Terms of Service

These Terms of Service (the Terms) are a binding agreement between you and EMCShared Ltd, the operator of BigFatBat, the website at bigfatbat.com and the BigFatBat product (together, the Service). Please read them carefully. By signing in, subscribing, or otherwise using the Service you confirm that you have read, understood and accepted these Terms and our Privacy Policy.

Important. BigFatBat is a journalistic and informational product. It is not regulated by the UK Financial Conduct Authority (FCA), it does not provide personal recommendations, advice or arrangements regulated under the Financial Services and Markets Act 2000, and its AI-generated commentary can be wrong. See sections 7 and 8.

1. About these Terms

These Terms, together with our Privacy Policy, form the entire agreement between you and us in relation to the Service and supersede any prior agreement on the same subject matter. EMCShared Ltd is incorporated in England and Wales under Companies House number 14695260, with its registered office at 46 Castleton Road, Ruislip, HA4 9QL, England. If there is a conflict between these Terms and any other document we have given you, these Terms prevail unless the other document is signed by an authorised representative of EMCShared Ltd.

2. Eligibility

You may use the Service only if all of the following are true:

• you are at least 18 years old;
• you are using the Service for your own personal, non-commercial purposes (commercial use is permitted only with our prior written consent);
• you are not located in, or a resident of, any country or region subject to UK, EU, US or UN sanctions, and you are not on any government sanctions or denied-parties list; and
• your use of the Service is not prohibited by the laws of the jurisdiction in which you are located.

We may refuse to provide the Service, or terminate your access, if we reasonably believe any of these conditions is not met.

3. Your account and the eToro link

Accounts are created by signing in with your eToro account using OAuth single sign-on. You authorise us to read your eToro profile, portfolio, trade information and performance data on your behalf so we can render them in the Service. You can revoke this authorisation at any time from within eToro; doing so will end your BigFatBat session and stop new data being read.

You are responsible for maintaining the security of your eToro account and for all activity that occurs under your BigFatBat session. You must not share your account, give anyone else access to it, or use someone else’s account.

4. Subscription, billing & cancellation

4.1 Plans

The Service is offered as a free tier and a paid Pro tier. Current features and prices for each tier are listed at /pricing. We may change the features and prices of either tier; material changes will be notified to active subscribers at least 14 days in advance and will not take effect until your next billing period.

4.2 Billing

Pro is billed monthly in advance through Stripe. By starting a Pro subscription you authorise Stripe to charge your payment method the applicable fee each billing period until the subscription is cancelled. All prices are inclusive of any applicable VAT unless stated otherwise.

4.3 Free trial

If we offer you a free trial, the trial converts automatically to a paid subscription at the end of the trial period unless you cancel beforehand. We will notify you by email shortly before the trial converts. You may use a free trial only once per account; if we detect repeat trial abuse we may refuse, cancel or invoice for the additional usage.

4.4 UK cooling-off period & immediate digital supply

Under the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 you ordinarily have 14 calendar days from starting a subscription to cancel and receive a refund. The Service is delivered immediately as a digital service whose content depends on live-market data and time-sensitive briefs. By starting your subscription and accessing Pro content during the 14-day period you expressly request that we begin supplying the Service immediately and acknowledge that you lose your right to cancel under the regulations for any portion of the Service you have already consumed. You can still cancel at any time as described in §4.5 below.

4.5 Cancellation

You can cancel your subscription at any time from the Stripe customer portal accessible from Settings → Billing. Cancellation takes effect at the end of the current billing period; you keep access to Pro until then. We do not pro-rate refunds for partial periods, save where required by law.

4.6 Refunds

If the Service is materially broken or you were charged in error, contact ethan@bigfatbat.com within 14 days of the charge and we will refund the most recent monthly fee. Outside that window, subscriptions are non-refundable except where required by law.

5. Acceptable use

You must not, and must not attempt to, do any of the following:

• access, scrape, crawl or download substantial portions of the Service by automated means or in excess of the published rate limits;
• reverse engineer, decompile or otherwise extract the source code or model weights of any part of the Service;
• resell, redistribute or republish the Service, the AI-generated commentary, or any other content produced by the Service, save for personal, non-commercial use such as forwarding a single brief to a friend;
• use the Service to violate any law, infringe any third party’s rights, or send unsolicited messages;
• interfere with or disrupt the integrity, security or performance of the Service or attempt to gain unauthorised access to any account, system or network;
• upload or transmit any virus, worm or other malicious code;
• use the Service to provide regulated financial services to any third party;
• create or operate more than one account, or evade an enforcement action we have taken against you, without our prior written consent.

We may suspend or terminate your access if we reasonably believe you are breaching these rules.

6. Intellectual property

The Service, including its design, code, branding, written editorial copy, AI-generated commentary, datasets we have curated and the underlying software, is owned by EMCShared Ltd or its licensors and is protected by copyright, database right, trade marks and other intellectual property rights. We grant you a personal, non-exclusive, non-transferable, revocable licence to access and use the Service for your own personal, non-commercial purposes for the duration of your subscription.

You retain all rights in the personal information you provide to us. You grant us a worldwide, royalty-free, non-exclusive licence to use that information solely to operate, secure, improve and provide the Service to you, in accordance with our Privacy Policy.

7. Financial-services positioning

This section is the consolidated version of the “Not financial advice” line you see throughout the Service. All such inline notes link back here.

• EMCShared Ltd is not authorised or regulated by the Financial Conduct Authority, the Securities and Exchange Commission, or any other financial-services regulator. We do not hold client money.
• Nothing in the Service is, or is intended to be, a personal recommendation, investment advice, an offer, solicitation or inducement to buy or sell any security, derivative, fund unit or cryptoasset. The Service is provided for journalistic and informational purposes only.
• The Service is not intended to be a financial promotion within the meaning of section 21 of the Financial Services and Markets Act 2000. Where we link to financial products offered by eToro or any other third party, the linked provider is responsible for the financial promotion of those products and is the entity you should look to for regulated services and protections.
• Past performance is not a reliable indicator of future results. The value of investments can go down as well as up and you may get back less than you invested. Investing in copy trading, complex derivatives and cryptoassets is high risk; you can lose all of your money.
• You should seek independent advice from an FCA-authorised adviser before making any investment decision based on information you see in the Service.

8. AI-generated content

Substantial parts of the Service consist of commentary generated by large-language-model systems (currently Anthropic Claude) and AI search systems (currently Perplexity). You should treat this content as you would treat the output of any other journalist or analyst — useful as a starting point, but never as a substitute for your own due diligence.

• AI-generated commentary can be inaccurate, incomplete or out of date. It can “hallucinate” — confidently assert facts that are not true, mis-attribute quotes, or omit material information.
• We make commercially reasonable efforts to ground AI commentary in source data we trust (eToro positions and performance, SEC EDGAR filings, Financial Modeling Prep market data) and to label opinions as opinions. We do not, and cannot, warrant correctness.
• You are responsible for verifying any AI-generated statement before relying on it. We accept no liability for losses caused by reliance on AI-generated content, save as set out in §11.

9. Affiliate disclosure

Some outbound links to eToro (such as “Open in eToro” or sign-up buttons) are eToro Partners affiliate links. If you click one of these links and subsequently take a qualifying action with eToro (such as opening or funding an account), we may receive a commission from eToro.

This relationship does not affect the editorial selection of the investors, instruments, news stories or signals we surface in the Service. Our editorial choices are driven by the data and the AI pipelines that process it; affiliate revenue is not a ranking factor. This disclosure is provided in line with the UK Code of Non-broadcast Advertising and Direct & Promotional Marketing (the CAP Code) and the ASA’s guidance on affiliate marketing.

10. Third-party content

The Service includes data and content sourced from third parties, including eToro, Financial Modeling Prep, the U.S. Securities and Exchange Commission (via EDGAR), OpenFIGI / Bloomberg, and (indirectly, via eToro) TipRanks. This third-party content is provided on an “as is” basis. The original providers’ terms of use apply to that content in addition to these Terms, and where they conflict in relation to that content, theirs prevail. We do not warrant the accuracy, completeness or timeliness of third-party content.

11. Warranties & liability

The Service is provided on an “as is” and “as available” basis. To the maximum extent permitted by law we exclude all implied warranties, conditions and other terms (including satisfactory quality, fitness for purpose, and conformity with description) that might otherwise apply to the Service.

Subject to the paragraph below, our aggregate liability to you for any and all claims arising out of or in connection with the Service or these Terms (whether in contract, tort (including negligence), breach of statutory duty or otherwise) is limited to the greater of (a) the total fees paid by you to us in the twelve months preceding the event giving rise to the claim, and (b) one hundred pounds sterling (£100).

Nothing in these Terms limits or excludes our liability for:

• death or personal injury caused by our negligence;
• fraud or fraudulent misrepresentation;
• breach of any non-excludable statutory consumer rights you have under the Consumer Rights Act 2015 or any other applicable law; or
• any other liability that cannot be excluded or limited by law.

We are not liable for any loss or damage that was not reasonably foreseeable to both you and us at the time these Terms became binding, nor for any loss or damage caused by your failure to take reasonable care.

12. Indemnity

You agree to indemnify and hold harmless EMCShared Ltd and its directors, employees and contractors against any losses, damages, costs and expenses (including reasonable legal fees) suffered or incurred by them arising out of (a) your breach of these Terms, (b) your misuse of the Service, or (c) your infringement of any third-party rights through your use of the Service. This indemnity does not apply to losses caused by our breach of these Terms or by our negligence.

13. Termination

You may stop using the Service at any time. You may cancel a paid subscription as described in §4.5. You may request deletion of your account by emailing ethan@bigfatbat.com; we will action the deletion in accordance with the retention rules in our Privacy Policy.

We may suspend or terminate your access to the Service at any time, immediately and without notice, if (a) we reasonably believe you have breached these Terms, (b) we are required to do so by law, court order or regulator, or (c) continued provision creates a material risk to the Service or its users. We will use reasonable efforts to tell you why, unless we are prevented from doing so.

Sections §6 (Intellectual property), §7 (Financial-services positioning), §8 (AI-generated content), §11 (Warranties & liability), §12 (Indemnity) and §14 (Governing law) survive termination.

14. Governing law & jurisdiction

These Terms and any dispute arising out of or in connection with them are governed by the laws of England and Wales. The courts of England and Wales have exclusive jurisdiction to hear any such dispute, save that if you are a consumer resident in Scotland or Northern Ireland you may also bring proceedings in the courts of the part of the United Kingdom in which you are resident, and the mandatory consumer protections of the jurisdiction in which you are habitually resident continue to apply.

15. Changes to these Terms

We may update these Terms from time to time. If we make material changes we will update the “Last updated” date at the top of this page, bump the version number, and ask you to re-accept the updated Terms next time you sign in. Continued use of the Service after the effective date of the updated Terms constitutes acceptance of them. If you do not accept the updated Terms, you must stop using the Service and may cancel any paid subscription as described in §4.5.

16. Contact

For questions about these Terms, please email ethan@bigfatbat.com. For general support, email ethan@bigfatbat.com. For privacy matters, email ethan@bigfatbat.com. Our postal address is EMCShared Ltd, 46 Castleton Road, Ruislip, HA4 9QL, England.