Legal
Competition Terms and Conditions
Competition Terms and Conditions
Reasoned Limited | Company No. 16859259 128 City Road, London EC1V 2NX, United Kingdom
team@reasonedfinance.com | https://reasonedfinance.com
Version 2.0 · Last updated: September 2026
1. What these terms cover
1.1 These Competition Terms and Conditions ("Competition Terms") govern participation in competitions run by Reasoned Limited ("Reasoned", "we", "us").
1.2 Each competition also has its own published rules ("Competition Rules") covering format, dates, eligibility, scoring, permitted instruments, drawdown or risk parameters, prizes and any entry fee. Where the Competition Rules differ from these Competition Terms, the Competition Rules apply for that competition.
1.3 These Competition Terms form part of our Platform Terms of Service and are read alongside our Privacy Policy, Third-Party Data Sharing Terms and Risk Disclosure and Liability Disclaimer. Where a plan or payment is involved, the Subscription and Billing Terms apply.
1.4 By registering for or taking part in a competition you agree to these Competition Terms and the relevant Competition Rules.
2. Nature of competitions
2.1 Competitions are run for educational, skill-development, community and promotional purposes.
2.2 Trading competitions are conducted in a fully simulated environment using virtual funds. No real money is placed, traded, risked or held, no orders reach any financial market, and virtual balances have no monetary value and cannot be withdrawn.
2.3 Competitions are not investment services, financial promotions, regulated activities, or investment advice. Reasoned is not authorised or regulated by the Financial Conduct Authority, is not a broker, and is not a proprietary trading firm. We do not provide funded accounts or share trading profits.
2.4 Non-trading competitions (for example valuation, stock pitch, case, market-sizing or assessment-based formats) are scored against published criteria set out in the Competition Rules.
2.5 Results depend on skill. Rankings, scores, certificates and the Reasoned Score reflect performance within the competition only.
3. Eligibility
3.1 Participants must be 18 or over and hold a Reasoned account in their own name.
3.2 Some competitions are limited to particular universities, year groups, societies or regions, as stated in the Competition Rules.
3.3 You must not take part if you are resident in, or accessing Reasoned from, a Restricted Territory as defined in the Platform Terms of Service, or if participation would breach any law that applies to you.
3.4 One entry per person. Multiple accounts, entries on behalf of someone else, or coordinated entries designed to gain an advantage are prohibited and lead to disqualification.
3.5 We may carry out identity verification at any time, including before releasing a prize. You must provide accurate documentation within 14 days of a request. If you do not, we may withhold a prize or disqualify the entry. Verification documents are processed as described in the Privacy Policy and deleted once verification is complete.
3.6 Employees of Reasoned, and their immediate families, may take part for practice but are not eligible for prizes.
4. Entry and fees
4.1 Most competitions are free to enter and are included with all plans, including Foundation.
4.2 Where a competition has an entry fee, the fee, what it covers and the refund position are shown clearly before you register, and the contract is formed when we confirm your entry by email.
4.3 Where an entry fee applies, the competition is structured so that the outcome depends on the exercise of skill, judgement or knowledge, and the Competition Rules explain how entries are scored and separated.
4.4 Refunds of entry fees. Your statutory rights are not affected. In particular:
- If you have a 14-day cancellation right and have not yet been given access to the competition environment, you can cancel for a full refund.
- We refund in full if we cancel a competition before it starts, or if we cancel your entry for a reason that is not your fault.
- We refund duplicate or incorrect charges.
- We do not refund where you withdraw after the competition has started, where you do not meet the performance criteria, or where you are disqualified for breaching these Competition Terms, except where the law requires it.
- Where a competition is cancelled after trading or scoring has begun, we will assess each case individually and provide a fair outcome, which may be a refund, credit or entry into a replacement competition.
4.5 Where you pay an entry fee and we give you access to the competition environment before the 14-day cancellation period ends, we ask you at checkout to confirm that you want access to start straight away and that you understand you lose your 14-day right to cancel for a refund once it does. If you do not give that confirmation, your 14-day right continues until access starts.
4.6 Payments are processed by Stripe. See the Subscription and Billing Terms for how payments, failed payments and disputes are handled.
5. How competitions run
5.1 Competition Rules are published before registration opens, and no later than 24 hours beforehand. They include format, dates, scoring, eligibility, permitted instruments and strategies, risk parameters and prizes.
5.2 Trading competitions run on a third-party platform specified in the Competition Rules (currently TradeLocker, with TradingView charts where applicable). That platform is operated independently and has its own terms and privacy policy, which you must accept before using it. We are not responsible for its availability, pricing data, execution logic or technical performance.
5.3 Where scoring depends on data from a third-party platform, we use the data made available to us. We will correct obvious errors where we can identify them.
5.4 We may change the Competition Rules before a competition opens. Once a competition has started we will only change the rules where it is necessary for fairness, safety, legal compliance, or because of a technical failure, and we will tell participants promptly and explain why.
5.5 Cancellation or suspension. We may cancel or suspend a competition in exceptional circumstances, including material technical failure, legal or regulatory requirements, or events beyond our reasonable control. Refunds are handled under clause 4.4.
6. Conduct
6.1 The acceptable use rules in the Platform Terms of Service apply in full. In addition, participants must not:
- allow anyone else to access their account or compete on their behalf, or compete on behalf of anyone else;
- use multiple accounts, or collude with other participants;
- manipulate performance metrics, rankings or evaluation outcomes, including through coordinated opposing positions across accounts;
- exploit pricing errors, data delays, technical bugs or system anomalies;
- use automated trading software, bots or scripts, unless the Competition Rules expressly allow them;
- use tools, data feeds or assistance that the Competition Rules do not permit;
- plagiarise or submit work that is not their own in non-trading formats;
- publish or share competition materials, questions or datasets outside the competition;
- harass, threaten or abuse other participants, society members, partners or our team;
- impersonate anyone, or misrepresent their university, identity or results.
6.2 In trading formats, strategies must be consistent with the risk parameters in the Competition Rules. Strategies designed purely to exploit the simulated environment rather than demonstrate trading skill (for example extreme leverage, martingale patterns or account rolling, where prohibited) breach these terms if the Competition Rules say so.
6.3 We decide, acting reasonably and in good faith, whether conduct breaches this clause.
7. Disqualification and appeals
7.1 Where we reasonably believe these Competition Terms or the Competition Rules have been breached, we may: void affected results; disqualify the entry; withhold or revoke a prize or certificate; remove the participant from leaderboards; and suspend or close the account under the Platform Terms.
7.2 We will tell you what we have decided and why, unless we are unable to. We are not required to disclose our detection methods.
7.3 Appeals. You may appeal in writing to team@reasonedfinance.com within 14 days of being notified, setting out your grounds and any evidence. We acknowledge within 5 working days and aim to decide within 21 days. Appeals are reviewed by someone not involved in the original decision.
7.4 Our decisions on results, eligibility and prizes are final, subject to appeal under clause 7.3, obvious error, and your statutory rights, which are unaffected.
8. Your entries and intellectual property
8.1 You keep ownership of what you submit — pitches, models, written analysis, presentations and code.
8.2 You grant us a licence to store, copy, assess and display your entry for the purposes of running, judging and publishing the competition, and to show it as an example of competition work with your permission.
8.3 Where a sponsor is involved, we do not give them your entry unless you agree, except where the Competition Rules say entries are judged by a panel that includes the sponsor, in which case we say so before you enter.
8.4 Your entry must be your own work. Where AI assistance is permitted, the Competition Rules say so and set out what must be disclosed.
9. Judging, ties and corrections
9.1 Scoring criteria, the judging method and any panel are described in the Competition Rules.
9.2 Panel members who have a conflict of interest — for example a link to an entrant or their society — must declare it and take no part in scoring that entrant.
9.3 Ties are resolved by the method in the Competition Rules. If none is stated, we apply the earliest qualifying submission, and where that is equal we split the prize or award duplicates.
9.4 Where we find an error in scoring, we correct it and tell everyone affected, including where that changes who has won. Where a prize has already been given out and the correction is our fault, we honour both.
9.5 Adjustments. If you need a reasonable adjustment to take part — for example extra time — tell us before the competition opens and we will arrange what is reasonable, as described in clause 37 (Our responsibility to you) of the Platform Terms of Service.
10. Prizes
10.1 Prizes are described in the Competition Rules. They may be provided by us or by third-party prize providers such as sponsors, partners or firms.
10.2 Prizes are personal to the winner, non-transferable and not exchangeable for cash unless stated. Where a prize element becomes unavailable, we may substitute something of broadly equivalent value.
10.3 Where a prize is provided by a third party, that provider's own terms apply, you may need to enter into a separate agreement with them, and we are not responsible for their products, services, conduct or regulatory status. We will use reasonable efforts to help if a provider fails to deliver.
10.4 Winners are responsible for any tax arising from a prize.
10.4A We confirm winners by email within 14 days of a competition closing and aim to deliver or issue prize details within 30 days, or as soon as the prize provider can. Where we cannot reach a winner within 30 days of first contacting them, we may award the prize to the next eligible entrant.
10.5 Prizes will not be awarded where a participant is ineligible, fails verification, or has breached these Competition Terms.
10.6 Prizes involving trading products. Where a prize relates to a trading evaluation, funded account, brokerage credit or similar, it is provided by the third party, not by us. We describe it factually as a prize. We do not invite or encourage you to trade, deposit money or open an account with any provider, and whether you take it up is entirely your choice, on that provider's terms.
11. Winning, claiming and delivery
11.1 We notify winners by the email on their Reasoned account, usually within 7 days of results being confirmed.
11.2 You must claim a prize within 28 days of us contacting you, and complete any verification we ask for. If we cannot reach you or you do not claim in time, we may award the prize to the next eligible participant.
11.3 Where we deliver the prize, we aim to do so within 30 days of you claiming it. Where a third party delivers it, their timescales apply and we will chase on your behalf.
11.4 Prizes are awarded to the individual entrant, not to a team, society or university, unless the Competition Rules say otherwise.
11.5 Where a competition is run in teams, the Competition Rules set out how entries, scoring and any prize split work, and each team member must have their own Reasoned account.
11.6 Ties. Where two entries cannot be separated on the published criteria, the Competition Rules set out the tie-break. If they do not, we apply the earliest qualifying submission, and if that still cannot separate them, we split or duplicate the prize.
11.7 Judging. Where a competition is judged rather than scored automatically, we publish the criteria and who is judging. Judges declare any connection to an entrant and step aside where there is a conflict.
12. Results, publicity and your data
12.1 Competition data is processed as described in the Privacy Policy and the Third-Party Data Sharing Terms.
12.2 By entering, you accept that your username, ranking, performance metrics, certificates and, where you provide it, your university or society may be displayed on leaderboards and in published results, and may be used by us in marketing that reports competition outcomes.
12.3 We will ask for your separate consent before using your name, photograph, likeness, testimonial or biography in advertising or promotional campaigns, and before sharing your identifiable details with a sponsor or prize provider (for example to deliver a prize).
12.4 You can ask us not to publish your name or details in promotional materials by emailing team@reasonedfinance.com. Leaderboards and results integral to running the competition may still show your username and result.
12.5 Entering a competition does not make your data available to employers or recruiters. That is opt-in only — see the Privacy Policy.
12.6 Where a competition is sponsored and the sponsor would like to contact entrants, we include a separate, optional, unticked opt-in naming that sponsor. Entry, scoring, eligibility and prizes never depend on whether you agree. If you do opt in, we share your name, contact details and the details you provided on that form, the sponsor becomes an independent controller, and you can withdraw at any time. Where a sponsor must contact you to deliver a prize you have won, we share only what is needed for that purpose and tell you first.
13. Certificates and the Reasoned Score
13.1 Certificates and the Reasoned Score record performance within Reasoned competitions.
13.2 They are not regulated qualifications, professional accreditations, licences to trade or advise, or guarantees of employment, an internship or a funded account.
13.3 Certificates can be verified publicly through the link on the certificate, and through your Vault page where you have made your Vault public. Making your Vault public is your choice.
13.4 We may revoke a certificate or adjust a Reasoned Score where results were obtained in breach of these terms or through an error.
14. External competitions directory
14.1 We list competitions run by other organisations so students can find them. Those competitions are run entirely by the organisation named, under its own rules, eligibility and prizes.
14.2 We are not responsible for them, do not administer them, and cannot resolve disputes about them. Check the organiser's terms before entering.
14.3 Where we are paid or receive another benefit for listing a competition, we say so on the listing.
15. Sponsors and partners
15.1 Competitions may be sponsored. Sponsors are clearly identified, and sponsorship does not mean we endorse a sponsor or its products.
15.2 Sponsors have no influence over scoring, rankings, disqualification decisions or prize allocation, except where they supply a prize and apply their own eligibility criteria to it.
15.3 We do not publish sponsor content that invites or induces participants to trade, invest, deposit funds or open an account unless that content has been approved by an FCA-authorised firm with the necessary permission or an exemption applies.
16. Recording and streaming
Where a competition includes a live, filmed or streamed element — for example a pitch final or an awards event — we say so in advance. By taking part in that element you agree we may record it and use the recording to run and promote the competition. We ask for separate consent before using a recognisable image of you in advertising, and you can ask us not to film you.
17. Technical issues and platform status
17.1 Some competition features are new and may be in beta. Technical faults, downtime, data discrepancies and latency can occur, particularly where third-party infrastructure is involved.
17.2 We are not liable for loss caused by technical issues outside our control, including third-party platform failures, data feed errors and connectivity problems.
17.3 Where a technical issue materially affects a competition, we will take reasonable steps to put things right, which may include extending the competition, re-running it, adjusting results, or offering a refund or credit.
17.4 This clause does not affect your statutory rights. Where you have paid an entry fee and we fail to provide the competition with reasonable care and skill, you have the remedies described in the Platform Terms of Service and the Consumer Rights Act 2015.
18. Liability
18.1 Clause 37 (Our responsibility to you) of the Platform Terms of Service applies to competitions, including the limit on our liability at the greater of the amount you paid us in the previous 12 months and £100, and the exclusions that cannot lawfully be limited.
18.2 We are not liable for any real-world trading or investment decisions you make, or for the conduct of third-party prize providers, sponsors or platforms.
19. Complaints, law and jurisdiction
19.1 Complaints are handled as described in the Platform Terms of Service, including alternative dispute resolution where we cannot resolve a consumer complaint.
19.2 These Competition Terms are governed by the law of England and Wales. You may bring proceedings in England and Wales, or in your local courts if you live in Scotland or Northern Ireland. If you take part from outside the UK, mandatory protections in your country of residence still apply.
20. Contact
Reasoned Limited · 128 City Road, London EC1V 2NX · Company No. 16859259 team@reasonedfinance.com · https://reasonedfinance.com
© 2026 Reasoned Limited. All rights reserved.