New Member Deposit Program Terms & Conditions

All new Members are eligible for the New Member Deposit Program:

How to Participate

Terms and Conditions

1. Description of Promotion

Welcome to the New Member Deposit Program (the “Promotion”), where participants who sign up for a new Novig Account (as defined below) and meet the requirements described in this Promotion will receive $25 in Trade Credits (the “Deposit Credits” referred to in the Program’s certification filing) after their first deposit of $10 or more. The Promotion is sponsored by Ludlow Exchange, LLC, d/b/a Novig (“Novig,” the “Exchange” or the “Sponsor”), a Commodity Futures Trading Commission-designated contract market, located at 169 Madison Avenue #2199, New York, NY 10016. The terms “you” or “your” mean the person who participates in this Promotion. Participation in this Promotion is expressly conditioned upon acceptance of and compliance with these Terms and Conditions, the Ludlow Rulebook (the “Rulebook”), and the Ludlow Member Agreement (the “Member Agreement”). Capitalized terms used but not defined in these Terms have the meanings given to them in the Rulebook and the Member Agreement. ANY DISPUTE RELATING TO THIS PROMOTION WILL BE RESOLVED IN ACCORDANCE WITH SECTION 11 BELOW, AND PARTICIPANTS WAIVE THE ABILITY TO BRING CLAIMS IN A CLASS ACTION FORMAT.

2. Promotion Period

The Promotion will begin at 8:00 AM Eastern Time (“ET”) on August 4, 2026 (the “Implementation Date”) and will continue for one year from the Implementation Date, unless extended, suspended, or terminated earlier by the Sponsor (the “Promotion Period”). Notice of the Promotion’s effective period, and of any extension, suspension, or termination, will be posted on the Novig website.

3. Eligibility

The Promotion is only open to individuals who, at the time of participation: are at least twenty-one (21) years of age; are physically present in a state where Novig operates; have been approved for Membership and have opened a trading account; have not previously traded on the Exchange; complete a deposit of at least $10.00; and are not subject to an open compliance investigation or review, and do not have a suspended account or suspended account privileges for any compliance or financial reason.

If your Social Security number is associated with another Novig Account in Sponsor’s records, you may only participate once in this Promotion. Employees, officers, and directors of Sponsor, its parent companies, and each of their respective affiliates, subsidiaries, and advertising and promotion agencies (collectively, the “Promotion Entities”), and members of their immediate households, are not eligible to participate in the Promotion or receive Trade Credits.

In addition, the following are not eligible to participate, even if the requirements above are satisfied: Affiliates of the Exchange (as defined in the Rulebook); Members who have executed a market maker agreement or entity onboarding agreement with the Exchange; and Introducing Brokers, Futures Commission Merchants, and their customers when transacting via the IB or FCM. All Promotion participants remain subject to the Rulebook.

4. Action Required

During the Promotion Period, you must sign up for and verify a Novig Account, link your payment method of choice, and make a qualifying deposit of $10.00 or more to receive the Trade Credits described in this Promotion.

5. Registration Procedures

To qualify for the Promotion, eligible individuals must register a Novig Account and verify their identity in order to trade on the Novig platform (a “Novig Account”). Creating a Novig Account is free. By submitting your information and creating a Novig Account, you agree to the Member Agreement and the Rulebook, and consent to the Novig Privacy Policy. If you do not agree to these terms, you cannot create a Novig Account or participate in this Promotion.

6. Limitations on Participation

In addition to the eligibility requirements in Section 3, Novig reserves the right to refuse or restrict your participation in this Promotion where necessary to protect the integrity of the Promotion or the market, to prevent abuse, or as otherwise consistent with the purpose of the Promotion or the Rulebook, including based on your trading patterns or trading history, or if it determines you did not take advantage of a previous promotion in good faith. This Promotion is void where prohibited by law. Trade Credits issued under this Promotion may not be combined with any other Incentive Program or promotion offered by Novig.

7. Trade Credits and Redemption

The $25 in Trade Credits is issued as five (5) Trade Credits of $5.00 each. Trade Credits issued under this Promotion are non-transferable and non-withdrawable, and have value usable solely for trading on the Exchange. When applied to a trade, a Trade Credit functions as buying power that collateralizes your position in the same manner as deposited funds, consistent with the fully-collateralized nature of Novig’s markets. Trade Credits may be used on any Contract listed for trading on Novig, at prices no less than $0.01 and no greater than $0.60 per Contract. You may apply no more than one Trade Credit to any single trade; if the value of a Trade Credit exceeds the amount applied to a trade, the unused remainder is forfeited and does not carry over to any subsequent trade. Trade Credits may not be deployed through programmatic or automated trading. Each Trade Credit expires thirty (30) calendar days after issuance; any Trade Credit not used within that period is forfeited.

Proceeds from a trade made using a Trade Credit settle to your account as ordinary funds and are withdrawable under Novig’s standard withdrawal procedures. There is no playthrough or wagering requirement beyond the trade itself.

8. Anti-Abuse and Clawback

If you are found to have provided false or fraudulent information on your Membership application, or to have engaged in conduct that circumvents this Promotion — including multi-accounting, identity duplication, or other bonus abuse — you will be disqualified from the Promotion, and the value of any Trade Credit used is subject to clawback as determined by the Compliance Department. If your qualifying deposit later fails to clear, is reversed, or is returned for any reason, you will be disqualified and the value of any Trade Credit used is subject to clawback. Novig may also reverse, correct, or claw back any Trade Credit issued or used in error, regardless of fault.

9. Complaints and Cancellation

Should you wish to cancel your participation in this Promotion at any time, please contact [email protected].

10. Monitoring, Modification, and Termination

Novig conducts ongoing surveillance of activity under this Promotion. The Chief Regulatory Officer retains sole discretion to revoke your eligibility, disqualify trades or activity inconsistent with the purpose of this Promotion or the Rulebook, and to modify, suspend, or terminate this Promotion at any time.

11. Dispute Resolution

Any dispute relating to this Promotion is a "Dispute" governed by the informal dispute resolution, mandatory arbitration, and class action waiver provisions of the Member Agreement (Sections 22–25) and Chapters 10–11 of the Rulebook, including the opt-out rights and carve-outs set forth therein.

12. Additional Terms

Administration: Sponsor expressly reserves the right to amend, suspend, or terminate this Promotion at any time without prior notice or consent. Administration of this Promotion is at the sole discretion of Sponsor. Sponsor reserves the right to restrict any person from participating in this Promotion for any reason. In the event Sponsor is prevented from continuing the Promotion by any Force Majeure event (as defined in the Member Agreement), Sponsor may modify, suspend, or terminate the Promotion. Sponsor also reserves the right, in its sole discretion, to disqualify any participant found to be, or suspected of, tampering with the registration or trading process, acting in violation of these Terms and Conditions, or acting in a fraudulent manner. Questions relating to eligibility, these Terms and Conditions, or any other aspect of this Promotion will be resolved at the sole discretion of Sponsor, and its decisions will be final and binding.

Release: By participating in this Promotion, you agree to release, defend, indemnify, and hold harmless the Promotion Entities and each of their directors, officers, and employees, consistent with Rule 12.3 of the Rulebook.