Terms of Service

Last updated: 5 November 2026

Before you start. This is a contract between you and Liquid Stelvio S.r.l. In short: Exeq is software that runs rules you wrote, it gives no financial advice, trading with it can lose money, our responsibility to you is capped, and Italian law governs. The sections that carry the most weight are 8 (risk and no advice), 16 (no warranties), 17 (our liability) and 22 (law and courts). Use Exeq only if you accept all of this.

1. Acceptance of These Terms

These Terms of Service (the "Terms") apply to your use of the Exeq website, the Exeq web application and any related services (together, the "Services"). They are an agreement between you ("you") and Liquid Stelvio S.r.l., a limited liability company (società a responsabilità limitata) under Italian law, VAT and tax code 01097460149, registered with the Companies Register of Sondrio under the same number, with its registered address at Piazza Giuseppe Garibaldi 5, 23100 Sondrio, Italy ("Exeq", "we", "us" or "our"). You can reach us at team@getexeq.com.

You accept these Terms by ticking the acceptance box when you create your Account; an Account cannot be created without it. Please read our Privacy Policy, which explains how we handle your personal information.

If you accept these Terms for a company or other organisation, you confirm that you are allowed to bind it, and "you" then means that organisation.

If you do not agree, do not use the Services.

2. Definitions

• "Account" means your personal Exeq account.
• "Agent" means a set of fixed, readable trading rules created in the Services from an idea you describe. The rules shown on the Agent's page are the rules that run. Changing the rules creates a new version of the Agent.
• "Aggregator" means the third-party account-aggregation provider through which you connect your own brokerage account, currently SnapTrade, operated by Passiv Inc. (Canada) under its own end-user terms. You sign in to your broker through the Aggregator; you never give us your broker username or password.
• "AI Output" means any text, rules, explanations, summaries or other content produced by the AI features of the Services.
• "Connected Account" means a brokerage account of yours that you have connected to the Services through the Aggregator.
• "Content" means anything you submit or create in the Services, including the ideas you type, your Agents and your questions.
• "Live Execution" means the sending of real orders, with real money, to a Connected Account, in one of the ways described in Section 7.3.
• "Simulated Results" means backtests, "alternative realities" (simulated market histories), "paper" results and practice-account results. All Simulated Results are hypothetical.
• "Subscription" means a paid plan for the Services.

3. Changes to These Terms

We may update these Terms. If a change is material, we will tell you by email or in the Services at least 30 days before it takes effect, unless the law or an urgent reason (such as a new legal requirement or a security risk) requires a shorter period.

If you keep using the Services after the change takes effect, you accept the updated Terms. If a material change is adverse to you, you may end these Terms at any time before it takes effect, by cancelling in your Account settings or emailing team@getexeq.com, and we will refund the unused part of any fees you paid in advance on a pro-rata basis.

Small changes that do not reduce your rights, such as typo fixes or clarifications, may take effect when we publish them.

4. Eligibility

You may use the Services only if:

• you are at least 18 years old;
• you can legally enter into a binding contract;
• you are not located in, or ordinarily resident in, a country under comprehensive sanctions (including sanctions of the United States, Canada, the United Kingdom, the European Union or the United Nations), and you are not on any sanctions or restricted-persons list;
• you are not resident in the Province of Quebec, Canada;
• the law that applies to you does not forbid you from using the Services or trading the relevant securities; and
• if you want Live Execution, you are a resident of the United States or Canada (see Section 5.2).

You are responsible for making sure that your use of the Services and your trading are legal where you are. We may restrict or end access from any country where we believe in good faith that the Services cannot lawfully be offered.

5. The Services

5.1 What Exeq is

Exeq is software that turns a trading idea into fixed rules and lets you test and run those rules. With the Services you can:

• describe a trading idea in plain language and have it turned into an Agent with readable rules;
• test an Agent with Simulated Results: backtests on daily closing prices, before costs; a minute-by-minute replay of the last 12 months on 1-minute prices; alternative realities; paper, where the Agent's rules are replayed on real closing prices from the day you put it on paper; and a practice account that simulates fills at the live price plus or minus 5 basis points and, since no real order is involved, runs its rules automatically;
• use the "Ask" panel to have words, rules and numbers on a page explained;
• connect your own brokerage account through the Aggregator to view it; and
• if you are eligible, run an Agent live on your Connected Account, under the order rules in Section 7.3.

The Services are software only. We are not your broker, broker-dealer, custodian, dealer, investment adviser, portfolio manager, financial planner or investment firm, and we do not act in any similar role. We never hold or have access to your money or securities. Where Live Execution is available, we act only as a technology provider that sends orders you have authorised to your broker. We use no discretion over whether, when or how you trade.

5.2 Live Execution or read-only, depending on where you live

• United States and Canada. If your declared country of residence is the United States or Canada, you can use Live Execution under Section 7.3. Live Execution may require a paid plan, as shown in the Services.
• Everywhere else. The Services are read-only. You can create Agents, use Simulated Results, paper and the practice account, and connect a brokerage account to view it. No real order is ever placed on any Connected Account, whatever permissions your broker grants.

Eligibility is based on the country of residence you declare. Any change to it is logged. You must not get around these limits, for example by declaring a false residence or using a VPN or other technical means.

5.3 No fiduciary relationship

Nothing in these Terms or in your use of the Services makes us your fiduciary, adviser, agent or trustee.

5.4 Future regulated services

Today the Services include no regulated investment service. Should we, an affiliate or a partner one day hold a licence to give investment advice, manage portfolios or act as a broker, that activity would come with its own contract and disclosures and, where the law requires it, would be run by a separate licensed company. Nothing in these Terms gives you the rights that such a service would carry.

6. Account and Security

You need an Account to use most of the Services. You sign in with a one-time link we send to your email address. You agree to:

• give accurate information, including your country of residence, and keep it up to date;
• keep your email account secure, because anyone who can open your email can sign in to your Account;
• not share your Account, let anyone else use it, or transfer it; and
• tell us promptly at team@getexeq.com if you think someone has accessed your Account without permission.

You are responsible for everything done through your Account, except where it results from our own breach of the security duties the law places on us.

We may suspend or close your Account if we reasonably believe it has been compromised, is being used in breach of these Terms, or must be suspended to comply with the law.

7. Connecting Your Brokerage Account

7.1 Your broker and the Aggregator are separate

To connect a brokerage account you need your own account with that broker, in good standing. Your relationship with your broker and with the Aggregator is governed only by their own terms and privacy policies. We are not a party to those relationships. We never hold your money or securities.

7.2 How the connection works

• You sign in to your broker directly, through the Aggregator's secure connection page. You never give us your broker username or password.
• The Aggregator gives us a limited access credential for you. We store it encrypted. We use it only to read your account data (such as balances, positions, orders and order status) and, if you are eligible and have authorised an order under Section 7.3, to send that order to your broker.
• If your broker only allows viewing, we will not place orders on that account.
• Outside the United States and Canada, every connection is read-only.
• If you disconnect a broker, we stop sending orders to it. Your positions stay at your broker; we do not close them.
• If you delete your Account, we delete your user at the Aggregator and all of your broker connections.
• The Aggregator and your broker are independent. We are not responsible for what they do or fail to do.

7.3 How a real order happens

A real order is sent to your Connected Account only in one of these ways:

• Approval mode (the default). When an Agent's rules call for an order, we email you and show the order on the Agent's page. The order is sent only if you approve that specific order. If you do not approve it, it expires shortly before that day's market close (currently 2 minutes before the close) and is not placed.
• Automatic mode. If you switch an Agent to automatic mode, after giving a separate and specific consent, the orders its rules call for are sent without asking you each time. We notify you of the orders sent.
• "Sell everything now." If you yourself use the "sell everything now" control on an Agent, we send market orders to sell every position that Agent holds, while the market is open.

Live orders are market orders, valid for the day only, in whole shares, and within the money cap you set for each Agent. Only one live Agent can run on each Connected Account. While the market is open, a live Agent checks its rules continuously on live prices and proposes an order when a rule's outcome changes; rules that change often can trade often, and the minute-by-minute replay shows that churn and its cost.

You can pause an Agent, switch it back to approval mode, or stop it at any time. An Agent may also pause itself, for example if prices are stale, a daily loss limit is reached, errors repeat, or funds are insufficient. These automatic pauses are a safety feature, not a guarantee; they may not trigger in every case.

You agree that:

• you must read an Agent's rules and settings before putting it live, and keep an eye on it while it runs;
• market prices can move between our email and your approval. A late approval may be filled at a very different price, or not at all, and an approval given too close to the close may be rejected by your broker;
• once an order has been accepted by your broker, we cannot cancel, change or reverse it for you;
• the fill price, slippage, fees, partial fills and rejections are decided by your broker and the market. We do not control them and make no promise about execution quality; and
• we are not responsible for losses caused by outages, delays, errors or rejections at your broker, at the Aggregator, at our data providers or in our own systems, to the extent permitted by law, except for orders sent without your authorisation because of an error in our systems.

8. Risk Disclosure and No Investment Advice

This section is essential. Please read it carefully.

8.1 Software only, not advice

Nothing in the Services is investment, financial, tax or legal advice, a recommendation, or an offer or solicitation to buy or sell any security. Agents, AI Outputs, Simulated Results and explanations are information only. They are not tailored to your circumstances, goals or risk tolerance.

8.2 You make every decision

You alone decide whether to create an Agent, which rules to use, whether to put it live, and which orders to approve. You should speak to a qualified professional before making investment, tax or legal decisions.

8.3 Trading can lose money

Trading securities carries a substantial risk of loss and is not suitable for everyone. You can lose some or all of the money you trade. Prices can move quickly, and markets can be illiquid.

8.4 Simulated Results are hypothetical

Past performance does not predict future results. All Simulated Results are hypothetical. Backtests use daily closing prices, or 1-minute prices in the minute-by-minute replay, and are shown before costs. Alternative realities are simulated histories, not real ones. Paper replays your rules on real closing prices but places no orders. The practice account simulates fills at the live price plus or minus 5 basis points, which may differ from what a real order would get. Simulated Results are built with hindsight, do not reflect real trading, and leave out real-world factors such as fees, slippage, delays and the effect of your own orders on the market. No Agent is likely to match them.

8.5 AI Output

The AI that turns your idea into rules, summarises information and answers in the Ask panel can be wrong, incomplete or misleading, even when it sounds sure. It does not know your full financial situation. Words such as "buy", "sell", "hold" or "exit" in rules or AI Output describe what rules do; they are not advice. Other users may receive similar output. Check any AI Output yourself before relying on it.

8.6 No tax or legal advice

You are responsible for the tax and legal consequences of your trading, including reporting and paying tax. We do not give tax or legal advice and do not file anything for you.

8.7 No guarantee

We do not promise that the Services, any Agent or any data will be profitable, accurate, timely, complete, error-free or always available.

8.8 Notifications may fail

We send approval requests and order notices by email. Email is not guaranteed: a message can be delayed, land in spam, arrive twice or never arrive. When an approval request does not reach you in time, the order simply expires under Section 7.3 and nothing is placed. The fact that an Agent runs by itself does not put us in charge of watching your account. Keeping an eye on your positions, your pending orders and your exposure stays your job.

9. Subscriptions, Payments and Cancellation

9.1 Plans

A free tier lets you use paper and the other free features shown in the Services. Paid plans, their features and their prices are shown at checkout before you pay. Some features, such as Live Execution, may be available only on certain plans.

9.2 Payment

Payments are handled by our payment processor, Stripe, under its own terms. You authorise us, through it, to charge your payment method for the fees due. We do not store full card numbers.

9.3 Renewal and price changes

Subscriptions renew automatically at the end of each billing period at the then-current price, unless you cancel first. Where the law requires it, for example before an annual renewal, we send you a reminder before the renewal date. We will give you at least 30 days' notice of a price change before it applies to a renewal. A price change never affects a period you have already paid for.

9.4 Cancellation and refunds

You can cancel at any time in your Account settings or by emailing team@getexeq.com. Cancellation takes effect at the end of the current billing period, and you keep paid features until then. Except as set out in Section 9.6 or required by law, fees are not refundable, including for part-periods. Nothing in these Terms removes any refund or withdrawal right that the law gives you and that cannot be waived.

9.5 Taxes and failed payments

Prices include or exclude taxes as shown at checkout. If a payment fails, we may retry it, limit paid features, and in the end suspend or close your Account.

9.6 Right of withdrawal (consumers in the EU and the UK)

If you are a consumer in the European Union or the United Kingdom, you may withdraw from a Subscription within 14 days of buying it, without giving a reason.

When you buy, we ask you to expressly request that the Subscription start immediately, during the withdrawal period, and to acknowledge that if you then withdraw you will pay for the part of the period already used. If you withdraw after the Subscription has started, we refund the price minus a pro-rata amount for the days used. If you withdraw before it has started, we refund the full price. Refunds go to the payment method you used, within 14 days of your withdrawal.

To withdraw, use the "Withdraw" button in your Account settings or email team@getexeq.com stating clearly that you withdraw. You may use the model form below, but you do not have to.

Model withdrawal form
To: Liquid Stelvio S.r.l., Piazza Giuseppe Garibaldi 5, 23100 Sondrio, Italy, team@getexeq.com
I hereby give notice that I withdraw from my contract for the following service: Exeq Subscription ______
Ordered on: ______
Name: ______
Address: ______
Account email: ______
Date: ______

10. Acceptable Use

You must not, and must not try to:

• use the Services for anything illegal, fraudulent or harmful;
• use the Services for market manipulation, spoofing, wash trading or any other market abuse;
• get around the limits on Live Execution in Section 5.2, including by giving a false country of residence or using a VPN;
• reverse engineer or try to extract the source code or models of the Services, except where the law allows it;
• scrape or copy the Services by automated means, except through any interface we expressly provide for that;
• resell, rent or sublicense the Services, or give others access to your Account;
• disrupt or test the security of the Services without our permission, or introduce malware;
• use the Services to build a competing product or train competing models;
• lie about your identity or residence;
• break your broker's or the Aggregator's terms; or
• help anyone else do any of these things.

We may investigate suspected breaches and take reasonable action, including warning you, limiting features, suspending or closing your Account, and working with law enforcement.

11. Your Content and Licence to Us

11.1 You own your Content

You keep all rights in your Content, including the ideas you type and your Agents.

11.2 Licence to run the Services

You give us a non-exclusive, worldwide, royalty-free licence to store, copy, process, transmit and display your Content only as needed to provide, secure and improve the Services. We may pass this licence to our service providers working for us. The licence ends when you delete the Content or your Account, except for copies we must keep by law, backups until they are overwritten, and anonymised data under Section 11.4.

11.3 AI Output

We do not claim ownership of AI Output produced for you. It is given to you "AS IS", without any promise of accuracy or exclusivity. We and our AI provider keep all rights in the underlying models and systems.

11.4 Anonymised data

We may use aggregated, anonymised data from use of the Services (such as usage statistics) to run and improve the Services. This data does not identify you.

11.5 Your responsibility

You confirm that you have the rights needed to submit your Content and that it does not break the law or anyone else's rights.

11.6 Feedback

If you send us ideas or feedback about the Services, we may use them freely, without paying you.

12. AI Features

12.1 How we use AI

We use AI models to turn your idea into an Agent's rules, to ask you one question about your idea before building where useful, to gather and summarise market information and news from public and official sources, and to answer questions in the Ask panel. Questions asked in the Ask panel and their answers are logged.

12.2 The AI does not trade

The AI compiles an Agent's rules once. It never decides a trade while the Agent runs. The rules shown on the Agent's page are what runs, and changing them creates a new version. A real order happens only in the ways set out in Section 7.3. Outside the United States and Canada, no real order is ever placed.

12.3 No training on your data

We use the commercial API of our AI provider, under terms that do not allow your inputs and outputs to be used to train its models. See the Privacy Policy for details.

12.4 No monitoring duty

An Agent checks its rules all day because that is what the software does, not because we are supervising you. Its running does not oblige us to follow your account, your orders or the market on your behalf, and it does not make us your adviser. Section 8.5 on the limits of AI Output applies here too.

13. Our Intellectual Property

The Services, including the software, designs, text and the Exeq name and logo, belong to us or our licensors and are protected by intellectual-property law.

As long as you follow these Terms, we give you a limited, personal, non-exclusive, non-transferable, revocable right to use the Services while you have an Account. We keep all other rights. You may not use our name or logo without our written permission.

14. Third-Party Services

The Services work with third parties, including the Aggregator, your broker, market-data providers, our AI provider and our payment processor. Your use of them is at your own risk and is governed by their terms. We are not responsible for their availability, accuracy or conduct, and working with them does not mean we endorse them.

15. Privacy

Our Privacy Policy explains how we handle your personal information. By using the Services, you confirm that you have read it.

16. Disclaimer of Warranties

To the fullest extent permitted by law, the Services, Agents, AI Output, Simulated Results, market data and everything else in the Services are provided "AS IS" and "AS AVAILABLE", with all faults and without warranties of any kind, whether express, implied or statutory. This includes any implied warranty of merchantability, fitness for a particular purpose, accuracy, title or non-infringement.

In particular, we do not promise that:

• the Services will meet your needs;
• the Services will be uninterrupted, timely, secure or error-free;
• any Agent, AI Output or Simulated Result will be accurate, reliable or profitable;
• errors will be fixed;
• the Aggregator, your broker or any other third party will perform as expected; or
• you will achieve any particular result.

Nothing in these Terms excludes any warranty or right that the law does not allow us to exclude.

17. Limitation of Liability

17.1 Cap

To the fullest extent permitted by law, our total liability to you for all claims relating to the Services or these Terms, however arising (including in contract or negligence), is limited to the greater of (a) the fees you paid us in the 12 months before the event that caused the claim, or (b) €100.

17.2 Losses we are not liable for

To the fullest extent permitted by law, we are not liable for:

• trading losses, lost profits, missed opportunities or other financial loss from your trading decisions, or from orders being placed, not placed, partly filled, rejected, expired or cancelled;
• losses caused by an Agent's rules, AI Output, Simulated Results, market data or any other information in the Services;
• losses caused by your broker, the Aggregator or any other third party, including their outages, errors, delays or insolvency;
• losses from unauthorised access to your Account or email that did not result from our breach of our legal security duties;
• indirect, consequential, incidental, special or punitive damages;
• loss of data, goodwill or reputation; or
• events outside our reasonable control (see Section 21).

17.3 What we do not exclude

Nothing in this Section limits our liability for death or personal injury caused by our negligence, for fraud, for gross negligence or wilful misconduct where the law does not allow a limit, under consumer-protection law that cannot be waived, for anything else the law does not allow us to limit, or for losses from orders sent without your authorisation because of an error in our systems.

17.4 Why these limits exist

Our prices assume the limits in this Section. A flat software subscription cannot carry the risk of a trading account, and you agree that this is a fair split of the risk between us.

18. Indemnification

To the fullest extent permitted by law, you will defend and compensate Liquid Stelvio S.r.l., its affiliates and their directors, officers, employees, contractors and agents against claims, losses and costs (including reasonable legal fees) arising from:

• your Content;
• your breach of these Terms or of the law;
• your breach of anyone else's rights, including your broker's; or
• any false statement you made, including about your residence.

We may take over the defence of any such claim at our own cost, and you will cooperate with us. This Section does not apply to consumers to the extent consumer-protection law forbids it.

19. Suspension and Termination

19.1 By you

You can end these Terms at any time by cancelling any Subscription and deleting your Account in the Services, or by emailing team@getexeq.com.

19.2 By us

We may suspend or end your access, in whole or in part, with or without notice, if:

• you seriously breach these Terms, including Section 10;
• we reasonably believe your use creates a security, legal or financial risk for us, other users or anyone else;
• the law, a court or a regulator requires it; or
• we discontinue or substantially change the Services (see Section 20).

For minor breaches, we will usually warn you first and give you a reasonable chance to fix the problem.

19.3 What happens next

• Your right to use the Services ends.
• Fees already due remain payable.
• Your live Agents stop and no further orders are sent. Positions already at your broker stay there.
• We delete your user at the Aggregator and your broker connections.
• We keep your Content for 30 days so you can request an export at team@getexeq.com, then delete your Content and Account under our Privacy Policy.
• Sections that by their nature should continue (including Sections 8, 11.4, 11.6, 13, 16, 17, 18, 22 and 23) continue to apply.

20. Changes to the Services

We may add, change, limit, suspend or remove features, or change technical requirements, where we have a valid reason: security, a legal requirement, a technical need, or the evolution of the product. Such changes come at no extra cost to you. We will make reasonable efforts to warn you in advance of a material change that harms you. If a material change is adverse to you, you may end these Terms before it takes effect and we will refund the unused part of any fees you paid in advance on a pro-rata basis. If we permanently remove a paid plan you have paid for in advance, the same refund applies.

21. Force Majeure

We are not liable for any failure or delay caused by events beyond our reasonable control. Examples include natural disasters, epidemics, war, terrorism, civil unrest, government action, sanctions, strikes, failures of internet or power networks, cyber-attacks, and outages or actions of brokers, the Aggregator, market-data providers, cloud providers or other third parties. If such an event seriously affects the Services for more than 60 days in a row, either of us may end these Terms by written notice.

22. Governing Law and Disputes

22.1 Governing law

These Terms, and any dispute about them or the Services, are governed by the laws of Italy, without regard to its conflict-of-laws rules. If you are a consumer, you also keep any protection that the mandatory law of the place where you live gives you.

22.2 Where disputes are decided

Disputes will be resolved by the courts of Sondrio, Italy. If you are a consumer living in the European Union, you may bring a claim in the courts of your country of residence, and we may bring a claim against you only there (Regulation (EU) 1215/2012). If you are a consumer living in Italy, the court of the place where you live has exclusive jurisdiction. Consumers elsewhere keep any right the mandatory law of their country gives them to sue in their local courts.

22.3 Try to resolve it with us first

Before starting any proceedings, please contact us at team@getexeq.com so we can try to settle the matter informally.

23. Miscellaneous

• Notices. We will send notices to your Account email, in the Services or on our website. You can send notices to team@getexeq.com.
• Entire agreement. These Terms and any specific terms for a paid plan are the whole agreement between us about the Services and replace any earlier agreement.
• Severability. If a provision is invalid, it will be changed as little as needed to make it valid, or removed, and the rest stays in force.
• No waiver. If we do not enforce a provision, we may still enforce it later. A waiver must be in writing.
• Assignment. You may not transfer these Terms without our written consent. We may transfer them to an affiliate or as part of a merger, acquisition, financing or sale of our business, if the new party takes on our obligations.
• No third-party rights. No one other than you and us can enforce these Terms, unless the law says otherwise.
• Relationship. These Terms do not create a partnership, joint venture, agency, employment or fiduciary relationship.
• Language. The English version of these Terms controls, unless the law requires otherwise.
• Headings. Headings are for convenience only.

24. Contact

For any question, notice or request about these Terms:

• Email: team@getexeq.com
• Post: Liquid Stelvio S.r.l., Piazza Giuseppe Garibaldi 5, 23100 Sondrio, Italy

25. Specific approval (Articles 1341 and 1342 of the Italian Civil Code)

By ticking the second box when you create your Account, you declare that you have read and expressly approve the following clauses: Section 3 (changes to these Terms); Section 7.3, last bullet (losses we are not responsible for); Section 9.3 (automatic renewal and price changes); Section 9.4 (cancellation and refunds); Section 17 (limitation of liability); Section 18 (indemnification); Section 19.2 (suspension and termination by us); Section 20 (changes to the Services); Section 22.2 (where disputes are decided); and Section 23, Assignment.