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Contract reading

What Applied Derivatives legally published, but does not want you to read

Every clause below is published by Applied Derivatives itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: Applied Derivatives

whatsapp loginaccount accessadvice and commissionclient agreementclose outcomplaintsconflict of interestcost disclosuredata disclaimerdata protection

Applied Derivatives publishes no client agreement, no fee schedule, no privacy notice and no complaints procedure. The words fee, commission, privacy and complaint appear on none of its pages. What you would sign, what you would pay and where you would complain all arrive after you contact the desk. We found no clause that takes your money, because no contract is published to read.

Back to Applied Derivatives

Contract risk

Harder than average
5.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
0
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
10
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
6
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
1

How the 10 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical0
Warning8
Notice2

section 42 of 44is where the deepest clause sits, 95% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

0In the contract. Jump to the clause this comes from.No client agreement published before you commit90 daysAccount limit. Jump to the clause this comes from.Portal sign-in lasts 90 days on one device

What the documents say

10 clauses worth knowing about, worst first, each quoted from Applied Derivatives's own files

01

You cannot read what you would sign with Applied Derivatives before you make contact. No page publishes a client mandate, trading terms, a risk disclosure, a fee schedule or any policy.

Why this matters

The first written terms you see arrive privately, after you have asked to open an account. You have nothing to compare them with, and no public record of what was promised.

Exhibit 1WarningHarder than usual0

Account opening is a regulated process. We will guide you through KYC, fund your SAFEX trading account, and switch you on for the full analytics service.
Clause Open an account in Applied Derivatives home page
Read from the broker's site on Archived copyOpen the reference
Our own capture of derivative.co.za, taken on Oct 2, 2026No client agreement published before you commit (clause Open an account)Visit this page on the broker's siteDownload the full size image file
02

No page on this site tells you what trading through Applied Derivatives costs. The platforms are described as included with every account, and no commission rate, account fee or charge appears anywhere.

Why this matters

You agree your commission rate in a private conversation, with no published figure to measure it against. Every cost you pay is settled after you have decided to open the account.

Exhibit 2WarningHarder than usual

Position entry, exit, and financing across SAFEX, FX, and JSE equity derivatives. Self-execute online through the Trading Technologies (TT) platform or Swordfish Online — included with every account — or call the desk when you want a human in the loop.
Clause What we do for clients in Applied Derivatives home page
Read from the broker's site on Archived copyOpen the reference
Our own capture of derivative.co.za, taken on Oct 2, 2026Not one page states what trading costs (clause What we do for clients)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must disclose costs and charges to a retail client before the client trades. Nothing on this site states a cost, so the first number you see is the one the desk gives you.

Applied Derivatives is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingFutures desks commonly negotiate commission with each client instead of publishing a tariff. Publishing no cost information at all, not even a unit or a range, sits at the far end of that practice.

  • Worse together with Exhibit 1No contract and no price list: the first terms and the first number both come from the desk, after you ask to open an account.
03

If something in your account looks wrong, Applied Derivatives tells you to contact the desk. No page publishes a complaints procedure, a time limit for a reply, or anyone above the desk you can go to.

Why this matters

The desk you would complain about is the only route the site gives you. Nothing published says how long an answer should take, or who hears it if the desk says no.

Exhibit 3WarningHarder than usual

Anything unclear, anything that looks wrong, anything you want added — contact the desk on the usual details below. The portal is built and run in-house, so changes do not sit in a vendor's queue.
Quoted in THE SILO, client portal
Read from the broker's site on Open the reference
Our own capture of derivative.co.za, taken on Oct 2, 2026The only complaint route published is the deskVisit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), FSCA (South Africa)

Firms licensed by the FCA must give clients a written complaints procedure and point them to the free independent ombudsman. Financial services providers licensed by the FSCA are expected to keep a written complaints procedure and name the statutory ombud. This site publishes no procedure and names no scheme.

Applied Derivatives is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 1Nothing published sets the terms of your account, and nothing published says who settles a dispute about them.
04

Applied Derivatives takes your identity documents at account opening and signs you in with a one-time PIN on WhatsApp. No page says what it keeps, who sees it, or how long it holds it.

Why this matters

Your documents, your phone number and your trading history sit with the firm under rules you cannot read. Nothing published tells you how to ask for a copy, or for it to be deleted.

Exhibit 4WarningHarder than usual

SAFEX is accessible only through a JSE-member broker. You open a trading account with the member, complete the regulated KYC process, and then trade either through the broker's dealing desk or by self-executing on a platform the broker provides.
Clause Common questions in Glossary
Read from the broker's site on Archived copyOpen the reference
Our own capture of derivative.co.za, taken on Oct 2, 2026KYC and a WhatsApp number, no privacy notice (clause Common questions)Visit this page on the broker's siteDownload the full size image file

Buried at section 38 of 44 in the Glossary, 86% of the way through.

05

Variation margin is the cash that settles each day's price move, and the Applied Derivatives glossary says it must be met. No page says what the firm does when you cannot meet a call.

Why this matters

A market move against your position can call for cash within a day, and nothing published says how long you have to pay. No page says whether the firm closes your position, charges interest, or asks you for the difference.

Exhibit 6WarningStandard wording

If the market moves against a position, variation margin is called and must be met; if it moves in favour, variation margin is credited.
Clause Variation margin in Glossary
Read from the broker's site on Archived copyOpen the reference
Our own capture of derivative.co.za, taken on Oct 2, 2026Daily margin calls with no published shortfall rule (clause Variation margin)Visit this page on the broker's siteDownload the full size image file

Where it sits: section 18 of 44 in the Glossary, 41% of the way through.

  • Worse together with Exhibit 5Margin can be called daily with no published rule on a shortfall, while nothing published says how fast cash comes back out.

An audit-grade profit figure on the website, indicative data in the portal

Applied Derivatives calls a client's running mark-to-market total an audit-grade snapshot pulled from the clearing bank's record. The portal that shows it carries a different line: indicative data, not real-time. The number a client checks a position against is one the firm does not stand behind.

Record keeping claim1 clause flagged

Applied Derivatives calls your running profit total an audit-grade snapshot pulled from the clearing bank's record. The portal that shows it calls the same data indicative and not real-time.

Why this matters

The figure you check your position against is one the firm does not stand behind in the portal itself. Before you act on it, you have to ask the desk to confirm it.

Exhibit 10WarningStandard wording

One command in WhatsApp or one login to THE SILO: your live running mark-to-market total since inception, pulled directly from your clearing bank's official record through our database. An audit-grade snapshot of your trading history, always at hand.
Clause On demand in Applied Derivatives home page
Read from the broker's site on Archived copyOpen the reference
Our own capture of derivative.co.za, taken on Oct 2, 2026The claim, on Home page, section headed ON DEMANDVisit this page on the broker's siteDownload the full size image file
Our own capture of app.derivative.co.za, taken on Oct 2, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file

No published timetable for paying your money back

Applied Derivatives publishes nothing about withdrawals: no method, no timetable, no minimum, no fee. The one promise in writing is initial margin, which its glossary says is returned when the position is closed. Where client cash is held is not stated either.

Getting money out1 clause flagged

Nothing Applied Derivatives publishes says how you get cash out of your account, how long it takes, or what it costs. The one promise in writing is that initial margin, the deposit held while a position is open, comes back when the position closes.

Why this matters

Your cash sits as margin against open positions, with no published timetable for paying it out. You learn the withdrawal rules after the account is funded.

Exhibit 5WarningStandard wording

It is collateral held against performance, not a payment for the commodity, and it is returned when the position is closed.
Clause Initial margin in Glossary
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 17 of 44 in the Glossary, 39% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must hold retail client money in segregated accounts and tell the client where it is held. No page on this site says where client cash sits or which bank holds it.

Applied Derivatives is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

The desk that tells you when to sell is paid when you trade

Applied Derivatives sells a view on when to sell, when to lock and when to wait, and earns commission on the trades that follow. No page publishes a conflict of interest policy. Nothing on the site says how the firm keeps the advice and the commission apart.

Advice and commission1 clause flagged

Applied Derivatives tells you when to sell, when to lock and when to wait, then earns commission on the trade you place. No page publishes a conflict of interest policy.

Why this matters

The advice you act on comes from the firm that is paid when you act on it. Nothing on the site says how it keeps the two apart, and you can only ask the desk for its policy.

Exhibit 7WarningHarder than usual

Most SAFEX research tells you what happened. Ours tells you what is likely to happen — and what to do about it.
Clause Why our clients see further in Applied Derivatives home page
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FSCA (South Africa), FCA (UK)

Financial services providers licensed by the FSCA have to keep a written conflict of interest management policy and make it available to clients. FCA firms must manage a conflict and tell the client about it before acting. Applied Derivatives publishes no policy on its site, and nothing published says whether one exists.

Applied Derivatives is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 2The desk that recommends the trade also sets the commission, and neither the standard for the advice nor the rate is published.

Margin must be met, with nothing published on missing a call

The Applied Derivatives glossary says variation margin, the cash that settles each day's move, is called daily and must be met. No page says what the firm does when a client cannot meet one: no close-out rule, no interest, no statement on who carries a shortfall. The portal that shows the position allows one signed-in device at a time.

Margin and access1 clause flagged

Your sign-in to the Applied Derivatives portal lasts 90 days, and only one device can be signed in at a time. Signing in somewhere else signs the first device out.

Why this matters

You reach your positions through one phone number on WhatsApp, on one device. If that number changes or the one-time PIN does not arrive, nothing published tells you how else to see your account.

Exhibit 9NoticeStandard wording90 days

Your sign-in stays active for 90 days. Only one device can be signed in at a time; signing in on another device signs out the previous one.
Quoted in THE SILO sign-in page
Downloaded from the broker's site on Open the reference

The only regulated claim is one line in the footer

Applied Derivatives repeats one line on every page: a fully regulated member of The JSE Securities Exchange South Africa. No page names the company behind the trading name, a company number, the regulator that licenses it, or a licence number. Nothing a client would sign is published anywhere on the site.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Counterparty and licence1 clause flagged

Every page calls Applied Derivatives a fully regulated member of The JSE Securities Exchange South Africa and leaves it there. No page gives you the registered company name, a company number, the regulator or a licence number.

Why this matters

You cannot look the firm up on a register before you send money, because the registered name is not on the site. What you get is a trading name, a Cape Town address and a landline.

Exhibit 8NoticeHarder than usual

A fully regulated member of The JSE Securities Exchange South Africa. Independent since 2002.
Quoted in Glossary
Read from the broker's site on Archived copyOpen the reference

Buried at section 42 of 44 in the Glossary, 95% of the way through.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The home page sells the portal's profit total as audit-grade and live, while the portal itself calls everything it shows indicative and not real-time.

Said in public, in English

One command in WhatsApp or one login to THE SILO: your live running mark-to-market total since inception, pulled directly from your clearing bank's official record through our database. An audit-grade snapshot of your trading history, always at hand.

Home page, section headed ON DEMAND

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of derivative.co.za

In the contract

Indicative data for Applied Derivatives clients. Not real-time. Not advice. Contact the desk before acting.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of app.derivative.co.za

The documents this reading is based on

6 files, all published by Applied Derivatives. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording Applied Derivatives publishes.

How this reading was done

Every clause above was read out of a document Applied Derivatives publishes itself

This reading was published on .

Documents
4 of 6downloaded from the broker's site, and 4 read in full
Pages opened
22pages walked to find those documents, footer links included
Position measured
4clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Applied Derivatives

Applied Derivatives is a trading name on every page and nothing more precise. The site gives an office at The Clock Tower, Portswood Road, V&A Waterfront, Cape Town 8001, a director named Marilet Tait, a landline and two email addresses. No page states a registered company name, a company registration number, the regulator that licenses the firm, or a licence number. A client cannot tell from what is published which legal person would hold their money, and the claim repeated at the foot of every page is membership of the JSE rather than a named licence.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

Applied Derivatives writes plainly and contradicts its own sales copy where it matters. Its settlement prices page says the levels it publishes 'are not a live feed, not a quotation, and not a basis on which to transact'. The glossary tells a producer that a hedge which is working still burns cash, which is the warning most grain brokers leave out. The portal's sign-in terms and its data warning appear in English and in Afrikaans, in the same words. Nothing on the site offers a bonus, a credit or a reward for depositing, and the firm publishes a street address, a named director and a landline.

Applied Derivatives publishes no contract, so there was none to read. We read every page of its website, and the client portal sign-in page at app.derivative.co.za in both English and Afrikaans. The only legal text on the site is the one paragraph disclaimer at the foot of each reference page. The pages listed with this reading are marketing and reference pages rather than contracts: the glossary is the only one the site presents as a document in its own right. We did not see the client mandate, the fee agreement, the privacy notice or any policy, because none is published, and a client gets whatever terms the desk sends after making contact. The account area behind the portal sign-in belongs to clients and we did not enter it. No earlier version of these pages is available, so this is a first reading with nothing to compare against.

How to check any of this yourself

Every quote above links to the Applied Derivatives file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document Applied Derivatives publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge Applied Derivatives on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 2, 2026.

If you represent Applied Derivatives and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on Applied Derivatives. Whether its licence is real and current is a separate check on the broker profile.

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