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Contract reading

What BelleoFX legally published, but does not want you to read

Every clause below is published by BelleoFX 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: Belleo Markets

sole discretiondeemed acceptanceforum waiverhidden feeunilateral amendmentwithdrawalscountry restrictionjoint liabilitylanguage arbitragekyc freeze

BelleoFX can void every open position you hold and add a 5% surcharge on your deposit, if it believes you abused the market. An account left three months without a trade is charged 5% of its balance every month. You get 2 working days to complain, and the broker's own server log decides the outcome. The funding page marks withdrawals free while the policy charges up to 6%.

Back to BelleoFX

Contract risk

Money at risk
8.7/10

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.
20
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
12
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
6

How the 20 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
Warning13
Notice1

section 63 of 64is where the deepest clause sits: the very end of 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.

4 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.

Critical5%Profit at risk. Jump to the clause this comes from.Suspected market abuse voids every open trade and costs 5%Critical5%Fee on an unused account. Jump to the clause this comes from.Idle accounts charged 5% of the balance every monthCritical2 working daysTime to complain. Jump to the clause this comes from.Two working days to complain about a tradeCritical6%In the contract. Jump to the clause this comes from.Withdrawal page says free, the policy charges up to 6%

What the documents say

20 clauses worth knowing about, worst first, each quoted from BelleoFX's own files

01

If BelleoFX believes you tried to abuse the market, clause 12 lets it treat all your open positions as void from the start. It can also add a 5% surcharge on your deposit and adjust the equity in your account.

Why this matters

Your profit disappears and 5% of what you paid in goes with it. BelleoFX decides what counts as abuse and gives you no notice. The list of powers ends with any other action it considers appropriate.

Exhibit 1CriticalHarder than usual5%

If we reasonably believe that you (including an Authorized Representative) have, or have attempted to, manipulate our quote, execution process or the Platform, or have attempted some form of Market Abuse such as Latency arbitrage or split order method, we may in our discretion, without notice to you, do one or more of the following (to the extent permitted by Applicable Regulations):
Clause 12 in CLIENT AGREEMENT, p.17
Read from the broker's site on Open the reference
Our own capture of belleofx.com, taken on Aug 25, 2026Suspected market abuse voids every open trade and costs 5% (clause 12)Visit this page on the broker's siteDownload the full size image file

What it costsOn a $1,000 deposit the 5% surcharge is $50. That is taken on top of voiding every position you had open.

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

Firms licensed by the FCA or CySEC must set out clearly, in advance, any charge they will take from a retail client's money and give notice before taking it. This contract lets BelleoFX apply a 5% surcharge on your deposit without notice, on its own belief.

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

  • Worse together with Exhibit 6Because accounts on one internet connection can be treated as a single client, these powers can reach money that is not in the account under suspicion.
02

Leave your account without a trade for three months and BelleoFX can charge 5% of your balance every month. Clause 6.6 also lets it close the account once the balance reaches zero.

Why this matters

The fee eats money you already own, and it grows with the size of your balance. A year of it takes almost half of what you left behind.

Exhibit 2CriticalHarder than usual5%

The Company, under the terms and conditions of this Agreement and in accordance with its internal policies and procedures, reserves the right in its absolute discretion, to create a dormant accounts policy and/or to impose on any dormant and/or inactive account fee of 5% from current account's balance per month and/or close the trading account after the period of three (3) consecutive months of inactivity in the following cases:
Clause 6.6 in CLIENT AGREEMENT, p.11
Read from the broker's site on Open the reference
Our own capture of belleofx.com, taken on Aug 25, 2026Idle accounts charged 5% of the balance every month (clause 6.6)Visit this page on the broker's siteDownload the full size image file

What it costsA $1,000 balance left inactive loses $50 in the first month. Twelve months of the same fee cut it to about $540.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
After 3 months of no tradingBelleoFX can treat your account as dormant.6.6(a)
Balance above zeroA fee of 5% of the balance can be charged every month.6.6(b)
If you askBelleoFX can waive the fees, but only if it chooses to.6.6(c)
Balance at zeroNo fee is charged, and BelleoFX can close the account with no written notice.6.6(d)
  • Worse together with Exhibit 4Stopping trading starts the monthly fee, and it also triggers the 6% charge on the way out.
03

You get 2 working days to raise a claim about a trade, counted from when the grounds arose and not from when you noticed. BelleoFX then decides it on its own server log.

Why this matters

Miss those 2 working days and the trade stands. Your own screenshots carry no weight against the server log. Log in from more than one device and BelleoFX can reject the claim and close your account.

Exhibit 3CriticalHarder than usual2 working days

Should a dispute situation arise, the Client is entitled to make a claim against the Company. Claims are accepted within 2 working days since the moment the grounds for a claim appeared.
Clause 8.1.1 in CLIENT AGREEMENT, p.12
Read from the broker's site on Open the reference
Our own capture of belleofx.com, taken on Aug 25, 2026Two working days to complain about a trade (clause 8.1.1)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 or CySEC must handle a retail complaint under a published procedure and let the client take it to an independent ombudsman if it is not resolved. Neither regime lets a firm shut the door after two working days.

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

  • Worse together with Exhibit 13The only evidence that counts belongs to BelleoFX, and its prices cannot be challenged against any outside source.
04

The BelleoFX funding page lists every card and bank withdrawal as free. The policy charges 6% on a card withdrawal and 3% on a bank one, unless you traded enough first.

Why this matters

You need 5 lots of trading for every $1,000 you deposited by card before a card withdrawal is free. Deposit, change your mind, and BelleoFX takes 6% on the way out.

Exhibit 4CriticalHarder than usual6%

In case of Debit/Credit card withdrawal method, the minimum volume requirement for each USD 1,000 deposit will be 5 Lots if you request a withdrawal after no trading activity or not meeting the required volume of trades the fee would be 6% for withdrawal of funds.
Quoted in DEPOSIT AND REFUND POLICY
Read from the broker's site on Open the reference
Our own capture of belleofx.com, taken on Aug 25, 2026The claim, on English funding page, withdrawals table, bank transfer rowVisit this page on the broker's siteDownload the full size image file
Our own capture of belleofx.com, taken on Aug 25, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file
Our own capture of belleofx.com, taken on Aug 25, 2026The claim, on Arabic funding page, withdrawals table, card rowsVisit this page on the broker's siteDownload the full size image file
Our own capture of belleofx.com, taken on Aug 25, 2026What the contract says, clause General informationVisit this page on the broker's siteDownload the full size image file
Our own capture of belleofx.com, taken on Aug 25, 2026Withdrawal page says free, the policy charges up to 6%Visit this page on the broker's siteDownload the full size image file

Where it sits: section 30 of 64 in the DEPOSIT AND REFUND POLICY, 47% of the way through.

What it costsA $1,000 withdrawal back to your card costs $60 at 6%. You receive $940.

  • Same clause as Exhibit 12The same paragraph that sets the fee also sets the volume test that decides whether the fee applies.
05

When a market gaps more than 300 pips in your favour, clause 4.5.2 lets BelleoFX cut your profit down to 300 pips. Nothing caps your loss on the same gap.

Why this matters

The one move that pays for a bad month is the move BelleoFX can trim. Clause 9.5.5 also lets it rewrite the result of any trade it decides was priced wrongly.

Exhibit 5CriticalRarely seen300

In case a price gap is over 300 pips and profit is recorded on it, the Company reserves the right to limit profit for such an order by 300 pips.
Clause 4.5.2(f) in CLIENT AGREEMENT, p.9
Read from the broker's site on Open the reference
Our own capture of belleofx.com, taken on Aug 25, 2026Profit on a price gap capped at 300 pips (clause 4.5.2(f))Visit this page on the broker's siteDownload the full size image file

What it costsA gap that hands you 900 pips of profit pays 300. The other 600 pips stay with BelleoFX.

Our readingA one sided cap is the unusual part. The clause limits what a gap can pay you and says nothing about what a gap can cost you, so the same market event is treated differently depending on which way it went.

06

People trading from one internet connection can be treated as the same Client under clause 3.2.11. Clause 3.6.6 then lets BelleoFX take a loss on one account out of the funds in another.

Why this matters

You and a housemate on one router can end up sharing the downside. Money sitting in your account can be used to cover somebody else's loss.

Exhibit 6CriticalRarely seen1

In exceptional cases the use of the same IP address by different Clients can be a basis to consider all the orders on all the accounts, performed from this IP address, as those performed by the same Client.
Clause 3.2.11 in CLIENT AGREEMENT, p.4
Read from the broker's site on Open the reference
Our own capture of belleofx.com, taken on Aug 25, 2026One shared connection can merge separate accounts (clause 3.2.11)Visit this page on the broker's siteDownload the full size image file

Our readingRecovering a shortfall from a second account is a device from secured lending. Pointed at retail trading accounts, and joined to a rule that treats one IP address as one client, it lets a loss you did not make be taken from money you did deposit.

  • Worse together with Exhibit 3Sharing a connection merges your accounts, while using more than one connection gets your complaint thrown out.

The page that sells you the account contradicts the contract

The BelleoFX funding page marks every card withdrawal free, while the policy charges 6%. The account types page promises a stop out at 30%, while the client agreement sets it at 20%. Both pages sit on belleofx.com today.

Page against contract1 clause flagged

BelleoFX advertises a margin call at 50% and a stop out at 30% on every account type. The client agreement sets the margin call at 40% and the forced close at 20%.

Why this matters

You cannot plan a position around a level that two BelleoFX documents disagree about. Whichever number is real, the one you read on the account page is not in the contract you signed.

Exhibit 9WarningHarder than usual20%

If Margin level is lower than 40% on the Client account, margin call occurs. The Company is entitled but not liable to close Client positions.
Clause 3.6.1 in CLIENT AGREEMENT, p.6
Read from the broker's site on Open the reference
Our own capture of belleofx.com, taken on Aug 25, 2026The claim, on 100% Credit Bonus page, terms and conditions sectionVisit this page on the broker's siteDownload the full size image file
Our own capture of belleofx.com, taken on Aug 25, 2026What the contract says, clause 3.6.1Visit this page on the broker's siteDownload the full size image file

BelleoFX does not have to tell you what it charged you

Clause 6.3 says BelleoFX is not liable to report the commissions and fees it earned on your trade. Clause 6.2 lets it change those costs with no notice at all. A swap-free account, sold with no commission, still carries a fixed fee once a position is two days old.

Cost disclosure2 clauses flagged

BelleoFX does not have to send you any report of the commissions and fees it earned on your trades. Clause 6.3 removes that duty, and clause 6.2 lets it change the size of costs with no notice.

Why this matters

A charge can come out of your balance with no statement showing it and no reason given. A price change posted on the website counts as accepted by you an hour later.

Exhibit 7WarningHarder than usual

Provided that all the applicable Company rules and provisions are followed, the Company is not liable to disclose to the Client any reports regarding profits, commissions and other fees received by the Company on the Client’s trade, with the exception of the cases specially mentioned in the present Agreement.
Clause 6.3 in CLIENT AGREEMENT, p.11
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must give a retail client the costs and charges of a trade before it is placed, and report them afterwards. This contract says BelleoFX is not liable to disclose reports on the fees it received on your trade.

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

  • Worse together with Exhibit 19Costs can change with no notice, and the notice you were not given is deemed accepted an hour after it appears on the site.

BelleoFX sells the swap-free account with no swaps and no commission. Clause 6.4.2 charges a fixed fee on any deal held more than 2 days, and clause 6.4.1 limits the account to Muslims only.

Why this matters

The charge you avoided comes back under a different name on any position you hold past two days. You also warrant your religion to open the account, and BelleoFX can debit the fee at any time.

Exhibit 11WarningHarder than usual

Swap-free accounts are available for Muslims only.
Clause 6.4.1 in CLIENT AGREEMENT, p.11
Read from the broker's site on Open the reference

Every withdrawal is an approval BelleoFX can decline

BelleoFX publishes three different withdrawal times. The funding page says 24 hours, the client agreement says 2 working days, and a bank payout takes 1 to 6 business days. Requests are handled only between 10 am and 7 pm, Monday to Friday.

Exit conditions1 clause flagged

BelleoFX gives three different withdrawal times across its own documents: 24 hours, 2 working days, and 1 to 6 business days for a bank payout. Every request also needs approval first.

Why this matters

Requests are only handled between 10 am and 7 pm on weekdays, so a Friday evening request waits. BelleoFX also reserves the right to impose withdrawal limits and fees, and to decline a payout in exceptional cases.

Exhibit 12WarningHarder than usual

According to the Company’s withdrawal policy, withdrawal requests are processed within 2 working days upon receipt of withdrawals request.
Clause 5.2.4 in CLIENT AGREEMENT, p.10
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must hold retail client money in segregated accounts and return it promptly when the client asks. This contract sets no outer limit on how long BelleoFX may hold a request it has not approved.

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

The 100% bonus needs 100 lots per $1,000 to escape

The BelleoFX 100% bonus needs 100 lots traded for every $1,000 of credit within one month before you can withdraw it. Any withdrawal cuts the bonus by the same amount. BelleoFX can remove the whole scheme at absolute discretion.

Bonus lock1 clause flagged

The BelleoFX 100% credit bonus only becomes withdrawable after you trade 100 lots for every $1,000 of bonus within one month. Two months buys you twice the requirement, not more time on the same one.

Why this matters

Any withdrawal you make cuts the bonus by the same amount, one for one, including a withdrawal of your own profit. BelleoFX can also remove the whole scheme at absolute discretion, without your consent.

Exhibit 8WarningHarder than usual100

Within 2 months from the date of bonus crediting the client completed a 20% of a bonus amount in lots from FX currencies and commodities.
Quoted in 100% Credit Bonus Terms and Conditions
Read from the broker's site on Open the reference

What it costsA $500 deposit earns a $500 bonus. Releasing it inside one month means trading 50 lots.

Set against a regulated standard: ESMA (EU), CySEC (Cyprus)

Firms under ESMA rules and firms licensed by CySEC are barred from offering trading bonuses or similar incentives to retail clients trading contracts for difference. BelleoFX offers a 100% credit bonus to any client depositing $500 or more.

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

One connection, one client, and no review anywhere

BelleoFX can treat every account on one internet connection as a single client, then take a loss on one out of another. Its terms of use bar you from naming the company in a review anywhere online. It changes those terms by editing the page.

Account control3 clauses flagged

BelleoFX tells clients they may not use its brand name, company name or staff names to write a review, on any website or social account. This sits in the terms you accept when you register.

Why this matters

Warning other traders about your experience is written up as a breach of the terms. The same document lets BelleoFX suspend or block your account for breaching them.

Exhibit 10WarningRarely seen

It's not allowed for clients to use and mention our brand name, company name, employees or management team names in order to write the review at any website or social media account in any form of content.
Quoted in Terms of Use
Read from the broker's site on Open the reference

Buried at section 69 of 82 in the Terms of Use, 84% of the way through.

Our readingClient agreements commonly protect a brand name against misuse in advertising. A term barring clients from naming the firm in a review anywhere online reaches conduct outside the trading relationship, and it is aimed at what other buyers get to read.

BelleoFX used to state in its footer that it does not work with clients from countries under OFAC sanctions or on the FATF blacklist. That line, and the UAE licence number beside it, are gone from the site today.

Why this matters

Nothing now published tells you which countries BelleoFX refuses. Its signup form still lists Iran, Cuba and North Korea as choosable countries of residence.

Exhibit 16WarningHarder than usual

لا تعمل BelleoFX مع العملاء من الدول الخاضعة لعقوبات OFAC والدول المدرجة في القائمة السوداء لمجموعة العمل المالي.
Quoted in cookies policy
Read from the broker's site on Open the reference

BelleoFX revises its terms by amending the page and expects you to check it yourself. The same document says its own legal documents may be out of date, with no obligation to update them.

Why this matters

You are bound by a version you were never sent, and told it might be stale. The client agreement is not even on the legal shelf in the footer: it sits behind the signup form.

Exhibit 19WarningHarder than usual

Any of the material, content or legal documents on our site may be out of date at any given time, and we are under no obligation to update such material.
Quoted in Terms of Use
Read from the broker's site on Open the reference

Where it sits: section 27 of 82 in the Terms of Use, 33% of the way through.

Two working days, and the broker's own log is the evidence

BelleoFX accepts a claim about a trade for 2 working days, counted from when the grounds arose. Its own server log has absolute priority over anything you can show. If that log holds no note proving your intentions, the claim is invalid.

Complaint window2 clauses flagged

Every Arabic and Persian legal page on belleofx.com carries a note saying it was machine translated by Google. The bonus terms say the English version prevails if the two disagree.

Why this matters

You agree to an English contract you may never have seen, in a translation BelleoFX itself does not stand behind. Any mistranslation of a fee or a deadline is your problem, not theirs.

Exhibit 17WarningHarder than usual

تمت ترجمة هذه الصفحة باستخدام Google Translation Cloud. نعتذر عن أي أخطاء أو سهو قد يحدث أثناء الترجمة الآلية.
Quoted in deposit and refund policy
Read from the broker's site on Open the reference

Buried at section 63 of 64 in the deposit and refund policy, 98% of the way through.

The BelleoFX complaints document promises a final answer within one month, then refers in the next paragraph to that two-month period. Both sentences sit on the same page.

Why this matters

You cannot tell when BelleoFX is late, which is the moment you would escalate. The document also never mentions the 2 working day claim deadline in the client agreement.

Exhibit 20NoticeStandard wording

The Company will investigate the Client’s complaint with the aim of reaching a final resolution of any issue in a timely manner, with a maximum of one-month period from the initial complaint receipt.
Quoted in Complaints Handling Procedure
Read from the broker's site on Open the reference

Buried at section 17 of 23 in the Complaints Handling Procedure, 74% of the way through.

One contract naming three jurisdictions

The BelleoFX client agreement is governed by the laws of Mauritius, then says the company acts under the legislation of Belize. The bonus account is opened with the Saint Vincent entity instead. Three jurisdictions, one contract.

Governing law1 clause flagged

The client agreement is governed by the laws of Mauritius under clause 10. Clause 2.8 of the same document says BelleoFX acts under the legislation of Belize, and the bonus account is opened with the Saint Vincent company.

Why this matters

Which law protects you depends on which paragraph you read and which account you opened. A claim starts with a fight over where it belongs, before anyone looks at the money.

Exhibit 14WarningHarder than usual

This Agreement, and the rights and obligations of the parties hereto, shall be governed by, construed and enforced in all respects by the laws of Mauritius, without regard to choice of law principles.
Clause 10 in CLIENT AGREEMENT, p.16
Read from the broker's site on Open the reference

Notarised papers on demand, at any time

BelleoFX can ask for notarised English translations, colour scans of both sides of your card and a fresh bank statement, at any point. Failure to supply them means your refund arrives net of processing fees. The homepage promises minimum paperwork.

Document demands1 clause flagged

BelleoFX can ask for a notarised English translation of your ID, colour scans of both sides of your card, and a fresh bank statement, at any point. It can also demand a notary certified passport copy at its own discretion.

Why this matters

These demands can land when you ask for your money back, not when you deposit. If you cannot supply them, your refund arrives net of the payment provider's fees.

Exhibit 15WarningHarder than usual

Documents in the national language must be translated into English and notarized.
Quoted in DEPOSIT AND REFUND POLICY
Read from the broker's site on Open the reference

Where it sits: section 9 of 64 in the DEPOSIT AND REFUND POLICY, near the start.

BelleoFX makes the price and forbids you to dispute it

BelleoFX sets the prices you trade on, and clause 9.5.4 says you cannot claim they differ from any other source. Clause 8.5.2 refuses claims about execution speed entirely. The homepage advertises fills in under 20 milliseconds.

Price authority1 clause flagged

You accept BelleoFX quotes as the only correct price, and clause 9.5.4 bars any claim that they differ from another source. Clause 9.5.3 puts price determination entirely with BelleoFX.

Why this matters

If the price you were filled at looks wrong, there is no outside reference you are allowed to cite. Clause 8.5.2 also refuses every claim about how long an order took to execute.

Exhibit 13WarningHarder than usual

The Client unconditionally accepts the quotes provided by the Company to its Clients as exclusively correct; no claims about the quotes provided by the Company being different from the quotes of other sources can be accepted for consideration.
Clause 9.5.4 in CLIENT AGREEMENT, p.15
Read from the broker's site on Open the reference
Our own capture of belleofx.com, taken on Aug 25, 2026The claim, on English homepage, Why Choose BelleoFX sectionVisit this page on the broker's siteDownload the full size image file
Our own capture of belleofx.com, taken on Aug 25, 2026What the contract says, clause 8.5.2Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), ESMA (EU)

Firms licensed by the FCA or under ESMA rules owe retail clients best execution and have to show that the price given was fair by reference to outside market data. This contract makes the BelleoFX quote the only price a client may rely on.

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

Four company names and two registration numbers

BelleoFX names three companies in its footer and gives the Saint Vincent one two different registration numbers, depending on the language you read. Its privacy policy names a fourth company under a Belize regulator. The homepage title calls the broker fully regulated.

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 identity1 clause flagged

BelleoFX gives its Saint Vincent company one registration number in English and a different one in Arabic and Persian. Its privacy policy names a fourth company, Belleofx Global Limited, under a Belize regulator.

Why this matters

You cannot check a company registration you cannot pin down. The entity holding your money changes with the account type and with the language of the page you opened.

Exhibit 18WarningHarder than usual

BelleoFX (SVG) is registered by Financial Services Authority (FSA) of St. Vincent & The Grenadines as an International Business Company with registration number 26000 BC 2020.
Quoted in Terms of Use
Read from the broker's site on Open the reference
Our own capture of belleofx.com, taken on Aug 25, 2026The claim, on Arabic site footer, shown on every Arabic and Persian pageVisit this page on the broker's siteDownload the full size image file
Our own capture of belleofx.com, taken on Aug 25, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file

Buried at section 80 of 82 in the Terms of Use, 98% 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 which legal entity they are contracting with and which compensation scheme, if any, protects their money. Neither the client agreement nor the risk warning names any compensation scheme.

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

Where the marketing and the contract disagree

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

01

The funding table marks a bank withdrawal free while the policy sets a 3% charge on the same payout.

Said in public, in English

100 USD Free 1-24h to complete process

English funding page, withdrawals table, bank transfer row

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

In the contract

BelleoFX reserves the right to charge you the equivalent amount of any banking fees incurred or 3% of the total withdrawal amount.

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

02

The Arabic funding page marks a card withdrawal free while the Arabic policy sets a 6% charge on the same payout.

Said in public, in Arabic

10 دولار أمريكي حر 1-24 ساعة لإكمال العملية

Word for word in English: 10 US dollars, free, 1 to 24 hours to complete the process.

Arabic funding page, withdrawals table, card rows

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

In the contract · clause General information

إذا طلبت السحب بعد عدم وجود نشاط تداول أو عدم تلبية الحجم المطلوب من الصفقات، فستكون الرسوم 6٪ لسحب الأموال

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

03

The homepage promises instant withdrawals while the policy allows a bank payout up to 6 business days.

Said in public, in English

Instant Withdrawals

English homepage feature list

In the contract

Please expect the funds to be credited to your bank account within 1 to 6 business days, depending on the above.

04

BelleoFX publishes a 50% margin call and a 30% stop out while its client agreement sets 40% and 20%.

Said in public, in English

Stop Out level is 30%. Margin Call is at 50% of margin level.

100% Credit Bonus page, terms and conditions section

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

In the contract · clause 3.6.1

If Margin level is lower than 40% on the Client account, margin call occurs.

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

05

BelleoFX advertises fills under 20 milliseconds and refuses every complaint about how long a fill took.

Said in public, in English

Most of your trades are filled in less than 20 ms of time. Wow!

English homepage, Why Choose BelleoFX section

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

In the contract · clause 8.5.2

Claims against time period of order execution are not accepted regardless of time a Dealer needed to execute an order, and regardless of time when a notice about an order execution appeared in the server log-file.

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

06

The same Saint Vincent company carries two different registration numbers depending on the language of the page.

Said in public, in Arabic

تم تسجيل BelleoFX (SVG) من قبل هيئة الخدمات المالية (FSA) في سانت فنسنت وجزر غرينادين كشركة أعمال دولية برقم تسجيل 2584 LLC 2022.

Word for word in English: BelleoFX (SVG) is registered by the Financial Services Authority (FSA) of Saint Vincent and the Grenadines as an international business company with registration number 2584 LLC 2022.

Arabic site footer, shown on every Arabic and Persian page

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

In the contract

BelleoFX (SVG) is registered by Financial Services Authority (FSA) of St. Vincent & The Grenadines as an International Business Company with registration number 26000 BC 2020.

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

What changed quietly

This is our first reading of BelleoFX, so there is no earlier version of this page to compare it with.

  • REMOVEDClause

    BelleoFX stopped publishing its statement that it does not accept clients from OFAC sanctioned or FATF blacklisted countries.

  • REMOVEDClause

    The UAE representative office licence number and its Dubai address were dropped from the footer, while the footer still names the UAE office.

The documents this reading is based on

12 files, all published by BelleoFX. 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 BelleoFX publishes.

How this reading was done

Every clause above was read out of a document BelleoFX publishes itself

This reading was published on .

Documents
11 of 12downloaded from the broker's site, and 11 read in full
Pages opened
27pages walked to find those documents, footer links included
Older copies
1earlier versions downloaded
Marketing pages
9public pages set against what the contract says
Languages
AR vs ENthe language it advertises in, against the language it contracts in
Position measured
7clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Belleo Markets

The client agreement opens by naming Belleo Markets, trading as BelleoFX, licensed by the Mauritius Financial Services Commission as an Investment Dealer under GB21027167. Clause 2.8 of that same agreement then says the company acts under the legislation of Belize, and clause 10 puts the contract under the laws of Mauritius. The 100% bonus account, the one the promotions page sells, is opened with Belleo Markets (Saint Vincent and the Grenadines) instead, which the footer describes as a registered international business company and not as a licensed one. The privacy policy names a fourth company, Belleofx Global Limited, under a Belize regulator. Which entity holds your money depends on which account you opened.

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

Clause 3.6.5 zeroes a negative balance after a forced close, so an ordinary losing trade does not leave you owing BelleoFX money. The complaints procedure names the Mauritius Financial Services Commission and gives you four months to take a complaint there after a final decision. The deposit policy publishes hard card limits, $15,000 a transaction and $100,000 a month, where most offshore brokers stay vague. The AML policy names its compliance officer by name.

We found the client agreement only on the signup form, not on the legal shelf in the site footer, and we read all 17 pages of it there. We could not enter the client portal, so we do not know what a logged in client is shown. Only one earlier copy of any BelleoFX document was available for comparison, the Arabic cookies policy as it stood on 8 March 2026, so we could not check how the client agreement, the payment policy or the terms of use have changed over time. We read the English and Arabic documents in full, and we checked the English, Arabic and Persian marketing pages. We did not check the Portuguese, Italian, Spanish, Chinese, French, Vietnamese or Turkish versions. We read the first, fifth and last pages of the terms of use PDF and not the middle. Two of BelleoFX's own documents send clients to https://betleofx.com, which is not the address this site runs on.

How to check any of this yourself

Every quote above links to the BelleoFX 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 BelleoFX 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 BelleoFX 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 Aug 25, 2026.

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

Back to the BelleoFX profile