Legal

Terms of Service

Effective date: 1 April 2026 · Last updated: March 2026

Important Risk Warning — Read Before Using the Platform

Trading financial instruments — including equity derivatives (F&O), commodities (MCX), foreign exchange (FX), and cryptocurrencies — involves substantial risk of loss, including the possible loss of your entire invested capital. Past performance, backtest results, or simulated returns do not guarantee, imply, or predict future results. Black Swan Alpha is automation software. It does not predict markets, recommend trades, or guarantee any outcome. Only trade capital you can afford to lose. If you are uncertain, consult a qualified and regulated financial advisor before using this platform.

Black Swan Alpha is not a financial advisor. We are a software company providing trade automation tools. Nothing on this platform — including strategies, backtests, signals, regime classifications, LLM reviews, or any output — constitutes financial advice, investment advice, or a solicitation to buy or sell any financial instrument. All decisions are yours alone.

1. Acceptance of Terms

By accessing or using Black Swan Alpha (the "Platform"), you agree to be bound by these Terms of Service ("Terms"). If you do not agree, you must not use the Platform. These Terms form a legally binding agreement between you ("User", "you") and Black Swan Alpha ("we", "our", "us").

Use of the Platform is permitted only by individuals who are of legal age in their jurisdiction and who are legally permitted to engage in trading activities under applicable laws.

2. Nature of the Platform — Automation Software Only

Black Swan Alpha provides automation software that allows users to:

Define, configure, and backtest trading strategies of their own design
Schedule and automate the execution of those strategies through connected broker accounts
Review trade outcomes using ML classification and LLM analysis tools

The Platform does not:

Recommend, suggest, or advise on any specific trading strategy, instrument, or position
Predict market movements or future prices
Guarantee any level of performance, return, or outcome
Act as a portfolio manager, broker, or investment advisor
Hold, manage, or control your funds — all capital remains in your broker account at all times

The Platform executes only the strategies you explicitly define and authorise. We hold no discretion over your trading activity.

3. User Responsibility for Trading Decisions

You are solely and entirely responsible for:

All trading strategies you create, configure, and deploy on the Platform
All orders placed and trades executed through your connected broker accounts
Evaluating whether any strategy is appropriate for your financial situation, risk tolerance, and objectives
Monitoring your positions and the Platform's activity
Any financial outcome — profits or losses — resulting from Platform use

Black Swan Alpha bears no responsibility for any trading loss, missed opportunity, or adverse financial outcome arising from Platform use, whether caused by your strategy configuration, a Platform error, market conditions, broker behaviour, or any other factor.

4. Backtesting and Simulated Results

The Platform provides backtesting tools that replay strategies against historical market data. Backtest results are purely historical simulations and carry no predictive value.

Historical performance does not predict, imply, or guarantee future performance
Backtests cannot account for slippage, liquidity, order rejection, market impact, or real-world execution conditions
Paper trading (simulated live execution) does not replicate real market dynamics
Any metrics, scores, or indicators displayed are informational tools, not performance guarantees

You acknowledge that trading live capital based solely on backtest or paper trade results involves significant additional risk.

5. ML Classification and LLM Outputs

The Platform includes machine learning regime classification and large language model (LLM) trade review features. These are analytical tools, not financial advice.

ML regime classifications (e.g., bullish / bearish / sideways) are algorithmic outputs based on historical price patterns. They do not guarantee the current or future market state.
LLM trade reviews are AI-generated text summaries. They are not produced by a licensed financial professional and should not be relied upon as expert advice.
Policy gate decisions (execute / hold) are automated outputs of rules you configure. You remain responsible for those rules and their consequences.

All AI outputs are supplementary tools. Reliance on them without independent judgement is at your sole risk.

6. Broker Account Connection

To use execution features, you must connect a broker account via API credentials you provide. By doing so, you:

Authorise the Platform to place orders through your broker account on your behalf, limited to the strategies you configure
Remain solely responsible for all orders placed and their outcomes
Acknowledge that the Platform does not have access to withdraw funds from your account
Confirm you have read and agree to your broker's terms of service

We strongly recommend connecting API keys with trade-only permissions (no withdrawal access) where your broker supports this. We are not responsible for broker downtime, order rejections, or changes to broker API behaviour.

7. Regulatory Compliance

You are solely responsible for ensuring that your use of the Platform complies with all applicable laws, regulations, and rules in your jurisdiction, including but not limited to:

Securities and derivatives regulations (SEBI regulations in India, or equivalent in your country)
Broker terms of service and API usage policies
Tax obligations arising from trading activity
Restrictions on automated or algorithmic trading applicable in your jurisdiction

Black Swan Alpha makes no representation that use of the Platform is lawful in any particular jurisdiction. If you are unsure, seek independent legal advice before using the Platform.

8. Platform Availability and Errors

The Platform is provided "as is" and "as available" without warranties of any kind, express or implied. We do not warrant that the Platform will be uninterrupted, error-free, or free of bugs. Trading automation carries inherent technology risk including:

Internet connectivity failures
Broker API downtime or changes
Software bugs or unexpected behaviour
Delays in order execution

You acknowledge these risks and accept sole responsibility for any consequences arising from Platform errors, downtime, or unexpected behaviour. We recommend always maintaining direct access to your broker platform to manually manage positions if needed.

9. Limitation of Liability

To the maximum extent permitted by applicable law, Black Swan Alpha, its directors, employees, and contractors shall not be liable for any:

Trading losses, financial loss, or loss of capital of any kind
Lost profits, revenue, or business opportunity
Indirect, incidental, consequential, or special damages
Loss arising from reliance on Platform outputs, including backtests, ML classifications, or LLM reviews

Where liability cannot be excluded by law, our total liability is limited to the amount you paid for Platform access in the 3 months preceding the claim.

10. Indemnification

You agree to indemnify and hold harmless Black Swan Alpha and its affiliates from any claim, loss, liability, damage, or expense (including legal fees) arising from: your use of the Platform, any strategy you deploy, your breach of these Terms, or your violation of any applicable law or third-party right.

11. Prohibited Use

You must not use the Platform to:

Engage in market manipulation, spoofing, layering, or any other prohibited trading practice
Breach any applicable securities law or exchange rule
Circumvent broker restrictions or violate broker terms of service
Reverse-engineer, copy, or redistribute the Platform or its underlying technology

12. Changes to These Terms

We may update these Terms at any time. Material changes will be communicated to registered users by email at least 14 days before they take effect. Continued use of the Platform after changes constitutes acceptance. If you do not agree to the updated Terms, you must cease using the Platform.

13. Governing Law and Disputes

These Terms are governed by the laws of India. Any dispute arising from these Terms or the use of the Platform shall be subject to the exclusive jurisdiction of the courts in Mumbai, India. If any provision of these Terms is held invalid or unenforceable, the remaining provisions continue in full force.

14. Contact

For questions about these Terms: legal@blackswanalpha.io