Terms of Service

These Terms of Service ("Terms") govern your use of the Volaren website, the Volaren iPhone app, and the other ways we offer Volaren, such as text messages (together, the "Service"), operated by Volaren Inc., a Delaware corporation ("Volaren", "we", "us"). By registering for an account or otherwise using the Service, free or paid, you agree to be bound by these Terms. If you do not agree, do not use the Service.

You must be at least 18 years old to use the Service. You are responsible for:

• Providing accurate, current information when you create your account
• Keeping your sign-in methods confidential: your email account, and your password and 2FA credentials where you use them
• All activity that occurs under your account, including what your AI agents do inside the settings you gave them
• Immediately notifying us of unauthorized access to your account

Shared accounts are not permitted. Each person must use their own login.

Registration is open. You sign up with an emailed code, with Apple or with Google, and your account is active once your email address is confirmed. There is no manual review step. We still reserve the right to deny or revoke access at any time, and we may close registration again, in which case the signup page will say so rather than accepting a request we do not intend to honour.

Depending on how you sign up, we may ask for a phone number. We store it without verifying it at signup, and we verify it before we first text it; see the Privacy Policy for what that means.

This is the most important section. Please read it carefully.

What Volaren is. Volaren is software that helps you run your own portfolio. Its parts are:

• Copilot, which answers questions about markets, companies and your own accounts, runs research, and can set up the other parts for you
• Idea to trade, which turns an idea or thesis into a researched book of positions, with the reason for each one
• AI agents, which follow the instructions and limits you give them, and can watch, suggest trades, or place trades for you (Section 5)
• Copy trade, which follows the publicly disclosed trades of members of Congress, investment funds and others (Section 8)
• Briefing, Portfolio and Explore, which show what happened since you last looked, your accounts in one place, and trade ideas

The Service works from publicly available and licensed market data, public filings, and what you give it, using quantitative models and AI. It is a tool you direct.

What Volaren is not. Volaren Inc. is not a registered investment advisor under the Investment Advisers Act of 1940 or any equivalent law in any jurisdiction. It is not a broker-dealer, a registered representative, a commodity trading advisor, a financial planner, a licensed securities analyst, or any other type of regulated financial professional. It is not registered with, nor endorsed or approved by, the U.S. Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), FINRA, or any other financial regulatory authority.

Outputs and suggestions. Everything the Service produces, including answers, research, analysis, models, valuations, scores, books, and suggestions to buy, sell, trim or hedge ("Outputs"), is produced by software. Copilot and AI agents may suggest trades, and an AI agent you allow to may place them. Outputs do not constitute:

• Investment advice
• Financial, legal, tax, or accounting advice
• An offer or solicitation to buy or sell any security, commodity, or financial instrument
• An endorsement of any company, security, person, or investment product

You are the decision-maker. You decide whether to act on a suggestion, which AI agents may trade, where, and inside which limits. A trade an AI agent places inside the limits you set and agreed to is a trade you authorized in advance. Outputs are not reviewed by a licensed professional before you see them or before an AI agent acts on them, and they do not take into account your full financial situation, investment objectives, risk tolerance, tax position, or other circumstances, even where you have connected an account or entered holdings. Before acting on any Output, you should consider consulting a qualified and licensed financial advisor, attorney, or other professional who can evaluate your specific situation and objectives.

Past performance, backtests, replays and practice results referenced in any Output do not guarantee or predict future results. All investments involve risk, including the possible loss of principal. Volaren does not promise or guarantee any return, and no Output is a promise of one.

No relationship of trust. No fiduciary, advisory, agency, client, or professional relationship is created between you and Volaren by these Terms or by your use of the Service, including your use of AI agents. No such relationship will exist unless and until Volaren and a user enter into a written agreement expressly establishing that relationship after Volaren has become appropriately registered.

You acknowledge that trading and investing involve substantial risk of loss, that past and simulated performance do not predict future results, and that every decision you make, including each AI agent you turn on and the limits you give it, is your own. You assume full responsibility for those decisions and for any resulting loss.

The Service is beta software that is still changing. By using the Service, you acknowledge and agree that:

• Outputs may contain errors, omissions, hallucinations, or inaccuracies
• Outputs are generated by AI systems and have not been independently verified
• Underlying data sources may be incomplete, delayed, outdated, or incorrect
• The Service may be unavailable, slow, or produce degraded results at any time, including while an AI agent is running
• Features may change or be removed without notice during the beta period

AI-generated content. The Service uses artificial intelligence, including models from third-party providers such as OpenAI and Anthropic, machine learning, and other automated systems. These systems can produce inaccurate, incomplete, or outdated information and may reflect biases in underlying data or models. Volaren does not warrant the accuracy, completeness, timeliness, or fitness for a particular purpose of any Output.

You are solely responsible for independently verifying any Output before relying on it for any purpose, professional or otherwise, and for reviewing what your AI agents do.

An AI agent follows the instructions you give it, from Copilot, Idea to trade, Copy trade, or a ready-made agent. Each AI agent runs in the mode you choose:

• Tell me only: it watches and tells you what it found, and places nothing
• Approve first: it prepares trades, and nothing is placed until you approve them
• Automatic: it places trades on its own, but only inside the limits you set and agreed to

Limits. An AI agent's limits can include a monthly budget, a largest order, a largest position, a number of orders a day, the most it may trade in a day, the most of the account in one order, the account it trades in, and which assets it may trade. A new trading AI agent starts with default money limits (a monthly budget of 10% of the account, at most $5,000, and a largest order of 5% of the account) and a loss limit (20% by default) unless you set your own. You can raise, lower or remove any limit; with a money limit removed, your broker's buying power is the only bound on it. An AI agent sells only what it bought itself unless you allow it to sell other holdings, and it sells short only where your account allows shorting and you allowed it.

Anything outside the limits asks first. A trade that would go past a money or order limit you set (budget, order size, position size, orders or dollars a day) is never placed on its own: it comes to you to approve, and it is placed only if you do. A trade outside the assets or account you allowed, or a buy after the AI agent reaches its loss limit, is not placed.

Real money needs your agreement and your click. Before an AI agent may place trades with real money on its own, you agree once to our automated trading terms, shown in the Service, and you start that AI agent with a deliberate confirm click. When those terms change, you are asked to agree again before automatic trading continues. An AI agent that trades only in your practice account needs only the click.

Stopping. You can pause one AI agent, or all automatic trading, at any time. Orders already sent to your broker stay sent. We tell you after each batch of orders an AI agent places.

Orders may not go as planned. An order can fill at a price different from the one you or the AI agent saw, fill partly, or not fill at all. Markets close, data arrives late, connections fail, and our checks can fail too. Your broker decides whether and how an order is executed, and your broker's records of it are the ones that count.

AI cost. An AI agent's work uses your credits (Section 11). Each AI agent has a limit on the AI cost it may spend in a day and in its budget period; a run that would not fit is not started, and the AI agent tells you. AI agents may start other credit-using work, such as research, on their own up to a daily credit limit (shown in your Briefing settings); past it, they ask you first.

Volaren never holds your money. Volaren is not a broker and does not hold, receive or have custody of your money or securities. Your money and securities always stay at your broker, in an account in your name.

How accounts connect. You can connect accounts through third-party providers: SnapTrade or Finatic for most brokers, OANDA (with an access token you create) for currencies, and Plaid to see bank, card, loan and investment accounts. Where we offer it, you can also open a brokerage account in your own name at our partner broker-dealer, Alpaca Securities, which holds the account, executes its orders and sends its statements, confirmations and tax forms. Each of these providers has its own terms, which apply to you when you use it.

What you authorize. By connecting an account, you authorize us to retrieve its holdings, balances, orders and activity. If you connect with trading permission, you also authorize us to send to your broker the orders you confirm in the Service, and the orders your AI agents place inside the limits you set and agreed to (Section 5). We take no other action in your brokerage account. A transfer of money happens only when you start it and confirm it, and only between accounts in your own name, such as your bank and your broker; it never passes through Volaren.

Your broker account is your responsibility. You are responsible for your accounts at your broker and other providers: keeping them in good standing, the agreements you have with them, their fees, any margin, options or shorting approval, and checking your broker's statements and confirmations. Your broker's records control over anything the Service shows. Some brokers can be seen but not traded through the Service, and some asset types can be traded only at some brokers.

You can disconnect an account at any time. Disconnecting it stops every AI agent from trading there. Connected account data is shown for your information and is subject to Section 3.

You can use a practice (paper) account: a simulated account with simulated money, in which you and your AI agents can trade without real money. Practice trades are filled by our software at the prices we have stored, not in a real market, so practice results can differ from what the same trades would have done with real money. Some asset types, such as prediction markets, can be traded only in practice accounts. Practice results do not predict real results.

Copy trade follows people and funds through what they publicly disclose, such as the trade reports members of Congress file and the 13F holdings reports investment managers file with the SEC. These disclosures arrive late: a member of Congress may report a trade up to 45 days after making it, and a 13F report is due up to 45 days after the end of the quarter and shows only the holdings at the end of that quarter. By the time a trade is copied, the person may have already changed or closed the position, and the price may have moved. Disclosures can be incomplete or wrong, and we may read them wrongly.

The people and funds you copy are not affiliated with Volaren and have not endorsed it or you. Copying them is your choice, and Sections 3 and 5 apply to it.

Market data, filings, news and other information in the Service come from third parties and public sources, and may be delayed, incomplete or wrong. Backtests, replays on past weeks, and estimates are hypothetical: they are calculated with the benefit of data that a real investor would not have had in the same form, and they do not include every cost or market effect.

Investing involves risk of loss. Some instruments the Service can trade carry more: options can expire worthless, a short sale can lose more than its starting value, margin can magnify losses, and crypto and currencies can move sharply at any hour. Make sure you understand an instrument before you, or an AI agent you set up, trade it.

The Service has features that consider taxes, such as a tax-loss harvesting AI agent, a tax view of your accounts, wash-sale warnings, and after-tax estimates. These are estimates built from the data we have. We cannot see accounts you have not connected (for example a spouse's account or a retirement account elsewhere), which can cause a wash sale we do not warn you about, and we may not have your cost basis right. Tax features are not tax advice. Your broker's tax forms are the record, and you should confirm anything that matters with a tax professional.

Two plans. Volaren has a free plan and one paid plan. The free plan includes a monthly allowance of credits, shown on the pricing page, and no payment card is needed. The paid plan costs $12 a month and includes $10 of credits (1,000 credits) each month. Where yearly billing is offered, you may instead pay $120 a year for the paid plan; its credits are still given each month. It covers the website, the iPhone app and texts, at the same price wherever you buy it. Some features need the paid plan. No charge of any kind can occur unless you yourself choose the paid plan or buy extra credits. An account that never does either simply stays free.

Credits. Credits pay for AI work, such as Copilot answers, Idea to trade, research and AI agent runs. One credit is one cent of the AI cost we pay for that work. Prices, news, filings, your portfolio, following and trading do not use credits. Your plan's credits are given each month (on the first of the month on the free plan, and each billing month on the paid plan) and unused plan credits do not roll over. When a month's credits are used up, new work that uses credits pauses until they renew, unless you choose the paid plan or buy extra credits; work already running finishes. A request that fails without producing a result is not intended to use credits, and a retried request is charged once rather than twice.

Extra credits. When your credits run out, you may buy extra credits, $10 for 1,000 credits, as a prepaid one-time purchase, as many times as you like. Plan credits are used before extra credits, and extra credits do not expire while your account is open. You may also turn on automatic extra credits: while they are on, you authorize us to charge your saved payment method $10 for another 1,000 extra credits each time your credits run out, never more in a month than any monthly cap you set there. If an extra credits payment is declined, automatic extra credits turn off. You can turn them off at any time.

Monthly boosts. On the paid plan you may also add boosts to your plan. Each boost adds 1,000 credits every billing month for $10 a month, or $100 a year on yearly billing, is charged with your plan, and renews with it until you remove it.

Earlier plans. If you subscribed to an earlier plan (such as Starter, Pro, Max or the App plan), it keeps its own name and price for as long as it stays active. We do not move you to another plan; you change plans only if you choose to.

Credits are not money. Earned and free credits are promotional. No credit, including a purchased one, is a deposit; credits are not transferable, are not redeemable for cash, have no value outside the Service, and may be adjusted or revoked in cases of fraud or abuse of the earning programs.

Following. Free accounts copy one strategy, person or basket at a time; the paid plan copies unlimited. Strategies and AI agents you build yourself are private to your account.

What your payment is for. The paid plan or extra credits pay for software usage: the compute, data, and research tooling your work consumes on the Service. It is not a fee for investment advice, and paying does not create an advisory, fiduciary, or client relationship of any kind. Section 3, Section 15 (Disclaimers), and Section 16 (Limitation of liability) apply to paid use exactly as they apply to free use.

Payments. Payments on our website are processed by Stripe; you agree to their Services Agreement when you provide payment information. The paid plan and extra credits bought in the iPhone app are sold and billed by Apple through In-App Purchase, under Apple's terms, and refunds of them are requested from Apple. The paid plan renews automatically each month, or each year on yearly billing, until you cancel. Prices are in US dollars and do not include taxes; you are responsible for any taxes that apply, and where we are required to collect them they are added to your charge. You may cancel at any time from the billing settings in your account or, for a plan bought in the iPhone app, in your Apple ID's subscription settings; cancellation takes effect at the end of the current billing period (a month, or a year on yearly billing), and you keep the paid plan through that period. We do not provide prorated refunds for partial billing periods, or refunds of unused credits, except where required by law, though we may issue refunds case by case at our discretion; write to support@volaren.ai. A change to the price of the paid plan applies from your next renewal after we post it.

Rewards can be earned two ways:

• Referrals. When someone who has never had an account creates one through your referral link and confirms their email address, you receive usage credits; at most ten such signups per rolling 30 days earn credits. When that person subscribes to a paid plan within 30 days of creating their account and their first payment is received, we refund one month of your most recent paid plan invoice, up to that invoice's amount (if you are on the free plan, we instead refund your first plan invoice if you subscribe within 90 days), and when their second payment is received we refund one month of their first invoice. Both subscriptions renew and charge as usual. Each payment card can earn one referral month, a referral paid with your own card earns nothing, and rewards not yet paid out are withdrawn if the referred person's first payment is refunded or disputed. On the free plan, at most twelve referral months per rolling year are held for you.
• Feedback. Product feedback submitted through the Service earns usage credits only after our team reviews and approves it, and at most one earning submission per rolling seven days. Submissions outside that window are welcome but do not earn credits.

Credit amounts, caps, and windows are shown in the product and may change at any time. Referring yourself, creating duplicate accounts, or otherwise manufacturing signups or submissions disqualifies the activity, and we may withhold or revoke credits obtained that way. These programs are promotional: credits are not compensation, wages, or a cash equivalent, and we may modify, suspend, or end either program at any time. Credits earned before a program ends remain usable in the Service unless they were obtained through fraud or abuse.

You agree not to:

• Violate any applicable law, regulation, or third-party right
• Use the Service, or an AI agent, in connection with any fraudulent, illegal, or manipulative securities activity, such as spoofing, wash trading or coordinated trading
• Connect or trade an account you are not authorized to use, or use the Service to manage other people's money without our written agreement
• Upload material non-public information (MNPI) or other insider information
• Upload malware, viruses, or any code designed to disrupt the Service
• Attempt to gain unauthorized access to other accounts or our infrastructure
• Reverse-engineer, scrape, or otherwise extract data from the Service outside of documented APIs
• Use the Service to spam, harass, or defraud any person
• Resell or sublicense the Service without written agreement
• Probe, stress-test, or systematically abuse the API in ways that degrade service for other users

Security researchers acting in good faith under our disclosure policy are exempt from the unauthorized-access clause.

You retain ownership of all data you create through the Service ("Your Content"), including your portfolio positions, watchlists, thesis notes, alerts, the instructions and limits you give your AI agents, your conversations, and any annotations you save. By using the Service, you grant us a limited, non-exclusive license to process Your Content to provide the Service to you and to improve its answers. We do not claim any intellectual property rights over Your Content. We use your activity and conversations to improve our answers, and never to train anyone else's AI.

Unless you turn it off in Settings > Privacy (it is on by default), we may combine your valuation inputs, thesis and the implied prices from your models with other users' into anonymized per-ticker statistics, never with your name, email or account identity, and only once at least five users have contributed to a ticker. Turning it off removes your data from future aggregates. Apart from those anonymized aggregates, we do not show Your Content to other users unless you share it.

The Service itself, its software, models, design and content other than Your Content, belongs to Volaren and its licensors. These Terms let you use it for your own investing; they do not transfer any of it to you. You may use the Outputs you receive for your own purposes. Outputs are produced by software, so another user may receive similar ones.

The service is provided "as is" and "as available" without warranties of any kind, whether express or implied, including warranties of merchantability, fitness for a particular purpose, non-infringement, accuracy, or availability. We make no warranty that outputs will be accurate, complete, reliable, or suitable for any particular purpose. Use of the service and reliance on any output is at your sole risk.

To the maximum extent permitted by law, our total liability arising out of or in connection with the service is limited to the amount you paid us in the 12 months preceding the event giving rise to the claim, or USD $100, whichever is greater. We are not liable for indirect, incidental, special, consequential, or punitive damages, including but not limited to any investment losses, trading losses, or financial damages arising from reliance on any output or from any trade an ai agent places for you inside the settings you gave it.

Basis of the bargain. These limitations are an essential basis of the agreement between us and apply even if a limited remedy fails of its essential purpose, and regardless of the theory of liability. Some jurisdictions do not allow certain exclusions or limitations, so parts of this section may not apply to you; in that case our liability is limited to the smallest amount permitted by law.

Nothing in these Terms limits any liability that cannot be limited by law, including any non-waivable liability under the federal securities laws.

Any claim arising out of or relating to these Terms or the Service must be filed within one year after the claim arose. A claim filed after that period is permanently barred, except where a longer period is required by law.

You agree to indemnify and hold us harmless from any claim, liability, or expense arising out of (a) Your Content, (b) your breach of these Terms, (c) your violation of any law or third-party right, or (d) any investment or financial decision you make based on any Output from the Service, or any trade an AI agent places for you inside the settings you gave it.

We aim for high availability but do not guarantee uninterrupted service. We may modify or discontinue features with reasonable notice; if we discontinue the Service entirely, we will provide at least 60 days' notice and enable data export.

You may close your account at any time from /settings on the website, or in the iPhone app from Profile > Account > Delete account. If you opened a brokerage account at Alpaca Securities through Volaren, contact support@volaren.ai to move your money out and close it first; we cannot delete your Volaren account while it is open. Closing your account stops your AI agents and disconnects your accounts; it does not close any account at your broker, which stays yours. We may suspend or terminate accounts that violate these Terms or that are inactive for extended periods (we'll email first). Upon termination, the license granted in Section 14 ends and we will delete Your Content according to our Privacy Policy.

These Terms are governed by the laws of the State of Delaware, United States, without regard to conflict-of-law principles.

Talk to us first. Before starting any proceeding, you agree to contact us at support@volaren.ai with a written description of the dispute and to allow 60 days for good-faith resolution.

Binding arbitration. Any dispute arising out of or relating to these Terms or the Service that is not resolved informally will be settled by final and binding arbitration administered by the American Arbitration Association under its Consumer Arbitration Rules. Arbitration will be conducted in English, by a single arbitrator, and may proceed by written submission or videoconference. Judgment on the award may be entered in any court of competent jurisdiction.

You and Volaren each waive the right to a trial by jury and the right to participate in a class, collective, coordinated, or representative action. The arbitrator may award relief only to the individual party seeking it, and only to the extent necessary to provide relief warranted by that party's individual claim.

Exceptions. Either party may bring an individual claim in small-claims court, and either party may seek injunctive relief in court to protect intellectual property. Nothing in this section waives any right that cannot be waived by law, including any non-waivable right under the federal securities laws.

Opting out. You may reject this arbitration agreement by emailing support@volaren.ai within 30 days of first accepting these Terms, stating your name and that you opt out of arbitration. Opting out affects nothing else in these Terms.

Severability. If the class waiver above is found unenforceable as to any claim, that claim alone will proceed in court and the remainder of this section will continue to apply.

We may update these Terms. When we do, we post the updated version here with a new "last updated" date, and it applies from that date. Your continued use of the Service after that date constitutes acceptance of the updated Terms.

All inquiries (legal, terms, general support): support@volaren.ai
Security issues: support@volaren.ai

Volaren Inc., a Delaware corporation.