What Axon Markets legally published, but does not want you to read

Where it sits: section 25 of 98 in the Client Service Agreement, 26% of the way through.We counted the numbered sections in the Client Service Agreement. This clause sits in section 25 of 98, about 26% of the way through. A fee written on the first page and the same fee written near the end are not the same disclosure.

• Worse together with Exhibit 3Read these two clauses together. Each one costs more because the other exists.Axon can change your fill price on the way in and take back the profit later if it calls the pricing an error.

Our readingOur own comment on the clause, not the broker's words. Anything we quote is marked as a quotation.Restricted country lists are ordinary. What is unusual is a public list pointing to the Terms and Conditions for detail when the Client Agreement carries no such clause, leaving the restriction with no contractual home.

• Worse together with Exhibit 19Read these two clauses together. Each one costs more because the other exists.The site disclaimer carries terms that the signed agreement does not contain, which makes it unclear which document governs.

Where it sits: section 50 of 98 in the Client Service Agreement, 51% of the way through.We counted the numbered sections in the Client Service Agreement. This clause sits in section 50 of 98, about 51% of the way through. A fee written on the first page and the same fee written near the end are not the same disclosure.

Our readingOur own comment on the clause, not the broker's words. Anything we quote is marked as a quotation.Contracts commonly point to a separate fee schedule. The gap here is that the schedule is referenced as binding in at least eight clauses and does not appear on the broker's own documents page.

• Worse together with Exhibit 13Read these two clauses together. Each one costs more because the other exists.Charges are set in an unpublished schedule and clause 8.2 lets Axon change some of them without notice.

Buried at section 84 of 98 in the Client Service Agreement, 86% of the way through.We counted the numbered sections in the Client Service Agreement. This clause sits in section 84 of 98, about 86% of the way through. A fee written on the first page and the same fee written near the end are not the same disclosure.

Our readingOur own comment on the clause, not the broker's words. Anything we quote is marked as a quotation.Payout routing rules are ordinary anti money laundering practice. The unusual combination here is a contract with no payout deadline at all sitting under a public promise of 24 hour processing.

• Worse together with Exhibit 1Read these two clauses together. Each one costs more because the other exists.A withdrawal can be delayed by the contract and reduced by the 5% inactivity commission on the way out.
• Only applies after Exhibit 16This clause only bites once the other one has been applied.A payout can also wait on document checks that Axon may reopen at any point.

Buried at section 78 of 98 in the Client Service Agreement, 80% of the way through.We counted the numbered sections in the Client Service Agreement. This clause sits in section 78 of 98, about 80% of the way through. A fee written on the first page and the same fee written near the end are not the same disclosure.

Our readingOur own comment on the clause, not the broker's words. Anything we quote is marked as a quotation.Deemed acceptance of amendments is widespread. The sharper edge here is clause 7.3, which treats an email as received when sent rather than when delivered or read, so the notice period can run while the message sits undelivered.

• Worse together with Exhibit 7Read these two clauses together. Each one costs more because the other exists.Charges can move under a schedule that is not published, so a change may be invisible as well as unopposed.

Buried at section 71 of 98 in the Client Service Agreement, 72% of the way through.We counted the numbered sections in the Client Service Agreement. This clause sits in section 71 of 98, about 72% of the way through. A fee written on the first page and the same fee written near the end are not the same disclosure.

• Worse together with Exhibit 4Read these two clauses together. Each one costs more because the other exists.Money is reachable across your accounts and a dormant one is charged $15 a month, so a quiet second account is not a safe place to park funds.

Buried at section 85 of 98 in the Client Service Agreement, 87% of the way through.We counted the numbered sections in the Client Service Agreement. This clause sits in section 85 of 98, about 87% of the way through. A fee written on the first page and the same fee written near the end are not the same disclosure.

• Worse together with Exhibit 10Read these two clauses together. Each one costs more because the other exists.Axon has 30 business days to reply while you must object to a statement immediately or lose the point.

Where it sits: section 47 of 98 in the Client Service Agreement, 48% of the way through.We counted the numbered sections in the Client Service Agreement. This clause sits in section 47 of 98, about 48% of the way through. A fee written on the first page and the same fee written near the end are not the same disclosure.

Our readingOur own comment on the clause, not the broker's words. Anything we quote is marked as a quotation.Deemed acceptance of statements is common, but it normally comes with a stated window such as 30 days. A deadline written only as immediately gives the client no date to work to and leaves Axon to decide what it meant.

• Worse together with Exhibit 3Read these two clauses together. Each one costs more because the other exists.Your side of the record closes immediately while Axon can revisit your trades for as long as the relationship lasts.

• Worse together with Exhibit 8Read these two clauses together. Each one costs more because the other exists.A payout can be held while documents are requested, and the contract sets no deadline on either step.

• Same clause as Exhibit 6Both findings come from the same clause in the document.Section 12 both authorises the opposite position and removes any duty to reveal what the spread earned.

Buried at section 88 of 98 in the Client Service Agreement, 90% of the way through.We counted the numbered sections in the Client Service Agreement. This clause sits in section 88 of 98, about 90% of the way through. A fee written on the first page and the same fee written near the end are not the same disclosure.

Our readingOur own comment on the clause, not the broker's words. Anything we quote is marked as a quotation.Offshore brokers usually name a governing law even when it is inconvenient. Omitting the clause entirely from a 48 page agreement, while defining Court in the definitions section, is the unusual part.

Where it sits: section 38 of 98 in the Client Service Agreement, 39% of the way through.We counted the numbered sections in the Client Service Agreement. This clause sits in section 38 of 98, about 39% of the way through. A fee written on the first page and the same fee written near the end are not the same disclosure.

• Limited by Exhibit 4Another clause softens this one. Read both before you judge it.Unlike the dormancy fee, this clause preserves the balance and lets you transfer it to a new account.

• Worse together with Exhibit 5Read these two clauses together. Each one costs more because the other exists.Client money can be pledged or lent under the contract, and no compensation scheme stands behind the Seychelles entity that holds it.