers. You have control over the collection of precise geolocation data through the user settings on your device. - Activity data, such as purchases, sales, transaction amount, type of transaction, time and date, and similar activities conducted through the Services. - Tracking data gathered using first and third-party cookies, pixels, web server logs, web beacons, and similar technologies used for data collection and tracking. This may include information such as IP address, browser type, ISP, platform type, and device type. ## How Do We Use Your Personal Information? We use personal information only as needed to provide you with quality service and ensure there are proper security measures in place to safeguard the data. We may use the information collected from you to: - verify your identity and contact information; - establish and set up your trading account; - issue an account number and password; - maintain your portfolio; - trading activity; - contact you with account information; - monitor, support, analyze and improve our services; - customize your browsing experience; - conduct marketing and advertising programs, provided that, where required under applicable law, we will obtain your prior opt-in consent to send electronic marketing communications; - newsletters, product announcements, surveys; - facilitate contests, sweepstakes, and promotions; - protect the safety and security of our Services, business, and customers; - fulfill legal and regulatory requirements; - protect or exercise our legal rights; - and as otherwise permitted by applicable law, or with your consent. ## Parties to Whom We Disclose Information We may disclose your information to third parties in the following ways: - **Vendors and service providers:** We may share your personal information with vendors and service providers, such as securities clearinghouses and identification verification providers, who assist us in delivering specific services. These third parties are obligated to maintain the confidentiality of your personal information and are only authorized to use it to provide the services we have requested. - **Business partners:** We may collaborate with business partners to administer promotions, sweepstakes, surveys, and other programs, as well as deliver targeted advertising. - **Sale or transfer of business:** In the event of a sale, merger, or other transfer of our business, your personal information may be shared as part of the transaction. - **Dealing with other parties:** We may disclose your information to individuals or institutions with whom you currently or intend to have interactions, such as companies in which you purchase securities through our Services. - **Affiliates:** We may share your information with our affiliates, including those located outside the United States, to enhance our ability to provide the Services to you effectively. - **Compliance with laws and legal processes:** We may disclose your information as required by applicable laws or in response to legal processes. - **Reporting and investigations:** We may disclose your information to report suspicious transactions or cooperate with law enforcement agencies during investigations. - **Protection of rights and safety:** We may disclose your information to protect the rights, interests, safety, and security of Light Horse Securities, Inc., our customers, or the public. - **Authorized disclosures:** If you request or authorize the disclosure, we may share your information with other third parties to facilitate or enforce a transaction. - **Aggregated or de-identified information:** We may aggregate or de-identify your personal information so that it no longer identifies you specifically. This anonymized information may be shared with third parties. These disclosures are subject to applicable laws and regulations, as well as your consent when required. ## How We Protect Your Information We have security measures to protect information under our control from loss, misuse, unauthorized access, disclosure, alteration, and destruction. We maintain appropriate physical, electronic and procedural safeguards, including restricting access to personal information on a need-to-know basis, and limiting the amount and type of information available for downloading or transmittal. We also regularly conduct audits to ensure the effectiveness of our system. No security system is impenetrable, Light Horse Securities, Inc. cannot guarantee that our security measures will prevent hackers from illegally obtaining this information, or that our database and/or systems will not be subject to a cyber-attack. We have established a data breach management plan. If there is a data breach involving the personal information of our users, we will activate the data breach management plan to contain the data breach to prevent data from being further compromised and take appropriate measures to inform you, including in the form of push notifications, public announcements, or other appropriate means. You understand that there are no guaranteed security measures that are completely effective. We strongly suggest that you perform all actions in a secure internet environment and use a strong password for your account. Please contact us at support@lighthorse.io if you have reason to believe your account security has in any way been compromised. Light Horse Securities, Inc. retains your personal information for as long as necessary to accomplish the purpose for which it was collected, to meet our legal and regulatory obligations including compliance with our records retention practices, or as required or permitted by applicable laws and as permitted to meet our legitimate interests. ## What Information Does Light Horse Securities, Inc. Share With Affiliates and Partners? We may share information with our affiliates if the information is required to provide the product or service you have requested or to provide you the opportunity to participate in the products or services our affiliates offer. Affiliates are defined as companies related by common ownership or control. They can be financial and non-financial companies. Non-affiliated companies are not related by common ownership or control. They can be financial and non-financial companies. Joint marketing is a formal agreement between non-affiliated financial companies that together market financial products or services to you. We build partnerships, which may include joint marketing agreements, with other companies that offer products and services that might be of value to our clients. In order to ensure that these products and services meet your needs and are delivered in a manner that is useful and relevant, we may share some information with our partners and/or affiliates. This allows us and the partners and/or affiliates to better understand the offers that are most relevant and useful. We may also compare our client lists with those of our partners and affiliates to ensure they are not sending messages to you if you've elected not to be notified previously. In our strategic partnerships, we will require that it be identified that an offer is being extended because of the relationship with us. The use of your personal information is limited to the purposes identified in our relationship with the partner or affiliate. In the event that you opt to integrate your brokerage account with a third-party service for the purpose of displaying your holdings external to Light Horse, it is imperative to acknowledge that said external entity may gather pertinent information about you. It is strongly advised that you carefully review the privacy policy and terms and conditions of the aforementioned third-party entity, as they may be different from those of Light Horse. The utilization of such services is undertaken at your own discretion and risk. ## How Your Information Travels We store your personal information on servers in the country or region that we provide our services from and you will be deemed to accept their jurisdiction over your information. Our products and Services are available across a number of jurisdictions, each of which has different data protection laws that vary in the amount of protection they provide. In all cases, we will make reasonable efforts to ensure that your personal information is adequately and equally protected. In providing our Services, your personal information may be accessed by our affiliates in jurisdictions other than where you use our services. We will not transfer any personal data relating to a natural person located in the European Economic Area, the United Kingdom, or any other jurisdiction that restricts outbound data transfer, from the country of origin without appropriate safeguards as required by applicable law and regulations. You may receive a copy of those safeguards by contacting us at support@lighthorse.io. ## Third-Party Links Some information on our website or services we offer may contain links to content maintained by third parties that we have no control over. We are not responsible for the privacy practices of these third parties or the content of third-party services or third-party service providers. The information practices of these third parties are not covered by this privacy policy. Please review the privacy policies of these third-party services. We urge you to read their privacy policies as well as terms and conditions of use to understand how they collect, use, and share your information. ## Child Privacy It is not our intention to collect or use personal information from anyone under the age of majority. We don't knowingly collect or solicit any information from minors. In the event that we learn that we have collected personal information of minors, we'll take reasonable steps to delete that information as quickly as possible. If we are also made aware that we have collected any personal information from minors and are asked to delete such information from our databases, we will do so promptly. If you believe that we might have any information from a minor, please contact us at support@lighthorse.io. ## California Residents This section provides details applicable to California residents under the California Consumer Privacy Act ("CCPA") regarding the personal information we collect about California residents and the rights afforded to them. Subject to certain limitations and exceptions, the CCPA provides California residents the right to opt out of the sale of personal information (please note we do not sell personal information), the ability to request the details of the personal information we collect, and the option to control and delete personal information. In accordance with the CCPA, California residents may exercise their rights under the CCPA by sending an email to support@lighthorse.io. Please note that: - The CCPA does not apply to nonpublic personal information collected by financial institutions such as Light Horse Securities, Inc. - We may deny your deletion request if retaining the information is necessary for us or our service providers to provide our services to you. - We may verify the request as well as your identity by asking you to provide information that matches information we have on file and/or your authorized agent if you designated one to act on your behalf. In accordance with California law, Light Horse Securities, Inc. will not share information we collect about you with non-affiliates, except as allowed by law. Please refer to this privacy policy document about who we share your information with and how it is used. Pursuant to California's "Shine the Light Act", California residents are permitted to request information about how we share certain information with third parties for their marketing use. Light Horse Securities, Inc. may disclose your personal information to our affiliates or other related third parties for their use in marketing to you. Please send an email to our support team at support@lighthorse.io to request a copy of our disclosure pursuant to California law. We will provide the required information to your email address in response. Please be advised that not all possible information sharing is covered by the "Shine the Light Act" requirements of California, and only information on covered sharing will be included in our response. ## Nevada Residents We do not sell consumer covered information for monetary consideration (as defined in Chapter 603A of the Nevada Revised Statutes). However, if you are a Nevada resident, you have the right to submit a request directing us not to sell your personal information. To submit such a request, please contact us at support@lighthorse.io. ## European and United Kingdom Residents If you are a resident of Europe and the United Kingdom, you have the following rights regarding your personal data: If you wish to access, correct, update or request deletion, restrict processing, object to processing, or request porting of your personal information, you can do so at any time by contacting us. You have the right to opt-out of marketing communications we send you at any time. You can exercise this right by clicking on the "unsubscribe" link in the marketing emails we send you. You can manage your account settings and email marketing preferences as set forth in the policy above. Similarly, if we have collected and processed your personal information with your consent, then you can withdraw your consent at any time by contacting us. Withdrawing your consent will not affect the lawfulness of any processing we conducted prior to your withdrawal, nor will it affect processing of your personal information conducted in reliance on lawful processing grounds other than consent. Please note that if you opt-out of having your data shared with advertisers, you will still see ads, they just will not be tailored to your interests. You have the right to complain to a data protection authority about our collection and use of your personal information. For more information, please contact your local data protection authority. We respond to all requests we receive from individuals wishing to exercise their data protection rights in accordance with applicable data protection laws. Notwithstanding the foregoing, we reserve the right to keep any information in our archives that we deem necessary to comply with our legal obligations, resolve disputes and enforce our agreements. ## Indirect Information Gathering The information we collect indirectly from you includes your Internet protocol (IP) address, browser type, operating system, Internet service provider (ISP), time stamps, transaction history, and location data. We may collect location data about you through your Internet Protocol (IP) address, GPS, Wi-Fi, or other methods. Should you close your account with us, we will retain your information, but only use it to comply with regulatory requirements and periodically contact you to offer you the opportunity to fund your account, reopen your account, or participate in other offers. ## Cookies We use cookies and other tracking technologies to improve your experience and understand your preferences. Cookies are small text files sent from web servers that may be stored on your computer. Cookies enable us to capture how you arrive at our site, when you return, which pages on our site you visit, and to recognize that you are already logged on when we receive a page request from your browser. We collect cookies using our website and our mobile application. We may link the information we store in cookies to personally identifiable information you submit while on our site. We will never share this information with any non-affiliated companies. Cookies do not contain any personal information or account/password information. You can adjust your browser settings to block cookies, but please note that some functions may not work properly if you choose to do so. ## Privacy Choices If you prefer that we limit disclosures of personal information about you, you may notify us via email at support@lighthorse.io that you elect to opt out of our privacy policy procedures. Please send correspondence along with your account number(s) to: support@lighthorse.io. Please indicate the following preferences: - Limit disclosure of personal information about me to non-affiliated third parties. - Limit the personal information about me that you share with our affiliates. - Remove my name from your marketing lists shared with affiliates in related lines of business. Please allow approximately 30 days from our receipt of your request for your instructions to become effective. You do not need to notify us if you have previously instructed the firm not to share information about you. ## Security of Your Personal Information We employ physical, electronic, and procedural safeguards to guard your nonpublic personal information. When you open an account with us, you are issued a unique account number, user ID, and password. It is important to maintain the secrecy of your account number, user ID, and password. We recommend not disclosing this information to anyone. We also recommend periodically changing your password. ## Reviewing or Changing Personal Information Personal identifying information may be reviewed, changed, or corrected at any time. You are responsible for maintaining the accuracy and completeness of your personal information stored at the firm. At least once every 36 months, we will send you a letter asking you to confirm the information we have on file. If you would like to review your personal information or if you believe that any of your information is incorrect, or if you have any questions regarding your personal information, or if you have any other questions or concerns regarding this privacy policy, simply contact our office at the same contact information listed in the "Privacy Choices" section. In the event the firm materially changes this Privacy Statement, the revised Privacy Statement will promptly be posted to our website. By opening an account with us, you are deemed to agree to accept posting of a revised Privacy Statement electronically on our website as actual notice to you. Should you have any additional questions concerning our privacy policy, you may submit a written request for additional information to our Customer Service team at [support@lighthorse.io](mailto:support@lighthorse.io). --- ### Terms & Conditions Source: https://www.lighthorse.io/terms/terms-and-conditions Markdown: https://www.lighthorse.io/terms/terms-and-conditions.md Category: Core Agreements These Terms and Conditions are made between Light Horse Securities, Inc. ("Light Horse," "we" or "us") and you. The terms set forth below describes which you must accept without restrictions or objections before using the services of our firm. This document applies to Light Horse's web sites, mobile apps, other electronic channels as described below, and electronic content, services, tools and other mobile products. Light Horse's Services may be offered on the [lighthorse.io](https://www.lighthorse.io) domain as well as on other Internet domains operated by our agents or alliance partners. ## Acceptance of the Terms and Conditions Before using our services and before becoming a customer of Light Horse, you must fully understand and agree to all the terms and conditions expressly explained and/or implied in this document. Notwithstanding anything to the contrary, by continuing to use our services you are implying that you have read these Terms and Conditions and have unconditionally accepted them without reservation. Customers of Light Horse are granted additional levels of access, which include additional functionality not available to non-account holders. This access may include additional access to the website, mobile application and other functionality. This additional access is governed by additional agreements such as the Customer Agreement which must be accepted before the access is granted. ## Revisions and Other Agreements Light Horse may revise the terms and conditions of using its services at any time, and you agree to be bound by future revisions. If you have an account with Light Horse, your customer relationship with Light Horse is also governed by your customer agreements. Light Horse may also offer other services from time to time that are governed by different agreements or additional terms and conditions. ## Licenses Light Horse grants you a single, non-exclusive, non-transferable and limited personal license to access and use the Light Horse Services. This license is conditioned on your continued compliance with the terms and conditions in this document as well any other customer agreement that may be required before using our services. Unless otherwise indicated for a particular Light Horse' service, any communications or material of any kind that you email, post or otherwise transmit through the Light Horse Services, including data, questions, comments, or suggestions (your "Communications") will be treated as non-confidential and non-proprietary. You hereby grant a license to Light Horse to reproduce, disclose, transmit, publish, broadcast, or post your communications either on the Light Horse' Web site or elsewhere with no liability or obligation to you. Light Horse is free to use any ideas, concepts, know-how, or techniques contained in your communications for any purpose including, but not limited to, developing and marketing products using such information. ## Registration Information and Privacy When you register for a Light Horse Service ("Registration"), such as a brokerage account, we may ask you to give us certain identifying information ("Registration") for the purpose of identity verification. You agree to provide true, accurate, current and complete information about yourself. You also agree not to impersonate any person or entity, misrepresent any affiliation with another person, entity or association, use false headers or otherwise conceal your identity from Light Horse for any purpose. We agree to treat with care the information you entrust to us, in accordance with the disclosures we give during the registration process and in our Privacy Policy. For your protection and the protection of our other customers and web site users, we ask you not to share your registration information or login credentials (including passwords and usernames) with any other person for the purpose of facilitating their access and unauthorized use of Light Horse' Services. If you do share this information with anyone we'll consider their activities to have been authorized by you. You alone are responsible for all transactions initiated, messages posted, statements made, or acts or omissions that occur within any Light Horse Service through the use of your registration information. Light Horse may offer you the opportunity to personalize a Light Horse Service or your online experience with the broker dealer. While certain personalization features can provide a more convenient way to access the data, trading, cash management and or features most relevant to you, be aware that "cookies" and other similar identification techniques are used to associate you with the computer or electronic device that you are using. For more information about these techniques, see the firm's privacy policy posted on [lighthorse.io](https://www.lighthorse.io). If you access Light Horse from a public location or if you otherwise share a computer or electronic device, some personalization features could reveal nonpublic personal information about you to others. You alone are responsible for deciding whether a particular personalization feature is appropriate for you and for any consequences that result from your decision. ## Unauthorized Access If you believe that someone has used your account registration information to access any Light Horse Service without your authorization, please contact Light Horse immediately at support@lighthorse.io. ## Third Party Service Providers Light Horse may use Third Party Service Providers to assist in providing certain Light Horse Services with or without notice to you (each, a "Third Party Service Provider"). Light Horse may also change Third Party Service Providers or may itself provide a Light Horse Service without the assistance of such third parties. You consent and authorize Light Horse to delegate the authorizations you provide to Light Horse to its Third Party Service Provider(s) as Light Horse deems necessary or desirable to provide the applicable Light Horse Service to you. You agree that the terms and conditions of the Agreement, including any of the other terms, conditions, warranty disclaimers and liability disclaimers incorporated into this Agreement, inure to the benefit of such Third Party Service Providers and such Third Party Service Providers are deemed to be third party beneficiaries of the Agreement, including any other terms, conditions, warranty disclaimers and liability disclaimers incorporated into this Agreement. You also agree that all references to "Light Horse" within the Agreement and any incorporated terms are also deemed to include, where applicable, Light Horse's agents, such as the Third Party Service Providers. To protect the privacy and security of your personal information, Third Party Service Providers will only be authorized to use or maintain your personal information only in accordance with Light Horse's privacy policy. ## Communications, Notice and Electronic Signatures You agree to accept all communications from us regarding use of the Light Horse' Services at the addresses you provide during registration. Please promptly update any changes to your registration information. Light Horse is entitled to rely on the email address and U.S. mail address that you last provided to us. You agree to waive all claims resulting from failure to receive communications because of changes in your e-mail or U.S. mail address. From time to time, we would like to send you information about Light Horse products and Services. If you register for a Light Horse' Service, you are granting Light Horse permission to communicate with you by email. You can opt not to receive such information from us in the future by following the instructions in any email that we send to you. You agree to be bound by any affirmation, assent, or agreement you transmit through the Light Horse' Services you access by computer or other electronic device, including internet, telephonic and wireless devices, including but not limited to any consent you give to receive communications from us solely through electronic transmission. You agree that, when in the future you click on an "I consent", "I agree," or other similarly worded "button" or entry field with your mouse, keystroke, fingertips or other device, your agreement or consent will be legally binding and enforceable and will be the legal equivalent of your handwritten signature. ## Permitted Use of Light Horse Services The following requirements apply to your use of all Light Horse Services: - You will not upload, post, reproduce or distribute any information, software or other material protected by copyright or any other intellectual property right (as well as rights of publicity and privacy) without first obtaining the permission of the owner of such rights. - You will not use any electronic communication feature of a Light Horse Service for any purpose that is unlawful, tortious, abusive, intrusive on another's privacy, harassing, libelous, defamatory, embarrassing, obscene, threatening or hateful. - You will not upload, post, e-mail or otherwise transmit any material that contains viruses or any other computer code, files or programs which might interrupt, limit or interfere with the functionality of any computer software or hardware or telecommunications equipment. - You will not use any Light Horse Service for any commercial purpose not expressly approved by Light Horse in writing. You will not upload, post, e-mail or otherwise transmit any advertising or promotional materials, including, without limitation, "junk mail," "surveys," "spam," "chain letters," "pyramid schemes," or any other form of solicitation or unauthorized communication. You will not collect or store personal data about other users. ## Market Information We may make available to you through one or more Light Horse' Services a broad range of financial information that we obtain from Third Party Service Providers. This includes financial market data, quotes, news, analyst opinions, and research reports. Collectively, we refer to this as "Market Information." Light Horse does not endorse or approve Market Information, and we make it available to you only as a service and convenience. Light Horse and our Third Party Service Providers do not (1) warrant any results from your use or reliance on Market Information, or (2) guarantee the accuracy, timeliness, completeness or correct sequencing of Market Information. Market Information may quickly become unreliable for various reasons including, for example, changes in market conditions or economic circumstances. Neither Light Horse nor the Third Party Service Providers are obligated to update any information or opinions contained in any Market Information, and we may discontinue offering Market Information at any time without notice. You agree that neither Light Horse nor the Third Party Service Providers will be liable to you in any way for the termination, interruption, delay, or inaccuracy of any Market Information. You will not redistribute or facilitate the redistribution of Market Information, nor will you provide access to Market Information to anyone who is not authorized by Light Horse to receive Market Information. If you are a securities broker, dealer, banker, or investment advisor, you agree not to use Market Information provided by Light Horse for any purpose related to your business. ## No Recommendations or Investment Advice The Light Horse Services and content (including Market Information) are for information, education, and entertainment purposes only. Although Light Horse Services may provide information relating to investment approaches and opportunities to buy or sell securities, you should not construe any Market Information, features, tools or other content available through any Light Horse' Service as legal, tax, investment, financial or other advice. Nothing contained in any Light Horse Service or any other content on our website constitutes a solicitation, recommendation, endorsement, or offer by Light Horse or a Third Party Service Provider to buy or sell any securities or other financial instruments. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any Light Horse Service before making any decisions based on Market Information or content contained in a Light Horse Service. In exchange for using Light Horse Services, you agree not to hold Light Horse or any Third Party Service Provider liable for any possible claim for damages arising from any decision you make based on information made available to you through any Light Horse Service. ## No Access Devices Use You agree to not use Light Horse's computer systems, web site or any proprietary software or technology to automate the process of obtaining, downloading, transferring or transmitting any Market Information or any other content to or from any Light Horse Service, including Light Horse's computer systems, Web site or proprietary software. ## Security of Data Transmissions Electronic (including wired and wireless) communications through the Light Horse' Services may not be encrypted. You acknowledge that there is a risk that data, including email, electronic and wireless communication and personal data, may be accessed by unauthorized third parties when communicated between you and Light Horse or between you and other parties. ## Monitoring by Light Horse Light Horse, its affiliates and agents are entitled, but not obligated, to review or retain your Communications. We and our Third Party Service Providers may monitor your Communications to evaluate the quality of service you receive, your compliance with the Agreement, the security of the Light Horse Services, or for other reasons. You agree that these monitoring activities will not entitle you to any cause of action or other right with respect to the manner in which Light Horse or its Third Party Service Providers monitor your Communications and enforce or fail to enforce the Rules and Guidelines of any Light Horse' Service and the terms of the Agreement. In no event will Light Horse or its Third Party Service Providers be liable for any costs, damages, expenses or any other liabilities incurred by you as a result of any monitoring activities. ## Outside Links Light Horse may make available links from a Light Horse Service to other, third party sites or electronic services providers that are not affiliated with Light Horse. Light Horse does not control these other sites or services, and Light Horse makes no representations or endorsements whatsoever concerning those sites or services. The fact that Light Horse has provided a link to a site is not an endorsement, authorization, sponsorship, or affiliation with respect to such site, its owners, or its providers. There are risks in using any information, software, service or product found on the Internet, and Light Horse cautions you to make sure you understand these risks before retrieving, using, relying upon, or purchasing anything via the Internet. You agree that under no circumstances will you hold Light Horse liable for any loss or damage caused by use of or reliance on any content, goods or services available on other sites. ## Third Party Social Media The Firm upholds a presence on third-party social media sites including Twitter, Facebook, LinkedIn, and Instagram. Any statements made by the Firm are not intended as investment advice or as an offer to sell the solicitation of an offer to buy and hold security. Light Horse has no affiliation with Facebook, Twitter, Instagram, or LinkedIn nor has any control over the use of these sites for the information shared on personal accounts. It is your responsibility to be aware of the privacy and security policies when engaging in the use of third-party social networking channels. It is important for you to understand how your user information can be displayed and used throughout the third-party site you are using and be familiar with how the account settings operate. When participating in social networking sites, you should never post personal information for your security and safety. The Firm reserves the right to monitor activity and remove offensive material associated with the Firm's profile. The Firm also reserves the right to block accounts posting inappropriate material, or for any other reason. The Firm's interactions with other accounts such as liking, sharing and following users is intended to provide supplementary perspective and should not be interpreted as an endorsement of any products or services of that account. Comments and statements are based exclusively upon the opinions of the Firm are subject to change. ## Warranty Disclaimers Although Light Horse tries to provide accurate and timely information through its Light Horse Services, there may be inadvertent technical or factual inaccuracies and typographical errors. Light Horse reserves the right to make changes and corrections at any time, without notice. The information provided through the Light Horse Services is provided "as available" and "as is". Light Horse does not warrant the accuracy, completeness or timeliness of the information, text, graphics, links or other items contained in the Light Horse Services. Light Horse provides no guarantee against the possibility of deletion, mis-delivery or failure to store communications, personalized settings, or other data. Light Horse expressly disclaims all liability for errors or omissions in, or the misuse or misinterpretation of, any information contained in the Light Horse Services. Light Horse may change information contained in the Light Horse Services at any time and makes no commitment to update the information contained in the Light Horse Services. You assume the entire risk as to the use of the Light Horse' Services. Further, Light Horse makes no warranties regarding the Light Horse Services. Light Horse and its affiliates and agents (including third party service providers) disclaim all warranties, either express or implied, including but not limited to implied warranties of merchantability, accuracy, fitness for a particular purpose, and non-infringement. Some states do not allow limitations on how long an implied warranty lasts, so the above limitations may not apply to you. You may have other rights which vary from state to state. Any price quotes may be delayed according to the rules and regulations applicable to exchanges and third party providers. Neither Light Horse nor the third party providers make any representations, warranties or other guarantees as to the accuracy or timeliness of any price quotes. Neither Light Horse nor the third party providers make any representations, warranties or other guarantees as to the present or future value or suitability of any sale, trade or other transaction involving any particular security or any investment. Any material downloaded or otherwise obtained through the use of the Light Horse Services is done at your own discretion and risk and you are solely responsible for any damage to your computer or other electronic system or loss of data that results from the download of any such material. No advice or information, whether oral or written, obtained by you from Light Horse or through or from the Light Horse Services, will create any warranty not expressly stated in these terms. ## Limitation of Liability and Indemnification You agree to indemnify and hold Light Horse and its affiliates, agents, employees, and licensors (including the third party service providers) harmless from any claim, demand, loss, costs or expense, including attorneys' fees, made by any person arising out of your violation of this agreement, state or federal securities laws or regulations, or any other person's rights, including but not limited to infringement of any copyright or violation of any proprietary or privacy right. Under no circumstances, including but not limited to a negligent act, will Light Horse or its affiliates, agents, employees, or licensors (including third party service providers) be liable for any damages of any kind that result from the use of, or the inability to use, any Light Horse Service, even if any such party has been advised of the possibility of such damages. Applicable law may not allow the limitation or exclusion of liability or incidental or consequential damages, so the above limitation or exclusion may not apply to you. In no event will Light Horse or its third party service providers be liable to you or any third party for any tort, contract or any other liability arising in connection with the use of a Light Horse Service, or reliance on any information or services provided by Light Horse. Light Horse and its third party service providers will under no circumstances be liable to you and/or any third party, regardless of the form of action, for any loss of profits, goodwill, use, data or other intangible losses, or any direct, indirect, special, consequential, incidental or punitive damages whatsoever, even if Light Horse or its Third Party Service Providers has been advised of the possibility of such damages resulting from: (I) the use or the inability to use the Light Horse Services; (ii) the timeliness, deletion, mis-delivery, or failure to store any user data, communications or personalization settings; (iii) the cost of getting substitute goods and services resulting from any products, data, information or services purchased or obtained or messages received or transactions entered into, through or from the Light Horse Services; (iv) unauthorized access to or alteration of your transmissions or data; (v) statements or conduct of anyone on the Light Horse Services; (vi) the use, inability to use, unauthorized use, performance or non-performance of any third party, even if the third party has been advised previously of the possibility of such damages; or (vii) any other matter relating to the Light Horse Services. You agree that you will not in any way hold Light Horse responsible for any selection or retention of, or the acts or omissions of, third parties (including third party service providers) in connection with the Light Horse Services. Because some states prohibit the limitation of liability for consequential or incidental damages, in such states the limitation of liability only with respect to consequential or incidental damages may not apply to you, and the respective liability of Light Horse and its Third Party Service Providers, employees, distributors and agents is limited to the greatest extent allowable under applicable law in those states. In the event that a court or arbitration panel, as the case may be, should hold that the limitations of liabilities or remedies available as set forth in this Agreement, or any portions thereof, are unenforceable for any reason, or that any of your remedies under this Agreement fail, then you expressly agree that under no circumstances will the total, aggregate liability of Light Horse and its Third Party Service Providers, employees, distributors, agents or affiliates, to you or any party claiming by or through you for any cause whatsoever, exceed $500 (U.S.), regardless of the form of action and whether in contract, statute, tort or otherwise. ## Restrictions on Use Except as otherwise permitted by Light Horse, no materials from the Light Horse Services or any site owned, operated, licensed or controlled by Light Horse may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way. You may download material displayed on the Light Horse Services for non-commercial, personal use. If you do so, you agree to retain all copyright and other proprietary notices contained on the materials. You may not use, distribute, modify, transmit, or post the content of the Light Horse Services for public or commercial purposes, including any audio, video, text, or images, without Light Horse's written permission. ## Copyright and Trademarks Light Horse' Services are owned by Light Horse or its affiliates or agents (including the Third Party Service Providers) and are protected by United States copyright laws and international treaty provisions. All content, trademarks, services, marks, trade names, logos, and icons are proprietary to Light Horse or its affiliates, licensors or agents (including the Third Party Service Providers). Other third-party products and brand names may be trademarks or registered trademarks of their respective owners, and may not be affiliated with Light Horse. Nothing contained in the Light Horse Services should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trademark displayed on the Light Horse Services without the written permission of Light Horse or such third party that may own the trademarks displayed on the Light Horse Services. Your use of the trademarks displayed on the Light Horse Services, or any other content in the Light Horse Services, except as provided herein, is strictly prohibited. Images displayed through the Light Horse' Services are either the property of, or used with permission by, Light Horse. You are prohibited from using or authorizing the use of these images unless specifically permitted under the Agreement. Any unauthorized use of the images may violate copyright laws, trademark laws, the laws of privacy and publicity, or other regulations and statutes. ## Suspension, Modification and/or Termination of Light Horse Services Light Horse reserves the right to modify or discontinue, permanently or temporarily, a Light Horse brokerage account or service (or any part thereof) with or without notice. You agree that Light Horse will not be liable to you or to any third party for any modification, suspension or discontinuance of a Light Horse' Service. Please keep in mind that extended periods of inactivity may also result in your enrollment in a Light Horse' Service being canceled. The license granted under the Agreement will terminate if Light Horse believes that any information provided by you, including your email address, is no longer current or accurate, or if you fail to otherwise comply with any term or condition of the Agreement. Upon such violation, you agree to terminate access to the Light Horse' Services. ## Governing Law The Agreement, and all future agreements you may enter into with Light Horse, unless otherwise indicated on such other agreement, will be governed by the law of the State of New York, without regard to conflicts of law principles thereof. This is the case regardless of whether you reside or transact business with Light Horse in New York or elsewhere. Unless a dispute would be governed by an applicable arbitration clause, you agree to submit to the personal and exclusive jurisdiction of the courts located within the City and County of New York, New York. If any part of the Agreement is unlawful, void or unenforceable, that part will be deemed severable and will not affect the validity and enforceability of any remaining provisions. --- ### Business Continuity Plan Disclosure Source: https://www.lighthorse.io/terms/bcp-disclosure Markdown: https://www.lighthorse.io/terms/bcp-disclosure.md Category: Operational Disclosures The firm has created a Business Continuity Plan (BCP) that provides for the firm to continue client service within a reasonable amount of time, given the scope and severity of a significant business disruption (SBD). The BCP anticipates responding to both internal and external SBDs. An internal SBD, such as the loss of our telephone system, affects only the firm. The firm will respond to internal SBDs by re-routing calls to secondary numbers, and/or relocating its primary office to a secondary location, and/or, recovering data from a back-up storage media and/or a back-up site. The firm expects to recover from an internal SBD within one hour. An external SBD, such as a power outage or flood, affects multiple businesses and can be local, regional, national, or global. The firm's response to an external SBD relies more heavily on other organizations, such as the clearing firm and product sponsors. The firm expects to recover from an external SBD within six hours. In the event a SBD prevents customers from contacting the firm by using the firm's primary phone number 917-983-9715, customers may contact the firm by using the email address support@lighthorse.io. If a SBD disrupts both the primary and secondary methods of contacting the firm, customers should contact the clearing firm at 214-765-1100 and/or product sponsors at the number provided on quarterly statements. The clearing firm and/or product sponsors maintain customer accounts and can deliver funds and/or securities. In the event an SBD renders the firm unable to receive customer orders, the firm will instruct the clearing firm and/or product sponsors to provide customers with instructions and assistance on how customers can gain prompt access to their funds and securities. If the SBD disrupts the clearing firm's systems, customer orders and requests for funds could be delayed during the time period in which the clearing firm restores its operations and resumes accepting customer orders and completing existing orders. While no contingency plan can eliminate all risk of service interruption or temporarily impeded account access, the firm continually assesses and updates its BCP to mitigate all reasonable risk. This disclosure is subject to modification. --- ### Day Trading Risk Disclosure Source: https://www.lighthorse.io/terms/day-trading-disclosure Markdown: https://www.lighthorse.io/terms/day-trading-disclosure.md Category: Trading Disclosures You should consider the following points before engaging in a day-trading strategy. For purposes of this notice, a *"day-trading strategy"* means an overall trading strategy characterized by the regular transmission by a customer of intra-day orders to affect both purchase and sale transactions in the same security or securities. ## Day trading can be extremely risky. Day trading generally is not appropriate for someone of limited resources and limited investment or trading experience and low risk tolerance. You should be prepared to lose all of the funds that you use for day trading. In particular, you should not fund day-trading activities with retirement savings, student loans, second mortgages, emergency funds, funds set aside for purposes such as education or home ownership, or funds required to meet your living expenses. Further, certain evidence indicates that an investment of less than $50,000 will significantly impair the ability of a day trader to make a profit. Of course, an investment of $50,000 or more will in no way guarantee success. ## Be cautious of claims of large profits from day trading. You should be wary of advertisements or other statements that emphasize the potential for large profits in day trading. Day trading can also lead to large and immediate financial losses. ## Day trading requires knowledge of securities markets. Day trading requires in-depth knowledge of the securities markets and trading techniques and strategies. In attempting to profit through day trading, you must compete with professional, licensed traders employed by securities firms. You should have appropriate experience before engaging in day trading. ## Day trading requires knowledge of a firm's operations. You should be familiar with a securities firm's business practices, including the operation of the firm's order execution systems and procedures. Under certain market conditions, you may find it difficult or impossible to liquidate a position quickly at a reasonable price. This can occur, for example, when the market for a stock suddenly drops, or if trading is halted due to recent news events or unusual trading activity. The more volatile a stock is, the greater the likelihood that problems may be encountered in executing a transaction. In addition to normal market risks, you may experience losses due to system failures. ## Day trading will generate substantial commissions, even if the per trade cost is low. Day trading involves aggressive trading, and generally you will pay commissions on each trade. The total daily commissions that you pay on your trades will add to your losses or significantly reduce your earnings. For instance, assuming that a trade costs $16 and an average of 29 transactions are conducted per day, an investor would need to generate an annual profit of $111,360 just to cover commission expenses. ## Day trading on margin or short selling may result in losses beyond your initial investment. When you day trade with funds borrowed from a firm or someone else, you can lose more than the funds you originally placed at risk. A decline in the value of the securities that are purchased may require you to provide additional funds to the firm to avoid the forced sale of those securities or other securities in your account. Short selling as part of your day-trading strategy also may lead to extraordinary losses, because you may have to purchase a stock at a very high price to cover a short position. --- ### Extended Hours Trading Risk Disclosure Source: https://www.lighthorse.io/terms/extended-hours-disclosure Markdown: https://www.lighthorse.io/terms/extended-hours-disclosure.md Category: Trading Disclosures You should consider the following points before engaging in extended hours trading. "Extended hours trading" means trading outside of "regular trading hours." "Regular trading hours" generally means the time between 9:30 a.m. and 4:00 p.m. Eastern Standard Time. ## Risk of lower liquidity. Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders that are available in a market, the greater the liquidity. Liquidity is important because with greater liquidity it is easier for investors to buy or sell securities, and as a result, investors are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower liquidity in extended hours trading as compared to regular trading hours. As a result, your order may only be partially executed, or not at all. ## Risk of higher volatility. Volatility refers to the changes in price that securities undergo when trading. Generally, the higher the volatility of a security, the greater its price swings. There may be greater volatility in extended hours trading than in regular trading hours. As a result, your order may only be partially executed, or not at all, or you may receive an inferior price when engaging in extended hours trading than you would during regular trading hours. ## Risk of changing prices. The prices of securities traded in extended hours trading may not reflect the prices either at the end of regular trading hours, or upon the opening the next morning. As a result, you may receive an inferior price when engaging in extended hours trading than you would during regular trading hours. ## Risk of unlinked markets. Depending on the extended hours trading system or the time of day, the prices displayed on a particular extended hours trading system may not reflect the prices in other concurrently operating extended hours trading systems dealing in the same securities. Accordingly, you may receive an inferior price in one extended hours trading system than you would in another extended hours trading system. ## Risk of news announcements. Normally, issuers make news announcements that may affect the price of their securities after regular trading hours. Similarly, important financial information is frequently announced outside of regular trading hours. In extended hours trading, these announcements may occur during trading, and if combined with lower liquidity and higher volatility, may cause an exaggerated and unsustainable effect on the price of a security. ## Risk of wider spreads. The spread refers to the difference in price between what you can buy a security for and what you can sell it for. Lower liquidity and higher volatility in extended hours trading may result in wider than normal spreads for a particular security. --- ### Fractional Trading Risk Disclosure Source: https://www.lighthorse.io/terms/fractional-trading-disclosure Markdown: https://www.lighthorse.io/terms/fractional-trading-disclosure.md Category: Trading Disclosures Trading fractional shares of stocks can offer benefits such as lower barriers to entry into the market, but it also involves certain risks that investors should be aware of. Here are some of the risks of trading fractional shares of stocks: - **Fractional shares may not be as liquid as whole shares.** Depending on the broker or trading platform, fractional shares may be illiquid, which means it may be difficult to buy or sell them quickly, especially during periods of high market volatility. - **Fractional shares may not be transferable to other brokerage firms.** Some brokers may not allow investors to transfer their fractional shares to other brokerage firms, which could limit an investor's options if they decide to switch to a different broker. - **Fractional shares may not be eligible for certain shareholder benefits.** Companies may offer shareholder benefits such as discounts on products or priority access to events to investors who own a minimum number of shares. Fractional shareholders may not be eligible for these benefits. - **Fractional shares may be subject to fewer voting rights.** Some companies may limit the voting rights of fractional shareholders or require them to own a minimum number of shares to be eligible to vote on important matters. - **Fractional shares may be more volatile.** Due to their smaller size, fractional shares may be more sensitive to market volatility, and changes in the market price of the stock may have a larger impact on the value of the fractional share. It is important to understand the risks involved and carefully consider these factors before making any investment decisions. Investors should always do their own research and consult with a financial advisor before trading fractional shares of stocks. --- ### Fully Paid Securities Lending Risk Disclosure Source: https://www.lighthorse.io/terms/fully-paid-securities-lending-disclosure Markdown: https://www.lighthorse.io/terms/fully-paid-securities-lending-disclosure.md Category: Trading Disclosures Please read and understand the following risks of using Fully Paid Security Lending when deciding if it is right for you. - Securities on loan are not protected by SIPC. The collateral delivered may constitute the only source of satisfaction of APEX Clearing's obligation in the event the securities are not returned. - Loss of voting rights. - Tax consequences from receiving cash in lieu of dividends (if security pays dividends). - Securities loaned out are typically used to facilitate short sales. - There is no guarantee that shares will be lent out or no guarantee that you will receive the best loan rates for your shares. - Interest rates can move daily and are subject to market conditions. For detailed information about the risks and process of Fully Paid Security Lending please refer to APEX Fully Paid Lending Disclosures and Master Securities Lending Agreement. --- ### Low-Priced Securities Risk Disclosure Source: https://www.lighthorse.io/terms/low-priced-securities-disclosure Markdown: https://www.lighthorse.io/terms/low-priced-securities-disclosure.md Category: Trading Disclosures This disclosure document is provided to inform customers about the risks associated with trading low-priced securities, also known as penny stocks. Low-priced securities typically carry a higher level of risk compared to securities traded on major exchanges. At Light Horse, we believe it is essential that you fully understand these risks before engaging in such trades. ## Definition of Low-Priced Securities Low-priced securities, often referred to as penny stocks, are typically shares issued by smaller companies that trade for less than $5.00 per share. These securities may be traded on over-the-counter (OTC) markets such as the OTC Bulletin Board (OTCBB) or OTC Link, as well as on smaller exchanges. In some cases, low-priced securities may also be traded on exchanges. Some securities issued by private companies without active trading markets may also be classified as low-priced securities. ## Risks Associated with Low-Priced Securities - **Risk of low liquidity.** Low-priced securities generally have lower trading volumes compared to securities listed on major exchanges. This can make it difficult to buy or sell shares at desired prices, potentially leading to large price fluctuations. In extreme cases, you may not be able to sell your shares at all. - **Price volatility.** Due to limited trading activity and the speculative nature of low-priced securities, their prices can fluctuate significantly in a short period of time. These price swings can occur without any fundamental changes in the underlying company's performance, increasing the unpredictability of your investment. - **Lack of public information.** Unlike larger companies, issuers of low-priced securities are not always required to file regular reports with the SEC. As a result, it can be difficult to obtain accurate and reliable information about these companies. This lack of transparency can lead to misinformed investment decisions and increase the risk of fraud. - **Potential for fraud and manipulation.** Low-priced securities are more susceptible to fraud, including schemes such as "pump and dump." In such schemes, promoters falsely inflate the stock price through misleading statements or exaggerated claims, only to sell off their shares once the price has increased, leaving unsuspecting investors with devalued shares. Be cautious of unsolicited communications, advertisements, and reports that promote low-priced securities as "can't-miss" investment opportunities. - **Dilution risk.** Companies that issue low-priced securities may be more likely to offer additional shares in the future to raise capital. This can dilute the value of your holdings, meaning that even if the company performs well, the value of your shares could still decrease due to an increase in the overall number of shares available on the market. - **Increased risk of insolvency.** Companies issuing low-priced securities may be smaller or less established, with higher risks of financial instability or insolvency. This may result in the company going bankrupt, which could cause you to lose your entire investment. - **Execution risks.** Orders to buy or sell low-priced securities may not execute at the expected price, or may only partially execute due to limited market activity. In some cases, orders may fail to execute at all. Investors should be prepared for delays and discrepancies between quoted prices and the actual prices at which their trades are executed. - **Margin trading risks.** Purchasing low-priced securities on margin significantly increases your risk. In volatile markets, you may be required to meet margin calls (by depositing additional funds into your account) to avoid the forced sale of securities at a loss. Because of the speculative nature of low-priced securities, trading them on margin can result in losses that exceed your initial investment. - **Regulatory oversight and rules.** The SEC and FINRA have established rules and guidelines aimed at protecting investors in low-priced securities. It is important for investors to familiarize themselves with these rules before trading. Notable regulations include Exchange Act Section 15(h), Exchange Act Rule 3a51-1, and Rules 15g-1 through 15g-100, which are designed to prevent abusive practices related to low-priced securities. - **Conduct thorough research.** Prior to investing in any low-priced securities, it is crucial that you perform extensive research on the issuer, including reviewing available financial statements, press releases, and regulatory filings (if available). Be wary of unsolicited offers or promotions regarding low-priced securities. - **Be prepared for the possibility of losing your entire investment.** Due to the speculative nature of low-priced securities, it is possible that you could lose all or a significant portion of your investment. Customers should only invest money they are willing to lose when trading in these types of securities. ## Light Horse Requirements You must be qualified for margin and have a margin approved and enabled account to trade securities under $1.00 USD. You must keep a balance of $2,000 or greater to open positions in a margin account. It is essential to carefully consider whether trading in low-priced securities is suitable for your investment objectives and risk tolerance. By understanding and accepting the risks outlined in this disclosure, you can make more informed decisions when participating in these speculative markets. For more information on the risks of low-priced securities, please refer to the [SEC's Microcap Stocks: A Guide for Investors](https://www.sec.gov/about/reports-publications/investorpubsmicrocapstock#:~:text=Risk%20While%20all%20investments%20involve,be%20tested%20in%20the%20market). --- ### Margin Disclosure Statement Source: https://www.lighthorse.io/terms/margin-disclosure Markdown: https://www.lighthorse.io/terms/margin-disclosure.md Category: Trading Disclosures Light Horse Securities, Inc. ("Light Horse," "we" or "us") is furnishing this document to you to provide some basic facts about purchasing securities on margin, and to alert you to the risks involved with trading securities in a margin account. Before trading stocks in a margin account, you should carefully review the margin agreement provided by your firm. Consult the firm regarding any questions or concerns you may have with your margin accounts. When you purchase securities, you may pay for the securities in full or you may borrow part of the purchase price from your brokerage firm. If you choose to borrow funds from the firm, you will open a margin account with the firm. The securities purchased are the firm's collateral for the loan to you. If the securities in your account decline in value, so does the value of the collateral supporting your loan, and, as a result, the firm can take action, such as issue a margin call and/or sell securities or other assets in any of your accounts held with the member, in order to maintain the required equity in the account. It is important that you fully understand the risks involved in trading securities on margin. These risks include the following: - **You can lose more funds than you deposit in the margin account.** A decline in the value of securities that are purchased on margin may require you to provide additional funds to the firm that has made the loan to avoid the forced sale of those securities or other securities or assets in your account(s). - **The firm can force the sale of securities or other assets in your account(s).** If the equity in your account falls below the maintenance margin requirements, or the firm's higher "house" requirements, the firm can sell the securities or other assets in any of your accounts held at the firm to cover the margin deficiency. You also will be responsible for any shortfall in the account after such a sale. - **The firm can sell your securities or other assets without contacting you.** Some investors mistakenly believe that a firm must contact them for a margin call to be valid, and that the firm cannot liquidate securities or other assets in their accounts to meet the call unless the firm has contacted them first. This is not the case. Most firms will attempt to notify their customers of margin calls, but they are not required to do so. However, even if a firm has contacted a customer and provided a specific date by which the customer can meet a margin call, the firm can still take necessary steps to protect its financial interests, including immediately selling the securities without notice to the customer. - **You are not entitled to choose which securities or other assets in your account(s) are liquidated or sold to meet a margin call.** Because the securities are collateral for the margin loan, the firm has the right to decide which security to sell to protect its interests. - **The firm can increase its "house" maintenance margin requirements at any time and is not required to provide you advance written notice.** These changes in firm policy often take effect immediately and may result in the issuance of a maintenance margin call. Your failure to satisfy the call may cause the member to liquidate or sell securities in your account(s). - **You are not entitled to an extension of time on a margin call.** While an extension of time to meet margin requirements may be available to customers under certain conditions, a customer does not have a right to the extension. --- ### Market Data Disclosure Source: https://www.lighthorse.io/terms/market-data-disclosure Markdown: https://www.lighthorse.io/terms/market-data-disclosure.md Category: Trading Disclosures The customer acknowledges that each participating national securities exchange or securities association asserts a proprietary interest in all of the market data it furnishes to parties that disseminate said data. Customer understands that neither Light Horse Securities, Inc nor any participating national securities exchange or association nor any supplier of market data guarantees the timeliness, sequence, accuracy, completeness, reliability, or content of market information, or messages disseminated to or by any party. The customer understands that neither Light Horse nor any supplier of market data warrants that the service will be uninterrupted or error-free. Customer agrees that Customer's use of Light Horse's website or any service offered by Light Horse is at customer's sole risk. All the data is provided on an "as is", "as available" basis without warranties of any kind, either express or implied, including, without limitation, those of merchantability and fitness for a particular purpose. Neither Customer nor any other person shall hold any Disseminating Party liable in any way for any inaccuracy, error or delay, or omission of any such data, information or message, or the transmission or delivery of any such data information or message any loss or damage arising from or occasioned by: 1. any such inaccuracy, error, delay, or omission, 2. non-performance, or 3. interruption in any such data, information or message, whether due to any negligent act or omission by any Disseminating Party, or to any "force majeure" (e.g., flood, extraordinary weather conditions, earthquake, or other act of God, fire, war, insurrection, riot, labor dispute, accident, action of government, communications or power failure, or equipment or software malfunction) or other cause beyond the reasonable control of any Disseminating Party. The Market Data is believed to be reliable, but neither Light Horse nor Market Data providers ("Market Data Providers") can guarantee the accuracy, completeness, timeliness, or correct sequencing of the market data. Furthermore, the Customer agrees not to hold Light Horse or Market Data Providers liable for interruptions in the availability of market data or the Customer's access to market data. Customer agrees to hold harmless and indemnify Light Horse its officers, directors, employees, agents, and affiliates and those officers, directors, employees, agents, and affiliates of the Market Data Providers from any liability with respect to interruptions in the availability of market data, Customer's access to market data, lost profits, trading losses, or any other damages. Light Horse will make all reasonable efforts to notify users in advance of service interruptions caused by system maintenance and updates and retains the right to suspend or terminate part of or the whole of its network services without prior notice to users. Light Horse does not bear any legal liability for any loss arising from any service suspension or termination. Third-party Data provided on Light Horse applications does not reflect the views of Light Horse. The Light Horse product features are designed for informational purposes only and are not intended to serve as recommendations to customers to buy or sell any securities. All investments involve risk, and the past performance of any security or financial product does not guarantee future results or returns. While diversification may help spread risk, it does not assure a profit or protect against loss. There is always the potential to lose money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. Light Horse currently utilizes Nasdaq, Inc for its market data. Nasdaq, Inc. and its subsidiaries and affiliates ("Nasdaq") shall not be liable to users, regardless of the cause (unless resulting from the gross negligence or willful misconduct of Nasdaq) or duration, for any errors, inaccuracies, omissions, or other defects in, or untimeliness or inauthenticity of the market data, or for any delay or interruption in the transmission thereof to users, or for any claim or loss arising therefrom or occasioned thereby. --- ### Options Risk Disclosure Source: https://www.lighthorse.io/terms/options-risk-disclosure Markdown: https://www.lighthorse.io/terms/options-risk-disclosure.md Category: Trading Disclosures Expiration day for most listed options typically occurs on Friday, or Thursday when Friday is not a trading day. Certain contracts may also expire on Mondays, Wednesdays, or quarterly cycles, depending on the specific product specifications published by the Options Clearing Corporation ("OCC"). ## 1. Exercise Policy: Light Horse Does Not Allow Option Exercising Light Horse Securities Inc does not permit customers to exercise options, neither early nor at expiration. ## 2. Automatic OCC Exercise Rules Even though Light Horse does not allow option exercise, customers should be aware of how the OCC processes expiring contracts: - Long options automatically exercise if they are at least $0.01 in the money, based on the OCC's official closing price. - OCC may adjust or modify deliverables in corporate action situations; deliverables are always subject to change. - If an option is out-of-the-money or at the money, OCC typically will not automatically exercise it, but exceptions may occur depending on market conditions or OCC policy. Light Horse cannot prevent or modify an automatic OCC exercise that occurs due to OCC processing. ## 3. Mandatory Pre-Expiration Liquidation by Light Horse Because clients cannot exercise options and because OCC can automatically exercise qualifying options, Light Horse enforces strict expiration day risk controls. Light Horse will attempt to sell/liquidate any remaining long or short expiring option positions around 15 minutes before market close on the option's expiration day. This process is performed on a best efforts basis. Light Horse makes no guarantee that liquidation will be successful or that it will fully close out the position. ## 4. Opening and Holding Same Day Expiring Options - Light Horse does not permit opening trades in same day expiring options within 3 hours of market close. - Light Horse may cancel any opening orders in same day expiring options. - Customers are expected to close any expiring option at least 15 minutes before market close to avoid Light Horse selling out the option. Failure to close positions may result in: - Auto liquidation attempts, - Uncontrolled OCC automatic exercise, - Unexpected assignment, - Margin deficits, - Forced liquidation of securities, or - Restrictions placed on the account. Light Horse may take action but is not obligated to do so; customers remain fully responsible for managing their risk. ## 5. Short Options, Assignment, and Delivery **Assignment Risk.** A short option may be assigned at any time, including when the option is Out-of-the-money, At-the-money or In-the-money. Assignment is determined randomly by the OCC, not by Light Horse. Even if a short option is significantly out of the money, assignment may still occur (ex-dividend related exercise, extended hours price movement, or other economic incentives). **Delivery Obligations.** If assigned: - A short call requires delivery of the underlying shares in exchange for cash. - A short put requires purchasing the underlying shares. Deliverables may vary depending on OCC rules. ## 6. Expiration & Account Equity Requirements Clients are solely responsible for ensuring they have adequate equity to support: any resulting stock position created by OCC automatic exercise, any assignment on short options, any margin requirement arising from these events. Expiration related positions can trigger: margin calls, hard to borrow stock charges, forced liquidation, material losses in excess of premiums collected. ## 7. Spread & Multi Leg Strategy Expiration Risk ("Pin Risk") Spreads are often called "defined risk", but that definition applies only at entry, not necessarily at expiration. When underlying prices "pin" between strikes at expiration, spreads may: - Convert into unhedged stock positions, - Create significantly larger exposure than the theoretical max loss, - Trigger unexpected assignments or partial assignments, - Create margin calls or forced liquidation. Example scenarios such as a short call spread being partially assigned while the long leg expires worthless can materially increase losses beyond the initial maximum theoretical risk. Customers must monitor all spread positions carefully as expiration approaches. ## 8. After Expiration If expiration results in a margin call (Reg T or Money Due), customers may avoid penalties or further restrictions by satisfying the call no later than T+1 after expiration. ## 9. No Early Exercise Allowed Light Horse does not allow customers to exercise options at all. Customers must proactively close option positions if they do not wish to be subject to OCC automatic exercise rules. ## 10. Important Risk Disclosure Options involve substantial risk and are not suitable for all investors. Customers may lose: - The entire premium, - The entire value of the investment in a very short period, and - In certain strategies, losses may exceed the initial deposit. Please review [Characteristics and Risks of Standardized Options](https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document) and [Options Trading Disclosure](/terms/options-trading-disclosure) before trading options. --- ### Options Trading Risk Disclosure Source: https://www.lighthorse.io/terms/options-trading-disclosure Markdown: https://www.lighthorse.io/terms/options-trading-disclosure.md Category: Trading Disclosures Options trading involves significant risk and is not suitable for all investors. Prior to trading options, customers must review and receive approval for an options trading account. Approval is based on the firm's evaluation of the customer's financial situation, investment experience, risk tolerance, and stated objectives. Submission of an application does not guarantee approval. All options features, strategies, and calculations are provided for informational and educational purposes only and should not be interpreted as a recommendation to buy or sell any security or to engage in any particular options strategy. Past performance of any security, strategy, or market condition does not guarantee future results. Options transactions may be complex and may involve the potential for rapid and substantial losses, including the possible loss of the entire investment. Certain strategies, such as uncovered options writing, carry especially high levels of risk. Customers are responsible for understanding the characteristics and risks of each strategy they choose to employ. Before trading options, investors must read the Characteristics and Risks of Standardized Options (ODD), published by OCC. A current copy is available at: [OPTIONS ODD](https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document). Market data, option quotes, implied volatility, analytics, or probability estimates provided by Light Horse or its vendors are not guarantees of accuracy and should not be relied upon as predictive of future outcomes. Forecasts, probability ranges, and scenario analyses are hypothetical in nature and do not reflect actual results. Light Horse may route orders to various market centers. Execution quality may vary depending on market conditions, order type, liquidity, and other factors. Options trading may be subject to additional fees, margin requirements, exercise and assignment processes, and early assignment risk. Tax considerations for options transactions are complex. Customers should consult a qualified tax professional regarding the tax implications of any options strategy. All investing involves risk, including the risk of loss. Options trading privileges may be modified or revoked at the firm's discretion. Options performance is not guaranteed. Past performance does not ensure future results. Any examples, illustrations, or strategies are strictly for educational purposes and do not constitute a recommendation to buy or sell any security or option contract. Communications regarding options should not be construed as personalized investment advice. Investors should consult a qualified financial professional about their personal circumstances. --- ### Risk Disclosure for Uncovered Option Writers Source: https://www.lighthorse.io/terms/options-uncovered-disclosure Markdown: https://www.lighthorse.io/terms/options-uncovered-disclosure.md Category: Trading Disclosures There are special risks associated with uncovered option writing which expose the investor to potentially significant loss. Therefore, this type of strategy may not be suitable for all customers approved for options transactions. - The potential loss of uncovered call writing is unlimited. The writer of an uncovered call is in an extremely risky position, and may incur large losses if the value of the underlying instrument increases above the exercise price. - As with writing uncovered calls, the risk of writing uncovered put options is substantial. The writer of an uncovered put option bears a risk of loss if the value of the underlying instrument declines below the exercise price. Such loss could be substantial if there is a significant decline in the value of the underlying instrument. - Uncovered option writing is thus suitable only for the knowledgeable investor who understands the risks, has the financial capacity and willingness to incur potentially substantial losses, and has sufficient liquid assets to meet applicable margin requirements. In this regard, if the value of underlying instrument moves against an uncovered writer's options position, the investor's broker may request significant additional margin payments. If an investor does not make such margin payments, the broker may liquidate stock or options positions in the investor's account, no prior notice in accordance with the investor's margin agreement. - For combination writing, where the investor writes both a put and a call on the same underlying instrument, the potential risk is unlimited. - If a secondary market in options were to become unavailable, investors could not engage in closing transactions, and an option writer would remain obligated until expiration or assignment. - The writer of an American-style option is subject to being assigned an exercise at any time after he has written the option until the option expires. By contrast, the writer of a European-style option is subject to exercise assignment only during the exercise period. Before trading options, investors must read the Characteristics and Risks of Standardized Options (ODD), published by OCC. A current copy is available at: [OPTIONS ODD](https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document). In particular your attention is directed to the chapter entitled Risks of Buying and Writing Options. This statement is not intended to enumerate all of the risks entailed in writing uncovered options. --- ### Third-Party Integration Disclaimer Source: https://www.lighthorse.io/terms/third-party-integration-disclaimer Markdown: https://www.lighthorse.io/terms/third-party-integration-disclaimer.md Category: Trading Disclosures By electing to connect your brokerage account held with Light Horse Securities Inc. ("Light Horse") to Claude Code Pro, Chat GPT, Gemini CLI or other platform ("AI Assistant"), you acknowledge and agree to the following: AI Assistant is a third-party platform that is not owned, operated, controlled, or supervised by Light Horse. Any decision to link your brokerage account to AI Assistant is made voluntarily and at your sole discretion. Light Horse does not endorse, recommend, or guarantee the accuracy, completeness, reliability, or suitability of any information, analysis, outputs, or responses generated by AI Assistant. You understand and agree that Light Horse has no control over, and assumes no responsibility or liability for, (i) any questions, prompts, instructions, or data you submit to AI Assistant, (ii) any content, recommendations, or outputs generated by AI Assistant, or (iii) any actions you take or fail to take based on such outputs. All use of AI Assistant, including any reliance on its responses, is solely at your own risk. Light Horse's role is strictly limited to providing the technical capability, if available, for you to connect your brokerage account to a third-party service. Light Horse does not monitor, review, or supervise your interactions with AI Assistant and does not provide investment advice through or in connection with such platform. To the fullest extent permitted by applicable law, you agree that Light Horse, its affiliates, officers, directors, employees, and agents shall not be liable for any direct, indirect, incidental, consequential, special, or punitive damages arising out of or relating to your use of, or inability to use, AI Assistant, including but not limited to any trading losses, lost profits, data loss, or other damages, even if advised of the possibility of such damages. By proceeding with the connection, you expressly acknowledge that you are doing so at your own risk and that you waive any and all claims against Light Horse arising from or related to your use of AI Assistant. ## OpenAPI Specifications - Trading API: https://www.lighthorse.io/docs/trading.yaml - Cash Management API: https://www.lighthorse.io/docs/cash.yaml - Account API: https://www.lighthorse.io/docs/account.yaml