Frequently asked questions

The general rules of this manual apply to Bull One, Bull Prime and Bull Titan. Where a product-specific condition sets a different parameter, that condition prevails.

Bull Titan and InstaFunded are two names for the same product. To keep terminology uniform, the manual prefers the name Bull Titan (InstaFunded). Where marketing material says “Live account”, read “Funded account”.

The max daily loss and max total loss limits set for Bull One and Bull Prime apply in all their phases, including the Funded phase.

Bullfy only assesses whether you have passed a phase once all your trades are closed.

Meeting the profit target does not by itself guarantee the phase change. You must also have completed the required trading days, complied with every applicable rule and passed Bullfy's audit.

The audit may review all trading carried out during the phase, even if a breach is detected after the profit target has been reached.

When you move to Funded from Bull One or Bull Prime, your account keeps the same nominal balance. The Challenge balance, profits and losses are reset, but Bullfy keeps your trading history so it can check that your trading is consistent.

The Bullfy Rules Manual brings together Bullfy's rules on trading, risk control and compliance. This is the 2 September 2026 edition, and it is the reference document for our clients.

Unless a rule states otherwise, the rules apply to all accounts, products and phases: both during the evaluation and on the funded account. The max daily loss and max total loss limits set for Bull One and Bull Prime apply in all their phases, including the Funded phase.

Bull Titan and InstaFunded are two names for the same product; this manual prefers the name Bull Titan (InstaFunded). Where marketing material says “Live account”, read “Funded account”.

How it is organised

The manual is made up of 17 rules. Each one starts with its main rule and, where applicable, expressly states the consequence of breaching it; most also include worked examples and a quick-reference summary. Each product's parameters (target, trading days, max daily loss and max total loss) and the conditions for moving between phases are in the “Products, phases and parameters” section.

What happens if a rule is breached

Where a rule expressly states the consequence of breaching it, that consequence applies directly. In all other cases, Bullfy decides the measures according to the circumstances. The measures do not have to be applied in a progressive order: where it is serious enough, a first breach can lead straight to your account being closed, with no prior warning. The detail is in Rule 16.

The final interpretation of the rules rests exclusively with Bullfy. Bullfy examines each case individually, taking into account the content and purpose of the applicable rule, the trading actually carried out and the specific circumstances. You may submit explanations and ask for a decision to be reviewed, but doing so does not automatically suspend the measures already taken. The detail is in Rule 17.

Trading rule during high-impact news — main rule

Applies to all Bullfy accounts.

This rule applies generally to all Bullfy accounts and products. Breaching it means your account is breached and closed immediately, regardless of whether the affected trade produces a profit, a loss or a neutral result.

1. News included

High-impact news events are considered to be all events identified with a red folder in the Forex Factory economic calendar. Forex Factory is the only official source used to apply this rule.

The restricted window is calculated taking the effective publication time of the news as the reference. When several news events overlap, each one keeps its own window and the restriction remains active continuously until the last of them ends.

2. Restricted window

The restriction starts exactly five minutes before publication and ends exactly five minutes after. Both limits are included.

The official time is the one shown in the MetaTrader trading history. You are responsible for leaving enough margin and for not trading close to the time limits.

3. Affected instruments

The restriction applies only to the instruments linked to the relevant currency or event, as set out in the News Impact Table published by Bullfy. If a news event affects several currencies, all the instruments listed for each of them are added together.

4. Openings during the window

4.1. Manual and automatic openings

Any manual or automatic opening executed within the restricted window is prohibited. The prohibition applies equally to trading carried out through robots, Expert Advisors, copiers or any other automatic system.

4.2. Pending orders placed beforehand

A pending order placed before the window starts may be triggered during the news. This is the only exception to the prohibition on opening within the window.

During the window you may cancel a pending order that has not yet been triggered. You may also modify or remove its Stop Loss or Take Profit. You may not change the entry price or the volume of the pending order during the window.

If a pending order is triggered within the window, it may be closed fully or partially during that same window, provided enough time has passed for its net result: at least 60 minutes for a close at a loss, and at least 24 hours for a close at a profit or at break-even.

5. Closes during the window

The following rules apply to any close made within the window: manual, automatic, full, partial, by Stop Loss, Take Profit, Break Even or Trailing Stop.

The result is determined by the net of the corresponding execution, once the applicable commissions and swap have been taken into account.

6. How the time is calculated

6.1. Trades opened at market

The time is counted from the effective opening time shown in the MetaTrader history.

6.2. Trades resulting from pending orders

The time is counted from the moment the pending order was placed. If you then change its entry price, the count starts again from the time of that change.

Triggering the pending order within the window does not restart the count. It may therefore be closed during that same window if, counting from when it was placed or from the last change to the entry price, it meets the required 60 minutes or 24 hours, according to the net result of the close.

6.3. Partial closes

Each partial close is analysed independently and on its own net result. An earlier partial close does not reset how long the part of the position that remains open has been open.

7. Stop Loss, Take Profit, Break Even and Trailing Stop

During the window you may modify or remove the Stop Loss and the Take Profit. However, you are responsible for making sure that any close those levels produce complies with the timing and result rules set out above.

A Stop Loss activated or moved automatically by Break Even or Trailing Stop is not in itself a breach. However, if it closes the trade within the restricted window, that close is only allowed where one of the exceptions applies. The trade must have been open for at least 60 minutes if it closes at a net loss, or at least 24 hours if it closes at a net profit or at break-even.

8. Individual analysis of trades

For the purposes of this rule, each trade is analysed individually, even if several trades belong to the same asset, direction or trade idea. One trade may meet the time requirement and another may not.

A single opening, full close or partial close that breaches this rule is enough for your account to be closed.

9. Application examples

Quick reference summary

High-impact news · Forex Factory

Three checks before a news event

News Impact Table — Restricted instruments during high-impact news

High-impact news events are considered to be all events identified with a red folder in Forex Factory. The restriction will apply during the time window established in the Trading rule during high-impact news.

1. Impact table

2. Application clarifications

Generic names: The table uses generic names and categories. The restriction applies regardless of the specific name or symbol the instrument has on the platform.

Currency pairs: A news event affects any pair containing the indicated currency, regardless of whether it appears as the base currency or the quote currency.

Indices: A reference to a category of indices covers any instrument offered by Bullfy that replicates, or has as its underlying, an index belonging to that geographic category.

Commodities: only gold, silver, WTI crude oil and Brent crude oil are covered. Any other commodity falls outside this table unless Bullfy expressly adds it.

Cryptocurrencies: USD news affects cryptocurrencies quoted against the US dollar. Cryptocurrencies quoted exclusively against another currency or against another cryptocurrency are not affected by USD news.

News associated with several currencies: where an event is associated with more than one currency, all the instruments affected by each of them are added together.

Overlapping news: if several news events coincide or overlap, each one keeps its own impact table and its own time window.

3. Impact examples

3.1. Currency pairs, indices and cryptocurrencies

3.2. Commodities

Applies to all Bullfy accounts, products and phases.

1. General rule

You may use Expert Advisors (EAs), bots and other automated systems on all Bullfy accounts, products and phases, provided they fully comply with the applicable rules. Using an automated system does not change, limit or exclude how the rules apply: every trade opened, modified or closed through such a system is subject to the same rules as the rest of your trading. Where an automated system breaches another Bullfy rule, the provisions and consequences of that rule apply.

2. Permitted automated systems

• EAs or bots you have developed yourself.
• EAs or bots commissioned for your exclusive use.
• Automated systems that run your own or an exclusive strategy.
• Support tools for executing or managing trades.
• Automatic lot-size calculators and risk managers.
• Tools for placing or managing Stop Loss and Take Profit.
• Break Even and Trailing Stop systems.
• Order panels and other similar trading-support tools.

Support tools may be commercial or publicly distributed, provided their main function is to help you execute or manage trades rather than to decide and execute a strategy's entries on their own.

3. Expressly prohibited systems

• Commercial bots designed to autonomously decide and execute a strategy.
• Mass-use bots.
• Publicly distributed bots, whether free or paid.
• Private systems supplied by academies, communities, providers or third parties for use by several clients.
• Systems that exploit platform failures, quote errors, execution delays, latency differences, restricted windows or any other technical inefficiency.
• Systems whose trading breaches any Bullfy rule.

The prohibition applies even if you change the lot size, asset, session or certain parameters of the system, as long as you are still using a commercial, public or mass-use bot. Bullfy cannot grant an exception for bots covered by this prohibition.

4. Prior authorisation request

Before using an EA, bot or automated system, we recommend you ask Bullfy to authorise it. Prior authorisation is not compulsory. However, if you use a system without asking for it to be reviewed, you take the risk that it is later found to be prohibited, or that the way it works is incompatible with Bullfy's rules.

Authorisation covers only the system, version, configuration and conditions of use that you submitted and Bullfy reviewed. Any significant change may require a new review. Authorising a system does not allow you to breach the other Bullfy rules, and it does not guarantee that every trade the system makes is valid.

5. Information and documentation

To authorise or review an automated system, Bullfy may ask you for items such as: the name and version of the system; the identity of the developer or provider; a general description of how it works and an explanation of the strategy or functions it performs; manuals and technical documentation; configuration files and parameters; activity records, histories and logs generated by the system or the platform; images and video recordings showing how it is installed, configured or running; proof of purchase, licence, ownership or authorisation of use; information on the people or accounts using the same system; source code, where Bullfy considers this necessary to verify how it works; and any other information or documentation needed to check that the system complies with the rules. This list is only indicative and does not limit what else Bullfy may ask for in each case.

6. Review and suspension of the system

Bullfy may review an automated system before authorising it, or at any later time if it detects trades, coincidences or behaviour that call for additional checks. During the review, Bullfy may order the system to be suspended temporarily: you must stop using it until the review ends and Bullfy gives you an express reply.

If you do not provide the information requested, Bullfy may refuse authorisation, withdraw an authorisation already granted, prohibit use of the system or keep your automated trading suspended. The same applies if the information you provide is insufficient or does not allow Bullfy to verify that the rules are being met. If you carry on using the system after Bullfy has ordered its suspension or prohibition, your account may be closed.

7. Examples

• Own or exclusive EA — Allowed. You use an EA you developed yourself, or one you commissioned from a programmer for your exclusive use, and the system complies with all Bullfy rules.
• Commercial risk manager — Allowed. A commercial tool calculates the lot size and automatically places the Stop Loss and Take Profit without autonomously deciding the strategy's entries.
• Break Even or Trailing Stop — Allowed. The program automatically moves the Stop Loss. Any closes it produces must comply with the rules applicable to the trade.
• Execution panel — Allowed. You use a public or commercial panel to execute orders, calculate volume or manage positions, and the program does not decide the strategy on its own.
• Publicly purchased commercial bot — Prohibited. You buy or download a bot that automatically decides and executes a strategy that is available to other users, even if you change some of its parameters.
• Bot distributed by an academy — Prohibited. An academy or community supplies the same automated system to several clients to trade their accounts. It is considered a mass-use bot.
• Shared private bot — Prohibited. An initially exclusive system is later given to other people to reproduce the same strategy.
• Exploiting a technical inefficiency — Prohibited. The system opens or closes trades taking advantage of delays, latency differences, execution errors or platform failures.
• Use during a suspension — Prohibited. You keep using the EA after Bullfy has ordered its temporary suspension while it is reviewed.

8. Quick reference

Covers copying and replicating trades.

1. General rule

Copying or replicating trades is allowed only between accounts belonging to the same account holder. Copying or replicating trades between accounts belonging to different account holders is prohibited, whether directly or through intermediary accounts, systems or services. A family, personal, professional or commercial relationship between clients does not allow trades to be copied between them. This rule applies regardless of the program, platform, copier or procedure used to replicate the trades.

2. Application in the different phases

The prohibition on copying trades between different account holders applies to all Bullfy accounts, products and phases. The limits on the number of accounts and maximum capital apply exclusively to Bullfy accounts in the Funded phase. Accounts in other phases may copy trades between them provided they belong to the same account holder and individually comply with all Bullfy rules.

3. Maximum number of Bullfy accounts in the Funded phase

A single account holder may copy trades onto a maximum of two Bullfy accounts in the Funded phase.

4. Maximum permitted capital

The combined initial capital of all Bullfy accounts in the Funded phase that take part in the copying may not exceed USD 200,000.

5. Copying from an external account

An external account may be used as the source provided it belongs to the same account holder as the receiving Bullfy accounts. When Bullfy asks, the account holder must prove that they own the external account. An external account belonging to another person, company, academy, community, signal provider or third party may not be used as the source.

6. Copy configuration

Linked accounts may use different lot sizes, multipliers, sessions, risk levels or configuration parameters. Three conditions apply: all the accounts must belong to the same account holder, the limits for Bullfy accounts in the Funded phase must not be exceeded, and the trading must comply with all other Bullfy rules. Different lot sizes, multipliers, sessions, risk levels or configuration parameters never make a copy between different account holders valid. Nor do they allow the limits set for Bullfy accounts in the Funded phase to be exceeded: a maximum of two accounts, with combined initial capital of no more than USD 200,000.

7. Individual compliance with the rules

Each account taking part in the copy must individually comply with all the rules for its product and phase. The fact that a trade comes from a source account does not exempt the receiving account from complying with the rules. Where a copied trade breaches another Bullfy rule, the provisions and consequences of that rule apply.

8. Consequence of a breach

This consequence applies when: the accounts belong to different account holders; an external account is used that does not belong to the account holder of the Bullfy accounts; more than two Bullfy accounts in the Funded phase take part; or the combined initial capital of the Bullfy accounts in the Funded phase exceeds USD 200,000.

9. Examples

• Two Bullfy accounts of USD 100,000 — Allowed. Two accounts take part and their combined initial capital is exactly USD 200,000.
• One Bullfy account of USD 200,000 and another of USD 5,000 — Prohibited. Only two accounts take part, but their combined initial capital is USD 205,000.
• One Bullfy account of USD 100,000 and two of USD 50,000 — Prohibited. The combined initial capital is USD 200,000, but three Bullfy accounts take part.
• Two Bullfy accounts belonging to different clients — Prohibited. Copying between different account holders is not allowed, even if the number and capital limits are not exceeded.
• External account belonging to another person and a Bullfy account — Prohibited. The source account does not belong to the account holder of the receiving Bullfy account.
• Same trades with a different lot size — Prohibited. Changing the lot size, multiplier, session or risk level does not allow copying between different account holders.

10. Quick reference

Short-duration trades and the limits that apply to withdrawals.

1. General rule

Trades lasting less than 60 seconds are allowed. Making short-duration trades is not in itself a breach and does not lead to your account being closed. However, when such trades make up 10% or more of the trades we review, your account is classified as Scalping and becomes subject to the withdrawal limits set out in this rule. Any trading that exploits latency differences, abnormal spreads, quote errors, execution errors or any other technical inefficiency of the platform is prohibited.

2. Classification as Scalping

An account is classified as Scalping when 10% or more of its trades last less than 60 seconds. Trades lasting exactly 60 seconds do not count as scalping trades in this calculation. Classification as Scalping is not a breach and does not lead to your account being closed. Its only consequence is that the withdrawal limits set out in this rule apply.

3. Partial closes

A position with one or more partial closes is considered a single trade.

4. Limit applicable to withdrawals

When your account is classified as Scalping, each of its first four withdrawals is capped at 3% of the equity available at the time you request the withdrawal. The limit applies to the amount you request.

A second limit applies on top of the limit on each individual withdrawal. The withdrawals you request within the same rolling 30-day period may not add up to more than 3% of the available equity recorded when you submit each request. The 30-day period starts on the date of the first withdrawal requested within that period. If the amount you request exceeds the maximum available, your request is reduced to the amount allowed. Once you have completed the first four withdrawals, this limit is lifted for good.

5. Quick Strike and technical exploitation

Classification as Scalping must be distinguished from Quick Strike trading intended to take advantage of abnormal technical conditions. It is prohibited to open, close or manage trades taking advantage of: delays or latency differences; abnormal spreads; quote errors; execution errors; incorrect or outdated prices; failures of the platform or the liquidity provider; or any other technical inefficiency that yields an advantage not consistent with normal market conditions.

6. Consequence of a breach

Classifying an account as Scalping is not a breach. Requesting a withdrawal above the permitted limit is not a breach either: Bullfy simply reduces the amount to the maximum available.

7. Examples

• Trade lasting less than 60 seconds — Allowed. A short-duration trade is allowed and is counted when calculating the Scalping percentage.
• Trade lasting exactly 60 seconds — Allowed. Not included among trades lasting less than 60 seconds.
• Account classified as Scalping — Allowed. You may keep trading, but your first four withdrawals are subject to the 3% limit on the equity available at the time of each request.
• Request above the permitted limit — Allowed. The amount you request is reduced to the maximum available under this rule.
• Trade that takes advantage of a quote delay — Prohibited. The breach is gaining an advantage from a latency difference or an outdated quote.

8. Quick reference

Prohibition on taking advantage of technical anomalies and inefficiencies.

1-2. General rule and scope

Any form of arbitrage is prohibited, as is taking advantage of latency, quote errors, execution failures or any other technical anomaly or inefficiency. The breach occurs when Bullfy detects trading that takes advantage of any of these circumstances. This rule applies to all Bullfy accounts, products and phases, and the breach is deemed to occur from the moment the conduct is detected.

3. Prohibited conduct

It is prohibited to open, close or manage trades taking advantage of, among others, any of the following circumstances:

• Delays in price updates.
• Time differences between different price sources.
• Outdated, frozen or incorrect quotes.
• Quote or execution errors.
• Errors or anomalies in the bid-ask spread.
• Duplication, interruption or temporary absence of prices.
• Failures of the platform, the server or the liquidity provider.
• Openings or closes executed at manifestly abnormal prices.
• Any other technical anomaly or inefficiency that yields an advantage not consistent with normal market conditions.

Any form of arbitrage is also prohibited, including arbitrage based on differences in price, time, quote, execution, market, platform, liquidity provider or data source. This list is not exhaustive: other conduct that, although not expressly mentioned, follows the same principle of taking advantage of a difference, anomaly or technical inefficiency may be considered prohibited.

4. Permitted tools

You may use a VPS, low-latency connections, bots, Expert Advisors (EAs) and other tools for executing or managing trades. Any bots and EAs you use must be permitted under the specific rule on Expert Advisors, bots and EAs. These tools stop being permitted when their operation, configuration or purpose allows any of the conduct prohibited by this rule. Using a permitted tool does not make valid any trading that takes advantage of latency, errors, anomalies or technical inefficiencies.

5. Your responsibility

You are responsible for the trading carried out on your account and for how the tools you use work. Not knowing how a bot, EA, program or system works does not excuse you from complying with this rule. Before using any tool, you must check that it does not work by arbitrage or by taking advantage of errors or technical inefficiencies.

6. Detecting an anomaly

If you spot a quote, execution or behaviour that looks incorrect, you must stop using the strategy connected with that anomaly and report the incident to Bullfy. Repeating or taking advantage of a known anomaly may be treated as a technical exploit, even if you did not cause the failure.

7. Investigation and information requests

Where Bullfy detects signs of arbitrage or technical exploitation, it may ask you for whatever information it considers necessary to analyse the trading. That may include: operating records or logs; timestamps of order sending, receipt and execution; order and trade histories; the configuration of the bot, EA or system used; images, videos or recordings of the trading; identification of the price or data sources used; information on the servers, connections or programs used; source code, where Bullfy considers it necessary; and any other information relevant to the investigation. This list is only indicative. If you do not supply the information requested, Bullfy may resolve the investigation on the basis of the data, records and evidence available.

9. Examples

• Legitimate use of an EA permitted under its specific rule — Allowed. The tool trades using indicators and prices available in MetaTrader, without comparing sources to take advantage of delays or outdated quotes.
• Using a VPS — Allowed. You use a VPS to improve connection stability and cut the normal communication time with the server.
• Fast trade based on a market signal — Allowed. You open and close a trade in a very short period as a result of a legitimate market signal. Where applicable, the Quick Strike and Tick-Scalping rule applies.
• Using external data for analysis — Allowed. You consult external charts, indicators or data to analyse the market, without using time differences to trade against an outdated quote.
• Automated quote comparison — Prohibited. A program compares a faster price source with the quote available at Bullfy and opens trades before the latter updates.
• Taking advantage of a frozen quote — Prohibited. A bot detects that an asset's quote has temporarily stopped updating and opens trades to profit from the difference against the real market price.
• Execution at a manifestly wrong price — Prohibited. You notice that an order can be executed at a price that does not match real market conditions, and you use that anomaly to open or close trades.
• Concealing the origin of the signal — Prohibited. You use intermediary accounts, platforms or programs to hide that the trades originate from a latency difference, an outdated quote or another technical anomaly.

10. Quick reference

Covers related opposite positions in different accounts.

1. Scope

This rule applies to all Bullfy phases and accounts. The prohibition applies regardless of the final result of the trades: the fact that the positions produce profits, losses or offset results does not change how the conduct is treated.

2. Hedging between different accounts

Hedging between accounts means using opposite positions in different Bullfy accounts where those positions are related and allow the exposure or result to be neutralised, offset or transferred between the accounts. It is prohibited to:

• Use one account to hold a buy position and another account to hold the related sell position.
• Distribute opposite positions between accounts belonging to the same account holder.
• Distribute opposite positions between accounts belonging to different account holders.
• Use several accounts to neutralise or offset the exposure taken.
• Use intermediary accounts or systems to hide the relationship between the positions.
• Transfer profits or losses between accounts through related opposite positions.

Using different accounts, configurations or procedures does not make a hedge carried out between different accounts valid.

3. Opposite positions within the same account

You may hold opposite positions within the same account. These positions do not need Bullfy's prior authorisation. However, they must individually comply with all the other rules that apply to the account and the relevant phase.

4. Independent strategies

The mere coincidence of opposite positions between different accounts is not in itself a breach where the trades come from independent strategies and there is no hedging relationship between them. Bullfy analyses the trading to determine whether the positions respond to independent decisions or form part of a strategy intended to neutralise, offset or transfer the exposure or result between the accounts.

5. Investigation

Where Bullfy detects signs of hedging between accounts, it may ask you for whatever information it considers necessary to analyse the trading. If you do not supply the information requested, Bullfy may resolve the investigation on the basis of the data, records and evidence available.

7. Examples

• Opposite positions within the same account — Allowed. You hold a buy and a sell position at the same time within the same Bullfy account. Both positions must comply with the other applicable rules.
• Reducing the size of a position — Allowed. You reduce your exposure by partially closing a position. Risk is managed within the account itself.
• Change of direction — Allowed. You close a position and later open another in the opposite direction because your market analysis has changed.
• Independent strategies with opposite positions — Allowed. Two accounts hold opposite positions as a result of independent strategies, with no hedging relationship between the trades.
• Hedging between accounts of the same account holder — Prohibited. You open a buy position in one Bullfy account and hold a related sell position in another of your own accounts to neutralise or offset the exposure.
• Hedging between accounts of different account holders — Prohibited. Two clients hold related opposite positions in their respective Bullfy accounts to offset risk or transfer the result between them.
• Distributing opposite positions across several accounts — Prohibited. You spread related buy and sell positions across several Bullfy accounts to make the hedge harder to identify.
• Concealing the hedge — Prohibited. You use intermediary accounts or systems to make the relationship between the opposite positions harder to identify.

8. Quick reference

Random or incoherent trading.

1. Purpose of the rule

The purpose of this rule is to protect trading based on real market decisions and to keep an account's result from depending on gambling-like actions. Bullfy does not seek to limit trading styles, or to stop you taking risks within the permitted limits. You may use discretionary, aggressive or variable-exposure strategies, provided you manage risk coherently and meet the other applicable rules.

A trade is not considered gambling merely because it produced a high profit, was of short duration, used a larger lot size than other trades or represents a significant share of the account's result.

2. Scope

This rule applies to all Bullfy accounts and phases. Trading is analysed independently in each phase. In the Funded phase, the period analysed runs from the start of the phase or from the last withdrawal. A breach may result from a single trade or from a set of trades where the conduct detected amounts to gambling, impulsive behaviour or random trading.

3. Assessment of the trading

Bullfy assesses all the circumstances recorded in the account to determine whether there is real, coherent trading or gambling-like conduct. The analysis may take into account, among other elements: the risk taken in the trade; the lot size and exposure used; the relationship between the trade and the earlier history of the phase; the change in risk compared with previous trading; the concentration of the result in one or several trades; the maximum loss defined by the Stop Loss; the maximum floating loss reached; the nominal exposure of the trade; the percentage of equity committed; the moment and context in which the trade is made; the existence of an identifiable strategy or trading criterion; the relationship between the conduct analysed and an attempt to quickly reach a target or recover earlier losses; and any other element relevant to determining the coherence of the trading and the risk taken.

None of these elements automatically determines a breach when it appears in isolation. Bullfy assesses the relationship between the concurrent circumstances and the trading recorded in the account. However, a single trade may constitute a breach when its characteristics clearly identify gambling-like conduct.

4. Prohibited conduct

The following conduct, among others, may be considered gambling, impulsive behaviour or random trading:

• Extraordinarily multiplying risk or exposure to try to immediately pass a phase target.
• Radically increasing risk after one or more losses to try to quickly recover the account.
• Making the account's result depend on a trade whose risk, size or approach is not consistent with previous trading.
• Disproportionately concentrating the account's risk or result in one or several trades unrelated to the trading pattern shown in the history.
• Making trades with no identifiable trading logic whose result depends essentially on chance.
• Using all or most of the available risk through an extraordinary action unrelated to the previous strategy or risk management.
• Radically changing the account's behaviour to try to pass a phase, keep the account from being closed or recover losses immediately.
• Any other conduct that, considering the trading as a whole, amounts to a bet rather than a real trading strategy.

This list is not exhaustive. Bullfy may assess other conduct following the same principle, based on the account's data and records.

5. Conduct that is not automatically a breach

The following are not in themselves a breach:

• Making a trade with a larger lot size than used in other trades.
• Earning a significant share of the profit from a single trade.
• Making many trades in a short period.
• Trading without a Stop Loss, although its use is recommended to control risk.
• Increasing lot size after a loss.
• Changing asset, session, direction or strategy.
• Using different lot sizes depending on the Stop Loss distance.
• Progressively increasing lot size as the account grows.
• Using martingale, grid, averaging or progressive position-building strategies.
• Maintaining aggressive or high-risk trading.

This conduct is allowed provided it complies with the risk limits, the consistency rule and the other applicable rules. Increasing lot size after a loss may be considered a signal to analyse the trading, but is not in itself a breach.

6. Investigation and information requests

Where Bullfy detects trading that may amount to gambling, impulsive behaviour or a lack of coherence, it may ask you for whatever explanations and information it considers necessary. That may include: an explanation of the strategy used; a trading plan; entry and exit criteria; the risk management applied; trading histories and records; images or videos; information on the tools or systems used; and any other information relevant to analysing the trading. This list is indicative. If you do not supply the information requested, Bullfy may resolve the investigation on the basis of the data, records and evidence available.

8. Examples

• Trade with a large lot size but coherent risk — Allowed. You use a larger lot size because the Stop Loss distance is smaller, keeping your risk level consistent with the rest of your trading.
• Trade that produces a significant share of the profit — Allowed. The trade produces a significant share of the profit, but its lot size, risk and approach are consistent with the strategy and previous trading.
• Progressive lot-size increase — Allowed. You progressively increase your position size as the account grows and keep managing risk coherently.
• Legitimate change of strategy or asset — Allowed. You change asset, session or strategy, but keep your trading structured and respect the consistency rule and the applicable limits.
• Aggressive trading within the limits — Allowed. You run an aggressive strategy that respects the risk limits and the other Bullfy rules.
• Extraordinary multiplication of risk to pass the phase — Prohibited. You radically change your trading and concentrate extraordinary exposure in one trade to try to pass the phase target immediately.
• Radical risk increase to recover losses — Prohibited. After several losses, you multiply your risk extraordinarily to try to recover the account with a single trade.
• Dependence on a single bet — Prohibited. You make an isolated trade whose risk, size and approach are out of keeping with your previous history, and which makes your account's result depend on a single random outcome.
• Sequence of impulsive trades — Prohibited. You chain together trades with extraordinary risk increases and no identifiable trading logic, to try to recover losses or reach the phase target quickly.

9. Quick reference

No sharing access or handing over trading control.

1. Scope

This rule applies to all Bullfy accounts and phases. The account holder must keep exclusive control of the account at all times and is responsible for protecting their access credentials.

2. Personal and non-transferable account

The account must be used exclusively by its account holder. It is prohibited to:

• Give the access credentials to another person.
• Allow another person to access the account.
• Allow another person to open, close or manage trades.
• Hire a third party to trade the account.
• Hire services intended to pass a phase or manage the account on the account holder's behalf.
• Share an account between several people.
• Allow another person to trade via remote access.
• Temporarily or permanently hand over control of the account.
• Give the credentials to a manager, signal provider, academy, community or any other third party to trade the account.

The prohibition applies even if the account holder voluntarily authorised the access, or is present while the other person trades. Merely sharing the credentials is a breach, even if the third party never accesses the account or makes any trades.

3. Read-only access

You may share an investor or read-only access, provided it does not allow trades to be opened, closed, modified or managed. The person who receives read-only access may not intervene in the trading or take control of the account.

4. Using several devices

The account holder may access and trade from several of their own devices without notifying Bullfy in advance. They may also access occasionally from a borrowed device, or one belonging to another person. Four conditions apply: the account holder enters their credentials personally; they keep exclusive control of the session; no other person accesses or trades the account; and the credentials are not saved or left available to third parties. Using a device belonging to another person is not in itself a breach.

5. Shared devices, networks and connections

Shared computers, devices, internet networks and IP addresses may be used. Several people may also use the same device or connection, provided each accesses and trades only their own account. Where several Bullfy clients regularly use the same device, network or IP address, we recommend telling Bullfy in advance. That helps Bullfy identify the accounts correctly and avoids problems during a review. A matching device, network or IP address is not automatically a breach: Bullfy looks at who actually controls each account.

6. Travel and changes of location

The account holder may access their account from different locations, networks or countries. If you travel, or there is a significant change of country, location or usual connection pattern, we recommend telling Bullfy so that your access can be verified more easily. Using a different location or connection is not in itself a breach.

7. Use of VPN, VPS and remote access

You may use virtual private networks (VPN), virtual private servers (VPS), shared IP addresses provided by a VPS, and remote-access systems that the account holder uses personally. Where several clients use the same IP address, server or remote environment, we recommend telling Bullfy. Using these tools does not allow another person to trade or manage the account: the account holder must keep exclusive control of the session and of the trading decisions at all times.

8. Unauthorised access

If you detect or suspect that another person has accessed your account without authorisation, you must change your access credentials immediately, close any sessions that may still be active and report the incident to Bullfy as soon as possible.

9. Verification and investigation

Where Bullfy detects signs that an account may be being used by someone other than its account holder, it may ask for whatever information it considers necessary to verify who owns and effectively controls the account. That may include: identity checks; access records; information on devices and connections; verification through images or videos; explanations of changes of location or access patterns; and any other information needed to complete the investigation. If you do not supply the information requested, Bullfy may resolve the investigation on the basis of the data, records and evidence available.

11. Examples

• Access from several own devices — Allowed. You access your account from your computer, mobile phone and tablet, with no need to notify the use of these devices in advance.
• Trading while travelling — Allowed. You access the account personally from another country. We recommend telling Bullfy about significant changes of location, to make any verification easier.
• Using a shared network — Allowed. Several clients use the same connection, but each accesses and trades only their own account. We recommend telling Bullfy.
• Using a shared computer — Allowed. Two people use the same computer to access their respective accounts. Each enters their own credentials and trades only their own account.
• Access from a borrowed device — Allowed. You use another person's computer temporarily, enter your credentials yourself and keep exclusive control of the session.
• Using a VPS — Allowed. You use a VPS to keep your platform running and trade your account personally.
• Personal use of remote access — Allowed. The account holder uses a remote-access tool to connect to their own device personally and trade their account.
• Investor or read-only access — Allowed. You give out a password that only allows the account to be viewed and does not allow trades to be made or managed.
• Credentials given to a friend — Prohibited. You give your credentials to a friend, even if the friend never accesses the account.
• Account traded by another person — Prohibited. You allow another person to open, close or manage trades on your account.
• Hiring a third party to pass a phase — Prohibited. You hire another person to trade the account and pass the phase target.
• Management via remote access — Prohibited. A third party connects remotely to your device and uses MetaTrader to manage the trades.
• Account shared between several people — Prohibited. Several people use the same credentials and make trading decisions on a single account.
• Credentials given to a manager or signal provider — Prohibited. You give out your credentials so that a third party trades the account on your behalf.
• Trade made by a third party with the account holder present — Prohibited. The account holder's presence does not make another person's intervention valid.

12. Quick reference

Trading freedom with a maximum risk limit of 3%.

1. Purpose of the rule

This rule limits the total risk taken on the same asset and in the same direction. Its purpose is to prevent a single trading decision, even if spread across several entries, from committing an excessive part of the account.

This rule does not seek to restrict how you trade. It gives you the greatest possible freedom to develop your own strategy, setting one specific limit: the maximum risk you may take within a single trade idea. Bullfy does not prohibit a strategy for using multiple entries, scaling positions in or out, spreading trading across different prices or applying systems such as martingale, grid or similar models. You may structure and manage your trading as you see fit, provided you respect the maximum risk limit and the other applicable rules. Bullfy therefore does not limit the number of trades, the number of entries or the way a trade idea is built. What is limited is the total risk exposure generated by that idea.

2. What counts as a trade idea

A trade idea groups all trades that meet three conditions at once: they are on the same asset; they have the same direction (buys with buys, sells with sells); and they fall within the same trading cycle. A trade is in the same cycle when no more than 30 minutes have passed since the close of the last trade on the same asset and direction. All trades meeting these conditions form part of a single trade idea. That holds even if they were opened at different times, have different volumes, use different entry prices, have different Stop Loss or Take Profit levels, or are managed and closed independently. Splitting a position into several entries or trades does not multiply the 3% limit.

3. Separation by asset and direction

Buys and sells on the same asset are considered different trade ideas. Trades on different assets are also analysed independently, even if they are correlated. A gold buy and a gold sell belong to different ideas. A gold buy and a silver buy belong to different ideas. A Nasdaq buy and an S&P 500 buy belong to different ideas. A EURUSD buy and a GBPUSD buy belong to different ideas. Each asset and each direction keeps its own trading cycle.

4. Start and reset of a trade idea

A trade idea begins with the opening of the first trade on a given asset and direction. While at least one trade of that idea remains open, the cycle stays active and the reset period cannot begin. When the last trade is closed, the 30-minute period starts counting. For a new trade on the same asset and in the same direction to be considered a different idea, more than 30 full minutes must have passed since the close of the last trade of the previous idea. If a new trade is opened before that period has elapsed, it forms part of the same idea. When that trade is closed, the 30-minute period starts again from its closing time.

• Cycle reset — Allowed. The last gold buy closes at 10:05. A new buy opened at 10:36 starts a new idea because more than 30 minutes have passed.
• Cycle continuity — Prohibited. The last gold buy closes at 10:05 and another is opened at exactly 10:35, intending to apply a new limit. The trade continues within the previous idea because the gap is not more than 30 minutes.

Opening trades in the opposite direction or on other assets neither interrupts nor resets the cycle analysed.

5. Calculation of the maximum limit

The maximum limit is 3% of the equity recorded when the trade idea begins. Once set, its amount stays fixed for the whole cycle, even if the account's equity later rises or falls.

6. How each trade's risk is determined

To determine each trade's computable risk, Bullfy compares the potential loss set by the Stop Loss with the largest floating loss reached during the trade. Bullfy always uses whichever value represents the higher risk. The calculation includes the trade's result, commissions and swaps.

Trades with a Stop Loss: having a Stop Loss does not limit the analysis to the loss set at that level. If the floating loss reached exceeds the potential loss set by the Stop Loss, the floating loss is used. If the potential loss set by the Stop Loss is higher, that figure is used instead. If you move the Stop Loss during the trade, the highest risk it ever represented is kept.

Trades without a Stop Loss: they are allowed, but the absence of this level does not mean their risk is zero, nor does it prevent them being assessed. In these cases Bullfy takes into account the largest floating loss reached, and the exposure the trade generates within the set of positions forming the same trade idea.

7. Accumulation of risk

The computable risk of all trades belonging to the same trade idea is accumulated. For each trade, the highest risk taken or reached during its life is kept. Individual risks are added together even if their maximum values occurred at different times. It is therefore not necessary for all trades to reach their largest loss simultaneously for their risks to accumulate.

8. Profits do not offset risk

Profits earned do not reduce or offset the risk taken. This rule applies whether the profit is floating or was realised by fully or partially closing a trade. If a trade reaches a maximum risk of USD 1,000, its computable risk is USD 1,000 even if it later closes with a smaller loss, at break-even or with a profit.

• Closing at a smaller loss — Allowed. The trade reaches a maximum risk of USD 1,000 and closes with a USD 800 loss. Under this rule, USD 1,000 still counts.
• Closing in profit — Allowed. The trade reaches a maximum risk of USD 1,000 and ends with a USD 1,500 profit. The risk that counts is still USD 1,000.
• Closing at break-even — Allowed. The trade reaches a maximum risk of USD 1,000 and closes flat. The risk that counts is still USD 1,000.

9-10. Partial closes and adding to a position

When a partial close is made, each closed fraction is assessed separately for the calculation. The profit from a partial close does not reduce or offset the risk taken by that fraction or by the other trades of the idea. The part of the position that remains open continues to form part of the same trade idea and keeps generating the corresponding risk. Adding volume to an already open position forms part of the same trade and the same trade idea: the additional risk generated by the added volume is included in the total calculation. Changing volume, splitting entries or applying different forms of management does not create independent limits.

11. Exceeding the limit

12. Practical examples

• One trade within the limit — Allowed. With initial equity of USD 100,000, the Stop Loss represents USD 2,500 and the largest floating loss is USD 1,800. USD 2,500 counts, the higher of the two.
• Stop Loss above the limit — Prohibited. With initial equity of USD 100,000, the Stop Loss represents a potential loss of USD 3,200. The idea exceeds the USD 3,000 limit.
• Floating loss above the Stop Loss — Prohibited. The potential loss on the Stop Loss is USD 2,400, but the largest floating loss reaches USD 3,100. USD 3,100 counts.
• Several partial entries — Prohibited. Three gold buys belonging to the same idea generate maximum risks of $1,100, $900 and $1,100. The accumulated risk is USD 3,100.
• Buy and sell on the same asset — Allowed. A gold buy takes USD 2,000 of risk and a gold sell takes another USD 2,000. They are different ideas because they have opposite directions, provided the other rules are respected.
• Trades on correlated assets — Allowed. A Nasdaq buy and an S&P 500 buy each take USD 2,000 of risk. They are different assets and are analysed as independent ideas.
• Winning trade that exceeds the limit — Prohibited. The trade reaches a maximum risk of USD 3,200 and later closes with a USD 4,000 profit. The profit does not offset or cancel the breach.
• Martingale within the limit — Allowed. You make several staggered entries on the same asset and direction. The sum of their highest risk does not exceed USD 3,000.
• Grid that exceeds the limit — Prohibited. The different grid entries belong to the same idea and accumulate a risk of USD 3,150. The strategy is allowed, but it has exceeded the exposure limit.
• Trades without a Stop Loss — Prohibited. Several entries without a Stop Loss belonging to the same idea jointly reach a computable risk above USD 3,000. The absence of a Stop Loss does not prevent the limit from applying.

13. Quick reference

Maximum total loss and maximum daily loss.

1. Purpose and applicable limits

The maximum loss limits are intended to control the account's overall exposure and prevent an excessive accumulation of losses from compromising its continuity. This rule applies to all Bullfy accounts and phases.

3. Maximum total loss

The maximum total loss is calculated on the account's nominal initial balance. This limit is static: its amount and the minimum permitted equity level stay fixed for the life of the account, even if profits are later earned or the balance changes. Accumulated profits do not raise or move the maximum total loss level.

4. Maximum daily loss

The maximum daily loss is calculated on the equity recorded at the start of each day. The day begins at 00:00:00 according to the MetaTrader server time. The reference equity includes the account balance, floating profits and losses, commissions, swaps and the net result recorded at that moment. Once the initial daily equity is set, the maximum loss amount and the minimum permitted level stay fixed until the next day change. Profits earned during the day do not modify or move that level.

7-8. Initial daily equity below or above the initial balance

The maximum daily loss is always calculated on the equity at the start of the day, even if it is below the account's nominal initial balance. Example: a standard USD 100,000 account starts the day with equity of USD 96,000, so 96,000 × 5% = USD 4,800 and the minimum daily level is USD 91,200. It must still respect the maximum total limit as well. When the account starts the day with equity above its initial balance, the daily limit is calculated on that higher equity. Example: the day starts at USD 104,000, so 104,000 × 5% = USD 5,200 and the minimum daily level is USD 98,800. The maximum total loss level remains USD 90,000, since profits do not change the total limit.

9. Trades open at the start of the day

Trades that remain open at 00:00:00 are included in the calculation of the initial daily equity according to their floating result at that moment. Any later decrease in that result is considered a daily loss, even if the trade ends up closing with a profit. What matters for this rule is not only the trade's final result, but the change in equity against the reference set at 00:00:00.

10-11. Daily limit reset and intraday profits

The daily limit resets at 00:00:00 each day according to the MetaTrader server time. At that moment a new initial equity is recorded, and the new maximum daily loss amount and minimum permitted level are calculated. This calculation is made even if there are open trades from the previous day: a trade that stays open for several days may be subject to different daily levels. Profits earned after 00:00:00 do not raise the minimum daily level or trigger a new calculation. If an account starts the day at USD 100,000, its minimum daily level is USD 95,000 even if it reaches USD 105,000 during the day. Equity exactly equal to USD 95,000: breach. Equity below USD 95,000: breach.

12-13. Simultaneous application of the limits

The account must respect the maximum total limit and the maximum daily limit at the same time. At every moment the more restrictive level applies, that is, the higher minimum equity level. Example: in a standard USD 100,000 account, the total level is USD 90,000. If the day starts at USD 92,000, the daily calculation would give a level of USD 87,400. The account still may not fall below USD 90,000, because it would breach the total limit first. Accumulated profits may make the daily level more restrictive than the total limit. If the day starts with equity of USD 110,000, the daily level is USD 104,500. That is the more restrictive level, so it is the one to respect that day.

14-16. Moment of the breach, net result and market conditions

The breach occurs at the exact moment equity reaches or falls below the set minimum level. Reaching or exceeding the limit during a single tick is enough for the rule to be deemed breached. It is not necessary for the loss to be held for a minimum period, for the trade to be closed, for the loss to later appear in the balance, or for the account to remain at or below the limit level. Once the limit is reached or exceeded, the breach has already been committed: a later market recovery or the final closing of the trades with a profit does not cancel the breach.

To check compliance with the limits, Bullfy uses the net equity recorded in MetaTrader, including realised results, floating profits and losses, commissions and swaps. You must monitor your account's real equity, not just the balance or the individual result of each trade. Slippage, market gaps, volatility, lack of liquidity or a Stop Loss executed at a price other than the one requested are not exceptions: you are responsible for managing your exposure and leaving enough margin.

18. Examples

• Standard account within the daily limit — Allowed. Initial daily equity is USD 100,000, the minimum level is USD 95,000 and the lowest equity reached is USD 95,100.
• Standard account that reaches or exceeds the daily limit — Prohibited. Initial daily equity is USD 100,000 and the account reaches USD 95,000 or less.
• Account that reaches the limit exactly — Prohibited. Equity reaches exactly USD 95,000. Reaching the limit level is a breach.
• Reaching or exceeding during a single tick — Prohibited. Equity reaches or momentarily falls below the limit level and recovers on the next tick. The recovery does not cancel the breach.
• Trade open across the day change — Allowed. The floating result at 00:00:00 is included in the new daily equity. Its later reduction counts as a loss of the new day.
• Commissions and swaps — Prohibited. Equity was slightly above the level, but falls below it once commissions and swaps are included.
• Bull Titan (InstaFunded) account — Prohibited. With initial daily equity of USD 100,000, the minimum level is USD 97,000. The account reaches USD 96,990.

19. Quick reference

Five trading days on Bull One and three trading days on Bull Prime and Bull Titan (InstaFunded).

1-2. Purpose and minimum number of days

This requirement makes it possible to check that the account's result comes from trading carried out over different days and not from activity concentrated on a single day. The rule applies to all Bullfy accounts, products and phases, including Bull Titan (InstaFunded) accounts and the Funded phase. Bull One requires five trading days in its single Challenge phase and five trading days before each withdrawal in Funded. Bull Prime requires three trading days in each of its two phases and three trading days before each withdrawal in Funded. Bull Titan (InstaFunded) requires three trading days before each withdrawal. The days need not be consecutive. When an account moves from one phase to another, the count starts again from zero: days completed in an earlier phase cannot be carried over or used to complete the next one.

3. Application in the Funded phase

In the Funded phase, five trading days must be completed before each withdrawal on Bull One and three trading days before each withdrawal on Bull Prime and Bull Titan (InstaFunded). For the first withdrawal, the trading days completed since the start of the Funded phase are counted. After each withdrawal, the count resets: to request a new withdrawal, five trading days on Bull One or three trading days on Bull Prime and Bull Titan (InstaFunded) must be completed, counted from the previous withdrawal. This requirement applies without prejudice to the other conditions set for withdrawals.

4-5. What counts as a trading day

A trading day is any date on which at least one trade is actually opened in the account. The date is determined by the MetaTrader server time; each day runs from 00:00:00 to 23:59:59. Any trade executed while the relevant market is open is valid. The trade must have actually been opened in the market. It then counts regardless of whether it ends in profit, in loss or at break-even; whether it is opened and closed on the same day; and whether you place it manually, through a permitted EA or through an authorised copy system. However, the trade must be consistent with your trading on the other days, and you may not make it solely to simulate activity or artificially complete the requirement.

6. Consistency of trading days

Trades used to count the minimum days must form part of real, coherent trading. Bullfy may analyse, among other things: the volume used; the duration of the trade; the risk taken; the asset traded; how you entered and exited; how you managed the trade; how it relates to the account's usual trading; and how it differs from trades made on the other days. Trades whose sole purpose is to appear active or artificially complete the minimum number of days are not valid. Bullfy may analyse filler trades under its other rules, and apply the consequences those rules provide for where relevant.

7-10. Pending orders, multi-day trades and modifications

Placing a pending order is not in itself a trading day. When a pending order is triggered, the date on which the position is actually opened counts as the trading day, not the date the order was placed. A pending order placed but never triggered, its modification and its cancellation do not count. A trade that stays open for several days counts as a single trading day: the one on which it was opened. Later days do not count, even if the trade stays open, holds a floating profit or loss, has its Stop Loss or Take Profit changed, or is fully or partially closed.

For a trading day to count, there must be at least one new actual opening. The following do not generate a new trading day: closing a trade opened on an earlier date, a partial close, modifying the Stop Loss or Take Profit, modifying or cancelling a pending order, or keeping a position open. The number of trades made during a day does not change the count: opening one, ten or fifty trades during the same day counts as a single day.

11-13. Target reached, non-consecutive days and account reset

Reaching the profit target does not exempt you from completing the minimum number of trading days. If you reach the target before completing the days required for your product and phase, the phase stays pending until you complete the remaining days, and during that time you must continue to respect all applicable rules. The required trading days need not be consecutive: in products requiring three days, trades opened on Monday, Wednesday and Friday may be counted. There is no specific maximum period in which to complete the required trading days; the account must, however, respect the general inactivity rule at all times. When an account is fully reset or restored, the trading-day count starts again from zero: days recorded before the reset cannot be used to complete the new cycle.

14. Consequence of not completing the minimum days

15. Examples

• Non-consecutive days — Allowed. In a product requiring three days, you open trades on Monday, Wednesday and Friday. You have traded on three different dates.
• Several trades in a single day — Prohibited. You open fifteen trades on Monday and expect to count several days. All that activity is a single trading day.
• Trade held for several days — Prohibited. You open a trade on Monday and hold it until Thursday, expecting to count four days. Only Monday counts.
• Pending order triggered later — Allowed. The order is placed on Monday and triggered on Tuesday. Tuesday counts, the date of actual opening.
• Pending order not triggered — Prohibited. The order is placed on Monday and cancelled on Tuesday without being executed. No day counts.
• Day with closes but no openings — Prohibited. On Wednesday you close a trade opened on Monday, but open no new position. Wednesday does not count.
• Partial close on a later date — Prohibited. You open a trade on Monday and make a partial close on Tuesday. Only Monday counts.
• Target reached before completing the days — Prohibited. You reach the target on the first day and expect to pass the phase. You must complete the remaining trading days required for your product and phase.
• Days with different results — Allowed. In a product requiring three days, you make a winning trade, a losing trade and one closed at break-even on three different dates. The result does not determine the count.
• Trades intended to simulate activity — Prohibited. After reaching the target, you open trades unrelated to your strategy, with negligible exposure and for the sole purpose of completing the days. Bullfy may treat them as invalid and analyse the conduct under the rules.
• First withdrawal in the Funded phase — Allowed. You complete the trading days required for your product since the start of the Funded phase and meet the other withdrawal conditions.
• New withdrawal without completing the required days — Prohibited. After a withdrawal, you do not complete the number of trading days required for your product. You must complete the remaining days before submitting a new request.

16. Quick reference

Leverage settings by asset class.

1. Leverage by asset class

Leverage determines the position value that can be controlled in relation to the margin available in the account.

Assets are classified according to their nature, regardless of the specific name or symbol they carry in MetaTrader. Commodities include, among other instruments, silver, oil, natural gas and all metals other than gold.

2. Application of leverage

Bullfy sets the leverage directly. You cannot select or change it. Each instrument uses the leverage for its asset class. When several trades are open at the same time, they all draw on the account's available margin together. MetaTrader automatically rejects any new trade for which there is not enough margin. In every case you must respect the other Bullfy rules, including those on maximum risk per trade idea, drawdown limits, trading consistency and prohibited practices.

3. Checking the margin

Before opening a trade, we recommend you check the following in MetaTrader: the leverage applied to the instrument; the margin required to open the position; the margin used by existing positions; the margin available in the account; and the instrument's specifications. This check is your responsibility. Opening a trade without checking the margin required does not excuse you from complying with the other Bullfy rules.

4. Changes to leverage

Bullfy reserves the right to change the leverage applicable to one or more asset classes when market conditions, volatility, liquidity or any other relevant circumstance requires it. The leverage in force is the one configured on the platform for the relevant instrument.

Maximum period of 30 consecutive calendar days.

1. Maximum inactivity period

This rule applies to all Bullfy accounts, products and phases, including Bull Titan (InstaFunded) accounts and the Funded phase. Saturdays, Sundays and public holidays are included in the count. The period is calculated in calendar days and not in exact 24-hour periods. On new accounts, your first trade must be placed within the 30 calendar days following the purchase date. Once you have started trading, each new valid activity resets the count of the maximum period of 30 consecutive calendar days without activity.

2. Valid activity

For the purposes of this rule, the following is considered valid activity:

• Actually opening a trade.
• The triggering of a pending order.
• Fully or partially closing a trade.
• Modifying the Stop Loss or Take Profit.
• Keeping a trade open.
• Making a withdrawal.
• Moving to a new phase.
• A full reset or restoration of the account.

The activity may be carried out manually, through a permitted EA or through an authorised copy system. Each new valid activity resets the count.

3. Actions not considered activity

The following neither interrupt nor reset the inactivity period: merely placing a pending order that is never triggered, modifying a pending order and cancelling a pending order.

4. Real and coherent trading

There is no minimum volume, duration or risk level for a trade to count as activity. However, it must form part of real, coherent trading. Bullfy may treat as invalid any trade made solely to appear active or to sidestep this rule artificially.

5. Planned absences

If you expect a long absence, you may contact Bullfy in advance so that your situation can be reviewed. Contacting Bullfy does not guarantee an extension. This rule provides for no automatic extensions.

Reasonable continuity of the strategy between phases and trading periods.

1. Scope

This rule applies to all Bullfy accounts, products and phases, including Bull Titan (InstaFunded) accounts and the Funded phase. On Bull One, the Funded account must be reasonably consistent with the trading carried out during the Challenge. On Bull Prime, consistency is checked between its two Challenge phases and then with the Funded account. On Bull Titan (InstaFunded), as there is no prior Challenge phase, consistency is assessed on the trading carried out since the account was activated and between the different withdrawal periods. Trades do not have to be identical, but substantially replacing the strategy you developed earlier is not allowed.

2. Elements analysed

To determine whether there is trading consistency, Bullfy may jointly assess, among others, the following elements:

• The assets traded.
• Position size and the risk taken.
• The duration and frequency of trades.
• The use and management of the Stop Loss.
• Entry and exit criteria.
• Whether the trading is manual, automated or copied.
• The type of strategy and the way positions are managed.
• The differences between the trading of the different phases.

The review takes as its reference the trading you actually carried out during the earlier phases, not only the financial results you obtained. The overall consistency of the strategy is assessed on the trading as a whole. The limit on assets, however, applies to each trade individually.

3. Assets traded

Trading assets on the funded account that were not used during the evaluation phases is not allowed. You may stop trading one or more of the assets you used before: dropping assets is allowed, adding new ones on the funded account is not. Opening a single trade on an asset you did not use during the evaluation breaches this rule, and your account is breached and closed. That is so even if it is a one-off trade and the rest of your trading is consistent. The limit applies regardless of how long the trade lasts: using a new asset is a breach even if the trade stays open only briefly. On Bull Titan (InstaFunded), as there is no prior evaluation phase, the reference is the trading carried out since the account was activated, as set out in section 1.

4. Adapting to market conditions

Trading consistency does not require you to repeat exactly the same entries, sessions or durations in every trade. You may adapt how you manage your trading to market conditions, provided you keep to the permitted assets and do not substantially change your strategy or the risk you take. Reasonable adjustments prompted by changes in volatility, liquidity or market behaviour may be considered valid, provided they do not amount to an unjustified replacement of the strategy you applied before.

5. Strategic freedom with trading continuity

Bullfy does not fund only the financial result you obtained during the evaluation phases, but the trading you demonstrated during that process. The Funded phase must represent a reasonable continuation of the strategy Bullfy observed and evaluated. The purpose of this rule is to let you trade freely within your strategy, while making sure Bullfy's capital is allocated to trading that is identifiable, consistent and reasonably reproducible.

6. Review and consequences

Where Bullfy detects significant differences between the phases, it may ask you for whatever information or explanations it considers necessary, review any pending withdrawal, or go straight to closing the account.

7. Examples

• Reasonable adjustment — Allowed. During the evaluation, you trade EURUSD and XAUUSD with an intraday strategy. In the Funded phase you keep those assets and the same strategy, but reduce position size and trade less often because volatility has risen. The trading stays reasonably consistent and the changes are a prudent adaptation to market conditions.
• Excluding an asset — Allowed. During the evaluation, you trade EURUSD, GBPUSD and XAUUSD. In the Funded phase you decide to trade only EURUSD and GBPUSD. You may stop using assets you traded before.
• Adding a new asset — Breach. During the evaluation, you trade only EURUSD and GBPUSD. In the Funded phase you open a trade in XAUUSD. A single trade is enough to breach the rule.
• Substantial change of strategy — Breach. During the evaluation, you swing-trade with positions held for several hours or days and moderate exposure. In the Funded phase you replace that with frequent, very short entries and significantly higher exposure. There is no reasonable consistency between the trading of the two phases.
• Normal differences between trades — Allowed. You keep the same strategy and the same assets, but your trades are not always opened at the same time and do not last exactly the same. Consistency does not require you to reproduce each entry, time or duration exactly.

A 30% reference per trade or trade idea for each withdrawal.

1. Scope

This rule applies only to withdrawals from Bull Titan (InstaFunded) accounts. The reference is assessed separately for each withdrawal and does not in itself restrict the strategy you use.

2-3. Maximum reference and percentage calculation

A single trade or trade idea must not contribute more than 30% of the amount of the withdrawal requested. To identify which trades form part of the same trade idea, the definition set out in the rule on maximum risk per trade idea applies. Where an idea consists of several entries, full closes or partial closes, the net results of all the trades making it up are added together, including commissions and other recorded costs. The result attributed to each trade or trade idea is compared directly with the amount of the withdrawal requested.

4. Period assessed

For the first withdrawal, Bullfy looks at the trading carried out since the account was activated. For later withdrawals, it looks at the trading carried out since your last withdrawal. After each withdrawal, the calculation starts again for the next request.

5-6. Exceeding the reference and verification

Where a trade or trade idea represents more than 30% of the amount requested, the withdrawal may be subject to an operational review, and Bullfy may ask for additional documentation or explanations. Exceeding the 30% reference does not automatically invalidate the withdrawal, and it does not by itself require you to generate more profit before submitting a new request. A review under this rule does not by itself reset the count of trading days needed to request a withdrawal. Exceeding this reference is not in itself a breach: it does not automatically close your account, and it does not by itself invalidate the withdrawal. Bullfy may ask for whatever information or documentation it considers necessary to identify the trades forming part of each trade idea and to check the calculation.

7. Examples

• One idea contributes exactly 30% — Allowed. You request a USD 2,000 withdrawal and one trade idea contributes USD 600. The calculation is 600 ÷ 2,000 × 100 = 30%. The withdrawal meets this reference.
• One idea exceeds 30% — Additional review. You request a USD 2,000 withdrawal and one trade idea contributes USD 700. The calculation is 700 ÷ 2,000 × 100 = 35%. Bullfy may ask for additional documentation or explanations, without the withdrawal being automatically invalidated.
• Several entries of the same idea — Joint calculation. You open several positions forming part of a single idea. Their net results are $200, $150 and $250. The result attributable to the idea is USD 600, and it is compared with the amount of the withdrawal requested.

Measures applicable when Bullfy's rules are breached.

1. Scope

This rule applies to all Bullfy accounts, products and phases. The measures provided for in this rule may be applied from the first breach where its seriousness justifies it.

2. Applicable measures

Breaching the rules may lead to one or more of the following measures:

• Warning.
• Partial or total cancellation of profits.
• Provisionally withholding payouts.
• Permanently invalidating payouts.
• Temporary suspension of the account.
• Closing one or more accounts.
• Permanent disqualification from one or more Bullfy programmes.
• Permanent inclusion on an internal exclusion list.

The measures do not have to be applied in the order listed. Where a first breach is serious enough, it may lead straight to your account being closed, or to a more severe measure.

3. Criteria for application

Bullfy decides the applicable measures taking into account, among other things: the seriousness and nature of the conduct; the risk created or the consequences caused; the profit made from the breach; repetition, even across different accounts or phases; the number of accounts affected; your cooperation during the review; and intent, where it can be established. Cancelled profits may be limited to those obtained through the irregular conduct, or may cover all the account's profits, depending on the circumstances. Where the seriousness justifies it, the measures may extend to your other accounts connected with the conduct under investigation.

4. Provisional measures

While a possible breach is under investigation, Bullfy may temporarily block one or more accounts; prevent trades from being opened, modified or closed; withhold pending withdrawals; and suspend the submission of new withdrawal requests. These actions are provisional and do not in themselves constitute a final decision.

5-6. Review of the conduct and notification of the decision

Bullfy may ask you for explanations, documents, images, videos, records, histories or any other information needed to review the facts. If you do not provide it, Bullfy may resolve the case using only the data available and take whatever measures it considers necessary. Bullfy tells you what breach it has detected and what measures it has applied, and you may ask for the decision to be reviewed by providing whatever information or documentation you consider relevant. Asking for a review does not automatically suspend the measures taken.

7-8. Exclusion and accumulation of measures

Inclusion on the internal exclusion list is permanent. Depending on the seriousness and nature of the conduct, Bullfy decides whether the exclusion affects only your existing accounts, certain programmes, or also your ability to buy and use new accounts. Bullfy may apply several measures at once where necessary: the same conduct may lead, among other consequences, to a withdrawal being invalidated, the accounts affected being closed and your permanent exclusion.

Interpretation criteria, submitting clarifications and reviewing decisions.

1-2. Scope and interpretation of the rules

This rule applies to all Bullfy accounts, products and phases. The final interpretation of the rules rests exclusively with Bullfy. In reaching its decisions, Bullfy takes into account the content and purpose of the applicable rule, the trading actually carried out and the specific circumstances of the case. Each case is examined individually: earlier decisions do not oblige Bullfy to resolve later situations with different circumstances in the same way.

3. Request for explanations

Bullfy may ask you for explanations, clarifications, documents, records or any other information it considers necessary. It may ask for this even where the rule expressly sets out a specific consequence. However, Bullfy may take a decision directly where it considers it has enough information. You may submit explanations before the decision when Bullfy asks for them.

4. Deadline and evidence

Bullfy may set a deadline for submitting the explanations or documentation required. When Bullfy asks, you must back up your statements with verifiable data, documents or records. Explanations that cannot be verified may be rejected. If you do not reply within the deadline given, Bullfy may decide using only the information available.

5-6. Effects of the explanations and later review

Submitting explanations does not suspend the blocking of accounts, the withholding of withdrawals or any other provisional or final measure taken. Once it has reviewed the information, Bullfy may apply no measure at all, reduce or change the measure initially planned, keep the measure in full, or apply any other consequence provided for in the rules. You may ask for a review of a decision already taken by providing relevant information or documentation. That later review is separate from any explanations Bullfy may ask for during the investigation, and it does not automatically suspend the measures applied. Bullfy may correct, change or keep its decision when new information emerges.