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Contract reading

What BAXIA MARKETS legally published, but does not want you to read

Every clause below is published by BAXIA MARKETS 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: Baxia Global Ltd

sole discretionhidden feedeemed acceptanceleveragewithdrawalscounterpartyforum waivermarketing mismatchprofit voidingunilateral amendment

Baxia advertises negative balance protection, then makes you liable for any shortfall. It promises your money is protected if it fails; clause 7.3 gives you no claim to any specific sum. Clause 21.3 lets Baxia reverse every trade you have ever made. Withdrawals cost $5, and the contract sets no deadline for paying them.

Back to BAXIA MARKETS

Contract risk

Money at risk
7.5/10

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.
6
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
21
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
99
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
6

How the 21 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.

Critical6
Warning14
Notice1

section 194 of 209is where the deepest clause sits, 93% 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.

2 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical50%In the contract. Jump to the clause this comes from.Negative balance protection advertised, not in the contractCritical5 working daysWithdrawal limit. Jump to the clause this comes from.No deadline in the contract for paying a withdrawal$5Fee you were not shown. Jump to the clause this comes from.A $5 fee on every withdrawal, absent from the contract$10Fee on an unused account. Jump to the clause this comes from.A yearly $10 fee after twelve months without a trade

What the documents say

21 clauses worth knowing about, worst first, each quoted from BAXIA MARKETS's own files

01

Baxia's client money page says your funds are completely separated and protected if Baxia becomes insolvent. Clause 7.3 of the client agreement says you may have no claim to any specific sum.

Why this matters

If Baxia or the bank holding the pooled account fails, you join a queue of creditors instead of reclaiming your own balance. Clause 7.2 also says Baxia is not liable for the solvency of whoever holds your money.

Exhibit 1CriticalHarder than usual

The third party to whom the Company will pass money may hold it in an omnibus account and it may not be possible to separate it from the Client's money, or the third party's money in which case the Client will not have any claim against a specific sum in a specific account in the event of insolvency.
Clause 7.3 in Client Agreement, p.11
Read from the broker's site on Open the reference

Where it sits: section 49 of 209 in the Client Agreement, near the start.

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

Firms licensed by the FCA or CySEC must hold retail client money in segregated client accounts and belong to a compensation scheme that pays out if the firm fails. This agreement names no compensation scheme, and clause 7.3 says a pooled account may leave you with no claim to a specific sum.

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

  • Worse together with Exhibit 7Your money can sit in a pool you cannot claim from, and Baxia can take from that balance without notice.
02

Baxia's leverage page lists negative balance protection as a feature. The client agreement promises nothing of the kind, and clause 2.3 makes you liable for any shortfall left after your positions are closed.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

Your positions close automatically at 50% of the margin they need, and in a fast market that is not a floor. Anything your balance cannot cover, Baxia can ask you to pay.

Exhibit 2CriticalHarder than usual50%

Should the Equity of the Client be insufficient to hold current positions open, the Client may be called upon to deposit additional funds at short notice or reduce exposure. Failure to do so within the required time may result in the liquidation of positions at a loss and the Client will be liable for any resulting deficit.
Clause 2.3(k) in Client Agreement, p.6
Read from the broker's site on Open the reference

Where it sits: section 27 of 209 in the Client Agreement, near the start.

Set against a regulated standard: FCA (UK), CySEC (Cyprus), ASIC (Australia), ESMA (EU)

Firms licensed by the FCA, CySEC or ASIC must give a retail client negative balance protection, so a loss cannot exceed the money in the account. The FCA and ESMA also cap retail leverage on major currency pairs at 1:30. This agreement advertises leverage up to 1:1000 and makes you liable for any deficit.

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

  • Worse together with Exhibit 15Baxia can raise the margin your open trades need without notice, and the deficit that follows is yours.
03

Baxia can end the agreement with no notice and reverse every trade on your account. Clause 21.3 triggers that where your trading affects the platform in any manner.

Why this matters

Profit you banked months ago can be taken back, because the clause sets no time limit. Baxia decides on its own whether your trading affected the platform.

Exhibit 3CriticalRarely seen

The Company may terminate this Agreement immediately without giving prior written notice, and the Company have the right to reverse and/or cancel all previous Transactions on a Client's account, in the following cases:
Clause 21.3 in Client Agreement, p.26
Read from the broker's site on Open the reference

Where it sits: section 123 of 209 in the Client Agreement, 59% of the way through.

  • Worse together with Exhibit 6Suspicion under clause 13.2 opens the door that clause 21.3 walks through, which is the reversal of everything you ever traded.
04

Baxia's withdrawal page promises 2 to 5 business days. The client agreement sets no deadline for paying you, and clause 7.6 lets Baxia refuse your payment method or ask for more documents first.

Why this matters

The timings you were shown sit on a web page, not in the contract you signed. If Baxia reverses a payment it has already sent, clause 7.6 puts your bank's charges on you.

Exhibit 4CriticalHarder than usual5 working days

The Company reserves the right to decline a withdrawal with a specific payment method and will suggest another payment method where the Client needs to proceed with a new withdrawal request, or request further documentation while processing the withdrawal request.
Clause 7.6 in Client Agreement, p.12
Read from the broker's site on Open the reference

Where it sits: section 55 of 209 in the Client Agreement, 26% of the way through.

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

Firms licensed by the FCA or CySEC must return client money promptly once a client asks for it, and must be able to show how long they took. This agreement sets no deadline of any kind.

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

  • Worse together with Exhibit 7A withdrawal can be met with a set-off from another of your accounts before the money ever leaves Baxia.
  • Worse together with Exhibit 8The fee and the timings both live on a page Baxia can change, and clause 4.1 lets it change them without asking you.
05

Baxia's execution page says it only connects you to liquidity providers at their prices. Clause 8.1 makes Baxia the counterparty to your trades, and clause 8.6 lets it set the quotes at absolute discretion.

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.

Liquidity providers are outside banks and brokers.

Why this matters

Counterparty means Baxia is on the other side of your position. The firm that decides your entry price is the firm your trade is against.

Exhibit 5CriticalHarder than usual

The Client understands and acknowledges that the Company will enter into transactions with the Client either as principal (counterparty) or an agent. The Company will be the contractual counterparty to the Client.
Clause 8.1 in Client Agreement, p.13
Read from the broker's site on Open the reference

Where it sits: section 61 of 209 in the Client Agreement, 29% of the way through.

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

Firms licensed by the FCA or CySEC must tell a retail client when they deal on their own account against that client, and must manage the conflict that creates. Baxia's execution page tells you the opposite of what clause 8.1 says.

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

  • Worse together with Exhibit 6Baxia makes your price and then decides whether your use of that price counted as abusive trading.
06

Suspicion is enough. Clause 13.2 lets Baxia void your trades, close every account you hold and end the agreement, if it suspects abusive trading.

Why this matters

Nothing has to be proved and the agreement never defines abusive trading. Clause 8.10 also lets Baxia remove your stop loss and take profit orders from a strategy it calls abusive.

Exhibit 6CriticalHarder than usual

If the Company suspects or has reasonable grounds to believe that the Client has been engaged into an abusive behavior as indicated above the Company reserves the rights to void and/or cancel part or all Client's abusive trading transactions, close all and any of the Client's trading accounts and terminate this Agreement under s.21.
Clause 13.2 in Client Agreement, p.19
Read from the broker's site on Open the reference

Where it sits: section 90 of 209 in the Client Agreement, 43% of the way through.

  • Worse together with Exhibit 3Clause 13.2 voids the trades it objects to; clause 21.3 reaches back and reverses the rest.

The charges you agreed to are whatever Baxia posts on its site

Clause 4.1 lets Baxia Markets change its charges with no consultation and no consent from you. The charges themselves sit on a website the agreement never names, because the definition still reads website link to be added. A $5 withdrawal fee appears on Baxia's withdrawal page and in no legal document.

Cost disclosure3 clauses flagged

Every withdrawal costs $5, on all seventeen methods Baxia lists, with a $30 minimum. The client agreement's list of charges does not include a withdrawal fee at all.

Why this matters

On the smallest withdrawal Baxia allows, the fee takes one sixth of your money. Because it lives on a web page, clause 4.1 lets Baxia raise it without asking you.

Exhibit 8WarningHarder than usual$5

$5 / Intermediary bank fees may apply
Quoted in Withdrawals
Read from the broker's site on Open the reference

Where it sits: section 40 of 209 in the Withdrawals, near the start.

Clause 4.1 lets Baxia change what it charges you with no consultation and no consent. New charges take effect once they appear on Baxia's website.

Why this matters

The price list you agreed to is not fixed. You are treated as having accepted whatever figures are uploaded, whether you saw them or not.

Exhibit 9WarningHarder than usual

The Client further agrees that the Company is entitled to change its charges without any consultation or prior consent from the Client.
Clause 4.1 in Client Agreement, p.8
Read from the broker's site on Open the reference

Where it sits: section 34 of 209 in the Client Agreement, near the start.

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

Firms licensed by the FCA or CySEC must disclose all costs and charges to a retail client before that client trades. Clause 4.1 lets Baxia change its charges without consulting you at all.

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

Your charges and your leverage are whatever Baxia publishes on its website, and the agreement never says what that website is. The definition still reads "website link to be added once operational".

Why this matters

You are agreeing to a price list and a leverage table that the contract does not identify. There is no fixed document to hold Baxia to.

Exhibit 10WarningRarely seen

"Company's Website" shall mean the Company's Website [website link to be added once operational]
Clause Definitions, 4 in Client Agreement, p.3
Read from the broker's site on Open the reference

Where it sits: section 11 of 209 in the Client Agreement, near the start.

  • Worse together with Exhibit 9Charges can change without your consent, and the document holding them is never identified in the contract.

Two bonuses are advertised with no terms published

Baxia's menu offers a 100% deposit bonus and a 40% floating bonus. Both links return the homepage. No bonus terms exist anywhere on the site, and the client agreement never uses the word bonus.

Missing terms1 clause flagged

Baxia's menu offers a 100% deposit bonus and a 40% floating bonus. Both links return the homepage, no bonus terms are published, and the agreement never uses the word bonus.

Why this matters

Nothing tells you what you must trade before bonus money becomes yours, or whether taking it locks your own deposit. You find out after you have paid in.

Exhibit 19Warning100%

100% Deposit Bonus
Quoted in 100% Deposit Bonus link target
Read from the broker's site on Open the reference

Baxia can change the terms, your leverage and your balance

Clause 25.1 lets Baxia set off money between your accounts at any time, without notice. Clause 9.2 lets it change your leverage at sole discretion, which can force open trades shut. Clause 17.2 lets it suspend any or all terms of the agreement in a force majeure event it declares itself.

Unilateral powers4 clauses flagged

Clause 25.1 lets Baxia take money from any account you hold with it, at any time, with no notice. Baxia's client money page promises it has no rights of set-off.

Why this matters

Money you were about to withdraw can be moved to cover a debt Baxia says may arise in the future. You find out afterwards.

Exhibit 7WarningHarder than usual

The Company may at any time and without notice to the Client set-off any liability under this Agreement or any other agreement entered into between the parties and between any account(s) of the client (whether actual or contingent, present or future).
Clause 25.1 in Client Agreement, p.29
Read from the broker's site on Open the reference

Buried at section 134 of 209 in the Client Agreement, 64% of the way through.

Set against a regulated standard: FCA (UK)

Firms licensed by the FCA may not take a general lien or right of set-off over retail client money held in a client account. Clause 25.1 lets Baxia set off at any time and without notice.

BAXIA MARKETS is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

Clause 9.2 lets Baxia change your leverage and margin whenever it likes, with no notice. Clause 9.1 lets it close your open positions without your consent.

Why this matters

A leverage cut raises the margin your open trades need, which can force them shut the same day. Nothing requires Baxia to tell you the rule changed.

Exhibit 15WarningHarder than usual

Margin or leverage Level may be set and varied without prior notice from time to time in the Company's sole and absolute discretion in order to cover any realised or unrealised losses arising from or in connection with transactions, including subsequent variation of any Margin rates set at the time transactions are opened.
Clause 9.2 in Client Agreement, p.15
Read from the broker's site on Open the reference

Where it sits: section 70 of 209 in the Client Agreement, 33% of the way through.

In a force majeure event, clause 17.2 lets Baxia close your positions at prices it considers appropriate. It can also suspend any or all terms of the agreement.

Why this matters

The protections you signed up to can be switched off when markets are worst. Baxia decides on its own that such an event exists.

Exhibit 16WarningHarder than usual

close out any or all open positions at such prices as the Company considers in good faith to be appropriate;
Clause 17.2(c) in Client Agreement, p.23
Read from the broker's site on Open the reference

Where it sits: section 107 of 209 in the Client Agreement, 51% of the way through.

Clause 25.2 lets Baxia amend the agreement and tell you through its website. No notice period is set and you get no right to object.

Why this matters

Terms you have never read can bind you. The one safeguard is that the Seychelles regulator approves a change first, and you are not told when it does.

Exhibit 17WarningStandard wording

This Agreement may be amended from time to time and after the relevant changes are approved by the FSA the Company shall notify the Client of the relevant amendment or about the updated Agreement either in writing or through the Company's Website.
Clause 25.2 in Client Agreement, p.29
Read from the broker's site on Open the reference

Buried at section 134 of 209 in the Client Agreement, 64% of the way through.

Baxia has up to three months to answer you

Baxia's complaints annex allows itself 60 business days for a final response, with the Seychelles regulator as the only step after that. Clause 12.7 excludes its liability for losses caused by the platform. Clause 14.2 makes you indemnify Baxia even for its own acts and omissions.

Complaint route3 clauses flagged

Baxia acknowledges a complaint in 7 business days and gives itself up to 60 business days for a final answer. Only then can you take it to the Seychelles regulator.

Why this matters

You wait about three months before anyone outside Baxia looks at your case. The agreement names no independent ombudsman and no compensation scheme.

Exhibit 12WarningHarder than usual60 working days

A final response should be provided to the Client within 60 business days the latest from the date he submitted his complaint;
Clause Annex 2, 3 in Client Agreement, p.38
Read from the broker's site on Open the reference

Buried at section 194 of 209 in the Client Agreement, 93% of the way through.

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

Firms licensed by the FCA or CySEC must give a final response to a complaint within eight weeks and must point the client to a free independent ombudsman. Baxia allows itself 60 business days and names the Seychelles regulator.

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

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
7 business daysBaxia sends a written acknowledgement of your complaint.Annex 2, 1
30 business daysBaxia attempts a final response, or writes to explain the delay.Annex 2, 2
60 business daysBaxia gives its final response at the latest.Annex 2, 3
After the final responseYou can refer the complaint to the Seychelles Financial Services Authority.Annex 2, 4

Baxia supplies its platform as is. Clause 12.7 rules out any liability for losses caused by using it or by being unable to use it.

Why this matters

If you cannot close a position because the platform is down, the loss is yours. Clause 23.3 names that exact situation and excludes it.

Exhibit 13WarningHarder than usual

Under no circumstances shall the Company be liable for direct, indirect, special, incidental, or consequential damages resulting from the use, misuse, or inability to use this software, even if the Company has been advised of the possibility of such damages.
Clause 12.7 in Client Agreement, p.19
Read from the broker's site on Open the reference

Buried at section 129 of 209 in the Client Agreement, 62% of the way through.

Let someone else trade your account and clause 14.2 makes you cover Baxia's losses whatever caused them. That includes Baxia's own acts and omissions.

In plain words

Indemnities are money it says you owe it.

Why this matters

A broker normally stays responsible for its own mistakes. Here you pay for them, and clause 14.3 extends that to instructions your representative had no authority to give.

Exhibit 14WarningRarely seen

This indemnity shall be effective irrespective of the circumstances giving rise to such loss, damage or expense, and irrespective of any knowledge, acts or omissions of the Company in relation to any other account held by any other person or body with the Company.
Clause 14.2 in Client Agreement, p.20
Read from the broker's site on Open the reference

Where it sits: section 93 of 209 in the Client Agreement, 44% of the way through.

Opening the account consents to your data leaving Seychelles

Clause 16.7 lets Baxia send your personal information to countries whose data protection laws it accepts may be weaker. Clause 16.3 lets Baxia record your calls, emails and text messages. Clause 16.5 lets it share your data with business partners and subcontractors.

Your data1 clause flagged

Accepting the agreement consents to Baxia sending your personal information to countries with weaker data protection than Seychelles. Clause 16.3 also lets Baxia record your calls, emails and text messages.

Why this matters

The consent is bundled into the account opening tick box, so there is nothing separate to refuse. Clause 16.5 lets Baxia pass your data to business partners and subcontractors.

Exhibit 18WarningStandard wording

In order for the Company to provide services to its Clients, the Company may be required to transfer the Client's personal information to parties located in countries which may not have an equivalent level of data protection laws as in the Seychelles.
Clause 16.7 in Client Agreement, p.22
Read from the broker's site on Open the reference

Where it sits: section 102 of 209 in the Client Agreement, 49% of the way through.

A year without trading costs you $10 a year

Clause 4.3 lets Baxia take up to $10 from your balance after 12 months without a transaction, and again every year after that. Baxia's charges page, headed Trading Costs With Ultimate Transparency, does not mention it. The clause does not say the fee stops when your money runs out.

Dormant accounts1 clause flagged

Stop trading for 12 months and Baxia can take up to $10 from your balance, then take it again every year. Baxia's charges page does not mention it.

Why this matters

A small balance left alone drains without you doing anything. Clause 4.3 does not say the fee stops when the money runs out, and it promises no warning.

Exhibit 11WarningStandard wording$10

The inactivity fee will be up to USD 10 and the Company reserves the right to charge the said fee annually if there are no transactions by the Client the preceding 12 months.
Clause 4.3 in Client Agreement, p.9
Read from the broker's site on Open the reference
Our own capture of baxiamarkets.com, taken on Oct 6, 2026The claim, on Section heading on Baxia's Trading Costs & Charges page, which lists only spreads, commissions and swapsVisit this page on the broker's siteDownload the full size image file

Where it sits: section 39 of 209 in the Client Agreement, near the start.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
12 months with no tradeBaxia can claim an inactivity fee of up to $10 and take it from your balance.4.3
Each further 12 monthsBaxia can charge the same fee again, every year.4.3

One brand, two companies, one document set

Baxia Markets is the trading name of Baxia Global Ltd in Seychelles and Baxia Limited in the Bahamas. Only the Seychelles company publishes a client agreement. The Bahamas tab on Baxia's legal page serves that same Seychelles file for all eight of its listed documents.

Who holds your money1 clause flagged

Baxia Markets is the trading name of two companies, one in Seychelles and one in the Bahamas. Only the Seychelles company publishes a client agreement, and its company number differs from the one in Baxia's website terms.

Why this matters

You cannot tell from the documents which company holds your money or which regulator to complain to. The Bahamas tab on Baxia's legal page serves the Seychelles file for all eight of its documents.

Exhibit 20Warning

BAXIA MARKETS is the trading name of BAXIA GLOBAL LIMITED (Registration Number 8426970-1), BAXIA LIMITED (Registration Number 177330 B), and their related companies
Quoted in Website Terms & Conditions, p.2
Read from the broker's site on Open the reference

Every dispute goes to the courts of Seychelles

Clause 26.1 puts the agreement under Seychelles law and clause 26.2 names the Seychelles courts as the only competent ones. Baxia serves clients in Japan, Thailand, Vietnam, Malaysia, Indonesia, India and South Africa through local bank transfers. All of them would litigate in Mahe.

Where you would sue1 clause flagged

Every dispute goes to the courts of Seychelles under Seychelles law. Clause 26.2 names them as the only competent courts, wherever you live.

Why this matters

Suing in Mahe costs more than most retail balances are worth. In practice the Seychelles regulator is your only route.

Exhibit 21NoticeStandard wording

This Agreement is governed by the Laws of Seychelles.
Clause 26.1 in Client Agreement, p.29
Read from the broker's site on Open the reference

Buried at section 136 of 209 in the Client Agreement, 65% 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 leverage page lists negative balance protection as a feature while the agreement makes you liable for any deficit.

Said in public, in English

Negative balance protection

Feature list in the header of Baxia's Margin & Leverage page, under the title High Leverage Up to 1:1000

In the contract · clause 2.3(k)

Failure to do so within the required time may result in the liquidation of positions at a loss and the Client will be liable for any resulting deficit.

02

Baxia promises funds are separated and protected in insolvency, while clause 7.3 removes any claim to a specific sum.

Said in public, in English

That means we are not allowed to use client money and assets in the course of our business activities, and clients funds are completely separated and protected in the unlikely event that Baxia becomes insolvent.

Section headed What does Baxia do with your money? on Baxia's client money page

In the contract · clause 7.3

The third party to whom the Company will pass money may hold it in an omnibus account and it may not be possible to separate it from the Client's money, or the third party's money in which case the Client will not have any claim against a specific sum in a specific account in the event of insolvency.

03

Baxia says it has no rights of set-off or retention over your money, and clause 25.1 grants itself both.

Said in public, in English

This also ensures that it's readily identifiable as client money, so Baxia and its creditors will not have any charge, liens or rights of set-off and retention rights.

Section headed What happens to my funds after they are deposited into my Baxia account?

In the contract · clause 25.1

The Company may at any time and without notice to the Client set-off any liability under this Agreement or any other agreement entered into between the parties and between any account(s) of the client (whether actual or contingent, present or future).

04

Baxia says your orders fill at the liquidity providers' prices, while clause 8.6 lets Baxia set the prices itself.

Said in public, in English

In this type of processing, Baxia Markets only connects traders with the liquidity providers, orders are executed at the bid or ask price rate that these providers offer.

Section headed Straight Through Processing (STP) on Baxia's best execution page

In the contract · clause 8.6

The Client acknowledges that such Quotes will be set by the Company at its absolute discretion.

05

Baxia says it never intervenes in client orders, and clause 8.10 lets it remove your stop loss and take profit orders.

Said in public, in English

We never intervene with our customers orders, this means faster execution for you

The essentials bullet list on Baxia's revenue page

In the contract · clause 8.10

In such case, Take Profit orders below/above Buy Stop/Sell Stop orders or Stop Loss orders above/below Buy Stop/Sell Stop orders during activation will be removed.

06

The charges page promises full transparency and omits both the yearly inactivity fee and the $5 withdrawal fee.

Said in public, in English

Trading Costs With Ultimate Transparency

Section heading on Baxia's Trading Costs & Charges page, which lists only spreads, commissions and swaps

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

In the contract · clause 4.3

The inactivity fee will be up to USD 10 and the Company reserves the right to charge the said fee annually if there are no transactions by the Client the preceding 12 months.

The documents this reading is based on

99 files, all published by BAXIA MARKETS. 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 BAXIA MARKETS publishes.

How this reading was done

Every clause above was read out of a document BAXIA MARKETS publishes itself

This reading was published on .

Documents
11 of 99downloaded from the broker's site, and 11 read in full
Pages opened
30pages walked to find those documents, footer links included
Marketing pages
11public pages set against what the contract says
Position measured
19clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Baxia Global Ltd

A retail client contracts with Baxia Global Ltd, a Seychelles company at CT House, Office 9A, Providence, Mahe. It is licensed by the Seychelles Financial Services Authority under SD104. It is not Baxia Limited, the Bahamas company that shares the Baxia Markets name and holds licence SIA-F234 from the Securities Commission of The Bahamas. Baxia publishes no Bahamas client agreement at all: the Bahamas tab on its legal page serves the Seychelles client agreement for all eight of its listed documents. The agreement also gives its own company number as 8429670-1, while Baxia's website terms and site footer give 8426970-1.

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

Baxia publishes its full Seychelles document set on one page, and the client agreement is numbered, readable and complete enough to follow end to end. Every PDF opens with a plain risk warning on page one. The agreement sets no time limit on when you may complain, which is better than many brokers allow. It states openly that Baxia is the contractual counterparty to your trades, caps the inactivity fee at $10 a year, and deposits really are free on every method the site lists.

We read Baxia's client agreement in full, including its conflicts of interest and complaints annexes, and we read its website terms and conditions. We did not read the six other PDFs on Baxia's legal page: the risk disclosure notice, the order execution policy, the standalone conflict of interest policy, the standalone complaints handling policy, the privacy policy and the cookies policy. We read Baxia's charges, deposits, withdrawal, leverage, client money, fund security, execution and identity document pages ourselves at baxiamarkets.com. No earlier version of any of these documents 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 BAXIA MARKETS 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 BAXIA MARKETS 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 BAXIA MARKETS 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 6, 2026.

If you represent BAXIA MARKETS 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 BAXIA MARKETS. Whether its licence is real and current is a separate check on the broker profile.

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