Legal
Terms of Service
Last updated: June 2026
1. Scope and acceptance
These Terms of Service (“Terms”) govern your access to and use of the SFZ Capital website at sfzcapital.com and the Pulsar platform, operated by Sam Zickermann, SFZ Capital (Einzelunternehmen), Lutherstraße 21, 35037 Marburg, Germany (“SFZ Capital”, “we”, “us”). By using the Website or Pulsar, you agree to be bound by these Terms.
2. Description of service
SFZ Capital provides Pulsar, a software platform for designing, backtesting and paper-trading algorithmic trading strategies. Pulsar operates exclusively in simulation and paper-trading mode. No live orders are placed and no real capital is deployed on behalf of users through the platform.
The free tier includes access to core strategy-design and backtesting features subject to the usage limits set out in the table below. Additional features and higher limits may be available under a paid subscription when introduced.
| Feature | Free tier limit |
|---|---|
| Saved strategies | 5 |
| Backtests per day | 10 |
| Historical data depth | 2 years |
| Paper trading accounts | 1 |
| Watchlist instruments | 10 |
3. No financial advice
SFZ Capital provides software and analytical tools only. Nothing on this Website or within Pulsar constitutes investment advice, a personal recommendation, or an offer or solicitation to buy or sell any financial instrument. All trading decisions are made solely by you and at your own risk. Please read our Risk Disclosure before using the platform.
4. Eligibility
You must be at least 18 years of age to create a Pulsar account. By registering you represent that you meet this requirement and that you have the legal capacity to enter into a binding agreement.
5. Account registration
You are responsible for maintaining the confidentiality of your login credentials and for all activity under your account. Notify us immediately at contact@sfzcapital.com if you suspect unauthorised access. We reserve the right to suspend or terminate accounts that violate these Terms.
6. Acceptable use
You agree not to:
- use the platform or Website for any unlawful purpose;
- attempt to gain unauthorised access to any part of the platform or its infrastructure;
- reverse-engineer, decompile or disassemble any part of the software;
- use automated tools to scrape, crawl or stress-test the platform beyond normal use;
- introduce malware or other harmful code; or
- misrepresent your identity or affiliation.
7. Intellectual property
All content on the Website and within Pulsar — including text, graphics, logos, UI designs and software — is owned by or licensed to SFZ Capital and is protected by applicable intellectual property laws. You may not reproduce, distribute, adapt or commercialise it without our prior written consent. Your own strategy configurations and backtest data remain yours.
8. Third-party services
Pulsar connects to third-party services including Alpaca Markets for paper trading execution and market data. These services are governed by the relevant provider’s own terms and privacy policies. SFZ Capital is not responsible for the availability, accuracy or conduct of third-party services.
9. Availability
We aim to maintain high availability but do not guarantee uninterrupted access to the platform. Maintenance, updates and circumstances beyond our control may cause temporary downtime. We will endeavour to communicate planned maintenance in advance.
10. Disclaimer of warranties
The Website and Pulsar are provided “as is” and “as available” without warranties of any kind, express or implied, to the fullest extent permitted by applicable law. We do not warrant that the platform will be error-free, uninterrupted or free of viruses.
11. Limitation of liability
To the maximum extent permitted by German law, SFZ Capital shall not be liable for any indirect, incidental, special, consequential or punitive damages, including loss of profits or data, arising from your use of or inability to use the platform. Our aggregate liability for any claim arising out of these Terms shall not exceed the amount paid by you (if any) for the service in the three months preceding the claim.
Nothing in these Terms limits liability for gross negligence or wilful misconduct, or for damages arising from injury to life, body or health.
12. Indemnification
You agree to indemnify and hold harmless SFZ Capital and Sam Zickermann from and against any claims, damages, losses and costs (including reasonable legal fees) arising from your violation of these Terms or your use of the platform in a manner not authorised herein.
13. Termination
Either party may terminate the service relationship at any time. You may delete your account from within the Pulsar platform. We may suspend or terminate your access if you breach these Terms, following reasonable notice where circumstances permit.
14. Changes to the service and these Terms
We may modify the platform or these Terms at any time. Material changes will be communicated via the platform or by email to registered users with reasonable notice. Continued use of the platform after the effective date of changes constitutes acceptance.
15. Governing law and jurisdiction
These Terms are governed by the laws of the Federal Republic of Germany, excluding conflict of law provisions. To the extent permitted by law, the exclusive place of jurisdiction for all disputes arising from these Terms is Marburg, Germany.
If you are a consumer residing in an EU member state, you retain the right to bring proceedings in the courts of your country of domicile as required by applicable consumer protection law.
16. EU Online Dispute Resolution
The European Commission provides an online dispute resolution platform: ec.europa.eu/consumers/odr. We are not obliged or willing to participate in dispute resolution proceedings before a consumer arbitration board.
17. Contact
Questions about these Terms? Contact us at contact@sfzcapital.com or see the Impressum.
Deutsche Kurzfassung — Die verbindliche Fassung dieser Nutzungsbedingungen ist die englische Version oben. Die nachfolgende deutsche Zusammenfassung dient nur zur Information.
Nutzungsbedingungen — Zusammenfassung (Deutsch)
1. Geltungsbereich
Diese Nutzungsbedingungen gelten für die Website sfzcapital.com und die Pulsar-Plattform, betrieben von Sam Zickermann, SFZ Capital (Einzelunternehmen), Lutherstraße 21, 35037 Marburg.
2. Leistungsbeschreibung
Pulsar ist eine Softwareplattform für Strategie-Design, Backtesting und Paper-Trading. Es werden keine echten Orders ausgeführt; kein echtes Kapital wird eingesetzt.
3. Keine Anlageberatung
SFZ Capital erbringt keine Anlageberatung und keine regulierten Finanzdienstleistungen. Sämtliche Handelsentscheidungen treffen Sie eigenverantwortlich.
4. Mindestalter
Mindestalter für die Registrierung: 18 Jahre.
5. Nutzerpflichten
Rechtmäßige Nutzung; kein unbefugter Zugriff; kein Reverse Engineering; keine schädlichen Inhalte.
6. Geistiges Eigentum
Alle Inhalte der Website und von Pulsar sind urheberrechtlich geschützt. Ihre eigenen Strategien verbleiben in Ihrem Eigentum.
7. Haftungsbeschränkung
Die Haftung ist auf das gesetzlich zulässige Maß beschränkt. Haftung für grobe Fahrlässigkeit und Vorsatz bleibt unberührt.
8. Gerichtsstand und anwendbares Recht
Es gilt deutsches Recht. Gerichtsstand ist Marburg, soweit gesetzlich zulässig.