1. Nature of the service
Real World Markets is an educational information service and hypothetical trading simulator. We only teach. It is a classroom, not a seller, not a market we operate, and not a shop. We do not sell securities, commodities, digital assets, investment products, paid courses, signals, or advice. We are not a CASP, VASP, MSB, or money transmitter. We do not custody, exchange, or transmit crypto-assets. We do not file a license for you. Lessons about MiCA, BitLicense, and other fences are classroom words — not legal advice. Optional Desk Pass, if billed later, is software access. Optional gifts, when a processor is connected, are donations to run the classroom — not an investment. It is provided “AS IS” and “AS AVAILABLE” for personal, non-commercial instruction. Nothing on the Service constitutes a solicitation, recommendation, endorsement, or offer by us to buy, sell, subscribe for, or underwrite any security, commodity, digital asset, currency, or other financial instrument, or to participate in any trading strategy.
1a. Market last (United States)
When the line is up, last on listed stocks, indices, coins, FX, and commodities may reflect a delayed public market print. That print can be fifteen minutes late or more, can be wrong, and can vanish. We do not warrant accuracy, completeness, or timeliness. We are not a data vendor, an exchange, a SIP, or a FINRA member providing a quotation. Last is for classroom illustration only and is not a reason to trade. If the feed is quiet we show a teaching path so lessons still have a number. Options premiums, NFT floors, time and sales, and some chart history remain teaching numbers even when last is delayed. You agree not to use any number on this Service as the basis for an order at a broker. Paper fills at last are hypothetical and remain subject to CFTC Rule 4.41, 17 C.F.R. §4.41.
1b. World Circuit
World Circuit is a paper board game for instruction. Cash, rent, dividends, and “last desk standing” are fictional. There is no entry fee, no prize money, no chance to win anything of value, and no wager. It is not gambling, not a contest, and not a simulation of a licensed market or a broker. World Circuit is original classroom software. It is not Monopoly®, not affiliated with Hasbro, Inc., and it does not use that game’s board, tokens, Chance or Community Chest names, street names, “Go to Jail,” or “Just visiting.” Squares are a market tape: Dividend day, Tape halt, Sidelines, Forced halt. You agree not to treat Circuit outcomes as investment results or as a reason to place a live order.
1c. Tape Run
Tape Run is a paper video game on the delayed tape for instruction. Score is metres and paper ticks. There is no entry fee, no prize money, no chance to win anything of value, and no wager. It is not gambling, not a contest, and not a live market. Names on the strip are teaching examples. You agree not to treat a Tape Run score as investment results or as a reason to place a live order.
1i. Who may use this classroom
You represent that you are at least 13 years old. If you are 13–17, a parent or guardian should know you are in this classroom. If you create an account, you represent that you can form a binding contract where you live, or that a parent or guardian agrees. The Service is a markets classroom with a paper desk. It is not directed at children. We do not knowingly collect personal information from children under 13. We do not ask for a date of birth. We do not check a government ID. If you are under 13, do not create an account and do not store a desk here. A parent or guardian may read Privacy and Terms. See also the children section of the Privacy Policy.
1j. Deleting your classroom account
If you sign in, Security and Privacy include Delete my account. That control completes in the app. It erases the signed-in desk: floor notes, follows, stars, lesson progress, class seats, and the sign-in row. Classes you taught close. A Desk Pass month is canceled with Stripe. Paper cash on this browser is wiped. House counts stay anonymous tallies. This cannot be undone. You can also wipe this browser without deleting the account.
1d. Desk Pass
Desk Pass is optional software access to extras (World Circuit, the floor, lab tools, compare, and crew bots). The delayed tape, academy, paper desk remain available without it. Tape AI is not a forever Desk Pass perk: classroom points open it for seven days on this device, then it closes. Desk Pass is not a brokerage account, not a wallet, not a signal service, and not paid investment advice. Classroom points remain a free path. A store app does not sell Desk Pass and does not take a card. When Stripe is connected on the public website, Desk Pass extras and Professor Moon together may be $5 a month: software access only, billed by Stripe, cancel any time. We do not host card numbers. Stripe hosts the card. A paid month is not an offer to buy or sell any security or digital asset, and a website receipt does not unlock extras inside a store app.
1e. Gifts
You may make a voluntary gift to help operate the classroom. A gift is a donation. It is not a purchase of equity, a security, a note, a coin, an NFT, Desk Pass, classroom points, or any right to profits. We do not accept crypto as a gift. Lessons, delayed last, and paper cash remain free whether you give or not. Until a payment processor is connected, this site will not take a card and will not pretend that it did. When a processor is connected, the gift page will send you off-site to that company. We do not host card numbers. Gifts are not tax advice; deductibility, if any, is between you and your tax person. A gift is not an offer to sell a security. A public thank-you for a gift — including naming the first gift — is not a co-founder seat, not equity, and not a right to profits.
1f. Private book
Paper coins (simulated positions), price alerts, and device notices belong to the person using this device and, if signed in, to that account. They are not a public statement of holdings. You agree not to paste another person’s book, or your own quantities and alerts, onto the public floor. We do not publish your desk to other users.
1g. Classroom points
Classroom points are play-money on this device. You may earn them by finishing lessons, passing quizzes, paper fills on the practice desk, and finishing World Circuit. You may spend them to open Tape AI for seven days on this device. The clock starts when the points are spent. When the week ends, Tape AI closes until you spend points again. That week is not forever, not a card charge, not auto-renew, and not a subscription purchase. Points have no cash value, cannot be withdrawn, sold, or transferred, and are not a security, a coin, or a prize. Desk Pass, if billed later, is software access for extras (the floor, lab, compare, crew) — not unlimited Tape AI, not investment advice, and not a live desk.
1h. House desk
An internal workshop may exist on this device for classroom repairs. Copy overrides, kill switches, and memos stay in that browser. They are not a change to these Terms, not a public product, and not a way to offer brokerage. You agree not to use any internal copy to claim we are a broker, adviser, or seller of securities or digital assets.
2. No financial advice
This classroom does not give financial advice. We do not tell you what to buy, sell, or hold — in any market, in any currency, on any day. Nothing here is a recommendation, a rating, a price target, a solicitation, or a personalized plan for your money. A lesson, delayed last, a paper fill, a quiz, Professor Moon, World Circuit, a headline, the globe, and a line on the Favorite Quote Tree are teaching. You agree not to treat them as investment advice under the Investment Advisers Act of 1940, 15 U.S.C. §80b-2(a)(11), National Instrument 31-103, Mexico’s Ley del Mercado de Valores, MiFID II, or analogous law. If you need advice, hire a licensed person where you live. We are not that person.
2a. No broker, adviser, or fiduciary
We are not a seller of financial products. We are not a broker-dealer, introducing broker, futures commission merchant, commodity trading advisor, commodity pool operator, money services business, payment institution, e-money issuer, or investment adviser, and we are not registered as such with the U.S. Securities and Exchange Commission, FINRA, the CFTC, the NFA, the FCA, or any other competent authority. Use of the Service does not create an advisory, brokerage, fiduciary, or agency relationship. You agree that you will not treat any content as personalized investment advice within the meaning of the Investment Advisers Act of 1940, National Instrument 31-103, Mexico’s Ley del Mercado de Valores, MiFID II, or analogous law.
2a. North American regulatory status
UNITED STATES. We are not registered with the U.S. Securities and Exchange Commission or any state securities regulator. We are not a FINRA member. We are not registered with the Commodity Futures Trading Commission and are not a National Futures Association member. We do not offer or sell securities (Securities Act of 1933) or commodity interests (Commodity Exchange Act). Hypothetical results on the paper desk are subject to the limitations described in CFTC Rule 4.41, 17 C.F.R. §4.41. We are not a money services business under the Bank Secrecy Act. CANADA. We are not registered with the Canadian Securities Administrators or any provincial or territorial commission, and we are not a CIRO member. MEXICO. We are not authorized by the Comisión Nacional Bancaria y de Valores and we are not an Institución de Tecnología Financiera. A jurisdiction-by-jurisdiction notice is at North American rules.
3. Hypothetical and simulated performance
Two different numbers live in this classroom. When the line is up, delayed last on the public board may be a delayed public market print — a number to look at, never a ticket. Paper fills on the desk, World Circuit scores, practice weather, and any “if you had put in $1,000” figure are simulated or hypothetical. They are not actual trading, not an account, and not a reason to place a live order. We are not a commodity trading advisor. Paper cash has no cash value. See CFTC Rule 4.41(b), 17 C.F.R. §4.41. That rule requires this caution in immediate proximity to hypothetical results. We print it on the desk and on Circuit, and here:
These results are based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated or hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to these being shown.
There are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. Hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading.
4. Risk disclosure
Trading securities, futures, options, foreign exchange, and crypto assets involves a substantial risk of loss and is not suitable for every person. You can lose some or all of any capital you later choose to put at risk with a licensed firm. Leverage can work against you. Crypto assets are volatile and may not be regulated as securities or as e-money in your jurisdiction. Nothing in a lesson or quiz certifies you as a professional, eligible, or accredited investor. Paper fills occur at a single practice last price with no spread, slippage, halt, or borrow — live markets will be worse.
5. Eligibility
You represent that you are at least 13 years old. If you create an account, you represent that you can form a binding contract where you live, or that a parent or guardian agrees. The Service is not directed at children. We do not ask for a date of birth. We do not verify a passport or a birth record. You are solely responsible for compliance with laws that apply to you, including those that restrict investment promotions.
6. License and prohibited uses
We grant you a limited, revocable, non-exclusive, non-transferable license to access the Service for personal education. You shall not: (a) scrape, republish, or commercially redistribute the practice tape as if it were market data; (b) reverse engineer except as permitted by law; (c) use the Service to unlawfully promote investments; (d) attempt to break into other users’ accounts or the classroom database; or (e) misrepresent the Service as a live brokerage or data vendor; or (f) treat the floor as a place to offer securities or personalized tips; or (g) solicit, harvest, or post passwords, seed phrases, private keys, or government identifiers; or (h) probe, overload, or bypass the Service’s access controls.
6a. User notes on the floor
If you post, you grant us a non-exclusive license to host and display that note in the classroom. You represent that it is your opinion, not personalized advice, and not an offer of a security. You may delete your own notes. We may remove notes that break these terms. Other people can read what you publish. Following another member or watching a ticker room is stored with your account so we can show you their notes. An automated Floor Clerk (a language model plus house-rule filters) reviews notes and replies. It may refuse a post, or leave a public reminder, when a note looks like a tip, a solicitation, abuse, or a secret. THE CLERK IS NOT A HUMAN MODERATOR, NOT AN ADVISER, AND NOT A GUARANTEE THAT EVERY UNLAWFUL OR UNWISE NOTE WILL BE CAUGHT. You remain responsible for what you publish.
Every public note and quote-tree line has Report and Block. Report opens mail with the subject [RWM-REPORT]. Block hides that handle on this device. Member pages have the same controls. We review reports and may remove a note. We are not a cop and not a guarantee that every unlawful or unwise note will be caught. You remain responsible for what you publish.
The Favorite Quote Tree is the same kind of public note: a short line you say you love. It is not a market quote, not last, and not a licensed book of other people’s writing. You represent you have the right to post that line. Each planted line counts as one one-millionth of a finished redwood drawing. One signed-in desk may plant one line a day. We do not sell those lines. The Floor Clerk may refuse a tip, a secret, a link, or abuse. The grove keeper reads planted lines on the Favorite Quote Tree and may refuse a line that is not a quote. You remain responsible for what you plant.
6b. The Professor (Tape AI)
The Professor (also called Tape AI, formerly the Guide) is an optional educational assistant. Outputs are generated by a language model and may be incomplete, outdated, or wrong. THE PROFESSOR IS NOT AN INVESTMENT ADVISER, BROKER-DEALER, COMMODITY TRADING ADVISOR, OR FIDUCIARY. No output is a recommendation, solicitation, or offer to buy or sell any instrument. You agree not to rely on the Professor for live trading, tax, or legal decisions. Prompts are transmitted to a third-party model provider solely to generate a reply and are rate-limited. We may refuse or cap questions that seek personalized recommendations, live quotes, or prohibited uses. Hypothetical performance language in Section 3 applies to any numbers the Professor discusses about this practice tape.
Talk to Professor Moon is optional. A tap starts listening. Speech is converted to text on this device. We send the text, not a recording, to generate a reply. He may then speak the reply out loud on this device. Camera, location, and payment stay off.
6c. Classroom crew
The Professor (Tape AI), Floor Clerk, Desk Hand, and Steward are optional classroom bots. The Professor and Clerk may call a language model. The Steward does not: it keeps the practice tape, paper desk, and academy available on this device, and it may serve a written academy answer if a model is unavailable, rate-limited, or in error, so the Service is not interrupted. NONE OF THE CREW IS AN INVESTMENT ADVISER, BROKER-DEALER, CTA, OR FIDUCIARY. Local academy answers have the same hypothetical-performance limits as Section 3.
7. Intellectual property and third-party marks
The classroom’s original copy, layout, geometric letter marks, classroom icon, and software are original to us. We do not clone another broker, another classroom, or another board game. Tickers, company names, coin names, and index names — including without limitation Apple, Microsoft, Nasdaq, S&P 500, Dow Jones, FTSE, Nikkei, Bitcoin, and Ethereum — are used nominatively for teaching only. FDIC, SWIFT, DTCC, IMF, IBRD, BIS, NAIC, Lloyd’s, and CFTC stay with those shops; we are not them, we do not speak for them, and we do not file for you. S&P 500® is a trademark of S&P Dow Jones Indices LLC. Nasdaq® is a trademark of Nasdaq, Inc. FTSE® is a trademark of FTSE International Limited. Nikkei® is a trademark of Nikkei Inc. We are not affiliated with, endorsed by, or sponsored by the issuers, index providers, exchanges, Yahoo, CoinGecko, CoinMarketCap, Google, X, or Apple. Colored letter discs are our own marks, not official logos. NFT rows are invented teaching floors, not live collections. Delayed last, when present, is a public print we do not own and do not license as a professional quote. IBM Plex Sans and IBM Plex Mono are used under the SIL Open Font License; Lucide icons under MIT. The Markets globe is a teaching picture drawn with three.js (MIT) and Natural Earth coastlines (public domain); it is not a political map and not a live quote board. Floor posts remain the poster’s words; you grant us a license to host them on this classroom. Headlines on the wire are the publishers’ titles; we do not reprint full articles. World Circuit is original and is not Monopoly® or any Hasbro product. Tape temperature is classroom breadth math, not anyone else’s fear-and-greed product. Takedown requests: [email protected] with subject [RWM-DMCA]. See also Marks & copyright.
8. No warranty
TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE SERVICE IS PROVIDED WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT, ACCURACY, AVAILABILITY, OR THAT DEFECTS WILL BE CORRECTED. We do not warrant that delayed last, a teaching path, or any chart resembles a price you could trade at a licensed firm.
9. Limitation of liability
TO THE MAXIMUM EXTENT PERMITTED BY LAW, WE SHALL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY, OR PUNITIVE DAMAGES, OR ANY LOSS OF PROFITS, DATA, GOODWILL, OR TRADING OPPORTUNITY, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, OR OTHERWISE, EVEN IF ADVISED OF THE POSSIBILITY. OUR AGGREGATE LIABILITY ARISING OUT OF THE SERVICE SHALL NOT EXCEED THE AMOUNT YOU PAID US FOR IT IN THE TWELVE MONTHS BEFORE THE CLAIM — which is zero, because the classroom is free. Some jurisdictions do not allow certain limitations; in those places, our liability is limited to the fullest extent permitted.
10. Indemnity
You agree to indemnify and hold harmless the operator and its contributors from claims, damages, and expenses (including reasonable legal fees) arising out of your misuse of the Service, your violation of these terms, or your use of simulated output to make live trading decisions.
11. Forward-looking statements
Lessons may discuss uncertainty, risk, and how markets behave. Any such discussion is educational. It is not a forward-looking statement about a particular issuer on which you should rely.
12. Privacy
Processing of device-local classroom data is described in the Privacy Policy, which is incorporated by reference.
13. Termination
We may suspend or discontinue the Service at any time without notice. You may terminate by leaving and wiping local data. Sections that by their nature should survive (including disclaimers, liability limits, and IP) will survive.
14. Governing law; severability; entire agreement
These terms are the entire agreement between you and us regarding the Service and supersede prior oral or written understandings. If a provision is held unenforceable, the remainder stays in effect. No waiver is a continuing waiver. No third-party beneficiary rights are created except as required by law. These terms are intended to be interpreted under generally accepted principles of contract for a free educational publication; they do not choose a brokerage venue or an arbitral forum, because no customer agreement is being opened.
15. Human contact
Bots on this classroom are not a complaints desk. Write [email protected] if you need a person. We will not sell you a security, a coin, a course, or advice. Do not send secrets.