Refer A Friend

Refer a friend: when they join through your link and make a qualifying deposit of $10 or more, your friend gets $25 in Trade Credits under the New Member Deposit Program, and you get a $25 Referral Credit.

How It Works:

Terms and Conditions

1. Description of Promotion

Welcome to the “Give $25, Get $25” Referral Program (the “Promotion”), where an eligible Member (the “Referring Member”) who refers a new Member (the “Referred Member”) that completes a qualifying deposit of $10 or more will receive a $25 Referral Credit (the “Referral Credit”), and the Referred Member will receive $25 in Trade Credits under Novig’s New Member Deposit Program. 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, whether as a Referring Member or a Referred Member. Participation in this Promotion is expressly conditioned upon acceptance of and compliance with these Terms and Conditions (these “Terms”), 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

Referring Member

To be eligible to receive a referral bonus, you must:

Referred Member

To trigger a referral bonus for yourself and your Referring Member, you must meet the eligibility requirements of Novig’s New Member Deposit Program, which generally require that you: have been approved for Membership and opened a trading account; have not previously traded on Novig; 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.

Common Requirements and Exclusions

In addition to the requirements above, the Promotion is only open to individuals who are at least twenty-one (21) years of age and physically present in a state where Novig operates. If your Social Security number is associated with another Novig Account in Sponsor’s records, you may only participate once in this Promotion as a Referred Member. 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 a Referral Credit.

Regardless of the foregoing, the following are not eligible to participate in this Promotion in any capacity, as a Referring Member or a Referred Member: 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 (“IBs”), Futures Commission Merchants (“FCMs”), and their customers when transacting via the IB or FCM. All Promotion participants remain subject to the Rulebook.

4. Action Required

If you are the Referring Member, you must share your unique referral link with a friend during the Promotion Period. If you are the Referred Member, you must sign up through that referral link, create and verify a Novig Account, link your payment method of choice, and make a qualifying deposit of $10.00 or more. A Referral Credit and the New Member Deposit Program incentive will be added to the Referring Member’s and Referred Member’s Novig Accounts, respectively, once the Referred Member completes the qualifying deposit.

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 (the “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 otherwise 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. Referral Credits issued under this Promotion may not be combined with any other Incentive Program or promotion offered by Novig. A Referred Member’s receipt of the New Member Deposit Program incentive as part of this Promotion is not an additional or separate promotion for purposes of this limitation.

7. Trade Credits and Redemption

Referring Member’s Referral Credit

The $25 Referral Credit issued to a Referring Member is non-transferable and non-withdrawable, and has value usable solely for trading on the Exchange. When applied to a trade, it functions as buying power that collateralizes your position in the same manner as deposited funds. The Referral Credit may be used on Contracts and markets designated by Novig from time to time by notice on the Novig website, at prices no less than $0.01 and no greater than $0.60 per Contract. Proceeds from a trade made using this Referral Credit settle to your account as funds, but do not become withdrawable until you have, after the Referral Credit is issued, executed additional trades with an aggregate value equal to the value of the Referral Credit issued (i.e., $25.00 of subsequent trading), after which those proceeds are withdrawable under Novig’s standard withdrawal procedures. This Referral Credit expires seven (7) calendar days after issuance; any portion not used within that period is forfeited. If the value of the Referral Credit exceeds the amount applied to a trade, the unused remainder is forfeited and does not carry over to any subsequent trade. This Referral Credit may not be deployed through programmatic or automated trading.

Referred Member’s Trade Credit

The Referred Member receives $25 in Trade Credits under, and subject to the terms of, Novig’s New Member Deposit Program, including that program’s own expiration period, eligible price range, and withdrawal procedures. Please refer to the New Member Deposit Program Terms and Conditions for those details.

8. Anti-Abuse and Clawback

Self-referral is prohibited. A referral will be disqualified where the Referring Member and the Referred Member share a common beneficial owner, identity, or household, or where Novig’s duplicate-identity controls are triggered.

If a Referred Member’s qualifying deposit later fails to clear, is reversed, or is returned for any reason, or if the Referred Member is found to have provided false or fraudulent information on their Membership application, the referral will be disqualified and the value of any Referral Credit used is subject to clawback. Depending on the circumstances, the Referring Member may also be disqualified from the Promotion, as determined by Novig’s Compliance Department on a case-by-case basis. Novig may also reverse, correct, or claw back any Referral Credit issued or used in error under this Promotion, 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.